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Tuesday, January 13, 2015

Private equity firm GTCR sells UK's Premium Credit to Cinven, (NYSE: BAC)

Private equity firm GTCR LLC is selling British financial services company Premium Credit Ltd to takeover group Cinven Partners LLP for 462 million pounds ($700 million). Premium Credit, which Chicago-based GTCR bought in 2012 from a unit of Bank of America Corp, provides services that help people and businesses pay insurance premiums in installments.Premium Credit also finances annual payments such as school fees and membership subscriptions and it made advances of 3.7 billion pounds in 2013, according to its website.The Wall Street Journal reported in November, citing sources, that Premium Credit had been put up for sale in a deal that could be valued at more than $800 million.J.P. Morgan was Premium Credit's financial advisor and Kirkland & Ellis LLP was its legal counsel. ($1 = 0.66 pounds)

Bank of America Corporation (Bank of America) is a bank holding company and a financial holding company. Shares of BAC fell by 1.77% or $-0.3/share to $16.68. In the past year, the shares have traded as low as $14.37 and as high as $18.21. On average, 74364200 shares of BAC exchange hands on a given day and today's volume is recorded at 92805504.