Debevoise Advises HarbourVest in its £1,015 Million Offer for SVG Capital

12 September 2016

Debevoise & Plimpton LLP has advised long-time client HarbourVest in its full and final cash offer, through HarbourVest Structured Solutions III L.P., for the entire issued and to be issued ordinary share capital of SVG Capital plc (“SVG Capital”).

Under the terms of the offer, SVG Capital shareholders will receive 650 pence in cash for each SVG Capital share they hold, valuing the entire existing issued share capital of SVG Capital at approximately £1,015 million.

The final offer price represents a premium of approximately 14.7% to the closing price of 566.5 pence per SVG Capital share on 9 September 2016, being the last business day prior to the commencement of the offer period.

SVG Capital is a publicly listed company and is an investment company as defined under Section 833 of the Companies Act 2006. SVG Capital's shares have a premium listing on the official list of the UK Listing Authority and are traded on the London Stock Exchange.

HarbourVest is an independent, global private markets investment specialist, with more than 30 years of experience and over $42 billion in assets under management, and is an experienced long-term owner of private equity fund assets.

Debevoise previously advised HarbourVest in similar acquisitions of listed private equity vehicles. The firm advised HarbourVest on its $806 million acquisition of Absolute Private Equity AG in 2011, and the $1.4 billion acquisition of the Conversus Capital, L.P. portfolio in 2012.

The Debevoise team advising HarbourVest was led by London partner Katherine Ashton, and included New York partners David J. Schwartz and Byungkwon Lim. The team also included London international counsel Vera Losonci, London associates Dominic Blaxill, Laurence Hanesworth and Thomas Matthews, and New York associates Nicholas C. Cassin and Aaron J. Levy. Tax advice was provided by London partners Matthew D. Saronson and Richard Ward, and associate Ceinwen Rees.

Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.