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The Straits Times
The investment firms could announce a transaction for the company as soon as this week.PHOTO: BLOOMBERG
Published2 hours ago
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Stone Point, GIC near $3B deal for Ascensus
The investment firms are buying the company from backers including Genstar Capital, Aquiline Capital and Atlas Merchant Capital.
April 26, 2021
Stone Point Capital and GIC Pte agreed to buy a majority stake in retirement and savings account provider Ascensus Inc.
The investment firms are buying the company from backers including Genstar Capital, Aquiline Capital Partners and Atlas Merchant Capital, according to a statement Monday. Genstar and Aquiline are keeping a minority stake. Terms of the deal weren’t disclosed.
The deal is worth about $3 billion, according to people familiar with the matter, who asked to not be identified because the terms aren’t public. Ascensus had been considering an initial public offering but moved toward a sale after getting strong interest from potential buyers, one of the people said.