Stone Point and GIC Near $3 Billion Deal for Ascensus wealthmanagement.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wealthmanagement.com Daily Mail and Mail on Sunday newspapers.
The Straits Times
The investment firms could announce a transaction for the company as soon as this week.PHOTO: BLOOMBERG
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GIC and Stone Point Capital Buy Majority Stake in Ascensus
Posted on 04/26/2021
Funds managed by Stone Point Capital LLC and Singapore’s GIC Private Limited have entered into a definitive agreement to acquire Ascensus LLC from its current private equity ownership group led by Genstar Capital LLC, Aquiline Capital Partners LLC, and Atlas Merchant Capital LLC. Genstar Capital and Aquiline Capital Partners will maintain a minority stake in Ascensus. The transaction is expected to close in the third quarter of 2021, following regulatory approvals and other customary closing conditions. Terms of the transaction were not disclosed.
Ascensus is a technology-enabled services company that helps millions of people save for retirement, education, and healthcare. It is also an independent recordkeeping services partner, retirement plan third-party administrator, and government savings facilitator in the United States.
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.
Stone Point and GIC Near $3 Billion Deal for Ascensus msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.