HSBC Holdings (HSBC) and Lloyds Banking Group (LYG) are providing about 600 million British pounds ($781 million) of debt financing for the acquisition of UK-based safety systems firm Kee Safety by 65 Equity Partners and Inflexion, Bloomberg News reported Friday, citing people familiar with the matter.
The financing will be denominated in pounds, euros, and dollars, and Lloyds' portion includes cash from its joint venture with Oaktree Capital Management, the people said.
The deal values Kee Safety at about 1.3 billion pounds, and the company's previous controlling shareholder, Intermediate Capital Group, will retain a minority stake, according to the report.
Inflexion declined to comment, while HSBC, Lloyds, Kee Safety, and 65 Equity did not immediately respond to MT Newswires' requests for comment.
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