CVC Joins Bid for Aldermore
Private equity firm CVC has teamed up with JC Flowers to bid for FirstRand British bank arm Aldermore. Prospective buyers face a Tuesday deadline for non-binding offers as the UK banking sector undergoes consolidation.
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CVC CAPITAL PARTNERS PLC joined JC Flowers on a bid for FIRSTRAND LTD-UNSPON ADR's British banking unit Aldermore, people familiar with the matter said on Monday morning. The move follows the South Africa lender's decision to exit the specialist bank after raising provisions for motor loans to £750 million ($1.01 billion). FirstRand set a non-binding offer deadline for Tuesday.
