Downing sells VCT business for £17.8mn
- On June 15, 2022
- By GrowthInvest Marketing
Investment manager Downing has sold its venture capital trust business to Foresight Group, in a deal worth £17.8mn.
The group has sold its technology ventures division, which includes management of Downing’s VCTs and ventures enterprise investment scheme (EIS).
Of the total amount, £13.6mn will be paid upfront, with a further £4.2mn paid over three years, subject to certain targets being met.
The acquisition includes the investment mandates of £275mn in assets across the Downing One VCT, Downing Four VCT and Downing Ventures EIS.
This will bring Foresight’s VCT net asset value to £542mn, and the group expects it to push its earnings to £2.8mn in the first 12 months post completion.
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