3i sells Bestinvest stake to private equity firm Permira

The sale of 3i's majority stake in Bestinvest, which is subject to FCA change of control clearance, is expected to generate total proceeds of approximately £45m Proceeds to 3i of approximately £25m will represent a £19m uplift over the June 2013 value. The transaction is expected to complete in the first quarter of 2014. Bestinvest chairman Mike Covell said: "We are hugely grateful for the support that Bestinvest has received from 3i under its period of ownership which has seen the business develop very successfully over the last few years. "As we enter the next phase in our gro...