Transact bidders withdraw; CEO Taylor commits future

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The private equity firms eyeing wrap provider Transact have withdrawn their approaches, Professional Adviser's sister title Investment Week understands.

US-based Corsair Capital and Aquiline Capital Partners as well as London-based TDR Capital have all been reported to be considering purchasing the platform. Transact appointed Goldman Sachs as a broker with a view to a sale earlier this year. However, negotiations broke down last month, according to sources. Professional Adviser's sister title Investment Week understands reasons for the cooling off include bidders’ concerns about the prospects for growth, as well as Transact’s desire for a higher price. Transact chief executive Ian Taylor would not comment on the corporate situation, ...

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