London faces another exit as listed fintech extends takeover talks.

January 24, 2024
1 min read

Equals Group, a London-listed fintech firm, has extended the deadline for a potential takeover by US private equity group Madison Dearborn Partners as it considers leaving the London markets. Equals Group is currently undergoing a “strategic review” and discussions with Madison Dearborn, causing it to extend the “put-up-or-shut-up” deadline for the takeover talks. Fintech firms are considering leaving London in favour of private ownership as valuations remain low in the city and buyers look to capitalise on these depressed figures. A total of 40 firms made agreements or went private in 2023.

“This is driven by the low UK valuations, which makes it an attractive hunting ground for acquirors and is a key factor behind the dearth of IPO activity,” said Charles Hall, head of research at Peel Hunt. The move to private ownership comes as valuations remain low in London and analysts predict another wave of take-privates. Discussions between Equals Group and Madison Dearborn will continue until 21 February.

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