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Resolution targets firms worth up to £7bn

Clive Cowdery’s Resolution is targeting an initial acquisition worth up to £7bn, according to reports.

The Financial Times says the investment vehicle plans to use its shares to help fund a deal.

It adds that most of the UK life and pensions sector apart from Prudential and Aviva are now within Resolution’s budget.

Resolution was expected to kick-start its run of acquisitions with a small deal funded with a mixture of cash raised from investors and a small amount of debt.

But using its shares to help fund deals would allow Resolution to target bigger businesses, the paper says.

The news comes as Resolution announces Elizabeth Gilbert and Jon Hack will be appointed as partners.

The appointments will take the number of partners to seven, with experience across all aspects of financial services.

Gilbert was previously managing director and co‐head of the European Financing Group for Financial Institutions at Goldman Sachs.

Hack was managing director and head of the UK Financial Institutions Group at Lazard.

Resolution CEO John Tiner says: “Liz and Jon are fantastic additions to our team. They bring to our business a wealth of experience in funding, liquidity and risk management transactions and identifying, negotiating and closing M&A
deals across the landscape of international financial services. They have led industry defining transactions.

“These appointments underline our long term commitment to working directly for investors, realising value from their investments in the financial services industry.”

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