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Vertex sold to US private equity group for £217.5m

Vertex has been sold to a consortium of US-based private equity firms for £217.5m.

The business outsourcing subsidiary, owners of portal The Exchange and back-office system 1st, is expected to be sold off by the end of March.

The consortium is being led by Oak Hill Capital Partners and includes GenNx360 and Knox Lawrence International.

The total consideration for the sale is £217.5m comprising cash, debt repayment and the retention by the purchaser of liabilities of Vertex, which UU says is not core to its strategy.

United Utilities chief Executive Philip Green says: “We believe this transaction serves the best interests of our shareholders, allowing the group to concentrate on its core skills. We aim to be a world class operator of utility infrastructure.”


Edeus delivers 24-hour remortgage completion

Edeus says it has delivered the first 24-hour remortgage completion on its instant funds service.It comes after the lender launched its point of sale offer service in September. Managing director Alan Cleary says: “The instant funds service has been consistently delivering us a five-day application to completion cycle on remortgages over the past four months, […]

AVC quandary for pension victims over buyback deal

Victims of wound-up occupational pension schemes are being asked to sacrifice AVCs if they want to benefit from the Government’s deemed buyback benefit and are finding it impossible to get advice on the subject.The deemed buyback option was highlighted by pensions minister James Purnell last year allowing qualifying members to have their ben-efits reinstated into […]

34% of smokers believe cancer is down to fate

Nearly half of people in the most deprived areas of the UK believe that getting cancer is down to fate rather than lifestyle.A survey by Cancer Research UK among 4,000 respondents found that over a quarter of the population as a whole believe that fate will determine whether or not they get cancer.But when divided […]

CML confirms £346bn record-breaking gross lending in 2006

The Council of Mortgage Lenders has confirmed that gross lending smashed all records in 2006, as had been predicted by the trade body.The data also reveals that a record £346bn was lent in 2006 as a whole, a 20 per cent increase from 2005. The record figure was fuelled by annual house price growth of […]

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Investment ideas to power returns

We believe the most exciting stockmarket opportunities today are in those places where a new generation of leaders are successfully transforming economies and companies in favour of investors. In a new investment guide and website, which is suitable for use with your clients, we set out our views on these reformers. Click here to find […]


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