 |
Bank of America walked away from providing financing for Clayton Dubilier & Rice's $520M deal to take Huntsworth private due to the volatility in the global markets.
The transaction ranks as the UK's biggest private equity buyout of the year.
Bloomberg reports that BoA's credit committee refused to sign off on the financial transaction.
Royal Bank of Canada stepped in via a $295M loan and $46M in revolving credits to bankroll the transaction, according to a regulatory filing.
BoA, RBC and boutique firm Houlihan Lokey Inc. served as advisers to CD&R.
Bloomberg noted that it's relatively unusual for a banker to advise a client on a deal and then decide against funding it.
Huntsworth owns Grayling, Red and Citigate Dewe Rogerson.
Public Policy Holding Company grew 27.5 percent to $50.1M during Q1, powered by the accelerating contribution from recent acquisitions and a 5.1 percent hike in organic revenues across its three operating segments.
Institutional Shareholder Services advises investors to vote "no" on a compensation package for WPP chief Cindy Rose at the May 8 annual meeting.
FTI Consulting chalked up a 9.5 percent rise in Q1 revenues to $983.3M, powered by gains in its PR, corporate finance and technology segments.
Stagwell reports 4 percent growth in Q1 net revenues to $585M and a record $141M in net new business wins.
WPP reported a 6.7 percent drop to $3.1B in Q1 like-like revenues less pass-through costs. CEO Cindy Rose says 'it will take time to outpace historical losses."
