American private equity firm joins battle for Towergate

takeover-briefcases

An American private equity firm has reportedly joined the battle to take control of Towergate.

Apollo is understood to have bought some of the broker's senior loans as part of a plan to stage a £715m debt-for-equity swap according to The Sunday Times.

That would lead to the New York firm and other senior creditors getting repaid the full value of their bonds while taking control of Towergate.

Shareholders
A spokesperson for the broker, which has around £1bn of debt, liquidity problems and

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected].

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: