American private equity firm joins battle for Towergate


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.

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

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