June 17, 2020 / 5:29 PM / 22 days ago

Bridgepoint clinches deal for EQT's credit arm, source says

(Reuters) - European buyout fund Bridgepoint has agreed to buy EQT Partners’ (EQTAB.ST) credit business in a deal that would boost its ability to take part in a wave of corporate restructurings triggered by the coronavirus crisis, a source close to the matter told Reuters.

The deal is expected to be announced as soon as Thursday, the source said, speaking on condition of anonymity.

It will give Bridgepoint access to more than 5 billion euros ($5.6 billion) of assets under management (AUM), the source said.

The transaction, which was first reported by the Financial Times, comes as European companies in sectors including transportation and hospitality are under pressure to secure liquidity and renegotiate their debt maturities.

EQT’s credit division primarily targets over-leveraged, medium-sized European companies.

Reporting by Pamela Barbaglia in London and Shanima A in Bengaluru; Editing by David Goodman

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