Retail investment platform PrimaryBid is currently in discussions with various financial institutions and investors regarding a potential acquisition. According to information from Sky News, the company, which counts prominent entities such as the London Stock Exchange Group and the SoftBank Vision Fund among its backers, is collaborating with advisors to gauge interest in a takeover. Additional investors include ABN Amro and Fidelity.
Insiders indicate that this process is being expedited, with the possibility that any deal might occur at a significantly reduced valuation compared to the $500 million figure the company achieved three years ago.
PrimaryBid, which serves clients like PensionBee and Lloyds Banking Group, has faced challenges due to a notable decline in equity capital markets activity. In response, the firm has initiated a strategic review and enlisted the expertise of US-based market infrastructure firm Rosenblatt Securities to assess its options.
Furthermore, Financial News has reported that the London Stock Exchange Group has marked down the value of its 7.2% stake in PrimaryBid by 87%, suggesting a current valuation of merely £56 million for the business. Established in 2016, PrimaryBid has secured approximately $250 million in funding since its inception.