LONDON Investment firm Petershill Partners (PHLL.L), backed by Goldman Sachs (GS.N), said on Friday it plans to delist from the London Stock Exchange, becoming the latest company to quit the city’s equity market in a deal valuing it at about £3.4 billion.
The FTSE 250 group, which provides retail investors access to private equity and hedge funds, said its board concluded that the public market valuation has “not appropriately reflected” the quality of its assets or its strong financial performance.
“Therefore, having evaluated the company’s strategic options, the board has concluded that the company should proceed with a delisting,” Petershill said in a statement.
The decision is a fresh blow to London, which has seen an exodus of firms to other markets or into private ownership, citing low valuations and a lack of investor appetite.
Petershill, which debuted in 2021, said it will return $921 million to shareholders as part of the deal. Shareholders will receive about 308 pence per share, with a vote scheduled for November.
Like many investment vehicles, Petershill has traded at a significant discount to the net value of its financial holdings, a trend exacerbated by economic uncertainty and high borrowing costs.
The firm, majority-owned by Goldman Sachs, holds stakes in several alternative asset managers, including a share in Clearlake Capital, the majority owner of Premier League football club Chelsea FC.
Earlier this year, money transfer firm Wise (WISE.L) shifted its primary listing to the United States, while drugmaker Indivior (INDV.L) scrapped its secondary listing in London.
The Petershill deal is expected to be completed in the fourth quarter, the company said.