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Permira’s acquisition of Tilney delayed

4 Feb 2014

pounds11_sqThe acquisition of Deutsche Bank’s loss-making UK wealth management arm Tilney by private equity firm Permira has reportedly been delayed.

The news was reported by the Telegraph, which cited a source close to the deal.

Permira is “ashamed of advice given by Tilney and is seeking indemnities,” said the report.

In November last year it was reported that Deutsche was looking to sell Tilney for much less than the £300m it paid for the unit in 2006 due to its current financial shape and shrinking assets under management.

Tilney posted losses of £9.5m last year, up from £8.9m in 2011 as its assets under management fell to £4.6bn from £5bn.

Last month Permira and fellow private equity firm KKR completed the sale of German broadcasting company ProSiebenSat.1 Media.

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