Yorkshire Lad Posted February 17, 2009 Share Posted February 17, 2009 LONDON (SHARECAST) - US distressed debt fund Oaktree Capital is close to snapping up a stake in UK estate agent Countrywide, suggesting the bottom of the property market may be near. It is thought the American business will buy a 35% stake from US private equity firm Apollo Advisors, which paid £1bn for it at the peak of the market in 2007. The deal will slash Countrywide’s debt to about £175m from £750m and provide £75m of fresh cash to help it through the recession. Apollo, run by private equity investor Leon Black, will be left with a 30% interest. Three quarters of Countrywide’s bondholders have to approve the deal, to be implemented via a scheme of arrangement, if it is to go through. http://www.sharecast.com/cgi-bin/sharecast...tory_id=2612703 Seems like they are jostling for market position. Quote Link to comment Share on other sites More sharing options...
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