Print Edition
August 2010 
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Private Equity Firms Consider Fortis Tax Advisory Division |
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Claire Spencer, June 2009 |
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(22 June 2009)
At least four private equity firms have made first-round bids for Intertrust, the tax advisory businesses of former investment bank Fortis, according to three Reuters sources familiar with the matter.
The sources revealed that General Atlantic, CVC Capital Partners and Cinven have made first-round bids, with second-round bids due in a matter of weeks.
A report in the Financial Times revealed that the bids pitched were around an asking price of €350m ($488.5m).
Reuters adds that two of their sources labelled the figure as “credible”.
The eventual buyer is likely to have to contend with the issue of providing tax strategies amid the global crackdown on tax evasion, which may affect the amount offered. “This is the issue for buyers,” said a source, speaking to Reuters.
Intertrust was acquired by the Dutch government on the nationalisation of Fortis’ Netherlands-based operations in October last year.
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