The sale of Precise Mortgages’ parent could be delayed in the event of a Brexit vote after potential buyers have insisted on including a “material adverse change clause” in the deal.
The sale of Precise Mortgages’ parent could be delayed in the event of a Brexit vote after potential buyers have insisted on including a “material adverse change clause” in the deal.
Sky News has reported that Charter Court, the parent company behind Precise Mortgages and Exact, is in the final throes of deal discussions with BC Partners, General Atlantic Partners, a bidding group of Warburg Pincus and Centerbridge, and Varde Partners and is currently looking at a sale price around £400m.
But the addition of the Brexit clause means that the terms of any deal agreed before 23 June when the UK votes on whether to leave the EU would have to be renegotiated in light of a possible shock to the property market.
Charter Court’s current investor, Elliott Associates, could then decide not to sell if the price was hit as a result.
It is understood that whether or not the sale goes ahead, Precise will look to float on the stock market by 2019. Deloitte is running the sale process.
