Bid deadline for UK GIB sale pushed back to early Sep - report

The deadline for submitting bids as part of the government’s planned sale of the UK Green Investment Bank plc (GIB) has been pushed back to early September from July 27, Bloomberg said last week, quoting an informed person.

The reason for the deadline extension is that potential bidders need more time to assess the investment in view of the Brexit vote. The deal is a complex one and even without the Brexit decision the deadline could have been pushed back, the person has added.

The government is still looking to find a buyer for a stake of 75% to 100% by the end of the fiscal year through April 2017, the source told the news agency.

According to Bloomberg’s report, GIB’s buyer is likely to pay about GBP 4 billion (USD 5.26bn/EUR 4.72bn) as part of the transaction. At present, three groups are targeting the bank, including one led by London-based investor Sustainable Development Capital LLP, Bloomberg said.

(GBP 1.0 = USD 1.315/EUR 1.180)

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