Jul 28, 2021

Singapore’s GIC teams up with Fortress on £9.5bn Morrisons bid

The group, which is led by Fortress, a US-based group owned by SoftBank, said on Wednesday that GIC would provide £100m of funding towards its £9.5bn offer for the grocer. GIC already has a 0.2 per cent stake in the grocery chain. Silchester, the supermarket chain's largest investor with a 15 per cent stake, on Tuesday said it was "Not inclined to support the existing Fortress offer". Under Fortress's plan, it would provide 51 per cent of the equity needed for the Morrisons deal, with CPPIB providing 31 per cent, Koch 15 per cent and GIC about 3 per cent, the companies said in a document published on Wednesday. Fortress would have a 73 per cent stake in the company buying the grocer, it said.

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