Allen & Overy Aids Varde In $740M SAC Credit Buyout

Law360, New York (September 27, 2011, 2:51 PM EDT) -- Varde Partners on Tuesday announced that it was acquiring British credit card issuer SAV Credit Ltd. from majority shareholders including Palamon Capital Partners and Electra Private Equity PLC for £472 million ($740 million).

Varde backed SAV Credit in 2010 in connection with the company’s purchase of Citigroup Inc.’s credit card portfolio and made the strategic acquisition to continue SAV’s impressive growth, SAV said.

Palamon, Electra and Morgan Stanley Alternative Investment Partners are selling their stake to Varde after seeing SAV Credit grow from a startup in...
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