3i Nets $605M In Latest Sale Since Activist Turned Up Heat

Law360, New York (May 8, 2013, 2:44 PM EDT) -- Floundering private equity outfit 3i Group PLC will sell IT services provider Civica Group Ltd. to a Canadian pension fund for £390 million ($604.6 million), it said Wednesday, its latest big-ticket sale since an activist investor's buy-in ramped up scrutiny on its divestment-centric turnaround strategy.

In the deal, 3i nailed down more than a twofold return on its initial investment in Civica, made when it took the company private a half-decade ago. The transaction is in line with 3i's overhaul strategy to pare down assets to...
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