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Report: UK challenger bank sale abandoned over Brexit fears

A sale of U.K.-based challenger bank Charter CourtFinancial Services has collapsed because of growing concerns among investorsabout the potential consequences for the housing market should Britain vote toleave the EU, sources told Sky News.

New York-based Warburg Pincus LLC and were reportedin early April to have presented a joint bid valued at about £400 million for CharterCourt, which specializes in buy-to-let lending. However, Sky wrote May 4 thatbids from firms including Warburg Pincus, BC Partners and had fallen wellshort of the £400 million valuation placed on the business by majority ownerElliott Associates.

The private equity firms looking to acquire Charter Courthad suggested the insertion of a Brexit-related material adverse change clauseshould a deal have been reached before the June 23 EU referendum. Sources said,however, that Elliott Associates is now likely to retain its controlling stakeand consider a listing of Charter Court in two to three years.

Charter Court Financial Services is a trading name ofCharter Court Financial ServicesLtd. Elliott owns about 75% of the business.