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Report: Permira could buy minority stake in CogitalGroup at £1B valuation

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Report: Permira could buy minority stake in CogitalGroup at £1B valuation

CogitalGroup is in advanced negotiations to sell a minority stake in the company to Permira in a deal that could give the U.K.-based challenger accountancy firm a roughly £1 billion valuation, London's Financial Times reported, citing people with direct knowledge of the sale process.

London-based Permira reportedly emerged as the lead bidder for the stake, beating rival private equity groups BC Partners and PAI Partners in Europe, and TA Associates Management LP and Hellman & Friedman LLC in the U.S.

People briefed on the transaction told the FT that a deal could be officially announced as early as the week of Aug. 19. Hg, which owns CogitalGroup, will maintain a significant interest in the company, people briefed on the transaction reportedly said.

CogitalGroup, previously known as Cogital, was formed in 2016 through the merger of Nordic company Azets with U.K.-based Baldwins and Blick Rothenberg as an alternative to "big four" accountancy firms KPMG, PricewaterhouseCoopers, Ernst & Young LLP and Deloitte.

None of the groups involved in the auction commented on the matter, and CogitalGroup declined to comment, according to the publication.