Petershill Partners Ord (PHLL.L), a public investment company, on Tuesday announced an agreement to sell most of its non-controlling equity stake in Industry Ventures.
The total consideration for the company's stake is valued at up to $236.6 million, comprising $163.9 million in cash at closing and up to $72.7 million in contingent payments based on Industry Ventures' performance through 2030.
The transaction is expected to close in the first quarter of 2026.
The sale follows a full acquisition of Industry Ventures by The Goldman Sachs Group, Inc. (GS), led by Industry Ventures' management team.
The estimated present value represents a 5% premium to the $186.4 million carrying value as of June 30, and equals around 4% of Petershill's market capitalization, based on the October 13 closing price of 307 pence per share.
The sale covers the company's interests in Industry Ventures' management fee-related and future performance-related earnings, while retaining rights to existing performance-related earnings and balance sheet assets valued at $41 million as of June 30.
On Monday, Petershill Partners closed trading, 0.49% higher at 307 pence on the London Stock Exchange.
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