Teneo Borrowing Up To $100M For Dividend Payouts
Date
10/16/2024 12:07:46 PM
(MENAFN- PRovoke)
NEW YORK - Teneo is reportedly borrowing up to $100 million to pay its first dividends to private equity owner CVC and staff.
According to City A.M. , Teneo was in talks with lenders last week regarding the loan with an eye on the payouts. Early this week, however, the global comms firm had yet to make a final decision on how to use the funds, according to the report, citing the Sunday Times.
CVC has owned about two-thirds of Teneo since it invested in the firm in 2019, replacing previous PE owner BC Partners after four-plus years. Teneo's roughly 300 employees own the remaining one-third of the company, City A.M. said.
In announcing its original deal, Teneo said its partnership with CVC provided significant opportunity for growth through investment and acquisitions across its four segments: strategy & communications, management consulting, risk advisory
and capital advisory.
In 2023, the company made acquired two agencies - Herter & Co., a debt advisory and financial restructuring firm based in Germany, and Tulchan, a London-based M&A, financial and corporate communications advisory firm.
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