KKR Leading £1.7bn Bid for NewDay, Owner of Argos Store-Card
Private equity firm KKR is at the forefront of the £1.7bn race to acquire NewDay Group, the owner of Argos's store-card operations. Other bidders, including Pimco and a Bain Capital-led consortium, are also in contention. NewDay, a major UK consumer credit provider, is exploring a sale or stock market listing after acquiring Argos's store card business last year.
The private equity firm KKR is leading the race to acquire the owner of Argos's store-card operations, NewDay Group, in a deal worth £1.7bn. KKR is competing with other parties, including Pimco and a Bain Capital-led consortium, to buy the company. Some bidders are interested in acquiring NewDay's consumer loan book, while others, like KKR, are looking to purchase the entire business. NewDay, a major provider of consumer credit services in the UK, has been exploring a sale or stock market listing for some time. Last year, it reported significant profits and saw a rise in new customer acquisitions. KKR has been involved in bidding wars for other companies recently, such as Assura and Spectris. NewDay, KKR, and CVC have not provided comments on the matter.
According to the source: Sky News.
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