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J.P. Morgan agrees to sale of One Equity stake

Aug. 11, 2014 4:23 PM ETJPMorgan Chase & Co. (JPM) StockBy: Stephen Alpher, SA News Editor
  • As tipped off a couple of weeks back, JPMorgan's (NYSE:JPM) long-awaited sale of about half of its stake in its P-E arm - One Equity Partners - has been agreed upon. The buyers are Carlyle Group's (CG) AlpInvest Partners and Lexington Partners.
  • Terms were not disclosed, but the deal - expected to close by y ear-end -reportedly values the companies JPMorgan is selling at about $2B, and the bank will retain ownership of about half of One Equity's nearly 30 companies. The transaction isn't expected to have a material impact on The Bank of Dimon's earnings.
  • It was a little over a year ago when JPMorgan said the time had come to jettison One Equity amid less-than-stellar returns and an uncertain regulatory environment. According to Dan Primack, the bank wanted to sell the entire portfolio, but it was too large for the market to absorb at the current time.
  • Press release
  • Previously: WSJ: J.P. Morgan nears deal for One Equity Partners buyout arm

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