Apollo ends talks with Greensill Capital’s administrators: sources By Reuters

By Abhinav Ramnarayan

LONDON (Reuters) – U.S. private equity company Apollo Global Management has ended talks with the administrators of British financing company Greensill after a JPMorgan (NYSE:JPM) investment in Greensill’s technology partner, two sources familiar with the talks said.

Greensill, which filed for insolvency earlier this week after losing the support of its main backers, employed around 1,000 people in the UK alone.

Apollo was negotiating a $60 million acquisition of Greensill’s operating assets via its insurance arm Athene, the company said in its insolvency filing in a UK court earlier this week.

However, after Taulia — a San Francisco-based financial technology company that had worked closely with Greensill — said on Wednesday it had secured more than $6 billion of funding from a consortium led by JPMorgan, the proposition became untenable, said one of the sources.

“As of today, it’s game over. There’s no more talks with the administrator at Greensill,” said the source.

Spokespeople for Apollo, Athene and Greensill declined to comment.