Financial company shares gained as Treasury yields pulled back.
Bill Ackman is planning to take his investment firm public as soon as next year, the boldest move yet by the hedge-fund manager to capitalize on his social-media fame. As a precursor to a public listing, Ackman is selling a stake in the firm, Pershing Square, to investors in a funding round expected to value the firm at about $10.5 billion, people familiar with the matter said. That deal is expected to close in the coming days.
Grant Thornton became the largest accounting firm to sell a piece of itself to a private-equity investor on Friday, giving it more financial firepower to make acquisitions and investments -- and, potentially, a new client in its owners. The firm's Chicago-based U.S. unit closed the sale of a stake to a group led by New Mountain Capital. Under the deal, the U.S. audit business will remain a partnership, while U.S. advisory, tax and other nonaudit services will be part of Grant Thornton Advisors LLC, a newly created limited liability company.
Write to Patrick Sullivan at patrick.sullivan@wsj.com
(END) Dow Jones Newswires
05-31-24 1717ET
