NEW YORK CITY (dpa-AFX) - Sankaty Advisors, LLC, a unit of private, alternative asset management firm Bain Capital LLC, Monday announced that it has signed a definitive agreement to acquire a portfolio of loans and other securities from financial services giant JPMorgan Chase & Co. (JPM), with an aggregate value of about $1.3 billion.
Sankaty will buy the loans and securities portfolio from JPMorgan's Global Special Opportunities Group. Hong Kong-based Global Special Opportunities Group employed 35 people, mostly in Asia.
Sankaty Advisors, the credit affiliate of Bain Capital, is a private manager of fixed income and credit instruments. The transaction, which is expected to close by the end of 2014, is subject to borrower and regulatory approvals.
JPMorgan's portfolio contains mezzanine loans in North America and Europe, as well as loans and related special situations investments in Australia and across Asia.
Sankaty noted that this acquisition follows its other recent purchases of loan portfolios from Irish Bank Resolution Capital, Lloyds Banking Group and CapitalSource.
'This is another attractive addition to our platform as we continue to identify portfolios around the world where we can be a provider of patient capital and a helpful, value-added lender to and investor in high quality companies,' said Jonathan Lavine, managing partner and chief investment officer of Sankaty Advisors.
The transaction is not expected to have a material impact on JPMorgan Chase's earnings.
JPM closed Friday's regular trading at $59.01 on the NYSE.
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