Candover Investments, the U.K. private equity firm in talks to sell itself to an Alberta provincial pension fund, said negotiations broke down after three months.
In a statement today, Candover said Alberta Investment Management, which manages the province's C$69 billion (US$65.5 billion) in pension fund assets, notified the firm that “it is no longer considering making an offer.”
Candover began the talks in April, four months after it was forced to shut its US$3.9 billion leveraged buyout fund. Alberta Investment was the bidder, people with knowledge of the discussions said in April. A call to Alberta Investment wasn't immediately returned.
Candover Partners shut its fund in January after Candover Investments, its publicly traded unit, canceled a €1 billion ($1.3 billion) pledge to invest in the pool amid a cash shortage. The firm slashed 58% of its work force last year.
