Banks are ready to back an acquisition of Safran's Morpho ID unit by Advent International, to the tune of $2 billion, according to financial reports.Advent said last week that it has entered into exclusive negotiations to acquire Morpho on September 29, for $2.425bn. French state bank Bpifrance will invest alongside Advent.A host of banks will be on the financing, which is expected to include Goldman Sachs, Credit Suisse, JP Morgan, Nomura, BNP Paribas, Deutsche Bank, Morgan Stanley, Natixis and Societe Generale, the bankers said, reports Reuters.The financing will comprise around 2bn of first lien loans, roughly split between dollars and euros, which is expected to launch for syndication to institutional investors at the beginning of November, the bankers said.The financing is likely to be well received by the leveraged loan market, which has been desperate for new paper following a swath of repricings, where borrowers have managed to lower their cost of credit.
Banks preparing 2bn loans for Advent’s Morpho buy
