JPMorgan Chase found the perfect suitor for a big book of loans it had made around the world but wanted to shed: Bain Capital.
JPMorgan announced Monday that it had agreed to sell $1.3 billion worth of loans and other securities to Sankaty Advisors, the $24 billion Bain unit focused on lending money as an investment strategy. The portfolio represents the bank's entire Global Special Opportunities Group, which is led by Chris Nicholas and has about 35 employees.
The sale of the unit and its assets culminates a long dating process. JPMorgan will be receiving interest for some or all of the loans from "dozens" of parties, including KKR, Carlyle and Blackstone's GSO unit, according to people familiar with the situation.