Warburg Pincus, Michael Paul and Lee Kranefuss agreed to acquire 51% stake in Source UK Services Limited from sellers on January 19, 2014. The sellers are BAC Strategic Investments B.V., Morgan Stanley (NYSE:MS), Goldman Sachs, LLC, J.P. Morgan (SC) Limited, Nomura European Investment Limited and Nyenburgh Holding B.V. The existing shareholders, BofA Merrill Lynch, Goldman Sachs, J.P. Morgan, Morgan Stanley and Nomura, will continue as minority shareholders. Lee Kranefuss, Executive-in-Residence, Warburg Pincus, will join Source as Executive Chairman.

The transaction is subject to regulatory approval. Ernst & Young LLP acted as accountant and Freshfields Bruckhaus Deringer LLP acted as legal advisor for Warburg Pincus and James Thompson, Stephen Griffin, Michelle Bennett, Simon McKnight, Alexandra Beidas, Sarah Parkhouse, Justine Shackleton, Lucy Gillett, Vinay Samani, Jonathan Ford, Kate Kelleher, Alex Lehtinen, Christian Ahlborn, Laura Mullarkey, Gareth Craft, Martin Lynchehan, Gordon Warnke, Andrew Morris, Olga Friedmann, Tom Hamilton and Nigel Jones of Linklaters LLP acted as legal advisors for Source UK Services. Adrian Flook of CTF Corporate & Financial Communication acted as PR advisor for Warburg Pincus.

PricewaterhouseCoopers LLP acted as financial advisor for Source UK Services. Maples and Calder and Matheson acted as legal advisor to Source.