TowerBrook Capital Partners LP announced Wednesday a recommended cash offer of £283 million ($361 million) for British fintech firm Equals Group PLC. The bid, valued at 140 pence per share, includes 135 pence per share plus a 5 pence special dividend.

The offer comes via Alakazam Holdings BidCo Ltd., a consortium-led vehicle involving TowerBrook, fintech startup Railsr, and U.S.-based private equity firm JC Flowers & Co. LLC. Legal representation is being provided by Norton Rose Fulbright LLP for TowerBrook, Macfarlanes LLP for JC Flowers, Mishcon de Reya LLP for Railsr, and Ashurst LLP for Equals Group.

The offer represents a 37% premium over Equals’ October 31 closing price of 102.5 pence, the day before it announced it was exploring strategic options. The London-listed payment platform developer saw its shares rise 13% to 135 pence in response to the news.

TowerBrook’s interest in Equals began in March after the fintech firm initiated a strategic review. JC Flowers joined the consortium in September, bolstering its resources and ambitions to integrate Equals with Railsr upon deal completion. Former Chancellor Philip Hammond, chair of Railsr, highlighted the deal as pivotal for the embedded finance market, enabling the consortium to provide enhanced services to customers.

The transaction, structured as a scheme of arrangement under the Companies Act 2006, requires 75% shareholder approval at upcoming general and court meetings. Equals directors have pledged to recommend the deal, citing its fair terms and potential to secure the company’s future in a private environment.

Regulatory approvals are pending from authorities in the U.K., Europe, Turkey, and Belgium. The consortium anticipates the transaction to close by June 2025. Financial advisers include PJT Partners and Rothschild & Co. for the consortium, Perella Weinberg Partners for JC Flowers, and Canaccord Genuity Group Inc. alongside Lazard Inc. for Equals.