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JPMorgan Leaps Into Greensill fray, Hindering Apollo talks

Published by

December 5, 2024
(GMT+2)

JPMorgan Chase & Co. is making a play for some of Greensill Capital’s customers, according to people familiar with the matter, upending a bid by Apollo Global Management Inc. to acquire the finance startup’s core business.The biggest US bank by assets are collaborating with Taulia Inc., a technology platform that was a main source of clients to Greensill. JPMorgan would provide $3.8 billion to fund deals to the formal Greensill clients on Taulia’s platform. Other banks are expected to take part in the effort and add more funding later. The entry of JPMorgan has complicated talks between Apollo, Greensill and its insolvency administrators. An Apollo deal is now unlikely. Apollo had been in talks with Greensill to acquire its core business for roughly $100 million.Greensill filed for bankruptcy in the UK on Monday. The company plummeted into crisis last week when Credit Suisse Group AG froze $10 billion in investment funds that invested exclusively in Greensill supply-chain lending, a type of short-term corporate cash advance. Without the Credit Suisse funds, Greensill was unable to process new deals.

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