LONDON—Listed private-equity investor SVG Capital has agreed in principle to sell its entire investment portfolio to Goldman Sachs Group Inc. and the Canada Pension Plan Investment Board—just over a day after saying it had reached terms to sell half of it to rival bidders.

The deal with Goldman's asset management arm and CPPIB is worth £ 748 million ($950 million), SVG said Thursday,

It marks the latest twist in SVG's bid to fend off a £ 1 billion hostile takeover bid from U.S. rival HarbourVest and comes after it said earlier this week that it had agreed in principle a sale of 50% of its portfolio to Pomona Capital and Pantheon Ventures (UK) LLP.

"The board believes the sale of the entire investment portfolio and wind down of the company will generate superior value when compared with the final 650p a share cash offer from HarbourVest Bidco and will deliver greater certainty for shareholders when compared with the previously proposed sale of 50% of the portfolio to Pomona Capital and Pantheon Ventures," SVG said.

HarbourVest declined to comment on the latest offer. Pomona and Pantheon couldn't be reached for comment in time for publication.

Under the terms of the Goldman/CPPIB deal, about £ 1.1 billion would be returned to shareholders through a series of tender offers and the winding-up of the company, according to SVG's statement.

Coller Capital, SVG's largest shareholder, formally accepted HarbourVest's bid in September, while Schroders, its second-largest shareholder, had lent its backing to SVG's nonbinding agreement with Pantheon and Pomona.

Analysts at Investec wrote that the Goldman Sachs/CPPIB offer "certainly appears a better offer than yesterday." They added: "It now comes down to how certain shareholders believe this new offer is and secondly the timings of the sale proceeds."

Harold Hope, a managing director at Goldman, pointed out that the U.S. bank and CPPIB had a record of working on similar transactions together. A spokesman for CPPIB didn't immediately respond to a request for comment.

(END) Dow Jones Newswires

October 06, 2016 09:35 ET (13:35 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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