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Hands buys three investors out of his Terra Firma fund

By | Published on Tuesday 24 February 2009

Guy Hands, the boss of EMI owners Terra Firma, has bought three cash-strapped investors out of his private equity fund.

The move means that Hands and his other key fund partners will have to cover 25 million euros of financial commitments previously made by the bought-out investors. It’s thought Hands took the three investors’ interests in the fund for a nominal price, so keen were they to get out.

I’ve no idea what any of this means, but Reuters say it is an unusual transaction that “underlines worries about the group’s indebted investments”. I’m not sure I know what that means either.