The entry of JPMorgan has complicated talks between Apollo, Greensill and its insolvency administrators
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Michael Nagle/Bloomberg News
& Co. is making a play for some of Greensill Capital’s customers, according to people familiar with the matter, upending a bid by
to buy the finance startup’s core business.
The largest U.S. bank by assets is teaming up with Taulia Inc., a technology platform that was a main source of customers to Greensill. JPMorgan would provide $3.8 billion to fund deals to the former Greensill clients on Taulia’s platform, the people said.
Other banks are expected to take part in the effort and add more funding later, the people said.
The entry of JPMorgan has complicated talks between Apollo, Greensill and its insolvency administrators, according to people familiar with the talks. An Apollo deal is now unlikely, the people said. Apollo had been in talks with Greensill to buy its core business for around $100 million, The Wall Street Journal reported last week.
Greensill filed for insolvency in the U.K. on Monday. The company plunged into crisis last week when
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.
Bloomberg News reported earlier that the Apollo-Greensill talks were stalled.
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