Home / Business and Economy / Blackstone, Warburg Explore $10B+ IntraFi Sale
Blackstone, Warburg Explore $10B+ IntraFi Sale
20 Oct
Summary
- IntraFi sale could exceed $10 billion valuation.
- Company operates the largest reciprocal deposit network in the US.
- Blackstone acquired IntraFi in 2019; Warburg invested in 2022.
Private equity firms Blackstone Inc. and Warburg Pincus are exploring the sale of financial technology company IntraFi. The potential sale could value IntraFi at more than $10 billion, according to sources familiar with the matter. Both firms have enlisted Morgan Stanley and Guggenheim Securities to advise on the early stages of the sale process.
IntraFi, based in Arlington, Virginia, manages the largest reciprocal deposit network in the United States. This network assists banks in spreading customer funds across multiple institutions, ensuring deposit insurance for balances exceeding $250,000. It also facilitates the buying and selling of deposits between banks.
Blackstone originally acquired IntraFi, then known as Promontory Interfinancial Network, in 2019. Warburg Pincus made an investment in the company in 2022. The potential divestment aligns with a broader trend of private equity firms seeking to capitalize on improving market conditions for dealmaking.
