Shares in Petershill Partners PLC (LSE:PHLL), the investment company run by Goldman Sachs, jumped 33% to 308p as it shared plans to delist from the London Stock Exchange and return $932 million to shareholders.
Aside from the Goldman-managed private funds that own 79.49% of the shares, ordinary shareholders will receive US$4.15 per share in cash (309p) and a US$0.052 dividend, making for a total payout per share of US$4.202, which is a 35% premium to the closing price.
Despite strong financial performance and strategic initiatives, the board believes the share price has "not appropriately reflected the quality and underlying value of the company's assets, its strong financial performance and attractive growth".
This shares trade at a material discount to the sector, with an average of 34% since January 2024, and a 37% discount to book value.
Petershill also announced results for the six months ended 30 June 2025, where partner distributable earnings came in at $152 million, up 9% year-on-year and $265 million was returned through the 2024 final dividend and a special dividend payment.
Partner-firms raised $19 billion of fee-eligible assets in the first half, despite volatile markets earlier in the year.
Ali Raissi-Dehkordy and Robert Hamilton Kelly, co-heads of Goldman Sachs Petershill Group, said the return of capital and delisting "is in the best interests of the company, free-float shareholders and shareholders as a whole.
The board of Petershill and operator Goldman Sachs Asset Management "believe the company has been consistently undervalued despite strong delivery of its strategy and that this is a unique opportunity to return significant near-term value to free-float shareholders".