L&G snaps up Woodford stake in Push Doctor-backer
The embattled fund manager Neil Woodford is close to offloading another of his firm's assets by striking a deal to sell a big stake in a backer of Push Doctor, the GP-on-demand service.
Sky News has learnt that Woodford Investment Management is expected to reach an agreement this week to sell its roughly 40% shareholding in Accelerated Digital Ventures to fellow investor Legal & General . If confirmed, the deal will see L&G, the insurance and pensions giant, become ADV's biggest shareholder by far.ADV, which launched in 2016, was created as a new platform to provide funding for start-ups and scale-ups in the UK - with the latter category an area of the economy that politicians and investors argue have been overlooked.
The price that L&G is paying for Mr Woodford's stake in ADV is unclear, although City sources said it was likely to be in the tens of millions of pounds.
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