UBS Working Towards ‘First Close’ on O’Connor Sale to Cantor (1)

UBS Group AG said the planned sale of its O’Connor business continues to progress after the unit’s exposure to First Brands Group complicated the deal.

The Swiss bank is working towards a first close in the sale to Cantor Fitzgerald LP, Chief Financial Officer Todd Tuckner said in an earnings call with analysts Wednesday. The lender had previously said it is expecting this to happen in the fourth quarter.

The O’Connor transaction has faced headwinds since the US auto-parts supplier First Brands filed for Chapter 11 protection in September. O’Connor had a claim for $116.1 million on First Brands, ...