Wednesday 3 February 2010
Buy-out groups circle Dubai asset sale
Istithmar, the investment arm of the troubled Dubai World conglomerate, has put Inchcape Shipping Services, the port and shipping agent, up for sale with a $600m-$700m price tag in a deal that has already drawn interest from several private equity groups.
Advent International, Cinven, Charterhouse, Montagu, TPG and Kohlberg Kravis Roberts are among the private equity groups working on potential bids for ISS, which has its headquarters in Chafford Hundred, east of London.
Istithmar bought ISS for $285m at the start of its leverage-fuelled buying spree between 2006 and 2008. It is now selling many of the assets it bought to help Dubai World restructure its $22bn of debt.
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