ADIA Said to Mull €2 Billion Stake Sale in Packaging Firm IFCO - Bloomberg
The Abu Dhabi Investment Authority is considering a sale of its 50% stake in plastic container business IFCO, according to people familiar with the matter.
The sovereign wealth fund is working with Bank of America Corp. and Morgan Stanley on the potential transaction, which could fetch more than €2 billion ($2.3 billion), the people said. Private equity firms and infrastructure funds may show interest in the asset, the people said, asking not to be identified as the information is private.
Buyout firm Triton, which holds the remainder of IFCO, has decided to keep its stake following a strategic review, the people said. Deliberations are ongoing and ADIA could still decide against a deal, the people said. Representatives for ADIA, Triton, Bank of America and Morgan Stanley declined to comment.
IFCO manufactures reusable containers mainly for transporting perishable products from bananas and eggs to baked goods and seafood. It’s one of the biggest such suppliers in the world, catering to more than 550 retailers in over 50 countries, its website shows. ADIA and Triton acquired the European firm in 2019 from Australian logistics provider Brambles Ltd. at a valuation of $2.5 billion including debt.
ADIA was set up in 1976 to invest the emirate’s surplus energy revenues, diversify its economy and prepare the capital of the United Arab Emirates for life after oil. It oversees about $1 trillion in assets.
No comments:
Post a Comment