Istithmar to sell Inchcape for $700m
A number of private equity firms bidding for the deal
Istithmar, the investment arm of Dubai World, has put London-based port and shipping agent Inchcape Shipping Services up for sale for $600m to $700m, Reuters reports.
Istithmar bought Inchcape in 2006 from private equity fund Electra Investment Trust, also based in London, for $285m.
The deal has attracted interest from private equity groups, including US-based Advent International, the UK’s Cinven, Charterhouse Capital Partners, Montagu Private Equity, global TPG Capital and Kohlberg Kravis Roberts & Co.
These companies are all working on potential bids to acquire the shipping firm, the report says.
Dubai World is currently seeking to offload assets as part of restructuring plans after announcing in late 2009 that it would request a delay on paying $22bn in debt (MEED 22:12:09).
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