Dec 21, 2009
KKR starts moving the money | Advantage zyaada
After a wait and watch period that lasted the entire 2009 without much back of the scenes activity as well, Sanjay Nayar’s team found its first prospects to take the no. of ‘deals’ in India from 2 to 3. KKR is currently supporting Analjit Singh in an innovative structure that keeps them as a backer of Analjit rather than investor in East India Hotels. This appeared in the ET last week
Kohlberg Kravis Roberts & Co, the buyout firm led by Henry Kravis, may invest up to Rs 550 crore in the privately-held investment
firms of Analjit Singh in its first deal since hiring Citigroup’s Sanjay Nayar this year, as Singh’s Max group strengthens funding to buy stake in hotel chain EIH, said a person familiar with the proposed transaction.
KKR’s funds would not be used for buying stake in the second largest hospitality chain which runs the Oberoi group of hotels, the person said, requesting anonymity. ITC, the diversified company with interests from cigarettes to star hotels, also wants to own EIH.
Singh’s Max, which has businesses ranging from back office units to life insurance, will use the funds from KKR to repay debt of its unlisted holding companies, the person said. KKR’s investments are proposed to be done through subscription to interest bearing preference shares which may be converted into common equity shares later. The details were not disclosed. The funds would be made available to Singh as and when the need arises.
KKR’s 2007 portfolio here They are also scouting to purchase 31 infotech from ICICI Bank. Strange indeed are the ways of the big and the mighty as they continue to show their hand weak and not so fiesty, time and again
Private equity firms Carlyle, Apax Partners and Kohlberg Kravis Roberts (KKR.AS: Quote, Profile,Research) are interested in buying India’s ICICI Group’s 27 percent stake in IT firm 3i Infotech (TIIN.BO: Quote, Profile, Research), the Economic Times reported on Tuesday.
The acquisition will require the buyer to launch a mandatory open offer for a further 20 percent from other shareholders, taking the deal value to 8 billion-9 billion rupees ($170 million-$190 million), the newspaper said quoting an unnamed investment banker.
Analjit Singh has just now received cash from Goldman Sachs for a stake in Max India for its Healthcare and Insurance expansion ( see story)
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