PE Major Advent International To Buy 72.56% Stake In Eureka Forbes

Private equity firm Advent International will buy a controlling stake of 72.56 per cent in Eureka Forbes for approximately Rs 4,400 crore, it's parent Shapoorji Pallonji Group (SPG) has said.

Topics

Eureka Forbes' Aquaguard | Advent International | Private equity firms

IANS  |  Mumbai 

Illustration: Ajay Mohanty

Illustration: Ajay Mohanty

Private equity firm will buy a controlling stake of 72.56 per cent in Eureka Forbes for approximately Rs 4,400 crore, it's parent Shapoorji Pallonji Group (SPG) has said.

Eureka Forbes is a household name in India actively present in the market with its range of vacuum cleaners and water purifiers. It is now a fully owned unit of Forbes and Co. ltd.

As per scheme worked out for the transaction, Eureka Forbes will be listed on the Bombay Stock Exchange (BSE) as a stand alone entity and subsequently Advent will purchase up to 72.56 per cent of the company's outstanding stock on a fully diluted basis from SPG.

The transaction will help SPG to deleverage its balance sheet while it will allow Advent to strengthen its portfolio of consumer in India.

The Advent deal is the culmination of negotiations started earlier this year. Advent International, Warburg Pincus, and Swedish home appliance maker Electrolux were earlier shortlisted for the sale process of Eureka Forbes.

SPG group stationed in the country's commercial capital Mumbai has diversified interests from real estate to power to financial services. The group had been looking to cut its debt and strengthen the balance sheet. The deals are part of this process.

--IANS

sn/dpb

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, September 20 2021. 13:37 IST

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