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Warburg Pincus selling $1.2 bn investments; Crompton Greaves, Everstone eye Kenstar

06 October, 2017

Private equity firm Warburg Pincus is selling about $1.2 billion of Asian investments in secondary deals, The Wall Street Journal reported, citing people aware of the development.

Lexington Partners and Goldman Sachs Group Inc.’s asset management arm are the largest buyers, the report added.
Warburg Pincus had made these investments from its fund Warburg Pincus Private Equity XI LP, which closed in May 2013 with $11.2 billion in commitments. It started investing from this fund in 2012.

The sale will reduce the fund’s exposure in Asia from 50% to 40%, says the report. India accounts for 30% of the total Asian exposure of this fund.

In another development, PE-backed Crompton Greaves Consumer Electricals Ltd and private equity firm Everstone Capital are in the final stage of negotiations with Videocon group to acquire home appliances brand Kenstar, The Economic Times reported, citing three people aware of the development.

Crompton Greaves valued the company at Rs 1,400 crore while Everstone’s bid stands at Rs 1,300 crore, the report added.

“The promoters initially expected a value of about Rs 1,800-2,000 crore. However, since no bidder was ready to pay the price, the tag has been brought down to Rs 1,500-1,600 crore,” the report cited one person as saying.

Crompton Greaves is backed by private equity firms Advent International Corp and Temasek, an investment arm of the Singapore government. Advent holds a 22.34% stake in Crompton and Temasek 12.03%.

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Warburg Pincus selling $1.2 bn investments; Crompton Greaves, Everstone eye Kenstar

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