Dubai's Istithmar puts Inchcape on sale for $700 mln

4. February. 2010
Reuters

Dubai World's investment arm Istithmar has put port and shipping agent Inchcape Shipping Services up for sale for $600 million to $700 million and has attracted interest from private equity groups, the Financial Times reported on Wednesday.

The report said Advent International, Cinven [CINV.UL], Charterhouse Capital Partners [CHCAP.UL], Montagu Private Equity, TPG Capital [TPG.UL] and Kohlberg Kravis Roberts & Co [KKR.UL] were all working on bids potential bids for London-based Inchcape, which is one of the world's biggest marine management firms with some 200 offices globally.

Dubai World [DBWLD.UL] is seeking to offload assets as part of a restructuring plan after the state-owned conglomerate rocked global markets last November when it said it would request a delay on paying $26 billion in debt linked to its main property units.

Istithmar bought Inchcape for $285 million in 2006 from London-based private equity fund Electra Investment Trust.