Further Alliance Tire Group sale reports
The latest round of speculation associated with the sale of shares in Alliance Tire Group puts Kohlberg Kravis Roberts (KKR), Blackstone, TPG Capital and Advent International at the front of the pack. According to a Times of India report published on 20 February the firms are “set to fire bids valued at more than US$300 million to acquire majority shares in Alliance Tire Group.” Standard Chartered Private Equity is also said to be bidding.
The latest reports suggest Alliance extended the deadline for the filing of bids to the end of February from 18 February. Singapore investor GIC and Baring Asia are also said to have looked at the transaction. GIC could look at partnering with a global peer in jointly acquiring the company. GIC partnered with Bain Capital for $1 billion investment in BPO firm Genpact last year, which remains the largest private equity deal involving an Indian company.
Warburg Pincus currently owns roughly 70 per cent of Alliance Tire Group, which it bought for $150 million six years ago. The Ashok Mahansaria family owns the remainder. The Mahansaria family is expected to retain ownership of its stake.
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