x Abu Dhabi, UAESunday 23 July 2017

Istithmar puts Inchcape up for sale

Dubai World's investment arm Istithmar has put port and shipping agent Inchcape Shipping Services up for sale for $600 million to $700 million (Dh2.2 billion).

Dubai World's investment arm Istithmar has put port and shipping agent Inchcape Shipping Services up for sale for $600 million to $700 million (Dh2.2 billion) and has attracted interest from private equity groups, according to the Financial Times reported. The report said Advent International, Cinven, Charterhouse Capital Partners, Montagu Private Equity, TPG Capital and Kohlberg Kravis Roberts & Co were all working on potential bids for London-based Inchcape, which is one of the world's biggest marine management firms with 200 offices globally.

Dubai World 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. *Reuters