US-based private equity (PE) firm Blackstone is reportedly in exclusive talks to buy a majority stake in asset and wealth management company ASK Group, which is backed by rival PE player Advent International.
The proposed transaction will value the ASK Group at around $1 billion. After the submission of binding bids by several suitors, Blackstone “has entered exclusivity for buying a controlling stake of up to 74% in ASK Group,” a source told Moneycontrol, adding that the joint stake sale split between Blackstone and the company’s founders couldn’t be ascertained immediately.
As per reports, Advent International had bought a stake of around 40% in ASK Group in 2016 for $130 million, valuing the latter at $325 million back then. “There are other players including private equity funds in the fray, but as of now Blackstone seems to be in the pole position, and if talks progress smoothly, the transaction is likely to be signed in September 2021,” another source told the publication.
Read more/Source: BusinessToday
