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Dubai World to Sell Shipping Services Unit
Equity groups reported preparing bids for ISS
Dubai World's investment wing Istithmar is seeking buyers for Inchcape Shipping Services with an asking price of between $600 million and $700 million, the Financial Times reported.
The sale of the port and shipping agency has attracted interest from several private equity groups, with Advent International, TPG Capital, Kohlberg Kravis Roberts, Cinven, Montagu Private Equity and Charterhouse Capital Partners working on potential bids.
Istithmar bought ISS for $285 million in 2006 from Electra Investment Trust, a London-based investor group, and is selling the company to help its financially troubled parent Dubai World restructure some $22 billion of debt.
ISS, which is based near London, is one of the world's biggest marine services companies with 200 offices around the world. Its revenue is generated from activities in Europe, North and South America and the Middle East.
Contact Bruce Barnard at brucebarnard47@hotmail.com.
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Heard and Noted
Good article in the local press on where the Savannah River 48-foot deepening project currently stands: http://bit.ly/dr70nK
Sep 6, 2010 2:54PM GMT
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I am sure this is going to be a great buy for whoever is lucky enough to win the purchase. Thank you for the information and please keep us up-to-date on what is happening with the sale.