Advent International to Lead the Acquisition of a 34 Percent Stake (Asia)
Source: Advent International, Reuters | Author(s): Abhishek Vishnoi
Global private equity firm Advent International, in partnership with Singaporean sovereign wealth fund Temasek Holdings, has agreed to acquire a 34 percent stake in the consumer products business of India-based conglomerate Crompton Greaves for a reported INR20 billion (approximately US$316 million). Crompton Greaves Consumer Electricals (CGCEL) manufactures and markets fans, light fixtures, residential water pumps and other household appliances. The company will be demerged from Crompton Graves into a standalone entity and listed on the National Stock Exchange of India and the Bombay Stock Exchange, after which Advent and Temasek will make an open offer for additional shares in CGCEL. The transaction is subject to regulatory approval and other closing conditions.