Blackstone to Buy Indian Auto Parts Maker Agile Electric (Asia)

Source: The Wall Street Journal

Global investment and advisory firm The Blackstone Group (Blackstone) has agreed to buy a 98 percent stake in India-based automobile parts maker Agile Electric Sub Assembly (Agile Electric) for INR3.32 billion (approximately US$56 million). The transaction prompts Blackstone to make a tender offer for a 26 percent stake in Agile Electric’s locally listed venture Igarashi Motors, a developer and producer of small direct current motors. According to The Wall Street Journal, Blackstone’s investment in Agile Electric triggered an Indian takeover law that requires anyone acquiring a greater than 25 percent stake in a listed company to make a tender offer to minority shareholders for a further 26 percent.