CVC Capital to sell 10% stake to 3 sovereign wealth funds
By Bloomberg | September 18, 2012 12:58 pm
CVC Capital Partners agreed to sell a 10% stake in itself to three sovereign wealth funds to finance investments and expand its infrastructure and credit units, two people with knowledge of the move said.
The private equity firm briefed investors on the move at its annual meeting in London last week, said the people, who asked not to be identified because the discussions are private.
One of the buyers is based in the Middle East and the other two in Asia, one of the people said. CVC didn't provide a valuation, the people said.
Closely held CVC follows competitors such as TPG Capital and Apax Partners in selling a stake to sovereign wealth funds. TPG sold a minority stake to the $274.5 billion Government of Singapore Investment Corp. and the $296 billion Kuwait Investment Authority last year. Apax sold a 10% stake to the $482 billion China Investment Corp., Australia's A$77 billion (US$80.4 billion) Future Fund and the GIC.
A spokesman for CVC in London declined to comment.