Abu Dhabi Skyline/Bloomberg
The Abu Dhabi sovereign wealth fund is stepping up its deal-making with buyout firms as it allocates more money to direct investments.
Wednesday 02, October 2019
London’s Cinven has partnered with the Abu Dhabi Investment Authority (ADIA) to weigh a joint bid for KKR & Co.’s scientific measurement and testing company LGC Group, reported Bloomberg.
Cinven and the Abu Dhabi sovereign wealth fund are working with a financial adviser as they consider making an offer. KKR has started a formal sale process and invited suitors to submit first-round bids for the business by next week.
LGC could fetch more than $2 billion including debt in a sale.
The Abu Dhabi sovereign fund also teamed up with private equity firms Advent International and Cinven to consider a joint bid for Thyssenkrupp’s elevator unit.
Earlier in 2019, ADIA was part of a consortium that entered exclusive talks to acquire Nestle’s $10 billion skincare business.
LGC provides independent chemical and bioanalytical measurements. The sale has attracted interest from suitors including Thermo Fisher Scientific and Danaher as well as other private equity firms such as Blackstone Group, Carlyle Group as well as CVC Capital Partners and EQT Partners.
TAGS : Cinven, Abu Dhabi Investment Authority, Blackstone Group, Nestle, CVC Capital Partners, Carlyle Group, EQT Partners, Thermo Fisher Scientific , Danaher, KKR & Co., Thyssenkrupp, Advent International