Advent, Temasek in talks for Fairfax stake in IIFL Fin
Advent International and Temasek Holdings are reportedly in talks to acquire Fairfax Financial's stake. Fairfax is looking to exit IIFL Finance as part of its IDBI Bank acquisition plan. This stake sale will help Fairfax comply with regulations and fund the IDBI Bank buyout. Fairfax currently holds a significant stake in IIFL Finance, which is valued at approximately ₹3,500 crore.
American private equity firm Advent International Corp and Singapore's Temasek Holdings are reportedly discussing the possibility of purchasing Fairfax Financial Holdings' stake in IIFL Finance. Blackstone Inc is also said to be interested in acquiring the stake from Fairfax, which aims to exit the company as part of a plan to acquire IDBI Bank.
Fairfax, founded by Indian-born Canadian billionaire Prem Watsa, owns a 13.7% stake in IIFL Finance through its wholly-owned subsidiary FIH Mauritius Investments. The firm would need to offload IIFL Finance shares to comply with regulations for its potential acquisition of IDBI Bank. The sale would also help fund the IDBI Bank buyout.
As of Thursday, IIFL Finance shares closed at 607.15 apiece on the BSE, giving Fairfax's IIFL holding a value of approximately ₹3,500 crore. Both Fairfax Financial Holdings and Advent International Corp declined to comment on the reported talks, while Temasek Holdings declined to comment on market speculation. IIFL Finance did not confirm any discussions with third parties but stated it would make all required disclosures under applicable law.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- 2 new players eye Watsa's ₹3,500-crore IIFL stake economictimes.indiatimes.com
