Dubai World to sell Inchcape for $700 million: report
03 Feb 2010
The troubled state-controlled Dubai World's investment arm Istithmar has put for sale its port and shipping agency business, Inchcape Shipping Services in order to restructure its massive $26 billion debt.
The Financial Times today reported that Istithmar has put a price tag of $600-$700 million for Inchcape and several private equity groups like Advent International, Cinven, Charterhouse, Montagu, TPG and Kohlberg Kravis Roberts have shown an interest in Inchcape.
It said that Inccape's revenues are split between the Americas, Asia, Europe and the Middle East. It services the US navy fleet in the Middle East and has large oil tanker contracts with Exxon-Mobil and Shell.
Inchcape, which has its headquarters in Chafford Hundred, London, was acquired by Istithmar in 2006 for $285 million from London-based private equity fund Electra Investment Trust.
Inchcape is the world's largest independent marine services provider managing over 60,000 port calls each year through a network of 245 offices employing over 3,800 people across 63 countries.
It has over 2,500 clients across the oil, cruise, navy, container, offshore and commodity sectors and services the US navy fleet in the Middle East and has large oil tanker contracts with Exxon-Mobil and Shell.
