US-based investment and advisory firm Blackstone Group LP (BX: Quote) and UK-based private equity firm BC Partners will submit a joint bid on Thursday to buy European frozen foodmaker Iglo Group for $3 billion, media reported Thursday.
Under the proposed deal, each will take 50 percent of the business, owned by Permira. Earlier this week, both companies reportedly got permission to submit a joint bid from Permira, after Blackstone withdrew from the auction at the end of last week.
Permira bought Iglo from Unilever PLC for 1.7 billion euros in 2006. Permira has appointed Credit Suisse to manage the sale process.
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by RTT Staff Writer
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