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Blackstone to Buy Indian Auto Parts Maker Agile Electric

U.S. private equity firm Blackstone Group LP (BX) has agreed to buy a 98% stake in Indian auto parts maker Agile Electric Sub Assembly Pvt. for 3.32 billion rupees ($56.1 million), triggering a tender offer for a 26% stake in Agile Electric’s locally-listed venture Igarashi Motors India Ltd. (517380.BY), said the manager of the tender offer Wednesday.
Blackstone will further invest $33.8 million in the two Indian companies, a person familiar with the matter said late Wednesday.
Agile Electric owns a 63% stake in Igarashi Motors–a venture with Japan’s Igarashi Electric Works Ltd., which owned a 17% stake in the venture at the end of June, exchange data showed.
Indian takeover law requires anyone acquiring a greater than 25% stake in a listed company to make a tender offer to minority shareholders for a further 26%. This law was triggered by Blackstone’s investment in Agile Electric.
Agile Electric will make a tender offer for up to 7.95 million shares of Igarashi Motors at 65 rupees a share, the offer manager–MAPE Advisory Group Pvt.–said in the filing Wednesday. The tender offer size will be 517 million rupees ($8.73 million), it added.
Source: WSJ

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