PAI Partners in Exclusive Talks to Sell B&B Hotels to Goldman Sachs
20 Mai 2019 - 12:53PM
Dow Jones News
By Colin Kellaher
European private-equity firm PAI Partners on Monday said it
holding exclusive talks to sell its B&B Hotels budget hotel
chain to Goldman Sachs Group Inc.'s (GS) merchant-banking
division.
Financial details weren't disclosed, but the Financial Times,
citing a person familiar with the deal, earlier reported that the
proposed transaction is valued at 1.9 billion euros ($2.1 billion),
which would leave PAI with a return of close to three times its
initial investment.
PAI said it expects to complete the sale of B&B, which
operates 486 budget with a total capacity of 42,832 rooms across 12
countries, in the second half of the year.
Paris-based PAI acquired B&B from Carlyle Group L.P. (CG)
and Montefiore Investment in March 2016. The private-equity firm,
which manages EUR12.3 billion of dedicated buyout funds, said a
sale of B&B would mark the fourth exit from its PAI Europe VI
fund.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
May 20, 2019 06:38 ET (10:38 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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