Key Points
Blackstone has dropped plans to acquire a majority stake in the snacks business of Haldirams instead it is now discussing purchase of a 20 percent stake at a valuation of $8 billion, which is still a sticking point, Reuters reported citing sources...
There is a disconnect over valuation, though, with Haldirams wanting to value the snacks business at $12 billion, but Blackstone aiming to seal the deal at $8 billion, the report added...
Blackstone and its partners, Abu Dhabi Investment Authority and Singapores GIC, which backs Blackstones global funds, have been in talks with the Haldiram Agarwal family for the last few months for a stake sale, as per reports..
The Agarwal family is considering taking the company public, valuing it at $8-8.5 billion from private investors.Along with Blackstone, Haldiram has also received bids from Bain & Co. and Temasek Holdings, according to the report...
Haldirams operating income increased 34 percent to Rs 1,812 crore in the financial year 2023 from Rs 1,350 crore in 2022, increasing the brands strength and fuelling its sales growth, according to an ICRA report released in December 2023..
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