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DIC launches sale of German aluminium group Altai's: sources
Edited by : AL CIRCLE
1 min read
Dubai International Capital (DIC) is launching the sale of German alumina products maker Altai's as the fund seeks to reduce its liabilities in the wake of a debt restructuring, two people familiar with the deal said.
DIC has mandated Barclays (BARC.L) to explore the options of the possible divestment, the people said on Thursday.
Altai's, around 80 percent owned by DIC with a stake also held by Blackstone (BX.N) unit GSO Capital Partners, has earnings before interest, tax, depreciation and amortisation (EBITDA) of around $100 million (66.37 million pounds), DIC Chief Executive David Smoot had said last year, without giving an expected valuation for the firm.
Listed peers trade at an average of 6.8 times their earnings. If valued at a similar multiple, Altai's could bring up to roughly $700 million in a potential sale.
DIC has mandated Barclays (BARC.L) to explore the options of the possible divestment, the people said on Thursday.
Altai's, around 80 percent owned by DIC with a stake also held by Blackstone (BX.N) unit GSO Capital Partners, has earnings before interest, tax, depreciation and amortisation (EBITDA) of around $100 million (66.37 million pounds), DIC Chief Executive David Smoot had said last year, without giving an expected valuation for the firm.
Listed peers trade at an average of 6.8 times their earnings. If valued at a similar multiple, Altai's could bring up to roughly $700 million in a potential sale.
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