Buyout shop Bain Capital and the Government of Singapore Investment Corp. will invest an undisclosed amount in Hero Investments, Reuters reported. The money will help fund Hero’s $851 million acquisition of Honda Motors’ 26% stake in its Indian joint venture. The funds will be used to retire a significant portion of debt raised for the deal, Reuters said.
(Reuters) – Private equity firms Bain Capital and the Government of Singapore Investment Corp have agreed to invest in Hero Investments to help it fund its acquisition of Honda Motors’ 26 percent stake in its Indian joint venture.
The funds will be used to retire a significant portion of debt raised for the deal, Hero Group said in a statement.
Earlier on Tuesday, Hero Investments said it has agreed to buy Honda Motors Ltd’s stake in Hero Honda Motors for around $851 million in a deal that will see the Japanese automaker exit its joint venture in India after more than 26 years.
Hero Investments is buying the stake at 739.97 rupees a share, it said in a statement.
(Reporting by Prashant Mehra; Editing by Jui Chakravorty)Get your FREE trial or subscribe now to Buyouts to find new deal opportunities, super-charge your fundraising efforts and track top managers.