Actis, HSBC Bid for 3i’s Franklin Offshore

HONG KONG (Reuters) – HSBC Private Equity and Actis Capital LLP are preparing bids for a stake in Franklin Offshore International, sources said on Monday, as struggling private equity firm 3i Group Plc seeks to sell its majority stake in the oil services company.

A deal for Franklin Offshore may fetch about $400 million for 3i (III.L), said sources with direct knowledge of the deal.

HSBC (HSBA.L) (0005.HK) and JPMorgan (JPM.N), the bank running the auction, declined to comment. 3i and Actis were not immediately available for comment.

(Reporting by George Chen and Stephen Aldred; Editing by Jonathan Hopfner)