Negotiations to sell United Biscuits, a UK-based company owned by private equity firms Blackstone Group and PAI Partners, to Shanghai-based Bright Food Group, have stalled, Reuters reported, citing the Wall Street Journal. The deal reportedly could have been valued at more that 2 billion pounds ($3.17 billion).
(Reuters) Talks to sell Britain’s United Biscuits, owned by private equity firms Blackstone Group and France’s PAI Partners, to China’s Bright Food Group are near collapse, the Wall Street Journal reported, citing sources.
Although the exclusivity period has not officially ended, the talks are effectively dead, the Journal said.
Blackstone Group and PAI Partners had entered into exclusive talks with Shanghai-based Bright Food for a deal could have been valued at more than 2 billion pounds ($3.17 billion), the paper said.
None of the companies could immediately be reached for comment by Reuters.
By Anand Basu in Bangalore; Editing by Erica Billingham