Inchcape put on sale for $700 million by Dubai’s Istithmar

Istithmar-World-LogoOn Wednesday, port and shipping agent Inchcape Shipping Services, was put on sale for $600 million to $700 million by Dubai World's investment arm Istithmar and the offer has attracted interest from private equity groups.

Cinven, Charterhouse Capital Partners, Montagu Private Equity, TPG Capital and Kohlberg Kravis Roberts & Co were all working on bids for potential offer to acquire the London-based Inchcape, which is one of the World's biggest marine management firms with some
200 offices globally the Advent International.

After the state-owned conglomerate rocked global markets last November when it said it would request a delay on paying $26 billion in debt linked to its main property units, the Dubai World is looking forward to free from assets as part of a restructuring plan.

In the year 2006, Istithmar bought Inchcape for $285 million from London-based private equity fund Electra Investment Trust.