Finally, IPL franchise RCB is all set to be bought by a consortium of Kumar Mangalam’s Aditya Birla Group, Blackstone, and David Blitzer’s Bolt Ventures, as reported by Bloomberg. Contrary to what was predicted earlier, a valuation of USD 2 billion was expected, but then now it seems to be sold at USD 1.8 billion.
The current owners, Diageo had set March 16 as the final day for the interested parties to submit a bidding. The decision seems to have come after the conclusion of strategic review by United Spirits Ltd. Another IPL franchise, RR was sold to Kal Somani-led consortium for USD 1.63 billion. That includes Rob Walton of Walmart as well.
The formal announcement for RCB will take place soon, though. Other parties interested in the purchase of RCB included Ranjan Pai-led Manipal Consortium, and also Swedish Private equity firm EQT.
(More to follow)
After RR, RCB to have new owners as Birla group-backed consortium buys IPL champions Inside Sport India.
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