US private equity groups are moving towards buying a stake in India-based Hero Honda – the world’s largest motorcycle maker – as the two companies behind the joint venture prepare to end their 26-year-old agreement.
As part of a complex deal, the buy-out groups Carlyle and TPG will help the Munjal family, which controls India’s Hero, to buy back Honda’s 26 per cent stake for about $1.4bn, according to people familiar with the talks.
The valuation is at a discount as Hero Honda, which was set up in 1984, has a market capitalisation of about Rs348.5bn ($7.6bn).
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