3i Hires UBS To Review Debt-Laden Enterprise Unit - Telegraph
First Published Sunday, 26th February 2012 01:42 pm - © 2012 Dow Jones
LONDON -(Dow Jones)- Private equity firm 3i Group PLC (III.LN) has appointed UBS AG (UBS) to carry out a strategic review of its debt-laden parks maintenance unit Enterprise, the Sunday Telegraph reports.
The report said Enterprise was bought by 3i in a GBP700 million deal several years ago and cited unnamed sources as saying the business was expected to be sold eventually for GBP1.5 billion.
However, 3i last year wrote down Enterprise's equity value to zero as the unit struggled to cope with debt, worth as much as GBP700 million.
A 3i spokesperson couldn't be immediately reached for comment.
Newspaper Web site: http://www.telegraph.co.uk
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