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Providence buys 50% stake in home shopping business STAR CJ Network India

6 Jun 2014

star cjProvidence Equity Partners has picked up a 50 per cent stake in home shopping business STAR CJ Network India.

The firm bought the stake from Star India affiliate Star HS, with the remaining 50 per cent held by Korea’s CJ O Shopping Co.

Providence is thought to have tapped its $12bn 2007 fund for the deal.

In 2012 the private equity arm of French insurance giant AXA sold the majority of its stake in Home Shopping Europe (HSE24), the German TV shopping channel, to Providence.

AXA PE, now called Ardian, remained a 15 per cent shareholder.

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