South African private equity firm Brait has sold Freeworld Coatings, a paint manufacturer, to Japanese company Kansai Paint, according to reports.
Kansai has purchased almost 19 per cent in the company, as well as additional shares from other parties. The company’s stake currently stands at around 25 per cent, but talks between the two companies are reportedly still ongoing, with Kansai looking to increase its holding to at least a majority stake.
The Kansai sale came after Freeworld shareholders rebuffed a $248m takeover bid from Brait.
Based in Sandton, near Johannesburg, Brait’s operations include private equity funds, mezzanine debt funds, and hedge fund solutions.
Copyright © 2010 AltAssets