Thursday, January 11, 2007

US-based PE fund pulls out of a deal with SpiceJet

Texas Pacific Group, the US-based private equity fund, has decided to pull out of the deal with the low-cost carrier SpiceJet in which it had decided to invest USD 30 million, as reported by Economic Times.
Senior SpiceJet executives told sources that the US-based fund has expressed its inability to participate in this round of fund-raising by the low-cost carrier as its top management was busy with an ongoing USD 11 billion deal for buying out Australian airline, Qantas, by a consortium of private equity players. On the other hand the sources in investment banking circles cited differences over valuation.
``They have told us that they will re-visit us in the near future`` said Siddhant Sharma, CEO, SpiceJet.
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