KKR acquires Alliance Tires from Warburg Pincus for $500m.

Warburg Pincus had acquired control of Alliance Tires from Fishman Holdings at a company value of $50 million in 2007.

By AVIV LEVY
April 16, 2013 22:15
Dollar bills.

Dollar bills 370. (photo credit: Steve Marcus / Reuters)

 
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KKR LLC will acquire a 75-percent controlling interest in Alliance Tire Group Ltd. from Warburg Pincus LLC, according to people familiar with the matter.

KKR will pay $500 million for Alliance Tire, generating a profit of hundreds of millions of dollars for Warburg Pincus, Reuters reported.

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Warburg Pincus’s Indian partner in Alliance Tire, Yogesh Mahansaria, will keep a stake in the company and will work with KKR, the report said. KKR may ultimately own 90% of Alliance Tire and will partly finance the acquisition with debt, which will be backed by collateral. The closing will be in July, subject to various conditions.

Alliance Tire has bonds listed on the Tel Aviv Stock Exchange.

The bond debt totals NIS 135m.

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