American private equity firm Blackstone has closed its previously announced deal to acquire a majority stake in India-based ASK Investment Managers.
Under the agreement, private equity firm Advent International and cofounder Asit Koticha respectively sold their 49% and 11% stakes in the firm to Blackstone, according to a report by The Economic Times.
Earlier, a source told that the proposed transaction is valuing the ASK group at around a $1bn.
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The size of the stake and the financial terms of the deal were not disclosed by the companies.
ASK provides portfolio management services to individuals, family offices and other entities across Europe, Asia, Africa and the Middle East.
The firm also specialises in investment solutions, investment advisory services, and wealth management and wealth planning services.
As of 31 December 2021, the firm managed over $10.6bn in assets.
Source: Private Banker International
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