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Canada-based pension fund Caisse de depot et placement du Quebec, popularly known as CDPQ, on Wednesday said that it has bought out substantial stakes of two major private equity (PE) funds in TVS Logistics Services, namely Goldman Sachs and KKR, for a consideration of Rs 1,000 crore ($155 million). CDPQ will now become a prominent minority stakeholder in the TVS group company.
The promoters of the TVS Logistics Services bought out the remaining stake of the two PEs for a consideration of Rs 200 crore to increase its stake to become a majority shareholder in the company.
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Though the officials of both CDPQ and TVS Logistics refused to divulge the exact stake holding, however, sources pointed out that TVS Logistics will be holding around 60 per cent stake post its fresh investment into equity while CDPQ will be the substantial minority stakeholder. Tata Capital, which invested around Rs 125 crore into TVS Logistics a few quarters ago will be another minority stakeholder in the TVS group company and together they command 40 per cent stake, sources added.
R Dinesh, managing director, TVS Logistics said: “We wanted to give an exit to both Goldman Sachs as well KKR, who have been with the company for 8 and 4 years, respectively, with their combined investment of more than Rs 400 crore into equity. Known as a long term investor, CDPQ will bring in lot of synergies, including its customers in North America as well in Asia Pacific and other regions.”
“We have been in discussions with CDPQ for a year and we found a great partner with their investments now,” he added. FE