Buy-out firm 3i has pulled out of the auction to acquire Foxtons, London's largest estate agent, the Times newspaper reported in its online edition. The private-equity group made a first offer in February for Foxtons, which was put on the market with a price tag of £400 mln (EUR 590 mln). With 3i walking away from the process, rival private equity firm BC Partners could have a clear path to acquire Foxtons. Final bids are due next week. Foxtons is owned and run by Jon Hunt, who founded the business in 1981.
Buy-out firm 3i has pulled out of the auction to acquire Foxtons, London's largest estate agent, the Times newspaper reported in its online edition. The private-equity group made a first offer in February for Foxtons, which was put on the market with a price tag of £400 mln (EUR 590 mln). With 3i walking away from the process, rival private equity firm BC Partners could have a clear path to acquire Foxtons. Final bids are due next week. Foxtons is owned and run by Jon Hunt, who founded the business in 1981.
3i Group is also believed to be behind the bid for Erinaceous Group, after the listed property services firm said Monday it has received preliminary approaches that 'may or may not lead to an offer'. The company's primary lines of business are residential property services, commercial property services and property insurance services.