Baring EQT set to buy HDFC's education loan unit for up to $1.5 bln - ET (updated)

Housing Development Finance

29/05/2023 04:18

(Adds details throughout)
       BENGALURU, May 29 (Reuters) - Baring Private Equity Asia
EQT is set to buy India-based Housing Development Finance Corp's
 HDFC.NS  educational loan unit - Credila Financial Services -
for about $1.3 billion to $1.5 billion, The Economic Times
reported on Monday.
         The buyout fund will acquire 90% of the company, with
HDFC retaining the remaining 10% stake, which it may sell over
the next two years, the report said, citing people aware of the
matter. 
  
        A formal announcement is expected by June-end, ahead of
the merger between HDFC Ltd and HDFC Bank Ltd  HDBK.NS , to
create the world's fourth-largest bank, the people said. 
  
        Baring has formed a consortium with ChrysCapital for the
transaction, they said.   
  
        Baring and HDFC did not immediately respond to Reuters'
request for comment. 
  
     

 (Reporting by Anuran Sadhu and Kashish Tandon in Bengaluru;
Editing by Sonia Cheema)
 ((Anuran.Sadhu@thomsonreuters.com; +91 8697274436;
kashish.tandon@thomsonreuters.com))