Blackstone pulls out of PNB Housing Finance race, says report

Private equity firm Blackstone has pulled out of the race to buy PNB Housing Finance, reported The Economic Times, citing sources, adding that Amit Dixit, head of Blackstone India has confirmed the same.

The development comes soon after Blackstone bought Wadhawan Global Capital’s affordable housing unit, Aadhar Housing Finance, for Rs 2700 crore.

“Blackstone has pulled out of the race, leaving behind three bidders for the housing finance business… the sale process is likely to conclude by end of the financial year,” a source was quoted as saying in the report.

The new development leaves Varde Capital, General Atlantic and Carlyle as the only remaining contenders in the race to buy the equity firm, said the report, adding that General Atlantic may have an advantage in buying the stake as it already owns around 9 percent in the housing finance company.