(Alliance News) - Terra Firma Capital Partners is bidding for Kier Group PLC's housebuilding division, Sky News reported on Monday.
Terra Firma, a private equity firm controlled by tycoon Guy Hands, "has waded into the auction" for Kier Living, according to Sky.
Sky reported that Terra Firma is one of "a small number of remaining bidders" for the unit, which went on sale in August.
Analysts, Sky said, estimate that the housebuilding business could be worth around GBP150 million but Sky reported that "it is thought that Terra Firma's offer is to acquire the unit for a lower sum".
https://news.sky.com/story/tycoon-hands-wants-to-build-new-home-with-ailing-kier-11882325
Kier has struggled in 2019 and its shareholders have suffered as well. While the stock was up 2.5% since the start of trading in London on Monday, at 87.30 pence on Tuesday, it remains down around 80% since the start of the year.
By Anna Farley; annafarley@alliancenews.com
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Kier (KIE)