Global buy-out firm Blackstone has held discussions with Iceland Foods founder and CEO Malcolm Walker about backing a £1 billion to £1.5 billion management buy-out (MBO) of the supermarket chain, The Telegraph reports. The remaining 77 percent stake in Iceland, which Walker does not own, is currently held by Icelandic banks Landsbanki and Glitnir.
Retail giants Asda and Morrisons are also likely to submit their bids for the chain. First round bids are scheduled to be made by mid-October. Rothschild and former Goldman Sachs Group’s banker Dan Yelland are advising Walker on the transaction. The sale is being arranged by UBS and Bank of America Merrill Lynch.
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Iceland Foods Dan Yelland Malcolm Walker Blackstone Iceland