Consumer
BlackRock in Talks to Sell Stake in Sperry-Owner Authentic Brands Group
- Backers CVC, General Atlantic, HPS, Leonard Green are in talks
- Company’s brands include Reebok, Forever 21, Sperry, Ted Baker
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An investor group including CVC Capital Partners, General Atlantic, HPS Investment Partners and Leonard Green & Partners is in talks to buy BlackRock Inc.’s equity stake in Authentic Brands Group, according to people with knowledge of the matter.
The firms — all existing investors in Authentic Brands Group — are discussing terms that could value the stake at $3 billion or more, said the people, who asked not to be identified discussing confidential information. BlackRock’s Long-Term Private Capital Fund paid $875 million for the stake in 2019. A transaction hasn’t been finalized yet and the terms could still change, some of the people cautioned.