The Times of London reports that CVC, the private equity house, is now in exclusive talks to buy Kwik-Fit, the vehicle repair business being sold by Ford.
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The report says that CVC has apparently beaten off competition from the rival venture capital firms Apax, Permira and Paribas. The report adds that a source close to the deal said an announcement could be made “in days rather than weeks”.
CVC is understood to be negotiating a price of about £300 million and the sale is being handled by Goldman Sachs.
On Jan. 11, Ford Motor Company announced that it was pursuing the sale of non-core assets and businesses as part of its Ford Revitalization Plan. Ford expects to realize more than $1 billion of cash from these divestitures in 2002.
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