Goldman Sachs Group Inc. (NYSE: GS) plans to sell its stake in Japan’s Teibow Co, a company which makes felt pen nibs, in a deal which would be worth about $113 million (10 billion yen), according to several media reports.
Goldman Sachs Group Inc. (NYSE: GS), which purchased an 86% stake in Teibow in 2006, during the height of the private equity market in Japan, is trying to sell a number of different investments the company made during that period and is struggling to find buyers for many of its stakes.
Japanese private equity firms Advantage Partners, Wise Partners and Polaris Principal Finance, as well CITIC Capital Partners, which is backed by the China’s government, are all bidding for Teibow, according to the report, citing anonymous sources.
“These investments that were made in 2006 and 2007 are certainly are not having an easy time getting sales as the stock market is still in the doldrums,” said Rita Springett, president of consulting firm Delfino Capital’s Tokyo office to the press. “And obviously depending on the deals some of them were evidently bought at quite steep prices.”
Shares of Goldman Sachs Group Inc. (NYSE: GS) traded down 0.91% on Tuesday hitting $138.99 during morning trading.
