Goldman and Deutsche said near to buyout arm purchase

For Sale

The private-equity units of Goldman Sachs and Deutsche Bank are nearing an agreement to purchase the buyout arm of National Bank of Greece SA, according to two people with knowledge of the matter.

Bloomberg News reports that Goldman Sachs Asset Management and DB Private Equity are in talks to pay the lender about $506m for NBGI Private Equity, about a third less than the bank originally invested, said the people, who asked not to be identified because they weren’t authorized to speak publicly.

NBGI’s management, headed by Chairman and Chief Executive Officer Pavlos Stellakis, is in negotiations to remain with the London-based unit after the deal is completed, though no final decision has been made, two of the people said.

The business has underperformed similar buyout firms, with 10 of its 11 funds projected to lose about 25 euros for every 100 euros invested, according to an April document outlining the sale seen by Bloomberg News.

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Goldman, Deutsche Bank Said Near Deal for Buyout Firm

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