Blackstone has tasked Morgan Stanley with finding a buyer for its 45 percent stake in Leica Camera


New report from Reuters on Blackstone's attempt to sell their stake in Leica Camera:

Buyout group Blackstone (BX.N) has tasked Morgan Stanley (MS.N) with finding a buyer for its 45 percent stake in German iconic camera maker Leica, people close to the matter said on Monday.

While no auction has been officially launched, the private equity firm has started holding meetings with potential future investors such as family offices, the people added.

Leica is expected to report earnings before interest, tax, depreciation and amortization of roughly 70 million euros ($84 million) this year. If valued in line with luxury groups it could fetch an enterprise value of 840-980 million euros ($1 to $1.17 billion).

Via Reuters

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