US private-equity firm Blackstone is on the verge of acquiring the International Gemological Institute (IGI) for up to $550 million, according to a report in the Indian press.
The investment group is expected to sign a binding agreement with sellers Fosun International and IGI’s other shareholders soon, The Economic Times said Thursday, citing two anonymous sources. This could be as early as this weekend, the newspaper added.
The proposed deal’s enterprise value — which includes debt — is $500 million to $550 million, according to the report.
Headquartered in Antwerp, IGI operates 20 laboratories and 15 gemology schools around the world. China’s Fosun has owned 80% of the organization since acquiring the stake for $108.8 million from shareholders Roland Lorie and Marc Brauner in 2018. The Lorie family, which founded IGI, still holds the remaining 20%.
Blackstone told Rapaport News it could not comment on “live deals.” Fosun and Lorie were unavailable for comment Wednesday.
Image: Jewelry grading at IGI. (IGI)