Apollo Global Management LLC is on the verge of selling its 11% stake in Dish TV India Ltd. The private equity firm is divesting its shares over India's biggest service provider of direct to home cable services. This was confirmed with Reuters by two individuals knowledgeable about the transaction who spoke on condition of anonymity.
The fund manager currently manages US$113 billion globally has engaged the services of UBS to manage the sale. The stake was purchased back in 2009 for US$100 million and now the price tag is expected to be between US$150 million to US$200 million. Analysts predict the market value to be around US$144 million.
When sought for comment by Reuters, Dish did not immediately respond to inquiries and Apollo declined to comment.
Dish TV has a market capitalization of US$1.3 billion and is part of the Essel Group in India, who also runs Zee Entertainment Enterprises. Apollo on the other hand holds 7.99% via global depository receipts with another 3.09 percent in the Indian entity according to the BSE.
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