Buy-out firm 3i has pulled out of the auction to acquire Foxtons, London's largest estate agent, the Times newspaper reported in its online edition. The private-equity group made a first offer in February for Foxtons, which was put on the market with a price tag of £400 mln (EUR 590 mln). With 3i walking away from the process, rival private equity firm BC Partners could have a clear path to acquire Foxtons. Final bids are due next week. Foxtons is owned and run by Jon Hunt, who founded the business in 1981.
Premium subscriber content – please log in to read more or take a free trial.
