Blackstone backs out of race to buy PNB Housing Finance

Private equity firm Blackstone has pulled out of the race to buy PNB Housing Finance, leaving the contest to Varde Capital, Genera Atlantic and Carlyle where each one is vying to have a share of the safest pie in the domestic financial market. Blackstone’s decision comes soon after it bought Wadhawan Global Capital’s affordable housing unit, Aadhar Housing Finance, which is well entrenched in the affordablehousing segment. The buyout firm paid Rs 2,700 crore for the firm. “Blackstone has pulled out of the race, leaving behind three bidders for the housing finance business,” said a source close to the development. “The sale process is likely to conclude by end of the financial year,” the source added. Amit Dixit, head of Blackstone India, confirmed pulling out of the race.