New Delhi, March 24 United Spirits Ltd (USL) announced on Tuesday the sale of its IPL franchise, Royal Challengers Bangalore (RCB), in a Rs 16,660 crore all-cash deal to a consortium comprising Aditya Birla Group, The Times of India Group, Bolt Ventures, and Blackstone.
In a regulatory filing, USL stated that, following a meeting of its Board of Directors, it has entered into definitive agreements for the sale of the 100 per cent equity stake held in its wholly-owned subsidiary, Royal Challengers Sports Private Ltd (RCSPL), to a consortium comprising Aditya Birla Group (ABG), The Times of India Group (Times), Bolt Ventures (Bolt), and Blackstone's perpetual private equity strategy, BXPE (Blackstone).
"The all-cash transaction is for a total consideration of Rs 16,660 crore," USL, part of multinational alcoholic beverages company Diageo, added.
RCSPL owns and operates the Royal Challengers Bengaluru (RCB) franchises that participate in the Indian Premier League (IPL) and the Women's Premier League (WPL), it added.