(Reuters) - British investment firm Rosebank Industries walked away from buying U.S.-based wire harness maker Electrical Components International (ECI) on Tuesday, citing political and equity markets
UK's investment firm Rosebank drops plans to buy US-based wire harness maker ECI
(Reuters) - British investment firm Rosebank Industries walked away from buying U.S.-based wire harness maker Electrical Components International (ECI) on Tuesday, citing political and equity markets volatility.
"It disappointingly became clear that the current volatility in the political and equity markets meant it was not, at this moment, in our investors' best interests to proceed," Rosebank CEO Simon Peckham said.
ECI did not immediately respond to Reuters' requests for comment.
Rosebank, which specialises in acquiring and improving businesses before selling them, said in February it was in talks to buy ECI from private equity firm Cerberus Capital Management.
The London-listed firm had kept the terms of the proposed transaction confidential, but the deal could be worth $2 billion, Sky News reported in February.
(Reporting by Prerna Bedi in Bengaluru; Editing by Alan Barona and Shinjini Ganguli)
