Dubai's Istithmar to sell ISS - asking for $700 million

Dubai-based investment firm Istithmar aims to sell port and shipping agent Inchcape Shipping Services (ISS) for up to $700 million, and has drawn interest from private equity firms - the FT is reporting.

Advent International, Cinven, Montagu Private Equity, and TPG Capital are among the buyout firms working on bids. The Financial Times reported that Charterhouse Capital Partners and Kohlberg Kravis Roberts & Co were also working on potential bids for London-based Inchcape, which is one of the world's biggest marine management firms with some 200 offices globally.

Istithmar bought Inchcape for $285 million in 2006 from London-based private equity fund Electra Investment Trust.