JPMorgan Chase has reportedly stalled the auction of its private equity business, One Equity Partners (OEP).
The potential buyers of OEP were bidding for total investment worth over US$4 billion, according to a Reuters report.
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Quoting people familiar with the development, Reuters reported that the auction has been stalled because JPMorgan raised the unit’s sale price.
"The bid/ask spread has widened dramatically. It’s hard to imagine someone stretching to that level. There’s a lot of disappointed buyers," the news quoted an unidentified source as saying.
However, the sources added that the bank could revive an auction of One Equity at any time.
JPMorgan Chase revealed its intention to sell OEP in Jul last year, following the division’s continuous losses.
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By GlobalDataOEP, which was founded the group in 2001, has been a part of JPMorgan’s private equity investment entity. Since then, the division has managed $14 billion of total investments and committed capital for JPMorgan.
