Warburg Pincus buys back own equity

Warburg Pincus has agreed to buy out Credit Suisse Group as a strategic shareholder. CS acquired a 19.9% interest in the management company of Warburg Pincus in July 1999. Terms of this sale, which took effect on 1 January 2005, have not been disclosed. In a statement, CS said the deal would have no significant financial impact on its balance sheet. It also said it intended to maintain its existing commitment as an investor in the Warburg Pincus private equity funds as well as its cooperation with Warburg Pincus. Warburg Pincus, which is reportedly preparing a marketing campaign for a new buyout fund with an $8 bn target, declined to comment. News of the transaction comes weeks after CS revealed plans to spin off DLJ Merchant Banking in New York, the private equity unit of Credit Suisse First Boston, CS's investment banking arm.

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