Printer Friendly

WARBURG, PINCUS TO DISTRIBUTE STAKE IN MATTEL TO ITS PARTNERS

 WARBURG, PINCUS TO DISTRIBUTE STAKE IN MATTEL TO ITS PARTNERS
 NEW YORK, May 5 /PRNewswire/ -- Warburg, Pincus & Co. announced today that two Warburg, Pincus venture banking funds intend to distribute to their respective general and limited partners approximately 10.1 million shares of Mattel Inc. (NYSE: MAT), representing more than 90 percent of Warburg's stake in Mattel.
 John L. Vogelstein, vice chairman of Warburg, Pincus, and chairman of the executive/finance committee of Mattel, said that he and Warburg Senior Managing Director Harold Brown will remain on the Mattel board of directors, and that the general partners of Warburg, Pincus & Co. intend to continue to hold a significant stake in the company.
 Subject to market conditions, it is presently expected that the distribution will occur in the third quarter of 1992. The shares to be distributed represent approximately 15.8 percent of Mattel shares outstanding, and have a market value of approximately $348 million, based on Mattel's closing price on May 4, 1992.
 "We made our initial investment in Mattel nearly eight years ago," Vogelstein said. "This investment has been enormously successful, particularly since the installation of present management five years ago. With 1991 sales of $1.62 billion, profits of $113 million and a market capitalization of approximately $2 billion, Mattel has now matured to the point where we believe it is appropriate for our limited partners, which are primarily institutional investors and include several of America's largest pension funds, to hold their interest in the company directly," he said.
 Vogelstein also said that the distribution of the Mattel shares is consistent with Warburg's practice of distributing the shares of successful investments directly to its partners. This distribution represents the 12th such distribution by Warburg since 1978.
 -0- 5/5/92
 /CONTACT: Tom Daly of Kekst and Co., 212-593-2655/
 (MAT) CO: Warburg, Pincus & Co.; Mattel Inc. ST: New York IN: SU:


EH -- LA057 -- 6819 05/05/92 17:58 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 5, 1992
Words:321
Previous Article:ZEOS LEASES NEW PLANT TO INCREASE PRODUCTION CAPACITY
Next Article:WASHINGTON STATE EMPLOYMENT SECURITY DEPARTMENT SAYS SLOW JOB GAINS PUSH UP UNEMPLOYMENT RATE IN MARCH


Related Articles
WARBURG, PINCUS PARTNERSHIP TO DISTRIBUTE BABBAGE'S STOCK TO ITS PARTNERS
MATTEL ANNOUNCES STOCK SPLIT AND DIVIDEND INCREASE
WARBURG, PINCUS & CO. COMPLETES DISTRIBUTION OF MATTEL STOCK
LCI INTERNATIONAL APPOINTS WARBURG, PINCUS PRESIDENT TO BOARD OF DIRECTORS
E.M. Warburg, Pincus Adds Two Companies to Growing Latin American Internet Portfolio.
Warburg Pincus Closes $5.3 Billion Global Private Equity Fund.
Warburg Pincus Closes $5.3 Billion Global Private Equity Fund.
Warburg Pincus Closes $5.3 Billion Global Private Equity Fund.
Warburg Pincus Closes US$1.2 Billion Global Private Equity Real Estate Fund.
Warburg Pincus Closes $1.2 Billion Global Private Equity Real Estate Fund.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters