Goldman, Deutsche near purchase of NBG buyout unit

|About: Goldman Sachs Group Inc. (GS)|By:, SA News Editor

Goldman Sachs Asset Management (GS -1.3%) and DB Private Equity (DB -2.9%) are in talks to pay about $500M for NBGI Private Equity - the buyout arm of National Bank of Greece (NBG -2.7%), reports Bloomberg. That would be about one third less than the Greek lender originally invested in the business.

The P-E arm has underperformed competitors, according to data seen by Bloomberg, with 10 of its 11 funds projected to lose about 25 cents for every dollar invested. Its high-living CEO Pavlos Stellakis, along with the rest of the management team, is in negotiations to remain with the firm after the deal has been completed.