Carlyle-backed General Lighting in $60 mln Malaysia deal
DUBAI, Sept 21 |
DUBAI, Sept 21 (Reuters) - General Lighting Co (GLC), a Saudi Arabian company part-owned by private equity firm Carlyle Group, has acquired Malaysia's largest lighting fixture manufacturer, Davex, in a deal worth about $60 million, General Lighting said on Friday.
General Lighting acquired the company from Davex Holding Berhad, a wholly-owned subsidiary of MWE Holdings, an investment holding company, the statement said, adding the acquisition was part of GLC's move to expand into fast-growing economies.
"Davex brings several attractive markets to the GLC family including Vietnam, Indonesia, Singapore, Malaysia and Australia," GLC Chairman Abdullah al-Hobayb said in the statement.
The deal is expected to close before the end of the year pending approval by shareholders of MWE Holdings.
GLC is the largest lighting company in Saudi Arabia and Carlyle acquired its 30 percent stake for an undisclosed amount in March 2010.
Washington-based Carlyle, which has $156 billion in assets globally, plans to sell its investment in GLC through an initial public offering in 2013, a source told Reuters last year, adding it had hired Riyadh-based GIB Capital to help with the IPO.
Carlyle raised $500 million in 2007 for its debut fund in the Middle East and North Africa. The fund has six companies in its portfolio, including GLC.
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