Duty Free Shopping founder Miller sells Squadron to FLAG Capital-sources
HONG KONG Oct 22 (Reuters) - U.S. private equity investor FLAG Capital has agreed to buy Squadron Capital Advisors Ltd, a private investment firm controlled by the founder of Duty Free Shopping outlets Robert W. Miller, sources with knowledge of the matter told Reuters.
The deal value was not immediately known but one source said that an official announcement detailing the transaction was imminent.
The deal is expected to be the first acquisition of a fund of funds in Asia's private equity industry. Fund of funds pool capital to invest in selected private equity and hedge funds on behalf of other investors.
FLAG Capital, Wei and Squadron did not comment immediately.
The sources could not be named as the deal was still not public.
- North Korea says Kim's powerful uncle dismissed for 'criminal acts'
- Thai PM calls snap election, protesters press on |
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'
- Singapore hit by rare outbreak of rioting, 27 arrested |
- Venezuela's Maduro to raise pressure on business after local vote