Asia Private Equity Weekly News, April 2, 2013

HONG KONG Mon Apr 1, 2013 9:49pm EDT

HONG KONG Apr 2 (Reuters) - News and developments in Asia private equity from Reuters News for the week ending March 29.

MARCH 29

GIBSON GUITAR, known for producing electric guitars used legendary rock guitarists such as Jimmy Page and Jeff Beck, said it was buying a majority share in Japanese audio equipment manufacturer TEAC Corp for 4.88 billion yen ($51.9 million) from funds operated by Phoenix Capital.

MARCH 28

CITIC PRIVATE Equity has acquired Hoau, the Chinese parcel service of Dutch delivery company TNT Express for an undisclosed amount. Analysts estimated the network of 1,600 distribution depots is worth roughly 70 million euros ($90 million).

MARCH 27

MALAYSIAN PRIVATE equity firm Navis Capital said it has purchased a 54.8 percent equity interest in data services company Strateq Sdn Bhd from Kencana Capital Assets Sdn Bhd for an undisclosed amount.

U.S. PRIVATE equity firm TA Associates and technology-focused growth equity firm Updata Partners said they plan to invest in Australia-headquartered software solutions firm Nintex Group.

MARCH 26

KKR & CO LP agreed to sell Intelligence Holdings to Temp Holdings for 68 billion yen ($721 million), almost double what the U.S. buyouts firm initially paid for the temporary staffing agency three years ago.

JAPANESE RAILWAY and real estate group Seibu Holdings said it opposes Cerberus Capital Management LP's attempt to increase its stake in the company, setting up a battle with its largest shareholder.

BARING PRIVATE Equity Asia has withdrawn its bid to take private U.S.-listed China company Ambow Education Holding Ltd , after three independent directors and the company's auditor resigned, Ambow said in a statement.

SDCL ASIA, a joint venture between Sustainable Development Capital LLP (SDCL) and Hong Kong-based First Eastern Investment Group, is establishing an investment programme for up to S$200 million ($161.11 million) to finance energy efficient systems in manufacturing facilities, SDCL said in a statement.

MARCH 25

PRIVATE EQUITY firm CVC Capital Partners and Royal Bank of Scotland sold a combined $528 million stake in Hong Kong-listed luggage maker Samsonite International , according to a term sheet seen by Reuters.

NINE BANKS joined the senior syndication of a $1.075 billion loan backing the $3.7 billion buyout of Nasdaq-listed Chinese display advertising company Focus Media Holding Ltd, Basis Point reported citing sources.

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