Asia Private Equity Weekly News, June 10, 2013

HONG KONG, June 10 Sun Jun 9, 2013 8:59pm EDT

HONG KONG, June 10 (Reuters) - News and developments in Asia private equity from Reuters News for the week ending June 7.

JUNE 7

SYDNEY-BASED Taurus Funds Management Pty Ltd has shut its precious metals mutual fund as Australian and U.S. investors fled after prices of gold began to decline in the beginning of the year, director Gordon Galt told Reuters.

DAGONG EUROPE Credit Rating, a joint venture between Dagong Global Credit Rating and Mandarin Capital Partners, has been given the green light to operate in the European Union, the Chinese rating agency's first international push to wrest market share from the "Big Three" that dominate globally.

SOUTH KOREAN private equity firm IMM Investment is getting a 155 billion won ($139 million) 10-year financing to acquire new shares issued by Hanjin Newport Co, Basis Point reported.

JUNE 6

U.S. REGULATORS have obtained a court order freezing the assets of a Thailand-based trader, saying he reaped $3.2 million in illegal profits after getting a tip ahead of the announcement that a Chinese meat company was buying Smithfield Foods Inc .

SHARES OF private equity-backed LightInTheBox Holding Co Ltd rose as much as 32 percent in their debut, valuing the company at about $600 million, as U.S. investors show renewed interest in Chinese stocks.

AUSTRALIA'S COMPETITION regulator has blocked an attempted takeover of Rafferty's Garden, an organic baby food supplier, by U.S.-based food giant H.J. Heinz Co, dealing a blow to the private equity owner of Rafferty's, Anacacia Capital.

FIVE BANKS have launched a syndication of the $330 million financing backing the buyout of China-based software and IT firm AsiaInfo-Linkage Inc, Basis Point reported.

JUNE 5

THREE SOUTH Korean banks are arranging 1.1 trillion won ($980 million) in financing to back Tong Yang Life Insurance's bid for Dutch bank ING's South Korean insurance business, Basis Point reported citing bank sources.

A PRIVATE equity fund run by Goldman Sachs has invested $135 million in unlisted Indian wind energy firm ReNew Power Pvt Ltd, a company official said, making it one of the largest renewable energy investors in India.

CHINESE MEAT company Shuanghui International's plans to buy U.S.-based pork producer Smithfield Foods has some lawmakers worried the deal could create food safety issues for U.S. consumers.

INDONESIAN BILLIONAIRE Chairul Tanjung has agreed to buy an 80 percent stake in the country's second-biggest pay-TV operator, Telkomvision, heating up competition in the emerging pay television market currently controlled by another tycoon, Harry Tanoesoedibjo.

JUNE 4

THE BLACKSTONE Group is in advanced talks to buy a business park in India's financial capital Mumbai for about 10 billion rupees ($176 million), two sources with direct knowledge of the situation said.

AUSTRALIAN SURFWEAR company Billabong International Ltd said it has ended takeover talks with two potential suitors and is now discussing refinancing options instead, as it warned that full-year profit will sink below previous guidance.

JAPAN'S GOVERNMENT is set to urge the nation's public pension funds - a pool of over $2 trillion - to increase their investment in equities and overseas assets as part of a growth strategy being readied by Prime Minister Shinzo Abe, according to people with knowledge of the policy shift.

PRIVATE EQUITY firm TA Associates, with its Hong Kong-based portfolio company SpeedCast Ltd, said it has completed the acquisition of Australia satellite communications service company Pactel International.

JUNE 3

GOLDMAN SACHS has joined Alibaba Group's $8 billion loan with $500 million in financing as the Chinese e-commerce giant prepares for a massive initial public offering expected to come as early as the fourth quarter of this year.

PACTERA TECHNOLOGY International special committe has retained J.P. Morgan Securities as financial advisor for the going private proposal from Blackstone which values the company at around $680 million.

A GROUP of investors, including Chinese real estate tycoon Zhang Xin, paid about $1 billion for a 40 percent stake in a landmark New York office building, a person familiar with the deal said. The sellers of the stake in the GM building, were Goldman Sachs' U.S. Real Estate Opportunities Fund and Meraas Capital

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