Switzerland's Partners Group to buy majority of Spain's Savera for $325 mln -sources
HONG KONG Aug 18 (Reuters) - Swiss investment manager Partners Group Holding AG has agreed to buy the majority of Spanish elevator guide rail maker Savera Group for around 2 billion yuan ($325 million), people with knowledge of the matter told Reuters.
The buyout would be the asset manager's first in China and would give it control of a company which began life focused on Europe, but which now earns more than 80 percent of its revenues in the world's most populous country.
Partners had 33.8 billion euros ($45 billion) in assets under management at the end of June, and invests money in private equity, infrastructure, debt and real estate. To earn higher returns, Partners is expanding into Asia by investing in companies directly, with its latest deal valuing Savera at around $433 million.
Savera, founded in 1967, hired financial adviser Business Development Asia (BDA) to sell a stake of around 75 percent.
A spokeswoman for Partners declined to comment. BDA also declined to comment. Savera could not be reached for comment. The sources declined to be identified as they were not authorised to speak publicly on the matter.
(1 US dollar = 0.7485 euro) (Reporting by Stephen Aldred in HONG KONG; additional reporting by Elisabeth O'Leary and Paul Day in MADRID; Editing by Denny Thomas and Christopher Cushing)