HONG KONG, July 10 U.S. private equity fund TPG
Capital has acquired private Chinese packaging company
HCP Holdings Inc for around $600 million, Thomson Reuters
publication Basis Point reported, citing sources.
The buyout of HCP, a private producer of luxury packaging
for L'Oreal SA and Shiseido, was backed by a
five-year loan of around $300 million, the report said.
HCP, which was founded in 1961 in Taiwan but has most of its
operations in China, had previously been in talks with Morgan
Stanley's Asia private equity unit, for the sale of
around 80 percent of the company at a value of around $500
million, Reuters previously reported.
The management of HCP will stay on for a period of time, the
TPG declined comment.