HONG KONG May 27 KKR & Co plans to buy
Singapore's Goodpack Ltd, the world's largest maker of
intermediate bulk containers, in a deal that values the company
at S$1.39 billion ($1.11 billion), the two companies said on
KKR is offering $$2.50 per share, a 6.8 percent premium over
Goodpack's last traded price of S$2.34, before the company went
on trading halt on May 26.
KKR will delist Goodpack on completion of the acquisition.
Goodpack founder David Lam is pledging his 32 percent of the
company as part of the takeover, the two firms said.
The deal is the first takeover of a listed company from
KKR's $6 billion Asia fund, the largest private equity fund ever
raised for Asia, and comes amid a flurry of dealmaking as
private equity looks to invest the estimated $138 billion in dry
powder that has accumulated in the region.
Private equity backed M&A deals are off to their fastest
ever start in Asia, with $26.7 billion in deals announced so
far, 21.6 percent more than the whole of 2013, according to
Thomson Reuters data.
Private equity firms have invested nearly three times as
much in Asia year to date as they did in the same period last
year, the same data shows.
Last week, KKR offered to buy Australia's Treasury Wine
Estates for A$3.1 billion ($2.9 billion), a bid which
was rejected by the wine maker.
The Goodpack buyout is backed with $600-650 million of
underwritten debt from Credit Suisse, Goldman Sachs
and Morgan Stanley, Thomson Reuters publication
Basis Point reported on Tuesday..
($1 = 1.0812 Australian Dollars)($1 = 1.2530 Singapore Dollars)
(Reporting by Stephen Aldred, editing by Louise Heavens)