HONG KONG Nov 20 Indonesian private equity firm
Northstar Group is expanding into take-private deals, agreeing
to buy a majority stake in Singapore-listed Nera
Telecommunications and offering to buy the entire
company for around $146 million, in a sign of growing ambition
among Asia's private equity firms.
Norway's Eltek ASA said it has agreed to sell its 50.05
percent stake in Nera to Northstar, part-owned by TPG Capital
, for S$88.8 million ($72.6 million) or S$0.49 a share.
Northstar will extend the same offer for the remaining shares in
a mandatory unconditional cash offer.
Northstar's offer, through wholly owned subsidiary Asia
Systems Ltd, is a 6.3 percent discount to Monday's closing price
for telecoms group Nera, whose operations include satellite
communications and payments solutions.
Northstar, like many other emerging-market private equity
funds, has previously focused largely on taking a minority stake
in private companies, rather than investing in publicly listed
The firm has $1.2 billion in assets under management and
last year raised Indonesia's biggest ever private equity fund of
$820 million. Around 15-20 percent of that new fund was
earmarked for potential investments outside Indonesia.
TPG last year deepened its long-standing relationship with
Northstar when the two firms swapped stakes.