HONG KONG, Sept 24 News and developments in Asia
private equity from Reuters News for the week ended Sept. 19.
BREAKINGVIEWS-HUBRIS has returned to China's property
market. House prices rose at their fastest rate in over three
and a half years in August. Smart investors are sniffing around
the sector, in the belief that they can sift the good from the
bad. Underpinning the whole edifice is a misguided belief that
the government has let prices run up so far that it can't
possibly let them deflate.
AUSTRALIA'S BILLABONG International Ltd accepted a
sweetened refinancing proposal from U.S. hedge funds Oaktree
Capital Management and Centerbridge Partners, and
appointed an industry veteran as its new chief executive.
ONLINE JOBS portal Freelancer.com is planning an initial
public offering in Australia this year after knocking back
several attempts to buy it, including a $400 million approach
from Japanese recruitment firm Recruit Holdings Co.
CHINA'S SHUANGHUI International is close to securing
shareholder approval for its $4.7 billion offer for Smithfield
Foods Inc, which would be the biggest purchase of a U.S.
company by a Chinese firm, ahead of the vote next week, three
people familiar with the matter said.
WHEN AUSTRALIAN customers of Quickflix ring the
online video rental and streaming service's support centre, the
voice at the other end of the line sounds reassuringly familiar.
That's because the person speaking is not in Manila or
Bangalore, but Auckland, New Zealand, where call centres have
been steadily gaining clients from neighbouring Australia.
KIRKLAND & ELLIS LLP said it has opened a Beijing office
which will focus on M&A and private equity transactions,
international capital markets transactions, fund formation and
government enforcement and investigations. ()
HENRY KRAVIS, co-founder of private-equity firm KKR & Co LP
, said he sees rising opportunities for dealmaking in
Japan as the country's firms open up to foreign partnerships in
response to competition from South Korea and China.
TPG GROWTH, a unit of U.S. private equity firm TPG Capital
said it has invested 1.45 billion rupees ($22.9
million) in Sutures India Pvt Ltd, a privately held medical
AUSTRALIA'S WESTFIELD Group agreed to sell stakes
in seven U.S. shopping malls to an affiliate of Starwood Capital
Group for $1.64 billion.
SOUTH KOREA's E-Land Group has denied a press report it was
interested in buying into Italian fashion house Versace, which
is planning to sell a stake to fund growth.
KKR-BACKED medical services provider Genesis Care Pty Ltd is
finalising a refinancing and dividend recapitalisation in the
Australian loan market, after pulling a $275 million term loan B
earlier this year, Basis Point reported citing sources.