March 10 News and developments in Asia private
equity from Reuters News for the week ended March 7.
AUSTRALIA'S CHAMP Private Equity said it plans to bypass the
local share market to list Shelf Drilling Ltd, the company it
formed 16 months ago to run $1 billion worth of shallow water
oil rigs, on the London Stock Exchange in May.
SPAIN'S SAVERA Group, which earns most of its revenue in
China, is seeking a buyer for around 70 percent of itself, in a
sale valuing the company at up to $500 million, people familiar
with the matter told Reuters.
SOUTH KOREA plans to ease rules to make mergers and
acquisitions easier for private equity firms and local companies
in a bid to facilitate the sale of an estimated 10 trillion won
($9.34 billion) in assets of cash-strapped local conglomerates.
WARBURG PINCUS backed Sunshine 100 China Holdings
Ltd, a commercial and residential real estate
developer in second and third-tier Chinese cities, raised about
$258 million after pricing its Hong Kong initial public offering
at the bottom of expectations, IFR reported.
PREQIN RESEARCH shows an increasingly difficult environment
for fund of funds vehicles, with only 72 of the funds closed in
2013 raising a total of $12 billion, compared with 87 funds
raising $16 billion in 2012, and 164 funds raising $58 billion
at the peak in 2007. ()
KKR & Co said it had hired Tony Schulz, formerly
with EIG, to join its Sydney team as managing director, as it
expands its energy and infrastructure business (E&I) in Asia.
Ash Upadhyaya, a director on the firm's E&I team in the United
Sates, is relocating to Singapore from New York. ()
THE VOLUME of M&A activity in South Korea has posted its
strongest start to the year since 2008, rising 18 percent to
date and dominated by a spate of private equity dealmaking.
ICICI VENTURE, the private equity arm of No.2 Indian lender
ICICI Bank and U.S. private equity giant Apollo Global
Management LLC, will this month complete raising a $750
million fund to invest in distressed assets in India, two
sources with direct knowledge of the matter said.
SHAREHOLDERS REJECTED Yongye International Inc's
going private proposal, which was backed by Morgan Stanley's
Asia private equity unit.
JAPAN LAGS Asian stock markets on price performance in
dollar terms this year, while Indonesia is the best performer.
RAVINDRA KISHORE Sinha built India's largest security
business from a garage in the dirt-poor state of Bihar. He has
just won a seat in the upper house of parliament, becoming its
richest member, and his Security and Intelligence Services (SIS
India) firm is growing at 40 percent a year.
FIVE BANKS have provided underwritten debt of around 1.3
trillion Korean won ($1.2 billion) to back Carlyle Group's
$1.93 billion buyout of ADT Korea, the South Korean
security systems unit of Tyco International, Basis Point
TYCO, a maker of fire safety and security systems, said it
would sell its South Korean security business to private equity
firm Carlyle for $1.93 billion and take a charge in the second
PRIVATE EQUITY funds face increasing deal-making competition
in 2014, Bain & Co consultants said, with a record $1 trillion
cash pile adding to the pressure to find strong investments.
BEIJING CAPITAL Group will buy New Zealand's
biggest waste management firm from Australia's Transpacific
Industries Group Ltd for almost $800 million, enabling
the Chinese state-owned company to acquire technology that could
help combat chronic pollution in the capital and beyond.
CVC CAPITAL Partners Ltd has raised 2.49 trillion
Indonesian rupiah ($214.5 million) from the sale of a block of
shares in PT Matahari Putra Prima Tbk, IFR reported.