HONG KONG, October 15 News and developments in
Asia private equity from Reuters News for the week ending
PRIVATE EQUITY firms in Asia Pacific are increasingly paying
special dividends to themselves funded by refinancing debt of
the businesses they own, a development that is being fuelled by
frothy credit markets and sluggish prospects for "exit" sales.
KKR & CO LP will pay about $150 million for close to
30 percent of India's Gland Pharma Ltd, two sources with direct
knowledge of the matter said, in what would be the U.S buyout
firm's eighth investment in Asia this year.
SINGAPORE-LISTED Del Monte Pacific Ltd will buy
the canned food business of private equity-backed Del Monte
Foods Consumer Products Inc for $1.7 billion, gaining a direct
presence in the key U.S. market and reuniting a substantial
portion of the Del Monte brand family.
CHINA PRIVATE equity firm Hony Capital raised HK$2.03
billion ($261.79 million) from a selldown of shares in CSPC
Pharmaceutical Group, selling 500 million shares at
HK$4.05 each, a discount of 6.9 percent to the pre-deal spot,
A $200 MILLION agreement by KKR to buy a stake in Weststar
Aviation Services marks the firm's first Malaysia deal and
places a bet on the business of chartering helicopter flights
for the region's oil and gas sector.
CHINESE E-COMMERCE company Alibaba Group Holding Ltd has decided not to list its shares in Hong Kong,
but has not yet committed to listing on any other exchange,
including the New York Stock Exchange, CEO Jonathan Lu told
Reuters on Thursday.
SINGAPORE'S SOVEREIGN wealth fund, GIC has become
an anchor investor in IFC Asset Management Co's $1.2 billion
infrastructure equity fund that also raised capital from several
other sovereign wealth funds and pension funds.
CHINA'S SOVEREIGN wealth fund CIC has agreed to
convert the $1.3 billion owed to it by Bumi Resources
into a stake in the Indonesian miner and associated
CARLYLE GROUP and National Hire Group Ltd are seeking
a new 27-month forward start agreement on a A$1.88 billion
($1.78 billion) refinancing for equipment leasing supplier
Coates Group Pty Ltd, Basis Point reported citing sources.
THREE BANKS have launched a A$250 million refinancing for
medical diagnostic and imaging provider I-Med Holdings Pty Ltd,
majority owned by Allegro Funds and Anchorage Capital Group,
Basis Point reported.
FUNDS ADVISED by Apax Partners have acquired GlobalLogic, a
product development services company, for an undisclosed value,
the companies said in a statement. Local media said the deal was
for around $420 million.
GOLDMAN SACHS Principal Investment Area, the private
equity unit of the U.S. securities firm, plans to exit its
investment in Chinese firm Geely Automobile Holdings Ltd.
, selling its entire stake in an offering worth up to
$315 million, IFR reported, citing a term sheet.
CHINA RESOURCES Enterprise Ltd is set to launch a
strategic review of its Hong Kong meat distribution unit, a
person familiar with the matter said, as it readies funds to bid
for tycoon Li Ka-shing's ParkNShop supermarket business.
EIGHT FINANCIAL institutions have joined a A$300 million
($283.28 million) financing for KKR-backed Australian healthcare
company Genesis Care Pty Ltd, Basis Point reported citing
ADVENT INTERNATIONAL said it has agreed to acquire P2 Energy
Solutions, a provider of software, geospatial data and land
management tools to the upstream oil and gas industry. Terms of
the acquisition were not disclosed.