June 16 News and developments in Asia private
equity from Reuters News for the week ended June 13.
A TPG Capital Management-led consortium has agreed to buy
the property arm of Australian engineering services firm UGL Ltd
for A$1.215 billion ($1.14 billion), a source told
GLOBAL PRIVATE equity firm Bain Capital Partners LLC is
suing EY in a United States court, claiming that the auditing
firm cost it roughly $60 million by advising it to invest in
Lilliput Kidswear, a children's clothing company in India.
IN INDIA'S IT services outsourcing sector, local start-ups,
often backed by U.S. venture capital funds, are nipping at the
heels of industry heavyweights such as Tata Consultancy Services
Ltd and Infosys Ltd.
BAIN WILL sell its equity stake worth up to $393 million in
Hero MotoCorp Ltd, India's largest maker of
motorcycles and scooters, according to a deal term sheet seen by
PERMIRA, ONE of Europe's biggest private equity firms, has
raised 5.3 billion euros ($7.22 billion) for its fifth buyout
fund compared to a previous 9.6 billion euros it raised for a
fund in 2006.
SOUTH KOREA's National Pension Service (NPS) has hired a
U.S.-based advisor to invest $400 million in Asian real estate,
as the world's fourth-largest pension fund looks to increase its
exposure to property in its home region.
INDONESIAN COAL miner PT Bumi Resources said on
Wednesday its lenders had agreed to close a crucial
debt-to-equity swap with Chinese sovereign wealth fund CIC
, enabling it to pay the coupon on its 2016 bonds.
FTS INTERNATIONAL, which is backed by Temasek Holdings
and RRJ Capital, said it has signed a 15-year joint
venture with China's Sinopec Group in a first-of-its-kind
partnership that brings the U.S. company's expertise in
hydraulic fracturing to China's vast shale formations.
HAMILTON LANE said it has hired Masayoshi Yazawa as a senior
advisor responsible for leading business development efforts in
Japan. Yazawa was most recently head of foreign securities sales
at Itau Asia Securities. (link.reuters.com/jyd22w)
GST AUTOLEATHER, owned by Japanese private equity firm
Advantage Partners, is marketing a $180 million refinancing
credit led by RBC, Thomson Reuters LPC reported citing sources.
PINE RIVER Capital Management L.P. reported a 6.8 percent
stake in Yongye International Inc as of June 5, 2014.
WHEN JACK Ma and his colleagues sat down in 2001 to lay out
Alibaba's defining values, they named them after a martial arts
technique drawn from Ma's love of kung fu novels and their
($1 = 0.7345 Euros)
(Compiled by Stephen Aldred in Hong Kong; Editing by Subhranshu