CVC to raise $80m via Jintian Pharma share sale
CVC Capital Partners will raise HK$620 million ($80 million) through a block trade of shares in Jintian Pharmaceutical Group, a Chinese pharmaceutical retailer and distributor.
The private equity firm is selling the shares at HK$3.29-3.34 apiece, representing a discount of 3.5%-4.9% to the October 7 closing price, Reuters reported, citing a term sheet. The private equity firm is selling shares through two vehicles - AMG Holdings and CVC Capital Partners Asia Pacific III Parallel Fund.
Jintian Pharma raised $273 million in a Hong Kong IPO last year. Founded in 1998, the company initially focused on drug retailing business in Heilongjiang province. It has grown rapidly in second- and third-tier cities, entering neighboring Jilin and Liaoning provinces.
CVC bought a 24.24% stake in Jintian Pharma for $84.1 million in October 2011. SEAVI Advent, an Asian affiliate of Boston-based private equity firm Advent International, invested $15 million the same year.
In addition, CVC is said to be in talks with banks over an IPO for Hong Kong Broadband Network (HKBN). The public offering could raise between $500 million and $1 billion and is scheduled to take place in the first quarter of next year, The Wall Street Journal reported.
CVC acquired the second-largest broadband provider in Hong Kong from City Telecom in a HK$5 billion deal in 2012.
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