Singapore’s GIC backs $2.9b US IT take-private
GIC, Singapore’s sovereign wealth fund, is set to take a minority stake in New York-listed IT services provider Neustar as part of a take-private led by US-based Golden Gate Capital that values the company at $2.9 billion.
The transaction will comprise the purchase of Neustar shares at $33.50 apiece in cash and is expected to close by the end of the third quarter of 2017. The stock jumped about 21% following announcement of the deal, and closed at $33 on December 15.
"Golden Gate Capital and GIC offered us a compelling opportunity to continue to invest and pursue long-term growth with operational flexibility, and we look forward to working with these two sophisticated investors," Lisa Hook, president and CEO of Neustar said in a statement.
Founded in 1996, Neustar provides marketing, risk, security, domain registry and communications services to about 12,000 clients globally. Since 2011, it has focused on disciplines related to managing complex datasets and real-time connectivity. Additional IT competencies encompass website performance, customer segmentation, fraud detection, big data and mobile phone services.
Golden Gate invests primarily in IT and business services, software, semiconductors and IT hardware, retail and restaurants, industrials and financial services. It claims more than $15 billion of capital under management across about 35 companies.
GIC has previously invested in the US information management space with participation in the $8 billion acquisition of Veritas alongside The Carlyle Group.
More on North America
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.