Exits
KKR sells minority stake in Japan's Kokusai to QIA
KKR has made a partial exit from Kokusai Electric, a Japan-based semiconductor industry supplier, through the sale of a minority stake to Qatar Investment Authority (QIA).
Advantage Partners SPAC agrees recycling merger
A special purpose acquisition company (SPAC) affiliated with Japan’s Advantage Partners has agreed to merge with Jeplan, a local recycling business specialising in plastic waste.
Peak XV secures $76m exit from India's Go Fashion
Sequoia Capital India marked achieving full independence and rebranding as Peak XV Partners with a INR 6.2bn (USD 72.1m) exit from women’s clothing retailer Go Fashion.
CDH, Oriza-backed CSI Solar enjoys strong Star Market debut
CSI Solar, a Chinese renewables business backed by CDH Investments and Oriza Holdings, increased 18% in value on its first day of trading following a CNY 6bn (USD 840m) IPO.
Australia's Wesfarmers buys VC-backed Instascripts for $91m
InstantScripts, an Australia-based telehealth business backed by listed VC firm Bailador Technology Investments, has agreed to be acquired by Wesfarmers for approximately AUD 135m (USD 91m).
Deal focus: Allegro reheats the pie
Allegro Funds has exited Pizza Hut Australia to a US trade buyer, having won over a franchisee network that had turned on Yum Brands, upgraded the digital offering, and doubled network sales
China AI player Mobvoi files for Hong Kong IPO
Mobvoi, which claims to be China’s largest revenue-generating artificial intelligence (AI) company focusing on content generation, has filed for a Hong Kong IPO.
Japan buyouts: Bucking the trend
Japan remains a private equity hotspot despite muted buyout activity elsewhere in Asia. Take-private and sponsor-to-sponsor opportunities make for a more textured local market
Australia's PE-backed Silk Laser set for take-private
Australia-listed Silk Laser Clinics, a non-surgical aesthetics business backed by local PE firm Advent Partners, has signalled it intends to accept a take-private offer from Hong Kong’s EC Healthcare.
India home rentals platform NestAway acquired by strategic player
Aurum PropTech, a listed Indian property technology provider, has acquired NestAway, a home rentals platform that previously received several rounds of private funding, for INR 900m (USD 11m).
Singapore’s Temasek punishes staff for FTX investment
The investment and senior management of Singapore’s Temasek Holdings will receive reduced compensation in recognition of the write-down of an investment in collapsed cryptocurrency exchange FTX despite an independent internal review finding no evidence...
PE-backed CompareAsiaGroup merges with US-listed SPAC
CompareAsiaGroup, an Asia-focused financial products comparison platform also known as MoneyHero Group, has agreed to merge with a US-listed special purpose acquisition company (SPAC) at an enterprise value of approximately USD 342m.
VC investors primed for exit with China Youzan reorganisation
Hillhouse Capital and Matrix Partners China are set for liquidity events after China Youzan, an e-commerce software-as-a-service (SaaS) business listed in Hong Kong, agreed to take full control of its key subsidiary for HKD 2.6bn (USD 334.5m).
Blackstone buys jewellery certification business, China's Fosun exits
The Blackstone Group has paid USD 569.7m for 100% of Belgium-headquartered jewellery certification business International Gemological Institute (IGI), taking out investors including China’s Fosun Group.
Alibaba plans IPO for PE-backed logistics unit
Cainiao Smart Logistics Group, the private equity-backed logistics unit of Alibaba Group, will be spun off via an IPO as part of the parent company’s broader restructuring effort.
CPE sells Australia used car business to Japan's Sojitz
CPE Capital has sold part of Dutton Group, an Australia-based used car dealer it has owned since 2016, to Japan’s Sojitz Corporation for an undisclosed sum.
Apax invests $450m in India’s IBS Software, Blackstone exits
Apax Partners has agreed to pay USD 450m for a significant minority stake in India’s IBS Software, a travel and logistics industry supplier, enabling an exit for The Blackstone Group.
Hong Kong family office SPAC agrees $27bn merger with Vingroup EV unit
A special purpose acquisition vehicle (SPAC) launched by the family office of Lawrence Ho, son of Macau casino tycoon Stanley Ho, has agreed to merge with the electric vehicle (EV) unit of Vietnam’s Vingroup.
CLSA exits Japan parking lot operator to Advantage
CLSA Capital Partners (CLSA CP) has agreed to sell Japanese coin-operated parking lot business Ecolocity to Advantage Partners for an undisclosed sum.
Q&A: ShawKwei & Partners’ Kyle Shaw
Kyle Shaw, founder and managing partner of ShawKwei & Partners, on bright spots in industrial manufacturing and becoming more Southeast Asia-centric as supply chains reduce China exposure
BPEA EQT part-exits India's Coforge, realises $109m
BPEA EQT – formerly Baring Private Equity Asia – continues to pare its holding in Indian IT solutions provider Coforge, generating INR 8.9bn (USD 109m) in the latest of multiple public market trades dating back to late 2020.
Australia's PE-backed Best & Less receives take-private offer
Best & Less, an Australian baby and kids retailer that went public less than two years ago under the guidance of then-majority owner Allegro Funds, has received a take-private offer from an investment vehicle controlled by retail industry veteran Brett...
Khazanah commits $40m to India's Xpressbees
Malaysia sovereign wealth fund Khazanah Nasional has invested USD 40m in India-based logistics start-up Xpressbees through the acquisition of shares from one of the company’s early backers.
Valuation stalemates stall SE Asia exits – M&A Forum
Private equity investors at the Mergermarket M&A Forum Southeast Asia sensed that something has to give in a deadlocked regional exit market, where the bid-ask divide could break in either direction.