PIPE
Renesas shares spike on report of KKR investment
Shares in Japan’s Renesas Electronics Corp. have soared to their highest level in almost three months after it was reported that KKR will invest JPY100 billion ($1.3 billion) in the company.
China take-privates, part 34
One week, two private equity-backed management buyout offers for Chinese companies listed on NASDAQ, and a lot of fuss from (some, but not all) media outlets about how this is the start of something big. It’s not.
MBK agrees $1.1b deal for Korea’s Woongjin Coway
MBK Partners has agreed to pay KRW1.1 trillion ($1.1 billion) for a 31% stake in Woongjin Coway, the water purifier business of South Korean conglomerate Woongjin Holdings. It is the country’s joint-largest private equity transaction this year and brings...
China slowdown hampers emerging markets fundraising, investment
Fundraising by private equity firms focused on emerging markets reached $17.2 billion in the first six months of 2012, or nearly half of the $38.5 billion raised in 2011 as a whole, with a spike in emerging Europe counterbalancing a slowdown in China....
China grants private equity an A-share investment platform
China’s securities regulator has loosened restrictions on participation in the Qualified Foreign Institutional Investor (QFII) program and opened the door to private equity firms. Do they want to go through it?
Bain Capital to buy 30% stake in Genpact for $1b
Bain Capital has agreed to buy 30% of Indian business process outsourcing (BPO) company Genpact from Oak Hill Capital and General Atlantic (GA) for $1 billion. The sellers will still own 10% of the firm when the deal closes.
Oman India fund commits $13m to explosives maker
Oman India Joint Investment Fund (OIJIF), a PE vehicle owned by Oman’s sovereign wealth fund and India’s State Bank of India, has invested INR720 million ($13 million) in explosives manufacturer Solar Industries. The fund will pick up 4.28% of the...
Korea’s Woongjin, KTB Private Equity in $1b Coway deal
KTB Private Equity, an affiliate of South Korean financial services company KTB Investment & Securities, will team up with Woongjin Holdings to buy a 31% stake in water purifier manufacturer Coway for KRW1.2 trillion ($1 billion). The target company is...
Cornerstone investors: Public market props
Weak investor sentiment means that many Asian IPOs need cornerstone investors to cover part of the offering and provide momentum. Why are private equity firms getting in on the action?
Bain, GIC in $2b joint bid for Genpact stake - report
Bain Capital has reportedly teamed up with the Government of Singapore Investment Corp. (GIC) to formulate a joint bid for a 41% stake in Indian business process outsourcing (BPO) company Genpact.
Carlyle buys 10% stake in India's Infotech Enterprises
The Carlyle Group has bought a 9.96% stake in Infotech Enterprises, a publicly listed IT firm based in Hyderabad. The investment reportedly facilitates the exit of Kotak India Fund, American Funds Insurance and Small Cap World Funds.
Q2 analysis: Private equity goes public
Second-quarter analysis: Low public market valuations create investment opportunities; China fundraising slows; private equity firms perform cornerstone role in Asia IPOs.
Baring increases stake in Chinese retailer Magic Holdings
Baring Private Equity Asia has increased its stake in Magic Holdings, a Hong Kong-listed skincare brand. The PE firm bought 50 million shares - approximately 5% of Magic Holdings' total issued share capital - at HK$2.9 apiece for a total consideration...
MBK no longer in running for Korea’s Hi-Mart
MBK Partners is no longer the preferred bidder for South Korean electronics retailer Hi-Mart, having walked away from the auction after due diligence uncovered a worse than expected decline in the business.
Standard Chartered PE acquires 13.5% stake in Trikomsel
Hong Kong-based Standard Chartered Private Equity has acquired a 13.5% stake in Trikomsel Oke, an Indonesian retailer of mobile telecommunications devices.
IFC, Proparco, Mount Kellet invest in Educomp
Educomp Solutions, India’s largest education company, has received $155 million in financing from International Finance Corporation, French development finance institution Proparco, PE firm Mount Kellett and the company's own promoters.
Rise of the China PIPE deal
It has taken Indian fund managers years to convince their LPs of the merits of PIPE deals, and efforts haven’t been wholly successful. The knee-jerk response, “Why should I pay you fees to invest in companies that I could just invest in myself?”...
CVC leads investment in HK-listed Chinese shoe company
CVC Capital Partners has led a PIPE investment in Chinese footwear company C.banner. China Consumer Capital Partners and MouseeDragon also participated in the round.
Temasek buys stake in Asia-focused Ivanhoe Mines
Temasek Holdings has purchased a 5.5% stake in Canada’s Ivanhoe Mines, a move seen as part of ongoing efforts to increase the natural resources share of its portfolio. The transaction was channeled through Tembusu Capital, a private equity firm affiliated...
International PE players say time is right for PIPE deals – AVCJ China Forum
International private equity players KKR and CVC believe that the current market has opened the doors for more PIPE deals in China.
Leopard Capital to raise frontier markets PIPE fund
Leopard Capital Management is launching a long-only fund that will target PIPE deals in up to 12 frontier markets in Asia. It will invest in sectors perceived to drive frontier economies, including consumer products, financial services, infrastructure...
Navis takeover bid values SEGi at $360m
Navis Capital Partners has confirmed that it has made an unconditional takeover offer for Bursa Malaysia's main market-listed SEG International Berhad. The offer values the private tertiary education provider at MYR 1.1 billion ($360 million).
Olympus Capital invests $38m in Karur Vysya
Olympus Capital Holdings Asia has bought a 4.8% stake in India’s Karur Vysya Bank for $38.34 million as part of a PIPE transaction. It comes one month after ChrysCapital invested $31 million in the bank.
KKR takes 24% stake in China blood banker
It is a newborn child's first-ever insurance policy: Cord blood, rich in stem cells, is taken from the umbilical cord shortly after birth and placed into storage, only to be used if the child is later stricken by a serious illness. Cord blood can help...