Asia Private Equity Weekly News, October 15, 2013

October 15, 2013

HONG KONG, October 15 (Reuters) - News and developments in Asia private equity from Reuters News for the week ending October 11.


OCTOBER 11

PRIVATE EQUITY firms in Asia Pacific are increasingly paying special dividends to themselves funded by refinancing debt of the businesses they own, a development that is being fuelled by frothy credit markets and sluggish prospects for "exit" sales.

KKR & CO LP will pay about $150 million for close to 30 percent of India's Gland Pharma Ltd, two sources with direct knowledge of the matter said, in what would be the U.S buyout firm's eighth investment in Asia this year.

SINGAPORE-LISTED Del Monte Pacific Ltd will buy the canned food business of private equity-backed Del Monte Foods Consumer Products Inc for $1.7 billion, gaining a direct presence in the key U.S. market and reuniting a substantial portion of the Del Monte brand family.

CHINA PRIVATE equity firm Hony Capital raised HK$2.03 billion ($261.79 million) from a selldown of shares in CSPC Pharmaceutical Group, selling 500 million shares at HK$4.05 each, a discount of 6.9 percent to the pre-deal spot, IFR reported.

OCTOBER 10

A $200 MILLION agreement by KKR to buy a stake in Weststar Aviation Services marks the firm's first Malaysia deal and places a bet on the business of chartering helicopter flights for the region's oil and gas sector.

CHINESE E-COMMERCE company Alibaba Group Holding Ltd has decided not to list its shares in Hong Kong, but has not yet committed to listing on any other exchange, including the New York Stock Exchange, CEO Jonathan Lu told Reuters on Thursday.


OCTOBER 9

SINGAPORE'S SOVEREIGN wealth fund, GIC has become an anchor investor in IFC Asset Management Co's $1.2 billion infrastructure equity fund that also raised capital from several other sovereign wealth funds and pension funds.

CHINA'S SOVEREIGN wealth fund CIC has agreed to convert the $1.3 billion owed to it by Bumi Resources into a stake in the Indonesian miner and associated subsidiaries.

CARLYLE GROUP and National Hire Group Ltd are seeking a new 27-month forward start agreement on a A$1.88 billion ($1.78 billion) refinancing for equipment leasing supplier Coates Group Pty Ltd, Basis Point reported citing sources.

THREE BANKS have launched a A$250 million refinancing for medical diagnostic and imaging provider I-Med Holdings Pty Ltd, majority owned by Allegro Funds and Anchorage Capital Group, Basis Point reported.


OCTOBER 8

FUNDS ADVISED by Apax Partners have acquired GlobalLogic, a product development services company, for an undisclosed value, the companies said in a statement. Local media said the deal was for around $420 million.

GOLDMAN SACHS Principal Investment Area, the private equity unit of the U.S. securities firm, plans to exit its investment in Chinese firm Geely Automobile Holdings Ltd. , selling its entire stake in an offering worth up to $315 million, IFR reported, citing a term sheet.

CHINA RESOURCES Enterprise Ltd is set to launch a strategic review of its Hong Kong meat distribution unit, a person familiar with the matter said, as it readies funds to bid for tycoon Li Ka-shing's ParkNShop supermarket business.

EIGHT FINANCIAL institutions have joined a A$300 million ($283.28 million) financing for KKR-backed Australian healthcare company Genesis Care Pty Ltd, Basis Point reported citing sources.


OCTOBER 7

ADVENT INTERNATIONAL said it has agreed to acquire P2 Energy Solutions, a provider of software, geospatial data and land management tools to the upstream oil and gas industry. Terms of the acquisition were not disclosed. []