Asia Private Equity Weekly News, October 15, 2013

Reuters

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

OCTOBER 11

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

KKR & CO LP will pay about $150 million for close to30 percent of India's Gland Pharma Ltd, two sources with directknowledge of the matter said, in what would be the U.S buyoutfirm's eighth investment in Asia this year.

SINGAPORE-LISTED Del Monte Pacific Ltd will buythe canned food business of private equity-backed Del MonteFoods Consumer Products Inc for $1.7 billion, gaining a directpresence in the key U.S. market and reuniting a substantialportion of the Del Monte brand family.

CHINA PRIVATE equity firm Hony Capital raised HK$2.03billion ($261.79 million) from a selldown of shares in CSPCPharmaceutical Group, selling 500 million shares atHK$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 WeststarAviation Services marks the firm's first Malaysia deal andplaces a bet on the business of chartering helicopter flightsfor 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 toldReuters on Thursday.

OCTOBER 9

SINGAPORE'S SOVEREIGN wealth fund, GIC has becomean anchor investor in IFC Asset Management Co's $1.2 billioninfrastructure equity fund that also raised capital from severalother sovereign wealth funds and pension funds.

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

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

THREE BANKS have launched a A$250 million refinancing formedical 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, aproduct development services company, for an undisclosed value,the companies said in a statement. Local media said the deal wasfor around $420 million.

GOLDMAN SACHS Principal Investment Area, the privateequity unit of the U.S. securities firm, plans to exit itsinvestment 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 astrategic review of its Hong Kong meat distribution unit, aperson familiar with the matter said, as it readies funds to bidfor 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 healthcarecompany Genesis Care Pty Ltd, Basis Point reported citingsources.

OCTOBER 7

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

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