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TPG Takes Stake in Shriram City Union (Asia)
Global private investment firm TPG has acquired a 22.7 percent stake in India-based non-banking financial services company (NBFC) Shriram City Union Finance. The transaction, which was structured through TPG India Investment I, involved the merger of Shriram Enterprise Holdings with Shriram Retail Holdings, and the subsequent merger of the consolidated company with Shriram City Union. Through the deal, Shriram Group… Read More
ING to Sell ING Life Korea to MBK Partners (Asia)
Global financial institution ING has reached an agreement to sell ING Life Korea, its wholly owned life insurance business in South Korea, to North Asia-focused private equity firm MBK Partners for a total purchase price of about KRW1.8 trillion (approximately US$1.6 billion). Of the total purchase price, MBK will reportedly fund KRW800 billion (approximately US$712.2 million), with the rest borrowed… Read More
EBRD, RDIF and CapMan Russia Invest in Russian IT Outsourcing Provider MAYKOR (CEE and CIS)
Development finance institution European Bank for Reconstruction and Development (EBRD), Russian sovereign wealth fund the Russian Direct Investment Fund (RDIF) and private equity fund manager CapMan Russia will invest US$100 million in Russia-based IT outsourcing provider MAYKOR. RDIF will invest US$50 million, with EBRD and CapMan Russia, structured through CapMan Russia Fund II, contributing the remainder. MAYKOR intends to use… Read More
KV Asia Capital Announces Closing of KV Asia Capital Fund I at US$263 Million (Asia)
Singapore-based private equity firm KV Asia Capital has announced the final close of its first fund, KV Asia Capital Fund I, at US$263 million, exceeding its US$250 million target. The fund, which held its first close at US$100 million in October 2012, will focus on investment opportunities in Southeast Asia, primarily in Indonesia, Malaysia and Singapore. Investors in the fund… Read More
Baring Private Equity Asia to Acquire a 41.8 Percent Stake in Hexaware (Asia)
Asia-focused private equity firm Baring Private Equity Asia (BPEA) has signed definitive agreements with Hexaware Technologies, a global provider of IT and business process outsourcing services, to purchase a 41.8 percent stake in Hexaware for INR15.8 billion to INR16.9 billion (approximately US$242 million to US$260 million). BPEA will buy approximately 125 million Hexaware shares for INR126 or INR136 (approximately US$1.93… Read More
Nexus Group Acquires Peru-Based San Miguel Industries (Latin America)
Peru-focused private equity firm Nexus Group has acquired a 99.9 percent stake in Peru-based San Miguel Industrias PET, a manufacturer and distributor of polyethylene terephthalate (PET) containers in Peru with operations in El Salvador, Panama, Ecuador and Colombia. PET is a material commonly used in plastic bottles. Financial details of the transaction were not disclosed. Read More
PhillipCapital Takes Stake in Indonesian Equipment Finance Business (Asia)
Asian financial house PhillipCapital has acquired a 9.7 percent stake in Indonesia-based heavy equipment financer Intan Baruprana Finance (IBF), the financing arm of equipment distributor Intraco Penta, through a rights issue. Intraco Penta will continue to hold a majority stake of 79.7 percent, with Intra Trading, another affiliate of the Intraco Penta, taking a 10.6 percent stake. Financial details of… Read More
Taggo Raises Series A Funding Round (Asia)
Singapore, India and Southeast Asia-focused venture capital firm Jungle Ventures and SPRING SEEDS Capital, the start-up-focused investment arm of SPRING Singapore, have led a Series A investment in Taggo, a Singapore-based marketing platform that helps companies turn their Facebook pages into loyalty program “fan clubs.” This financing round, which was reportedly close to US$1 million, follows an earlier seed round… Read More
Aavishkaar Backs Indian ATM Outsourcing Company EPS (Asia)
Aavishkaar Venture Management, a venture capital firm focused on India’s rural areas, has invested US$6 million in a second round of funding for India-based payments system Electronic Payment and Services (EPS). The transaction was structured through Aavishkaar Goodwell II and Aavishkaar II. EPS intends to use the capital injection, along with the Aaviskhaar’s original US$4 million investment made in 2012,… Read More
IDG Capital Leads Investment in Chinese 3D Online Game Developer (Asia)
China-focused investment firm IDG Capital Partners has led a Series A round of financing in China-based online game developer Ejoy for a reported RMB100 million (approximately US$16.2 million). The company intends to use the new financing to develop 3D online games. Read More
Cathay Capital Private Equity Invests in Chinese Cold Storage Logistics (Asia)
Franco-Chinese management company Cathay Capital Private Equity has agreed to invest RMB120 million (approximately US$19.5 million) in Shanghai Zhengming Modern Logistics (ZM Logistics), a China-based supply chain company specializing in logistics for cold chain, auto parts, fast-moving consumer goods and pharmaceuticals. ZM Logistics has 40 subsidiaries with a fleet of nearly 1,000 vehicles. The transaction was structured through Cathay’s Sino-French… Read More
Armstrong Invests in Annex Power for Regional Solar Expansion (Asia)
Southeast Asia-focused clean energy investor Armstrong Asset Management is committing up to US$30 million to Thailand-based renewable energy group Annex Power. The transaction, which will be structured through Armstrong’s South-East Asia Clean Energy Fund, is intended to finance an initial pipeline of solar photovoltaic and biogas power projects in Thailand, the Philippines and Indonesia. Read More