Blackstone and CPP Investments agree Abn AirTrunk acquisition | FinanceAsia

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Blackstone Real Estate Partners, Blackstone Infrastructure Partners, Blackstone Tactical Opportunities, and Blackstone’s private equity strategy for individual investors, along with the Canada Pension Plan Investment Board ( CPP Investments ), have agreed to acquire AirTrunk, an Asia Pacific ( Apac ) data center firm, in a deal worth around A$ 24 billion ($ 16 billion ).

The sum includes both capital expenditures for devoted projects and debt. &nbsp,

The sellers are Macquarie Asset Management ( MAM ), Canada’s Public Sector Pension Investment Board ( PSP Investments ) and other investors. In April 2020, a MAM consortium purchased an 88 % stake in AirTrunk for about A$ 3 billion. &nbsp,

While a spokeswoman for Blackstone told&nbsp, FinanceAsia it is not providing&nbsp, a malfunction of the collateral percent, CPP Investments said in a company statement that it would be acquiring 12 % of AirTrunk. CPP Investments said it has info center joint ventures and opportunities in Australia, Hong Kong, Japan, Korea, Malaysia and Singapore, in addition to the US.

The package, if completed, may be Blackstone’s largest expense in Apac. The Australian Foreign Investment Review Board has approved the exchange.

AirTrunk is the largest information centre program in Apac, with a reputation across Australia, Japan, Malaysia, Hong Kong, and Singapore. According to a statement from Blackstone, it has more than 800 megawatts ( MW) of customer commitments and is the owner of land that can support over 1GW of regional growth. AirTrunk agreed a record sustainability-linked loan ( SLL ) of A$ 4.6 billion last year. &nbsp,

Jon Gray, president and chief operating officer of Blackstone, said:” AirTrunk is another important step as Blackstone seeks to be the top digital infrastructure investment in the world across the ecology, including data centers, strength and associated services” .&nbsp,

” Digital system is experiencing unprecedented demand driven by the Artificial revolution as well as the broader digitization of the business,” said Nadeem Meghji, world co-head of Blackstone Real Estate.

They added:” Prior to AirTrunk, Blackstone’s portfolio consisted of$ 55 billion of data centers including facilities under construction, along with over$ 70 billion in prospective pipeline development. To more accede to its progress, we look forward to working with the top management team at AirTrunk.

As we get the next wave of progress from cloud providers and AI and support the energy transition in Apac, Robin Khuda, chairman and chief executive officer of AirTrunk, stated:” This deal shows the strength of the AirTrunk system in a strong performing business.”

We look forward to working with Blackstone and CPP Investments, gaining from their size money, industry experience, and extensive network across the various local markets, which will help assist AirTrunk’s expansion, Khuda continued.

This investment marks yet another milestone in our broader data center approach, according to Max Biagosch, top managing director, global head of Real Property, and nose of Europe for CPP Investments, in a speech from CPP Investments. Our infrastructure and real estate teams seamlessly collaborated to underwrite this investment, which is a great example of close collaboration across the fund.

According to a statement from Blackstone, approximately$ 1 trillion in US capital expenditures will be expected over the next five years to be made to build and facilitate new data centers, and another$ 1 trillion in US capital expenditures will be made, according to a statement from the company. &nbsp,

Blackstone has invested in both the debt and equity of other data center companies, including&nbsp, QTS, Coreweave and Digital Realty. &nbsp,

The Hanam Data Center was acquired by Macquarie Asset Management via Macquarie Korea Infrastructure Fund earlier this year in the Greater Seoul Area of South Korea. The sale price was KRW734 billion ($ 530 million ), however, including the transaction cost and additional capital required to complete the remaining mechanical, electrical and plumbing works at Hanam IDC, the total sale size was KRW918 billion.

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Blackstone and Canada Pension Plan Investment Board agree bn AirTrunk deal | FinanceAsia

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Blackstone Real Estate Partners, Blackstone Infrastructure Partners, Blackstone Tactical Opportunities, and Blackstone’s private equity strategy for individual investors, along with the Canada Pension Plan Investment Board, have agreed to acquire AirTrunk, an Asia Pacific ( Apac ) data center firm, in a deal worth around A$ 24 billion ($ 16 billion ).

The sellers are Macquarie Asset Management ( MAM ) and Canada’s Public Sector Pension Investment Board ( CPP Investments ). MAM bought a 88 % stake in AirTrunk in April 2020 for a valuation of around A$ 3 billion. &nbsp,

A spokeswoman for Blackstone told&nbsp, FinanceAsia it is not providing&nbsp, a collapse of the equity ratios. The AirTrunk will remain 12 % owned by CPP Investments, according to the statement. CPP Investments said it has information center joint ventures and assets in major centers in Apac, including Australia, Hong Kong, Japan, Korea, Malaysia and Singapore, and the US.

The package, if completed, may be Blackstone’s largest expense in Apac. The Australian Foreign Investment Review Board has approved the deal.

AirTrunk is the largest information centre program in Apac, with a reputation across Australia, Japan, Malaysia, Hong Kong, and Singapore. It owns property that will allow for over 1GW of regional development and has more than 800MW of customer commitments.

This is Blackstone at its best, according to Jon Gray, president and CEO of Blackstone.” We are using our international platform to capitalize on our highest faith design. Another significant development comes as Blackstone strives to be the world’s largest buyer in modern infrastructure, including power, data centers, and related services.

” Digital system is experiencing unprecedented demand driven by the Artificial revolution as well as the broader digitization of the business,” said Nadeem Meghji, world co-head of Blackstone Real Estate.

They added:” Prior to AirTrunk, Blackstone’s portfolio consisted of$ 55 billion of data centers including facilities under construction, along with over$ 70 billion in prospective pipeline development. To further accede to AirTrunk’s progress, we look forward to working with its top-notch management team.

The deal, according to Robin Khuda, founder and CEO of AirTrunk, demonstrates the strength of the AirTrunk program in a strong-performing field as we prepare for the upcoming wave of development from cloud services and AI and aid the transition to energy in Apac.

We look forward to working with Blackstone and CPP Investments, gaining from their size money, industry experience, and extensive network across the various local markets, Khuda continued,” We look forward to working with them.”

In a statement from CPP, senior managing director, global head of Real Property, and head of Europe, Max Biagosch, stated:” This investment adds another step to our broader data center plan, further expanding our footprints in the region for the benefit of CPP donors and beneficiaries. It is also a fantastic illustration of close collaboration between the fund’s infrastructure and actual estate teams working smoothly up to underwrite this investment.

According to a speech from Blackstone, approximately$ 1 trillion in US capital expenditures will be expected over the next five years to be made to build and promote new data centers, and another$ 1 trillion in US funds expenditures will be made, according to a declaration from the company. &nbsp,

Blackstone has invested in the debt and equity of several other data centre firms, including Coreweave and Digital Realty, the fastest-growing data center company in the world, and QTS. &nbsp,

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Baker McKenzie Wong & Leow to add team from Morrison Foerster | FinanceAsia

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According to a business press release, Baker McKenzie Wong &amp, Leow, a representative firm of Baker McKenzie in Singapore, is adding a group led by leaders Shirin Tang and Lip Kian Ang. &nbsp,

Tang previously served as the Singapore office’s handling partner and on the agency’s global executive committee. He will visit Morrison Foerster as its foreign partner.

FinanceAsia&nbsp, understands from a top business supply that the group will begin in the “next some weeks” and that a deeper two non-partner lawyers, from the same team, will also be joining Baker McKenzie Wong &amp, Leow from Morrison Foerster. &nbsp,

Tang will meet as co-head of the Singapore M&amp, A process, simultaneously with Boo Bee Chun. Tang has over 20 years of experience in cross-border mergers and acquisitions ( M&amp, A) and private equity transactions across Asia and the US, with a focus on complex and innovative transactions, including capital raising platforms, joint ventures and club deals, portfolio restructuring and exits.

Her exercise spans the administrative real property, technology/e-commerce, life sciences and customer industries. Over the past” several” years, Tang has led transactions worth over$ 35 billion in aggregate, according to the media release. &nbsp,

Ang has experience with foreign cash, multinational companies and financial organizations in large cross-border personal capital, venture capital, M&amp, A, real estate, and finance purchases.

Commenting on the move, Boo Bee Chun, director and co-head of the Singapore M&amp, A process, Baker McKenzie Wong &amp, Leow, said in a declaration:” We are thrilled to welcome Shirin, Lip Kian and crew to our M&amp, A / private equity team, to which they will add more depth. The wealth of experience and strong business skills that they bring will be of substantial value to our clients given that Singapore and Southeast Asia have strong deals and development potential.

James Huang, managing director of Baker McKenzie Wong &amp, Leow, states:” Their joining is more information of our commitment to more expanding our bench strength in Singapore, whose status as a leading international financial and business hub is anticipated to continue to grow substantially in upcoming years.”

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Adani Ports and SEZ buys 80% of Singapore’s Astro | FinanceAsia

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Adani Ports and Special Economic Zone (APSEZ), India’s largest ports and logistics company, has agreed to acquire a 80% stake in Singapore’s Astro, in an all-cash deal for $185 million, implying an enterprise value of $235 million, according to an August 30 company media release.

Incorporated in 2009, Astro is a leading global offshore support vessel (OSV) operator in the Middle East, India, Far East Asia and Africa.

The Singapore firm owns a fleet of 26 OSVs including anchor handling tugs (AHTs), flat top barges, multipurpose support vessels (MPSVs) and workboats and provides vessel management and complementary services. During the year ending 3April 30, 2024, Astro posted $95 million revenue and $41 million earnings, before, interest, tax , depreciation and amortisation (EBITDA). As of April 30, 2024, Astro was net cash positive.

Astro’s customers include NMDC, McDermott, COOEC, Larsen & Toubro and Saipem, and is a key player in the offshore construction & fabrication and offshore transportation markets, including oil & gas. 

Astro also helps support the construction and maintenance of offshore platforms, oil & gas fields and subsea facilities allowing it to service the offshore exploration & drilling markets.

Astro’s vessels also support leading international dredging companies, including large offshore construction and land reclamation projects.

In the statement, Ashwani Gupta, whole-time director & CEO, APSEZ, said: “Astro’s acquisition is part of our roadmap to becoming one of the world’s largest marine operators. Astro will add 26 OSVs to our current fleet of 142 tugs and dredgers, taking the total count to 168.”

He added: “The acquisition will also give us access to an impressive roster of tier-1 customers while further consolidating our footprint across the Arabian Gulf, the Indian subcontinent and Far East Asia. We look forward to working closely with Astro’s leadership team and scaling up the current platform.”

Mark Humphreys, managing director, Astro Offshore, said: “Over the past 15 years, we have created an impressive company trajectory, driven by strategic investments in our OSV fleet and deep relationships with our customers.”

Humphreys added: “This partnership with APSEZ represents a critical inflection point for us. Together, we can accelerate growth to add further scale and diversity to our fleet mix, expand our geographical footprint and deliver more end-to-end solutions to our customers.”

There are no regulatory approvals required and the transaction is expected to close within a month, subject to fulfilment of operational conditions precedent.

The transaction is expected to be value accretive from the first year, the statement said. 

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Vontobel names Clarabelle Ho as Asia head of intermediary clients | FinanceAsia

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Vontobel, an international investment firm, has appointed Clarabelle Ho as head of intermediary clients Asia.

Ho (pictured) has moved from BlackRock, where she was responsible for intermediary distribution as part of the Asia Pacific (Apac) wealth team, based in Singapore. She started at Vontobel on Friday, August 16, and will continue to be based in Singapore reporting to Wei Kai Lee, head of institutional clients Apac at Vontobel, FinanceAsia understands. Ho replaces Benny Gay who previously did the same role, and left the firm in November 2023, according to a Vontobel spokesperson. 

Ho has more than 15 years of experience dedicated to private and retail bank wholesale fund distribution in Southeast Asia (SEA) and the broader Asian region. According to the media release, she is responsible for developing the firm’s distribution business by establishing and supporting partnerships with major financial intermediaries at Vontobel.

“We are pleased to welcome Clarabelle to Vontobel,” Singapore-based Lee said in the release. “Her established track record, client-focused mindset and industry knowledge will strengthen our engagement with key stakeholders and sharpen our commitment to delivering innovative investment solutions that meet investors’ evolving needs.” 

Vontobel is an international investment management firm with Swiss roots, providing investment and advice to private and institutional clients. The firm has been in Apac since 2008, and have teams in Hong Kong, Singapore, Tokyo, and Sydney.

Headquartered in Zurich, Vontobel has offices in 28 locations world-wide. Vontobel Holding’s shares are listed on the SIX Swiss Exchange, with the majority owned by the founding family. As of June 30, 2024, Vontobel held approximately CHF225.9 billion ($259.3 billion) of total client assets.

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FinanceAsia Achievement Awards 2024: entries are now open | FinanceAsia

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FinanceAsia’s annual Achievement Awards recognises excellence in bringing together those issuers, banks, investors, advisors and other market participants, who are working hard to develop and expand Asia Pacific’s (Apac) financial markets.

This year, for the first time, we are also looking to recognise excellence in the fast-growing markets of the Middle East.

We are looking to recognise the standout companies and strategies that are redefining the way issuers and investors are interacting with markets and adapting to evolving regulatory requirements and diverse needs, amid an increasingly competitive environment.

There are both Deal awards and House awards across a range of categories and markets. For more details please see here for Apac and here for the Middle East. 

In addition, our Deal Maker Poll rewards individuals who have been instrumental in closing some of the region’s most ambitious deals over the last 12 months.

The timeline for the deals is October 1, 2023 to September 30, 2024.

We look forward to your participation and seeing your entries! Please click here to find out how to enter at our dedicated Awards website. For frequently asked questions click here and for list of our experienced judges see here. 

Key dates: 

August 19: Awards’ launch

Early-bird entry deadline: September 6, 2024

Main entry deadline: September 19, 2024 

Entries’ evaluated by judges: October 2 to November 6, 2024 

Winners’ announced: November 2024 

Awards’ ceremony: February 2025, date TBD  


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Platinum Equity buys controlling stake in Inventia Healthcare’s OSD arm | FinanceAsia

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From Invascent’s India Life Sciences Fund III, New York Life Investment Management Jacob Ballas India Fund III, and affiliates of the company’s founding Shah family, US private equity firm Platinum Equity has acquired a controlling stake in the core Oral Solid Dosage ( OSD ) business.

A majority stake in Inventia is still owned by the Shah home. Invengene and Nutriventia, the injectables and nutraceuticals companies, respectively, are certainly part of the transaction and are being retained differently by the Shah home, according to an August 30 press release. &nbsp,

The acquisition’s financial details and the stake’s length were not made public.

Inventia, which has its headquarters in Mumbai, was cofounded in 1985 by the late president and managing director Janak Shah and Maya Shah, both of whom are now senior directors. For both ordinary and value-added pharmaceuticals, Inventia has around 100 customers who supply both semi-finished and finished OSD formulas. Inventia’s colleagues include global and local medicine companies that sell in more than 40 countries across North America, South America, Europe, Southeast Asia, Middle East and Africa.

In Maharashtra, India, Inventia runs a manufacturing facility in Ambernath and a research and development center in Thane. The company’s manufacturing platform is accredited by the US Food and Drug Administration ( FDA ), the UK’s Medicines and Healthcare products Regulatory Agency ( MHRA ) and other&nbsp, regulatory authorities.

” This investment represents a significant milestone in the evolution of Inventia. We are thrilled to discover Platinum Equity’s expense in our main OSD company, said Maya Shah and the later Janak Shah in a joint statement due to Janak Shah’s new departure.

They added:” This relationship will funnel Inventia’s advantages and Platinum’s operational knowledge to force us to new levels. We are firmly committed to our vision, and we are assured that this partnership will encourage further development and innovation. Our vision for Inventia has always been to deliver high-quality, available medical items, and with Platinum Equity, we believe this vision will only increase stronger”.

The Asia funding team at Platinum Equity, based in Singapore, is tasked with leading the acquisition.

In a statement, Platinum Equity managing director Amit Sobti stated,” We believe Inventia is a solid platform for development in a fragmented industry, and our goal is to create a larger, more developed B2B firm focused on the beautiful but underprivileged emerging industry.” &nbsp,

By bringing in our operational and financial resources to further institutionalize the organization and set it up for success on a substantially greater range, Sobti continued,” We are excited to develop upon the strong base set by the Shah home.” Inventia’s existing product pipeline you generate strong healthy growth over the near future, which we will look to enhance through acquisitions, with an emphasis on broadening the company’s product portfolio and capabilities”.

Kotzubei stated that Platinum Equity will continue to look for platform deals in India that are appropriate for the company’s investment strategy in addition to looking for Inventia add-ons.

There are more opportunities available today that fit our approach, he explained, and the buyout market in India is continuing to evolve. ” There are more mature businesses with a greater need for operational support, including founders or family-owned businesses looking for a partner who can provide both operational expertise and capital. We have a lot of experience in those situations”.

Platinum Equity’s exclusive financial advisor on the transaction was Barclays. Trilegal and Lacham Watkins acted as India legal counsel for Platinum Equity while Austin Watkins was their international attorney. Kirkland &amp, Ellis provided financing counsel to Platinum Equity on the transaction.

Rothschild &amp, Co and Stifel Nicolaus India ( formerly Torreya Partners ) served as financial advisers to the sellers. Quillon Partners provided legal counsel to the sellers during the transaction.

FinanceAsia has reached out for more information.

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Platinum Equity buys controlling stake in Inventia Healthcare | FinanceAsia

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Invascent’s India Life Sciences Fund III, New York Life Investment Management Jacob Ballas India Fund III, and affiliates of the company’s founding Shah family have all acquired controlling stakes in Inventia Healthcare’s core Oral Solid Dosage ( OSD ) business from private equity firms Invascent’s India Life Sciences Fund III, New York Life Investment Management Jacob Ballas India Fund III, and other companies.

A majority stake in Inventia is still owned by the Shah home. Invengene and Nutriventia, the injectables and nutraceuticals companies, respectively, are certainly part of the transaction and are being retained differently by the Shah home, according to an August 30 press release. &nbsp,

The size of the play or the financial terms of the merger were not made public.

Inventia, which has its headquarters in Mumbai, was co-founded in 1985 by the late president and managing director Janak Shah and Maya Shah, both of whom are now senior directors. For both ordinary and value-added pharmaceuticals, Inventia has around 100 customers who supply both semi-finished and finished OSD formulas. Inventia’s companions include global and local medicine companies that sell in more than 40 countries across North America, South America, Europe, Southeast Asia, Middle East and Africa.

In Maharashtra, India, Inventia runs a production facility in Ambernath and a research and development center in Thane. The company’s manufacturing platform is accredited by the US Food and Drug Administration ( FDA ), the UK’s Medicines and Healthcare products Regulatory Agency ( MHRA ) and other&nbsp, regulatory authorities.

” This investment represents a significant milestone in the evolution of Inventia. In a combined statement released just before Janak Shah’s moving, Maya Shah and the late Janak Shah, both as business owners and long-standing administrators, we are thrilled to discover Platinum Equity investing in our main OSD business.

They added:” This relationship will funnel Inventia’s advantages and Platinum’s operational knowledge to force us to new levels. We are firmly committed to our mission, and we are assured that this partnership will encourage more development and innovation. Our vision for Inventia has always been to deliver high-quality, available medical items, and with Platinum Equity, we believe this vision will only increase stronger”.

The Singapore-based Asia funding team at Platinum Equity is in charge of the acquisition.

In a statement, Platinum Equity managing director Amit Sobti stated,” We believe Inventia is a solid platform for development in a fragmented industry, and our goal is to create a larger, more developed B2B firm focused on the beautiful but underprivileged emerging industry.” &nbsp,

By utilizing our operational and financial resources to further institutionalize the company and prepare it for success on a substantially larger scale, Sobti continued,” We are excited to develop upon the strong base set by the Shah home.” Inventia’s existing product pipeline you generate strong healthy growth over the near future, which we will look to enhance through acquisitions, with an emphasis on broadening the company’s product portfolio and capabilities”.

Kotzubei stated that Platinum Equity will continue to look for program offers in India that are appropriate for the company’s investment strategy in addition to looking for Inventia add-ons.

There are more possibilities available now that fit our approach, he explained, and the buyout market in India is continuing to develop. ” There are more mature businesses that require more operating support, such as founder- or family-owned businesses that are looking for a partner with the ability to provide both operating expertise and capital. We have a lot of knowledge in those conditions”.

Silver Equity acted as Barclays ‘ special financial advisor during the transaction. Along with Trilegal as India’s constitutional representative for Platinum Equity, Lacham Watkins served as Trilegal’s global legal counsel. Kirkland &amp, Ellis provided financing guidance to Platinum Equity on the exchange.

Rothschild &amp, Co and Stifel Nicolaus India ( formerly Torreya Partners ) served as financial advisers to the sellers. Quillon Partners provided constitutional lawyers to the buyers during the transaction.

FinanceAsia has reached out for more details.

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Lighthouse Canton boosts North Asia and SEA wealth management teams | FinanceAsia

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Singapore-headquartered Lighthouse Canton has appointed Stella Lau as managing director, wealth advisory where she will be strengthening the company’s client base and leading the growth strategy for North Asia.

A market veteran, Lau has over two decades of private banking and leadership experience. She was previously Greater China market group head at Deutsche Bank and has held similar roles, managing and expanding North Asia market teams at JP Morgan, UBS, and Credit Suisse.

Lau’s team will provide co wealth solutions to ultra-high-net-worth clients, families, and institutions.

In addition, Charlene Lin has been promoted to managing director, strategic growth – North Asia and Southeast Asia (SEA). A founding member of Lighthouse Canton, Lin has been pivotal in establishing the company’s presence across Asia since its inception in 2014, a statement said. 

Shilpi Chowdhary, Lighthouse Canton’s group CEO, said in a statement: “Under the leadership of Stella and Charlene, I’m confident that we have a formidable team, deeply committed to delivering excellence and innovation. Their extensive experience and expertise are invaluable assets to our company, and I’m certain their teams will be instrumental in advancing our growth strategy.”

Rapid growth

In H1 2024, Lighthouse Canton reported a 89% increase in revenue compared to the same period last year to assets under management (AUM) of $3.7 billion.

The firm’s AUM is expected to cross $4 billion by the end of 2024 with growth in markets including Singapore, the Middle East, and India. Additionally, it has seen a 23% increase in hires since the start of the year and is continuing to make strategic appointments across business lines.

Lighthouse Canton employs more than 160 professionals across its offices in Singapore (based in Collyer Quay – pictured), Dubai, India, and London.

The firm offers wealth and asset management services to ultra-high-net-worth individuals, families, family offices, private accredited investors, and institutional investors.

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EQT Private Capital Asia agrees .1bn deal for PropertyGroup Guru; buys Korean recycler and seeks .5bn fundraise | FinanceAsia

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PropertyGuru Group ( PropertyGuru), a leading property technology company in Southeast Asia ( SEA ), has been acquired by Hong Kong-based EQT Private Capital Asia for$ 1.1 billion in cash.

TPG ( through TPG Asia VI SF and TPG Asia VI SPV, in its capacity as general partners of TPG Asia VI Digs ), which owns around 26.5 %, and KKR ( through Epsilon Asia Holdings II ), which owns around 29.6 % of the business. In order to help the bargain, both companies have entered into voting and aid contracts with the business and EQT Private Capital Asia. &nbsp,

PropertyGuru’s board of directors, acting upon the advice of a particular commission, unanimously approved the deal and recommends acceptance of the acquisition by PropertyGuru’s owners, according to an August 16 news.

The offer is equal to$ 6.70 per share and represents a 52 % premium to PropertyGuru’s closing share price on May 21, 2024, the last unaffected trading day prior to media speculation regarding a potential transaction, and a 75 % and 86 % premium to the company’s 30-day and 90-day volume-weighted average share price, respectively, for the period ending May 21, 2024, the announcement said. &nbsp,

The deal is expected to close in Q4 2024 or Q1 2025, subject to final problems, including acceptance by PropertyGuru’s shareholders and certificate of regulatory approvals.

Upon completion of the transaction, PropertyGuru’s shares will no longer trade on the New York Stock Exchange ( NYSE), and PropertyGuru will become a private company. PropertyGuru’s office will be in Singapore.

 

Freshfields Bruckhaus Deringer acted as the unique committee’s legal counsel, and Moelis &amp, Company is its financial consultant. Ropes &amp, Gray serves as EQT Private Capital Asia’s legal advisor, and Morgan Stanley Asia ( Singapore ) serves as its financial advisor. Latham &amp, Watkin is KKR and TPG’s legal advisor, and JP Morgan Securities Asia Private is their financial director.

 

PropoertyGuru Group has a consolidation program with members of BPEA Private Equity VIII, a purpose-driven international investment company, in order to have the business acquired by EQT Private Capital Asia. &nbsp,

 

Development potential&nbsp,

 

The firm was founded in 2007 by Steve Melhuish and Jani Rautiainen, and provides online property markets for home seeking, real estate agents, home developers, banks and brokers across Singapore, Malaysia, Vietnam and Thailand. In a special purpose acquisition ( SPAC ) agreement with Bridgetown 2 Holdings, which Richard Li and Peter Thiel supported, PropertyGuru was listed on the NYSE in March 2022 and raised$ 254 million. &nbsp,

Hari Krishnan, chief executive officer &amp, managing director, PropertyGuru, said in a statement,” We are pleased to embark on this new chapter with EQT. This agreement comes after decades of transformative growth, which TPG and KKR have supported, making us the industry’s top proptech platform.

Krishnan added:” As we continue to innovate and provide value to our consumers, customers, and stakeholders across the place, EQT’s international experience in building marketplaces and commitment to sustainable development will further improve our perception to power communities to live, function, and thrive in tomorrow’s cities”.

” PropertyGuru has firmly established itself as the leading property market system in Lake, and we are deeply impressed by the strong base it has built over the past 17 years as well as with its brilliant team,” said Janice Leow, partner in the EQT Private Capital Asia consulting team and head of EQT Private Capital SEA.

Leow continued,” We think our offer strategically positions PropertyGuru to fully exploit its long-term growth potential while offering shareholders compelling value and certainty.” With EQT’s significant experience in the technology, online classifieds and marketplace sectors, we aim to further strengthen PropertyGuru’s platform, driving enhanced innovation and deeper engagement with its consumers, customers and stakeholders”.

Buys Korean recycler, seeks$ 12.5bn raise

For an undisclosed sum, EQT Infrastructure VI purchased a KJ Environment from Genesis Private Equity. According to a media release, the goal is to establish” a sclaed and diversified end-to-end waste treatment scheme platform focused on plastic recycling and waste-to-energy in South Korea.” &nbsp,

KJ Environment works across recyclable waste sorting, plastic recycling and waste-to-energy. It has locations in the Greater Seoul Metropolitan Area, which provide services to catchment areas that account for more than 50 % of the nation’s GDP and population.

The purchase is EQT’s second infrastructure investment in South Korea.

In the release, Sang Jun Suh, a partner in the EQT infrastructure advisory team, stated,” We look forward to using EQT’s extensive experience investing in sustainable waste and recycling solutions across geographies, combined with our strong local footprint and industrial network, to help KJ Environment become a true market leader in the waste treatment space.

The business strengthens EQT’s track record of supporting infrastructure companies in the Asia Pacific region by extending its global portfolio of businesses that engage in waste-related business. Since 2020, EQT Infrastructure has invested €5 billion ($ 5.52 billion ) of equity, including co-investment, in Asia Pacific companies. Around 11, 000 people work the portfolio managed by EQT’s infrastructure team in Asia Pacific.

The transaction is subject approvals and&nbsp, is expected to close in Q4 2024. EQT was advised by JP Morgan on financials, Kim &amp, Chang for legal, and PwC for financial and tax.

With this transaction, EQT Infrastructure VI is expected to be 45-50 % based on target fund size and subject to customary regulatory approvals.

Meanwhile, EQT is looking to raise around$ 12.5 billion for EQT Private Capital Asia’s BPEA Private Equity Fund IX.

 

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