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3i steps up pace in Asia-Pacific
Bill Condie, Evening Standard08.04.08
Buyout group 3i is poised to take control of a Singapore-based manufacturer in its first Asia-Pacific takeover for a decade.
The firm's managing partner for Asia, Chris Rowlands, would not name the target - an unlisted company - but said the deal will be worth $160 million (£80.2 million) and will be unveiled within a fortnight.
"This is the first deal where we will have a majority position," he said. "We're extending the range of private-equity investing in Asia and starting to develop our buyout business here." 3i has added six partners in the region in a year.
Until now, it has focused on minority-stake investments in India, Hong Kong, China and South-east Asia. It manages about £500 million of assets in Asia, about 10% of its global total.
Earlier this month, 3i took a £50 million stake in Hyperion Insurance Group to help fund its expansion in the Middle East and Asia.
