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Private equity giant Kohlberg Kravis Roberts & Co. has put its recently closed $4 billion Asia fund to work this week with the leveraged buyout of Unisteel Technology Ltd., a disk drive component developer in Singapore.
KKR edged out rival buyout shops Bain Capital LLC and Carlyle Group with the $578 million LBO. Private equity firms have been increasingly active in Singapore's tech sector over the past two years. In April 2007, KKR bought MMI Holdings Ltd., a disk drive parts maker in Singapore, for $660 million. And in June 2007, United Test and Assembly Center Ltd. agreed to be taken private by TPG Capital and Affinity Equity Partners for $1.5 billion. UTAC provides test and assembly services for a range of semiconductor devices, including memory and logic integrated circuits. Morgan Stanley will provide the debt financing. Unisteel shareholders will receive a premium of 42.0% to its one-month volume-weighted average price to April 15, the day before Unisteel announced in response to a query by the Singapore Exchange Securities Trading Ltd. that it was reviewing strategic options. It is also a premium of 27.2% to its average price in the six months to April 15. - George White The Deal.com will have full coverage later in the day. See Special Report on PE in Singapore on TheDeal.com See story on UTAC on TheDeal.com See Dow Jones story on KKR's Asia fund CategoriesPrivate capital video
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