Hong Kong's Baring Private Equity Asia is exploring a merger of two Hong Kong-based business services firms it owns, Tricor and Vistra, Bloomberg News reported on Saturday.
BPEA - which Sweden-based private equity fund EQT agreed to buy earlier this year in a deal worth 6.8 billion euros - is working on a merger that could value the two portfolio companies at between $7 billion and $8 billion, the report added. BPEA has notified Tricor and Vistra's creditors about the merger plan, the report said, citing people familiar with the matter.
The Hong Kong-based private equity firm acquired Tricor from buyout group Permira in November last year in a deal valuing the business expansion specialist at $2.76 billion including debt.