Asia Private Equity Weekly News - August 27

HONG KONG, August 27 Tue Aug 27, 2013 3:26am BST

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HONG KONG, August 27 (Reuters) - News and developments in Asia private equity from Reuters News for the week ending Aug. 23.

AUGUST 23

BARING PRIVATE Equity Asia has agreed to buy a controlling stake in Indian outsourcing service provider Hexaware Technologies Ltd for about $420 million, underscoring the potential for growth in the country's showcase information technology sector.

TOSHIBA CORP, U.S. private equity firm KKR & Co LP and a consortium including Bain Capital are expected to participate in the final round of bids next week for Panasonic Corp's healthcare business, a deal that could fetch as much as $1.5 billion, sources with knowledge of the matter said.

U.S. HEDGE funds Oaktree Capital Management and Centerbridge Partners sweetened their refinancing proposal for surfwear company Billabong International Ltd, upping the ante against a rival group led by Altamont Capital Partners.

BAIDU INC, China's largest search engine provider, will acquire a stake in Chinese group-buying website Nuomi Holdings Inc for $160 million as it accelerates its push into the country's rapidly growing mobile Internet market.

CHINESE HOME appliance retailer Suning Commerce Group Co Ltd said it aims to set up a private bank, more than a week after Beijing unveiled plans to establish more financial institutions to support cash-starved smaller firms.

KV ASIA Capital, a Singapore headquartered private equity firm founded by Karam Butalia, the former global head of Standard Chartered Bank's private equity unit, said it has raised a maiden fund of $263 million to invest in Southeast Asia. []

AUGUST 21

ANALYSIS-THE world's biggest sovereign wealth funds may see their bumper profits of 2012 diminish this year as recent diversification into high-growth emerging markets starts to produce disappointing returns.

JAPAN AND Greater China focused buyouts fund the Longreach Group said it had agreed to buy 100 percent of Japan's Hitachi Via Mechanics Limited, a maker of micro-drilling machines for printed circuit boards, for an undisclosed sum. ()

NEW CHINA Trust, which was leading a consortium of Chinese investors in a $4.8 billion bid for American International Group Inc's aircraft-leasing unit, pulled out of the deal in May, a person familiar with the situation said.

CHINA PRIVATE Equity Investment Holdings said it will invest $1 million into Adamas Asset Management HK Limited' s planned $275 million Greater China Credit Fund LP, which will provide financing to small and medium-sized companies in China.

AUGUST 20

KKR SAID it has formed a company to provide loans to the maritime industry, including offshore oilfield services and shipping companies.

AUGUST 19

CHINA CINDA Asset Management Corp, one of four companies set up in the late 1990s to manage China's bad loans, has filed an application with the Hong Kong stock exchange for a proposed $2 billion initial public offering, IFR reported.

CITIC CAPITAL, in a consortium with Oriza Holdings and China Merchants Group, has acquired a stake of not more than 25 percent in express delivery services firm, S.F. Express Group Co. CITIC Capital did the deal through its first RMB fund, CITIC Capital Tianjin Equity Investment Partnership. ()

BLACKSTONE GROUP'S real estate arm has offered to buy Hong Kong-listed construction firm Tysan Holdings Limited for $322.6 million, according to a regulatory filing.

JAPAN'S MITSUI & Co and U.S. private equity firm Carlyle Group have submitted preliminary bids for Quality Healthcare Medical Services, which is being sold by India's Fortis Healthcare and is valued at around $300 million, people familiar with the matter said.

AUSTRALIA AND New Zealand Banking Group said Andrew Geczy from Lloyds Banking Group will become chief executive of its international and institutional banking division, a key position as ANZ seeks to bolster growth in Asia and other regions.

AUSTRALIA'S NINE Entertainment, majority owned by Apollo Global Management and Oaktree, has hired Macquarie, Morgan Stanley and UBS to manage an up to A$1 billion ($920 million) IPO, slated for later this year or early next year, IFR reported.

CHINA SPORTWEAR company Exceed Co Ltd said it had received a going-private proposal from its chairman and chief executive officer, Shuipan Lin, and investors including funds of New Horizon Capital.

SIX BANKS have joined the $250 million five-year amortising tranche of the $330m financing backing the buyout of China-based software and IT firm AsiaInfo Linkage Inc, Basis Point reported citing sources.

ORRICK, HERRINGTON & Sutcliffe LLP said it had hired Edward Johnson as a partner in its M&A and private equity practice based in its Tokyo office. ()

AUGUST 18

SEQUOIA CAPITAL, a venture-capital firm known for early-stage investments in companies such as Google Inc , has raised $1.17 billion for three different funds, according to regulatory filings. Its China Venture Fund totals $391.4 million, including two affiliated funds.