Asian private equity firm set to acquire Scottish Pacific Group for $630 million

Asian private equity firm set to acquire Scottish Pacific Group for $630 million

Affinity Equity Partners, a large Asian private equity firm, is set to acquire Scottish Pacific Group (ASX: SCO) for $630 million.

The deal, to be approved by shareholders, will see Affinity purchase 100 per cent of SCO's shares for $4.40 per share representing a premium of 17.6 per cent.

Established in 2004, Affinity is one of the largest independent Asian private equity firms and recently closed a funding round that raised approximately US$6 billion in December 2017.

The directors of SCO have given their blessing to the deal, recommending shareholders accept the acquisition.

Each member of SCO's leadership team, who hold 3.2 per cent of SCO in total, have confirmed that they intend to vote in favour of the acquisition.

Shareholders will be given the chance to vote on the acquisition at a meeting on 30 November 2018.

Shares in SCO have soared following the acquisition announcement, and are up 15.24 per cent to $4.31 per share at 2.21pm AEST.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Get our daily business news

Sign up to our free email news updates.

Please tick to verify that you are not a robot

 

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Top tips for successful digital transformation
Partner Content
Digital transformation, when done well, can transform your organisation's operation...
Advertisement

Related Stories

Early-stage funding hits record high as mega-deals drop off

Early-stage funding hits record high as mega-deals drop off

Despite venture capital funding falling by a third for Australian s...

The Star hit with two more shareholder class actions

The Star hit with two more shareholder class actions

Law firms Phi Finney McDonald and Shine Lawyers (ASX: SHJ) have ser...

Long-term Transurban CEO departs as company posts record revenue and earnings

Long-term Transurban CEO departs as company posts record revenue and earnings

After almost 11 years at the helm of toll road operator Transurban ...

Owner of Betty's Burgers, Boost Juice returns to Australian hands at $350m valuation

Owner of Betty's Burgers, Boost Juice returns to Australian hands at $350m valuation

The parent company of Boost Juice is set to return to Australian ha...