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

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

How communications technology can raise the bar on customer service, employee experience
Partner Content
From capturing feedback early to providing messages with a higher rate of cut-through, ...
Advertisement

Related Stories

Insurance Council declares ongoing NSW floods a ‘significant event’

Insurance Council declares ongoing NSW floods a ‘significant event’

The Insurance Council of Australia (ICA) has activated its prelimin...

Bubs to raise $63m to support fast-tracked US growth spurt

Bubs to raise $63m to support fast-tracked US growth spurt

A $63 million equity raise to support growth opportunities in the U...

Sydney startup upcover raises $4.7m to disrupt "overcomplicated" insurance landscape

Sydney startup upcover raises $4.7m to disrupt "overcomplicated" insurance landscape

From its origins catering to the precarious gig economy with simpli...

Australian motoring clubs acquire largest public EV charger network Chargefox

Australian motoring clubs acquire largest public EV charger network Chargefox

Australia’s largest EV charging network Chargefox, which has ...