
ARA Asset's founder leads consortium to buyout firm
The deal is worth $1.78b.
ARA Asset Management Ltd's founder is teaming up with private-equity firm Warburg Pincus and other investors to buy out the Singapore-listed real estate fund manager in a deal that values the company at $1.28 billion (S$1.78b).
The existing shareholders, CEO and founder John Lim, Straits Trading Company Ltd (STCM.SI) and Cheung Kong Property Holdings Ltd (1113.HK), own 46.24 percent of the company.
The acquiring consortium, which includes AVIC Trust Co, is offering S$1.78 ($1.28) per ARA share, the companies said in a statement. The offer represents a 19 percent premium to the company's last traded price.
Read more here from Reuters.