BPEA EQT is set to merge two of its Hong Kong-based portfolio companies – business services firms Tricor and Vistra – in a deal valuing the combined entity at about $6.5 billion including debt, according to a report by Bloomberg.
BPEA EQT is set to merge two of its Hong Kong-based portfolio companies – business services firms Tricor and Vistra – in a deal valuing the combined entity at about $6.5 billion including debt, according to a report by Bloomberg.
Unnamed Bloomberg sources have revealed that a merger agreement has been signed and the deal could be completed as soon as the third quarter of this year. The valuation of the combined business is reportedly based on the sale of a minority stake in Vistra to Canadian public sector pension manager PSP Investments for “a few hundred million dollars”.
As part of the deal, Tricor and Vistra will be refinancing existing debt in a $2.5 billion loan package, with the newly-created business set to generate about $1 billion in revenue and numbering around 9,000 employees in more than 50 markets, according to Bloomberg’s sources.
Vistra chief executive officer Simon Webster will head up the new combined company, with Dominique Cerutti taking up the role of non-executive chairman – the position he currently holds at Vistra.
According to their websites, Tricor provides business operations and corporate governance support including accounting, payroll and secretarial services for publicly-traded and closely-held companies, while Vistra offers back-office services including accounting, corporate secretarial work, company formation, compliance and transaction support.
