BEA sells Tricor to PE firm Permira for HK$6.47 billion
Wednesday, October 05, 2016
(Press Release) – Permira, the global private equity firm, announced today that a company backed by the Permira funds, has agreed to acquire Tricor Holdings Limited (“Tricor”), the leading provider of integrated business, corporate and investor services in Asia Pacific, from The Bank of East Asia, Limited (“BEA”) and NWS Holdings Limited (“NWS Holdings”). The total consideration amounts to HK$6,470 million (US$835m), including at least HK$400 million (approximately US$50m) in cash acquired as part of the transaction. BEA and NWS Holdings hold 75.61% and 24.39% respectively, in Tricor, through East Asia Secretaries (BVI) Limited, which is Tricor's sole shareholder. Tricor’s management will become investors in Tricor alongside the Permira funds.
Robin Bell-Jones, Partner at Permira in Hong Kong, added: “Permira has been focusing on the corporate services market for a number of years and with Tricor we believe we have found a real gem – a very high quality business led by a deeply experienced management team that has established Tricor as the market leader in Asia, a region which is the fastestgrowing corporate services market globally. The acquisition fits squarely into the Permira funds’ global strategy of investing in market leaders with high recurring revenues and strong cash generation in structurally growing markets.
