Asia Private Equity Weekly News, October 29, 2012

HONG KONG, October 29 Mon Oct 29, 2012 4:54am IST

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HONG KONG, October 29 (Reuters) - News and developments in Asia private equity from Reuters News for the week ending October 26.

OCTOBER 26

BLACKSTONE GROUP L.P. has agreed to buy the Huamin Imperial Building in Shanghai, a source with knowledge of the matter said, an office tower media reports say is valued at around RMB7 billion ($1.12 billion).

MACQUARIE GROUP reported a smaller-than-expected 18.4 percent rise in first-half net profit as weak markets hurt, but Australia's top investment bank reiterated its full-year profits would top the year-ago figure.

KKR & CO LP said it swung to profitability in the third quarter on its strongest delivery of cash from performance fees since the investment company went public in 2010, a result that far exceeded analyst expectations.

OCTOBER 25

CARLYLE GROUP is making its first investment in Southeast Asia, buying a stake of around 25 percent in a publicly traded Indonesian telecom towers operator for about $100 million, sources with knowledge of the deal said.

SOUTH KOREA'S Woongjin Holdings is willing to complete a $1.1 billion deal signed in August to sell a near 30 percent controlling stake in water purifier maker Woongjin Coway to domestic private equity fund MBK Partners, a court said.

U.S. PRIVATE equity firm KKR is seeing a "real opportunity" to invest in Spain's real estate and financial services in the wake of the country's debt crisis, said its co-founder Henry Kravis.

THE PUBLIC appearance of Henry Kravis at KKR's new Singapore office underscores the private equity industry's growing interest in Southeast Asia, at a time when regional funds are growing and deal volumes are falling.

CHINA HAS allowed overseas investors to buy stakes in unlisted companies in the country using offshore yuan, part of Beijing's efforts to promote international use of the Chinese currency, the Shanghai Securities News reported, citing unidentified officials.

OCTOBER 24

ONE OF Silicon Valley's most established venture funds is seeking to ferret out startup talent in India at the very earliest stages by investing in AngelPrime, a Bangalore-based incubator program to foster young companies.

EXCLUSIVE-BLACKSTONE is preparing to launch a multibillion-dollar fund that will buy stakes in hedge fund managers in the secondary market, as traditional buyers such as banks pull back amid disappointing fund performance and regulation.

OCTOBER 23

PRIVATE EQUITY firm CVC Partners has hired CIMB, Morgan Stanley and UBS to sell a stake in Indonesian group PT Matahari Department Store, sources said.

A PRIVATE equity firm founded by Chinese billionaire Yu Yong has gone hostile with its A$824 million ($850 million) takeover bid for Australia's Discovery Metals Ltd after the copper miner's board rebuffed a similar offer earlier this month.

INDIAN INDUSTRIAL group Rain Commodities Ltd agreed to buy speciality chemicals group Ruetgers in a 702 million euro ($918 million) deal that would set a new record for an Indian takeover of a German-owned business.

OCTOBER 22

U.S. PRIVATE equity investor FLAG Capital Management said it has agreed to buy Squadron Capital Advisors, an Asian private investment firm with $1.5 billion in assets controlled by the founder of Duty Free Shopping outlets Robert W. Miller.

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