Baring Private Equity Asia, a Hong Kong-based company, is nearing a deal to buy trust and custodial services provider Vistra Group Ltd. for about $1 billion, according to three people familiar with the matter.
Vistra owner IK Investment Partners asked potential buyers to submit final offers this week, prompting Baring to raise its bid from $950 million, said two of the people, who asked not to be identified because the information is private. A deal may be announced as early as tomorrow, though talks could still fall apart, the people said.
Vistra, formerly known as OV Group Holdings Ltd., offers services including helping businesses minimize tax by setting up offshore structures in locales such as the British Virgin Islands and Cayman Islands.
Carlyle Group and CVC Capital Partners were among other second-round bidders for the company, people familiar with the process told Bloomberg News on Wednesday.
IK, which gained independence from Swedish bank SEB AB in 1993, raised 1.4 billion euros ($1.6 billion) for its seventh fund in October 2013, having originally targeted about 1.7 billion euros. The company invests in France, Germany, the Netherlands and Scandinavia, according to its website.
A spokesman for IK declined to comment, while representatives for Vistra and Baring didn’t immediately respond to requests for comment