Baring Private Equity Asia is offering S$449.6 million ($320 million) to buy Interplex Holdings Ltd., a Singapore maker of precision components backed by CVC Capital Partners.
The buyout firm will pay 82 Singapore cents a share, a 15 percent premium over its last traded price on Wednesday. The price was the winning bid from a competitive sales process earlier this year by CVC and Standard Chartered Private Equity, which jointly own 57.7 percent of Interplex.
“The offer represents an opportunity for Baring to acquire control in a precision engineering company with a strong track record, global manufacturing footprint, and diversified customer base,” the buyer and sellers said in a press release on Wednesday, adding that Baring has no plans to make changes to management team.
Interplex shares have risen 25 percent in Singapore trading this year while the city-state’s benchmark Straits Times Index lost 15 percent. Shares of Interplex were halted from trading Wednesday ahead of the announcement.
Interplex, formerly known as Amtek Engineering Ltd., is looking to markets outside Asia while boosting research and development services, Chief Executive Officer Daniel Yeong said in a June interview. The company employs over 13,000 workers and has more than 40 manufacturing plants in 13 countries, according to its website.
In 2007, a consortium led by CVC and Standard Chartered Private Equity offered to buy the shares of Amtek it didn’t already own in a deal valuing the company at S$552 million. The company raised $203 million when it relisted on the Singapore exchange in 2010, data compiled by Bloomberg show.
DBS Group Holdings is advising Baring while Rippledot Capital Advisers and Standard Chartered Bank are representing CVC and Standard Chartered Private Equity.