BPEA EQT has completed the merger of two Hong Kong business services firms it owns, Tricor and Vistra, in a deal that values the combined entity at about $6.5 billion including debt.
(Bloomberg) — BPEA EQT has completed the merger of two Hong Kong business services firms it owns, Tricor and Vistra, in a deal that values the combined entity at about $6.5 billion including debt.
Vistra Chief Executive Officer Simon Webster will lead the combined company, according to a statement on Friday, confirming an earlier Bloomberg News report. The combination would create a business with over 9,000 employees across more than 50 jurisdictions.
“The two business are highly complementary and have capabilities which together offer clients a range of significant value-creation opportunities,” Webster said in the statement. “Through this combination, we can provide an expanded range of products and services across a broader geographic footprint.”
BPEA EQT had been working with advisers on a merger of the two portfolio companies, Bloomberg News reported in September 2022. A merger of Vistra and Tricor could help the buyout owner reduce operating costs and boost revenues, people familiar with the matter said at the time. An agreement was signed earlier this year, Bloomberg News reported in March.
Canadian public sector pension manager PSP Investments and US investment firm Neuberger Berman are co-investors in the combined company, according to people familiar with the matter, who asked not to be identified as the information is private. A representative for EQT declined to comment, while representatives for PSP and Neuberger Berman didn’t immediately respond to requests for comment.
Founded in 2000, Tricor provides business operations and corporate governance support including accounting, payroll and secretarial services for publicly-traded and closely-held companies, according to its website. It also offers investor and share registry services. It counts about 50,000 clients globally, of which about 40% are in mainland China. BPEA completed its purchase of Tricor from Permira last year, in a deal that valued the company at about $2.8 billion including debt.
BPEA acquired a majority stake in Vistra from IK Investment Partners in 2015 for an undisclosed sum. Vistra offers back-office services including accounting, corporate secretarial work, company formation, compliance and transaction support, according to its website. It has over 85 offices across Asia Pacific, Europe, the Middle East and the Americas.
EQT AB last year acquired the Hong Kong-based BPEA in the biggest takeover in the private equity sector. The deal combined the two firms’ Asia private equity teams to create BPEA EQT.
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(Updates with official statement throughout.)
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