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KKR, TPG line up for $1bn AsiaInfo-Linkage deal

21 Feb 2012

Global private equity firms including KKR and TPG Capital are bidding alongside strategic buyers to acquire AsiaInfo-Linkage, the US-listed Chinese IT major, in a deal that could fetch more than $1bn.

According to Reuters, the company received an offer from Chinese private equity major CITIC Capital last month, when the business had a market capitalisation of $714m.

TPG Capital recently raised RMB4bn ($635m) in the first close of its two China funds, which were launched in August 2010 and will together target a final close of RMB10bn ($1.58bn).

The news follows on from a recent announcement that the firm had joined Singapore sovereign wealth fund GIC in the acquisition of RMB$750m ($119m) worth of five-year convertible bonds in Chinese sportswear maker Li Ning.

In the fourth quarter of last year TPG and KKR formed a strategic joint venture with Chinese state investor China Development Bank, which has since launched an outbound investment scheme in Hong Kong.

The move reflects efforts by the Chinese government to become a competitive force in the global investment market and to facilitate outbound M&A activity for Chinese businesses.

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