Baring Is Said to Edge Nearer to $1 Billion Straive Deal

(Bloomberg) -- Baring Private Equity Asia is in advanced talks to acquire content outsourcing company Straive from Swiss buyout firm Partners Group Holding AG, according to people familiar with the matter.

The parties are finalizing the details of a transaction to buy Straive, formerly known as SPi Global, for about $1 billion, the people said. Baring has emerged as the preferred buyer of the business after outbidding other private equity firms, the people said.

An announcement could come as early as this month, the people said. Talks could still be delayed or fall apart, they said. Representatives for Baring and Partners Group declined to comment.

A deal would mark Baring’s second sizable acquisition this month after it agreed to buy Hinduja Global Solutions Ltd.’s health-care services business at an enterprise value of $1.2 billion.

Partners Group has been exploring a sale of Straive as other potential investors had shown interest in acquiring the company, Bloomberg News first reported in April.

Founded in 1980, Straive provides outsourcing services to financial services firms, education, science, technical and medical research publishers globally, according to its website. It has a presence in countries including the Philippines, India, China, Vietnam, the U.S., the U.K., Singapore and Nicaragua. The company, whose headquarters is in Singapore, rebranded as Straive in April.

Partners Group bought the company from CVC Capital Partners in a 2017 deal valuing the firm at $330 million. It has since then expanded via acquisitions including last year’s purchase of a majority stake in business-to-business education technology service provider LearningMate from India-focused private equity firm Helix Investments for an undisclosed amount.

Shares of Partners Group climbed 0.8% on Friday in Zurich, valuing the firm at nearly $47 billion. The stock has risen 55% this year.

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