Buyout Firm EQT Mulls Sale of Singaporean Services Firm
(Bloomberg) -- Private-equity firm EQT AB is considering a sale of In.Corp Group amid investor interest for the corporate services provider, according to people familiar with the matter.
EQT is working with a financial adviser on the potential sale of Singapore-based In.Corp, which could fetch several hundred million dollars, the people said. The asset could draw interest from some investment funds and companies, said the people, asking not to be identified because the deliberations are private.
In.Corp provides companies services from entity incorporation, outsource accounting to tax filing and winding up, serving the so-called “entire life cycle” of a business, according to its website. The firm has offices in Singapore, India, Indonesia, the Philippines, Hong Kong, Malaysia and Vietnam. It counts more than 7,000 customers and has expanded over the years by combining different operators including Rikvin in Singapore.
EQT invested in In.Corp in 2016 without disclosing financial details.
Sale considerations are still preliminary and a formal process could kick off later this year, the people said. A representative for Stockholm-based EQT declined to comment.
EQT is the biggest private equity firm in the Nordic region. It saw a 32% jump in profits last year, benefiting from an increase in deal-making including blockbuster transactions such as the acquisition of Nestle’s skincare unit. Its market value has almost doubled since it went public in September.
Shares of EQT fell 3.1% in Stockholm on Thursday amid a global sell-off in equities on concerns over the novel coronavirus outbreak and its impact on the world’s economy.
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