M&A

AA REIT acquires Boardriders APAC HQ in Queensland for $37 mil
SINGAPORE (May 15): The manager of AIMS APAC REIT (AA REIT) announced it is acquiring Boardriders APAC HQ in Queensland, Australia, from GSM Rocket Australia for a consideration of A$38.5 million ($36.9 million). The property is acquired with a headline yield of 7.8%, a lease term of 12 years and annual rental escalation of 3.0%. The headline yield is derived from the first year net property ...
Aussie competition regulator to block TPG-Vodafone merger
(May 8): Australia's competition regulator will oppose to the A$15 billion ($14.3 billion) merger between mobile phone and Internet data providers TPG and Vodafone Hutchison Australia (VHA). Shares in TPG, which became Singapore's fourth mobile operator in 2016, and Hutchison Australia plummeted after the Australian Competition and Consumer Commission (ACCC) accidentally published the news on ...
Medinex makes $1.2 mil acquisition of business support services firm
SINGAPORE (May 8): Medinex Limited is acquiring full ownership of SKI Corporate Services and SKI Consultancy, collectively known as the SKI Group, for a total consideration of $1.2 million. The SKI Group provides business support services such as accounting, tax and corporate secretarial services to clients mainly in the IT advertising industries, which Medinex claims not to have a strong ...
Axiata and Telenor in talks to merge Asian operations
KUALA LUMPUR (May 6): Two Asian telco giants — Malaysia-based Axiata Group Bhd and Norwegian Telenor Group — are in talks to merge their operations in Asia. In terms of geographical presence, Axiata has a wider footprint. While the two mobile service operators both have a presence in Malaysia, Thailand, Myanmar, Bangladesh and Pakistan, Axiata also operates in India, Sri Lanka, Nepal, ...
GIC acquires 10% stake in Terminal Investment Limited
SINGAPORE (May 3): GIC, Singapore’s sovereign wealth fund, has acquired a 10% interest in Terminal Investment Limited (TIL). TIL is the sixth largest container terminal operator in the world, from Global Infrastructure Partners (GIP) and other existing co-investors. TIL has a globally diversified portfolio that handles the container volumes of the Mediterranean Shipping Company (MSC), the ...
Manulife US REIT acquires Virginia asset for US$122 mil; proposes US$94 mil private placement to fund deal
SINGAPORE (April 29): Manulife US REIT has agreed to acquire a freehold 11-storey Class ‘A’ office asset at the Washington Metropolitan area in Fairfax, Virginia, for a consideration of US$122 million ($166.1 million) from Carr Properties. Comprising two towers dubbed Centrepointe I and II, the property is located along 4000 and 4050 Legato Road and features a total net lettable area (NLA) ...
Keppel asset management unit acquires 3 commercial buildings in Seoul for $510 mil
SINGAPORE (April 29): Keppel Capital Holdings, the asset management arm of Keppel Corporation Limited, says its Alpha Asia Macro Trends Fund III (AAMTF III) is acquiring 100% stakes in three Grade ‘A’ freehold commercial buildings in Seoul, Korea, for a total of KRW 430 billion ($510 million). The portfolio of three commercial buildings comprises Yeouido Finance Tower at the Yeouido ...
Memories Group acquires stake in owner of three Yangon hotels for $4.3 mil
SINGAPORE (Apr 29): Memories Group, the SGX-listed company focused on the tourism industry in Myanmar, is acquiring a stake in the 50% owner of three hotels. Memories is acquiring Strand Hotel International Limited (SHIL) which holds a 50% stake in Myanmar Hotel International Company, which has long-term leasehold rights and the rights to develop, operate, and manage three hotels in Yangon – ...
Memories acquires 15.3% stake in Strand Hotel for up to US$3.7 mil
SINGAPORE (Apr 26): Memories Group is acquiring a 15.28% stake in Strand Hotel International from Oakfame Investment and its holding company, Sun Hung Kai & Co. The consideration will be settled by way of issuance of unlisted convertible bonds amounting to US$3.2 million ($4.4 million) at the coupon rate of 5% per annum. The group has entered into a conditional convertible bond ...
Olam offers to buy Nigeria's Dangote Flour amid focus shift
(Apr 24): Olam International made a cash bid to buy Dangote Flour Mills Plc of Nigeria as the Singapore-based agriculture trader looks to expand in West Africa as part of a rejig of its portfolio. Olam will offer 130 billion naira ($490 million) for Lagos-based DFM, which is part of the business empire of Aliko Dangote, Africa’s richest man. The price was calculated on a debt-free basis, and ...