This tracker covers possible deals reported by media across Asia-Pacific over a certain period. The information is gathered from various news sources, excludes confirmed deals and is limited to potential acquisitions or sales involving companies or operations in the region. Click here to read the previous month's report.
Potential deal activity in the Asia-Pacific financial sector remained strong in April, thanks to investors' appetite for the assets of Indian nonbanking financial companies undergoing insolvency resolution process and deal buzz elsewhere in the region.
Nageswara Rao, the central bank-appointed administrator of Reliance Capital Ltd., published a final list of 54 prospective resolution applicants for the troubled firm, including IndusInd International Holdings Ltd., Yes Bank Ltd., Bandhan Financial Holdings Ltd. and TPG Asia Inc. The companies are looking to acquire the entire company, as well as several business clusters.
Separately, 13 companies made it to the final list of eligible entities vying for the prospective resolution of Srei group firms, Srei Infrastructure Finance Ltd. and Srei Equipment Finance Ltd. The eligible entities include JM Financial Asset Reconstruction Company Ltd., Assets Care & Reconstruction Enterprise Ltd., Jindal Power Ltd. and Vedanta Ltd.
In addition, a consortium led by Bandhan Bank Ltd.'s promoter, Bandhan Financial Holdings Ltd., is leading the race to acquire the mutual fund business of IDFC Ltd., The Economic Times reported, citing people in the know. The potential deal for IDFC Asset Management Co. Ltd. is estimated to be valued at 45 billion rupees.
Below is a snapshot of April reports of potential deals compiled by S&P Global Market Intelligence.
Elsewhere in the Asia-Pacific region, two possible billion-dollar deals emerged during April. Thailand's Kasikornbank PCL is looking to divest its Kasikorn Asset Management Co. Ltd. unit with a valuation of as much as $2 billion, Bloomberg News reported, citing sources. A source said the bank is seeking a strategic partner and may opt to sell a stake in the company.
Westpac Banking Corp. reportedly acknowledged receiving indicative bids for its investment platform business, which has generated a lot of interest among potential buyers. A consortium led by Commonwealth Bank of Australia and U.S.-based KKR & Co. Inc. lodged an offer, with advice from JPMorgan Chase & Co. The two companies jointly own Colonial First State Investments Ltd., which is considered the front-runner.
A number of private equity firms took sale documents, while Macquarie Group Ltd. and Netwealth Group Ltd. were expected to have lobbed bids in the first round. Further, AMP Ltd. reportedly placed a bid to acquire the investment platform, sources close to the matter told The Australian. The wealth manager is working with UBS Group AG on the first-round offer that was submitted in the week of April 16.
Suncorp Group Ltd. is said to be exploring a potential sale of its life insurance operation in New Zealand, which does business as Asteron Life Ltd. Sources believe the unit may be valued at about $300 million.
In Japan, Sumitomo Mitsui Financial Group Inc. was said to be in talks to acquire a minority stake in U.S.-based independent investment bank Marathon Capital LLC, Bloomberg reported. The companies will likely announce the deal, which includes a collaboration between Sumitomo Mitsui Banking Corp. and Marathon Capital, in the coming weeks.
Further articles about other deal possibilities
US SPACs' interest in Chinese M&A deals cools amid tighter scrutiny