Permira mandates Goldman Sachs for up to $2 bln sale of Tricor - sources

CTF Services

18/08/2021 06:14

By Kane Wu
    HONG KONG, Aug 18 (Reuters) - Private equity firm Permira
has mandated Goldman Sachs  GS.N  to run a sale of business
services company Tricor Group in a deal that could fetch up to
$2 billion, three people with knowledge of the transaction told
Reuters.
    The sale process is expected to kick off soon after an
initial gauge of market interest, said one of the sources. 
    Permira is targeting a $2 billion valuation for the asset,
although the price tag could range from $1.5 billion to $2
billion, said the people, who declined to be named as the
information is confidential.
    Hong Kong-headquartered Tricor, Permira and Goldman declined
to comment. 
    Permira, headquartered in London, in 2016 won a bid to buy
Tricor https://www.reuters.com/article/us-bank-east-asia-m-a-permira-idUSKCN1251AR
 from Bank of East Asia  0023.HK  and NWS Holdings Ltd  0659.HK 
for HK$6.5 billion ($837.9 million). 
    Founded in 2000, Tricor's offering includes investor and
initial public offering services, human resources and payroll,
corporate trust and debt, fund administration and international
expansion, according to its website.
    The company has 47 offices in 21 countries or territories
with over 50,000 clients, the website said.
    In July, Tricor signed deals to buy PT ASA Indonesia which
provides local payroll, accounting and tax services, and NZGT
Holding Company Ltd, which specialises in trust business in New
Zealand.

 (Reporting by Kane Wu; additional reporting by Scott Murdoch;
Editing by Stephen Coates)
 ((kane.wu@thomsonreuters.com; +85228436590; Reuters Messaging:
kane.wu.thomsonreuters.com@reuters.net))