Sidley advised EQT on the €6.8 billion (approximately US$6.7 billion) agreement to acquire Baring Private Equity Asia (BPEA), a leading private markets investment firm in Asia with US$19.5 billion of assets under management. The acquisition was completed on October 18, 2022.
Under the terms of the deal, BPEA received 191.2 million new ordinary EQT shares and €1.6 billion (US$1.57 billion) in cash. It is reported as being the largest takeover of a private equity firm by another in the sector. The entity postmerger, BPEA EQT, has private equity teams based in Bejing, Hong Kong, Mumbai, Seoul, Shanghai, Singapore, Sydney, and Tokyo.
The Sidley team was led by partner and co-leader of Sidley’s Asia Investment Funds practice Han Ming Ho and counsel Josephine Law, supported by senior associate Reina Chua and associate Zishen Chong.