Image source: Interplex
US private equity firm Blackstone Inc (NYSE: Chart BX - $83.94 0.51 (0.604%) ) is in talks to acquire Interplex Holdings, a Singapore-based technology and engineering company, in a transaction worth at least $1 billion.
Citing confidential sources, Reuters reported on Tuesday that Blackstone has emerged as a leading bidder and that a deal could be announced within a few weeks.
Sources said Blackstone is now hammering out the details of a transaction with Interplex’s owner, Baring Private Equity Asia (BPEA).
Blackstone is said to have no exclusivity, as other parties remain in contention, sources said.
Interplex makes components used in electric vehicles, medical and scientific equipment, autonomous driving applications and cloud computing. According to its website, the company has customers in more than two dozen locations in 13 countries.
BPEA bought Interplex, formerly known as Amtek Engineering, in 2016 from CVC Capital Partners and Standard Chartered Private Equity, taking the company private in a $331 million deal.
None of the relevant parties commented on Tuesday’s report.
The potential deal comes two months after Blackstone announced a $3.05 billion bid for Chinese property developer Soho China. https://www.bloomberg.com/news/articles/2021-06-16/blackstone-offers-up-to-3-05-billion-for-developer-soho-china
The transaction, which is under review by China’s antitrust regulator, is Blackstone’s biggest bet yet on the commercial real estate market in Asia’s largest economy.