U.S. law firms Latham & Watkins, Ropes & Gray, and Milbank have driven the merger of BPEA EQT’s Hong Kong-based business services firms Vistra and Tricor, creating a combined enterprise valued at $6.5 billion, in a deal that is one of Asia's largest private equity-backed transactions this year.
The combined business comprises over 9,000 professionals in more than 50 jurisdictions, BPEA EQT said in a statement. BPEA EQT is the Asian private equity arm of Swedish investment firm EQT.
Latham’s team, which advised BPEA EQT on the deal, was led by Hong Kong corporate partner Simon Cooke.
Ropes & Gray advised BPEA EQT affiliated investment fund, BPEA Private Equity Fund VIII and Tricor. The team was led by private equity partners Elizabeth Todd in London and Oliver Nip in Hong Kong. Additional support was provided by PE partners Alexander Zeltser and Arek Maczka in New York, and tax partner Chris Agnoli and asset management partner Eve Ellis, both in London.
Ropes & Gray also advised BPEA EQT on its $1.25 billion acquisition of IMG Academy from Endeavour Group earlier this year and its $1.2 billion purchase of the healthcare services business Hinduja Global Solutions in 2022.
“Although Tricor and Vistra are now legally one company, there are no immediate changes for clients. The business will begin to operate as one unified brand in early 2024,” Vistra said in a statement.
Simon Webster, who joined Vistra in November 2022 as CEO, will be CEO of the combined business, BPEA EQT said.
