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H&Q, Merrill buy controlling stake in Primax

H&Q, Merrill buy controlling stake in Primax

A group including H&Q Asia Pacific and Merrill Lynch & Co. bought a controlling stake in Primax Electronics Ltd., valuing the Taiwanese maker of computer mice, printers and paper shredders at NT$8.6 billion.
The group, which also includes Taiwan's FAT Capital, paid NT$18 per share for 70 percent of Taipei-based Primax, according to a press release issued by H&Q.
It will be the second private equity investment in Taiwan this week and the first buyout transaction on the island by H&Q. Private equity buyouts in Taiwan have reached US$2.6 billion this year, compared with the US$3.08 billion announced in all of 2006, according to data compiled by Bloomberg.
"We take it private because we want to do a lot of restructuring," Andrew Kuo, head of greater China at H&Q, said in a phone interview today. "A listed company sometimes lacks flexibility."
The transaction will be half funded through a loan from a group of banks led by Fubon Financial Holding Co., said Jack Chiang, a spokesman for Taipei-based FAT Capital.


Updated : 2021-10-21 14:34 GMT+08:00