Northstar bids for Innovalues

The private-equity firm joins a trend of targeting Asian precision manufacturers servicing the transport sector.

Northstar Equity Partners intends to acquire Singaporean precision-parts maker Innovalues Limited for $239 million.

Private-equity managers have been bidding for high-end manufacturers throughout Asia, driving up valuations.

One analyst at Maybank Kim Eng, issuing a report, said Northstar has achieved fair value’ for its Innovalues offer of S$1.01 per share.

Innovalues shareholders are also being offered the option to take S$0.61 per share in cash, plus shares priced at S$0.41 in Precision Solution Group, a special purpose vehicle set up by Northstar to make the acquisition.

The transaction, announced Wednesday, October 26,...

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