Temasek buys 25% stake in AS Watson for US$5.6bn

Strategic sale takes place after a series of investor meetings held by AS Watson parent Hutchison Whampoa.

Singapore’s state investment arm Temasek Holdings has agreed to buy a 24.95% stake in AS Watson for HK$44 billion US$5.6 billion, parent company Hutchison Whampoa said on Friday.

The deal values Hutchison Whampoa's international retail and manufacturing arm at about HK$177 billion US$22 billion and sets a price benchmark for any future listing of AS Watson, one banker said.

The stake sale came to fruition after Hutchison Whampoa held a series of meetings earlier this month with investors in Asia, Europe and the US to test their interest and seek out potential cornerstone investors in AS Watson,...

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