The largest Malaysia-Singapore M&A ever?

With an enterprise value of over $1 billion, MISC''s acquisition of AET from NOL sets a new record.

It is the largest transportation MA globally in 2003 and bankers suspect it is the biggest ever MA between Malaysia and Singapore - two countries that are not known for selling assets to each other. Petronas-controlled MISC has paid Singapore's NOL $445 million for American Eagle Tankers AET, an asset that will fuel MISC's global shipping pretensions.

The size of the deal goes above $1 billion if you include debt assumed and measure the strict enterprise value. Bankers close to deal are ecstatic that such a deal could get done in the midst of SARS and such turbulent markets.

In these challenging markets it's good to see...

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