tpg-newbridge-buys-a-stake-in-bankthai

TPG Newbridge buys a stake in BankThai

The private equity firm will subscribe to new shares in the Thai bank, paying $70 million for a 25% stake.
BankThai informed the Thailand Stock Exchange yesterday that its directors have approved an investment of Bt2.3 billion $70 million by TPG Newbridge in the bank for a 24.99% stake. TPG will subscribe to new shares. The investment is yet to be approved by BankThai shareholders.

BankThaiÆs consolidated book value per share as at December 31 last year was Bt3.09. At the agreed price of Bt4.17 per share, TPG Newbridge has paid a book value multiple of 1.35 times. The shares have recently traded around Bt4.30-4.40, so TPG is buying new shares at a discount of around 5% to the traded price.

BankThai will simultaneously issue other, unnamed investors shares representing 7.9%...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222