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...
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