Nera Telecommunications SGX to Sell Stake
(Reuters) - Indonesian private equity firm Northstar Group is expanding into take-private deals, agreeing to buy a majority stake in Singapore-listed Nera Telecommunications ( NERA.SI ) and offering to buy the entire company for around $146 million, in a sign of growing ambition among Asia's private equity firms. Norway's Eltek ASA said it has agreed to sell its 50.05 percent stake in Nera to Northstar, part-owned by TPG Capital TPG.UL, for S$88.8 million ($72.6 million) or S$0.49 a share. Northstar will extend the same offer for the remaining shares in a mandatory unconditional cash offer. Northstar's offer, through wholly owned subsidiary Asia Systems Ltd, is a 6.3 percent discount to Monday's closing price for telecoms group Nera, whose operations include satellite communications and payments solutions. Northstar, like many other emerging-market private equity funds, has previously focused largely on taking a minority stake in private companie...