IK Investment Partners has agreed to divest Vistra Group to Baring Private Equity Asia, which will acquire a majority stake in the group, according to a statement.
Hong Kong-based Baring Private Equity Asia was understood to have paid just over £1 billion ($1.54 million; €906.21 million) for the transaction and the EBITDA multiple of the deal was in the low teens, according to a source familiar with the matter.
IK Investment, a pan-European private equity firm, acquired a majority stake in financial services provider Vistra in 2009 through its IK 2007 Fund. Vistra's management team will maintain its shares in the company after this deal, which is subject to regulatory approvals.
“With Baring Asia's support we will be able to further enhance our leading position in a consolidating industry,” Vistra chief executive officer Martin Crawford said.
Baring Asia is the largest regional growth equity firm in Asia, and has made investments with transactions values totaling $2.8 billion in more than 50 companies since 1997, according to PEI's Research & Analytics division.
The firm currently manages $9 billion in assets and its most recent Fund VI beat its $3 billion target by closing on $3.99 billion in 2014.
IK and Vistra received financial advice from JP Morgan, Morgan Stanley and Lazard, and legal advice from Clifford Chance. Baring received advice from Goldman Sachs, Credit Suisse and Linklaters.