CitySpring Infrastructure Trust completes acquisition of Keppel Infrastructure Trust

Visual from the Keppel Infrastructure Trust website

CitySpring Infrastructure Trust (CIT) Monday announced that it has completed the acquisition of all the assets and liabilities of Keppel Infrastructure Trust (KIT) for a consideration of 1.33 billion CIT units at S$0.496 apiece.

CIT has also been renamed as Keppel Infrastructure Trust.  Keppel Infrastructure Fund Management will be the trustee-manager of the enlarged trust.

In a subsequent disclosure to the Singapore exchange, CitySpring Infrastructure said: Unitholders of Keppel Infrastructure Trust are to note that the resumption of trading of the units in Keppel Infrastructure Trust (formerly known as “CitySpring Infrastructure Trust”) on SGX-ST will take place with effect from 8.30 a.m. on 19 May 2015.”

In November 2014, Keppel Infrastructure Trust and CitySpring Infrastructure Trust had announced the merger to create Singapore’s second-largest business trust. The deal saw each KIT unitholder receiving 2.106 new CIT units for every KIT unit held.

The swap ratio had been arrived at based on the market capitalisations of the two companies –  S$658 million of KIT and S$753 million of CIT –  based on their units’ respective volume weighted average prices for the 180-day period ended on 13 November 2014. In addition, KIT had today agreed to acquire a 51% stake in Keppel Merlimau Cogen Pte Ltd (KMC),which will form an integral part of the combination.

Also Read: Keppel Infrastructure pre-markets deal with target of $394m

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CitySpring, Keppel to merge into S$2b infra entity

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.