MBK Partners unit offers to buy Accordia Golf Trust’s assets for $577m

Golf ball on a golf course. Pixabay

Japan’s Accordia Golf Co. Ltd, part of private equity firm MBK Partners, proposed on Monday to buy out Singapore-listed Accordia Golf Trust’s (AGT) stakes in 88 golf courses in Japan for about 61.8 billion yen ($576.92 million).

Accordia, the sponsor of AGT and holder of 28.85% of AGT’s units, said in a statement that the proposal was 5% above AGT’s adjusted net asset value as of March 31.

Accordia’s CEO Yuko Tashiro said that “despite the difficult current environment,” the company believed that its proposal offered an attractive price.

AGT said in a statement that its trustee-manager had not been able to make any acquisitions since AGT’s listing in Singapore in 2014 and this had affected AGT’s ability to improve its distribution per unit.

AGT said the proposed divestment offered a reasonably attractive option for it to realise the value of its interests and allows unitholders to unlock the value of their units.

AGT’s Singapore IPO had raised about S$760 million in August 2014 after pricing the units at S$0.97 per unit.

AGT said the proposed purchase translated to an implied price of S$0.732 per unit. AGT’s units last traded at S$0.64 before trading was halted on Monday morning.

AGT’s units were trading at S$0.60 in late November just before the company said it had received a non-binding offer for its golf courses.

Citigroup Global Markets Japan Inc. and Citigroup Global Markets Singapore Pte. Ltd. are the financial advisors to Accordia.

Reuters

 

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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).

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  • 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.