Private equity firm Navis Capital Partners has sold its entire stake in Malaysian IT firm Strateq to a unit of Singapore-listed telecommunications company StarHub.
StarHub announced the acquisition of the entire share capital of Strateq in a regulatory filing on the Singapore Exchange.
Financial terms of the deal remain undisclosed. AVCJ reported that Navis sold its interest in Strateq to a StarHub subsidiary for RM137 million ($32.5 million).
Navis and Strateq have yet to respond to DealStreetAsia’s query at press time.
Following deal completion, Strateq will become an indirect subsidiary of Starhub.
Per the share sale agreement, Taman Kenyir Holdings Sdn. Bhd, an indirect subsidiary of StarHub, acquired an aggregate of 27.96 million ordinary shares and 7 million redeemable preference shares of Strateq. The deal represents approximately 88.28 per cent of all issued ordinary shares and 100 per cent of all the issued preference shares.
The deal will also involve the proposed transfer by Tan Seng Kit and acquisition by Taman Kenyir Holdings, of the remaining 11.72 per cent stake of Strateq.
Navis Capital invested in Strateq in 2013 by acquiring 54.8 per cent stake in the IT company from Kencana Capital Assets.