PE firm Novo Tellus’s offer to increase stake in Singapore’s Procurri falls through

Data Centre Racks. Source: Gaw Capital Partners

The partial offer made by private equity firm Novo Tellus to increase its stake in the Singapore-listed data centre equipment provider Procurri has lapsed, according to a stock exchange announcement on Tuesday.

As the deadline for the partial offer ended on Monday, Novo Tellus’s offer did not receive the required support from other shareholders. The PE firm received valid acceptances for only 8.55% of the total shares.

A number of Procurri investors, including DeClout and ICH Gemini Asia Growth Fund, stated their intention to reject the offer, according to media reports. The partial offer was first made on March 15, 2021 at S$0.365 a share.

OCBC was the sole financial advisor to Novo Tellus in this transaction.

Currently, Novo Tellus, together with its two limited partners hold 28.83% in Procurri. The PE firm invests through its special purpose vehicle NTCP SPV VIII, which is a subsidiary of Novo Tellus PE Fund 2 L.P.

Through the partial offer, Novo Tellus sought to increase its ownership to 51% and keep Procurri publicly listed. The PE firm claimed that the partial offer would provide the shareholders a choice to tender their shares for a cash premium or hold it for the long term.

Procurri provides IT lifecycle services and data centre equipment, with services including maintenance, leasing, and rental. The company has 20 offices and eight global distribution warehouses, according to its website.

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.

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.