Taiwan’s TFCC allows Blackstone to inspect books before potential stake purchase

Visual from Taipei 101 website

Taipei Financial Center Corp (TFCC), which operates skyscraper Taipei 101, said it has allowed Blackstone Group to examine its financial books ahead of a potential stake purchase in it by the U.S. private equity firm.

The decision, which came after TFCC’s board meeting on Wednesday, paves the way for Blackstone to eventually make an offer for a 37.17 percent stake in TFCC estimated at up to $700 million, in what would be the U.S. firm’s first investment in Taiwan.

The approval TFCC has given to Blackstone is based on principles of no violation of regulations, of maintaining company business secret and keeping confidentiality, TFCC said in a statement.

Two sources with direct knowledge of the matter had earlier on Wednesday told Reuters about TFCC’s nod for Blackstone to inspect its books.

Blackstone is in talks to buy the stake and has assured the Taiwan government it will not use Chinese-backed money to fund it, two sources with direct knowledge of the matter told Reuters on Tuesday.

(Editing by Muralikumar Anantharaman)

Reuters

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.