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)