WASHINGTON – Blackstone is in advanced talks to acquire Singaporean precision components business Interplex for about US$1 billion, according to people familiar with the matter.
The US buyout firm is hammering out the details of a transaction with owner Baring Private Equity Asia, the people said, asking not to be identified because the matter is private. Blackstone has emerged as a leading bidder after beating out rival private equity firms, the people said.
An announcement could come in the next few weeks, the people said. Talks could still be delayed or fall apart and other bidders remain interested in the asset, they said. Representatives for Baring and Blackstone declined to comment.
Baring bought Interplex, formerly known as Amtek Engineering, in 2016 from investors including CVC Capital Partners and Standard Chartered Private Equity and took it private in a roughly US$331 million deal.
Interplex has since expanded both organically and via acquisitions, including the purchase of US-based connector and cable assembly maker OCP Group earlier this year for an undisclosed amount. The Singaporean firm makes components used in electric vehicles, autonomous driving, medical and life sciences as well as cloud computing, according to its website.
Blackstone in June offered to take over Chinese office developer Soho China for as much as US$3 billion, its biggest bet yet on the real estate market in Asia’s largest economy. China’s antitrust regulator is reviewing the deal.