KKR-tied 8S Capital Holdings made an offer of S$0.90 a share to take over and delist environmental services provider 800 Super Holdings, in a deal valuing the company at around S$160.92 million.
The offer price is a 30.6 percent premium to the one-month volume weighted average price through 26 April, the last full trading day before the bid, 8S Capital said in a filing to SGX before the market open Monday.
“Privatising will enable 800 Super to save on expenses relating to the maintenance of a listed status and allow the company to focus its resources on operational matters amidst the competitive business landscape,” Lee Koh Yong, a director of 8S Capital and the executive chairman of 800 Super.
The offer is conditional on receiving 90 percent acceptance of the bid, with 77.6 percent of the shares, held by the Lee family, already in acceptance, the filing said.
Under the deal, the Lee family will “roll” their shares into the 8S Capital and then subscribe for shares in the offerer, giving them full ownership of 8S Capital, the filing said.
KKR plans to fund the offer via a combination of debt and structured equity financing, mainly from pools of capital including KKR’s Private Credit Opportunities II fund and other proprietary investment vehicles, the filing said.
8S Capital Holdings is wholly owned by special purpose vehicles which are managed or advised by KKR Credit Advisors (US) and are affiliates of private equity firm Kohlberg Kravis Roberts, the filing said.
800 Super Holdings provides services including waste management, waste treatment, industrial laundry processing and horticultural services.
While you’re here, we’re hoping you can help us out.
Shenton Wire has been providing you with quick news and market analysis. Help us continue to bring you the news you’ve come to expect and to expand our reach beyond Singapore.
Your monthly contribution will directly fund our journalism.
You can check your existing account here. You can also contact us about other contribution levels or for corporate subscriptions and syndication queries.