Blackstone acquires packager ShyaHsin for as much as 0 mln

Updated 2017-11-13 10:32:58 Global Times/Agencies

Global asset manager Blackstone Group has reached a deal to acquire China-based cosmetics packager ShyaHsin Packaging (China) Co for about 0 million to 0 million, four people with knowledge of the matter told Reuters.

The deal will be Blackstone's first private equity investment in China since 2014, Thomson Reuters data showed.

The US-based investment house has signed the deal agreement but is still lining up loan financing of about 0 million to fund the transaction, according to two of the people, who declined to be identified.

Blackstone declined to comment. ShyaHsin could not be reached for comment.

Based in Kunshan, East China's Jiangsu Province, ShyaHsin specializes in the production of cosmetics packaging containers, with clients from China, South Korea, Japan and the Europe, according to its website.

The investment comes as Blackstone seeks to raise up to billion for its first pan-Asia buyout fund, with the aim of locking in the first tranche of investment by the end of 2017. The fund will focus on sectors such as healthcare, high-end manufacturing and services, and the consumer upgrade sector - goods and services geared to consumers who want to upgrade their lifestyles.

Blackstone's last investment in China was in medical devices maker Suzhou Xinrong Best Medical Instrument Co, based in Zhangjiagang, Jiangsu Province.

In the same year, it acquired Pactera Technology International, an information technology outsourcing and consulting services provider in China, which it sold to a unit of conglomerate HNA Group Co last year for about 5 million in cash.

Blackstone is among potential bidders short-listed by Link Real Estate Investment Trust to buy Hong Kong retail assets valued at about billion, Reuters reported in October.

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