Singapore billionaire emerges as hurdle for TPG’s $1.8b InvoCare deal
Billionaire Singapore developer Philip Ng has emerged as a last-minute impediment to TPG Capital’s $1.8 billion purchase of InvoCare, and has voted against the sale of the ASX-listed funeral provider to the private equity firm.
Mr Ng and his brother, Robert, control Far East Organisation, Singapore’s largest private property developer. Through his family office, Kuang Ming Investments, Mr Ng intends to reject the deal at a scheme meeting on Tuesday, people familiar with the transaction said.
Mr Ng is the largest shareholder behind TPG, with roughly 6 per cent of InvoCare stock.
Funerals company InvoCare could face a showdown with the owner of Sydney’s Fullerton Hotel. Steven Siewert
Kuang Ming would need support from other shareholders to block TPG from acquiring the company. At least 25 per cent of InvoCare’s shareholders must reject the private equity firm’s proposal to halt any takeover. However, TPG, with a 19.9 per cent stake, cannot vote in the meeting.
Dubbed Singapore’s largest private landlord and property developer, Far East is known locally for buying Sydney’s Westin Hotel in 2015. Far East and its Hong Kong operation Sino Group acquired the Martin Place property – now called the Fullerton Hotel – for $445 million.
A move by Kuang Ming to block the acquisition would scupper a roughly eight-month process between TPG and InvoCare. It would also add pain to an already sombre year for mergers and acquisitions, which has seen big-ticket deals such as ANZ and Suncorp’s $5 billion merger get rejected.
The US private equity group started its raid when it bought a 10 per cent stake in InvoCare, The Australian Financial Review’s Street Talk column reported in March.
With UBS in tow, TPG offered to buy the company for
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