Li & Fung to go private in US$930 million deal

Li & Fung to go private in US$930 million deal

THE WHAT? Li & Fung is set to be taken private in a deal worth some US$930 million, according to a report published by Bloomberg.

THE DETAILS A consortium made up of members of the Fung family and Singapore’s GLP will buy out the firm for HK$1.25 per share.

The offer would enable the Fung family to maintain its 32.3 percent share, while GLP would take over the remainder.

THE WHY? The move is designed to allow space and time for the company to undergo a ‘deep restructuring’, which the firm says will be better implemented ‘away from the public equity markets’, Bloomberg reports.

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