Five firms are advising on a $973 million bid by Chinese state-owned conglomerate CITIC Ltd. and U.S. private equity giant KKR & Co. for Singaporean water-treatment company United Envirotech Ltd.
The buyers have formed a joint venture between subsidiaries CITIC Environment Protection Ltd. and KKR China Water Investment Holdings Ltd. and put in a bid for all the outstanding shares of UEL at $1.32 apiece. The deal, subject to shareholder and regulatory approval, is expected to close next May.
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