Platinum Equity to acquire PCI from Chuan Hup for $150m.

Platinum Equity is set to acquire PCI, an investment holding company, which provides electronics manufacturing services in the United States, the Republic of Ireland, the People’s Republic of China, Germany, ASEAN, and internationally, from Chuan Hup Holdings, an investment holding company, for $150m. The private equity firm offered to pay S$1.33 ($0.98) per share, which represents a 60.1% premium over the volume-weighted average price of PCI shares for the 12-month period up to and including 17 September 2018. The net sale proceeds will be used to further strengthen Chuan Hup’s balance sheet, enhance its financial flexibility and shareholder value. The proceeds may also be redeployed and reinvested in the property sector or other sectors within its business.