Asian private equity firm BPEA EQT has dropped its $1-billion acquisition of South Korean plastic film producer PI Advanced Materials, while South Korean cloud management firm Bespin Global has secured $60 million from the UAE-based IT services firm e& Enterprise.
BPEA EQT could face a lawsuit
BPEA EQT, formerly known as Baring Private Equity Asia, has exited its $1-billion acquisition of South Korean plastic film producer PI Advanced Materials due to concerns about the firm’s financials, reported Pulse News.
According to Pulse News, after agreeing to acquire PI Advanced Materials in June, BPEA EQT scrapped the deal less than three weeks before the deadline was set to expire. The deal was scheduled to close by the end of September but due to delays caused by anti-trust reviews from overseas authorities, the date was pushed to the end of December.
BPEA EQT is expected to face a lawsuit after cancelling a contract to acquire PI Advanced Materials, reported The Korea Times.
e& Enterprise to join Bespin board
Bespin Global, a South Korean based cloud management startup, has raised $60 million from the UAE-based IT services firm e& Enterprise, according to a press release.
e& Enterprise will be making a primary investment of $60 million in Bespin Global and joining its board of directors. Additionally, the firm has the option to invest another $60 million within a period of 18 months after completion of the transaction.
Formerly known as Etisalat Digital, e& Enterprise has also agreed to form a joint venture with Bespin Global, focusing on offering public cloud managed and professional services to serve the customers in the Middle-East, Turkey, Africa, and Pakistan. The joint venture will be 65% owned by e& enterprise and 35% by Bespin Global.
“The joint venture between Bespin Global and e& enterprise will leverage capabilities that will help build the future of cloud business. In addition, we welcome e& as an investor in Bespin Global and appreciate their confidence in our strategy and operations,” said John Hanjoo Lee, CEO and co-founder of Bespin Global.