Business

Last year's private equity deals hit total of $10.8 billion

The overall value of private equity deals in South-east Asia hit US$7.8 billion (S$10.8 billion) last year - 42 per cent up on 2015, although the number of transactions fell, EY said yesterday.

The increase in value was driven largely by a few blockbuster deals, such as the ones involving the region's two ride-hailing apps, Grab and Go-Jek, which together raised a staggering US$1.3 billion in the third quarter, the consultancy said in a new report.

Indonesia's on-demand motorbike taxi service Go-Jek raised US$550 million, while Grab raised US$750 million.

These two investments reflect an increased interest in technology firms and the Indonesian market, EY noted.

The overall number of private equity deals fell last year to 123 from 162 in 2015 as the year started soft with investors taking a more tentative approach towards investments, but it picked up in the second half of the year, EY said. - THE STRAITS TIMES

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