TPG to sell over 10% stake in Novotech in $2.3B-plus deal – Bloomberg

Singapore sovereign fund GIC Pte. Ltd., Sequoia Capital and other investors will acquire an interest in Novotech from private equity firm TPG, Bloomberg News reported, citing people with knowledge of the matter.

Kaiser Foundation Hospitals is also planning to invest in the Sydney-based clinical research and testing firm, the unnamed sources told the news outlet.

TPG aims to sell a stake of over 10% in Novotech in a deal that would value the company north of $2.3 billion, the report added, citing Novotech Chairman Joel Thickins, who is also head of Australia and New Zealand for TPG Capital Asia.

Thickins reportedly added that Novotech is readying for a Hong Kong IPO in 2021.

A TPG representative declined to comment on the identity of the investors, while GIC, Sequoia and Kaiser could not provide immediate comment, according to Bloomberg.