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Scottish Pacific Group gets court approval on Affinity Equity Partners deal

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Scottish Pacific Group gets court approval on Affinity Equity Partners deal

Australia's Scottish Pacific Group Ltd. said it received approval from the Supreme Court of Victoria to sell its shares to Affinity Equity Partners.

The company's shares will be suspended from quotation at the close of trading Dec. 7, it said the same day.

Affinity Equity Partners offered a total of about A$630 million for Scottish Pacific's shares. Eligible shareholders of the company will receive A$4.40 in cash for every share they hold.

SME Capital Investments III Pty. Ltd., an entity owned by funds managed or advised by Affinity Equity Partners, will buy the shares on behalf of the private equity firm.

The deal is expected to close on Dec. 18.

Scottish Pacific Group is a debtor and trade financing company, providing services to small and medium sized companies in Australia, New Zealand and the U.K.