trending Market Intelligence /marketintelligence/en/news-insights/trending/zs8okmwgjdmfznlz_m9glg2 content esgSubNav
In This List

Value Convergence to buy 18% stake in Hackett Enterprises

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Value Convergence to buy 18% stake in Hackett Enterprises

Value Convergence Holdings Ltd. has agreed to acquire an 18% stake in Hackett Enterprises Ltd. from CVP Financial Group Ltd. for HK$160 million.

Apex Treasure International Ltd., an indirect wholly owned unit of Value Convergence, will settle the amount through an issue of unsecured bonds, which bear an interest rate of 2% per year. The bonds are also convertible into 123,076,923 Value Convergence shares, or about 15.49% of its existing shared capital and about 13.41% of its enlarged share capital, at HK$1.30 apiece.

The acquisition, subject to the fulfillment of a number of conditions, will help Value Convergence expand its market share in the loan financing business and gain a foothold in the Chinese market, according to a March 8 filing.

Hackett Enterprises is primarily engaged in providing loan financing and financial consultancy services in China and money lending services in Hong Kong.