Baring Private Equity Asia to buy majority stake in Vistra Group-Reuters

(Reuters) Vistra Group, a trust and custodial services provider, said Hong Kong-based Baring Private Equity Asia will acquire a majority stake in the company.

The group’s majority shareholder, IK Investment Partners, will divest its entire stake to Baring Private Equity Asia, company spokeswoman Joanna Donne told Reuters.

Vistra Group’s management team will continue to have a significant shareholding after the completion of the transaction, the company said on Friday.

The company did not disclose the financial terms of the transaction.

JP Morgan, Morgan Stanley and Lazard acted as financial advisors for Vistra Group. IK Investment Partners was advised by Goldman Sachs and Credit Suisse, while Linklaters advised Baring Private Equity Asia.

Sources told Reuters last September that IK Investment Partners was targeting a Hong Kong listing for OV Group, which consists of Vistra and Asian firm Offshore Incorporations Limited, in the first half of 2015.