SINGAPORE(Reuters) – Halcyon Investment Corp, a Singapore-based firm, plans to bid for British private equity firm 3i’s stake in oil services firm Franklin Offshore International, sources said on Monday.
The bid will be made through its wholly-owned unit Halcyon Energy Corporation, a source briefed on the deal told Reuters. Halcyon Energy owns and operates a group of specialist engineering, fabrication, installation and recycling businesses.
A second source said that Halcyon has inhouse banking expertise to prepare the bid. Halcyon was founded by former lawyers and investment bankers.
One of the four co-founders of Halcyon is its managing director of strategic development Robert Meyer, who recently told the Business Times newspaper that the firm is looking to grow through acquisitions.
Their name emerged after Reuters reported on April 27 that HSBC Private Equity and Actis Capital LLP are preparing bids for a stake in Franklin Offshore International, adding to interest from other Asia-focused private equity firms.
A deal for Franklin Offshore may fetch about $400 million for 3i (III.L), said sources with direct knowledge of the deal.
(Reporting by Saeed Azhar; Editing by Neil Chatterjee)