Morgan Stanley Private Equity Asia said on Tuesday its fund will buy a 25.63 percent stake in baby-and-adult diaper maker DSG International Thailand Pcl (DSGT.BK) for 1.61 billion baht ($46.2 million), or 5 baht a share, in its first investment in Thailand.
North Haven Private Equity Asia Angel Co, a fund managed by Morgan Stanley, received acceptance to buy 322.89 million DSG shares, or 25.63 percent, from DSG shareholders in a tender offer that closed on Monday, Morgan Stanley Private Equity Asia said in a statement.
North Haven had initially offered to buy at least 23.46 percent of DSG shares.
“We believe that the Thai market overall is one of the most attractive markets with positive long-term potential. We shall continue to look for new investment opportunities in this market,” said Kingsley Chan, managing director, Morgan Stanley Private Equity Asia.
North Haven is a $1.7 billion closed-end private equity fund that aims to make investments in Asia.
Bualuang Securities is the financial adviser and tender offer preparer for DSG shares.