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CVC eyes exit of Chinese toll road business at up to $3bn valuation – report

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CVC Capital Partners is reportedly looking to sell its stake in the toll road unit of China’s Road King Infrastructure in a deal which could value the business at up to $3bn.

The deal is set to be made alongside a partial stake sale from Road King Infra according to Reuters, which cited two unnamed sources it said had direct knowledge of the matter.

CVC bought into Road King Expressway International through a $255m deal in 2018.

The company operates five expressways in China and three in Indonesia. Reuters said the $3bn value relies partly on the purchase of another Indonesian toll road asset which is close to completion.

Dutch pension fund APG and Canadian funds including CDPQ are likely to be among the suitors for the Indonesian assets, the report added.

Hong Kong-based Road King Infrastructure has been investing in Chinese toll roads for more than 25 years, and entered the southeast Asian market in 2019.

Its toll road assets currently span more than 600km in total.

Earlier this month it emerged that CVC was eyeing up to $2bn through the sale of Malaysian funeral services provider Nirvana Asia.

The company, which was founded in 1990, provides burial plots, funeral and cremation services and pet memorial gardens across Malaysia, Singapore, Thailand and Indonesia.

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  • Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/cvc-eyes-exit-of-chinese-toll-road-business-at-up-to-3bn-valuation-report.html

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