US-based foreign fund interested in Union Bank
View(s):Foreign fund TPG Asia VI. LP has expressed interest in acquiring Sri Lanka’s Union Bank, the local bank announced to the Colombo Stock Exchange.
In a ‘technically-worded’ statement, the bank said that further to a previous statement on October 23, 2013, “we wish to inform you that the Union Bank of Colombo PLC has received a Non-Binding Indicative Term Sheet governing further negotiations on the proposed acquisition of its shares by TPG Asia”.
TPG Asia is part of US-based TPG Capital (formerly Texas Pacific Group).
Union Bank said the ‘Term Sheet’ is however merely preliminary, indicative and non-binding with an final agreement being dependent on the parties fulfilling several further conditions including the ‘completion of a satisfactory Due Diligence, and the receipt of required approvals for the structuring of the transaction”.