CVC Capital Partners’ funds will purchase a 15% stake in Rizal Commercial Banking Corporation (RCBC) for about $115 million. As per the deal, RCBC will sell its 171 million common shares to Hexagon Investment Holdings, a CVC owned investment vehicle.
The transaction, which is subject to regulatory clearance and shareholder approval, is expected to be completed by the end of June 2011. Citi was appointed as the sole financial advisor to RCBC on this transaction.
Click here for the release from CVC Capital Partners.