Simpson Thacher & Bartlett and Rahmat Lim & Partners have represented KKR & Co on the purchase of a minority stake in Malaysia’s Weststar Aviation Services, with Azmi and Associates advising the seller.
Reuters reported that the deal gives KKR its first asset in Malaysia and a piece of a company that arranges helicopter charter flights for the region's oil and gas sector. Even though the price of the deal was not disclosed, people familiar with the matter said KKR paid around 650 million ringgit ($203.41 million).
The Simpson Thacher team was led by Hong Kong partner Mark Pflug, while the Rahmat Lim team included partners Chia Chee Hoong and Ong Boo Seng. The Azmi team was led by Senior Partner Dato’ Azmi Mohd Ali, who was assisted by partners Rosinah Mohd Salleh and Norhisham Abd Bahrin.
The deal was KKR's fourth Asia-Pacific investment announced in the last three weeks, in which the firm put more than $1 billion of equity to use. The firm recently raised a $6 billion Asia fund, the region's largest ever such fund. The money spent on KKR's recent flurry of Asia deals comes from several funds including the new Asia fund.
Weststar, controlled by politically connected tycoon Syed Azman Syed Ibrahim, is the largest provider of helicopter services to oil and gas companies in Southeast Asia, with a fleet of more than 40 helicopters. It is reportedly in the early stages of planning an initial public offering, expected to take place early next year.
Weststar's customers include Exxon Mobil Corp and Malaysian state oil group Petronas. In 2011, Weststar won a 4.2 billion ringgit contract from Petronas.
Weststar is also the fourth-largest operator of the AgustaWestland AW 139 helicopters, which can carry up to 15 passengers and travel at high speeds, according to its website.
New York-based KKR, founded in 1976 by cousins Henry Kravis and George Roberts, has announced seven deals in Asia so far this year, investing in companies in such countries as Vietnam, India, China and Japan.
Follow us on Twitter: @ALB_Magazine.
