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Affinity Equity Partners, a large Asian private equity firm, is set to acquire Scottish Pacific Group (ASX: SCO) for $630 million.
The deal, to be approved by shareholders, will see Affinity purchase 100 per cent of SCO's shares for $4.40 per share representing a premium of 17.6 per cent.
Established in 2004, Affinity is one of the largest independent Asian private equity firms and recently closed a funding round that raised approximately US$6 billion in December 2017.
The directors of SCO have given their blessing to the deal, recommending shareholders accept the acquisition.
Each member of SCO's leadership team, who hold 3.2 per cent of SCO in total, have confirmed that they intend to vote in favour of the acquisition.
Shareholders will be given the chance to vote on the acquisition at a meeting on 30 November 2018.
Shares in SCO have soared following the acquisition announcement, and are up 15.24 per cent to $4.31 per share at 2.21pm AEST.
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