, Singapore

Temasek to buy 25% stake in AS Watson for $5.7b

Its biggest acquisition to date, says Bloomberg.

According to a report by Bloomberg, Temasek Holdings Pte’s plan to buy a stake in the retail arm of billionaire Li Ka-shing’s Hutchison Whampoa Ltd. (13) will help the investment firm extend its reach in China and ease its reliance on the nation’s banks.

Singapore’s state-owned investment company agreed on March 21 to buy 25 percent of A.S. Watson & Co. for HK$44 billion ($5.7 billion), marking its biggest acquisition based on data compiled by Bloomberg. The health and beauty chain has stores in more than 20 Chinese cities including Shanghai and Beijing, according to its website.

Read more here.

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