Pan-United to acquire MIIF's stake in CXP port
It will splurge $101m.
According to DBS, PAN announced that it will be buying over 34.2% of MIIF’s 38% effective stake in CXP port for a consideration of S$101m, which values CXP at S$295m. PAN will ultimately control 85.5% of CXP post acquisition.
Here's more:
Based on our estimates, PAN is acquiring CXP at 19.8x historical earnings and 13x EV/EBITDA. We believe valuations are fair given that peers are trading at 13x EV/ EBITDA and that the transaction is expected to be earnings accretive.