SINGAPORE (Reuters) – KKR & Co. (KKR.N) has shelved a process to sell Singapore-based Goodpack, an intermediate bulk container maker, after the coronavirus outbreak impacted valuations for the proposed deal, multiple sources with knowledge of the matter said on Wednesday.
Earlier this year, the private equity group received bids from a few consortiums after tapping more than a dozen potential buyers late last year for a deal that could value Goodpack at about $2 billion, the sources said.
But the devastating effects of the coronavirus pandemic took its toll on Goodpack’s sale process, said the sources, who declined to be identified as the deferral of the deal has not been made public. KKR declined to comment.
A successful deal would have ranked as one of the largest PE-backed sales in the past few years in Asia, excluding Japan and Australia, according to data from Refinitiv.
Reporting by Anshuman Daga; Editing by Stephen Coates