Singapore Press Holdings has approved acquisition by Cuscaden Peak, which is purchasing SPH’s non-media assets.
The proposal values the company at $2.9 billion. As part of the deal, Cuscaden will acquire SPH Real Estate Investment Trust’s shopping malls located in Singapore and Australia, including high-end Paragon in the city-state’s Orchard Road. It also owns student accommodation in Britain and Germany, as well as a private nursing home in Singapore and aged care assets in Japan.
The consortium Cuscaden Peak includes billionaire hotelier Ong Beng Seng and two firms affiliated with Temasek.
SPH is in the process of transferring its media business, which includes the Straits Times and Business Times, into a not-for-profit company.
