(Reuters) -China-headquartered medical device maker Kangji Medical said on Tuesday it had received a go-private proposal from asset manager TPG-backed Knight Bidco, valuing the firm at HK$11.17 billion ($1.42 billion).
Knight Bidco is an entity owned by TPG Knight Topco, which is ultimately controlled by TPG and other parties.
Its offer price of HK$9.25 represents a premium of nearly 9.9% to Kangji’s last closing price. If approved, then as part of the deal the company would delist from the Hong Kong Stock Exchange and become a wholly owned unit of the buying firm.
Founded in 2004 and based in Hangzhou, Kangji designs and makes minimally invasive surgical instruments, serving hospitals and distributors across China and overseas.
($1 = 7.8495 Hong Kong dollars)
(Reporting by Rajasik Mukherjee in Bengaluru; Editing by Sahal Muhammed)
