European buyout giant EQT AB struck a $7.5 billion cash and stock deal to buy rival private-equity firm Baring Private Equity Asia, a big bet on the growth of Asia’s private markets.
The deal, announced Wednesday, will give EQT almost €18 billion, equivalent to $19.8 billion, in additional assets for a total of more than €90 billion, boosting management fees and investment income from investments, while establishing the Stockholm-based asset manager as a major operator in Asia to complement its bigger operations in Europe and the U.S.
