TPG is about to acquire a majority stake in the Asian flower company Hasfarm

(Bloomberg) — TPG Inc. is in advanced talks to buy a controlling stake in Asian floriculture company Hasfarm Holdings Ltd., according to people familiar with the matter. from owners such as Lombard Investments Inc.

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A deal could be worth about $500 million for Hasfarm and could be announced in the coming weeks, the people said, asking not to be identified because the matter is private. Lombard owns 25% of Hasfarm, and other investors include chairman Charles Target and the family of Indonesian businessman Ibrahim Hasan.

Bloomberg News reported last year that Lombard and the other shareholders were willing to sell at least 51% of Hasfarm.

Discussions are ongoing and may not result in a sale, the people said.

Representatives for Hasfarm, the Hasan family and Lombard did not respond to requests for comment. TPG declined to comment.

Founded in 1992, Hasfarm has locations in China, Indonesia and Vietnam, where the company produces temperate flowers such as chrysanthemums, roses and tulips, as well as potted plants and, more recently, vegetables, its website shows. The company headquarters is in Hong Kong.

– With support from Manuel Baigorri.

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