Private equity fund BPEA EQT has completed the merger of Vistra and Tricor in a deal that values the combined company at an enterprise value of US$6.5 billion.

The merged business creates a platform of over 9,000 professionals in over 50 jurisdictions. BPEA EQT, which comprises the private equity teams of Baring Private Equity Asia (BPEA) and EQT Asia, says the merger provides a runway for further consolidation in a highly attractive market where Asia is a core growth region.

With more than 5,000 professionals in over 45 jurisdictions, Vistra is a global fund and corporate services provider that helps clients to reduce risk and enhance efficiency through the provision of expert advisory and administrative support. Vistra represents 20% of the Fortune Global 500 and works with two-thirds of the Private Equity International 300 firms, including all of the top ten.

Tricor specializes in business expansion in Asia, with global knowledge and local expertise in business, corporate, investor, human resources and payroll, corporate trust and debt services, and governance advisory. Tricor helps clients in their business growth, from incorporation to IPO and beyond, and currently serves more than 40% of the Fortune Global 500 companies.

Jack Hennessy, partner within BPEA EQT’s advisory team, says: “We are delighted to support the merger of two leading businesses in the fund and corporate services market globally. Both companies have been very successful under BPEA EQT’s ownership and we are looking forward to continuing to partner with the combined platform which is even better positioned to grow globally.”

Simon Webster, who joined Vistra in November 2022 as chief executive officer, will be the CEO of the combined business. “The two businesses are highly complementary and have capabilities which together offer clients a range of significant value-creation opportunities. Through this combination, we can provide an expanded range of products and services across a broader geographic footprint supported by best-in-class technology,” he says.