Ropes & Gray Advises BPEA EQT and Tricor on the Merger of Vistra and Tricor, Creating a $6.5bn Global Fund and Corporate Services Platform

Ropes & Gray has advised BPEA Private Equity Fund VIII (an affiliated investment fund of BPEA EQT) in partnership with its portfolio company, Tricor, on the merger of Vistra with Tricor in a transaction which values the combined company at an enterprise value of US$ 6.5 billion. This merger allows BPEA EQT to continue to deploy its fund and corporate services playbook to drive further organic and inorganic growth across the platform.

With more than 5,000 professionals in over 45 jurisdictions, Vistra is a global fund and corporate services provider and 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 is Asia’s leading business expansion specialist, with global knowledge and local expertise in business, corporate, investor, human resources and payroll, corporate trust and debt services, and governance advisory. Tricor provides the building blocks for clients’ business growth, from incorporation to IPO and beyond, and currently serves more than 40% of the Fortune Global 500 companies. Ropes & Gray advised BPEA EQT on the acquisition of Tricor – a deal which completed on 22 June 2022.

Ropes & Gray has also recently advised BPEA EQT on its $1.25 billion acquisition of IMG Academy from Endeavour Group Holdings earlier this year; its $1.2 billion purchase of the healthcare services business Hinduja Global Solutions Ltd. and the acquisition of the next-gen customer experience company IGT Solutions, both in 2022; its $2 billion take-private of Virtusa Corp. in 2021; and its purchase of Lumenis Ltd. from XIO Group for $1 billion in 2020 and $1.07 billion sale of Lumenis's global surgical business to Boston Scientific Corp. in 2021.

The Ropes & Gray team was led by private equity partners Elizabeth Todd and Oliver Nip with support from associates Kenan Ceylan, Rouzana Kasem and Padraic Daly and trainee George Longworth in the private equity team. Additional support was provided by partners Alexander Zeltser and Arek Maczka, counsel Alexandru Mocanu and associates Sonali Kapoor and Matea Scepanovic in the finance team, associates Sharon Shi and Lan Jiangzhou in the Hong Kong private equity team, partner Chris Agnoli in the tax team, and partner Eve Ellis in the asset management team.