Taipei 101 tower operator allows Blackstone to look at financial books

TAIPEI: Taipei Financial Center Corp (TFCC), which operates skyscraper Taipei 101, said it has allowed Blackstone Group to examine its financial books ahead of a potential stake purchase in it by the US private equity firm.

The decision, which came after TFCC’s board meeting yesterday, paves the way for Blackstone to eventually make an offer for a 37.17% stake in TFCC estimated at up to US$700 million, in what would be the US firm’s first investment in Taiwan.

The approval TFCC has given to Blackstone is based on principles of no violation of regulations, of maintaining company business secret and keeping confidentiality, TFCC said in a statement.

Two sources with direct knowledge of the matter had earlier yesterday told Reuters about TFCC’s nod for Blackstone to inspect its books.

Blackstone is in talks to buy the stake and has assured the Taiwan government it will not use Chinese-backed money to fund it, two sources with direct knowledge of the matter told Reuters on Tuesday.

Malaysia’s IOI Properties Group backed out of a proposal in March to buy a 37.17% stake in TFCC for US$751 million after the Taiwan government said it was opposed to foreign control of the landmark skyscraper. – Reuters