SEA Deal Ticker
Seven years of debt gets repaid in full: Bain buys Gong Cha's 2,000 stores for $635M
Bain Capital is acquiring the bubble-tea chain from TA Associates and other shareholders for more than $635 million, closing by year-end. Partners Group's $200 million-plus 2019 unitranche loan is repaid in full.
Positive-sum angle: A private-credit position that funded a 2019 buyout exited through a 2026 buyout, which is the route Asia's stalled listing market has quietly been running its liquidity on.