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Tuesday, April 12, 2011

Malaysian tycoon plans $1 billion stake sale in gaming firm-sources

Malaysian tycoon Vincent Tan is considering selling a 49 percent stake in the unlisted gaming unit of Berjaya Sports Toto Bhd for about $1 billion including debt, and has hired Citigroup Inc as adviser, sources with direct knowledge of the matter said. The potential sale is expected to generate interest from private equity firms, who have shown an appetite for gaming assets in Southeast Asia in the past. Carlyle Group and Providence Equity Partners were among those recently approached to buy the stake, according to sources familiar with the matter. It is unclear whether the buyout funds have proceeded with the bidding. The sources declined to be named because the discussions were private. Berjaya Sports Toto, Carlyle, Citigroup and Providence declined to comment.