Singapore's GIC to jointly buy Japanese HR software developer for $2.6 billion - Nikkei

March 30, 2023 08:59 PM AEDT | By Reuters
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TOKYO (Reuters) - Singapore's GIC will jointly acquire Works Human Intelligence, a human-resources software provider in Japan, for $2.6 billion, Japan's Nikkei business daily reported on Thursday.

Sovereign wealth fund GIC will acquire about half of Works Human's shares, the newspaper said, with the rest held by Works Human executives and a new fund to be established by Bain Capital.

This suggests GIC will be teaming up with Bain and Works Human's management.

The newspaper said this may be the biggest acquisition by GIC.

Works Human is a spinoff of the former Works Applications, a developer of enterprise software, which sold its human-resources management division to Bain for 100 billion yen in 2019, the Nikkei said.

(Reporting by Kaori Kaneko; Editing by Robert Birsel)


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