Singapore, one of the most expensive markets for private equity firms, announced Tuesday a $30.9 billion deal to buy a majority stake in KPMB AG for $10.2 billion.
The deal, the largest-ever in the Southeast Asian country, will allow the investment bank to bolster its operations in the country.
Singapore is also looking to add to its global presence with the purchase of a $3 billion share of Apple Inc. The new company will take on Apple as a strategic partner, bringing the two firms closer together.
Apple, which will continue to operate the iPhone maker as an independent entity, is a member of KPMD’s global board of directors, which includes Apple CEO Tim Cook and Chief Operating Officer Tony Fadell.
The board of KPC will oversee the deal.