TPG (NASDAQ:TPG) is in advanced discussions to acquire a controlling stake in Hasfarm Holdings, a leading floricultural business with operations in China, Indonesia, and Vietnam, according to sources familiar with the talks.
The deal, which could value Hasfarm at approximately $500 million, is expected to be finalized in the coming weeks, the people said, speaking on the condition of anonymity as the matter remains private.
Lombard Investments, a significant shareholder in the company, currently holds a 25% stake, and its other investors include Hasfarm’s Chairman Charles Target and the family of Indonesian businessman Ibrahim Hasan.
Reports last year indicated that Lombard and its partners were open to selling at least 51% of Hasfarm, signalling a potential shift in ownership for the established floriculture player.
However, sources cautioned that discussions are ongoing, and there is no guarantee that a deal will be reached.
Hasfarm, founded in 1992 and headquartered in Hong Kong, operates across Asia, producing a range of temperate flowers—including chrysanthemums, roses, and tulips—as well as pot plants and vegetables.
The company has built a significant presence in the region’s competitive floriculture market, with facilities spread across key locations in China, Indonesia, and Vietnam.