BPEA EQT, the Asian private equity arm of Swedish investment firm EQT, has completed the merger of its Hong Kong-based business services firms Vistra and Tricor, valuing the combined entity at $6.5 billion including debt, EQT said Friday.

The combined business comprises over 9,000 professionals in more than 50 jurisdictions, EQT said in a statement.

The deal is one of Asia’s largest private equity-backed transactions this year.

The merged entity will be put under BPEA EQT’s eighth, $11.2 billion private equity fund raised last year, said a person familiar with the matter, who declined to be named as the information is confidential.

BPEA EQT had tapped Goldman Sachs to be the lead adviser on the merger of the two companies, Reuters reported.

EQT said on Friday advisers also included Lazard, Barclays and HSBC.

Simon Webster, who joined Vistra as CEO in November 2022, will be the CEO of the combined business, EQT said.

“Through this combination, we can provide an expanded range of products and services across a broader geographic footprint supported by best-in-class technology,” said Webster.

Hong Kong-based Tricor, founded in 2000, offers business services ranging from human resources and payroll to companies’ incorporation, according to its website. It operates out of 22 countries including China.

BPEA bought Tricor from private equity firm Permira in 2021 for $2.8 billion. It acquired a majority stake in Vistra in 2015 for an undisclosed sum.

Vistra offers business services including accounting, transaction support and risk and compliance and is present in over 45 jurisdictions, its website says.

In a separate statement, Vistra said the company and Tricor would begin to operate as a unified brand in early 2024.

EQT agreed last year to buy BPEA or Baring Private Equity Asia in a deal worth 6.8 billion euros ($7.5 billion), creating BPEA EQT.

Reuters