European buyout giant EQT AB struck a $7.5bn cash and stock deal to buy rival private-equity firm Baring Private Equity Asia, a big bet on the growth of Asia’s private markets.

The deal, announced on 16 March, will give EQT almost €18bn, equivalent to $19.8bn, in additional assets for a total of more than €90bn, boosting management fees and investment income from investments, while establishing the Stockholm-based asset manager as a major operator in Asia to complement its bigger operations in Europe and the US.