Baring Private Equity Asia will acquire a majority stake in fund services company Vistra Group.

The acquisition is expected to accelerate the fund services firm's strategy for growth through market consolidation, Vistra said in a release, without disclosing details of the deal.

The company said its management will continue to hold a significant shareholding in Vistra after the acquisition.

"Vistra has a winning management team running a solid business with great potential. We look forward to helping management achieve its vision of continuing to grow Vistra as a global market leader," says Jean Eric Salata, founder and CEO of Baring Asia.

The completion of the transaction is subject to regulatory approvals. The parties have agreed not to disclose the financial terms of the transaction.

Baring Asia is one of the largest and most established independent private equity firms in Asia and advises funds that manage more than US$9 billion in committed capital. The firm runs a pan‐Asian investment program, sponsoring management buyouts and providing growth capital to companies for expansion or acquisitions.

"Partnering with Baring Asia is an exciting step for Vistra Group. With Baring Asia's support we will be able to further enhance our leading position in a consolidating industry. We are delighted that Baring Asia has demonstrated a strong commitment to the growth of Vistra's business as well as to our exceptional people who have been instrumental to our success," Martin Crawford, CEO of Vistra Group said.

IK Investment Partners, which owned a stake in Vistra through its IK 2007 Fund, is participant to the share sale in Vistra.