JPA Health, a global full-service, integrated health agency, completed the acquisition of BioCentric, an award-winning medical communications agency. Financial terms were not disclosed.
"We are thrilled to welcome BioCentric into the growing JPA Health family. This acquisition is a great union, bringing together BioCentric's medical prowess with JPA's deeply rooted expertise across marketing, patient advocacy, and corporate communications. Our clients will benefit from a fully integrated agency that can deliver unparalleled solutions to help them achieve their goals efficiently and effectively," Carrie Jones, JPA Health CEO.
OpenText, a Canadian company that develops and sells enterprise information management software, completed the acquisition of Pillr, a provider of security operations software, from Novacoast, a provider of cybersecurity services. Financial terms were not disclosed.
"We are incredibly proud of the success Pillr has achieved as part of the Novacoast family. Our deep expertise and unwavering passion for enterprise security have been key drivers in shaping Pillr into a cutting-edge solution. The exceptional talent and dedication of the Pillr team have been the cornerstone of its success. This acquisition is a testament to their hard work and innovation. We are confident that with OpenText's resources and scale, Pillr technology will continue to thrive and set new standards within OpenText's leading cybersecurity platform," Paul Anderson, Novacoast CEO.
K1 Speed, the world's largest indoor go kart racing operator, completed the acquisition of Grand Prix New York, a karting center in Mount Kisco, New York. Financial terms were not disclosed.
"When we started this company over 20 years ago, our goal was to make an exclusive sport more accessible and affordable for the masses," Susan Danglard, K1 Speed Co-Founder and Director of Marketing.
LE Worldwide, a key component provider of data-enabled greenhouse farming solutions, failed to go public via $150m merger with Ace Global Business, a special purpose acquisition company.
In light of these developments and the limited time frame to secure an alternative business combination, Ace Global's board has opted to proceed with liquidation and dissolution according to its charter. All outstanding ordinary shares will be redeemed from public shareholders, while warrants will expire worthless without any rights to liquidation distributions.
Stellar Development, a general contracting firm, completed the acquisition of The CGC Group Florida, a multi-faceted firm providing pre-construction, construction management, design/build, and owner's representative services across commercial, healthcare, and industrial sectors. Financial terms were not disclosed.
"We are excited to welcome The CGC Group Florida to the Stellar Development family. This acquisition represents a strategic step in our growth strategy, allowing us to expand our service offerings and market reach," Maurice Opstal, Stellar Development President.
MoneyGram misses deadline on $398m leveraged loan deal.
MoneyGram International failed to convince lenders to slash its borrowing costs on a leveraged loan before a deadline on May 23, Bloomberg reported.
A group of banks led by Goldman Sachs is attempting to lower the interest rate margin on the company's $398m loan maturing in 2030 to as low as 400 basis points over the benchmark rate. The new loan is offered at 99.75 cents on the dollar.
EMEA
Central Energy Fund, a South African state-owned institution that ensures proper use of energy to meet the energy needs of South Africa, agreed to acquire the Sapref oil refining plant from British multinational oil and gas companies BP and Shell. Financial terms were not disclosed.
The deal includes shares of BP and Shell in the amount of 50% shares each in a land plot owned by Sapref, and other assets, including crude oil and finished product tanks, process plants, pipelines from the refinery to the Island View terminal, as well as a single berth for imports of crude oil.
Indian pharma group readies swoop on anti-smoking aid Nicotinell.
An Indian pharmaceutical group, Dr Reddy's Laboratories, could clinch a deal to buy Nicotinell and a number of other brands from Haleon as soon as this week.
Hyderabad-based Dr Reddy's Laboratories could be within days of acquiring the brand and a number of lesser-known European products from Haleon. It was unclear how much Dr Reddy's might pay for the Haleon-owned assets, although it is expected to be in the hundreds of millions of pounds.
Saudi PIF said to be shuffling management amid budget crunch. (FS)
Saudi Arabia's $925bn sovereign wealth fund is weighing a reorganization that could see managers assume some internal responsibilities from governor Yasir Al-Rumayyan, DealStreetAsia reported.
The Public Investment Fund aims to sharpen its focus on investments that have a higher chance of success after scaling back some of its flagship "giga-projects" due to rising costs. It also hopes to attract more foreign investment into some projects. The fund, the main vehicle for Crown Prince Mohammed bin Salman's plans to steer the Saudi economy away from oil, has a sprawling portfolio of investments ranging from date farms to multinational conglomerates.
Russian mobile operator MTS extends buyback deadline until June 18.
Russia's largest mobile operator, MTS, has extended the deadline on a proposed buyback for foreign shareholders by three weeks to June 18, it said on May 27 of a deal that could allow Western investors to recoup some funds stranded in Russia, Reuters reported.
The proposal mirrors that of Magnit in 2023 when the retailer completed a discounted buyback worth about $736m. The Kremlin demands a discount of at least 50% on any asset sales involving foreigners. MTS' offer, launched last month, would see the company buy back up to 4.2% of its shares at a discount to its share price of around 70%, with its wholly-owned subsidiary Stream Digital as the buyer.
Sneaker maker Golden Goose is said to kick off Milan IPO soon.
Luxury sneaker brand Golden Goose plans to kick off an initial public offering in Milan as soon as this week, extending a strong rebound in European listings this year, Bloomberg reported.
Golden Goose may indicate its intention to float as soon as this week following positive feedback from prospective investors. Golden Goose is being pitched as a comparable to puffy jacket maker Moncler, and investors are expected to value the shoemaker at about 11 times this year's estimated earnings. That would value the company at about €3bn ($3.3bn) including net debt.
APAC
Nagoya Railroad, a private railway company, agreed to acquire a 15.5% stake in Tosei, a real estate company, for JPY17.8bn ($113m).
This move is set to reshape Tosei's shareholder structure and is aimed at enhancing corporate value by leveraging the synergy between Tosei's diverse real estate-related businesses and financial integration. The alliance aligns with Tosei's vision for 2032, focusing on expanding its real estate solutions, portfolio management, and global reach.
Nagoya Railroad is advised by Mitsubishi UFJ Morgan Stanley Securities.
Australia's Lendlease exits offshore markets to focus on local growth.
Australian developer Lendlease will retreat from its overseas construction businesses and free up to $2.9bn in capital for shareholders, putting a lid on its international ambitions to shift focus on local operations, Reuters reported.
Lendlease will form a new capital release unit with the aim of recycling $2.9bn by finishing transactions that are underway. The construction company said it was targeting $83m in annual savings within 12 months and the return of $331m to shareholders through an on-market buyback plan. Lendlease recently faced a lot of backlash from its shareholders, who have pressurised the firm to pivot its focus towards Australian operations, resulting in its most notable change since selling the wealth management business to National Australia Bank.
GIP will not directly manage Malaysia's airport operator, Khazanah chief says. (FS)
Malaysia's sovereign wealth fund said its consortium partner, Global Infrastructure Partners, will not hire staff to directly manage Malaysia Airport after a deal is completed to take the country's airport operator private, Reuters reported.
Khazanah Nasional Managing Director Amirul Feisal Wan Zahir also said there would be no layoffs of Malaysia Airport's current employees following the completion of the deal.
"GIP won't be directly appointing staff or secondees to manage MAHB. Instead, the management will be jointly appointed by the consortium as a whole, and we will tap into GIP's technical expertise when needed," Amirul Feisal Wan Zahir, Khazanah Nasional Managing Director.
Australian pension funds eye niche private debt to boost returns. (FS)
Australia's pension giants are looking to expand their private credit exposure to some nascent products, as the cash-flushed industry hunts for ways to diversify portfolios and boost returns, Bloomberg reported.
AMP, one of Australia's largest pension providers, has launched a new AUD300m ($198m) alternative debt fund to invest in credit risk transfer, a relatively new corner of the private market. Aware Super, which manages AUD175bn ($116bn) of assets, is also studying the market of niche products for investment potential.
Evergrande EV unit's shares surge up to 113% as potential buyer found.
Shares of the EV unit of embattled real estate developer China Evergrande Group more than doubled after it said liquidators are in talks with a potential buyer to take a stake in the company and may also extend a new line of credit to support production, Bloomberg reported.
The stock jumped as much as 113% — the biggest gain on an intraday basis in almost 10 years — in Hong Kong on May 27, when trading resumed after being suspended since May 17. The unit, Evergrande New Energy Vehicle Group, said on May 24 that it was being pursued by local government authorities to pay back $262m in subsidies and incentives.
Indonesia probing Shopee, Lazada units for alleged anti-competition moves.
Indonesia's anti-trust agency said on May 27 that it is investigating the local units of e-commerce platforms Shopee and Lazada for suspected violations of anti-competition rules, DealStreetAsia reported.
The agency did not elaborate on what the alleged breaches of anti-competition rules were. The agency's hearing into the conduct of Shopee would start on May 28 without giving details of a potential punishment. The agency found early evidence of violations by Lazada, which is facing a maximum fine of 50% of its net profits or 10% of its sales earned during the time of the alleged breaches.
EQT's mid-market growth fund closes at $1.6bn, more than double the target. (FS)
EQT Private Capital Asia, formerly known as Baring Private Equity Asia, has hit a $1.6bn close of its latest mid-market fund focused on Asia Pacific, DealStreetAsia reported.
The BPEA EQT Mid-Market Growth Fund has raised more than double its initial target of $750m despite a gloomy fundraising environment. EQT had earlier increased the hard cap of its Asia mid-market growth fund by 40% to $1.4bn. Existing investors in the flagship Asian large-cap buyout funds made up over 80% of the total commitments for the mid-market fund, while the majority of the remaining commitments came from investors in other EQT funds, which were allocated to EQT's Asia arm for the first time.
