Anadarko Petroleum shareholders will vote Aug. 8 on the oil and gas producer’s planned $57bn sale to Occidental Petroleum - the biggest oil and gas deal of the year. Occidental avoided its shareholder vote on the deal by securing a controversial $10bn financing agreement with Warren Buffett’s Berkshire Hathaway, which allowed it to raise the cash portion of its offer.
While an Anadarko holders’ vote for the proposed deal is very likely, the price has angered several Occidental investors, including billionaire activist Carl Icahn, who has called for a special meeting to replace four Occidental directors. He has attacked the Anadarko deal as “hugely overpriced” and criticized Occidental Chief Executive Vicki Hollub’s agreements with Berkshire Hathaway and Total that are designed to help finance the purchase.
Anadarko is advised by Evercore, Goldman Sachs, Vinson & Elkins, and Wachtell Lipton Rosen & Katz. Chevron is advised by Credit Suisse, Paul Weiss Rifkind Wharton & Garrison, and Shearman & Sterling. Occidental Petroleum is advised by Bank of America Merrill Lynch, Citigroup, and Cravath Swaine & Moore.
KPS Capital-backed Autokiniton Global Group, a leading North American supplier of metal-formed components and complex assemblies to the automotive industry, acquires Tower International, a leading manufacturer of engineered automotive structural metal components and assemblies, for $900m.
AGG would pay $31 per Tower share in cash. The all-cash transaction represents a 70% premium to Tower's closing stock price on July 11, 2019. Including Tower's debt and pension-related liabilities, the total value of the transaction is approximately $900m.
"We are extremely pleased to reach an agreement with AGG on a mutually beneficial transaction that creates substantial value for Tower stockholders, customers, and colleagues." Jim Gouin, Tower President.
Houlihan Lokey, JP Morgan, and Lowenstein Sandler are advising Tower. Bank of America Merrill Lynch, Goldman Sachs, and Paul Weiss Rifkind Wharton & Garrison are advising AGG.
PetIQ, a leading pet medication and wellness company, closed its $185m acquisition of Perrigo Animal Health, a leading manufacturer of vet quality products for pet parents, from Perrigo Company. The transaction was financed through a combination of $25m of existing cash on hand, and the rest from loan financing.
“We are excited to have closed this important acquisition, and on behalf of PetIQ we welcome the Perrigo Animal Health team to the PetIQ. We look forward to capitalizing on our opportunities to increase our manufacturing scale, expand product and brand diversity, and improve our customer reach, all while we capture significant cost savings and synergies to fuel greater net sales and profitability.” Cord Christensen, PetIQ Chairman, and Chief Executive Officer.
KPMG, Jefferies & Company, Baker Botts, and Winston & Strawn advised PetIQ. East West Bank and Ares Capital Management provided debt financing to PetIQ. Wiliam Blair and Morgan Lewis & Bockius advised Perrigo.
An AmeriGas shareholder is suing the company and UGI, which is in the midst of a $2.4bn deal to take control of the propane company, alleging UGI’s proxy statement contained "materially incomplete and misleading information” about the transaction.
The lawsuit, filed in US District Court by shareholder Peter Votto, is seeking to halt the deal until the companies provide the information he argues is omitted from the filing, including how its financial advisor assessed AmeriGas’ value and “potential conflicts of interest faced by the Board” leading up to the deal.
Votto’s lawsuit names AmeriGas CEO Hugh Gallagher, members of its board including board Chair John L. Walsh, other AmeriGas entities and UGI as defendants.
AmeriGas is advised by Tudor Pickering Holt, Baker Botts, and Potter Anderson & Corroon. UGI is advised by JP Morgan, Simpson Thacher & Bartlett, Latham & Watkins, and Kekst & Company.
Hillenbrand, a global diversified industrial company, offered to acquire Milacron Holdings, a global leader in the manufacture, distribution, and service of highly engineered and customized systems within the plastic technology and processing industry, for $2bn. Under the terms of the agreement, which has been unanimously approved by the Boards of Directors of both companies, Milacron stockholders will receive $11.80 in cash and a fixed exchange ratio of 0.1612 shares of Hillenbrand common stock for each share of Milacron common stock they own. Based on Hillenbrand's closing stock price on July 11, 2019, the last trading day prior to the announcement, the implied cash and stock consideration to be received by Milacron stockholders is $18.07 per share, representing a premium of approximately 34% to Milacron's closing stock price on July 11, 2019.
Joe Raver, President and Chief Executive Officer of Hillenbrand, said, "This transaction meaningfully transforms our portfolio and product offering by adding Milacron's leading technology solutions and sizable installed customer base to help us drive long-term growth. Milacron aligns with our profitable growth strategy and acquisition framework, and we expect the additional capabilities from its high-performing segments to accelerate free cash flow generation and improve margins across the business. I have great respect for Milacron's talented employees and look forward to welcoming them to Hillenbrand as we embark on this next step in our strategy and create enhanced value for our shareholders, customers, employees, and communities."
Barclays and Ropes & Gray are advising Milacron. JP Morgan and Skadden Arps Slate Meagher & Flom are advising Hillenbrand.
Aflac, a leading supplemental insurer serving in the US and Japan, acquires Argus Holdings and it's subsidiary Argus Dental & Vision, a premier benefits organization and a national network dental and vision company. Financial terms were not disclosed.
Subject to regulatory approvals and customary closing conditions, the transaction is expected to close in the fourth quarter of 2019.
"Aflac shares Argus' values of putting the customer first and providing solutions tailored to fit customers' needs," said Argus President and CEO Dr. Nicholas M. Kavouklis. "We look forward to joining the Aflac team and continuing to provide best-in-class service to our benefit management clients while providing a U.S. platform in support of Aflac's strategy to be a leader in providing network dental and vision offerings to employers."
Raymond James and Hill Ward Henderson are advising Argus. Sandler O'Neill + Partners and Sidley Austin are advising Aflac.
Agilent Technologies, a global leader in life sciences, diagnostics and applied chemical markets, acquires BioTek, a worldwide leader in the design, manufacture, and distribution of innovative life science instrumentation, for $1.2bn.
Combined portfolio enables Agilent to provide a more complete and integrated solution for customers in the important and fast-growing area of live cell analysis. The transaction is expected to be completed in Agilent's fiscal fourth quarter of this year, subject to regulatory approvals and customary closing conditions.
"BioTek represents a strong strategic fit with Agilent," said Mike McMullen, Agilent president, and CEO. "The combination of these two companies will accelerate our multi-year growth strategy to expand our position in cell analysis.
Arjo, a leading healthcare firm which specializes in patient handling, acquires a substantial stake in Atlas Lift Tech, a patient handling and mobility specialist firm. Financial terms were not disclosed.
"By combining our offering and Atlas’ solutions, we will help our customers address challenges of mobility in an effective manner, while providing data and evidence for improved clinical outcomes. This collaboration gives us a strong platform to offer a unique end-to-end solution, with the mutual goal of reducing caregiver injuries and improving patient care, while creating efficiencies for healthcare facilities." Joacim Lindoff, Arjo CEO.
HomeLight, a real estate referral company, acquires Eaves, a mortgage loan company. Financial terms were not disclosed. Eave will power the newly formed HomeLight Home Loans division, which launches today with operations in California, Colorado, Washington, Oregon, Pennsylvania, and Texas.
"From the first time HomeLight and Eave met, we knew that our companies’ values aligned. We both empower homebuyers and sellers by putting them first. This purpose drives every aspect of our work together. We’re grateful to our colleagues, close partners, and investors who have made HomeLight and Eave special. We love working with this talented and determined group of unique individuals. It’s been an incredibly fulfilling journey so far, and we can’t wait for the next chapter." Saro Vasudevan, Eave President.
SMART Global Holdings, a leading designer and manufacturer of systems and sub-system/modules, acquires Artesyn Embedded Computing, a leading provider of embedded computing solutions based on open standards, and Inforce Computing, a privately held provider of modular embedded computing and IoT solutions targeting applications. SMART has agreed to acquire Artesyn for $80m in cash and Inforce for a total of $12m in cash and equity consideration.
“These acquisitions represent another milestone in SMART Global’s strategy to drive growth and earnings through synergistic M&A,” commented Ajay Shah, Chairman and Chief Executive Officer of SMART Global Holdings. “These will become part of the SMART Specialty Computing business as the products and customers added are complementary to our existing business, expand SMART’s target market opportunity and enable the company to cross-sell its existing products to new customers.”
Lussier Dale Parizeau, a provider of protection solutions for individuals, businesses as well as for groups and professional associations in group insurance, pension plans, human resources, occupational health and safety, pay equity and all spheres of damage insurance, acquires Samson Consulting Group, a leading actuarial consulting firm that offers its clients personalized services in group insurance and annuities, corporate health, and communication. Financial terms were not disclosed.
"By joining forces with Lussier Dale Parizeau, we are building an infrastructure that will meet a growing need among our clients to offer them improved services, especially in occupational health and safety, compensation and pay equity, and commercial insurance," Jean Samson, Samson President.
Laundrylux, the largest independent integrated distributor of professional laundry equipment, acquires Direct Machinery, a distributor of laundry and drycleaning equipments. Financial terms were not disclosed.
"With the acquisition of Direct Machinery, Laundrylux boldly expands the scope of its consolidation of professional laundry distribution to encompass world-renowned manufacturers. We now serve all customers, from industrial & commercial laundries to large and middle market OPL, vended laundry, and route laundry. Laundrylux's financial strength, strategic manufacturer relationships, broad product portfolio, digital marketing, technology platforms, financing, and equity participation for distribution partners, is unique in the industry." Neal Milch, Laundrylux Executive Chairman.
ADM & Cargill to swap US Midwest grain elevators.
Large US grain merchants Cargill and Archer Daniels Midland reached a deal to swap some of their grain elevators in the US Midwest in a deal expected to close later this summer. The swap would increase efficiencies and fit both companies' long-term strategies. Financial terms were not disclosed.
Cargill will sell its Mount Vernon and Evansville, Indiana, elevators on the Ohio River to ADM. In return, ADM will sell its Beardstown, Naples and Keithsburg, Illinois, elevators along the Illinois River to Cargill.
Brazil appeals court judge lets Odebrecht creditors seize Braskem shares.
A Brazilian appeals court judge has allowed bank creditors of Odebrecht to take possession of shares in petrochemical company Braskem, pledged as collateral for loans they made to the corruption-ensnared conglomerate, Reuters reported.
The new injunction, granted in favor of Brazil's largest lender, Itau Unibanco Holding, overturns a ruling banning any sale or possession of Braskem shares by banks. State-controlled lender Banco do Brasil has filed a similar request.
Odebrecht filed for bankruptcy protection in June, aiming to restructure B$51bn ($13.6bn) of debt, in what would be one of Latin America's largest-ever in-court debt restructurings, after the group was caught in a sweeping political corruption investigation.
Facebook considers the acquisition of Beef Up Gaming.
Facebook is looking to buy game studios and exclusive ink deals for virtual reality versions of well-known games to bolster its Oculus VR headset business, The Information reported.
As part of the new effort, in which CEO Mark Zuckerberg is personally involved, Facebook has already signed deals for exclusive VR versions of the popular games “Assassin’s Creed” and “Tom Clancy’s Splinter Cell." Facebook hopes that seeding Oculus with popular game franchises will help attract more people to buy its VR headsets—which have so far been only moderately successful—and increase the amount of time spent on the social network’s platform.
Vista Equity Partners closes Endeavor Fund II at the $85m hard cap. (FS)
Vista Equity Partners, an investment firm focused on enterprise software, data, and technology-enabled businesses, completed fundraising for Vista Equity Endeavor Fund II.
The Fund was significantly oversubscribed from a diverse group of limited partners and closed at its hard-cap of $850m. Vista's Endeavor platform now manages over $1.4bn in assets and specializes in investment opportunities focused on scaling high-growth enterprise software companies.
Incline Equity Partners closes on $315m for new fund platform. (FS)
Sixpoint Partners has announced the successful closing of Incline Elevate Fund with $315m of total capital commitments. The Fund, which is the fifth investment vehicle and first fund extension vehicle for Incline Equity Partners, easily surpassed its initial hard cap of $300m after only two months of marketing.
Elevate will leverage the firm's established investment strategy, process, and culture to source and execute investments exclusively in the lower middle market, where Incline has a strong track record of success but had outgrown in its flagship fund that seeks to make similar investments in larger companies.
New Jersey Resources Chairman and CEO Laurence M. Downes to retire, board names successor. (People)
New Jersey Resources Chairman and Chief Executive Officer Laurence M. Downes, 61 will retire on September 30, 2019, after 34 years with the company, 24 as CEO. He will continue to serve as Chairman of the Board until the company's Annual Shareowners Meeting. In 1995, Mr. Downes was promoted to President and CEO, and was named Chairman of NJR's Board of Directors in September 1996.
In line with NJR's succession plan, the Board of Directors announced Steve Westhoven, President and Chief Operating Officer, age 51, will become President and CEO on October 1, 2019.
Macquarie Group won the bidding war against USSL, a pension scheme in the United Kingdom, to acquire KCOM, a UK communications and IT services provider, with a £628m ($787m) offer. Macquarie's final offer represented a premium of 66% to the closing price of 72.5 pence for each KCOM share on 23 April 2019. KCOM said it found the offer to be fair and reasonable, and recommended shareholders to vote in favor of it.
Commenting on the acquisition, Leigh Harrison, Head of MIRA EMEA, said: "We are pleased that the KCOM Board is recommending our takeover offer. KCOM has a strong local heritage that has been developed over more than a century and is well-positioned to continue to meet the evolving telecommunications needs of the region, which is why we have made this compelling offer to shareholders at an attractive premium.
Investec, Peel Hunt, Rothschild & Co, Addleshaw Goddard and FTI advised KCOM. Arma Partners, Gleacher Shacklock, Allen & Overy and Finsbury advised USSL. Ashurst advised USSL's financial advisors. Barclays, Freshfields Bruckhaus Deringer and Citigate Dewe Rogerson advised Macquarie.
WPP has agreed to sell 60% of Kantar, its global data, research, consulting and analytics business, to Bain Capital. The transaction creates a strong partnership for the development and growth of Kantar and values the whole of Kantar at a headline enterprise value of c.£3.2bn (c.$4bn).
Kantar is an industry-leading data, research, consulting, and analytics business which offers insights into the views of customers and consumers in over 100 countries. As part of the deal, WPP has agreed on the terms of transitional services agreements which will govern the provision of IT services and other operational services between WPP and Kantar for an interim period after first completion.
"Kantar is a market leader in many areas, and we are excited to be partnering with its management team and WPP to build on this remarkable platform for growth. We see many opportunities for expansion and will invest in technology to expand the 'company's capabilities and reinforce its leading global position." Luca Bassi, a Managing Director at Bain Capital Private Equity.
Bain Capital is advised by Canson Capital Partners, Credit Suisse, and Mediobanca. WPP is advised by Ardea Partners, Bank of America Merrill Lynch, Goldman Sachs, and Lazard.
Colgate, a leading global consumer products company, acquired Laboratoires Filorga Cosmétiques skincare business, a premium anti-aging skincare brand focused primarily on facial care, for $1.7bn.
Noel Wallace, Colgate’s President, and CEO commented, “Filorga is a strong, premium-priced brand with distinctive positioning that fits well within our long-term personal care growth strategy. We are excited that this acquisition will add a high-growth, profitable, global skincare asset to the Colgate portfolio with the opportunity to drive continued growth through expanded distribution and awareness. This acquisition also provides Colgate entry into the fast-growing and sizeable travel retail channel, particularly in Asia.”
Colgate is advised by Citigroup, CMS, and Wachtell Lipton Rosen & Katz. Filorga is advised by BNP Paribas, Goldman Sachs, and Bredin Prat.
Orange, the global telecoms group, closed its $580m acquisition of SecureLink, one of the largest dedicated cybersecurity infrastructure and managed services providers in Europe, from Investcorp, a provider, and manager of alternative investment products. The deal was announced in May.
“Cybersecurity is a growing priority for companies of all sizes, and we believe the two most important success factors are Scale and Proximity. Scale because today's threats are global, complex, and require matching protection capabilities. Proximity because in the global IT world, you want a trusted local partner to secure your most strategic assets. With the acquisition of SecureData and SecureLink, Orange has the highest scale to anticipate and fend off attacks, as well as local defense teams in all the main European markets, positioning the combined organization as the go-to defense specialist.”
Hugues Foulon, Orange Executive Director of Cybersecurity.
Mazars Corporate Finance, Citigroup, and Loyens & Loeff are advising Orange. Jefferies & Company, Stibbe, and KPMG are advising Investcorp.
Ferrero, an Italian manufacturer of branded chocolate and confectionery products, agreed to acquire Kelsen, the maker of fine cookie brands Royal Dansk and Kjeldsens, from Campbell for $300m. As part of the transaction, a Ferrero affiliated company will take over the two production facilities in Nørre Snede and Ribe.
"The sale of Kelsen Group supports our strategy to focus on North America, where we have iconic brands and strong market positions while reducing debt. Throughout the divestiture process, we have considered many options for our valuable international assets. Selling Kelsen separately from the rest of our international business generates the greatest possible value for Campbell. We are committed to the divestiture of the remainder of our international operations and will remain disciplined as we move forward." Mark Clouse, Campbell's President, and CEO.
Ferrero is advised by Rothschild & Co and Davis Polk & Wardwell. Campbell Soup is advised by Centerview Partners, Goldman Sachs, and Weil Gotshal and Manges.
CVC Capital Partners, a leading private equity firm, acquires Robert Bosch Packaging Technology, the packaging machinery business of Bosch. Financial terms were not disclosed.
The parties signed an agreement on July 11, 2019 affecting the transfer of the entire packaging technology business and its 6,100 associates in 15 countries. Completion of the sale is subject to the approval of various bodies, including antitrust authorities, and is expected to close at the turn of the year.
"My colleagues and I in executive management regard this new partnership with CVC as a huge opportunity for our future success." Stefan König, Robert Bosch Packaging Technology President.
Innova Capital, a leading private equity firm, acquires Optical Network, a leading optical retailer in Romania. Financial terms were not disclosed.
Innova will follow through with plans for further development of Optical Network, including ongoing improvement of the product offering and customer experience as well as expansion of the current retail network and distribution business.
Volkswagen to create an alliance with Ford to build electric, automated cars.
Ford Motor and Volkswagen said they would spend billions of dollars to jointly develop electric and self-driving vehicles, deepening a global alliance to slash development and manufacturing costs.
How soon those investments will pay for themselves is an open question across the global auto industry. Ford and VW executives said the latest collaborations could save hundreds of millions of dollars for each company. However, the projects would take time to develop, and the size and timing of the payoffs were unclear.
Elliott built Altran position after Capgemini €3.6bn bid announcement. (FS)
New York-based Elliott began acquiring equity derivatives on Altran's stock on July 8 and does not intend to tender the shares it could end up owning in the group.
Cleary Gottlieb Steen & Hamilton is advising Capgemini. BNP Paribas serves as a debt provider, and Hogan Lovells advises BNP Paribas on that matter.
Blackstone & Kirkbi explore a €1.5bn sale of Armacell. (FS)
According to Bloomberg, Blackstone, and Kirkbi, a LEGO brand owners family's private holding and investment company, are weighing a sale of Armacell International, the producer of specialized insulation products used by the International Space Station.
The investment firms have reportedly invited potential advisers to pitch for a mandate in the coming weeks. The business could be valued at about €1.5bn ($1.7bn).
Fosun Tourism considers $940m rescue of Thomas Cook.
China's Fosun Group said it might help fund a £750m ($940m) rescue plan of the failing British travel firm that would heavily dilute its stock, which ended in Thomas Cook' Group's bonds rally and shares fall.
The plan will give Cook's most significant investor control of the UK company's tour operations and a minority stake in its airline, which sale will be put on hold while swapping debt for equity and issuing new shares.
Clariant looks for final bids for Medical Specialties business. (FS)
Swiss chemicals maker Clariant is entering the final stages of the sale of its packaging business, part of a broader streamlining to be completed by the end of 2020, Reuters reported.
The company is expecting US packaging makers AptarGroup and Morgan Stanley Capital Partners-backed Comar to submit final offers for its Medical Specialties unit later this month.
Russian Central Bank to recapitalize PJSC Moscow Industrial Bank.
The Bank of Russia approved amendments to the plan of its participation in bankruptcy prevention measures for Public Joint-stock Company Moscow Industrial Bank.
Bank of Russia would allocate RUB128.7bn ($2bn) for recapitalization purposes. These funds are earmarked for purchasing MInBank's follow-on offering, as a result of which the Bank of Russia will become the owner of more than 99.9% of MInBank's ordinary shares.
Following the Bank of Russia's purchase of MInBank's follow-on offering the latter will become compliant with capital adequacy ratios and capital buffers.
Hong Kong-based private equity firm PAG Asia Capital has fully acquired Australian restaurant chain operator Craveable Brands from Archer Capital and minority shareholders. Financial terms were not disclosed.
Craveable Brands claims to be the largest Australian-owned operator of quick services restaurants with over 580 stores under the Oporto, Red Rooster and Chicken Treat brands. It also operates restaurants in New Zealand, Singapore, and Sri Lanka and is preparing to launch new stores in Vietnam and the Middle East.
“Craveable Brands is a terrific asset in the Australian QSR market, owning three iconic brands with significant scale. We see great opportunities for Craveable and look forward to working with management on the next stage of portfolio innovation,” said PAG chairman and CEO Weijian Shan.
Novena Global Lifecare, one of the world’s largest integrated medical healthcare and aesthetic companies with over 100 clinics in 20 cities mainly in the Asia Pacific region, completed its $350m merger with Xingkeduo, an express haircut business with nearly 100 stores in high foot-traffic prime locations in China’s first- and second-tier cities and a China-wide e-commerce platform.
The merger provides Singapore-owned Novena Global Lifecare with access to Xingkeduo’s internet technology and physical network of nearly 100 stores, which will now be complemented by the Company’s medical aesthetic expertise through its NOVU Aesthetics brand. This merger will also see an accelerated expansion of NOVU and Xingkeduo brands in China, as plans are underway for the creation of a one-of-a-kind hybrid store format offering complimentary medtech-based aesthetic and hairdressing solutions driven by Artificial Intelligence, as well as generate cross-selling opportunities for both brands.
“Through this merger, Novena Global Lifecare will immediately reinforce our leading presence in the aesthetic beauty and wellness industry in the Asia Pacific. More significantly, it would further improve our retail and service quality and disrupt the current industry model and cost structure. We strongly believe that in the future, whether in Singapore, China or even in Asia and Latin America, we can use this model to empower customers to have more customized products and services.” DORR Group’s Nelson Loh.
China's largest insurer Ping An Insurance announced on Friday that it has picked up a stake in ed-tech firm iTutorGroup through its overseas subsidiaries. Financial terms were not disclosed.
Following the investment, iTutorGroup will become part of Ping An's smart education business. According to iTutorGroup, the tech startup will continue to operate independently while collaborating with Ping An's smart education system to "achieve maximum synergy and utilization of resources and technology."
Indonesia's listed energy company Medco Energi Internasional is selling a 49% stake in subsidiary Medco Cahaya Geothermal to New York-listed Ormat Geothermal Power. Financial terms were not disclosed.
MCG is the owner of a 110 MW geothermal power plant in Blawan-Ijen, East Java. The company has an electricity purchase agreement with the state-owned Perusahaan Listrik Negara for 30 years. The project is currently still in the development phase, and commercial operations are expected to start by the end of 2022.
Medco Energi has previously partnered with Ormat Geothermal for the development of the Sarulla geothermal power plant project in Tapanuli, North Sumatera.
AB InBev drops plans for $9.8bn APAC IPO.
AB InBev, a multinational drink and brewing holdings company, announced that it abandoned its plans to list a minority stake in its APAC unit Budweiser Brewing Company APAC on the Hong Kong stock exchange. The company is not proceeding with this transaction due to several factors, including the prevailing market
AB InBev said it would closely monitor market conditions, as it continuously evaluates its options to enhance shareholder value, optimize the business and drive long-term growth, subject to strict financial discipline. The IPO was going to be the largest one this year, with a value of approximately $9.8bn.
Tiger Global in talks with Tencent & SoftBank to sell stake in Policybazaar's operator at $1.5bn valuation. (FS)
According to the Times of India, Chinese giant Tencent and Japanese SoftBank are in talks to acquire Tiger Global Management's 21% stake in Etechaces Marketing and Consulting, a company which owns and operates Policybazaar and Paisabazaar portals.
Tiger Global is reportedly seeking a $1.5bn valuation for the company, which implies a price of over $300m for its stake. The stake sale will mark a successful exit for Tiger Global, which invested around $50-60m in the company to date.
Australia's Charter Hall to acquire Telstra HQ building for $579m. (RE)
Australian landlord Charter Hall Group formed a partnership, which also comprises the Charter Hall Prime Office Fund and the Public Sector Pension Investment Board, to buy Telstra Corp's global headquarters in Melbourne for A$830m ($579m). The 47-story office tower is leased to Telstra, the lease expiring in the 2032 financial year.
Another soaring IPO creates $1.5bn fortune for fashion duo.
Online retailer Revolve Group said it would offer about 1k new fashion items a week for sale. A glance at its website shows 233 new arrivals just dropped. The rapid turnover growth and its use of social media have made Revolve one of the best performing initial public offerings this year and created a $1.5bn fortune for founders and co-Chief Executive Officers Michael Karanikolas and Michael Mente.
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