AMERICAS
AngloGold, a gold mining company, completed the acquisition of Corvus Gold, a North American gold exploration and development company, for $370m.
“The acquisition of Corvus provides AngloGold Ashanti with compelling, district-wide consolidation in Nevada. The combination of Corvus’ assets along with our own neighbouring targets, including Silicon, Merlin and Rhyolite, provides the opportunity for the Beatty District to become a potential Tier 1 asset with first production in approximately the next three years. We look forward to further engagement with local stakeholders as we develop the Beatty District," Alberto Calderon, AngloGold Ashanti CEO and Executive Director.
AngloGold was advised by Standard Bank of South Africa, RBC Capital Markets, Cravath Swaine & Moore, Hogan Lovells and Stikeman Elliott. Corvus Gold was advised by Fort Capital Partners, BMO Capital Markets, Blake Cassels & Graydon, Cassels Brock & Blackwell and Dorsey & Whitney. BMO Capital Markets was advised by White & Case.
Acorns, the saving and investing app, terminated a $2.2bn merger with Pioneer Merger, a publicly traded special purpose acquisition company.
The deal, announced in May last year, was originally expected to close in the second half of 2021 and Acorns was to be listed on the Nasdaq. The company will pay Pioneer $178m in termination fees in monthly payments,
Reuters reported.
"Given market conditions, we will be pivoting to a private capital raise at a higher pre-money valuation," Noah Kerner, Acorns CEO.
UCB, a global biopharmaceutical company, agreed to acquire Zogenix, a pharmaceutical company, for $1.9bn.
"The proposed acquisition of Zogenix reinforces UCB's sustainable patient value strategy and continued commitment to addressing unmet needs of people living with epilepsy with an increasing focus on those living with specific or rare forms of epilepsy, where few options exist. Complementing UCB's existing therapeutic offerings, the Zogenix acquisition provides UCB with an approved medicine for a life-threatening, rare infant- and childhood-onset epilepsy marked by frequent and severe treatment-resistant seizures, that are particularly challenging to treat," Charl van Zyl, UCB Executive Vice President, Neurology & Head of Europe.
UCB is advised by Barclays, Lazard and Covington & Burling. Zogenix is advised by Bank of America, SVB Leerink and Latham & Watkins.
CJ ENM, a Korean entertainment company, completed the acquisition of a 80% stake in Endeavor Content, a content studio, from Endeavor Group Holdings, a global sports and entertainment company, for $775m.
"We are thrilled for this next chapter as we seek to unlock even greater value for talent and our producer partners. With the addition of CJ ENM, our mission to empower creators and foster an inclusive environment that promotes diverse content on a global scale only grows stronger," Graham Taylor and Chris Rice, Endeavor Content co-CEOs.
Endeavor was advised by The Raine Group, Latham & Watkins and Brunswick Group. CJ ENM was advised by JP Morgan and O'Melveny & Myers.
New Directions Behavioral Health, a provider of managed behavioral healthcare services, agreed to acquire Tridiuum, an operator of a digital behavioral health company. Financial terms were not disclosed.
"This transaction comes at a time when the need for behavioral health innovation continues to grow. By joining New Directions, a like-minded, mission-driven company, we will be able to set a new standard of care characterized by accelerated access to quality treatment and meaningful outcomes. We look forward to working with New Directions towards bridging the gap for patients' behavioral health needs by using our scalable technology, which enables online scheduling to outcome measurement, to reimagine how to deliver timely access to care," Mark Redlus, Tridiuum CEO.
New Directions is advised by Moelis & Co, Foley & Lardner and Joele Frank. Tridiuum is advised by Ziegler and Morgan Lewis & Bockius.
B. Riley Financial, a publicly-traded, diversified financial services company, agreed to acquire FocalPoint Securities, a provider of institutional brokerage services, for $175m.
"FocalPoint is a world class firm known for its ability to handle complex deals with speed, accuracy, and quality. This combination builds on our long and successful track record of acquiring and integrating other complementary businesses that can provide us with additional scale and capabilities to expand our small and middle market leadership. With both companies having started off around the same time, in the same area of Southern California, and building meaningful niches within our industries, this deal carries special significance for me," Bryant Riley, B. Riley Financial Chairman and Co-CEO.
B. Riley is advised by Sullivan & Cromwell. FocalPoint Securities is advised by Houlihan Lokey, Sheppard Mullin Richter & Hampton and Sidley Austin.
Bank First, a customer-owned mutual bank, agreed to acquire Denmark Bancshares, a parent company of Denmark State Bank, for $119m.
"We are thrilled to unite with Denmark State Bank and expand our footprint in Wisconsin. Similar to Bank First, Denmark is a long-standing organization focused on relationship banking. Bank First and Denmark date back to 1894 and 1909, respectively. Together, we will continue our shared mission of building meaningful relationships and strengthening the communities we serve by providing value-driven financial solutions and giving back through volunteerism and philanthropic initiatives," Mike Molepske, Bank First President and CEO.
Denmark Bancshares is advised by Piper Sandler and Godfrey & Kahn. Bank First is advised by Hovde Group and Alston & Bird.
Main Post Partners, a private equity firm, completed the investment in Mishimoto, an engineering firm specializing in performance automotive products. Financial terms were not disclosed.
"Main Post Partners' extensive experience working alongside founders to build best-in-class consumer brands, coupled with their industry knowledge and deep understanding of the Mishimoto brand made the decision to bring them on as a partner an easy one. Main Post's investment will allow us to drive further brand awareness, accelerate new product development and add additional resources to support our valued customers and channel partners," Michael Sullivan, Mishimoto Founder and CEO.
Main Post was advised by Morrison & Foerster and Chris Tofalli Public Relations. Mishimoto was advised by Piper Sandler and Troutman Pepper.
OceanSound Partners-backed Netrix, a provider of managed and professional IT services, agreed to acquire BTB Security, a cybersecurity and digital forensics solutions company. Financial terms were not disclosed.
“Amidst a constantly evolving cybersecurity threat environment, businesses and other institutions are increasingly looking to outsourced experts to assist them in navigating a complex landscape of security best practices, regulatory requirements, and third-party tools. For over 15 years, BTB Security has demonstrated an unwavering commitment to helping clients understand and implement cybersecurity best practices and properly address their unique needs. We are thrilled to welcome the BTB Security team to the Netrix family. With their expertise and support, we will be able to provide a more robust portfolio of security solutions to Netrix clients across the globe," Russell P. Reeder, Netrix CEO.
Netrix is advised by Skadden Arps Slate Meagher & Flom and Womble Bond Dickinson. BTB Security is advised by Falcon Capital and Cozen O'Connor.
DataBank, a provider of enterprise-class colocation, interconnection, and managed cloud services, agreed to acquire four data centers from CyrusOne, a provider of mission-critical data center facilities, for $670m.
"We are excited to add the Houston market to the DataBank portfolio. With our deep roots in Texas, it was a logical metro for us to expand into and allows us to bring our digital infrastructure and interconnection solutions to the 4th largest metro in the US. With the addition of Houston, DataBank now covers 27 metro markets, a larger geographic footprint in the US than any other data center operator," Raul Martynek, DataBank CEO.
DataBank is advised by Jones Day. Debt financing is provided by CIT Bank and TD Securities.
Litera, a provider of legal technology solutions, agreed to acquire Prosperoware, an enterprise software company for the adoption and governance of collaboration systems. Financial terms were not disclosed.
"The acquisition would help Litera execute its vision to transform the way legal teams collaborate. The addition of Litera's tools and other core applications into Prosperoware's platform will automate the new matter, budget, and deal creation process and provide legal teams with a single pane of glass to view and manage their work. Further, this acquisition continues our commitment to partner with law firms to build connections between Litera tools and other core tools lawyers depend on to get their work done, including Microsoft Teams, iManage, NetDocuments, Windows File Shares, and other systems," Avaneesh Marwaha, Litera CEO.
Litera is advised by Holland & Knight. Prosperoware is advised by AGC Partners and Blank Rome.
WebPT, an outpatient physical rehabilitation SaaS platform, agreed to acquire Clinicient, a developer of revenue cycle management software. Financial terms were not disclosed.
"This acquisition will provide additional scale to enable faster innovation and a larger platform to advocate more effectively for an industry we care deeply about. Together, we will extend our solutions to optimize patient outcomes, improve practice efficiency, and deliver actionable data and insights," Ashley Glover, WebPT CEO.
WebPT is advised by Willkie Farr & Gallagher. Clinicient is advised by Piper Sandler and Lowenstein Sandler.
Dorilton-backed MEI Rigging & Crating, a provider of rigging, machinery moving, millwrighting, installation and export packing services, completed the acquisition of A&A Transfer, a provider of commercial moving and rigging services, from Harren Equity. Financial terms were not disclosed.
"We are thrilled to welcome A&A's employees and customers to the MEI family. A&A Transfer is the industry standard for data center services, and this partnership further strengthens our position as the nation's leading provider of machinery moving services. This is an enormous accomplishment, and we could not be more excited to bring together these two excellent organizations," Dan Cappello, MEI CEO.
MEI was advised by Jones Day. A&A Transfer was advised by Houlihan Lokey and Kirkland & Ellis.
Blackstone completed the acquisition of a 35% stake in Phoenix Tower International, a private cell tower platform, from Manulife, a wealth and asset management company. Financial terms were not disclosed.
“There is a massive growth opportunity in the wireless infrastructure sector across the world, and I am pleased to have world-class partners from Blackstone on my team to continue to expand the business. We are excited to continue the growth journey for PTI with Blackstone Infrastructure," Dagan Kasavana, Phoenix Tower International CEO.
Blackstone was advised by Rothschild & Co and Simpson Thacher & Bartlett.
Prodapt, a consulting, technology and managed transformational services provider, completed the acquisition of Synophic Worldwide, a company providing network transformational and managed services. Financial terms were not disclosed.
“I am delighted to welcome Kondal Rao and the Synophic Worldwide team to the Prodapt family. Synophic’s wide range of capabilities in network solutions, cloud, IoT, mobility, data centers, and security augments our portfolio of network transformational services and further expands our services that help accelerate connectedness," Vedant Jhaver, Prodapt Chairman and CEO.
Synophic was advised by BDA Partners. Prodapt was advised by Avendus.
EIG, an institutional investor, completed a $400m investment in 8minute Solar Energy, a company specializing in the energy transition.
“This strategic fundraise is not only a resounding vote of confidence in 8minute from a global energy investor that shares our vision for a zero-carbon future, but also an important signal that the private sector recognizes the immediate need for more reliable, resilient, and low-cost climate solutions. With EIG’s investment, we further solidify our role as a clean technology leader and become the leading technology provider of ‘smart’ solar power plants with integrated energy storage. As we look to expand into green hydrogen and other adjacent markets, a partner that understands this business is critical to our continued success," Tom Buttgenbach, 8minute Founder and CEO.
EIG was advised by Sard Verbinnen & Co.
Franklin Templeton, an investment management firm, led a $150m Series E funding round in Ironclad, a developer of a contracting platform. Additional investors include BOND, YC Continuity, Emergence, Lux, Haystack, Accel, and Sequoia Capital.
"We've been following the digital contracting space for years, and Ironclad is the clear leader. Other players have some components of the solution, but only Ironclad has the whole package. They are leading the field when it comes to vision, product innovation, and team, and we're excited to partner with them to build the dominant platform for all business-to-business contracting," Ryan Biggs, Franklin Templeton Managing Director.
Ironclad was advised by BLASTmedia.
Smith+Nephew, a multinational medical equipment manufacturing company, agreed to acquire Engage Surgical, a privately held orthopedic implant company, for $135m.
"Smith+Nephew is now the only medical device company offering both cemented and cementless partial knee implants in the US, as well as robotics-assistance through the CORI™ Surgical System that is well-suited for the precise alignment needed. Through our Sports Medicine franchise we have an established, strong position in ASCs where the vast majority of partial knees in the US are performed. Our VISIONAIRE™ business, the high performance and small footprint of CORI, plus our partial knee portfolio, is a unique compelling offering for customers," Randy Kilburn, Smith+Nephew Executive Vice President & General Manager.
Engage Surgical is advised by Davis Polk & Wardwell.
Durable Capital Partners, a private equity investment firm, led a $100m Series C round in Facet Wealth, an SEC-registered investment adviser. Additional investors included Warburg Pincus, TeleSoft Partners, and Green Cow Venture Capital.
“Facet is doing something innovative in personal finance. It stands at the forefront of an era in which people will benefit from the use of new technology that results in personalized financial plans suited for their specific needs and aspirations. With a strong team, we believe Facet is well-positioned for sustainable, long-term success," Henry Ellenbogen, Durable CIO.
Facet Wealth was advised by StreetCred PR.
Brookfield-backed Service Experts Heating & Air Conditioning, an air conditioning systems provider, completed the acquisition of Go Solar Power, a full-service solar power company, from Skyway Capital Markets, an investment bank. Financial terms were not disclosed.
“It was great to represent a visionary entrepreneur such as Court who is truly a pioneer in the solar power industry. We work across a variety of sectors, but it’s incredibly rewarding to see how Skyway’s unique approach can particularly benefit home services focused clients. The exceptional outcome Skyway achieved for Court and his team is a great example," Andrew Fenton, Skyway Capital Markets Managing Director.
Go Solar Power was advised by Skyway Capital Markets.
Iconiq Growth, a privately-held investment firm, led a $620m Series C funding round in 1Password, a developer of a password management software. Lightspeed Ventures, Tiger Global and Accel also participated.
The business version of 1Password, which integrates with several other work platforms, was launched in May 2016 and Shiner said it is now used by over 100k companies.
American Financial Group, an insurance holding company, agreed to acquire Verikai, an insurance technology company, for $120m.
“We are thrilled to welcome the Verikai team to AFG. We believe that artificial intelligence and machine learning will continue to have a significant impact on the insurance industry and see Verikai as a thoughtful and effective leader in the use of these technologies. We have been very selective and intentional with our investments in the insurtech space and have enjoyed great success with several strategic relationships. Although we don’t often invest directly in insurtech entities, we found Verikai to be an outstanding opportunity. Verikai will continue to operate as a stand-alone company to serve its insurance clients. We are also pleased that Great American Insurance Group will benefit from Verikai’s predictive risk tool and unique Marketplace solution as it enters the medical stop loss business, with a primary focus on small and underserved risks," Carl Lindner III, AFG Co-CEO.
Ford, a company that designs, manufactures, and services cars and trucks, and ADT, a provider of commercial security systems and services, agreed to form Canopy, a joint venture that combines professional security monitoring and AI-driven video camera technology, in a $100m deal.
“The combination of our technologies and our deep security experience creates a new category of protection for work and personal vehicles. Vehicles represent the second-most-valuable asset for consumers, and helping to protect them extends ADT’s safe, smart, and sustainable solutions far beyond the home," Elliot Cohen, ADT Chief Business Development.
Rocket Lab, a company specializing in launch services and space system, completed the acquisition of SolAero, a supplier of space solar power products, for $80m.
“SolAero has established itself as a premier provider of solar technologies and we are very excited to be joining forces. SolAero is a highly complementary addition to Rocket Lab’s vertically integrated business model, enabling us to deliver complete space mission solutions for our customers. With more than 1k successful missions under their belt, the team at SolAero have enabled trailblazing missions, providing space solar power solutions for the James Webb Space Telescope, and missions on Mars including InSight and Ingenuity. We are thrilled to be combining our innovative teams, industry-leading technologies, and strong resources to enable our customers to achieve incredible things in space," Peter Beck, Rocket Lab Founder and CEO.
Rumble, a video platform, completed the acquisition of a stake in Parallel Economy, a transformative payment processing company. Financial terms were not disclosed.
"Our mission is to eliminate every chokepoint and backdoor to cancel companies like Rumble and our creators. This investment in a digital payment processing system is another example of Rumble's commitment to put creators first. With Parallel Economy, creators won't have to worry about arbitrary cancellation. Giving creators financial security is a critical part of Rumble's mission to protect a free and open Internet," Chris Pavlovski, Rumble CEO.
Clearlake and TA Associates-backed Precisely, a data integrity software provider, agreed to acquire PlaceIQ, a data and technology provider. Financial terms are not disclosed.
“Enterprises today are looking to make better decisions through data they can trust. Precisely offers a unique combination of software and data solutions to help companies achieve data integrity and improve decision making. The addition of PlaceIQ’s location data to our portfolio deepens that value proposition by providing our customers with market-leading data on consumer behavior. We look forward to accelerating PlaceIQ’s decade of innovation, offering new ways for enterprises to improve the accuracy, consistency and context of their data," Josh Rogers, Precisely CEO.
Sigma, a provider of airborne intelligence, surveillance, and reconnaissance sensor data transport engineering and services, completed the acquisition of SOLUTE, a technology and engineering firm that specializes in system modernization with a focus on software engineering, cyber security and cloud architectures. Financial terms were not disclosed.
"The acquisition of SOLUTE furthers Sigma Defense's strategy of delivering a comprehensive suite of products for the JADC2 construct. It is another step in helping our DoD customers modernize programs by leveraging open-source platform as a service concept to deliver mission critical software enablement for command and control (C2), autonomy and communications. I am extremely excited by the immediate value we will be able to deliver to our customers and how that will continue to grow over time. Our nation's ability to retain our advantage is underpinned by collaboration and speed to delivery, and we are ready to help," Matt Jones, Sigma Defense CEO.
Tesla investors ask Elon Musk to repay $13bn for SolarCity deal through a judge.
Tesla shareholders urged a judge to find Elon Musk coerced the company's board into a 2016 deal for SolarCity and asked that the chief executive be ordered to pay the electric vehicle company one of the largest judgments ever of $13bn,
Reuters reported.
"This case has always been about whether the acquisition of SolarCity was a rescue from financial distress, a bailout, orchestrated by Elon Musk," Randy Baron, an attorney for shareholders.
Scotiabank investors see the benefits of acquiring Citigroup's Mexican unit.
Bank of Nova Scotia shareholders are urging Canada's No. 3 lender to seriously examine the Mexican consumer banking unit being sold by Citigroup, arguing it would benefit from scaling up in the fast-growing Latin American country,
Reuters reported.
Acquiring Citibanamex, estimated to be worth $4bn to $8bn, would help Scotiabank expand in Mexico, which accounted for nearly a quarter of its international business revenue in fiscal 2021, and 7.6% of total revenue.
Acacia hopes to acquire Kohl's. (FS)
Acacia Research, which is backed by activist investor Starboard Value, has reached out to department store retail chain Kohl's to express its interest in making a bid for the retailer,
Reuters reported.
Acacia, which buys businesses in sectors such as technology and healthcare, would likely be the lead investor in a bid with Starboard backing it.
TPG announced the close of IPO. (FS)
TPG, an alternative asset management firm, announced the closing of its initial public offering of 33.9m shares of its Class A common stock at a public offering price of $29.5 per share.
TPG is advised by JP Morgan, Goldman Sachs, Morgan Stanley, TPG Capital, Bank of America, Citigroup, Deutsche Bank, Evercore, UBS, Wells Fargo Securities, BMO Capital Markets, Barclays, Mizuho Securities, Keefe Bruyette & Woods, SMBC Nikko Securities, AmeriVet Securities, Blaylock Van, C.L. King & Associates, Drexel Hamilton, R. Seelaus & Co, Ramirez & Co, and Siebert Williams Shank.
Warburg Pincus hopes to seek a $2bn fund. (FS)
Growth investor Warburg Pincus seeks up to $2bn funding for Duravant in a single-asset secondary transaction that will give the firm more time and money to manage the company.
The deal is expected to close in early February.
Melody raised near $2bn for Digital Infrastructure Fund. (FS)
New York alternative asset manager Melody Investment Advisors raised $1.95bn for a new fund to invest in cell towers, optical fiber, data centers and other digital infrastructure, aiming to seize on growing data volumes.
Melody wrapped up Melody Communications Infrastructure Fund II and related vehicles above a $1.5bn target. The fund is the first raised by Melody since it was formed in 2019, according to Omar Jaffrey, Melody Managing Partner and Founder.
Rice Park Capital closes a $300m capital commitment. (FS)
Minneapolis-based investment firm Rice Park Capital Management announces the close of a $300m capital commitment from M&G Investments for its inaugural mortgage servicing rights fund.
Rice Park is targeting $600m in total capital commitments for its MSR strategy in 2022.
EMEA
Kraft Heinz, a food products company, completed the acquisition of an 85% stake in Just Spices, a manufacturer of spices and condiments. Financial terms were not disclosed.
“With Just Spices, we will leverage Kraft Heinz’s scale and agility to accelerate the business in the fast-growing taste elevation market beyond the company’s current German base and its recent market entries in Spain, Austria, and Switzerland. We also see tremendous potential to further strengthen and enhance Kraft Heinz’s own direct-to-consumer operations and go-to-market expansion," Rafael Oliveira, Kraft Heinz EVP & President.
Just Spices was advised by Rothschild & Co and Latham & Watkins. Kraft Heinz was advised by Skadden Arps Slate Meagher & Flom.
Lone Star, a private equity firm, agreed to acquire Manuchar, a provider of chemicals and commodities distribution services intended for emerging markets, from Ackermans & van Haaren, a group active in different industries by investing in companies based on long-term partnerships. Financial terms were not disclosed.
“We are proud of having contributed to Manuchar's impressive track record over the last 15 years. Manuchar has evolved from a logistics and trade services group to a leading integrated chemicals distributor across geographies with a diversified product offering. We are convinced that its talented management team and 2.25k employees across the world will, together with Lone Star, further build out the group's reputation as one of the most reliable chemical distributors for emerging markets," John-Eric Bertrand, Ackermans & van Haaren Member of the Executive Committee.
Lone Star is advised by Simpson Thacher & Bartlett.
Eclipse Ventures, a venture capital firm, led a $200m Series B funding round in Wayve, a developer of AI-based driving software system. Additional investors include D1 Capital Partners, Baillie Gifford, Moore Strategic Ventures, Linse Capital, Microsoft, Virgin, Compound, Balderton Capital and Ocado Group.
"As the industry struggles to solve self-driving with traditional robotics, it is becoming increasingly clear that AV2.0 is the right pathway to build a scalable driving intelligence that can help commercial fleet operators deploy autonomy faster," Seth Winterroth, Eclipse Ventures Partner.
Medicover, a specialised provider of diagnostic and healthcare services, completed the acquisition of a 68.3% stake in NIPD Genetics, a European biotechnology company, for $51m.
“NIPD’s proprietary technology platform together with their experienced expert team and Medicover Genetics state-of-the art diagnostics will take us one step closer to become an international market leader in genetic diagnostics”, Fredrik Rågmark, Medicover CEO.
Relation Insurance, an insurance agency, completed the acquisition of Allen Insurance Group, a provider of commercial lines insurance solutions. Financial terms were not disclosed.
“We are thrilled to welcome Gary, Tricia and the entire Allen team to the Relation family. They are experts in the trucking & transportation industry, and we’re excited to partner and grow their presence across Relation and throughout the country," Tim Hall, Relation Executive Vice President and Head of M&A.
Bain nears a $2bn acquisition of Inetum. (FS)
US buyout fund Bain Capital is in final talks to buy French IT services firm Inetum in a deal worth about $2bn that would boost its presence across Europe's tech sector,
Reuters reported.
The deal will see Inetum, formaerly known as Gfi Informatique, returning into private equity hands after being sold to Qatar's group Mannai in 2016.
Satellite giants eye on future deals.
Europe's biggest satellite companies are soon to be armed with a massive warchest and are expected to play a major role in the continuing wave of satellite deals,
Bloomberg reported.
Intelsat and SES, both headquartered in Luxembourg, are set to receive as much as $8.8bn over the coming years for selling airwave rights to the US government for 5G wireless communications.
Masdar agrees to sign hydrogen production deal with Engie.
Abu Dhabi renewable energy group Masdar signed a deal to develop a green hydrogen production plant in the United Arab Emirates with France's Engie and Fertiglobe,
Reuters reported.
A joint venture between chemical firm OCI and the state-owned Abu Dhabi National Oil Cmpany - Masdar, Engie and Fertiglobe will explore the co-development of an up to 200 megawatt capacity plant.
TenneT believes bringing in private investors can help development.
European power transmission system operator TenneT might bring in private co-owners at some point to support huge investments needed to build up power links fit for the continent's renewable energy expansion,
Reuters reported.
"We all agree that the energy transition in general, not only TSOs, needs huge amounts of money and needs to be opened up for the capital markets," Manon van Beek, TenneT CEO.
CVC chooses Rob Lucas to work on a posible $15bn listing. (FS)
The buyout giant CVC Capital Partners picks a veteran partner to spearhead a $15bn stock market listing that will underline the resurgent trend of private equity firms selling shares to public investors.
Rob Lucas, who has worked at Luxembourg-headquartered CVC since 1996, is to become chief executive of the listed company that plans to float on the London stock market later this year. If it proceeds, it will be among the most prominent listings undertaken by global private equity investors.
EQT targets to raise $23bn for its new fund. (FS)
Private equity firm EQT is looking to raise at least $23bn for its tenth flagship buyout fund as it looks to expand its US footprint. When it reach its target, EQT X will be 28% bigger than EQT IX which reached a $21bn close in April last year.
The fund is currently the largest European-managed fund on the market. At $23bn, it would be the second-largest vehicle to come out of the region after CVC Capital Partners’ Fund VIII which reached a $29bn close in 2020.
APAC
China requires internet companies to get approval before investments or fundraisings.
China's cyberspace regulator drafted new guidelines that will require the country's large internet companies to obtain its approval before they undertake any investments or fundraisings,
Reuters reported.
The proposed requirements from the Cyberspace Administration of China will apply to any platform company with more than 100m users, or with more than $1.58bn in revenue.
Woodside and Commonwealth negotiate on Louisiana LNG supply deal.
Australia's Woodside Petroleum signed an agreement with Commonwealth LNG, a proposed LNG terminal, to negotiate a deal to secure LNG supply from its proposed liquefaction plant in Louisiana,
Reuters reported.
"This heads of agreement with Commonwealth secures access to competitive LNG in the Atlantic Basin and provides Woodside with the ability to build market scale through acquiring low cost supply," Meg O'Neill, Woodside CEO.
BHP plans to restart large-scale M&A deal.
BHP Group, which was once mining's most aggressive dealmaker, is positioning itself for a return to large-scale M&A after sitting dormant for more than a decade,
Bloomberg reported.
BHP has expanded its dealmaking team, including in London, and is interested in pursuing a transformational deal. The company is evaluating rivals including Freeport-McMoRan and Glencore.
Music Tribe weighs possible stake sale.
Music Tribe, formerly Music Group, whose audio equipment has been used by artists from U2 and AC/DC to Earth, Wind & Fire, is exploring strategic options including a stake sale amid interest from potential investors,
Bloomberg reported.
The closely held company hires JP Morgan to help assess approaches from both investment funds and strategic players.
PT Bukalapak.com falls after Indonesia's largest IPO.
E-commerce company PT Bukalapak.com has lost more than half its value since raising $1.5bn in Indonesia's biggest public offering,
Bloomberg reported.
The shares closed at a record low $0.025, pushing its market value below $2.6bn. That's down 66% from the $7.6bn market cap recorded on its first trading day in August. The stock ended a seven-day losing streak to jump 5.1% to $0.026.
LIC is preparing for India's biggest IPO
Insurer LIC plans to file the draft IPO prospectus in the ultimate week of January, which can present the embedded worth in addition to the quantity of shares on the market,
Bloomberg reported.
If buyers agree with the $203bn valuation sought by the authorities, LIC would compete towards India's largest corporations — Reliance Industries and Tata Consultancy Services. The IPO would account for the bulk of a $23.5bn asset-sale goal wanted to plug India's widening finances deficit, which is forecast to be 6.8% this year.
GLP secures a $3.7bn final close of its private real estate fund. (FS)
Logistics real estate investor GLP secured the final close of its GLP Japan Development Partners IV fund with $3.7bn in total commitments,
DealStreetAsia reported.
The fund has been touted as the largest-ever Japan-focused private real estate fund. The fund secured commitments from pension funds, sovereign wealth funds, and insurance companies across North America, Asia, and the Middle East.
