AMERICAS
Private equity firms Advent International and Great Hill Partners completed the investment in RxBenefits, a provider of pharmacy plans, expert advice, superior service, and guaranteed rates, at a $1.1bn valuation.
"RxBenefits is the industry's only fully independent, client-aligned, multi-PBM platform delivering tangible pharmacy savings, optimized clinical outcomes and a superior customer experience. Advent brings a robust track record in the healthcare services and tech sectors, and their investment is a testament to the opportunities ahead. We look forward to growing in partnership with Advent and Great Hill as we continue to build out our specialty and clinical programs to deliver additional cost savings to our clients," Bryan Statham, RxBenefits CEO.
RxBenefits was advised by Barclays, TripleTree, Goodwin Procter and Maynard Cooper & Gale. Advent was advised by Deutsche Bank and Weil Gotshal and Manges.
Shareholders of biotechnology companies BridgeBio Pharma and Eidos Therapeutics approved their $175m merger agreement. The deal is expected to close on or about January 26, 2021, subject to the satisfaction or waiver of other conditions to closing.
"We are ready and eager to welcome Eidos back into BridgeBio's ecosystem of scientific innovation. We believe this merger will allow us to fully unlock the potential of acoramidis, the investigational therapy Eidos is developing to target transthyretin amyloidosis, creating value for patients and investors. I'd like to thank BridgeBio and Eidos stockholders for their support and their overwhelming approval of this transaction," Neil Kumar, BridgeBio Founder and CEO, and Eidos CEO.
Eidos Therapeutics is advised by Centerview Partners and Cravath Swaine & Moore. BridgeBio Pharma is advised by Goldman Sachs, JP Morgan, Morrow Sodali Global and Skadden Arps Slate Meagher & Flom.
Investment firm NovaQuest Private Equity agreed to acquire CoreRx, a global contract development and manufacturing organization. Financial terms were not disclosed.
"This transaction is an endorsement of CoreRx's success to date and its potential for future growth with NovaQuest, a firm with deep healthcare and life sciences expertise and a long history of partnering with market-leading businesses to take them to the next level. NovaQuest's expertise in pharmaceutical services and enabling technologies will be invaluable as we look to further grow and enhance the value of our business in partnership with our customers," Todd R. Daviau, CoreRx President and CEO.
CoreRx is advised by William Blair & Co, Johnson Pope and Sheppard Mullin Richter & Hampton. NovaQuest Private Equity is advised by Smith Anderson and BackBay Communications. Debt financing is provided by Goldman Sachs.
PTC, a company that enables global manufacturers to realize double-digit impact with software solutions, completed the acquisition of Arena Solutions, a SaaS PLM company, from JMI Equity for $715m.
"This acquisition is the logical next step in PTC's strategy to be the industrial SaaS leader. A big first step was the acquisition of Onshape, the SaaS leader in CAD and collaborative design capabilities. Arena will enable us to round out the solution with full PLM capabilities and deliver the only complete CAD + PLM SaaS solution in the industry," Jim Heppelmann, PTC President and CEO.
Arena Solutions and JMI Equity were advised by Barclays and Goodwin Procter. PTC was advised by Grant Thornton, Centerview Partners and Morgan Lewis & Bockius.
Avista Capital Partners, a private equity firm, completed the acquisition of Solmetex, a provider of amalgam separators and other waste compliance products, from private equity firms Avalt, Gemini Investors, and Riveria Investment Group. Financial terms were not disclosed.
"Our investment in Solmetex represents an attractive opportunity to acquire the clear market leader in an indispensable category within the dental industry. With deep customer relationships, strong recurring revenues, a durable portfolio, and a new product pipeline, we believe Solmetex has the potential for robust domestic and international expansion," Sriram Venkataraman, Avista Capital Partners Partner.
Solmetex was advised by Alvarez & Marsal, Piper Sandler and Ropes & Gray. Avista was advised by Kirkland & Ellis and Kekst CNC.
Haemonetics, a global provider of blood and plasma supplies and services, agreed to acquire Cardiva Medical, a manufacturer of vascular closure systems, for $510m, comprising of a $475m upfront payment in cash and $35m in contingent consideration based on sales growth. The acquisition is subject to customary closing conditions and is expected to be completed in the first quarter of calendar 2021.
"We are excited to add Cardiva's vascular closure technology to our portfolio and look forward to welcoming their talented team. This acquisition immediately expands and diversifies our hospital offerings in the large and growing interventional cardiology and electrophysiology markets and aligns with our innovation agenda," Chris Simon, Haemonetics President and CEO.
Cardiva Medical is advised by JP Morgan and Cooley. Haemonetics is advised by Moelis & Co and DLA Piper.
Sixth Street, a global investment firm, agreed to acquire Talcott Resolution, an insurance firm, from a consortium of investors led by Cornell Capital, Atlas Merchant Capital, TRB Advisors, Global Atlantic Financial Group, Pine Brook, J. Safra Group and The Hartford. Financial terms were not disclosed. The transaction is expected to close in the second quarter of 2021, subject to regulatory approvals and other customary closing conditions.
"We want to thank the consortium for their tremendous support over the past few years as we established Talcott Resolution as an independent growth platform for risk transfer solutions. We are looking forward to our partnership with Sixth Street and the next chapter in Talcott's evolution. Sixth Street's commitment to expand its presence in the insurance industry along with its stable, long-term capital base will be significant catalysts for our company's growth," Pete Sannizzaro, Talcott Resolution CEO and President.
Sixth Street is advised by Deutsche Bank, JP Morgan and Willkie Farr & Gallagher. The consortium is advised by Sidley Austin.
First Busey, the holding company for Busey Bank, agreed to acquire Cummins-American, the holding company for Glenview State Bank, for $191m.
"Being a strong, local community bank for the communities we serve remains a top priority to both Busey and Glenview State Bank. We believe this strategic merger will benefit our clients through enhanced capabilities and products in commercial banking, wealth management and depository services. In addition, a growing, dynamic organization presents more professional growth opportunities for our associates. We remain committed to providing premier service in the communities where we work and live," Van A. Dukeman, First Busey Chairman, President and CEO.
Cummins-American is advised by Piper Sandler and Barack Ferrazzano Kirschbaum & Nagelberg. First Busey is advised by Stephens and Vedder Price.
Standard AVB Financial, a holding company which through its subsidiaries, provides commercial banking services, announced that its stockholders approved the previously announced $158m merger with Dollar Mutual Bancorp at a special meeting of stockholders.
Subject to the receipt of all required regulatory approvals and the satisfaction of customary closing conditions, the parties expect to close the merger in the first half of 2021.
Standard AVB Financial is advised by Keefe Bruyette & Woods and Kilpatrick Townsend. Dollar Mutual Bancorp is advised by Raymond James and Luse Gorman.
Private equity firm Odyssey Investment Partners completed the acquisition of Applied Technical Services, a provider of high-quality testing, inspection, and calibration services. Financial terms were not disclosed.
"We are excited to partner with ATS, which is primed to accelerate its decades-long track record of growth given its strong value proposition and robust diversification across customers, geographies, and end markets. The company has built considerable momentum driven by investments in infrastructure and talent, deep customer relationships, and an ingrained entrepreneurial culture. ATS has significant runway to continue its organic expansion and accelerate strategic acquisitions by capitalizing on its proven M&A capabilities in the fragmented markets it serves. We look forward to our partnership with Jim, his outstanding management team, and all of ATS's talented professionals," Jason Cowett, Odyssey Managing Principal.
Applied Technical Services was advised by Harris Williams and Latham & Watkins. Odyssey Investment Partners was advised by Houlihan Lokey and Kekst CNC.
Microsoft led a $2bn investment round in Cruise, an autonomous vehicle company, with participation from Honda and General Motors.
"Our mission to bring safer, better and more affordable transportation to everyone isn't just a tech race – it's also a trust race. Microsoft, as the gold standard in the trustworthy democratization of technology, will be a force multiplier for us as we commercialize our fleet of self-driving, all-electric, shared vehicles," Dan Ammann, Cruise CEO.
Cruise was advised by Latham & Watkins. General Motors was advised by Kirkland & Ellis.
WEBTOON, a publishing portal and a subsidiary of NAVER, agreed to acquire Wattpad, a website and app for writers to publish new user-generated stories, for $600m in cash and stock. The transaction is subject to customary regulatory approvals and is expected to close within the first half of this year.
"Wattpad joining WEBTOON under the NAVER umbrella will be a big step towards us becoming a leading global multimedia entertainment company. Both Wattpad and WEBTOON care most about helping creators tell their story their way, and both represent world-leading collections of inspired, imaginative storytelling IP," Jun Koo Kim, WEBTOON Founder and CEO.
NAVER is advised by Kirkland & Ellis and Stikeman Elliott.
Private equity firm Warburg Pincus led a funding round in SPINS, a wellness-focused data, analytics and technology provider, with participation from General Atlantic and Georgian. Financial terms were not disclosed.
"SPINS is the leading provider of omni-channel and retailer-specific product measurement, mission-critical performance data, and unique insights into consumer trends and digital activation. We are incredibly excited to partner with Tony and the rest of the SPINS team," Stephanie Geveda, Warburg Pincus Managing Director, Head of Business Services.
SPINS was advised by Jefferies & Company and Reed Smith.
T. Rowe Price led a $2.5bn investment round in Rivian, an American automaker and automotive technology company, with participation from Soros Fund Management, Coatue, Fidelity Management and Research Company, Baron Capital Group, Amazon and BlackRock.
"We are focused on the launch of our R1T, R1S and Amazon delivery vehicles. With all three launches occurring in 2021, our teams are working hard to ensure our vehicles, supply chain and production systems are ready for a robust production ramp-up. We are grateful for the strong investor support that helps enable us to focus on execution of our products," RJ Scaringe, Rivian Founder and CEO.
DexKo Global, a provider of highly engineered trailer running gear, chassis assemblies, and related components, completed the acquisition of Redneck, a supplier of trailer axles and other trailer components across North America. Financial terms were not disclosed.
"Adding Redneck under Dexter's umbrella demonstrates our long-standing commitment to servicing our customers to the highest level. This partnership will further our ability to provide quality products to manufacturers, distributors, dealers, and service centers. The acquisition of Redneck will complement the DexKo family of brands with great people, products, facilities, customers, and provide the opportunity to grow our customer relationships," Fred Bentley, DexKo Global CEO.
GGV Capital and Valor Equity Partners led a $132m Series E round in K Health, a provider of data-driven digital primary care solutions, with participation from Kaiser Permanente and LTS Investments.
"The world needs a new archetype for health care, and K Health's data, world class doctors, and team are resolute enough to deliver this. GGV backs companies with potential to serve the greatest number of people, and by solving the healthcare inequities of access and affordability, K Health is one of the most impactful consumer health companies constructing the future of care for us all," Hans Tung, GGV Capital Managing Partner.
Meritech Capital led a $100m Series D round in Aledade, the startup company that is working to reshape primary care, with participation from Tiger Global Management, IVP, and OMERS Growth Equity.
"We're grateful to be a small part of the Aledade team. Every other innovator in this space wants to own the doctors and be their boss. But Aledade's team set out to prove doctors are better caregivers and leaders in their community when they stay independent. They're happier, too. When we first invested in Aledade, we believed in their theory and took a leap. Now, we're doubling down. Aledade and its network of independent primary care practices have proven they can treat patients far better and, as a bonus, raise revenue for primary care practices while simultaneously saving money," Craig Sherman, Meritech Capital Managing Director.
Precision explores a potential sale.
Precision Nanosystems, a Canadian biotechnology company working on a Covid-19 vaccine, is considering a potential sale amid interest from large drugmakers, Bloomberg reported.
Precision is working with a financial adviser to weigh strategic options for the business. A deal could value the closely-held firm at several hundred million dollars.
Blattner examines strategic options.
Blattner, an installer and contractor of utility-scale renewable energy in North America, started on a process to explore strategic options. The company seeks a transformational transaction, which could take the form of a sale or merger and will strengthen the organization’s market leadership position and provide additional resources to take advantage of next-generation opportunities emerging in the renewable energy market.
“Blattner is in a very strong position today, as we have been throughout our history. We seek to further that momentum. Our industry is on the cusp of significant evolution and this is an opportunity to accelerate our organization with additional scale and resources to continue leading and delivering certainty to our renewable energy customers," Scott Blattner, Blattner President.
Blattner is advised by JP Morgan.
SAP-backed Qualtrics increases the price range for $1.3bn IPO. (FS)
SAP-backed Qualtrics International, a customer-survey software business, is seeking to raise as much as $1.3bn after boosting the price range for its US IPO. The company plans to sell about 49m shares at $22 to $26 apiece, Bloomberg reported.
SAP agreed to pay $8bn for Qualtrics in November 2018 in its biggest-ever deal, which was part of a larger effort to compete with rivals such as Salesforce. Silver Lake, an investment firm, agreed to buy $550m of stock in a private placement, including $225m of shares at the IPO price and the rest at $21.64 per share.
The offering is being led by Morgan Stanley and JP Morgan.
Vinci expects $1bn valuation in Nasdaq IPO.
Vinci Partners Investments, a Brazilian asset manager, plans to raise up to $250m and reach a $1bn valuation in an IPO on Nasdaq, Reuters reported.
The asset manager will set the price range between $16 and $18 for each of its class A shares and plans to use accelerated capital to co-invest in its funds, potential acquisitions and corporate purposes.
The asset manager’s listing comes as Brazilians move most of their savings out of government bonds seeking higher returns, as Brazil’s benchmark interest rate is at a record low of 2%.
Vinci is advised by JP Morgan, Goldman Sachs and BTG Pactual.
Queen’s Gambit announces pricing of $300m IPO. (FS)
Queen’s Gambit Growth Capital, a blank-check company led by female executives, increased the size of its US IPO to raise $300m, Bloomberg reported.
The SPAC sold 30m units for $10 apiece. The company initially filed in December to raise $225m and elevated that target to $275m. The company is led by Victoria Grace. She is also a founding partner of Colle Capital Partners.
Queen’s Gambit is advised by Barclays, R. Seelaus & Co and Siebert Williams Shank & Co are acting as co-managers for the offering.
Crescent Cove Advisors filed to launch a $200m SPAC on Nasdaq. (FS)
Crescent Cove Advisors, a San Francisco-based tech investment firm, confidentially filed to launch a special purpose acquisition company targeting Southeast Asian tech companies, DealStreetAsia reported.
Pandu Sjahrir, Gojek board member, Sea Group chairman and Indies Capital Partners managing director, is joining Crescent’s SPAC board. Yeh V-Nee, Value Partners co-founder and Crescent Cove partner, reportedly invested in the SPAC. Austin Russell, Luminar founder and CEO, is also joining as a senior advisor of the investment vehicle.
Sheridan Capital Partners Fund II closes above hard cap at $306m. (FS)
Sixpoint Partners, a global investment bank serving the middle market, closed Sheridan Capital Partners Fund II above its hard cap with $306m of total capital commitments.
Sheridan Capital Partners, led by Partners Jonathan Lewis and Sean Dempsey, is focused on making investments in lower middle-market companies in the recession resistant, non-discretionary markets within the healthcare industry.
“We are extremely pleased with the overwhelming support provided by our investor base, which encompasses a high-quality group of internationally diversified insurance companies, fund-of-funds, family offices and asset managers,” Jonathan Lewis, Sheridan Founder & Partner.
Sheridan Capital Partners was advised by Kirkland & Ellis.
P4G Capital Management beats the $200m target with closing of its PE fund. (FS)
P4G Capital Management, a private equity house, closed P4G Capital Partners I with $209m in total commitments, exceeding the $200m target. Commitments came from a diverse group of institutional investors, including endowments, public pensions, insurance companies, foundations, and family offices as limited partners in the fund.
"We're fortunate to have the support of such a high caliber group of investors that can fuel us for years to come. As we look to 2021 and beyond, we're thrilled to be at the font-end of the fund's deployment, allowing us to invest in growth, jobs, and founder and family-owned businesses in the lower middle market," Rachel Lehman, P4G Managing Partner and Founder.
EMEA
London Stock Exchange stated that it should complete its $27bn acquisition of Refinitiv on January 29.
The company said it expected all outstanding regulatory approvals for the deal to come "shortly", enabling it to close the all-stock deal in the coming days. European Commission approved the deal on January 13.
Refinitiv is advised by Canson Capital Partners, Evercore, Jefferies & Company, Corrs Chambers Westgarth, Osler Hoskin & Harcourt, Simpson Thacher & Bartlett and Eterna Partners. LSEG is advised by RBC Capital Markets, Oliver Wyman, Barclays, Goldman Sachs, Morgan Stanley, Robey Warshaw, Blake Cassels & Graydon, Freshfields Bruckhaus Deringer and Teneo. Financial advisors are advised by Herbert Smith Freehills. CPPIB is advised by Weil Gotshal and Manges. Thomson Reuters is advised by Allen & Overy.
IAG-backed Iberia, an airline group, agreed to acquire Air Europa, a provider of airline services, for a reduced price of $600m. The companies initially agreed to a price of $1.2bn in April 2019.
"Both Iberia and IAG are demonstrating their resilience to face the deepest crisis in aviation's history. Being part of a large group is the best guarantee to overcome current market challenges which will also benefit Air Europa once the transaction is completed. I am pleased that we have reached agreement with Globalia to defer payment until well into the expected recovery in air travel following the end of the pandemic and when we expect to be realizing significant synergies resulting from the transaction," Luis Gallego, IAG CEO.
Air Europa is advised by Uria Menendez. IAG is advised by KPMG, Morgan Stanley and Garrigues. Globalia is advised by Ernst & Young and Linklaters.
Francisco Partners, a private equity firm, agreed to acquire a majority stake in Native Instruments, a manufacturer of software and hardware for computer-based audio production, from EMH Partners, a private equity firm. Financial terms were not disclosed. The transaction is expected to close in the first quarter of 2021, subject to customary closing conditions and regulatory review.
"As an innovator in digital music creation, with a supreme brand recognition and outstanding software technology, Native Instruments is a perfect platform and partner for Francisco Partners. We look forward to working together with the management team and the existing shareholder group, utilizing our broad operational and strategic experience and M&A capabilities to help the company accelerate its growth trajectory," Matt Spetzler, Francisco Partners Co-Head Europe and Partner.
Native Instruments is advised by GCA Altium and Milbank. Francisco Partners is advised by Raymond James, Freshfields Bruckhaus Deringer and Sloane & Company.
Montagu, a European private equity firm with headquarters in London, agreed to acquire a majority stake in ITRS Group, a global provider of real-time monitoring and analytics software, from private equity firm TA Associates. Financial terms were not disclosed.
"We are delighted to welcome Montagu into ITRS Group. Under TA Associates' ownership, we have broadened our product suite and significantly expanded our customer base, and we thank them for their continued support. The Montagu team have shown a strong understanding of our business and its potential, and share our ambitions, and we are excited to partner with them for the next stage of growth," Guy Warren, ITRS CEO.
Montagu is advised by Arma Partners and Freshfields Bruckhaus Deringer. TA Associates is advised by Jefferies & Company and Travers Smith.
Eurazeo, Sprints Capital and Wellington Management, three investment companies, completed a $180m investment in PPRO, a provider of local payments infrastructure, valuing the company at c.$1bn.
"I am very proud of what the PPRO team has accomplished. Beyond securing the support of such prestigious investors and achieving a milestone valuation, we've enabled our customers to grow at record numbers during what has been a tough time for many. By giving businesses the ability to offer payment choice, we've helped give people around the world better access to goods and services that improve their lives," Simon Black, PPRO CEO.
PPRO was advised by Financial Technology Partners, Noerr and Media Frenzy Global.
Ashland, a global specialty materials company, agreed to acquire the personal care business of EQT-backed Schülke & Mayr, an infection prevention and hygiene provider, for €262m ($297m).
"This is an excellent example of the type of bolt-on acquisition opportunities that will help advance our strategy and support the profitable growth of our core businesses. I am excited about having the Schülke & Mayr personal care employees join Ashland to help us broaden our breadth of specialty additives solutions and expand our biotechnology and microbiology technical capabilities," Guillermo Novo, Ashland Chairman and CEO.
Ashland is advised by Citigroup and Squire Patton Boggs.
ATI Global, a global provider of legal technology, software and information services, agreed to acquire Groundsure, a provider of location intelligence, from Ascential, the specialist information, data and analytics company, for £170m ($231m).
"We are delighted that Groundsure has found new owners who will continue to nurture its strong team, product and potential as an independent standalone business. For us, today's transaction brings into even clearer focus our strategy and core customer proposition: enabling our customers to design and create the right products, maximizing their marketing impact and optimizing their digital commerce performance," Duncan Painter, Ascential CEO.
Ascential is advised by FTI Consulting.
S4 Capital-backed MediaMonks, a digital advertising and marketing services company, agreed to acquire Staud Studios, a creative production studio. Financial terms were not disclosed.
"Staud Studios will play a key part in building up the Marcom ENGINE solution for BMW & MINI. Their Automotive expertise is second to none - going forward Pascal and his team in Stuttgart will become the global centre of expertise for mobility at MediaMonks," Victor Knaap, MediaMonks CEO.
S4 Capital is advised by Powerscourt.
Index Ventures led a $125m Series D round in Personio, an HR software platform, with participation from Picus, Global Founders Capital, Northzone, Lightspeed Venture Partners and Accel.
"While the past year has proven difficult for many industries and businesses, it has at the same time accelerated the digitization of small and mid-sized businesses. It has also showcased the important role of HR teams, especially while so many of us continue to work remotely. We are grateful for a strong year in which we could grow to serve over 3k European SMEs. By further expanding our platform, we'll continue to support our customers in tackling their current challenges and beyond," Hanno Renner, Personio Co-founder and CEO.
Personio was advised by Firstlight PR.
The French Rugby Federation approved the Six Nations investment offer from private equity firm CVC Capital Partners.
The FFR has announced that CVC has guaranteed $415m in five annual installments to the six rugby federations from France, England, Ireland, Scotland, Italy and Wales. A further $81.7m could also be paid if certain business objectives are met for the three financial years between 2025 and 2028.
"If this partnership project were successful, CVC would thus become the seventh partner of the Six Nations, to help the federations to develop their economic potential over time. At the same time, the federations would retain their exclusive power to regulate sports practice and organize competitions," Bernard Laporte, FFR President.
Montagu, a European private equity firm with headquarters in London, is set to acquire IMV Technologies, a provider of equipment and supplies used in animal reproduction and animal reproductive and clinical imaging, from investment company Qualium Investissement. Financial terms were not disclosed.
"We are delighted to be partnering with Montagu and see considerable opportunity ahead. The firm's deep expertise in the healthcare and technology sectors will be a major asset for our company. Montagu's partnership will enable us to further develop the company through significant investments in research and innovation. IMV Technologies thanks Qualium Investissement for bringing us to this place in our journey," Alain de Lambilly, IMV Technologies CEO.
Frasers increases stake in Hugo Boss to over 15%.
Mike Ashley-led Frasers, a retailer of sports apparel products, increased its stake in Hugo Boss, a German luxury fashion house, to 15.2% through stocks and derivatives as a part of the ongoing drive to take the British sportswear retailer upmarket, Reuters reported.
Frasers, known as Sports Direct, is raising the stake for the second time, having increased it to 10.1% in late June after disclosing an initial 5.1% holding earlier that month.
“This investment reflects Frasers Group’s growing relationship with Hugo Boss and belief in Hugo Boss’s long-term future. Frasers Group intends to be a supportive stakeholder and create value in the interests of both Frasers Group’s and Hugo Boss’ shareholders,” Frasers.
Aggregate weighs bid for CA Immobilien Anlagen. (FS)
Guenther Walcher-backed Aggregate Holdings, a German-focussed real estate investment company, is considering a bid for CA Immobilien Anlagen, a company that acquires, manages, and develops real estate properties, Bloomberg reported.
The real estate investor expressed interest in December in acquiring a 30% stake in CA Immo from Starwood Capital and was rebuffed. It is now considering approaching other shareholders with an offer.
Blue Horizon Ventures closed food sustainability VC fund at $222m. (FS)
Blue Horizon Ventures, a sustainable food investment-focused venture capital house, hauled in a target-beating $222m for the final close of its first flagship fund.
Limited partners backing the vehicle include the European Investment Fund, Wire Group’s Private Markets Funds, Givaudan, Group Bimbo, Sigma, B8Ventures and Korys/Colruyt Group.
Blue Horizon aims to generate value for investors by supporting and promoting a positive global impact on the environment, human health and animal welfare, focusing on investments into alternative proteins, synthetic biology, cellular agriculture, smart packaging and food waste.
APAC
Poste Italiane, an Italian postal service provider, agreed to acquire a 51% stake in Sengi Express, a provider of cross-border logistics solutions, from Cloud Seven Holding, a holding company. Financial terms were not disclosed. The closing of the transaction is expected by the end of the first quarter of 2021.
"This transaction is the natural evolution of the partnership we have been enjoying with Poste Italiane over the last few years, whose services we proudly and successfully promote with our Chinese customers. We are very happy to become part of an important listed group, and we are confident that we will successfully manage this attractive challenge," Nelly Han, Cloud Seven Holding Sole Director.
EBay examines strategic alternatives for South Korean business.
EBay, a global commerce company, started a process to explore a range of strategic alternatives for its South Korean business, which includes Gmarket, an online marketplace, Reuters reported.
In March last year that the e-commerce firm was looking to sell its South Korean unit in a deal that could fetch nearly $5bn.
Alibaba-backed Best explores sale in a strategic review.
Alibaba-backed Best, a Chinese logistics firm, which has a market value of $790m, is considering a sale as part of a strategic review, Reuters reported.
Best has tapped financial advisers to explore options as its shares have been underperforming. Alibaba, which owns 33% of the firm and Johnny Chou, Best founder and CEO, who has an 11% stake on a fully diluted basis, could both end up selling their stakes.
The e-commerce group started considering a stake divestment late last year after finding it challenging to integrate Best with other logistics companies under its portfolio.
HSBC and Maybank’s venture is among bidders for AXA's business in Singapore.
The insurance venture of HSBC Holdings, a provider of a variety of international banking and financial services, and Malayan Banking, a provider of financial services such as insurance, asset management, and stockbroking, is among shortlisted bidders for AXA’s business in Singapore offering life and property and casualty insurance and valued at $700m, Bloomberg reported.
AXA has been considering a sale of its Singapore business as it seeks to raise funds divesting peripheral operations. Thomas Buberl, AXA CEO, is trying to shift focus on property and casualty insurance following its $15.3bn purchase of XL Group in 2018. Since then, the CEO has been reviewing options for smaller businesses across the world to help pay for the XL deal.
Allianz RE to acquire a 50% stake in Bayfront property from OUE C-Reit. (RE)
Allianz Real Estate-backed special purpose vehicle agreed to acquire OUE Bayfront property from OUE C-Reit, a real estate investment trust, for $956m.
The OUE Bayfront property comprises OUE Bayfront, an 18-story premium Grade A office building; OUE Tower, a tower building occupied by a fine-dining restaurant, and OUE Link, an air-conditioned overhead pedestrian bridge with retail shops and sheltered access to the Raffles Place area, DealStreetAsia reported.
The divestment value commands a 7.6% premium and exceeds the property’s purchase consideration of $752m by 26.1%. The acquisition presents a unique opportunity for Allianz to add a marquee prime office asset to its portfolio.
SCIC to invest $345m in Vietnam Airlines. (FS)
State Capital Investment, a Vietnamese state sovereign fund, plans to invest $346m in Vietnam Airlines through a rights issue, DealStreetAsia reported.
Vietnam’s flag 6 carrier will issue the shares equivalent to 25% to its existing shareholder to raise its charter capital amidst the difficulties arising out of the Covid-19 pandemic.
“SCIC is ready to invest in Vietnam Airlines,” SCIC General Director said, adding that SCIC’s task is to determine a reasonable issue price close to the market price, and is working with Vietnam Airlines on this.
GK Goh considers a $300m Boardroom sale. (FS)
GK Goh Holdings, a Singaporean investment firm, is conducting a strategic review on Boardroom, a provider of corporate secretarial, share registration, accounting, financial, and payroll services, which could lead to a potential sale of the corporate services provider, Bloomberg reported.
The Singapore-listed firm is seeking to raise about $300m from a divestment of Boardroom. The business has attracted preliminary interest from other industry players.
GK Goh is advised by Credit Suisse.
Tower Capital Asia closes PE Fund I at $250m. (FS)
Tower Capital Asia, a Singapore-based private equity fund, raised $250m for its Southeast Asia-focused fund Tower Capital PE Fund I. The amount does not include co-investments made by its limited partner, DealStreetAsia reported.
Tower Capital PE Fund I will invest in consumer, education, healthcare, manufacturing, and business services across Singapore. Further, Tower Capital Asia’s fund is scouting for companies that will typically feature high organic growth rates and possess the potential to become regional or even global market leaders in their respective spheres.
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