AMERICAS
Zayo Group, a provider of communications and infrastructure services, announced the receival of all the regulatory approvals relating to the announced $14.3bn acquisition by private equity firms Digital Colony Partners and EQT.
Zayo’s stockholders previously approved the merger at a special meeting of stockholders on July 26, 2019. The merger’s legal closing is expected to be effective on March 9, 2020, subject to the satisfaction of all conditions to closing.
Zayo is advised by Goldman Sachs, JP Morgan, Skadden Arps Slate Meagher & Flom, Cleary Gottlieb Steen & Hamilton, Joele Frank, and Longview Communications. Digital Colony was advised by Deutsche Bank, Morgan Stanley, Blake Cassels & Graydon, Simpson Thacher & Bartlett, and Stanton PRM. EQT was advised by Deutsche Bank, Morgan Stanley, Simpson Thacher & Bartlett, Vinge, Greenbrook, and Kekst CNC.
Cincinnati Bell, a regional telecommunications service provider, amended its definitive merger agreement with Brookfield Infrastructure and its institutional partners, increasing the consideration payable to holders of outstanding shares of Cincinnati Bell common stock to $12.50 per share in cash from $10.50 per share in cash, which values the transaction at c. $2.75bn. The revised transaction price represents a 62% premium to the closing per share price of $7.72 on December 20, 2019.
"We look forward to continuing to work to complete the closing of the merger with Brookfield. We continue to be confident in the strategic and financial rationale of this transaction, as well as our ability to drive growth and maximize value for our shareholders. With Brookfield's support, we look forward to enhancing our fiber network, driving long-term benefits for our customers," Leigh Fox, Cincinnati Bell President and Chief Executive Officer.
Cincinnati Bell is advised by Citigroup, Moelis, Morgan Stanley, BosseLaw, Cravath Swaine & Moore and Morgan Lewis & Bockius. Brookfield Infrastructure is advised by White & Case. Debt is provided by BMO Capital Markets, Bank of America Merrill Lynch, Citigroup, TD Securities and Wells Fargo Securities.
Activist investor Carl Icahn said he might consider buying HP himself if the printer maker didn’t pursue a $35bn combination with Xerox Holdings, Bloomberg reported.
The billionaire investor presented the possibility to HP’s then-Chief Executive Officer Dion Weisler in a phone call August 12. Icahn, who had just taken a 4.2% stake in HP at the time, argued that an HP-Xerox combination would provide about $3.5bn in cost cuts and revenue enhancements.
HP is advised by Goldman Sachs and Wachtell Lipton Rosen & Katz. Xerox is advised by Citigroup, King & Spalding, Simpson Thacher & Bartlett, and Willkie Farr & Gallagher. Debt financing is provided by Bank of America Merrill Lynch, Citigroup, and Mizuho Securities.
Stillfront Group, a provider of free-to-play online games, completed the acquisition of Storm8, a developer of mobile games, for $400m.
“Since Storm8's founding in 2009, our team remains as excited as ever about the massive mobile games market opportunity. We are looking forward to working with Jörgen and the entire Stillfront team to take our games to new heights. Stillfront and Storm8 are a natural fit with a shared entrepreneurial culture and a commitment to greatness. Joining the Stillfront family is the next step in our journey to building the market-leading free-to-play powerhouse," Perry Tam, Storm8 CEO and Co-Founder.
Storm8 was advised by Aream & Co and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian. Stillfront Group was advised by Carnegie Investment Bank, Nordea Bank, Swedbank and DLA Piper. The banks were advised by Baker McKenzie.
WESCO International, a provider of electrical, industrial, and communications MRO and OEM products, construction materials, and advanced supply chain management and logistics services, announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with its previously announced merger with Anixter International expired on February 26, 2020.
The expiration of the HSR Act waiting period satisfies one of the conditions to the closing of the proposed transaction, which remains subject to other customary closing conditions, including receipt of Anixter stockholder approval and other regulatory approvals.
Anixter is advised by Centerview Partners, Wells Fargo Securities and Sidley Austin. WESCO is advised by Barclays and Wachtell Lipton Rosen & Katz. Debt financing is provided by Barclays.
Saks Fifth Avenue owner Hudson's Bay won shareholder approval to become a private company in a $1.5bn deal proposed by Chairman Richard Baker. The deal was backed by 98.28% of all shareholders and 94.46% common shareholders.
The company expects the process to be completed on or around March 3. The move comes as the retailer struggles to increase sales in a competitive market, forcing it to close shops and sell units to focus on luxury department store Saks Fifth Avenue and its Hudson's Bay stores in Canada.
"Our reason for wanting to be private was so that we can focus our time and energy and dollars on re-investing in the business. We will be able to use our dollars to re-invest online and re-invest in product and sales teams and our stores, and I think that will put us in a better position to grow our business," Richard Baker, Hudson's Bay Chairman.
Hudsons Bay is advised by Centerview Partners, JP Morgan, and Blake Cassels & Graydon. Rhone Capital is advised by Gibson Dunn & Crutcher.
Praesidium Investment Management, a vocal critic of Instructure's $2bn deal to sell itself to private equity firm Thoma Bravo, cut its stake in the US educational software company. Praesidium reduced its stake to 5.70% from 7.53% by selling 686k shares between February 24-26, Reuters reported.
Praesidium had been among the first vocal backers of Instructure by presenting its case for the company at an investment conference in 2019. But it turned negative soon after Instructure in December announced plans to sell to Thoma Bravo.
Instructure is advised by JP Morgan, Cooley, and Kekst CNC. Thoma Bravo is advised by Kirkland & Ellis and Finsbury.
Westrock, a provider of coffee sourcing and financing, supply chain management, roasting, packaging, and distribution services, completed the acquisition of S&D Coffee, a coffee and tea manufacturer, from Cott, a water and filtration service company, for $405m.
“This strategic combination creates the nation’s premier coffee, tea, and extract supplier that is capable of serving the most complex and demanding customers across the country and around the world. We intend to use the scale of the new company to offer the most innovative beverage solutions with competitive pricing to our global clients while simultaneously providing a premium price to our farmer partners at origin,” Scott Ford, Westrock Coffee Co-founder and Chief Executive Officer.
Westrock is advised by Wachtell Lipton Rosen & Katz. Cott is advised by BMO Capital Markets and Drinker Biddle & Reath.
Salesforce, an American cloud-based software company, agreed to acquire Vlocity, a provider of industry-specific cloud and mobile software, for $1.3bn. Upon the close of the transaction, Vlocity will become part of Salesforce.
"It is important for our customers to have products that speak the language of their industries. Vlocity’s feature set will continue to enhance and complement Salesforce’s industry capabilities and product knowledge, open up new industry capabilities built on the Salesforce platform and provide customers with even more tools and expert guidance to digitally transform," Salesforce.
Salesforce is advised by Sidley Austin.
Atlas-backed Seaspan, a diversified holdings company, completed the acquisition of APR Energy, a provider of mobile power solutions, for $750m, including debt.
“With the closing of this transaction APR becomes an integral part of the Atlas team. We are looking forward to growing our industry-leading position in fast-track, mobile power solutions while expanding our business into new areas of focus including renewable, alternative fuels, and other longer-term power projects globally,” Chuck Ferry, APR CEO.
Seaspan was advised by Houlihan Lokey.
Singapore state investor Temasek, Chinese internet giant Tencent Holdings, and venture capital firm Andreessen Horowitz, completed an investment of $150m in the Series G funding round of Roblox. The round has seen participation by existing investors including Altos Ventures, Meritech Capital, and Tiger Global Management.
“Looking ahead, we’re doubling down on our commitment to building the most advanced tools and technology to take our creators and players into the metaverse of the future,” David Baszucki, Roblox Co-Founder and CEO.
Roblox was advised by The Hatch Agency.
Stonepeak Infrastructure Partners, an infrastructure-focused private equity firm, agreed to acquire Xplornet Communications, a Canadian rural internet service provider and mobile network operator. Financial terms were not disclosed.
The transaction remains subject to regulatory approval and is expected to close in the coming months.
"We are excited that Stonepeak has agreed to acquire Xplornet and is strongly committed to continuing our mission of providing rural Canadians with world-class broadband services. Stonepeak's investment will position Xplornet to accelerate development of our facilities-based broadband network and services, enabling much faster speeds, including unlimited data plans at affordable prices for rural Canada," Allison Lenehan, Xplornet President and CEO.
Stonepeak is advised by Simpson Thacher & Bartlett.
Angeles and Clearlake-backed American Construction Source, a national building materials distribution platform, agreed to acquire Homewood Holdings, a regional lumber and building materials pro dealer. Financial terms were not disclosed.
"The Homewood team is energized to join ACS. I believe our combined talents and capabilities will yield great results for our customers. Angeles and Clearlake have significant experience creating value in businesses in which they invest. I am confident we will accelerate our growth and improve our ability to serve our customers as part of the American Construction Source platform," Jim Stockman, Homewood CEO.
American Construction Source is advised by Simpson Thacher & Bartlett.
Spain’s Banco Santander, a commercial bank and financial services company, is set to acquire Superdigital, a fintech company, from Banco Santander Brasil for $60m.
The Brazilian unit said that after the sale, the Spanish group plans to launch Superdigital virtual wallets in more countries. Superdigital, which was acquired by Santander Brasil in 2017, has 1.9m accounts.
Windsor Advantage, a service provider of government-guaranteed loans, agreed to acquire Meridian Loan Partners, a technology-focused service provider for SBA loans. Financial terms were not disclosed.
"We are extremely excited about our acquisition of Meridian Loan Partners and how it enhances the growth trajectory of our company. The acquisition, combined with our internal strategic initiatives currently underway, will position Windsor to provide our current clients and future financial institutions and their Borrowers with the technology-enabled solutions Community Banks and non-bank lenders require in today's market to remain competitive," Mike Breckheimer, Windsor Advantage President and CEO.
Freshworks, a customer engagement software company, completed the acquisition of AnsweriQ, a provider of customer service software. Financial terms were not disclosed.
“With Freshworks’ commitment to deploying enterprise-scale AI to better understand customers and build relationships for life, this acquisition is a natural fit. I’m excited to join Freshworks as their new chief customer officer as we create delightful experiences for enterprises that use our products worldwide,” Pradeep Rathinam, AnsweriQ CEO.
Elliott targets Twitter, seeking CEO Dorsey's removal. (FS)
Hedge fund Elliott Management accumulated a stake in Twitter and is pushing for changes, including removal of the social media company’s chief executive, Jack Dorsey, Reuters reported.
Elliott, founded by billionaire Paul Singer, will be attempting to install its own nominees to Twitter’s eight-member board when three of the company’s directors stand for election at its upcoming annual shareholder meeting. It is not clear whom Elliott would like Dorsey replaced with and how big its stake in Twitter is.
WeWork rethinks sale of Managed by Q to its co-founder.
WeWork bought the startup Managed by Q last April, just months before its IPO dramatically collapsed. Not long after, Dan Teran, Managed by Q co-founder, was in talks to repurchase his company. Now, those talks have fallen through, and the startup is likely to be sold to a rival instead, Bloomberg reported.
The co-founder of Managed by Q and a group of investors were in talks to acquire the company, which offers technology to help businesses manage workplace tasks and services for less than $55m.
WeWork will likely divest Managed by Q to Eden Technologies, a company that has competed with Managed by Q in the past. The final purchase price was more than Teran and his investors were willing to pay.
TPG and Morguard consider a takeover of Artis. (FS)
Artis Real Estate Investment Trust has drawn takeover interest from Morguard and Slate Asset Management, as well as an affiliate of TPG.
Artis Chief Executive Officer Armin Martens held discussions with potential partners and lenders regarding a takeover offer of his own. An affiliate of the Blackstone Group also indicated interest in the company but is no longer actively pursuing it.
Apollo Global bids for Tutor Perini. (FS)
Apollo Global Management approached Tutor Perini, one of the largest US general contractors, with a c. $1bn acquisition offer, Reuters reported.
Apollo’s bid for Tutor Perini comes as the construction company is striving to recover from what its CEO Ronald Tutor this week called “an extremely disappointing year” in 2019. It has struggled with the delivery of some electrical and mechanical projects, though analysts have pointed to the company’s strong project backlog as grounds for optimism.
Charif Souki and Martin Houston of Tellurian forced to sell shares to satisfy loan requirements.
Two pioneers of the US natural gas export industry were forced to divest shares of the company they founded amid a global market loss and concern that a key supply deal won't be settled, Bloomberg reported.
Tellurian Chairman Charif Souki and Vice Chairman Martin Houston sold 4m and 3.4m shares respectively. In both cases, the transactions were forced by a lender to satisfy loan requirements.
Los Angeles Football Club gets a c. $700m valuation.
Owners of the Los Angeles Football Club have partially bought out a stake held by Malaysian businessman Vincent Tan in a deal that values the club at c. $700m, the most ever for a major league soccer team, Bloomberg reported.
A handful of the club’s current owners bought half of Tan’s 20% stake. The group intends to acquire the other half internally as well.
Gilead Sciences proposes a takeover offer to Forty Seven.
Gilead Sciences, a drugmaker, approached Forty Seven, a cancer therapy company, with a takeover offer. The companies are considering several options, including a partnership.
Forty Seven received interest from other potential suitors as well, though no deal has been finalized.
Virgin Galactic dealmaker seeks to raise $900m through investment vehicles.
Chamath Palihapitiya, the dealmaker behind last year’s blockbuster Virgin Galactic deal, is seeking to raise a combined $900m through two new investment vehicles, Reuters reported.
The investment vehicles are blank check companies or special purpose acquisition companies and aim to raise $300m and $600m, respectively.
KKR’s Alpha Industrial Properties lands $894m in new debt. (FS)
KKR refinanced its US warehouse business, Alpha Industrial Properties, with $894m in new debt, Bloomberg reported. KKR’s platform made 40 acquisitions since May 2018, raised $690m in commercial mortgage-backed securities in a transaction led by JP Morgan. It also raised $204m in a separate facility from an affiliate of Invesco.
“We have a lot of conviction in the sector’s drivers and expect to be significant investors in the asset class across a number of our real estate strategies,” Roger Morales, KKR Head of Commercial Real Estate acquisitions in the Americas.
Coronavirus outbreak pauses dealmaking.
The steep market drop triggered by the global coronavirus outbreak led many companies to hit the ‘pause’ button on mergers and acquisitions, wrecking the hopes of corporate advisers who anticipated a lot of new deals this year, Reuters reported.
The global M&A market is set for its slowest first two months of a year since 2005. Some dealmakers had been looking to 2020 to surpass 2019 as the fourth strongest year for M&A on record, even with the uncertainty of the presidential election in November.
Petrobras starts the sale process for stakes in the gas unit and oil fields.
Petrobras, Brazil's state-controlled oil company, started the divestment process of its 51% stake in the gas unit Gaspetro and its stakes in the Merluza and Lagosta oil fields in Brazil’s Santos basin.
EMEA
London Stock Exchange Group said it would complete its $27bn takeover of analytics company Refinitiv on time this year as it reported a rise in annual income driven by a jump in clearing activity, Reuters reported.
The exchange's chief executive David Schwimmer also said it was too early to assess the impact of the coronavirus epidemic on its global business. However, like many companies, it has imposed travel restrictions on some staff.
"There was nothing unexpected in the amount of time it was taking to obtain regulatory approval and detailed planning on integrating the two companies was underway. We remain on track to close the transaction in the second half of this year," David Schwimmer, LSEG CEO.
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, Herbert Smith Freehills, and Teneo. CPPIB is advised by Weil Gotshal and Manges. Thomson Reuters is advised by Allen & Overy.
Shareholders of Central European Media Enterprises, a media and entertainment company, approved the $2.1bn acquisition by PPF, a financial and investment group, from AT&T.
PPF Group also issued a strong response to US Senator Marco Rubio’s calls for an investigation into the deal. Aside from claiming that Senator Rubio is relying on false information supplied by the Czech politician Pavel Fischer, it identified a number of factual inaccuracies in his letter calling for an investigation. These include a denial that PPF is propagating Huawei’s technology as it inherited it when acquiring Telenor’s assets in Central and Eastern Europe two years ago.
CEE is advised by Allen & Company, Bank of America Merrill Lynch, Covington & Burling, and Shearman & Sterling. PPF Group is advised by BNP Paribas, JP Morgan, Societe Generale, White & Case, and Allen & Overy. AT&T is advised by Sullivan & Cromwell. Debt Financing is provided by BNP Paribas, Credit Agricole, Credit Suisse, HSBC, Societe Generale, and UniCredit.
Digital Realty, a global provider of data center, colocation and interconnection solutions, announced that its shareholders approved all proposals related to the pending combination with InterXion, a provider of carrier- and cloud-neutral colocation data center services in Europe.
"We were gratified by the overwhelming shareholder support for the combination, with over 90% of votes cast by both sets of shareholders in favor of the proposals necessary to consummate the combination," A. William Stein, Digital Realty Chief Executive Officer.
InterXion is advised by Guggenheim Partners, Moelis, Debevoise & Plimpton, Greenberg Traurig and Joele Frank. Digital Realty is advised by Bank of America Merrill Lynch, Credit Suisse, Morgan Stanley, De Brauw Blackstone Westbroek, Homburger, Latham & Watkins, Cleary Gottlieb Steen & Hamilton and Sard Verbinnen & Co.
Mining company Anglo American's proposed $507m acquisition of fertilizer manufacturer Sirius Minerals is facing opposition from retail investors, Bloomberg reported. About 25% of its clients who own shares in the miner had voted on the deal with the majority going against it.
The shareholders are angry at the losses they’ve suffered on their investments; the company was valued over $2.3bn in 2018. Sirius recommended the deal to shareholders after it failed to raise the money it needed to continue operations at its north-of-England site and faced bankruptcy.
Sirius is advised by JP Morgan, Allen & Overy, and Edelman. Anglo American is advised by Bank of America Merrill Lynch, Centerview Partners, and Linklaters.
Sports Direct suggested that the UK competition regulator appoint a trustee to sell Footasylum to an industry bidder, such as itself, rather than leave its bitter rival JD Sports to run a disposal process, FT reported.
Sports Direct consistently argued that the combination of JD and Footasylum would be anti-competitive because of JD Sports’ considerable influence with footwear brands such as Nike and Adidas.
"A critical factor in assessing a purchaser’s capability to operate Footasylum as an effective national multichannel retailer and a true competitive force, its ability to ensure that Footasylum continues to have adequate access to supplies of Nike and Adidas ‘must-have’ footwear and apparel products. Selling to a buyer without such clout would achieve the same outcome that [JD Sports] sought to achieve through its acquisition of Footasylum - eliminate one of its closest competitors," Sports Direct.
Footasylum is advised by GCA Altium and Powerscourt. JD Sports is advised by Rothschild & Co, Addleshaw Goddard, Ashurst, and MHP Communications.
Private equity firms Advent International, Cinven and RAG-Stiftung consortium will acquire Thyssenkrupp Elevator Technology business for $18.7bn. Thyssenkrupp aims to use the cash inflow to the extent necessary to cut debt and to lower structural costs. Specifically, the company's pension obligations are to be partially funded.
"With the sale, we are paving the way for Thyssenkrupp to become successful. Not only have we obtained a very good selling price, but we will also be able to complete the transaction quickly. It is now crucial for us to find the best possible balance for the use of the funds. We will reduce Thyssenkrupp's debt as far as is necessary and at the same time, invest as much as is reasonable in developing the company. With this, Thyssenkrupp can pick up speed again," Martina Merz, Thyssenkrupp CEO.
Advent International, Cinven, and RAG-Stiftung are advised by Kirkland & Ellis, Rothschild & Co, and Hering Schuppener.
Barloworld, an industrial brand management company, is set to acquire Tongaat Hulett Starch, an agriculture and agri-processing business, from sugar manufacturer Tongaat Hulett for $340m including debt.
The acquisition is the result of an auction process conducted by the seller and follows a comprehensive financial, legal, tax, technology, environmental and commercial due diligence performed by Barloworld and its external advisors. The outcome of the due diligence and the subsequent commercial negotiation culminated in a transaction that is acceptable to Barloworld.
Barloworld is advised by Absa Corporate Banking and DLA Piper. Debt financing is provided by Nedbank.
ASSA ABLOY received phase 1 conditional clearance by the EU Commission to indirectly acquire the 54% shareholding in agta record, a manufacturer and service organization dedicated to automatic pedestrian entrance systems.
Closing of the acquisition is expected in the second half of 2020 after all remaining closing conditions and the EU Commission requirements have been fulfilled.
"Receiving the EU Commission's approval is an important step towards completing the acquisition of agta record, and we look forward to welcoming the agta record people to our group. This is a strategic addition to the ASSA ABLOY Group and will bring important competence, products, and services to the group," Nico Delvaux, ASSA ABLOY President and CEO.
The sellers are advised by CMS.
BlackRock Long Term Private Capital, a private equity fund of BlackRock, is set to acquire a majority stake in luxury fragrance company Creed. Financial terms were not disclosed.
As part of the transaction, Javier Ferrán, chairman of Diageo will become chairman of the company’s board of directors and join as an investor.
"Both Javier and our new partners at BlackRock LTPC are ideal partners for Creed given their collaborative approach to working with their companies and their long-term orientation. I also look forward to continuing to work with all our staff, suppliers and distributors, and I know that they will continue to share in our success,” Olivier Creed, Creed CEO.
Creed is advised by Michel Dyens & Co.
Asklepios, a hospital chain operator, is set to acquire a 20% stake in Rhoen Klinikum, a German cooperation of hospitals and clinics, from the founder Eugen Muench for $1.3bn.
Asklepios, which already holds 28.7% of Rhoen’s shares, said it would initially buy a 12.4% stake from Rhoen founder Eugen Muench. The two would then pool Muench’s remaining stake of 7.6% in Rhoen with shares held by Asklepios. As a result, their joint investment company would hold at least 49% in Rhoen.
“The takeover of RHÖN shares and the joint venture with Eugen Münch will strengthen the competitive position of the group with Asklepios/ RHÖN over the long term. The step is soundly financed. Together, we have the stable lineup it takes to meet increasingly stringent regulatory requirements while having the resources to invest in essential medical advances,” Hafid Rifi, Asklepios CFO.
Total to bid for a stake in a $7.4bn UK wind farm.
French oil company Total is among the final bidders for a stake in Seagreen offshore wind project off Scotland farm that may cost more than $7bn to develop and operate. The oil & gas supermajor is among the final bidders to join UK utility SSE Renewables in Seagreen. The project is expected to cost $7.4bn over its lifetime, Bloomberg reported.
The move is significant because it highlights growing interest from major oil companies in renewables assets. It also would be the first facility of its kind in the UK built without full state support, making it riskier than what’s been built to date.
VW attempts to buy out minority shareholders in Audi.
Volkswagen offered to buy out minority shareholders in its premium brand Audi, via a so-called squeeze-out offer. Volkswagen already holds 99.64% of the registered share capital of Audi.
“In the context of reorganizing competencies and responsibilities, Volkswagen plans to carry out a squeeze-out according to German stock corporation law in order to acquire the 0.36% of Audi’s shares,” Volkswagen.
CIAM requests a $1bn dividend payout from Telenet. (FS)
CIAM, a hedge fund, requested an unusual dividend payout of $1.05bn from Belgium's Telenet citing management underperformance, Reuters reported.
CIAM is concerned by Telenet's financial performance and management's poor execution and lack of pro-share price behaviour.
"We are in contact with other shareholders, and we understand they agree with what we have asked the company," Catherine Berjal, CIAM CEO.
Capital Group builds a 4.8% Commerzbank stake. (FS)
Capital Group, a US asset manager, is doubling down on its bet on a recovery of Germany’s ailing banking sector and has established a 4.8% stake in Commerzbank just weeks after becoming one of Deutsche Bank’s largest shareholders, FT reported.
The stake in Commerzbank, which has a market value of c. €330m ($364m) based on Thursday’s closing share price turned Capital Group into the lender’s fourth-largest shareholder after the German government, Cerberus and BlackRock.
Jupiter takes £4.5bn hit on the fund manager's exit. (FS, People)
Jupiter, the FTSE-listed fund manager, suffered outflows of £4.5bn ($6bn) from its funds during 2019 because of the exit of its fund manager Alexander Darwall. This led to a 16% decline in profits and lower bonuses for staff, FN reported.
"The outflows in 2019 were almost entirely the result of the planned departure of a key manager in our European growth strategy," Andrew Formica, Jupiter CEO.
Citigroup names new chief executive for the post-Brexit hub. (People)
Citigroup named a new chief executive of its post-Brexit hub in Frankfurt, the latest step in the US investment bank's reconfiguring of its European operations in the wake of the UK's departure from the EU, FN reported.
Kristine Braden, New York-based chief of staff to Mike Corbat, Citigroup's chief executive, is moving to become head of the bank's European cluster.
Public Storage, an American international self-storage company, remains as the only bidder for National Storage REIT, Australia's largest self-storage operator, with its $1.25bn offer, after Warburg Pincus and Gaw Capital dropped out of the race.
Both private equity firms had offered $1.45 per share for National Storage REIT. Public Storage proposed $1.6 per share. All three parties had access to due diligence.
National Storage REIT is advised by JP Morgan.
Peter Woo, a former Chairman and majority stakeholder of Wheelock, a Hong Kong-based financial real estate company, offered to acquire the remaining stake in the company, and take it private, for c. $1bn in cash.
Shareholders in Wheelock will receive one share each in subsidiaries Wharf Holdings and Wharf Real Estate Investment, plus a $1.5 cash payment, per Wheelock share they hold. That adds up to $9 per share on a regular basis.
Peter Woo is advised by HSBC.
Thailand's largest hospital operator Bangkok Dusit Medical Services is set to acquire a 74.8% stake in Bumrungrad Hospital, a healthcare services provider, for $3.2bn.
The tender comprises 546.3m common shares, accounting 74.8% of all issued shares, and 1.2m preferred shares (0.17%). BDMS will also buy BH's debentures, which can be converted into another 137.3k common shares.
Elliott presses SoftBank for details of the $10bn investment portfolio. (FS)
Elliott Management is pushing SoftBank Group for details of c. $10bn of investment securities on its balance sheet as part of its campaign to improve the value of the Japanese conglomerate in which it holds a stake, DealStreetAsia reported.
The $40bn hedge fund, one of the most potent activist investors, has a $3bn stake in the company and is trying to push for changes after SoftBank's bet on startups such as space-sharing firm WeWork soured.
Elliott is also pushing for details on $8.33bn of investment securities sitting on SoftBank's balance sheet that appear outside of the Vision Fund with no detail as to what they are.
Thai tycoons to submit bids for Tesco's $9bn Asian business.
British retailer Tesco asked bidders to submit binding offers for its Asian business, in a deal that will see Thai billionaires fight for an asset valued at c. $9bn, DealStreetAsia reported.
The bidding is shaping up as a battle between Dhanin Chearavanont's Charoen Pokphand Group, Central Group, controlled by the Chirathivat family, and beer-and-property magnate Charoen Sirivadhanabhakdi's TCC Group.
Tesco's Asian operations comprise some 2k supermarket outlets and convenience stores in Thailand, where it is one of the largest retail players, and 74 stores in Malaysia.
EQT considers divesting In.Corp Group. (FS)
EQT, a private equity firm, is considering a sale of In.Corp Group amid investor interest for the corporate services provider.
EQT is working with a financial adviser on the possible divestment of Singapore-based In.Corp, which could fetch several hundred million dollars. The asset could draw interest from some investment funds and companies.
Indonesia president talks new capital with Tony Blair and SoftBank's Son. (FS)
Indonesian President Joko Widodo's plan to build a new capital gathered momentum with SoftBank Group founder Masayoshi Son and former British Prime Minister Tony Blair holding discussions on the outlines of the $34bn project, DealStreetAsia reported.
Son and Blair are looking forward to contributing to building green, smart, and modern capital for Southeast Asia’s largest economy. The two, along with Abu Dhabi Crown Prince Mohammed Bin Zayed Al Nahyan, are members of an advisory panel formed by Widodo to steer the capital construction.
The structure of funding for the capital will be decided once the regulation and designs are in place. While SoftBank is close to finalizing its investment commitment, BlackRock has shown interest in investing.
Karnataka HC grants interim stay on CCI probe into Flipkart.
The Karnataka High Court passed an interim order staying the Competition Commission of India's investigation into Flipkart over alleged violations, including predatory pricing and favored treatment to select sellers, DealStreetAsia reported.
"The bare perusal of the impugned order makes it evident that the CCI has proceeded on the basis of mere speculation and has failed to appreciate that such an order exposes responsible corporate entities like the petitioner to the rigors of an intrusive investigation prejudicially affecting not only its credibility and reputation but also its commercial prospects," Flipkart.
Lion Air puts the $500m IPO on hold.
Indonesia’s Lion Air yielded plans for an IPO due to a sharp fall in global stock markets, as the spreading coronavirus sparks worries of a worldwide pandemic.
The $500m IPO of one of Asia’s largest budget airlines was expected by the end of February after banks completed investor presentations in global financial centers.
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