Akili Interactive, a digital medicine company developing cognitive treatments through game-changing technologies, agreed to go public via merger with Social Capital Suvretta Holdings I, a special purpose acquisition company, in a $1bn deal. The deal includes a fully committed PIPE of $162m by Social Capital, Suvretta Capital Management's Averill strategy, Apeiron Investment Group, Temasek, PureTech Health, Polaris Partners, Evidity Health Capital, JAZZ Venture Partners and Omidyar Technology Ventures.
"This transaction represents the next step in our journey to become the world's leading digital medicine company directly targeting neurological function. Over the past ten years, we have created a platform representing a new era of cognitive medicine, driven by our fundamental focus on patients, advanced science and proprietary technology, and the mission-driven hard work of our entire team. We believe medicine now can be both effective and engaging. Social Capital Suvretta shares our vision for the future, and we look forward to applying our combined experience as we drive the commercialization of our platform and advance our deep pipeline of prescription digital therapeutics to help people living with cognitive impairments across the globe," Eddie Martucci, Akili CEO.
Akili Interactive is advised by Cowen & Company, Credit Suisse, Morgan Stanley, Goodwin Procter and Sard Verbinnen & Co. Financial advisors are advised by Skadden Arps Slate Meagher & Flom. Social Capital Suvretta is advised by Bank of America, Wachtell Lipton Rosen & Katz and Finsbury Glover Hering.
Satellogic, an Argentine company specialized in Earth-observation satellites, went public via a SPAC merger with CF Acquisition V in an $850m deal. The transaction included a $100m PIPE from SoftBank's SBLA Advisers and Cantor Fitzgerald.
"Since our founding, Satellogic has been committed to our mission of democratizing access to geospatial data to help solve the world's most pressing problems. Today's transaction is a significant milestone and brings us one step closer to fulfilling that goal. The merger will allow us to continue building out our constellation of satellites and maintain our position as a global leader in sub-meter imagery. Satellogic is poised to be the only company capable of remapping the world daily at the sub-meter resolution necessary to address commercial applications affordably. We are grateful to our talented and ambitious team who have developed best-in-class technology, a strong track record of delivering satellites to orbit, and the ability to scale at near-zero marginal cost," Emiliano Kargieman, Satellogic CEO & Co-Founder.
Satellogic was advised by JP Morgan, Friedman Kaplan Seiler & Adelman, Greenberg Traurig and FTI Consulting. CF Acquisition V was advised by Cantor Fitzgerald and Hughes Hubbard & Reed. Liberty Strategic Capital was advised by Paul Weiss Rifkind Wharton & Garrison.
Iron Mountain, an information management company, completed the acquisition of an 80% stake in ITRenew, a data center lifecycle management solutions provider, from ZMC, a private equity firm, for $725m.
“One of the strategic cornerstones of the ITRenew transaction is that it advances Iron Mountain’s position in Asset Lifecycle Management and accelerates our enterprise growth trajectory. With ITRenew, we can maximize the lifetime value of data center technology through innovative circular economic models, helping our customers achieve both financial and sustainability benefits. We are thrilled to welcome everyone at ITRenew to the Iron Mountain team," William Meaney, Iron Mountain President and CEO.
ITRenew was advised by Jefferies & Company and Sidley Austin. Iron Mountain was advised by Morgan Stanley, Weil Gotshal and Manges and Joele Frank.
Lithium Americas, a development-stage company focused on advancing to production a lithium brine operation, completed the acquisition of Millennial Lithium, an exploration stage mining company, for $400m.
"Millennial's board and management believe that the LAC Arrangement Agreement provides significant value to Millennial Shareholders. The high premium to the CATL Arrangement Agreement highlights the quality of the Pasto Grandes project and the efforts by the Millennial team over the past four years. Lithium Americas brings significant technical expertise and financial flexibility de-risking the development of Pastos Grandes and generating further upside for Millennial Shareholders," Farhad Abasov, Millennial President and CEO.
Millennial Lithium was advised by Credit Suisse, Sprott Resource Lending and Dentons. Lithium Americas was advised by Greenhill & Co and Cassels Brock & Blackwell.
AST, a cloud and digital transformation solutions provider, completed the investment in Recognize, a technology services-focused investment platform. Financial terms were not disclosed.
"We are deeply impressed by the company that Justin and his team have built. AST's leadership position across its core end markets, differentiated focus on best-in-class service capabilities and industry-leading culture made us excited to partner with the team as they continue scaling the business," David Wasserman, Recognize Managing Partner.
Recognize was advised by Willkie Farr & Gallagher. AST was advised by Guggenheim Partners, Harris Williams & Co, Davis Polk & Wardwell and Laurel Strategies.
SoftBank-backed Banco Inter, a Brazilian digital bank, completed the acquisition of USEND, a financial startup, for $157m.
"Our digital account will allow the client to buy its air ticket, transfer US dollars to the international account and pay its expenses in the trip, all in a single app. And these are just the first steps. Our planning includes an international account for US residents that is scheduled to be launched in the second semester" João Vitor Menin, Inter CEO.
Banco Inter was advised by Morrison & Foerster and Grayling.
Alpha Wave Ventures, a capital market company, led a $115m funding round in Athletic Greens, a foundational nutrition company.
"We have incredible momentum in our mission to help people around the world take ownership of their daily health by focusing on foundational nutrition. Consumers are demanding more from the health products they use daily and we have emerged as a leader by helping people realize their functional health goals with an incredibly high-quality and convenient product, AG1. I'm incredibly excited about the global movement we've created," Chris Ashenden, Athletic Greens Founder and CEO.
Athletic Greens is advised by JP Morgan and Jack Taylor PR.
Viterra, a grain handling company, agreed to acquire Gavilon, a company that originates, stores and distributes grains and oilseeds, from Marubeni, a trading and investment business conglomerate, for $1.125bn.
"The addition of Gavilon supports our long-term strategy of significantly increasing our presence in the United States, one of the major producing and exporting regions, which will further strengthen our global network. The combination of the Gavilon and Viterra origination businesses will enable us to provide more value and flexibility to our customers. We will be able to rapidly enhance our sustainable supply chains, provide higher levels of quality control and reliability, while creating exciting opportunities for our customers and employees," David Mattiske, Viterra CEO.
Viterra is advised by JP Morgan.
SoftBank Vision Fund 2 and Temasek led a $400m Series A round in FTX US, a US-regulated cryptocurrency exchange, with participation from Paradigm, NEA, Multicoin Capital, Tribe Capital, Ontario Teachers' Pension Plan Board, Greenoaks Capital, Steadview Capital and Lightspeed Venture Partners.
"FTX US scaled rapidly throughout the course of 2021, and our Series A valuation reflects both what we've concretely accomplished and what we've laid the groundwork for in 2022. We are thankful for all of our investors, many of whom have supported FTX from its founding, and look forward to working with them as we enter the next stage of our expansion," Brett Harrison, FTX US President.
FTX US was advised by M Group Strategic Communications.
Adams Street Partners, a global private markets investment manager, led a $160m Series E round in Dremio, a data lake transformation company, with participation from Sapphire Ventures, Insight Partners, Lightspeed Venture Partners, Norwest Venture Partners, and Cisco Investments.
"The market momentum towards cloud data lakes is now irrefutable. The only question left is how quickly customers can take advantage of these modern open data architectures. Our solutions allow you to run lightning-fast queries directly on your data lake. They work whether you have data sources in multiple clouds, on-prem, and/or in other SQL databases, and that is what customers find so compelling – we meet them wherever they are in their journey," Billy Bosworth, Dremio CEO.
Dremio was advised by Aircover Communications.
SpotSee, a condition-indicating solutions provider, completed the acquisition of Biosynergy, a manufacturer of medical devices. Financial terms were not disclosed.
“This acquisition enables SpotSee to strengthen our mission of reducing damage to products through both the supply and cold chain by adding blood temperature monitoring to our large and growing life science segment. The Biosynergy HemoTemp® brand is a market leader in blood bag monitoring that protects patients from receiving blood that has been exposed to excessive temperature. Its targeted focus and reputation of success makes it a great addition to our temperature-indicating solutions," Tony Fonk, SpotSee CEO.
SpotSee was advised by Mod Op.
Walmart and Ribbit-backed Hazel, a fintech firm, agreed to acquire Even, a financial benefits platform, and One, a fintech company. Financial terms are not disclosed.
"Consumers everywhere are being left behind by the world of financial services. Our vision is clear: build on Even and ONE's success to offer a product that offers consumers the best way to spend, the best way to access their wages and helps millions save and grow their money. I'm looking forward to partnering with two stellar leaders in Brian and David to improve the financial lives of tens of millions of consumers," Omer Ismail, ONE CEO.
Even is advised by Wachtell Lipton Rosen & Katz.
Walmart, an American multinational retail corporation, led a $400m Series E round in Plenty, an indoor vertical farming company.
"At Walmart, we are focused on identifying and investing in innovative food solutions to bring our customers the freshest, highest-quality foods at the best prices. We believe Plenty is a proven leader in a new era of agriculture, one that offers pesticide-free, peak-flavor produce to shoppers every day of the year. This partnership not only accelerates agricultural innovation, but reinforces our commitment to sustainability, by delivering a new category of fresh that is good for people and the planet," Charles Redfield, Walmart Chief Merchandising Officer.
General Atlantic, a growth equity investor, led a $295m round in o9 Solutions, an enterprise AI software platform, with participation from BeyondNetZero, Generation Investment Management, and KKR.
“We have an unprecedented opportunity in front of us. Demand and supply volatility and complexity has been growing and the pandemic has only accelerated the challenges companies face in meeting customer service and financial goals. At the same time, there is significant pressure on boards and executives from customers and employees to also drive meaningful improvements in sustainability goals. And we believe that o9 is poised perfectly to help companies deal with these mega trends with a differentiated, proven platform," Chakri Gottemukkala, o9 Co-Founder and CEO.
Fidelity led a $260m Series F round in Creditas, a financial technology company that operates a digital platform that offers secured consumer loans, with participation from QED Investors, VEF, SoftBank Vision Fund 1, SoftBank Latin America Fund, Kaszek Ventures, Lightock, Headline, Wellington Management and Advent International.
"I am extremely excited to be partnering with Creditas this round. They are the rare fintech that actually builds deep relationships with their customers, drastically lowering the cost of credit and improving the quality of life of those they serve," Will Pruett, Fidelity Portfolio Manager.
PFM Health Sciences and Farallon Capital Management led a $175m Series B round in Metagenomi, a genetic medicines company, with participation from Eventide Asset Management, Deep Track Capital, Frazier Life Sciences, Pura Vida Investments, Irving Investors, Millennium Management, Surveyor Capital, Marshall Wace, Novo, Bristol Myers Squibb, Moderna, RA Capital Management, Leaps by Bayer, and Humboldt Fund.
"Metagenomi’s method of discovering novel and versatile gene editing systems from nature is scientifically compelling and differentiated. We are thrilled to be able to support Metagenomi as they advance their gene editing programs towards the clinic. Their gene editing systems hold the potential to have major benefits for patients," Santhosh Palani, PFM Health Sciences Partner.
Goldman Sachs Asset Management, an investment manager, led a $227m round in Fever, a live-entertainment discovery platform, with participation from Alignment Growth, Goodwater Capital, and Smash Capital. In addition to the announced primary financing of $227m, Eurazeo and Vitruvian Partners have also participated through a secondary investment of an undisclosed amount.
"We're proud of our role in empowering experience creators to deliver memorable real-life experiences to millions around the world seeking to share unique moments. Despite the challenges of the pandemic and the novelty of the metaverse, there has never been a better time for thrilling and well-curated IRL events. Fever and the amazing event creators who use our platform are well-placed to meet the zeitgeist," Ignacio Bachiller Ströhlein, Fever CEO.
A consortium of investors including March Capital, Doha Venture Capital, B. Riley Venture Capital, AEI Horizon X, Temasek, Alan Howard, and Peter Loscher, led a $123m Series D round in SparkCognition, an artificial intelligence software solutions provider.
"Our AI solutions address core infrastructure challenges, including asset optimization, preventing zero-day cyberattacks, augmenting skill gaps, and enabling climate change initiatives. This additional capital will enable us to deepen our subject matter expertise, enhance our patent portfolio, and accelerate the diversity of problems we solve for customers, maximizing their return on investment," Amir Husain, SparkCognition Founder and CEO.
Dorilton-backed Versa Integrity, an industrial inspection and testing company, completed the acquisition of the commercial Unmanned Aircraft Systems operations from Avion Solutions, a provider of engineering, programmatic and logistics solutions. Financial terms were not disclosed.
"We are thrilled to welcome the Avion Commercial employees and customers to the Versa team. This acquisition further strengthens Versa's position as a leading NDT provider and expands Versa's service offering to include unmanned aerial inspection. This is a great achievement for our organization and we are excited to work together going forward," Darryl Schimeck, Versa CEO.
HSBC's Mexico unit analyzing possible Citibanamex purchase.
HSBC's Mexico unit is analyzing the purchase of Citigroup's retail operations in the country, known as Citibanamex,
Reuters reported.
"We're still looking at the opportunity, if there's a real strategy for the bank. Everyone is looking into it. Everyone will put a different price on it depending on who the potential buyer is, it's a valuable franchise," Jorge Arce, HSBC Mexico CEO and President.
On January 14, 2022, Jane Fraser, Citigroup CEO said Citibanamex will go on the market sometime this spring.
ValueAct urges 7-Eleven owner to examine alternative strategies. (FS)
ValueAct Capital, a US-based investment firm, has called on 7-Eleven's owner Seven & Holdings to listen to shareholder concerns and to consider strategic alternatives, including a possible sale,
Reuters reported.
ValueAct has written to the Japanese company's board to say it must quickly pursue "bold, structural reform", calling it "strategically unfocused" and saying it is "vastly underperforming its potential".
There has been growing frustration among investors in the 7-Eleven convenience store chain's owner about its lagging share price, with some shareholders pushing it to break up.
Brazil's Enauta cuts investment in Atlanta, may sell stake.
Enauta, a Brazilian oil firm, has cut investment in the Santos basin's Atlanta field, as it decides whether to involve new partners in the asset,
Reuters reported.
After a review of the project's concept, based on lessons learned, the company estimates investments of between $500m to $600m, compared with original estimates of $800m to $1bn. The lower range takes into account the need for fewer wells, amongst other issues.
J&J consumer unit mega-merger looks unlikely.
The US regulatory and tax environment would make it difficult to pursue a big merger involving Johnson & Johnson’s consumer unit, which the conglomerate is planning to spin off next year,
Bloomberg reported.
"The US justice department and federal trade commission have signaled that “Bigger is not necessarily better. When you are potentially combining consumer products companies, I think there’d even be more scrutiny here,” Joseph Wolk, J&J CFO.
JP Morgan asset arm creates new team to focus on sustainable investments. (FS)
JP Morgan Chase's asset management arm created a new private equity team to focus on sustainable investments, the bank’s latest move to align its activities with its climate-change commitments.
With an investment of up to $150m, the team will target growth-stage private companies that build solutions related to climate adaptation and resource efficiency for various industries.
The bank said it has hired Tanya Barnes, who previously headed Blackstone impact investing platform, to jointly manage the new team with Osei Van Horne. Horne has been leading JP Morgan Asset Management’s climate-focused growth equity investment practice since May last year.
Gopuff is working with Goldman Sachs and Morgan Stanley on IPO.
Gopuff, a delivery startup, is working with banks including Goldman Sachs Group for an IPO that it’s planning for the second half of the year,
Bloomberg reported.
The SoftBank Group-backed startup is also working with Morgan Stanley and JP Morgan. Gopuff’s plans for an IPO could still change.
Centerbridge seals $2.3bn real estate fund. (FS)
Centerbridge Partners closed its second real estate fund with $2.3bn in capital commitments. The first fund was closed in December 2018.
Called Centerbridge Partners Real Estate Fund II, the new fund will target investment opportunities across the self-storage and specialized storage, digital real estate, industrial and logistics, and residential sectors, with a focus on leisure and experiential real estate.
Castlelake closes fourth aviation fund with $1.6bn. (FS)
Castlelake, a global alternative investment firm with 16 years of tenure investing in, financing and managing aviation assets, announced that it completed the final closing of Castlelake Aviation IV Stable Yield and related fund Castlelake Aviation IV Stable Yield Opportunities totaling approximately $1.6bn in capital commitments. The fund received investments from a diverse range of institutions including pensions, sovereign funds and endowments from around the world. These capital commitments included a mix of both repeat and first-time commitments.
"We are grateful for the warm reception the fund received from diverse global institutions and believe that it reflects Castlelake's decades of experience navigating aviation investments across cycles, including through the most recent disruption caused by Covid-19," Rory O'Neill, Castlelake Managing Partner and CEO.
Hidden Harbor Capital Partners closes oversubscribed fund II at $450m.
Hidden Harbor Capital Partners, an operationally oriented investment firm, announced the final closing of Hidden Harbor Capital Partners II at $450m. Fund II received overwhelming support from both existing and new investors with total demand well in excess of its self-imposed hard cap. Fund II follows Hidden Harbor’s inaugural fund, Hidden Harbor Capital Partners I, which raised over $265m.
“We are thrilled with the success of the fundraise and are grateful for the strong support we have received from both new and existing investors. Our approach of building strong teams and focusing on execution deeply resonated with investors looking for operationally oriented private equity,” John Caple, Hidden Harbor Managing Partner.
EMEA
Private equity firms Advent International and Centerbridge Partners increased their offer to acquire Aareal Bank, a company that specializes in real estate lending, from $1.9bn to $2.1bn. The bidders declared this their final offer.
Aareal Bank management and the supervisory board support the deal. However, investors, including Petrus Advisers and Teleios rejected the previous offer as too low. The investors rejected the sweetened bid as well.
Aareal Bank is advised by Deutsche Bank, Perella Weinberg Partners, Freshfields Bruckhaus Deringer and Latham & Watkins. Centerbridge and Advent are advised by Goldman Sachs, Gibson Dunn & Crutcher and Sullivan & Cromwell. Goldman Sachs is advised by White & Case.
Reuters reported that Britain's competition regulator issued an order preventing public transport group StageCoach and rival National Express from disposing of key UK assets as the watchdog reviews their merger.
The Competition and Markets Authority indicated that it seeks to "maintain the businesses in their current shape" as it starts its probe into the merger, Stagecoach said, adding that the order would delay a planned sale of parts of its inter-city coach businesses to ComfortDelGro.
StageCoach is advised by Deutsche Bank, RBC Capital Markets, Herbert Smith Freehills and Edelman. National Express is advised by PricewaterhouseCoopers, Bank of America, HSBC, Ashurst and Maitland.
Shares in Playtech, an online gambling software supplier, slipped 4% after it reiterated that it backed a buyout by Aristocrat Leisure, a supplier of premier gaming content and technology, following a report that the London-listed company was exploring a breakup.
Britain's Playtech in a statement said that it continued to endorse the $2.8bn offer from Australia's Aristocrat which is due to be voted on by shareholders on February 2.
Playtech is advised by Goodbody, Jefferies & Company, Bryan Cave Leighton Paisner and Headland Consultancy. Aristocrat Leisure is advised by Goldman Sachs, Allens, Linklaters and Finsbury Glover Hering. Goldman Sachs is advised by Ashurst.
Cazoo, an online car retailer, agreed to acquire brumbrum, a digital car retailer and subscription platform, for $90m.
“brumbrum is the leading online car retailer and car subscription player in Italy and has built a great team, culture and business and much like Cazoo in the UK, it has been pioneering the shift to online car buying in Italy. We are expanding into key European markets at a faster pace than anticipated and this acquisition will accelerate our launch plans in Italy so that we can deliver better selection, value, quality and convenience to consumers when buying or subscribing to their next car in Italy. I look forward to welcoming the brumbrum team to Cazoo and working with them to deliver the best car buying experience to Italian consumers," Alex Chesterman Cazoo Founder and CEO.
Cazoo is advised by Brunswick Group and ICR. brumbrum is advised by Jefferies & Company and Orrick Herrington & Sutcliffe.
Venus Medtech, a Chinese structural heart disease treatment company, completed the acquisition of Cardiovalve, a transcatheter mitral and tricuspid valve treatment company, for $300m.
"The successful completion of this cross-border acquisition will have a significant impact on the company's further international development strategy, and we will take this as an opportunity to further consolidate our long-term vision of making international innovation and global presence. Venus Medtech will continue to advance our overall product pipeline to provide innovative devices and services for global doctors and patients," Eric Zi, Venus CEO.
Cardiovalve was advised by Willkie Farr & Gallagher.
Alpha Intelligence Capital and CDIB led a $100m Series B round in InstaDeep, an AI decision-making systems provider, with participation from BioNTech, Chimera Abu Dhabi, Deutsche Bahn, Google, G42 and Synergie.
“This funding round is a tremendous vote of confidence from our partners BioNTech, Google and Deutsche Bahn after working closely with us on innovative, high-impact AI initiatives. And we are very excited to get the support of Alpha Intelligence Capital, Chimera, Synergie and Group42 as we see wide-ranging opportunities to deploy our AI products to tackle complex real-world problems," Karim Beguir, InstaDeep Co-Founder and CEO.
InstaDeep was advised by brands2life.
French materials firm Imerys considers $1bn unit sale.
Imerys, the French provider of specialty materials, is planning a sale of its high temperature solutions business,
Bloomberg reported. The Paris-based company is working with advisers at Morgan Stanley and Rothschild & Co to gauge interest in the unit. It could fetch as much as $1bn.
The high temperature solutions division provides minerals to make insulation materials for molds and furnaces used by metal foundries and iron and steel producers, as well as to protect industrial equipment used in power plants, chemical refineries and cement factories.
Israel's NSO Group says in talks with US funds over possible deal.
Israeli spyware firm NSO Group is in talks with a number of US funds over "various financial moves", confirming media reports that it was discussing a sale of its assets,
Reuters reported.
The surveillance firm, which makes the Pegasus software, has been embroiled in controversy after revelations its tools had been used by governments and other agencies for spying on people’s cellphones. NSO has said its technology helps catch terrorists, paedophiles and hardened criminals.
Russian IPOs in question as Ukraine crisis cuts $70bn off domestic market cap.
The Russian stock market's capitalisation has dropped by $70bn in just three months amid a standoff between Russia and the West over Ukraine, putting into doubt the prospects of IPOs this year.
Russia saw a renaissance in IPOs last year, with companies raising a decade-high $3.7bn and bringing investment banks over $100m in fees,
Reuters reported.
With high dividend yields and strong oil prices behind Russia's economic rebound, at least 10 companies from commodities to financial and retail sectors were looking to raise around $2bn.
APAC
LRQA, an international trade and development firm, agreed to acquire ELEVATE, a Hong Kong-based ESG and supply chain service provider, from EQT Partners, a purpose-driven global investment organization. Financial terms were not disclosed.
"It has been an exciting journey with ELEVATE which is now a global leader of ESG and supply chain services and a pioneer in the industry. Ian and the management team have done a fantastic job in driving the company's strategic vision and we are proud to have supported ELEVATE over the past few years. We are confident that ELEVATE will continue to be successful in combination with LRQA," Vesa Koskinen, EQT Partner.
SIRCLO, an Indonesian e-commerce enabler company, agreed to acquire Warung Pintar, a technology-based retail company in Indonesia that provides a range of digital products and services for the micro-retail business ecosystem. Financial terms were not disclosed.
According to the statement, the acquisition is made possible due to SIRCLO and Warung Pintar's mutual mission, which is to make it easier for all businesses in Indonesia to sell from various channels, both online and offline.
Wells Fargo said to eye sale of $1bn Hong Kong bank stake.
Wells Fargo is considering a sale of its minority stake in a Hong Kong lender, as the US bank continues to unload assets as part of a turnaround plan,
Bloomberg reported.
San Francisco-based Wells Fargo has been studying a divestment of a 20% stake in Shanghai Commercial Bank that it’s owned for decades. The holding, which Wells Fargo considers as non-strategic, could fetch nearly $1bn.
Keyarch SPAC went public in a $115m deal. (FS)
Keyarch Acquisition announced that it priced its IPO of 10k at a price of $10 per unit. The company has granted the underwriters a 45-day option to purchase up to 1.5k units to cover over-allotments, if any.
Each unit consists of one Class A ordinary share of the company, one-half of one redeemable warrant and one right to receive one-tenth of one Class A ordinary share. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of the company at a price of $11.5 per share. The company raised $115m through the IPO, with a total of 11.5m units issued.
China Resources and 2 other state developers secure funding for acquisitions.
China Resources Land secured $3.64bn in credit lines for real estate acquisitions, while two other state-owned developers completed bond sales worth $261m for the same purpose,
Reuters reported.
The fundraising rush comes as Beijing encourages state companies to acquire projects from cash-strapped developers to help ease severe liquidity stress on the sector that could threaten financial and social stability.
China Resources Land and a subsidiary entered into strategic cooperation with China Merchants Bank, which will fund the developer's acquisition businesses.
Hospitality major OYO gets nod from Indian bourses for IPO.
Oravel Stays, the parent company of Indian hospitality major Oyo, has received in-principle approval from both BSE and NSE stock exchanges to list,
DealStreetAsia reported.
Oyo had filed its Draft Red Herring Prospectus with the market regulator Securities & Exchange Board of India in September last year to raise $1.12bn through an IPO. The offer will comprise a primary issuance of $936m and an offer-for-sale worth $191m.
