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Multi-billion-dollar investment manager Luxor Capital Group, has issued an open letter expressing serious concerns about the proposed merger between Ritchie Bros Auctioneers Incorporated and IAA.
Luxor Capital, which owns about 3.6% of Ritchie Bros’ outstanding common shares, said it intends to vote against the merger at the company’s yet-to-be scheduled special meeting of shareholders.
The investment manager contends that IAA is a severely challenged business requiring a multi-faceted and likely expensive turnaround to prevent continued loss of customers, declining service levels and deteriorating earnings, saying IAA has lost about 25% of its market share in the past six years, Proactive Investors reported.
IAA is advised by JP Morgan, Blake Cassels & Graydon, Cooley (led by Ian A. Nussbaum) and ICR (led by Farah Soi). JP Morgan is advised by Simpson Thacher & Bartlett (led by Caroline Gottschalk). Ritchie Bros is advised by Evercore, Goldman Sachs, Guggenheim Partners, RBC Capital Markets, Goodwin Procter (led by Stuart Cable and Lisa Haddad), McCarthy Tetrault (led by Shea T. Small), Skadden Arps Slate Meagher & Flom (led by Gregg Noel) and Joele Frank (led by Daniel Katcher). Financial advisors are advised by Freshfields Bruckhaus Deringer.
Advent International, a global private equity investor, agreed to acquire Maxar Technologies, a provider of comprehensive space solutions and secure, precise, geospatial intelligence, for $6.4bn.
"We have tremendous respect and admiration for Maxar, its industry-leading technology and the vital role it serves in supporting the national security of the United States and its allies around the world. We will prioritize Maxar's commitment as a core provider to the US defense and intelligence communities, and allies, while providing Maxar with the financial and operational support necessary to apply its technology and team members even more fully to the missions and programs of its government and commercial customers," David Mussafer, Advent Chairman and Managing Partner.
Rio Tinto, a metals and mining corporation, completed the acquisition of the remaining 49% stake in Turquoise Hill, a mineral exploration and development company, for $3.1bn.
"This acquisition further strengthens our copper portfolio, as part of our strategy to grow in materials the world needs for achieving net zero and delivering long-term value for our shareholders. We now have a simpler and more efficient ownership and governance structure, with our partner the Government of Mongolia, as we proceed together towards sustainable production from the underground mine,” Bold Baatar, Rio Tinto Copper CEO.
Turquoise Hill was advised by BMO Capital Markets, Morgan Stanley, TD Securities, Blake Cassels & Graydon, Norton Rose Fulbright and Paul Weiss Rifkind Wharton & Garrison (led by Adam M. Givertz). Rio Tinto was advised by Credit Suisse, RBC Capital Markets, Rothschild & Co, McCarthy Tetrault (led by Shea T. Small) and Sullivan & Cromwell (led by Scott Miller).
EQT, a private equity firm, completed the acquisition of Billtrust, a B2B accounts receivable automation and integrated payments provider, for $1.7bn.
"This transaction marks the beginning of an exciting new chapter for Billtrust, our customers and employees while providing shareholders an immediate and substantial cash value with a compelling premium. We believe B2B payments and accounts receivable continue to be ripe for massive disruption and innovation, and our partnership with EQT will provide us with greater resources and flexibility to build on our leadership position," Flint Lane, Billtrust Founder and CEO.
Kimbell Royalty Partners, an owner of oil and gas mineral and royalty interests, completed the acquisition of the mineral and royalty interest of Hatch Royalty, an acquirer and manager of oil and gas minerals and royalties, for $290m.
"Providing our unitholders with exposure to the top-tier Delaware Basin, the purchase of the acquired assets represents Kimbell's largest transaction since 2018. This acquisition uniquely fits Kimbell's acquisition strategy with an optimal balance of currently accretive cashflow combined with significant remaining proven drilling inventory. We have known and respected James Murchison for over a decade and the Hatch team has clearly demonstrated a skilled investment approach. We would like to thank the Hatch and Kimbell teams, and advisors, for working diligently to consummate this mutually beneficial transaction," Bob Ravnaas, Kimbell Chairman and CEO.
Bansk Group, an investment firm, agreed to acquire a majority stake in Red's All Natural, a manufacturer of clean-label frozen burritos and breakfast sandwiches. Financial terms were not disclosed.
"We are excited to partner with the Red's team and support their next phase of growth. With today's consumers increasingly focused on clean, convenient eating options that offer dynamic flavor profiles, the frozen food market is ripe for disruption and Red's is well positioned to capitalize on significant growth opportunities ahead. As longtime investors in the food and beverage space, we believe brands that achieve superior taste coupled with clean, nutritious ingredients and convenient formats can achieve sustainable long-term brand differentiation, ultimately resulting in winning market share," Brian O'Connor, Bansk Group Senior Partner and CIO.
Red's All Natural is advised by Houlihan Lokey and Giannuzzi Lewendon. Bansk Group is advised by Rothschild & Co, Kirkland & Ellis and Joele Frank (led Woomi Yun).
Comvest Partners, a private equity, completed the acquisition of Duke’s Root Control, a sanitary sewer root control and maintenance services platform, from Altamont Capital Partners, a private equity firm. Financial terms were not disclosed.
"We have been proud to partner with Duke's to help drive their growth and position the company for long-term success as a provider of innovative, industry-leading environmental and infrastructure services. We strive to make long-term investments with founder-owned companies like Duke's, especially when sustainability is at the core of their mission. We are proud to mark this sale of Duke's as another success story in our infrastructure services and environmental services portfolio and look forward to the company's continued success in its partnership with Comvest Partners," Randall Eason, Altamont Capital Partners Managing Director.
Comvest Partners was advised by Raymond James and Akerman. Altamont Capital was advised by Evercore, Ropes & Gray and Narrative Strategies.
Fortune Brands Home & Security, a manufacturer of security equipments, completed its spin off into The New Fortune Brands and its cabinets business MasterBrand. Financial terms were not disclosed.
“Since we announced the intent to separate, our teams have been hard at work ensuring that both Fortune Brands and MasterBrand are prepared for future success and growth opportunities. I am proud today to say that we have successfully met that goal. I’m so impressed with what our teams have accomplished and excited for the future of both these companies, as this separation represents a catalyst to pursue our unique paths for growth and create increased value for consumers, customers and shareholders," Nicholas Fink, Fortune Brands CEO.
Fortune Brands was advised by Ardea Partners, Barclays, Rothschild & Co and Sidley Austin.
EQT, a private equity firm, led a $245m investment round in Cirba Solutions, an environmental services and recycling services provider.
“This is a highly thematic investment for EQT given Cirba Solutions’ essential service offering and the critical role the company plays as part of US energy transition infrastructure. This investment will be made through EQT Infrastructure's environmental services platform, which today includes Covanta, a leading sustainable materials manager. The development of lithium-ion recycling capacity in North America is a core theme for EQT’s environmental services sector coverage. We are excited to partner with both Cirba Solutions and The Heritage Group and we look forward to working together to continue building a sustainable footprint for North America’s lithium-ion battery supply chain," JD Vargas, EQT Managing Director.
Lamar Street, a community banking industry service provider, agreed to acquire Fidelity Bancshares, a community bank. Financial terms were not disclosed.
"We are grateful to find an excellent partner in Fidelity Bank of Texas. This partnership will allow us to continue serving Waco and expand our ability to be part of a vibrant community banking market. We are excited to work with the experienced Fidelity Bank of Texas team," Robert Strong, Lamar Street Founding Member.
Fidelity is advised by Commerce Street Capital and Beard Kultgen Brophy Bostwick & Dickson. Lamar Street is advised by Alston & Bird.
Beijer Ref, a distributor of commercial refrigeration, industrial refrigeration, and air conditioning, agreed to acquire Heritage Distribution Holdings, a wholesale distributor of HVAC/R equipment, parts, supplies, and customer service, from Gryphon Investors, a private equity firm. Financial terms were not disclosed.
"Our vision was to build a multi-regional distribution platform that would become a leading HVAC/R brand in the Southeastern and Midwestern United States. We are proud to have supported the Company's growth while maintaining a focus on top-quality customer service across the entire family of brands," Craig Nikrant, Gryphon Operating Partner.
The Arena Group, a media group, agreed to acquire the Men’s Journal and Adventure Network from accelerate360, a media and publishing group. Financial terms were not disclosed.
“The Arena Group will be a great home for these terrific brands and the teams that have made them so successful. This agreement not only provides an opportunity for these brands to thrive, but also allows us to further sharpen our focus and resources on the continued growth of our Celebrity and Women’s Lifestyle brands that have further been bolstered by the recent Bauer US and Centennial Media acquisitions," Doug Olson, accelerate360 President.
Greif, an industrial packaging products and services provider, completed the acquisition of Lee Container, a manufacturer of high-performance barrier and conventional blow molded containers, for $300m.
"We are thrilled to welcome our Lee Container colleagues to Greif. Completion of this acquisition is very exciting for both companies. Lee is a premiere organization and fits perfectly within the strategic parameters of our repeatable M&A playbook. We foresee abundant opportunities to continue growing Lee organically as well as seeking add-on acquisitions to further broaden our footprint in jerrycans and small plastics," Ole Rosgaard, Greif President and CEO.
Leeds Equity, a private equity firm, completed the acquisition of a stake in e.Republic, a media, events and research company. Financial terms were not disclosed.
"e. Republic's high-quality content, compelling peer-to-peer learning solutions and unique research and data offerings provide significant value to the Company's constituent base. We are eager to work closely with the e.Republic team to continue to support the technology strategy, planning and procurement needs of state and local government and education," David Neverson, Leeds Equity Partners Principal.
e.Republic was advised by JEGI Clarity. Leeds Equity was advised by Reed Smith.
John B. Sanfilippo & Son, a processor and distributor of peanuts, pecans, cashews, walnuts, almonds, and other nuts, completed the acquisition of the Just the Cheese Brand of Specialty Cheese, a specialty cheeses manufacturer. Financial terms were not disclosed.
"The acquisition of Just the Cheese, which currently will not have a significant impact on our financial results, will provide us a product that expands our portfolio into new snacking categories. Additionally, the assets and capabilities acquired will be complimentary to our existing product portfolio and are expected to lead to exciting innovation opportunities," Jeffery T. Sanfilippo, John B. Sanfilippo & Son CEO.
John B. Sanfilippo & Son was advised by Three Part Advisors (led by Steven Hooser).
Protiviti, a global consulting firm, completed the acquisition of R2i, a digital experience agency. Financial terms were not disclosed.
"Bringing R2i into Protiviti's Digital solution is an important part of our strategy to expand our end-to-end offerings to help our clients innovate their customer experiences to fulfill their brand promise and create a better-connected future. Leveraging the power of data plus technology to aid our clients to automate and execute complex strategies is a key component. The R2i team brings significant experience in implementing and orchestrating the customer experience using Adobe Experience Cloud to our already talented team of digital makers and strategists," Joan Smith, Protiviti Global Digital Solutions Leader.
R2i was advised by BrightTower.
D.R. Horton, a home construction company, completed the acquisition of Riggins Custom Homes, a builder in Northwest Arkansas, for $107m.
"We are excited for the Riggins team to join the D.R. Horton family. Their quality building operations and local market expertise make Riggins an excellent extension as we grow our local start-up market position in Northwest Arkansas," Donald R. Horton, D.R. Horton Chairman.
Dropbox, a file hosting service provider, completed the acquisition of FormSwift, a cloud-based service that gives individuals and businesses a simple solution to create, complete, edit, and save critical business forms and agreements, for $95m.
"At Dropbox, we're building tools to help our customers succeed in today's virtual-first world by modernizing manual workflows and digitizing tasks. As part of this, we're focused on building an end-to-end agreement workflow experience, most recently with simple, secure tools like Dropbox Sign, Dropbox Forms, and DocSend. With a similar customer base of small businesses and freelancers, and a library of commonly used forms and agreement templates, we firmly believe that FormSwift is a strong addition to our document workflows product suite, and will help us bring even more value to our customers," Chetan Dandekar, Dropbox Vice President.
JRW Realty, a commercial real estate brokerage, completed the acquisition of a GIANT-Anchored Center in Pennsylvania. Financial terms were not disclosed.
"We are thrilled to have sourced another high-quality grocery-anchored asset for our client. The impressive performance of the GIANT anchor combined with the appealing demographic trends in this market attest to the attractiveness of this property and will support its continued strong performance for the new owner," Aaron Bush, JRW Realty Associate.
Elon Musk seeks additional funds for Twitter.
Elon Musk’s team has reached out for potential fresh investment for Twitter, at the same price as the original $44bn deal.
Additional equity investments would likely dilute existing Twitter shareholders. The potential extent of the dilution from the latest fundraising effort couldn’t immediately be determined, WSJ reported.
L3Harris nears $4.7bn deal to acquire Aerojet Rocketdyne.
L3Harris Technologies, an American technology company, is nearing a $4.7bn deal to acquire US rocket maker Aerojet Rocketdyne Holdings, 10 months after the latter's $4.4bn sale to Lockheed Martin fell through.
L3Harris outbid General Electric in the final stages of a sale process for Aerojet with a $58-per-share offer, one of the sources said. An agreement could be announced as early as today.
Lockheed Martin walked away from its deal with Aerojet in February after antitrust regulators sued to block it, arguing that allowing the El Segundo, California-based company to be taken over by its biggest customer would have severely disadvantaged Lockheed Martin's rivals, Reuters reported.
Eletrobras, Iberdrola unit swap power stakes worth $148m.
Brazilian power companies Neoenergia and Eletronorte, a subsidiary of utility Eletrobras, agreed to stake swaps worth $148m, in moves that will mainly exchange holdings in hydropower plants.
Under the deal, Neoenergia - controlled by Spain's Iberdrola - will take a 49% stake in the Dardanelos hydroelectric plant, and 0.04% in Neoenergia Coelba, Neoenergia Cosern and transmission firm Afluente T. Eletrobras, in turn, will take 51% of the Teles Pires hydroelectric plant, giving it full ownership of the company, plus Neoenergia's 51% stake in the UHE Baguari hydropower plant building consortium.
Eletrobras said the deal would bring its installed capacity up to 872 MW and grow its operating cash generation by $75m per year, Reuters reported.
VF considers a $500m strategic options for Jansport.
VF, the owner of fashion brand Supreme, is considering a sale of its Jansport backpack business.
A deal could value Jansport, founded in 1967, at about $500m. VF is working with an adviser on the process for Jansport, which also makes other travel bags and related products.
The company hasn’t made a final decision on pursuing a sale of Jansport and could decide to keep the brand, Bloomberg reported.
Eletrobras, Shell mull co-investment in Brazil offshore wind power.
Brazilian power company Eletrobras and Shell have signed a cooperation agreement to exchange information as they mull a potential co-investment in offshore wind power in the South American country.
The move marks another step for Shell in the sector in Brazil, where it already has several offshore wind projects pending approval from environmental authorities.
It is also a new development in renewable energy for Eletrobras, Latin America's largest utility, which said it was seeking to diversify its strategy in the sector after being privatized earlier this year, Reuters reported.
Bain Capital files to raise $5bn for its fifth Asia-Pacific fund. (FS)
Buyout firm Bain Capital has officially filed with the US Securities and Exchange Commission to raise its fifth Asia-Pacific fund and parallel funds, four years after it gathered $4.65bn for the previous vehicle.
The filing did not specify the hard cap for Bain Capital Asia Fund V but a Bloomberg report in August said the US-based multi-asset alternative firm is seeking to raise $5bn, excluding senior management contributions, for the new fund.
The Competition and Consumer Protection Commission authorities have taken a rare decision to block a proposed company takeover, rejecting stock market listed pharmacy group Uniphar’s planned takeover of Navi Group.
CCPC blocked the proposed acquisition on the grounds that the result of the proposed acquisition will be to substantially lessen competition in markets for services in the State.
The parties can appeal the decision to the High Court. They have 40 days from December 15th to take a case. In a statement the CCPC said it decided last April to carry out a full Phase 2 investigation into the proposed acquisition and subsequently issued an assessment to the parties in September 2022.
Uniphar is advised by Davy Corporate Finance, RBC Capital Markets, Stifel, William Fry (led by Elaine Morrissey) and Q4 PR.
Plastic Omnium, a French automotive supplier, completed the acquisition of a 33.33% stake in HBPO, a joint venture between three automotive suppliers, HELLA, Behr and Plastic Omnium, for $296m.
"Together with our partners, we have successfully positioned HBPO as one of the leading suppliers of highly integrated front-end modules. In order to further sharpen our profile as a focused technology company with Lighting, Electronics as well as Lifecycle Solutions at its core, we have now decided to exit the joint venture. By purchasing our shares in the joint venture, Plastic Omnium will get the opportunity to further increase the focus of HBPO’s development, offering stakeholders a strong outlook," Michel Favre, HELLA CEO.
Frasers, a sports direct chain, agreed to acquire 15 non-core fashion businesses of JD Sports, a leisurewear retailer, for $58m.
"JD is rightly recognised for its laser focus on the customer and we are convinced that the most significant opportunities lie in the continued international development of the Group's global sports fashion businesses. We are pleased to have agreed the sale of these attractive, but non-core, brands and I would like to express my sincere thanks to all colleagues at the businesses which form part of the transaction for their hard work and contribution to the Group over the years," Régis Schultz, JD CEO.
Microsoft agreed to acquire a minority stake in stock exchange and financial information company London Stock Exchange Group from Blackstone and Thomson Reuters, a media conglomerate. Financial terms were not disclosed.
Thomson Reuters plans to use the approximately $1bn of gross proceeds from the transaction to pursue organic and inorganic opportunities in key growth segments and provide returns to shareholders. Closing of the transaction is subject to customary antitrust and regulatory approvals and is expected to complete in the first quarter of 2023.
LSEG is advised by Morgan Stanley.
Oerlikon, a technology group, agreed to acquire Riri, a provider of coated metal accessories for the luxury fashion industry. Financial terms were not disclosed.
“Riri is highly complementary to our existing luxury business and will reinforce our fashion jewelry and metallic components for leather goods. It is the ideal next step after our acquisition of Coeurdor in 2021 and will make us a market leader and an integrated provider with a complete offering of coated luxury metalware for high-end fashion brands. The acquisition will drive cross-selling and strengthen our footprint in the global luxury metalware market, which sees mid- to-high single-digit growth rates annually," Michael Suess, Oerlikon Executive Chairman.
Repsol, an energy and petrochemical company, completed the acquisition of Asterion Energies, a renewable energy investment platform, from Asterion Industrial, an investment management firm, for €580m ($617m).
"We are realizing our ambition to be leaders in the energy transition, taking firm steps, such as this asset acquisition, to meet our goals of growth, diversification, and focus on multi-energy. The projects and human talent that we are incorporating with this transaction perfectly complement our strategy," Josu Jon Imaz, Repsol CEO.
HARPS, a glove producer, agreed to acquire the medical business of Semperit, a manufacturer of industrial polymer and plastic products, for €115m ($122m).
The production of surgical gloves in Wimpassing, Austria, and their packaging in Sopron, Hungary, will be excluded from the transaction and will continue as contract manufacturing for the buyer for several years.
Henry Schein, a solutions company for healthcare professionals, agreed to acquire a majority stake in Biotech Dental, provider of end-to-end dental solutions. Financial terms were not disclosed.
"Henry Schein and Biotech Dental are committed to offering customers best-in-class, user-friendly, customer-centric solutions based on open architecture that help improve patient outcomes. Henry Schein will, over time, incorporate Biotech's Nemotec software as part of our solutions offering, including integrating Biotech's software solutions with Henry Schein One's industry-leading practice management software solutions to create a leading end-to-end clinical system and to help dental practitioners streamline their clinical as well as administrative workflow," Stanley M. Bergman, Henry Schein Chairman and CEO.
Vistage, a coaching and peer advisory organization, completed the acquisition of EGN, a business networking company. Financial terms were not disclosed.
"I have had the pleasure of collaborating with EGN CEO Jonatan Persson over the past six years, and have tremendous respect for his leadership. EGN has built an impressive global network of professional peer advisory groups throughout the past 30 years. I am excited about this partnership because of our shared vision of being the world's most trusted resource for CEOs, business owners and key executives to help them become better leaders, make better decisions, and deliver better results," Sam Reese, Vistage CEO.
Aker BP, partners to invest $20.5bn in new oil, gas projects.
Norwegian oil firm Aker BP and its partners will invest more than $20.5bn to develop several oil and gas fields off Norway in the coming years.
Aker BP and other oil firms working off Norway have rushed to submit new projects for approval by authorities to benefit from temporary tax benefits expiring this year. Total investments in that project, which also includes the Munin field, formerly called Krafla, stand at $11bn, with production expected to start in 2028. Equinor is currently Munin's operator but will hand it over to Aker BP, while maintaining its 50% stake in the field, which will be developed using an unmanned platform operated from shore, Reuters reported.
JP Morgan in advanced talks to acquire a 48.5% stake in Viva Wallet for more than $800m. (FS)
JP Morgan in advanced talks to acquire a 48.5% stake in Viva Wallet, a financial payment firm, for more than $800m.
The stake is to be acquired from Viva Wallet's minority shareholders, including the Latsis family office, which holds about 13% of the firm, British fund Hedosophia with about 24% and Deca Investments with about 10%, Reuters reported.
Ruto Keen to sell Government's entire stake in Kenya Airways.
Kenya’s government is prepared to sell its entire stake in the East African nation’s loss-making airline, newly elected President William Ruto said.
Ruto spoke a day after meeting executives from Delta Air Lines, the largest US airline by market value.
“I’m willing to sell the whole of Kenya Airways. I’m not in the business of running an airline that just has a Kenyan flag, that’s not my business. Discussions with Delta are at a preliminary stage. The government is looking for partnerships that will make Kenya Airways a profitable entity whatever that means, in whatever configuration, whatever form it takes," William Ruto.
M&G commits $244m to two impact investment strategies of responsAbility. (FS)
London-based investment firm M&G has committed £200m ($244m) into two impact investment strategies of the Swiss investor responsAbility Investments.
The investment strategies aim to tackle food challenges in Asia and Latin America. The deal follows M&G’s complete acquisition of the Zürich-headquartered impact asset manager earlier in May this year.
The two investment strategies in Asia and Latin America are designed to improve the production and accessibility of healthy food globally and strengthen the agricultural value chain, DealStreetAsia reported.
Trust Bank sells oilfield service firm to Gazprombank.
Russia's Trust Bank had sold an oilfield service company to Gazprombank-owned entities, offloading the asset earlier than planned due to stagnation in the industry and amid declining exploration investment, Reuters reported.
"The asset was planned to be sold in 2026, but we could not wait - we could not guess what might happen with the market by that date," Alexander Sokolov, Trust Bank President.
Harmony Gold, a gold mining and exploration company, completed the acquisition of the Eva Copper Project from Copper Mountain Mining, a Canadian based, high growth mining company, for $230m.
"We are pleased with this transaction as it demonstrates the value the Company has developed in the Eva Copper Project since our acquisition of Altona Mining Limited in 2018. It also recognizes the exploration upside that exists on the surrounding prospective land package," Gil Clausen, Copper Mountain President and CEO.
Harmony Gold was advised by Rothschild & Co (led by Alister McGee and Giles Douglas) and Ashurst. Copper Mountain was advised by Macquarie Group, Corrs Chambers Westgarth (led by Philip Russell) and Davies Ward Phillips & Vineberg.
Hormel Foods, a food processing company, completed the acquisition of a 29% stake in Garudafood, a food and beverage company, from CVC, a private equity and investment advisory firm. Financial terms were not disclosed.
"This strategic investment enhances our partnership with Garudafood, which has been instrumental in helping us expand our business into Indonesia and Southeast Asia. Garudafood is a market leader, with strong and reputable brands, local expertise and a best-in-class distribution network. We look forward to accelerating our presence in these high-growth geographies and the snacking and entertaining category as we further leverage the strengths and capabilities of both companies," Jim Snee, Hormel Foods Chairman, President and CEO.
Hormel Foods was advised by Barclays and Faegre Drinker Biddle & Reath. CVC was advised by Bank of America and White & Case.
Edelweiss Group, a financial services company, agreed to acquire L&T Infrastructure Development Projects, a construction engineering company, from Larsen & Toubro, an engineering company, and Canada Pension Plan Investment Board, a private equity firm, for $725m.
L&T IDPL will be acquired by Epic Concesiones Private Limited, a portfolio company of Infrastructure Yield Plus strategy, managed by Edelweiss Alternative Asset Advisors Limited. L&T IDPL, a significant participant in the Indian infrastructure sector, holds assets including operational toll and annuity road concessions and power transmission lines.
Fenbushi Capital, a blockchain-focused venture capital firm, agreed to lead a $300m Series C funding round in Amber Group, a crypto trading firm, with participation from other crypto investors and family offices.
"Post the FTX collapse, we paused [the series B+ fundraise] after a partial closing and instead moved forward on Series C," Amber Group.
Magnetic Rail, a subsidiary of Magnetic Infrastructure, agreed to acquire the East Coast Rail business of Aurizon, a freight rail transport company, for $285m.
"The sale provides the best outcome for Aurizon and its shareholders, delivering a strong sale price and certainty in completing the divestment. We are pleased to have secured the sale of the ECR business and look forward to the transaction completing in
early 2023. We have already successfully integrated the ORA bulk and general freight assets into our Bulk business and are excited about both the quality of these assets and the many opportunities for growth," Andrew Harding, Aurizon Managing Director and CEO.
Joseph Tsai in talks to offload stake worth $260m in Alibaba.
Billionaire Joseph Tsai, co-founder and vice chairman of Alibaba Group, has hired Morgan Stanley to sell a sizable portion of his shares in the Chinese tech giant.
The shares are worth $260m and are equal to nearly 8% of his total assets in Alibaba. Tsai is the third-largest shareholder after Japanese investor SoftBank and Alibaba co-founder Jack Ma, Bloomberg reported.
Kanoo group sees opportunities to invest in India, China.
Dubai-based conglomerate Kanoo Group is looking at opportunities to invest across the Middle East, and in India and China next year, tapping growing economies with strong returns, according to Chairman Mishal Kanoo.
Kanoo Group, which is benefitting from a strong rebound in the United Arab Emirates’ economy and higher oil prices earlier this year, is also holding internal talks about whether to sell units of the business in an initial public offering.
If Kanoo Group were to go ahead with an offering, the company would likely sell shares division by division. But, currently a share sale is unlikely, Bloomberg reported.
Veon close to sale of Pakistan tower assets to TPL-TASC group.
Veon, a Dutch-domiciled multinational telecommunication services company, is close to selling its tower assets in Pakistan to a consortium comprising Pakistan’s TPL and UAE-based TASC Towers Holding.
The acquisition of towers could become Pakistan’s largest deal in more than a decade. Discussions are at an advanced stage and the transaction, which involves Veon’s 10k to 12k towers in Pakistan, could be announced in the coming weeks. The deal could fetch more than $600m.
TPL-TASC group has emerged as the most probable buyer after beating out rival bidders including other telecom companies.
Taiwan to fine Foxconn for unauthorized China investment.
Taiwan's government said it would fine Foxconn, the world's largest contract electronics maker, for an unauthorised investment in a Chinese chip maker even after the Taiwanese firm said it would be selling the stake, Reuters reported.
Foxconn said in a filing to the Taipei stock exchange its subsidiary in China had agreed to sell its entire equity stake in Tsinghua Unigroup. Taiwan's Economy Ministry said in response that its investment commission, which has to approve all foreign investments, will ask Foxconn for a "complete explanation" about the investment.
Chinese firms avert delisting as US audit watchdog gets full inspection access.
The US accounting watchdog said it has gotten full access to inspect and investigate firms in China for the first time ever, removing the risk that around 200 Chinese companies could be kicked off US stock exchanges.
The statement from the Public Company Accounting Oversight Board marks a victory for US regulators and a relief for Chinese firms, including Alibaba, facing delisting amid rocky relations between the world’s largest economies. Washington and Beijing have been locked in a heated trade and technology war. The PCAOB, which oversees registered public accounting firms around the world, said late last year said that Chinese authorities had prevented the watchdog from completely inspecting and investigating in mainland China and Hong Kong.
“For the first time in history, we are able to perform full and thorough inspections and investigations to root out potential problems and hold firms accountable to fix them,” Erica Williams PCAOB Chairman.