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AMERICAS
Canadian miner Turquoise Hill Resources decided to delay by a week to November 8 a special shareholder meeting to vote on a proposed takeover by Rio Tinto, following a request from the mining giant, Reuters reported.
Rio Tinto said two key investors agreed to withhold their votes at a meeting to decide on the offer. Pentwater, Turquoise's second-largest shareholder, and SailingStone Capital Partners will also exercise their dissent rights, and Rio will increase the dissent condition under its proposal to 17.5% of issued Turquoise Hill shares from 12.5%.
Turquoise Hill Resources is 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 is advised by Credit Suisse, RBC Capital Markets, Rothschild & Co (led by Roger Ewart, Derrick Queen and Karina Danilyuk), McCarthy Tetrault (led by Shea T. Small) and Sullivan & Cromwell (led by Scott Miller).
DuPont, a provider of chemicals and allied products, terminated the acquisition of Rogers, a global technology company that specializes in engineered materials that enable high performance and high reliability in EV/HEV, wireless infrastructure, automotive safety and portable electronics, for $5.2bn.
DuPont decided to terminate the deal as the companies have been unable to obtain timely clearance from all the required regulators. DuPont is paying Rogers a termination fee of $162.5m in accordance with the agreement.
Truelink Capital, a middle-market private equity firm, agreed to acquire Trulite Glass & Aluminum Solutions, one of North America's largest architectural glass and aluminum fabricators, from Sun Capital Partners, a global private equity firm. Financial terms were not disclosed.
"Trulite has been on a journey to expand geographically, optimize operations and create a platform for scalability, which is a direct result of the hard work, persistence and determination of the Trulite team. Upon our first meeting with Truelink, it was evident that they believe in our business, our potential and—most importantly—our people. The Truelink team brings a breadth of industry knowledge that will help us chart our path forward and continue to successfully execute on our strategic priorities. This milestone is a natural next step for our company, and we are confident that Truelink is the right partner as we work to unlock our next phase of growth," Kevin Yates, Trulite CEO.
Trulite Glass & Aluminum Solutions is advised by Raymond James, William Blair & Co and Kirkland & Ellis. Truelink Capital is advised by Alston & Bird, Kirkland & Ellis, Willkie Farr & Gallagher and FTI Consulting (led by Stephanie Randall).
Aurora Capital, a middle-market private equity firm, completed the acquisition of Universal Pure, a provider of high pressure processing and related food safety and technical services for cold chain-oriented human and pet food customers. Financial terms were not disclosed.
"Universal Pure is an ideal match for the Aurora program. Jeff and his team have built an impressive platform, and we are excited to capitalize on the significant runway that the business has through new and existing relationships with blue chip customers. We are thrilled to be chosen as Universal Pure's partner at an exciting time in its evolution," Mark Rosenbaum, Aurora Partner.
Universal Pure was advised by Houlihan Lokey, William Blair & Co and Mayer Brown. Aurora was advised by Harris Williams & Co, Gibson Dunn & Crutcher and ASC Advisors (led by Taylor Ingraham). Debt was provided by Twin Brook Capital Partners.
AFCO Credit, a premium finance company, completed the acquisition of the insurance premium finance subsidiary of Texas Capital Bancshares, a bank holding company, for $3.4bn.
"The sale of BankDirect represents an important milestone for Texas Capital, further enabling us to re-focus our capital and expense base consistent with our strategy of creating the flagship full-service financial services firm in Texas. The sale follows a deliberate process designed to maximize shareholder value, strengthen our balance sheet, simplify our business model and free up incremental resources to be redeployed to our core businesses. BankDirect operates a nationwide business and generates desirable, granular commercial loans with superior credit quality. I want to thank the team at BankDirect for their long-term partnership and solid commitment to building an outstanding franchise resulting in the success of this transaction," Rob C. Holmes, Texas Capital CEO and President.
Cobepa, an independent, privately held investment company, and The Jordan Company, a middle-market private equity firm, completed the acquisition of Ned Stevens, a provider of exterior residential services, from Avalt, a family office. Financial terms were not disclosed.
"Our team couldn't be more excited to partner with Cobepa. As the global market leader in our industry, Ned Stevens is ready to achieve significant long-term growth. Our customers and employees deserve the best, and in Cobepa we have a partner that has extensive experience in residential services, as well as the resources necessary to enable us to deliver the best. The next phase of Ned Stevens starts today, and we are lucky to be fully aligned with a great partner in Cobepa," Rob Rapuano, Ned Stevens CEO.
Ned Stevens was advised by Harris Williams & Co (led by Brent Spiller) and Solomon Partners. Cobepa was advised by Jefferies & Company and White & Case. Debt financing was provided by Audax Group and Golub Capital.
Peak Bio, a clinical-stage biopharmaceutical company, went public via a SPAC merger with Ignyte Acquisition, a blank cheque company, in a $378m deal.
“We believe that Peak Bio is now well positioned to succeed in the public markets and look forward to updating the entire investment community on our progress in our differentiated approach in both oncology and rare inflammatory diseases,” Hoyoung Huh, Peak Bio Chairman and Founder.
Peak Bio was advised by Ladenburg Thalmann, B C Burr McCabe Law and Bae Kim & Lee. Ignyte was advised by Chardan and DLA Piper.
Avista Capital Partners, a private equity firm focused exclusively on healthcare, completed the acquisition of Taconic Biosciences, a provider of genetically engineered research models, from H.I.G. Capital, a Miami, Florida–based private equity and alternative assets investment firm. Financial terms were not disclosed.
"Our acquisition of Taconic represents Avista's ninth investment in the outsourced pharma services sector, a testament to the value and growth potential we continue to see in the space. Given Taconic's reputation for high-touch consultative service, diversity of high-quality models, and proven track record of innovation, we believe the Company is poised to continue its growth trajectory in the attractive GEMs market. We look forward to providing support for the acceleration of Taconic's strategic priorities," Rob Girardi, Avista Partner.
Taconic Biosciences was advised by Perella Weinberg Partners, Robert W Baird (led by Adam Huitt) and Paul Hastings. Avista Capital was advised by Ropes & Gray and Kekst CNC (led by Daniel Yunger).
Select Energy Services, a provider of sustainable water and chemical solutions to the energy industry, completed the acquisition of Breakwater Energy Partners, a provider of contracted water recycling and infrastructure solutions focused in the Permian Basin. Financial terms were not disclosed.
"Our strong third-quarter results, combined with our recent acquisitions, display our ability to execute on our strategy to improve and bolster the base business, advance our technology, sustainability and diversification efforts, and execute on strategic M&A. We progressed each of these initiatives while also commencing our previously announced regular quarterly dividend program. Reinforced by a steady activity backdrop, a challenging labor market and a tight equipment supply environment, we continue to capture market share and see pricing improvements across each of our segments. During the third quarter we achieved 12% sequential revenue growth and 59% incremental gross margins, resulting in significantly improved profitability with Net Income and Adjusted EBITDA growing 70% and 32%, respectively, quarter over quarter," John Schmitz, Select Energy Services Chairman of the Board, President and CEO.
Breakwater Energy Partners was advised by Jefferies & Company and Locke Lord. Select Energy was advised by Bank of America, Vinson & Elkins (led by Steve Gill) and Dennard Lascar (led by Ken Dennard).
Voya Financial, a health, wealth and investment company, agreed to acquire Benefitfocus, a cloud-based benefits administration technology company that serves employers, health plans and brokers, for $570m.
"We are excited to become part of Voya – bringing Benefitfocus' portfolio of innovative solutions and services to support the health and wellbeing of more customers through the creation of an end-to-end continuum of offerings across health, wealth and investment. This transaction delivers significant and immediate value for our shareholders, broader opportunities for our associates, and strengthens our go-to-market offering with Voya's platform of workplace-centered services and solutions," Matt Levin, Benefitfocus President and CEO.
Benefitfocus is advised by Barclays and Sullivan & Cromwell (led by Melissa Sawyer and Scott B. Crofton). Voya Financial is advised by Perella Weinberg Partners and Cleary Gottlieb Steen & Hamilton.
eBay, a global commerce company that connects millions of buyers and sellers around the world, completed the acquisition of TCGplayer, a trusted marketplace for collectible card game enthusiasts, for $295m.
"eBay continues to build on our 26 years of experience in trading cards, powering local hobby stores and Main Street retailers to deliver an online destination that collectors love. eBay has always fueled our customers' passion in this space and facilitated connections between buyers and sellers, and with TCGplayer, we can enhance the customer experience across categories, forge even more relationships, and cater to enthusiasts around the world," Dawn Block, eBay VP of Collectibles.
Boyd Gaming, a multi-jurisdictional gaming company, completed the acquisition of Pala Interactive, an innovative online gaming technology company that provides proprietary real money and social gaming solutions, for $170m.
“Online casino gaming is an attractive growth opportunity for our Company, and the acquisition of Pala Interactive provides us with the technology, products and expertise to create a profitable regional online casino business. We look forward to working with the Pala Interactive team in executing our online casino gaming strategy, which will complement our existing land-based operations and further expand our nationwide customer base," Keith Smith, Boyd Gaming President and CEO.
Pala Interactive was advised by Moelis & Co and Brownstein Hyatt Farber Schreck. Boyd Gaming was advised by McCarthy Tetrault (led by Jake Irwin and Jonathan See) and Morrison & Foerster (led by Brandon C Parris).
ProPetro, an oilfield services company, completed the acquisition of Silvertip Completion Services, a provider of wireline perforating and pumpdown services in the Permian Basin, for $150m.
“This acquisition represents another important step for ProPetro, advancing our strategy of pursuing accretive growth opportunities that expand our margins and increase free cash flow generation to create a stronger, more resilient and more diversified company. With our highly complementary service offerings including Silvertip’s premier wireline franchise, strong cash flow metrics, and blue-chip customer relationships, ProPetro is now well-positioned to execute on cross-selling opportunities, while accelerating our ability to achieve our financial growth targets through a more integrated and diversified service offering. We are excited to welcome the Silvertip team as we work to deliver best-in-class services for our customers through a more integrated and diverse service offering to aid us in unlocking meaningful value for our shareholders,” Sam Sledge, ProPetro CEO.
Silvertip was advised by Tudor Pickering Holt and Latham & Watkins. ProPetro was advised by PPHB Energy Investment Banking and Vinson & Elkins (led by Alan Beck).
Ryder System, a supply chain, dedicated transportation, and fleet management solutions provider, completed the acquisition of Dotcom Distribution, a provider of omnichannel fulfillment and distribution services. Financial terms were not disclosed.
“Dotcom Distribution has been doing e-fulfillment since e-commerce was still in its infancy. Maria and her team bring 22 years of knowledge, expertise, and experience in helping customers weather market fluctuations. That’s a big benefit for Ryder. This acquisition also affords us the opportunity to expand our e-fulfillment portfolio in new industry verticals in health, beauty and cosmetics, which is in line with our larger strategy to grow and diversify our portfolio,” Steve Sensing, Ryder President of supply chain solutions.
Dotcom Distribution was advised by G2 Capital Advisors and Stradley Ronon Stevens & Young. Ryder was advised by Wofford Advisors and Gunster Yoakley & Stewart.
Providence Equity Partners, a premier private equity firm specializing in growth-oriented investments in media, communications, education and technology, completed the investment in Wasserman, a global sports, music and culture agency. Financial terms were not disclosed.
"Casey and his team have built a global leader and influential force in sports and music talent representation and marketing, and they have balanced their rapid expansion with maintaining a client-first approach and culture that cultivates dedicated, motivated and talented executives and agents. Wasserman is a natural fit with our firm, and we look forward to partnering with Casey and the entire Wasserman team to help fuel the Company's next phase of growth and success," Scott Marimow, Providence Managing Director.
HIG, a global alternative investment firm, completed an investment in ThoughtFocus, a provider of digital services and technology enabled digital operations. Financial terms were not disclosed.
“We are excited to partner with the founders of ThoughtFocus and have been highly impressed by the Company’s track record of profitable growth, long-tenured customer relationships, and strong company culture," Kevin Van Culin, HIG Managing Director.
ThoughtFocus was advised by D.A. Davidson & Co and Reed Smith. HIG was advised by McDermott Will & Emery.
Novo, a healthcare investment firm, completed the acquisition of KabaFusion, a provider of essential acute, chronic, and enteral home infusion therapies, from Pritzker Private Capital, a private equity firm. Financial terms were not disclosed.
"We have been extremely impressed with the pace of growth and service orientation of KabaFusion, which is a testament to their leading clinical knowledge in immunoglobulin therapies and patient-first approach. The investment in KabaFusion fits well with Novo Holdings' overall ambition of creating long-term value and making a positive impact on health, science, and society," Abhijeet Lele, Novo Senior Partner and Head of US Principal Investments.
Waller Helms Advisors, an investment banking boutique focused on the crossroads of the Insurance, Healthcare and Investment Services sectors, completed the acquisition of Park Sutton Advisors, a specialist investment bank focused on insurance, healthcare, wealth, and financial technology. Financial terms were not disclosed.
"We are proud of what we have built at Park Sutton and are excited for this next chapter. We chose to partner with Waller Helms out of a variety of attractive options based on our shared business philosophies and common belief in the importance of a strong, client-centric culture. The partners of WHA have distinguished backgrounds and many have worked together for two decades. This alignment makes for a very strategic combination, and I personally am excited to help build the combined business for many years to come," Steven Levitt, PSA Founder and Managing Director.
Park Sutton Advisors was advised by Griffin Financial Group and Godfrey & Kahn. Waller Helms was advised by McDermott Will & Emery (led by Eric Orsic).
Lennox Capital Partners, a Dallas-based investment firm, led a $110m Series B round in ColdQuanta, a global quantum technology company, with participation from In-Q-Tel, Sumitomo, Breakthrough Victoria, BOKA Group, Foundry Group, Global Frontier Investments and Maverick Ventures.
"The quantum ecosystem is experiencing a global wave of innovation, having our market leadership recognized by investors around the world validates our unique approach. Customers are already adopting ColdQuanta for quantum RF sensors, quantum atomic clocks, and quantum software. These are critical building blocks of the quantum industry that will drive a significant impact on society today while we work towards the massive gains quantum computing will bring in the future," Scott Faris, ColdQuanta CEO.
ColdQuanta was advised by Solomon Partners and Cooley.
MTY Food, a franchisor and operator of numerous casual dining, fast casual, and quick service restaurants, agreed to acquire Wetzel’s Pretzels, a franchisor and owner of quick service restaurants, from CenterOak Partners, a private equity firm, for $207m.
"This transaction represents another key acquisition for MTY as it adds another iconic brand to MTY's US portfolio. The transaction enhances MTY's footprint in the snack category, with Wetzel's Pretzels' strong network of franchise partners, well-run corporate-owned locations, and a best-in-class management team. Its products are extremely craveable and are recognized everywhere in the US by a broad range of customers. We look forward to exploring all the opportunities this transaction brings to both companies," Eric Lefebvre, MTY CEO.
CenterOak is advised by BackBay Communications.
Wesco International, an electrical distribution and services company, completed the acquisition of Rahi Systems, a provider of global hyperscale data center solutions, for $217m.
“Rahi’s extensive services portfolio strengthens our leading data center solution offerings for our global customers. This acquisition, the first since the transformational combination of Wesco and Anixter, highlights our continued investment in the high growth data center segment and further expands cross-sell opportunities across our company,” John Engel, Wesco Chairman, President and CEO.
Perrigo Company, an American Irish–registered manufacturer of private label over-the-counter pharmaceuticals, agreed to acquire the infant formula plant in Eau Claire, Wisconsin from Nestle, a Swiss multinational food and drink processing conglomerate, for $170m.
"Long before this year's infant formula shortage, we had been pursuing options to increase capacity to meet growing demand for our infant formula in the US. But this year's industry shortage galvanized our commitment to not only invest to meet the demand for our store brand and contract customers, but also to help prevent future infant formula shortages. The purchase and expansion of Gateway is the first major initiative in our recently announced Supply Chain Reinvention program. It solidifies our long-term manufacturing supply of infant formula in the US, increases the availability of lower priced, high-quality infant formula to consumers, and delivers value to Perrigo shareholders," Murray Kessler, Perrigo President and CEO.
Investment firms ARCH Venture Partners and Monograph Capital led a $120m funding round in Human Immunology Biosciences, a clinical-stage biotechnology company, with participation from Jeito Capital.
"We know the power of precision medicine to achieve better results for patients, and HI-Bio is the first company to combine that approach with a focus on the latest in genetics and immunology for immune-mediated diseases," Paul Berns, ARCH Ventures Managing Director.
Colonial Group, a diversified energy and port-related company, completed the acquisition of two Savannah, Georgia terminals of International-Matex Tank Terminals, a bulk liquid storage terminal facilities owner and operator. Financial terms were not disclosed.
“The compelling offer from a local buyer with strong market connections will support our continued strategy to balance our legacy petroleum assets with new investments in energy transition projects. We believe this transaction underscores the value of the liquid storage space. I want to thank our employees for helping to establish these terminals as premier locations in the Savannah market,” Carlin Conner, IMTT Chairman and CEO.
PIF, Mitsui eye stake in Vale’s base metals business. (FS)
Saudi Arabia’s Public Investment Fund and Japanese trading house Mitsui & Co are considering bids for a minority stake in Vale nickel and copper operations, Bloomberg reported.
Canada Pension Plan Investment Board, Ontario Teachers’ Pension Plan Board, Mubadala Investment and Qatar Investment Authority are also weighing offers for a stake in the base metal unit. Vale is seeking to raise more than $2bn from the deal.
Washington state sues to block Albertsons $4bn payout to shareholders.
The $4bn payout to shareholders "risks severely undercutting the grocery giant's ability to compete during the lengthy time period government regulators — including Washington — will be scrutinizing the merger," according to a statement posted to the Washington Attorney General's website.
Boston Financial closes $164m national multi-investor fund. (FS)
Boston Financial, syndicator of Low-Income Housing Tax Credits in the US, announced the closing of Boston Financial Institutional Tax Credits 57 Limited Partnership, a $164m LIHTC fund.
“As we navigate an increasingly complex deal-making landscape while continuing to maintain quality fund offerings for our investors, Boston Financial could not be more satisfied and grateful for the collaboration and commitment of our developer and investor partners. It’s the resiliency of these partners that enables us to continue tackling the tremendous affordable housing crisis across the country – even in the midst of the many micro and macro-economic challenges communities are facing at this time,” Todd Jones, Boston Financial Head of Tax Credit Equity Production.
EMEA
Verallia, a producer of glass containers for food and beverages, agreed to acquire Allied Glass, a manufacturer of glass for the drinks industry, from Sun European Partners, a private equity firm, for £315m ($366m).
“This acquisition of Allied Glass is fully in line with our strategy which is to accelerate our investments in key markets while leveraging our industrial, technological and management expertise to generate synergies. I am convinced that Verallia and Allied Glass have an outstanding fit as we share common vision and values. This is a great milestone too, as the Group will be present on the UK market, I am confident that this combination will create sustainable value for customers, employees and shareholders. Finally, I am delighted to welcome Alan Henderson in the Executive Committee team of Verallia,” Patrice Lucas, Verallia CEO.
Verallia is advised by ERM Group, Ernst & Young, White & Case and Wellcom PR. Sun is advised by Stanton PRM.
BDT Capital-backed Culligan International, a provider of water solutions and services, completed the merger with Waterlogic, an innovative designer, manufacturer, distributor and service provider of drinking water dispensers and accessories. Financial terms were not disclosed.
“Our two organizations make a powerful combined team as one Culligan, aligned on values and committed to a clear purpose to change people’s lives and to improve the environment. Culligan is a leading global consumer water solutions and services provider whose mission is to deliver clean, safe and soft water to improve consumers’ health and wellness and reduce single-use plastics. Serving over 100m people globally, our solutions save more than 40bn plastic bottles annually,” Scott Clawson, Culligan President and CEO.
Grünenthal, a privately-owned pharmaceutical company, completed the acquisition of Nebido, a firm engaged in the treatment of male hypogonadism, from Bayer, a German multinational pharmaceutical and life sciences company, for €500m ($575m).
"One in six men over 50 live with the symptoms of testosterone deficiency. Too few of these patients receive appropriate treatment. We are committed to facilitating access to treatment for even more patients in need. Grünenthal's strong track record of acquiring established brands has significantly improved our profitability, allowing us to invest in research and development and create the next generation of pain therapies," Gabriel Baertschi, Grünenthal CEO.
The Chefs' Warehouse, a distributor of specialty food products, completed the acquisition of Chef Middle East, a specialty food distributor with operations in the United Arab Emirates, Qatar and Oman, from Gulf Capital, an alternative asset management firm in the Gulf and Southeast Asia. Financial terms were not disclosed.
"This is exciting news for The Chefs' Warehouse, our partners, employees and our new colleagues at Chef Middle East. Similar to our positioning in the US and Canada, CME is the premier provider of specialty food products to the higher-end restaurants, hotels and catering establishments in the region. Their product portfolio mirrors ours in many ways and includes high-quality imported specialty foods, meat and seafood, pastry and bakery goods along with broadline product lines. We thank Gulf Capital for entrusting us to continue the growth of CME into a leading foodservice player," Christopher Pappas, The Chefs' Warehouse Chairman and CEO.
EQT leads bidding for stake in $9bn tower firm TDF. (FS)
EQT is emerging as the front-runner to acquire a stake in French telecom tower owner TDF.
The Stockholm-based private equity firm is seen as the strongest contender to acquire the 45% TDF stake being sold by Brookfield Asset Management. TDF could be valued at about $8.9bn including debt in any sale, Bloomberg reported.
Hurricane Energy launches its own sale after unsolicited bid.
North Sea oil and gas producer Hurricane Energy launched a formal sale process after receiving an unsolicited offer from an unnamed bidder which its board considers too low, it said.
Last year, Hurricane effectively gave control to its creditors in a debt-to-equity swap after its downgraded its flagship field and production outlook with its share price collapsing to below 1 penny in May 2021, Reuters reported.
Schneider Electric boosts euro company debt sales for buyout.
The French industrial giant is set to raise $1.08bn across two notes maturing in five and 10 years and paying spreads of 33 basis points and 57 basis points above mid-swaps. Proceeds from the sale will go toward Schneider’s purchase of the British tech company and refinance a $4.7bn bridge loan facility supporting the acquisition.
UBS is said to end local dealmaking presence in MENA region.
UBS Group is effectively closing its on-the-ground dealmaking and advisory operations in the Middle East and North Africa, Bloomberg reported.
The division’s last senior banker in the region tendered his resignation recently. A decision to retreat from in-person operations was taken.
Qatar Investment Authority plans to raise Credit Suisse stake. (FS)
The Qatar Investment Authority plans to increase its stake in Credit Suisse by investing in a share sale alongside Saudi National Bank, FT reported.
The deal will result in up to a quarter of Credit Suisse stock being owned by Middle Eastern investors, as the scandal-plagued lender seeks to raise $4bn to fund a radical restructure.
Mobile operator Veon starts process to sell Russian operations.
Veon, the third-largest mobile-phone provider in Russia, said it started a sales process for its operations in the country, Bloomberg reported.
“Veon’s management is currently exploring options in an effort to ensure that an optimal outcome is achieved for all relevant stakeholders,” Veon.
KFC and Pizza Hut operator set for $2bn UAE, Saudi IPO. (FS)
The Middle Eastern operator of KFC and Pizza Hut restaurants is set for a landmark dual listing, in which Saudi Arabia’s Public Investment Fund and Dubai-based businessman Mohamed Alabbar will sell a 30% stake in the firm.
In the first dual listing of its kind, Americana Restaurants International’s owners will offer 2.53bn shares in Riyadh and Abu Dhabi, according to a statement. The IPO could raise at least $2bn, which would make it Saudi Arabia’s biggest listing this year, Bloomberg reported.
Ithaca Energy seeks as much as £310m from London IPO.
UK oil and gas producer Ithaca Energy is seeking as much as £310m ($357m) in London’s second-largest initial public offering of the year, Bloomberg reported.
Ithaca has already received enough orders to cover the full deal size, including a so-called over-allotment option.
APAC
General Atlantic, an American growth equity firm, led a $110m funding round in Amagi, a cloud-based media SaaS technology company.
Amagi will use the funding to undertake corporate restructuring activities to finance the growth and expansion.
Zhuanzhuan, a used goods marketplace, led a $100m Series C round in Plum, a China-based online retailer specializing in second-hand apparel and accessories.
The strategic investment will make Plum's second-hand fashion goods available on Zhuanzhuan's platform. So far, Plum, which claims to have the largest user base in China, has amassed over 2k luxury brands on its platform.
UAE, US join hands to spend $100bn in clean energy projects.
The US and UAE have reached an agreement to spend $100bn on clean energy projects with a goal of adding 100 gigawatts globally by 2035, US Secretary of State Antony Blinken said, DealStreetAsia reported.
The two governments signed a memorandum of understanding in Abu Dhabi setting out the framework of the deal, Blinken said in a statement.
Cadillac Fairview to invest $965m in Aussie BTR sector. (FS)
North America-based real estate developers Hines Interests and Cadillac Fairview will jointly buy and develop up to $965m of assets in the Australian build-to-rent sector, the companies said.
The investment will be the first by Canada-based Cadillac Fairview, the real estate arm of Ontario Teachers’ Pension Plan, in the country and the region, where US-based Hines Interests is strengthening its presence as investor interest picks up, DealStreetAsia reported.
Axiata weighing options for Indonesian units.
Axiata Group is exploring options for its Indonesia businesses including combining its broadband and mobile services in the country, Bloomberg reported.
Malaysia’s biggest wireless company is laying the groundwork of a potential deal that would help boost synergies in its Jakarta-listed assets. Options under consideration also include bringing in a minority investor for its infrastructure assets as a way to fuel further investments and growth.
Prosus and Naspers deny report about Tencent stake sale. (FS)
Technology investment firm Prosus and its South African parent Naspers rejected as “untrue” a report that they are in talks to sell their large stake in Chinese software and gaming giant Tencent, DealStreetAsia reported.
In a pre-market statement, Amsterdam-based Prosus said an article in Asian Tech Press citing unnamed sources saying that Naspers was in talks with a group of investors led by state-backed CITIC of China to sell its entire Tencent stake was “speculative and untrue”.
Tencent, China Unicom gain nod to set up 'mixed ownership' company.
Chinese tech giant Tencent Holdings and state-owned telecommunications firm China Unicom have received regulatory approval to set up a so-called “mixed-ownership” company, DealStreetAsia reported.
China has been accelerating its push for mixed-ownership reforms in an effort to boost the competitiveness of state firms.
Meat producer slumps after Thailand’s second-largest IPO in 2022.
Shares of Betagro plunged in their first day of trade in Bangkok, following Thailand’s second-largest initial public offering this year and defying a typical increase for large debuts in the country.
The stock finished 9.4% below the IPO price. They were priced at 1$ apiece after the meat producer and its major shareholders sold 500m shares. The IPO raised $532m, including the exercise of a green-shoe option. It’s the third-largest listing in Southeast Asia since the start of 2022, Bloomberg reported.
Blackbird raises Australia's biggest VC fund at $640m. (FS)
Australian venture capital firm Blackbird announced that it raised $640m for a new fund that will invest in general companies in Australia and New Zealand, DealStreetAsia reported.
The venture investor, which counts Canva and robotics firm Zoox in its portfolio, said the fifth fund is Australia’s largest fund to date and doubles the size of the fourth fund that closed in August 2020.
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