AMERICAS
II-VI, a manufacturer of optical materials and semiconductors, completed the acquisition of Coherent, a global company that manufactures and sells a variety of laser- based photonic products, for $7bn.
“I would like to thank Andy Mattes for his leadership of Coherent and enabling a very successful integration planning process. I am also very excited to announce a new direction for our brand: We plan for the combined company to be named Coherent. We will soon announce the date of the launch of our new brand identity," Vincent D. Mattera, Jr., II-VI CEO.
Coherent is advised by Bank of America, Credit Suisse, Skadden Arps Slate Meagher & Flom and Brunswick Group. Financial advisors to Coherent were advised by Cravath Swaine & Moore and Shearman & Sterling. Bain Capital was advised by Centerview Partners. II-VI was advised by Allen & Company, JP Morgan, Hengeler Mueller, K&L Gates, O'Melveny & Myers, Slaughter & May, Wachtell Lipton Rosen & Katz, and Sard Verbinnen & Co. Financial advisors to II-VI were advised by Simpson Thacher & Bartlett and White & Case. Debt financing was provided by JP Morgan.
NielsenIQ, a global measurement and data analytics company, agreed to merge with GfK, a provider of data and intelligence to the consumer goods industry. Advent International, Nuremberg Institute for Market Decisions and KKR will remain invested as significant shareholders in the combined company. Financial terms were not disclosed.
“Over the past year, NielsenIQ has been investing both organically and inorganically in the most comprehensive coverage, advanced technologies and predictive analytics to enable our clients to have a complete understanding of their consumers. Combining our market-leading capabilities will allow us to further accelerate innovation that best serves our expanded client base and deliver significant value for all our stakeholders. Together with GfK, we have the opportunity to influence the future of global retail and consumer measurement – one that is fast, nimble and connected," Jim Peck, NielsenIQ Chairman and CEO.
GfK is advised by White & Case. KKR is advised by Goldman Sachs, Hengeler Mueller, Simpson Thacher & Bartlett and FGS Global. NIM is advised by Rothschild & Co, BakerHostetler and Fieldfisher. Advent is advised by FGS Global. NielsenIQ is advised by HSBC, JP Morgan, Covington & Burling, Ropes & Gray, Squire Patton Boggs, Weil Gotshal and Manges and Edelman.
SailPoint Technologies Holdings, an enterprise identity security provider, today announced that its stockholders voted to approve SailPoint’s pending acquisition by Thoma Bravo, a software investment firm, at SailPoint’s special meeting of stockholders.
The final voting results on the proposals voted on at the special meeting will be set forth in a Form 8-K filed by SailPoint with the US Securities and Exchange Commission, after certification by SailPoint’s inspector of elections.
Sailpoint is advised by Morgan Stanley, Goodwin Procter and ICR. Financial advisors are advised by Cooley. Thoma Bravo is advised by Kirkland & Ellis and Finsbury Glover Hering. Debt financing is provided by Blackstone, Golub Capital and Owl Rock Capital.
AllianceBernstein, a research and global investment firm, completed the acquisition of CarVal Investors, an alternative investment manager, for $750m.
"We are pleased to complete this acquisition of global manager CarVal Investors, which expands AB's private markets platform to $5bn in AUM, underscoring our commitment to accelerating the growth of our Private Alternatives business, with our partner Equitable," Seth Bernstein, AllianceBernstein CEO and President.
CarVal Investors was advised by Rothschild & Co and Schulte Roth & Zabel. AllianceBernstein was advised by Citigroup and Wachtell Lipton Rosen & Katz. Citigroup was advised by Alston & Bird.
Knox Lane, a growth-oriented investment firm, agreed to invest in Elevation Labs, a formulator and manufacturer of premium beauty products. Financial terms were not disclosed.
"We are thrilled to support Michael and the Elevation Labs team as they continue to partner with innovative brands in the beauty industry. The combination of culture, customer service, and differentiated capabilities truly sets Elevation Labs apart, and we look forward to working together to build on their strong momentum and drive continued growth," John Bailey, Knox Lane Managing Partner.
Elevation Labs is advised by William Blair & Co and Alston & Bird. Knox Lane is advised by Financo, Raymond James, Kirkland & Ellis and Joele Frank.
Alerus Financial, a diversified financial services company, completed the acquisition of Metro Phoenix Bank, the largest full-service community bank headquartered in Phoenix, for $85m.
“We are pleased to welcome the clients and employees of Metro Phoenix Bank to Alerus. This talented team has a proven history of strong credit and organic growth. Our partnership will allow the Metro Phoenix Bank professionals to continue providing excellent service to their clients with expanded capacity and additional product offerings. We look forward to working together to strengthen our presence in one of the fastest growing metropolitan areas in the country. Alerus has a long history of successfully executing and integrating acquisitions, and we believe this combination will provide positive results for our shareholders, clients, and employees," Katie Lorenson Alerus President and Chief Executive Officer.
Metro Phoenix was advised by Raymond James and Spierer Woodward Corbalis & Goldberg. Alerus was advised by D.A. Davidson & Co and Barack Ferrazzano Kirschbaum & Nagelberg.
Civista Bancshares, a financial holding company headquartered in Sandusky, Ohio, completed the acquisition of Comunibanc, a banking company. Financial terms were not disclosed.
"We are very pleased to complete this transaction, which expands our presence in Henry and Wood Counties in Northwest Ohio. We are also excited to welcome Comunibanc's customers and employees to the Civista family. We look forward to collaborating with Comunibanc's team to grow and enhance their banking platform while maintaining strong ties to their communities. We believe the long-term growth potential of this partnership offers substantial upside for shareholders of both organizations," Dennis G. Shaffer, Civista CEO and President.
Communibank was advised by ProBank Austin and Shumaker Loop & Kendrick. Civista Bankshares was advised by Stephens and Dinsmore & Shohl.
HRL Morrison & Co, an asset management company, agreed to acquire FiberLight, a fiber infrastructure provider, for $1bn.
"We are pleased to support FiberLight, a well-recognized provider of essential connectivity services to hundreds of businesses. As the company continues to scale and deepen its presence in key U.S. markets, we will leverage our significant digital infrastructure expertise and partner with management to address the rapidly growing demand for faster, more secure and more reliable internet access,” Perry Offutt, Morrison & Co, Head of North America.
FiberLight is advised by Bank Street Group and Taft Stettinius & Hollister. Morrison & Co is advised by TD Securities and Torys.
Popular, a bank holding company, completed the acquisition of the key customer channels businesses of Evertec, a financial services company, for $197m.
“This transaction allows Popular to accelerate its ongoing digital transformation and continue improving our clients’ experience. With the ability to manage our key customer channels and greater flexibility to choose the best technology partners, we will be able to more quickly enhance the services that we offer through our digital platforms, as well as the sales and account maintenance processes we offer through all our channels. We aspire to provide an omnichannel experience that meets all of our clients’ needs and expectations,” Ignacio Alvarez, Popular President and CEO.
Popular was advised by JP Morgan, Pietrantoni Mendez & Alvarez, Pillsbury Winthrop Shaw Pittman and Sullivan & Cromwell.
Evertec, a full-service transaction processing business, completed the acquisition of BBR, a Chile-based payment solutions and business technology company with operations in Peru, for $60m.
“We are pleased to complete both of these transactions. The Popular Transaction extends our relationship with our largest customer while the BBR acquisition continues to expand our footprint in Latin America, two important steps in continuing to execute on our long-term growth strategy," Mac Schuessler, Evertec President and Chief Executive Officer.
BBR was advised by Alantra. Evertec was advised by Evercore and Goldman Sachs. Financial advisors were advised by Covington & Burling.
Fulton Financial, the bank holding company for Fulton Bank, completed the acquisition of Prudential Bancorp, the bank holding company for Prudential Savings Bank, for $142m.
“We are excited to have completed, in approximately four months, the acquisition of Prudential Bancorp. I am really proud of the team members from both banks, who are joining together to create a smooth transition for Prudential Bank customers as they become Fulton Bank customers later this year. Our company’s enhanced presence in Philadelphia will help us expand our efforts to change lives for the better in the communities we serve. I would also like to welcome Prudential Bancorp’s shareholders to Fulton. We are delighted to have you with us,” E. Philip Wenger, Fulton Chairman, President and CEO.
Prudential Bancorp was advised by Keefe Bruyette & Woods and Silver Freedman Taff & Tiernan. Fulton was advised by Stephens and Barley Snyder.
Encompass Health, a provider of post-acute healthcare services, completed the spin-off of its home health and hospice business. Financial terms were not disclosed.
The separation was completed through a distribution to Encompass Health stockholders of one share of Enhabit common stock for every two shares of Encompass Health common stock held as of the close of business on June 24, 2022, the record date for the distribution.
Encompass Health was advised by Citigroup, Goldman Sachs, Bradley Arant Boult Cummings and Wachtell Lipton Rosen & Katz.
Orion Advisor Solutions, a provider of tech-enabled fiduciary process, completed the acquisition of TownSquare Capital, an investment and trading platform. Financial terms were not disclosed.
“Today, we officially add TownSquare to our wealth management business, creating more value for advisors seeking a highly integrated, most-in-one technology suite. The combined wealth management platform will come to market quickly, providing financial advisors a single-source solution to prospect, plan, invest and achieve,” said Eric Clarke, Orion Founder and CEO.
Orion was advised by Willkie Farr & Gallagher and FleishmanHillard.
Goldman Sachs Asset Management, a global asset management company completed an investment in Varagon Capital Partners, a middle market lender specializing in directly-originated senior loans to private equity-backed, US middle market companies. Financial terms were not disclosed.
“Goldman Sachs Asset Management is excited to partner with Varagon to support the continued expansion of the Firm. We have developed a close relationship with Varagon over multiple years and have been truly impressed by the management team, growth trajectory, and Varagon’s best in class credit performance,” Harold Hope and Christian von Schimmelmann, Goldman Sachs Asset Management Managing Directors.
Varagon Capital Partners was advised by Gasthalter & Co.
FTX, a Bahamian cryptocurrency exchange platform, agreed to acquire BlockFi, a secured non-bank lender that offers USD loans to crypto-asset owners who collateralize the loan with their crypto-assets, for $240m.
"We found a great partner in FTX, who shares our commitment to clients. This represents the best path forward for all BlockFi stakeholders and the crypto ecosystem as a whole.” Zac Prince, BlockFi Chief Executive.
Kohl's abandons talks to sell itself to Franchise Group.
Department store chain Kohl's said it was abandoning talks to sell itself to The Vitamin Shoppe-owner Franchise Group, blaming a downturn in market conditions.
Kohl's shares, already down 28% since January, tumbled nearly 15% in pre-market trading on news of the collapsed talks and the retailer's shrinking sales.
"Given the environment and market volatility, the board determined that it simply was not prudent to continue pursuing a deal," Peter Boneparth, Kohl's Chairman.
Golfport Energy is considering a merger with Encino Energy.
Gulfport Energy, an independent oil and natural gas exploration and production company, is considering merging with closely held Encino Energy, a private oil and gas operating company, after discussions with rival oil and gas explorer Ascent Resources, an oil and gas company, collapsed.
Gulfport and Encino have discussed a stock-based transaction. Talks are at an early stage, a deal isn’t imminent and the companies could decide against pursuing a merger. Gulfport had discussed merging with Ascent in a deal that would value the combined company at about $8bn.
Clearlake Capital explores the sale of Team Technologies for more than $1bn. (FS)
Private equity firm Clearlake Capital Group is exploring a sale of medical products manufacturer Team Technologies Inc for more than $1bn.
Clearlake Capital is working with an investment bank on a sale process for Team Technologies, which has annual earnings before interest, taxes, depreciation and amortization of about $75m, Reuters reported.
MUFJ is in talks to acquire the US commodities finance business of BNP Paribas.
Mitsubishi UFJ Financial Group, a financial services company, is in talks to acquire the US commodities finance business of BNP Paribas.
The sale to MUFG is expected to close in the next three to six months. The sale includes only Commodities Finance and does not include its commodity derivatives platform, Bloomberg reported.
“The decision to exit this business was in line with our approach at EMEA. The impact is limited, and BNP Paribas remains deeply committed to the US and the US, as well as its energy and renewable customers,” BNP Paribas.
Toronto-Dominion bank explores takeover of US brokerage Cowen.
Toronto-Dominion, the Canadian bank that’s been expanding through acquisitions, is weighing a deal for the brokerage firm Cowen. The Toronto-based lender is working with advisers to study a possible transaction for Cowen. No final decision has been made and Toronto-Dominion could opt against pursuing a deal.
A transaction would extend the reach of Toronto-Dominion’s investment banking arm, TD Securities, deeper into equity and debt offerings as well as research,
Bloomberg reported.
NYSE pitches US listings to Gulf tech firms amid global selloff.
The New York Stock Exchange is trying to lure Middle Eastern technology companies to list in the US, promising access to a broader investor base and deeper capital markets, even amid heightened volatility that’s scuppered listings worldwide, Bloomberg reported.
“We have spoken to some companies in the region. “They could come here without a capital raise or conduct an initial public offering in the capital markets,” Alexandre Ibrahim, NYSE Head of International Capital Markets.
Endeavor Catalyst closes Fund IV at $292m. (FS)
The US-based high-impact entrepreneurship organisation Endeavor has secured the final closing of its Endeavor Catalyst Fund IV at $292m, above the initial target of $200-250m. Endeavor Catalyst is a global co-investment fund under Endeavor.
The latest closing marks Endeavor’s largest vehicle to date and brings Endeavor Catalyst’s total assets under management to more than $500m across five funds — Endeavor Catalyst Philanthropy (“Beta Fund”) and Endeavor Catalyst I, II and III, and IV, DealSteetAsia reported.
Through Fund IV, launched late last year, Endeavor plans to continue to invest in companies led by entrepreneurs selected to Endeavor’s network globally. It will continue to co-invest alongside professional venture capital and growth equity firms a16z, General Atlantic, Insight Partners, Lightspeed, and SoftBank.
Shore Capital Partners closes oversubscribed Food & Beverage Fund II at over $292m. (FS)
Shore Capital Partners, a strategic private equity firm focused on microcap investing, has closed its second Food & Beverage fund, Shore Capital Partners Food and Beverage Fund II with $292m in capital commitments. Shore now manages a total committed capital base of approximately $3bn.
F&B Fund II surpassed its original target of $250m and was substantially oversubscribed. Commitments came from the firm’s existing investors and select new limited partners, resulting in a diverse investor base comprised of leading university endowments, financial institutions, funds of funds and family offices. Additionally, the partners of Shore have committed to invest a substantial amount of capital to the fund.
EMEA
Endeavor Group Holdings, the owner of Ultimate Fighting Championship, will buy sports betting business OpenBet from Light & Wonder for a revised deal value of $800m, Reuters reported.
“OpenBet marks a strategic addition to our sports betting portfolio as we look to round out our technology and product offering for sportsbook operators and sports brands worldwide. The combination of OpenBet and our IMG ARENA business will enable us to expand our footprint across the entire sports betting value chain and further capitalize on the tremendous upside we see coming from this fast-growing global industry," Ariel Emanuel, Endeavor CEO.
Endeavor is advised by The Raine Group, Latham & Watkins and Brunswick Group. Light & Wonder is advised by Macquarie Group, Oakvale Capital, Cravath Swaine & Moore, Skadden Arps Slate Meagher & Flom and Joele Frank.
Aker, an oil exploration and development company, completed the acquisition of the oil and gas business of Lundin Energy, an oil and gas exploration and production company, for $14bn.
“Through this merger we create the oil and gas company of the future. Aker BP is positioned with industry leading low cost and low CO2 emissions. The company has a target of net zero emissions by 2030 and is offering a reliable and secure source of energy,” Øyvind Eriksen, Aker President and CEO.
Aker BP was advised by Morgan Stanley, SEB Corporate Finance, BAHR and Hannes Snellman. Lundin Energy was advised by Barclays, Gernandt & Danielsson, Latham & Watkins and Schjodt.
888 Holdings, a public company which owns several popular gambling brands and websites, completed the acquisition of the non-US assets of William Hill, an online gambling company, from Caesars Entertainment, an American casino and hotel company, for £2.05bn ($2.8bn).
"This combination brings together two high quality businesses to create a powerful, global betting and gaming business. We believe the acquisition will create significant value for shareholders, creating a combined business with leading technology, products and brands across sports betting and gaming. With a top quality management team, formed from talent from across both businesses, I am confident about our future plans," Lord Mendelsohn, 888 Holdings Chairman.
888 Holdings was advised by JP Morgan, Stifel, Herzog Fox & Neeman, Latham & Watkins and Hudson Sandler. Caesars was advised by Deutsche Bank and Linklaters.
Patria Investments, a private market investment firm, completed the acquisition of the Brazilian hydropower business of ContourGlobal, a growth platform for acquiring and developing wholesale power generation, for $313m.
"We have been present in Brazil since 2007 and our first investments were two run-of-river hydro-electric plants, which we developed and built and are part of the Brazilian hydro-electric businesses acquired by Pátria Investments. For the past 15 years Brazil has been an important market for ContourGlobal and we are proud to be part of the early stages of the Brazilian renewables industry. During these years we also invested more than $3m in social projects and ESG initiatives," Alessandra Marinheiro, ContourGlobal Executive Vice-President.
Patria Investments was advised by Herbert Smith Freehills. ContourGlobal was advised by Pinheiro Neto and Slaughter & May.
Atlantia, an infrastructure firm, completed the acquisition of the Yunex business of Siemens, a German multinational conglomerate company, for $1.1bn.
“The sale of Yunex Traffic is an important step that not only provides the best situation for Yunex Traffic to grow, but also sharpens our strategy in being a focused technology company in rail transportation. As part of Atlantia, Yunex Traffic will be perfectly positioned to actively shape the market and break new ground in traffic management," Karl Blaim, Siemens Mobility Managing Director and Chief Financial Officer.
Atlantia was advised by Clifford Chance. Siemens was advised by Morgan Stanley and Hengeler Mueller.
Cargill, an American privately held global food conglomerate, completed the acquisition of a majority stake in the performance technologies and industrial chemicals business of Croda, a British specialty chemicals company, for $1bn.
"This divestment accelerates Croda's transition to being a pure-play Consumer Care and Life Sciences company. We will redeploy capital and resources to scale our consumer, health and crop care technologies, helping to deliver consistent, superior sales growth and even stronger profit margins," Steve Foots, Croda CEO.
Cargill was advised by HSBC. Croda was advised by Centerview Partners.
Eurowag, a pan-European integrated payments & mobility platform, completed the acquisition of WebEye Telematics, a fleet management solution provider in Central and Eastern Europe, for $60m.
"I am pleased we have completed this transaction, which expands the Group's customer base, and provides WebEye's customers with access to Eurowag's unrivalled range of integrated end-to-end payment and mobility solutions. Data from a greater number of connected trucks will help us provide more accurate insights and enable the continual development of new and improved solutions to address customers' needs. I appreciate the team's hard work to deliver our first acquisition as a public company and look forward to working with Pál and the rest of the WebEye team going forward," Martin Vohánka, Eurowag CEO and Founder.
Eurowag was advised by Allen & Overy.
Azenta, a provider of automation, vacuum and instrumentation equipment, completed the acquisition of Barkey, a provider of controlled rate thawing devices to medical, biotech and pharma industries, for €80m ($83m).
"Barkey will add innovative products and capabilities that extend our extensive cold chain of condition portfolio of products and services, while also expanding our customer reach in the fast-growing CGT space, with more than 100 CGT customers to date. The controlled rate thawing of cryopreserved products to maximize reproducibility and viability of the sample is a natural extension of our advanced cryogenic offerings," Steve Schwartz, Azenta President and CEO.
Berkley was advised by CMS.
Bain Capital, a private equity firm, agreed to acquire the building at 60 Sloane Avenue, in London’s upscale Chelsea district, for $223m.
"The losses incurred with respect to the amount spent on the purchase of the building were transferred to the reserve of the Secretariat of State, without in any way affecting Peter's Pence, and with it the donations of the faithful. In order to ensure the transparency and independence of the valuation process, the Holy See sought the assistance of the real estate broker Savills, selected at the end of a tender procedure launched in January 2021 under the supervision of real estate advisors," Administration of the Patrimony of the Apostolic See.
Eurazeo, a private equity firm, led a $167 funding round in Electra, a platform that provides charging stations ultra fast for electric vehicles, with participation from RGReen Invest, RIVE Private Investment, Serena, Groupe Chopard, SNCF and RATP Group.
This investment will support the decarbonisation of the transport sector, avoiding CO2 emissions by 550,000 tons by 2026 and therefore contributing to Eurazeo’s carbon-neutrality objective.
Klarna discussing valuation cut to $6bn from $45.6bn.
Klarna Bank, an online financial services provider, is in talks to raise new equity at a valuation as low as $6bn, a fraction of the $45.6bn it commanded last summer as it became Europe’s most valuable startup.
The buy-now, pay-later giant is in talks with investors about the new funding round. Employees may be granted new equity options at the lower valuation, as the majority of existing options bear no value, Bloomberg reported.
Novartis is leaning toward spinoff of $25bn generics arm.
Novartis, the Swiss pharmaceutical giant, is leaning toward a spinoff of its generic-drug unit, as a challenging environment for leveraged buyouts makes a potential sale to private equity more difficult.
Novartis sees a separate listing of the $25bn Sandoz business as increasingly likely. Novartis is continuing to explore a variety of options for the business and hasn’t made a final decision.
Novartis said in October it was starting a strategic review of Sandoz to maximize shareholder value. The business attracted early interest from a number of private equity firms sizing up what could have ranked as one of the biggest-ever buyout deals. Blackstone and Carlyle Group held talks about a potential joint bid for Sandoz. Advent International, Hellman & Friedman and KKR were also studying the business, Bloomberg reported.
Compass Minerals International is exploring a $243m sale.
Compass Minerals International, a producer of salt, plant nutrients and magnesium chloride, is exploring a sale of the UK’s biggest de-icing salt operations.
Compass Minerals UK and invited bids to be submitted in mid-July. The unit could fetch about $243m. The UK divestment may attract private equity firms, as well as strategic bidders and other long-term investors. Deliberations are ongoing, and there’s no certainty they will lead to a transaction, Bloomberg reported.
A sale process for our UK operations has not been announced or authorized by Compass Minerals’ board of directors. However, we consistently review our asset portfolio in order to optimize core operations and maximize value for our shareholders," Compass Minerals International.
Citigroup in talks with Russian firms on sale of local units.
Citigroup is discussing the potential sale of its operations in Russia with privately owned Russian companies, including Expobank and the insurer RESO-Garantia.
The Wall Street bank is negotiating over its consumer and commercial businesses. Rosbank, Societe Generale’s former Russian subsidiary, has also expressed interest, Bloomberg reported.
Permira considers sale of Alter Domus. (FS)
The owners of Alter Domus are considering a possible sale of the fund administration platform. Private equity firm Permira and the company’s founders have held some inital discussions with potential suitors as they study a sale of part or all of the business. Alter Domus may be valued at several billion dollars in any deal.
They are also considering other options, including a possible initial public offering of Alter Domus. Any sale could attract private equity firms, as well as financial services providers. Deliberations are ongoing and both Permira and Alter Domus’s founders may still decide to remain invested in the business, Bloomberg reported.
Saudi Al Othaim family scraps IPO of malls amid market rout.
Saudi Arabia’s Al Othaim family has called off its plans to sell shares of its malls business, in a rare instance of an initial public offering in the Middle East being scrapped as a market rally fades.
Abdullah Al Othaim Investment decided to cancel the listing of a 30% stake on the Saudi stock exchange, according to a statement, Bloomberg reported.
Al Othaim family had delayed the IPO of its mall unit just as it was due to start an investor roadshow for the offering, shortly before the family confirmed the report. The firm said at the time it was rescheduling the listing to select “the best suitable window.” The Al Othaim family was considering seeking about $400m to $500m from the offering in Saudi Arabia, though hadn’t set precise terms of the deal.
APAC
Selic, an adhesive manufacturer, agreed to acquire sports and medical tapes, bandages and medicated products brands Neoplast and Neobun and related assets of 3M, an adhesive manufacturer. FInancial terms were not disclosed.
"3M continues to relentlessly prioritize investments that leverage 3M's technologies in advanced wound care solutions under the Nexcare brand in skin health and wellness for the consumer. We will continue to invest in health and safety for our Asia customers and those around the world," Megan Selby, 3M President.
China's Great Wall Motor shelves $1bn India plan.
China's Great Wall Motor, an automobile manufacturer, has shelved plans to invest $1bn in India and laid off all employees at its operations there after failing to obtain regulatory approvals.
The Chinese automaker has been planning to enter the Indian market since 2020 but now becomes one of the biggest casualties of New Delhi's increased scrutiny of investments from Beijing, Reuters reported.
China Tourism aims for $2-3bn Hong Kong listing.
China Tourism Group Duty Free, the parent company of the world’s largest travel retailer, China Duty Free Group, is aiming to raise $2-3bn in a Hong Kong secondary listing.
China Tourism Group has resubmitted an application to list in Hong Kong, reviving plans for the share sale it shelved in December last year. China Tourism had aimed to raise about $6bn in Hong Kong last year, but put the deal on hold in December because of the impact of the pandemic and volatile financial markets.
China Tourism is advised by China International Capital and UBS.
Mass PRIM commits $150m to Sequoia China funds. (FS)
Massachusetts Pension Reserves Investment Trust (Mass PRIM) has approved a commitment of up to $150m to four funds managed by tech bellwether Sequoia Capital China, a venture capital firm.
The commitment will be split into $8.2m to Sequoia Capital China Seed II, $18.8m to Sequoia Capital China Venture IX, $61.5m to Sequoia Capital China Growth VII, and up to $61.5m to Sequoia Capital China Expansion I.
Mass PRIM’s $150m commitment to funds managed by Sequoia Capital China was part of the at least $462m that the US pension fund committed to five fund managers under its private equity strategy, DealStreetAsia reported.
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