AMERICAS
Allwyn Entertainment, an operator of lottery business, agreed to go public via a SPAC merger with Cohn Robbins Holdings, a special purposes acquisition vehicle, in a $9.3bn deal.
"Listing on the NYSE is the next chapter in Allwyn's history and track record of shared success benefitting players, communities, governments and investors. We forecast the business delivering attractive revenue, profit and cash flow growth, creating attractive long-term value for investors. Going public positions Allwyn to expand its shared success to more markets, while enhancing capital access to fund opportunities for accelerated growth," Karel Komárek, Allwyn Chairman.
Allwyn Entertainment is advised by PJT Partners, Clifford Chance, Kirkland & Ellis and ICR. CRHC is advised by Citigroup, Credit Suisse, PJT Partners, Skadden Arps Slate Meagher & Flom, Winston & Strawn and Arrowpath Advisors.
Private equity firm Seawall Capital-backed Kent Outdoors, an outdoor equipment and accessories brand, completed the acquisition of BOTE, a manufacturer of paddle boats, and Kona Bicycles, a manufacturer of bicycles. Financial terms were not disclosed.
“Kent Outdoors is - and always has been - a place where passionate founders can grow their brands. We believe in autonomy with accountability for our brands: we provide targeted support behind the scenes, while giving each brand the independence to grow to their full potential. Our goal is to make space for visionary founders to create, build, and better connect with one another, and with their customers," Ken Meidell, Kent Outdoors CEO.
Kona Bicycle was advised by Bell Lap Advisors and Betts Austin Johnson. BOTE was advised by Houlihan Lokey and Godfrey & Kahn. Seawall Capital was advised by Dechert. Kent Outdoors was advised by Gibson Dunn & Crutcher. Debt financing was provided by Goldman Sachs and Huntington.
Liberty Strategic Capital, a private equity firm, agreed to invest $150m in Satellogic, a geospatial company, and CF Acquisition V, a special purpose acquisition company sponsored by Cantor Fitzgerald.
"It is hard to overstate the importance of up-to-date, high resolution Earth imagery as an aid to decision making across a broad variety of contexts. As Satellogic builds out its network to provide daily remaps of the Earth's surface at a low cost, we believe the company is well positioned to provide governments and businesses with the information they need to make better, more well-informed decisions with respect to a host of pressing problems. We are excited to partner with Satellogic as they continue to innovate in this exciting and growing market," Steven T. Mnuchin, Liberty Strategic Capital Founder and Managing Partner.
Liberty Strategic Capital is advised by Paul Weiss Rifkind Wharton & Garrison. CF Acquisition V is advised by Cantor Fitzgerald and Hughes Hubbard & Reed. Satellogic is advised by JP Morgan, Friedman Kaplan Seiler & Adelman and Greenberg Traurig.
Vista Equity Partners, a private equity firm, completed a $100m investment in BigTime Software, a provider of cloud-based software for professional services firms.
“We are proud to have built a world-class technology company, thanks in large part to our loyal customers and a highly committed and talented team. With this investment from Vista, we will be able to enhance our solution set for customers, expand career development opportunities for employees and supercharge growth. Vista is a global leader in enterprise software, and we’re elated to leverage their talented team to build the fastest-growing and highest-value brand in the professional services automation space," Brian Saunders, BigTime Founder and CEO.
BigTime Software was advised by Raymond James, Morris Manning & Martin and 3Points Communications. Vista Equity was advised by Spurrier Capital Partners and Kirkland & Ellis.
Private equity firm HPS Investment Partners completed the acquisition of Marlin Business Services, a nationwide provider of capital solutions to small businesses, for $282m.
“We are pleased to have successfully concluded the transaction with HPS which has delivered significant value to Marlin’s shareholders. We’re excited to be part of the Global Leasing Platforms which will create new opportunities for us to better serve our equipment dealers & manufacturer partners and expand into new markets. Our focus on providing fast & flexible financing solutions to small businesses has been a key driver of Marlin’s success and we will continue to improve & innovate on the experience we provide to customers & partners," Jeffrey A. Hilzinger, Marlin Business Services President and CEO.
Marlin Business Services was advised by JP Morgan, Mayer Brown and Addo Investor Relations. HPS Investment Partners was advised by Skadden Arps Slate Meagher & Flom.
York Private Equity Partners, a private equity firm, completed an investment in APT Healthcare, a physical therapy platform. Financial terms were not disclosed.
“We are thrilled to have found the right partner in York Private Equity, as we continue to expand our business within our existing footprint, and look to broaden our service offerings and enter new geographies,” Eric Nass, APT Healthcare CEO.
APT Healthcare was advised by Coker Capital. York Capital was advised by Jefferies & Company and Gasthalter & Co. Debt financing was provided by Onex Falcon.
Sekisui House, a homebuilder and diversified developer, completed the acquisition of The Holt Group, a private homebuilder and land developer. Financial terms were not disclosed.
"We are excited to partner with Holt to capitalize on compelling opportunities in the U.S. housing market, particularly, in the Pacific Northwest. Holt has built a first-rate land position and is poised to become the dominate residential real estate player in the region, which is one of the fastest growing housing markets in the U.S. We will work together to exchange creative ideas that create value and address the increasingly complex needs of the individual homeowner" Hiroaki Takahama, Sekisui House US Holdings CEO.
Sekisui House was advised by Hearthstone and Morrison & Foerster. The Holt Group was advised by Moelis & Co and Paul Weiss Rifkind Wharton & Garrison.
Blue Ridge Bankshares, the parent holding company of Blue Ridge Bank, and FVCBankcorp, the parent company of FVCbank, mutually agreed to terminate their merger agreement, pursuant to which the companies had agreed to combine in an all-stock merger of equals transaction.
"Our boards of directors mutually concluded after careful consideration that it would not be prudent to continue to pursue the proposed merger of our companies. The termination of the merger agreement positions both companies to focus on the consistent growth and value creation they have each delivered through the years," Brian K. Plum, Blue Ridge President and CEO and David W. Pijor, FVCB Chairman and CEO.
Prometheus Group, a provider of asset management operations and optimization software, completed the acquisition of RiskPoynt, a provider of risk management software. Financial terms were not disclosed.
"RiskPoynt and Prometheus Group are a natural fit. Both organizations have designed solutions with two key goals in mind – increasing the safety of maintenance personnel and improving plant operations by making data readily available," Eric Huang, Prometheus Group CEO.
Prometheus Group was advised by Simpson Thacher & Bartlett and Chris Tofalli Public Relations.
Brazilian conglomerate Andrade Gutierrez will extend the deadline for bids for its 14.9% stake in transportation infrastructure company CCR. The new deadline is likely to be set for the second half of February.
Banco BTG Pactual, which is advising AG, had set Thursday as the deadline, but decided to push it back in an effort to lure more bidders for the stake, worth $616m.
CCR is advised by BTG Pactual. IG4 Capital is advised by UBS.
Pemex, a petroleum company, completed the acquisition of Deer Park Refining, an oil refinery, from Royal Dutch Shell, an oil and gas company, for $596m.
"The completion of this sale marks the start of a new chapter of our history in Deer Park as we've worked closely with Pemex over the past few months to ensure a safe and responsible handover of operations for the refinery. The team at Deer Park has been instrumental not only in preparing the asset for Pemex operations, but also in continuing a legacy of safety and performance that dates back 92 years. We look forward to remaining a neighbor in the Deer Park community and growing our chemicals business to best meet the needs of our customers while advancing our global energy and chemicals park strategy," Huibert Vigeveno, Shell Director.
Pemex was advised by Barclays.
The Riverside Company-backed Buildout, a developer of commercial real estate property marketing automation software, completed the acquisition of Apto, a software developer. Financial terms were not disclosed.
"The Apto team has demonstrated an impressive level of CRE broker intimacy with the solutions and business that they’ve built. By joining our two companies, together we’re taking a big leap into the future and realizing our shared vision of how brokers will operate at the center of CRE in the future," Kirk Ziehm, Buildout CEO.
The Riverside Company was advised by Jones Day.
The Riverside Company-backed Modern Campus, an engagement platform for higher education institutions, completed the acquisition of Augusoft, a software developer. Financial terms were not disclosed.
“We fiercely believe that the future of higher education is lifelong learning, and at the core of Modern Campus is a belief that every human can be a lifelong learner. With Augusoft alongside Destiny One, we’re furthering our mission to empower customers to engage modern learners for life. And at the same time, we’re creating a wider range of choices for higher education institutions to deliver on their lifelong learning missions," Brian Kibby, Modern Campus CEO.
The Riverside Company was advised by Jones Day.
Francisco Partners, an investment firm, agreed to acquire healthcare data and analytics assets of IBM, a technology corporation. Financial terms are not disclosed.
"We have followed IBM's journey in healthcare data and analytics for a number of years and have a deep appreciation for its portfolio of innovative healthcare products. IBM built a market leading team and provides its customers with mission critical products and outstanding service," Ezra Perlman, Francisco Partners Co-President.
IBM is advised by Sloane & Company.
Escalade, a company that designs, manufactures, and sells sporting goods, fitness, and indoor and outdoor recreation equipment, completed the acquisition of Brunswick Billiards, a provider of billiards equipment, from KPS-backed Life Fitness, a commercial fitness equipment company. Financial terms are not disclosed.
"The addition of the iconic Brunswick Billiards® brand to Escalade's portfolio elevates our market leadership. The talented teams from Brunswick Billiards, Escalade, and Life Fitness worked very well together bringing this transaction to a close. We now look forward to providing our dealers and consumers with great quality and value across our broad offering of game tables and accessories," Walt Glazer, Escalade CEO.
Brunswick Billiards was advised by Robert W Baird.
NextMart, a construction company, completed the acquisition of Emco Oilfield Services, an oilfield services provider. Financial terms were not disclosed.
"We are excited to announce that we have acquired Emco. We feel this is a perfect fit for the direction of where we want our core business focus to develop. Emco has been in operation since early 2018 and has already made a significant impact in the Permian Basin. Emco will be our flagship business," William Bouyea, NextMart CEO.
KKR SPAC mulls a deal for PetSmart at $14bn value. (FS)
PetSmart, a pet supply retailer, is in talks to go public through a blank-check company backed by private equity firm KKR.
KKR Acquisition Holdings I, the special purpose acquisition company, raised $1.38bn in its initial public offering last March to hunt for a deal in the consumer or retail industries. As with other SPAC transactions, PetSmart would become publicly traded after combining with KKR Acquisition.
Carlyle weighs $2bn sale of Titan Acquisition Holdings. (FS)
Carlyle Group, a private equity firm, is considering a sale of Titan Acquisition Holdings and is working with an adviser on an auction process for the military contractor.
Titan, which is owned by Carlyle and Stellex Capital Management, could be valued at $2bn in a sale. Titan is likely to be of interest to other defense companies and private equity firms. No final decisions have been made and Carlyle and Stellex could still elect to keep the business, Bloomberg reported.
Informa set to launch $1.6bn sale of Citeline.
Information services and events organiser Informa is preparing to launch an auction process to sell its clinical trial data provider Citeline in a deal that could value the business at up to $1.6bn, Reuters reported.
Informa has hired Goldman Sachs and Centerview Partners to sell the business and is expected to send out confidential information packages between the end of January and early February. The likes of KKR, Cinven, Apax, Bain, EQT, Montagu and Vitruvian are likely to be looking at the asset, Reuters reported.
Banorte is in talks to acquire Citigroup's Mexican commercial business.
Mexico's Grupo Financiero Banorte is looking at whether to make an offer for Citigroup's Mexican consumer banking unit.
Citigroup last week said it would sell its Citibanamex consumer banking operations, ending a two decade retail presence in Mexico and prompting Mexican President Andres Manuel Lopez Obrador to call for domestic investors to snap up the assets and "Mexicanize" the bank.
"We are starting an analysis of this opportunity, and if we find that a possible transaction adds value to shareholders, we would submit it for their consideration," Marcos Ramirez, Banorte CEO.
Unit looks to sell Anadarko, Gulf Coast gas assets for $1bn.
Unit, one of the top US natural gas producers, has hired an investment bank for a sale of its oil & gas producing assets in the Anadarko and Gulf Coast basins that could fetch around $1bn.
Unit, which filed for bankruptcy in May 2020 at the height of a slump in oil prices, has reached out to interested parties for a divestiture of its upstream subsidiary Unit Petroleum. The planned sale includes land spanning about 270k net acres in the Anadarko basin of Texas and Oklahoma and around 24k net acres in the US Gulf Coast along the Texas coastline, Reuters reported.
Eldridge Industries is exploring a $1bn sale of CBAM Partners credit unit. (FS)
Eldridge Industries, a holding company, is exploring strategic options for its CBAM Partners credit unit that could include selling a majority stake in the business.
Eldridge has had discussions with at least a handful of firms over a potential transaction for CBAM, which manages over $15bn of assets primarily through collateralized loan obligations. If successful, a deal could value the credit firm at $500m to $1bn.
The company could end up selling a smaller stake or maintaining its current holding, and the talks - which are preliminary - could also end without a deal, Bloomberg reported.
Blackstone launches new credit investment platform in sustainability push.
Blackstone has launched a platform to invest in and lend to renewable energy companies, as the world’s biggest alternative asset manager seeks to ramp up its sustainability credentials.
The “Sustainable Resources Platform” will be a part of Blackstone Credit, the private equity giant’s credit investment arm. The platform will focus on investments in a range of sectors, including renewable electricity generation and storage and decarbonized transportation, Reuters reported.
Carlyle Group's flagship fund is expected to reach $17bn by midyear. (FS)
Carlyle Group, a private equity firm, expects to reach $17bn of its $22bn fundraising goal for its flagship private equity fund in the coming months.
The firm closed on almost $12bn of investor money for its eighth flagship fund last year, and executives anticipate collecting roughly $5bn more by the end of the second quarter. If Carlyle meets its goal, the new flagship fund will be 19% larger than the previous offering, which closed in 2018, Bloomberg reported.
Apollo Global to shun fossil-fuel investments in its next buyout fund. (FS)
Apollo Global Management, a private equity firm, is pledging not to invest in fossil fuels in its next buyout fund, distancing itself from a sector that has led to losses and controversy for private equity firms.
The company has communicated the plan while seeking to raise $25bn for its latest flagship offering. The decision is yet another step by Apollo to steer away from the sector as asset managers face intense pressure to invest in companies with positive environmental practices. It also comes as the financial industry grapples with navigating the politics of environmental, social and governance investing, Bloomberg reported.
EMEA
Former Formula One team boss Eddie Jordan has withdrawn from making a potential offer for Britain's Playtech, while the gambling software maker continued to back a $2.9bn buyout by Aristocrat Leisure.
The consortium of Eddie Jordan approached Playtech in November. Other suitors were circling the London-listed firm in what could have been a three-way battle for Playtech. Jordan was concerned that a group of Asian investors that recently bought into Playtech would block the deal, Reuters reported.
Playtech is advised by Goodbody, Jefferies & Company, Bryan Cave Leighton Paisner and Headland Consultancy. Aristrocrat Leisure is advised by Goldman Sachs, Allens, Linklaters and Finsbury Glover Hering. Goldman Sachs is advised by Ashurst.
Marlowe, an investment company, agreed to acquire Optima Health Group, a provider of technology-enabled occupational health services in the UK, for £135m ($183m).
"The acquisition of Optima significantly strengthens our Governance, Risk and Compliance division and builds further confidence in the delivery of our FY 2024 strategy, which is materially ahead of schedule The combination of Optima with our existing GRC businesses is highly complementary and will enable us to offer customers a broader range of services whilst delivering synergies. The proposed fundraising, alongside an intended refinancing of our existing bank facilities, will enable us to deliver on our strategy at pace with significant capacity for further acquisition-led growth," Alex Dacre, Marlowe CEO.
Marlowe is advised by Berenberg, Cenkos Securities, Rothschild & Co, Stifel and FTI Consulting.
BizLink, an international provider of solutions for cables and connectivity services, completed the acquisition of Industrial Solutions from LEONI, a cable and harnessing manufacturing firm, for €450m ($510m).
“BizLink has been able to achieve growth in operations through cost management, supply chain optimization, smart sourcing, and automation to increase productivity. The employees of BizLink and IN BG will work together to identify and fully utilize the tremendous potential that can be achieved from a larger manufacturing network, a broader technology spectrum, and extensive mutual know-how,” BizLink.
LEONI was advised by Lincoln International, Hengeler Mueller and Brunswick Group.
Graubündner Kantonalbank, a Swiss cantonal bank, agreed to acquire a 30% stake in Twelve Capital Holding, an alternative asset manager. Financial terms were not disclosed.
"We are proud to be able to take this step and thus strengthen our sound investment expertise and expand the range of investment solutions. We are pleased to be able to offer our customers new opportunities in this way," Daniel Fust, GKB CEO.
Twelve Capital Holding is advised by Homburger.
Solenis, a producer of specialty chemicals, completed the acquisition of SCL, a DMA3 producer. Financial terms were not disclosed.
"The acquisition of this business provides Solenis with the backward integration that supports our polyacrylamide growth plan and better enables us to provide strategic products to our customers around the world. This is our first bolt-on acquisition following our recent ownership change to Platinum Equity. The support by the Platinum team for our strategic growth plan has been excellent, and I am confident that our partnership will yield more of these projects in the future," John Panichella, Solenis CEO.
Solenis was advised by Debevoise & Plimpton.
Vivendi-backed Havas Group, a media agency, completed the acquisition of a majority stake in Tinkle, a PR and communication agency. Financial terms were not disclosed.
“Tinkle’s entrepreneurial spirit, drive for excellence and commitment to people and the environment make them a natural fit within Havas. The addition of Tinkle to our /amo network reinforces our ability to develop best-in-class strategic advice for our clients in Spain, Portugal and beyond. A very warm welcome to Javier Curtichs and the team!" Yannick Bolloré, Havas Group Chairman and CEO.
Tinkle was advised by AZ Capital.
Piraeus Bank, a financial services company, agreed to acquire a controlling stake in Trastor, a real estate investment company, from Värde Partners, an alternative investment adviser, for $133m.
"This transaction will instantly enhance our fee revenue profile and further grow our know how around the vibrant and rapidly growing real estate sector. Trastor is one of the top-performing real estate platforms in South Eastern Europe and will constitute an investment tool for Piraeus Group to capture the extensive upside that the Greek market provides. This is yet another value booster for our shareholders, in our journey to create the best-in-class bank in Greece," Christos Megalou, Piraeus Bank CEO.
Vodafone and Iliad in talks to combine Italian units.
Telecom firms Vodafone and Iliad are in talks to strike a deal in Italy that would combine their respective businesses in a bid to end cut-throat competition in the euro zone's third-biggest economy.
Discussions between the two companies are ongoing and both parties are actively studying ways to clinch a tie-up of their respective businesses in Italy. If successful, a deal would create a telecoms powerhouse with a mobile market penetration of about 36% and combined revenues of nearly $6.8bn.
Iliad is working with Lazard on exploring the strategic options.
Vodafone is said to have explored the acquisition of Three UK.
British wireless carrier Vodafone Group has recently explored a potential purchase of Three UK, a British telecommunications and internet service provider, from CK Hutchison Holdings, a multinational conglomerate, Bloomberg reported.
Vodafone expressed interest late last year in acquiring its smaller rival. The approach didn’t lead to an agreement, and it isn’t currently in active negotiations with CK Hutchison.
A combination of Vodafone and Three UK has been speculated for years, and Vodafone has teamed up with CK Hutchison in other markets like Australia.
BAE Systems explores the sale of NetReveal.
UK defense giant BAE Systems, is exploring a sale of its NetReveal business, which provides technology to detect financial crime and fraud.
BAE Systems is working with Lazard on the potential disposal. A sale of the NetReveal platform, which provides fraud detection, risk management and data analytics to banking, financial markets and insurance clients, would leave the Applied Intelligence operations more focused on homeland security. No final decision has been made, and there’s no certainty the deliberations will lead to a transaction, Bloomberg reported.
Lufthansa in talks to acquire 40% of ITA Airways.
Germany's Lufthansa in talks to buy a 40% stake in state-owned Alitalia's successor ITA Airways and a deal could be unveiled this week, Reuters reported.
No financial term has been released, but the two companies were very close to agreeing over some key terms, such as the role of Rome's Fiumicino airport as a hub for direct flights to Africa and some routes to the Americas.
Trian Partners builds a stake in Unilever. (FS)
Trian Partners, Nelson Peltz’s activist hedge fund, has built a stake in Unilever, ratcheting up the pressure on the consumer goods maker.
Unilever boss Alan Jope, is already facing simmering shareholder discontent after its $68bn attempted takeover of the GSK business. He now must contend with a fierce activist fund known for demanding strategic and governance changes from companies, FT reported.
Suncor seeks buyers for its Norwegian oil and gas assets.
Suncor Energy, a Canadian energy firm, is marketing the sale of its Norwegian oil and gas assets to potential buyers. The company retained Scotiabank to divest its 100% shareholding in the Suncor Energy Norge unit, with non-operated stakes in three oil-and-gas fields in the North and Norwegian seas, and a number of exploration assets in the region.
The portfolio being marketed includes a 30% stake in the Oda field, where production started in 2019 and is expected to reach 15k barrels of oil equivalent per day this year, mostly oil. The Canadian firm began exploring the divestment of its North Sea assets in 2020, Bloomberg reported.
Elm hopes to raise $820m from IPO.
Elm, a digital security firm owned by Saudi Arabia's sovereign wealth fund, seeks to raise as much as $820m from an IPO as the kingdom pushes ahead with plans to raise money through selling stakes in a raft of companies, Bloomberg reported.
The initial public offering's price range has been set at $30 to $34. Riyad Capital is the financial adviser and underwriter for the IPO.
BC Partners is said to line up banks for potential sale or IPO of Shawbrook. (FS)
BC Partners, a private equity firm, is lining up Bank of America and Morgan Stanley to advise it on exit options for Shawbrook, a retail and commercial bank in the United Kingdom.
The private equity firm is weighing a potential sale or initial public offering of Shawbrook. Deliberations are ongoing and no final decisions have been taken.
Deliverect seeks a $1.4bn in latest its funding round. (FS)
Deliverect, a Belgian software firm that simplifies online food delivery, is in talks to raise new money at a valuation of roughly $1.4bn.
The company is in discussions about raising around $170m from investors including Coatue Management and Alkeon Capital Management. Deliverect may consider an initial public offering this year or in 2023 following the latest financing.
Eurazeo Smart City II Venture fund completes second closing at $170m. (FS)
Eurazeo, a private equity firm, has held the second closing of the Eurazeo Smart City II Venture fund1 at $170m with new institutional and corporate partners in Europe and Asia.
After the success of its initial closing at $90m in 2021, this second closing brings together top-tier institutional and corporate investors including European Investment Fund, the Korean Venture Investment Corporation, Momentum Venture Capital, SCG and SWK the German electric utility. These new partners join an already strong group in Europe and Asia which includes French, German, and Asian groups such as carmaker Stellantis, electric utilities EDF and Mainova, mass transit operator RATP, energy major Total, logistics champion Duisport and Thai real estate developer Sansiri as well as institutional investors PRO BTP and family offices.
Telecom Italia names Pietro Labriola as its new CEO. (FS, People)
Telecom Italia named General Manager Pietro Labriola as its new chief executive officer, throwing up a fresh hurdle to a $37bn takeover bid by KKR.
The carrier’s board voted unanimously to elevate Labriola at a meeting, with the backing of its two largest investors - French media conglomerate Vivendi and Italian state lender Cassa Depositi e Prestiti.
The backing of the state lender for Labriola and his new business plan could make it harder for KKR to succeed with its bid, which is still pending, Bloomberg reported.
APAC
Starwood Capital, an investment firm, completed the acquisition of Invesco Office J-REIT, a real estate investment trust company, for $3bn.
"Gaw Capital and Invesco are delighted to complete this landmark transaction today. We are extremely pleased to work with partners who have deep knowledge and operating experience in the Japan market and we look forward to collaborating on this investment," Kenneth Gaw, Gaw Capital Partners President and Managing Principal.
Invesco Office J-REIT was advised by Nomura, Sumitomo Mitsui Banking Corp and Nagashima Ohno & Tsunematsu. Starwood was advised by Credit Suisse, White & Case and Ashton Consulting. Invesco was advised by Mori Hamada & Matsumoto and Nishimura & Asahi.
Zenix's shareholders voted in favor of the proposal to authorize and approve the agreement and plan of merger between China Zenix Auto International, a commercial vehicle wheel manufacturer, and Newrace.
Approximately 76.1% of the Company's total outstanding ordinary shares were presented in person or by proxy at general meeting. The Merger, the Plan of Merger, and the transactions contemplated thereby, including the Merger, were approved by approximately 99.4% of the ordinary shares voted at the general meeting.
Zenix is advised by Duff & Phelps, Kroll, Gibson Dunn & Crutcher and Awaken Advisors. Newrace is advised by Campbells and Zhong Lun Law Firm.
Lebanon's M1 Group will partner with a Myanmar firm to take over Norwegian telco Telenor's business in the Southeast Asian country after its military junta sought a local buyer.
Telenor, one of the biggest foreign investors in Myanmar, said it was selling its operations there to M1 Group for $105m, retreating from a country that has slid into chaos after a military coup in February last year.
Its exit has been mired in difficulties as the junta piles pressure on telecom and internet companies to install surveillance technology and bars senior executives from leaving the country, Reuters reported.
M1 is advised by Dechert. Telenor is advised by Citigroup and Allen & Overy.
CIIF, a private equity and venture capital investment fund, and Summitview Capital, a private equity firm, led a $158m Series A funding round in ChemSemi, a 5G chips and semiconductor developer, with participation from Xiaomi Changjiang Industry Fund, CICC Capital, Huaxing Growth Capital, GuoLian Fund, TF Capital and QUICK.
ChemSemi was advised by China Renaissance Securities.
Shanghai Jiushi, a Chinese state-owned enterprise, agreed to acquire the share of Shanghai Shimao Real Estate Development from Shimao Group, a Chinese real estate company, for $167m.
"As disclosed in the announcement of the Company dated 11 January 2022, the Company may consider disposing certain of its properties to reduce its indebtedness. As the land is undeveloped and its development will take several years before it could generate cash flow, the Company is of the view that it will be beneficial to the Company to carry out the Disposal and realize the value of the land," Shimao.
BRV Capital led a $140m Series C funding round in Green Labs, an agri-tech company, with participation from Skylake Investment and SK Square.
"The Seoul-based firm has expanded to China and Vietnam with its smart farm technologies since 2021. It also plans to penetrate other overseas countries this year by forming strategic partnerships with local agtech and food tech players, which play similar strategies to Green Labs. Also, the startup is open for collaboration to speed up the process of resolving the global food supply problems," Scott Sungwoo Choi Shin, Green Labs Co-Founder and CEO.
CPE, China Life Investment Management and Fortune Capital led a $126m Series C funding round in SiBionics, a medtech firm, with participation from China Life, Qianhai FOF, C&D, JD Investment, Jingming Capital, Lucion, Source Code Capital, Cedarlake Capital and Riverhead Capital.
SiBionics has built a portfolio pipeline including retinal prosthesis, continuous glucose monitoring, diabetic retinopathy screening and gastric cancer screening.
Nippon Steel, a steel manufacturer, agreed to acquire Asia Credit Opportunities I(Mauritius) from Kendrick Global, an investment holding entity. Asia Credit Opportunities I(Mauritius) holds 49.99% stake in G Steel and 40.45% stake in G J Steel. Financial terms are not disclosed.
The transaction is expected to be completed as soon as the preconditions are satisfied, expected in February 2022.
Grab, a technology company, and Singtel, a telecom group, completed the acquisition of a 32.5% stake in Bank Fama, an Indonesian bank. Financial terms were not disclosed.
"fully aligned with and shares [Bank] Fama's digital banking proposition to serve Indonesia's unbanked and underbanked population and drive greater financial inclusion," Yuen Kuan Moon, Singtel Group CEO.
Sackler-backed Mundipharma's sale of Chinese unit said to stall.
The billionaire Sackler family’s plan to sell the China assets of its global pharmaceutical company Mundipharma International for more than $1bn has stalled over valuation.
A sale process run by Deutsche Bank has been put on hold after bids from both private equity firms and industry players failed to match the owner’s price expectations. Offers that valued the China business at more than $1bn were significantly cut due to the adverse impact of the Covid-19 pandemic on business performance, Bloomberg reported.
Amazon confirms Samara Capital ready to invest $940m in Future Retail. (FS)
Amazon told independent directors of retailing giant Future Retail, that Samara Capital is still interested in investing $940m to buy all retail assets of the debt-ridden company.
Amazon had approached the independent directors of Future Retail on January 19, reiterating its intent to assist the Mumbai-based company, Bloomberg reported.
China Mobile Communications might buy up to $789m shares to boost stake.
China Mobile's parent plans to increase its stake in the wireless carrier by buying as much as $789m of its Shanghai-traded shares, Bloomberg reported.
China Mobile Communications Group intends to buy $473m to $789m of the listed firm's A shares by the end of this year. The company didn't specify a purchase price for the shares.
PAG weighs Hong Kong IPO. (FS)
Asia-focused investment firm PAG is considering an initial public offering in Hong Kong, in what would be one of the biggest listings by a buyout firm in the region, Bloomberg reported.
PAG has been speaking with advisers about a potential listing. It could aim to raise around $2bn if it decides to go ahead. The private equity firm could list as soon as this year depending on market conditions. No final decisions have been made and there is no certainty it will proceed with an offering.
Tikehau Capital-backed Pegasus Asia raises $120m in Singapore IPO. (FS)
Pegasus Asia, the special purpose acquisition company of French asset management group Tikehau Capital, has announced raising $120m in its initial public offering in Singapore, exceeding its $110m target.
The SPAC offered the full size of 29.6m units due to strong investor demand from global international funds, institutional investors, family offices, and retail investors, as per the announcement. The offering comprised 29m units for international investors and 600k for Singapore investors, DealStreetAsia reported.
GLP launches $1.1bn Vietnam fund. (FS)
Singapore-based GLP, Asia’s biggest warehouse operator, announced the launch of its first logistics development fund in Vietnam with an investment capacity of $1.1bn.
The fund, GLP Vietnam Development Partners I, has so far received commitments from international investors, including Canadian insurance giant Manulife and Dutch pension fund manager APG Asset Management.
“Institutional investment in APAC’s logistics sector has been strong and within SEA, Vietnam is one of the most attractive markets given its population dynamics, growing economy and middle class which support domestic consumption,” Craig A. Duffy, GLP Managing Director.
Keppel data centre fund hits $1.1bn final close. (FS)
Singaporean conglomerate Keppel has achieved a $1.1bn final closing of its second data centre fund targeting investments in Asia and Europe, including a $150m commitment from China’s Asian Infrastructure Investment Bank.
The Beijing-based development bank is contributing $100m through a parallel fund structure and $50m through co-investments to Keppel Data Centre Fund II. In addition to AIIB’s share, KDC Fund II attracted investments from sovereign wealth funds, financial institutions, insurance funds and pension funds as it surpassed its target size of $1bn. The fund works in concert with Keppel Data Centres, a sister division of the conglomerate, to capture investment opportunities in greenfield and brownfield assets, tapping the latter’s expertise in developing, operating and maintaining data centres.
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