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AMERICAS
Chip-design firm Synopsys’ $34bn on takeover of software developer Ansys will be investigated by the UK’s antitrust watchdog. The Competition and Markets Authority said it had opened a formal phase one merger probe into the deal after it raised competition concerns.
The CMA has stepped up its scrutiny of the tech sector in recent years, taking a closer look at mergers from AI to cloud and chips. Its new digital markets powers, which will give the agency more scope to monitor big tech firms, will come into force later this year. The CMA set a December 20. date to decide whether to escalate it to an in-depth probe, Bloomberg reported.
Synopsys is advised by Evercore, Cleary Gottlieb Steen & Hamilton (led by Paul Shim, Christopher Moore, and Benet O'Reilly), Brunswick Group, and FGS Global. Financial advisors are advised by Paul Weiss Rifkind Wharton & Garrison. Ansys is advised by Qatalyst Partners, Goodwin Procter, Skadden Arps Slate Meagher & Flom (led by Mike Ringler), and Joele Frank (led by Matthew Sherman). Financial advisors are advised by Morrison & Foerster (led by Spencer Klein).
Frontier Communications urged shareholders to vote for a $20bn takeover bid from Verizon, saying that it had reviewed interest from other potential buyers and found the telecom giant's proposal as the most favorable option, Reuters reported.
The fiber-optic internet provider said Verizon's final offer presents "a superior value over all other potential paths, including Frontier's ambitious standalone plan."
UnitedHealth Group and Amedisys representatives are slated to meet with top Justice Department antitrust enforcers next week in a last-ditch effort to persuade the agency not to challenge their proposed tie-up, Bloomberg reported.
The high-stakes meeting between the companies and DOJ antitrust leadership, including Assistant Attorney General Jonathan Kanter, is typically the last step before officials decide whether to file a lawsuit. It’s often referred to as a “last-rites” meeting.
A US judge blocked the pending $8.5bn merger of U.S. handbag and accessories maker Tapestry and Capri on Ocotber 24, a victory for the Federal Trade Commission that is a likely death blow for the deal, Reuters reported.
The decision is a win for the Biden administration ahead of the November 5 presidential election, in which rising consumer prices have become a top concern for voters.
The FTC argued at an eight-day trial in New York that the merger would eliminate fierce head-to-head competition between the top two US handbag makers and create a massive company with the power to unfairly raise prices.
Bansk Group, a consumer-focused private investment firm, completed the acquisition of PetIQ, a pet medication, health and wellness company, for $1.5bn.
“We’re pleased to have delivered significant value for PetIQ stockholders through the completion of our transaction with Bansk Group. Through our partnership with Bansk, we look forward to accelerating our mission of providing pet parents convenient access to affordable pet healthcare while accelerating many longer-term growth initiatives for PetIQ’s continued success," Cord Christensen, PetIQ Founder, Chairman and CEO.
SPAR Group, a provider of merchandising, marketing and distribution services, announced that its stockholders approved at a special meeting the acquisition by Highwire Capital.
SPAR Group expects to announce the consummation of the transaction later in the fourth quarter of 2024, subject to the satisfaction of certain customary closing conditions set forth in the Merger Agreement. Upon completion of the transaction, SPAR Group will become a privately held company, and its stock will no longer be traded on NASDAQ.
SPAR Group is advised by Lincoln International (led by William Epstein), Foley & Lardner, RAM Communications (led by Ron Margulis) and Three Part Advisors (led by Sandy Martin). Highwire Capital is advised by Ferguson Braswell Fraser Kubasta.
Blackstone is tapping banks to provide the entire funding package for its proposed buyout of AirTrunk, sidelining a group of private credit funds that had been in the running to provide part of the financing.
Banks including Citigroup, DBS Group and Deutsche Bank are in discussions to provide about $3.6bn financing at the holding company level. The borrowing would comprise a term loan and revolving credit facility. Banks have been able to offer lower interest costs and more attractive terms compared with what the private credit funds had proposed. The financing hasn’t been finalized and could change as negotiations continue, Bloomberg reported.
Blackstone is advised by Citigroup, Morgan Stanley, RBC Capital Markets, Simpson Thacher & Bartlett and MorrisBrown Communications.
Patient Square Capital, a private equity firm, completed an investment in CorroHealth, a provider of revenue cycle management solutions to health systems and health plans. Financial terms were not disclosed.
“Since its inception in 2019, CorroHealth has grown into a technology and clinically led health care RCM platform. The Patient Square team has a long history of successfully investing in and scaling health care companies. We are pleased to welcome them and look forward to leveraging our investors’ expertise to continue expanding our capabilities and delivering exceptional value to our customers," Pat Leonard, CorroHealth CEO.
CorroHealth was advised by Barclays, TripleTree and Latham & Watkins. Patient Square Capital was advised by Kirkland & Ellis and Prosek Partners.
BP Energy Partners, an investment manager, completed an investment in Novitech, an inline pipeline inspection technology and data analytics company. Financial terms were not disclosed.
"Novitech's disruptive technology is critical to ensuring the longevity of our pipeline infrastructure. We've worked hard to develop Novitech and this leading technology to revolutionize the industry. We look forward to working with BPEP to grow Novitech to its full potential," Marco Campos, Novitech Co-Founder.
Novitech was advised by Greenberg Traurig and Torys. BP Energy Partners was advised by Ropes & Gray and The Garden Law Group.
EIG-backed MidOcean Energy, an LNG company, completed the acquisition of an additional 15% stake in Peru LNG, a natural gas liquefaction company, from Hunt Oil, an independent oil and gas company. Financial terms were not disclosed.
“We are pleased to increase our stake in PLNG, a strategic asset that aligns with MidOcean’s vision of creating a global, diversified, and resilient LNG portfolio. Our belief in the long-term fundamentals of the LNG market and in the strength of PLNG’s unique position as the only LNG export facility in South America remains steadfast. We look forward to strengthening our partnership with Hunt Oil and the other PLNG co-venturers and continuing to support the project’s positive impact on the Peruvian energy market," De la Rey Venter, MidOcean CEO.
EIG was advised by FGS Global. MidOcean Energy was advised by Morgan Stanley and Latham & Watkins. Hunt Oil was advised by Bracewell.
Investors Doug Ostrover and Marc Lipschultz offered to acquire a majority stake in Tampa Bay Lightning, a professional ice hockey team, and Vinik Sports Group, a digital media and NHL franchise company, from Jeff Vinik. Financial terms were not disclosed.
“Since 2010, we have focused on building the Lightning into a world-class organization, and now we’ve found world-class partners who share in our mission of being a community-first organization. Doug and Marc share my commitment to providing the Lightning with all the resources they need to excel and are excited to become part of the Tampa Bay community. I’m confident that together, with the ongoing leadership of Steve Griggs and Julien BriseBois, this organization will continue to find success," Jeff Vinik, Tampa Bay Lightning Chairman & Governor.
Jeff Vinik is advised by Andalusian Sports Advisors, Inner Circle Sports, Hogan Lovells and Katten Muchin Rosenman.
One Equity Partners, a private equity firm, completed the acquisition of York Telecom, an IT services firm specializing in managed services, and enterprise collaboration solutions. Financial terms were not disclosed.
“Large organizations require a trusted partner such as Yorktel to help modernize and maintain their collaboration and Modern Work technology. We see significant opportunities for the company to continue to grow organically, make strategic acquisitions, and expand its offerings,” Carlo Padovano, One Equity Partners Partner.
Yorktel was advised by Guggenheim Partners. One Equity was advised by Stanton PRM.
Legal & General, a financial services company, completed a $200m investment in Taurus Investment, a real estate private equity firm.
“Asset Management is the cornerstone of our growth strategy, and scale in private markets globally is key to those ambitions. We believe, our partnership with Taurus will accelerate our progress, deepening our capabilities in US real estate so that our shareholders and clients can seek to benefit from access to a fast growing, attractive market. Our strategic investment and additional commitment of up to $200m in seed capital reflects our belief in the strength of our combined offer, and the potential growth prospects ahead," Antonio Simoes, Legal & General CEO.
Legal & General was advised by Cravath Swaine & Moore.
EverBank, an American diversified financial services company, agreed to acquire the life premium finance unit, a provider of custom-tailored life insurance premium financing solutions, from Primis Bank, a commercial banking services provider. Financial terms were not disclosed.
"Life insurance is a critical piece of the financial plans of many high-net-worth individuals, particularly business owners, entrepreneurs and their families, who rely on life premium financing to fund complex insurance solutions. We're pleased to bring this new lending product to EverBank's consumer and commercial banking clients across the country and know it will make an important difference in many peoples' lives," Greg Seibly, EverBank CEO.
EverBank is advised by Prosek Partners.
Tractor Supply, a rural lifestyle retailer in the United States, agreed to acquire Allivet, a privately held online pet pharmacy. Financial terms were not disclosed.
"We are pleased to announce the acquisition of Allivet, a leading online pet pharmacy. This acquisition enhances the benefits we can offer to our 37 million Neighbor’s Club members with an easy and cost-effective solution to obtain medications and specialty items for their pets and livestock. Allivet is a best-in-class platform with an exceptional management team and a robust financial profile. This strategic tuck-in acquisition exemplifies our commitment to delivering value and growth as we expand our total addressable market. We look forward to welcoming the Allivet team to Tractor Supply,” Hal Lawton, Tractor Supply President and CEO.
Tractor Supply is advised by Debevoise & Plimpton (led by Spencer Gilbert).
Alphabet led a $5.6bn Series C round in Waymo, an autonomous driving technology company, with participation from Andreessen Horowitz, Fidelity, Perry Creek, Silver Lake, Tiger Global, and T. Rowe Price.
“Customers love Waymo. The company has built the safest product in the autonomous vehicle ecosystem as well as the best. Their proven experience fostering rider loyalty, securing key partnerships, and collaborating with automotive industry leaders demonstrates their ability to balance ambitious goals with responsible execution, positioning them as the enduring leader in the space," Chase Coleman, Tiger Global Founder.
Quikrete is in talks to acquire Summit Materials.
Building materials provider Quikrete has approached rival Summit Materials, which has a market value of more than $7bn, with an acquisition offer.
Quikrete, which is privately held, is working with its advisers on the bid for Summit Materials and the talks are at an early stage. Summit Materials said that it had received a non-binding acquisition proposal and was in initial discussions, without disclosing any further details, Reuters reported.
Blackstone in talks to buy US pipeline stakes from EQT for $3.5bn. (FS)
Private equity firm Blackstone is in advanced talks to acquire minority stakes in the interstate natural gas pipelines owned by EQT for about $3.5bn, Reuters reported.
JBS, Sigma vie for Kraft Heinz's $3bn hot-dog business.
Brazilian meatpacker JBS and Mexico's Sigma are among those competing to acquire Oscar Mayer Foods, the hot dogs and cold cuts business of packaged food giant Kraft Heinz.
The divestment of the popular hot-dog brand could fetch nearly $3bn, would come as Kraft Heinz looks to reshuffle its portfolio to focus on more healthy food products as weight-loss drugs weigh on demand for processed foods.
Under new Chief Executive Carlos Abrams-Rivera, Kraft Heinz has reorganized its brands into three separate portfolios as part of a broader effort to boost the company's share price. Oscar Mayer and other non-core brands like cheeses and coffees are currently grouped under the Balance division at Kraft Heinz, Reuters reported.
DigitalBridge may sell Scala data centers for $2bn or more.
DigitalBridge Group is exploring a sale of Brazil’s Scala Data Centers. The firm is working with an adviser to solicit interest in Sao Paulo-based Scala, which could fetch $2bn or more in a transaction.
The effort isn’t guaranteed to result in a deal, and DigitalBridge could opt to retain ownership. A partial equity sale of Scala would be in keeping with DigitalBridge's recent deals for its other data center units, Bloomberg reported.
Boeing exploring sale of space business.
Boeing is exploring the sale of some parts of its space business, the Wall Street Journal reported.
The NASA business that Boeing is exploring a sale of includes the troubled Starliner space vehicle and operations that support the International Space Station, but excludes the unit building NASA's Space Launch System. The potential effort is at an early stage and may not result in a deal.
Integral Ad Science explores potential sale.
Integral Ad Science is exploring a potential sale after receiving takeover interest. The company, which measures the reach of advertisements, is working with Jefferies.
Vista Equity Partners is the company’s largest shareholder with a stake of around 40%. Deliberations are still in the early stages and there’s no certainty they’ll lead to a transaction, Bloomberg reported.
Goldman-backed Septerna valued at $970m in US IPO.
Septerna's shares rose about 31% in their market debut on Friday, giving the Goldman Sachs-backed biotech firm a valuation of $970m. The company's shares opened at $23.5 in their Nasdaq debut, compared with the IPO price of $18. Septerna upsized its offering twice on Thursday to sell 16m shares, to raise $288m, Reuters reported.
The company will use proceeds to advance its research and develop its products, including SEP-786, its lead candidate for treating hypoparathyroidism, a condition that disrupts calcium levels in the blood and bones.
JP Morgan, TD Cowen, Cantor, Wells Fargo Securities, Goodwin Procter and Cooley are acting as the joint bookrunners for the IPO.
WeRide announces $440m combined IPO and private placement.
WeRide, a prominent Chinese autonomous driving technology company, has unveiled plans for a substantial initial public offering on the Nasdaq stock exchange, accompanied by a significant private placement deal. The combined fundraising effort aims to secure approximately $440m, representing one of the most substantial US listings by a Chinese company since ride-hailing giant Didi's controversial IPO in 2021.
WeRide plans to offer 6.5m American depositary shares (ADS) priced between $15.50 and $18.50 per share, potentially raising up to $119m through the public offering. Simultaneously, the company has arranged a concurrent private placement expected to generate an additional $320m, demonstrating strong investor interest in the autonomous driving sector, Reuters reported.
Nautic Partners raises $4.5bn for its eleventh fund. (FS)
Nautic Partners, a middle-market private equity firm, announced it has successfully completed the final closing of Nautic Partners XI. Fund XI was oversubscribed at its hard cap of $4.5bn of limited partner commitments, surpassing its target of $3.75bn. Fund XI is Nautic’s largest fund to date, receiving strong support from both long-standing and notable new institutional investors across North, Central and South America, Europe, Asia and the Middle East.
“We are humbled by and incredibly grateful to all of our limited partners for their support of Nautic. We believe our success and growth is due to our ability to consistently execute our investment strategy while maintaining our culture. This is made possible by our team and our executive network, but also by our relationships with our limited partners, who have made important contributions to our success throughout the years," Scott Hilinski, Nautic Managing Director.
Nautic Partners is advised by Evercore and Kirkland & Ellis.
EMEA
Ares Management and a group of banks is funding KKR’s buyout of a minority stake in Italy’s Enilive, Bloomberg reported.
KKR will use around €1.5bn ($1.6bn) of debt, of which Ares is to provide €700m ($756m) in infrastructure financing, with the banks underwriting the rest. The lenders include both international and Italian banks.
Cordiant Digital Infrastructure, an operationally focused investor specialising in digital infrastructure, agreed to acquire a 47.5% stake in DCU Invest, a datacenter company, for €92m ($100m).
“We are delighted to be working with TINC, who, as a long-term investor, shares a common strategic vision for this business and will be able to co-invest alongside the Company in the further expansion of the facilities. This transaction could only be successfully executed because of the Investment Manager’s ability to create a potentially valuable combination from a complex situation. The acquisition provides a good foundation for the Manager’s value creation plan for these assets. The transaction shows the Manager’s operational data centre expertise and ability to source transactions that meet its demanding criteria for capital deployment," Steven Marshall and Benn Mikula, Cordiant Digital Infrastructure Co-Founders.
Cordiant Digital Infrastructure is advised by Aztec Financial Services, Investec, Jefferies & Company and Celicourt.
TPG, a private equity firm, led a €340m ($368m) funding round in Vinted, a second-hand C2C marketplace focused on fashion, with participation from Hedosophia, Baillie Gifford, Invus Opportunities, FJ Labs, Manhattan Venture Partners, and Moore Strategic Ventures.
"We’re delighted to welcome new investors with the experience to support us through our next phase of growth, while continuing to benefit from the expertise of our long-term backers. TPG and our other new investors share our vision: to make second-hand the first choice, worldwide. We’re also delighted that this share sale rewards our employees for their dedication in making Vinted a success," Thomas Plantenga, Vinted CEO.
Vinted was advised by Morgan Stanley, Cooley and Taylor Wessing.
FirstGroup, a public transport services group, completed the acquisition of Lakeside Group, a provider of school buses and coaches. Financial terms were not disclosed.
“The acquisition of Lakeside, a profitable business with excellent growth potential, builds on our recent acquisitions in First Bus. The addition to our portfolio will not only grow our position in adjacent services, but it will also allow us to enter new regions which is key to the overall First Bus strategy," Graham Sutherland, FirstGroup CEO.
FirstGroup was advised by Panmure Liberum, RBC Capital Markets and Brunswick Group.
Viessmann, a diversified business group, and Armira, an investment holding company, completed the acquisition of a minority stake in PharOS, a pharmaceutical company that develops, manufactures and supplies generics and value-added products. Financial terms were not disclosed.
“Our entrepreneurial activities aim to strategically elevate essential areas that are crucial for the well-being of future generations. Generic medicines make up the backbone of affordable global pharmaceutical care. With our investment in PharOS we want to contribute to a more stable, independent and resilient European supply of affordable and effective treatments for life-threatening diseases," Max Viessmann, Viessmann CEO.
PharOS was advised by Morgan Stanley and Latham & Watkins.
Latour Capital, a private equity firm, agreed to acquire VISCO, a manufacturer of high-precision machining and mechanical grinding machines company, from private equity firms Tikehau Capital and Carvest. Financial terms were not disclosed.
“Latour Capital's investment in VISCO is a sign of confidence and recognition of the work accomplished by all our teams. Under the impetus of Tikehau Capital, our company has taken on a new dimension since 2022 and has confirmed the relevance of its strategic positioning in ultrahigh precision machining. We have strong growth potential in France and abroad. I'm delighted to be starting this new chapter in our Group's history alongside Latour Capital. I would also like to thank the teams at Tikehau Capital for their exceptional support since 2022,” Fabrice Doizon, VISCO Chairman.
Tikehau Capital is advised by Credit Agricole and Prosek Partners.
Sanofi, a pharmaceutical company, and Invus, a private equity firm, led a $89m Series D round in Agomab, a biotechnology company developing therapies that aim to preserve and restore organ function in fibrotic diseases.
“We are thrilled to have Sanofi and Invus joining our investor syndicate. Their investment as well as the continued support from our existing shareholders is another validation of the trailblazing work our team is conducting in the fields of fibrostenosing Crohn’s disease and idiopathic pulmonary fibrosis. Through this financing round we will create further optionality and the capital will allow us to accelerate our efforts in developing our novel potential therapies,” Tim Knotnerus, Agomab Therapeutics CEO.
Agomab was advised by Trophic Communications.
The Foschini Group, a retail clothing group, completed the acquisition of White Stuff, a fashion and lifestyle brand. Financial terms were not disclosed.
“This acquisition represents a meaningful build out of our London business, adding close to 50% to TFG London’s turnover. White Stuff is a prominent high brand-equity business in the UK, and has potential for strong, sustained growth. We are excited about its prospects and very pleased to be retaining the experienced senior management team led by CEO Jo Jenkins,” Anthony Thunström, TFG CEO.
Randstad, a talent company, agreed to acquire Zorgwerk, a healthcare and care talent provider, from NPM Capital, a private equity firm. Financial terms were not disclosed.
“With Randstad, we have found a strong partner who supports our growth ambitions. Our culture revolves around talent and clients, with innovation and the improvement of our business processes at the core. This combination will allow us to build a leading and respected position in the healthcare talent industry. Together with Randstad, I see great potential to further enhance our strategy, accelerate our growth and offer great advantages to society," Daniëlle van der Burg, Zorgwerk CEO.
NPM Capital is advised by Rothschild & Co.
Alloha Fibra, a fibre optic platform, completed the acquisition of Atex Telecom, an internet services provider. Financial terms were not disclosed.
Alloha Fibra was advised by UBS.
Simpro Group, a global provider of business management software for the trades and services industry, completed the acquisition of BigChange, a job management software for the field services industry. Financial terms were not disclosed.
“Our acquisition of BigChange is an exciting opportunity to bring together the best of both companies. With the integration of BigChange, we are not only expanding our portfolio and adding talented employees to our team, but also unifying our approach to field service management across the UK and the globe. Together, we will deliver even greater value to our customers, ensuring they receive the best solutions for their unique and evolving business needs,” Gary Specter, Simpro Group CEO.
e&, a technology group committed to advancing the digital future, completed the acquisition of a 51% stake in PPF Telecom, a telecommunications services provider. Financial terms were not disclosed.
"The completion of our transaction to partner with PPF Telecom is a momentous point in e&'s journey, extending our telecom footprint to 20 countries and the overall footprint of e& operations to 38 countries, across the Middle East, Asia and Africa, and now Central and Eastern Europe. PPF Telecom's regional expertise and e&'s global capabilities create a powerful platform for growth and innovation across these dynamic markets. We are all committed to providing enhanced value to our customers through cutting-edge digital services, I am delighted to welcome Balesh Sharma, CEO of PPF Telecom and his talented team to the e& family. Their deep understanding of the local markets will be invaluable as we move forward on this exciting new chapter," Hatem Dowidar, e& CEO.
Allianz weighs options for AllianzGI unit.
Allianz is weighing options for its Allianz Global Investors unit, including a possible merger or partial sale of the division, in a move that would give the business greater scale.
AllianzGI, which oversees $560bn of assets according to its website, could be valued at more than $4.3bn, including debt. Allianz could consider giving up control in such a move.
The considerations come on the heels of BNP Paribas' decision to buy AXA Investment Managers for more than $5.4bn, a transaction that bankers expected would spur more dealmaking. Credit Agricole-owned Amundi was also vying for the unit, Reuters reported.
Grant Thornton Advisors in the US and Grant Thornton Ireland to combine. (FS)
Grant Thornton Advisors and Grant Thornton Ireland, announced an agreement to combine Grant Thornton Advisors with Grant Thornton Ireland’s advisory and tax businesses, with backing from an investor group led by New Mountain Capital, a leading growth-oriented investment firm with approximately $55bn in assets under management.
The Grant Thornton Ireland audit business will continue as an independent partnership and operate under an alternative practice structure.
“This transformational partnership will enhance our appeal to a much broader international client base, as the first truly integrated US and Irish professional services firm, combining the expertise and reach of both firms. This is a key moment in shaping the future of professional services in a rapidly evolving global landscape, and we are looking forward to partnering together to accelerate growth and deliver impactful benefits for our people and clients across diverse industries and geographies," Steve Tennant, Grant Thornton Ireland CEO.
Grant Thornton Advisors is advised by Simpson Thacher & Bartlett, William Fry and Arthur Cox. Grant Thornton Ireland is advised by Deutsche Bank and A&L Goodbody.
Air France-KLM open to all options in privatisation of Portugal's TAP.
Air France-KLM wants to take part in the privatisation of Portugal's carrier TAP and is open to various options the government may offer, including purchasing a minority stake.
The minority government is finalising consultations with potential suitors for TAP, who also include Lufthansa and British Airways owner IAG, to hear their views before coming up with a privatisation plan.
Prime Minister Luis Montenegro, who had previously insisted on a total privatisation, on October 9 signalled that a partial sale was a possibility. The privatisation must be approved by parliament, where the main opposition Socialists have promised to vote against the sale of a majority stake, Reuters reported.
Jefferies holds 5.3% stake in Commerzbank through derivatives.
Jefferies has a 5.3% stake in Commerzbank, though derivatives, a regulatory filing showed.
The disclosure comes after Reuters and others reported this week that UniCredit has further hedged potential downside risks on its stake in Commerzbank by signing financial derivative contracts with Jefferies to keep its options open, Reuters reported.
APAC
I Squared Capital, a private equity firm, agreed to acquire Philippine Coastal Storage & Pipeline, the largest independent import terminal in the Philippines, from private equity firms Keppel Infrastructure Trust and Metro Pacific Investments, in a $460m deal.
“Philippines Coastal is an essential infrastructure asset playing a critical role in supporting the growing energy needs of the Philippines. With urbanization and the growing consumption of the rising middle class in the Philippines, fuel demand continues to increase steadily. We see strategic opportunities to expand the asset’s capabilities to support this growing domestic demand and to diversify into the storage of bio-fuels and sustainable aviation fuel," Harsh Agrawal, I Squared Senior Partner.
I Squared Capital is advised by Rippledot Capital, Latham & Watkins and Romulo Mabanta Buenaventura Sayoc & de los Angeles. Metro Pacific Investments is advised by UBS and Milbank.
China Evergrande's EV unit to cease discussions for stake sale.
China Evergrande New Energy Vehicle said that its potential sellers have decided to cease talks for a stake sale in the company, which is the electric vehicle unit of the debt-laden China Evergrande.
In May, liquidators of the parent company - which held 58.5% in the EV unit - said they were talking to a third-party buyer to sell a 29% stake in the EV group, with an option to sell the rest of the holding within a certain period of time.
China Evergrande - in a separate statement - that its liquidators will continue to seek possible buyers and other opportunities to divest the shares in Evergrande NEV, but also flagged that it is not certain that such a transaction will take place, Reuters reported.
China Tourism Group weighs deal for Haichang theme parks.
China Tourism Group is considering a potential deal to gain control of some of the country’s most iconic theme parks run by Haichang Ocean Park Holdings.
The state-backed tourism company has held discussions with the Hong Kong-listed park operator about a potential transaction. It has been studying various possibilities including buying a stake in Haichang from its controlling shareholder, making a take-private offer or acquiring individual theme parks. China Tourism Group has been conducting early due diligence on the company’s assets. Considerations are at an early stage and may not lead to any transaction, Bloomberg reported.
NSE's $36bn IPO hinges on Sebi approval.
India’s largest stock exchange is awaiting clearance from the securities regulator to proceed with its public listing plans. The National Stock Exchange of India, whose initial public offering has faced delays since it initial filing in 2016, needs approval from the Securities and Exchange Board of India to reapply.
SEBI initially halted NSE’s plans for a listing as the exchange was mired in several cases relating to granting some high-speed traders unfair access to its co-location servers. The bourse has since addressed the regulator’s concerns and, last month was cleared of allegations of connivance and collusion in a decade-old case of unfair market access.
The acquittal has triggered a frenzy for the bourse’s stock in the private market for unlisted shares, doubling its valuations in just four months on IPO hopes. NSE’s valuation exceeds $36bn, making it larger than CBOE Global Markets, Japan Exchange Group and Singapore Exchange, Bloomberg reported.
HRZ Han River launches $100m venture fund. (FS)
HRZ Han River, a Silicon Valley early-stage venture capital firm, announced today the launch of a $100m venture fund. The fund aims to build stronger bridges between Silicon Valley and the Korea Graph, HRZ’s focus area that targets the talents, technology, and market trends that originate or intersect Korea with potential for global impact.
“My experience at Coupang taught me the importance of Silicon Valley-Korea Graph partnerships and how to build companies that leverage the best of both ecosystems for higher success. The HRZ team brings a unique set of skills that maximize these opportunities, and we are looking forward to supporting visionary entrepreneurs that not only push the boundaries of what’s possible but also drive positive societal impact," Chris Koh, HRZ Founder and Managing Partner.
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