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AMERICAS

One Investment Management led a $215m Series C round in Noveon Magnetics.

One Investment Management, a global alternative investment manager, led a $215m Series C round in Noveon Magnetics, a manufacturer of sintered rare earth permanent magnets, according to press releases.

Noveon Magnetics is advised by Goldman Sachs, according to press releases.

SouthWorth Capital Management completes the acquisition of American Furniture Manufacturing.

SouthWorth Capital Management, a Memphis-based family office, completed the acquisition of American Furniture Manufacturing, a vertically integrated furniture procurement, design, and contract assembly company serving the low-to-mid price furniture market, according to press releases. Financial terms were not disclosed.

SouthWorth Capital Management was advised by Wilson Public Relations (led by Beth Wilson), according to press releases.

Digital Alpha to invest $200m in Sharon AI.

Digital Alpha, an investment firm focused on infrastructure, services, and solutions required by the rapidly accelerating digital economy, agreed to invest $200m in Sharon AI, a vertically integrated cloud storage and compute business servicing government, education and research for HPC and AI workloads, according to press releases.

Digital Alpha is advised by IMS Investor Relations (led by Rosalyn Christian), according to press releases.

EMEA

VR Equitypartner and INDUC-baked GBS completes the acquisition of Productware.

VR Equitypartner and INDUC-baked GBS Electronic Solutions, a medium-sized technology company that positions itself as a full-service provider in the EMS sector, completed the acquisition of Productware, a shop for electronic manufacturing services, according to press releases. Financial terms were not disclosed.

VR Equitypartner was advised by Grant Thornton (led by Martin Festerling) and ARQIS (led by Lars Laeger), according to press releases.

Piovan completes the acquisition of Mix&Co.

Piovan, a plastic fabrication company, completed the acquisition of Mix&Co, a company that designs and manufactures machinery and components, according to press releases. Financial terms were not disclosed.

Mix&Co was advised by Rothschild & Co (led by Alessio De Comite), according to MergerLinks data.

Toscafund is exploring the sale of Portuguese insurer Caravela. (Bloomberg)

Toscafund Asset Management and other minority shareholders are exploring a sale of Portuguese insurer Caravela Seguros.

London-based Toscafund, which holds a 48% stake, has hired Mediobanca to advise on a potential sale, while the company’s remaining shareholders are also considering selling their stakes.

Key Chinese Rio Tinto shareholder backs Glencore bid to gain copper access. (Bloomberg)

Aluminum Corp. of China, one of the largest shareholders in Rio Tinto Group, is likely to support the miner’s potential acquisition of rival Glencore, a deal that would increase its exposure to copper.

While any transaction would require approval from the Chinese government, Chinalco is already in discussions with authorities and is expected to back the proposed tie-up.

Ferretti's Czech investor KKCG seeks to up stake, overhaul board. (Reuters)

Czech investment group KKCG has launched a voluntary offer of up to €182m ($212m) to double its stake in Italian yacht maker Ferretti and push for boardroom changes.

The offer values Ferretti at about €1.2bn ($1.39bn) and follows a series of share purchases by the company’s main shareholder, China’s Weichai, which lifted the stock price.

SRT boom offers costly lifeline to banks shedding risky CRE debt. (Bloomberg)

Investors in the risk transfer market are increasingly providing hedging to European banks with more than €200bn ($232.5bn) of troubled commercial property loans, though at a high cost.

Deutsche Pfandbriefbank, the German lender looking to offload its US commercial real estate debt, tapped the market, highlighting the large spreads available to investors insuring higher-risk loans.

Pipeline firm seeks $824m in first Kenyan IPO in 11 years. (Bloomberg)

Kenya plans to raise a record $824m through an initial public offering of its state-run pipeline company. The government will sell 11.8bn shares, or about 65% of Kenya Pipeline, valuing the business at KES163.6bn ($1.26bn).

UK to overhaul competition regulator in effort to boost growth. (Bloomberg)

The UK government plans to overhaul how its competition authority reviews mergers in an effort to support economic growth.

The Department for Business and Trade is considering streamlining the Competition and Markets Authority’s oversight and may limit its jurisdiction to certain deals, including those between two foreign companies.

APAC

Kaizen Analytix completes the acquisition of Nihon Technology.

Kaizen Analytix, a provider of AI, data analytics, and technology services and solutions, completed the acquisition of Nihon Acquisition, a provider of ERP implementation, cybersecurity, and digital transformation services, according to press releases. Financial terms were not disclosed.

Kaizen Analytix was advised by Carabiner Communications (led by Paulette Brown), according to press releases.

Japanese power firm Erex is in discussions to take over Enetrade. (Bloomberg)

Tokyo-based electricity and renewable energy group Erex is in advanced talks to acquire Enetrade, an energy trader facing losses from unprofitable deals.

Erex has submitted a binding offer, with negotiations in the final stages, and the transaction is expected to be completed around the end of March.

PhilTower's $1bn sale plan is reported to stall on valuation. (Bloomberg)

A sale of PhilTower has stalled amid disagreements between shareholders and potential buyers over the company’s valuation.

Macquarie Capital, Manila Electric and Stonepeak Partners have approached funds and telecom firms about a sale targeting at least $1bn, but investor interest has been limited.

Elliott opposes the Toyota Group bid, proposing a standalone plan. (Bloomberg)

Elliott Investment Management has opposed the proposed privatization of Toyota Industries, urging other minority shareholders to reject the offer.

The activist investor said the company’s intrinsic net asset value is about JPY26,000 ($0.16) per share, well above Toyota Group’s sweetened bid of JPY18,800 ($0.11) per share, which values the business at roughly JPY6.1tn ($39bn).

Sunway’s $2.7bn IJM bid questioned over Bumiputera rights. (Bloomberg)

Sunway’s proposed $2.7bn takeover of IJM Corp is drawing political scrutiny amid concerns it could dilute government equity and the rights of Malaysia’s indigenous majority.

Critics include Akmal Saleh, youth chief of the United Malays National Organisation, and the Malay Businessmen and Industrialists Association, which have raised questions over the deal.

Tiger Global's tax ruling casts a pall on India's buyout sector. (Bloomberg)

An Indian Supreme Court ruling requiring Tiger Global Management to pay taxes on a 2018 asset sale could have broader implications for other buyout firms and high-frequency trading companies.

The court overturned a lower-court decision that allowed the New York-based firm to claim exemptions under a tax treaty with Mauritius after its sale of Flipkart India shares to Walmart.

Brookfield-backed Indian energy firm Clean Max plans a reduced IPO. (Bloomberg)

Clean Max Enviro Energy Solutions, a renewable energy company backed by Brookfield, is preparing to launch its initial public offering with reduced deal sizes.

Investcorp chair sees IPO market improving in the Gulf. (Bloomberg)

The outlook for initial public offerings in Gulf markets is improving, according to Investcorp executive chairman Mohammed Alardhi.

Speaking at the World Economic Forum in Davos, Alardhi said the region offers a compelling long-term investment opportunity as IPO activity begins to pick up.

Chinese pig breeder Muyuan is gauging interest for a $1.5bn Hong Kong listing. (Bloomberg)

Muyuan Foods, one of the world’s largest pig breeders and pork producers, has begun gauging investor interest for a Hong Kong listing that could raise up to $1.5bn.

The Chinese company, which is already listed in Shenzhen, could launch the offering as early as February.

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