AMERICAS
AMD, an American multinational semiconductor company, said it had secured all necessary approvals, except for customary closing conditions, for the $35bn acquisition of Xilinx, an American technology company that develops processing platforms.
The company expects the transaction to close on or about February 14, 2022.
Xilinx is advised by Bank of America, Morgan Stanley, Skadden Arps Slate Meagher & Flom and Joele Frank. Financial advisors are advised by Shearman & Sterling. AMD is advised by Credit Suisse, DBO Partners and Latham & Watkins. Financial advisors are advised by Cravath Swaine & Moore and Morgan Lewis & Bockius.
Shareholders of Altus Midstream, an oil and gas company, approved the transaction to combine with Blackstone and I Squared Capital-backed EagleClaw Midstream, an oil and gas company. 99% of votes were cast in favor of the deal.
Altus also announced the combined company will operate as Kinetik after closing. The combination is expected to close on or around February 22, 2022.
EagleClaw is advised by Goldman Sachs. Altus is advised by Credit Suisse, Bracewell. Credit Suisse is advised by Alston & Bird. Blackstone is advised by Barclays, Citigroup, Greenhill & Co, Intrepid Advisors, Jefferies & Company, Sidley Austin, and Vinson & Elkins.
Proxy advisory firms Institutional Shareholder Services and Glass Lewis encouraged investors in Zendesk, a customer service platform, to vote against the acquisition of Momentive, a management company that offers cloud-based software, citing high risk.
This follows similar notifications from several prominent investors like hedge fund Jana Partners and asset management firm Janus Henderson that believe the deal is the wrong move.
"We do not believe Zendesk investors — perhaps seeking some stability in the wake of the company's seesawing quarterly performance — have been afforded persuasive reason to conclude the company is well positioned to efficiently realize the lofty objectives underpinning the Momentive transaction," Glass Lewis.
Momentive is advised by Allen & Company, JP Morgan, Wilson Sonsini Goodrich & Rosati and Joele Frank. Financial advisors are advised by Latham & Watkins and White & Case. Zendesk is advised by Centerview Partners, Goldman Sachs, Hogan Lovells, Sullivan & Cromwell and Sard Verbinnen & Co.
Cepton Technologies, an innovator in light detection and ranging for automotive Advanced Driver Assistance Systems and vehicle autonomy, went public via a SPAC merger with Growth Capital Acquisition, a SPAC, in a $1.8bn deal.
"We are thrilled with the successful completion of this business combination. Cepton is a company at the forefront of technological advancements with the largest known ADAS lidar series production award in the industry and ongoing engagements with all of the Top 10 global OEMs. We are excited about the future and continuing to support the company in its public phase," George Syllantavos, GCAC Co-CEO.
Cepton was advised by JP Morgan and O'Melveny & Myers. Growth Capital is advised by Craig-Hallum Capital Group, JP Morgan, Maxim Group and Ellenoff Grossman & Schole. Financial advisors were advised by Skadden Arps Slate Meagher & Flom.
Partners Group, a private equity firm, agreed to acquire a majority stake in Forefront Dermatology, a dermatological services provider, from OMERS Private Equity, a private equity firm. FInancial terms were not disclosed.
“Forefront always prioritizes patient care, quality, and outcomes. Our scaled central support services offering provides our board-certified dermatologists with best-in-class functional experts to reduce growing administrative burdens, which allows them to focus on patient care and quality. Partners Group has a track record of success across specialties in healthcare delivery and we feel fortunate to be partnered with a like-minded investor that puts patient care and physician support first," Scott Bremen, Forefront Dermatology CEO.
Partners Group is advised by Deutsche Bank, Ropes & Gray and Prosek Partners. OMERS Private Equity is advised by Ernst & Young, Harris Williams & Co, McDermott Will & Emery and Sidley Austin.
Inspirato, the innovative luxury travel subscription brand, went public via a SPAC merger with Thayer Ventures Acquisition, a publicly traded special purpose acquisition company, in a $1.1bn deal.
“With this milestone accomplished, we are well positioned to accelerate our mission of revolutionizing luxury travel with our proprietary next-generation travel subscription platform," Brent Handler, Inspirato Founder and CEO.
Inspirato was advised by UBS, Wilson Sonsini Goodrich & Rosati and ICR. Thayer Ventures was advised by Evercore, Stifel, Cooley and MZ Group North America. Financial advisors were advised by Simpson Thacher & Bartlett.
Essentium, a developer of innovative industrial 3D printers and materials, failed to go public via a SPAC merger with Atlantic Coastal Acquisition in a $974m.
"We appreciate the Atlantic Coastal team's support and guidance throughout this process, and we are disappointed that market conditions prevented the parties from consummating this agreement. We will continue to leverage the strength of our additive manufacturing technology and product system validated by the Department of Defense to continue to advance additive manufacturing globally," Blake Teipel, Essentium CEO.
The terms will remain as previously agreed, but Syniverse will pursue additional financing transactions. The transaction is expected to close in Syniverse's fiscal second quarter 2022.
Syniverse is advised by Moelis & Co, Debevoise & Plimpton and Sard Verbinnen & Co. Twilio is advised by Centerview Partners, DLA Piper, and Kirkland & Ellis.
Ullico-backed Hearthstone Utilities, a natural gas holding and transporting company, agreed to acquire Hope Gas, an energy transportation company, from Dominion Energy, an energy company, for $690m.
“Hope Gas is a valuable business with tremendous employees. The business and its people will fit extremely well with Ullico and Hearthstone’s commitment to safety and their mission to serve American workers and customers," Robert M. Blue, Dominion Energy Chairman, President and CEO.
Ullico is advised by Mizuho Securities and Milbank. Dominion Energy is advised by JP Morgan.
Peak Rock, a Texas-based middle-market private equity firm, completed the acquisition of Ziyad Brothers, an omni-channel provider of branded Middle Eastern and Mediterranean foods. Management and Ziyad family also participated in the acquisition. Financial terms were not disclosed.
"After an exhaustive search, it was clear that Peak Rock was the right partner as we begin this next growth phase. Peak Rock truly understands our business, our heritage, and our dedication to supporting our partner brands and customers. We look forward to our partnership, which will position Ziyad for continued rapid growth across products, brands, and retailers," Nassem Ziyad, Ziyad Brothers CEO.
Peak Rock was advised by Sawaya Capital, Kirkland & Ellis and Kekst CNC.
Gilde Buy Out Partners, a private equity firm, completed the acquisition of ProduceShop, a seller of indoor and outdoor furniture, from Ardian. Financial terms were not disclosed.
"The partnership with Ardian has enabled us to accelerate our development. Subsequently, we have rapidly taken on a European dimension while strengthening our internal resources, both human and technological. We are now entering a new chapter in our history and we look forward to working with Gilde in this new stage.” MBK Co-Founders.
Gilde was advised by Houlihan Lokey. Ardian was advised by Headland Consultancy.
Planet Fitness, one of the largest and fastest-growing franchisors and operators of fitness centers, completed the acquisition of Sunshine Fitness Growth Holdings, owner and operator of more than 100 Planet Fitness clubs in the Southeast United States, TSG Consumer Partners, a private equity firm, for $800m.
"While many brands are retracting, we believe that there's tremendous long-term untapped opportunity for our brand to help people begin their wellness journey, which is why we're making strategic investments such as the acquisition of Sunshine Fitness, one of our best-performing franchisees in the system. We now own more than 200 corporate stores, or approximately 10 percent of our total system, which is our target ownership level that allows us to retain our asset-light business model -- an important part of our shareholder value proposition," Chris Rondeau, Planet Fitness Chief Executive Officer.
Planet Fitness was advised by Jefferies.
CapitalG, Alphabet's independent growth fund, led a $140m Series D round in Salt Security, an API security company, with participation from Sequoia Capital, Y Combinator, Tenaya Capital, S Capital VC, Advent International, Alkeon Capital, and DFJ Growth.
"Our vision for Salt Security has always been to make it safer and easier for companies to innovate by securing APIs in the face of a growing and dynamic attack surface. We are honored to have CapitalG as our strategic partner as we achieve this vision at global scale and widen our lead in this important industry," Roey Eliyahu, Salt Security Co-Founder and CEO.
Salt Security was advised by Lumina Communications.
KKR completed the acquisition of three Class A self-storage properties for $70m.
“We are excited to expand our self-storage portfolio with the addition of these three high-quality properties, which deepen our presence in Atlanta and establish new foundations for growth in St. Petersburg and Washington D.C. We believe the self-storage sector has attractive long-term, through-cycle fundamentals and look forward to growing our footprint further in the space by investing in great properties located in markets with strong demand tailwinds," Ben Brudney, KKR Director in the Real Estate group.
Asymchem Laboratories, a CDMO serving the global pharmaceutical and biotech industry, agreed to acquire Snapdragon Chemistry, a US-based chemical technology company, for $58m.
"Asymchem truly understands that commitment and we look forward to continuing to develop the high-quality solutions we are known for in their integrated service ecosystem," Dr. Matthew Bio, Snapdragon President and CEO.
Acclerate360, an omnichannel sales, logistics, data and media company, completed the acquisition of US publishing business of Bauer Media, a media corporation. Financial terms were not disclosed.
"The completion of the refinancing not only underscores the confidence in our growing businesses, but also positions Accelerate360 to remain focused on our strategic growth plans across all of our businesses," David Parry, Accelerate360 CEO.
Gordon Food Service, a foodservice company, agreed to acquire Macgregors Meat & Seafood, a Canadian supplier to foodservice, retail, and private label customers coast to coast. Financial terms were not disclosed.
"Macgregors is among the most respected in the marketplace and like Gordon Food Service, Macgregors operates with a people-focused culture. We expect our cultural similarities will make for a smooth transition for both our customers and employees," Rich Wolowski, Gordon Food Service President and CEO.
Zendesk rejects $16bn offer from PE firms.
Zendesk, a software company, announced it had rejected the all-cash takeover offer from investors consortium, valuing the company at $16bn, citing the offer undervalues the business.
"Zendesk's Board of Directors is always open to all opportunities to maximize shareholder value and is fully committed to acting in the best interests of Zendesk and all of its shareholders. Consistent with its fiduciary obligations, after careful review and consideration conducted in consultation with its independent financial and legal advisors, the Board concluded that this non-binding proposal significantly undervalues the Company and is not in the best interests of the Company and its shareholders. The proposal is not conditioned on the termination of Zendesk's pending acquisition of Momentive," Zendesk.
ConocoPhillips to weigh $1bn Permian Basin assets sale.
ConocoPhillips, one of North America’s largest energy explorers, is considering a sale of operations worth more than $1bn in the Permian Basin. A sale would trim the company’s position in the Delaware region within the larger Permian Basin located in West Texas and New Mexico.
The company is working with an adviser to run an auction process for the assets. Potential suitors are being invited to the company’s data room to examine information,
Bloomberg reported.
Stanley Black & Decker weighs a $500m sale of Access Technologies.
Stanley Black & Decker, a manufacturer of industrial tools and household hardware and provider of security products, is considering a sale of its Access Technologies division that could value the unit at as much as $500m.
The company is working with an adviser to explore options for the unit. The unit, which makes a range of doors, is likely to attract interest from peers and private equity firms. No final decision has been made and Stanley could opt to keep the unit,
Bloomberg reported.
Zillow Group in talks to sell 400 properties to Pretium Partners for $150m. (FS)
Zillow Group, an online real estate platform, is in talks to dispose off 400 properties for private equity firm Pretium Partners, for $150m.
The move comes as Zillow Group shifts towards becoming a "housing super app", which will integrate the currently fragmented process of buying or selling a house.
Clayton, Dubilier & Rice weighs offer for the rest of Cornerstone Building Brands. (FS)
Private equity firm Clayton, Dubilier & Rice, is considering to make an offer to buy the remaining shares in Cornerstone Building Brands, it doesn't already own.
The New York-based buyout firm, which owns more than 49% Cornerstone’s shares, is currently discussing the merits of such a transaction.
Metlife explores the sale of its variable annuity business.
MetLife, an insurance and annuity services provider, is exploring the divestment of its US variable annuity book, as it seeks to free up resources to invest in higher-growth parts of its business.
MetLife does not disclose the size of its variable annuity business. Its overall annuity book - including both fixed rate and variable policies - stood at $58.23bn at the end of 2021,
Reuters reported.
The New York-based insurer is working with an investment bank on the plan, which is in its early stages.
Centerbridge is said to build a stake in Cedar Fair.
The private equity firm believes Cedar Fair could draw interest from several other operators if it pursues a sale. A stake of that size would make Centerbridge one of the amusement park company’s top three of four shareholders,
Bloomberg reported.
Maritime Launch Services is in SPAC merger talks with Ceres Acquisition.
Maritime Launch Services, a Canadian startup that owns a spaceport for commercial rocket launches, is in talks to go public through a merger with blank-check firm Ceres Acquisition.
Ceres is in discussions to raise a so-called private investment in public equity, or PIPE, to support a transaction that would give the combined company a valuation of about $530m. Terms could change and, as with any deal that isn’t finalized, talks could collapse,
Bloomberg reported.
Endeavor Acquisition files for a $225m IPO.
Endeavor Acquisition, a blank check company targeting the consumer and technology sectors in Southeast Asia, filed on Tuesday with the SEC to raise up to $225m in an initial public offering.
The company plans to raise $225m by offering 22.5m units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Cantor and its affiliates have expressed interest in purchasing 7.2% of the units in the offering. At the proposed deal size, Endeavor Acquisition would command a market value of $288m.
OceanSound Partners closes a $780m inaugural fund. (FS)
OceanSound Partners, a private equity firm that invests in technology and technology-enabled services companies serving government and enterprise end markets, today announced the final close of its inaugural fund, OceanSound Partners Fund, with $780m in total capital commitments. The fund closed substantially above its target of $550m.
OceanSound received support from a diverse group of well-regarded limited partners, including leading pension plans, endowments and foundations, family offices, institutional consultants, asset management firms and insurance companies.
OceanSound Partners was advised by Sixpoint Partners and Paul Weiss Rifkind Wharton & Garrison.
EMEA
Energy Vault, the company creating energy storage solutions, went public via a SPAC merger with Novus Capital Corporation II, a special purpose acquisition company, in a $1.1bn deal.
“As a public company with a strong balance sheet, we are well-positioned to globally scale our energy management and storage solutions toward our core mission of sustainable decarbonization," Robert Piconi, Energy Vault Co-Founder and CEO.
Energy Vault is advised by Goldman Sachs, Guggenheim Partners, Stifel, Gunderson Dettmer, ICR and Milltown Partners. Novus is advised by Cassel Salpeter & Co, Cowen & Company, Goldman Sachs, Guggenheim Partners and Blank Rome. Financial advisors are advised by Alston & Bird and Sullivan & Cromwell.
Telecom Italia, a telecommunication company, announced its board, together with new CEO Pietro Labriola will discuss alternatives to $37bn takeover from KKR on Monday February 14, 2022.
KKR approached Telecom Italia in November, but the deal was paused to the change of CEO.
Telecom Italia is advised by Goldman Sachs, LionTree Advisors, Mediobanca and Vitale & Co. KKR is advised by JP Morgan and Morgan Stanley. Vivendi is advised by Chiomenti.
CMA announced it is looking to approve the acquisition of AWAL, a recorded music label and distribution business, by Sony Music, a multinational music company, as the two companies were unlikely to become competitors.
"Our provisional finding is that the deal is not likely to affect competition in a way that will reduce the choice or quality of recorded music available, or increase prices. We think that a combination of other major labels and independent providers will continue to closely rival Sony, so our provisional decision is to clear the merger," Margot Daly, Chair of the Independent Inquiry Group.
Allianz, a German multinational financial services company, agreed to acquire a 72% stake in European Reliance, a Greek insurer, for $235m.
The deal is structured as a tender offer which will launch after Bank of Greece approves the deal.
European Reliance is advised by Alphacap and Zepos & Yannopoulos.
J.F. Lehman & Company-backed Integrated Global Services, a provider of thermal spray and other surface protection solutions, completed the acquisition of Tube Tech, a cleaning and inspections solutions provider. Financial terms were not disclosed.
"We are delighted to be part of IGS. This acquisition enables a sharing of people, products and services that will offer capability levels unique to the industry. The benefits and returns on investment for our customers are significant, from increased asset uptime and shorter turnarounds to enhanced reliability and seamless access to the most innovative and effective solutions on the market," Jon Camp, Tube Tech Managing Director.
Tube Tech was advised by ReSolve Corporate Finance. IGS was advised by Jones Day.
Vodafone rejects $13bn Iliad and Apax's approach for its Italian business. (FS)
Vodafone rejected a preliminary approach for its Italian business from France's Iliad and Apax Partners worth more than $13bn, the first public skirmish in what could be a new wave of European telecoms deal making.
Vodafone and Iliad had discussed combining their businesses in the cut-throat Italian market, before the firm founded by billionaire Xavier Niel turned the tables by offering to buy Vodafone's local operations outright,
Reuters reported.
"The offer is not in the best interests of shareholders. The board and management of Vodafone remain focused on delivering shareholder value through a combination of its organic growth strategy over the medium-term and ongoing portfolio optimisation," Vodafone.
Goldman Sachs-backed Starling Bank seeks $3.4bn in a new funding round. (FS)
Goldman Sachs-backed Starling Bank, a UK based digital lender, is weighing plans for a fresh funding round that could value the firm at $3.4bn.
Starling is bidding to acquire the platform of specialist mortgage lender Kensington and could use proceeds from the new funding round to expand the business’s origination capabilities. Deliberations are in the early stages and no final decisions on the size or timing of any funding round have been taken.
Apollo nears a $2.3bn deal for Worldline. (FS)
Private equity firm Apollo Global Management is nearing a deal to acquire the point-of-sale terminal business of European payments company Worldline for close to $2.3bn.
The proposed deal is the latest bet on the continued growth of digital payments. The New York-based buyout giant would acquire hardware that allows consumers to use their mobile phones and payment cards to make purchases. The deal, which is expected to be valued at close to €2bn, equivalent to around $2.3bn, could be announced in the coming days, assuming the talks don’t break down at the last minute,
WSJ reported.
Shell Pipeline offers to acquire Shell Midstream Partners for $1.6bn.
Shell Pipeline, a deep-water oil and gas producer announces it has made a non-binding offer to purchase all remaining common units held by the public representing limited partner interests in Shell Midstream Partners, for $1.6bn.
Shell Pipeline would pay the other owners in Shell Midstream Partners $12.89 per unit of the pipeline operator. Shell and its affiliates currently own approximately 68.5% of SHLX common units. The proposed transaction simplifies the governance of the Shell Midstream Partners assets, reduces costs, and provides flexibility to optimize the pipeline portfolio.
The proposed transaction is subject to a number of contingencies, including the approval of the board of directors of Shell Midstream Partners and the satisfaction of any conditions to the consummation of a transaction set forth in any definitive agreement concerning the transaction. There can be no assurance that such definitive documentation will be executed or that any transaction will materialize on the terms described above or at all.
A private equity consortium explore a $1.1bn sale of Transporeon. (FS)
KKR, Hellman & Friedman and Blackstone, have expressed interest in German transport logistics software company Transporeon as private equity owner Hg reviews options to cash out.
Hg wants to capitalise on the boom in e-commerce demand during the pandemic where retailers have come to rely increasingly on freight software to handle record volumes of online orders.
European private equity funds, including Permira, Cinven and Astorg are likely to take part in an auction process. Hg has yet to hire advisers and no final decision has been taken on selling the business,
Reuters reported.
Waldorf Production nears a $1bn acquisition of North Sea assets of ONE-Dyas.
Waldorf Production is nearing a deal to acquire oil and gas assets in the British and Dutch North Sea from ONE-Dyas for more than $1bn.
Under the terms of the emerging deal, Waldorf Production has also agreed to buy assets in Norway and Gabon from ONE-Dyas should the privately owned company fail to find other buyers. Waldorf Production has also bid for the North Sea oil and gas assets owned by Hungarian energy group MOL,
Reuters reported.
ABB eyes acquisitions to grow the electric vehicle charging business.
ABB's E-mobility business wants to spend $750m on expanding its operations after its flotation later this year.
The cash will be used to fund acquisitions and organic growth as E-Mobility, which makes fast chargers for electric vehicles, chases faster growth in 2022. Last week ABB CEO Bjorn Rosengren said the parent company expected to raise at least $750m from the IPO, which is due to take place by the end of the second quarter of this year,
Reuters reported.
"We are perfectly aligned to the current E-mobility trends and see massive market opportunities driven by the global electrification and digitalization agendas of countries, corporations and individuals," Frank Muehlon, ABB CEO.
Sabadell explores a $400m sale of its payments business.
Banco de Sabadell, a Spanish banking group is exploring a $400m sale of its payments business.
Sabadell has been looking to sell peripheral operations since a sale to larger Spanish rival Banco Bilbao Vizcaya Argentaria collapsed in 2020 over price. The bank has looked at offloading international assets from Mexico to the UK. Deliberations are ongoing and there’s no certainty they’ll lead to a sale.
Tabreed in talks to buy Majid Al Futtaim cooling assets.
National Central Cooling (Tabreed) is in exclusive talks to buy regional mall operator Majid Al Futtaim's cooling assets. Majid Al Futtaim could seek about $136m for the unit, which comprises chillers connected to its hotels and shopping malls.
Tabreed has been on a shopping spree during the COVID-19 pandemic, snapping up assets in locations such as Abu Dhabi's Saadiyat Island, home to a branch of the Louvre museum.
Tabreed has appointed Standard Chartered to advise on the transaction. HSBC is advising Majid Al Futtaim.
Naturgy defends plan to split business.
Naturgy defended a plan to split into two listed businesses, promising the new structure would allow both companies to grow after a share price plunge indicated investor scepticism.
The Spanish gas and power group said it would separate its infrastructure and energy businesses, while maintaining the same shareholder structure and workforce,
Reuters reported.
Italian government launches a sale of ITA Airways, to retain a minority stake.
The Italian government has launched the process to find a partner for ITA Airways and in a first stage will retain a minority stake in the successor company to Alitalia.
Rome has drafted a decree which lists ways it can offload its holding in the airline, including a direct sale or a public offer, without setting a deadline for a deal.
Shipping company MSC and Germany’s Lufthansa have expressed an interest in buying a majority stake in ITA, and asked for an exclusivity period of 90 days to iron out details,
Reuters reported.
APAC
Ares Management, an American global alternative investment manager, completed the $308m acquisition PrivateMarketsCo, an infrastructure debt platform, from AMP Capital, a private equity firm.
"This highly complementary transaction accelerates the expansion of our leading credit and infrastructure platforms and bolsters Ares' investing capabilities, global market coverage and execution in the growing infrastructure sector. We look forward to working with our new team members as we continue to seek attractive returns for our investors and strengthen Ares' leadership position," Michael Arougheti, Ares CEO and President.
PrivateMarketsCo was advised by Broadhaven Capital Partners and Nixon Peabody. Ares was advised by Morgan Stanley, DLA Piper, Kirkland & Ellis, Brunswick Group and Citadel Magnus.
GIC agreed to acquire 31 properties of Seibu-backed Prince Hotels, a hotel chain company, for $1.3bn.
"Seibu's hospitality portfolio is a unique investment opportunity for GIC to acquire a sizeable portfolio of highquality assets located in prime locations throughout Japan. Given Japan's strong domestic tourist market throughout Covid-19 and increasing demand for global travel, we believe that these assets are well-positioned to generate resilient returns," Lee Kok Sun, GIC CIO of Real Estate.
BMW Group completed the acquisition of additional 25% stake in BMW Brilliance Automotive, a joint venture for production of BMW vehicles from Brilliance China Automotive, an automobile manufacturer. Financial terms were not disclosed.
"Our local investments are proving to be the right approach. BBA has significantly contributed to position the BMW brand as a leading premium brand in China. In the past decade alone, BBA has invested more than 10 billion euros in China. Our extended joint venture contract lays the foundation for further mutual growth and progressive development in the future. It therefore paves the way for balanced development in the three main regions of the world, as we have done in the past," Nicolas Peter, BMW Member of the Management Board.
PTT bids to take control of Yadana gas field after TotalEnergies and Chevron exited Myanmar.
PTT, Thailand’s state-controlled energy company, is bidding to take control of Myanmar’s Yadana gas field after energy companies TotalEnergies and Chevron exited the country to protest against the junta’s continued violence against civilians since the military coup.
PTT Exploration and Production, a unit of PTT, has offered to acquire the combined 59.5% stake held by TotalEnergies and Chevron. Several local firms are also keen to become part of the project and discussions have begun between the government, PTTEP and other prospective buyers.
Capital A mulls a separate listing of its aviation unit.
Capital A, which owns Malaysia’s flagship budget airline AirAsia, is forming an independent board for its aviation arm while mulling a separate listing of the business as the market recovers.
“I think that’s up to the board at the right time when they think they need to list and raise capital independently, but definitely from Capital A’s board, that is very much a plan,” Tony Fernandes, Capital A CEO.
Farm Fresh's $239m IPO attracts about 30 investors, including Aberdeen and AIA. (FS)
Malaysian dairy producer Farm Fresh, has attracted almost 30 cornerstone investors including Aberdeen Standard Investments and AIA Group in a planned initial public offering.
Great Eastern Life Assurance, Franklin Templeton Investment and some Malaysian state funds have also signed on. The first-time share sale is expected to raise about $239m. Farm Fresh aims to file a prospectus in the coming weeks,
Bloomberg reported.
Alibaba-backed Huitongda Network to price Hong Kong IPO at bottom of range.
Alibaba Group-backed Huitongda Network, a Chinese e-commerce platform, is set to price its Hong Kong IPO at the bottom of its marketed range.
Huitongda Network is offering 51.6m new shares and had marketed them at $5.5 to $6.1 each,
Bloomberg reported.
Huitongda had been considering an IPO that could raise as much as $1bn as soon as last year. After filing in June, the company weighed putting its plans on hold amid choppy markets and China’s regulatory crackdown on IPOs.
Huitongda Network is advised by China International Capital, China Renaissance Holdings and Citigroup.
