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AMERICAS
The US Federal Trade Commission has allowed Amgen to continue its $28.3bn acquisition of Horizon Therapeutics, while preventing the drugmaker from using anticompetitive tactics to extend the market dominance of two Horizon drugs, Reuters reported.
The agreement ends months of uncertainty over the deal since the FTC in May filed a lawsuit over concerns that Amgen would leverage its drugs to secure favorable insurance coverage terms for Horizon's thyroid eye disease treatment Tepezza and gout drug Krystexxa.
"While the companies do not have drugs that directly compete with one another, Commission staff focused on the deal rationale and assessed how the acquisition would change the combined firm's power and incentive to thwart competition," Lina Khan, FTC Chair.
Canada's Competition Bureau said that Royal Bank of Canada's $10.1bn offer to buy HSBC's domestic unit was unlikely to hurt competition, clearing the way for the country's largest bank to push ahead with its biggest acquisition, Reuters reported.
The bureau said HSBC Canada's competitive impact was limited when compared to other financial institutions and found that the unit of the British bank had achieved limited market penetration in most financial services.
Former Sculptor Capital Management chief Rob Shafir, one of firm's largest shareholders, is opposing its proposed sale to Rithm Capital because he said he views a competing bid as more attractive.
A rival offer from a group including Boaz Weinstein, Bill Ackman, Marc Lasry and Jeff Yass "is clearly superior," Shafir wrote to the special committee advising Sculptor's board, Bloomberg reported.
Sculptor Capital is advised by JP Morgan, PJT Partners, Latham & Watkins, Weil Gotshal and Manges and Gasthalter & Co. Financial advisors are advised by Cravath Swaine & Moore and Simpson Thacher & Bartlett. Rithm Capital is advised by Citigroup, Debevoise & Plimpton and Skadden Arps Slate Meagher & Flom.
Intercontinental Exchange can move forward with its takeover of Black Knight after the US Federal Trade Commission accepted a binding settlement that will see key mortgage software products sold to rival Constellation Software.
FTC commissioners voted to accept the settlement. Under the agreement, the companies will divest Black Knight's Empower loan origination software and its Optimal Blue business to Toronto-based Constellation. Optimal Blue is the most widely used software for identifying and securing loan rates, used by lender for about 40% of the residential mortgages originated in the US each year. The companies also agreed to seek FTC approval before acquiring any other businesses related to loan origination or product pricing for the next 10 years, Bloomberg reported.
Black Knight is advised by JP Morgan, and Wachtell Lipton Rosen & Katz. JP Morgan is advised by Cravath Swaine & Moore. ICE is advised by Credit Suisse, Goldman Sachs, Wells Fargo Securities, Morgan Lewis & Bockius and Shearman & Sterling.
Globus Medical, a musculoskeletal solutions company, completed the merger with NuVasive, a medical devices company based in San Diego, in a $3.1bn deal.
"We're thrilled to begin our journey together to create a leading global musculoskeletal company. With a relentless focus on changing patient lives, we're combining our differentiated portfolios and talented teams to reach more customers as we advance spine and orthopedic care globally," Dan Scavilla, Globus Medical President and CEO.
eMagin, a US-based leader in the development, design, and manufacture of Active-Matrix OLED microdisplays for high-resolution, AR/VR and other near-eye imaging products, announced that its stockholders voted to approve the $218m acquisition by Samsung Display, a manufacturer and distributor of display products.
The transaction is currently expected to close in the second half of 2023, subject to customary closing conditions, including the receipt of regulatory approvals. Upon completion of the transaction, eMagin common stock will no longer trade on the NYSE American, and eMagin will become a private company.
eMagin is advised by Nomura, Goodwin Procter, White & Case (led by Andres Liivak, John Reiss and David Pezza) and Sharon Merrill Associates. Samsung Display is advised by Ernst & Young, Evercore and O'Melveny & Myers (led by Daniel Kim).
Maverik – Adventure's First Stop, a gas station and retail store operator, completed the acquisition of Kum & Go, a convenience store chain operator, from Krause Group, a business conglomerate. Financial terms were not disclosed.
"Kum & Go has always been driven by a desire to innovate, grow and serve our customers, our communities and our people. Maverik has built its business in the same way and is ideally positioned to lead the next chapter of growth for Kum & Go. We have much in common and I look forward to welcoming Chuck's leadership, his team and Maverik to Des Moines, which will always be the home of the Krause Group and important to our future," Kyle Krause, Krause President and CEO.
Maverik – Adventure's First Stop was advised by BMO Capital Markets, Bank of America and Kirkland & Ellis. Krause Group was advised by JP Morgan, Vedder Price and Gagnier Communications.
Office Properties Income Trust, a REIT focused on owning, operating and leasing buildings, terminated the $407m merger with Diversified Healthcare Trust, a real estate investment trust.
The mutual termination was approved by the respective Special Committees and Boards of Trustees of OPI and DHC. The parties have agreed that each company will bear its costs and expenses in connection with the terminated transaction pursuant to the terms of the merger agreement, and that neither party will pay any termination fee as a result of the mutual decision to terminate the merger agreement.
Cerberus Capital Management, a private equity firm, agreed to acquire Spring EQ, a provider of home equity financing solutions. Financial terms were not disclosed.
"We're incredibly proud to be helping individuals and families across the United States achieve their goals. Spring EQ has helped redefine the home equity financing process by combining exceptional digital experiences and tailored solutions. This partnership with Cerberus comes at a perfect time in our journey. The Cerberus team's mortgage expertise, technology capabilities, and operational resources will help propel our growth, better positioning us to make an even greater impact," Jerry Schiano, Spring EQ Founder and CEO.
Spring EQ is advised by GreensLedge and Katten Muchin Rosenman. Cerberus Capital is advised by Morgan Stanley, Dechert and Dentons.
Berkshire Hathaway, a multinational conglomerate company, completed the acquisition of the remaining 50% stake in Cove Point, the owner of the liquified natural gas import facility, from Dominion Energy, an electric services company, for $3.3bn.
"We are pleased for this opportunity to own a greater stake in the Cove Point LNG business. BHE GT&S will continue its excellent operating and commercial performance at Cove Point, which plays an important role in Berkshire Hathaway Energy's delivery of clean, low-cost and sustainable energy solutions to customers and communities," Paul Ruppert, BHE President of GT&S.
Dominion Energy was advised by Mizuho Securities, RBC Capital Markets, McGuireWoods and Brunswick Group.
NexTier Bank, a financial services corporation, agreed to merge with Mars Bank, a full service community bank, in a $2.6bn deal.
"We believe the merger with Mars Bank provides NexTier the opportunity to provide additional banking services to Western Pennsylvania's businesses, retail customers, non-profit organizations, school districts and local government entities. We are especially excited to expand our services into Mercer County. We will continue to provide the level of relationship-focused service and community involvement that both organizations have historically succeeded in. We look forward to our partnership with Mars Bank as we combine our two organizations," Clem Rosenberger, NexTier President and CEO.
Mars is advised by D.A. Davidson & Co and Silver Freedman Taff & Tiernan. NexTier is advised by Janney Montgomery Scott and Alston & Bird.
MSU Federal Credit Union, an American credit union, agreed to acquire Algonquin State Bank, an FDIC insured bank. Financial terms were not disclosed.
"This partnership with Algonquin State Bank and its customers will further expand our presence in McHenry County and surrounding Chicagoland areas. The combined resources of MSUFCU and Algonquin State Bank will produce excellent opportunities for both our members and their customers and the communities they live in, with an expanded array of resources and products and additional branch locations," April Clobes, MSUFCU President and CEO.
Algonquin State Bank is advised by Olsen Palmer and Vedder Price. MSUFCU is advised by Piper Sandler and Luse Gorman.
Hillenbrand, a provider of highly engineered, mission-critical, processing equipment and systems, completed the acquisition of the food and performance materials business from Blackstone-backed Schenck Process, a technology and market company in applied measuring technology, for $730m.
"The completion of the FPM acquisition further strengthens our leadership position across attractive, growing end markets of food, durable plastics, and chemicals. This acquisition represents another step forward in the execution of our strategy to grow as a pure-play industrial company. By combining the applications and systems processing expertise of FPM with our Advanced Process Solutions segment and deploying the Hillenbrand Operating Model, we are well-positioned to offer greater value to our customers and drive scale efficiencies. I am confident this transaction further positions us to deliver profitable growth and compelling long-term shareholder value," Kim Ryan, Hillenbrand President and CEO.
Hillenbrand was advised by Credit Suisse and Skadden Arps Slate Meagher & Flom (led by Richard Witzel). Schenck Process was advised by Freshfields Bruckhaus Deringer (led by Paul Humphreys).
Saothair Capital, a private investment firm, completed the acquisition of MJM Yachts, a luxury yachts designer and builder. Financial terms were not disclosed.
"We are tremendously excited to be partnering with Peter in this next chapter for the MJM brand. MJM has a rich history and an extraordinary reputation for quality, performance, and design, and we are thrilled to be able to provide the necessary investment to further grow MJM as a leading producer of luxury yachts," Kevin Madden, Saothair Co-founder and Managing Partner.
MJM Yachts was advised by SierraConstellation Partners and Nelson Mullins Riley & Scarborough. Saothair was advised by Jenner & Block.
CMA CGM Group, a global player in sea, land, air and logistics solutions, completed the acquisition of the Bayonne and New York port terminals from Global Container Terminals, a terminal operations solutions provider. Financial terms were not disclosed.
"The acquisition of GCT Bayonne and GCT New York terminals is a strategic investment for the CMA CGM Group. It reinforces the services we provide to US customers and their supply chain efficiency. It further consolidates our positions in the United States, a major market among the fastest-growing worldwide, and will help us continue our development," Rodolphe Saadé, CMA CGM Chairman and CEO.
CMA CGM was advised by Hsbc and Willkie Farr & Gallagher (led by Annette Peron and Daniel Hurstel). Global Container Terminals was advised by Evercore.
Statkraft, an energy company, agreed to acquire two wind farms in Brazil from EDP Renewables, a renewable energy company, in a $317m deal.
"Brazil is an important country for Statkraft Group's growth, combining greenfield development of renewable technologies and acquisitions. This transaction is another significant step to the continuity of our investment plan," Fernando De Lapuerta, Statkraft Brazil President and CEO.
EDP Renewables is advised by Credit Agricole.
Robert Bosch, an engineering and technology company, completed the acquisition of TSI Semiconductors, a semiconductor technology development and volume production company. Financial terms were not disclosed.
"With the acquisition of TSI Semiconductors, we are establishing manufacturing capacity for SiC chips in an important sales market while also increasing our semiconductor manufacturing, globally. The existing clean-room facilities and expert personnel in Roseville will allow us to manufacture SiC chips for electromobility on an even larger scale," Stefan Hartung, Bosch Chairman.
WBM Technologies, a company in the provision of outcome-driven information technology solutions, completed the acquisition of Carlyle Printers Service & Supplies, a Manitoba print solution provider. Financial terms were not disclosed.
"This announcement is the continuation of what we feel is a proven approach in bringing great people and customers together around a shared vision and shared values. This is a significant move in the managed print industry in Canada, and we couldn't be more excited to be taking another strategic step forward that will allow us to add amazing new organizations to our client community, and to build even more great careers right here in Western Canada," Brett Bailey, WBM Vice President.
Pickering Energy Partners launches oil and gas investment banking unit. (FS)
Investment firm Pickering Energy Partners announced the launch of a financial advisory unit for oil and gas dealmaking, signaling a renewed commitment to traditional fossil fuels. This move comes as some banks are scaling back their involvement in the oil and gas sector while increasing investments in clean energy.
The establishment of this investment banking unit marks a comeback for Dan Pickering, an experienced energy financier who played a pivotal role in founding Tudor, Pickering, Holt & Co, an energy boutique bank that Perella Weinberg Partners acquired in 2016.
Heading this new seven-member unit are former Barclays dealmakers, Jason Kivett and Robyn Underwood. Their team will provide services encompassing mergers and acquisitions advisory as well as capital markets issuance. Dan Pickering expressed optimism about the current opportunities in the energy market, emphasizing his firm's commitment to expanding its investment banking division by doubling its headcount over the next two to four years, Reuters reported.
Petrobras plans China subsidiary in push to boost ties.
Petrobras plans to create a Chinese subsidiary, Chief Executive Jean Paul Prates told, as Brazil's state-run oil firm pushes to strengthen relations with the Asian nation that had "chilled" under former President Jair Bolsonaro. Prates said Petrobras China subsidiary would allow Petrobras to operate and participate in projects as partner even in other countries, including in Africa. Chinese partnerships under development could also help to accelerate oil refining and fertilizer projects in Brazil, adding that China could help to revive the Brazilian naval industry.
Prates said Petrobras aims to open the Chinese subsidiary next year, after getting formal approval. He said the move would help efforts to triple its share of China's oil imports in the next couple decades, while contributing to warmer Brazil-China ties under President Luiz Inacio Lula da Silva, Reuters reported.
Kylie Jenner is reportedly in talks to buy back a 51% stake in Kylie Cosmetics from Coty.
Celebrity siblings Kylie Jenner and Kim Kardashian are exploring options to buy back ownership of their brands from Coty, signaling strained relations between the entertainment figures and the beauty conglomerate.
Kylie Jenner sold a 51 percent stake in Kylie Cosmetics for $600m in 2020. Similarly, Kim Kardashian's company, SKKN by Kim, was also acquired by the beauty group in the same year. Both celebrities have expressed discontent with Coty's management of their brands. The Kardashian-Jenner family's association with Coty began in 2019, and the initial investments aimed to leverage the family's popularity for brand growth.
Robinhood to buy back Bankman-Fried's stake from US govt. for $606m.
Robinhood said it had entered into a share repurchase agreement with the United States Marshals Service for $606m to buy back stock from Sam Bankman-Fried's Emergent Fidelity Technologies. The online brokerage said the 55.3m shares would be sold at $10.96 apiece.
The shares of Robinhood were seized and subsequently transferred to the custody of the US government after Bankman-Fried's FTX and Emergent filed for bankruptcy protection last year. Bankman-Fried has pleaded not guilty to criminal fraud and conspiracy charges stemming from FTX's November 2022 collapse, Reuters reported.
Cemex explores the sale of its Dominican Republic business.
Cemex, a building materials company, is exploring a sale of its Dominican Republic business as it focuses on bigger markets.
Cemex is working with JP Morgan on a potential divestment of the unit, which could fetch more than $1bn. It's reached out to potential suitors to gauge interest.
Cemex has been selectively selling non-core assets, including operations in Costa Rica, El Salvador and Kentucky, to cut debt and focus on bigger, more profitable operations. In July, Cemex beat quarterly sales and operating earnings on higher prices, Bloomberg reported.
Microsoft-backed Rubrik plans to pursue a $700m IPO in 2023.
Microsoft-backed Rubrik, a data security vendor is reportedly aiming to raise as much as $700m in an initial public offering that's expected to be completed in 2023.
Rubrik's investor roadshow could start as early as October, with the IPO likely to reach completion by the end of the year. Going public could bring in a sizable sum - between $500m and $700m - in funding for the company.
Rubrik is advised by Goldman Sachs, Barclays, Citigroup, Mizuho Financial, TD Cowen and UBS.
EMEA
Private equity investment firm Triton has received unconditional merger control clearance for the $1.3bn tender offer to acquire industrial services provider Caverion from the European Commission.
"We are delighted to announce that we have now received unconditional merger control clearance from the European Commission. We continue to believe we will be able to complete the tender offer in October 2023. The only remaining clearance is that of the FCCA," Mikael Aro, Triton President and CEO.
Triton is advised by Danske Bank, Deutsche Bank, JP Morgan, Avance (led by Ulf-Henrik Kull and Rasmus Sundstrom) and Tekir. Debt financing is provided by DNB Bank, Danske Bank, Deutsche Bank, JP Morgan, OP Corporate Bank and Swedbank. Caverion is advised by Bank of America and Castren & Snellman (led by Janne Lauha and Thomas Landell).
Coloplast, a manufacturer of medical devices, completed the acquisition of Kerecis, a biotechnology company pioneering the use of fish skin, for $1.3bn.
"I am very excited to welcome the Kerecis team into the Coloplast family. Both Coloplast and Kerecis are on a mission to help many more patients in need of advanced wound treatment, and I look forward to continuing the growth and profitability journey, as we build a truly global wound care franchise together," Kristian Villumsen, Coloplast President and CEO.
Dürr Group, a global mechanical and plant engineering firm, completed the acquisition of BBS Automation, a premier global supplier of automated assembly and test services, from EQT Partners, a global private equity firm, for €480m ($519m).
"With the acquisition of BBS Automation, we are continuing our growth path in industrial automation and forming a new powerhouse with leading technologies and global reach. The products and software offered by BBS Automation, Teamtechnik, and Hekuma complement each other perfectly. This enables us to provide customers all over the world with an even better range of services. The purchase is part of our strategy to expand our business activities in high-growth and high-margin industrial sector," Jochen Weyrauch, Dürr CEO.
Dürr Group was advised by JP Morgan. JP Morgan was advised by Hengeler Mueller. Debt financing was provided by BNP Paribas, Deutsche Bank, Landesbank Baden-Wurttemberg and UniCredit. EQT was advised by Ubs.
NEXT, a retailer offering clothing, footwear, accessories, beauty and home products, agreed to acquire a 34% stake in Reiss, a fashion retailer, from Warburg Pincus, a private equity firm, for £128m ($162m).
"Reiss has performed exceptionally well since we first invested in March 2021. This success has been driven by the strength of its brand, first class management and the benefits of Total Platform; we look forward to continuing to develop the business with Christos and the Reiss team. Warburg Pincus has been an excellent partner throughout the term of our investment and we have enjoyed working with them during the last two years," Simon Wolfson, NEXT CEO.
Reiss is advised by Raymond James, Fried Frank Harris Shriver & Jacobson and NME Law. NEXT is advised by Slaughter & May and Rowbell PR. Warburg Pincus is advised by Kirkland & Ellis.
HARPS, a gloves manufacturer, completed the acquisition of the medical business of Semperit, a manufacturer of industrial polymer and plastic products, for €115m ($124m).
"With the divestment of the medical business, we have implemented our transformation into an industrial rubber resp. elastomer specialist and will fully focus on the further development and expansion of our leading position in the core business for industrial polymer products in the future. At the same time, we have found a responsible owner for the medical division in HARPS, which specialises in the glove business and thus expands its product portfolio and sales markets," Karl Haider, Semperit CEO.
HARPS was advised by Credit Suisse and Latham & Watkins. Semperit was advised by JP Morgan.
Malakoff Humanis, an insurance services provider, completed the acquisition of a majority stake in Lifesquare, a full-digital loan insurance services provider. Financial terms were not disclosed.
"This acquisition represents an opportunity for Malakoff Humanis to strengthen its position in the borrower insurance market. The acquisition of Zen'Up completes our distribution system, in particular with our partner brokers. This transaction also allows us to pursue our diversification strategy alongside our historic Group Health and Welfare activities, and to strengthen our position in the individual segment," Christophe Scherrer, Malakoff Humanis Deputy Managing Director.
Levine Leichtman-backed Global Loan Agency Services, a provider of loan administration, agency, and trustee services globally, agreed to acquire Pristine, an asset and trust management firm. Financial terms were not disclosed.
"We are delighted to partner with Pristine as the firms offer complementary services that will be highly valued by our enlarged client base. Pristine's capabilities in fiducie and management company services will be very relevant for our clients. We are excited to welcome the Pristine team into the GLAS family," Mia Drennan and Brian Carne, GLAS Co-Founders.
Levine Leichtman is advised by Simmons & Simmons, Willkie Farr & Gallagher and Gasthalter & Co (led by Mark Semer).
Volex, an integrated manufacturer of critical power and data transmission products, completed the acquisition of Murat Ticaret Kablo Sanayi, a wiring harness manufacturer. Financial terms were not disclosed.
"Volex's strategic acquisition of Murat Ticaret provides immediate entry to a new growth market, with established operations supporting the attractive off-highway sector across three continents and eight manufacturing sites. Murat Ticaret's offerings seamlessly complement Volex's capabilities across geographies, fostering synergies as well as providing access to a diverse customer base including significant global brands in the agricultural, commercial, construction and industrial end markets," Nat Rothschild, Volex Chairman.
Volex was advised by HSBC, Peel Hunt and Powerscourt.
EU regulators are set to block US online travel site Booking Holding's $1.84bn purchase of Sweden's Etraveli Group following concerns that it threatens competition.
The decision contrasts with the stance of the UK's Competition and Markets Authority, which approved the deal a year ago. EU regulators are concerned that Booking's acquisition of the flights-only company will further consolidate its position in the travel market and hurt rivals.
The move comes weeks after the European Commission, the EU's executive body, said it was concerned the deal would give Booking a market advantage by boosting its place in the hotel booking sector and help it move into other services such as car rentals and flights, FT Reported.
Booking is advised by Hengeler Mueller. CVC is advised by Freshfields Bruckhaus Deringer.
Octopus Energy, an energy generator and retailer, agreed to acquire the German and UK energy distribution business of Shell, an energy company. Financial terms were not disclosed.
"Following a stringent process, we are pleased to be acquiring Shell Energy Retail in the UK and Germany. Octopus has proven that it delivers game-changing service whilst innovating and investing relentlessly towards a cheaper cleaner energy system. Our commitment to customers is paramount and we will do whatever it takes to deliver the Octopus promise when we welcome these new customers too," Greg Jackson, Octopus Energy Founder and CEO.
Continental CEO reviews future ownership of ContiTech.
German auto parts supplier Continental is considering whether it is the most suitable owner for its ContiTech unit, CEO Nikolai Setzer said.
The company said in February it was reorganising ContiTech from six divisions into one in each of Europe, the Americas and Asia Pacific, while bundling its car activities into a separate unit geared towards electromobility, Reuters reported.
"The ContiTech business is being developed independently and we are examining whether we are still the best owner for it," Nikolai Setzer.
Arm prepares to meet investors ahead of blockbuster IPO.
Arm plans to launch its roadshow for investors after Labor Day, as the chip designer prepares for its much-anticipated initial public offering in September. Arm, owned by SoftBank Group, is expected to set a price range for its offering next week, and plans to price its shares on September 13, with stock trading to start the following day.
SoftBank plans to sell about 10% of Arm's shares in the IPO at a valuation of $60bn to $70bn. SoftBank decided to sell fewer Arm shares in the IPO after buying the 25% stake in Arm it did not directly own from its Vision Fund unit.
Several customers of Arm have held talks about taking a piece of the IPO including Apple, Amazon, Intel, NVIDIA, Alphabet, Microsoft, Samsung Electronics and TSMC, Reuters has previously reported. Arm and SoftBank have set aside 10% of the shares to be sold in the IPO for its clients, Reuters reported.
Zilch has met with more than 15 banks over IPO plans.
Bloomberg reported that, British payments app Zilch has spoken with more than 15 banks as it prepares for an eventual initial public offering, though the firm is yet to decide on a location, according to Chief Executive Officer Philip Belamant.
Belamant added that Julia Hoggett, who runs the LSE, and the UK government were "leaning in" to support firms leading into IPO and beyond, adding Zilch was a "UK born and built business. Zilch is a "number of months away, not years" from profitability and continues to invest in growth, Belamant also said.
APAC
Carlyle Group, a private equity firm, to acquire a 54.51% stake in SEIKO PMC, a papermaking chemical manufacturer, from DIC, a chemical company, for $90m.
SEIKO PMC has long been a part of the group's history, yet moving forward, the company has determined that Carlyle, which operates its business globally, is an appropriate partner for SEIKO PMC, which aims to transform itself into a global company that contributes to the realization of a sustainable society through eco-friendly technology under its long-term vision, and that Carlyle is the most suitable partner for supporting SEIKO PMC in the establishment of superior business portfolios in high value-added growth areas and stable niche areas by utilizing Carlyle's platform and accumulated knowledge.
DIC is advised by MUFG Bank.
Tycoon Cheng family plans to keep NWS listed after buyout deal.
Chow Tai Fook Enterprises, the private family office of billionaire Henry Cheng, will keep NWS Holdings listed on Hong Kong's stock exchange after its buyout of the majority stake is finalised, clearing up uncertainty among investors about the future of the infrastructure firm. The private family office announced in June it would buy the NWS shares it doesn't already own in a $4.53bn deal that would help inject capital into New World.
Chow Tai Fook will not exercise the option to acquire all the outstanding shares of NWS, which is a unit of the Cheng family's property-to-retail conglomerate New World Development. If the public float of NWS falls below 25% following the close of the deal, "appropriate steps will be taken" to ensure it's maintained at a level that will see the firm remain listed, it said in a stock exchange filing Thursday.
The clarification that Chow Tai Fook doesn't plan to take the infrastructure firm private signals its intention to lower debt for the Cheng family's flagship conglomerate at a time of rising interest rates. Providing the group with additional liquidity is also key to boosting investor confidence, which has been hurt by a real estate slump in mainland China that threatens to ripple across the country's financial system , Bloomberg reported.
Santos sells 2.6% stake in PNG LNG project for $736m.
Santos, an Australian oil and gas exploration and production company, finalised the initial sale of a 2.6% stake in its PNG liquefied natural gas project to Papua New Guinea state-owned Kumul Petroleum for $736m. Under the deal, Kumul will buy the stake in PNG LNG, Australia's biggest resources project, for cash payment of $576m and an additional $160m of project finance debt.
In May, Santos had extended the exclusivity period for a $1.1bn worth sale of its 5% stake in PNG LNG, considered one of the world's lowest cost LNG producers, till August-end. Santos will retain a majority shareholding of 39.9%, Reuters reported.
Japan releases new M&A guidelines to promote takeovers, consolidation.
The Japanese government released new guidelines to promote more mergers and acquisitions in the world's third-largest economy as it hopes to spur consolidation in industry and boost competitiveness.
The guidelines set out a code of conduct for M&As, cracking down on some defence tactics and stressing that credible takeover offers should not be spurned without sincere consideration. The new rules have drawn strong interest from global investors or strategic buyers frustrated with defensive tactics aimed at blocking takeovers and entrenching management, DealStreetAsia reported.
Alibaba-backed IM Motors weighs raising fresh funds.
IM Motors, a Chinese premium electric-vehicle maker backed by Alibaba Group and SAIC Motor, is considering raising new funds to help finance expansion plans.
In a separate announcement, IM Motors has signed a memorandum of understanding with German carmaker Audi to join hands to promote the former's intelligent EV platform.
Maynilad mulls up to $1bn IPO.
Maynilad Water Services, is considering an initial public offering in Manila that could raise $750m to $1bn.
The Philippine water and wastewater services provider could be valued at as much as $4bn in the listing. Deliberations are ongoing and details such as size of the offering could change.
Maynilad is evaluating proposals from financial advisers and is planning for a listing in 2025. At $1bn, Maynilad's IPO could be the biggest in the Philippines since 2021 when Monde Nissin raked in slightly over $1bn in its listing, Bloomberg reported.
Hozon Auto appoints CICC and Morgan Stanley for a $1b Hong Kong IPO.
Chinese electric vehicle maker Hozon Auto has appointed China International Capital and Morgan Stanley to work on a Hong Kong initial public offering that could reportedly raise up to $1bn. More banks could be added to the syndicate working on the IPO as the deal progresses.
The size of the offering has not yet been finalised, as the company is still in early preparations and is working on its initial filing documents to be lodged with the Hong Kong Stock Exchange. No firm timeline has been put in place for a listing to take place, DealStreetAsia reported.
CP Group family, LDA Capital launch $2bn growth fund for SE Asia. (FS)
The Chearavanont family, Thailand's wealthiest which controls conglomerate Charoen Pokphand Group, has joined hands with Los Angeles-based LDA Capital to form a private fund dedicated to globally-listed and pre-IPO companies in Southeast Asia's middle market.
CPFam-LDA Asia Growth Fund, which is a partnership between LDA and Charoen Energy and Water Asia, a CP Group family's affiliate, is targeting $2bn in capital commitments over the next 12 to 18 months. The vehicle aims to level the playing field for middle market businesses looking to grow and compete on a global level, DealStreetAsia reported.
"Partnering with CEWA and CP Group family enhances LDA's ability to access business leaders across Southeast Asia and provide necessary innovative and flexible funding solutions to support growth," Anthony Romano, LDA Co-Founder.
Matrix Partners China closes its China-focused fund at $1.6bn. (FS)
Venture capital firm Matrix Partners China has closed its new fund at $1.6bn in what was the largest China-focused venture fund raised this year.
Matrix Partners China VII, the new fund focusing on information technology industries. The venture firm has not announced in public the closing of its new fund, DealStreetAsia reported.
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