AMERICAS
Halifax Group, a private equity firm, completed its acquisition of AAMP Global, a global supplier of vehicle and related consumer technology solutions within the integration, infotainment, high-performance audio, safety, and connectivity product categories, from Audax Private Equity. Financial terms were not disclosed.
“AAMP has benefited from decades of investment in R&D, and the Company occupies an attractive position in the market as a result. We are excited to partner with the AAMP management team to continue that legacy, and we look forward to growing the business together, both organically and through acquisition, for years to come,” Jamie Cavanaugh, Halifax Vice President.
BB&T Capital Markets and Ropes & Gray advised AAMP. DLA Piper and Blicksilver Public Relations advised Halifax Group.
SIRVA Worldwide, a global relocation and moving service provider, agreed to acquire the Global Relocation Business of Realogy, the full-service residential real estate services company in the United States, for $400m.
"The sale of Cartus's Relocation business is part of Realogy's strategy to simplify and streamline our company as we strengthen and hone our value proposition. This transaction will allow Realogy to retain and focus on growing elements of the business that are critical to our value proposition, including our Affinity and other lead generation partnership programs, which benefit from our established Broker Network. It will also allow us to use net proceeds to reduce debt, reinvest in the business, and drive greater long-term value for our shareholders." Ryan Schneider, Realogy CEO and President.
Kirkland & Ellis and Sard Verbinnen & Co are advising SIRWA. Barclays and Skadden Arps Slate Meagher & Flom are advising Realogy.
Resolute Investment Managers, a diversified, multi-affiliate asset management platform, agreed to acquire a majority interest in National Investment Services, an asset manager specializing in fixed-income strategies. Financial terms were not disclosed.
“NIS has established itself as a fixed-income leader delivering outstanding investment results and providing a high level of client service. Bob and his team have built a strong and successful business, and we’re thrilled to provide the support and resources they need to reach their next level of growth,” Gene Needles, Resolute Chairman and CEO.
Berkshire Capital Securities and Foley & Lardner are advising NIS. Skadden Arps Slate Meagher & Flom and Water & Wall Group are advising Resolute.
Acceleration Community of Companies, which is composed of acquired marketing, media and communications agencies and complemented by an advisory service, completed its acquisition of MKG, national creative agency, and Pink Sparrow, a
national design and fabrication shop specializing in experiential environments. Financial terms were not disclosed.
“We studied the market, and it quickly became evident that the experiential space was such a critical specialization to begin the build-out of our community of companies. Between MKG and Pink Sparrow, we have two companies of unmatched creativity and reputation, who excel at their craft, partner with outstanding clients, and, most importantly, have built talented teams thriving in incredible cultures.” Michael Nyman ACC CEO.
Michelman & Robinson advised ACC. JEGI and Lowenstein Sandler advised MKG.
Staple Street Capital, a middle-market private equity firm, agreed to acquire Cyberlink ASP Technology, a managed IT services provider. Financial terms were not disclosed.
“We are excited to partner with Staple Street on the next phase of growth for Cyberlink. This new partnership will provide additional resources and support to help us continue to expand our service capabilities for new and existing clients.” Christopher Lantrip, Cyberlink Founder, and CEO.
Focus Strategies Investment Banking and Jones & Spross are advising Cyberlink. McDermott Will & Emery is advising Staple Street Capital.
Arlington Capital-backed Cadence Aerospace, which manufactures aircraft parts and equipment, agreed to acquire B&E Group's OEM Manufacturing Division, a provider of complex and difficult-to-machine engine components for aerospace and defense customers. Financial terms were not disclosed.
"The acquisition of B&E builds on our investment thesis for Cadence by further expanding the Company's exposure to extremely complex and difficult to manufacture aerospace and defense components. The combination of B&E and Cadence's Tell Tool and ADM divisions creates one of the leading and most technologically sophisticated engine components manufacturers in the industry. Combined with Cadence's strong position in complex structural components, this acquisition further positions Cadence as a critical leader in the aerospace and defense supply chain." Peter Manos, Arlington Capital Managing Partner.
Houlihan Lokey and Jones Day are advising B&E Group.
Enhanced Healthcare Partners, a New York-based private equity firm focused on investing in middle-market healthcare businesses, together with Bourne Partners, a pharma services and consumer healthcare-focused investment firm, agreed to acquire Pharmaceutical Associates, a firm in liquid unit-dose, bottle prescription and over the counter medications. Financial terms were not disclosed.
“We realized we were at an important inflection point in our Company’s evolution and decided it was the right time to bring on financial partners that could help accelerate our growth. Choosing the right partner was a careful and deliberate process. It was clear from the start that EHP’s knowledge and expertise would help propel our vision forward. Besides, BPSC was instrumental in helping orchestrate this transaction, and due to their deep network in the pharmaceutical space, will be a true value-add partner. Together, we can accelerate our plans for expansion and innovation as well as attract the right talent to help grow our dynamic company.” Kurt Orlofski, PAI CEO.
MiddleM Creative is advising Enhanced Healthcare Partners.
Integrity Marketing Group, the nation's largest independent distributor of life and health insurance products, agreed to acquire North American Senior Benefits, an insurance marketing organization based in Lawrenceville, Georgia. Financial terms were not disclosed.
"Partnering with Integrity is a complete game-changer for our business and exactly what we've been looking for to take our agents to the next level. From proprietary products to lead resources and lead inventory, the infrastructure and efficiencies Integrity provides now would take us more than a decade to acquire. Joining Integrity will be like throwing gas on a fire that is already burning bright," Craig Harvey, NASB Co-Founder and President.
Stanton PRM is advising Integrity Marketing Group.
Europcar Mobility Group, a car rental firm in Europe, completed its acquisition of Fox Rent A Car, the independent player in the US car rental market. Financial terms were not disclosed.
The integration and synergies processes begin, with the objective to make Fox Rent A Car the platform for Europcar Mobility Group’s future developments in the USA, the world’s most significant car rental, and mobility market.
“The acquisition of Fox Rent A Car, one of the largest independent players in the US car rental market, is the last key step in our transformational M&A program, which enabled us to become a truly global mobility service company." Caroline Parot, Europcar Mobility Group Chief Executive Officer.
Publicis Consultants advised Europcar.
Infoblox, a privately held IT automation and security company based in California's Silicon Valley, agreed to acquire SnapRoute, a software company in Santa Clara, California. Financial terms were not disclosed.
“We recognize that the future is in the cloud, and to meet customer demands for flexibility, scalability, adaptability, enhanced security and speed, it will become increasingly important for network and security services to be cloud-native. We are thrilled to welcome the SnapRoute team as we work together to leverage their innovative technology and IP to rapidly expand the services we offer on our BloxOne platform,” Jesper Andersen, Infoblox President and CEO.
Laurel Strategies is advising Infoblox.
Nolan Capital, the family office for Peter Nolan, agreed to acquire Ortega National Parks, which specializes in retail and hospitality industries managing commerce in several national, state, and county parks across the United States. Financial terms were not disclosed.
This sale will enable ONP to continue expanding its operations, which now include retail, lodging and hospitality locations in US national, state and county parks.
The Sterling Group-backed Time Manufacturing Company/Versalift, an innovator in the design of aerial lifts for the electric utility, telecommunications, infrastructure, forestry, and sign, light and traffic fleets, agreed to acquire BrandFX, which provides advanced composite service bodies, line bodies, toppers, and other fiberglass components for specialty equipment. Financial terms were not disclosed.
"We are very happy to welcome BrandFX to the Versalift family. With this acquisition, we are better able to serve our customers with the most available units and to expand upon our offering of smarter-designed utility fleets. We continue to offer the promise of the safest and the most reliable equipment with the lowest true cost of ownership, and to extend that value proposition to BrandFX customers," Curt Howell, Time Manufacturing Company/Versalift CEO.
Etix, an international ticketing solutions provider, agreed to acquire Michigan-based Star Tickets and Arizona-based TicketForce, two ticketing firms. Financial terms were not disclosed.
"We look forward to working with both the Star Tickets and TicketForce teams to ensure their clients receive the best technology and service in the industry," Paxton Badham, Etix President.
American Well, a telehealth company, agreed to acquire Aligned Telehealth, a provider of behavioral telehealth and telepsychiatry services to hospitals and health plans. Financial terms were not disclosed.
"Aligned Telehealth is the leading player in on-demand telepsychiatry services, supporting major medical centers and Medicaid plans in their efforts to meet the needs of patients. By adding the Aligned clinical network and expertise, American Well can further expand and enhance our virtual behavioral health programs, an exciting and important endeavor that will positively impact patients, their families, and the treatment teams providing their care, while advancing clinical outcomes and reducing overall costs," Ido Schoenberg, American Well Chairman and CEO.
RealPage, an American multinational corporation that provides property management software, agreed to acquire Buildium, a SaaS real estate property management solution provider. Financial terms were not disclosed.
“The SMB market segment represents a tremendous growth opportunity for RealPage. This is an area where technology is underutilized and currently served by myriad point products. Buildium in concert with RealPage enables us to reach deeper into that market, with a best-in-class platform backed by data science,” Steve Winn, RealPage CEO, and Chairman.
UBS, a Swiss multinational investment bank, and Banco do Brasil, which offers retail and commercial banking services, agreed to form a joint venture. Financial terms were not disclosed.
Subject to regulatory approvals, the jointly-owned investment bank will combine the strengths of two complementary players with local and global resources. UBS brings a global investment banking division, top-ranked research, a unique data analytics platform, and a securities distribution network with global reach.
"This transaction captures a unique opportunity to combine two strong partners with complementary strengths. It will also allow us to better serve our clients in Latin America and around the world while unlocking value for our respective shareholders." Sergio P. Ermotti, UBS Group Chief Executive Officer.
Veeva Systems, the company in cloud-based software for the global life sciences industry, agreed to acquire Physicians World, a provider of speakers bureau services. Financial terms were not disclosed.
“Physicians World has been a strategic partner to Veeva for many years and has a track record of delivering exceptional services and customer success. We are excited to welcome the Physicians World team to Veeva. By bringing together best-in-class software and services, we are making it easier for life sciences to leverage events as part of a more holistic engagement strategy and build stronger customer relationships.” Peter Gassner, Veeva founder, and CEO.
Nielsen set to split into two companies. (FS)
Nielsen Holdings, an American information, data, and measurement firm, is set to split into two publicly traded companies. The decision comes a year after activist investor Elliott Management urged a sale of the company. Its Global Media business will cater to media and advertising clients, while Global Connect business will provide research data to consumer goods companies, Reuters reported.
“Both of these companies can run faster standing on their own. There is very limited synergies between the two businesses,” David Kenny, Nielsen Chief Executive Officer.
Praesidium calls for the sale of Instructure. (FS)
Praesidium Investment Management, an activist investor, joined a push for education software company Instructure to explore a sale.
The New York-based hedge fund has identified dozens of strategic and private equity buyers that might be interested in the company’s learning management platform, Canvas, which owns about 38% of the market now, could be worth $2.5bn, according to Kevin Oram, Praesidium’s Co-founder, and Managing partner.
Global oil firms snub Brazil's oil block auction.
Major global oil firms snubbed a second Brazilian oil auction in a row, passing up promising offshore blocks and forcing officials to reconsider a bidding system that gives a privileged position to state-run Petroleo Brasileiro.
The failure of the auction is also likely to damp broader investor hopes that Brazil is on course to liberalize its historically protectionist economy.
"The fact that two blocks were not auctioned does not reduce the importance of the result of this event. This is the first auction of its kind offering large volumes already discovered, which reduces risk,” the Brazil Oil Institute.
CloudKitchens to raise $400m from Public Investment Fund. (FS)
Travis Kalanick’s secretive new food startup, CloudKitchens, is rumored to have raised $400m in financing from Public Investment Fund, the sovereign wealth fund of Saudi Arabia. The financing reportedly valued the firm at $5bn.
EMEA
AMS launched a renewed $5bn takeover bid for Osram, announced on October 18th, hoping its latest offer would convince investors with a lower acceptance rate and concessions to the German lighting group’s management and trade unions.
The Austrian sensor maker failed with a first offer at the same price of €41 ($45.4) per Osram share last month, a setback for Chief Executive Alexander Everke’s plan to form a European leader for integrated sensor and lighting solutions.
In a move to accommodate trade unions, AMS is ready to apply an employment protection scheme until the end-2022 on the sites in Germany.
Credit Suisse, Goldman Sachs, JP Morgan, Macquarie Group, Kirkland & Ellis, Camarco, and FTI are advising Bain. Osram is advised by Lazard, Perella Weinberg Partners, Freshfields Bruckhaus Deringer, Gleiss Lutz, and Hengeler Mueller. AMS is advised by PwC, Bank of America Merrill Lynch, HSBC, UBS, Herbst Kinsky, Linklaters, Allen & Overy, Schellenberg Wittmer, and Brunswick Group.
Bovis, a national British housebuilding company, and Galliford, a British construction and house-building company, agreed on the terms of their $1.4bn housing merger. The companies announced their intention to combine Galliford's unit with Bovis in September 2019.
“The transaction is an exciting opportunity to create two strategically focused businesses. The significant cash element within the consideration provides a firm foundation for our newly reorganized Construction business to flourish as an independent company. The strong balance sheet and excellent fit between the combining businesses will be a superb platform for both private housebuilding and partnerships, creating a unique and well-positioned housing provider." Graham Prothero, Galliford Try Chief Executive.
Lazard, Davis Polk, Numis Securities, and Powerscourt are advising Bovis. HSBC, Peel Hunt, Rothschild & Co, and Tulchan Communications are advising Galliford Try.
BC Partners-backed United Group, a Balkan telecoms and media company, agreed to acquire Vivacom, Bulgaria’s largest telecoms group, for $1.3bn.
“Vivacom is a well-run company with strong management and I am excited at the opportunities we have to build an even stronger business. Bulgaria is an attractive market and this acquisition will enable us to diversify the Group further. United Group has a great track record in acquiring and successfully integrating businesses, with more than 100 acquisitions since our inception,” Victoriya Boklag, United Group CEO.
Lazard and CMS are advising Vivacom. Citigroup, LionTree Advisors, Paul Weiss Rifkind Wharton & Garrison, and Prosek Partners are advising United Group.
Bushveld Minerals, a low cost, vertically integrated primary vanadium producer, completed its acquisition of the Vanchem Plant from Duferco, a steel products and raw materials provider, for $53m. The Vanchem Plant is primary vanadium producing facility with a beneficiation plant capable of producing various vanadium oxides, ferrovanadium, and vanadium chemicals.
"It is with great pleasure that we announce another transformative acquisition for Bushveld Minerals and its shareholders. True to our previously stated goals, we are pleased to conditionally acquire another brownfield operating asset on South Africa's Bushveld Complex, to cement our position as one of the leading vanadium producers globally and setting us on the path to achieving our 10k mtV per annum production capacity target," Fortune Mojapelo, Bushveld Minerals CEO.
Alternative Resource Capital, BMO Capital Markets, SP Angel Corporate Finance, Brunswick Group, and Tavistock Communications advised Bushveld.
East Capital Holding, an independent asset management group, agreed to acquire Adrigo Asset Management, a manager of two hedge funds. Financial terms were not disclosed.
“Adrigo Asset Management is a welcome addition to the East Capital Group and brings absolute return-focused investing to the range of solutions that we offer clients. We see great opportunities arising from the expertise and the funds that are coming over when the management team and brand join us. I also believe that East Capital Group’s experience in institutional management and the additional resources in the investment team can make a major contribution to Adrigo’s development, especially in the areas of sustainability and corporate governance," Peter Elam Håkansson, East Capital Holding Chairman.
MHP Communications is advising East Capital Holding.
PBS Holding, a reseller of office supplies, paper, and stationery, completed the acquisition of the Czech and Slovak unit of Aurelius-backed Office Depot Europe, an office supply retailing company. Financial terms were not disclosed.
Office Depot Europe and PBS Group have a strong relationship and will collaborate in serving international corporations across the Czech Republic and the Slovak Republic. This strategic acquisition allows PBS Group to strengthen its market position in the relevant markets.
Cline Scientific, a life science company, agreed to acquire Liv Diagnostics, a medical device provider. Financial terms were not disclosed.
“After three years of being apart of a project that has resulted in the development of Liv Diagnostics, we are very excited to help play an even bigger key role in improving cancer care. Cline will now take over Liv Diagnostics, with the goal to take the company and the project to a point where we can speed up the development of the existing product and reduce fatalities among breast cancer patients.” Patrik Sundh, Cline Scientific CEO, President, and co-founder.
Noble Energy, an independent oil and natural gas exploration and production company, completed its acquisition of a 39% stake in Eastern Mediterranean Gas Company, which owns the EMG Pipeline, for $185m.
“The closing of the EMG acquisition will support delivery of natural gas from the Tamar and Leviathan fields into Egypt, and represents a major milestone toward Egypt’s goal of becoming a regional energy hub. This acquisition, combined with our recently announced Dolphinus gas sales contracts offtake increases, provides further confidence in both the long-term export market and growing cash flows from our Eastern Mediterranean assets.” J. Keith Elliott, Noble Energy Senior Vice President, Offshore.
Lutheran World Relief / IMA World Health, an international humanitarian nonprofit organization, agreed to acquire Charlie Goldsmith Associates, a UK-based company that develops and applies context-suitable technology to meet the needs of the world's poorest communities. Financial terms were not disclosed.
"We look forward to offering better and expanded services, in more places, to help more people as well as to lending our technology expertise to Lutheran World Relief's and IMA World Health's programming as opportunities arise," Charlie Goldsmith, Charlie Goldsmith Associates CEO.
Quotient Technology, a digital promotions, media and analytics company, agreed to acquire Israel-based Ubimo, a data and media activation company. Financial terms were not disclosed.
Through its demand-side platform, Ubimo will bring best-in-class technology to strengthen Quotient’s targeted digital media solutions further, accelerate the development of Quotient’s self-service platform, and meet the evolving needs of consumer-packaged goods brands and retailers.
“I am pleased to welcome the Ubimo team to Quotient. This transaction will position Quotient for even stronger performance in the CPG and retail industries we serve. We believe the Ubimo platform will help us accelerate product development of a Quotient self-service platform, one of our strategic objectives.” Steven Boal, Quotient CEO, and Chairman of the Board.
A consortium composed of Madagascar’s Axian Group and Africa-focused private equity firm Emerging Capital Partners agreed to acquire a 51% stake in Togo’s state telecommunications company, Togocom.
The West African government’s acceptance of the bid by the Agou Holding consortium marks the completion of a privatization process announced last year. The deal leaves Togocom - the holding company for Togo Telecom and mobile network operator Togocel.
“This major operation marks a crucial step in the government’s digital roadmap,” Cina Lawson, Minister of Post, the Digital Economy and Technological Innovation.
Saudi Aramco bankers are losing the prospect of bonus payouts.
Bankers for Saudi Aramco’s initial public offering have dangled the possibility of bonus payouts that could take the company’s annual dividend past $100bn in an effort to woo investors for a flotation tipped to be the biggest ever, FT reported.
“Aramco management has stressed the possibility of additional distributions to shareholders above and beyond the minimum dividend pledge,” Bank of America Merrill Lynch said in a report for investors.
Glencore agreed to a $5.8bn rights issue deal with Katanga.
Glencore, a British–Swiss multinational commodity trading and mining company, agreed to a $5.8bn rights issue deal with Katanga Mining, a big Congolese copper and cobalt producer, as part of a debt-for-equity swap. Katanga Mining will subsequently owe Glencore $1.5bn, reducing its debt from $7.7bn.
Glencore, which owns approximately 86% of Katanga, agreed to swap $5.8bn in debt for equity, which will raise its stake further in the firm. Remaining shareholders will also have the chance to take up the rights issue, but it is not yet clear whether they will, Reuters reported.
UniCredit divests its stake in Mediobanca.
Reuters reported that UniCredit, Italy’s largest bank, sold its entire 8.4% stake in Mediobanca, an Italian investment bank. UniCredit has been a long-time shareholder in the venerable merchant bank, which for most of Italy’s post-war history was at the center of a web of cross-shareholdings.
UniCredit, which was Mediobanca’s largest shareholder prior to the sale, said it placed around 74.5m shares at a discount of around 2.3% on the pre-announcement closing price, raising $869m. The settlement is to take place on Nov. 11.
Française des Jeux valued at $3.3bn in IPO prospectus.
Française des Jeux, the operator of France's national lottery games, will be valued at over $3.3bn in its upcoming IPO, according to the prospectus for its stock listing.
The initial public offering will be priced at between $18.27 and $22.04 per share, valuing the company between $3.3bn and $4.2bn, or slightly above expectations.
The state, which owns 72% of FDJ, will retain a 20% stake, allowing it to weigh on governance and strategic choices, said French Finance Minister Bruno Le Maire before the prospectus was released.
FRC chairman calls for an enforced separation of Big Four accountants.
Simon Dingemans, the new chairman of the UK’s audit watchdog, called on the government to break up the Big Four accounting firms to improve the quality of audits.
"Operational separation of at least the Big Four, if not the bigger six firms, should be a centerpiece of reforms driving audit quality improvements. If they are not "robust," there needed to be a “stronger second-tier” of accounting firms. Joint audits lead to duplications, confusion of responsibility and extra costs for no obvious added value," Simon Dingemans FRC Chairman.
Russia-China fund seeks Chinese investors for Saudi Aramco IPO. (FS)
The Russia-China Investment Fund, a private equity fund established jointly by RDIF and China Investment Corporation, is working to lure Chinese investors for Saudi Aramco's planned initial public offering, said the Head of Russia's RDIF sovereign wealth fund.
Aramco kicked off its IPO on Sunday, announcing its intention to float on its domestic bourse in what could be the world's biggest listing as the kingdom seeks to diversify its economy away from oil.
"We don't expect massive investment from Russia because Russia already has a fairly serious oil and gas sector presence in its economy, and we need to diversify the economy, Nonetheless, we confirm that the Russia-China fund is working in this direction to attract a number of Chinese investors to the Aramco IPO," Kirill Dmitriev, RDIF Head.
Kerry is looking for M&A opportunities as DuPont sells unit.
Kerry Group, the flavor and sweetener maker, said it has a “robust” pipeline of potential takeover targets. The Tralee, Ireland-based company is exploring a potential takeover of DuPont Nutrition and Bioscience business, Bloomberg reported.
"The Irish company’s M&A strategy is focused on acquiring rivals to expand globally, as well as exploit efficiency gains," Edmond Scanlon Kerry group CEO.
Air Liquide looking to sell Schuelke.
Air Liquide, a French multinational company which supplies industrial gases and services, is looking to sell its German unit, Schuelke. The sale could fetch as much as $1.1bn.
JP Morgan is advising on the sale.
FlixBus hints no interest in buying Greyhound.
FlixBus, a German bus company, signaled that it is not interested in buying Greyhound, a US-based intercity bus common carrier, saying it will focus on expanding in the US without big deals.
"If I look at our US business, I am very happy about what we are doing there. At the moment, my clear focus in the US is organic growth, not major merger and acquisition. Greyhound doesn’t offer the same benefits to FlixBus as Turkey’s Kamil Koc," Andre Schwammlein, FlixBus Co-founder and CEO.
Acton Capital closed its latest fund at $215m. (FS)
Acton Capital, a Munich-based growth venture capital investor, held the final closing of its new Acton Fund V at $215m. The new fund will focus on tech-enabled business models and startups in their growth stage.
“With the new Acton Fund V we aim to target startups in their growth stage. Our total investment per company will range between $5m and $20m. We are looking for transformational business models across all sectors, which cater to consumers or SMBs. With the new fund, we are ready to support the next generation of great entrepreneurs who want to accelerate growth and build a business that lasts," Christoph Braun, Acton Capital Managing Partner.
APAC
Blackstone said that Japanese hotel operator Unizo had missed a November 6th deadline to agree with conditions set for its proposed $1.6bn takeover bid, but the US buyout group was prepared to embark on more talks.
“Blackstone has not received Unizo’s consent and entry into an agreement between Blackstone and Unizo with respect to the Blackstone offer,” Blackstone.
Unizo is advised by Benedi Consulting, KPMG, ZECOO Partners, Daiwa Securities, Mitsubishi UFJ Financial Group, Davis Polk & Wardwell, Nishimura & Asahi, TMI Associates, Horwath HTL Asia Pacific, Hospitality Capital Management and EY.
Urban Tea, a retailer of specialty teas and baked goods based in Hunan, China, completed its acquisition of a 51% stake in Hunan 39 Pu Tea, a limited liability company organized under the laws of the PRC. Financial terms were not disclosed.
"It is a great honor for 39 Pu Tea to be a part of the public company, Urban Tea. The completion of this acquisition will strengthen our brand recognition and our ability to drive growth together with Urban Tea. As 39 Pu Tea's management, we are confident in Urban Tea's strategic planning and will support our business partner with continuous contributions." De'an Hu, 39 Pu Tea CEO.
SMFG and OCBC bid for a majority stake in PT Bank Permata.
Sumitomo Mitsui Financial Group, a Japanese financial services company, and OCBC Group Holdings, a Singapore-based multinational banking and financial services corporation, are competing to buy PT Bank Permata, an Indonesian based bank, and are working on respective offers, Reuters reported.
Japanese and other Asian banks are increasingly targeting a presence in Indonesia in the hope of tapping an emerging middle class in the country with a population of 260m people.
Investcorp considers launching a $500m PE fund. (FS)
Investcorp, a global alternative investments manager, China Resources, an owner and distributor of food brands in Greater China, and Fung Strategic Holdings, a member of Fung Investments agreed to launch a $500m private equity fund focused on food brands in Asia, especially China, Singapore, and greater Southeast Asia.
Investcorp, China Resources and Fung Investments have already committed $300m of capital to the new fund, which will be jointly owned and managed by its three founding partners.
"We are investing not only in what we consider to be the world's largest and fastest-growing consumer market, and in one of the most defensive sectors, but also in partnership with some of the most respected entities in China," Hazem Ben-Gacem, Investcorp Co-CEO.
Tembusu sets up a $285m fund to support Chinese liquor firms. (FS)
Tembusu Partners, a Singapore-based private equity firm, launched its first China Guizhou Baijiu Fund, with the Renhuai city government-linked Renhuai Moutai Flavor Liquor Industry Development & Investment as a strategic partner, to invest ¥2bn ($285m) in the country’s liquor industry.
The fund will allow international investors to access the explosive growth in Maotai-flavoured liquor, also known as sauce-aroma liquor, through the early years of the production process. The production process spans five years.
"China continues to be an important and strategic market for Tembusu. Tembusu is pleased to launch the first Guizhou Baijiu Fund to finance promising baijiu businesses and support their development towards high-quality growth as we expand and deepen our commitment in China’s dynamic economy," Lim Hwee Hua, Tembusu Partners co-Chairman.
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