AMERICAS
Collier Creek, a special purpose acquisition company, completed the merger with Utz Quality Foods, a manufacturer of branded salty snacks, in a $1.6bn deal.
“Our partnership with Utz brings together the financial and human capital of Collier Creek with an exceptional 100-year-old company that has significant competitive advantages and runway for profitable growth. Utz is an iconic company with a strong portfolio of beloved snack brands, growing positions in the salty snack category, and a competitively advantaged manufacturing and distribution network. We are excited to partner with Dylan and the talented Utz management team to execute our proven operating playbook and drive value for all of our stakeholders," Roger Deromedi, Collier Creek Co-Founder.
Collier Creek was advised by Bank of America Merrill Lynch, Citigroup, Credit Suisse, Nomura, Kirkland & Ellis, and Joele Frank. Utz Quality was advised by Goldman Sachs, Sageworth, Cozen O'Connor, and ICR.
Trine Acquisition, a special purpose acquisition company led by Leo Hindery, Jr. and HPS Investment Partners, agreed to merge with Desktop Metal, a provider of mass production and turnkey additive manufacturing solutions, in a $2.5bn deal. Upon closing of the transaction, the combined operating company will be named Desktop Metal and will continue to be listed on the New York Stock Exchange and trade under the ticker symbol "DM."
"After evaluating more than 100 companies, we identified Desktop Metal as the most unique and compelling opportunity, a company that we believe is primed to be the leader in a rapidly growing industry thanks to their substantial technology moat, deep customer relationships across diverse end-markets, and impressive, recurring unit economics. Ric has put together an exceptional team and board of directors with whom we are excited to partner to create the only publicly traded pure-play Additive Manufacturing 2.0 company," Leo Hindery, Jr., Trine Chairman and CEO.
Desktop Metal is advised by Credit Suisse, Latham & Watkins, and ICR. HPS Investment is advised by Prosek Partners. Trine Acquisition is advised by BTIG and Paul Weiss Rifkind Wharton & Garrison.
GreenVision Acquisition, a SPAC, agreed to merge with Accountable Healthcare America, a healthcare management firm, in a $150m deal. The transaction will introduce AHA as a Nasdaq-listed public company. Upon closing of the transaction, it is expected that GreenVision will be renamed AHA Healthcare and remain on the Nasdaq Stock Market, listed under a new ticker symbol.
“We are excited to announce this transaction with GreenVision, which would create one of the leading publicly-listed population health management companies in the nation if consummated. We believe that our cloud-based technology and medical management platform allows us to provide high-quality, coordinated care that is cost-effective and focused on outcomes," Warren Hosseinion, AHA Chairman and CEO.
AHA is advised by Benchmark Company, Colliers and Dickinson Wright. GreenVision is advised by I-Bankers, Becker & Poliakoff and The Equity Group.
First State Investments, a private equity firm, agreed to acquire a 40% stake in Terra-Gen, a developer and operator of energy solutions, from Energy Capital Partners, a private equity firm. Financial terms were not disclosed.
"California is undergoing a transformation of its power generation resources from a majority of natural gas plants to renewables and battery storage, driven by ambitious energy and environmental policy initiatives. As a leading infrastructure investor, FSI is committed to working with us to help realize Terra-Gen's growth opportunities," Jim Pagano, Terra-Gen CEO.
FSI is advised by Macquarie Group, Mayer Brown, and CL Media Relations. ECP is advised by Citigroup, PJ Solomon, and Latham & Watkins.
MidOcean Partners, a middle-market private equity firm, completed the acquisition of Music Reports, an independent provider of music rights data, administration, and management services, from a private equity firm ABRY Partners. Financial terms were not disclosed.
"MidOcean identified an enormous need for specialized data and service providers to help navigate the incredibly complex web of rights, licenses, and payments. We believe Music Reports serves this need better than anyone in the world, and we are excited to support Dhruv and the management team to grow our new music services platform in the US and internationally,” Barrett Gilmer, MidOcean Managing Director.
Music Reports was advised by Piper Sandler and Morrison & Foerster. MidOcean Partners was advised by Gibson Dunn & Crutcher and Gasthalter & Co.
SunPower, an American energy company that designs and manufactures crystalline silicon photovoltaic cells and solar panels, completed the spin off of its manufacturing operations in a $1bn deal into Maxeon Solar Technologies, which will be a global technology innovator, manufacturer, and marketer of premium solar panels.
"Now is the right time for this strategic spin-off, allowing both SunPower and Maxeon to invest in key programs to drive their future profitable growth. Solar power is poised for significant growth and now each company is well-positioned to succeed based on specific areas of specialization, technology innovation and economies of scale," Tom Werner, SunPower Chairman and CEO.
SunPower was advised by Simpson Thacher & Bartlett. Tianjin was advised by Weil Gotshal and Manges.
Facebook appealed to the UK antitrust tribunal, saying that the Competition and Markets Authority, which is considering investigating Facebook’s purchase of Giphy, has so far refused to ease up on requirements ensuring that the two companies remain separate during the merger probe, Bloomberg reported.
Facebook’s criticism of the UK authority comes amid a spat with the European Union’s antitrust agency. The company last month won a temporary halt to a demand by EU investigators to turn over vast amounts of data, potentially frustrating efforts to build an antitrust case.
The CMA is increasingly voicing concerns about internet giants swallowing up smaller firms. Facebook had to pause its integration with Giphy in June after the CMA said it wanted to investigate whether the deal would give Facebook too much information on its rivals’ operations.
Giphy is advised by JP Morgan and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian. Facebook is advised by Latham & Watkins.
Bain Capital agreed to invest $750m in Nutanix, a cloud computing company.
"Bain Capital Private Equity has deep technology investing experience and a strong track record of helping companies scale. Bain Capital Private Equity's investment represents a strong vote of confidence in our position as a leader in the hybrid cloud infrastructure market and our profound culture of customer delight," Dheeraj Pandey, Nutanix Chairman, Co-Founder and CEO.
Nutanix is advised by Goldman Sachs. Bain Capital is advised by Stanton PRM.
Black Knight, a provider of integrated software, data and analytics solutions, completed the acquisition of DocVerify, a cloud-based electronic signature solution company. Financial terms were not disclosed.
"Black Knight and DocVerify are an exceptional strategic fit, given how our solutions and platforms complement one another. Digital documents are becoming the norm for conducting business in virtually all industries. Black Knight and DocVerify share a commitment to helping our clients move closer to a secure paperless environment through the digitization of the document validation process and a highly secure eNotary solution that our mortgage and real estate clients can leverage to offer a 100% digital closing. We look forward to welcoming the DocVerify team to Black Knight," Anthony Jabbour, Black Knight CEO.
Black Knight was advised by Trasimene Capital.
Patrick Industries, a manufacturer and distributor of component products and building products, completed the acquisition of Synergy RV Transport, a transportation and logistics service provider. Financial terms were not disclosed.
"Synergy is a leading transportation service provider and supply chain partner for its diverse customer base, which includes manufacturers and dealers ranging from nationally known brands to growing mid-size businesses. Its success has been built around a customer-centric focus and its ability to serve as a one-stop-shop. This acquisition represents an attractive growth opportunity that will allow us to partner with the Synergy team to continue to expand our RV transport platform and network. Consistent with previous acquisitions, we will support Synergy with a financial and operational foundation that will allow it to capitalize on its core competencies while preserving the entrepreneurial spirit that has been so important to its success," Andy Nemeth, Patrick President and Chief Executive Officer.
Centricus and Triller seek to acquire TikTok's assets for $20bn. (FS)
Centricus Asset Management, a global investment firm, and Triller, an AI-powered music video app, are seeking to acquire TikTok's operations in the US and several other countries from ByteDance, a Chinese multinational internet technology company, for $20bn, Bloomberg reported.
Investors led by London-based Centricus will partner with US-based Triller, which would have a minority stake in a newly proposed joint entity.
Centricus and Triller submitted their bid to ByteDance for TikTok's assets in the US, Australia, New Zealand and India. The proposal would be made up of $10bn in cash upfront and $10bn in profit-sharing from the resulting venture.
China's tech rules could give Beijing a say in TikTok sale.
China's new rules around tech exports mean ByteDance's sale of TikTok's US operations could need Beijing's approval, a requirement that would complicate the forced and politically charged divestment, Reuters reported. It can take up to 30 days to obtain preliminary approval to export the technology.
China's foreign ministry said that it opposes the executive orders Donald Trump has placed on TikTok and that Beijing will defend the legitimate rights and interests of Chinese businesses.
SpareBox Storage considers $1bn in deals. (FS)
Rizk Ventures-backed SpareBox Storage is seeking to accumulate $1bn in assets to consolidate the fragmented self-storage market. The recently launched company is targeting businesses across the US, intending to make 15 or more acquisitions within the next year.
"Change, whether it's Covid or a recession, tends to create demand for self-storage, which is incredibly resilient throughout different parts of the economic cycle," Rizk Ventures.
KKR close to divesting Epicor to CD&R-led group. (FS)
KKR & Co is close to divesting Epicor Software, a global business software company, to a group led by private equity firm Clayton Dubilier & Rice for around $4.7bn, including debt, WSJ reported.
A deal for the software company could be announced in the coming days. The negotiations are still ongoing, and the deal could fall apart.
Steven Cohen in exclusive talks to acquire a majority stake in New York Mets.
Billionaire Steven A. Cohen is in the driver's seat to acquire a majority stake in the New York Mets, a Major League Baseball team, WSJ reported. Mr Cohen, who saw a previous bid for the team collapse earlier this year, entered exclusive negotiations with the Wilpon family to acquire the club.
"We won't be giving updates on the timeline or process until we are prepared to make a public announcement," Mets spokesman.
AT&T seeks buyers for a majority of DirecTV unit.
AT&T, an American multinational conglomerate holding company, is seeking private equity investors to buy the majority of its DirecTV satellite-television business, helping it cope with a major drag on its operations, Bloomberg reported.
Such a move could let AT&T remove DirecTV from its books while potentially still giving it access to some of the cash flow.
BV Bank resumes IPO process.
BV, formerly known as Banco Votorantim, relaunched its plan to list on the São Paulo stock exchange through an initial offer of stock after stopping the process in March due to the coronavirus pandemic, Reuters reported.
The bank, controlled by the Votorantim Group and Banco do Brasil, asked Brazil's securities regulator CVM to register as a publicly-held company and make an offering of primary and secondary stock.
The coordinators of the operation will be the same as those announced in March: Goldman Sachs, JP Morgan, BB Investimentos, Itaú BBA, Morgan Stanley, Bank of America and UBS.
L Catterton-backed Leslie's Poolmart prepares for an IPO. (FS)
L Catterton, a private equity firm, is preparing an IPO of Leslie's Poolmart, a retailer of swimming pool supplies, that could value the company at more than $3bn, Reuters reported.
The potential IPO comes amid a surge in demand for backyard pools in the United States as consumers living under lockdown measures to curb the spread of the novel coronavirus looks for more at-home leisure activities.
L Catterton hired Goldman Sachs to lead preparations for the IPO.
GoodRx files for a US IPO. (FS)
GoodRx, a telemedicine platform, revealed its IPO documents on Friday, marking yet another major filing during a week that has already seen Palantir Technologies, Asana and Unity Software unveil their paperwork to go public, Reuters reported.
GoodRx, which was valued at $2.8bn in 2018 when private equity firm Silver Lake invested in the company, listed the size of its IPO as $100m, typically a placeholder amount used to calculate fees for advisers.
Nuvei prepares to file for IPO. (FS)
Nuvei Technologies, a seller of payment technology to merchants and software vendors, is preparing to file for an initial public offering in the US and Canada next month.
General Atlantic-backed Empreendimentos Pague Menos considers below-range IPO. (FS)
General Atlantic-backed Empreendimentos Pague Menos, a Brazilian drugstore chain, considers selling shares next week below a targeted range on low demand.
The drugstore chain company may price its IPO below the indicative range of between $1.85 to $2.28 a share since interest from investors at those levels has been below expectations.
GTCR to raise $6.75bn for its biggest buyout fund. (FS)
GTCR, a private equity firm, is seeking to raise $6.75bn for a buyout fund that would be its biggest yet. The firm has begun preliminary discussions with prospective investors, Bloomberg reported.
GTCR focuses on five sectors: technology, business services, media and telecommunications, health care and financial services and technology.
Warburg Pincus seeks to raise $2.5bn for its financial sector fund. (FS)
Warburg Pincus is seeking to raise $2.5bn for its second fund dedicated to financial sector deals, which will be led by Tim Geithner, Warburg Pincus' president.
The private equity firm has begun preliminary talks with investors about the WP Financial Sector II fund, which will invest alongside its flagship vehicle in areas such as payments and financial technology. It plans to formally launch capital-raising efforts in November, with a first close targeted for mid-2021.
BITKRAFT Ventures raises $165m for its gaming industry-focused fund. (FS)
BITKRAFT Ventures, a venture capital firm, closed its new fund after raising $165m, some $40m above its initial target of $125m. BITKRAFT is focused on gaming, esports and interactive media.
"At BITKRAFT, we don't just support forward-thinking entrepreneurs with capital, but also provide experience, resources, and our global network. While we are living in challenging times, our industry is experiencing strong tailwinds and unprecedented opportunities. There is no better time for BITKRAFT to invest," Jens Hilgers, BITKRAFT Ventures Founding General Partner.
EMEA
Far Point, a special purpose acquisition company co-sponsored by the institutional asset manager Third Point and former NYSE President Thomas W. Farley, completed the merger with Global Blue, a strategic technology and payments partner, in a $2.6bn deal. Existing Global Blue owners including technology investor Silver Lake will remain significant shareholders.
"I am delighted about this collaboration with Far Point and Tom, as I believe it will help create long-term value for Global Blue and its shareholders. In recent years, we have built a true leader in our industry, powered by a cutting-edge integrated technology platform. We strongly believe that continued investment in innovation will bring value to all our partners and customers, and we look forward to accelerating our strategic collaboration with Ant Financial as a showcase of such innovation," Jacques Stern, Global Blue CEO.
Global Blue was advised by BNP Paribas, Barclays, PJT Partners, Kirkland & Ellis, Niederer Kraft & Frey, Simpson Thacher & Bartlett, and Brunswick Group. Third Point Ventures was advised by BakerHostetler. Ant Financial was advised by Linklaters. Far Point was advised by Bank of America Merrill Lynch, Barclays, Credit Suisse, JP Morgan, PJT Partners, Royal Bank of Canada, Bar & Karrer, Morgan Lewis & Bockius, Wolf Theiss, and Sard Verbinnen & Co. Debt financing to Far Point was provided by BNP Paribas, Bank of America Merrill Lynch, Barclays, Credit Suisse, JP Morgan, Morgan Stanley, and Royal Bank of Canada.
Aon, a global professional services firm providing a broad range of risk, retirement and health solutions, and Willis Towers Watson, a British global multinational risk management, insurance brokerage and advisory company, received shareholder approval for their proposed merger. The combination, which remains subject to customary regulatory and other closing conditions, is expected to close in the first half of 2021.
"Today marks an important milestone towards completing the transaction. The vote reflects our shareholders' confidence in this next step of our journey. We are pleased with the outcome of today's meetings, and we thank all of our shareholders for their support of this combination that will bring together our complementary strengths and expand our capacity to address unmet client need," John Haley, Willis Towers Watson CEO.
Willis Towers Watson is advised by Goldman Sachs, Herbert Smith Freehills, Matheson, Skadden Arps Slate Meagher & Flom and Weil Gotshal and Manges. Financial advisors of Willis Towers Watson are advised by Cleary Gottlieb Steen & Hamilton. Aon is advised by Credit Suisse, Morgan Stanley, Arthur Cox, Freshfields Bruckhaus Deringer, Latham & Watkins and Joele Frank. Financial advisors of Aon are advised by Cravath Swaine & Moore.
IFF, an American corporation producing flavors and fragrances, and DuPont, a company focused on technology-based materials, ingredients and transformative solutions, announced that IFF shareholders voted to approve the issuance of shares of IFF common stock in connection with the previously announced proposed merger of IFF and DuPont's Nutrition & Biosciences business.
"We are pleased to have received the strong support of IFF shareholders, who have recognized this unique opportunity to create a leading ingredients and solutions provider which is better positioned to meet our customers' evolving needs and unlock long-term value creation. We've already made tremendous progress in the integration planning process to develop a purpose, vision and operating structure for our future combined company and today's milestone brings us that much closer to bringing the combination to life," Andreas Fibig, IFF Chairman and CEO.
DuPont is advised by Credit Suisse, Evercore, Alston & Bird and Skadden Arps Slate Meagher & Flom. IFF is advised by Greenhill & Co, Morgan Stanley, Cleary Gottlieb Steen & Hamilton and Debevoise & Plimpton. Debt financing is provided by Credit Suisse and Morgan Stanley. Debt providers are advised by Weil Gotshal and Manges.
The merger between Tilney, a financial planning and investment firm, and Smith & Williamson, a United Kingdom financial and professional services firm, is set to complete on September 1, having previously been delayed by the coronavirus pandemic and intervention from the Financial Conduct Authority.
"Although the combined group will be known as 'Tilney Smith & Williamson', we will continue to trade as Smith & Williamson as normal. Please be assured you can expect to receive the same high levels of client service to which you are accustomed while our fee structure and charges will remain unchanged," Smith & Williamson.
Smith & Williamson is advised by Keefe Bruyette & Woods, Stifel and Macfarlanes. Tilney is advised by Evercore and Freshfields Bruckhaus Deringer. Warburg Pincus is advised by Rothschild & Co and Kirkland & Ellis. AGF is advised by Spencer House and DAC Beachcroft.
Levine Leichtman Capital Partners, a private equity firm, agreed to acquire BigHand, an application software services provider, from private equity firms Bridgepoint Development and LDC. Financial terms were not disclosed.
"My team and I are delighted to partner with LLCP as we seek to accelerate growth and further strengthen our market position. LLCP has a long history of being a value-added partner to its portfolio companies throughout North America, the UK and Europe. Their successful experience with other legal services businesses, as well as their strategic, financial and M&A expertise, should contribute meaningfully to the continued growth of our business,” Sam Toulson, BigHand CEO.
LLCP is advised by PricewaterhouseCoopers, Zeus Capital, and Willkie Farr & Gallagher. Bridgepoint is advised by Ernst & Young, Rothschild & Co, and Travers Smith.
Siemens Energy, the power division being spun off from parent Siemens next month, plans to close plants in an effort to raise margins, Reuters reported.
Siemens is spinning off 55% of the energy unit, which makes gas turbines, transmission systems and owns a 67% stake in wind turbine maker Siemens Gamesa. It will retain a direct stake of 35.1%, with the Siemens Pension-Trust owning the rest.
Siemens is advised by Clifford Chance.
Elliott considers bidding for Aryzta. (FS)
Elliott Management, a US hedge fund, is considering a bid for Aryzta, a Switzerland-based baking company, Bloomberg reported. Aryzta has separately been attracting interest from private equity suitors, including Apollo Global Management and Cerberus Capital Management.
The discussions are at an early stage, and there is no certainty Elliott will proceed with a formal offer.
KKR considers acquiring a stake in BT after shares tumble. (FS)
A plunge in BT Group's share price this year catapulted the UK telecoms company on to the radar of KKR.
KKR's dealmakers are monitoring Britain's former phone monopoly, whose shares have almost halved in 2020, and could ultimately decide to make a move.
Deutsche Bank bids for some of Wirecard assets.
Deutsche Bank, a multinational investment bank, submitted a bid for some of Wirecard's German assets, but the administrator of the insolvent payments company considers it too low, Bloomberg reported.
The offer from Germany's largest lender for Wirecard Bank and some related companies was one of several. All the non-binding bids were well below $119m, which Wirecard administrator Michael Jaffe sees as a minimum to proceed with a sale rather than a liquidation.
Macquarie to present a binding offer for Enel's 50% stake in Open Fiber. (FS)
Macquarie, an investment bank and financial services company, is preparing a binding offer for Enel's 50% stake in broadband joint venture Open Fiber.
The offer, which should be presented by early-September, would value Open Fiber at $9.1bn, including debt.
Hella considers divesting its software unit.
Hella, a German automotive supplier, is considering divesting its driver-assistance software unit, Bloomberg reported.
Hella is working with advisers to gauge interest in the business. It could fetch several hundred million euros. The unit may attract interest from automotive suppliers, carmakers investing in autonomous driving and technology companies.
SoftBank-backed Auto1 ramps up IPO preparations. (FS)
Auto1 Group, the German online used-car marketplace, is ramping up preparations for a planned IPO, Bloomberg reported. The company is inviting banks to pitch for a role in the share sale. It is considering Frankfurt as a listing venue.
Peter Thiel-backed Compass Pathways files for US IPO.
Peter Thiel-backed Compass Pathways, a mental health care company, filed for a US IPO, Reuters reported. The United Kingdom-based company, in which Thiel owns a 7.54% stake, said it plans to list its American depositary shares on the Nasdaq under the ticker "CMPS".
Cowen, Evercore and Berenberg are the joint book-running managers for the IPO.
ArchiMed closes its third fund at $1.2bn. (FS)
ArchiMed, a Lyon-based healthcare-focused private investment firm, announced the final close of its third mid-market private equity fund, MED Platform I, with $1.2bn of total commitments. The fund will focus on acquiring majority stakes in European and North American mid-cap healthcare sectors with investment size ranging from $59m to $595m.
Based on the initial fundraising target of $952m, the fund is oversubscribed by 25%, at final close. The fund received commitments from institutional investors and family offices with 70% committed by investors from Europe and the remaining 30% from North America.
APAC
Indian government approved Brookfield Asset Management's proposal to acquire a $3.7bn stake in Reliance Jio Infratel, India's largest wireless infrastructure services provider.
The approval from the government comes after about a year of the proposal. Reliance Chairman Mukesh Ambani plans to use the proceeds to repay existing financial liabilities and acquire stakes in Reliance Jio Infratel, which Reliance Industries doesn't already hold.
Reliance Jio Infratel is advised by Cyril Amarchand Mangaldas. Brookfield is advised by AZB & Partners.
PAG, a private equity firm, agreed to acquire a 51% stake in Edelweiss Wealth Management, a diversified financial services provider, from Edelweiss Group, an investment and financial services company, for $300m.
"In PAG we have found a great partner with global experience and strong capabilities. This investment endorses our core strategy of incubating businesses, building value and growing them into market leaders as they gradually move from interdependence to independence. We remain committed to unlocking value for businesses and shareholders alike and remain future-ready to ride the economic trajectory post-Covid," Rashesh Shah, Edelweiss Group Chairman & CEO.
PAG is advised by Adfactors PR.
Reliance Industries, a business conglomerate, offered to acquire the retail and wholesale business and the logistics and warehousing business of Future Group, an Indian conglomerate company, for $3.4bn.
"With this transaction, we are pleased to provide a home to the renowned formats and brands of Future Group as well as preserve its business ecosystem, which have played an important role in the evolution of modern retail in India. We hope to continue the growth momentum of the retail industry with our unique model of active collaboration with small merchants and kiranas as well as large consumer brands. We are committed to continue providing value to our consumers across the country," Isha Ambani, Reliance Retail Director.
Private equity firm Sequoia China led a $173m funding round in Viva Republica, a FinTech company. Other existing investors who participated in the round include Aspex Management, Kleiner Perkins, Altos Ventures, Goodwater Capital and Greyhound Capital.
“We are building a financial super app fundamentally innovating across every facet of consumer finance. We believe that this fundraising has brought us a step closer to reaching our goal,” SeungGun Lee, Viva Republica Co-Founder and CEO.
A consortium led by Mirae-N, an education group, and private equity firms Nvestor and Corstone Asia agreed to acquire Young Toys, a toys manufacturer from PAG Asia, a private equity firm, for $127m.
The sale of Young Toys, Korea’s leading toymaker, was on hold after the strongest candidate Mirae-N sat on its decision in March amid growing economic uncertainty surrounding the coronavirus virus outbreaks. But negotiations resumed as Young Toys saw an unexpected rise in sales amid protracted suspension of preschools and kindergartens.
SoftBank to divest $12.5bn of wireless unit stock.
Masayoshi Son's SoftBank Group will sell about $12.5bn of the stock it holds in its Japanese wireless operation, adding to massive asset sales that have helped his conglomerate get back on track after missteps with startup investments, Bloomberg reported.
The Tokyo-based parent said it will divest 927m shares in its Japanese wireless operation, through a global secondary offering, about a third of its stake. The carrier's stock, which closed at $13.5 on Friday, will be sold at a discount of 3% to 5%. Separately, the wireless unit said it will buy back up to 1.68% of its shares for about $941m.
GMR Infrastructure to spin off and list airports business.
GMR Infrastructure, an infrastructural company, announced a strategic restructuring of its business verticals, including a spin-off and the listing of its airports business, Livemint reported.
"The restructuring is a step in the right direction towards creating pure plays in different businesses of the group, thereby attracting sector-specific global investors and unlocking value for the current shareholders of GIL. This will also pave the way for focused growth and sustained value creation for all stakeholders over a period of time," GMR Infrastructure.
BlackRock gets regulators' approval to set up China mutual fund unit. (FS)
BlackRock is the first global asset manager to win regulatory approval to set up a mutual fund unit in China, as Beijing throws open its $2.58tn sector, Reuters reported. The world's biggest asset manager by assets got the green light on August 21 to form a wholly-owned subsidiary in Shanghai.
The unit would expand BlackRock's presence in China's fast-growing asset management market, where it already has a mutual fund venture with Bank of China and is setting up a wealth management venture with Temasek and China Construction Bank.
Sachin Bansal considers acquiring Liberty General Insurance.
Sachin Bansal, Co-Founder of India's biggest online retailer Flipkart, is in talks with the promoters of Liberty General Insurance, a private general insurance company, to buy out its insurance business, Livemint reported.
Bansal, who exited Flipkart in 2018, plans to merge the acquired insurance business of Liberty with Navi General Insurance, a unit of Navi Technologies, a provider of data analytics to simplify loan applications.
NSE likely to get Sebi nod for IPO.
After protracted delays, the $13bn IPO by the National Stock of Exchange of India, the stock exchange of India, is close to getting regulatory approval.
"Sebi did not formally allow NSE to restart the IPO process due to pending regulatory investigations and actions. As of today, the number of pending regulatory actions and investigations against NSE has reduced; in some cases, quasi-judicial proceedings are underway. Considering this, Sebi could soon give assent to the public offer," Securities and Exchange Board of India.
Yum China gets green light for Hong Kong second listing.
Yum China Holdings, a fast-food restaurant company, received the green light from the Hong Kong stock exchange for its proposed second listing, adding to the list of billion-dollar share sales in the Asian financial hub.
Yum China is considering weighing investor demand for the share sale as soon as next week. Yum China could raise about $2bn. Details of the offering are not final and could change.
Yunqi Partners targets $275m for its third fund. (FS)
Yunqi Partners, a Chinese venture capital firm that primarily backs early and middle-stage startups, is aiming to raise up to $275m for its third fund, Yun Qi Partners III.
Yunqi Partners is focused on investing in artificial intelligence, big data, Internet of Things, advanced manufacturing, enterprise SaaS and services, and B2B supply chain platforms.
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