The Blackstone Group agreed to acquire Chamberlain Group, a provider of smart access solutions across residential and commercial properties, from The Duchossois Group, an investment company, for $5bn.
"Today marks an important inflection point for Chamberlain Group as it continues its growth and transformation story. I enthusiastically support this transaction because it is in the best interests of our shareholders and our Company. Blackstone’s deep experience and success in forming large corporate partnerships with family-led companies provides us with the perfect foundation to propel Chamberlain Group through its next chapter. Blackstone’s extensive presence across geographies will help Chamberlain Group build meaningful relationships and capitalize on new market opportunities," JoAnna Sohovich, Chamberlain Group CEO.
Blackstone is advised by Barclays, DBO Partners, Wells Fargo Securities and Simpson Thacher & Bartlett. Debt financing is provided by Barclays, Citigroup, Deutsche Bank and Wells Fargo Securities. The Duchossois Group is advised by BDT Capital Partners and Jones Day.
Pacific Investment Management Company, a global investment management firm focusing on active fixed income management, agreed to acquire Columbia Property Trust, a real estate investment trust company, for $3.9bn.
"Today's announcement represents the result of a comprehensive strategic review process and demonstrates the value and stability of Columbia's portfolio, the resiliency of our platform, and the capabilities of our team," Nelson Mills, Columbia President and CEO.
Columbia is advised by Eastdil Secured, JP Morgan, Morgan Stanley, Wachtell Lipton Rosen & Katz and Joele Frank. PIMCO is advised by Cushman & Wakefield, Deutsche Bank, Goldman Sachs, Latham & Watkins and Milbank.
Avantor, a global provider of mission-critical products and services to customers in the life sciences and advanced technologies & applied materials industries, agreed to acquire Masterflex, a global manufacturer of peristaltic pumps and aseptic single-use fluid transfer technologies, from GTCR and Golden Gate Capital-backed Antylia Scientific, a provider of peristaltic and single-use bioprocessing solutions, for $2.9bn.
"The acquisition of Masterflex reflects our commitment to the biopharma industry, and our ability to identify and execute on value-creation opportunities. The business enhances our portfolio of proprietary technologies and strengthens our position in the highest growth segments of the market. Both Avantor and Masterflex share a strong culture of innovation and excellence, and we look forward to welcoming Masterflex's highly skilled team to the Avantor family," Michael Stubblefield, Avantor President and CEO.
Avantor is advised by Dyal Co, Jefferies & Company and Simpson Thacher & Bartlett. Debt financing is provided by Citigroup and Goldman Sachs. Antylia Scientific is advised by JP Morgan, Perella Weinberg Partners and Kirkland & Ellis.
Enbridge, a multinational pipeline company, agreed to acquire Moda Ingleside Energy Center, a crude export terminal, from EnCap Flatrock Midstream-backed Moda Midstream, a liquids terminaling and logistics company, for $3bn.
"MIEC is a flagship asset. We are very proud of the safe and responsible growth we have achieved since we purchased the asset less than three years ago. The site was originally designed by the US Navy to support a carrier battle group and, despite the uncertainty following its closure, has developed into the nation's largest exporter of crude oil, creating jobs and economic prosperity for the Coastal Bend. I want to congratulate everyone on the Moda team for their excellent work and many accomplishments. We are all excited to watch and support MIEC's continued development and operational excellence under the ownership of a world-class company like Enbridge," Bo McCall, Moda Midstream President, CEO and Founder.
Enbridge is advised by Barclays and Sidley Austin. Moda Midstream is advised by Credit Suisse, Vinson & Elkins and Ten|10 Group. EnCap is advised by Shearman & Sterling.
Butterfly, a Los Angeles-based private equity firm, agreed to invest in Chosen Foods, a provider of avocado oil and avocado-based kitchen staples. Financial terms were not disclosed.
"This partnership brings unprecedented opportunity to grow globally and expand our impact on consumers' health through delicious, nourishing avocado products. We can't wait to collaborate on our shared avocado obsession and the next chapter of Chosen Foods," Gabriel Perez Krieb, Chosen Foods CEO.
Chosen Foods is advised by Bank of America, Davis Polk & Wardwell and Startr Co. Butterfly is advised by Kirkland & Ellis and Sitrick and Company.
State Street, a financial services and bank holding company, agreed to acquire the investor services business from Brown Brothers Harriman, a private investment bank, for $3.5bn.
“The Investment Servicing industry enjoys strong fundamentals as worldwide growth in financial assets drives industry revenues. This combination with BBH Investor Services helps us consolidate our position as the industry innovator and leader,” Ron O'Hanley, State Street Chairman and CEO.
State Street is advised by Goldman Sachs, Davis Polk & Wardwell and Joele Frank. BBH is advised by Lazard and Sullivan & Cromwell.
Sarnova-backed Cardio Partners, a provider of emergency preparedness solutions, completed the acquisition of Allied 100, a nationwide distributor of automated external defibrillators, from Ridgemont Equity Partners, a private equity firm. Financial terms were not disclosed.
"The Allied 100 team welcomes the opportunity to join Cardio Partners, another customer-centric company, to offer expanded services to our customers. This combination strengthens and brings emergency preparedness to the forefront in the communities and workplaces we live and work," Mike Berg, Allied 100 CEO.
Allied 100 was advised by Robert W Baird and K&L Gates. Sarnova was advised by Harris Williams & Co and Simpson Thacher & Bartlett.
Private equity firm L Squared Capital Partners and PSG agreed to invest in Lumaverse Technologies, a provider of constituent management and engagement software. Financial terms were not disclosed.
"Lumaverse has built a differentiated software platform within an attractive market segment that we believe is poised for strong growth. We are excited to partner with PSG and management to support the company's next phase of growth. We plan to accelerate the company's development both organically and through acquisitions to further enhance the value proposition for its large, growing customer base," Adam Kimura, L Squared Partner.
Lumaverse Technologies are advised by Canaccord Genuity and Morgan Lewis & Bockius. PSG is advised by Weil Gotshal and Manges. L Squared is advised by Vedder Price.
Shutterstock, a provider of stock photography, agreed to acquire PicMonkey, an online photo editing and design service, for $110m.
"Content is at the core of Shutterstock's offering, and selecting an asset is just one step of the creative process. A key element of Shutterstock's strategy and vision is providing a suite of solutions for the entire creative journey, regardless of experience or expertise level," Stan Pavlovsky, Shutterstock CEO.
Shutterstock is advised by CapM Advisors and Sheppard Mullin Richter & Hampton. PicMonkey is advised by Lightning Partners and Latham & Watkins.
Planmeca, a Finnish manufacturer of high-tech dental equipment, agreed to acquire the KaVo Treatment Unit and Instrument business of Envista, a global family of more than 30 trusted dental brands, for $455m.
"Envista is focused on its strategic priorities to build and optimize a more consumables and digitally enabled, workflow-oriented portfolio. This sale will better position Envista to invest organically and inorganically and expand our product offerings within these areas," Amir Aghdaei, Envista CEO.
Envista is advised by JP Morgan and Kirkland & Ellis.
Builders FirstSource, a manufacturer and supplier of building materials, agreed to acquire California TrusFrame, the largest independent producer of value-added building products in California, for $180m.
"We are pleased to strengthen our broad portfolio of industry-leading solutions and valued-added products with the acquisition of CTF. CTF's uniquely positioned operations will allow us to expand our offerings and production capacity in the largest housing market in the country, delivering benefits to our new and existing customers. We are excited to welcome Shawn and the rest of the CTF team to Builders FirstSource and look forward to enhancing our established platform and resources to further grow our value-added capabilities in this important market," Dave Flitman, Builders FirstSource President and CEO.
Thompson Street, a private equity firm, completed the acquisition of Vector Laboratories, a manufacturer of labeling and visual detection reagents, from Maravai LifeSciences, a provider of enabling tools and services in the life sciences research and bioproduction industries. Financial terms were not disclosed.
“Maravai has been critical in helping strengthen Vector Laboratories’ operations, including innovative solutions to better serve our academic and early development stage customers,” Lisa Sellers, Vector CEO.
Thompson Street was advised by BackBay Communications.
Invitae, a medical genetics company, agreed to acquire Ciitizen, a patient-centric consumer health tech company, for $325m.
"Invitae is relentlessly pursuing a day when genetics is used routinely to improve healthcare for billions of people around the globe. We believe combining Ciitizen's state-of-the-art, transparent and patient-consented platform with our technologies and services will accelerate our evolution into a genome information company that informs healthcare throughout one's life. This would give us the ability to engage patients, create an innovative patient-centered data ecosystem and deliver better outcomes for everyone. Invitae views the acquisition of Ciitizen as an important part of its strategy to be the industry leader across the genetic testing, software and health information technology spaces," Sean George, Co-Founder and CEO.
GrubMarket, a food delivery service, completed the acquisition of Bartolotta, a full-service provider of fresh fruits and vegetables. Financial terms were not disclosed.
"We are excited to join the GrubMarket team and welcome the opportunities brought forth by GrubMarket's robust technology platform and network. Our mission is to offer dedicated services and finest-quality produce to our clients. We are thrilled to learn that GrubMarket shares this same mission. We sincerely look forward to joining the GrubMarket team and bringing Bartolotta to the next level of success," Kevin Bartolotta, Bartolotta CEO.
Communications & Power Industries, a global manufacturer of electronic components and subsystems, agreed to acquire the ESSCO business, a manufacturer of metal space frame ground radomes that support a variety of applications, including air defense, weather radar, air traffic control, and satellite telemetry and tracking, from L3Harris Technologies, an American technology company.
"CPI and ESSCO are an excellent fit. CPI offers a wealth of experience, knowledge and resources that have been focused on airborne and shipboard radomes for commercial and government customers. ESSCO brings new materials, processes and capabilities, primarily for ground-based defense and government programs, that complement CPI's existing offerings. The combination of our organizations will enable both businesses to grow and will enhance the portfolio of products and services we are able to offer customers for communications, radar and electronic warfare applications," Andy Ivers, CPI President and COO.
Deutsche Telekom deepens bet on US market with SoftBank deal.
Deutsche Telekom struck a $7bn share-swap deal with SoftBank Group to increase its stake in US unit T-Mobile and sold its Dutch unit in a major shake-up that strengthens the German group's transatlantic focus.
The deal highlights how Deutsche Telekom is focusing on the US market. Merger of T-Mobile US is already the largest shareholder, and last year it helped compete with Verizon and AT&T in a SoftBank-backed sprint.
Althaia seeks to raise $155m in IPO.
Althaia, a pharmaceutical company, plans an initial public offering to raise roughly $155m. The company set a price range between $2 and $2.5 per share. The final price will be set on September 23. The company, founded in 2010, plans to use the proceeds to build a new plant, invest in research and step up its working capital and capital structure.
Both the company and its shareholders intend to sell shares in the offering, it said in the document. According to Althaia, the offering would involve 52.4m new shares issued by the company and 13.9m shares to be sold by its founder and president, Jairo Yamamoto.
French waste and water management companies Veolia and Suez will seek EU antitrust approval this month for their tie-up to create a national champion better able to compete with Chinese rivals, Reuters reported.
The move and other possible minor asset sales could help Veolia and Suez secure the green light from the European Commission following its preliminary review.
Suez Group is advised by Goldman Sachs, JP Morgan, PJT Partners, Rothschild & Co, Societe Generale, Bredin Prat, Darrois Villey Maillot Brochier, Sullivan & Cromwell, Wachtell Lipton Rosen & Katz and Brunswick Group. Ardian is advised by Linklaters and Headland Consultancy. Veolia is advised by Bank of America, Citigroup, Credit Agricole, HSBC, Messier Maris & Associes, Morgan Stanley, Perella Weinberg Partners, Cleary Gottlieb Steen & Hamilton, Flichy Grange Avocats, Gide Loyrette Nouel, Hogan Lovells, Patrice Gassenbach, Peltier Juvigny Marpeau & Associes, Xavier Boucobza and Image Sept. Engie is advised by BNP Paribas, Centerview Partners, Credit Suisse, Lazard, d'Angelin & Co, Weil Gotshal and Manges, Estudio de Comunicacion and Havas Paris.
Nvidia is facing fresh opposition over its $40bn deal to acquire Arm Holding, this time from EU officials who say that concessions made by the US chipmaker do not go far enough to mitigate potential damage to rivals, FT reported.
The concerns come after the UK’s Competition and Markets Authority said last month that the transaction risked suffocating innovation and harming competitors. Worries have emerged among officials in the EU’s competition unit, which will be in charge of probing the merger.
EU regulators are not the only ones who think the deal still faces an uphill struggle. Some people advising Nvidia say they are growing concerned the acquisition is doomed after the UK’s competition watchdog recommended an in-depth investigation following serious concerns of harm to rivals.
Arm Holding is advised by Hogan Lovells. Nvidia is advised by Morgan Stanley, AZB & Partners, Cleary Gottlieb Steen & Hamilton, Latham & Watkins and Brunswick Group. SoftBank is advised by Goldman Sachs, The Raine Group, Zaoui & Co, Morrison & Foerster, Kekst CNC and Sard Verbinnen & Co. Financial advisors are advised by White & Case.
Private equity firms Apax Partners and Warburg Pincus agreed to acquire T-Mobile Netherlands, a European telecommunications operator, from Deutsche Telekom, a German telecommunications company, and Tele2, a European telecommunications operator headquartered in the Kista Science City, Stockholm, for €5.1bn ($6bn).
"Today is a big day for us. We are excited about the path ahead and to work together with Apax and Warburg Pincus over the coming years. We are looking forward to continuing our strategy in the Dutch market, offering superior value to our customers. As such, we remain steadfast in our promise to deliver the best possible customer experience, powered by the best mobile network in the world. We have come a long way and repositioned T-Mobile as a winning player by driving innovation and change within the market, being the first mobile operator to offer unlimited and nationwide 5G. I am proud of what we as a team have achieved in the past and believe we are today better positioned than ever for the next chapter," Søren Abildgaard, T-Mobile Netherlands CEO.
Apax Partners and Warburg Pincus are advised by Credit Suisse, LionTree Advisors, Freshfields Bruckhaus Deringer, Stibbe and Simpson Thacher & Bartlett. Deutsche Telekom is advised by Morgan Stanley and De Brauw Blackstone Westbroek.
Silver Lake Partners, a global technology investment firm, agreed to invest in RAC, the UK's breakdown assistance provider, joining existing investors CVC and GIC. Financial terms were not disclosed.
"RAC is a strong brand, and the company has been known for a long time for its quality of service and focus on the customer. CEO Dave Hobday and his team have adopted an ambitious plan to invest in digital technologies to further improve the offering and relationships with customers, and we look forward to assisting them implement it," Simon Patterson, Silver Lake Managing Director.
RAC is advised by Bank of America, Goldman Sachs and Freshfields Bruckhaus Deringer. Silver Lake is advised by JP Morgan and Baker McKenzie.
AnaCap Financial Partners, a specialist mid-market private equity investor in technology enabled financial services, agreed to invest in WebID, a German digital identification provider. Financial terms were not disclosed.
"WebID is a very impressive company and one we have been tracking for some time, given its footing in the high growth digital identification market in Germany. The banking landscape there is witnessing sustained growth from increasing channel shifts of online vs. offline and the penetration of KYC in online processes that we believe will ultimately lead to a fully online customer journey. WebID is extremely well placed to enable, facilitate and capitalise on this trend, particularly for large banks who are keen adopters for security, operational efficiency and cost management purposes. There is also significant further upside potential through the possible deployment of digital identification solutions in additional verticals going forward via the likes of eGov and eHealth, fuelled by actual real use cases and existing favourable legislation. We look forward to supporting management in the next stage of growth for WebID," Tassilo Arnhold, AnaCap Partner.
WebID is advised by Rothschild & Co. AnaCap is advised by GCA Altium, Norton Rose Fulbright and Proskauer Rose.
Saudi Arabia’s sovereign wealth fund Public Investment Fund, Saudi Arabia-based holding company Sultan Holding and Prince Saud bin Fahad, agreed to acquire an 80% stake in Zain Saudi Arabia, a telecommunication company, for $807m.
PIF made a non-binding offer to acquire a 60% stake in Zain Saudi, while Sultan Holding Company offered to buy a 10% stake in Zain Saudi’s towers. Saudi Prince Saud bin Fahad offered to buy a 10% stake in Zain Saudi’s towers. If the deal goes ahead it would be the first sale of telecommunications infrastructure in the kingdom, despite years of the three main mobile operators trying to reach a deal with each other or with external investors.
EQT Partners, a private equity firm, completed the investment in Storytel, a Swedish audiobook streaming subscription service. Financial terms were not disclosed.
"The EQT Public Value advisory team looks forward, pending the Extraordinary General Meeting, to working together with shareholders, board and management on the next phase of Storytel's growth journey," EQT.
Amyris, a synthetic biotechnology company, completed the acquisition of Beauty Labs, a provider of AI technology that provides breakthrough connected consumer experiences to the beauty and wellness community. Financial terms were not disclosed.
"Our Beauty Labs team is excited to become part of Amyris and to help pioneer the next generation of digital consumer experiences. A connected consumer is the future of the beauty and wellness industry, and we are proud to be joining Amyris to bring a new level of sophistication to the consumer experience," Mark Gerhard, Beauty Labs Founder.
ALD, a provider of full-service leasing, completed the acquisition of a 17% stake in Skipr, a mobility as a service startup. Financial terms were not disclosed.
“Our vision at Skipr is to make sustainable mobility the default option for professionals. ALD’s Move 2025 strategy, combined with the new fiscal levers made this partnership a natural move for us. Combining our technology with ALD’s ambitions and network positions us ideally to have the European impact we ambition,” Mathieu de Lophem, Skipr CEO.
KKR approaches Zooplus with a $3.3bn deal. (FS)
KKR is in talks to acquire Zooplus, a pet supply retailer, in a $3.3bn deal. KKR is posing as a challenge to Hellman & Friedman, which had submitted a bid for Zooplus last month.
"Both KKR and EQT have approached the company with a qualified and credible financial as well as strategic proposal. Currently, there is no certainty whether the discussions will eventually result in a public takeover offer by either of those parties," Zooplus.
First Abu Dhabi explores a $1bn deal for Magnati.
First Abu Dhabi Bank, the largest bank in the United Arab Emirates, has kicked off the sale of a stake in its payment processing business Magnati, in a potentially $1bn deal.
The banking group is working with Morgan Stanley to reach out to potential investors. The sale could attract interest from companies in the financial industry as well as private equity firms.
First Abu Dhabi Bank completed the carveout of Magnati into a fully-owned subsidiary in April. FAB might decide to keep a stake in Magnati after any deal.
Sportradar Group eyes $500m in IPO proceeds.
Sportrader Group, a Swiss-based online betting service said it plans to offer 19m shares at $25 to $28 per share in its upcoming initial public offering under the symbol SRAD on the Nasdaq. Based on the midpoint of the range, the company will raise about $504m.
With about 1.1bn Class A and Class B ordinary shares to be outstanding after the IPO, Sportradar will have a market capitalization of about $29bn based on the midpoint of the IPO price range. Sportradar is selling Class A ordinary shares in the IPO. Following the IPO, founder and CEO Carsten Koerl will be the only holder of Class B shares and will hold about 82% of the voting power.
Sportradar is advised by JP Morgan, Morgan Stanley, Citigroup, UBS, Bank of America, Deutsche Bank, Jefferies, Canaccord Genuity, Needham & Company, Benchmark Company, Craig-Hallum, Siebert Williams Shank, Telsey Advisory Group and Solebury Trout.
Delimobil eyes $350m New York IPO in autumn.
Delimobil, a Russian car-sharing company, could raise around $350m in an initial public offering in the United States this autumn and has picked banks to arrange the listing. Delimobil is seeking to list in New York Stock Exchange and a dual listing in Moscow
In June, Delimobil said it was planning to expand into markets in developing countries. Bank of America, UBS, Sberbank CIB, VTB Capital, Renaissance Capital and Citigroup are advising on the IPO, Reuters reported.
Foresight targets £200m in IPO for sustainable UK forestry company. (FS)
Foresight Group, an infrastructure and private equity manager, is planning to raise £200m ($277m) on the London Stock Exchange for a new company that will invest in UK forestry assets.
Foresight is proposing an initial public offering and plans to sell up to 200m new shares in Foresight Sustainable Forestry Company, a newly created investment trust it has seeded with a £130m ($180) portfolio.
“Forestry provides a compelling investment opportunity, meeting investor requirements on climate, sustainability and ESG issues, inflation protection properties, and portfolio diversification. Over the long term, managing a portfolio of forestry assets is generally low risk, driven by growth in both volume and value as the trees mature," Richard Davidson, Foresight Sustainable Forestry Chairman.
Tikehau Capital joins the race for Singapore's first SPAC. (FS)
Tikehau Capital, an investment manager, seeks to raise as much as $223m by listing a special purposes acquisition company in Singapore. Tikehau has not identified a specific target sector for its prospective SPAC firm.
The European alternative asset manager is in the advanced stages of its preparations and is in the running to be among the first in Singapore to file for an initial public offering of a blank-check firm. Tikehau is seeking to raise between $186m and $224m in the IPO.
Tikehau would join Turmeric Capital, Novo Tellus Capital Partners and Temasek’s Vertex Holdings in seeking to be among the front-runners to set up a SPAC in the city-state. Singapore started allowing blank-check companies to list on September 3, becoming the first Asian financial hub to host the structures, Bloombergreported.
Baring Private Equity Asia, a private equity firm, completed a $150m investment in Virtuos Holdings, a video game developer. Following this investment, BPEA will become the largest external shareholder in Virtuos.
“This investment from BPEA, which has a long history of supporting and growing Asian-based companies, will ensure that we stay at the forefront of AAA content development and deliver high value-added services in full game co-development and end-to-end art production, and continue to be the trusted partner for publishers and developers in developing blockbuster games," Gilles Langourieux, Virtuos CEO.
Virtuos was advised by Lincoln International. BPEA was advised by BDA Partners.
Carrier, a provider of heating, air-conditioning and refrigeration solutions, completed the acquisition of Guangdong Giwee Group, a China-based HVAC manufacturer. Financial terms were not disclosed.
"Carrier and Giwee Group share a strong commitment to build high-quality businesses that achieve sustainable long-term growth. With Carrier's significant technical and R&D capabilities and global networks, we look forward to working with Carrier to identify more growth opportunities," Quan Zhang, Giwee Group CEO.
Vendetta Capital, a blockchain venture capital fund, agreed to invest in Altered State Machine, a digital solutions provider. Financial terms were not disclosed.
"With our new investment to Altered State Machine, we will continue to support the added value created by Blockchain technology that shapes the future in every area that touches our lives," Vendetta Capital.
GIC keen on companies with potential to improve ESG. (FS)
With a shift in investment trends toward a focus on environmental, social and governance issues, Singapore state fund GIC C says it is looking for businesses that have the potential to transition to a more sustainable model.
Among ESG goals are cutting carbon emissions, reducing waste, and employing a diverse staff. The pandemic, intensifying climate change and deteriorating race relations in the West over the last 18 months have led to some soul-searching among businesses and investors, leading to a greater focus on trying to attain those ESG goals. In particular, investors and lenders are taking a more stringent view of fossil fuel production, Nikkei Asia reported.
Beijing city government denies media reports of Didi takeover.
The Beijing municipal government denied a report it had proposed an investment in Didi Global that could put the Chinese ride-sharing giant under state control and keep its assets within the Chinese capital, Bloomberg reported.
"After looking into the matter with related parties, the matter of ‘Beijing state-backed firms investing in Didi’ and ‘Shouqi Group teaming up with other state-backed firms to invest in Didi’ is untrue,” Beijing municipal government.
The takeover proposal comes alongside a swath of penalties President Xi Jinping’s administration is considering for the country’s ride-hailing leader after it went public in New York over the objections of the Cyberspace Administration of China. The internet industry overseer saw that decision as a challenge to the central government’s authority and officials from multiple government agencies have since launched a probe into its operation.
Oceanwide weighs office complex sale for $3bn. (RE)
Oceanwide Holding, a Chinese real estate firm, is seeking to dispose of its main office complex in Beijing, in a bid to raise cash.
The company has been in talks to sell the Minsheng Financial Center in the heart of Beijing to China Taiping Insurance Group. Oceanwide’s asking price has been a sticking point, with the two sides currently discussing a potential price tag of about $3bn.
At the proposed value, the transaction would rank as the biggest commercial property deal in China since the pandemic dampened the markets. In June, South Korean conglomerate SK Group sold its main office building in China for $1.4bn, a record commercial property transaction after the outbreak, Bloomberg reported.
PLDT said to mull a $500m data center sale.
PLDT, a telecommunications and digital services provider, is working with JP Morgan on the potential sale of its data centers.
A deal for the assets could be worth as much as $500m. Separately, PLDT is also weighing disposing of its towers in an $800m sale and leaseback arrangement. Deliberations are still ongoing and PLDT may decide to keep the data centers.
Lotus Tech explores Hong Kong IPO possibilities.
Lotus Tech, a developer of of cars for the Lotus brand, is working on preliminary plans for an initial public offering in the US or Hong Kong to help fund the transition of the iconic maker of sports and racing cars to an all-electric automaker.
The company is studying a potential IPO as soon as 2023 if sales go well, Group Lotus Chief Executive Officer Feng Qingfeng said in an interview. There’s also the possibility that Lotus Cars will list in the UK, but no timetable has been set, Bloomberg reported.
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