Private equity firms Apollo Global, JF Lehman and Hill City Capital agreed to acquire Atlas Air Worldwide, a global provider of outsourced aircraft and aviation operating services, for $5.2bn.
“We believe this transaction will deliver immediate and certain value to Atlas Air Worldwide shareholders at a substantial premium, and we are pleased to reach this agreement with the Consortium. The Board's decision to unanimously approve this transaction follows a careful evaluation and thoughtful review of value creation opportunities for shareholders. We believe this transaction is the right next step to maximize value for our shareholders and the best path forward to accelerate the Company’s ability to execute its strategic plan and achieve its long-term growth objectives," Duncan McNabb, Atlas Air Worldwide Chairman.
Atlas Air Worldwide is advised by Morgan Stanley, Cravath Swaine & Moore and Abernathy MacGregor Group. Apollo Global, JF Lehman and Hill City Capital are advised by Barclays, Evercore, Goldman Sachs and Mizuho Securities. Apollo Global is advised by Paul Weiss Rifkind Wharton & Garrison. JF Lehman and Hill City Capital are advised by Jones Day. Debt financing is provided by Apollo Global Management, Barclays, Credit Agricole, Goldman Sachs and Mizuho Securities.
GHO Capital-backed RoslinCT, a cell and gene therapy contract development and manufacturing organisation, agreed to acquire Lykan Bioscience, a provider of outsourced clinical and commercial manufacturing services for pharmaceutical and biotechnology companies. WindRose Health Investors have reinvested in the new combined group. Financial terms were not disclosed
"This combination puts us in a strong position as a leading global CDMO in the process development and manufacturing of advanced cell therapies, and we look forward to working with our new colleagues at Lykan to fuel future growth and meet the increasing demand for innovative therapies," Peter Coleman, RoslinCT CEO.
GHO Capital is advised by ERM Group, Alvarez & Marsal, Ropes & Gray, Slaughter & May, Consilium Strategic Communications and Dark Horse Consulting Group. Lykan Bioscience is advised by William Blair & Co and McDermott Will & Emery.
Veritas-backed MiraMed Global Services, a provider of business process outsourcing solutions, completed the acquisition of Coronis Health, a medical billing service company, from 424 Capital, a private equity firm. Financial terms were not disclosed.
“This combination brings together two highly complementary businesses with a shared mission to improve operations for healthcare providers across the US Coronis’ end-to-end RCM solutions paired with MiraMed’s expertise and global infrastructure creates a robust platform for growth in a highly fragmented market. We look forward to leveraging our expertise in healthcare technology to support the combined company and, in partnership with management, deliver innovative technology-based solutions to ensure the continued success of the company’s healthcare provider clients," Ramzi Musallam, Veritas Capital CEO and Managing Partner.
Coronis Health was advised by Guggenheim Partners, Houlihan Lokey and Whiteman Osterman & Hannah. MiraMed Global was advised by Gibson Dunn & Crutcher. Veritas was advised by Lincoln International, TripleTree, Latham & Watkins and FGS Global.
Semantix, a Latin America’s first fully integrated data software platform, went public via a SPAC merger with Innova Capital-backed Alpha Capital in a $693m deal. The transaction includes a $94m PIPE investment from Inovabra Ventures, Crescera, FJ Labs, Oxenford, and Steinhauser.
“We are excited to have reached this important milestone in our mission to transform companies’ data driven models and impact billions of lives with data. Our entry into the public markets puts us in a stronger position to accelerate our growth plans and scale internationally. We are incredibly grateful to our leadership team, employees, partners, and customers for their support in our journey," Leonardo Santos, Semantix CEO and Founder.
Semantix was advised by Credit Suisse, Pinheiro Neto and Skadden Arps Slate Meagher & Flom. Alpha Capital was advised by Citigroup, Davis Polk & Wardwell and Mattos Filho Veiga Filho Marrey Jr. e Quiroga Advogados.
Amgen, a biotechnology company, agreed to acquire ChemoCentryx, a biopharmaceutical company focused on orally administered therapeutics to treat autoimmune diseases, for $3.7bn.
"The acquisition of ChemoCentryx represents a compelling opportunity for Amgen to add to our decades-long leadership in inflammation and nephrology with TAVNEOS, a transformative, first-in-class treatment for ANCA-associated vasculitis. We are excited to join in the TAVNEOS launch and help many more patients with this serious and sometimes life-threatening disease for which there remains significant unmet medical need. We also look forward to welcoming the highly skilled team from ChemoCentryx that shares our passion for serving patients suffering from serious diseases," Robert A. Bradway, Amgen Chairman and CEO.
Amgen is advised by PJT Partners and Wachtell Lipton Rosen & Katz. ChemoCentryx is advised by Goldman Sachs, Sullivan & Cromwell and Latham & Watkins.
Seamless Group, a fintech company, to go public via a SPAC merger with INFINT Acquisition Corporation, a SPAC company, in a $400m deal.
“Upon formation of INFINT Acquisition Corporation, our team has been hard at work focused on finding the best partner and have evaluated a number of potential candidates. Ultimately, we believe that we have found the ideal partner in Seamless Group, a leading global fintech platform. We believe Seamless is uniquely positioned in the remittance market and our commitment to them will further help build upon what is already a growing business and enhance its value proposition over time,” Sasha Edgarov, INFINT CEO.
Seamless Group is advised by Nelson Mullins Riley & Scarborough and MZ Group. INFINT Acquisition Corporation is advised by ARC Group and Greenberg Traurig.
MDU Resources, a provider of essential products and services, agreed to spin off Knife River, a provider of construction materials. Financial terms were not disclosed.
"The board regularly assesses MDU Resources' business, operations and value creation opportunities. Our most recent assessment determined that a separation of Knife River could unlock significant value. Since its first aggregate company acquisition in 1992, MDU Resources has built Knife River into a leading aggregates-based construction materials business. The MDU Resources board believes Knife River is ready to continue its success as a stand-alone public company and take full advantage of anticipated work resulting from federal infrastructure funding. We will diligently work through the separation process to ensure each company is optimized to deliver value for shareholders," Dennis W. Johnson, MDU Resources Chairman.
MDU Resources is advised by JP Morgan, PJT Partners, Wachtell Lipton Rosen & Katz and Joele Frank.
Xpansiv, a market-infrastructure platform for environmental commodities, agreed to acquire Evolution Markets, a brokerage firm in global carbon, renewable, and energy markets. Financial terms were not disclosed.
"We’re excited to further leverage our environmental and energy market infrastructure through this acquisition. Together, we can more effectively execute on our strategy to scale our global platform. Evolution Markets’ proven team will help drive sales and marketing efforts as we work to bring the benefits of our infrastructure - transparency, scale, and confidence - to rapidly growing environmental markets," John Melby, Xpansiv President and COO.
Xpansiv is advised by Venable and Cognito. Evolution Markets is advised by JMP Securities and Stroock & Stroock & Lavan.
Buyers Edge, a software and analytics company, completed the acquisition of ArrowStream, a provider of supply chain management visibility for the foodservice industry, from Tailwind Capital, a private equity firm. Financial terms were not disclosed.
“ArrowStream has invested heavily in its people, products, and technology since Tailwind Capital acquired the business. These growth initiatives have enhanced our cloud-based platform by providing real-time visibility and intelligence into the supply chain, which allows our customers to proactively make decisions to manage their businesses. Buyer’s Edge clearly recognized the value of the platform investments, the opportunity to further partner with our clients around innovation, and the talent of our team," Raleigh McClayton, ArrowStream Outgoing CEO.
Buyers Edge was advised by INK inc PR. Tailwind Capital was advised by FGS Global. ArrowStream was advised by Lincoln International and Davis Polk & Wardwell.
Thoma Bravo, a private equity firm, agreed to acquire Ping Identity, a provider of the intelligent identity solution for the enterprise, for $2.8bn.
"This compelling transaction is a testament to Ping Identity's leading enterprise identity solutions, our talented team, and our outstanding customers and partners. Identity security and frictionless user experiences have become essential in the digital-first economy and Ping Identity is better positioned than ever to capitalize on the growing demand from modern enterprises for robust security solutions. We are pleased to partner with Thoma Bravo, which has a strong track record of investing in high-growth cloud software security businesses and supporting companies with initiatives to turbocharge innovation and open new markets," Andre Durand, Ping Identity CEO.
Thoma Bravo is advised by Goodwin Procter. Ping Identity is advised by Goldman Sachs and Kirkland & Ellis.
Plastiq, a B2B payment platform powering the small and midsize business economy, agreed to go public via a SPAC merger with Colonnade Acquisition II in a $480m deal.
“We are excited about this important milestone of entering the public markets through a combination with Colonnade. For too long, SMBs have been neglected from financial services. As a public company, we plan to continue to invest in opportunities to scale the business with a growing product suite that enable us to provide SMB owners with access to sufficient, on-demand cash flow, which is a critical component to grow their businesses," Eliot Buchanan, Plastiq CEO.
Plastiq is advised by Latham & Watkins and ICR. Colonnade Acquisition II is advised by White & Case.
Energy Transfer, a small intrastate natural gas pipeline operator, agreed to acquire Woodford Express, a gas gathering and processing system, from Quantum Energy Partners, a private equity firm, for $485m.
The system, which is located in the heart of the SCOOP play, has 450 MMcf per day of cryogenic gas processing and treating capacity and over 200 miles of gathering and transportation lines, which are connected to Energy Transfer’s pipeline network. The system is supported by dedicated acreage with long-term, predominantly fixed-fee contracts with active, proven producers.
Woodford Express is advised by Jefferies & Company. Quantum Energy is advised by Vinson & Elkins.
Sagewind Capital-backed By Light Professional, a systems integrator providing IT, leading edge training & simulation platforms and cyberspace operations, completed the acquisition of Veraxx Engineering, a provider of immersive, high-fidelity flight simulation training technologies. Financial terms were not disclosed.
“The acquisition of Veraxx strategically broadens By Light’s existing capabilities within modeling & simulation and virtual training. Veraxx further enhances our efforts to expand our product offerings and technology solutions. We look forward to augmenting By Light’s synthetic training environment capabilities to include Veraxx’s full-flight simulators and expand our expertise to include additional platform aircraft," Bob Donahue, By Light Founder and CEO.
Sagewind Capital was advised by Paul Weiss Rifkind Wharton & Garrison and Gasthalter & Co.
FVLCRUM Funds, a vintage buyout fund, completed the acquisition of Gulf Coast Crane Services, a provider of crane rental services. Financial terms were not disclosed.
"As a part of FVLCRUM’s investment, Gulf Coast Crane has signed a community benefits agreement and will provide annual reporting to evidence its goals of material job creation in LMI communities and wage parity for its jobs. All in all, the FVLCRUM team is thrilled to welcome Gulf Coast Crane into its growing ecosystem of positive impact," Yves M. Mombeleur, FVLCRUM Managing Director of Impact.
FVLCRUM Funds was advised by Ernst & Young and Jones Day.
Del Monte Foods, an American food production and distribution company, completed the acquisition of Kitchen Basics, a line of ready-to-use stocks and broths, from McCormick & Company, an American food company. Financial terms were not disclosed.
"As we plan for the next decade of growth, we're committed to strengthening our branded product portfolio to meet consumers' changing needs. Building on our regional College Inn® brand, the acquisition of Kitchen Basics® will provide synergies across our business to scale our broth and stock portfolio across North America," Greg Longstreet, Del Monte Foods President and CEO.
Del Monte Foods was advised by Edelman. McCormick & Company was advised by JP Morgan.
SBA Communications, a firm that owns and operates roughly 34k cell towers, agreed to acquire 2.6k Brazilian cell sites from Providence Equity-backed TorreSur, a provider of infrastructure sharing services catering to the telecommunications industry, for $725m.
The sites to be acquired in this transaction are anticipated to produce approximately $68m of tower cash flow during their first full year of operations after closing based on current estimates of future foreign currency exchange rates.
Veros Real Estate Solutions, a provider of enterprise risk management and collateral valuation services, agreed to acquire Valligent, an appraisal management company. Financial terms were not disclosed.
“Veros acquired Valligent to further revolutionize and drive the property valuation industry beyond where it is today. Together, we represent a powerful collateral valuation innovator in the market, providing a full spectrum of appraisal, valuation data and analytics and related collateral risk management solutions. We are in a very exciting phase in the rapid expansion of the collateral valuation spectrum of products and services. Combining Veros’ data and analytic capabilities with Valligent’s appraisal and broker capabilities will result in a powerful and value-added combination greater than its parts," Darius Bozorgi, Veros President & CEO.
APA, an American company engaged in hydrocarbon exploration, completed the acquisition of West Texas Properties with a combination of producing wells, wells in the process of drilling and completion, and an inventory of undrilled locations, for $505m.
“The acquisition also brings immediate access to a high-quality drilling rig and experienced crew for ongoing development. The company expects production will average 12k to 14k BOE per day for the remaining five months of the year,” APA.
Strathcona to acquire Saskatchewan oil driller Serafina for $1.8bn.
Strathcona Resources agreed to buy Saskatchewan-based oil explorer Serafina Energy for $1.8bn, the latest acquisition by the closely held Canadian energy company, Bloomberg reported.
The transaction is scheduled to close on August 29. Moody’s Investors Service, on July 29, wrote in a note to clients that Strathcona would pay $1.5bn at closing plus deferred payments of $78m each in September, October, November and December.
Brigham Minerals explores the sale of the company.
Brigham Minerals, a company that owns the rights to extract oil and natural gas from land across numerous US shale basins, is exploring options that include a sale or a merger.
Brigham owns such rights in four of the main US shale basins, with around two-thirds of its acreage in the Permian Basin of Texas and New Mexico, and the Denver-Julesburg formation of Colorado and Wyoming, according to a company presentation.
Sickle cell drug maker Global Blood Therapeutics draws takeover interest.
Global Blood Therapeutics, which makes a drug for sickle cell disease, is attracting takeover interest, Bloombergreported.
Some large pharmaceutical companies are studying a potential deal. The company is working with advisers to evaluate the potential interest. There's no certainty it will lead to a transaction.
Montauk Renewables explores options including sale.
Montauk Renewables, which produces energy from methane collected at landfills, is exploring options including a potential sale as major oil companies look to scoop up alternative energy companies.
Montauk, which produces energy from methane collected landfills, maintains a portfolio of operating projects producing natural gas and electricity in California, Idaho, Ohio, Oklahoma, Pennsylvania, North Carolina and Texas.
TripActions is nearing a confidential IPO filing.
TripActions, a travel startup, is close to filing confidentially for an initial public offering, as people get back on planes and trains following the easing of the Covid-19 pandemic, Bloombergreported.
The Palo Alto, California-based company is working with advisers on a US listing. A spokesperson for TripActions said that an IPO has always been a part of its long-term plans, but it can't comment on financial information as a private company.
JC Flowers lands $1.1bn for the fifth PE fund. (FS)
JC Flowers has closed its fifth flagship fund on more than $1.1bn. The firm focuses on investments within the financial services sector.
"We are grateful for the support from both our existing and new limited partners which allowed us to surpass our target, especially given the backdrop of uncertainty over the last two years. Our firm has built a deep bench of talented executives with significant financial services expertise, which has made us uniquely qualified to identify interesting investments through changing market conditions. We look forward to continuing to source, evaluate and invest in financial services opportunities worldwide where we can add significant value," Chris Flowers, JC Flowers CEO.
Turning Rock Partners closes Fund II. (FS)
Turning Rock Partners, a New York-based private investment firm, has closed its second fund with commitments of approximately $475m, exceeding its target raise. Turning Rock received strong support from new and existing investors, including notable public and corporate pension plans, banks, insurance companies, global asset managers, foundations, and large family offices.
"Turning Rock Partners' growth can be attributed to a consistent strategy over its six-year operating history. We will continue to follow an approach informed by a combination of top-down capital markets knowledge, paired with fundamental equity and credit analysis. We are grateful for the continued participation and support of our clients and partners, including Eaton Partners," Saba Ahmad, TRP Partner and COO.
VMG Catalyst closes Fund II at $400m. (FS)
VMG Catalyst, a San Francisco-based venture capital firm, announced on Wednesday that it has closed its Fund II at its target of $400m, bringing the total capital raised to $650m. The firm has invested in 22 companies across all investment stages through this investment lens.
“Our deep understanding of both the voice of the customer and the pain points facing brands and retailers of all sizes allows us to invest with the conviction and speed that we believe is required in today’s fast-moving commerce landscape,” Carle Stenmark, VMG Partners General Partner.
Remgro, an investment holding company, and MSC, a container shipping and a company, agreed to acquire Mediclinic, a private hospitals group, for £3.7bn ($4.5bn).
“I am delighted that Remgro is participating in this transaction, which is fully aligned with our strategy of prioritising our ownership of structurally attractive, unlisted assets. Since its founding, Remgro has been a long-standing and supportive shareholder of Mediclinic. We are proud of what the business has achieved over that period and look forward to continuing our support, alongside our partner SAS, as the business transitions to the next phase of its evolution under stable, long-term ownership. Under the stewardship of the Consortium, Mediclinic will be well-positioned to execute on its strategy and undertake the investment required to realise the full potential of the business,” Jannie Durand, Remgro CEO.
Mediclinic is advised by Morgan Stanley, Standard Bank of South Africa, UBS, Cliffe Dekker Hofmeyr, Slaughter & May and FTI Consulting. MSC is advised by Credit Suisse, Bowmans and Freshfields Bruckhaus Deringer. Remgro is advised by Centerview Partners, Nomura, Linklaters, Webber Wentzel, Teneo, M&M Capital and Freshfields Bruckhaus Deringer.
Apex Group, an asset management platform, completed the acquisition of Sanne Group, an asset manager, for $2.07bn.
“Sanne has a bright future ahead of it as a leader in its industry, which is entirely due to the tremendous effort of the management team and employees of the business over the past several years for which the board of Sanne would like to express their gratitude. Sanne has delivered substantial value creation to its shareholders since IPO and today’s acquisition ensures that our investors are compensated for the future potential of the business," Rupert Robson, Sanne Chairman.
Apex Group was advised by Bank of America, Deutsche Bank, Rothschild & Co, Kirkland & Ellis and Willkie Farr & Gallagher. Sanne Group was advised by JP Morgan, Jefferies & Company, Addleshaw Goddard, Carey Olsen and Tulchan Communications.
OPTrust-backed Kinetic Holding, a transportation services provider, and Globalvia Inversiones, a construction services provider, agreed to acquire Go-Ahead, a transportation services provider, for £699m.
"This transaction will create a leading global, multi-modal, mass transit platform and unlock value for all stakeholders. Given our track record and experience we will provide long term capital and expertise to support the acceleration of Go-Ahead's strategy and transition to net zero," Michael Sewards and Javier Pérez Fortea, Kinetic Co-CEO and Globalvia CEO.
Go-Ahead is advised by Investec, Peel Hunt, Rothschild & Co, Herbert Smith Freehills and Citigate Dewe Rogerson. Kinetic Holding and Globalvia Inversiones are advised by Santander, UBS, Linklaters and Tulchan Communications.
Gilead Sciences, an American biopharmaceutical company, agreed to acquire MiroBio, a biotechnology company focused on restoring immune balance with agonists targeting immune inhibitory receptors, for $405m.
“We are excited to be joining Gilead. MiroBio has a deep understanding of checkpoint receptor signaling and a proprietary approach to select and generate superior agonist antibodies. Combining this with Gilead’s drug development and therapeutic area expertise will allow us to fully explore the potential of checkpoint agonist antibodies for patients with autoimmune disease," Eliot Charles, MiroBio Chairman.
Gilead Sciences is advised by Cowen & Company, Davis Polk & Wardwell, Mayer Brown and Mishcon de Reya. MiroBio is advised by Centerview Partners, Goodwin Procter, Wilson Sonsini Goodrich & Rosati and Ten Bridge Communications.
Main Capital Partners, an investment management firm, completed the acquisition of a majority stake in Avinity, a provider of software solutions for healthcare institutions and healthcare professionals. Financial terms were not disclosed.
"Avinty develops smart software that optimally supports healthcare. We always do this with the interests of the client and patient at heart, so that the healthcare professional can excel at their jobs. We are proud of the results of Avinty, which was established in 2016 by combining several specialized healthcare software providers. The results achieved will be continued through our partnership with Main Capital Partners. We are convinced that Main, with its specialist experience in the software market and in healthcare, is the right partner for the successful further development of our ecosystem," Onno Verstegen, Avinty CEO.
Main Capital was advised by BDO and Loyens & Loeff. Avinty was advised by Deloitte, Boston Consulting Group, Dentons, Simmons & Simmons and JSA Tax.
invoX Pharma, a biopharmaceutical company, and F-star, a clinical-stage biopharmaceutical company, announced that invoX has extended the expiration of its previously announced tender offer for all of the issued and outstanding shares of F-star common stock for a price of $7.12 per share. The tender offer is now scheduled to expire on September 19, 2022, unless it is further extended.
"We believe our tetravalent bispecifics offer the best approach to tackle hard-to-treat cancers and other serious diseases, with the ambition to deliver longer and improved lives for patients. Today’s announcement is good news for F-star, for our shareholders and, of course, for patients. This transaction enables greater and longer-term opportunities to develop the F-star platform and accelerate delivery of our novel medicines as we work together towards a future free from cancer and other serious diseases. I’d like to thank the fantastic team at F-star as well as our partners for all their hard work, support and dedication and I’m delighted to share this exciting development," Eliot Forster, F-star CEO.
F-star is advised by Morgan Stanley, Mintz Levin and LifeSci Public Relations. invoX Pharma is advised by PJT Partners, Shearman & Sterling and FTI Consulting.
Phoenix Group, a British closed life assurance fund consolidator, agreed to acquire Sun Life UK, a closed book UK life insurance company, from Sun Life Financial, a provider of insurance and savings services, for £248m.
"The acquisition of Sun Life UK is highly attractive for Phoenix Group and demonstrates the significant value that smaller cash funded M&A transactions can deliver for our shareholders. We expect this acquisition to deliver incremental long-term cash generation of around £470m, inclusive of cost and capital synergies. This supports a 2.5% dividend increase, in line with our ambition to sustainably grow our dividend over time," Andy Briggs, Phoenix Group CEO.
Phoenix Group is advised by HSBC, Bank of America and Teneo. Sun Life is advised by Fenchurch Advisory Partners and Freshfields Bruckhaus Deringer.
StoneCalibre-backed Calibre Scientific, a provider of life science reagents, tools, instruments, completed the acquisition of Agar Scientific, a manufacturer and distributor of microscopy consumables and equipment. Financial terms were not disclosed.
“For five decades, Agar Scientific has endeavored to support the electron microscopy market by providing exceptional sales support, comprehensive product choice, and technical expertise. We’re excited to be joining the Calibre Scientific family, who will enable us to further accelerate our long-term strategic growth objectives. Calibre Scientific is a great platform with the resources to take Agar to the next level, and I’m very excited to see what the future brings for Agar, as part of Calibre Scientific," Darren Likely, Agar Scientific Managing Director.
StoneCalibre was advised by Morgan Lewis & Bockius.
Bio-Rad Laboratories, a firm that develops, manufactures, and markets products and solutions for the clinical diagnostics and life sciences markets, agreed to acquire Curiosity Diagnostics, a medtech company specialized in systems for molecular diagnostics, from Scope Fluidics, a diagnostic and med tech solutions solutions, for $170m.
"Our passion at Scope Fluidics is developing innovative technologies addressing the greatest challenges in global health. The dedicated, entrepreneurial team of highly skilled, specialized personnel of Curiosity Diagnostics is looking forward to further developing the PCR|ONE technology under Bio-Rad’s leadership while we at Scope Fluidics continue to pursue new and current projects in disruptive medical diagnostics," Piotr Garstecki, Scope Fluidics President and Co-Founder.
Tencent seeks to raise stake in 'Assassin's Creed' maker Ubisoft.
Tencent Holdings plans to raise its stake in French video game group Ubisoft Entertainment as the Chinese gaming giant pivots to the global gaming market, Reutersreported.
China's largest social network and gaming firm, which bought a 5% stake in Ubisoft in 2018, has reached out to the French firm's founding Guillemot family and expressed interest in increasing its stake. Tencent plans to buy a part of the additional stake in Ubisoft, the maker of the blockbuster "Assassin's Creed" video game franchise, from the Guillemot family, which owns 15% of the firm.
LEG will not buy the remaining BCP stake from troubled Adler.
German real estate group LEG Immobilien said it would not exercise an option to buy further shares in property investor BCP from rival Adler, pursuing the transaction to reduce its debt load.
Adler expected LEG to buy its remaining 63% stake in BCP, which owns about 12k apartments in Germany, before the deadline in September.
Satellite operators SES and Intelsat are in merger talks.
Luxembourg-based satellite group SES is in talks to merge with its US rival Intelsat signaling consolidation in the rapidly changing and competitive industry.
Intelsat and SES are in active discussions about the structure of any potential deal, adding that the talks were at an early stage, and there is no guarantee of an agreement being reached.
ABB tries to sell power-conversion unit.
ABB is preparing to kick off a fresh attempt to sell its power-conversion unit as CEO Bjoern Rosengren continues to offload peripheral businesses, Bloombergreported.
The Swiss engineering company plans to start soliciting interest in the business in September. ABB is working with Citigroup on the proposed divestment.
JX Nippon is yet to decide on North Sea asset sale.
JX Nippon Exploration and Production is considering selling its UK North Sea assets as it conducts a review of its global portfolio, but hasn't yet made a final decision, Bloombergreported.
It follows the retreat of other Japanese firms from the aging basin, including Marubeni, which is conducting its own sales process. It adds to an uptick in deals in the UK North Sea this year, with companies such as BP and Exxon Mobil selling assets to an array of newcomers.
UAE healthcare provider seeking to raise $750m from IPO.
Healthcare provider Burjeel Holdings is seeking to raise at least $750m from an initial public offering in Abu Dhabi this year, Bloombergreported.
United Arab Emirates-based firm is considering a dividend payout ratio of 40% to 70% of net income from 2023, depending on its investment requirements.
Flashpoint Venture Capital announces $102m close of its VCIII fund. (FS)
Flashpoint Venture Capital, an international technology investment firm that manages equity and debt funds that are focused on global Series A tech startups originating in Emerging Europe and Israel, announces that Széchenyi Funds signed up for a commitment of $20m in Flashpoint's VC III fund becoming Flashpoint's first institutional limited partner.
"We are delighted to reach our initial goal of over $100m in commitments for our VC III fund despite the extremely challenging backdrop for fundraising. Being a Hungarian, I am especially proud that our first institutional investor is from Hungary. We are pursuing a shared mission in developing the venture capital ecosystem in Hungary and the Carpathian basin,"Michael Szalontay, Flashpoint co-founder and General Partner.
Jefferies hires Credit Suisse fintech banker David Goldstein. (People)
Financial technology investment banker David Goldstein is leaving Credit Suisse for Jefferies Financial Group, Bloomberg reported.
He will join Jefferies as a vice chairman and fintech banker. His departure comes as Credit Suisse doles out retention packages to hold onto talent amid management changes and quarterly losses.
Mitratel, a provider of telecommunications infrastructure, agreed to acquire 6k telecommunication towers of Telkomsel, an Indonesian wireless network provider, for $687m.
"With the agreement of the sale and purchase agreement for the transfer of ownership of 6k telecommunication towers to Mitratel, Telkomsel further strengthens the company's transformation efforts through the development of a company portfolio in the digital business that is more consistent, comprehensive and strengthens the company's commitment to providing more innovative services. Telkomsel, as the leading digital telecommunication company in Indonesia, also hopes to accelerate further the strengthening of an ideal corporate structure in ensuring the implementation of the three digital pillars that are being carried out, namely as a reliable provider of digital connectivity, digital platforms and digital services that are always relevant to the development of the digital ecosystem," Hendri Mulya Syam, Telkomsel President Director.
Telkomsel is advised by HSBC and Herbert Smith Freehills.
Adani Road Transport, a subsidiary of Adani Group, to acquire Swarna Tollway Private, a transportation infrastructure company, and a 56.8% stake in Gujarat Road and Infrastructure Company, a transportation infrastructure company, from Macquarie Group, global financial services group, for $394m.
“ARTL is committed to the Adani Group’s nation building initiative with a portfolio of more than 5k lane km of highway projects under construction / operation. This is one of the largest portfolios of toll road assets with high quality, strong team, long and robust track record of growth and strong cash flow generation with low leverage. We would like to thank Macquarie Asset Management for the support they have provided to the growth of the portfolio and having developed a robust operating team who we welcome to the Adani family,” Krishna Prakash Maheshwari, ARTL CEO.
Fullerton Health, a healthcare platform, completed a $283m merger with RRJ Capital, a private equity firm.
“The successful merger marks a fresh and exciting new chapter. It positions the Company on a much stronger foundation to implement growth strategies. The pandemic has disrupted the healthcare sector in many ways and opened up opportunities for a proven regional operator such as Fullerton Health to seize them,” Michael Lim, Fullerton Health Chairman.
Vontier, a global industrial technology company, agreed to acquire Invenco, a global provider of open platform retailing and payment hardware and software solutions, for $80m.
"We are excited to acquire industry leader Invenco and expand our software enabled workflow solutions and subscription business. Invenco’s disruptive edge computing technology roadmap and modular solutions offer extensibility across other retailing verticals and accelerates our digital strategy, better positioning us to serve our customers’ growing demand for digitally agile software systems," Mark D. Morelli, Vontier President and CEO.
Li Ka-shing is cutting ties with AMTD after wild 14,000% gain. (FS)
One of the world’s most successful investors is cutting ties with the parent of AMTD Digital, whose 14,000% stock-market rally in a matter of weeks has raised eyebrows across Wall Street, Bloombergreported.
Billionaire Li Ka-shing’s CK Group is selling its remaining stake in AMTD Group, according to a statement on Thursday. Its unit AMTD Digital, a formerly obscure Hong Kong financial services firm, vaulted into the spotlight this month after its market value inexplicably surpassed those of global giants including Goldman Sachs and Wells Fargo & Co.
SoftBank nets $22bn through Alibaba derivatives sale.
Japan's SoftBank Group has raised as much as $22bn in cash by selling a slice of its stake in Alibaba through prepaid forward contracts, DealStreetAsia reported.
The group led by Masayoshi Son has so far executed the sale of about a third of its Alibaba stake through contracts. Prepaid forward contracts are not immediately finalized, but the stockholder collects the money.
DBS denies interest in IDBI Bank while staying bullish on India.
DBS Group Holdings, Singapore's largest lender investing in India, said buying a stake in government-owned IDBI Bank is not on its radar, even though it remained bullish about the country's growth prospects, Bloombergreported.
Chief Executive Officer Piyush Gupta said the lender isn't looking at a deal for the bank. His comments come after Indian media reported that DBS was considering purchasing a stake and held discussions with finance ministry officials in New Delhi.
KKR raises $4.1bn so far for largest Asia Pacific infrastructure fund.
Global private equity major KKR & Co has so far raised $4.1bn for its second Asia Pacific infrastructure fund, the largest in the region for infrastructure-related investments, DealStreetAsia reported.
Asia Pacific Infrastructure Investors II has already surpassed KKR's first infrastructure fund, which closed at $3.8bn in January 2021, the firm said during its recent Q2 2022 earnings call.
Indian mid-market PE firm Carpediem Capital seeks to raise up to $100m for second fund. (FS)
Carpediem Capital, a mid-market private equity fund manager in India, is in advanced talks with institutional firms and family offices to raise about $100m as it looks to ramp up its investments in the burgeoning SME segment in the country, DealStreetAsia reported.
The firm is understood to have garnered about 65% of the target corpus and has already started deploying from the vehicle. The fund aims for a final close over the next 10-12 months.
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