AMERICAS
Apollo Global Management agreed to acquire Verizon Media, comprised of iconic brands such as Yahoo and AOL, from Verizon, an American wireless network operator, for $5bn.
"We are thrilled to help unlock the tremendous potential of Yahoo and its unparalleled collection of brands. We have enormous respect and admiration for the great work and progress that the entire organization has made over the last several years, and we look forward to working with Guru, his talented team, and our partners at Verizon to accelerate Yahoo's growth in its next chapter," Reed Rayman, Apollo Private Equity Partner.
Verizon is advised by Evercore, Goldman Sachs, Freshfields Bruckhaus Deringer and Kirkland & Ellis. Apollo Global Management is advised by BMO Capital Markets, Barclays, Deutsche Bank, LionTree Advisors, Mizuho Securities, RBC Capital Markets and Paul Weiss Rifkind Wharton & Garrison. Debt financing is provided by BMO Capital Markets, Barclays, Deutsche Bank and Mizuho Securities.
Aphria, an international producer and distributor of medicinal and recreational cannabis, completed the merger with Tilray, a pharmaceutical company that develops cannabis-based medicines, drugs, drops, and oil products, in a $3.9bn deal.
"Tilray is poised to strike and transform the industry with our highly scalable operational footprint, a curated portfolio of diverse medical and adult-use cannabis brands and products, a multi-continent distribution network, and a robust capital structure to fund our global expansion strategy and deliver sustained profitability and long-term value for our stakeholders," Irwin Simon, Aphria CEO.
Tilray was advised by Cowen & Company, Blake Cassels & Graydon, Cooley, ICR and Kekst CNC. Cowen & Company was advised by Osler Hoskin & Harcourt. Aphria was advised by Jefferies & Company, DLA Piper and Fasken. Jefferies & Company was advised by Davies Ward Phillips & Vineberg.
Francisco Partners and TPG to acquire Boomi from Dell Technologies for $4bn. (FS)
Investment firms Francisco Partners and TPG agreed to acquire Boomi, a provider of cloud-based integration platform as a service, from Dell Technologies, an American multinational technology company, for $4bn.
"I am incredibly proud that through innovation, passion and relentless execution, the Boomi team has created a unified platform for the modern-day hybrid IT landscape that thousands of customers worldwide depend on to digitally transform their business. By partnering with two tier-one investment firms like Francisco Partners and TPG, we can accelerate our ability for our customers to use data to drive competitive advantage. In this next phase of growth, Boomi will be in a position of strength to further advance our innovation and market trajectory while delivering even more value to our customers," Chris McNabb, Boomi CEO.
Francisco Partners and TPG are advised by Barclays, Citigroup, JP Morgan, Kirkland & Ellis, Paul Hastings, Ropes & Gray and Sloane & Company. Dell is advised by DBO Partners, Morgan Stanley and Skadden Arps Slate Meagher & Flom.
Cantor Fitzgerald-sponsored CF Finance Acquisition III, a special purposes acquisition company, and AEye, a startup that makes lidar systems for self-driving vehicles, announced that due to recent valuation changes of publicly traded lidar companies and changing conditions in the automotive lidar industry, they have amended their previously announced merger agreement.
Under the terms of the amended merger agreement, AEye will be valued on a pre-merger basis at $1.5bn at the closing of the transaction, compared to $1.9bn on at the time of the merger announcement in February 2021. Upon closing, AEye will trade on Nasdaq under the ticker symbol “LIDR”.
The board of directors of CF III and AEye have each unanimously approved the amended terms of the transaction, which requires the approval of the stockholders of CF III and AEye, and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. The transaction is now expected to close in the third quarter of 2021.
AEye is advised by Guggenheim Partners, DLA Piper and Financial Profiles. CF Finance Acquisition III is advised by Cantor Fitzgerald, Ellenoff Grossman & Schole, Hughes Hubbard & Reed and Brunswick Group.
BancorpSouth Bank, a bank holding company headquartered in Tupelo, Mississippi, completed the acquisition of FNS Bancshares, the parent company of FNB Bank, for $108m.
"The completion of this merger is a great accomplishment for our organization. We're pleased to be partnering with a strong, growing company like BancorpSouth and feel confident that this combination will be beneficial to our employees, customers and communities across Alabama, Georgia and Tennessee," Steve Rownd, BancorpSouth president and former CEO of FNS.
FNS was advised by Janney Montgomery Scott, Keefe Bruyette & Woods and Fenimore Kay Harrison & Ford. BancorpSouth was advised by Alston & Bird and Waller Lansden Dortch & Davis.
CDPQ and Fengate-backed eStruxture, the Canadian-owned cloud and carrier-neutral data center provider, completed the acquisition of eight Canadian data centers from Aptum Technologies, a global hybrid multi-cloud managed service provider. Financial terms were not disclosed.
"This acquisition allows us to significantly scale our platform, further expand our reach and customer base in the Vancouver and Montreal areas, and enter the Toronto market in a meaningful way. eStruxture is proud of its Canadian roots and is committed to continuing to invest in our economy, create more jobs for Canadians, and offer a data center platform that is ideal for companies that want to grow or establish their footprint in Canada," Todd Coleman, eStruxture President and CEO.
eStruxture was advised by Scotiabank and Fasken. Aptum Technologies was advised by DH Capital and Davies Ward Phillips & Vineberg. Debt financing was provided by Deutsche Bank.
BancorpSouth Bank, an American bank, completed the acquisition of National United Bancshares, the parent company of National United bank, for $115m.
"We're pleased to announce the completion of these two mergers, which represent positive steps forward in our growth strategy. Both National United and FNB Bank are excellent complements to our existing company. By combining with them, we're able to expand our presence in key markets and align with respected bankers who share our commitment to service," Dan Rollins, BancorpSouth Chairman and CEO.
National United Bancshares was advised by Stephens and Fenimore Kay Harrison & Ford. BancorpSouth was advised by Alston & Bird and Waller Lansden Dortch & Davis.
Gray Television, a media company, agreed to acquire the Local Media Group, a television station operator, from Meredith, an American media conglomerate, for $2.7bn. As part of the deal, Meredith will spin off its National Media Group, an owner of the portfolio of magazines as well as digital and marketing assets.
“The television station portfolios, company cultures, and commitments to localism of Gray and Meredith are highly complementary. We are very excited to acquire Meredith’s excellent television stations, and we look forward to welcoming its employees into the Gray family. Moreover, Gray’s Board and shareholders are deeply appreciative of the tireless efforts of our team led by Kevin Latek and Jim Ryan on this transaction and our other recently announced significant transactions. Building on our successes throughout 2020 and just the first few months of 2021, Gray Television clearly has an even stronger and brighter future than ever," Hilton H. Howell, Gray Executive Chairman and CEO.
Gray is advised by Wells Fargo Securities, Eversheds Sutherland and Jones Day. Meredith is advised by BDT & Co, Lazard, Moelis & Co and Cooley.
J.C. Flowers, a private investment firm dedicated to investing globally in the financial services industry, completed the investment in iLendingDIRECT, an auto refinance marketing company. Financial terms were not disclosed.
"J.C. Flowers invests in niche financial services companies with strong potential. We were attracted to iLending by its strong growth, solid operational foundation, and its commitment and agility in meeting the needs of both consumers and lending partners under Nancy and Tom's leadership. We expect demand for auto refinancing to remain strong as savvy consumers continue to look for ways to save money. We are excited to work with Nancy, Tom and the iLending team to grow the business to take advantage of the expected strong demand," Tom Harding, J.C. Flowers Managing Director.
iLendingDIRECT was advised by ROTH Capital Partners and Locke Lord. J.C. Flowers was advised by Weil Gotshal and Manges and Lambert & Co.
Varsity-backed DuvaSawko / abeo, a provider of outsourced revenue cycle management, completed the merger with Gottlieb, a multi-vertical provider of RCM solutions to emergency and hospital medicine groups. Financial terms were not disclosed.
This transaction combines two similarly aligned RCM leaders, dedicated to providing a premium, customer-centric service with a proven record of improving customer collections. In addition, included in the transaction is Gottlieb's full suite of practice management solutions delivered through its subsidiary, Praxi Physician Management.
DuvaSawko / abeo was advised by Kirkland & Ellis and Prosek Partners. Debt financing was advised by Twin Brook Capital Partners.
USI Insurance Services, a provider of risk management, employee benefit and retirement plan consulting, completed the acquisition of the insurance unit of Northwest Bancshares, the holding company of Northwest Bank. Financial terms were not disclosed.
"We are thrilled to welcome the clients and talented professionals from Northwest Insurance Services to USI. Partnering together, we look forward to delivering a uniquely exceptional and impactful experience for our current and future clients through the USI ONE Advantage," Michael J. Sicard, USI Chairman and CEO.
Northwest Bancshares was advised by Keefe Bruyette & Woods and Luse Gorman.
CI Financial-backed Congress Wealth Management, an independent investment manager, completed the acquisition of Pinnacle Advisory Group, a wealth management firm. Financial terms were not disclosed.
The addition of Pinnacle’s $2.4bn in assets and offices in Columbia and Miami will increase CWM’s business to $5.8bn and seven offices nationwide.
“Pinnacle is an ideal addition to our firm with an impressive group of investment professionals and financial planning advisors. We are also fortunate to have CI Financial as a strategic partner. Given the size and complexity of the transaction, we could not have executed this without their ongoing support," Paul Lonergan, CWM President.
CI Financial was advised by Gregory FCA.
Coldstream Wealth Management, an employee-owned, independently operated wealth management firm, agreed to merge with Paracle Advisors, a wealth management company. Financial terms were not disclosed.
"We're thrilled to partner with Paracle Advisors and to bring our two firms together in what we view as a true merger of equals. Successfully combining two leading RIA firms, without inviting private equity or outside equity capital, supports our joint leadership team's commitment to independence, in spirit, strategy and service to our clients," Kevin Fitzwilson, Coldstream Managing Shareholder.
Coldstream is advised by Haven Tower Group.
Genius Sports, an official data, technology and commercial partner, agreed to acquire FanHub, a provider of free-to-play games and fan engagement solutions. Financial terms were not disclosed.
“The acquisition of FanHub will provide our sports, betting and media partners with exciting new content platforms that entirely complement our established data, video and marketing solutions. This transaction is expected to expand Genius Sports' global audience and reach while accelerating the convergence of sports, betting and media to engage the modern fan," Mark Locke, Genius Sports CEO.
Genious Sports is advised by The One Nine Three Group.
Intervala, a full-service manufacturer of precision electronic and electromechanical products, completed the acquisition of the Ohio electronics business from NEOTech, an electronic components maker. Financial terms were not disclosed.
“The acquisition of NEOTech’s Mason business presented Intervala with a unique opportunity to further advance our growth strategy and expand our customer base in key target markets. We commend the NEOTech team for building successful, longstanding relationships with a notable customer list and are extremely pleased to welcome these customers to Intervala," Teresa Huber, Intervala CEO and President.
Intervala was advised by Colleen Clements Communications.
Coatue led a $105m Series D round in Mux, a video platform for developers, with participation from Accel, Andreessen Horowitz, Cobalt and Dragoneer.
With this capital, Mux will accelerate hiring and delivery of features that enable developers to focus on building innovative video experiences without worrying about the complexity and nuances of the underlying infrastructure powering their streams.
FTI Consulting, a global business advisory firm, completed the acquisition of The Rhodes Group, a construction consulting firm. Financial terms were not disclosed.
"Construction & Environmental Solutions is one of our strongest and fastest-growing practices globally, and the opportunity to add the industry-leading team from The Rhodes Group supports our ambition of serving leading law firms, contractors and owners as they navigate the most challenging construction-related disruption and disputes," Steven H. Gunby, FTI Consulting President and CEO.
Imperva, a cybersecurity firm, agreed to acquire CloudVector, a provider of advanced API security. Financial terms were not disclosed.
"As a pioneer in modern API security, Imperva protects our customers from the risks associated with the mis-use of APIs via exposures or attacks, and the exfiltration of sensitive data. Over the last year, we've seen significant acceleration in the number and volume of production APIs, such that API-related traffic now makes up more than 70% of our Cloud WAF traffic," Pam Murphy, Imperva CEO.
Rallyday Partners, a Denver-based private equity investment firm, completed an investment in Pyx Health, a tech-enabled services company providing health plans. Financial terms were not disclosed.
"Loneliness affects more than 60% of our population, impacting all ages, genders and socioeconomic statuses. This significant investment from Rallyday Partners enables us to further identify, engage and help those suffering from social isolation in conjunction with loneliness," Cindy Jordan, Pyx Health Founder and CEO.
Elon Musk can pocket another $32bn of Tesla shares.
Elon Musk, already one of the world's richest people, can add another $32bn worth of Tesla shares to his piggy bank,
WSJ reported. The technology entrepreneur is now vested in stock options valued at that amount after the electric-car maker hit roughly half of the targets laid out by the board in his landmark 2018 compensation package. Musk is poised to receive approximately $10bn more when Tesla hits other targets soon, the company said in separate securities filings this past week.
Tesla's chief executive could still gain stock options on another roughly 40m shares if Tesla continues to meet additional operating milestones, and the award could pay out in full if the company's market capitalization also rises above $650bn and stays there for six months. Musk has until 2028 to exercise the options and must hold the shares for five years.
Warren Buffett brands SPAC a 'killer,' makes Berkshire less competitive. (FS)
Warren Buffett warned investors that Berkshire Hathaway might not have much luck on striking deals amid the SPAC boom. “It’s a killer,” Buffett said about the influence of special purpose acquisition companies on Berkshire’s ability to find businesses to buy. “That won’t go on forever, but it’s where the money is now and Wall Street goes where the money is.”
Buffett's right-hand man Charlie Munger said many City firms and hotshot investors launching SPACs were not buying companies 'because it's a good investment. They're buying it because the adviser gets a fee. And of course, the more of that you get, the sillier your civilisation is getting',
Bloomberg reported.
Flywire files for a $3bn US IPO.
Flywire, a payments firm, has filed to go public on Nasdaq, seeking a valuation as high as $3bn. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Flywire intends to list its common stock on the Nasdaq Global Market under the ticker symbol “FLYW.”
Goldman Sachs, JP Morgan, Citigroup and Bank of America are the underwriters.
EMEA
Roivant Sciences, a biopharmaceutical and healthcare technology company, agreed to go public via a merger with Montes Archimedes Acquisition, a special purpose acquisition company sponsored by Patient Square Capital, in a $7.3bn deal.
The transaction includes a fully committed $200m PIPE financing from Fidelity Management & Research Company, Eventide Asset Management, Suvretta Capital, RTW Investments, Viking Global Investors, SoftBank Group, Sumitomo Dainippon Pharma and Palantir Technologies.
"I look forward to the next chapter of Roivant's growth by beginning our life as a public company with an exceptionally strong and diverse base of long-term investors. We look forward to continuing to deliver important medicines to patients through our development engine and our rapidly growing drug discovery capabilities spanning multiple therapeutic areas and modalities," Matthew Gline, Roivant CEO.
Roivant is advised by Citigroup, Cowen & Company, Goldman Sachs, JP Morgan, SVB Leerink, Truist Bank, Davis Polk & Wardwell and Dukas Linden Public Relations. Montes Archimedes Acquisition is advised by Kirkland & Ellis.
LVMH-backed Financière Agache and L Catterton completed the acquisition of a majority stake in BIRKENSTOCK, a footwear manufacturer, at a $4.8bn valuation.
"In L Catterton and Financière Agache we have found not just shareholders, but also partners for achieving our global growth ambitions. They have a great deal of know-how and excellent access to international markets. Both future partners share our growth strategy; for our products to be represented in all international markets and in all channels, while maintaining our long-standing traditions and the unique offer of quality and sustainability made in Germany," Oliver Reichert, BIRKENSTOCK CEO.
BIRKENSTOCK was advised by Kekst & CNC. L Catterton was advised by Goldman Sachs, Kirkland & Ellis and Joele Frank.
Chausson Matériaux, a major building materials distribution company, completed the acquisition of Bois & Matériaux, a French building products distributor, from OpenGate Capital, a global private equity firm. Financial terms were not disclosed.
“With the exit, B&M is at one of the most interesting periods in the French building materials sector in years. It was built as the second national business in the country with no room for a number three player. The sale to Chausson paves a new, bright future with access to the best projects in France or pan-European in the next 10 years,” Yves Martin, B&M CEO.
Chausson Matériaux was advised by Rothschild & Co. OpenGate was advised by Prosek Partners.
Valsoft, a Montreal-based company specializing in the acquisition and development of vertical market software businesses, agreed to acquire Finartis, a wealth management software provider. Financial terms were not disclosed.
"A step in the direction we've been striving towards recently given our insight into the industry, Finartis is a natural fit for us and will offer a seamless integration into the Valsoft family. The team, culture and leadership are well aligned with our existing values, which has also made this transaction seamless. Portfolio Management is a vertical we have extensive insight into given our team's experience and believe this is the best entry into the vertical which we will continue to build and expand. We are excited to grow our presence in the sector through this acquisition," Sam Youssef, Valsoft CEO and Co-Founder.
Finartis is advised by CG Partners. Valsoft is advised by Wenger & Vieli.
Trifork, an IT and business services provider, agreed to acquire Vilea, a Swiss-based IT-firm specializing in designing and delivering tailor-made mobile enterprise applications. Financial terms were not disclosed.
"Switzerland is one of the core countries in our growth strategy, and by joining forces with the talented team of Vilea, we significantly improve our position in the country and gain a strong foothold within our Smart Enterprise business segment. In Trifork, we have a long track record of value creating acquisitions, and this is our first in Switzerland. There is a great match between our two companies, and I look very much forward to welcoming our new colleagues to the Trifork family," Jørn Larsen, Trifork CEO.
KPN rejects takeover bids from EQT and KKR. (FS)
KPN confirmed that it had rejected an approach from a consortium led by EQT and Stonepeak Infrastructure Partners in recent days. It also revealed that it had rejected an offer from KKR, a rival private equity company, to buy the telecoms group. Putting the Dutch telecoms company at the centre of a potential $21bn bidding war.
Either approach amounts to one of the largest private equity takeover attempts in European history and positions the Dutch government and Mexican billionaire Carlos Slim, who owns a 20% stake, as kingmakers in the fate of the Netherlands national telecoms champion,
FT reported.
"The board(s) concluded to reject both unsolicited approaches as they did not provide tangible and material added value to KPN's widely supported new strategy. There have been and are no discussions or negotiations with EQT/Stonepeak or KKR," KPN.
Iraq considers buying Exxon's stake in Iraqi oil fields.
Iraq, OPEC's second-biggest oil producer, is considering buying Exxon Mobil's stake in one of the world's biggest fields. Baghdad may end up buying Exxon's 32.7% stake in the West Qurna-1 oil field in southern Iraq. If so, the Iraqi government would probably purchase it through state-owned Basra Oil.
The US company is planning to sell the stake in the marquee field - which has recoverable reserves of more than 20bn barrels - partly to reduce the mountain of debt it accumulated last year,
Bloomberg reported.
Saudi Arabia gears up for the sale of its grain silos.
Saudi Arabia, one of the world's biggest buyers of wheat and barley, is preparing to sell some of its grain silos as part of Crown Prince Mohammed Bin Salman's privatization drive.
State-owned Saudi Grains Organization aims to start selling silo sites as soon as this year. SAGO will seek bids from foreign and local firms. No decisions have been made and SAGO may retain the assets.
Under Prince Mohammed, Saudi Arabia has increased asset sales as it looks to open up and diversify the economy from oil. The government is also trying to narrow a budget deficit that ballooned last year due to coronavirus lockdowns and a slump in energy prices,
Bloomberg reported.
Trustly drops IPO timeline amid review by Swedish watchdog.
Trustly Group, a payment firm, had to shelve its plans to raise $950m in a stock market listing after it became the target of a regulatory review around its due diligence procedures.
The initial public offering had been slated to take place this quarter. But that timeline is no longer realistic after a preliminary assessment by the Swedish Financial Supervisory Authority exposed potential shortcomings in Trustly's efforts to screen customers,
Bloomberg reported.
The company already acknowledged last month that it would need to take time to fully analyze the preliminary assessment and then revert to the FSA.
APAC
J. Safra Sarasin, a Swiss private bank, completed the acquisition of the Singapore and Hong Kong private banking business of Bank of Montreal, a Canadian multinational investment bank and financial services company. Financial terms were not disclosed.
“We are proud to keep on growing in Asia and are delighted to welcome to our group the clients of Bank of Montreal and their relationship managers in Hong Kong and Singapore. We look forward to helping manage their wealth in this dynamic region. This acquisition marks another step in the implementation of the group’s international growth strategy and will allow the group to further enhance its successful presence in Asia,” Jacob J. Safra, J. Safra Sarasin Chairman.
J Safra was advised by Allen & Gledhill, Freshfields Bruckhaus Deringer and Walder Wyss. BMO was advised by Linklaters.
KKR completed the acquisition of Natural Pet Food Group, a New Zealand-based premium pet food company. Financial terms were not disclosed.
"It's a great result not only for our company but also our supply partners, farmers and seafood suppliers from all over New Zealand and our manufacturing partners in Hawke's Bay and Gisborne. We also recognize our outgoing shareholders, in particular Pioneer Capital, for their contribution over the years, which laid the foundation for this next exciting phase. This is another fantastic 'paddock to plate' New Zealand story that builds on our quality nutrition, safety and ethical credentials and the strong partnerships that underpin our business. KKR's investment marks the next phase of our evolution and their support is a strong endorsement of the outlook for our business," Neil Hinton, Natural Pet Food Group CEO.
KKR is advised by Citadel Magnus.
LinkAja, an interbank network, completed the acquisition of iGrow, a provider of vertical farming equipment. Financial terms were not disclosed.
“We are very pleased to collaborate with LinkAja, which has the same goals as iGrow. Hopefully this will further strengthen iGrow as a pioneer and also the largest peer-to-peer lending platform in agriculture," Jim Oklahoma, iGrow Director of Business Development.
Arthur J. Gallagher, a global insurance brokerage, risk management and consulting services firm, agreed to acquire Mutual Brokers, an independent broker serving a broad cross-section of commercial and small corporate clients in Canberra and the ACT. Financial terms were not disclosed.
"Mutual Brokers is a growing, culturally aligned business that doubles our presence and expands our client capabilities in the key Canberra market. I am very pleased to welcome Lou, Adrian and their associates to our growing global team," J. Patrick Gallagher, Arthur J. Gallagher Chairman, President and CEO.
Permira considers a $2bn sale of Tricor. (FS)
Private equity firm Permira is considering a sale of business expansion specialist Tricor Group, in a deal that could value the firm at about $2bn.
Permira is in the early stages of evaluating a potential sale of Hong Kong-based Tricor. A formal sale process could start later this year. Potential investors might include other buyout firms and companies.
Silver Lake nears an investment of $277m in All Blacks. (FS)
Private equity firm Silver Lake nears an investment of $277m in the New Zealand rugby team All Blacks, after the nation’s provincial unions voted unanimously to give the green light to a huge deal with the US investment firm.
The 26 unions and the Maori Rugby Board voted to sell a 12.5% stake to the private equity firm. It brings into sharp focus the prospect of the All Blacks becoming a non-wholly publicly owned entity for the first time in the team’s 115-year history.
A large portion of the money would be funneled into grassroots rugby, which has suffered from falling participation numbers at the community level. The drop in participation has been in part due to the Covid-19 pandemic, which has also affected NZR’s bottom line.
Qiaqia and Juewei partner to set up $170m F&B fund. (FS)
Qiaqia Food, one of China's largest producers of roasted seeds and nuts, plans to partner with Shanghai-listed Chinese casual halogenated food producer Juewei Food to set up an investment fund focused on the food and beverage industry. The fund is dubbed Sichuan Chengdu Xinjin Siyiwu Investment,
DealStreetAsia reported.
Both parties inked an agreement with a slew of other investors like Linzhi Yongchuang Information Technology and Zhejiang Jiyuan Network Technology to invest a total of $170m in the fund. The fund will back companies in segments such as halogenated foods, restaurant chains, snacks, condiments, pet food and supply chain.
Prem Watsa-backed Chemplast Sanmar files for a $472m IPO.
Canadian billionaire Prem Watsa-backed Chemplast Sanmar, a chemical company, which was delisted a decade earlier, has filed a draft red herring prospectus with the Securities Exchange Board of India, to raise $472m through an IPO.
The public issue will comprise a fresh issue of $202m and an offer-for-sale of $270m by the existing promoters and shareholders. The company said it would utilise the proceeds towards early redemption of the non-convertible debentures issued by it. In addition, funds will also be used for general corporate purposes.
ICICI Securities, Axis Capital and a few other investment banks are advising the company on the IPO.
Tencent-backed Waterdrop aims to raise $360m in New York IPO.
Tencent-backed Waterdrop, a Chinese online insurance technology firm, aims to raise up to $360m in an IPO on the New York Stock Exchange.
Waterdrop will sell 30m American Depository shares for between $10 and $12 each. Cornerstone investors have subscribed for $210m worth of stock with Boyu Capital, one of the company's existing major shareholders, taking $100m in the deal already. A so-called greenshoe, or over-allotment option, exists, to allow an extra 4.5m shares to be sold,
Reuters reported.
KKR to raise $271m in the Australia Venue IPO. (FS)
KKR is looking to raise $271m in the IPO of Australia Venue, its majority-owned pub group,
Reuters reported.
The raising will reportedly be in exchange for a minority stake in one of Australia's largest pub companies, in a deal valuing the group at $696m.
KKR, Citigroup and Goldman Sachs are managing AVC’s raising and will run a bookbuild for institutional investors on May 10, 2021. Proceeds from the raising will be used to repay existing debt facilities, including a loan to KKR and to redeem convertible notes.
