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AMERICAS
The proposed $25bn merger of Kroger and Albertsons has been halted until the Colorado District Court rules on a lawsuit filed to block the deal that is expected to push up grocery prices, Reuters reported.
"The trial is set to begin on September 30 and my office looks forward to making the case that this merger will eliminate competition and impact food prices, jobs, and consumer choice," Phil Weiser, State Attorney General.
Albertsons is advised by Credit Suisse, Goldman Sachs (led by Timothy Ingrassia), Debevoise & Plimpton (led by Ted Hassi), Fried Frank Harris Shriver & Jacobson (led by Philip Richter), Jenner & Block (led by Alexander May, Edward L. Prokop and Kevin T. Collins), Wachtell Lipton Rosen & Katz (led by Zachary Podolsky and Adam Emmerich), White & Case (led by George Paul) and Brunswick Group. Financial advisors are advised by Alston & Bird (led by Stuart Rogers), Cravath Swaine & Moore (led by Robert I. Townsend and Sanjay Murti) and Davis Polk & Wardwell (led by Phillip R. Mills and Cheryl Chan). Kroger is advised by Citigroup (led by Brian Anton and David Finkelstein), Wells Fargo Securities, Arnold & Porter Kaye Scholer, Weil Gotshal and Manges (led by Michael J. Aiello) and Joele Frank (led by Tim Lynch, Mahmoud Siddig and Steve Frankel). Cerberus Capital is advised by Dechert (led by Eric Siegel and Mark Thierfelder) and FGS Global (led by Andrew Cole).
Apollo Global Management, a private equity firm, agreed to acquire providers of gaming products Everi and IGT's Gaming & Digital business, in a $6.3bn deal.
"We are excited to reach this agreement with IGT and Everi, which establishes a leading, diversified solutions provider that is well positioned across the entire gaming ecosystem. As an active investor in the gaming and leisure sector for many years, we have long admired both companies and their highly talented teams. We strongly believe in the value proposition of the combination and are confident these complementary gaming platforms will be even better positioned under private ownership to capture the opportunities ahead to grow and create value. We look forward to working in partnership with all the people at IGT Gaming and Everi to propel the combined enterprise forward," Daniel Cohen, Apollo Partner.
Everi is advised by Global Leisure Partners, Houlihan Lokey and Pillsbury Winthrop Shaw Pittman. Apollo Global is advised by Paul Weiss Rifkind Wharton & Garrison (led by Ross Fieldston and Ian Hazlett). Debt financing to Apollo Global is provided by Deutsche Bank and Macquarie Group. IGT is advised by Deutsche Bank, Macquarie Group, Mediobanca, Sidley Austin, Wachtell Lipton Rosen & Katz (led by Benjamin M. Roth and Victor Goldfeld) and White & Case. Macquarie Group is advised by Sullivan & Cromwell.
A Paramount Global investor has sued to block its merger with Skydance Media, saying the deal would cost its shareholders $1.65bn, according to a lawsuit filed in Delaware's Chancery Court on July 24, Reuters reported.
David Ellison's Skydance Media bagged a deal to acquire Paramount early in July, ending months of discussion and speculation about the future of one of Hollywood's oldest studios.
The lawsuit, filed by Scott Baker, claims the merger's primary purpose is to cash out media mogul Shari Redstone's investment in Paramount at a substantial premium, while other stockholders will receive a significantly lower payout.
Paramount is advised by Centerview Partners, Rothschild & Co (led by David Baron), Cravath Swaine & Moore (led by Faiza Saeed), Simpson Thacher & Bartlett (led by Eric Swedenburg) and Brunswick Group (led by Jonathan Doorley and Nik Deogun). Skydance Media is advised by Bank of America, Moelis & Co, RedBird Advisors, The Raine Group, Latham & Watkins (led by Justin Hamill, Bradley Faris, Ian A. Nussbaum, Max Schleusener, Rick Offsay, and Liliana S. Paparelli Ranger), Gagnier Communications (led by Dan Gagnier) and Principal Communications Group (led by Melissa Zukerman). RedBird Capital is advised by Sullivan & Cromwell (led by Eric M. Krautheimer and Alison S. Ressler).
WesBanco, a bank holding company, agreed to merge with Premier Financial, the holding company for Premier Bank, in a $959m deal. PIPE investors include Wellington Management, Glendon Capital Management and Klaros Capital.
“Today is an exciting day in WesBanco’s 155-year history as we announce our proposed merger with Premier and mark another milestone in our long-term growth strategy. This transformative merger will bring together two high-calibre institutions to create a community-focused, regional financial services partner strongly positioned to serve the unique needs of both our new and legacy communities. We are pleased to welcome Premier’s customers and employees to the WesBanco family and look forward to delivering exceptional customer experiences to our newest markets through a broader offering of banking and wealth management services. WesBanco has built an outstanding reputation for soundness, profitability, customer service, employer of choice and community development, as evidenced by multiple recent national accolades. We look forward to extending our legacy through this merger and bringing even greater value to our customers, teams, communities and shareholders," Jeff Jackson, WesBanco President and CEO.
Premier is advised by Piper Sandler and Nelson Mullins Riley & Scarborough. WesBanco is advised by Raymond James, K&L Gates and Phillips Gardill Kaiser & Altmeyer. Raymond James is advised by Hunton Andrews Kurth. Wellington is advised by Schulte Roth & Zabel.
American Industrial Partners, a private equity firm, agreed to acquire the Grain & Protein business of AGCO, an American agricultural machinery manufacturer, for $700m.
"The divestiture of Grain & Protein supports AGCO's strategic transformation, recently accelerated by the PTx Trimble joint venture, which closed in April 2024. Divesting this business allows us to streamline and sharpen our focus on AGCO's portfolio of award-winning agricultural machinery and precision ag technology products, which underpins a long-term focus on high growth, high margin and high free cash flow generating businesses," Eric Hansotia, AGCO Chairman, President and Chief Executive Officer.
AIP is advised by Santander and Sidley Austin. Debt financing is provided by Santander. AGCO is advised by Morgan Stanley, Rabobank and Simpson Thacher & Bartlett (led by Jakob Rendtorff and Eric Swedenburg).
Casey’s General Stores, an operator of convenience store chains, agreed to acquire Fikes Wholesale, an operator of convenience store and filling stations, for $1.15bn.
“The acquisition by Casey’s, especially given its reputation and shared values, is an exciting development for Fikes and our employees. I am happy that the CEFCO stores will join a top convenience retailer that will reinvest in the stores and eventually bring Casey’s pizza to many of our customers as well as provide professional opportunities for our employees. We believe Casey’s will be an excellent steward of the CEFCO experience that our loyal customers have come to expect," Raymond Smith, Fikes President.
Fikes Wholesale is advised by Bank of America and Bourland Wall & Wenzel. Casey’s General Stores is advised by BMO Capital Markets, Cleary Gottlieb Steen & Hamilton and Paul Weiss Rifkind Wharton & Garrison (led by Andrew Krause and James E. Langston).
Morgan Stanley Capital Partners, a private equity firm, completed the acquisition of American Restoration, a platform offering emergency mitigation and restoration services. Financial terms were not disclosed.
“We are excited to partner with Dan and the American Restoration team as they continue building a best-in-class platform across the residential and commercial restoration space. American Restoration represents our continued effort to invest in high-quality residential and commercial services companies, a sector in which we have deep institutional knowledge and expertise building industry-leading platforms. We look forward to working together to continue accelerating the company’s exciting growth trajectory," Adam Shaw, MSCP Managing Director and Head of Business Services.
American Restoration was advised by Robert W Baird. Morgan Stanley Capital Partners was advised by Harris Williams & Co, Stephens and Debevoise & Plimpton (led by Uri Herzberg).
TSG Consumer Partners, a private equity firm, to acquire a minority stake in Summer Fridays, a premium skincare and hybrid makeup brand, from Prelude Growth Partners, a private equity firm. Financial terms were not disclosed.
“We are thrilled to partner with TSG as we enter this new chapter of growth. TSG has an extensive record of growing consumer brands in beauty and can support our expansion with their digital, operational, and consumer insights capabilities. We look forward to accelerating our innovation and global distribution alongside a partner that shares our values and supports our commitment to delivering effortless, gentle options for our customers," Marianna Hewitt and Lauren Ireland, Summer Fridays Co-Founders.
Summer Fridays is advised by Raymond James and Cooley. TSG is advised by Ropes & Gray and Prosek Partners.
EnerSys, a stored energy solutions provider for industrial applications, completed the acquisition of Bren-Tronics, a manufacturer of portable power solutions, for $208m.
“We are very pleased to have closed this important transaction and can officially welcome Bren-Tronics to the EnerSys family. EnerSys’ combination with Bren-Tronics will strengthen our position as a critical enabler of the energy transition and supports our growth in the attractive and growing military and defence end markets,” David M. Shaffer, EnerSys President and CEO.
EnerSys was advised by Stout Capital and Reed Smith.
Publicis Groupe, a French multinational advertising and public relations company, agreed to acquire Influential, an influencer marketing company. Financial terms were not disclosed.
“I am thrilled for Influential to join Publicis Groupe – the world’s highest performing and most innovative holding company. We look forward to combining our complementary capabilities and technology to deliver unparalleled influencer identification, content creation, amplification, and measurement for our clients – and to defining the next era of influencer marketing together," Ryan Detert, Influential CEO.
Influential is advised by The Raine Group.
Pelican Energy Partners, a private equity firm, completed the acquisition of MillenniTek, a developer, manufacturer, and supplier of advanced materials for the nuclear energy industry. Financial terms were not disclosed.
"Pelican is excited to partner with MillenniTek's exceptional management team. The Company is highly regarded within the nuclear supply chain, and well positioned to continue its trajectory as a market leader. Moreover, this investment marks our second within the Knoxville area in the past eight months. We aim to drive growth and create new jobs in Tennessee, reinforcing the State's enduring commitment to nuclear energy," Walter Weathers, Pelican Managing Director.
Pelican Energy was advised by Reed Smith.
Apollo Global Management, a private equity firm, completed a $700m investment in Sony Music, a multinational music company.
“We are pleased to provide a bespoke capital solution to an affiliate of one of the world’s leading companies. This investment allows our clients to invest in high grade securities while helping Sony to execute its business plans,” Jamshid Ehsani, Apollo Global Partner.
Cohen & Steers, an investment manager, and Phillips Edison, an owner and operator of omni-channel grocery-anchored shopping centers, completed the acquisition of Des Peres Corners, a grocery-anchored shopping center.
"We are excited to launch our programmatic joint venture with Phillips Edison & Company through this first acquisition. PECO is one of the largest publicly traded owners of grocery-anchored shopping centers in the U.S., and we have watched them operate skillfully for many years in this property segment. We believe their expertise will drive value in this joint venture. More broadly, we believe CNSREIT shareholders will continue to benefit from the superior operating capabilities and access to superior deal flow that our best-in-class partners bring to our investment program," James S. Corl, Cohen & SteersHead of the Private Real Estate Group.
Postmedia, a media conglomerate, agreed to acquire certain businesses and assets of Saltwire Network, a newspaper publishing company. Financial terms were not disclosed.
“If the transaction can be completed, Postmedia intends to provide the necessary back office resources and operational infrastructure to ensure there continues to be reliable and high-quality local news provided to the affected communities,” Andrew MacLeod, Postmedia President and CEO.
Thoma Bravo to seek $2.74bn in Nasdaq stake sale. (FS)
Thoma Bravo is seeking as much as $2.74bn for about half of its shares in Nasdaq, as it looks to sell down the stake it acquired as part of a transaction last year.
The private equity firm is selling 41.6m Nasdaq shares. A Thoma Bravo affiliate is offering the stock for between $64.80 and $65.80 each. The shares are being offered at a discount of as much as 3.2% to Nasdaq’s Friday closing price of $66.96 per share.
Arctos Keystone to back Hayfin’s Management buyout of BCI stake.
An arm of Arctos Partners is in talks to help finance a management buyout of Hayfin Capital Management that values the firm at about €1.2bn ($1.3bn).
Arctos Keystone would facilitate the deal by helping the private-credit firm’s management acquire a majority of its common equity by buying out the controlling stake held by British Columbia Investment Management. The firm had held talks with MetLife and Todd Boehly’s Eldridge Industries, Bloomberg reported.
Sinochem in talks to sell stake in Brazil oil field.
Sinochem Holdings is in talks to sell a minority stake in the Peregrino oil and gas field off the coast of Brazil to independent producer Prio.
The Chinese energy and chemicals group is working with Jefferies on a potential sale of its 40% share of the offshore field near Rio de Janeiro. The two companies haven’t reached an agreement yet and the talks could end without one, with a potential price unclear, Bloomberg reported.
Teck Resources draws M&A attention from big miners.
The world’s biggest miners are back in serious dealmaking mode and Teck Resources is taking center stage. The Canadian miner, which has exited its coal business with a sale this month to Glencore, is drawing attention from across the industry because of its attractive copper assets, as the biggest names position for the next wave of activity in the wake of BHP Group’s failed bid for Anglo American.
Teck is seen as a logical merger partner in particular for Anglo American or Vale’s base-metals business, both of which have studied the specifics of a potential deal internally. Larger rivals including BHP, Rio Tinto Group and Freeport-McMoRan are also watching Teck closely and could be in a position to respond if another player made the first move, Bloomberg reported.
PrizePicks hires Moelis to scout M&A opportunities.
PrizePicks, which bills itself as the largest daily fantasy sports operator in North America, hired the investment bank Moelis & Co to scout out merger and acquisition opportunities.
The company isn’t pursuing an outright sale, Bloomberg reported.
REIT Lineage IPO hauls in $4.4bn.
Temperature-controlled logistics real estate investment trust Lineage said nearly 57m shares of its common stock were priced at $78 per share ahead of its initial public offering. The deal will haul in roughly $4.4bn in proceeds, better than the $3.4bn to $3.9bn range previously expected.
A 30-day option for a 15% allotment has been granted to underwriters. The company said it will use proceeds to repay debt, fund cash grants to certain employees and pay transaction expenses. Any additional proceeds will be used for general corporate expenses or to repay other outstanding debt.
Morgan Stanley, Goldman Sachs, Bank of America, JP Morgan and Wells Fargo were listed as lead book-runners on the deal, which included a total of 28 investment banks, Freight Waves reported.
WeRide files for a $100m US IPO.
WeRide, a Chinese developer of autonomous vehicle systems and software, to raise up to $100m in an initial public offering.
The company didn't say how many shares it would list or give an expected price range. The company said it plans to release a series of autonomous vehicles including robotaxis and autonomous buses, delivery vans and street sweepers.
WeRide is advised by Morgan Stanley, JP Morgan and CICC.
Ackman’s Pershing Square postpones US closed-end fund IPO. (FS)
Billionaire Bill Ackman’s US closed-end fund is facing a delay to its highly-anticipated initial public offering as it awaits regulatory approval.
Pershing Square is proceeding with its offering, with the date of pricing to be announced. The deal had been slated to price on today and trade the following day. A registration statement has been filed with the US Securities and Exchange Commission but has not yet become effective.
The fund’s announcement on July 26 was published shortly after an update signaling the delay appeared on the New York Stock Exchange website. Pershing Square had already scaled back the size of its planned first-time share sale from a target of about $25bn to between $2.5bn and $4bn, Bloomberg reported.
EMEA
PAI Partners, a private equity firm, agreed to acquire a majority stake in Nutripure, an active nutrition brand, from Ardian, a private equity firm. Financial terms were not disclosed.
"Christophe and I are very pleased to welcome PAI onboard. This is a significant milestone in our journey and is a testament to the hard work and dedication of our entire team, driving Nutripure towards new heights and making a positive impact in the health and wellness industry. Since founding Nutripure, our mission has been to preserve tomorrow’s health today, for all people willing to activate their potential and take better care of themselves," Florent Carrio, Nutripure Co-Founder.
Nutripure is advised by Ernst & Young, Natixis Partners, Singulier and McDermott Will & Emery. PAI Partners is advised by Advancy, ERM Group, D'Ornano et Associes, Hogan Lovells and Willkie Farr & Gallagher. Ardian is advised by GWL Avocats and Headland Consultancy.
Masdar, an Emirati state-owned renewable energy company, agreed to acquire a 49.99% stake in Endesa, an electric utility company, from €817m ($886m).
"Building on Masdar's global expertise and pioneering approach to renewable energy innovation and development, this partnership underscores our commitment to unlocking clean energy capacity in Spain, Europe, and around the world, supporting the global mandate enshrined in the COP28's UAE Consensus to triple renewable energy capacity by 2030 enabling a just, orderly and equitable energy transition. Masdar is accelerating its ambitious growth plans as we target 100GW of renewable energy capacity by the end of the decade," Sultan Al Jaber, Masdar Chairman.
Masdar is advised by PexaPark, BNP Paribas, Linklaters and PricewaterhouseCoopers. Debt financing is provided by Abu Dhabi Commercial Bank, BNP Paribas, Banca Intesa, First Abu Dhabi Bank, Santander and Sumitomo Mitsui Banking Corp.
Partech, a private equity firm, agreed to invest €55m ($60m) in Payt, an accounts receivable SaaS platform.
"Payt's user-friendly software revolutionizes the accounts receivable process, and we are thrilled to support their growth journey and international expansion," Bruno Crémel, Partech General Partner.
Payt is advised by Emendo Capital, Sincerius, DeBreij, Project Moore and Atlas. Partech is advised by Ernst & Young, Van Lanschot Kempen, Jones Day (led by Floris Pierik) and Code & Co.
MNT-Halan, a non-bank financial institution and fintech, completed the acquisition of Tam Finans, a commercial finance company, from Actera Group, a private equity firm, and European Bank for Reconstruction and Development, an international financial institution. Financial terms were not disclosed.
“Today, MNT-Halan joins forces with Tam Finans to provide millions of businesses and consumers access to innovative financial services in Turkey. Combining Tam Finans’ credit models, distribution capabilities, and management team with MNT-Halan's technology, customer-facing app, and financial muscle will help complete the product offering and give greater confidence to all its stakeholders. Turkey and Egypt’s histories and cultures have been intertwined for hundreds of years and their current economic outlook points to a bright future that we are ready to capitalize on,” Mounir Nakhla, MNT-Halan Founder and CEO.
MNT-Halan was advised by PricewaterhouseCoopers, Esin Attorney Partnership, Matouk Bassiouny, Van Campen Liem and Eterna Partners (led by Hannah Burns). Actera Group and EBRD was advised by Boston Consulting Group and Clifford Chance.
Ferrero-backed CTH Invest, an investment firm, agreed to acquire Nonni’s Bakery, a premium artisanal biscotti cookies and baked goods manufacturer, from Vestar Capital Partners, a private equity firm. Financial terms were not disclosed.
“The coming together of Nonni’s Bakery with the Ferrero extended family returns Nonni’s to its Italian roots and plants our great brands into the most fertile soil for continued growth and development,” Mark Kleinman, Nonni’s Bakery CEO.
Nonni’s Bakery and Vestar Capital is advised by Houlihan Lokey, Latham & Watkins and Lambert & Co. CTH Invest is advised by Willkie Farr & Gallagher (led by Thomas Sharkey and Adam Turteltaub) and Golin.
Snam, a natural gas transport, agreed to acquire Edison Stoccaggio, a gas storage company, from Edison, a utilities company, for €560m ($608m).
"Storage facilities play a key role in the security of the Italian and European gas system. This transaction will strengthen Snam's industrial set-up in the sector by integrating the assets within our management model, to the benefit of the country’s system's energy resilience," Stefano Venier, Snam CEO.
Proximus, a telecom operator, agreed to acquire the remaining stake in Fiberklaar, an independent fiber-to-the-home provider, from EQT, a private equity firm, for €246m ($267m).
“Over the past three years, Fiberklaar, with full support of EQT Infrastructure and Proximus, has transformed from a start-up into a strong deployment engine. Becoming the only shareholder of Fiberklaar will allow us to work more closely together and further increase the efficiency and quality of the fiber roll-out in Flanders, while capturing the value generated by synergies," Guillaume Boutin, Proximus CEO.
EQT is advised by Morgan Stanley.
ERGO Group, an insurance services provider, agreed to acquire the Baltics operation of Gjensidige, an insurance brokerage services provider, for €80m ($87m).
“Creating a leading Nordic P&C company is a key priority for me. A strong commitment to improve profitability and growth in the Nordics has been important for me from day one. The sale of our Baltic business supports such a strategy and shows our clear Nordic market focus, which is aligned with our core competence and capabilities. The divestment of Gjensidige Baltics is a result of our strategic review. We believe that this transaction creates the best long-term value for our shareholders and enables us to focus all efforts on our core markets in the Nordics," Geir Holmgren, Gjensidige CEO.
Gjensidige is advised by JP Morgan.
Twelve Capital, an independent asset manager, and B-FLEXION-backed Securis Investment Partners, an asset management specialist in Insurance-Linked Securities, agreed to form a joint venture. Financial terms were not disclosed.
“We have always recognised Securis as an innovative and hugely respected business in the ILS market, and the combination of our two businesses presents an exciting opportunity to create a leading ILS franchise and one of the largest independent ILS asset managers globally. The coming together of our businesses will unlock significant innovation potential and enable a wider range of ILS solutions to be delivered to a truly global investor base, building on existing client coverage in North America, the UK and Europe, as well as Asia Pacific," Urs Ramseier, Twelve Capital Co-Founder.
B-FLEXION is advised by Skadden Arps Slate Meagher & Flom.
Macquarie, a global asset manager, agreed to acquire the remaining 20% stake in National Gas, a gas supplier, from National Grid, an electricity and gas utility company. Financial terms were not disclosed.
“We would like to thank National Grid for its partnership over the past two years, during which time we have continued to invest in National Gas and supported the company’s ongoing role in delivering a safe and reliable supply of gas to domestic, commercial, and industrial energy users throughout Britain. This transaction underlines our commitment to National Gas and the critical role – which was emphasised again this month by both the Electricity System Operator and Ofgem – we believe its infrastructure will continue to play as the UK delivers its ambitious energy security and decarbonisation goals,” Will Price, Macquarie Asset Management Head of Utilities EMEA.
Jupiter Asset Management hunts for acquisition. (FS)
Jupiter Asset Management is preparing to make acquisitions to expand its investment offering, as the fund industry grapples with customers withdrawing their money, lower revenues, and pressure on costs, FT reported.
“We are very much on the look out for opportunities to supplement our existing investment management capabilities. I’m constantly on the lookout for new talent to join the business and whether it’s by a team lift-out or small, boutique acquisitions, we are very much open for business," Matthew Beesley, Jupiter CEO.
Qatar Airways is in talks to acquire a stake in Airlink.
Qatar Airways is in talks to buy a stake in South Africa’s Airlink, as the Doha-based airline seeks to expand its presence on the continent.
The carrier is considering buying a stake of as much as 20% stake in Airlink. State-owned Qatar Airways already flies to about 30 destinations across Africa, and is looking to expand its network through a series of partnerships and investments, Bloomberg reported.
Warburg Pincus names Sibbald as Europe head, Obermann chair of European business. (FS, People)
Global private equity equity firm Warburg Pincus, which was founded in the US, has named Andrew Sibbald sole head of Europe and Rene Obermann as chairman of the region.
Sibbald joined the firm from Evercore, opens new tab as co-head of Europe nine months ago and will be the first British national to lead the European business. As Europe co-head he worked with Obermann, who was the other co-head of the region and both men will continue working together.
Sibbald will lead day-to-day business for the financial investor's European activities. Obermann, who is also chairman of Airbus, will continue to advise on portfolio companies and new investments, Reuters reported.
APAC
Mankind Pharma, an Indian drugmaker, agreed to acquire Bharat Serums and Vaccines, a biopharmaceutical company, from Advent International, a private equity investor, for $1.6bn.
"We believe the women's health and fertility segment has massive opportunity along with strong growth visibility globally," Rajeev Juneja, Mankind Pharma Managing Director.
ESR Group, an Asia focused real estate services and investment company, agreed to acquire the remaining 13.6% stake in LOGOS, a specialist in developing property solutions. Financial terms were not disclosed.
“As a united Company, we will unleash the full potential of our combined fund management and development platform spanning various sectors and geographies. Coupled with our growth engines in Logistics, Data Centres, Infrastructure and Life Sciences, our integrated platform further enables us to deliver exciting opportunities for our people, partners, investors, customers, and the communities where we operate,” Stuart Gibson and Jeffrey Shen, ESR Group Co-Founder and Co-CEO.
General Atlantic and KKR are vying a $180m stake in AIMS. (FS)
General Atlantic and KKR are among 4-5 private equity firms vying for a majority stake in Faridabad-based hospital chain Asian Institute of Medical Sciences. A potential deal is expected to value the North and East India-focused 1.2k-bed hospital chain at Rs. 1,500 crore ($180m).
Others keen on the deal include Singapore-based Growtheum Capital and Asia-focused fund Everstone Capital. Funds like India Resurgence Fund, backed by Piramal Enterprises, and Bain Capital, also explored the deal but eventually decided to withdraw.
US-based PE firm OrbiMed and British International Investment, the UK development finance institution, collectively own a 49% stake in AIMS. Promoter Dr Narendra Kumar Pandey and family hold the rest, DealStreetAsia reported.
Asahi set to sell restaurant business.
Asahi Group plans to sell its struggling restaurant business, Nadaman, to a Japanese peer as the country's biggest brewer looks to exit the segment to focus on alcoholic and other beverages. Asahi, since early 2023, has been intending to exit its restaurant operations as part of its shift to its core alcohol and beverage segment.
The brewing giant is looking to sell the business for an undisclosed sum. An agreement had been signed between the parties in July and the transaction is expected to be completed on September 1. Japanese food services firm Onodera Group, which runs the Ginza Onodera chain locally, in the US and China, will takeover Nadaman, Reuters reported.
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