AMERICAS
Apollo's bid for Great Canadian Gaming, a Canadian gaming, entertainment and hospitality company, has hit more trouble, with a top shareholder publicly rejecting the $2.5bn deal, Bloomberg reported.
CI Financial's global asset management unit, which holds 14% of Great Canadian in various funds, stated that managers of those funds plan to vote against the offer.
Apollo's timing is "opportunistic," coming as Great Canadian has been hurt by Covid-19 restrictions but is making plans to renovate properties and expand in Ontario.
Great Canadian Gaming is advised by CIBC World Markets, Scotiabank, Blake Cassels & Graydon and McMillan. Apollo is advised by Barclays, Deutsche Bank, Macquarie Group, Akin Gump Strauss Hauer & Feld, Osler Hoskin & Harcourt, Paul Weiss Rifkind Wharton & Garrison and Crestview Partners.
Corsair Capital, a private equity firm focused on business and financial services, completed the investment in IDIQ, a credit report and identity theft monitoring provider. Financial terms were not disclosed.
"IDIQ's innovative solutions address the critical need for credit, identity and cybersecurity protection, which the global pandemic has demonstrated to us is more important than ever, and IDIQ has achieved tremendous success growing its tech-enabled product offering. We are excited to partner with Scott and the rest of the talented IDIQ team to support its next phase of growth. Data and security is a key area of focus at Corsair, and we believe our significant experience investing in and partnering with financial technology companies make IDIQ an ideal fit for our growing portfolio," Jeremy Schein, Corsair Capital Partner.
IDIQ was advised by GCA Advisors, Morrison & Foerster and Gaffney Austin. Corsair Capital was advised by AGC Partners, Chapman and Cutler, Simpson Thacher & Bartlett and Sard Verbinnen & Co.
Northern Star Acquisition, a special purpose acquisition company, agreed to merge with Barkbox, a global omni-channel brand for dogs, in a $1.6bn deal. After closing, BARK will become a publicly listed company on the New York Stock Exchange under the new ticker symbol, "BARK".
"We are thrilled to partner with Northern Star as we enter our next phase of growth. We started BARK because we are obsessed with making dogs and the people who love them happy. As a result of this merger, we will accelerate our ability to scale the BARK platform worldwide, add joy to the millions of dogs and families who love our products through our monthly subscription service and grow our omni-channel distribution," Matt Meeker, Barkbox Executive Chairman.
Barkbox is advised by Canaccord Genuity, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, Skadden Arps Slate Meagher & Flom and ICR. Northern Star is advised by Citigroup, Graubard Miller and Gasthalter & Co.
Alphabet's Google won EU antitrust approval for its $2.1bn deal with Fitbit after agreeing with restrictions on how it will use customers' health-related data, Reuters reported.
The European Commission agreed concessions with Google, valid for 10 years with the possibility of another 10-year extension, addressing competition concerns.
Google will store Fitbit user data separately from Google data used for advertising, and will not use data from Fitbit and other wearable devices for Google Ads. Users can decide whether to store their health data in their Google or Fitbit account.
Fitbit is advised by Qatalyst Partners, Fenwick & West and Sard Verbinnen & Co. Qatalyst Partners is advised by Cooley. Google is advised by Lazard and Cleary Gottlieb Steen & Hamilton.
New Providence Acquisition, a publicly traded special purpose acquisition company, agreed to merge with AST & Science, a satellite broadband specialist, in a $1.4bn deal.
"AST SpaceMobile represents a unique opportunity to invest in a pioneering company with revolutionary technology, access to a built-in customer base, and a flexible and scalable business model that addresses one of the largest challenges to global connectivity. Facing an extraordinary market opportunity, we believe AST SpaceMobile is poised for sustained growth as it executes its commercialization plan and ultimate expansion across the globe," Alex Coleman, New Providence Chairman.
AST & Science is advised by Barclays, Foley & Lardner and Latham & Watkins. New Providence Acquisition is advised by BTIG, Deutsche Bank and Kirkland & Ellis.
EQT Partners agreed to invest in Storable, provider of software and technology to the self-storage industry. Cove Hill Partners and management will retain a minority stake in the company. Financial terms were not disclosed.
"EQT is excited to invest in Storable and looks forward to partnering with Chuck Gordon and the entire team towards becoming the leading self-storage technology company in the world, doing so in a sustainable and future-proofed manner. The highly fragmented end-market for self-storage has experienced strong growth over the last several years and is undergoing significant digital transformation, for which EQT can provide global expertise. This investment demonstrates EQT's strong interest in partnering with best-in-class technology companies supported by secular growth trends, exemplified by the self-storage industry," Arvindh Kumar, EQT Partner.
EQT Partners is advised by Evercore, Kramer Levin Naftalis & Frankel, Simpson Thacher & Bartlett and Kekst CNC. Cove Hill Partners is advised by William Blair & Co and Ropes & Gray.
Avista Capital Partners, a private equity firm, agreed to acquire Solmetex, a provider of amalgam separators and other waste compliance products, from Avalt, a private-equity focused family office holding company. Financial terms were not disclosed.
"Our investment in Solmetex represents an attractive opportunity to acquire the clear market leader in an indispensable category within the dental industry. With deep customer relationships, strong recurring revenues, a durable portfolio, and a new product pipeline, we believe Solmetex has the potential for robust domestic and international expansion," Sriram Venkataraman, Avista Capital Partners Partner.
Solmetex is advised by Alvarez & Marsal, Piper Sandler and Ropes & Gray. Avista Capital is advised by Kirkland & Ellis and Kekst CNC.
Equinox Gold, a Canadian mining company, agreed to acquire Premier Gold Mines, a Canada-based mineral exploration company, for $480m. Concurrently, Premier will spin-out to its shareholders shares of a newly created US-focused gold production and development company to be called i-80 Gold.
"This transaction is exactly the kind of accretive Americas-focused growth we promised shareholders when we started Equinox Gold at the beginning of 2018. The addition of a top-tier, low-risk mining jurisdiction in Ontario, Canada creates a lower risk profile, with greater asset and country diversification. This transaction creates value for both Equinox Gold and Premier Gold shareholders, and further solidifies Equinox Gold's position as the premier Americas-focused gold producer," Ross Beaty, Equinox Gold Chairman.
Premier Gold is advised by CIBC World Markets, RBC Capital Markets and Bennett Jones. Equinox Gold is advised by Blake Cassels & Graydon.
TA Associates, a global growth private equity firm, completed the investment in Mid America Pet Food, a pet food marketer and manufacturer. Financial terms were not disclosed.
"VICTOR is a brand built on a foundation of quality and performance while delivering a common-sense value. The farm & feed customer was the first to recognize the superior quality of the product, and the brand continues to grow quickly in this important channel. We believe that the Mid America Pet Food team has done an outstanding job creating a unique brand that offers a tremendous value to the end customer, and we look forward to working with them to drive continued growth," Bill Christ, TA Associates Managing Director.
Mid America Pet Food was advised by Houlihan Lokey and Katten Muchin Rosenman. TA Associates was advised by Harris Williams & Co and Goodwin Procter.
Silversmith Capital Partners, a Boston-based growth equity firm, completed a $60m investment in Microblink, a provider of AI-powered computer vision software.
"Microblink's world-class product and technology teams have unlocked real-world applications for artificial intelligence and machine learning. Customers leverage the platform to power experiences for millions of end users that require the ability to verify an ID, scan a receipt or automate the capture of payment data from their device of choice. Microblink's customer centricity and product leadership serve as a strong foundation from which to scale rapidly, and we are thrilled to support the company in this next phase of growth," Sri Rao, Silversmith General Partner.
Microblink was advised by Brownstein Hyatt Farber Schreck. Silversmith was advised by Kirkland & Ellis.
CoStar Group, a provider of commercial real estate information, analytics, and online marketplaces, announced that the Federal Trade Commission has cleared its $250m acquisition of Homesnap, a technology solution provider to the real estate industry. CoStar and Homesnap submitted the proposed merger for FTC review in late November 2020.
"Adding Homesnap to CoStar Group's network provides significant complementary value to our existing arsenal of broker and agent-centric tools, directly benefiting the entire industry. We share a common goal of strengthening connections that drive the real estate industry forward and are excited that regulatory review was completed so rapidly, allowing us to close this transaction quickly," Andy Florance, CoStar Group Founder and CEO.
CoStar is advised by Latham & Watkins and Joele Frank.
Novartis, a Swiss multinational pharmaceutical company, agreed to acquire Cadent Therapeutics, a privately-held clinical stage biopharmaceutical company, for $770m. Upon the closing of the agreement, Cadent will receive a $210m upfront payment and will be eligible for up to $560m in milestone payments. The transaction has been approved by the board of directors and stockholders of Cadent Therapeutics. Cadent and Novartis anticipate the transaction will close during the first quarter of 2021.
"Since the company's launch, the Cadent team has been focused on building a portfolio of next-generation small molecule treatments for cognitive, mood, and movement disorders. The expertise of Novartis in development of CNS therapeutics – something we have witnessed first-hand in our existing collaboration – provides an ideal foundation for continued advancement of the Cadent pipeline and will ensure the broad potential of these drugs is realized for patients," Jodie Morrison, Cadent Therapeutics Chief Executive Officer.
Cadent Therapeutics is advised by Argot Partners.
Nexstar Media Group, a publicly-traded American telecommunications company, agreed to acquire BestReviews, a review website that publishes in-depth reviews of consumer products, from Tribune Publishing Company, a media company, for $160m.
"The planned accretive acquisition of BestReviews diversifies our digital content portfolio while presenting the company with new and significant revenue channels by leveraging our media content, national reach and significant consumer digital usage across multiple platforms. With Nexstar owned and operated digital properties ranking number one by Comscore for local news and information in terms of unique users, we are ideally positioned to quickly scale BestReviews through increased content syndication and brand awareness," Tom Carter, Nexstar President, COO and CFO.
Nexstar Media Group is advised by JCIR.
SPS Commerce, a provider of retail cloud services, completed the acquisition of Data Masons, a provider of EDI solutions to hundreds of consumer goods, industrial and distribution businesses and resellers, for $100m.
"We are excited about the acquisition of Data Masons. Together, SPS Commerce and Data Masons offer unmatched trading partner and system expertise for customers using Microsoft solutions. Combined, we have numerous partnerships in the Microsoft community that will extend SPS Commerce's leadership in this market," Archie Black, SPS Commerce President and CEO.
SPS Commerce was advised by Blueshirt Group.
CPP Investments, AustralianSuper, an Australian superannuation and pension fund, and UniSuper, an Australian superannuation fund that provides superannuation services, agreed to acquire a 50% stake in Chesapeake assets of Transurban, an Australian toll-road operator, for $2.2bn. AustralianSuper will get 25% of the assets, while CPPIB and UniSuper will acquire stakes of 15% and 10%, respectively.
"Together with our partners, we are focused on delivering the next generation of transportation infrastructure to move travelers and economies forward. We now have the opportunity to accelerate growth, building on our track record of success in the region and leveraging the time-tested growth strategies being realized across our Australian markets," Scott Charlton, Transurban CEO.
Wolters Kluwer, an American Dutch information services company, completed the acquisition of eOriginal, a provider of cloud-based digital lending software, for €231m ($280m).
"Borrower preferences, competition among lenders, and changing regulations are driving increased digitization of the lending workflow. eOriginal is well-positioned to take advantage of these systemic trends. The acquisition positions us as the leading provider of digital lending solutions, spanning all workflows from loan approval, to document preparation and closing, with compliance certainty," Steven Meirink, Wolters Kluwer Executive Vice President and General Manager, Compliance Solutions.
Blackstone agreed to acquire a minority stake in ISN, a third-party contractor and management software supplier, at a $2bn valuation.
"As we look to the future, Blackstone Growth's global presence, operational resources, and network across sectors will help us achieve our long-term vision of providing the absolute best solution for our customers to ensure safe supply chain continuity. Together with Blackstone, we look forward to continuing our expansion into new sectors and geographies and investing further in our technology solutions to meet and exceed the needs of our customers," Bill Addy, ISN Executive Chairman.
Taylored Services, a logistics company, completed the acquisition of Toll's warehousing and trucking operations from Japan Post, a postal and logistics firm. Financial terms were not disclosed.
"By combining Toll's port-centric operations and Taylored's e-Commerce fulfillment centers in gateway markets, the acquisition will unlock substantial efficiencies. The consolidation will produce a network effect of other streamlined processes," Jonathan Rosenthal, Taylored Chairman.
ASTG, a tech-enabled managed services and solutions company, agreed to acquire MTM Technologies, an IT managed services company. Financial terms were not disclosed.
"Our acquisition of MTM highly complements our overall services and solutions, in strategic alignment with our Technology Solutions as a Service innovation, for our valued clients. This investment represents yet another important compelling opportunity for ATSG as the market demand for our offerings across multiple industries is rapidly growing. The acquisition also adds to both our global delivery capacity and targeted in-market commercial presence," Anthony J. D'Ambrosi, ATSG CEO.
Private equity firm Summit Partners agreed to invest in Syndigo, a provider of a software-as-a-service platform for product information management and syndication. Existing investor, The Jordan Company, a New York-based private investment firm, will co-invest alongside Summit. Financial terms were not disclosed.
"We believe Syndigo offers one of the most advanced and scalable solutions in the industry. The company's software offers an end-to-end solution designed to support the delivery of complete and verified product content and address the needs of brands, retailers and the ever-increasing expectations of the consumers that they serve. We are thrilled to collaborate with the Syndigo management team and The Jordan Company in this next phase of growth," Peter Rottier, Summit Partners Managing Director.
Sagard Holdings raised $650m for second private credit fund. (FS)
Sagard Holdings, a multi-strategy alternative asset manager, raised $650m for its second private credit fund called Sagard Credit Partners II.
Sagard Credit Partners II will stay open for more commitments throughout next year, expecting to reach a $1.1bn value by Q2 2021. The hard cap of $1.3bn and targets returns of 12% to 14%.
EMEA
Security firm GardaWorld stated that its cash offer for rival G4S will remain open for acceptance until January 6.
The announcement does not change the Board of G4S's intention unanimously to recommend the cash offer made by Allied Universal announced on December 8, 2020.
G4S is advised by Citigroup, Goldman Sachs, JP Morgan, Lazard, Herbert Smith Freehills, Linklaters and Brunswick Group. Allied Universal is advised by Credit Suisse, Moelis & Co, Morgan Stanley, Cleary Gottlieb Steen & Hamilton, Freshfields Bruckhaus Deringer, Kirkland & Ellis, Sullivan & Cromwell and Teneo. Garda World Security is advised by Bank of America Merrill Lynch, Barclays, Jefferies & Company, UBS, Simpson Thacher & Bartlett and Montfort Communications. Financial advisors of Garda are advised by Ashurst.
Energean, an oil and gas producer, completed the acquisition of Edison Exploration & Production oil business from Edison, an oil and gas business company, for $284m.
"Completion of our acquisition of Edison E&P marks a key milestone along our path to becoming the leading independent, gas-producer in the Mediterranean and significantly advances us towards our goal of delivering material free cash flows and shareholder returns in a sustainable way," Mathios Rigas, Energean CEO.
Edison was advised by KPMG, Perella Weinberg Partners, Rothschild & Co, BonelliErede, Clifford Chance and NRG Capital Partners. Energean was advised by Puri Bracco Lenzi e Associati, Stifel, Morgan Stanley, Peel Hunt, RBC Capital Markets, Legance, PricewaterhouseCoopers, White & Case and Camarco. Financial advisors were advised by Herbert Smith Freehills.
Premier Oil will be renamed Harbour Energy after a reverse takeover by private equity-backed Chrysaor, due to complete in the first quarter of 2021, Reuters reported.
Premier's shareholders will vote on the transaction on January 12. Chrysaor shareholders, primarily private equity firm Harbour and Singapore's GIC, will own up to 77% of the new firm.
Premier Oil is advised by Jefferies & Company, RBC Capital Markets, PJT Partners, Akin Gump Strauss Hauer & Feld, Slaughter & May and Camarco. Chrysaor is advised by BMO Capital Markets, Barclays, Clifford Chance, Brunswick Group and Sard Verbinnen & Co.
Toscafund and Penta, two private equity firms, agreed to acquire TalkTalk, a provider of pay television, telecommunications, Internet access, and mobile network services, for $1.49bn.
"The independent TalkTalk directors believe, taking into account the advice they have received, that the terms of the cash offer are fair and reasonable and are unanimously recommending that shareholders accept the cash offer," Ian West, TalkTalk Senior Non-Executive Independent Director.
TalkTalk is advised by Barclays, Deutsche Bank, Lazard and Osborne Clarke. Toscafund is advised by Panmure Gordon & Co, Dickson Minto and Maitland. Panmure Gordon & Co is advised by Macfarlanes.
Ultra Clean Holdings, a developer and supplier of critical subsystems, ultra-high purity cleaning and analytical services primarily for the semiconductor industry, agreed to acquire Ham-Let, a manufacturer of instrumentation and valves and fittings, subsea valves, large bore cryogenic valves and gas delivery systems, for $348m.
"This transaction represents a significant benefit to Ham-Let, its employees, its customers and its shareholders. By leveraging UCT's global footprint, we can deliver a broader range of solutions and increase the combined company's strategic relevance to its customers. We look forward to working closely with UCT to ensure a smooth transition," Amir Widmann, Ham-Let CEO.
Ham-Let is advised by PricewaterhouseCoopers and Naschitz Brandes Amir. Ultra Clean Holdings is advised by Barclays, Needham & Co, Davis Polk & Wardwell and Meitar Law Offices. Debt financing is provided by Barclays.
Alphatec, a medical device company dedicated to revolutionizing the approach to spine surgery, agreed to acquire EOS Imaging, a medical device company based in Paris, for $117m. The transaction will be supported by a placement led by Squadron Capital.
"SafeOp has substantiated the value of clinically actionable information by accelerating product adoption across our portfolio. Our original investment thesis for EOS as a solution to better inform surgery never changed. With this transaction, we take another major step toward distinguishing ATEC clinical performance with improved information from diagnosis through follow-up," Pat Miles, Alphatec Chairman and CEO.
EOS Imaging is advised by Piper Sandler and Gide Loyrette Nouel. Squadron Capital is advised by Stifel and Reed Smith. Alphatec is advised by Cowen & Company and Latham & Watkins.
Prism Advance Solutions, an international platform dedicated to providing technology and software solutions, and Royal Strategic Partners agreed to acquire Finablr, a global platform for payments and foreign exchange solutions. Financial terms were not disclosed. The completion of the transaction is subject to customary conditions, including the receipt of certain regulatory approvals.
Together with Royal Strategic Partners, Prism aims to work with all stakeholders to revitalise Finablr, which was a core pillar for cross border financial services in the UAE. Prism and RSP are building a highly experienced executive management team to help lead the proposed transformation of Finablr. Through this transformation, Prism intends to create a world-leading, financial services platform for the emerging and frontier markets.
Prism is advised by Kirkland & Ellis, White & Case and Druces.
Ferrero, a global confectionery group, agreed to acquire Eat Natural, a maker of high-quality cereal bars, toasted muesli and granola. Financial terms were not disclosed. The transaction, subject to customary closing conditions and regulatory approvals, is expected to close in the next months.
"We are very happy to be joining the Ferrero Group. Ferrero is a fabulous company and we are proud that they would like us to be part of their family. We have many shared ethics, and both have a vision to make healthier snacking available for everyone. Like us, they pride themselves on a commitment to ingredients, taste and storytelling. We can't wait to get started," Praveen Vijh, Eat Natural Co-Founder.
Ferrero is advised by Davis Polk & Wardwell.
Private equity firm Ergon Capital Partners completed the investment in Millbo and BioNaturals, two manufacturers of natural ingredients for the bakery sector across Europe, the US and Asia-Pacific. Financial terms were not disclosed.
"We are delighted with the upcoming collaboration with Alessandro. We are impressed by the Group's outstanding innovation capabilities, historical development and future growth potential. We look forward to supporting the whole MillboBioNaturals management team in realizing their ambitious goals," Riccardo Collini, Ergon Partner.
Millbo and BioNaturals were advised by Houlihan Lokey.
Wahed, a US-based Islamic-finance fintech company, agreed to acquire Niyah, a UK-based fintech firm. Financial terms were not disclosed.
"We are excited about welcoming Niyah to our business. Our vision of creating a parallel financial ecosystem that helps minimise wealth inequality is one step closer as clients will now be able to allow their savings to work for them without partaking in the traditional money lending infrastructure. It's a perfect fit for us and for our customers," Junaid Wahedna, Wahed CEO.
Enel to sell Open Fiber stake.
Enel, an Italian utility company, is expected to kick off a process to sell all or part of its stake in fast broadband company Open Fiber to Macquarie, an Australian multinational independent investment bank, Reuters reported.
The board is expected to give management a mandate to press ahead with a deal and give it more time to iron out details.
Euskaltel gets three bids for broadband network unit. (FS)
Euskaltel, a Spanish regional telecoms operator, received 3 bids from buyout funds to acquire a broadband network unit stake.
Reportedly, Australia's First Sentier Investors, Infravia Capital Partners in Paris and Canada's Fiera Capital, bid for up to 49% stake in the business. Euskaltel looks to sell the stake to accumulate cash for 2021 and 2023 investment in the unit.
ADNOC interested in Wataniya Petroleum stake. (FS)
Abu Dhabi National Oil, the state-owned oil company of the United Arab Emirates, is among suitors interested in a majority stake in one of the first Egyptian army-held companies being offered to investors, Bloomberg reported.
Under the proposal, Adnoc would partner with Egypt's sovereign wealth fund, giving the two full ownership of Wataniya Petroleum, a fuel distribution firm currently affiliated to Egypt's military.
La Liga in talks with CVC and Bruin to sell 60% of new technology business. (FS)
La Liga, a Spanish soccer body, has spun off its digital services business and is in talks with private equity firms CVC and Bruin Sports Capital over the sale of 60% shareholding.
Javier Tebas, La Liga President confirmed discussions took place with potential suitors like CVC and Bruin. La Liga's value is estimated at $548m and the investment could help commercialize its digital assets.
Italy pushes for Monte Paschi sale.
Italy's Finance Ministry is intensifying its drive to sell Banca Monte dei Paschi di Siena, an Italian bank, to UniCredit, an Italian global banking and financial services company, looking to strike a deal as soon as early 2021, Bloomberg reported.
The Treasury plans to have the outlines of a sale in place by January for a possible agreement with UniCredit by the end of March. A deal became more urgent recently after it was determined that Monte Paschi might need to raise at least $3.1bn to stay afloat, more than previously expected.
Hyundai to gain control over Turkish car plant.
Hyundai Motor, a South Korean multinational automotive manufacturer, applied to take full control of its factory in Turkey via the acquisition of a 30% stake held by Kibar Holding, a holdings company. Financial terms were not disclosed.
Hyundai already owns a 70% stake in the plant which produces Hyundai models i10 and i20. The factory capacity is the production of 230k cars yearly.
WPP seeks technology deals to increase earnings.
WPP, an advertising group, plans to spend $269m to $539m in acquisitions in tech sectors as it expects a shift towards e-commerce and technology, FT reported.
"Now is the time to benefit from the integration of the company and look for new growth opportunities that go beyond the traditional communications market of WPP," Mark Read, WPP CEO.
N26 targets fundraisings before 2023 IPO.
N26, a German FinTech company, wants to break even by the end of 2021 and targets one more financing round ahead of the 2023 IPO, according to the founder Valentin Stalf.
The Covid pandemic did not significantly damage company's financial stance, but it put on hold the entry to new markets like Brazil and made it shift focus to core markets Germany, France, Spain and Italy.
IHC to list three businesses next week.
International Holdings Company, a UAE holding company with $20bn in value, expects to list three businesses on the stock exchange domestically.
It plans to list Palms Sports, a UAE provider for sports training programs, Zee Stores, a food products company and Ease Lease, a rental services provider.
Trukker plans fundraising in early 2021.
Trukker, a trucking start-up, plans fundraising in early 2021 with the possibility of the IPO on the domestic stock exchange. The possible deal gathered interest from regional and international venture capital firms.
"We think that given the potential size of this market, it would be hard to keep Trukker private. So a listing perhaps in Saudi Arabia is probable, or you could see some global consolidation," Gaurav Biswas, Trukker CEO and Founder.
AlpInvest Partners raised $9bn for latest fund. (FS)
AlpInvest Partners, Carlyle-owned money manager, raised a record $9bn for its latest fund to increase stakes in existing private equity companies.
The fundraising went over the planned $8bn mark. The fund expects to have invested around 18% of its capital by the end of 2020.
APAC
Remus Horizons, a private investment firm, offered to acquire Far, an oil and gas explorer, for $159m.
Far is seeking clarifications from Remus Horizons on the proposal and had decided to postpone its shareholder meeting scheduled for December 21 to January 21, 2021.
Far is advised by Baker McKenzie.
Strategic Capital, an activist fund, extended its hostile $187m bid for Keihanshin Buildings, a property developer in Japan, without sweetening the offer.
"Keihanshin shares rose on expectation the developer would find a white-knight that would offer a higher bid. Or on the expectation we might raise the offer price," Strategic Capital.
Investment firm Fidelity Management & Research Company led a $100m Series C round in dMed, a full-service clinical contract research organization, with participation from Sequoia Capital, Kaiser Foundation Hospitals, E Fund, Qiming Venture Partners, Lilly Asia Ventures and Vivo Capital.
"We are extremely gratified by continued strong support from an impressive group of international institutions. A key goal in the current round is to expand our investor base to include long-term public market-focused institutions and strategic partners in order to prepare for a future IPO. Fidelity, which led the Series C, is an excellent example of the expansion to the strong foundation we are building to continue the company's rapid organic growth and support our acquisition strategy," Lingshi Tan, dMed Founder, Chairman and CEO.
Kion Group and Prosperity7 Ventures led a $100m Series C funding round in Quicktron. (FS)
Kion Group, a German warehouse equipment maker, and Prosperity7 Ventures, a boutique investment-consulting firm, led a $100m Series C funding round in Quicktron, a Chinese smart logistics firm. The round was joined by China Creation Ventures.
The funds will be used for technical upgrading. The tech firm started building its robot manufacturing factory in Shanghai.
Anil Agarwal, Centricus team up to invest $10bn in India. (FS)
Anil Agarwal, a commodities tycoon, and Centricus Asset Management, a global investment firm, are looking to invest $10bn in India through the newly-formed partnership.
The target investments would be businesses offering strong growth opportunities. The attempt is to turnover companies abandoned due to the country's $29bn divestment program.
Kakao Bank picks advisors for IPO.
Kakao Bank, a South Korean digital bank, picked advisors for its planned IPO. Analysts estimate its current valuation at $9.1bn.
The digital bank selected Credit Suisse and KB Investment & Securities as lead advisors and Citigroup as co-advisor. Kakao Bank did not yet disclose the timing and financial terms.
WeDoctor nears $350m fundraising ahead of IPO.
WeDoctor, a medical health technology platform, is close to raising $350m ahead of IPO, Bloomberg reported. The IPO process got troubled by the departure of Chief Financial Officer John Cai who joined this year to spearhead the deal. The company is still pushing ahead with an IPO in Hong Kong and plans to file its prospectus around the February Lunar New Year.
In preparations for the listing, WeDoctor is splitting the business into two parts, with plans to list its healthcare services operations, including online and on-the-ground consulting. That part is valued at more than $6bn pre-money in its latest funding round.
Didi Freight seeks $400m in debut funding round.
Didi Freight, a logistics arm of Didi Chuxing, a Chinese vehicle for hire company, seeks up to $400m from a debut funding round, Bloomberg reported.
Potential investors have already been contacted, and the business's valuation is rumored to be around $2bn. The move is an attempt to capitalize on the increased demand for logistics services fueled by Covid pandemic.
Decheng Capital looks to raise $650m for life sciences fund. (FS)
Decheng Capital, an investment firm that focuses on the life sciences and healthcare sectors, is looking to raise $650m for a new fund Decheng Capital Global Life Sciences Fund IV.
The fund would be larger than its predecessor Decheng Capital China Life Sciences USD Fund III, the target value of which was at $450m. Decheng mostly invests in early-stage life science companies with scalable technologies and good market position.
|
