Apollo, a global investment manager, agreed to merge with Athene, a retirement services company, at an $11bn valuation.
"Apollo occupies an enviable position in our industry, and we have been keenly focused on how to evolve our differentiated platform for long-term success. The Apollo Athene combination is all about alignment, turbocharging growth initiatives and dramatically enhancing shareholder value. Apollo's conversion to a simplified structure with a single class of common stock with equal voting rights and empowering the full board with management responsibility of the business are also two significant steps towards these ends," Leon Black, Apollo Founder and Chairman.
Athene is advised by Houlihan Lokey, Lazard, Latham & Watkins, Sidley Austin and Walkers. Lazard is advised by Weil Gotshal and Manges. Apollo is advised by Barclays, Paul Weiss Rifkind Wharton & Garrison, Simpson Thacher & Bartlett, Skadden Arps Slate Meagher & Flom and Joele Frank. Barclays is advised by Sullivan & Cromwell.
The board of Coherent, a global company that manufactures and sells a variety of laser-based photonic products, declared the $6.4bn II-VI offer superior to Lumentum merger agreement.
"Consistent with its fiduciary duties, the Coherent board of directors conducted a thorough and rigorous review of all of the acquisition proposals it had received before making its determination regarding II-VI's revised acquisition proposal," Coherent.
Coherent is advised by Bank of America Merrill Lynch, Skadden Arps Slate Meagher & Flom and Brunswick Group. II-VI is advised by Allen & Company, JP Morgan, K&L Gates, Wachtell Lipton Rosen & Katz and Sard Verbinnen & Co.
IonQ, a quantum computing hardware and software company, agreed to go public via a $2bn merger with dMY Technology Group III, a publicly traded special purpose acquisition company. The deal involves a $350m fully committed PIPE with participation from Fidelity Management & Research Company, Silver Lake, Breakthrough Energy Ventures, MSD Partners, Hyundai Motor Company and Kia Corporation.
"This transaction advances IonQ's mission, to solve critical problems that impact nearly every aspect of society. With our key strategic partners, such as Breakthrough Energy Ventures, Hyundai Motor Company and Kia Corporation, we look forward to leveraging the power of quantum computing in the fight against climate change and to solve vexing problems from materials design to logistics that impact the transportation industry," Peter Chapman, IonQ CEO and President.
IonQ is advised by Morgan Stanley, Cooley, ICR and The Outcast Agency. dMY Technology Group is advised by Goldman Sachs, Needham & Co and Cleary Gottlieb Steen & Hamilton.
Symphony Technology Group, an American private equity firm, agreed to acquire the Enterprise business of McAfee, an American global computer security software company, for $4bn.
"STG is the right partner to continue strengthening our Enterprise business, and this outcome is a testament to the business' industry-leading solutions and most notably to the outstanding contributions of our employees. This transaction will allow McAfee to singularly focus on our consumer business and to accelerate our strategy to be a leader in personal security for consumers," Peter Leav, McAfee President and CEO.
STG is advised by Bank of America Merrill Lynch, Jefferies & Company, UBS and Paul Hastings. McAfee is advised by Goldman Sachs, Morgan Stanley and Ropes & Gray. Goldman Sachs is advised by Sullivan & Cromwell.
Airspan Networks, which provides groundbreaking, disruptive software and hardware for 5G network solutions, agreed to go public via an $822m merger with New Beginnings Acquisition, a special purpose acquisition company. The deal involves a PIPE investment from SoftBank, Dish Network, Oak Investment Partners and NEA.
"These seismic 5G industry trends play right into Airspan's strengths. This transaction is expected to help fund our growth plans and accelerate our vision of providing our customers with leading-edge 5G networks. We are at the precipice of a significant capital-intensive upgrade as 5G deployments drive the future growth of existing mobile carriers, new market entrants, and private and enterprise buildouts that we believe will transform numerous industries," Eric Stonestrom, Airspan President and CEO.
Airspan is advised by JP Morgan, Jefferies & Company, Dorsey & Whitney and ICR. JP Morgan is advised by Mayer Brown. New Beginnings Acquisition is advised by Ladenburg Thalmann and Greenberg Traurig.
Jardine Matheson, a multinational conglomerate, agreed to acquire the remaining 15% stake in Jardine Strategic, a holding company, for $5.5bn.
"The simplification of our ownership structure is a natural step in the evolution of the Group and will create value for our shareholders. Taking full ownership of Jardine Strategic is consistent with our policy of investing further in the growth prospects of our existing businesses and highlights the benefits of consistently maintaining the Group's financial strength. This move also enables us to demonstrate unequivocally the substantial and continuing commitment of our core shareholder base, which has always been such a vital element in the long term success of Jardine Matheson," Benjamin Keswick, Jardine Executive Chairman.
Jardine Strategic is advised by Evercore. Jardine Matheson is advised by HSBC, JP Morgan, Simon Robertson Associates, Linklaters and Brunswick Group.
Evolv Technology, an AI touchless security screening company, agreed to go public via the merger with NewHold Investment, a SPAC, in a $1.3bn deal. All current Evolv stockholders, including Bill Gates, Lux Capital, General Catalyst, DCVC, SineWave Ventures, Motorola Solutions, STANLEY Ventures, and Finback Investment Partners, will retain their equity holdings through closing. Current owners are expected to hold c. 72% of the fully diluted shares upon closing.
The combined company is expected to have c. $470m in gross proceeds, comprised of $173m of cash held in trust from NewHold Investment and a $300m PIPE. PIPE is anchored by Motorola Solutions, Magnetar Capital, Eldridge, Senator Investment Group and UBS O'Connor, and star athletes, franchise owners and managers including Peyton Manning, Andre Agassi, Steffi Graf, Joe Torre, Theo Epstein, Tony Ressler, Mark Attanasio and Bennett Rosenthal.
"This transaction will provide Peter and the Evolv team with the capital to continue to develop the leading technologies that will make people safer and make their lives more convenient," Kevin Charlton, NewHold Investment CEO.
Evolv is advised by Cowen & Company, Latham & Watkins and ICR. NewHold is advised by Cowen & Company, Stifel, Loeb & Loeb and Tarplin Consulting.
EnfraGen, a developer, owner, and operator of grid stability and value-added renewable power and assets in Latin America, completed the acquisition of Termovalle, a natural gas-fired plant in Western Colombia. Financial terms were not disclosed.
"The Termovalle acquisition expands and diversifies EnfraGen's presence in Colombia, reinforcing our commitment to Colombia's energy transformation and providing confidence and optimism around our ability to expand to this important and attractive market. The acquisition also provides EnfraGen with synergies and additional operating leverage and efficiency across the Prime Energía Colombia business," Brendan Duval, EnfraGen CEO.
EnfraGen was advised by Gomez-Pinzon Zuleta, Paul Hastings, and Prosek Partners. Altra was advised by BNP Paribas, Philippi Prietocarrizosa Ferrero DU & Uria and Simpson Thacher & Bartlett.
American Industrial Partners, a New York-based private equity firm, stressed its commitment to proceed with the $1bn offer for SEACOR Holdings, a diversified holding company with interests in domestic and international transportation and logistics, citing that $41.5 per share is the best and final offer.
AIP also believes that "there is significant downside to shareholders if the transaction does not close on these terms". The tender offer expires on March 12, 2021.
SEACOR is advised by Foros, Milbank and Sard Verbinnen & Co. AIP is advised by Ropes & Gray, D.F. King & Co and Innisfree M&A.
Private equity firm Platinum Equity agreed to acquire NDC, a healthcare supply chain company, from Court Square Capital Partners. Financial terms were not disclosed.
"NDC has built an impressive national distribution platform with substantial opportunity for growth. The company has strong leadership, a service-oriented culture and a unique value proposition that makes the delivery of medical supplies more efficient. Our plan is to continue building scale organically and through additional partnerships or M&A activity to grow the company's footprint and expand its base of customers and suppliers," Jason Price, Platinum Equity Managing Director.
Platinum Equity is advised by Latham & Watkins. Debt financing is provided by BMO Capital Markets. Court Square Capital Partners is advised by Cantor Fitzgerald, Robert W Baird, William Blair & Co and Dentons.
Ares Management-backed Priority Technology Holdings, a payments technology company, agreed to acquire Finxera, a fintech company, from private equity firm Stone Point Capital. Financial terms were not disclosed.
"The Finxera acquisition accelerates Priority's position as a market leader in the convergence of payments and banking as a service. Our combined platform will be equipped to take and make payments whether on card, ACH, or even blockchain and manage all aspects of payment operations like onboarding, risk, compliance, and client service for our clients. Together we will be a one-stop-shop for payments and virtual bank account management that today's merchants and modern software companies are seeking in order to manage and monetize their payment networks," Tom Priore, Priority Chairman and CEO.
Finxera is advised by Truist Bank and Kramer Levin Naftalis & Frankel. Priority Technology is advised by Cowen & Company and Schulte Roth & Zabel.
Greenbriar Equity Group, a private equity firm managing over $6bn of total committed capital, completed the acquisition of Oil Changers, one of the largest operators of quick lube facilities on the West Coast, from Trivest Partners. Financial terms were not disclosed.
"Oil Changers is one of the few remaining independent providers of scale in the quick lube industry, a segment of the automotive aftermarket that we see benefitting from organic growth and consolidation tailwinds over the coming years. We were particularly impressed by the company's track record of consistent growth, which is the product of strong leadership and an unparalleled reputation for service excellence with its loyal customer base," Matt Burke, Greenbriar Equity Group Managing Director.
Greenbriar Equity is advised by Kirkland & Ellis and Kekst CNC.
Stealth Monitoring, a video surveillance provider, agreed to merge with Eyewitness Surveillance, a security system supplier in Severn, Maryland. The company will continue to be owned by its existing investors: Twin Point Capital, LLR Partners and Auxo Management. Financial terms were not disclosed.
"The merger with Stealth will make us stronger and even more competitive. The addition of Stealth's significant resources will add to our geographic reach, operational capabilities, product mix, and industry expertise, allowing us to better serve our customers," Rush McCloy, Eyewitness Surveillance CEO.
Stealth is advised by Raymond James. Debt financing is provided by Ares Management.
Altamont Capital-backed Accelerant, an underwriting group, agreed to acquire Commonwealth Insurance Company, a Delaware domiciled admitted insurance carrier, from Fairfax Financial, a financial holding company. Financial terms were not disclosed.
"Completing the acquisition of CICA is an important development for our Company. We formed Accelerant with the goal of employing technology and a partnership-oriented approach to provide an enhanced user experience to our Members. Adding an admitted platform to our offerings will enable us to write a broader array of program business in the US market," Jeff Radke, Accelerant CEO.
Andreessen Horowitz and General Catalyst led a $400m Series C round in Hopin, a virtual events provider, with participation from Coatue, DFJ Growth, Northzone, Salesforce Ventures and Tiger Global.
"We are creating a portfolio of products to build the future of live video collaboration and remote community. As we've seen, the importance of providing unparalleled virtual and hybrid event experiences has never been greater and this latest funding is a reflection of how critical it is as brands look for ways to connect with people and avenues of growth. To enable this, we are investing more in video innovation, the core medium of digital collaboration. We're incredibly appreciative of the confidence from our investors who share Hopin's vision for a better-connected world. This is a testament to the dedication of the Hopin team, which works hard to deliver for our customers," Johnny Boufarhat, Hopin CEO and Founder.
Snap-on, an American designer, manufacturer and marketer of high-end tools and equipment for professional use in the transportation industry, completed the acquisition of Dealer-FX Group, a developer, marketer, and provider of service operations software solutions for automotive original equipment manufacturers, for $200m.
"Dealer-FX extends our strategic visibility into new technologies and platforms as they enter the vehicle parc, expands the reach of our shop management software, and enhances our expertise with respect to dealership service and repair operations. We believe Dealer-FX will magnify our current capabilities across the repair systems & information group," Nick Pinchuk, Snap-on Chairman and CEO.
Mullen Group, a logistics company that owns a network of independently operated businesses, agreed to acquire APPS Transport Group, a transportation and logistics company. Financial terms were not disclosed.
"I am truly excited this morning. This announcement is consistent with the strategy we have outlined to our loyal shareholders. We invest in companies that meet the goal of expanding our business in key markets within Canada," Murray K. Mullen, Mullen Group Chairman and CEO.
DNP Select Income Fund, a closed-end diversified investment management company, completed the merger with Duff & Phelps Utility and Corporate Bond Trust, a closed-end diversified investment management company. Financial terms were not disclosed.
This transaction was previously announced on November 23, 2020. DUC shareholders approved the merger on February 22, 2021.
GE nears $30bn deal to combine aircraft-leasing unit with AerCap.
According to a WSJreport, General Electric is nearing a $30bn-plus deal to combine its aircraft-leasing business with Ireland's AerCap, the latest in a string of moves by the industrial conglomerate to restructure its once-sprawling operations.
Though details of how the deal would be structured could not be learned, it is expected to have a valuation of more than $30bn. An announcement is expected this week.
Schweitzer-Mauduit International, a diversified producer of engineered solutions and materials for a variety of industries, increased its offer for Scapa Group, a diversified healthcare and industrial company, from £403m ($558m) to £413m ($572m). The new offer was declared final.
"We are very excited to announce our proposed acquisition of Scapa, which significantly enhances our position as a leading provider of performance materials for attractive specialty applications," Jeffrey Kramer, SWM CEO.
Scapa is advised by Berenberg, Jefferies & Company, Numis Securities, DLA Piper and FTI Consulting. Schweitzer-Mauduit International is advised by JP Morgan and King & Spalding. JP Morgan is advised by Cravath Swaine & Moore.
DuPont, a technology-based materials and solutions provider, agreed to acquire Laird Performance Materials, a British-based electronics and technology business, from Advent International, one of the world's largest private equity firms, for $2.3bn.
"The acquisition of Laird Performance Materials is a significant step in advancing DuPont's strategy to grow as a global innovation leader and premier multi-industrial company. Laird Performance Materials is a strategic and complementary addition to the Electronics & Industrial business, and our applied material science expertise together with Laird Performance Materials' industry-leading application engineering capabilities further strengthens DuPont as an essential partner for major electronics OEMs and manufacturers," Ed Breen, DuPont Executive Chairman and CEO.
DuPont is advised by JP Morgan and Skadden Arps Slate Meagher & Flom. Advent is advised by Morgan Stanley, Rothschild & Co and Weil Gotshal and Manges.
Connells Group, a privately owned real estate firm, completed the acquisition of Countrywide, a UK-based real estate agent, from Apollo Global for £223m ($309m).
"Countrywide shareholders have repeatedly been promised jam tomorrow and it has never been delivered. There is no quick and easy fix for Countrywide. Turning the business around, especially in unpredictable market conditions, will be a difficult, expensive and lengthy process," David Livesey, Connells Group Chief Executive.
Countrywide was advised by Barclays, Jefferies & Company and Brunswick Group. Connells was advised by Evercore, Clifford Chance and MHP Communications.
Private equity firm Nordic Capital agreed to acquire Sortera, an environmental services provider of focused recycling and waste solutions in Sweden, from Summa Equity, a thematic investment firm. Financial terms were not disclosed.
"During 2020 we further strengthened our market position and continued to invest in future growth. With our recent acquisition in Finland, we have taken the first step to replicating the success in new markets. I am proud of what we have accomplished and look forward to continuing the journey together with Nordic Capital and maintaining the best interests of our employees, customers, and suppliers," Sebastian Wessman, Sortera CEO.
Sortera is advised by PricewaterhouseCoopers, ABG Sundal Collier, Carnegie Investment Bank and Mannheimer Swartling.
Kape Technologies, the consumer-focused digital privacy and security business, agreed to acquire Webselenese, a digital platform which provides consumer privacy and security content, for $149m.
"The acquisition of Webselenese is highly strategic for Kape, providing us with one of the most respected and far-reaching consumer privacy and security content
businesses globally. By combining this deep level of consumer knowhow with our fast-growing product footprint, we believe the acquisition will be a force multiplier for Kape in our product development and customer reach," Ido Erlichman, Kape CEO.
Kape Technologies is advised by Stifel, Shore Capital & Corporate and Vigo Communications.
Gowan, an agricultural solutions provider, agreed to acquire Piemme, a holding entity of agropharmaceuticals company Isagro, which Gowan intends to take over. Upon completion of the transaction, Gowan will launch a mandatory tender offer for shares in Isagro. The transaction values the equity of Isagro at c. $127m. After the acquisition of the company, its shares will be delisted.
"As a partner since 2013, Isagro has repeatedly impressed us. We look forward to expanding commercial opportunities, especially integrating the manufacturing and science depth at Isagro Group's facilities. These additional competencies are instrumental in positioning Gowan as global agricultural practices evolve," Juli Jessen, Gowan CEO.
Piemme is advised by LCA Studio Legale. Gowan is advised by Mediobanca and BonelliErede.
Porsche, a German automobile manufacturer, completed the acquisition of an 8.5% stake in Rimac Automobili, a car parts manufacturer, for $83m.
"We're proud to work together on new exciting and electrified products and of the fact that Porsche's trust in Rimac resulted in several rounds of investment, making Porsche an important shareholder of the company," Mate Rimac, Rimac Automobili Founder and CEO.
BlackRock led a $100m Series C round in Exscientia, a clinical-stage pharmatech pioneering the use of artificial intelligence to design new drugs, with participation from Novo Holdings, Evotec, Bristol Myers Squibb, and GT Healthcare Capital.
This new capital will be used to support Exscientia's platform development towards autonomous drug design. In addition, the company will extend its proprietary pipeline into clinical trials and expand existing capabilities in biological analytics that support target selection and portfolio development.
Exor, a family-controlled holding company, agreed to acquire a 24% stake in Christian Louboutin, a luxury items shoe seller, for $644m.
"I have admired over the years Christian's talent in creating one of the world's great, independent global luxury brands. Today, we're very excited to be joining him, Bruno and their fantastic team to work together to accelerate the development of this ambitious company. We share the same family spirit, culture and values, which are the basis of a strong partnership. Christian Louboutin's extraordinary creativity, energy and unique vision are precisely the qualities needed to build a great company," John Elkann, Exor Chairman and CEO.
PayPal, an American company operating an online payments system, agreed to acquire Curv, a provider of cloud-based infrastructure for digital asset security based in Tel Aviv, Israel. Financial terms were not disclosed.
"As a pioneer in security infrastructure for digital assets, Curv is proud to be recognized as an innovator and trusted partner to leading financial institutions around the world. Now, as the adoption of digital assets accelerates, we feel there's no better home than PayPal to continue our journey of innovation. We're excited to join PayPal in expanding the role these assets play in the global economy," Itay Malinger, Curv CEO.
Northern Data completed the acquisition of data center site in Sweden.
Northern Data, which develops and operates global infrastructure solutions, closed the acquisition of the site in Northern Sweden near the city of Boden. Financial terms were not disclosed.
The site is expected to bring the first capacity online within the next weeks and will contribute decisively to the further successful expansion of Northern Data Group's HPC infrastructure and provide direct customer benefits.
Sibanye names AngloGold and Gold Fields a fit for its acquisition strategy.
AngloGold Ashanti and Gold Fields, Johannesburg-based gold miners, would fit the Sibanye Stillwater acquisition strategy. Combining with AngloGold and Gold Fields would create a rival to the world's largest producers, Newmont and Barrick Gold.
"They fit into the category of gold producers we have publicly been saying we are looking at," James Wellsted, Sibanye spokesman. He declined to say whether Sibanye was preparing to make an offer for either company.
Leonardo seeks acquisitions.
Leonardo, a European defense company, is building a war chest to help drive European consolidation after the flotation of its US defense electronics business, FTreported.
"We expect the market will be more dynamic post-Covid as companies reposition and consolidate in response to the new market conditions. Leonardo aims growth in core areas where we already have strong business fundamentals," Alessandro Profumo, Leonardo CEO.
Profumo's comments come ahead of the Italian company's annual results on Tuesday and follow Leonardo's announcement late last month that it would float in the US a minority stake in DRS, the American defense electronics business it acquired in 2008 for $5.2bn.
Trustpilot, an online review platform, received commitments from several funds to act as cornerstone investors in its upcoming IPO at a price that gives it an enterprise value of up to $1.4bn.
Several investors, including BlackRock, FIL Investments, and Henderson Global Investors, agreed to buy up a total of $240m of shares in the London listing, Reutersreported.
Eni considers listing a minority stake in the new retail-renewable business.
Eni, an energy group, is looking to spin off its new retail and renewable energy business next year and could list a minority stake to raise money to bankroll the company's energy transition, Reutersreported.
The business, which includes renewable power generation and energy sales to customers, could be worth in the region of €10bn ($11.9bn). Eni raised the bar on its climate ambitions last month, pledging to be carbon neutral by 2050 as it seeks to keep pace in an industry under mounting investor pressure to curb emissions.
As part of those plans, Eni said it would merge its renewable energy and retail businesses to make it one of Europe's biggest clean retail players, growing its customer base in synergy with its green ambitions. Eni has said the business would double its core earnings to €1bn ($1.2bn) in 2024.
Deliveroo seeks a London listing.
Deliveroo, a British food delivery firm, plans to launch its hotly anticipated London listing after recording a business surge during the Covid-19 pandemic, although it still posted a loss for 2020.
The IPO is expected to value Deliveroo at more than $7bn, based on a private funding round it completed in January and will be one of the most extensive London listings in several years.
"Today, Deliveroo is so much bigger than I ever would have thought possible. We are building delivery-only kitchens, delivering groceries, building tools for restaurants to take them into the digital age - things I never contemplated when we launched," Will Shu, Deliveroo Founder and CEO.
India Grid Trust, India's first listed power sector infrastructure investment trust, agreed to acquire NER-II Transmission, a power transmission project, from Sterlite Power, a global developer of electric power transmission infrastructure and electric utilities solutions, for $616m.
"We are excited with acquisition of NER-II which is one of the largest acquisitions in Indian power transmission sector in India. NER-II fits well with our strategy of focusing on operating assets with long term cash flows and minimal counter party risk," Harsh Shah, IndiGrid CEO.
Allianz X, a digital investment company, led the $75m Series C-1 round in WeLab, a fintech company in Asia.
"We see this as a first-in-market 4-way partnership where there are abundant synergies between WeLab, as a fintech leader and a pioneer in digital banking, and Allianz, as a global insurer and asset manager. More importantly, both companies share a vision on delivering advanced technology solutions to customers in Asia," Simon Loong, WeLab Founder & Group CEO.
Kiwi Pay, a Hong Kong-based fintech firm, agreed to merge with Meal Temple, a Cambodian food and grocery delivery startup. Financial terms were not disclosed.
"KiwiPay and Meal Temple had very similar DNAs. Combined, we play with better control of the value chain, new roads to market, and optimized defensibilities. Both teams have provided pharaonic efforts to ensure a successful merger rhythmed by quarantines, lockdowns, and other challenges caused by the pandemic," Maxime Rosburger, Meal Temple Group CEO.
Blackstone to abandon the Mphasis stake sale on valuations. (FS)
Blackstone Group shelved its planned sale of its majority stake in Mphasis, an Indian IT outsourcing services provider, overvaluations,Bloomberg reported. The private equity firm rejected the two bidders in the final round as their offers did not meet its expectations. Blackstone has informed the interested parties that it has halted the sale.
Blackstone bought a 60.5% stake in Mumbai-listed Mphasis from Hewlett Packard Enterprise in 2016 at $5.87 per share. The private equity firm also made an open offer to acquire additional shares from other shareholders. As of the end of 2020, Blackstone owned about 56% in the tech firm.
Primavera seeks to raise up to $5bn in new dollar fund. (FS)
Primavera Capital Group, a Chinese private equity firm and an early investor in billionaire Jack Ma's Ant Group, is raising a new US dollar-denominated fund of up to $5bn, Reutersreported.
The firm, an avid investor in China’s tech startups, is targeting $4bn for its fourth dollar fund, with a hard cap at $5bn. The fundraising comes amid heightened regulatory scrutiny of China's technology giants, which has clouded their near-term outlook.
The financial technology giant was set to raise $37bn at a valuation of $315bn. It has since agreed a restructuring plan with regulators. Primavera invested in Ant’s 2016 and 2018 fundraising, during which the company's valuation leapt from $60bn to $150bn.
Baring Asia to consider US IPO by CitiusTech via SPAC. (FS)
Baring Private Equity Asia is considering listing Citiustech Healthcare Technology in the US through a merger with a SPAC, Bloombergreported. The Hong Kong-based buyout firm is working with advisers on the potential deal. Baring Asia could seek a valuation of about $1bn for Citiustech in a listing.
CitiusTech provides health care technology services and solutions to medical technology companies, providers, payers, and life sciences organizations, with more than 4k employees globally, according to its website. The company has offices in India, the US, Canada, the UK, United Arab Emirates, and Singapore. In 2019, Baring Asia bought a majority stake in the firm from General Atlantic for about $750m.
SK Bioscience to raise $1.3bn in South Korea's largest IPO since 2017.
SK Bioscience, a South Korean vaccine developer, is expected to raise $1.33bn in the country's largest IPO since 2017, after pricing the listing at the top of an indicative range, Reutersreported.
SK Bioscience said in a regulatory filing that it had priced the IPO at $57.6 per share, compared with an indicative range of $43.7 to $57.6 per share, making it the most prominent South Korean IPO since game company Netmarble raised $2.4bn in a May 2017 IPO.
The IPO will offer 15.3m new shares and 7.65m existing shares. SK Bioscience's largest shareholder, SK Chemical, will hold a 68.4% stake in the drug company after the listing.
JD's fintech arm considers withdrawing Chinese IPO.
JD Technology, the fintech unit of Chinese e-commerce giant JDcom, is likely to withdraw its application for an IPO on Shanghai's technology-heavy Star Market, becoming the latest casualty of China's wide-ranging crackdown on the country's sprawling online finance industry.
JD Technology, formerly called JD Digits, was renamed after absorbing JD's artificial intelligence and cloud businesses earlier this year. It is considering withdrawing the listing because of changing business circumstances after China halted Ant Group's massive stock offering in November.
JDB looks for new funds before Hong Kong IPO.
JDB Group, a Chinese non-alcoholic beverage maker, seeks to raise at least $300m in a funding round ahead of a potential Hong Kong IPO, Bloomberg reported.
The group, whose products include Jia Duo Bao-branded herbal tea, is working with advisers on the pre-IPO funding and has reached out to several prospective investors. The herbal tea maker aims to list on Hong Kong's exchange as soon as this year, though no firm decisions on timing and size have been made.
Founded in 1995 in China's southern Guangdong province, JDB was among the first companies in the country to package and sell herbal tea in cans and paper cartons. JDB also sells bottled mineral water under its Snow Mountains brand.
CICC joins forces with AstraZeneca for a $338m healthcare fund. (FS)
CICC Capital, a Chinese private equity firm, tied up with AstraZeneca, a UK-based pharmaceutical giant, to set up an over $338m healthcare fund. This marks a milestone for CICC Capital, given the global reach of the industry fund.
Dubbed Wuxi AstraZeneca CICC Investment, the fund completed its PE fund registration with the Asset Management Association of China on January 28, 2021. The fund will largely target investments in the fields of innovative drugs, medical equipment, detections, biotechnology, and AI services. Meanwhile, the vehicle will also be used to support the development of global innovative drug makers' supply chains.
Previously, CICC had joined hands with AstraZeneca for a $1bn healthcare fund targeting Chinese pharmaceutical companies based in AstraZeneca's Wuxi International Life Science Innovation Campus and international players looking to enter the Chinese market.
Ryde picks adviser for IPO in 2022.
Ryde, a Singapore-based mobility app company, appointed SAC Capital, an independent investment banking firm, as its financial adviser to lead preparations ahead of a planned IPO on the SGX.
Ryde's IPO is slated for 2022, where the company is targeting a S$200m ($148m) valuation through a listing on Catalist, SGX's sponsor-supervised listing platform for fast-growing local companies, DealStreetAsiareported.
"A significant portion of the IPO proceeds will be invested in technology, product development, and enhancing our operations. We intend to recruit 100 more staff in engineering, design, operations, and digital marketing over the next three years to enhance our capabilities," Terence Zou, Ryde Founder and CEO.
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