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AMERICAS
Microsoft is likely to receive an EU antitrust warning about its $69bn bid for "Call of Duty" maker Activision Blizzard, Reuters reported.
The European Commission is readying a charge sheet known as a statement of objections setting out its concerns about the deal which will be sent to Microsoft in the coming weeks.
"We're continuing to work with the European Commission to address any marketplace concerns. Our goal is to bring more games to more people, and this deal will further that goal," Microsoft.
Nash Squared-backed NashTech, a global technology solutions provider, completed the acquisition of Knoldus, a cloud and data solutions provider. Financial terms were not disclosed.
"We are excited about joining NashTech. As we continue to build on our achievements over the last ten years, Knoldus coming into the NashTech organisation will enable us to offer clients further capability and capacity to support them on their digital transformation journey to success," Vikas Hazrati, Knoldus CEO.
NashTech was advised by Blackwood Partners (led by Ronny Grosman).
BlackRock, an American multi-national investment company, agreed to invest in Human Interest, a specialist business consulting firm. Financial terms were not disclosed.
“BlackRock has an amazing team focused on providing high-quality retirement saving and investment options. We are excited to work with BlackRock to find ways to bring retirement within reach of millions of additional workers in the coming years,” Jeff Schneble, Human Interest CEO.
Human Interest is advised by Firebrand.
Zone Enterprises, an engineered sealing, insulating and sound solutions provider, completed the acquisition of Can-Do National Tape, a company specializing in custom die-cut and rotary cut adhesive and tape products, from High Street Capital, a private equity firm. Financial terms were not disclosed.
"The Zone team couldn't be more thrilled to complete this transaction. The combined organization will be able to offer its clients a broader range of performance materials, a more comprehensive set of converting solutions, as well as a growing geographic footprint in the United States and Mexico," Scott Zone, Zone Enterprises CEO.
Talk Shop, a Canadian communications agency, agreed to acquire Jam PR, a West Coast public relations firm that brings a journalistic approach to its clients services. Financial terms were not disclosed.
"We are thrilled to have Jam PR and Ada Slivinski join Talk Shop. Ada is a long-time friend of Talk Shop and there are a lot of synergies with our approach to strategy and creative campaigns. We know Ada is going to do amazing things within the Talk Shop team and be a major contributor to growth in Western Canada," Katie Stevens, Talk Shop Managing Partner.
Bed Bath & Beyond in talks with Sycamore Partners for sale of assets. (FS)
Bed Bath & Beyond, an American chain of domestic merchandise retail stores, is in talks with private equity firm Sycamore Partners for the sale of its assets, including its buybuy Baby stores, as part of a possible bankruptcy process.
The troubled home goods retailer posted a bigger-than-expected quarterly loss and a plunge in sales, after saying last week it was exploring options, including bankruptcy, as it struggled with a dwindling cash pile, Reuters reported.
Jamie Dimon calls JPMorgan’s Frank acquisition a “huge mistake”.
JPMorgan Chase CEO Jamie Dimon called the firm’s botched acquisition of college financial-planning website Frank “a huge mistake” and vowed to share takeaways at a later date, Bloomberg reported.
“I’ll tell you the lessons learned here when this thing is out of litigation,” Jamie Dimon, JPMorgan Chase CEO.
Solar energy firm Nextracker files for IPO as market warms.
Solar energy technology provider Nextracker filed for an initial public offering, adding to a growing cadre of potential listings that point to at least a partial warming for the US market, Bloomberg reported.
The company in its filing Friday with the US Securities and Exchange Commission disclosed annual revenue of about $1.5bn with net income of $51m for its last fiscal year. Nextracker didn’t disclose a size and price range for its offering.
Sequoia China-backed biopharma Structure Therapeutics files for $100m US IPO.
Structure Therapeutics, a clinical-stage biopharmaceutical company backed by venture capital investors, including Sequoia Capital China, has filed to raise $100m in an initial public offering in the US, DealStreetAsia reported.
The drug maker, headquartered in California with R&D operations in China, is looking to list its American Depositary Shares on Nasdaq under the symbol GPCR, according to its heavily-redacted filing.
Goldman Sachs AM closes $15.2bn mezzanine fund. (FS)
Goldman Sachs Asset Management announced the final close of West Street Mezzanine Partners VIII, the latest in a series of flagship mezzanine vehicles. The Fund closed on $11.7bn of equity, with a total fund size of $15.2bn inclusive of expected long-term asset financing.
The fund is managed by the Private Credit business within Goldman Sachs Asset Management, with a global team of over 150 experienced credit investors drawing on the wider platform and resources of Goldman Sachs to source investments and add value to portfolio companies.
Stonepeak targeting $2.5bn for new infra fund. (FS)
Alternative investment manager Stonepeak Partners is looking to raise $2.5bn for its new infrastructure fund, which will target investment opportunities in North American and Europe.
Teachers’ Retirement System of Louisiana approved a $50m commitment to the new Stonepeak Opportunities Fund. The fund is already in the process of acquiring a 50% interest in the Key Access Pipeline System, with the acquisition expected to complete by the end of the current quarter.
EMEA
AstraZeneca, a biopharmaceutical company, completed the acquisition of Neogene Therapeutics, an operator of a preclinical stage biotechnology company, from Syncona, a healthcare company focused on investing in and building global firms in life science, for $320m.
"This acquisition represents a unique opportunity to bring innovative science and leading experts in T-cell receptor biology and cell therapy manufacturing together with our internal oncology cell therapy team, unlocking new ways to target cancer. Neogene's leading TCR discovery capabilities and extensive manufacturing experience complement the cell therapy capability we have built over the last three years and allow us to accelerate the development of potentially curative cell therapies for the benefit of patients," Susan Galbraith, AstraZeneca Executive Vice President of Oncology R&D.
GapSat, a provider of in-orbit geostationary communications satellites, completed the acquisition of QBX, a satellite solutions and consulting services company. Financial terms were not disclosed.
"Given the rapid expansion of satellite communications in recent years, especially for HTS and UHTS, scarcity of spectrum has become a critical issue and satellite operators have been steadily moving up the spectrum ladder to higher frequencies. We have seen the move from C-band to Ku-band and to Ka-band and more recently, an interest in developing Q and V-bands. With the acquisition of QBX providing us with high priority orbital slot filings and patents to develop a global geostationary satellite constellation, GapSat is now ideally placed to meet the growing demands of the communications infrastructure sector," Gregg Daffner, GapSat CEO.
Calibre Scientific, a diversified global provider of life science reagents, tools, instruments, and other consumables, agreed to acquire Glass Chemicals, a Spanish distributor of scientific consumables, equipment and services for the life sciences, diagnostics, and industrial sectors. Financial terms were not disclosed.
"Glass Chemicals is a trusted brand in Spain with strong customer relationships and an impressive offering of products and services. We are excited to collaborate with the management team and leverage their unique market knowledge and customer relationships which together with Calibre Scientific's existing distributor, Serviquimia, will further strengthen our ability to service a broad customer base across all of Spain," Ben Travis, Calibre Scientific CEO.
Orfium, a music technology platform, completed the acquisition of Soundmouse, a media technology company. Financial terms were not disclosed.
"Bringing Soundmouse into the Orfium family, we are moving to a place where we can serve the entire entertainment ecosystem across mainstream and digital media. By connecting creators, rights holders, and music users, we can deliver more value to stakeholders across the board," Rob Wells, Orfium CEO.
zvoove Group, a provider of digitalization solutions, completed the acquisition of Fortytools, a management software that enables clients to easily prepare offer documents. Financial terms were not disclosed.
"As market experts, we often hear from smaller cleaning service providers that they are interested in a sleek solution that can be quickly implemented. We are very pleased that the acquisition of Fortytools will enable us to provide an easy-to-use and intuitive ERP-SaaS solution to these businesses. Fortytools is the perfect addition to our existing product portfolio," Oliver Muhr, zvoove Group CEO.
INEOS, a British multinational chemicals company, agreed to acquire admixture assets of MBCC Group, a construction chemicals company, from Sika, a Swiss multinational specialty chemical company. Financial terms were not disclosed.
“The agreement with INEOS Enterprises marks a key milestone in Sika’s acquisition of MBCC Group. I am convinced that we have found a long-term home for the MBCC Group’s admixture business. The perfect new owner who will further develop the business together with a talented and driven MBCC Group team. At the same time, Sika has taken a tremendous leap forward on its path to joining forces with MBCC Group. Together we will strengthen our growth platform further,” Thomas Hasler, Sika CEO.
M&S invests $586m in store rotation programme to create over 3.4k jobs.
Retailer Marks & Spencer Group said it has made around $586m investment in stores across the UK. The investment will generate over 3.4k new jobs across the country.
The company's ambition is to accelerate a five year store rotation programme and target a delivery within three years by 25/26.
Qatar’s $45bn wealth fund eyes soccer in revamp. (FS)
The head of Qatar’s $450bn sovereign wealth fund said it will use the current economic turmoil as an opportunity to rebalance its portfolio and is considering investments in soccer, financial institutions and tech.
The Qatar Investment Authority is looking for opportunities in Europe, Asia and the US in sectors such as venture capital, fintech and sustainability, Chief Executive Officer Mansoor Al Mahmoud said. The World Economic Forum returns to the resort during the winter for the first time in three years this week.
BPC and Mubadala make biotech fund investment. (FS)
British Patient Capital and Mubadala Investment Company, an Abu Dhabi-based sovereign investor, have a made a co-investment in the SV Biotech Crossover Opportunities Fund through the UK’s Life Sciences Investment Programme, a £200m ($244m) initiative launched in 2021 to support the growth of UK life sciences businesses.
According to manager SV Health Investors, SV BCOF is targeting growth-stage, biotechnology companies developing transformative therapies, and will focus on UK businesses that have the potential to positively impact society by addressing major unmet clinical needs.
UK's MJ Hudson mulls sale of some units, names interim CFO. (People)
Britain's MJ Hudson Group, which provides services to asset managers, said it was evaluating takeover interest in some units to reduce its debt and named an interim finance chief as it continues the delayed audit of last year's results, Reuters reported.
MJ Hudson, which provides advisory, outsourcing and data services to asset managers, suspended Chief Financial Officer Peter Connell last month and warned it would not be able to complete auditing its full-year 2022 results by the end of that month as more financial discrepancies had come to light. MJ Hudson said Ran Oren will take over as interim CFO.
Inflexion appoints partner and head of financial services. (FS, People)
Inflexion has appointed Andrea Bertolini as partner and head of Financial Services. Bertolini, who will lead the origination and execution of Inflexion’s Financial Services investments, has spent the last 12 years at Cinven, most recently as Senior Principal.
During his time at Cinven, Bertolini was involved with a number of transactions including Avolon, Eurovita, Guardian Financial Services, Partnership, Viridium Group and True Potential. Prior to Cinven, Andrea worked in the Investment Banking Division of Citigroup.
APAC
Cornell Capital-backed Advantek, a provider of highly engineered carrier tape and precision component packaging, completed the acquisition of LKTT Plastic Technology, a provider of complementary precision packaging. Financial terms were not disclosed.
"Customer service, including local manufacturing capabilities, is a key component of Advantek's long-term value-add proposition. Establishing a manufacturing footprint in Malaysia is an important step as we continue executing our strategic plans. I'm certain that by acquiring LKTT, we've expanded our team to include a group who shares our values of innovation and continuous improvement, while always prioritizing customers," Wim Goossens, Advantek CEO and President.
The Boundary, a visualization studio, completed the acquisition of Buildmedia, a creative studio. Financial terms were not disclosed.
"This acquisition marks the next phase for The Boundary following impressive growth across North America and the EMEA, as we now naturally expand across APAC. We are delighted to welcome the very talented Buildmedia team into the family," Tom Wood, The Boundary CEO.
UAE pledges to invest $30bn in South Korea, led by wealth funds including Mubadala. (FS)
The United Arab Emirates has decided to invest $30bn in South Korea’s industries, South Korea’s presidential office said on Sunday, as the two countries seek to expand economic cooperation, DealStreetAsia reported.
The investment decision was announced as South Korea’s President Yoon Suk-yeol met his UAE counterpart, Sheikh Mohammed bin Zayed al-Nahyan, in Abu Dhabi during a four-day state visit.
Rallying Japanese chip startup outshines recent big global IPOs.
A Japanese chip design firm’s share-price has almost doubled since the stock debuted in Tokyo last year, outperforming similarly sized or bigger initial public offerings globally amid bets on its unique business model.
Shares of Socionext are up about 84% since its listing on October 12 following an IPO that raised a total of $602m, Japan’s largest last year. It’s also the best three-month jump for a newcomer in Tokyo that raised that amount or more through a listing in almost past two decades, Bloomberg reported.
US proptech VC Fifth Wall sets up first APAC office in Singapore. (FS)
New York-based Fifth Wall, a proptech-focused venture capital firm, has opened its first Asia-Pacific office in Singapore with the appointment of a real estate veteran, DealStreetAsia reported.
Based in the city-state, Yvonne Voon will be leading the world’s largest proptech investor as partner for the region where she will propel Fifth Wall’s global commitment to investments in proptech and climate tech.
Bain Capital considers Virgin Australia IPO as travel demand rebounds. (FS)
Bain Capital is considering an initial public offering of Australia’s second-largest airline in what would be a new test of investor appetite for carriers in a turbulent postpandemic recovery, WSJ reported.
On Monday, Bain Capital said as a first step, it will soon ask advisers about the best timing, structure and metrics for relisting Virgin Australia on the Australian Securities Exchange.
The private equity firm acquired Virgin Australia in 2020 after the airline collapsed into insolvency after the Covid-19 pandemic grounded flights worldwide. Australia closed its borders to noncitizens for nearly two years, while its states and territories adopted different strategies when policing their internal borders, in some cases setting new rules for passengers midflight.
Didi wins okay to relaunch apps as China tech crackdown ebbs.
Didi Global has secured the green light to resume signing up new users, suggesting the worst is over for a ride-hailing giant that symbolized Beijing’s bruising campaign to rein in its powerful internet industry, Bloomberg reported.
The widely anticipated decision is one of the clearest signs yet that Xi Jinping’s administration, keen to jumpstart an economy that’s sagged under three years of Covid Zero restrictions, sees a need for private sector’s support in that broader campaign.
Taikang Life Insurance sets up fund to invest nearly $300m in China's new energy sector. (FS)
Beijing-based Taikang Life Insurance has set up a $299m new fund to invest in the green energy industry in China, DealStreetAsia reported.
With a total fund size of $299m, the vehicle also raised $15m from Lufeng Investment, a subsidiary of lithium-ion battery materials and process equipment maker Shanghai Putailai New Energy Technology. Lufeng serves as a special LP of the fund, its Shanghai-listed parent firm Putailai disclosed in stock exchange filing.
Former KKR, BII managers eye $250m India technology fund. (FS)
A pair of former fund managers from KKR and British International Investment aim to raise as much as $250m to invest in technology-focused startups in India, Bloomberg reported.
The new venture capital fund, Fractal Growth Partners, was co-founded by Ajay Candade, who until recently led KKR’s growth tech business in India, and Nikhil Balaraman, who was previously head of South Asia tech investment at BII. FGP will look to scale up companies that have moved past the seed funding phase. The firm will also invest in software as a service and business to business companies.
NIIF to invest in Nykaa-backer Lighthouse India’s fourth fund. (FS)
National Investment and Infrastructure Fund has proposed to invest up to $48m in the latest mid-market private equity fund of Lighthouse Funds, DealStreetAsia reported.
Lighthouse Funds, which targets fast-growing consumer brands in India, raised $100m in 2009, followed by $135m and $230m in two funds in 2015 and 2019, respectively.
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