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AMERICAS
Rithm Capital and Sculptor Capital Management amended the terms of their previously announced definitive merger agreement. Sculptor stockholders will receive $12 per share, representing an increase of 7.62% over Rithm’s previously agreed price of $11.15 per Class A share, and an aggregate transaction value of approximately $676m.
"Throughout this process, the Special Committee has been solely focused on consummating a transaction that maximizes value and certainty of closing for Sculptor stockholders. We are pleased to have been able to deliver a price increase and believe this transaction is in the best interest of Sculptor’s stockholders,” Marcy Engel, Chairperson of Sculptor Board of Directors.
Bain Capital, a private investment firm, completed the acquisition of Harrington, a distributor of industrial plastic piping, from Nautic Partners, a middle-market private equity firm. Financial terms were not disclosed.
"Bob is a trusted voice for our customers, suppliers, and employees, who has been instrumental to Harrington's growth. This is a significant inflection point for our company and industry in which Bob's more than thirty years of experience driving innovation in specialty distribution leadership has already proven crucial for our efforts to better serve existing customers and diversify into new sectors. I'm proud to continue partnering with Bob and even prouder knowing that he is a perfect culture carrier and leader for Harrington as it reaches new heights," Dave Abercrombie, Harrington Vice Chairman.
Harrington was advised by CBIZ Mergers and Acquisitions, Jefferies & Company, William Blair & Co and McDermott Will & Emery. Bain Capital was advised by PricewaterhouseCoopers, BMO Capital Markets, Robert W Baird, Kirkland & Ellis and Stanton PRM (led by Charlyn Lusk). Debt financing was provided by BMO Capital Markets, Goldman Sachs, Jefferies & Company and Oak Hill Advisors.
Sixth Street-led consortium, including KKR, Bayview Asset Management, CardWorks, and PIMCO, agreed to acquire GreenSky, a financial technology company, from Goldman Sachs, a global investment banking, securities, and investment management firm. Financial terms were not disclosed.
“This transaction demonstrates our continued progress in narrowing the focus of our consumer business. While GreenSky is an attractive business, we are focused on advancing the strategy we laid out for our two core franchises. In Global Banking & Markets, we’ve improved our wallet share and are demonstrating strong growth in financing activities; and across our Asset & Wealth Management platform we are making very strong progress towards both our fundraising and management fee targets," David Solomon, Goldman Sachs Chairman and CEO.
Sixth Street is advised by Bank of America, Mizuho Securities, Wells Fargo Securities, Alston & Bird and Simpson Thacher & Bartlett. Goldman Sachs is advised by Goldman Sachs and Wachtell Lipton Rosen & Katz (led by Edward D. Herlihy, Jacob A. Kling and Eric Feinstein).
Citation Capital, a private equity firm, agreed to acquire a majority stake in Cibo Vita, a natural and functional snacks producer. Financial terms were not disclosed.
"Our vision in founding Cibo Vita was to bring healthier snacking options to all families, inspired by our Mediterranean roots. Throughout our history, we have experienced phenomenal growth, attributed to our innovation capabilities, commitment to quality, and a drive to meet the needs of consumers increasingly seeking healthier functional snacking. We sought out a strategic partner that could help ensure that we stay on the forefront of innovation and who is aligned with our personal core values," Emre Imamoglu, Cibo Vita CEO.
Citation Capital is advised by Nelson Mullins Riley & Scarborough and Maximum Exposure PR. Cibo Vita is advised by Gibson Dunn & Crutcher and Prosek Partners. Debt financing is provided by American Ag Credit, Bank of America and Wells Fargo Securities.
Ares Management, an alternative investment manager, led a $100m investment in Vinci Partners, an alternative investment platform in Brazil.
“We are pleased to announce this strategic partnership with a leading multi-asset class investment manager in Latin America. We have known the Vinci team for over a decade and share similar business building and investment DNA. Latin America is in the very early innings of the adoption of private market strategies, and we believe there are market forces that will accelerate the growth of these asset classes over the coming years. We are very impressed with the business that the Vinci team have built over the last decade, and we believe that through this partnership we can accelerate value for our respective firms, investors and other key stakeholders," Michael Arougheti, Ares CEO and President.
Vinci Partners was advised by Jefferies & Company, Davis Polk & Wardwell, Danthi Comunicações (led by Carla Azevedo) and Joele Frank (led by Kate Thompson). Ares Management was advised by Wells Fargo Securities and Kirkland & Ellis.
Capital Square Partners, a private equity investment firm, agreed to acquire Startek, a contact center company, for $217m.
"For more than 35 years, Startek has delivered customer experience excellence for the world's leading brands. Spread across 12 countries, our 38k associates create memorable, personalized experiences in both voice and non-voice channels. Our clients span from fortune 500s to fast-growing startups in a diverse range of industries including cable, media and telecom; travel and hospitality; retail and e-commerce and banking and financial services," Startek.
Startek is advised by Houlihan Lokey, Gibson Dunn & Crutcher, Gateway Group (led by Cody Cree) and Joele Frank (led by Matthew Sherman). Capital Square is advised by Latham & Watkins.
BharCap, a private equity firm, completed the acquisition of ARMStrong, an insurance and commercial B2B receivable management firm. Financial terms were not disclosed.
“Mike Baldwin and his team have built a highly differentiated service provider for insurance companies and corporate clients. We hope to leverage our knowledge and relationships within the insurance industry to help the team continue to grow the business,” Bharath Srikrishnan, BharCap Co-Founder and Managing Partner.
BharCap was advised by Greenberg Traurig and Kirkland & Ellis. ARMStrong was advised by Lincoln International, William Blair & Co and Kirkland & Ellis.
GHK, a private equity firm, completed the acquisition of JohnsByrne, a manufacturer of premium folding carton packaging and specialty print solutions. Financial terms were not disclosed.
"We are thrilled to enter into a partnership with GHK, an organization that aligns with our vision for the future expansion of JohnsByrne, as well as our unwavering dedication to our customers, employees, and suppliers. During the past 64 years, we have been fortunate to build a client list that includes some of the most prestigious corporate brands in the country, creating memorable and distinctive packaging solutions that elevate their brand presence. Now, our new partnership with GHK will bring exciting new strategic and financial capabilities to our business. Together with GHK, we will be able to further strengthen our ability to deliver even more on our promise to ‘press the limits' of packaging innovation and performance," Corey Gustafson, JohnsByrne CEO.
GHK was advised by Mesirow Financial and Weil Gotshal and Manges. JohnsByrne was advised by Vedder Price and Deloitte.
Northleaf Capital Partners, a global private markets investment firm, agreed to acquire a majority stake in EVPassport, an electric vehicle charging platform company, for $200m.
“We’re excited to partner with EVPassport and apply our market knowledge and industry expertise to build out this critical infrastructure,” Olivier Laganiere, Northleaf Managing Director.
EVPassport is advised by Rasky Partners (led by Matthew McNally). Northleaf Capital Partners is advised by Stanton (led by Sneha Satish).
True North, a private equity firm, agreed to invest in iLink Digital, a provider of digital transformation solutions, in a $75m deal.
"iLink Digital aligns perfectly with our approach of investing in distinctive, rapid-growth, innovation-driven, and globally-situated digital engineering companies," Prasad Thrikutam, True North Partner.
iLink Digital is advised by Lincoln International (led by Sathya Ramanathan). True North is advised by Pitchfork Partners.
TPG Rise Climate, the dedicated climate investing strategy of TPG, agreed to acquire a majority stake in AmSpec, a testing, inspection, and certification company, from Olympus Partners, a private equity firm. Financial terms were not disclosed.
"As part of its broad set of services, AmSpec has developed deep expertise in the control of pollutants and emissions factors in legacy fuels, and they will play a critical role in processing, testing, and certifying the growing volume of increasingly complex renewable fuels that we see coming online. We are thrilled to be investing in AmSpec's best-in-class lab network at this inflection point in the global fuels mix, and we look forward to working closely with the management team to enter new markets and accelerate the global energy transition," Marc Mezvinsky, TPG Partner.
AmSpec is advised by Goldman Sachs, Robert W Baird and Morgan Lewis & Bockius.
TA Associates and OceanSound, two private equity firms, agreed to invest in Kinective, a provider of connectivity, workflow, and analytics software. Financial terms were not disclosed.
"Kinective is a force multiplier in banking, enabling access to innovation so financial institutions can reduce time-to-market of new technology, lower operating costs, build connected experiences, and delight their clients. We believe there is considerable opportunity to unlock further value for Kinective's customers through product investments, new partnerships, and strategic acquisitions. We are pleased to join OceanSound as partners in Kinective and look forward to leveraging TA's software expertise and global add-on acquisition and integration capabilities to drive sustained growth," Hythem El-Nazer and Mike Libert, TA Managing Directors.
QHP Capital, an investor in healthcare companies in the middle market, agreed to acquire Applied StemCell, a biotechnology company providing animal and cell line models as tools for drug discovery and diagnostics. Financial terms were not disclosed.
“Applied StemCell is dedicated to supporting the biopharmaceutical and research sectors in the pursuit of delivering transformative regenerative medicine treatments and cell therapy products. We are delighted to have the partnership with QHP Capital. ASC’s technology and capabilities combined with QHP’s strategic network and deep industry knowledge will help us accelerate our vision to enable the future cell gene therapy market by creating iPSCs and cell products that present the highest efficacy, greatest safety, and the most accelerated and scalable manufacturing,” Ruby Chen-Tsai, Applied StemCell CEO.
QHP Capital is advised by BackBay Communications (led by Jeremy Milner). Applied StemCell is advised by Robert W Baird.
Monarch Alternative Capital, a global investment firm, completed the acquisition 801 Brickell, a premier class A office building in Miami, Florida. Financial terms were not disclosed.
"Our acquisition of 801 Brickell exemplifies our core competencies of investing opportunistically and nimbly capitalizing on complexity. Given the current office market dislocation, we have been especially selective in the asset class, focusing on identifying exceptional properties that are being overlooked due to negative national office sentiment. We are excited by the addition of 801 Brickell to our portfolio, which we see as a well-positioned, top-quality building in a market poised for continued growth," Joshua Acheatel, Monarch Managing Principal and Head of Real Estate Acquisitions.
Global Emerging Markets, a private alternative investment group, completed a $250m investment in SGP BioEnergy, a bioenergy development company.
"Securing this commitment of equity of this scale is one of many financing milestones necessary to accelerate our journey towards meeting the policy pledges of the United Nations by delivering on the implementation necessary to meet these mandates," Randy Delbert Letang, SGP BioEnergy CEO.
Industrious Ventures, a venture capital firm based in Denver, Colorado, led a $100m Series B round in Stoke, an American space launch company, with participation from University of Michigan, Sparta Group, Long Journey, Breakthrough Energy, YCombinator, Point72 Ventures, NFX, MaC Ventures, Toyota Ventures, and In-Q-Tel.
"With our unique second stage design, our team at Stoke is attempting to build the most robust fully reusable rocket in the world – one that turns around in 24 hours throughout a long service life. This new round of funding is a huge vote of confidence in our team and the progress we've made. We will now continue moving through our development program by increasing focus on our reusable first stage," Andy Lapsa, Stoke CEO and Co-Founder.
Truist in talks to sell insurance business for $10bn.
Truist Financial is in talks to sell its insurance brokerage unit to private equity firm Stone Point for about $10bn, Reuters reported.
Activist investor Nelson Peltz seeks board seats at Disney.
Activist investor Nelson Peltz is seeking several board seats at Walt Disney after boosting his stake in the entertainment conglomerate, Bloomberg reported.
Peltz's Trian Fund Management increased its stake in Disney in recent months to more than 30m shares. The stake is currently worth at least $2.5bn based on October 9 closing price and would make Trian one of Disney's biggest investors.
Live Ventures makes offer to buy LL Flooring.
US investment firm Live Ventures has offered to buy LL Flooring, formerly known as Lumber Liquidators, for roughly $180m in cash, Reuters reported.
LL Flooring said in August that it was exploring strategic alternatives, including a possible sale. The company, headquartered in Richmond, Virginia and one of the country's leading retailers of hard-wood surface flooring, has seen its stock price tumble more than 78% in the last five years. Live Ventures' offer of $5.85 per share represents a roughly 100% premium to LL Flooring's closing price on October 11.
Warburg Pincus raises record $17.3bn for latest global fund.
US private equity giant Warburg Pincus has announced raising $17.3bn for its latest global flagship fund Warburg Pincus Global Growth 14, marking the largest-ever fundraising in its 57-year history, DealStreetAsia reported.
The fund, which was launched in 2021, exceeded its $16bn target and the size of the previous global flagship fund, which closed at $15bn in 2018, according to the announcement. The new fund also surpassed in size Warburg Pincus Private Equity X, a $15.1bn PE fund the firm launched in 2007, which was its largest fund prior to WPGG 14.
BlackRock to launch ESG-focused private credit fund.
BlackRock is set to launch a new private credit fund – The Climate Transition-Oriented Private Debt Fund – as part of an ESG-focused investing platform that the firm says is worth more than $100bn.
"The strategy focuses on the transition to a low-carbon economy as one of several mega forces driving investment opportunities," James Keenan, BlackRock Chief Investment Officer and Global Head of Private Debt.
Pantheon looks to register new credit secondaries fund.
Pantheon, a global private markets investor, has filed to register an evergreen private credit fund anchored in private credit secondaries, DealStreetAsia reported.
The AMG Pantheon Credit Solutions Fund will become the latest addition to the firm's growing, global evergreen platform and will be the first of its type to deliver a private credit secondaries-focused investment strategy to the US private wealth market.
Terran Orbital investors call for review, replacement of CEO. (People)
A group of investors in Terran Orbital, which has lost more than 90% of its market value since going public in a blank-check deal last year, is calling on the aerospace and defense company to launch a strategic review and oust its CEO, Bloomberg reported.
The group includes Sophis Investments, Roark’s Drift and three co-founders of the Terran’s main operating subsidiary, Tyvak Nano-Satellite Systems.
EMEA
Apollo Global Management, an investment firm, agreed to acquire The Restaurant Group, a British chain of restaurants and public houses, for $862m.
"TRG operates a diverse portfolio of some of the UK's leading hospitality brands. As a result of ongoing positive management actions and the margin accretion plan we announced in March this year, the group has recovered well from the challenges of the pandemic and the cost of living crisis. This is evidenced by the continued strength of our trading performance versus the broader hospitality sector and the share price increasing 55% this year. In addition, the TRG Board and management of TRG have reviewed in detail the strategic options available to the group, resulting in the announcement of the proposed sale of the Leisure business. The TRG Board continues to have confidence in the plan, but is cognisant of the premium and the certain value of the Apollo offer against the backdrop of a challenging macro-economic environment. As such, the TRG Directors intend to unanimously recommend the offer to TRG Shareholders," Ken Hanna, TRG Chair.
Apax Funds, a global private equity advisory firm, completed the acquisition of Bazooka Candy Brands, a portfolio of non-chocolate confectionary brands, from Tornante Company, an American privately held investment firm, and Madison Dearborn Partners, a private equity firm. Financial terms were not disclosed.
"It's rare to have the opportunity to partner with a business that can boast the success and heritage that Bazooka has, and we are excited to work with the entire team on this next chapter for the business," Nick Hartman, Apax Partner.
Bazooka Candy Brands is advised by Deutsche Bank and Kirkland & Ellis. Apax is advised by Macquarie Group, Simpson Thacher & Bartlett and Kekst CNC (led by Todd Fogarty).
Ara Partners, a private equity firm, completed the acquisition of Vacuumschmelze, an advanced magnetic materials producer, from Apollo, an investment company. Financial terms were not disclosed.
"We are excited to partner with Ara Partners, which has a strong track record of working closely with management teams across the industrial economy to create value while achieving meaningful decarbonization benefits. Ara and VAC will capitalize on significant growth opportunities for soft and hard magnetic solutions alongside our loyal partners and customers. In addition, we will accelerate work towards building our rare earths value chain, pursuing a range of strategic growth opportunities to establish a robust supply chain for EV manufacturing in the Western World," Erik Eschen, Vacuumschmelze CEO.
Spaldy Investments, a investment vehicle, led a £325m ($395m) investment in Metro Bank, a retail and commercial bank.
"The opportunity to become Metro Bank's major shareholder was driven by his belief in the need for physical and digital banking underpinned by a focus on exceptional customer service. I believe that the package announced today enables the bank to pursue growth and build on the foundational work undertaken over the past three years," Jaime Gilinski Bacal, Spaldy Investments Founder.
The end of year deadline for the PGA Tour and Saudi-backed DP World Tour to finalize their historic merger is likely to be pushed back as US regulators dig their heels in and players demand more power in the new entity, Bloomberg reported.
The deal is far from complete as the golf circuits respond to a range of issues including a US Justice Department probe over antitrust concerns and talks with PGA Tour players on how much control they will have over the new league.
The head of Booking has rounded on EU competition regulators for blocking the online travel group's €1.6bn ($1.7bn) purchase of a smaller flights-only business Etraveli, saying the move will hamper investment in Europe, FT reported.
Glenn Fogel, who runs the US global group as well as its biggest subsidiary Amsterdam-based Booking.com, said that regulators should think twice before stopping deals that would make "the European tech ecosystem much less competitive than the United States or other parts of the world".
iCON Infrastructure, an independent investment group, agreed to acquire Alliance Medical Group, a multi-specialty medical group, from Life Healthcare Group, a healthcare organisation, for £910m ($1.1bn).
"AMG is a valued part of the overall Group. In considering the unsolicited offers, the Board debated extensively before concluding that the transaction is in the best interest of shareholders to extract immediate value by de-risking the longer-term delivery of the AMG business plan," Victor Litlhakanyane, Life Healthcare Chairman.
Life Healthcare is advised by Barclays and Allen & Overy (led by Matthew Appleton).
The Italian Treasury is keen to implement a plan agreed with US fund KKR and CDP Equity, Macquarie consortium to bid for Telecom Italia's landline grid, Reuters reported.
La Repubblica newspaper said the Treasury was considering an alternative proposal put forward by TIM's main shareholder, Vivendi, that did not involve the sale of the grid, dubbed NetCo.
Naif Alrajhi Investment, an investment company, completed the acquisition of Veyron Marketing, a marketing company. Financial terms were not disclosed.
“This move sets a fresh paradigm in marketing investment, with an eye on amplifying the digital content landscape and enhancing community engagement, all while sharpening our competitive edge,” Naif Saleh Alrajhi, Naif Alrajhi Investment Chairman and CEO.
Triton, a European mid-market sector-specialist investor, agreed to acquire Trench, a renowned and prominent player in the field of power engineering and the design of specialized high-voltage electrical products, from Siemens Energy, an energy company. Financial terms were not disclosed.
“We are impressed by Trench’s differentiated competitive positioning in the T&D component market, underscored by its deep technical know-how, a best-in-class product portfolio, its leading market positioning across all three segments and the long-standing and diversified relationship with blue chip customers. We look forward to supporting the management and employees on their journey to grow the business and to expand its market leadership in close collaboration with Siemens Energy through a long-term supply agreement," Steffen Reimund, Triton Investment Advisory Professional.
Lonsdale Capital, a private equity firm, completed the investment in GIA Surveyors, a tech-enabled property consultancy. Financial terms were not disclosed.
"GIA is truly the market-leader in its space. Its Phoenix platform, coupled with a fantastic, knowledgeable team led by Sam, sets the Company apart from its peers. GIA's projects, many of which dominate the London skyline, evidence the trust that developers have in its solutions and its ability to deliver results. We look forward to working with Sam and his team as GIA begins its next phase of growth," David Gasparro, Lonsdale Partner.
KKR considers $4.2bn sale of European car park operator Q-Park.
KKR is considering a sale of Q-Park that may value the European car park operator at about $4.2bn, including debt. The private equity firm has held talks with potential advisers about an exit, Bloomberg reported.
It could start gauging buyer interest in Q-Park early next year. Deliberations are ongoing, and there's no certainty they will lead to a transaction. In 2017, KKR's infrastructure arm acquired Q-Park, based in Maastricht in the Netherlands. The company operates 677k parking spaces in over 3k commercial parking facilities across seven countries, including the UK.
Iberdrola in talks to sell Portugal renewable stake to Norway wealth fund.
Iberdrola is in talks to sell a 49% stake in a 300-megawatt portfolio of Portuguese renewable assets to Norway’s sovereign wealth fund, Bloomberg reported.
The deal would seek to expand an existing partnership between the Bilbao-based utility and Norges Bank Investment Management, which already own assets in Spain. No final agreement has been reached and Iberdrola could still decide not to proceed with the sale.
PIF-backed ADES jumps 30% after the year's biggest Saudi IPO.
Shares in oil driller ADES jumped as much as 30% in Riyadh after the kingdom's largest initial public offering this year, even as the ongoing conflict between Israel and Hamas roiled markets, Bloomberg reported.
ADES, backed by the kingdom's sovereign wealth fund, rose as high as $4.68, up from the offering price of $3.60, which was at the top of the range. The 30% gain is the maximum allowed for newly-listed stocks. The company drew orders of almost $77bn from institutional investors for its $1.2bn offering, showing demand for share sales in the kingdom is strong.
AllianzGI raise €3bn for semi-liquid fund.
Allianz Global Investors has launched its first semi-liquid fund, aiming to raise €3bn ($3.2bn) in capital to invest into private markets. The Allianz core private markets fund will allow professional investors access to private markets and will be fully-paid in, meaning that investors do not have to deal with capital calls.
"Thanks to the large interest from institutional clients in our private markets strategies which is proof of the trust of our estimated clients in our capabilities we have developed the Allianz Core Private Markets Fund. The special structure of this cross-asset fund makes private markets also available to new investor groups within our professional investor client group," Edouard Jozan, AllianzGI Head of Distribution Europe.
Nordic fund with $2bn cash targets bargain property deals.
Sweden’s real estate crisis is proving a boon for a fund that’s preparing to deploy more of its $1.9bn cash balance snapping up properties from desperate landlords, Bloomberg reported.
Nrep, a Nordic fund that’s part of the Urban Partners investment group, is looking to capitalize on heavily indebted firms such as Samhallsbyggnadsbolaget i Norden and Heimstaden Bostad as they race to divest properties they can no longer finance using expensive bond debt.
Appian raises $2bn for new fund.
Appian Capital Advisory, the mining-focused private equity firm, has raised $2bn for its latest fund as its takes advantage of renewed investor interest in the sector fueled by the move toward green energy, Bloomberg reported.
Appian's Fund III will focus on middle-market investments in the mining sector, looking at potential transactions in energy-transition commodities and also precious metals.
APAC
Australia's competition watchdog conditionally approved private equity firm Brookfield's $12bn takeover of the nation's largest energy producer, Origin Energy, Bloomberg reported.
The Australian Competition and Consumer Commission said it would wave through the Canadian investment firm's takeover, in league with EIG Global Energy Partners-backed MidOcean Energy, for the utility. The proposed deal is the third-largest in the country so far this year.
A buyer consortium, including Recco Control Technology, Dazheng Group, TFI Asset Management and Great Wall Capital, agreed to acquire Hollysys Automation Technologies, an automation control system solutions provider, for $1.55bn.
"Today's announcement that Hollysys is launching a full sale process is a step in the right direction for the shareholders of Hollysys. A transparent and full process is clearly in the best interest of Hollysys shareholders and we look forward to discussing our $25 all-cash offer with the special committee. We remain motivated to move into due diligence and subsequent negotiations with the Special Committee and be in a position to sign a definitive agreement shortly after access to full due diligence," Ke Lei, Recco Control Technology Director.
Buyer consortium is advised by UBS, Conyers Dill & Pearman, DLA Piper and Sullivan & Cromwell. Recco is advised by FTI Consulting and Okapi Partners (led by Bruce Goldfarb).
EQT, a global investment organization, agreed to acquire VetPartners, a provider of veterinary services, from National Veterinary Associates, a global pet care organization. Financial terms were not disclosed.
"We are delighted to welcome EQT as a partner given their strong global track record in animal health and healthcare more broadly. Together, we will continue to be an advocate for the advancement of the veterinary profession, fostering a collegiate community of professionals delivering the highest-quality healthcare services to pet parents in the region with a common mission to improve the comfort and well-being of animals," Mark Jeffery, VetPartners CEO.
EQT is advised by Domestique.
Aster’s India unit draws suitors valuing the business at $1.5bn.
Private equity firm BPEA EQT and Ontario Teachers’ Pension Plan Board are among the firms considering a deal to acquire Aster DM Healthcare assets, including its India business, Bloomberg reported.
BPEA EQT and OTPP have expressed preliminary interest in the hospital operator’s business in the South Asian nation. A deal would help the investors tap into the growth potential of health-care services in the country. Others interested in potential bids for Aster’s India business include Blackstone and KKR. Prospective acquirers could decide to team up, and deal considerations could also lead to other transactions, including a full takeover of the company.
China's sovereign wealth fund buys shares in big four banks.
China’s sovereign wealth fund snapped up shares in the nation’s Big Four lenders and said it plans to continue the purchases, a move apparently aimed at boosting the stocks, Bloomberg reported.
State-owned Central Huijin Investment said in filings to the Shanghai stock exchange on October 11 night that it raised its stakes in Bank of China, Agricultural Bank of China, China Construction Bank, and Industrial and Commercial Bank of China. It added that it would continue the purchases over the next six months, without saying to what extent.
Morgan Stanley, Pacific Equity Partners, QIC, ICG, and Partners Infrastructure bid $500m+ for Cura Day Hospitals. (FS)
Australia’s biggest private hospital operator, Ramsay Health Care, has lobbed a first-round offer for Cura Day Hospitals, put up for sale by Citi in May.
Cura makes $40m a year at the earnings line and is slated to fetch a $500m-plus price tag for owner Frankfurt-listed healthcare giant Fresenius Medical Care.
Ramsay – which has a market value of almost $12bn and 74 hospitals and clinics around the country – submitted a non-binding indicative bid to sell-side adviser Citi earlier this month.
GIC-led group, INA consortium vie for Jasa Marga unit stake.
A consortium led by GIC and another group headed by Indonesia Investment Authority are among the final bidders for a stake in one of Jasa Marga's units, Bloomberg reported.
The Indonesian state-owned toll road operator is in talks with potential investors to sell about a 35% stake in Jasamarga Transjawa Tol. The stake sale could raise at least $750m.
Indian billionaire Ambani's Reliance Retail to raise $598m from ADIA.
Billionaire Mukesh Ambani's Reliance Retail Ventures said it would raise $598m from the Abu Dhabi Investment Authority, in the latest bet on India's largest retailer ahead of a potential stock market listing, Reuters reported.
The investment by ADIA at a valuation of $100.8bn will translate into a stake of 0.59% in the company. "Reliance Retail has demonstrated strong growth and adaptability in a market that is evolving at an unprecedented pace," Hamad Shahwan Aldhaheri, ADIA Executive Director.
Blackstone holds preliminary talks to buy stake in Disney's India arm.
Private equity firm Blackstone has held preliminary discussions with Walt Disney to acquire a stake in the Indian arm of the entertainment firm, DealStreetAsia reported.
Blackstone is the latest suitor for Disney’s assets in the hyper competitive Indian market, where it has been exploring a sale or a joint venture partner for the digital and TV business. Blackstone-backed US media firm Candle Media, founded by former Disney executives, led conversations between the two parties last week.
Top-performing India stock fund says small-cap IPOs offer value.
A Franklin Templeton India fund is turning to initial public offerings to help keep it in the top ranks of the nation’s mutual funds as rich valuations have made it hard to pick winners among small-cap stocks, Bloomberg reported.
The $1.2bn Franklin India Smaller Companies Fund is up 34% this year, beating 98% of its peers. The fund’s IPO picks — Concord Biotech, TVS Supply Chain Solutions and SBFC Finance — have rallied between 15% to 50% since their trading debuts in August.
Bain Capital postpones Virgin Australia IPO plans.
Bain Capital has pushed back plans for a Virgin Australia Airlines initial public offering to as soon as 2024, Bloomberg reported.
The US buyout firm is no longer considering a listing for the carrier in 2023 and will monitor market conditions next year to determine the potential timing. Bain will look to end-of-year holiday travel to bolster Virgin’s earnings before a possible IPO.
Malaysian PE firm Creador targets $800m for sixth flagship fund.
Malaysia-headquartered private equity firm Creador is reportedly preparing to hit the market to raise as much as $800m for its sixth flagship fund, DealStreetAsia reported.
According to a Private Equity International report on October 10, the PE firm will launch Creador VI early next year with a $750-800m target, which is above the $700m it raised for Creador V, which closed in December 2022. Creador VI will continue to focus on Southeast Asia and South Asia growth opportunities.
Mubadala Capital closes second Brazilian fund at $710m.
Mubadala Capital, an asset management subsidiary of Mubadala Investment Company headquartered in Abu Dhabi, has closed its second Brazilian fund, BSOF II, at $710m.
The fund’s limited partners include public pension funds, family offices, corporates, private equity funds and asset managers from North America, Europe, the Middle East and Asia.
China's Shang Qi Capital hits second close of new fund at over $575m.
Shang Qi Capital, the private equity arm of China's state-owned automobile giant SAIC Motor, has secured the second close of its new fund - Shangqi Huirong Shangcheng Yihao Industry Fund - at CNY4.2bn ($575m).
The second close comes seven months after the firm hit the first close in March this year. The fund has drawn commitments from state investors and listed firms, per the announcement, DealStreetAsia reported.
GLP raises $240m for China value-add strategies.
GLP Capital Partners, the exclusive investment and asset manager of Asia's warehouse giant GLP, has raised about $240m of fresh capital for its China value-add strategies, DealStreetAsia reported.
The equity was raised from a global institutional investor. When fully leveraged, the capital will be invested in a pre-identified portfolio of GLP-developed modern logistics assets valued at approximately $480m.
Singapore's Orion Capital Asia racks up $205m for first close of latest private credit fund.
Orion Capital Asia, a Singapore based private credit investor, has raised $205m for the first close of its latest fund, which is dedicated to direct lending opportunities in Asia Pacific.
The firm provides medium-term secured loans to mid-market businesses which have been underserved by traditional banking channels, including both private equity sponsors and local entrepreneurs, DealStreetAsia reported.
China's Legend Star closes fifth fund at over $123m.
Legend Star, the early investment and incubation arm of Legend, has closed its fifth CNY-denominated fund at over CNY900m ($123m), DealStreetAsia reported.
The new fund has roped in a slew of investors including state guidance funds, family offices, high-net-worth individuals, among others. Two-thirds of its existing limited partners re-upped in the new vehicle, per the announcement.
East Ventures and SV Investment announce $100m fund to invest in SE Asian, Korean startups.
East Ventures, an Indonesia-based venture capital firm, and SV Investment, a South Korea-based venture capital and private equity firm firm, have announced the $100m dedicated fund for Southeast Asia, DealStreetAsia reported.
East Ventures that this fund aims to open the investment corridor between the Southeast Asian and Korean venture ecosystem, including capital investment, knowledge transfer, and network sharing.
Australia's $131bn sovereign wealth fund chair will not seek another term. (People)
The head of Australia's AUD206bn ($131bn) sovereign wealth fund had informed the Australian government he will not seek a third term, Treasurer Jim Chalmers said, as a formal recruitment process to find a successor begins.
Peter Costello, Australia's longest-serving treasurer, became the fund's chair in 2014 and was re-appointed in 2019 for another five years. His current term will end in February, Reuters reported.
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