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AMERICAS
A federal appeals court said the US government was right to challenge Illumina’s purchase of cancer-test developer Grail, but still sent the case back to the Federal Trade Commission for reconsideration, WSJ reported.
A three-judge panel found the deal to be anticompetitive, but said the FTC erred in how it considered Illumina’s proposed fix for its drawbacks. The judges ordered the FTC to reconsider its opinion on the troubled deal, which the European Commission has already ordered Illumina to unwind.
The FTC said the decision marks “an important victory” for its agenda because a key court sided with its view in a vertical merger case. The government challenges vertical mergers less often because they don’t involve direct competitors. When antitrust authorities challenge vertical mergers, they usually argue the combined company would gain a monopoly by withholding supplies or inputs from the rest of the market.
Bain Capital, an American private investment firm, completed the acquisition of Guidehouse, a global provider of consulting services to the public sector and commercial markets, from Veritas Capital, a longstanding technology investor, for $5.3bn.
"On behalf of the entire Guidehouse team, we're delighted to embark on the next phase of our growth in partnership with Bain Capital who shares our people-first culture, consulting heritage, and commitment to embracing complexity. Together, we see significant opportunities to capitalize on attractive marketplace dynamics to further grow the business with our best-in-class client delivery capabilities. We look forward to an impactful partnership with the Bain Capital team leveraging their resources and operational expertise as we work towards building our next generation consultancy with an unwavering commitment to creating the scalable, innovative solutions our clients need to succeed in this increasingly digital and complex environment," Scott McIntyre, Guidehouse CEO.
TG Natural Resources, a natural gas supplier company, agreed to acquire Rockcliff Energy II, an upstream natural gas company, from Quantum Energy Partners, a private equity firm, for $2.7bn.
“On behalf of Tokyo Gas America and Castleton Commodities International, I want to congratulate Alan Smith and the Rockcliff team as well as Wil VanLoh and the Quantum team for building an impressive company. With this acquisition, TG Natural Resources is committed to leadership in the Haynesville Play, one of the world’s most important sources of clean natural gas. We will have nearly a century in rig-years of gross operated and non-operated drilling inventory in the Haynesville, not counting the important plays in the Bossier and Cotton Valley. TGNR has a strong track record of investing across commodity cycles and this acquisition positions the company for long-term success. Rockcliff has also made large investments in reducing methane emissions from their already very clean operations and we plan to continue to accelerate the drive to lower methane intensity in our combined operations,” Craig Jarchow, TGNR CEO.
Rockcliff is advised by JP Morgan, Vinson & Elkins and Joele Frank (led by Jonathan Keehner). TGNR is advised by Bank of America, Goldman Sachs, Greenhill & Co, Kirkland & Ellis and Pierpont Communications.
Amphenol, an electronic connector manufacturing company, completed the acquisition of PCTEL, a wireless technology solutions provider, for $140m.
“This transaction follows a nearly yearlong strategic process that has been overseen and approved by the Board of Directors. With this transaction, we are pleased to deliver cash value to our dedicated stockholders, find a well-aligned company culture for our valuable people, and position PCTEL to embark on its next phase of growth as part of an industry-leading corporation,” Jay Sinder, PCTEL Chairman.
Fury Resources, a privately held exploration and production company, agreed to acquire Battalion Oil, an independent energy company, for $450m.
"It has been a pleasure working with Avi Mirman and his team to get the transaction to this point. Avi has a plan to become a premier player in the Delaware Basin. With the additional investment capital provided by the transaction, the company will finally be in a position to fully develop the Battalion asset base and position the company, its investors, and its employees for success," Matt Steele, Battalion CEO.
Battalion Oil is advised by Houlihan Lokey and Mayer Brown. Fury Resources is advised by Jefferies & Company and K&L Gates. Debt financing is provided by AI Partners Asset Management and Fortress Investment Group.
Ellington Financial, a real estate investment trust investing in a diverse array of financial assets including residential and commercial mortgage loans, completed the merger with with Arlington Asset Investment, a real estate investment trust that invests primarily in mortgage-related and other assets, for $150m.
“We are extremely pleased to close the merger with Arlington. The transaction provides us not only with a significant portfolio of assets – particularly low-coupon mortgage servicing rights – that align well with our expertise and existing management platform, but also attractive long-term unsecured debt and preferred equity to further strengthen our balance sheet. This acquisition should lead to greater operating efficiencies and a larger market capitalization for Ellington Financial, and we believe that it positions us well to drive earnings accretion moving forward,” Laurence Penn, Ellington Financial CEO.
TREND Health, a provider of healthcare credit balance management and payment accuracy solutions, completed the acquisition of Advent Health Partners, a healthcare technology company dedicated to optimizing the clinical review process. Financial terms were not disclosed.
“Rarely do you come across two companies with such complementary capabilities and aligned visions as what we found with TREND and Advent. CAVO® will help us extend our existing platform, TRENDConnect, to solve an even broader set of challenges for our payer and provider clients. We are very excited to welcome the Advent team into our organization,”Sarah Armstrong, TREND CEO.
Advent Health was advised by OM Partners and Barnes & Thornburg. TREND was advised by William Blair & Co, Holland & Knight and Edelman Smithfield.
Getir, an on-demand delivery services provider, completed the acquisition of FreshDirect, an American online grocery company, from Ahold Delhaize, a Dutch-Belgian multinational retail and wholesale holding company. Financial terms were not disclosed.
"The acquisition will lead to significant synergies between Getir and FreshDirect and emphasizes Getir's strategic ambitions to grow in the United States. FreshDirect will leverage Getir's technology and operational footprint to offer faster services to its loyal customer base, which will also benefit from easy access to Getir's quick convenience service," Getir.
Epiroc, a global productivity partner for the mining and infrastructure industries, agreed to acquire the attachment tools business of Stanley Black & Decker, a developer of tools and outdoor operating manufacturing facilities, for $760m.
"The sale of Infrastructure demonstrates our commitment to maximizing shareholder value through active portfolio management. Simplification is a core tenet of our strategic transformation, and this transaction will help further sharpen our focus on value creation opportunities in our core businesses while supporting our capital allocation priorities. I am confident that Infrastructure is positioned for a future of innovation and growth with Epiroc and would like to thank all our team members for their valuable contributions over the years," Donald Allan, Jr., Stanley Black & Decker President and CEO.
Stanley Black & Decker is advised by Centerview Partners, JP Morgan, and Skadden Arps Slate Meagher & Flom (led by Sean Doyle).
A major US hotel owners association said its Wyndham Hotels & Resorts franchisee members are worried an acquisition by budget operator Choice Hotels International could hurt their business, Reuters reported.
Choice on December 12 launched a hostile bid for Wyndham to bring Wyndham to the negotiating table. The deal, initially valued at $7.8bn, would combine two of the biggest US budget operators at a time when demand for cheaper extended stay brands is growing rapidly.
Uplight, the technology partner to energy providers transitioning to a decarbonized future, agreed to acquire AutoGrid, a virtual power plant developer, from Schneider Electric, a French multinational company that specializes in digital automation and energy management. Financial terms were not disclosed.
"The grid is at a critical inflection point that demands integrated, effective digital solutions to accelerate electrification, efficiency, and decarbonization. Our new platform will combine Uplight's deep customer engagement capabilities and AutoGrid's leading renewables and flexible capacity management solutions to provide a vibrant connected ecosystem where our utility clients, energy users, and equipment manufacturers can accelerate their impact in the energy transition," Luis D'Acosta, Uplight CEO.
Uplight is advised by Cooley and V2 Communications. Schneider Electric is advised by Debevoise & Plimpton (led by Spencer Gilbert and Paul Bird).
EQB, a bank holding company, completed the acquisition of a 75% stake in ACM Advisors, an institutional alternative asset manager. Financial terms were not disclosed.
"By closing this transaction, ACM and EQB begin a new chapter of value creation for our investors that will see our two organizations collaborate with a view to long-term growth and competitive advantage. In ACM, we gain a trusted name that pioneered a specialized area of wealth and asset management for institutional and accredited retail investors. We couldn't be more excited about this partnership thanks to the ACM team's superior talent, proven track record and promising scale," Andrew Moor, EQB President and CEO.
ACM Advisors was advised by Fort Capital Partners and Borden Ladner Gervais. EQB was advised by McCarthy Tetrault.
Osaic, one of the nation's largest providers of wealth management solutions, agreed to acquire Lincoln Wealth, the wealth management division of Lincoln National, an insurance company. Financial terms were not disclosed.
The acquisition has been intentionally structured to create a seamless transition for Lincoln Wealth's advisors and their clients with minimal to no repapering and no change to account numbers. Lincoln National has been a strategic partner to Osaic for more than a decade and the two companies will continue to work together and expand their partnership over time.
Osaic is advised by Haven Tower Group (led by Joseph Kuo). Lincoln National is advised by Skadden Arps Slate Meagher & Flom (led by David Hepp).
SSTC, a healthcare firm, agreed to merge with Verde Bio, an oil and gas company engaged in the acquisition and management of mineral and royalty interests in lower risk, onshore oil and gas properties. Financial terms were not disclosed.
“We are pleased to announce this strategic transaction which we expect will simplify our corporate structure, reduce costs and further support the integration and optimization of our portfolio," Scott Cox, Verde CEO and President.
SSTC is advised by Spartan Capital Securities and PCG Advisory (led by Kirin Smith).
Chobani, a next-generation food and beverage company, agreed to acquire La Colombe, an American coffee roaster and retailer, for $900m.
"At a time where the industry has faced challenges to grow sales, Chobani has delivered double-digit, volume-led sales growth, and considerable margin expansion. We have never been stronger or better positioned to chart our next chapter of growth," Hamdi Ulukaya, Chobani Founder and CEO.
Chobani is advised by Centerview Partners.
IDEX, a provider of applied solutions and serves niche markets, completed the acquisition of STC Material Solutions, an integrated provider of advanced material science solutions from Artemis, a fund manager, for $206m.
“STC Material Solutions fits our growth strategy well, with strong IDEX qualities, including great teams with technical and domain expertise who develop and build highly-engineered products that command a premium. STC expands our growing material science expertise, affording opportunities to collaborate with other IDEX critical components businesses on comprehensive solution sets for customers,” Eric Ashleman, IDEX CEO and President.
Wind Point Partners-backed FreshEdge, a super-regional distributor of customized fresh food solutions, completed the acquisition of KT Produce, a fresh produce distributor. Financial terms were not disclosed.
The acquisition broadens FreshEdge's presence by expanding the current footprint in the South. Further, KT Produce strengthens FreshEdge's supply chain and adds warehouse capacity to the distribution network.
FreshEdge was advised by Winston & Strawn (led by Brian Schafer).
RMA, a provider of professional services in environmental consulting, geosciences, and materials testing and inspection for critical public and private infrastructure assets, completed the acquisition of Rone Engineering, a geotechnical engineering, materials testing, and environmental services firm. Financial terms were not disclosed.
“The addition of Rone to the RMA family marks our seventh acquisition of 2023, which has been a monumental year of growth. Rone operates offices in the critical Texas Triangle that is poised to receive over $17bn in IIJA funding over the next five years. We are excited to partner with Richard and his team to expand the services that Rone can offer their clients and to be able to serve our existing RMA clients in the Texas market. The combination of our firms will create exciting opportunities for both our clients and our employees,” Ed Lyon, RMA CEO.
Rone Engineering was advised by Citizens M&A.
Pritzker Private Capital, an investor in middle-market businesses, completed the acquisition of a stake in HeartLand, a provider of landscaping services to commercial customers. Financial terms were not disclosed.
“Ed and the HeartLand team have built an impressive industry leading business with a proven track record. HeartLand’s scalable platform pairs centralized resources with a focus on delivering high quality localized service, which positions the Company to continue to excel and execute new growth opportunities. We look forward to supporting Ed and the team as they continue to build HeartLand for sustained success,” Eric Kieras, PPC Investment Partner.
Webster Financial, a commercial bank, agreed to acquire Ametros Financial, a custodian and administrator of medical funds from insurance claim settlements, from Long Ridge Equity, an investment firm. Financial terms were not disclosed.
“This acquisition closely aligns with our strategic focus on building a diverse and unique funding base. Ametros’ market position and value proposition for its clients and partners underpin a robust growth trajectory for this highly complementary business. Ametros builds on Webster’s history of developing non-traditional deposit verticals with a favorable financial profile, including HSA Bank and interLINK," John Ciulla, Webster Financial President and CEO.
Azelis, a service provider in the specialty chemical and food ingredients industry, agreed to acquire Localpack, a specialty chemical distributor active in both the life sciences and industrial chemicals segments. Financial terms were not disclosed.
“The acquisition of Localpack brings Azelis a partner with a strong product portfolio and performance track record in Colombia. This transaction expands our customer base and relationships with key principal partners who are aligned with our strategic vision for the region. The Localpack team shares our commitment to innovation, and we look forward to continuing towards our goal of becoming the preeminent provider of innovation and solutions for our customers and principals in Latin America,” Todd Cottrell, Azelis CEO, Americas.
Thrive Mortgage, a mortgage broker firm, agreed to merge with Lower, a multi-channel, digital home lender. Financial terms were not disclosed.
"The commitment of Thrive to our team and our customers has always been to deliver the best mortgage experience with the highest quality resources. This has driven us to focus on having the best people with the most forward-thinking technology in the industry, all of which is propelled forward with this partnership with Lower," Roy Jones, Thrive Mortgage Chairman.
Visa, a payment card services corporation, agreed to acquire a majority stake in Prosa, a payments processor. Financial terms were not disclosed.
“Technology and innovation are the foundation of our business and at the core of what we do. As such, this investment is part of our ‘network of networks’ strategy where we leverage best-in-class technologies from around the world to complement our own. With the enhanced technology infrastructure provided by Visa’s global payments network, we are setting the groundwork to develop new, innovative ways to pay and be paid for consumers and small businesses alike alongside local issuers and acquirers in Mexico," Eduardo Coello, Visa Regional President for LATAM and the Caribbean.
Linktree, a freemium social media reference landing page, completed the acquisition of Koji, a link-in-bio platform that debuted in 2021. Financial terms were not disclosed.
"We’re thrilled to welcome Koji users to the Linktree community and are excited to continue to innovate on the category we created. We’ll continue to work closely with our Linkers — and new Linkers coming from Koji — to meet their needs and evolve the link-in-bio category as we build the most impactful platform for anyone looking to consolidate, grow and monetize their audience online," Linktree.
KKR acquires $7.2bn portfolio of prime recreational vehicle loans. (FS)
KKR, a global investment firm, announced that funds and accounts managed by its credit business have led the purchase of a $7.2bn portfolio of super-prime recreational vehicle loans from BMO Bank National Association, part of BMO Financial Group.
This transaction aligns with KKR’s Asset-Based Finance strategy, which focuses on privately originated and negotiated credit investments that are backed by large and diversified pools of financial and hard assets, offering diversification to traditional corporate credit and attractive risk-adjusted returns.
Citi set to split Mexico retail bank from corporate, investment unit by late 2024.
Citigroup will split its Mexico retail unit, known as Banamex, from its corporate and investment banking business in the country by the second half of 2024, Reuters reported.
Earlier this year, Citi scrapped a $7bn sale of the unit, surprising investors. New York-based Citi had been in talks with Mexican billionaire German Larrea's Grupo Mexico to sell the unit.
HCSC, Elevance compete for Cigna medicare advantage unit.
Health Care Service and Elevance Health are competing to acquire Cigna Group’s business providing medical coverage to those aged 65 and over, Reuters reported.
Cigna expects final bids for its medicare advantage business to be submitted next week with the business expected to fetch more than $3bn. The health insurer was reportedly earlier in talks to merge with Humana, one of the top players in medicare advantage, but those discussions ended after the pair failed to agree on a price.
Pemex's failure to pay debts threatens suppliers' survival, industry warns.
Mexican state energy company Pemex's mounting debt with oil service providers as well as private crude and gas producers threatens production, investment and in some cases even the survival of suppliers, Reuters reported.
In addition to financial debt of more than $105bn, the company disclosed that at the end of September it owed local and foreign companies about $17.2bn. Private oil operators' industry group Amexhi warned this week in a letter to the government that Pemex's reluctance to pay threatens not only production but also projects already underway and some companies' very existence.
Telefonica mulls bid for Brazil's Oi broadband fiber clients unit.
Telefonica is exploring a possible offer for a unit of Brazil's Oi that provides broadband fiber services to retail and business customers in a bid to expand in its second-largest market, Reuters reported.
The board of Oi, which filed for bankruptcy protection earlier this year, hired advisers in October to study strategic options for its fiber broadband client base, called UPI ClientCo.
Global Payments says it is not in talks to buy peer Shift4.
Payments firm Global Payments said that it is not weighing an acquisition of peer Shift4, denying a media report of potential merger talks between the two, Reuters reported.
"Although we typically do not respond to market speculation or rumors, we are not in discussions with Shift4 regarding any type of strategic transaction," Global Payments.
Elanco Animal Health CEO targeted by activist investor Ancora. (FS)
Activist investor Ancora has built a position in Elanco Animal Health and is pushing for leadership changes at the animal-medicine maker, Bloomberg reported.
Ancora wants the Greenfield, Indiana-based company to replace Chief Executive Officer Jeffrey Simmons and refresh its board. Ancora, which is among top 10 shareholders of the company, is also urging Elanco to improve its margins.
Blackstone reaches deal with bondholders on defaulted Nordic debt. (FS)
Blackstone has reached an agreement with creditors on a defaulted loan, a move that will buy the private equity giant time to sell the remainder of a Finnish property portfolio, Bloomberg reported.
Holders of the commercial mortgage backed securitized notes voted to approve an extension of the underlying senior loan maturity date to February 15 2027, with the final note maturity extended to May 2031.
EMEA
Argos Wityu, a private equity firm, agreed to invest in Bracchi, an Italian transport company. Financial terms were not disclosed.
"We are very proud that Bracchi leads the way as first investment of our Climate fund. Bracchi represents Italian excellence, appreciated and recognized in Europe with a strong development potential. Together with the management, we aim to activate strong buyout fundamentals while deploying proprietary sustainability levers. Our objective is for Bracchi to become a European sustainable leader in the transport and logistic market," Lucio Ranaudo, Argos Wityu Senior Partner.
Campari Group, a beverage industry company, agreed to acquire Courvoisier, a cognac brand, from Beam Suntory, an American-founded, Japanese multinational company that produces alcoholic beverages, for $1.32bn.
"We are very pleased to acquire a top-four historical cognac house, Courvoisier with great latent equity and highly acclaimed expressions. The addition of Courvoisier cognac to our portfolio of global priorities is a rare and unique opportunity to expand our premium spirits portfolio and cognac offering. By leveraging our heavy cognac expertise at Board and Executive Team level, Campari Group has a fantastic opportunity to reinforce this brand’s credentials as a global icon of luxury, priming cognac to become Campari Group’s fourth major leg along with aperitifs, bourbon and tequila. Concomitantly, we are looking forward to accelerating our premiumization journey, further enriching our RARE portfolio, the division created to unlock and accelerate the growth potential of a select range of high-end individual expressions in our core premium spirits markets," Bob Kunze-Concewitz, Campari Group CEO.
Campari Group is advised by PricewaterhouseCoopers, Goldman Sachs, Allen & Overy, McDermott Will & Emery and Studio Biscozzi Nobili. Debt financing is provided by Bank of America, Credit Agricole, Goldman Sachs, Intesa SanPaolo and Mediobanca. Debt providers are advised by Clifford Chance. Beam Suntory is advised by Morgan Stanley.
DPG Media, a multi-media company, agreed to acquire the Netherlands unit of RTL Group, a Luxembourg-based international media conglomerate, for €1.1bn ($1.2bn).
"We are very pleased that we have reached an agreement with RTL Group to acquire RTL Nederland, the undisputed market leader in commercial TV broadcasting, and the owner of the highly successful streaming platform Videoland. Together with our leading TV brands VTM and RTL Belgium, we will be able to build a group that has the necessary scale to invest in the digital transformation of television. I am looking forward to working with the outstanding leadership team of RTL Nederland, and I am also very pleased that we will build a strategic partnership with RTL Group," Christian Van Thillo, DPG Media Executive Chairman.
DPG Media is advised by LDS Advisory, Linklaters and Loyens & Loeff. RTL Group is advised by JP Morgan, Allen & Overy and NautaDutilh.
Atairos, an independent strategic investment company, agreed to invest in V Sports, a holding company that administers association football clubs. Financial terms were not disclosed.
"Aston Villa is a historic football club with an exceptional management team and significant growth potential. We are strong believers in the long-term global growth potential of the Premier League and Aston Villa's men's and women's teams. We have great respect for Aston Villa's leadership and look forward to partnering with Nassef and Wes. We are excited to bring our expertise in supporting businesses in the leisure, sports, and live entertainment industries to elevate the Club to even greater heights," Michael Angelakis, Atairos Chairman and CEO.
The Abu Dhabi National Oil Company, the state-owned oil company of the United Arab Emirates, agreed to acquire an additional stake in Fertiglobe, the world's largest seaborne exporter of urea and ammonia combined, from OCI Global, a producer and distributor of natural gas-based fertilizers and industrial chemicals, for $3.62bn.
The transaction, which will see ADNOC become majority shareholder in Fertiglobe, supports the company's ambitious chemicals strategy and its plans to establish a global growth platform for ammonia, a key lower carbon fuel and hydrogen carrier that is expected to play an important role in the energy transition.
OCI Global is advised by Cleary Gottlieb Steen & Hamilton.
Carl Zeiss, a manufacturer of optical systems and optoelectronics, agreed to acquire Dutch Ophthalmic Research Center, a retinal surgical devices manufacturer, from Eurazeo, an investment company, for €985m ($1.08bn).
"With the acquisition of Dutch Ophthalmic Research Center, we'll bring together two highly innovative ophthalmic powerhouses to accelerate ZEISS's position in the vitreo-retinal surgery segment and extend our leadership in the ophthalmic medical devices market," Markus Weber, Carl Zeiss President and CEO, Meditec.
Carl Zeiss is advised by RBC Capital Markets.
KKCG, a European investment and innovation group, agreed to acquire Avenga, an end-to-end software engineering and consulting platform, from private equity firms Oaktree Capital and Cornerstone. Financial terms were not disclosed.
"Today marks a significant stride in our journey to grow KKCG's IT pillar into a global tech and consultancy platform. The acquisition of Avenga as a highly complementary asset to our existing Qinshift portfolio company will enable us to effectively double our presence in the custom software development space, while tapping into deep pools of IT talent in Poland, Ukraine, and Argentina. This, coupled with enhancing our expertise in critical sectors such as healthcare & pharma, significantly expands our capabilities to better serve more clients around the world," Michal Tománek, KKCG Investment Director.
Oaktree Capital and Cornerstone are advised by Citigroup.
The Prax Group, an independent global energy conglomerate, agreed to acquire a 37.5% stake in the Schwedt refinery from Shell, a British multinational oil and gas company headquartered in London. Financial terms were not disclosed.
The transaction aligns strategically with the Prax Group's recently completed acquisition of the OIL! Tankstellen petrol retail network, substantially enhancing the Group's customer offering on continental Europe. This will in turn see the Prax Group become a significant presence in the German market and a major player in the European refining sector.
The Prax Group is advised by White & Case (led by Richard Jones).
German football to shortlist private equity bids next week. (FS)
German professional football’s governing body plans to meet early this week to whittle down the list of private equity bidders seeking a stake in the league’s media rights, Bloomberg reported.
The supervisory board of DFL Deutsche Fussball Liga will consider which suitor is offering the best price while also navigating potential conflicts of interest. EQT has so far presented the highest bid with an initial proposal valuing DFL’s media rights unit at about $14bn.
Iliad wants to finalise JV proposal for Vodafone Italy by end of January.
French telecoms group Iliad wants to finalise a proposal to Vodafone Italy to combine their Italian operations in a joint venture by the end of January, Reuters reported.
Vodafone CEO Margherita Della Valle, under pressure to improve profitability, said last month the British group was reviewing options for its Italian operation, the last of three troubled European markets she had said need to be fixed.
Blackstar Capital secures $1bn in funding to support government contractors and subcontractors. (FS)
Blackstar Capital, a provider of invoice financing to businesses, announced that it has secured $1bn in funding to support government contractors and subcontractors.
The funding will be used to provide working capital solutions to businesses that provide services to the government, both prime contractors and subcontractors.
APAC
Asia Pacific Resources International, a maker of pulp and paper products, offered to acquire the remaining 92.3% stake in Vinda, a hygiene company, for $3.3bn.
"This is a very attractive offer for Essity and for our shareholders. We maintain a presence in Asia and in Vinda through continued licensing of Essity's brands, with sustainability requirements for sourcing, production and collaboration in innovation and marketing. After completion of the bid, we will also reduce Consumer Tissue's share of Essity's total sales and enable increased focus on investments and growth in Essity's brands and higher yielding categories," Magnus Groth, Essity President and CEO.
Vinda is advised by HSBC. APRIL is advised by BNP Paribas and China International Capital. Essity is advised by Bank of America.
CVC Capital, an investment company, agreed to acquire Sogo Medical, Japan's fifth biggest pharmacy by store numbers, from Polaris Capital Group, a private equity firm, for $1.2bn.
"We are looking forward to working together with Sogo as one to continue its development and expansion, while making sure we uphold the company’s long-term philosophy," Atsushi Akaike, CVC Managing Partner and Co-Head of Japan.
Crescendo Equity Partners, a private equity firm, led a $140m funding round in LINE NEXT, LINE’s venture dedicated to developing and expanding the NFT ecosystem.
This investment represents the largest funding round in the Asian blockchain Web3 industry for this year. With the raised funds, LINE NEXT aims to expand its global business and develop new services as part of its plan to popularize the Web3 ecosystem.
Fosun’s hospital arm weighs $141m funding round.
Shanghai Fosun Pharmaceutical Group is considering spinning off its Chinese hospital business for a funding round, which could raise about CNY1bn ($141m), Bloomberg reported.
Shanghai Fosun Health Technology Group, a unit of the Hong Kong-listed drugmaker, has approached potential investors to gauge interest for the funding round.
Vietnam's VinaCapital explores sale of SkyX Solar at $100m valuation. (FS)
Vietnamese investment management firm VinaCapital is considering the sale of SkyX Solar in a deal that could value the Ho Chi Minh City-headquartered solar rooftop power developer at over $100m, DealStreetAsia reported.
The potential sale comes at a time when renewable companies and assets have become increasingly attractive as investors look to tap growth in the sector driven by global drive to transition to zero-emission economies.
Shenzhen, Abu Dhabi exchanges to co-operate amid deepening China-Middle East ties.
The stock exchange in China’s city of Shenzhen and the Abu Dhabi securities exchange agreed to promote cross-border investment and listings in the latest flurry of co-operation between institutions in countries looking to cut reliance on the West, DealStreetAsia reported.
A lot of investments are starting to flow into China from the Middle East and vice versa even as some global investors are leaving China for Southeast Asian countries, such as Vietnam or Malaysia. Chinese-ruled Hong Kong has also been deepening ties with the Middle East, with the recent launch of the Asia-Pacific region’s first exchange-traded fund tracking Saudi Arabian equities.
Japan’s SBI faces penalty after IPO stock manipulation probe.
Japan’s securities watchdog recommended penalizing SBI brokerage arm following an investigation into stock price manipulation, Bloomberg reported.
Sales staff at SBI Securities attempted to prop up the price of stocks when they debuted following initial public offerings, the Securities and Exchange Surveillance Commission said in a statement on Friday. The SESC asked the Financial Services Agency to take administrative action against the Tokyo-based company.
Northstar closes maiden VC fund at $140m with support from existing LPs. (FS)
Southeast Asian private equity major Northstar Group has secured the final close of its maiden venture capital fund at $140m, a tad below its target, DealStreetAsia reported.
The early-stage-focused Northstar Ventures I, was targeting a final close of $150m.
HKEX CEO Aguzin to leave firm. (People)
Hong Kong Exchanges and Clearing Chief Executive Officer Nicolas Aguzin will leave the company at the end of his three-year contract, and will be succeeded by co-Chief Operating Officer Bonnie Y Chan, Bloomberg reported.
Chan, 54, will become the first woman to take the top job at the exchange, starting in May. She rejoined HKEX and was head of the listing division since 2020 before being elevated to co-COO in February.
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