TA Associates-backed Orion Advisor Solutions, a provider of the tech-enabled fiduciary framework to financial advisors, completed the merger with Brinker Capital, an investment management company serving advisors at insurance broker-dealers and independent broker-dealers. Genstar Capital, a San Francisco-based private equity firm, completed the investment in the combined business. Financial terms were not disclosed.
"With the merger of Orion and Brinker Capital, we are able to capture the momentum created by the increasing connectivity of technology and fiduciary advice, and channel it into the pursuit of a transformative advisor-client journey. As our companies continue to grow together, our complementary strengths will drive the entire fiduciary process with planning tools, guided or open-architecture investment solutions, and behavioral insights; powering organic advisor growth through client satisfaction," Eric Clarke, Orion CEO and Noreen Beaman, Brinker Capital President.
Orion was advised by Credit Suisse, Raymond James, Goodwin Procter, Gregory FCA and Prosek Partners. Prosek Partners was advised by Ardea Partners, UBS, Weil Gotshal and Manges and Chris Tofalli. Brinker Capital was advised by Moelis & Co, Hinckley Allen & Snyder and Willkie Farr & Gallagher. TA Associates was advised by BackBay Communications.
Insurance Acquisition, a publicly traded special purpose acquisition company, schedules a special meeting for October 13 to approve business combination with Shift Technologies, an end-to-end e-commerce platform on a mission to make buying or selling a used car fun, fair, and accessible for everyone.
"We have made substantial progress scaling Shift to capture share in our core markets since our launch in 2014. Merging with Insurance Acquisition Corp. not only brings Shift to the public markets, but it also unlocks new opportunities and marks the next phase of our growth. We are committed to shareholders. We will continue to make smart investments to drive revenue growth and deliver long term value to our shareholders," George Arison, Shift Co-CEO.
Shift is advised by Wells Fargo Securities, Jenner & Block, Latham & Watkins, O'Melveny & Myers and Blueshirt Group. Insurance Acquisition is advised by Wells Fargo Securities, Cantor Fitzgerald, Northland Capital Partners, William Blair & Co and Morgan Lewis & Bockius.
Amentum, a global technical and engineering services partner supporting critical programs of national significance across defense, security, intelligence, energy, and environment, agreed to acquire DynCorp International, a provider of aviation and logistics support services, from Cerberus Capital Management, an American private equity firm. Financial terms were not disclosed.
“The combination of our two companies will accelerate our growth into key new markets such as aviation support services, contractor logistics support, intelligence solutions, and training. We look forward to welcoming DynCorp’s employees to the Amentum family. Our complementary capabilities and cultures will propel Amentum to the top of our market as a leader with differentiated solutions to support our clients’ most challenging missions,” John Vollmer, Amentum’s CEO.
DynCorp is advised by Citigroup, Morgan Stanley and Schulte Roth & Zabel. Amentum is advised by RBC Capital Markets, Covington & Burling and Cravath Swaine & Moore. Cerberus is advised by Sard Verbinnen & Co.
Brookfield Asset Management and Blackstone Infrastructure Partners completed the acquisition of a 42% stake in Cheniere Energy, a liquefied natural gas company, from Blackstone for $7bn.
“Cheniere is grateful for the collaborative and mutually beneficial partnership we have had with Blackstone Energy Partners over the past eight years. Today, Sabine Pass is a world-scale LNG complex, providing flexible, reliable, and cost competitive US. LNG to markets worldwide, and I would like to thank David Foley and the Blackstone team for their contributions to Cheniere’s many successes. We still have much to accomplish at Cheniere, and I look forward to working alongside Blackstone Infrastructure Partners and Brookfield Infrastructure Management to achieve our shared goals,” Jack Fusco, Cheniere Chief Executive Officer.
Blackstone Group was advised by Jefferies & Company, Morgan Stanley and Latham & Watkins. Blackstone Infrastructure Partners was advised by Rothschild & Co and Simpson Thacher & Bartlett.
InnerWorkings, a global marketing execution firm, announced that stockholders approved the adoption of the previously announced merger agreement relating to the proposed transaction between InnerWorkings and HH Global, a global outsourced marketing execution provider.
The merger is expected to close on October 1, 2020, subject to the satisfaction of the remaining customary closing conditions.
InnerWorkings is advised by Citigroup, Sidley Austin and Sard Verbinnen & Co. HH Global is advised by Moelis & Co and Kirkland & Ellis.
Dollar Mutual, a mutual holding company, agreed to acquire Standard AVB Financial, a holding company which through its subsidiaries, provides commercial banking services, for $158m.
“This agreement allows us to honor our longstanding commitments in the community, while continuing to serve our customers with the same high level of personal service. Dollar’s commitment to their customers, communities and employees mirror our own. We both have a rich history in the Pittsburgh region and Standard could not be more excited to begin our new relationship as a part of the Dollar family,” Andrew W. Hasley, Standard President.
Dollar Mutual is advised by Raymond James and Luse Gorman. Standard AVB is advised by Keefe Bruyette & Woods and Kilpatrick Townsend.
Asta Funding, a diversified financial services company, announced that stockholders voted to adopt the merger agreement pursuant to which Asta Finance Acquisition will acquire Asta Funding for $13.1 per share.
Approximately 6m shares voted at the special meeting were voted in favor of the proposal to adopt the merger agreement, representing over 91% of the outstanding shares of Asta’s common stock entitled to vote at the special meeting. Such approval also represented the approval of the merger by an affirmative vote of the majority of the minority stockholders, which includes stockholders other than Gary Stern and members of the Stern Group.
Asta Funding is advised by Lincoln International, Pepper Hamilton and Tannenbaum Helpern Syracuse & Hirschtritt. Debt financing for Stern Group is provided by Bank Leumi.
Insight Partners, an American venture capital and private equity firm, and Silversmith Capital Partners, a growth equity investment firm, completed the investment in Within3, an enterprise-wide solution for life science collaboration and communication, in a $100m deal.
“Global demand for our solution is surging at an unprecedented rate. Life science companies are looking for virtual work solutions that exceed the level of engagement of traditional live interactions, meet all their compliance needs, and that will scale across the enterprise. They have found that solution with Within3,” Lance Hill, Within3 CEO.
Within3 was advised by Aeris Partners. Silversmith was advised by Kirkland & Ellis and Willkie Farr & Gallagher.
Protective Life, which provides financial services through the production, distribution and administration of insurance and investment products, agreed to acquire Revolos, a finance and insurance solutions provider. Financial terms were not disclosed.
“Protective’s Asset Protection Division is an important—and growing—part of our business. As we continue to navigate the uncertain situation posed by Covid-19, we remain focused on serving more customers. This transaction aligns well with our plans to build on our strong foundation and protect more people in the future by growing both organically and through acquisitions,” Rich Bielen, Protective President & CEO.
Revolos is advised by Houlihan Lokey and Reed Smith. Protective is advised by Maynard Cooper & Gale.
Warburg Pincus, a global private equity firm focused on growth investing, agreed to invest in GA Foods, a provider of nutritional meals serving healthcare and senior customers. Financial terms were not disclosed.
"We are excited by this investment and the opportunity it will provide to strengthen and grow our product offering, capabilities and network, enabling us to deliver more meals to more people in need. Warburg Pincus shares our vision of driving GA Foods to become a leader in healthcare and senior care and we believe the firm is the ideal partner to support us in our next chapter," Glenn Davenport, GA Foods President.
GA Foods is advised by JMP Securities and Burns & Levinson. Warburg Pincus is advised by Cleary Gottlieb Steen & Hamilton.
Warburg Pincus, a private equity firm, led a $155m Series E financing round in Salsify, a software solutions provider.
"We are excited to partner with a world-renowned firm like Warburg Pincus in our mission to ensure that brands across industries and geographies are best equipped to offer incredible commerce experiences to consumers, anywhere they shop online,” Jason Purcell, Salsify Co-founder and CEO.
Westland Insurance Group, an insurance brokerage company, agreed to acquire insurance brokerage business of Innovation Credit Union, a Canadian credit union. Financial terms were not disclosed.
“We are delighted to be expanding Westland’s presence in Saskatchewan. The insurance brokers of Innovation Credit Union are deeply rooted in their communities, they truly care about their clients’ needs, and they are a great addition to our existing presence in Saskatchewan,” Jason Wubs, Westland Insurance CEO.
Devon in talks to acquire WPX in a $6bn deal.
US shale producer Devon Energy is in talks to acquire rival WPX Energy in an all-stock transaction that would create a company worth about $6bn, Reuters reported.
The deal, which would value Tulsa, Oklahoma-based WPX at a small premium to its current share price, could be announced as soon as this week.
Highgate to acquire hospitality portfolios from Colony Capital for $2.8bn. (FS, RE)
Highgate, a real estate investment and hospitality management company, agreed to acquire hospitality portfolios from Colony Capital, an American international investment firm, for $2.8bn. The transaction value includes $68m of gross proceeds on a consolidated basis in addition to the assumption of $2.7bn in consolidated investment-level debt.
“We are thrilled to be delivering on our commitment to dispose of non-core assets and harvest positive value for our hospitality business. With its strong track record, unique insights into the hospitality market and creative approach to hotel management, we are confident that Highgate is ideally suited to own and operate these properties,” Marc Ganzi, Colony Capital CEO.
Colony Capital is advised by Moelis & Co, Joele Frank and Willkie Farr & Gallagher. Highgate is advised by Latham & Watkins and Zimmerman.
Palantir expects to be valued at $22bn.
Data mining software company, Palantir Technologies's bankers, have told investors that its shares could start trading at about $10 each, which would value the data-mining company at almost $22bn on a fully diluted basis, Bloomberg reported.
Palantir is planning to go public on September 30 through a direct listing, an alternative to a traditional initial public offering in which the company doesn't issue new shares to raise capital. Rather, current investors can place their shares on the market when trading begins.
Palantir Technologies is expected to fetch a lofty valuation in its transition to a public company despite an unusually aggressive governance structure, in the latest sign of investors' voracious appetite for new shares.
Spotify CEO Ek to invest $1.2bn in European startups.
Spotify Technology co-founder Daniel Ek will invest $1.2bn of his personal assets to fund early-stage European startups, Bloomberg reported.
Ek said the funding would go to so-called moonshots - projects at too early a stage to draw venture capital funding - to support Europe’s tech ecosytem.
"We all know that one of the greatest challenges is access to capital. That is why I’m sharing today that I will devote 1bn euros of my personal resources to achieve this European dream over the next decade," Daniel Ek.
GGV Capital targets $2bn in fundraising drive.
GGV Capital, an American private equity firm is targetting to raise $2bn across three new funds that will focus on tech startups and growth deals in the US and China at a time of heightened tensions between the two countries.
The growth and venture investment firm plans to invest the funds in startups as well as more mature companies with market values of at least $100m.
Targeting $1.2bn, the GGV Capital VIII fund will invest in later-stage financings of companies with valuations of $100m or more. The firm’s GGV Capital VIII Plus fund will serve as a backup to invest in later-stage GGV VIII portfolio companies that require more capital. It has a $300m fundraising goal. The firm also aims to raise $500m for its GGV Discovery III fund, which will make seed and Series A investments in start-ups with valuations of no more than $50m.
L Squared Capital closes its third fund at a hard cap of $500m. (FS)
Private equity firm L Squared capital closed its largest fund at a hard cap of $500m, surpassing the $325m the private equity firm raised for its previous fund in 2018.
The Firm's family office friendly structure has hit a chord with large US-based family offices which have supported the Firm and led to an oversubscribed offering for L Squared Capital Partners III.
"We are incredibly appreciative of the tremendous support provided to us by our existing investors during this time of uncertainty. This allowed us to complete the fundraising quickly so that we can keep our focus on quality investing," Jeff Farrero, L Squared Capital Managing Partner.
Wondery explores sale of $200m.
Wondery, the company behind hit podcasts “Dr. Death” and “Dirty John,” has hired financial advisers to explore strategic options, including a potential sale, hoping to cash in on growing interest from technology and media firms. Wondery could attract interest from a range of companies looking to break into podcasting. Record labels, streaming services and TV networks are all commissioning original series, hoping to tap into the growing audience for on-demand audio, Bloomberg reported.
Wondery is expected to garner at least $200m if it pursues a sale and could fetch as much as double that, which would represent the biggest podcasting transaction to date.
Hims near a $2bn blank-check IPO with Oaktree. (FS)
Direct-to-consumer telemedicine startup Hims is in talks with Oaktree Capital-backed "blank-check" company Oaktree Acquisition regarding a merger to go public, a deal that could value the company best known for erectile dysfunction and hair loss treatments at $2bn. The deal could be announced as early as this week.
Oaktree is in talks with investors to raise about $75m to help fund the transaction. The plans aren’t final and could still fall apart.
Poshmark files for a potential IPO.
Poshmark, an online resale marketplace for second-hand clothing, said it has filed confidentially for an initial public offering. The California-based company had put off a potential IPO last year to focus on boosting sales and improving its execution.
The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to commence after the SEC completes its review process, subject to market and other conditions.
SPAC Genesis Park Acquisition files for a $200m IPO.
Genesis Park Acquisition, a blank check company formed by Genesis Park targeting the aviation industry, filed with the SEC to raise up to $200m in an initial public offering, Nasdaq reported.
The Houston, TX-based company plans to raise $200m by offering 20m units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.5. Sponsor Genesis Park intends to purchase $10m worth of units in the offering. At the proposed deal size, Genesis Park Acquisition would command a market value of $250m.
Trian investment in Comcast fuels debate on breaking it up. (FS)
The debate over whether Comcast should break up its business has once again entered the spotlight after corporate agitator Trian Fund Management disclosed a new stake in the company earlier last week, Bloomberg reported.
At a conference last week, Brian Roberts, Comcast’s chairman and CEO, argued that Comcast is poised to prosper as big tech companies get into entertainment, and as media companies try to use new technologies, like streaming and other platforms, to distribute content.
Tourmaline Oil files preliminary prospectus for $188m Topaz Energy IPO.
Tourmaline Oil, a Calgary-based natural gas driller is creating a new royalty and energy infrastructure company through an initial public offering of Topaz Energy, with the new entity and Tourmaline aiming to raise about $188m from the stock sale.
Topaz plans to sell 16.8m to 19.4m shares for $10 to $11 apiece in an offering expected to close in late October, the firm said in sale documents obtained by Bloomberg. Topaz plans to list on the Toronto Stock Exchange under the ticker “TPZ,” with shares initially yielding approximately 5.3% to 6.2%.
Valentus to raise $250m credit fund via a sale of virtual currency. (FS)
US investment firm Valentus Capital Management will raise part of a $250m credit fund through the public sale of its own unique virtual currency, Reuters reported.
Valentus aims to invest in assets such as mortgage securities and distressed debt, a lucrative area that saw private equity giants Apollo Global and KKR raise $1.75bn and $4bn, respectively, the last few months, for credit funds focused on Covid-related dislocations.
"Valentus first fund - the Credit Opportunities Fund I - hopes to raise $50m through the digital token sale scheduled sometime this year. He added that this would be the first time a private equity credit fund will raise capital using a digital token that will be made accessible to global retail and institutional investors," Behzad Taufiq, Valentu Chief Investment Officer.
Veolia Environnement CEO Antoine Frerot confirmed he would deliver a sweetened bid to Engie for most of its shares in French waste and water group Suez ahead of September 30 deadline, rejecting any extension, Bloomberg reported.
Frerot will communicate the improved offer for the 29.9% stake “at the right moment” and before the existing proposal of $18.03 a share runs out at the end of the month.
"We'll know on September 30 whether we abandon the planned merger with Suez or indeed whether we continue without Engie's share. Everything is possible. We don't need an extension, we need a decision," Antoine Frerot, Veolia CEO.
Veolia is advised by Citigroup, Messier Maris & Associes, Perella Weinberg Partners, Cleary Gottlieb Steen & Hamilton, Flichy Grange Avocats, Gide Loyrette Nouel, Hogan Lovells, Patrice Gassenbach, Peltier Juvigny Marpeau & Associes, and Xavier Boucobza.
Bain Capital-led consortium to acquire Ahlstrom-Munksjo, a speciality paper maker, with participation from Belgrano Investments, Viknum and Ahlstrom Capital, for $2.45bn.
The consortium believes that Ahlstrom-Munksjo, in a private setting, will more effectively manage all above-mentioned initiatives as well as current market challenges as management can devote its full attention to business performance without the constraints imposed by its current balance sheet and the public market.
"I consider the offer evidence of the good work we have done and how we have succeeded in creating an attractive business in a world of increasing stakeholder expectations. I am particularly proud how well our organization has performed in this period of intense business transformation and growth. With the support and resources from our new owners, we will have even better opportunities to accelerate strategy implementation and value creation," Hans Sohlstrom, Ahlstrom-Munksjo President and CEO.
Ahlstrom-Munksjo is advised by UBS, Cleary Gottlieb Steen & Hamilton, and White & Case. Bain Capital is advised by Goldman Sachs, Nordea Bank, PJT Partners, Poyry Consulting & Capital, Hannes Snellman, Kirkland & Ellis, Roschier Attorneys, and Camarco.
The UK Competition and Markets Authority has opened a consultation on undertakings proposed by ION to address competition concerns over its acquisition of Broadway Technology.
The regulator has until November 11, 2020, to consider whether to accept the undertakings, or a modified version of them. As part of this process, the CMA is now consulting publicly on whether the proposals are sufficient to address the CMA’s competition concerns.
Broadway Technology was advised by Broadhaven Capital Partners, Morgan, Lewis & Bockius and Articulate Communications. ION was advised by UBS and Paul Hastings.
Boxlight, a provider of interactive technology solutions for the global education market, completed the acquisition of Sahara Presentation Systems, a provider of AV products and a manufacturer of multi-award winning touchscreens and digital signage products, for $95m.
“The global footprint and infrastructure of Boxlight, with their experience in delivering comprehensive education technology solutions, paired with our extensive experience and expertise in AV technology and products, will position us to provide our customers across the world with solutions for advanced and collaborative working environments. We are committed to continue our rapid expansion plans following Sahara’s acquisition by Boxlight,” Mark Starkey, Sahara CEO.
Boxlight was advised by BDO and Cripps. Sahara Presentation Systems is advised by Dixon Hughes Goodman, Hinds & Small and Michelman & Robinson.
Epic Games, an interactive entertainment company and provider of 3D engine technology, agreed to acquire SuperAwesome, a provider of online security services. Financial terms were not disclosed.
“More kids interact online than ever before and now is the time to double down on their safety. SuperAwesome is the company developers want to work with to make better online content for kids. We share the belief that digital experiences are better when you go the extra mile to respect privacy and we’re thrilled to invest in this future alongside the talented SuperAwesome team,” Tim Sweeney, Epic Games Founder and CEO.
William Hill receives approaches from Apollo and Caesars. (FS)
William Hill has received rival takeover proposals from buyout firm Apollo and US casino operator Caesars Entertainment, the British betting firm said, without disclosing the value of the offers. Apollo and Caesars have until October 23 to either announce a firm intention to make an offer or walk away, Reuters reported.
The offers come as Britain’s betting shops are reeling from coronavirus-related restrictions on social movement and struggling with stricter regulations.
“Following an initial written proposal from Apollo on August 27 2020, William Hill received a further proposal from Apollo and proposals from Caesars,” William Hill.
MasMovil denies being in potential takeover talks with Vodafone. (FS)
Spanish telecommunications operator MasMovil and its private equity owners KKR, Cinven and Providence, denied that MasMovil has not been in talks of $6bn a potential takeover by Vodafone.
Private equity funds KKR, Cinven and Providence recently bought most shares in MasMovil in a public tender offer that valued the company at $3.3bn, and are planning to squeeze out the remaining minority holders and delist the company in the coming weeks.
"MasMovil has not had any interaction whatsoever with Vodafone in relation to a potential corporate transaction," MasMovil.
Kuwait's sovereign wealth fund in talks to acquire a stake in Rolls-Royce. (FS)
The Kuwait Investment Office, which is part of the Gulf state's state investment vehicle, is in talks to acquire a stake in Rolls-Royce Holdings as the part of a potential $3.2bn cash call.
Rolls-Royce was in talks with the KIO - a London-based arm of the Kuwait Investment Authority - and Singapore's GIC. In total, $637m of new shares have been allotted to sovereign wealth investors, meaning the two sovereign funds could acquire stakes worth $319m each. However, no final decision had been made on allotting shares to the potential investors.
Allianz-led consortium in advanced talks to acquire Aviva's French business. (FS)
A consortium of German insurer Allianz and life insurer Athora Holding is in advanced talks to buy Aviva's French operations in a deal worth between $2.3bn to $3.5bn. Aviva wants to gauge interest from other bidders before committing to Allianz's proposal, which would see Apollo-backed Athora take control of the unit's run-off life insurance portfolio while Allianz would swallow its property and casualty assets.
The business has also drawn interest from Axa, Assicurazioni Generali and French mutual insurer La Mondiale among others.
"The discussions in the very early stages of developing its strategy for its continental European and Asian businesses,” Aviva.
Aviva in talks for sale of Italian business.
Aviva is weighing a piecemeal sale of its Italian business which consists of two joint venture agreements focused on life insurance as well as general insurance policies handled by a network of agents, Reuters reported.
The move comes after Aviva hired Morgan Stanley to launch an auction process for its Italian business as its new boss Amanda Blanc is shifting the insurer's focus purely to its core operations in Britain, Ireland and Canada.
Allegro aims to raise $2.7bn in a record Polish IPO. (FS)
E-commerce platform Allegro raised the size of its initial public offering and now is seeking as much as $2.7bn in Poland's largest-ever listing. The shares are likely to be sold at at $11 each in the IPO, the top end of a marketed range. Allegro now expects to sell as many as 246.9m shares, including an over-allotment option, up 14% from 216m previously.
The offering has received a “positive response” from potential investors with indications of interest “materially” exceeding initial expectations, the company said in the filing. The company is selling 28.6m new shares, while Allegro’s private equity owners - Cinven, Permira and Mid Europa Partners - are offering the rest.
Allegro is advised by Goldman Sachs, Morgan Stanley, Barclays, Bank of America, Citigroup, Dom Maklerski Banku Handlowego, Santander Bank, BM PKO BP, Bank Polska Kasa Opieki, Credit Agricole, Erste Group Bank, Pekao Bank, Raiffeisen, and Lazard.
Sanford DeLand's Buffettology Smaller Companies considers London IPO. (FS)
Buffettology Smaller Companies Investment Trust, an investment trust, considers listing on the Main Market of the London Stock Exchange and plans to raise a minimum of $127m through an initial issue of shares.
Buffettology will predominantly invest in the securities of companies listed or traded in the UK with a portfolio consisting of 30 to 50 companies with market capitalisations at the time of investing ranging from $25m to $637m.
Kazakh fintech Group Kaspi revives London IPO plans. (FS)
Kaspi, a Kazakh fintech provider backed by Goldman Sachs (MBD), is reviving a plan to sell shares in London after lockdowns to fight the spread of coronavirus pushed people to shop and bank online.
Kaspi seeks to be the first Kazakh lender to sell shares in London since AO Alliance Bank in 2007, before a crisis hobbled the country’s banks for a decade. Kaspis initial plans to sell a stake fizzled with the collapse of the financial sector in 2009, and it delayed a share sale last year after the valuation disappointed shareholders, Bloomberg reported.
Kaspi is advised by Morgan Stanley, Citigroup and Renaissance Capital.
Highland Europe seeks $699m for new tech fund. (FS)
Private equity firm Highland Europe is seeking around $699m for its Highland Europe Technology Growth Fund IV. The vehicle is set to be larger than its predecessor, closed in 2018 at $539m, PE Insights reported.
Highland Europe collaborates closely with US venture firm Highland Capital Partners, targeting investments across internet, mobile and technology companies, namely ones in Europe that have global ambitions, according to the firm’s website. It typically invests $11m to $58m in companies with more than $11m in annual revenue.
Advent-backed BioDuro, a global life sciences research company, agreed to acquire Sundia MediTech, a pre-clinical contract research and manufacturing organization. Financial terms were not disclosed.
"We are greatly looking forward to this new venture with BioDuro combining our discovery, R&D and CMC expertise to provide customers with a highly competitive and innovative end-to-end CRDMO solution. As a service provider, this kind of productivity creates a ripple effect to the benefit of the whole biopharma sector. It enables us to accelerate timelines for hundreds of companies and to help bring medicines to patients faster for countless programs," Cathy Yen, BioDuro Director.
Advent is advised by Weil Gotshal and Manges, FTI Consulting, and Finsbury.
Mitsubishi UFJ Lease & Finance, a financial services company, agreed to acquire Hitachi Capital, a provider of a diverse range of leasing and financial solutions, for $2.79bn.
"In order to achieve sustainable growth and enhance corporate value in such uncertain times, we consider it is absolutely essential, first of all, to strengthen our management base and, further, to make our scale even larger and more solid, and to create services and businesses that meet the needs of the new era by consolidating a variety of knowledge and information, as well as to proactively invest in R&D, M&As and other activities for such purposes. This business integration is the result of a series of deliberate discussions with Mitsubishi UFJ Lease & Finance Company Limited, whereby both companies reached an agreement on the recognition of the current situation and solutions for those business challenges," Seiji Kawabe, Hitachi Capital President & CEO.
Hitachi Capital is advised by Goldman Sachs. Goldman Sachs is advised by Skadden Arps Slate Meagher & Flom.
Trustbridge Partners, a growth equity investment firm, agreed to invest in WeWork China, a flexible space provider, in a $200m deal.
“Having watched the execution of WeWork in Greater China over the past few years, and the growing need for flexibility accelerated by the pandemic, Trustbridge firmly believes the demand that WeWork provides will only continue to increase. Aligning with Trustbridge’s philosophy in adopting a unique ecosystem-driven approach concentrating on the value of physical space, design and helping companies transform, Trustbridge is confident of the growing demand for space-as-a-service as companies in Greater China continue to grow and maximize the unprecedented growth opportunities ahead,” Feng Ge, Trustbridge Partners Managing Partner.
WeWork is advised by Skadden Arps Slate Meagher & Flom.
KKR, Bain Capital and Blackstone in a race for a majority stake in Granules India. (FS)
US private equity firms KKR, Bain Capital and Blackstone, have expressed their interest to acquire a majority stake in Granules India, an active pharmaceutical ingredients manufacturing firm.
If these leading private equity funds proceed further, the stage seems set for a potential three-way bidding war to take over the Hyderabad-based firm, which is one of the world’s top makers of the popular pain reliever paracetamol, Reuters reported.
TikTok CEO quits due to ongoing political turmoil.
Kevin Mayer has quit TikTok just months after becoming chief executive of the Chinese video app accused by the Trump administration of threatening national security, FTreported.
"In recent weeks, as the political environment has sharply changed, I have done significant reflection on what the corporate structural changes will require, and what it means for the global role I signed up for. Against this backdrop, and as we expect to reach a resolution very soon, it is with a heavy heart that I wanted to let you all know that I have decided to leave the company. I understand that the role that I signed up for — including running TikTok globally — will look very different as a result of the US administration's action to push for a sell-off of the US business," Kevin Mayer.
ANA Holdings mulls $1.9bn share offer.
Japan's biggest airline ANA Holdings is considering issuing $1.9bn in shares to bolster its finances as the downturn in air travel drags on, Reuters reported.
With a full year loss likely to be around $5.7bn ANA will need additional funds to ensure it has enough capital for its operations. The company may opt for a share offer because banks, with which it is negotiating to borrow an additional $3.8bn, may be more reluctant to lend to it in the future, while a recent gain in stock prices in Tokyo has made a share offering more attractive.
Bain Capital-backed Kioxia to cancel IPO plans. (FS)
Bain Capital-backed Kioxia Holdings, the memory chipmaker spun out of Toshiba in 2018, will cancel its current initial public offering plan to list its shares on the Tokyo Stock Exchange, Bloomberg reported.
The chipmaker decided not to go ahead as of now because a deepening of political tensions between the US and China is expected to sharply weigh on its profitability.
Kioxia priced its initial public offering on September 17 to raise as much as 2.9bn. The company had planned to sell 87.63m new and existing shares at $26.5 to $33.2 apiece in what would be the country's biggest IPO this year. That was down sharply from an initial price of $37.5 proposed in August.
Ant sidelines bank in distribution of funds targeting its IPO. (FS)
As five Chinese mutual funds targeting Alibaba-backed Ant Group’s hotly-anticipated IPO kicked off subscriptions, retail investors found the only non-direct channel through which to buy the products was online payment platform Alipay, Reuters reported.
Money managers including China Asset Management, E Fund Management and Penghua Fund Management started raising as much as a combined $8.8bn in five funds that will participate in the Ant IPO as strategic investors, with a lock-up period of 18 months.
AMP Capital launches Asia-Pacific infrastructure debt strategy. (FS)
AMP Capital, an investment management firm, launched a new Infrastructure Debt Asia Pacific strategy to help investors from around the world capitalise on emerging growth opportunities in the region.
To execute the strategy, AMP capital has formed a new dedicated team based in Singapore and Sydney that will levarage the experience and relationships built over the last 20 years through AMP Capital's Infrastructure Debt Fund series to source attrative investment oppurtunities in sectors including energy, transportation, utilities, and digital infrastructure across Asia-Pacific for its global investor base, DealStreetAsia reported.
"The strategy will capitalise on our strong global relationship with infrastructure equity sponsors who are also increasingly active in the region. We recognise there is currently a funding gap for infrastrcutre projects in Asia, and that's why we are making the region a key strategic priority," Simon La Greca, AMP Capital Head of Infrastructure Debt Asia.
BA Capital closes $146m RMB fund. (FS)
BA Capital, a Shanghai-based venture capital firm with a focus on the consumption industry, has closed its second RMB-denominated fund at $146m. The fresh fundraising comes after it raised a $100m, dollar-denominated fund earlier this month, DealStreetAsia reported
"We will continue to bet on leding consumer brands and products. Not only will we insist on investment strategy, but we will also increase the amount of investment towards distinguished projects," David He, BA Capital Managing Partner.
Ping An Insurance increases stake in HSBC to 8%.
Insurance services provider Ping An Insurance group cements its position as the biggest shareholder in banking firm HSBC Holding.
Ping An acquired a 10.8m stake of HSBC, bringing its stake from 7.95% to 8%. BlackRock, the second-biggest holder, currently owns 7.14%.
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