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AMERICAS
ACON Investments-backed New Era, a global lifestyle brand, agreed to acquire '47, a premium sports lifestyle brand. Financial terms were not disclosed.
"We are pleased to have reached this agreement to acquire '47, a company that shares our commitment to making iconic products and delivering premium experiences. We have known and respected the D'Angelo family and the '47 team for many years and have tremendous respect for the business they have built. Our two companies have a shared history, having begun as family businesses dating back generations and transforming through passion and hard work into globally recognized brands. Through this transaction, we will offer a breadth of products across both brands and enhance how we serve our customers and partners around the world. We will also have opportunities to build on '47's strong North American presence internationally in new markets where New Era already has distribution capabilities and a strong customer base. We look forward to leveraging the complementary talent across our two companies and continuing our growth journey for years to come," Christopher H. Koch, New Era CEO.
'47 is advised by William Blair & Co, Goodwin Procter and Shorefire Media (led by Rebecca Shapiro). New Era is advised by Jefferies & Company, PNC Capital Markets, Truist Securities, BCLP, Joele Frank (led by Leigh Parrish and Tim Ragones) and The Martin Group. Debt financing is provided by Bank of America, Citigroup, JP Morgan, Sumitomo Mitsui Banking Corp and TD Securities.
Bain Capital, a private equity firm, agreed to acquire a majority stake in PowerSchool, a provider of cloud-based software for K-12 education, for $5.6bn.
“PowerSchool is a leader in K-12 SaaS technology in North America and is uniquely positioned to provide differentiated, mission-critical solutions that drive better education outcomes, empower educators, and help district operations run more efficiently. With Bain Capital’s support, PowerSchool will have access to additional resources and the flexibility to deliver even more growth and innovation, particularly with PowerBuddy, our generative AI platform, and scale our global reach in helping schools personalize education for every student journey," Hardeep Gulati, PowerSchool CEO.
PowerSchool is advised by Centerview Partners, Goldman Sachs, Freshfields Bruckhaus Deringer and Kirkland & Ellis. Centerview Partners is advised by Cravath Swaine & Moore. Bain Capital is advised by Ropes & Gray and Stanton PRM. Debt financing is provided by Ares Capital, Blackstone, Blue Owl, Golub Capital, HPS Investment Partners and Sixth Street Partners.
Blackstone agreed to acquire the remaining 40% stake in Copeland, a climate technologies manufacturing company, from Emerson, a technology and software company, for $3.5bn. Abu Dhabi Investment Authority and GIC will invest alongside Blackstone as part of the transaction.
“This transaction is a key step to simplify our portfolio and enhance Emerson’s focus as a global leader in automation. We believe now is the right time to execute our plans to fully exit the Copeland business. This agreement with Blackstone provides certainty and portfolio simplification to Emerson shareholders, while enhancing our focus on executing in our attractive, high growth automation markets," Lal Karsanbhai, Emerson President and CEO.
Blackstone is advised by Barclays, RBC Capital Markets and Simpson Thacher & Bartlett (led by Elizabeth Cooper, William Allen and Louis Argentieri). Debt financing is provided by Barclays, Goldman Sachs, RBC Capital Markets, Sumitomo Mitsui Banking Corp and Wells Fargo Securities. Emerson is advised by Goldman Sachs, Davis Polk & Wardwell (led by Marc O. Williams) and Joele Frank (led by Joseph Sala and Greg Klassen).
Blue Owl Capital, a private equity firm, completed the acquisition of Prima Capital Advisors, an investment advisor specializing in commercial mortgage investments, from Stone Point Capital, a private equity firm, for $170m.
"In evaluating the next stage for how we can best serve our stakeholders, we identified Blue Owl as the clear value-driver given the strength of their management team, their exceptional capabilities and strong culture of collaboration. I along with Prima CIO Nilesh Patel, CFO Julia Tcherkassova, and the rest of the Prima team, are excited to join Blue Owl and continue the strong legacy we created over the past three decades," Gregory White, Prima CEO.
Prima Capital Advisors was advised by Morgan Stanley, Kramer Levin Naftalis & Frankel and Pillsbury Winthrop Shaw Pittman. Blue Owl Capital was advised by Newmark Group, Berkshire Global Advisors, JP Morgan, Natixis, Scotiabank, Wells Fargo Securities and Kirkland & Ellis.
Piper Sandler, an investment bank, agreed to acquire Aviditi Advisors, an alternative investment bank. Financial terms were not disclosed.
"We are extremely excited to be joining the Piper Sandler platform. It represents the next chapter of growth for our firm and service capabilities. Aviditi has been designed from the ground up to focus on the full lifecycle of business in which our clients engage both in the general partner and limited partner communities. We are fully integrated as a business and as a team, proving that a model focused on capital formation, liquidity solutions and capital solutions can deliver differentiated value to our clients. By combining with a market-leading platform like Piper Sandler, we believe we can grow to new heights. We provide special thanks to our investors and clients whose support helped build a premier franchise, and we are excited to continue to build upon this momentum in partnership with Piper Sandler," Ryan Schlitt, Aviditi Advisors Co-Founder and CEO.
Aviditi Advisors is advised by Keefe Bruyette & Woods and Mayer Brown. Piper Sandler is advised by Sullivan & Cromwell.
Cresset Asset Management, a multi-family office and private investment firm, completed the acquisition of The Connable Office, a multi-family office. Financial terms were not disclosed.
"Cresset and Connable together are an outstanding cultural fit. We are the powerful combination of a firm with a 100+ year legacy and one that has been built for the next 100 years. Both Cresset and Connable have built the firms we wanted for our own families, and we are honored to share that with other successful families as well. Our combined business is designed to serve our clients for generations to come," Eric Becker, Cresset Co-Founder and Co-Chairman.
Connable was advised by Republic Capital Group and Alston & Bird.
Michael Bloomberg has agreed to team up with Alex Rodriguez and Marc Lore in their bid to buy the NBA’s Minnesota Timberwolves.
Lore, founder of the e-commerce startups and, Rodriguez, the former MLB All-Star, are in a dispute for control of the franchise with current owner Glen Taylor. The pair agreed to buy the team and its WNBA counterpart the Lynx from Taylor in 2021 for $1.5bn through an installment plan over four years.
Alex Rodriguez is advised by Wachtell Lipton Rosen & Katz.
GSK, a pharmaceutical and biotechnology company, completed the acquisition of Elsie Biotechnologies, a biopharmaceutical company, for $50m.
"We are thrilled to be a part of GSK and work alongside the talented R&D team dedicated to oligonucleotide drug development. We believe our platform will make significant contributions to the field and we believe GSK is the best partner to help advance this effort," Kevin Green, Elsie COO.
GSK was advised by Paul Weiss Rifkind Wharton & Garrison.
TA Associates, a private equity firm, completed the acquisition of a minority stake in BV Investment Partners-backed Solarity, a provider of automated clinical data processing solutions. Financial terms were not disclosed.
“We are greatly thankful for BV’s continued commitment and are thrilled to welcome TA as a new partner in our mission to revolutionize the healthcare technology ecosystem. TA’s deep industry knowledge and expertise scaling healthcare technology companies will empower us to expand our market reach and breadth of product offerings, supporting our ability to provide best-in-class indexing automation solutions to our customers," Andrew Fehlman, Solarity CEO.
Solarity was advised by Robert W Baird.
Frontenac-backed Integrated Openings Solutions, a specialty distributor of commercial door and access control solutions, completed the acquisition of Suncoast Commercial Door & Hardware, a provider of commercial door repair and installation services. Financial terms were not disclosed.
“Joining the IOS family marks a significant milestone for Suncoast Commercial Door & Hardware. Together, we will leverage our combined strengths and expertise to better serve our customers and drive growth in the Florida market," Dan Cornelius, Suncoast Founder and President.
Integrated Openings Solutions was advised by Winston & Strawn (led by Jeff Dobosh).
Insight Partners, a private equity firm, completed an investment in Nexus Cognitive, an innovator in enterprise Data & AI foundations. Financial terms were not disclosed.
"Anu and his team have built a robust offering that fulfills complex needs in the evolving and increasingly important Data & AI space. We were attracted to their 'Do It For Me' platform-agnostic approach that supports customers with a turnkey solution for operations and maintenance of a modern data stack-as-a-service, freeing up valuable resources and removing the need to recruit in-demand data engineers, architects, data scientists and other technical talent," Richard Matus, Insight Partners Vice President.
Insight Partners was advised by Willkie Farr & Gallagher.
Mercuria, an energy and commodities group, completed an investment in Black Bayou Energy Hub, an underground salt dome energy storage company. Financial terms were not disclosed.
"Mercuria's investment in Black Bayou Energy Hub represents a significant step towards enhancing the resilience and flexibility of our energy infrastructure. This partnership leverages Mercuria's robust financial capabilities and extensive expertise in commodity markets, aligning with Black Bayou's strategic location and development potential. We are committed to supporting innovative projects like Black Bayou essential for transitioning to a sustainable global energy future. Together, we aim to create a storage solution that addresses the dynamic needs of the energy sector, fostering stability and growth in the US Gulf Coast region and beyond," Boris Bystrov, Mercuria Managing Director.
Netsurit, a managed service provider, completed the acquisition of Avaunt Technologies, a MSP company offering technical services to small and medium businesses. Financial terms were not disclosed.
"We are very excited to have Steve and the Avaunt team join the Netsurit family. We know we will learn a lot from the Avaunt leadership team and its people. This addition enhances our ability to provide world-class managed services to clients across the Pacific Northwest, adding expertise that will benefit both of our customer bases," Orrin Klopper, Netsurit CEO.
Suzano could borrow up to $19bn for International Paper bid.
Brazilian pulp giant Suzano sees room to take on substantial debt as it weighs a new bid for International Paper.
Suzano could borrow as much as $19bn while still keeping net debt for the combined company close to five times earnings before interest, taxes, depreciation and amortization. That’s a leverage level Suzano, the world’s largest pulp producer, has reached a few times since the company got its investment grade rating back, in 2018.
Suzano, which has roughly $12bn in net debt, has reassured investors that it won’t make any offer that would jeopardize its investment grade rating. International Paper rebuffed an initial offer of $42 per share, which would have valued the company at almost $15bn. The packaging manufacturer is likely to reject any offer that’s below the mark of $50 per share, or a total $17.3bn, Bloomberg reported.
Jeff Lurie is exploring a stake sale in Philadelphia Eagles in a $7.5bn deal.
Jeff Lurie is exploring a sale of a minority stake in the National Football League’s Philadelphia Eagles.
Lurie is working with BDT & MSD Partners to solicit interest from potential suitors for a stake in the team, which may be valued at more than $7.5bn in any transaction. The $7.5bn figure represents a multiple of roughly 11 times revenue, and would represent a record price tag for an NFL team.
The size of the minority stake hasn’t been determined, and interested parties have been told there will be no path to a controlling stake. Talks are at an early stage, and it’s possible that no deal will be reached, Bloomberg reported.
KKR injects $50m of fresh cash to support property trust. (FS)
KKR put $50m of fresh capital into one of its major property trusts and agreed to a plan to support its valuation as the money manager looks to weather the ongoing turmoil in commercial real estate.
The New York-based firm used its balance sheet on June 4 to purchase shares in its KKR Real Estate Select Trust at a price of $25.56, for a total cost of about $50m. Separately, the firm pledged to cancel up to 7.7m of shares it owns in the real estate investment trust if the value of the trust is below $27 per share on June 1, 2027. KKR said it would contribute any shares required to get the net asset value of the REIT to that level, and that all shareholders will benefit from the move, Bloomberg reported.
Bakkt weighs a potential sale.
Bakkt, the digital-asset marketplace launched by the parent of the New York Stock Exchange, is exploring a potential sale amid a spike in crypto-related takeover activity.
Bakkt has been working with a financial advisor to weigh a range of strategic options, including a breakup. No final decision has been made and Bakkt could opt to remain independent, Bloomberg reported.
BTG Pactual is close to announcing New York bank acquisition.
Banco BTG Pactual, the biggest independent investment bank in Latin America, is close to announcing the acquisition of a wealth-management bank in New York as part of a global expansion.
The target couldn’t immediately be determined, but it would be used as a hub for private banking and wealth management as well as corporate and investment banking. The plan is to inject $300m to $350m into the bank after the takeover is completed, Bloomberg reported.
Ted Leonsis doubles down on buying Washington Nationals.
Billionaire Ted Leonsis made it clear that he still wants to add Major League Baseball’s Nationals to his collection of Washington sports franchises.
The big idea is to acquire local sports teams through Monumental Sports & Entertainment, the company he founded and heads as chief executive officer, and create a “super city” of sports, according to Leonsis. The firm already has the NHL’s Capitals, NBA’s Wizards and the Mystics of the WNBA. More franchises means a greater ability to share costs and boost results, Bloomberg reported.
“Adding that team is really important to the business. We own the winter sports. We own the network. We own the venues," Ted Leonsis.
Waystar prices IPO at midpoint to raise $968m. (FS)
Health-care payments software maker Waystar priced its initial public offering at the midpoint of a marketed range to raise $968m in one of 2024’s biggest listings. At the IPO price, Waystar has a market value of about $3.6bn based on the outstanding shares listed in its filings with the US Securities and Exchange Commission. Including debt, the company has an enterprise value of about $5bn.
Waystar, whose backers include EQT and CPPIB, sold 45m shares for $21.50 each after offering them for $20 to $23. The company said in the statement that it intends to use the net proceeds from the IPO to repay debt.
Neuberger Berman and the Qatar Investment Authority have indicated an interest in buying as much as an aggregate of $225m in shares.
The offering is being led by JP Morgan, Goldman Sachs and Barclays, Bloomberg reported.
Kraken is in talks for pre-IPO fund raising round.
Kraken, one the oldest cryptocurrency exchanges, is considering raising a final funding round ahead of a possible initial public offering after receiving inquiries from potential investors during the current digital-asset market rally.
The exchange would likely seek to raise more than $100m. The fund raising may be completed by year-end, Bloomberg reported.
EMEA
doValue, an Italian financial service company, agreed to acquire Gardant, a debt purchaser and debt servicer, for €230m ($250m).
"This acquisition marks a transformative milestone for doValue, solidifying our position at the forefront of the credit management industry. We welcome Gardant's team into the Combined Group, with whom we share focus, ambitions and culture," Manuela Franchi, doValue CEO.
doValue is advised by Banca Akros, Citigroup, Intesa SanPaolo, Jefferies & Company, Mediobanca, PricewaterhouseCoopers, UniCredit, BonelliErede, White & Case and Image Building (led by Rafaella Casula).
L Catterton, a private equity firm, completed the acquisition of a 36% stake in Tod's, a luxury fashion house, in a €2bn ($2.2bn) deal.
"At this time exiting the stock market, with which we have always had excellent relations, we believe it is the most strategically appropriate choice. Sharing this path with L Catterton, the world's leading private equity firm in the consumer goods sector, will give us the opportunity to develop further,” Diego Della Valle, Tod's CEO.
Tod's was advised by Bank of America, Goldman Sachs and PedersoliGattai. Financial advisors were advised by Sullivan & Cromwell. L Catterton was advised by JP Morgan and BonelliErede.
Medios, a provider of specialty pharma solutions, completed the acquisition of Ceban Pharmaceuticals, a pharmaceutical compounding platform, for €259m ($281m).
“We are very pleased that we have now successfully completed the acquisition of Ceban. This transformative acquisition is an important first step in building the leading European Specialty Pharma platform. In addition to cross-selling opportunities and synergies, particularly in purchasing, Ceban's portfolio enables us to strategically diversify while simultaneously tapping into attractive growth markets," Matthias Gaertner, Medios Chairman.
Ceban was advised by Jefferies & Company. Medios was advised by KPMG, Morrison & Foerster and Stibbe. Bencis Capital was advised by PricewaterhouseCoopers and Hogan Lovells.
Zuber Issa agreed to acquire the remaining UK forecourt business and certain standalone foodservice locations from EG Group, a British operator of filling stations, convenience stores and food service provider, for £228m ($292m).
"We have had an amazing journey together building EG Group over the last 20 years and we look forward to continuing to work closely together as fellow Board members and shareholders in EG Group. The company is well positioned for future growth and success, with a strong international portfolio and a growing EV business. We are both – and the wider Board – laser-focused on our key growth opportunities. Encouragingly, following the significant progress to strengthen our balance sheet, we have a capital structure which allows us to take advantage of the opportunities ahead of us continuing to deliver our best-in-class services to our customers around the world," Mohsin Issa and Zuber Issa, EG Group Co-Founders and Co-CEOs.
EG Group is advised by Ernst & Young, PricewaterhouseCoopers, Rothschild & Co and Skadden Arps Slate Meagher & Flom (led by George Knighton).
Blackstone, an alternative asset manager, agreed to acquire SEVES Group, a manufacturer in electric insulation for power generation, transport and distribution, from Triton Partners, an investment firm. Financial terms were not disclosed.
"SEDIVER has successfully built on its innovative heritage to become a truly global brand within the power grid supply chain. As a leading investor in the energy transition, we prioritize partnering with companies with strong, capable management teams, and work to help them fully capitalize on the growth opportunities available. We look forward to supporting Erik and the wider team in the next phase of its journey," Juergen Pinker, Blackstone Senior Managing Director.
SEVES Group is advised by Lincoln International. Blackstone is advised by Citigroup and Simpson Thacher & Bartlett (led by Geoffrey Bailhache and Paul Foote).
TDR Capital, a private equity firm, agreed to acquire an additional stake in Asda, a supermarket and petrol station chain, from Mohsin Issa. Financial terms were not disclosed.
"By combining our investment and sector expertise with Asda's heritage of delivering value for customers, we have already made significant progress in transforming Asda. We have added a scale convenience business, grown Asda's store footprint from 623 to 1.2k stores and food-to-go sites, and launched a hugely successful loyalty app, which now has six million active customers, accounting for around half of total sales. We remain focused on investing in Asda's stores and online, as well as its colleagues through the highest pay in the traditional supermarket sector, to drive sustainable, long-term growth," Gary Lindsay and Tom Mitchell, TDR Capital Managing Partners.
G-III Apparel Group, an an American clothing company, completed the acquisition of a 12% stake in AWWG, a fashion group which integrates the iconic brands Pepe Jeans London, Hackett and Façonnable. Financial terms were not disclosed.
“This exciting partnership with AWWG helps us accelerate a number of our strategic priorities. It not only affords us the opportunity to meaningfully invest in a company with iconic brands, but also represents a sizable international presence with a strong infrastructure and talented leadership team that will benefit our efforts to scale our European business. At the same time, we look forward to supporting AWWG’s overall growth and advancement of their brands here in North America," Morris Goldfarb, G-III Apparel Chairman and CEO.
VINCI, a civil airports developer, and the Government of Hungary to acquire the remaining 20% stake in Budapest airport, a international airport, from AviAlliance, an airport management company, GIC, a Singaporean sovereign wealth fund, and CDPQ, an institutional investor, in a €4.3bn ($4.7bn) deal.
On completion of the transaction, Corvinus will own 80% of the concessionaire and VINCI Airports 20%.
AviAlliance is advised by Rothschild & Co.
Carnegie, an investment banking services provider, agreed to acquire Didner & Gerge Fonder, an independent fund management firm. Financial terms were not disclosed.
"With Didner & Gerge, Carnegie Fonder takes another big step in our work to be Sweden's most relevant and attractive platform for asset management," Andreas Uller, Carnegie Global Head of Business Area Asset Management.
Carnegie is advised by Carnegie Investment Bank.
Waterland Private Equity, a private equity firm, agreed to acquire LifeFit Group, a fitness and wellness group, from Oaktree Capital Management, a private equity firm. Financial terms were not disclosed.
“We are delighted to have such a competent and experienced investor as Waterland on board. With their expertise and financial support, we are absolutely certain that we will be able to continue along our chosen path. We will further strengthen our position in the market and expand our business," Martin Seibold, LifeFit Group CEO.
Waterland Private Equity is advised by Hengeler Mueller.
Saudi Arabia set to raise more than $11.2bn from Aramco stock offering. (FS)
Saudi Arabia is set to raise more than $11.2bn after pricing its offering of Aramco stock toward the lower end of the targeted range. Saudi Aramco's bankers have told investors it plans to price the shares at 27.25 Saudi riyals, or $7.27 each.
The stake sale, a first since Aramco's record-setting IPO in 2019, was announced last week in a landmark deal to help fund Crown Prince Mohammed bin Salman's plan to diversify the economy. The Saudi government directly holds just over 82% of Aramco. Public Investment Fund owns 16%, 12% directly and four% through subsidiary Sanabil Investments, with the remainder held by public investors.
Saudi Arabia is offering investors about 1.545bn Aramco shares, or 0.64%, at 26.7 to 29 riyals, or just under $12bn at the top end of the range. The stock closed at 28.30 Saudi riyals.
Citigroup, Goldman Sachs, HSBC, JP Morgan, Bank of America and Morgan Stanley, along with local firms The Saudi National Bank - SNB, Al Rajhi Capital, Riyad Capital and Saudi Fransi are helping to manage the sale, Reuters reported.
Hayfin is pursuing a management buyout instead of a sale. (FS)
Hayfin Capital Management, the private-credit specialist that began exploring a sale last year, has put those plans on ice in favor of a management buyout.
The firm’s management team is talking with potential financing providers as they seek to repurchase a majority stake from BCI. A management buyout, should it go forward, is set to value the firm at around €1.2bn ($1.3bn), Bloomberg reported.
Tennet draws interest from funds before the July deadline for the German deal.
Tennet and the Dutch government have started to hold preliminary talks with other potential buyers as a deadline nears for Berlin to decide whether it will purchase the German portion of the grid operator’s electricity network.
Some infrastructure funds have expressed interest in the Tennet operations, yet a transfer of the stake to the German state is still the preferred option. The Dutch have set the coalition of Chancellor Olaf Scholz a deadline of July 1 to make a final call on the purchase after protracted negotiations have so far failed to secure a deal, Bloomberg reported.
Cineworld plots sale of some UK cinema operations.
Cineworld is in talks over a possible sale as part of a strategic review that could lead to a wholesale restructuring of its business.
The operator and owner of brands such as Regal, Cinema City, Picturehouse and Planet has lined up AlixPartners as a consultant to work on a potential disposal of its UK operations. The sale process is expected to run for several weeks, Reuters reported.
Advantage Capital is in advanced talks to invest in Everton FC. (FS)
Advantage Capital, a private equity firm, is in advanced talks to invest in Everton FC, adding another unexpected twist to the takeover saga surrounding the English Premier League football club.
Advantage Capital submitted a plan that would see them refinance all of Everton’s existing debt and then take a non-controlling equity stake in the club, Bloomberg reported.
Raspberry Pi IPO is set to raise £179m.
British personal computer maker Raspberry Pi could see the company given a market capitalization of £540m ($686m) amid speculation that shares may be priced around £2.80 ($3.56).
IPO is set to raise £179m ($228m) from the IPO. The deal was already oversubscribed by multiple times on long-only demand and cornerstone investor commitments, Bloomberg reported.
APAC
Big Tree Cloud, a company devoted to the development, production and sales of personal care products and other consumer goods, went public via a SPAC merger with Plutonian Acquisition, a publicly traded special purpose acquisition company, in a $500m deal.
"We are excited to reach this milestone as we complete our business combination with Plutonian and prepare for our Nasdaq debut. We have achieved solid progress since our inception in 2020, and we are excited about the growth opportunities for enhancing personal and hygienic care for families in China and globally. Our Nasdaq listing will expedite our mission to provide premium personal care products and diversify our product portfolio," Wenquan Zhu, Founder, Big Tree Cloud Chairman, and CEO.
Big Tree Cloud was advised by Commerce & Finance Law Offices, Maples Group, Paul Hastings, Pillsbury Winthrop Shaw Pittman and ICR (led by Robin Yang). Plutonian was advised by Global Law Office and Wilson Sonsini Goodrich & Rosati (led by Weiheng Chen and Jie Zhu).
National Company Law Tribunal, an Indian company tribunal approved the merger of full-service carriers Vistara with larger rival Air India on June 6, bringing both Tata group airlines a step closer to completing the deal, Reuters reported.
The merger, first announced in November 2022, will include Vistara, which is 49% owned by Singapore Airlines being absorbed into Air India, giving Singapore Airlines a 25.1% stake in the merged entity.
Platinum Equity-backed Hop Lun, a designer and manufacturer of intimate apparels, completed the acquisition of P.H. Garment, a private label manufacturer of high-quality bras, shapewear and performance-driven active wear. Financial terms were not disclosed.
"We welcome the P.H. Garment team to the Hop Lun family. We believe our businesses are highly complementary are excited to work together leveraging our combined expertise to give even better service to our customers. P.H. Garment's expertise in bonded products, in particular, will open new avenues for growth at Hop Lun," Erik Ryd, Hop Lun Founder and CEO.
Hop Lun was advised by Latham & Watkins.
Mitsubishi, Sumitomo Mitsui to divest $8.5bn in Toyota shareholdings.
MUFG and Sumitomo Mitsui Financial Group will start divesting ¥1.32tn ($8.5bn) worth of strategic shareholdings in Toyota Motor. The strongest sign yet that Japan’s big businesses are getting serious about unwinding their vast network of cross-held shares.
The banks will sell in stages and take advantage of Toyota’s plan to buy back its own shares. The unwinding is being crafted to minimize the impact on the company’s share price.
The Mitsubishi stake is worth roughly ¥700bn ($4.5bn), while Sumitomo Mitsui holds about ¥620bn ($4bn) of Toyota stock. They will sell their Toyota shareholdings over an extended period of time lasting a few years, dramatically reducing their stakes or divesting them entirely, Bloomberg reported.
China securities regulator seeks to ease market panic over delisting risks.
China's securities watchdog does not expect a near-term spike in delistings, it said, after investors dumped shares in small-cap companies on fears they could be kicked off the market as Beijing weeds out weaker firms.
The "survival of the fittest" mechanism is gradually taking shape but in the short term, there will not be an "evident increase" in the number of delisted companies, the China Securities Regulatory Commission. Many investors say the risk of buying shares in smaller companies is increasing, while brokerages have forecast a record number of delistings this year, Reuters reported.
SoftBank-backed Yanolja said to plan $400m IPO as soon as July.
SoftBank Group-backed South Korean travel app Yanolja is aiming for $400m in a US initial public offering.
The Seoul-based startup’s offering, which may launch as soon as July, could value the company at $7bn to $9bn. The company hasn’t made a final decision and details of the offering could still change, Bloomberg reported.
Sunwoda EV Battery is said to weigh IPO switch to Hong Kong.
Sunwoda Electric Vehicle Battery is considering an initial public offering in Hong Kong instead of Shenzhen, as Chinese companies grapple with slow approval processes for listings on mainland exchanges.
The EV battery maker, a unit of Shenzhen-based Sunwoda Electronic, is talking with advisers about a possible IPO in the coming quarters, Bloomberg reported.
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