Cubic, an American public transportation and defense corporation, announced that shareholders approved a proposal to be acquired by two private equity firms Veritas Capital and Evergreen Coast Capital in a $2.8bn deal, including debt.
The proposed transaction remains subject to the receipt of certain regulatory approvals and the satisfaction of other closing conditions. The proposed transaction will be completed during the second calendar quarter of 2021.
Cubic is advised by JP Morgan, Raymond James, Faegre Drinker Biddle & Reath, Sidley Austin, Morrow Sodali Global and Sloane & Company. Evergreen is advised by Gibson Dunn & Crutcher. Veritas is asvised by Barclays, Credit Suisse, Skadden Arps Slate Meagher & Flom and Sard Verbinnen & Co.
Shapeways, a company operating in digital manufacturing industry, agreed to go public via a SPAC merger with Galileo Acquisition in a $410m deal. Investors in PIPE include Miller Value, XN, Desktop Metal, Lux Capital, Union Square Ventures, INKEF Capital and Andreessen Horowitz.
"Our vision to enable anyone to rapidly transform digital designs to physical products is reaching a significant milestone today as we transition Shapeways into a public company. We have been successfully executing on our vision, and this capital will allow us to empower digital manufacturing at scale, accelerating Shapeways' additive manufacturing capabilities while expanding the Company's material and technology offerings to more markets and industries," Greg Kress, Shapeways CEO.
Shapeways is advised by Stifel, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, and ICR. Galileo Acquisition is advised by Craig-Hallum Capital Group, EarlyBirdCapital, Needham & Co, Stifel, and Ellenoff Grossman & Schole.
Humana, which operates as a health and well-being company in the United States, agreed to acquire the remaining 60% stake in Kindred at Home, a home health business of Kindred Healthcare, a home health provider and hospice operator, backed by private equity firms TPG Capital and Welsh, Carson, Anderson & Stowe for $5.7bn.
“Since our initial investment in Kindred at Home, in partnership with the Sponsors and Kindred at Home management, we’ve learned a great deal about the home health space and recognize the significant value we can deliver to members and patients by integrating this asset into our holistic approach to care. Fully integrating Kindred at Home will enable us to more closely align incentives to focus on improving patient outcomes and on reducing the total cost of care,” Bruce D. Broussard, Humana President and CEO.
Kindred at Home is advised by Mintz Levin, Guggenheim Partners, Barclays and Debevoise & Plimpton. Humana is advised by Goldman Sachs, Fried Frank Harris Shriver & Jacobson and Manatt Phelps & Phillips.
Cinven-backed Bioclinica, a clinical imaging services provider, completed the merger with ERT, a clinical data solutions provider. Financial terms were not disclosed.
The transaction combines Bioclinica's expertise in imaging, eClinical software and drug safety solutions with ERT's expertise in eCOA, cardiac safety, respiratory and wearables.
"Our newly combined organization delivers on our commitment to accelerate innovation for today's complex and fast-moving clinical trials environment. This will enable us to be more capable partners to our customers, and, more importantly, enhance our ability to help improve health and save lives," Joe Eazor, ERT President and CEO.
ERT was advised by Goldman Sachs, Latham & Watkins and Community Group. Cinven was advised by Kirkland & Ellis and Joele Frank. Bioclinica was advised by Jefferies & Company and Rothschild & Co.
Levine Leichtman Capital Partners, a private equity and venture capital firm, completed the investment in Prime Global, a global medical communications and market access group. Financial terms were not disclosed.
"Prime Global is committed to helping our clients transform global health and patient outcomes, now and for future generations. We were looking for a partner to share this vision and match our people-first culture, and we have found that in LLCP. Their expertise and investment will allow us to develop additional capabilities, platforms, and tools to deliver more value for our people, clients, and ultimately, patients," Graeme Peterson, Prime Global Founder and CEO.
LLCP was advised by CIL Management Consultants, PricewaterhouseCoopers, Results Healthcare, Goodwin Procter and Kekst CNC. Prime Global is advised by BDO and Addleshaw Goddard.
Enjoy Technology, a provider of e-commerce platform, agreed to go public via a SPAC merger with Marquee Raine Acquisition in a $1.2bn deal. Marquee Raine Acquisition is backed by The Raine Group and Marquee Sports.
"With Marquee Raine's long-term partnership, we have a groundbreaking opportunity to bring Enjoy's trusted, in-home retail experience to even more customers around the world. As we scale our business and accelerate our growth trajectory, we intend to expand to new geographies, drive investment in our proprietary technologies and add new partnerships with the world's leading consumer brands. Together, we are making retail work again for everyone," Ron Johnson, Enjoy Technology Founder and CEO.
Enjoy Technology is advised by Credit Suisse, Goldman Sachs, and Cooley. Marquee Raine is advised by Houlihan Lokey, The Raine Group, and Weil Gotshal and Manges.
Southern California Bancorp, a bank operator, agreed to acquire Bank of Santa Clarita, a firm providing banking and financial services, for $56m. The transaction is subject to shareholder and regulatory approvals and satisfaction of customary closing conditions and is expected to close in the third quarter of 2021.
"The acquisition of Bank of Santa Clarita marks an important step in our strategy to grow our commercial banking model by expanding the Bank's footprint north of Los Angeles to the attractive banking communities of the Santa Clarita area. On behalf of our Board, I extend a warm welcome to Bank of Santa Clarita Chairman and Chief Executive Officer Frank Di Tomaso, who will be joining us as a director and providing us additional capabilities as an employee specializing in client relations and marketing," David Rainer, Southern California Bancorp Executive Chairman.
Southern California is advised by Raymond James and Duane Morris. Bank of Santa Clarita is advised by MJC Partners and Sheppard Mullin Richter & Hampton.
Redwood Capital Investments, a diversified holding company, agreed to acquire the occupational portion of its Work segment of VF, a global provider of branded lifestyle apparel, footwear and accessories. The transaction, which is expected to close in the first quarter of fiscal 2022, is subject to customary closing conditions and regulatory approvals for a closing to occur. Financial terms were not disclosed.
“The sale of our occupational work brands reflects our continued focus on transforming VF into a more consumer-minded and retail-centric enterprise while further simplifying our portfolio and operating model. We are pleased to have reached this agreement with Redwood Capital Investments,” Steve Rendle, VF Chairman, President and CEO.
Redwood Capital is advised by JP Morgan and Kirkland & Ellis. VF is advised by Barclays and Davis Polk & Wardwell.
SiriusXM, an American audio entertainment company, agreed to acquire 99% Invisible, a podcast show. Financial terms were not disclosed.
"SiriusXM built itself into North America's leader in audio entertainment by attracting world-class talent. Bringing Roman and his team here is a natural extension of these efforts, and they will serve as a pillar as we continue building the most attractive home for podcast and audio creators," Megan Liberman, SiriusXM and Stitcher Head of talk and podcast programming.
Invisible is advised by United Talent Agency and Sklar Kirsh. SiriusXM is advised by Weil Gotshal and Manges and Joele Frank.
Pfizer, an American multinational pharmaceutical corporation, agreed to acquire Amplyx Pharmaceuticals, a privately-held company dedicated to the development of therapies for debilitating and life-threatening diseases. Financial terms were not disclosed.
“We are deeply committed to helping patients suffering from infectious diseases, continuously seeking opportunities to build our portfolio of anti-infective therapies. We’ve already invested in assets that, if approved, could help address drug-resistant bacterial infections and critical viral infections; with this acquisition, we look forward to progressing the development of a novel anti-fungal as well,” Angela Lukin, Pfizer Hospital Global President.
Pfizer is advised by DLA Piper. Amplyx is advised by Cooley and Evercore.
Serco Group, a provider of public services, completed the acquisition of Whitney, Bradley & Brown, a provider of advisory, engineering and technical services, from HIG Capital, a private equity and alternative assets investment firm, for $295m.
"Growing the scale, reach and capability of Serco in the largest defence market in the world is one of our strategic objectives, and the acquisition of WBB significantly advances that strategy. It creates a powerful platform for future growth and brings us impressive new capabilities in areas such as advanced data analytics, AI & machine learning and precision navigation and timing, along with a team of renowned subject matter experts covering a wide range of disciplines that can be deployed across our business," Rupert Soames, Serco Group CEO.
Whitney, Bradley & Brown was advised by Paul Hastings. Serco was advised by Bass Berry & Sims.
Veritex Holdings, a bank holding company, agreed to acquire a 49% stake in Thrive Mortgage, a company arranging loans for others on a commission or fee basis, for $54m.
"With a similar culture and alignment of values, Veritex has helped Thrive grow by understanding our business and assisting Thrive with tailored financing, including construction warehouse lending. This expanded partnership, while retaining our nimble operating practices, will allow us to better serve our customers and employees with unequaled products and positions the company for a strong decade of growth," Roy Jones, Thrive Chairman and CEO.
Veritex is advised by Stephens and Skadden Arps Slate Meagher & Flom.
Baird Capital, a venture capital, growth equity and private equity investment firm, is set to invest in Azzur Group, a pharmaceutical, biotechnology, and medical device manufacturer. Financial terms were not disclosed.
"Baird Capital has a history of investing in pharma services businesses, and we look forward to bringing our resources, relationships, and experiences to support Azzur's future growth. We are excited to partner with Michael and his strong leadership team to help them build on their past successes," Brett Tucker, Baird Capital Partner.
Baird Capital is advised by Edgemont Partners. Azzur is advised by Brown Gibbons Lang & Company.
Paine Schwartz, a private equity firm, agreed to invest in Sterilex, a provider of disinfection and microbial control solutions. Financial terms were not disclosed.
"In Paine Schwartz, we've found a partner with a successful track record of building food safety technology companies as well as a shared commitment to sustainability and human and animal health. Paine Schwartz's investment provides us the resources to build upon our strong foundation, capture growth opportunities in the markets we serve and enter new industries and geographies as we work to scale our differentiated food safety platform," Alex Josowitz, Sterilex CEO.
Sterilex is advised by KPMG. Paine Schwartzis advised by Joele Frank.
Eurazeo-backed MessageBird, a global omnichannel communication platform, agreed to acquire SparkPost, an email sending and optimization platform, for $600m.
“Our acquisition of SparkPost will further strengthen our ability to serve customers through email as a powerful value channel, and with the most contextual, relevant information. We’re also enthusiastic to expand our global business into the US market and leverage the acquisition as a logical and exciting next step in our mission to be the leading platform of choice for businesses to communicate with their customers on any channel, globally," Robert Vis, MessageBird CEO.
Red White & Bloom Brands, a producer of cannabis, completed the acquisition of Florida operations from Acreage, a multi-state operator of cannabis cultivation and retailing facilities, for $60m.
“The sale of our Florida operations is a significant step in our previously announced operating strategy to focus on those core markets that we believe will accelerate our path to profitability and position us for significant long-term growth and cash generation. The cash proceeds will significantly bolster our balance sheet and position us to accelerate our cultivation expansion projects and open additional dispensaries to support our growth into key adult-use cannabis states such as Illinois and New Jersey," Peter Caldini, Acreage CEO.
Andreessen Horowitz, a venture capital firm, led a $260m Series D funding round in Greenlight, a fintech company. Additional investors include TTV Capital, Canapi Ventures, Wells Fargo Strategic Capital, BOND, Fin VC, Goodwater Capital, Wellington Management, Owl Ventures and LionTree Partners.
"Greenlight has quickly emerged as the leader of the family finance category. Greenlight was built to help parents raise financially-smart kids, and with its breakthrough combination of easy-to-use money management tools and educational resources, the company is well-positioned to become one of the most loved and trusted brands for families around the world," David George, Andreessen Horowitz General Partner.
Premji Invest and Third Point Ventures led a $188m investment round in Sysdig, the secure DevOps provider. This round had participation from Accel, Bain Capital Ventures, DFJ Growth, Glynn Capital, Goldman Sachs, Insight Partners, and Next47.
“The current security stack based on a firewall mentality and promoted by incumbents is irrelevant in the cloud. Sysdig takes a secure DevOps approach, allowing teams to ship cloud apps faster while managing security risk. They built on an open source security stack, which we see accelerates innovation and adoption,” Enrique Salem, Bain Capital Ventures Partner.
General Catalyst led a $100m Series C funding round in Step, a financial services company built for teens and families. The round had participation from returning investors Coatue, Stripe, Charli D’Amelio, The Chainsmokers’ Mantis, Will Smith’s Dreamers and Jeffrey Katzenberg’s firm WndrCo. Step also welcomed Jared Leto and Franklin Templeton to the round.
“Our mission is to help improve the financial futures of the next generation and we’re thrilled to have such a massive vote of confidence from investors, especially during Financial Literacy Month. 38% of teens say they lack the financial resources needed to achieve financial independence and this is a problem Step is well-positioned to help solve as we educate millions of households every day,” CJ MacDonald, Step Founder and CEO.
CGI, an independent IT and business consulting services firm, agreed to acquire Sense, a provider of information technology service. Financial terms were not disclosed.
"This transaction is consistent with CGI's well-articulated build and buy strategy to invest in both transformational and niche acquisitions that will spur future growth and expand coverage in targeted metro markets. By merging forces with Sense, it will have a significant positive impact on our US Texas and Midwest operations while acting as a catalyst for future organic growth for the overall US business," Tim Hurlebaus, CGI President of US Commercial and State Government Operations.
Siemens Digital Industries, an innovation company operating in automation and digitalization, agreed to acquire TimeSeries, an independent software vendor and mendix partner. Financial terms were not disclosed.
"From the start, TimeSeries has been focused on solving our customers' challenges by bringing together the best people and latest technologies and pushing that to the limit. Now, as part of Siemens, we're excited to bring the power of pre-built and customizable low-code solutions to more industries. Joining Siemens Digital Industries Software will unlock huge new opportunities for us, and we're looking forward to help even more companies digitally transform," Erik Gouka, TimeSeries CEO.
Private equity firms NewSpring Capital, Tecum Capital, Leedon Park Capital, and PNC Bank completed the investment in Spirit Pharmaceuticals, a developer and distributor of private label over-the-counter pharmaceutical products. Financial terms were not disclosed.
“At NewSpring, we’re always looking to partner with high-performing, innovative management teams that are able to capitalise on new industry tailwinds. Having close partnerships with its customers and a growing desire among consumers for private label over-the-counter pharmaceutical products, Spirit Pharmaceuticals is poised for continued growth,” Anne Vazquez, NewSpring General Partner.
SEC mulls guidance to curb SPAC projections, liability shield.
The US securities regulator is considering new guidance to rein in growth projections made by listed blank-check companies, and clarify when they qualify for certain legal protections.
The previously unreported measures being weighed by staff at the Securities and Exchange Commission would escalate its crackdown on the deal frenzy in special purpose acquisition companies, or SPACs, which it worries is putting investors at risk, Reuters reported.
The SPAC market had already started to lose steam after the SEC earlier this month suggested warrants issued by SPACs should be accounted for as liabilities instead of equity instruments, and the potential new guidance could compound that slowdown.
AMC aims to sell 43m shares to reinforce cash reserves.
AMC Entertainment said it is launching a new effort to sell up to 43m shares of stock, as the movie-theater chain continues efforts to bolster its cash position while grappling to recover from the pandemic, WSJ reported.
The company also said it is temporarily canceling its campaign to increase by 500m the number of shares it would be able to sell, which would nearly double its total share count. The matter was set to be voted on by shareholders at a May 4 investors meeting.
"The company believes shareholders will benefit from beefing up AMC’s cash reserves through the sale of the 43m shares it currently has available to sell," Adam Aron, AMC CEO.
Freshworks hires banks for IPO.
Freshworks, a maker of business and customer engagement software, has hired investment banks to prepare for a US IPO. The stock market debut could value Freshworks at around $10bn.
Freshworks has hired Morgan Stanley to lead the IPO, which could come in the next few months, and is looking to float its shares on Nasdaq. Freshworks plans to confidentially submit paperwork for the offering to the US Securities and Exchange Commission.
Freshworks’ IPO preparations come amid a rapid expansion of the business software sector, as the Covid-19 pandemic pushed people to work remotely and accelerated the global economy’s digital transformation, Reuters reported.
EU antitrust regulators ask Aon's rivals who is the best bidder for assets the Company has offered to sell to address competition concerns about its $30bn bid for Willis Towers Watson, an Irish-domiciled global multinational risk management, insurance brokerage and advisory company, Reuters reported.
The package of concessions to the European Commission also included insurance broking activities in France, as well as in Germany, Spain and the Netherlands, reinsurance arm and German retirement benefits and consulting business of Willis Towers.
A questionnaire sent to companies asked which nine rivals - Besse, Siaci, Verspieren, Funk, Gallagher, Lockton, Howden, McGill, and BGC/Corant -- would be a suitable buyer of Willis assets.
Willis is advised by Bank of America, Goldman Sachs, Herbert Smith Freehills, Matheson, Skadden Arps Slate Meagher & Flom, and Weil Gotshal and Manges. Financial advisors are advised by Cleary Gottlieb Steen & Hamilton. Aon is advised by Credit Suisse, Morgan Stanley, Arthur Cox, Freshfields Bruckhaus Deringer, Latham & Watkins, FTI Consulting, and Joele Frank. Financial advisors are advised by Cravath Swaine & Moore.
Equiniti Group, a provider of administration and payment services supported by technology platforms, received a revised offer from Siris Capital, a US-based private equity investor, to acquire the British company for $917m in cash.
The private equity firm's interest is understood to pre-date the coronavirus pandemic, the onset of which triggered a sharp fall in its target's share price.
Siris is advised by Goldman Sachs and Abernathy MacGregor Group. Equiniti is advised by Citigroup, Rothschild & Co, and Tulchan Communications.
Aksiom Services Group, an investment firm, and Ara Partners, a global private equity firm, completed the acquisition of px Group, an operator of complex energy transition and industrial infrastructure assets across the UK, from Bluewater Private Equity, a private equity firm. Management of px Group led by Geoff Holmes also participated in the acquisition. Financial terms were not disclosed.
“This is a great example of the benefits private equity can bring to both companies and investors. Our strategy was buy-and-build, and in 5 years our investment has more than trebled. In the same period, we have transformed the company to a leader in energy transition by using our network to supplement the management team and drive growth both organically and via acquisition,” Graeme Sword, Bluewater Founding Partner.
px Group is advised by Simmons Energy, PricewaterhouseCoopers and Square One Law. Bluewater was advised by Media Zoo and White & Case.
RDG, an energy company, completed the acquisition of the German oil producing operations of Wintershall Dea, a German gas and oil producer. Financial terms were not disclosed.
"RDG represents the next generation of energy companies. As a young, growing high-tech company, we are following a new approach with regard to local extraction of raw materials. We specialise in optimising the extraction of existing fields and focusing on sustainable, environmentally friendly use," Felix Lerch, RDG Managing Director.
RDG was advised by Heuking Kuhn Luer Wojtek and Engel & Zimmermann. Wintershall Dea was advised by Brunswick Group and Hogan Lovells.
EQT-backed Chr. Hansen Natural Colors, a provider of natural
colors with the widest portfolio in the industry, agreed to acquire SECNA Natural Ingredients Group, a Spain-based provider of natural coloring. Financial terms were not disclosed.
“This is the first of many exciting milestones for us as a standalone company. We look to enhance our value proposition and strengthen our operational platform together with the team at SECNA at a time when demand for naturally sourced colors is increasing,” Odd Erik Hansen, Chr. Hansen Natural Colors CEO.
Providence Strategic Growth-backed Signaturit, a qualified trust service provider, agreed to merge with Ivnosys, a technology services provider. CAPZA, a French private equity firm, expects to exit its stake in Ivnosys. Financial terms were not disclosed.
"We believe that both businesses are poised to benefit from the growing uptake in document management and transaction software, and by combining they create a truly promising proposition in Europe," Dany Rammal Romain Railhac, PSG Managing Director and Head of Europe, and Director.
JC Flowers and Bain Capital Credit, two asset managers, agreed to acquire a minority stake in The Co-Operative Bank, a UK based lender, from BlueMountain, a private equity firm. The deal remains subject to regulatory clearance. Financial terms were not disclosed.
Along with smaller peers, the challenger bank has struggled to dent the market dominance of the UK's leading lenders, hit by low interest rates and the impact of Covid-19, leading some analysts to expect further consolidation in the sector. Loss-making heading into the pandemic, the lender announced job losses and branch closures last year as it sought to stabilise the business.
Canada Pension Plan Investment Board, a global investment management organization, and Fidelity Management, a multinational financial services corporation, led a $317m Series D funding round in Kry, a Stockholm-based telehealth provider.
“Kry is a significant and successful player in Europe’s digital healthcare market and this investment is a strong fit with our innovations in healthcare strategy,” Leon Pedersen, CPP Managing Director.
Saudi Arabia in talks to sell 1% stake of Aramco.
Saudi Arabia's Crown Prince Mohammed bin Salman, confirmed that the kingdom is in talks to sell a 1% stake in state oil giant Saudi Aramco to a “leading global energy company” as he forecast an economic rebound after the coronavirus pandemic.
The kingdom is looking at the potential sale - which could be worth about $19bn, based on the company’s market value - as a way to lock in customer demand for the country’s crude. The sale could take place in the next two years, Bloomberg reported.
“I do not want to give any promises about deals finalizing, but there are discussions happening right now about a 1% acquisition by one of the leading energy companies in the world. I cannot mention the name but it’s a huge company. This deal could be very important in strengthening Aramco’s sales in the country where this company resides," Prince Mohammed bin Salman.
OQ to sell assets to fund $7.9bn spendings. (FS)
OQ, the national petroleum investment company of Oman, plans to reduce its reliance on Oman’s strained finances by selling assets, issuing bonds and refinancing debt to fund a $7.9bn spending plan over the next five years.
State-owned OQ will shift focus from reinvesting in the company to achieving funding self-sufficiency. OQ is tapping the international bond market for the first time in an issuance aimed at raising at least $500m, Bloomberg reported.
Oman’s government, which has pumped $8.6bn into the company, is looking to shore up its finances after lockdowns and falling oil prices battered the economy last year. The government is not expected to inject any more equity into OQ.
Segezha debuts in Moscow in a $1.7bn IPO.
Segezha, a Russian forestry group, debuted on Moscow Exchange, at around $0.1 per share, matching its final IPO offer price and implying a market capitalization of $1.7bn, Reuters reported.
The offering consists of 3.75bn new shares, representing 31.4% of Segezha’s current share capital. Segezha, controlled by conglomerate Sistema, announced plans to hold an initial public offering earlier this month. Sistema will retain a 73.7% ownership stake, with a free float of 23.9% expected.
The order book was two times oversubscribed, Segezha President Mikhail Shamolin told a trading ceremony at the Moscow Exchange, with around 50% of the IPO purchased by foreign institutional investors, including from Scandinavia, the United Kingdom and the United States. A further 10% was purchased by retail investors.
ABB explores the IPO of its EV charging unit.
ABB will carve out its electric-vehicle charging business into a separate legal structure to prepare the unit for a potential listing and boost its ability to make acquisitions. The business could fetch a valuation between between $1.5bn and $2bn.
ABB’s e-mobility business includes home and highway chargers and electric bus and truck fleet depots. An IPO would bring in funds to make software-related acquisitions. ABB would like to keep majority control of the unit after a listing, Bloomberg reported.
The UK Competition and Markets Authority said that it is considering whether Intel's proposed sale of its NAND and SSD business to SK Hynix might hurt competition in the UK.
The antitrust watchdog said it is inviting comments on the deal from any interested parties until May 11. US chip maker Intel in October reached a deal to sell its flash-memory manufacturing business to South Korean peer SK Hynix for about $9bn.
SK Hynix is advised by Deloitte, Citigroup, Credit Suisse, Fangda Partners and Skadden Arps Slate Meagher & Flom. Intel is advised by Bank of America, Bae Kim & Lee, Galicia Abogados, Linklaters, Munger Tolles & Olson, WilmerHale, Brunswick Group and Sard Verbinnen & Co.
Sumitomo Mitsui Financial Group, a company that manages financial operations, agreed to acquire a 49% stake in FE Credit, a consumer finance firm in Vietnam, from VP Bank, an internationally active private bank, for $1.38bn.
Through the transaction, by leveraging the know-how and expertise SMBC has accumulated in the consumer finance sector in Japan and other Asian countries, SMBC Group aims to accelerate its growth strategy in Asia and work together with FE Credit to contribute to the further development of Vietnam’s financial sector.
Mobvista, a technology platform dedicated to driving global business growth in the digital age, agreed to acquire Reyun, a MarTech company, for $231m.
"We're excited by the potential Reyun's SaaS products present, having a mature business model and a high degree of commercialization. Mobvista's acquisition and integration of Reyun and its products will greatly enrich our product matrix in the MarTech industry chain to strategically strengthen our foothold on the competitive Chinese market," Clement Cao, Mobvista CEO & Co-Founder.
Private equity firms, ADV Partners and Premji Invest to acquire a majority stake in Micro Plastics, a manufacturer of plastic products, for c. $70m.
This investment will catalyse the next stage of MPPL’s growth plans by supporting significant expansion and development of new manufacturing facilities to cater to increasing demand from customers.
“We are very excited to bring ADV and Premji Invest onboard as our investors to chart MPPL’s next phase of growth. The toy sector in India holds a lot of potential both on the export and domestic fronts. MPPL has emerged as a key Indian contract manufacturer for leading global brands and we look to build these relationships further. We also look forward to broadening our footprint in consumer goods, healthcare, and sports among other sectors,” Vijendra Babu, MPPL Founder and Managing Director.
DBS Bank, a bank operator, JP Morgan, a financial holding company, and Temasek, an investment company, to form Partior, an open industry platform to reimagine and accelerate value movements for payments, trade and foreign exchange settlement. Financial terms were not disclosed.
"By harnessing the benefits of blockchain and smart contracts technology, the Partior platform will address current points of friction. The open platform will enable banks around the world to provide real-time cross-border multi-currency payments, trade finance, foreign exchange and DVP securities settlements on a world-class platform, with programmability, immutability, traceability built into its suite of services," Piyush Gupta, DBS Bank CEO.
China Vanke prepares for a $2bn IPO of its property management business.
China Vanke, a large residential real estate developer, working with an adviser to prepare for a listing of its property management business in Hong Kong that could raise about $2bn.
The Shenzhen-based company is holding talks with several other banks for the offering, which could take place as soon as the end of this year. The use of technology in its real estate management could help boost the unit’s valuation.
Vanke would join other Chinese developers such as China Resources Land and Country Garden Holdings in spinning off their management units, which are less vulnerable to government policy changes and economic cycles, Bloomberg reported.
Ant Group-backed Zomato files for a $1.1bn IPO. (FS)
Ant Group-backed Zomato, an Indian food delivery platform, has filed for an IPO of up to $1.1bn, to cash in on a pandemic-led surge in online ordering.
Zomato intends to raise $1.11bn in capital by offering the company’s equity shares for sale, of which $1.01bn will be through fresh issuance. The rest of the $100m will be an offer for sale by existing shareholder Info Edge, Zomato’s earliest backer. Info Edge currently owns around 18.5% stake in the company.
Zomato, which has raised over $2.2bn, and was valued at $5.4bn in its most recent fundraise round, said it may consider raising an additional $200m ahead of public listing.
Del Monte Philippines files for a $791m IPO.
Del Monte Philippines, a food producer, has filed for an inital public offering in Mamila, that could raise as much as $791m.
The company’s major shareholders, Del Monte Pacific and SEA Diner Holdings plan to offer 699.3m shares at a maximum price of $1.13 each, according to the registration statement filed with the Philippine Securities and Exchange Commission. Del Monte Pacific will use the IPO proceeds to pay debt and redeem preferred shares.
At $791m, Del Monte Philippines’ first-time share sale would be the second-biggest in the Southeast Asian nation after food maker Monde Nissin, which is seeking to raise $1.3bn. These two offerings could easily take the country’s IPO volume to the highest in at least 12 years, Bloomberg reported.
China launches probation into Ant's listing process after halting IPO.
Chinese authorities are probing the speed with which Ant Group’s ill-fated listing was approved. The investigation, being carried out by officials from multiple agencies, has for several months inquired into the process by which China’s securities regulator approved the public offering.
Among questions being explored by the probe are why Ant’s IPO was fast-tracked, if the company made sufficient disclosures and whether it received preferential treatment in the allocation of its stock code, Bloomberg reported.
Beijing is looking into what support local officials provided Ant and into big state-owned firms that stood to gain from a listing of Jack Ma’s financial technology giant. The scrutiny points to the continuing fallout from the abrupt suspension of Ant’s initial public offering, days before a trading debut in Shanghai and Hong Kong last year.
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