Japan's Nippon Steel said its vice chairman, Takahiro Mori, a key negotiator for its planned purchase of US Steel, will travel to the United States next week to meet stakeholders as part of continued efforts to complete the deal, Reuters reported.
Mori will visit the United States to continue dialogues with various stakeholders of the deal to gain a better understanding. She declined to give further details such as who Mori will be meeting with and how long he will stay in the US.
US Steel is advised by Barclays (led by Daniel Grabos), Evercore (led by John Startin, Bill Anderson and Damien Fisher), Goldman Sachs, Milbank (led by Robert F. Kennedy and Iliana Ongun), Wachtell Lipton Rosen & Katz (led by Joshua Cammaker and Jenna E. Levine) and Joele Frank (led by Ed Trissel and Kelly Sullivan). Nippon Steel is advised by Citigroup, Ropes & Gray (led by Ariel Deckelbaum and Suni Sreepada) and Teneo (led by Robert Mead).
Proxy adviser Glass Lewis urges Hess shareholders accept Chevron offer.
Hess shareholders should vote in favor of rival Chevron's $53bn all-stock offer at the oil company's May 28 special meeting, proxy adviser Glass Lewis said on May 16, Reuters reported.
The proposed deal terms provide a reasonable valuation and offer the potential for upside to Hess shareholders, while the strategic and financial merits of the proposed merger "are sound and reasonable, on balance," Glass Lewis said.
Hess is advised by Goldman Sachs (led by Brian Haufrect and Suhail Sikhtian), JP Morgan, Wachtell Lipton Rosen & Katz (led by Martin Lipton, Karessa Cain and Zachary Podolsky) and FGS Global (led by Paul Verbinnen and Niel Golightly). Chevron is advised by Evercore (led by Dan Ward and Bill Anderson), Morgan Stanley (led by Greg Weinberger), Paul Weiss Rifkind Wharton & Garrison (led by Scott Barshay and Kyle Seifried) and Shearman & Sterling (led by David Higbee and Ben Gris).
Iberdrola to acquire the remaining 18.4% stake in Avangrid for $2.48bn.
Iberdrola, a Spanish multinational electric utility company, agreed to acquire the remaining 18.4% stake in Avangrid, an energy services and delivery company, for $2.48bn.
"We are excited about Iberdrola's continued investment in Avangrid and commitment to the United States. As a wholly-owned member of the Iberdrola Group, we will continue to serve our customers and build our renewable energy assets work to achieve our vision to lead the clean energy transition with a strong commitment to sustainability, community, governance, and our employees," Pedro Azagra, Avangrid President and CEO.
Avangrid is advised by Moelis & Co, Latham & Watkins, Paul Weiss Rifkind Wharton & Garrison. Iberdrola is advised by Morgan Stanley, Clifford Chance, Sullivan & Cromwell (led by George J. Sampas and Lee C. Parnes) and White & Case.
Battery Ventures to acquire TrueContext for $110m. (FS)
Battery Ventures, a global, technology-focused investment firm, agreed to acquire TrueContext, a software company, for $110m.
"Partnering with Battery Ventures, a firm with huge amount of experience scaling enterprise-software companies, is a natural fit for TrueContext and one that will allow our firm to double down on product development and better serve our existing customers—as well as acquire new ones. Being a privately held company again, backed by a firm we feel is an extremely founder-friendly investor, will allow us to focus on what really matters to the business," Alvaro Pombo, TrueContext Co-CEO and Founder.
TrueContext is advised by Canaccord Genuity, Blake Cassels & Graydon and LaBarge Weinstein (led by Shane McLean). Battery Ventures is advised by CIBC World Markets, Cooley and Osler Hoskin & Harcourt.
Restaurant Brands completed the acquisition of Carrols Restaurant for $1bn.
Restaurant Brands International, a fast food company, completed the acquisition of Carrols Restaurant, a franchisee company, for $1bn.
"Today's announcement is a testament to our more than 24k Carrols team members who have helped drive the company to record levels of profitability over the past 12 months. We look forward to working closely with Tom and the rest of the Burger King team in the months and years ahead," Deborah Derby, Carrols Restaurant President and CEO.
Carrols Restaurant was advised by Jefferies & Company and Milbank. Jefferies & Company was advised by Covington & Burling. Restaurant Brands was advised by JP Morgan and Paul Weiss Rifkind Wharton & Garrison ( led by Laura Turano and Scott Barshay).
Bain Capital-backed Dessert Holdings completed the acquisition of Kenny’s Great Pies from Kaho Partners. (FS)
Bain Capital-backed Dessert, a premium dessert company, completed the acquisition of Kenny’s Great Pies, a manufacturer of pies, from Kaho Partners, a private equity firm. Financial terms were not disclosed.
“Kenny’s clean label, flavorful pies are complementary to our portfolio of premium desserts. Kenny’s has established a distinctive market position, fostering a number of long-standing relationships with leading foodservice and retail operators, and major clubs in North America, earning a loyal consumer following. Dessert Holdings is excited to supplement these relationships and expand the Company’s distribution network," Paul Lapadat, Dessert CEO.
Kenny’s Great Pies was advised by Integris Partners and Holland & Knight. Dessert was advised by PricewaterhouseCoopers, Ropes & Gray and Stanton PRM.
Aflac to acquire a 40% stake in Tree Line Capital Partners.
Aflac, a financial services company, agreed to acquire a 40% stake in Tree Line Capital Partners, a direct lending company. Financial terms were not disclosed.
"We are pleased to announce this strategic partnership with Tree Line as we continue to advance our growth strategy for Aflac Global Investments and leverage our outsourcing capabilities to generate additional value for Aflac and our stakeholders. Tree Line's disciplined approach to credit underwriting aligns strongly with our core investment principles. We are pleased to partner with them and gain their expertise in middle market direct lending, which remains a strategically important asset class for our $100bn investment portfolio," Bradley E. Dyslin, Aflac CIO.
Tree Line Capital Partners is advised by Berkshire Global Advisors, Kramer Levin Naftalis & Frankel and Paul Hastings. Aflac is advised by Evercore and Debevoise & Plimpton (led by William Regner).
Pima Federal Credit Union to acquire Republic Bank of Arizona.
Pima Federal Credit Union, a personal and business banking products and services provider, agreed to acquire Republic Bank of Arizona, a locally-owned community business bank. Financial terms were not disclosed.
"We are happy to announce our entrance into Phoenix and Maricopa County through this partnership with Republic Bank. This strategic move is not only rooted in our shared values but also aligns with our growth objectives, presenting an exceptional opportunity to enhance our service to the local community. We are excited to bring our commitment to excellence and dedication to the businesses and people of Maricopa County. Together, leveraging the strengths and talents of both teams, we look forward to creating a positive impact in Maricopa County while continuing to offer an unmatched banking experience in our existing markets," Eric Renaud, Pima President and CEO.
Republic Bank of Arizona is advised by Olsen Palmer and Fenimore Kay Harrison & Ford. Pima is advised by Donnelly Penman & Partners and Luse Gorman.
Boldyn Networks completed the acquisition of Apogee Telecom.
Boldyn Networks, a network infrastructure company, completed the acquisition of Apogee Telecom, a provider of IP-based technologies to college campuses and schools around the country. Financial terms were not disclosed.
"The acquisition of Apogee represents a fantastic opportunity for us at Boldyn to bring extended wireless capabilities to the growing US Higher Education segment. With over 25 years' experience, deep knowledge and an exceptional reputation in this segment, Apogee's expertise and know-how ensures we continue to support US Higher Education institutions with the technology infrastructure services they need to operate and excel in today's digital learning environment," Igor Leprince, Boldyn Networks CEO.
Apogee Telecom was advised by Houlihan Lokey. Boldyn Networks was advised by Bank Street Group and Latham & Watkins (led by Victoria VanStekelenburg and Paul F. Sheridan Jr.).
Uruguay to block Minerva acquisition of Marfrig plants.
Uruguay’s antitrust agency has blocked Minerva’s proposed acquisition of three meatpacking plants owned by Marfrig Global Foods in the South American country.
Minerva had agreed to pay Marfrig about $1.5bn for 16 meatpacking plants in Brazil, Argentina, Uruguay and Chile in a deal they announced last August. Uruguay’s ranchers are deeply critical of the transaction as Minerva would have about 50% of the country’s annual slaughter capacity, giving it enormous leverage to negotiate cattle prices.
Uruguay’s competition regulator referred questions to the Finance Ministry, where the press office said the antitrust agency hasn’t published its final decision yet. The companies said in separate statements they hadn’t received any information from the Uruguayan government about the transactions, Bloomberg reported.
Minerva is advised by Giusti. Marfrig is advised by JP Morgan.
First Brands Group to acquire the lamps and accessories business from Lumileds for $238m.
First Brands Group, an automotive parts manufacturer, agreed to acquire the lamps and accessories business from Lumileds, a LED manufacturer and solution provider, for $238m.
"The automotive OEM lighting go-to-market synergies and conditions that made the union of Lumileds and Philips automotive lighting business so compelling nearly a decade ago have changed as transportation manufacturers have adopted LEDs as their standard light source and traditional automotive light sources have transitioned to primarily an automotive aftermarket business. Our Lamps and Accessories and our LED businesses are industry leaders in their respective markets and will be free to focus on the ongoing growth of their unique brands, channels, and customers," Steve Barlow, Lumileds CEO.
Lumileds is advised by Citigroup and DLA Piper.
Principal to acquire the employee stock ownership plan business from Ascensus.
Principal, a global financial company, agreed to acquire the employee stock ownership plan business from Ascensus, an enabler of tax-advantaged savings—providing technology, services, and expertise. Financial terms were not disclosed.
"Growth is an integral part of our retirement strategy at Principal, and we're excited to add scale and deepen our expertise with the addition of experienced talent and solutions from Ascensus. This acquisition strengthens the systems and capabilities that have made Principal a leader in retirement," Teresa Hassara, Principal Senior Vice President of workplace savings and retirement solutions.
Principal is advised by Perella Weinberg Partners and Skadden Arps Slate Meagher & Flom.
Miura to acquire Cleaver-Brooks.
Miura, Japan's manufacturer of industrial boilers, agreed to acquire Cleaver-Brooks, a manufacturer of boiler room products. Financial terms were not disclosed.
"Miura is thrilled to join forces and team up with Cleaver-Brooks. With the strong and respectful relationship that Cleaver-Brooks has with their customers, we are eager to contribute to industries that rely on heat as a critical production resource in increasingly diverse and impactful ways," Daisuke Miyauchi, Miura Chairman and Chief Global Group Officer.
Miura is advised by Morrison & Foerster (led by Jeremy White).
Palo Alto Networks to acquire the QRadar SaaS assets of IBM.
Palo Alto Networks, a multinational cybersecurity company, agreed to acquire the QRadar SaaS assets of IBM, a technology company. Financial terms were not disclosed.
"The security industry is at an inflection point where AI will transform businesses and deliver outcomes not seen before. It's a moment to accelerate growth and innovation. Together with IBM, we will capitalize on this trend, combining our leading security solutions with IBM's pioneering watsonx AI platform and premier services to drive the future of security platformization with complete, AI-powered, secure-by-design offerings," Nikesh Arora, Palo Alto Networks Chairman and CEO.
Palo Alto Networks is advised by JP Morgan.
Bank of America to acquire the multi-family loan portfolio from Washington Federal Bank for $2.9bn. (FS)
Bank of America, a multinational investment bank and financial services holding company, agreed to acquire the multi-family loan portfolio from Washington Federal Bank, a retail and commercial bank, for $2.9bn.
WaFd disclosed the portfolio of 2k commercial multi-family real estate loans had an aggregate unpaid principal balance of $3.2bn. After the deal is closed, WaFd said BofA is planning to enter into a structured transaction or loan sale with one or more funds of Pacific Investment Management.
Sony and Apollo move ahead with Paramount bid process but reticent about earlier plan. (FS)
Sony Pictures Entertainment and Apollo Global Management have signed nondisclosure agreements that will allow them to look at Paramount's books ahead of a potential bid for the movie studio's assets.
The companies are, however, backing away from an initial plan to make an all-cash $26bn offer for Paramount, and are considering other approaches to buying the studio’s assets. The original offer is thought to have been based on a plan to keep Paramount’s film and TV production operation but sell off other assets such as cable channels and the Paramount+ streaming service.
Figma valued at $12.5bn in secondary share sale. (FS)
Design startup Figma is pursuing a secondary share sale at a $12.5bn valuation after its proposed acquisition by Adobe fell apart in December. The sale is expected to be as much as $900m and will be available to current and former employees or other holders of Figma equity.
New investors including Fidelity, Franklin Venture Partners and existing ones such as Sequoia and a16z are expected to acquire stakes totaling about $600m to $900m in the secondary sale. Figma was last valued at $10bn in a private funding round in 2021, Bloomberg reported.
Waste Management explores a $3bn sale of renewable natural gas unit.
Waste management firm WM is exploring a sale of its renewable natural gas business that could be worth about $3bn.
The Houston-based company is working with JP Morgan to gauge interest from potential buyers, which could include energy companies and private equity firms. WM is planning to offload the rights to develop RNG operations on 115 landfills that it owns, adding the company would retain ownership of the landfills. RNG is methane captured from biological waste and converted into electricity or fuel, Reuters reported.
"We are always looking for ways to maximize the value of our renewable energy business for our shareholders, which may range from organic growth initiatives to partnerships or monetization through a sale," WM.
Citrix parent weighs sale of ShareFile platform arm.
The parent of Citrix Systems is exploring a sale of content-collaboration platform ShareFile, as the software maker starts to streamline under its private equity owners.
Cloud Software Group, formed by the combination of Citrix and Tibco Software, is working with a financial adviser to gauge buyer interest in ShareFile, which could be valued at about $1.5bn, Bloomberg reported.
Snowflake reportedly in talks to buy Reka AI for $1bn.
Snowflake is in talks to acquire startup Reka AI for more than $1bn, expanding the software maker’s effort to offer generative AI capabilities.
Reka, an AI model startup founded by former researchers from Alphabet's DeepMind, raised $50m in a fundraising round, which valued the company at $300m. The fundraising round included funding from Snowflake's venture arm, Bloomberg reported.
Azul CEO pushes for Latin American airline M&A.
Azul's CEO, John Peter Rodgerson, is championing mergers and acquisitions in the Latin American airline sector to lower capital costs and enhance services. Despite facing industry challenges, Azul predicts a positive Ebitda of 1.3bn for 2024.
John Peter Rodgerson's push for M&A in Latin America's airline industry is aimed at lowering capital costs and improving services to overcome industry challenges. This move could potentially lead to market consolidation and offer debt relief opportunities to struggling airlines. There is also a growing recognition of the sector's financial struggles by the Brazilian government, which may result in supportive policies. The long-term effect could be the development of a more resilient and efficient Latin American airline market, benefiting both airlines and consumers.
KKR-backed OneStream files for a $6bn IPO. (FS)
KKR-backed software company OneStream has confidentially filed with the US Securities and Exchange Commission for an initial public offering that could come within a few months.
The company is seeking to be valued at up to $6bn in an IPO. OneStream is working with underwriters including Morgan Stanley, JP Morgan and Citigroup. Terms including the company’s valuation in a listing are fluid and subject to market conditions, Bloomberg reported.
EMEA
Redbird IMI completed the acquisition of All3Media from Warner Bros. Discovery and Liberty Global for £1.15bn. (FS)
Redbird IMI, an operator of an investment vehicle focused on acquiring and investing in large-scale media, entertainment and sports content properties, completed the acquisition of All3Media, a British worldwide independent television, film, and digital production and distribution company, from Warner Bros. Discovery, global media and entertainment company, and Liberty Global, a multinational telecommunications company, for £1.15bn ($1.46bn).
"All3Media is one of the world's great content companies, and this gives us an incredible platform to continue to grow our expanding portfolio. The demand for new shows and ongoing existing series, both scripted and unscripted, makes All3 a perfect fit for us. And we would not be doing this if not for the tremendous confidence we have in the outstanding All3Media management team, led by Jane and Sara," Jeff Zucker, RedBird IMI CEO.
Redbird IMI was advised by RedBird Advisors, Gibson Dunn & Crutcher (led by Nicholas Tomlinson), Loyens & Loeff (led by Roel Fluit), Gagnier Communications (led by Dan Gagnier) and Risa Heller Communications (led by Risa Heller). Warner Bros. Discovery and Liberty Global was advised by JP Morgan and DLA Piper (led by Robert Bishop and Jon Kenworthy).
Tritax Big Box REIT completed the acquisition of UK Commercial Property REIT for £924m.
Tritax Big Box REIT, a real estate investment trust, completed the acquisition of UK Commercial Property REIT, a large British investment trust dedicated to investments in UK commercial properties, for £924m ($1.2bn).
“Following very strong support from both sets of shareholders, we are pleased to announce the completion of the acquisition of UKCM and are delighted to welcome our new shareholders to BBOX. The combination complements our big box weighted investment portfolio with high-quality urban logistics assets enhancing our customer offering and driving accelerated rental growth through early capture of significant rental reversion. The liquid nature of the non-strategic parts of the UKCM portfolio is reflected in the number of inbound enquiries we have received which will facilitate the accretive rotation of capital into the development of brand new best-in-class logistics assets," Colin Godfrey, Tritax Big Box CEO.
UK Commercial Property REIT was advised by Deutsche Numis (led by Hugh Jonathan), Rothschild & Co (led by Alex Midgen and Alice Squires), Dickson Minto and FTI Consulting (led by Richard Sunderland). Tritax Big Box REIT was advised by Akur (led by Anthony Richardson), JP Morgan (led by Paul Pulze), Jefferies & Company (led by Philip Noblet and Rishi Bhuchar), Ashurst (led by Karen Davies and Simon Bullock) and Kekst CNC (led by Richard Campbell).
CityFibre completed the acquisition of Lit Fibre from Newlight Partners. (FS)
CityFibre, an independent full fibre platform, completed the acquisition of Lit Fibre, an internet service provider, from Newlight Partners, a private equity firm. Financial terms were not disclosed.
“We’re delighted to have concluded our acquisition and we’d like to welcome everyone at Lit to the CityFibre team. We’re also pleased to welcome Newlight Partners, with their deep understanding of the fibre infrastructure market, as our newest CityFibre shareholders," Greg Mesch, CityFibre CEO.
Lit Fibre was advised by Houlihan Lokey and Stevens & Bolton. CityFibre was advised by Ernst & Young and Bristows. Newlight Partners was advised by Weil Gotshal and Manges.
Sabadell investor Martinez supports BBVA's hostile takeover bid.
Spain's Sabadell rejected BBVA's takeover offer because the bidder underestimated the deal's negative effect on capital reserves and overestimated cost savings, Sabadell's CEO said.
Yet, Sabadells second-largest investor Mexican billionaire David Martinez supports the hostile takeover proposal made by BBVA, giving a boost to a bid that could transform Spanish banking, Bloomberg reported.
Sabadell is advised by Goldman Sachs and Morgan Stanley. BBVA is advised by Rothschild & Co (led by Juan Gich and Antonio Villalon) and UBS.
Yandex announces initial closing of the divestment of its Russia-based businesses.
The Dutch parent of tech group Yandex said it had successfully completed the first phase of a $5.2nn deal to sell the company, often dubbed "Russia's Google", to a consortium of Russian investors, Reuters reported.
The Dutch entity, Yandex, said its stake in the Russian business has now been reduced to 28% and that this would fall to zero once the second phase completes in the first half of July.
FBC completed the acquisition of the Zimbabwean business from Standard Chartered.
FBC, a financial services group, completed the acquisition of the Zimbabwean business from Standard Chartered, a diversified financial services provider. Financial terms were not disclosed.
"This acquisition goes beyond geographic expansion. We are creating a financial powerhouse that caters for the evolving needs of Zimbabwe's dynamic economy. The combined product and service offerings will allow us to serve a wider range of customers, leveraging the strengths of both institutions to deliver exceptional value to our stakeholders," Trynos Kufazvinei, FBCH CEO.
TenneT explores a $27bn option for its German assets.
Dutch electricity grid operator TenneT will consider listing its German operations or selling them to a third party, as talks between The Hague and Berlin have so far failed to agree a sale to the German state.
A sale of the assets for as much as $27bn has been close to completion several times only to encounter German budget difficulties. TenneT said it had explored the possibility of a full sale of its German operations to state bank KfW, Reuters reported.
General Atlantic, CPPIB readies a $3.26bn offer for Idealista. (FS)
US fund General Atlantic and Canadian pension fund CPPIB are readying a $3.26bn offer to buy Spain's largest online real estate company Idealista.
Swedish private equity fund EQT, which has controlled Idealista since 2020, has hired investment bank Morgan Stanley to sell its stake in a deal that would value the portal at $2.1bn, Reuters reported.
GSK to sell the remaining 4.2% in Haleon for $1.6bn.
GSK will sell its remaining stake in Haleon for £1.25bn ($1.6bn), completing the drugmaker’s separation from the consumer health company.
About 385m shares will be sold at a price of 324 pence each, the UK pharma company said. The sale, through a placing with institutional investors, represents a roughly 4.2% holding in the maker of Sensodyne toothpaste.
GSK has been selling down its stake in stages after initially retaining an almost 13% holding following the demerger and listing of Haleon in 2022. GSK Chief Executive Officer Emma Walmsley shed the consumer health division in order to focus on its pharma and vaccine businesses amid pressure from activist investor Elliott Investment Management, Bloomberg reported.
Telefonica, H.I.G. among suitors for Avatel. (FS)
Telefonica and H.I.G. Capital are among the suitors weighing bids for Avatel Telecom, the Spanish carrier that put itself up for sale this year.
PAI Partners and Searchlight Capital Partners also were invited to take part in second-round bidding, the people said, asking not to be identified because the conversations are private. Avatel could be valued at as much as $761m including net debt. Spanish investment firm Inveready is considering participating in an offer by one of the four potential bidders, Bloomberg reported.
Ping An mulls options to cut stake in HSBC.
HSBC's largest shareholder, China's Ping An Insurance, is mulling options to reduce its 8% stake in the Asia-focussed lender.
The Chinese insurance giant, which emerged as a major shareholder in HSBC in 2017 through its asset management arm and has had a tumultuous relationship with the lender in the recent past, has been offloading shares in the London-headquartered banking group. It has sold HSBC shares worth $50m so far this month and the report adds Ping An is considering selling more as it looks to cut its $13.3bn stake in the lender, Reuters reported.
ERG plans to boost investments on US renewables push.
Italian renewables group ERG is planning to expand its footprint in the US through selective partnerships, aiming to make the most of generous incentives offered by the country. ERG will allocate around half of its planned investments - totaling €1.2bn ($1.3bn) — to the US by 2026.
In a strategy plan unveiled, ERG set a goal to reach 500MW to 700MW of installed capacity in the US, almost double the current level. The company’s portfolio includes 645 megawatts in France and 1.5MW in Italy. ERG is pushing further into the US market after entering last December, when it paid $270m to Apex Clean Energy for a 75% stake in wind and solar assets in Iowa and Illinois, Bloomberg reported.
Chevron puts UK Clair oil field up for sale in North Sea exit.
Chevron put its stake in the UK’s Clair oilfield up for sale in a move that will mark the US supermajor’s exit from the North Sea after more than half a century.
Chevron has started marketing its 19.4% stake in the BP-operated Clair field, the California explorer said in a statement. The company also plans to sell interests in the Ninian and SIRGE pipelines, as well as the Sullom Voe Terminal. US oil giants like Exxon Mobil and ConocoPhillips have been reducing their North Sea footprints since production began declining in the early 2000s. The region is now dominated by European companies and, more recently, private equity backed drillers, Bloomberg reported.
Richemont appoints Nicolas Bos as new CEO. (People)
Luxury goods holding company, Richemont, named Nicolas Bos, CEO of Van Cleef & Arpels, to the reestablished role of CEO, effective June 1. In addition, Bram Schot was appointed as non-executive deputy chairman of the Richemont board, effective September 11.
The chief executive position has been vacant for nearly a decade. The appointment comes at a time of slowing sales for Richemont and during an overall slowdown in luxury sales. Nicolas Bos will continue to report to Johann Rupert, chairman of Richemont, and will join the senior executive committee on June 1. He will be proposed for election to the board at the annual general meeting on September 11. In his new role, Bos will directly and indirectly oversee all the brands in Richemont portfolio functions and regions, notably the jewelry brands, finance and human resources, Richemont said in a statement. Richemont owns about 29 watch, luxury brands, primarily in the watches and jewelry categories. They include Cartier, Van Cleef & Arpels and Montblanc, Forbes reported.
APAC
Brookfield plans to invest $500m in Leap Green. (FS)
Brookfield Asset Management is planning to invest about $500m for a majority stake in Indian renewable power firm Leap Green Energy. Brookfield aims to invest in Leap Green via its global transition fund. The firm announced it had raised $10bn in the first closing of a fund dedicated to investing in areas such as clean energy.
If a deal is completed, Toronto-based Brookfield would likely own a majority stake in Leap Green, with the company’s founding family and global investor The Rohatyn Group holding the rest. An investment could boost Leap Green’s plans to expand its wind energy capacity in India, Bloomberg reported.
Pakistan Airline sale bid includes global aviation groups.
Pak Ethanol said a consortium it’s leading to buy a majority stake in Pakistan’s flagship air carrier includes several global aviation firms.
Members of the consortium bidding for Pakistan International Airlines include Switzerland’s Swiss Aviation Group, Austria’s Airport Competence, Australia’s Pearl Asset Management, as well as Pakistan’s Serene Air and Air Sial.
Pakistan has sought bids to sell a majority stake in the carrier, which has failed to make a profit in almost two decades. The sale is a step toward the government’s goal to undertake economic reforms agreed with the International Monetary Fund for a bailout and Pakistan’s intentions to seek a new loan from the lender by July, Bloomberg reported.
Kedaara Capital closes largest India PE fund at $1.74bn. (FS)
Kedaara Capital, a private equity firm, has successfully closed its fourth fund, raising $1.74bn, the largest amount ever raised by an India-focused private equity fund.
The fund received strong backing from global limited partners, with 85% of the capital coming from existing investors. The fund aims to invest in sectors such as financial services, consumer-tech, healthcare, and SaaS, making both control and minority deals, VC Circle reported.
