AMERICAS
Premium Brands, a Canadian specialty food manufacturing and distribution company, and Mi'kmaq First Nations, a First Nations people of the Northeastern Woodlands in Canada, agreed to acquire Clearwater Seafoods, a seafood producer and deliverer, for $709m.
"Clearwater on its own is a world class seafood company with a great management team, best-in-class products and a globally respected brand. In partnership with us and the Mi'kmaq First Nations communities, it will become an even stronger business by leveraging the complementary strengths of our three organizations," George Paleologou, Premium Brands President and CEO.
Clearwater Seafoods is advised by Antarctica Advisors, RBC Capital Markets, Scotiabank, McCarthy Tetrault, McInnes Cooper and Stewart McKelvey. Mi'kmaq First Nations is advised by Grant Thornton and The Breton Law Group. Premium Brands is advised by Cormark Securities, Bennett Jones, Bryan & Company and Davies Ward Phillips & Vineberg.
A US judge approved the $1.75bn deal to sell JCPenney's retail operations to Simon Property Group and Brookfield Property Partners.
The sale approval comes a week after JCPenney’s lawyers announced a settlement with nearly all of its creditor groups that locked in support for the sale and marked a turning point in a bankruptcy case that has been marked by inter-lender fighting. However, a group of equity holders – whose investments will be wiped out – remained opposed to the deal.
JC Penney is advised by AlixPartners, Lazard, Kirkland & Ellis and Joele Frank. Bidders are advised by Paul Weiss Rifkind Wharton & Garrison.
The US Justice Department cleared Uber Technologies' $2.7bn acquisition of Postmates, a provider of a food delivery service, Reuters reported.
The deal would aid Uber in expanding its food delivery market share and significantly increase the business of supplying everyday goods at a time when the Covid-19 pandemic has pummeled its core ride-hailing service.
Postmates is advised by Bank of America Merrill Lynch, JP Morgan and Latham & Watkins. Uber is advised by Wachtell Lipton Rosen & Katz. GPI Capital is advised by Kirkland & Ellis.
Blackstone agreed to acquire RE Tech Advisors, an energy and sustainability consulting firm, and Therma, a speciality mechanical, electrical and controls services company, from Gemspring Capital, a private equity firm. RE Tech will be integrated into Therma and the combined company will offer customers a comprehensive suite of sustainability, carbon reduction, and energy management services. Financial terms were not disclosed.
"We are strong believers in the continued growth of technology, healthcare and data center end-markets and look forward to partnering with the Therma and RE Tech teams on growing the business and solving the complex energy efficiency needs at mission-critical facilities across the US," Bilal Khan, Blackstone Senior Managing Director.
Blackstone is advised by Guggenheim Partners and Kirkland & Ellis. Therma is advised by Jefferies & Company, Lincoln International and McDermott Will & Emery.
Adobe, a digital services provider, agreed to acquire Workfront, a work management platform for marketers, for $1.5bn. The transaction, which is expected to close during the first quarter of Adobe’s 2021 fiscal year, is subject to regulatory approval and customary closing conditions.
“Adobe is the undisputed leader in content creation, management, delivery, and measurement and a trusted partner to digital leaders around the globe. The combination of Adobe and Workfront will further accelerate Adobe’s leadership in customer experience management, providing a pioneering solution that spans the entire lifecycle of digital experiences, from ideation to activation,” Anil Chakravarthy, Adobe Digital Experience Business and Worldwide Field Operations Executive Vice President and General Manager.
Workfront is advised by Goodwin Procter. Adobe is advised by Wachtell Lipton Rosen & Katz.
Ridgemont Equity-backed Dickinson Fleet Services, a fleet maintenance and management company, agreed to acquire Interstate Truck Center, a seller of new and used trucks. Financial terms were not disclosed.
“Partnering with Dickinson provides us with a unique opportunity to more effectively deliver on our promise to customers of always having knowledgeable, professional technicians available to keep our customers’ fleets moving. Together, we will deliver industry-changing commitments to reduce downtime for our customers. The partnership of ITC and DFS is a natural fit and will create tremendous growth opportunities for all involved,” Scott Higgs, Interstate Truck Center President.
DFS is advised by Katz Sapper & Miller and Ice Miller.
Americold Realty Trust, a publicly-traded REIT focused on the ownership, operation, acquisition, and development of temperature-controlled warehouses, completed the acquisition of Hall’s Warehouse, a provider of transportation and warehousing services, for $480m.
“We are excited to expand our operating footprint in the Northeastern United States and advance two development opportunities, which enhance our ability to serve current and new customers while strengthening our network in North America. Through the Hall’s acquisition, we have acquired a fully integrated portfolio of high-quality facilities located near the Port of Newark. This portfolio complements our growing scale in a key market that is located within one day’s drive of approximately 30% of the population in the United States,” Fred Boehler, Americold Realty Trust President and Chief Executive Officer.
Americold was advised by Joele Frank.
Spotify, a digital music, podcast, and video streaming service, agreed to acquire Megaphone, a podcast advertising and publishing platform, from Graham Holdings, a diversified American conglomerate holding company, for $235m. The closing of the transaction is subject to customary regulatory approvals.
“We are still in the early chapters of the streaming audio industry story, but it is absolutely clear that the potential is significant. We look forward to Megaphone joining Spotify on our mission to accelerate smarter podcast monetization for advertisers and podcast publishers powered by a scaled audience and state-of-the-art technology,” Dawn Ostroff, Spotify Chief Content & Advertising Business Officer.
Megaphone is advised by Allen & Company.
ECI Software Solutions, a provider of cloud-based business management solutions, completed the acquisition of Shoptech Industrial Software, a provider of ERP software for job shops and made-to-order manufacturers. Financial terms were not disclosed.
“ECI and Shoptech have a shared mission: to help manufacturers run and grow their businesses more efficiently and profitably. We are thrilled to welcome the Shoptech team to the ECI family officially and look forward to sharing best practices and innovations so that we can serve our customers even better than before,” Ron Books, ECI CEO.
Shoptech was advised by Bank of America Merrill Lynch.
Northlane Capital Partners-backed SmartWave Technologies, a sensing, component authentication and low energy circuit design company, completed the acquisition of Multi-Tech Systems, a manufacturer of telecommunication equipment. Financial terms were not disclosed.
“The Internet of Things marketplace extends across industrial and commercial segments. By combining MultiTech’s strength in wireless technologies from LoRaWAN to Private LTE and soon 5G, with SmartWave’s consultative approach to solution design and commercialization, we expect the new MultiTech business will be well-positioned to provide end-to-end connectivity solutions to a wider range of customers while providing its current customers with the immediate benefit of a newly integrated IoT offering,” David Steinglass, Northlane Capital Partner.
Debt financing is provided by Churchill Asset Management.
HIG Capital-backed Trace3, a provider of advanced technology consultation services and solutions, completed the acquisition of Groupware Technology, a data center infrastructure and cloud computing solutions company. Financial terms were not disclosed.
“Both organizations strongly believe that our product is our people and have invested heavily in elite engineering teams. Now, together, we will offer clients in Silicon Valley and the greater northern California region the absolute best technical consulting and services capabilities available,” Rich Fennessy, Trace3 CEO.
KSL Capital Partners, an American private equity firm, completed the investment in Hai Hospitality, a restaurant group. Financial terms were not disclosed.
"We opened Uchi Austin in 2003 with a unique and modern approach to Japanese food. It is amazing to see our evolution and the growth of a culture and team so dedicated to offering incredible experiences for our guests every day. I am excited for KSL's investment and to continue bringing the magic of Hai’s concepts to new markets across the US," Tyson Cole, Hai Hospitality Founding Chef and Partner.
Terminus, an account-based marketing platform, agreed to acquire GrowFlare, an innovative account profiling and predictive data company. Financial terms were not disclosed.
“Combining GrowFlare with Terminus is game-changing for revenue teams. Not only does GrowFlare’s powerful data perfectly compliment the Terminus platform, but we’re completely aligned on our vision for building the most complete B2B sales and marketing platform. Now, sales and marketing teams can unite to drive highly timely and personalized experiences. This team is the real deal and we’re so proud to be joining Terminus,” Matt Belkin, GrowFlare CEO.
NextEra Energy approached Evergy with a $15bn takeover offer.
NextEra Energy, the world’s largest producer of wind and solar energy, reportedly made a roughly $15bn all-stock acquisition offer for US-based power utility company Evergy. Evergy turned down the offer in recent days and it is unclear whether NextEra will make a new approach.
NextEra’s bid valued Evergy in the mid $60s-per-share, Reuters reported. Evergy informed NextEra that the price was inadequate and that it also required a detailed plan to overcome regulatory hurdles to a deal. However, activist investor Elliott Management called on Evergy to immediately reengage in deal talks.
“As one of Evergy’s largest investors, Elliott believes that Evergy’s Board must act in accordance with its fiduciary duty to immediately reengage with NextEra and fully explore the possibility of a transaction that maximizes value for Evergy’s stakeholders,” Elliott Management.
Textron named $14bn Xcalibur bid 'fictitious'.
Textron said a purported takeover offer from Xcalibur Aerospace that valued the Cessna business jet maker at nearly $14bn was "fictitious" and in violation of the US securities laws.
The home page of Xcalibur's corporate website refers to a $60.50 per share 'Textron tender offer', which represented a premium of about 56% to the US company's closing price on Friday.
“We urge investors to carefully scrutinize any communications from the purported offeror and to rely only on tender offer materials, if any, that are properly filed with the US Securities and Exchange Commission,” Textron.
Essar, Raizen and Ultra consider bid for Petrobras' refinery.
Brazil's Petroleo Brasileiro is set to receive binding offers for its Rio Grande do Sul state refinery Refap, with Indian conglomerate Essar Group and local firms Raizen and Ultrapar Participacoes among its potential bidders, Reuters reported.
All three companies have been pre-qualified for the binding phase for Refap refinery, also known as Alberto Pasqualini. Petrobras will also receive offers on the same day for its Parana state refinery - Presidente Getulio Vargas, or Repar - as part of a rebidding sale process. In September, both Raizen and Ultrapar delivered bids that were too similar in value.
Lowe's not in talks to acquire HD Supply.
Lowe's, a home improvement retailer, said it is not in acquisition talks with HD Supply Holdings to buy the construction materials supplier, denying a media report.
"Lowe's is not in discussions with HD Supply, and we have no plans to pursue a transaction with them," Lowe's.
Endeavour considers a merger with Teranga.
Endeavour Mining, a West Africa-focused gold miner, is in talks with Teranga Gold, a West African-focused gold mining company, over a potential merger, which would be the latest in a series of deals in the gold-rich but a risky region, Reuters reported.
Endeavour, which is 24.12% owned by Egypt's Sawiris family, has been on the acquisition path this year as prices of safe-haven gold have gained on the back of global stimulus. Endeavour had a market valuation of C$5.23bn ($4bn), while Teranga was worth C$2.2bn ($1.68bn).
The Teranga deal, if completed, would add another operating mine – Wahgnion – to Endeavour's four existing mines in Burkina Faso, and also give the company exposure to Senegal with Teranga's operations there.
SoftBank considers divesting Boston Dynamics to Hyundai. (FS)
SoftBank Group is in talks to sell robot maker Boston Dynamics to Hyundai Motor in a deal valued at as much as $1bn, Reuters reported.
The company's products include Cheetah, which it claims to be the world's fastest legged robot, and RiSE that can navigate vertical terrains such as walls, trees and fences. Boston Dynamics was bought by Google-parent Alphabet in 2013 and sold to SoftBank in 2017.
Investcorp divests US multifamily property assets for $900m. (FS, RE)
Investcorp Holding, the biggest private equity and alternative asset manager in the Middle East, sold eight US-based multifamily properties for more than $900m.
The units were located in metropolitan areas in Arizona, California, Florida and New York, the Bahrain-based company said. The properties were acquired in 2016 and 2017.
"We see increasing demand for multifamily properties. We remain focused on delivering long-term value for our shareholders and investors," Yusef Al Yusef, Investcorp's Managing Partner.
Leonardo considers US unit IPO. (FS)
Leonardo shares jumped after Italy’s largest aerospace company said it is considering an IPO of its US defence electronic systems manufacturer, Bloomberg reported.
The Italian group is weighing New York as a possible venue for a DRS listing as soon as the first half of 2021. The company may sell a 40% stake in the unit, which is valued at about $3bn. Italy has a 30% holding in Leonardo.
Cerberus looks for $3bn for flagship private equity fund. (FS)
Cerberus Capital Management is seeking $3bn for its latest flagship fund, which will pursue investments ranging from private equity to the debt of companies in financial distress, Reuters reported. Apollo Global Management, Toshiba, Deutsche Bank and Commerzbank are in the early stages of raising Cerberus Institutional Partners VII.
The firm’s previous flagship fund, Cerberus Institutional Partners VI, raised $4bn in 2017, and has struggled to generate a profit. It returned just 1.06 times its investors’ capital as of the end of September 2019.
Värde Partners raised $1.6bn for The Värde Dislocation Fund. (FS)
Värde Partners, a global alternative investment firm, completed the final close of The Värde Dislocation Fund with more than $1.6bn of commitments, exceeding its $1bn target in five months of fundraising. Earlier this year, Värde also launched a $1bn dislocation fund that was raised through a private banking platform.
The fund will look to invest in opportunities presented by the historic market dislocations and economic disruption resulting from the Covid-19 pandemic. It has a flexible, global mandate to pursue a broad universe of mispriced, stressed, and distressed credit.
"The unparalleled speed and disruption to society and markets has caused fundamental damage to the global economy. The range of potential outcomes remains incredibly wide, and we expect varying degrees of impact around the world. Our platform is well-suited to the opportunity in front of us, with the ability to pivot to markets and geographies where we see the best relative value," Ilfryn Carstairs, Värde Co-Chief Executive Officer and Chief Investment Officer.
Griffin Gaming Partners raised $235m. (FS)
Griffin Gaming Partners raised $235m to invest in the video games industry, with approximately half of the funds going towards gaming platforms and technologies, while the remaining 50% will support smaller-scaled development studios. Investments stemming from the fund will range from $1m contributions to seed rounds to approximately $20m in later-stage rounds.
The California-based vehicle was founded in 2019 by Peter Levin, Phil Sanderson and Nick Tuosto. Griffin Partners is supported by more than 12 firms across Asia, Europe, the Middle East, and the United States.
EMEA
Total, a France-based oil and gas company, completed the acquisition of a stake in Uganda Lake Albert project from Tullow, an international oil and gas company, for $575m.
"The closing of our transaction with Total clearly evokes mixed emotions within Tullow. While we are sad to be exiting Uganda after many years, the $575m of proceeds form an important part of our plan to strengthen Tullow's balance sheet and improve our financial position. We will watch the progress of Uganda's oil & gas industry with much interest and all of us at Tullow wish the people and Government of Uganda and our former Joint Venture Partners every good fortune as they take this important project forward," Rahul Dhir, Tullow Oil Chief Executive Officer.
Total was advised by Allen & Overy and Dentons. Tullow was advised by Barclays, JP Morgan, Robey Warshaw, Freshfields Bruckhaus Deringer and Murray Consultants.
Graphite Capital, a UK mid-market private equity specialist, agreed to acquire Babble Cloud, a unified communications, cloud contact centre and cyber security provider from Lloyds Development Capital, for $112m. LDC retains a minority stake in Babble and the management team is reinvesting a substantial proportion of its proceeds.
“We were impressed by Babble’s talented management team and its proven growth strategy, continually building on its strong recurring revenue base. Babble is a leading player in a very large and attractive market, working closely with its customers and enabling them to move to cloud-based UCaaS, CCaaS and cyber solutions. We look forward to working with Matt and the team to take Babble to the next level,” Humphrey Baker, Graphite Partner.
LDC was advised by Analysis Mason, RSM, Spectrum Corporate Finance and Gateley. Babble Cloud was advised by Jamieson and Osborne Clarke.
PAI Partners, a private equity firm, agreed to acquire Addo Food Group, a chilled savoury pastry producer, and Winterbotham Darby, the UK chilled food supplier. The completion of the transaction is subject to customary regulatory approvals. Financial terms were not disclosed.
“We are delighted to be investing in these two leading UK chilled food businesses and very excited to start working with the existing management teams to continue to grow their businesses and support them in doing what they do best – delivering innovative, high quality products to consumers,” Colm O’Sullivan, PAI Partners Partner.
PAI Partners is advised by Stamford Partners, Allen & Overy and Greenbrook. Addo Food Group is advised by Cartwright Communications. Winterbotham Darby is advised by Houlihan Lokey and Eden Green PR.
Recticell, the Belgium specialist in polyurethane chemistry, agreed to acquire FoamPartner, a global provider of technical foam solutions, from Conzzeta, a global holding company, for $281m. Closing of the transaction is expected in the first quarter of 2021.
“This transaction is a unique opportunity for Recticel to expand its product offering in technical and specialty foam solutions and to further increase our global reach in Asia and North-America. We look forward to welcoming our many new and highly skilled colleagues from FoamPartner. Looking ahead, this acquisition supports our ambition to become a global provider of engineered foam solutions and will create significant value for our customers, employees and all other stakeholders. In conjunction with today’s announcement, Recticel has launched a strategic review to evaluate the future of the Bedding business segment within Recticel, which progressively becomes a Group primarily focused on Insulation and Engineered Foams,” Olivier Chapelle, Recticel CEO.
Recticel is advised by JP Morgan. Conzzeta is advised by Lincoln International. Debt financing is provided by BNP Paribas, Belfius Bank and KBC Bank.
Apollo Global Management agreed to invest in SAZKA Entertainment, a newly-established 100% wholly-owned subsidiary of KKCG, a private investment group, in a $591m deal. Upon closing of the investment, SAZKA Entertainment will be the 100% owner of SAZKA Group, a euro lottery company.
“The company has a very successful track record of organic and inorganic growth and we believe this investment, coupled with our sector expertise and relationships, will help the management team achieve their strategic growth plans in Europe and around the globe,” James Kim, Apollo Partner and European Co-Head of Hybrid Value.
SAZKA is advised by JP Morgan and Clifford Chance.
Mutares, a German-based holding company, offered to acquire Lapeyre, a home improvements provider, from Saint-Gobain, which offers design, manufacturing, and distributing building materials internationally. Financial terms were not disclosed.
"With his background at one of the largest European DIY retail groups, we are confident that Marc Ténart is the perfect fit to lead the company to success and growth in the future. The acquisition is a long-term investment for us and we are confident that we can support with our proven operational experience the successful turnaround and development of Lapeyre," Johannes Laumann, Mutares CIO.
Mutares is advised by CLAI and Crossalliance.
SGS, a Swiss multinational company which provides inspection, verification, testing and certification services, agreed to acquire the Analytics & Services business of SYNLAB Services, an international medical diagnostics provider. Financial terms were not disclosed.
“The transaction creates great opportunities for all involved. While SYNLAB is concentrating on its core medical activities, A&S will benefit from new growth prospects with a future owner that is an expert and leader in that specific market segment. We are convinced that we have found an excellent new home for the business and its employees,” Mathieu Floreani, SYNLAB CEO.
SYNLAB is advised by FTI Consulting.
Quest Software, a global systems management and security software provider, agreed to acquire Quadrotech, a provider of a range of cloud migration services. Financial terms were not disclosed.
“Quest and Quadrotech have enjoyed a close synergy for a long time, with our mutual focus areas on customer success and innovation in the Microsoft space and we look forward to coming onboard to Quest and extending this strong partnership. With the overwhelming interest in Office 365 as a lynchpin application for business, Quest and Quadrotech’s combined offerings and expertise can support even the most complicated customer Office 365 deployment and management challenges,” Thomas Madsen, Quadrotech CEO.
Quest Software is advised by Highwire PR.
Masco-backed Hansgrohe, a German sanitary fittings manufacturer, agreed to acquire a majority stake in Easy Sanitary Solutions, a designer, developer and producer of sanitary solutions. The closing of the sale is expected to occur during the first quarter of 2021, subject to customary closing conditions and regulatory review. Financial terms were not disclosed.
“With this investment, we are strengthening the product range in our core area – showers. With our shared core values of innovation, design quality and responsibility, and the strength of the ESS team, we look forward to further expanding our strong presence in the shower space,” Hans Juergen Kalmbach, Hansgrohe Chairman of the Executive Board.
TUI seeks up to €1.8bn state rescue package.
TUI, a holiday group, is in talks with the German government to obtain an additional €1.5-1.8bn ($1.8-2.1bn) in state aid as two earlier bailouts this year prove insufficient to cope with the coronavirus-linked travel slump, Reuters reported.
The money could be granted by Germany’s new economic stabilisation fund WSF and could involve a mixture of equity and hybrid capital. While TUI already received a total of €3bn ($3.5bn) of state-backed loans in two tranches this year, current talks focus on strengthening the highly-leveraged company's capitalisation.
Tour operator TUI said it could issue new shares but clarified last month that it wanted to wait for its share price to recover before launching any capital increase, adding that asset sales were also an option to generate cash.
UK plans to publish new draft security and investment law.
The UK is set to publish a draft law that would protect British assets from foreign buyers when there are national security implications. The National Security & Investment Bill will be introduced to the House of Commons, Bloomberg reported.
The bill is intended to cover deals in sectors such as defense and critical infrastructure, and will include provisions to protect sensitive intellectual property from foreign buyers.
With the UK due to leave the European Union's single market at the end of the year, Prime Minister Boris Johnson's government wants to show Britain’s economy is open to the world. But at the same time, it's also seeking to protect strategic industries to ensure key intellectual property and critical national infrastructure are protected.
Mikhail Fridman divests his Turkcell Stake. (FS)
Mikhail Fridman, a Russian billionaire, sold his stake in Turkcell, Turkey’s largest mobile-phone operator. The disposal of 5% in Turkcell for about $205m was done through an accelerated share-sale process where demand outstripped supply. Credit Suisse and Goldman Sachs acted as joint global coordinators and book-runners for the deal.
"We are in active dialog with other Turkish corporates who could consider similar transactions with the objective of increasing the international free float of their respective listed shares," Emre Kemal Mimaroglu, Credit Suisse Head of Investment Banking.
Advent weighs IPO of InPost. (FS)
Advent International is considering an initial public offering of its Polish postal locker provider InPost, alongside a sale process that’s already underway, according to a Bloomberg report. Advent is considering listing the business in 2021, depending on market conditions.
The buyout firm picked Citigroup, Goldman Sachs and JP Morgan as global coordinators for a potential IPO. Any deal could value InPost in the billions of euros and rank as one of Europe’s largest private equity-backed transactions in recent memory.
DeA Capital Alternative Funds raised €330m for Taste of Italy 2. (FS)
Taste of Italy 2, an Italian fund specialized in the food & beverage sector managed by DeA Capital Alternative Funds, closed funding at €330m ($391m), exceeding the initial target of €300m ($356m), and thus becoming the main European fund specialized in this sector.
The second fund significantly increases the capital available for new investments from the initial €218m ($258m) of Taste of Italy and expands the geographical scope, intending to invest up to 30% abroad. For this purpose, a second office was opened in Madrid, managed by two established local professionals.
"We are particularly proud to announce the closing of Taste of Italy 2 fundraising, especially in the historical context we are living. It was not at all obvious to close funding in such a short time, expand our range of action abroad, and above all exceed the funding target," Gianandrea Perco, DeA Capital Alternative Funds CEO.
APAC
Private equity firms Investcorp, Norwest Venture Partners and Gaja Capital led a $110m Series E round in Xpressbees, an Indian logistics firm that works with several e-commerce firms in the country.
“We have been truly impressed by their strong customer centricity and capital efficiency which has resulted in exceptional feedback from top players in the e-commerce sector,” Niren Shah, Norwest Managing Director.
Grab, a Singaporean multinational ride-hailing company, led a $100m Series B round in LinkAja, an interbank network in Indonesia. The round was joined by domestic telco Telkomsel, and two venture capital firms BRI Ventures and Mandiri Capital.
"We chose to invest in LinkAja because we believe that together, we can help accelerate our shared goal of improving financial inclusion in Indonesia," Neneng Goenadi, Grab Indonesia Managing Director.
Huawei considers selling smartphone unit for $15bn to Shenzhen government and Digital China.
Huawei plans to sell budget-brand smartphone unit Honor in a CNY100bn ($15.2bn) deal to a consortium led by handset distributor Digital China and the government of its home town of Shenzhen, Reuters reported.
The plan comes as US restrictions on supplying Huawei Technologies force the world's second-biggest smartphone maker - after South Korea's Samsung Electronics - to focus on high-end handsets and corporate-oriented business. It also indicates little expectation for any swift change in the US perception of Huawei as a security risk following a new US administration.
Blackstone to acquire $1.4bn worth of real estate assets from Prestige Group. (FS, RE).
Prestige Group signed a term sheet with global asset manager Blackstone Group to sell five office parks, nine shopping malls, two hotels and four under-construction office complexes totalling 21m sq ft, DealStreetAsia reported. The deal value is close to $1.4bn. The rental assets are located in Bengaluru, Chennai and Gujarat.
"The proposed transactions contemplated in the terms sheet will be consummated through a combination of primary investments, secondary investments, business transfers, asset transfers, joint ventures, demergers, slump sales, or a combination thereof or through such other modes, in each case, as mutually agreed between the Parties under the relevant asset-specific definitive documents," Prestige.
Tata Group, Gaja Capital, IFC consider investing in 1mg. (FS)
Tata Group, Gaja Capital and IFC are among those in talks with 1mg, an Indian e-pharmacy firm, to invest a total of at least $100m. IFC is already an existing investor and is considering raising its stake in the company as the e-pharmacy sector is one of the few that has benefited from the Сovid pandemic.
The ideal scenario that 1mg is looking for is a strategic investment by Tata, along with fund infusion by financial investors, which would help it raise $100m-plus. Currently, Gaja and IFC are in talks with the e-pharmacy firm, DealStreetAsia reported, adding that a transaction is likely to happen by December-end.
SOCAR considers an IPO.
SOCAR, a South Korean mobility platform, sent requests for proposal to brokerage firms in the country for its IPO. The company provides various services, including car-sharing, ride-hailing, used-car sales, and chauffeurs.
The car ride-sharing startup had said in October it had reached unicorn status, valued at KRW1tn ($897m), after raising KRW60bn ($53m) in funding from two private equity firms.
"Although we have submitted our proposals to brokerage firms in South Korea, no details of the IPO timeline or plans have been decided yet," SOCAR.
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