AMERICAS
BC Partners and Garda founder, chairman and CEO Stephan Crétier agreed to acquire Rhone Group's equity interest in Garda World Security Corporation, the largest privately-owned security and cash services company in the world, in a C$5.2bn ($4bn) recapitalization. Following the transaction close, BC Partners will have a 51% common equity interest in Garda World while Stephan Crétier, together with select members of management, will hold 49%.
"We look forward to partnering with Garda World's founder Stephan Crétier and management team to further grow the company in the attractive security services industry, which we believe offers significant opportunities for consolidation. We admire Garda World's unique entrepreneurial culture and superior operating model, which have contributed to its track record of best-in-class performance over the years. Looking forward, we are confident that our partnership will add significant value as the company continues to expand its reach," said Paolo Notarnicola, lead deal Partner for BC Partners.
Barclays, TD Securities, Seguin Racine and Simpson Thacher & Bartlett are advising Garda World. Scotiabank, Kirkland & Ellis and Osler Hoskin & Harcourt are advising BC Partners. Bank of America Merrill Lynch, Barclays, JP Morgan and TD Securities are providing debt financing.
Quad/Graphic, a worldwide marketing solutions partner, and LSC Communications, an American multinational commercial printing company, agreed to terminate their merger deal. The $1.4bn deal was announced in October 2018. As required by the merger agreement, Quad will pay LSC a reverse termination fee of $45m.
“Quad’s commitment to our clients, shareholders and employees, and dedication to preserving a vibrant print option that can compete in the digital age, were driving forces behind this business combination and aligned with our long-term business strategy,” said Joel Quadracci, Quad Chairman, President & CEO. “We are disappointed by the Justice Department’s decision to sue to block the transaction and believe that the lawsuit does not reflect the dynamics of print today and the competitive effect of digital media."
Morrow Sodali Global, Bank of America Merrill Lynch, Cleary Gottlieb Steen & Hamilton, Sullivan & Cromwell and Joele Frank advised LSC. JP Morgan, BDT and Foley & Lardner advised Quad.
Silver Lake Partners, the leading global investment firm, invested in EverCommerce, the leading service commerce platform. The firm will partner with existing majority shareholder Providence Strategic Growth, the growth equity affiliate of Providence Equity Partners. Financial terms were not disclosed.
"Silver Lake's deep expertise in supporting the development of premier technology and tech-enabled businesses will benefit EverCommerce for years to come," said Eric Remer, EverCommerce Founder and CEO. "Silver Lake's investment and technology experience and relationship network will augment the industry and operational expertise PSG has brought to EverCommerce over the past several years and advance our mission to support the success of millions of service business owners around the world."
Goldman Sachs, Greenberg Traurig and Weil Gotshal and Manges advised EverCommerce. Ropes & Gray advised Silver Lake Partners.
Auveco, the largest purveyor of specialty fasteners and body hardware used in the automotive aftermarket, agreed to acquire W&E Sales Company, a provider of autobody fasteners and specialty hand tools to the automotive aftermarket. Financial terms were not disclosed.
Auveco CEO Jeff Gilkinson said, "For years, the W&E brand and company have been synonymous with exceptional quality and service. The combination of these businesses has strong strategic fit and provides immediate benefits to customers of both Auveco and W&E. We are thrilled to expand our product portfolio while continuing to strengthen the breadth of solutions we can offer our growing network of distribution partners."
Private equity firm L Catterton sold Punch Bowl Social, the leader in the "eatertainment" restaurant category, to Cracker Barrel, an American chain of combined restaurant and gift stores. Financial terms were not disclosed.
"With its differentiated menu and accessible, entertaining, and engaging environment, Punch Bowl Social has established a loyal following among its core millennial and Gen Z customer base," said Jon Owsley, Co-Managing Partner of L Catterton's Growth Fund. "We are proud of the significant growth the Company has achieved, and we believe this transaction represents a terrific outcome for Punch Bowl Social, L Catterton, and Cracker Barrel as the Company enters this exciting next phase."
Hello Alfred, the leading residential experience company, acquired Bixby, a real estate technology company. Financial terms were not disclosed.
“We’re thrilled to join the Alfred team and combine efforts to build the leading tenant & resident experience offering. By bringing together Alfred’s human-powered service offering with Bixby’s property management technology, we’re able to deliver service at a scale that no company has done before,” said Mark Smukler, co-founder and CEO of Bixby. “Hospitality is at the core of our business, and the ability to align with a company that has the same consideration for its users is extremely gratifying.”
Apple in talks to acquire Intel's smartphone-modem business for $1bn.
Apple, a leading smartphone manufacturer, is in advanced talks to acquire the smartphone-modem chip business of Intel for $1bn. The deal would cover a portfolio of Intel's modem line patents and employees.
TechnoMile to acquire publishing assets of Carroll Publishing.
TechnoMile, an industry-specific cloud solution and business process consulting services provider, purchased all assets of Carroll Publishing, which provides federal, state, and local government contact information in the United States. Financial terms were not disclosed.
"For 45 years Carroll Publishing has led the way with high-quality content, specific to Federal, State, and Local decision-makers. We have been looking for ways to enhance and add even more valuable content. Technomile's strategy will allow our customers to more proactively receive and use our content. Technomile represented that leap forward. We are excited about their strategy," said Sally Swan, former CEO of Carroll Publishing.
Blackstone considering Cheniere Energy Partners stake sale. (FS)
Blackstone Group is considering selling a stake in Cheniere Energy Partners, which owns and operates regasification facilities at the Sabine Pass liquefied natural gas terminal, seven years after investing about $1.5bn in the company.
The private equity firm is marketing its stake in Cheniere Energy Partners to a small number of infrastructure, pension and sovereign wealth fund. Based on Friday’s close, the 58% stake would be worth about $8.7bn.
Freshworks looking to list on NASDAQ. (FS)
California and Chennai-based customer engagement software maker Freshworks is preparing to tap the global markets by listing on the American tech exchange NASDAQ. The company, which bagged the unicorn tag after raising $100m in a fresh round of funding co-led by Sequoia Capital and Accel in July last year, is expected to launch its initial public offering as early as 2021. In the run-up to IPO, the company’s co-founder Girish Mathrubootham has relocated to US headquarters in California.
Bird to be valued at $2.5bn after Sequoia-led funding round. (FS)
Bird, a dockless electric scooter sharing company based in Santa Monica, California, is raising a Series D round led by Sequoia Capital at a $2.5bn valuation. Sequoia Capital previously led Bird’s $300m Series C round back in June, with Roelof Botha joining Bird’s board at the time. Prior to this round, Bird had already raised more than $400m in funding and reached a valuation of $2bn last June.
MoneyLion closed its $160m funding round. (FS)
MoneyLion, the mobile bank that created America's most powerful financial membership designed to help hardworking Americans save, invest and grow, announced $160m in funding, with $60m in previously unannounced financing and a $100m Series C funding round. The round was co-led by Edison Partners and Greenspring Associates and included strategic investment from Capital One.
"We believe that MoneyLion, with its financial membership model and holistic approach to providing an all-in-one financial solution for millions of Americans, has created the most complete mobile banking destination in the market," said Hunter Somerville, General Partner at Greenspring Associates. "We're proud to back what we see as the digital banking platform of the future."
Oaktree explores options for Texas Airpot Terminal.
Bloomberg reported that Oaktree Capital Group is exploring options including a partial sale of its right to operate Austin-Bergstrom International Airport’s south terminal.
The Los Angeles-based alternative investment firm holds a 40-year lease for the Texas terminal which was rehabilitated for commercial use starting in 2017.
Robinhood raises $323m, reaches $7.6bn valuation. (FS)
Robinhood, the commission-free stock trading startup, raised $323m in a new round of funding that values the company at $7.6bn. Robinhood would use the fund to expand the business.
The round was led by DST Global, with participation from investors including Ribbit Capital, Sequoia, Thrive Capital and NEA.
EMEA
Austrian chipmaker AMS reignited its bid to acquire German microchip and lighting business Osram Licht, which recently agreed to be acquired by the consortium of Bain Capital and The Carlyle Group for $4.5bn. AMS said that while it had not seen a “sufficient basis” for continuing discussions with its larger rival last week, a combination of a desire to create shareholder value and discussions with potential financial partners had caused it to reverse its position.
Perella Weinberg Partners, Lazard, Gleiss Lutz and Freshfields advised Osram. Credit Suisse, Goldman Sachs, JP Morgan, Macquarie Group, Camarco, FTI and Kirkland & Ellis advised Bain Capital and Carlyle Group.
Cairngorm Capital Partners, a specialist private investment firm, acquires Millbrook Healthcare, an outsourced provider and manufacturer of equipment, assessment services and home-based adaptations. Financial terms were not disclosed.
This transaction marks Cairngorm Capital’s entry into the assisted living sector.
"Cairngorm Capital is the right partner for the management team and will continue to focus on delivering excellent service to all of our key stakeholders, particularly our service users.” Colin Croll, Millbrook Owner.
Oaklins, Paris Smith and Grant Thornton are advising Millbrook. Bryanston Capital, CIL, Willis Capital Markets & Advisory, Gowling, PwC, and Intechnica are advising Cairngorm.
Air Water, a globally operating manufacturing conglomerate, acquired Hitec, which develops, manufactures and delivers full-service turnkey Dynamic UPS solutions, from Egeria, an independent Dutch investment company. Financial terms were not disclosed.
By acquiring Hitec, Air Water is now in a position to develop a stronger global critical power business and a more competitive total-solution offering through alignment with, and leverage of, their existing critical power solutions business based in Asia. This acquisition will enable cost reduction of operations, the acceleration of innovation of new products and the strengthening of the global presence of Hitec.
ABN AMRO, Mizuho, De Brauw Blackstone Westbroek and Oh-Ebashi advised Air Water. Greentech Capital Advisors and Baker McKenzie advised Egeria.
Gazit Globe, a leading global real estate company focused on the ownership, management and development of retail and mixed use properties, agreed to acquire remaining 40% minority interests in its publicly-traded Jersey Island subsidiary Atrium for €565m ($634m).
Chaim Katzman, Gazit’s founder and CEO, commented: “Atrium possesses a high-quality portfolio, most of which is located in the capital cities of Poland and the Czech Republic—Warsaw and Prague—together with a high-quality, experienced management team. Gazit acquired a material stake in Atrium 11 years ago and is thus very familiar with the company, its assets and their future potential. Direct ownership over assets such as those held by Atrium furthers our strategy to directly own irreplaceable assets in densely populated urban areas with future growth potential and mixed uses.”
UBS is advising Atrium. Citigroup and Kirkland & Ellis are advising Gazit Globe.
Midsona, which manufactures, distributes, and markets consumer health care products, agreed to acquire Alimentation Santé, a leader in organic and plant-based food in France and Spain, for €58m ($65m).
“Following the successful expansion of our leading organic and plant-based brands throughout the Nordic region, we are now aiming to become a leader in Europe. The acquisition of Davert last year provided us with an important platform in the DACH region, which we recently complemented by the addition of Eisblümerl. Alimentation Santé is an important platform for further growth in France, Spain and other southern European markets.”, says Peter Åsberg, CEO of Midsona.
Strata Advisory, Jeantet and Perez-Llorca advised Midsona.
Private equity firm Keensight Capital acquired 3P Biopharmaceuticalss, a leading Contract Development and Manufacturing Organization in Spain, from Infraco. Financial terms were not disclosed.
Dámaso Molero, General Manager of 3P Biopharmaceuticals, stated: “This is an exciting new chapter for 3P Biopharmaceuticals, we are extremely enthusiastic to work hand in hand with Keensight Capital at such a crucial moment for our industry. With their global footprint and their expertise in the biologics field, I am highly confident that the Keensight team will help us reach significant milestones in the coming years.”
Alantra advised 3P. PwC advised Keensight Capital.
Saint-Gobain, a French multinational corporation, is to sell DMTP, a provider of concrete products, to Frans Bonhomme, which distributes plastic pipes and fittings for building companies and public works departments in France, for €70m ($79m).
Through this divestment, Saint-Gobain optimizes it portfolio of distribution businesses in France in order to focus on its strongest brands.
Rothschild & Co is advising Frans Bonhomme.
Kontron, a leading provider of IoT and Embedded Computing Technology, acquires Augsburg-based Fujitsu industrial mainboard business from Fujitsu Technology Solutions. Financial terms were not disclosed.
The acquisition of the embedded motherboard business of Fujitsu Technology Solutions is a strategic step to expand these products with its own IoT software technology.
"With Kontron, a renowned embedded computing provider is taking over our motherboard business. We are delighted that this move will allow customers to benefit from a continuation of our high-quality portfolio." Rupert Lehner, Fujitsu head of Central Europe.
Graphic Packaging Holding, a Fortune 500 paperboard corporation based in Sandy Springs, agreed to acquire Artistic Carton Company, which provides packaging solutions. Financial terms were not disclosed.
"We are pleased to announce the acquisition of Artistic Carton as it will provide compelling optimization and growth opportunities for our paperboard mill and converting platforms in North America" said President and CEO Michael Doss. "The acquisition will drive converting end-market diversification, enhance our converting platform, and we expect will allow us to deliver significant synergies driven by paperboard integration, mill and converting manufacturing optimization, and supply chain efficiencies."
GRP, an investment vehicle aimed at insurance brokers and managing general agents trading in the UK, acquired Lancashire-based 3XD, an insurance intermediary. Financial terms were not disclosed.
CEO of 3XD David Fulluck said: "We are very excited by the opportunity for 3XD within GRP and the growth prospects being part of a large group brings. I firmly believe that the ownership model applied by GRP, where we as owners can create value from our work, but continue to hold a stake in 3XD and help drive the business forward, is hugely compelling and a reason why their acquisition track record is so powerful.”
ECI Partners-backed Make It Cheaper, an online comparison site, acquired Smart Utility Management, which provides energy utility management and switching services to SMEs across the UK. Financial terms were not disclosed.
MIC CEO Paul Galligan said: “Switching is widely recognised as an effective way for businesses to lower their bills and find better service providers. Our latest acquisition cements our position as the leading, go-to solutions provider for SMEs that want to find the best energy, broadband, and insurance deals.”
Private equity firm Innova Capital agreed to acquire 100% stake in Optiplaza, one of the top players on the Romanian optical market. The transaction marks further stronger entry of the fund into the attractive and growing optical market. Financial terms were not disclosed.
Innova will follow through with plans for further development of Optiplaza, including ongoing improvement of the product offering and customer experience as well as expansion of the current retail network in Romania.
Andera Partners acquired Merlin Gerin, the high voltage equipment maintenance business of Siemens, a German multinational conglomerate company. Financial terms were not disclosed.
Sylvain Charignon, Associate Director of Andera: "In addition to being a perfect fit with the investment strategy of our WINCH Capital 4 fund, which aims to find primary and proprietary opportunities, this operation reinforces our expertise and our legitimacy on carve and complex spinoffs, in cooperation with large groups, which we have been practicing for over 12 years. "
Wink Stanzwerkzeuge, one of the world’s leading manufacturers of cutting tools, acquired Bandstahlschnitte Jeurink, a tool manufacturer in Neuenhaus, Germany. Financial terms were not disclosed.
Wink managing director Alan de Natris said: "Through their shared history, people know and appreciate each other. Both companies have developed outstandingly and enjoy an excellent reputation. The same applies to ImaPack, which has been part of the Jeurink Group since 2001."
Private equity firm Abris Capital Partners invested in Global Technical Group, the leading end-to-end building management solution provider in Romania. Financial terms were not disclosed.
"Global Technical Group is an excellent platform that is setting the standard for building management solutions. In partnership with the talented management team, we see numerous opportunities to use its comprehensive knowhow to further expand the digital services and provide clients with the most progressive Internet of Things solutions," said Adrian Stanculescu, Investment Director at Abris Capital Partners and Head of Abris Romania.
The Kempen European Private Equity Fund acquired Wilvo Group, a family business in the province of Brabant in the Netherlands that specialises in the processing of thin sheet metal and precision parts assembly. Financial terms were not disclosed.
Rob Lemmens, Commercial Director of Wilvo Group, says: ‘With Kempen and Steadfast Capital, we have two professional investment partners on board who can help us to achieve our growth objectives. The Kempen Private Markets team supports professional business practice. We look forward to a successful partnership.’
Nordic region's leading advisory group Söderberg & Partners acquired Wellnet, a business to business service in Stockholm, Sweden. Financial terms were not disclosed.
"Wellnet works with companies that take health seriously in order to create sustainable employees and a healthy brand. We are therefore very proud to continue to work and develop together with Söderberg & Partners. With our shared competencies and values, we take a unique position in the market, ”says Ewa Skiöldebrand, CEO, Wellnet.
Simmons & Simmons, an international legal practice, acquires Wavelength, the first regulated legal engineering firm in the world. Financial terms were not disclosed.
Jeremy Hoyland, Managing Partner at Simmons & Simmons, commented: “This is an exciting opportunity for the firm and one that will give our clients a clear advantage. It demonstrates that we are serious about delivering smarter solutions for our clients and that we are driving change for the better in the legal market. I look forward to working with the Wavelength team and to introducing them to our clients.”
Private equity firms Arta Capital and KKR invested in Alvic Group, a leading Spanish panel and componentry manufacturer for kitchen and office furniture. Financial terms were not disclosed.
KKR and Arta will support the Rosales family in its next generation of innovation and international expansion by leveraging the new investors’ extensive experience, network and reach. The transaction builds on KKR’s successful track record in Spain and globally of working with family-led businesses to support their growth objectives and further scale their businesses.
Inox Torres, a metal heat treating service in Spain, agreed to acquire Aguilar y Salas, an industrial equipment supplier in Spain. Financial terms were not disclosed.
Secure Income REIT sold eight private hospitals for £347m.
Secure Income REIT, a real estate investment trust company, sold eight private hospitals for £347m ($433m). The purchaser is Medical Properties Trust, the US specialist healthcare REIT.
Chairman of Secure Income Martin Moore commented: "We believe that shareholders are best served by our active approach to portfolio management, recycling capital where it is prudent and advantageous to do so. This attractive offer, which represents a 19% premium above the December 2018 valuation, allows shareholders to realise some upside while still retaining a core holding of 11 high quality acute hospitals, worth £643m ($802m) at their 31 December 2018 valuations, let to Ramsay Health Care Limited, one of the world's largest private healthcare companies."
Stifel and FTI Consulting advised Secure Income REIT.
BAIC acquires a 5% stake in Daimler.
Beijing Automotive Group, the Chinese partner of Daimler, acquires a 5% stake in the company to boost the more than decade long partnership. The transaction would take Chinese ownership in the world’s biggest luxury-car maker to almost 15%.
“This step reinforces our successful partnership and is a signal of trust in the strategy and future potential of our company,” Ola Kallenius, Daimler CEO.
Apollo halts Verallia's sale, plans IPO instead. (FS)
Apollo, a leading US investment firm, stalls the discussion over the sale of Verallia, a French glass bottle maker because it believes that better returns could be achieved from a stock market listing. A Paris listing could take place as early as September and value Verallia at about $5bn including debt.
The US company has received tentative bids from European investors Cinven and CVC Capital Partners as well as Canadian pension fund PSP Investments.
SLANG Worldwide partners with GCC and receives Greek Medical Cannabis License.
SLANG Worldwide, a leading global cannabis consumer packaged goods company, entered into a partnership with Global Cannabis to gain access into the European market starting with Greece.
GCC’s wholly owned subsidiary, GCC Pharma is one of the first companies to receive a medical cannabis installation license from the government of Greece for cannabis cultivation, processing, and manufacturing. SLANG has worked closely with GCC throughout the application process and has been instrumental in assisting GCC with the design and content of its license application. In exchange for the contribution of SLANG’s specialized expertise, and continuing support, SLANG has been granted a 20% interest in GCC.
“We are extremely pleased to be amongst the first recipients of a cannabis license in Greece, a strategic entry point into the rapidly growing EU region with a population exceeding 740m people,” said Loannis Papadopoulos, CEO of GCC. “SLANG’s diverse product portfolio and proven extraction and manufacturing expertise will be key to the timely introduction of our offering to medical cannabis patients.”
Deutsche Finance acquires Dublin's Central Hotel. (FS)
Deutsche Finance International, in partnership with Dublin-based BCP Capital, acquires one of the Dublin’s oldest hotels, the Central Hotel on Exchequer Street, along with nearby Trinity Street Car Park. Financial terms were not disclosed.
“These are our first investments for the Fund in Ireland, allowing us to create value in prime locations and benefit from highly supportive structural trends, including an undersupplied commercial real-estate market; strong GDP growth; and high levels of foreign direct investment,” Paul Nearchou Deutsche Finance Director.
Homebase acquired 44 Bathstore stores.
Homebase, a British home improvement retailer and garden centre, acquired 44 stores from Bathstore, a specialist bathroom retailer, currently under administration. The move by Homebase will save 154 jobs on the shopfloor and another 25 at head office. The remaining 91 Bathstore branches not included in the deal will close once display stock has been sold off, meaning the roughly 200 staff members will lose their jobs.
Ryan Grant, business restructuring partner of BDO which is Bathstore's administrator, said: "In a difficult situation, we have been able to secure the future of the Bathstore brand and the transfer of 44 stores to Homebase to maximise realisations for creditors and protect as many jobs as possible."
Cgates abandoned plans to acquire SPLIUS.
Cgates, which provides digital television and Internet services in Lithuania, abandoned its plans to acquire SPLIUS, a Lithuanian telecommunications provider. The decision was caused by the investigation from Lithuanian antitrust and competition watchdogs.
The regulators said that the intended merger would lead to a significant restriction of competition in the relevant retail market of paid television retransmission services in Šiauliai and in the relevant market of retail Internet access by fixed line connection technologies in the same city.
SAZKA looking to bid for Turkish national lottery contract.
European lottery operator SAZKA Group is bidding for the ten-year contract to operate Turkey’s state lottery Milli Piyango. The tender marks the latest attempt by the Turkish government to privatize the state lottery, having failed in its previous attempts in 2009, 2014 and 2016.
Azrieli to talks to sell Granite Hacarmel unit to Elco for $218m.
Reuters reported, Azrieli Group, a leading real estate developer in Israel is in talks to sell its subsidiary Granite Hacarmel Investments to holding company Elco for 770m shekels ($218m).
Asahi Group may be forced into small divestments because its market share will rise above 50% in a sector scrutinized by the competition regulator.
Carlton & UB, which makes Victoria Bitter, Carlton Draught, Great Northern and Pure Blonde, already holds a 48.8% market share, and with the addition of Asahi's estimated 1.2% share via the Asahi and Peroni brands, will have half of the $14bn beer market.
Nomura, Rothschild & Co, and Allen & Overy are advising Asahi. Lazard and Freshfields Bruckhaus Deringer are advising Anheuser-Busch.
Hanil Can Co, a South Korea manufacturer of metal can and packaging items, acquired Samkwang Can, another South Korean manufacturer of cans, from its parent company - Samkwang Glass, an equity listed South Korean company. The total amount Hanil Can Company paid for Samkwang Can is $43m.
Citigroup advised Samkwang Glass.
Hana Financial Group, a leading Bank in South Korea, acquires a minority stake of 15% in Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) for $850m.
BIDV, Vietnam’s second-largest listed bank with a market capitalization of $5.26bn, said it will issue 603.3m new shares for the stake sale.
BIDV and KEB Hana Bank will carry out required procedures in accordance with laws of the two countries to finalize the deal soon.
HOPU Investments, one of Asia’s leading alternative asset managers, led a $100m funding round for Trax, the leading provider of computer vision and analytics solutions for retail.
“Through its investment strategy and expansive network, HOPU has created a unique ecosystem of portfolio companies specifically in AI and more broadly across technology. We look forward to working with HOPU and their portfolio companies, as well as the many leading consumer and retail companies within their network,” said Joel Bar-El, Trax CEO and co-founder. “This injection of funds from HOPU will further accelerate our innovation and further our efforts to deliver an outstanding customer experience.”
First State Super and VicSuper, two of Australia's largest pension funds have entered into a definitive agreement of merger to create Australia's second-largest pension fund with A$120bn ($84.5bn) in assets under management.
In the aftermath of the inquiry, the regulator has promised to step up scrutiny and push serious underperformers out of the industry. First Super and VicSuper said the signed heads of the agreement would follow a period of due diligence, and expected to complete the merger with one single board of directors by June 30, 2020.
OPTrust considers bidding for Pacific Energy. (FS)
OPTrust, a Canadian pension fund company, is considering making an offer to acquire Pacific Energy, a Perth-based contracted power company. It is understood both OPTrust and QIC, a Government owned investment company owned by the Queensland Government which is also interested in Pacific Energy, have submitted takeover bids for Pacific Energy following a confidential auction. The bids are believed to value Pacific Energy at more than $350m.
Gresham Partners and Allens are advising QIC. Azure Capital and King & Wood Mallesons are advising OPTrust. UBS and Sternship Advisers are advising Pacific Energy.
Prudential and FWD competing for life insurance rights in Vietnam.
Prudential and FWD Group are among firms seeking to gain exclusive rights to distribute life insurance products through Vietcombank’s branch network. Vietcombank, the nation’s biggest lender by market value, has been looking a new insurance-distribution partner since June. Negotiations are still ongoing and no final decision has been made. Other bidders could still emerge.
Credit Suisse is advising Vietcombank.
ADNOC and China's Wanhua Chemical sign a $12bn strategic alliance.
The Abu Dhabi National Oil Company signed a partnership framework deal worth up to $12bn with China’s Wanhua Chemical Group, a chemicals company, for collaboration in the downstream sector. The agreement was signed during a three-day state visit to China by Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed. The two companies have also agreed to explore and develop joint venture opportunities in both countries, with the UAE partnership focusing on producing downstream derivatives, or those relating to refined oil products.
“The potential total value of the collaboration between ADNOC and Wanhua is estimated to be up to $12bn,” the statement said.
Reliance's Refinery assets sale to Aramco stalls over significant differences.
Reuters reported, India’s Reliance Industries' talks to grant a minority stake in its refining assets to Saudi Aramco have hit a roadblock over the valuation and structure of the deal.
Reliance had held talks on offering Aramco at least 20% in a special purpose vehicle covering refining, petrochemicals and marketing, and with a focus on expansion.
Khazanah hired Morgan Stanley to review Malaysia Airlines options.
Khazanah Nasional, the sovereign wealth fund of the Government of Malaysia, hired Morgan Stanley to explore strategic options for Malaysia Airlines, the nation’s loss-making flagship carrier. The investment bank will be responsible for looking at options for the airline, including a potential stake sale. Khazanah, Malaysia’s sovereign wealth fund and the sole shareholder of the airline, aims to get a deal done by the end of this year.
China’s new stock venue notes big gains.
Bloomberg reported that Chinese investors greeted the opening of the country’s Nasdaq-style equity market with a frenzied burst of trading on Monday, driving gains in all 25 companies that made their debut. The stocks jumped an average 140% at the close in Shanghai, even as most slipped from their intraday highs. About CNY48.5bn ($7.1bn) of shares changed hands on the so-called Star board, or about 13% of turnover in the rest of the market.
“Gains were much stronger than expected, either due to unreasonable IPO pricing or speculative trading,” said Zhu Junchun, a Shanghai-based analyst with Lianxun Securities Co. “It’s going to be a liquidity game in the first half year or one year of trading. Judging by the trading activity and gains on the board, it’s definitely a success.”
Toshiba Memory looking to expand through M&A. (FS)
Japan’s Toshiba Memory, the world's No.2 maker of NAND flash memory chips, said there was a “good chance” of acquisitions as it pushes to increase its share of the market for advanced storage products used in data centers. The firm is backed by US private equity firm Bain Capital, which bought Toshiba Memory for $18bn.
“One of the critical areas where we are focused on is the cloud service providers, data center players,” Toshiba Memory Chairman Stacy Smith said. “We are very focused on growing our share in that space.”
GIC-backed Greenko raises $950m in Asia’s largest green bond offering. (FS)
Indian clean energy producer Greenko Energy Holdings, backed by GIC and Abu Dhabi Investment Authority, raised $950m in one of the largest overseas green bonds offering. The bond raise followed after the two sovereign wealth funds agreed to pump in an additional $329m in the firm.
“We successfully raised the bond for 950m with over three times oversubscribed by global investor’s. This is largest high yield bond from India this year and largest Green Bond from Asia. The pricing was 5.5 yield and all process was completed in five days,” Greenko Group president and joint managing director Mahesh Kolli said.
TPG Capital lead a $50m funding for south India-focused NBFC Five Star. (FS)
South India-focused non-banking financial company, Five Star Business Finance, has raised $50m in a new funding round led by private equity major TPG Capital Asia. The round has valued the Chennai-based lender at $950m. This is the second time that TPG has made an investment in Five Star. It had participated in the company’s $100m funding round last year, which was joined by Norwest Venture Partners and Sequoia Capital. In all, TPG has pumped in about $100m into the company.
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