Shareholders of Third Point Reinsurance, a specialty reinsurer, and Sirius International Insurance, a global multi-line insurer and reinsurer, voted to approve all proposals required to complete the $788m combination of Third Point Re and Sirius Group.
"We are very pleased that shareholders have approved the merger, the associated Dan Loeb equity issuance, and seven of eight of the proposed by-law changes. These approvals keep us on track to close the transaction in line with the previously announced target of the first quarter of 2021," Dan Malloy, Third Point Re CEO.
Third Point Re and Sirius Group anticipate that the transaction will be completed during the first quarter of 2021, subject to the satisfaction or waiver of all closing conditions.
Third Point Re is advised by EA Markets, JP Morgan, Debevoise & Plimpton, Kekst CNC and Rein4ce. Financial advisors are advised by Cravath Swaine & Moore. Sirius Group is advised by Barclays, Conyers Dill & Pearman, Jenner & Block and Sidley Austin.
Digital Colony-backed Highline do Brasil, an infrastructure solutions provider for the telecommunications industry, agreed to acquire Phoenix Tower do Brasil, an independent telecommunications infrastructure provider, from The Blackstone Group. Financial terms were not disclosed.
"We are excited about Highline's progression in one of the fastest-growing and most dynamic telecommunications markets in the region. There are significant digital infrastructure investment opportunities in Brazil, and this acquisition will augment Highline's ability to meet the increasing need for telecom infrastructure as our wireless carrier partners continue to densify their networks to keep up with the rapid growth in data consumption," Steven Sonnenstein, Digital Colony Managing Director.
Digital Colony is advised by Linklaters, Stocche Forbes and Joele Frank. The Blackstone Group is advised by Citigroup, Akin Gump Strauss Hauer & Feld and Machado Meyer Sendacz e Opice Advogados.
Clearlake Capital, a private equity firm, agreed to acquire Dimora Brands, a manufacturer of wood products and materials primarily used in construction, from The Jordan Company, a private equity firm. Financial terms were not disclosed. The transaction is expected to close in December subject to customary closing conditions.
"Our team is thankful for the opportunity to partner with The Jordan Company for the past four years. With their guidance and support, Dimora Brands has continued its growth into a leader in kitchen and bath products. We expect to enjoy the benefits of Clearlake's deep experience in building products and their insights into operational excellence as we continue to build on our successes," Greg Gottlieb, Dimora Brands CEO.
Dimora is advised by Nomura, Robert W Baird, Winston & Strawn, and Frank Advertising. Clearlake is advised by Deutsche Bank, Kirkland & Ellis, and Lambert & Co.
Bertelsmann-backed Penguin Random House, a company that prints and publishes books, agreed to acquire Simon & Schuster, a company specialising in publishing and printing books and pamphlets, from ViacomCBS, an American diversified multinational mass media conglomerate, for $2.2bn. The transaction is expected to close in 2021, subject to customary closing conditions, including regulatory approvals.
"Following the full acquisition of Penguin Random House in April this year, this purchase marks another strategic milestone in strengthening our global content businesses, which include Penguin Random House, the Fremantle TV production business, and the BMG music division. The book business has been part of Bertelsmann's identity since the founding of C. Bertelsmann Verlag more than 185 years ago and has lost none of its appeal to this day," Thomas Rabe, Bertelsmann Chairman and CEO.
ViacomCBS is advised by LionTree Advisors and Shearman & Sterling. Bertelsmann is advised by JP Morgan, Arnold & Porter Kaye Scholer and Davis Polk & Wardwell.
Cigna's investors used “black-ops style” tactics in a covert campaign to “blow up” a $48bn merger with rival insurer Anthem, Cigna's investors claim in a lawsuit, Bloomberg reported.
A Massachusetts-based pension fund alleges that Cigna CEO David Cordani sought to “poison” the deal after failing to secure the top post in the merged company. He hired lawyers and public relations specialists to help in a “Trojan Horse” campaign.
The fund claims that Cordani hired the public relations specialist Teneo, which it also names as a defendant, to scuttle the merger while making it look like Cigna was working to consummate it.
First Reserve, a private equity firm specializing in leveraged buyouts and growth capital investments, agreed to acquire Goldfield, a provider of electrical transmission and distribution maintenance services for utility and industrial customers, for $194m.
"This investment highlights First Reserve's continued commitment to building leading platforms which play a crucial role in maintaining and enhancing mission-critical infrastructure. As the domestic power generation mix continues to diversify, including the transition to increasingly adopt sustainable sources of electricity such as renewables, we believe Goldfield is well-positioned to participate in these long-term trends driven by increased focus on ESG, reliability and asset integrity," Jeff Quake, First Reserve Managing Director.
Goldfield is advised by Stifel, K&L Gates and Effective Corporate Communications. First Reserve is advised by Simpson Thacher & Bartlett and Joele Frank.
HelloFresh, a provider of meal kits, agreed to acquire Factor75, a provider of fully-prepared, fresh meals, for $277m.
"Direct-to-consumer ready-to-eat meals are a nascent food vertical that we believe has the potential to grow into a multi-billion dollar category over time. With Factor, HelloFresh, EveryPlate and Green Chef, we have four high-growth food brands in our Group, all benefiting from our strong growth engine, technology and supply chain infrastructure," Uwe Voss, HelloFresh US CEO.
Factor75 is advised by Rothschild & Co and Kirkland & Ellis. HelloFresh is advised by Sullivan & Cromwell.
FS KKR Capital, a publicly-traded business development company, agreed to merge with FS KKR Capital II, also a business development company created as a partnership between FS Investments and KKR Credit.
"The merger of FSK and FSKR represents a significant step toward our long-term strategic goal of creating a premier middle-market lending franchise and industry-leading BDC. The combined company will have a well-diversified investment portfolio and enhanced access to the investment-grade debt markets. The combination will also result in reduced overall expenses and a stronger dividend profile," Michael Forman, FS KKR Capital Chairman and CEO.
FS KKR Capital II is advised by JP Morgan. FS KKR Capital is advised by RBC Capital Markets and Dechert. JP Morgan is advised by Simpson Thacher & Bartlett.
The Baupost Group, the Boston-based investment firm, agreed to invest in Timex Group, the global maker of timepieces. Financial terms were not disclosed.
"Timex Group's storied 166-year history, and incredible portfolio of brands and brand partnerships, offer a unique opportunity to drive innovation and growth in the watch industry. We believe in the company's strategic vision and the ability of the management team to achieve it. We look forward to supporting the company for years to come," Tom Blumenthal, The Baupost Group Partner.
The Baupost Group is advised by Ropes & Gray. Timex Group is advised by Jefferies & Company, Aabo-Evensen & Co, Squire Patton Boggs and Zeno Group.
Clearlake Capital and Aurora Capital-backed Zywave, a software company headquartered in Milwaukee, agreed to acquire Insurance Technologies, a provider of marketing, rating and agency management software solutions to the insurance industry, from private equity firm Accel-KKR. Financial terms were not disclosed.
"Zywave's acquisition of ITC is a significant move forward towards delivering the most comprehensive suite of software solutions to the insurance industry. ITC's robust comparative rating solution accompanied by agency management and sales enablement tools will drive tremendous value for current and future Zywave customers. We are excited to partner with Laird and the broader ITC team during this next phase of growth," Jason Liu, Zywave CEO.
Insurance Technologies is advised by Raymond James. Clearlake Capital is advised by Lambert & Co. Aurora Capital is advised by ASC Advisors.
Investment firms ARCH Venture Partners and 8VC led a $750m Series B round in RESILIENCE, a biopharmaceutical company, with participation from GV and NEA.
"Our aim with RESILIENCE is to improve manufacturing of breakthrough medicines so that they are more accessible to patients and to foster scientific innovation that makes new modalities of medicine possible," Rahul Singhvi, RESILIENCE Co-Founder and CEO.
Accor, a French multinational hospitality company that owns, manages and franchises hotels, resorts, and vacation properties, agreed to acquire the remaining 50% stake in sbe hotel, a company offering lodging services, from Sam Nazarian, sbe founder. Financial terms were not disclosed.
"Looking three years back, when we initially invested alongside Sam Nazarian, I am amazed by the journey we've accomplished. Today marks a milestone crystalizing these last years' successes and international development. This redesigned ownership structure will accelerate growth and a leaner management structure. Sam is a visionary leader and a relentless and talented entrepreneur. I am thankful he will continue the journey as my special advisor," Sebastien Bazin, Accor Chairman and CEO
Entergy, an integrated energy company, completed the acquisition of Washington Parish Energy Center, a natural gas-fired peaking power plant, from Calpine, a power generation company. Financial terms were not disclosed.
"We continue to seek opportunities to add to our clean-energy portfolio, and the Washington Parish Energy Center is another step in us meeting those goals. The plant also helps ensure we continue to deliver reliable power to our customers at some of the lowest rates in the country," Phillip May, Entergy President and CEO.
Financial services provider Sustainability Accounting Standards Board agreed to merge with International Integrated Reporting Council, a coalition of regulators, investors, companies, standard setters, the accounting profession, academia and NGOs. Financial terms were not disclosed. The merger will result in the formation of Value Reporting Foundation, a corporate reporting framework provider.
"Sustainability disclosure is at the top of the agenda for many, creating incredible momentum towards simplifying the corporate reporting landscape. By merging two organizations focused on enterprise value creation, we hope to clarify the field. We stand ready to engage with the efforts of the IFRS Foundation, IOSCO, EFRAG, and others working towards global alignment on a corporate reporting system," Janine Guillot, SASB CEO.
Thuzio, a live & virtual event company for business entertainment, completed the acquisition of Robin, a corporate entertainment platform for premium tickets and experiences. Financial terms were not disclosed.
"Due to the explosive demand of the virtual event business we launched in the wake of the pandemic, Thuzio's has doubled in size in 2020. To accelerate this growth, we're excited to invest in our tech capabilities through this strategic acquisition of Robin. We also look forward to offering Robin's best-in-class ticket ordering solution in anticipation of live entertaining returning," Jared Augustine, Thuzio Co-Founder & CEO.
MS&AD Insurance, a Japanese insurance company, agreed to invest $350m in Hippo Insurance, a home insurance provider.
"Mitsui Sumitomo is one of the best when it comes to risk management and shares our desire to leverage data and analytics to create better outcomes for homeowners. We're excited to deepen our partnership and gain additional catastrophe modelling expertise from one of the world's largest insurers," Assaf Wand, Hippo CEO and Co-Founder.
Investment firm Tiger Global Management led a $131m Series C round in Current, a US challenger bank, with participation from Sapphire Ventures, Avenir, Foundation Capital, Wellington Management Company and QED Investors.
With the additional funding, Current plans to expand on its product offerings in order to continue to meet the financial needs of its core demographic and improve even more financial lives.
Private equity firms Bain Capital Credit and Pacific Lake Partners completed the investment in OneShield Software, a provider of core software solutions to P&C insurance companies. Financial terms were not disclosed.
“OneShield has made significant progress toward our strategic objectives in recent years. We’ve built a comprehensive product portfolio and increased our partnerships with many leading P&C insurance carriers, all while focusing on investing and strengthening our delivery capabilities. This carefully executed growth strategy resulted in nearly tripling our recurring revenue over the past three years. Partnering with Bain Capital Credit and Pacific Lake will help us further accelerate this strategy while continuing to maintain the highest levels of customer service," Glenn Anschutz, OneShield CEO.
Salesforce in talks to acquire Slack Technologies for $17bn.
Salesforce.com, a company that designs and develops enterprise software, is in talks to buy Slack Technologies, a software company, for $17bn, Wall Street Journal reported.
Any deal would likely value Slack at more than its current market capitalization of $17bn and represent Salesforce’s largest acquisition ever. There is no guarantee the talks will lead to a deal and Salesforce could ultimately settle on another target.
Petrobras says Starboard offers the highest bid for Papa-Terra oilfield. (FS)
Brazilian state-controlled oil company Petrobras said asset manager Starboard Asset has bid $90m for its Papa-Terra oilfield in the Campos Basin, Reuters reported.
Petrobras added Starboard’s offer was the highest, but that it was not yet possible to say if both companies would reach a final agreement.
Credit Suisse flags $450m after York Capital decides to wind down European assets. (FS)
Credit Suisse expects to take a roughly $450m impairment on alternative investment firm York Capital Management after the private equity firm decides to wind down European hedge funds business and convert its US hedge fund into one primarily managing internal money.
Credit Suisse, which has been an investor in York Capital since 2010, expects to take an impairment on its stake in billionaire hedge-fund manager Jamie Dinan's firm in the fourth quarter, which would hit its main capital metric - by roughly 7 basis points, Reuters reported.
"The amount of the impairment taken will be assessed as part of our year-end process, but is currently expected to be approximately $450m. The impairment would not change its existing guidance for dividends and capital distributions in 2020 and 2021," Credit Suisse.
Goldman Sachs and Visa-backed Marqeta targets $10bn valuation in 2021 IPO.
Goldman Sachs Group and Visa-backed Marqeta, a payments startup seeks a valuation of $10bn for a planned 2021 IPO. The valuation could change pending investor feedback.
Marqeta's IPO would come amid a wave of stock listings by companies seeking to capitalize on the market's recovery in the aftermath of the pandemic.
Marqeta is working with Goldman Sachs and JP Morgan on the listing.
Future, a magazine publisher, agreed to acquire GoCo Group, an online comparison and information services provider, for $793m.
"We are delighted to announce a recommended offer for GoCo Group, which we believe will deliver significant long-term shareholder value. Through the acquisition, we expect to create a leading offering for consumers, providing complementary insights that enable consumers to make informed choices in their passions, interests and key purchasing decisions. The transaction will bring together our depth of audience insight and reach with GoCo’s expertise in price comparison, underpinned by the proprietary technology of both groups," Zillah Byng-Thorne, Future CEO.
GoCompare is advised by Peel Hunt, Morgan Stanley, Slaughter & May and Citigate Dewe Rogerson. Future is advised by Headland Consultancy, Goldman Sachs, Numis Securities and Simmons & Simmons.
Samhällsbyggnadsbolaget i Norden, which owns residential and public buildings throughout Sweden, offered to acquire Entra, a Norwegian real estate company, for $3.3bn. Entra said that the potential offer would not be recommended by its board.
"We would like Entra to become part of SBB and join us in our ambition to create the leading social infrastructure company in Europe, a company with a unique, attractive and stable property portfolio with long leases, high occupancy rates and a diversified and high-quality tenant base across the Nordics. We see opportunities to unlock significant synergy potential particularly from refinancing benefits accelerating financial cost and operational savings, which will benefit all shareholders and other stakeholders," Ilija Batljan, SBB CEO.
SBB is advised by Arctic Securities, Citigroup, Goldman Sachs, Thommessen, Vinge and Wiersholm.
Minerals Technologies, a global resource- and technology-based company that develops, produces and markets a broad range of speciality mineral, mineral-based and synthetic mineral products, increased its offer for Elementis, one of the UK's largest speciality chemicals and personal care businesses, from $819m to $893m.
"Minerals Technologies is currently considering its position. There can be no certainty that any firm offer will be made. However, any firm offer would be likely to be solely in cash," Minerals.
Elementis is advised by Numis Securities and Rothschild & Co. Minerals Technologies is advised by Peel Hunt, Lazard and Finsbury Glover Hering.
Accrol, an independent tissue converter, completed the acquisition of LTC Group, an independent tissue conversion business, supplying private label and branded toilet roll and kitchen towel to UK customers, including major supermarket multiples and value retailers, for £42m ($56m).
"This is a step-change for Accrol. LTC adds significant capacity to our existing business, which is already growing ahead of the market, as well as immediately enhancing the earnings of the group. In addition to bringing a wider customer base, it increases the size and scale of the business, enabling greater cost efficiencies and improved market positioning," Gareth Jenkins, Accrol CEO.
Accrol was advised by Liberum Capital, Zeus Capital, Deloitte and Belvedere Communications.
AIT Worldwide Logistics, a supply chain solutions provider, agreed to acquire Panther Logistics, a UK firm with expertise in e-Commerce residential transportation logistics, from private equity firm LDC. Financial terms were not disclosed.
"I'm proud to share that, even in these challenging times, AIT continues to execute on our strategic growth plans, adding valuable teammates, knowledge and physical locations to our global network with carefully planned acquisitions. Beyond that, I'm thrilled to join forces and welcome each of the skilled professionals at Panther into the AIT team," Vaughn Moore, AIT President and CEO.
LDC is advised by Arrowpoint Advisory and Eversheds Sutherland.
Apeiron Investment, Peter Thiel and Catalio Capital Management led a $125m Series C round in ATAI Life Sciences, a global biotech company developing psychedelic and non-psychedelic compounds for various mental health indications. Additional investors include Future Ventures, Galaxy Investment Partners, Falcon Edge Capital and Pura Vida.
"We are grateful to have the strong support of both new and existing investors, comprised of forward-thinking individuals that share in our belief that innovation in mental healthcare is urgently needed and possible. We believe that our psychedelic and non-psychedelic compounds have compelling therapeutic promise based upon a growing body of scientific evidence. This round of funding is another step towards our vision to effectively treat and ultimately prevent mental health disorders, bridging the gap between what the mental health system currently provides and what patients need," Florian Brand, ATAI Life Sciences CEO & Co-Founder.
ATAI Life Sciences was advised by KCSA Strategic Communications.
Aptean, a global provider of mission-critical enterprise software solutions, agreed to acquire Lascom, a product lifecycle management solutions provider. Financial terms were not disclosed.
"Our upcoming acquisition of Lascom will deliver on our strategy of serving specific industries with technologies that transcend typical, generic offerings. Lascom's cloud-native PLM solution will complement our current process manufacturing offerings and help us deliver a leading capability in innovation management for our customers," TVN Reddy, Aptean CEO.
TransDigm, a publicly-traded aerospace manufacturing company, agreed to acquire Cobham Aero Connectivity, a provider of highly engineered antennas and radios for the aerospace end market, for $965m.
"We are pleased to announce the acquisition of Cobham Aero Connectivity. This business fits well with our long-standing strategy. The CAC products are almost all proprietary and over 70% of CAC's revenue comes from the aftermarket. The company is primarily a defence business. The businesses we are considering for divestiture are also good businesses, but do not fit as well with our long-standing proprietary and aftermarket strategy," W. Nicholas Howley, TransDigm Executive Chairman.
Autodesk, a supplier of PC software and multimedia tools, completed the acquisition of Spacemaker, a Norwegian firm whose software is used by architects to create and evaluate buildings or urban developments, for $240m. The transaction is subject to customary closing conditions and is expected to close during Autodesk’s fourth quarter of fiscal 2021.
"Four years ago, we set out on a mission to help design, engineering and project teams reinvent the development of more sustainable cities and neighborhoods worldwide while maximizing the investment. Autodesk shares our goal to create a healthier planet for everyone and is uniquely positioned to more rapidly place our product in the hands of planning teams everywhere. This is a proud milestone for our team and those who supported us from the start," Havard Haukeland, Spacemaker CEO and Co-Founder.
Advent International and BC Partners eye German soccer media deal. (FS)
Germany's elite soccer body is attracting fresh private equity interest in its overseas media rights, as cash-hungry European leagues explore ways to unlock value from the world's most popular sport.
Advent International and BC Partners are among suitors that have approached Germany's DFL sporting organization about potentially acquiring a minority stake in Bundesliga International, which manages the rights for the nation's top two divisions, Bloomberg reported.
Other potential bidders could include Bain Capital, CVC Capital Partners, General Atlantic and KKR if DFL decides to invite proposals. Deliberations are at an early stage, and there's no certainty the private equity firms will make firm offers.
Elite Model terminates merger talks with Gallileo SPAC.
Elite Model World, a modelling agency, terminated its merger discussions with blank cheque firm Galileo Acquisition without a deal being reached.
Galileo and Elite Model held talks last month with potential investors about raising new equity for a merger that would have taken the agency public, Bloomberg reported.
Angola plans to sell stakes in state companies to raise funds.
Angola plans to start a partial disposal of national oil company Sonangol and diamond firm Endiama by the end of 2021 or early 2022, possibly through initial public offerings, Finance Minister Vera Daves de Sousa confirmed.
The sale is part of a push by Africa's second-biggest oil producer to raise cash and jump-start a moribund economy. Angola has so far sold 30 companies through a program that runs through 2022. It's currently selling stakes in an insurance firm and a commercial bank out of 195 assets earmarked in the plan, Bloomberg reported.
"We are targeting the end of 2021, beginning of 2022 to start the process of the privatization of the big ones, such as Sonangol and Endiama. But all this will depend on how fast we can reorganize those companies. To make sure that with the due diligence process we can capture the interest of high-quality investors," Vera Daves de Sousa, Angola Finance Minister.
Xavier Niel to raise capital for consumer deals via SPAC.
French telecommunications billionaire Xavier Niel is planning to raise capital through a blank-check firm. Niel is teaming up with others including Centerview Partners banker Matthieu Pigasse to set up a new vehicle targeting acquisitions in the European consumer sector. The SPAC aims to seek targets with an environmental, social and governance focus.
They may announce plans as soon as the next few weeks for a listing in France, though the timing could slip into 2021. No final decisions have been made, and details of the potential listing could change, Bloomberg reported.
Deutsche Bank and Societe Generale are leading the preparations for the SPAC.
SABIC weighs IPO of specialty chemicals business.
Saudi Basic Industries, a Saudi multinational chemical manufacturing company, is considering an IPO of its multibillion-dollar specialty chemicals unit.
SABIC is speaking with advisers as it weighs a potential listing of the business as early as 2021. Deliberations are at an early stage, and there's no certainty they will lead to a transaction, Bloomberg reported.
While SABIC hasn't decided on a venue for the potential share sale, a local listing would help Saudi Arabia deepen its stock market at a time when the country has been opening up more to foreign investors. Any deal could also help Sabic raise funds after the company said it is suspending new capital expenditure to protect its balance sheet.
Nordic Capital-backed Nordnet lists on Nasdaq. (FS)
Nordic Capital-backed Nordnet, a Pan-Nordic digital savings and investment platform, listed on Nasdaq Stockholm, generating a market capitalization based on the IPO price of $11 per share of around $2.7bn. The offering attracted interest from Swedish and international institutional investors, as well as the public in Sweden, Norway, Denmark and Finland.
“Nordic Capital invests in companies with the potential to become best-in-class, and Nordnet has gone from strength to strength during the past four years. The people, technology and customer experience are now in place to take the company to the next level, and Nordnet is well positioned for future profitable growth," Christian Frick, Nordic Capital Partner.
SoftBank Vision Fund, Sequoia Capital, Permira and Fidelity led a $1.7bn funding round in Manbang Group, a Guiyang, China-based transportation and logistics platform, with participation from Hillhouse Capital, GGV Capital, Lightspeed China Partners, Tencent and YF Capital.
The latest funding will allow Manbang to further invest in research and development, upgrade its matching system and expand its service capacity to functions like door-to-door transportation.
Food Wise, a food production group, agreed to acquire Yinlu peanut milk and canned rice porridge businesses from Nestle, a food and drink processing conglomerate corporation. Financial terms were not disclosed. The transaction is expected to close by the end of this year.
The transaction allows Nestle to focus on key categories in China: infant nutrition, confectionery, coffee, culinary, dairy and petcare, capitalizing on the company’s strong brands, digital capabilities and innovation engine to drive growth.
CITIC Capital plans $1.8bn privatization deal for AsiaInfo Tech. (FS)
Chinese private equity firm CITIC Capital plans to privatize AsiaInfo Technologies in a deal that could value the telecom software provider at about $1.8bn, Reuters reported. AsiaInfo's largest shareholder with a 23.4% stake, CITIC aims to pursue the deal in partnership with China Mobile Communications Group - AsiaInfo's second-biggest shareholder with a 19.9% stake and parent of network provider China Mobile.
A prospective offer from the flagship alternative investment arm of financial conglomerate CITIC Group Corp would represent a premium of about 30% to AsiaInfo's average share price over the past month of $1.48.
CVC seeks to acquire Irrawaddy Green Towers for $700m. (FS)
Private equity firm CVC Capital Partners is nearing an agreement to acquire Irrawaddy Green Towers, a telecommunications tower company for c. $700m. Deliberations are ongoing and the parties could decide not to proceed with a transaction. The acquisition could come as soon as next week. CVC is talking to bankers to secure financing for the deal.
Along with CVC, Chinese wireless infrastructure company Guodong Group and Malaysia’s largest wireless operator Axiata Group's unit edotco Group were among the shortlisted bidders.
Founders of Ruhnn are in early talks of a privatization deal.
Min Feng, Lei Sun and Chao Shen, the founders of Ruhnn Holding, an internet KOL facilitator in the electronic commerce industry, are in early talks about a privatization deal for the company. The founders proposed a $0.68 per share acquisition for the shares that they do not own.
There can be no assurance that any definitive offer will be made, that any agreement will be entered into or that the proposed transaction or any other transaction will be approved or consummated.
Byju's eyes $12bn valuation in a new funding round. (FS)
Byju's, an Indian edtech company, is reportedly raising $200m from investors including BlackRock and T. Rowe Price at a $12bn valuation.
Backed by investors including Silver Lake and Tiger Global, Byju's was valued at $11.1bn in September. The Bengaluru-based company operates an online learning platform.
Arbitrium Capital seeks to close $300m distressed debut fund by April 2021. (FS)
Arbitrium Capital Partners, an Australian investment firm specializing in special situations, opportunistic and distressed debt, is raising a $300m vehicle that is targetting to close by April 2021, DealStreetAsia reported.
The firm has already received commitments for about 20% of the total targeted corpus. The fund is looking to invest in illiquid loans and enhancing returns through conversion to equity via warrants. It will look at a structure that will enable offshore investors to access the strategy.
JD Health to raise up to $4bn in HongKong IPO.
JD Health International, a major Chinese online healthcare platform, is seeking to raise up to $3.5bn in what is set to be Hong Kong's biggest initial public offering of the year, Reuters reported.
JD Health plans to sell 382m shares in a range of $8.1 and $9.1. A greenshoe option to sell a further 15% of stock would take the size of the IPO up to $4bn. JD Health represents the first big tech listing in Hong Kong since Chinese regulators suspended payments business Ant Group's proposed $37bn IPO this month.
Connect the World of Dealmakers
Expand your network of fellow Dealmakers by inviting your colleagues and coworkers.