AMERICAS
Magnite, an independent sell-side advertising platform, agreed to acquire SpotX, a video advertising platform, from RTL Group, a media company, for $1.17bn.
“Sellers have been looking for a scaled independent alternative to the giant companies who dominate the CTV marketplace. The combination of Magnite and SpotX will make this a reality by bringing together the best CTV technologies and teams at a critical time. Ad-supported CTV is just beginning to draw budgets from linear TV and we will be well-positioned to participate in the strongest segment of industry growth for the foreseeable future," Michael Barrett, Magnate President & CEO.
Magnate is advised by Goldman Sachs, LUMA Partners, and Gibson Dunn & Crutcher. Debt financing is provided by Goldman Sachs. RTL Group is advised by JP Morgan and Davis Polk & Wardwell.
The attorneys general of 16 US states and the District of Columbia urged the Federal Communications Commission to thoroughly investigate Verizon's proposed $6.9bn acquisition of pre-paid mobile phones provider Tracfone and impose conditions if it approves the deal.
The state attorney general said the FCC should examine whether the acquisition of TracFone by Verizon could significantly reduce millions of Americans' access to affordable communications services. It is imperative that the FCC thoroughly vet the proposed transaction and impose specific conditions that protect and ensure the public interest before considering approval.
Verizon is advised by Credit Suisse, Debevoise & Plimpton, Jones Day, and Von Wobeser y Sierra. America Movil is advised by Cleary Gottlieb Steen & Hamilton.
IXL Learning, a K-12 personalized learning platform, agreed to acquire the languages division of Rosetta Stone from Cambium Learning, a provider of digital education solutions. Financial terms were not disclosed.
“This latest transaction represents a strategic milestone for Cambium, as we continue to streamline and curate K-12’s leading portfolio of digital curriculum and assessment tools for districts, teachers, and learners everywhere. Now that we have integrated the Lexia Learning business, we will leverage Cambium’s leadership in literacy and assessment to enhance our capabilities across the Cambium portfolio and address education’s most pressing challenges," John Campbell, Cambium Chief Executive Officer.
IXL Learning is advised by Evercore and Latham & Watkins. Veritas Capital is advised by Sard Verbinnen & Co.
Alpine Investors-backed Orion Group, a commercial facility services platform, completed an investment in Texas Chiller Systems, a commercial HVAC services company. Financial terms were not disclosed.
“Robert, Mike and Chris have consistently grown TCS and delivered exceptional customer service for the last 14 years. We are excited to combine our resources with their operational expertise to accelerate TCS' growth and continue expanding the Orion platform across the Southwest United States,” Isaiah Brown, Orion co-CEO.
Orion Group was advised by Morrison & Foerster.
CHA Consulting, a full-service engineering consulting and construction management firm, completed the acquisition of Reiss Engineering, an engineering and consulting firm specializing in water and wastewater solutions.
"Our combined teams will bring some of the highest caliber talent in water and wastewater together to expand our services throughout Florida. Working as one integrated team will open up meaningful opportunities for our staff and provides our clients with the added value of the many resources and specialized services offered by CHA," C. Robert Reiss, Reiss Engineering President.
Reiss Engineering was advised by Stambaugh Ness.
Chevron, an American multinational energy firm, agreed to acquire a 37.5% stake in Noble Midstream Partners, an energy firm, for $422m.
Chevron is proposing to acquire the common units through a merger transaction in exchange for shares of common stock of Chevron, at a value of $12.47 per common unit. Chevron expects the proposed transaction to align long term interests by efficiently combining two highly integrated businesses while streamlining the governance of the NBLX assets, which primarily serve Chevron as its largest customer.
O'Brien Energy Resources, a privately owned oil and natural gas exploration company, completed the acquisition of production assets of oil exploration companies Keith F. Walker Oil & Gas and Oolite Energy. Financial terms were not disclosed.
"The production fund model provides the company with a great balance for our exploration activity, and also allows us the opportunity to apply our expertise to maximize the production of these added wells and potentially continue to explore the associated mineral leaseholds," Mark Eddinger, O'Brien Energy Resources Executive Vice President.
Suntex Marina Investors, an owner and operator of marina properties, completed the acquisition of Prime Marina Miami from Prime Marina Group, a marine transportation services provider. Financial terms were not disclosed.
"Suntex is actively growing and seeking acquisitions that align with our core objectives to be the premier marina operator in the US. Biscayne Bay and the surrounding neighborhoods like Coconut Grove represent one of the greatest boating communities in the world; we are pleased to add this property to our portfolio. We look forward to greatly enhancing the boating experience for everyone to enjoy," David Filler, Suntex Investments Head.
Fiesta Insurance, a retail franchisor of insurance and tax services, completed the acquisition of La Familia Agency, an insurance brokerage services provider. Financial terms were not disclosed.
"We welcome LFAI, their knowledgeable and experienced management team and employees, and are thrilled to add such an innovative, fast-growing organization that complements our mission of serving the Hispanic community. We are excited to continue to provide the highest service standards while helping our clients navigate required and essential, but often confusing, financial products like insurance and tax services," John Hollar, Fiesta Insurance CEO.
Wind Point Partners-backed Nelson Global Products, a manufacturer and marketer of auto parts, completed the acquisition of Commercial Tube Processing, an OEM and sheet metal manufacturer. Financial terms were not disclosed.
"The combination of CTP's superior capabilities and capacity with Nelson's global operations and product engineering, better positions us to accelerate growth and better support our global customers. CTP is a well-known and respected Tier 1 supplier and Nelson is committed to continuing CTP's success," Steve Scgalski, Nelson CEO.
Alta Resources explores a $3bn sale.
Privately-owned Appalachian gas producer Alta Resources is exploring options that include a sale of its acreage for more than $3bn.
The move comes as a prolonged slump in energy demand, caused by the Covid-19 pandemic, puts pressure on many North American oil and gas exploration and production companies to seek combinations which boost scale and cut costs to compete more effectively.
Alta has contacted potential acquirers to solicit their initial interest, ahead of a formal sale process.
CVC in talks to acquire a 15% stake in NBA’s San Antonio Spurs. (FS)
Private equity firm CVC Capital Partners is reportedly in talks to acquire a minority stake in the San Antonio Spurs in a deal that would value the National Basketball Association franchise at around $1.3bn, FT reported.
The move highlights the rush of private equity into sport, as the coronavirus pandemic has left clubs around the world seeking new cash injections. Buyout groups have invested in a diverse array of sports, including rugby union, motor racing, football and volleyball.
Negotiations with CVC began about a year ago, but stalled because of more stringent league regulations that prevented institutional investors from holding shares in teams.
Colombia enters talks with Ecopetrol for the sale of ISA.
Colombia will enter into negotiations with state oil company Ecopetrol to sell the government’s controlling stake in an electricity transmission utility, which is expected to fetch as much as $4bn.
Officials in coming days will finalize an exclusivity contract with Ecopetrol under which the two sides will conduct due diligence and formulate the terms of the sale of the 51.4% of shares of Interconexion Electrica held by the government, Finance Minister Alberto Carrasquilla wrote.
Ecopetrol, which is also majority owned by the government, last month made a non-binding offer for the utility, known as ISA, which operates electricity transmission lines and highways in countries across Latin America. Chief Executive Officer Felipe Bayon said at the time that the deal would cost $3.5bn to $4bn and take around six months to close, if accepted.
Westpac moves forward with its Life Insurance unit sale.
Westpac Banking is working with JP Morgan as it prepares to kick off a formal sale process for its life insurance business as soon as this month, Bloomberg reported.
AIA Group, Dai-ichi Life Holdings and Meiji Yasuda Life Insurance are among the firms that have been approached to gauge their potential interest in the unit. Deliberations are ongoing and Westpac could decide to keep the business.
Matterport is in merger talks with Gores SPAC.
Matterport, a maker of software for virtual walk-throughs of properties, is in advanced talks to list via a blank-check company, Bloomberg reported.
A deal with Gores Holdings VI could be announced as soon as next week. The transaction is set to value the combined entity at more than $2bn.
Warburg Pincus plans to launch two blank-check firms. (FS)
Private equity firm Warburg Pincus is planning to launch two blank-check companies, adding to the $35bn already raised by SPACs this year, Bloomberg reported.
Warburg Pincus could announce the new vehicles as soon as Friday. One of the special purpose acquisition companies will seek to raise $500m, while the other will aim for $250m.
Prudential CEO looks to expand abroad in asset management.
Prudential Financial Chief Executive Officer Charles Lowrey unveiled his three-year strategy to transform the company through deals, cost savings and share buybacks, Bloomberg reported.
The life insurer has allocated $5bn to $10bn to invest in and acquire growth businesses, which will contribute more than 30% to its earnings by 2023 from a current 18%, Lowrey said. The firm is looking to expand in China, India, Indonesia, Latin America and Africa, and is considering bolt-on purchases in asset management.
“Our strategy is designed to deliver higher growth, with greater efficiency and lower market sensitivity. We’re always looking for strategic acquisitions,” Charles Lowrey.
Benchmark’s Bill Gurley aims for the latest IPO gains.
Bill Gurley, one of Silicon Valley’s venture capitalists, has long been a critic of traditional initial public offerings, in part because the big gains in first-day stock price mean some categories of investor benefit at the expense of the company. Now, he says those price jumps could signal a breach of fiduciary duty, Bloomberg reported.
Gurley has long advocated direct listings, yet another way private companies can enter public markets, over IPOs. He said IPO pops had become more dramatic recently, indicating an underpricing of shares that could have let some investors gain unfairly.
"Those companies could theoretically be held accountable. The problem is getting ginormously worse," Bill Gurley, Benchmark General Partner.
TSG-backed Duckhorn Wines taps banks ahead of IPO. (FS)
Duckhorn Wine, a vintner owned by TSG Consumer Partners, is planning an initial public offering, Bloomberg reported.
Duckhorn has tapped underwriters ahead of a public listing that could occur as soon as this year.
Duckhorn Wine now includes 600 acres of estate vineyards across California and Washington, four winemaking facilities and three visitor centers, TSG’s website shows. TSG acquired Duckhorn from another private equity firm, GI Partners, in 2016.
Oatly weighs $10bn value in US IPO.
Oatly, the maker of vegan food and drink products, is considering seeking a value of around $10bn in a US listing, Bloomberg reported.
Malmo, Sweden-based Oatly is working with advisers on an initial public offering that could come as soon as May. Deliberations are ongoing and details on size and timing of the listing could still change.
Hellman & Friedman is said to add banks for Allfunds IPO. (FS)
Private equity firm Hellman & Friedman has picked more banks to work on a potential initial public offering of fund-distribution business Allfunds, Bloomberg reported.
Hellman & Friedman appointed Bank of America, Banco Santander, Barclays, CaixaBank, HSBC and Intesa Sanpaolo as joint bookrunners for the listing. It could seek a valuation of at least $8.4bn for the business.
Sana Biotech valued at over $6bn in market debut.
Shares of gene-regulation startup Sana Biotechnology surged 40% in their US stock market debut on Thursday, giving the Seattle-based company a market capitalization of $6.38bn, Reuters reported.
It offered 23.5m shares in its IPO, raising about $587.5m in what was the largest-ever IPO for a preclinical biotech company.
The company’s shares opened at $35, well above the IPO price of $25 per share.
KKR-backed SPAC looks to raise $1bn in IPO. (FS)
A blank-check company backed by private equity firm KKR is aiming to raise about $1bn in its IPO), Reuters reported.
The company, KKR Acquisition Holdings I, said it would sell 100m units, comprising shares and warrants, priced at $10 apiece, in what could be one of the biggest IPOs by a SPAC so far in 2021.
Alex Rodriguez-backed SPAC looks to raise about $500m in IPO.
A blank-check firm, backed by former New York Yankees slugger Alex Rodriguez and hedge fund Antara Capital, is aiming to raise about $500m in its IPO, Reuters reported.
Slam, a SPAC, said it would sell 50m units, comprising shares and warrants, priced at $10 apiece in the IPO.
A SPAC is a shell company that raises money in an IPO to merge with a privately held company, turning it into a publicly-traded firm.
Malin-backed Immunocore files for $258m Nasdaq IPO. (FS)
Immunocore, a UK biotech company in which Dublin-listed Irish life sciences investment company Malin has a 6% stake, has filed to raise $258m in an IPO.
The company, whose most advanced pipeline product is an eye cancer therapy currently in late clinical trials, announced the pricing of its IPO of 9.9m shares for $26 per share. Immunocore also raised $15m in a concurrent private placement.
SPAC Cartesian Growth files for a $250m IPO. (FS)
The New York, NY-based company plans to raise $250m by offering 25m units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.5. At the proposed deal size, Cartesian Growth would command a market value of $313m.
The company is led by CEO and Chairman Peter Yu, the founder and Managing Partner of Cartesian Capital Group, and CFO and Director Gregory Armstrong, who is a Senior Managing Director at Cartesian. The company plans to target high-growth businesses with proven or potential transnational operations or outlooks in order to capitalize on the experience, reputation, and network of its management team.
EQ Health Acquisition closes upsized $220m IPO.
EQ Health Acquisition has closed its upsized initial public offering of 22m units at a price of $10 per unit, including c.3m units issued pursuant to the exercise in full by the underwriters of their over-allotment option.
“We are thankful for the overwhelmingly strong response from the market and the confidence in our leadership team and co-sponsor partner, FS Investments, and the response to our investment theses,” Lew Little, EQ Health Acquisition, Executive Chairman and Board Chair.
Jefferies and BTIG acted as joint book running managers.
Chobani eyes 2021 IPO.
Chobani, the food company that made Greek yogurt mainstream, is laying the groundwork for a public listing of its shares.
Chobani is eyeing an initial public offering later this year that it hopes could value the Norwich, NY, company at as much as $7bn to $10bn, WSJ reported.
“As we create the food company of the future, we’ll look at all options carefully to fuel our ambitious plans, especially with oatmilk and plant-based products. An IPO is definitely one exciting direction but whether or not we’re public, we’ll keep disrupting and making things better,” Hamdi Ulukaya, Chobani Founder.
Alphabet-backed Oscar Health files for US IPO.
Alphabet-backed Oscar Health the health insurance startup co-founded by Josh Kushner, has filed for an initial public offering. The New York-based company in a filing Friday listed the size of the offering as $100m.
Founded in 2012, Oscar earlier focused on selling insurance plans under the Affordable Care Act, also known as Obamacare. The company now has 529k members and serves 291 counties in 18 states.
The company was named after Kushner’s great-grandfather, an immigrant given the name Oscar at Ellis Island.
EMEA
The UK Competition and Market Authority has launched an investigation into Veolia's acquisition of a 29.9% stake of Suez, a resource management company.
CMA says it will also look at the anticipated voluntary public takeover bid by Veolia Environnement for the remaining share capital of Suez. CMA is considering whether to make a reference under section 22 of the Act in relation to the acquisition.
Suez is advised by Goldman Sachs, JP Morgan, Rothschild & Co, Societe Generale, Bredin Prat, Darrois Villey Maillot Brochier, and Brunswick Group. Veolia is advised by Bank of America Merrill Lynch, Citigroup, Credit Agricole, HSBC, Messier Maris & Associes, Morgan Stanley, Perella Weinberg Partners, Cleary Gottlieb Steen & Hamilton, Flichy Grange Avocats, Gide Loyrette Nouel, Hogan Lovells, Patrice Gassenbach, Peltier Juvigny Marpeau & Associes, Xavier Boucobza, and Image Sept. Engie is advised by BNP Paribas, Centerview Partners, Credit Suisse, Lazard, d'Angelin & Co, Weil Gotshal and Manges, Estudio de Comunicacion, and Havas Paris.
British security group G4S will hold talks with the City’s takeover panel, which could lead to a head-to-head auction between North American peers GardaWorld and Allied Universal for the company’s buyout, Reuters reported.
Canada’s GardaWorld and US-based Allied last month extended their buyout offer periods for G4S’s shareholders to accept their individual offers, even as the British company’s board had already accepted Allied’s takeover bid.
G4S is advised by Citigroup, Goldman Sachs, JP Morgan, Lazard, Herbert Smith Freehills, Linklaters, and Brunswick Group. Allied Universal is advised by Credit Suisse, Moelis & Co, Morgan Stanley, AZB & Partners, Cleary Gottlieb Steen & Hamilton, Freshfields Bruckhaus Deringer, Kirkland & Ellis, Sullivan & Cromwell, and Teneo.
Blackstone and Global Infrastructure Partners have ended their takeover battle for the UK-listed private jet services company Signature Aviation, agreeing to join forces in a new $4.8bn bid for the company. Together with Bill Gates' wealth manager Cascade Investment, the two private equity groups have made a $5.62 per share offer for the business.
The groups had been poised for a possible battle for the company, with Blackstone and Cascade making a tentative $4.3bn offer in January, which GIP trumped with a $4.6bn bid the following week.
Signature Aviation is advised by JP Morgan, Jefferies & Company, Slaughter & May, and Tulchan Communications. GIP is advised by UBS, Linklaters, and FTI Consulting. Blackstone is advised by Kirkland & Ellis.
A consortium of individual investors completed an investment of $410m in Eurazeo, a private equity firm. The investors will commit to a newly created continuation fund that will acquire a 32% stake in Eurazeo Growth assets which were financed through the Eurazeo balance sheet. This transaction remains subject to the satisfaction of certain conditions precedent and is expected to close within Q1 2021.
“With initial returns on this portfolio of above 25%, and significant new relationships for the Eurazeo Growth team, this is a very significant step for us and validates our vision and the investment model we have built over the years. We are proud that top level international investors trust us with this renewed partnership and look forward to shared success in the years to come," Yann du Rusquec, Eurazeo Partner.
Eurazeo was advised by Maitland and Havas Paris.
Iberdrola, an energy company, agreed to acquire a majority stake in three offshore wind and pipeline business of DP Energy, a renewable energy company. Financial terms were not disclosed.
The agreement will see Iberdrola acquire a majority stake in DP Energy's offshore wind pipeline in Ireland, which totals 3 gigawatts. The projects are located in three clusters on the east, west and south coasts of the country, of which some will be eligible for the forthcoming offshore auctions in 2025-2030.
“Our two companies are already involved in a successful collaboration in South Australia and this next venture, in our home country, will increase the availability of low-cost green electricity for homes and businesses across Ireland and take us closer to helping achieve the country’s ambitious Net Zero targets," Simon De Pietro, DP Energy CEO.
German carmaker Daimler aims to keep a “protective hand” on Daimler Trucks, the world’s largest truck and bus maker, following a planned spin-off, Chief Executive Ola Kallenius stated.
“The exact percentages are yet to be determined, but at the same time we will keep a protective hand over Daimler Trucks through our shareholding. Should something happen in the market that would not be in the interests of Daimler Trucks, then we are there. The two business would still cooperate - for example, the car business would, if needed, have access to the fuel cell technology of the truck maker, which, conversely, would be able to use the car maker’s battery technology," Ola Kallenius, Daimler CEO.
Cabot Square Capital, a private equity firm, completed the acquisition of a minority stake in Blue Motor Finance, a consumer finance lender. Financial terms were not disclosed.
“In these challenging times, we are delighted that Cabot is willing to further invest in our business. Through the crisis, we have shown our ability to treat customers fairly, maintain good operational capability and carefully manage credit risk. Cabot continues to be a great partner for Blue and we are delighted in their confidence as we grow our business for the future," Tiku Patel, Blue Motor Finance CEO.
Olympic Games power provider Aggreko in talks on a $3bn sale. (FS)
Aggreko, a supplier of portable power generators, is in talks about a potential private-equity takeover valuing the company at about $3.1bn.
A consortium of TDR Capital and I Squared Capital is in discussions with London-listed Aggreko about a possible cash bid of $1.2 per share, Aggreko said in a statement Friday. The price represents a 39% premium to Aggreko’s last closing price.
Shares of Aggreko jumped 34% to $1.17 London, making it the biggest gainer on the FTSE 350 Index.
Lone Star considers bidding for Natwest’s Irish unit. (FS)
Billionaire John Grayken’s Lone Star is among private equity firms lining up for all or parts of NatWest Group’s Irish retail unit Ulster Bank, Bloomberg reported.
Lone Star, which owns Germany’s IKB Deutsche Industriebank, and Portugal’s Novo Banco, is working with advisers to study a bid for the assets. Ulster controls a loan book of about $25.3bn.
Capita considers a sale of its customer management unit.
Capita is weighing a sale of its customer management business, as it continues to weigh asset disposals to boost a flagging share price, Bloomberg reported.
The British outsourcing group is in early-stage deliberations about a sale of the unit. Customer management generated $1.3bn in revenue over the 12 months through June 2020.
The business runs call centers for clients including Telefonica’s O2 wireless arm, Volkswagen, bookmaker William Hill, and Centrica’s British Gas unit.
Daimler, BMW may sell Park Now app to EasyPark.
Daimler and BMW are in talks to sell their jointly owned parking-app business Park Now to European rival EasyPark Group. The companies could announce an agreement as soon as the next few weeks, Bloomberg reported.
A sale of Park Now would be one more step from the German luxury-carmakers to focus on their core automotive operations. Daimler earlier this week announced plans to split up into the world’s largest makers of luxury cars and commercial vehicles, renaming itself Mercedes-Benz and separately listing its truck unit by year-end.
French Connection receives takeover approaches.
Struggling British fashion retailer French Connection is in takeover talks with two possible suitors, Reuters reported.
The group said it had received one approach from Spotlight Brands in conjunction with Gordon Brothers International and another from Go Global Retail in conjunction with HMJ International Services.
French Connection said the talks were at a very early stage and there was no certainty an offer would be made, although any offer was likely to be in cash.
UniCredit may look at Monte Paschi among M&A options.
UniCredit will consider Monte dei Paschi among its options for growth but Italy’s second-biggest bank will only pursue a takeover that is in the interest of all of its shareholders.
Italy’s Treasury has been studying a potential sale of struggling state-owned Monte Paschi to UniCredit, but the bank wants strict terms to be met before considering an acquisition and is yet to sign a confidentiality agreement.
“The option of Monte Paschi will be evaluated like all the others, by doing the math,” Pier Carlo Padoan, UniCredit Chairman designate.
Rolls-Royce eyes Africa as new energy market with deals push.
Rolls-Royce is betting on expanding in Africa to grow the power-systems division after its main business building and maintaining wide-body jet engines was derailed by the coronavirus.
The continent’s abundant natural resources, fast-growing economies and increasing urbanization make it a promising market for the unit, Rolls-Royce Strategic Marketing Director Ben Story said.
Ex-Commerzbank CEO plans European SPAC.
Ex-Commerzbank Chief Executive Officer Martin Blessing is planning to raise funds for a special purpose acquisition company targeting deals in the European financial industry. Blessing has been speaking with potential partners about listing a blank-check company in Amsterdam. He is seeking to raise about $359m, Bloomberg reported.
Credit Suisse Group is advising on the proposed deal, which comes amid a flurry of planned listings in Europe following the SPAC boom in the US. Other banks could be added to the lineup at a later date.
Huuuge $445m float marks Warsaw’s biggest gaming IPO.
Developer of free-to-play mobile casino games Huuuge’s IPO in Warsaw raised $445m, becoming Poland’s largest gaming industry listing on record, Bloomberg reported.
Huuuge and its shareholders sold 33.32m shares at $13,5 apiece, the top end of an initial range. Strong investor demand last week prompted existing holders to offload more shares in the offering, boosting the deal size.
APAC
Nidec, a Japanese motor maker, agreed to acquire Mitsubishi Heavy Industries Machine Tool, a manufacturer of heavy machinery tools, for $285m.
The acquisition of machine tool business achieves a mutual complement with our existing businesses. After this acquisition is completed, Nidec has a view of further expansion of machine tool business with Mitsubishi Heavy Industries Machine Tool, and believes that, with necessary investment, the business will be able to play a major global role in our group. It is our intention to mutually leverage the Nidec Group’s and Mitsubishi Heavy Industries Machine Tool’s respective technological capabilities, brand strength, and customer bases, to contribute to the further development of the global machine tool market.
Goldbell Group, a provider of electric vehicle sharing services, agreed to acquire BlueSG, a provider of electric vehicle sharing, for $52m.
“Our investment in BlueSG is a result of a long-term focus on the future mobility space and reflects the Goldbell approach to insight-driven investing. The combination of BlueSG’s strong brand and engaged customer base, with Goldbell’s deep industry intelligence and network, vehicle support capabilities and fleet efficiency protocols bring powerful synergies to the current and future customers of BlueSG. We are committed to working closely together as a team to develop innovative technology solutions that will support Singapore’s car-lite and energy-powered mobility vision,” Arthur Chua, Goldbell Group CEO.
Allianz (China) Insurance Holding, a Chinese subsidiary of insurance giant Allianz, agreed to acquire a 49% stake in Allianz China Life Insurance, an insurance brokerage firm, from CITIC Trust, a private equity firm. Financial terms were not disclosed.
“China is on track to become the largest insurance market globally. With today’s announcement, we can ensure a strengthening of Allianz’s local proposition and an eagerness to maximize new business opportunities. We look forward to delivering leading financial solutions for the many local consumers in China leveraging our unique experience in life insurance and risk management," Solmaz Altin, AZCH CEO.
Pacific Prime, an insurance services provider, agreed to acquire the brokerage business of CXA Group, a full line insurance services provider. Financial terms were not disclosed.
Proceeds from the deal will be used to finance CXA's expansion into Europe, where the firm has seen demand from European insurers and their bank partners.
SF in talks to take Kerry Logistics private.
Chinese logistics giant SF Holdings is in talks to take Hong Kong-listed Kerry Logistics Networks private, in the sector’s latest consolidation attempt. SF is preparing to offer a decent premium to Kerry’s current trading price, Reuters reported.
In the past six months, buyers have paid an average premium of 38.1% to a Hong Kong-listed company’s average 1-month share price to take them private.
Tencent Music taps banks for $5bn Hong Kong listing.
Tencent Music Entertainment Group has selected banks to arrange its planned second listing in Hong Kong, which could raise as much as $5bn, Bloomberg reported
JP Morgan and Morgan Stanley are among arrangers chosen to lead the offering. A listing of the Chinese music-streaming service in Hong Kong could happen as soon as this year. More banks could be added to the share sale and details including size and timeline could still change.
Didi Group's buying unit weighs raising $4bn in new funds.
Chinese ride-hailing giant Didi Chuxing’s community business is considering raising $4bn to boost its growth amid increasing demand for group-buying delivery services, Bloomberg reported.
Didi, backed by SoftBank Group, is weighing chipping in about $3bn to Chengxin Youxuan. It’s also working with advisers to raise about $1bn from outside investors for the business.
SoftBank looks to raise about $550m through two more SPACs.
Two blank-check firms backed by SoftBank Group are aiming to raise a total of about $550m in their initial public offerings, Reuters reported.
SPAC SVF Investment 2 said it would sell 20m units, comprising shares and warrants, priced at $10 apiece in its IPO. SVF Investment 3 said it would sell 35m shares at the same price.
SoftBank has tried to ride the mania for SPACs, with a blank-check backed by the Japanese conglomerate’s Vision Fund’s managers - SVF Investment - raising $604m earlier this year.
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