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AMERICAS
EU antitrust regulators will decide by August 1 whether to clear Hewlett Packard's $14bn acquisition of networking gear maker Juniper Networks, Reuters reported.
The deal announced in January would boost HPE's artificial intelligence products and double its networking business, underscoring the push by numerous companies to make AI their next big growth driver.
Blackstone, an American alternative investment management company, completed the acquisition of Apartment Income REIT, a publicly traded, self-administered real estate investment trust, for $10bn.
"I am proud of the AIR team and its remarkable culture. The transaction will strengthen the AIR mission to provide homes for others, be a great place to work, act as responsible stewards of AIR communities, and be a trusted partner to AIR investors. The business the AIR team has built will be improved and expanded by collaboration with Blackstone and a shared focus on serving residents and investing wisely. The AIR team is grateful to Blackstone for the opportunity and for its faith in what can be accomplished working together," Terry Considine, AIR Communities President & CEO.
AIR Communities was advised by Citigroup and Skadden Arps Slate Meagher & Flom (led by Joseph A Coco and Kyle J. Hatton). Blackstone was advised by BMO Capital Markets, Bank of America, Barclays, Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley, Societe Generale, Wells Fargo Securities and Simpson Thacher & Bartlett (led by Brian Stadler and Matthew Rogers).
General Atlantic, an American growth equity firm, and Stone Point Capital, an investment firm, completed the acquisition of HireRight, a global background screening services and workforce solutions provider, for $1.65bn.
"We are pleased to have reached this agreement with General Atlantic and Stone Point, which delivers a significant and immediate cash premium to HireRight's unaffiliated stockholders," Guy Abramo, HireRight President and CEO.
Madison Dearborn, a private equity firm, completed the investment in Omni Federal, a provider of innovative and intuitive mission and enterprise software solutions to the US Department of Defense and Intelligence Community. Financial terms were not disclosed.
"Omni is on a mission to reimagine and modernize our country's vast federal legacy mission systems, which directly tie to the most significant challenges facing our nation. As we continue to invest in innovation and scaling, while pursuing acquisition opportunities to expand our solution offerings to drive further innovation in the DoD and IC, we're pleased to welcome our new partners at MDP. The MDP Technology & Government team brings invaluable resources and experience that will support our ongoing work to help our customers resolve their complex challenges, expand and deepen our customer collaborations, and continue on our strong growth trajectory," Parag Thakker, Omni Federal Co-Founder and CEO.
Omni Federal was advised by KippsDeSanto & Co, Jenner & Block and McDonald Hopkins. Madison Dearborn was advised by Robert W Baird (led by Jean Stack), Crowell & Moring, Kirkland & Ellis and H/Advisors Abernathy (led by Deirdre Walsh).
KPS Capital Partners, an American investment company, completed the acquisition of the remaining 49.7% stake in Primient, a food and industrial ingredients producer, from Tate & Lyle, a food and beverage products supplier, for $350m.
"Primient's performance has exceeded our expectations, and this second investment represents KPS' continued commitment to Primient, its customers and employees. Under our ownership, Primient will continue to modernize its operations, supporting growth initiatives and industry-leading sustainability practices. We intend to make further strategic investments to strengthen Primient's role within the corn wet milling industry and the broader bioeconomy," Michael Psaros, KPS Capital Partners Co-Founder and Co-Managing Partner.
Nokia, a telecommunications, information technology, and consumer electronics corporation, agreed to acquire Infinera, a supplier of innovative open optical networking solutions and advanced optical semiconductors, for $2.3bn.
"In 2021 we increased our organic investment in Optical Networks with a view to improving our competitiveness. That decision has paid off and has delivered improved customer recognition, strong sales growth and increased profitability. We believe now is the right time to take a compelling inorganic step to further expand Nokia's scale in optical networks. The combined businesses have a strong strategic fit given their highly complementary customer, geographic and technology profiles. With the opportunity to deliver over 10% comparable EPS accretion, we believe this will create significant value for shareholders," Pekka Lundmark, Nokia President and CEO.
iA Financial, an insurance and wealth management company, completed the acquisition of Vericity, an insurance company, from J.C. Flowers, a private investment firm, for $170m.
"This milestone marks the start of a new chapter for Vericity and we are proud to join the iA family. Combining our teams and resources unlocks exciting new opportunities to extend the capabilities of Fidelity Life and eFinancial to make life insurance more accessible and affordable for everyday Americans. We also see abundant possibilities ahead for our employees who will play a pivotal role in charting and achieving our future growth potential," James Hohmann, Vericity CEO.
Vericity was advised by Raymond James and Skadden Arps Slate Meagher & Flom (led by Todd Freed). iA Financial was advised by RBC Capital Markets and Willkie Farr & Gallagher (led by Jeffrey Hochman and David Luce). J.C. Flowers was advised by Lambert & Co (led by Jennifer Hurson).
Premier American Uranium, a company focused on the consolidation, exploration, and development of uranium projects in the United States, completed the acquisition of American Future Fuel, a Canadian-based resource company, for $61m.
"Completing the Arrangement with AMPS marks a pivotal step in executing our strategic vision to consolidate high-quality assets in the premier uranium districts of the US. We now have a strong foothold in three prominent districts known for their significant uranium endowment and potential: the Grants Mineral Belt in New Mexico, the Great Divide Basin in Wyoming and the Uravan Mineral Belt in Colorado. This year, we intend to launch two fully funded drill programs in two of these districts at our Cebolleta, NM, and Cyclone, WY, Projects and look forward to continuing to work to elevate our portfolio through further consolidation. We would like to extend our gratitude to our cornerstone investors for their continued support and welcome our new shareholders in this next phase of our growth," Colin Healey, PUR CEO.
American Future Fuel was advised by Cormark Securities, Cairn Merchant Partners and Farris. Premier American Uranium was advised by Red Cloud Securities and Cassels Brock & Blackwell (led by Jamie Litchen, Greg Hogan and Ben McLaughlin).
Eliem Therapeutics, a biotechnology company, completed the acquisition of Tenet Medicines, a development-stage private biotechnology company. Financial terms were not disclosed.
"Today marks a transformative milestone for Eliem Therapeutics as we strive to become a leading immunology and inflammation company focused on developing novel treatments for a broad range of autoimmune diseases. With the concurrent close of our $120m private placement, we now have a robust balance sheet with approximately $220m in cash and cash equivalents and are poised to advance the development of TNT119, our lead anti-CD19 antibody, through multiple milestones and for several autoimmune diseases. We look forward to initiating Phase 2 clinical trials of TNT119 later this year," Andrew Levin, Eliem Executive Chairman.
Levine Leichtman Capital, a private equity firm, completed the acquisition of NSL Analytical Services, a materials testing provider, from May River Capital, a private equity firm. Financial terms were not disclosed.
"We are thrilled to partner with NSL, a leader in the materials testing and analysis sector. NSL has established itself as a trusted partner for a loyal client base across numerous high-performance industries. We are excited to work with the NSL team to broaden the company's testing capabilities and geographic footprint through both organic initiatives and strategic acquisitions," Matthew Frankel, LLCP Managing Partner.
LLCP was advised by Honigman Miller Schwartz & Cohn. May River was advised by KPMG and Paul Hastings.
Brighton Park Capital, an investment firm, completed a $112m investment in PortSwigger, a renowned application security software provider.
"We are entering an exciting new chapter at PortSwigger, and our partnership with Brighton Park is a pivotal part of this journey. This investment will allow us to enhance our offerings with features that meet the sophisticated, cross-functional needs of large enterprises while maintaining the agility and precision that individual security professionals require. Moreover, this investment will allow us to deepen our commitment to the community through increased investment in research and free-to-use tooling, leading to more robust community support and contributions to drive the entire application security ecosystem forward," Dafydd Stuttard, PortSwigger Founder and CEO.
Brighton Park Capital was advised by Paul Weiss Rifkind Wharton & Garrison (led by Sarah Stasny) and FGS Global.
Avenue Sports Fund, a private equity growth-expansion fund, completed the investment in CityPickle, the urban home for pickleball. Financial terms were not disclosed.
"There is a significant opportunity to provide permanent and pop-up pickleball locations to service the growing and passionate demand for this sport. CityPickle, led by co-founders Erica Desai and Mary Cannon, has established a special brand that is relevant to urban locations nationwide. We are excited to join with the CityPickle team to support its expansion strategy," Marc Lasry, Avenue Capital Chairman, CEO and Co-Founder.
Sutter Hill Ventures, a private equity firm, and T. Rowe Price, an investment management firm, led a $375m Series G round in Sila, a battery materials company, with participation from Bessemer Venture Partners, Coatue and Perry Creek Capital.
"Our investors share the perspective that the world will transition to fully electric. Every automaker knows the future must be electric and realizes that the path to broader adoption isn't through cost reduction alone. To transform the world and meet consumer expectations, the industry needs to take the next big step on battery performance and charging speeds. With Sila, automakers can deliver next-generation EVs that will win over those who expect more from their electric experience," Gene Berdichevsky, Sila Co-founder and CEO.
Sila was advised by Ardea Partners.
Camellia-backed BF&M, a company that provides property, casualty, auto, marine, group health, life insurance, as well as pensions, agreed to merge with Argus Group, an insurance company. Financial terms were not disclosed.
"We are thrilled to announce an agreement to form a new insurance company with tremendous talent, superior products, additional resources, unmatched dedication to customer service, and the ability to deliver stronger returns to shareholders. This proposed combination would meaningfully accelerate our progress across BF&M's three strategic pillars – growth, efficiency, and service – and better position both organisations to navigate the rapidly evolving insurance landscape as one unified enterprise," Abigail Clifford, BF&M President and Chief Executive Officer.
Argus is advised by Skadden Arps Slate Meagher & Flom (led by Danny Tricot).
Andronaco Industries, a designer and manufacturer of high-performance specialty polymer and composite-engineered corrosion-resistant flow control products, completed the acquisition of Diamond Fiberglass, a designer and manufacturer of fluid management vessels and tanks, and Diamond Services, an industrial services business that focuses on non-metallic services. Financial terms were not disclosed.
"The acquisition of Diamond Fiberglass Systems and Services is a significant milestone for Andronaco Industries, Diamond, and all the customers our organizations serve. It solidifies our position as an innovation and technology leader in corrosion-resistant flow control and fluid management. The company remains dedicated to delivering exceptional products and services that meet the evolving needs of its customers," Ralph Mallozzi, Andronaco Industries CEO.
Dealmakers optimistic on global M&A prospects despite sluggish growth.
Global mergers and acquisitions activity grew at a sluggish pace in the second quarter, yet many dealmakers are upbeat, forecasting transactions will pick up in the second half of 2024, Reuters reported.
Stubbornly high interest rates, a hostile regulatory environment and a frothy stock market that has made valuations pricey weighed on dealmaking in the last three months. The number of deals signed globally in the second quarter fell 21% to 7.9k. Deal volumes grew 3.7% to $769.1bn. The number worth $10bn or more fell to six during the quarter, from eight in the year-ago period.
Dar Global eyes $300m investment in US expansion.
Saudi property developer Dar Global plans to invest $300m in New York, Miami and Los Angeles in the coming months as it seeks partners to develop luxury homes the United States, Reuters reported.
London-listed Dar Global hopes to announce its latest development in the United States before the year-end. Dar Global CEO Ziad El Chaar said Dar Global has been meeting with top real estate developers, but declined to identify the firms with whom it might partner.
JP Morgan nears deal to buy building across street from NYC Tower. (RE)
JP Morgan is nearing a deal to buy a Manhattan property near its new Park Avenue headquarters, Bloomberg reported.
The bank is in talks to purchase from AEW the office tower at 250 Park Ave., nearby the bank's new headquarters that's going up at 270 Park Ave. Plans for the building are still in the early stages.
South Korea's Naver-backed Webtoon shares jump about 14% in Nasdaq debut.
Shares of online comics platform Webtoon Entertainment rose as much as 14.3% above their initial public offering price in their Nasdaq debut on June 27.
The stock opened at $21.30, giving the company a valuation of $2.71bn, and traded as high as $24. It was last trading at $22.86 just after midday. The company, backed by South Korean tech giant Naver, raised $315m, selling 15m shares in the IPO at the top end of its marketed range of $18 to $21.
Webtoon was advised by Evercore.
Permian’s LandBridge prices IPO below target for $246m. (FS)
LandBridge, the owner of land used in oil and gas production in the Permian Basin, raised $246m in an initial public offering, pricing its shares below a marketed range, Reuters reported.
The Five Point Energy-backed company sold 14.5m shares for $17 each after marketing them for $19 to $22. At the IPO price, LandBridge has a market value of about $1.2bn based on the outstanding shares listed in its filings with the US Securities and Exchange Commission.
Alumis raises $250m in downsized IPO. (FS)
Alumis, a clinical stage biopharmaceutical company, raised $250m in a downsized initial public offering with a concurrent private placement, pricing its shares at the bottom of a marketed range, Bloomberg reported.
The company sold about 13.1m shares for $16 each after marketing 17.6m for $16 to $18. Alumis also sold 2.5m shares of its common stock at the IPO price in a concurrent private placement to one one of its investors, AyurMaya Capital Management.
Bicara Therapeutics picks Morgan Stanley for IPO of up to $150m. (FS)
Bicara Therapeutics is working with Morgan Stanley on a US initial public offering, Bloomberg reported.
The Boston-based clinical-stage biotechnology company, whose backers include Braidwell and TPG, is looking to raise about $100m to $150m in the IPO. The offering may begin marketing the shares as soon as August.
KKR-backed finance cloud firm OneStream files publicly for IPO. (FS)
KKR-backed software company OneStream has filed publicly for an initial public offering, disclosing growing revenue and shrinking losses.
The company had a net loss of $29m on revenue of $375m last year, compared with a loss of more than $65m on revenue of $279m in 2022.
Vista-backed auto data firm Solera files publicly for US IPO. (FS)
Vista Equity Partners-backed automotive data and software services provider Solera has filed publicly for a US initial public offering, as the market for first-time share sales shows little sign of slowing into the summer.
The filing with the US Securities and Exchange Commission didn’t include the price range and number of shares, which are expected to be disclosed in a future filing. Solera may seek to raise as much as $1.5bn at a valuation of about $10bn to $13bn, Bloomberg reported.
Ackman's Pershing Square USA to offer shares at $50 in NY listing. (FS)
Pershing Square USA, a fund managed by billionaire Bill Ackman, plans to offer shares at $50 each in its initial public offering in New York, Reuters reported.
Ackman is launching a new investment portfolio available to anyone who can invest in the United States, including retail investors. The fund did not reveal the exact number of shares it will offer. Potential investors need to purchase at least 100 common shares of Pershing Square USA in order to participate in the offering.
RBC appoints new executives to lead US global asset management arm. (People)
Royal Bank of Canada has appointed Jessica Rausch as chief operating officer of its US global asset management business and Brandon Lew as president in the division's new-look leadership since Donald Sanya's appointment as CEO, Reuters reported.
The three executives will start their new roles on August 1. Rausch and Lew are replacing Carol Kuha and Mike Lee, who will be retiring at the end of July.
EMEA
Onex, an investment manager, completed the acquisition of Accredited, an insurance services provider, from R&Q Insurance, a non-life specialty insurance company, for $420m.
"We are pleased to have the opportunity to establish Accredited as an independent, market-leading program management platform. Accredited has all the ingredients for success as a hybrid carrier, including a talented management team, a well-diversified and high-quality book of business, strong reinsurer relationships and robust underwriting and risk management protocols. It will be well positioned for responsible growth with a strong balance sheet and backing from Onex Partners. Investing in the insurance industry has been a core strength for Onex for many years. We look forward to supporting Accredited's management team in this next phase of growth," Adam Cobourn, Onex Managing Director.
BBVA's chairman said that the Spanish bank had "no need" to improve its hostile bid for rival Sabadell, as he vowed to push ahead despite political opposition and regulatory uncertainty, Reuters reported.
Torres defended the bank's approach to Sabadell, saying it was a "knock-out offer" that valued the smaller bank at a 30% premium and was conservative in the assumptions it made about cost savings from a tie-up.
Ambienta, an asset manager, completed the acquisition of a majority stake in Babcock Wanson, a provider of industrial boilers industrial, process heating equipment, servicing and training, from Kartesia, an asset manager specialised in private corporate lending. Financial terms were not disclosed.
"We are very excited to start working with Ambienta and continue our partnership with Kartesia in this new phase of growth for the Group. After having successfully entered the electric boiler market, we are committed to strengthening our impact on the energy transition and being a leading one-stop shop provider of sustainable industrial heating solutions. Ambienta's approach is strongly aligned with this ambition, and we see them as the perfect partners for us," Cyril Fournier Montgieux, Babcock Wanson CEO.
Ambienta was advised by Marsh, Ramboll, Credit Agricole, Ernst & Young, Weil Gotshal and Manges and Tancredi. Kartesia was advised by DC Advisory (led by David Benin).
Cinven, a private equity firm, agreed to acquire a 70% stake in idealista, an online real estate classifieds platform, from Oakley Capital, a pan-European private equity investor, EQT, a private equity company, and Apax, an investment firm, for €2bn ($2.17bn).
"Oakley's successful partnership with idealista continues our strong track record of investing behind exceptional founders. We have enjoyed working with Jesús as he has built one of Spain's most successful digital businesses. Iberia boasts an increasingly attractive ecosystem of promising tech businesses and remains an important investment destination for Oakley," Peter Dubens, Oakley Capital Co-Founder and Managing Partner.
Oakley Capital is advised by Deutsche Numis (led by Nathan Brown) and Greenbrook (led by Robert White). Cinven is advised by JP Morgan. idealista is advised by Morgan Stanley. Apax is advised by Simpson Thacher & Bartlett (led by James Howe).
Norin, a Chinese mining firm, agreed to acquire Chemaf Resources, a copper and cobalt miner, from Trafigura, a multinational commodities company. Financial terms were not disclosed.
“Chemaf has been a proud family-owned company for more than two decades. Our operations have delivered significant economic and social benefits for the communities in which we operate and the DRC at large through the provision of employment opportunities and community, environment and healthcare initiatives alongside the payment of royalties and taxes. I am so very proud and appreciative of the efforts of our team in building Chemaf into a leading DRC copper and cobalt producer. I am pleased to have found a new owner that can invest in completing the development of Etoile Phase 2 and Mutoshi which will be to the benefit of the DRC for decades to come,” Shiraz Virji, Chemaf Founder and Chairman.
Chemaf is advised by Cutfield Freeman & Co, Simmons & Simmons and Tavistock Communications (led by Jos Simson).
French State agreed to acquire Alcatel Submarine Networks, a submarine networks business, from Nokia, a telecommunications, information technology, and consumer electronics corporation. Financial terms were not disclosed.
"This is a good step forward in our strategy of actively managing our portfolio. ASN has been a standalone part of our Network Infrastructure business and through the divestment, Network Infrastructure will benefit from a streamlined portfolio with a focus on growth and strengthening its technology leadership. ASN has gone through a significant transformation in recent years and has a strong market position. I am pleased we have found a natural owner for the business. The French State will ensure continued investment in ASN and protection of critical industry know-how," Pekka Lundmark, Nokia President and CEO.
Hyatt Hotels, a global hospitality company, completed the acquisition of the me and all hotels brand from Lindner Hotels, a family-owned hotel company. Financial terms were not disclosed.
"The Lindner team has built an incredible brand with me and all hotels, and we believe the brand has great potential for expansion across Europe and other global markets. Our collaboration with Lindner was a significant step forward for our distribution in the EAME region, expanding our brand footprint and offering many new locations to our 46 million World of Hyatt members. We look forward to driving further growth for Hyatt's lifestyle portfolio with me and all hotels – together with Lindner as well as other development partners and franchisees, across Europe and beyond," Felicity Black-Roberts, Hyatt SVP Development Europe.
Lindner Hotels was advised by Deuster Zinkhan Consulting.
CVC Capital, a private equity and investment advisory firm, completed the acquisition of a majority stake in Partner in Pet Food, a pet food manufacturer. Financial terms were not disclosed.
"We are delighted that CVC will become our new majority shareholder as we continue our successful premiumisation strategy supplemented by an accelerated M&A path, which we started four years ago. In CVC, we welcome a partner that is fully supportive of our passion for people and pets in a healthy environment and this will enhance our ability to continue producing healthy products for our end consumers. My colleagues and I are looking forward to the next chapter of PPF's successful growth journey with CVC," Gerald Kuehr, Partner in Pet Food CEO.
Aramco, an integrated energy and chemicals company, agreed to acquire a 10% stake in HORSE Powertrain, a joint venture holding aimed at producing powertrains, from Renault Group and Geely, two automobile manufacturers, for €740m ($793m).
"Aramco's investment is expected to directly contribute to the development and deployment of affordable, efficient, and lower-carbon emission internal combustion engines globally. With Geely and Renault, we plan to leverage our collective expertise and resources to support ground-breaking advances in both engine and fuel technologies. With a strong emphasis on innovation, our goal is to provide solutions that can reduce transport emissions while meeting the needs of both vehicle manufacturers and motorists. In securing long-term partnership between Valvoline and HORSE Powertrain Limited, Renault Group, and Geely in connection with this investment, we are also demonstrating Aramco's ability to both create and capture value at the global level," Ahmad O. Khowaiter, Aramco Executive Vice President of Technology & Innovation.
Hg said to mull stake sale in €4bn French tech firm Septeo. (FS)
Private equity firm Hg is considering options for French software company Septeo including a minority stake sale that may value the business at as much as €4bn ($4.3bn), Bloomberg reported.
Hg has been speaking to potential advisers as it prepares to gauge interest from potential investors. Septeo may attract bids from other private equity funds and a formal process may start later this year.
Lundin weighs sale of zinc mines in Sweden and Portugal.
Lundin Mining is considering a potential sale of two European zinc mines as the Canadian metals producer turns its focus to copper in Latin America, Bloomberg reported.
Vancouver-based Lundin is gauging interest in its Zinkgruvan mine in Sweden and Neves-Corvo mine in Portugal. Any divestment would help raise funds for further investments in a suite of copper assets in Chile and Argentina.
Astorg hires Evercore to explore equity, debt funding options. (FS)
Astorg, a private equity firm that manages €22bn ($24bn) in assets, is working with Evercore to explore various financing options as the company prepares for a generational change among its leadership, Bloomberg reported.
“We seek to restructure our capital with two main objectives in mind: support the generational transition of management and capital, and fund the growth of our business,” Astorg.
Spain’s Europastry postpones IPO citing election volatility.
Spanish bakery firm Europastry postponed its initial public offering, becoming the latest European firm to halt listing plans amid the region’s faltering IPO revival.
Europastry enjoyed broad support from investors in recent months, but unfavorable market conditions in the past few weeks and heightened volatility during elections in Europe prompted management and shareholders to pause the IPO, Bloomberg reported.
Jefferies poaches BofA Berendes, Citi Borch in European M&A push. (People)
Jefferies is hiring Birger Berendes, one of Bank of America's most-prominent rainmakers in Europe, and Citigroup's Michael Borch, to help bolster its dealmaking business in the region, Bloomberg reported.
Berendes is set to join Jefferies as continental European head of mergers and acquisitions. He has been with Bank of America since 2014 and was most recently co-head for M&A for EMEA. He also led corporate defense and activist engagement across the region.
APAC
Australia gave the go-ahead for ANZ Group's $3.26bn buyout of Suncorp's banking business, clearing the deal to proceed after almost two years of scrutiny by financial regulators and treasury, Reuters reported.
Treasurer Jim Chalmers said the deal can proceed subject to enforceable conditions and had come after careful consideration, and consultation with treasury, regulators and the unions.
SoftBank, an investment holding company, and Tempus AI, a precision medicine company, agreed to form SB TEMPUS joint venture in a $187m deal.
"At Tempus, we are dedicated to transforming the landscape of precision medicine through the practical application of artificial intelligence. Partnering with SBG allows us to expand our reach and bring our AI-enabled solutions to the Japanese market. Together, we aim to ensure that patients benefit from personalized, data-driven therapies in an effort to help them live longer and healthier lives," Eric Lefkofsky, Tempus Founder and CEO.
SoftBank is advised by Morrison & Foerster (led by Ken Siegel).
China Mobile, a telecommunications company, and Wenzhou Bay New Area Industrial Investment Platform, the state investment platform of Wenzhou City, led a $138m Series B round in StarShine Semiconductor, a radio frequency filter and module manufacturer.
After this round of financing, with the support of many heavyweight industrial capital, the company will quickly carry out cost reduction iteration of existing products and the continued development of high-end products through the organic combination of product design and production technology.
Finnest, a private equity firm, completed the $145m investment in Kitchens@, a cloud kitchen startup.
Founded in 2018, Kitchens@ provides services like ready-made kitchen setup, as well as supply chain and hiring support to cloud kitchens. It works with multiple food brands including Domino’s, Subway, Taco Bell, Nando’s, ChicKing, and national chains such as ITC, Mainland China, and Barbeque Nation.
Citadel, a hedge fund, agreed to acquire Energy Grid, a company that trades and sells power products. Financial terms were not disclosed.
The privately held Energy Grid provides power price risk management services to Japanese companies and the deal will give Citadel direct access to the Japanese power market.
Dechert considering shuttering offices in Hong Kong, Beijing.
US-founded law firm Dechert is considering closing its offices in Hong Kong and Beijing, becoming the latest foreign firm to scale back in Greater China, amid a prolonged capital market downturn and growing Sino-US tensions, Reuters reported.
Dechert has more than 20 employees in its Hong Kong office, 14 of whom are lawyers, including four partners. Its Beijing office houses only three lawyers.
Shein keeps option to list in Hong Kong as backup.
Online fast-fashion group Shein is keeping alive a fallback option to list in Hong Kong despite filing for a London listing. The company confidentially filed papers with Britain's markets regulator in June, kicking off the process for a potential London listing later this year, Reuters reported.
The news has triggered strong opposition from human rights groups in the UK over concerns about Shein's labour practices. Amnesty International UK said the potential London initial public offering would be a "badge of shame" for the LSE.
India's Avaana targets to close climate and sustainability fund at $120m. (FS)
India's climate-focused venture capital firm, Avaana Capital, aims to close its climate and sustainability fund at $120m within the next three to six months, DealStreetAsia reported.
Avaana Capital is India’s first and largest early-stage climate-tech VC, investing in future market leaders who are leveraging technology-led innovation to build and scale solutions for climate and sustainability while delivering exponential returns.
Deutsche Bank hires ex Goldman Sachs banker Young Huh in Korea. (People)
Deutsche Bank has hired Jae Young Huh as head of investment banking coverage and advisory in Korea. Young Huh will work with Ohseung Kwon, who leads mergers and acquisitions in Korea, to help expand investment banking operations in the country, Bloomberg reported.
Young Huh was previously at Goldman Sachs Group, leading coverage, M&A and capital markets deals in Korea. He also worked in debt capital markets at Goldman’s in Hong Kong, and with Citigroup’s investment banking team in Korea. Most recently he was chief executive officer of the Nature Company and JangCha.
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