Blackstone Group agreed to acquire the industrial real estate assets and affiliated industrial operating platform from Colony Capital, a leading global investment management firm with assets under management of $55bn, for $5.9bn.
“This acquisition of high-quality warehouses demonstrates our continued strong conviction in logistics and positive e-commerce trends. As retailers continue to shorten delivery times and expand their last-mile footprints, we believe warehouses in dense population centers will continue to experience outsized demand growth.” Nadeem Meghji, Head of Real Estate Americas at Blackstone.
Simpson Thacher & Bartlett is advising Blackstone. CBRE, Eastdil Secured, Morgan Stanley, Willkie Farr & Gallagher, Addo Investor Relations and Blicksilver Public Relations are advising Colony Capital.
Roche, a global pioneer in pharmaceuticals and diagnostics, extended its offer to buy Spark Therapeutics, a fully integrated, commercial gene therapy company, this time until Oct. 30, as US and British regulators continue to scrutinize the $4.8bn deal.
The terms and conditions remain unchanged for the deal, which analysts have said may be hung up on competition concerns over what a combination would mean for the very competitive market for hemophilia A treatments.
Centerview Partners, Cowen & Company and Goodwin Procter are advising Spark. Citigroup and Davis Polk & Wardwell are advising Roche.
Swedish Orphan Biovitrum, an international specialty biopharmaceutical company dedicated to rare diseases, agreed to acquire Dova Pharmaceuticals, a clinical-stage pharmaceutical company, for $915m. The upfront consideration of $27.50 per share represents a premium of 36% to Dova’s closing price on September 27, 2019.
“The cadence of upcoming launches and approvals across indications and regions that Doptelet provides, enables us to further accelerate growth in our hematology franchise. There is a large unmet medical need within thrombocytopenia and for us this is a great opportunity to be able to give patients access to new and improved treatments. Furthermore, we are excited to welcome the 125 professionals from Dova who will greatly strengthen Sobi’s hematology infrastructure and broaden our value chain in the US.” Guido Oelkers, Ph.D., President and Chief Executive Officer of Sobi.
Evercore, Jefferies & Company, Cooley and Westwicke are advising Dova Pharmaceuticals. Morgan Stanley, Cravath Swaine & Moore and Mannheimer Swartling are advising Sobi.
New Media Investment Group, one of the largest publishers of locally-based print and digital media in the United States, set a date for the special meeting of its shareholders to, among other things, consider and vote on a proposal to acquire and merge with Gannett, an innovative, digitally focused media and marketing solutions company, for $1.4bn. The deal was announced in August 2019.
The completion of the merger remains subject to other customary closing conditions, including receipt of approval from New Media stockholders and Gannett stockholders and regulatory clearance from the European Commission. The merger is expected to close by the end of 2019.
Goldman Sachs, Greenhill & Co, Nixon Peabody and Skadden Arps Slate Meagher & Flom are advising Gannett. Credit Suisse, Jefferies & Company, Wilson Sonsini Goodrich & Rosati and Cravath Swaine & Moore are advising New Media Investment Group. Latham & Watkins is advising Jefferies & Company. Apollo Global Management is providing debt financing.
Sempra Energy, a North American energy infrastructure company based in San Diego, agreed to sell a stake in its Peruvian business to China Yangtze, the largest publicly listed power company in China, for $3.6bn.
"We could not be more pleased about today's announcement. It directly supports our mission of building North America's premier energy infrastructure company. Proceeds from this transaction will be used to strengthen our balance sheet and meet the growing capital needs of our core utilities in California and Texas." Jeffrey W. Martin, chairman and CEO of Sempra Energy.
Lazard, Bank of America Merrill Lynch and White & Case are advising Sempra Energy. Citigroup is advising China Yangtze.
KPS Capital-backed Autokiniton Global Group, a leading North American supplier of metal-formed components and complex assemblies to the automotive industry, closed its $900m acquisition of Tower International, a leading manufacturer of engineered automotive structural metal components and assemblies. The all-cash transaction represented a 70% premium to Tower's closing stock price on July 11, 2019.
"We are extremely pleased to reach an agreement with AGG on a mutually beneficial transaction that creates substantial value for Tower stockholders, customers, and colleagues." Jim Gouin, Tower President.
Houlihan Lokey, JP Morgan and Lowenstein Sandler advised Tower International. Bank of America Merrill Lynch, Goldman Sachs and Paul Weiss Rifkind Wharton & Garrison advised the buyers. Simpson Thacher & Bartlett advised JP Morgan.
NorthStar Realty Europe, a real estate investment trust, completed its merger deal with AXA Investment Managers, a global asset manager. The deal was announced in July 2019. In connection with the completion of the merger, NRE’s common stock will be delisted from the New York Stock Exchange.
“The SRC ran a comprehensive strategic review process, considering all options and engaging with a wide group of potential buyers. We are pleased that the process has culminated in a transaction that unlocks the significant value we have created for NRE stockholders since inception, realizing an approximate 16% IRR assuming the estimated per share merger consideration of $17.03.” Mahbod Nia, Chief Executive Officer and President of the Company.
Goodwin Procter, Goldman Sachs, Clifford Chance, Fried Frank Harris Shriver & Jacobson, Sullivan & Cromwell, Venable and Vinson & Elkins advised NorthStar Realty. KPMG, CBRE, Deutsche Bank and DLA Piper advised AXA.
Ocugen, a clinical-stage biopharmaceutical company, merged with Histogenics Corporation, a regenerative medicine company. Financial terms were not disclosed. The deal was announced in April 2019.
“This transaction with Ocugen reflects the continued commitment of our management team and Board of Directors to deliver value to stockholders and make a difference in patients’ lives. Following a thorough review of strategic alternatives for Histogenics and the NeoCart program, we have determined that a merger with Ocugen will enable Histogenics investors to participate in Ocugen’s broader pipeline of ocular disease and gene therapy opportunities, including several late-stage clinical candidates, and a robust preclinical platform. In addition, we plan to continue to evaluate opportunities to realize additional value from the discontinued NeoCart program over the coming weeks.” Adam Gridley, President of Histogenics.
Canaccord Genuity and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian advised Histogenics Corporation. Chardan and Morgan Lewis & Bockius advised Ocugen.
Italmatch Chemicals, a leading global specialty chemical group, agreed to acquire Water Science Technologies, a leading blender and chemical solutions provider for the North American oil & gas and industrial water treatment industries. Financial terms were not disclosed.
“This acquisition represents another important step for Italmatch growth in the North American market, in line with the Group objectives in North America in its strategic sectors, starting from industrial water solutions, where the companies have a complementary product range. It will also provide a solid logistic base to better serve our oil & gas customers." Danny McCaul, CEO Italmatch Chemicals USA.
Warren Averett, Grace Matthews and Butler Snow are advising Water Science Technologies. KPMG, Giovannelli e Associati, Wuersch & Gering, Barabino & Partners and Bennett Thrasher are advising Italmatch Chemicals.
Sumitomo, one of the largest Japanese business groups, agreed to acquire the South American unit of Nufarm, an Australian agricultural chemical company headquartered in Melbourne, for $803m in cash.
"We have a very capable management and commercial team in South America who have built a strong distribution network and loyal customer base. This is reflected in the growth and stabilization of earnings in the business over the past five years. This transaction represents compelling value for Nufarm shareholders and will provide an opportunity to refocus on other parts of the business where we can generate higher margins and stronger cash flow." Nufarm Managing Director and CEO, Greg Hunt.
Citigroup is advising Sumitomo. PwC, UBS and Arnold Bloch Leibler are advising Nufarm.
NextEra Energy Partners, a Fortune 200 energy company, agreed to acquire Meade Pipeline, which owns a 39.2% interest in the Central Penn Line, a 185-mile intrastate natural gas pipeline that is an integral part of a pipeline system regulated by the Federal Energy Regulatory Commission, for $1.4bn.
"Meade Pipeline is a very attractive acquisition for NextEra Energy Partners, and is expected to yield a double-digit return to NextEra Energy Partners' limited partner unitholders and generate a cash available for distribution yield of roughly 14%. This is NextEra Energy Partners' second third-party acquisition, which helps extend the partnership's best-in-class long-term growth visibility and further strengthen its investor value proposition. This transaction, combined with the incremental cash available for distribution generated by our previously announced repowering projects and the purchase of the outstanding Genesis debt, is expected to support our long-term growth objectives without the need for additional asset acquisitions until 2021. NextEra Energy Partners remains as well-positioned as ever to deliver on its long-term growth objectives and continue its track record of delivering value to limited partner unitholders." Jim Robo, chairman and chief executive officer of NextEra Energy Partners.
Citigroup, MUFG, Wells Fargo Securities and Locke Lord are advising NextEra Energy Partners.
Francisco Partners, a leading technology-focused private equity firm, agreed to acquire Orchard Software, a privately owned company specializing in developing and supporting award-winning Laboratory Information Systems that enhance clinical and pathology laboratory workflow, as well as support laboratory outreach and point-of-care testing. Financial terms were not disclosed.
"Orchard has been the pioneer in the LIS industry, developing market-leading products and maintaining strong, long-standing customer relationships. They are well-positioned to continue to drive product innovation in the LIS market, and we are excited about the opportunity in POCT and partnering with the team to accelerate the company to new levels of growth and impact for laboratorians across the US." Jonathan Murphy of Francisco Partners.
Brentwood Capital Markets and Bose McKinney & Evans are advising Orchard. Wilson Sonsini Goodrich & Rosati and Zono Group are advising Francisco Partners.
Gryphon Investors agreed to sell ECG Management Consultants, which provides management consulting services in the areas of strategy, finance, operations and technology, to Siemens Medical Solutions USA, a subsidiary of Siemens Healthineers. Financial terms were not disclosed.
"The ECG investment is a great example of Gryphon's strategy of backing talented management teams and industry executives who are building market leaders, and we have enjoyed working closely with this team as they evolved their business model, pursued organic growth, and made strategic add-on acquisitions." Nick Orum, President and Head of Gryphon's Healthcare Group.
William Blair & Co and Kirkland & Ellis are advising ECG. Blicksilver Public Relations is advising Gryphon.
Transportation Insight, a leader in Enterprise Logistics solutions and services for the end-to-end supply chain, agreed to acquire Transportation Specialist's Group, a technology-enabled transportation management business. Financial terms were not disclosed.
"Transportation Insight's long-term strategy of supplementing its organic growth with selective strategic acquisitions has helped the company grow to nearly $2.3bn in gross revenue reported at the end of 2018, as seen in the firm's recent 10th place position among the Inc. 5000's largest companies based on revenue. By acquiring TSG, Transportation Insight is continuing a core merger and acquisition strategy of buying well-positioned enterprise logistics businesses with a strong customer base." Transportation Insight Founder and Chairman Paul Thompson.
Stillwater Capital Corporation and Stillman Welch are advising Transportation Specialist's Group. K&L Gates is advising Transportation Insight.
Private equity firm LLR Partners invested in Corestream, the leading platform for connecting employees with voluntary benefits. Financial terms were not disclosed.
"Corestream is leading a rapidly evolving market, where employers look to offset high deductible health plans, address gaps in insurance coverage, meet the modern workforce's demand for voluntary benefits, and offer them at scale, which legacy solutions are unable to do. The company's 50% compound annual growth rate and world class Net Promoter Score of 86 indicated to us that Neil and his team created one of the most innovative technology platforms in the space and a better way to connect employees to their benefits." Sasank Aleti, principal at LLR Partners.
Brookfield-backed Westinghouse Electric Company, the world's pioneering nuclear energy company, agreed to acquire Civil Nuclear Systems and Services business, which offers services from engineering and software and data solutions to maintenance optimization and field services, from Rolls-Royce, a British multinational engineering company. Financial terms were not disclosed.
"Creating customer value and supporting our customers' operations is a key driver for Westinghouse. Acquiring Rolls-Royce will strengthen our ability to serve the nuclear operating fleet through an expanded presence in our core business while adding new digital offerings. This acquisition is an important step in our growth strategy. We look forward to welcoming the employees of Rolls-Royce to Westinghouse." Patrick Fragman, Westinghouse president and chief executive officer.
Private equity firm Palm Beach Capital invested in J. Polep, one of the nation’s largest full-line wholesale distributors to the convenience and grocery store industry. Financial terms were not disclosed.
“We are excited about the future growth of J. Polep Distribution Services and our partnership with Palm Beach Capital. Our focus will remain our steadfast dedication to the customers we service and to the products they deliver, with the goal of making sure each of our customers and vendors achieve long-term success. Business will run as usual at J. Polep and this new partnership with Palm Beach Capital will only enhance our capabilities and unparalleled customer service.” Eric Polep, President and Chief Executive Officer.
Palm Beach Capital-backed Lyneer Staffing Solutions, a nationally recognized, strategic staffing firm, agreed to acquire Anchor Staffing, a mid-Atlantic regional staffing firm that specializes in commercial and information technology staffing. Financial terms were not disclosed.
“We are excited to have Anchor Staffing become part of the Lyneer family and increasing our national growth and service capabilities throughout the Mid-Atlantic region.” Todd McNulty, Chief Executive Officer and Co-Founder.
Logitech International, a Swiss provider of personal computer and mobile peripherals, agreed to acquire Streamlabs, a leader in software and tools for live streaming, for $89m.
“We’ve been fans of Streamlabs and their software since we started partnering with them over two years ago. Their industry-leading software is complementary to our existing gaming portfolio, and we believe we can do even greater things together.” Ujesh Desai, general manager and vice president of Logitech G.
World's wealthiest families are looking at long-term private equity investments. (FS)
According to a Bloomberg report, wealthy families are interested in making more long-term private equity investments. The desire for direct private deals isn’t new, but the urgency among the super-rich to diversify and find long-term, benchmark-beating investments outside public equity markets is mounting.
Wealthy families looking at private equity investing are more interested in firms that let them co-invest outside of the buyout fund, said Andrew Fay, CIMA, head of the Family Office Segment Fidelity Investments, because their time horizon tends to be far longer.
Rio Tinto is not considering Canadian iron ore unit sale, IPO.
Anglo-Australian miner Rio Tinto cancelled plans for the sale or floatation of its Canadian iron ore business, following failed attempts to find buyers, the Wall Street Journal reported.
Rio Tinto, which owns 59% stake in Iron Ore Co of Canada, was unable to settle on a suitable price with potential buyers.
US-China trade war fear hits global M&A as it sinks to a three-year low.
Global mergers and acquisitions plunged 16% year-on-year to $729bn in the third quarter, the lowest quarterly volume since 2016, as growing economic uncertainty has decreased the risk of companies considering deals.
"M&A volumes have dissipated because there are concerns that risks may be rising in several spots, in markets and elsewhere," Michael Carr, Goldman Sachs Global Co-head of M&A.
Dealmakers said a mismatch between buyer and seller valuation expectations often proved hard to bridge, with some deals failing to reach the finish line.
PE mega-funds outperform small funds. (FS)
Private equity mega-funds (of at least $5 bn) have tended to outperform smaller funds over the past 20 years. Mega-funds are only raised by firms that have outperformed over time.
According to Pitchbook article, the biggest firms are almost by definition some of the best firms, at least perception-wise, since they had to justify their growth to LPs over several funds. Not every top-performing firm opts to grow that large — but the ones that do go on to raise mega-funds give themselves good odds of maintaining performance as they grow.
Reuters reported that Austrian sensor specialist AMS secured 18.56% of Osram shares, still far away from the 62.5% threshold it has set for a successful takeover in a bidding war with private equity groups Bain Capital and Advent.
The acceptance period is set to expire on Tuesday, but it might take until the end of the week to find out whether AMS managed to convince enough shareholders.
Credit Suisse, Goldman Sachs, JP Morgan, Macquarie Group, Kirkland & Ellis, Camarco and FTI are advising Bain. Osram is advised by Lazard, Perella Weinberg Partners, Freshfields Bruckhaus Deringer, Gleiss Lutz, and Hengeler Mueller. AMS is advised by PwC, Bank of America Merrill Lynch, HSBC, UBS, Herbst Kinsky, Linklaters, Allen & Overy, Schellenberg Wittmer, and Brunswick Group.
French oil company Total announced the completion of its acquisition of Anadarko's 26.5% stake in Mozambique’s liquefied natural gas project for $3.9bn. The asset was sold as part of Anadarko's takeover by Occidental Petroleum. The closing operations for Anadarko assets in Algeria, Ghana and South Africa, also sold to Total, are still ongoing.
“Mozambique LNG is a one of a kind asset that perfectly fits with our strategy and expands our position in liquefied natural gas,” Total chairman and CEO Patrick Pouyanne.
Lazard and Weil Gotshal and Manges advised Total. Cravath Swaine & Moore and Brunswick Group advised Anadarko.
Reuters reported that Sunrise Communications cut back the size of a rights offer, but failed to secure the support of a leading shareholder for its $6.3bn purchase of Liberty Global’s Swiss UPC unit. Germany’s Freenet, which owns 25% of the Swiss telecoms group, pledged on Monday to keep up its fight against the transaction, despite Sunrise’s move to cut its planned rights issue.
PwC, Deutsche Bank, Morgan Stanley, UBS, Latham & Watkins, Meyerlustenberger Lachenal, Slaughter & May, Deloitte, NautaDutilh, and Lenz & Staehelin are advising Sunrise. Credit Suisse, JP Morgan, Lion Tree Advisors, and Shearman & Sterling are advising Liberty Global.
EIP-backed North Sea oil producer Chrysaor completed its $2.7bn acquisition of UK North Sea assets of ConocoPhillips, an American multinational energy corporation. The deal was announced in April 2019.
The Conoco assets will add around 72k barrels of oil equivalent per day to Chrysaor’s production, bringing their total output in the first half of 2019 to 195k boed, Chrysaor said in a statement.
BMO Capital Markets, Jefferies & Company, Clifford Chance, Brunswick Group and Sard Verbinnen & Co advised Chrysaor. BMO Capital Markets, BNP Paribas and ING Bank provided debt financing. CMS advised ConocoPhillips.
Macquarie Infrastructure and Real Assets, a unit of the Macquarie Group, agreed to acquire Farnborough Airport, the only dedicated business aviation airport in the United Kingdom. Financial terms were not disclosed.
"We are delighted to announce our investment in Farnborough Airport. In addition to holding an important place in UK aviation history, the airport is known for its high-quality offering to customers. Drawing on our extensive experience managing airport infrastructure around the world, we look forward to partnering with Farnborough Airport to ensure it remains an important contributor to the local economy and a business aviation gateway to London and the South East." Leigh Harrison, Head of MIRA EMEA.
Shearman & Sterling is advising Macquarie. JP Morgan, PwC, Cleary Gottlieb Steen & Hamilton and Trowers & Hamlins are advising Farnborough Airport.
Tencent, a leading Internet company with a strong online games operation, agreed to acquire a 29% stake in Funcom, a Norwegian video game developer specializing in online games, at a $134m valuation.
“We are very pleased to see Tencent come in as the largest shareholder of Funcom. Tencent has a reputation for being a responsible long-term investor, and for its renowned operational capabilities in online games. The insight, experience, and knowledge that Tencent will bring is of great value to us and we look forward to working closely with them as we continue to develop great games and build a successful future for Funcom.” Funcom CEO Rui Casais.
VINCI Energies, a global player in concessions and contracting, employing over 210k people in some 100 countries, agreed to acquire OFM Group, a German telecommunications infrastructure company. Financial terms were not disclosed.
"It's vital to roll out fast broadband in Germany to maintain our economy's competitiveness. To turn the Internet of Things into a reality, we want to participate actively in rolling out fast broadband and confirm our place as a foremost partner for telecom network operators and German industry in general." Reinhard Schlemmer, general manager of VINCI Energies Europe East.
Keensight Capital-backed LINKBYNET, an IT company, acquired Data Essential, a Luxembourg-based company specializing in the consulting and integration of cloud solutions. Financial terms were not disclosed.
“Data Essential is our first international acquisition and we are delighted to welcome Jonathan and his teams to the LINKBYNET family. With its skills in end-to-end integration of cutting-edge technologies, from consulting to implementation, Data Essential has succeeded in understanding the needs and challenges of major companies in the banking, finance and insurance sector. Thanks to them, we are establishing our presence in the Benelux basin, where many customers are already waiting for us, following the opening of an office in Belgium this summer.“ Stéphane Aisenberg, Co-founder and CEO at LINKBYNET.
Saudi Aramco is considering a $75bn dividend in 2020. (FS)
Saudi Aramco is considering a dividend of up to $75bn in 2020, it said in a corporate overview posted to its website as it prepares for an initial public offering. Aramco has been seeking investors for the IPO to achieve its desired $2tn valuation.
Turkey's giant airport operators are not considering selling their stake.
Owners of a concession to operate Istanbul's new $11bn airport abandoned a plan to potentially sell a stake in the venture, Bloomberg reported. The four construction firms also terminated a mandate given to Lazard to provide a valuation of the airport and manage discussions with possible buyers.
Hellman & Friedman is considering bidding for a stake in Euroclear. (FS)
Hellman & Friedman, the US buyout group, is considering bid to acquire a stake in Euroclear, a Belgium-based financial services company, amid growing interest in one of the world's largest securities depositories from other financial buyers, Financial Times reported.
A potential offer — which could value Euroclear at up to £5bn ($6.1bn) — comes amid divisions among stakeholders in the Brussels-based company over whether it sells a majority or minority part of itself to new investors.
Bulgarian Vivacom attracts bidders in a buyout battle. (FS)
A Serbian company financed by BC Partners and KKR is competing with Providence to buy Vivacom, the largest telecommunications company in Bulgaria. Two private equity bidders are in a race to buy Bulgaria's largest telecoms company despite a vicious ownership dispute in the firm.
United Group and Providence Equity Partners have launched indicative bids for the company and are conducting due diligence, Financial Times reported.
Ferretti is targetting a €1.1bn IPO valuation. (FS)
Italy's Ferretti said it had been authorized to list its shares on the Milan bourse in an initial public offering that would value the luxury yacht maker at up to €1.1bn ($1.2bn). The offer, reserved to institutional investors, will price shares at between €2.5 ($2.7) and €3.7($4.0) each and value the company at between €727m ($795m) and €1.1bn ($1.2bn) following the new share issue, Ferretti said in a statement.
SoftwareONE to launch IPO on SIX Swiss Exchange this year. (FS)
Swiss software management company SoftwareONE has announced plans to list shares on the SIX Swiss Exchange this year, taking advantage of a buoyant Swiss stock market.
"SoftwareONE is well placed to further capitalize on the ongoing digital transformation trend and underlying market growth," SoftwareOne said in a statement.
Dubai Aerospace is not considering big aircraft order, targets M&A deal.
Dubai Aerospace Enterprise favors expanding its fleet via a takeover of a rival after the group was unable to agree on a significant order from Airbus and Boeing, its chief executive said.
"It is hard to see how DAE is able to find a way to accept the price and terms and conditions the OEMs (original equipment manufacturer) are offering," Firoz Tarapore, DAE CEO.
Kuwait is considering to divest around 44% stakes in two power projects in the next two years. (FS)
Kuwait is considering to sell stakes of up to 44% in the Al-Zour and Khiran power projects to investors in the middle of 2020 and early 2021, respectively, Reuters reported.
"We are in the process of appointing the consultant (for the two projects in cooperation) with the Central Agency for Public Tenders." Mutlaq al-Sanei, Kuwait Authority for Partnership Projects Head.
Kuwait plans to sell at least 26% stakes in each project and not more than 44%. Mr. Al-Sanei also confirmed at a press conference that Kuwait plans to begin the first phase of an initial public offering of shares in another power project, the Az-Zour North Independent Water & Power Project.
Saint-Gobain, a French multinational corporation, agreed to sell its construction glass activity in South Korea to Glenwood Private Equity, a leading investment management company in Korea specialized in industrial activities and the construction sector, for €240m ($262m).
This transaction marks an important milestone in the execution of Saint-Gobain's portfolio optimization strategy: with over €3bn ($3.3bn) in sales completed or signed as of today, the objective announced for the end of 2019 has already been reached.
Westpac is considering divesting its life insurance business.
Westpac Banking, Australia's second-largest bank, is considering selling its life insurance business, Reuters reported, in what could be the last of the Big Four lenders to exit the industry.
Westpac has not made a final decision to divest the unit, but it has received some interest and discussions are at a preliminary stage. A deal would likely involve a long-term partnership with the buyer, rather than a clean asset sale, that could value the unit at close to A$2bn ($1.4bn).
AB InBev's Asia business rises 4% on the opening day of Hong Kong trading. (FS)
Anheuser-Busch InBev's Asia business shares jumped on their market debut in Hong Kong. Budweiser APAC stock closed 4.4% higher at HK$28.2 ($3.6) on its first day of trading in what was the second-biggest IPO this year. The IPO raised about $5bn.
Vickers Venture Partners is expected to reach close to $500m for its sixth fund. (FS)
Vickers Venture Partners, a Singapore based venture capital firm, is likely to raise as much as $500m for its sixth fund, Deal Street Asia reported.
Japan's Marubeni is in talks to divest Gavilon unit.
Japanese trading firm Marubeni has discussed a possible sale of its US commodities trading unit Gavilon Group with at least two potential buyers, Bloomberg reported.
US potential limitations make way for Alibaba's Hong Kong IPO. (FS)
Hong Kong has a new motivation for Alibaba Group IPO after the White House was said to consider limiting financial flows to China and delisting Chinese firms.
US-listed shares of Chinese companies tumbled after reports of discussions among Trump administration officials. A US Treasury official said there are no plans "at this time" to stop Chinese companies from listing on US exchanges.
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