AMERICAS
Genstar Capital, a leading private equity firm with expertise in drug research and healthcare, completed its acquisition of Advarra, the premier provider of institutional review board, institutional biosafety committee, and compliance and regulatory consulting services, from Linden Capital Partners. Financial terms were not disclosed.
“Advarra’s leadership has built a company with a stellar reputation in the pharmaceutical regulatory compliance industry that provides unmatched service, user-friendly technology, and rapid turn-around times. We are excited to support Advarra in continuing to build upon its leading reputation, while expanding, both organically and through strategic acquisitions, into other ancillary services to continue adding value for its customers,” David Golde, Genstar Capital Managing Director.
Houlihan Lokey, Jefferies and Kirkland & Ellis advised Advarra and Linden. Chris Tofalli and Ropes & Gray advised Genstar Capital.
Aspida Financial, a vehicle newly launched by Ares Management, acquired Pavonia Life Insurance Company of Michigan, a Michigan-domiciled insurance company with approximately $1.1bn of assets and approximately $76m of statutory capital and surplus, for $75m.
“The launch of Aspida Financial and its plan for growth is the next evolution of Ares’ existing insurance platform, Ares Insurance Solutions, which now has over 100 insurance investors with $15bn in assets invested across our products,” said Michael Arougheti, Chief Executive Officer and President of Ares. “We are excited to expand our presence in the growing insurance sector and to utilize Ares’ extensive capabilities for our first control acquisition of an insurance company that we can grow organically through new distribution channels and potentially inorganically through reinsurance and acquisitions. We have a strong conviction that Ares can use its breadth, experience, and scale to help Aspida become a market-leading insurance company.”
Lazard, DLA Piper and Kirkland & Ellis are advising Ares.
Kohlberg & Company, a leading private equity firm, invested in Orthopaedic & Neurosurgery Specialists, the leading provider of multi-specialty orthopedic and neurosurgery services in Connecticut and Westchester. Financial terms were not disclosed.
“ONS is a clear market leader in orthopedic services with an unparalleled reputation for providing best-in-class patient care and delivering industry-leading clinical outcomes,” commented Robert A. Cucuel, Operating Partner of Kohlberg. “We are thrilled to partner with ONS, and we look forward to supporting ONS’ continued expansion as well as their unwavering commitment to delivering the highest-quality patient care.”
Lazard and Katten Muchin Rosenman advised Orthopaedic & Neurosurgery Specialists. Houlihan Lokey and Ropes & Gray advised Kohlberg & Company.
Google agreed to acquire Elastifile, a Santa Clara, California-based provider of enterprise cloud file storage solutions. Financial terms were not disclosed.
“File storage is fundamental to enterprise infrastructure and a priority for customers looking to accelerate their digital transformation. For example, companies who run SAP need access to highly available and consistent file storage. Developers building applications that use Kubernetes need file storage for their stateful workloads,” said Thomas Kurian, Google Cloud CEO. “Elastifile is a pioneer in solving the challenges associated with file storage for enterprise-grade applications running at scale in the cloud.”
Encompass Health, a national leader in integrated post-acute healthcare services, closed its acquisition of Birmingham‑based Alacare Home Health & Hospice, which provides nursing, rehabilitative, palliative, and hospice care services. The deal was announced in April 2019. Financial terms were not disclosed.
"Over the past 50 years, Alacare has built a remarkable legacy of providing exceptional home-based care for patients across Alabama," said April Anthony, chief executive officer of Encompass Health’s home health and hospice business. "Encompass Health is committed to upholding and building upon that legacy and is pleased to welcome Alacare’s employees and patients to our company."
John Deere, an American corporation that manufactures agricultural, construction, and forestry machinery, acquired OnLink, an industry-leading golf course performance optimization software platform. Financial terms were not disclosed.
“We are proud and honored to have an industry leader acquire our software platform,” said Walt Norley, OnLink Founder, and Chief Executive Officer. “Current and future OnLink users will have the benefit of John Deere, and their strong dealer network, to scale the platform for further value and efficiency.”
Core & Main, a leading US distributor of water, sewer and fire protection products, completed its acquisition of Long Island Pipe Supply, one of the leading providers of fire protection products and fabrication services in the US. Financial terms were not disclosed.
“The acquisition of Long Island Pipe will significantly increase Core & Main’s fire protection and fabrication offerings,” said Brad Cowles, president of Core & Main Fire Protection. “We plan to utilize the collective distribution and fabrication expertise of both our companies to better serve our fire protection customers nationwide.”
Bolivia considers buying Petrobras stake in the gas pipeline to Brazil.
Bolivia’s state-owned oil company YPFB plans to bid for a stake in the natural gas pipeline linking the country to Brazil to secure better terms for its gas sales there.
YPFB intends to bid for an unidentified portion of the 51% stake that Brazil’s state-owned energy company Petroleo Brasileiro owns in the Transportadora Brasileira Gasoduto Bolivia-Brasil, which pipes Bolivian natural gas from the Bolivian-Brazilian border to Sao Paulo.
YPFB said that raising its current 12% stake in the pipeline would allow it to negotiate directly with natural gas distribution companies and private industry.
Hub International acquires the assets of Cosaint Insurance Partners. (FS)
Hub International, a leading global insurance brokerage firm, acquired the assets of Cosaint Insurance Partners. Financial terms were not disclosed. The principal owners of Cosaint Insurance Partners were part of Nationwide Mutual Insurance Company's exclusive distribution model and are joining Hub concurrent with Cosaint Insurance Partners' shift to an independent broker.
"Cosaint Insurance Partners is a well-respected insurance agency, formed to capitalize on Nationwide's exclusive distribution model transition. Together, we will continue to offer an independent platform for them and other agents who join Hub to grow and deliver insurance solutions tailored to the evolving needs of their clients." Neil Hughes, President of Hub's US Central Region.
Investcorp sold a Seattle sky-scraper for $305m. (RE)
Investcorp, a global manager of alternative investment products, sold the office tower at 901 Fifth Avenue in Seattle to Vanbarton Group, a privately owned real estate investment and advisory firm, for $305m, after purchasing the property in 2016. The LEED Platinum-certified tower is 100% occupied, with tenants including Pitchbook and Cray as well as various professional service and tech firms.
AeroFarms raised $100m in a financing round. (FS)
AeroFarms, the New Jersey-based vertical farming group, raised $100m in a financing round. The lead investor was INGKA Group, the parent company of furniture and meatball leader IKEA, an existing investor in the company. No new investors joined the round, which was made up of existing shareholders including two UK-based, agriculture-focused firms ADM Capital and the Wheatsheaf Group, as well as Mission Point Capital, China’s GSR Ventures and US asset management group AllianceBernstein.
EMEA
Bridgepoint has agreed to take a majority stake in Qualitest, the world's most considerable pure-play outsourced software testing and quality assurance specialist, for an undisclosed sum, replacing current investor Marlin Equity Partners as majority owner. The additional investment will enable Qualitest to grow market share by accelerating its global acquisition strategy, strengthening its product development and investing further in talent.
"We share management's ambitions for the expansion of Qualitest's platform through a combination of further organic growth and selective M&A. In a structurally growing market where technology disrupts every industry, new standards for quality and business assurance are required. Qualitest stands out for its track record of delivery and level of expertise." Xavier Robert, Partner and head of Bridgepoint's investment activities in the UK.
Qualitest is advised by Blick Rothenberg, Jamieson, and Joelson Wilson. Bridgepoint Capital is advised by Bain Capital, Deloitte, Raymond James, Allen & Overy, and Ernst & Young.
Abu Dhabi Investment Authority acquired c. 30% stake in Domestic & General, the leading appliance care specialist, from CVC. The acquisition is expected to close by the end of 2019, subject to customary merger control and regulatory clearances. Financial terms were not disclosed.
"ADIA brings a wealth of investment experience from around the globe and has a strong reputation for supporting the growth of high-quality companies such as D&G. With ADIA’s investment alongside CVC Funds' ongoing commitment, we will have a new ownership structure underpinned by two stable and well-resourced global investors. It is a strong platform enabling us to focus on our growth plans in the UK and internationally.
All of us at D&G look forward to working with them." David Tyler, D&G Chairman.
Acacia Mining said it’s worth a lot more than the takeover offer drafted by Barrick Gold, showing the African gold miner is digging in its heels in a lengthy dispute with its top shareholder.
The company released a report by a consultant that put its “preferred value” at 271 pence a share. That’s 38% more than Barrick’s informal proposal to buy the company in an all-stock transaction currently worth 197 pence a share. Barrick said in a statement that it is reviewing the report against its due diligence study of Acacia’s assets.
Funds advised by CVC Capital Partners acquired a 30% stake in GEMS Education, the world's largest provider of private K-12 education by revenue, from Blackstone Group-led consortium. Financial terms were not disclosed.
Jan Reinier Voûte, Partner and Co-Head of CVC Strategic Opportunities, said: "We are excited to embark on our partnership with GEMS Education, the world's leading education provider by revenue. GEMS is a perfect fit for our Strategic Opportunities strategy which is ideally positioned to support value creation in long term partnership investments. We look forward to supporting GEMS to deliver their vision of expanding their footprint."
Partners Group, a global private market investment manager, acquires Schleich, a toy manufacturer from Ardian. Financial terms were not disclosed. The closing of the transaction is subject to antitrust clearance.
"We would like to thank Ardian for its confidence in the management, the great, and close interaction in the cooperation. Schleich and our team are well prepared and highly motivated to take the next step on this path with Partners Group, and we are looking forward to this cooperation.” Dirk Engehausen, Schleich CEO.
McKinsey & Company, JP Morgan, PricewaterhouseCoopers, and Milbank are advising Ardian.
Main Capital, a leading strategic investor in Europe, acquires a majority stake of 51% in GBTEC Software + Consulting, a leading software development and consulting firm, for $56m.
"With Main Capital, we are building on an investor with a high level of expertise in the strategic development of software companies. Main Capital has convinced us from the very beginning because of its experience in the IT industry." Gregor Greinke, GBTEC CEO.
Sigma GRP, a portfolio company of Three Hills Capital Partners, a leading investment firm, acquires Thompsons Contracts Blackpool, a specialist shopfitter, refurbishment and building contractor operating projects across a range of end markets. Financial terms were not disclosed.
"Thompsons is a great fit for Sigma, aligning with our current services. We look forward to working with Thompsons to maximize opportunities for our two companies. We want to thank THCP for their continued support in financing the acquisition.” Craig Bennett, SIgma CEO.
Benchmark and Napthens are advising Thompsons. Graph Consulting, Deloitte, and EY are advising Sigma.
Albingia acquired Circles Group, a Luxembourg based niche specialty Managing General Agent, and BCOH, a Belgium-based insurance broker specialized in film and event insurance. Financial terms were not disclosed.
“We are very pleased and eager to start this new chapter alongside Albingia.” founding CEO-shareholder Olivier Héger and managing CEO-shareholder Edouard le Grelle.
Circles Group is advised by Alantra.
DYWIDAG-Systems International acquires Polish-based permanent formwork and hydro-insulation specialist, PARTEC System. Financial terms were not disclosed.
This acquisition is a critical step in DYWIDAG’s expansion to meet the needs of the European market. By combining the speed and reliability of PARTEC with DYWIDAG’s distribution channels, it is anticipated that there will be significant growth and product development within the group.
“We are delighted to welcome the PARTEC team into DYWIDAG. It’s an important milestone for our Concrete Accessories division as we look to increase our manufacturing footprint and gain a strong presence in the Polish market. This provides us with a greater opportunity to explore emerging markets in Eastern Europe.” Ian Jarvis, President of Concrete Accessories DYWIDAG.
Tamburi Investment Partners, a leading investment firm in Italy, acquires Milan-based Sesa, a leading IT services provider. Financial terms were not disclosed.
"Thanks to this operation, we renew our commitment to the growth of the Sesa group, with the aim of consolidating Sesa, as the leading operator in Italy in the IT sector, enabling the digital transformation of the Italian economy", Paolo Castellacci, SESA Founder and President.
ASL Group, one of the largest established managed-office services suppliers in the UK, acquires Reprotec, the largest independent office equipment supplier in the East Midlands. Financial terms were not disclosed.
As part of ASL’s plan to significantly grow over the coming years, the acquisition of Reprotec extends ASL’s national reach and further enhances its service for customers.
“We are delighted to welcome Reprotec on board; they have established a fantastic reputation over the past 30 years for providing exceptional service to the public sector and commercial clients. Reprotec pride themselves on placing their customers’ needs at the front of their trading practices which our core values entirely. We look forward to working with their well-established service based in the East Midlands and building on its success.” Mark Garius, ASL Managing Director.
Egeria-backed The Employment Group, a secondment agency for skilled workers and professionals, acquired technical services provider Cottus. Financial terms were not disclosed.
“Through the acquisition of Cottus, TEG takes yet another hurdle on its road to become the largest specialist secondment services provider in scarce skills jobs in the construction and technology sectors in the Netherlands,” says Jan-Willem Gelderblom, CEO of The Employment Group.
Asolvi, a European leader in field service management solutions, acquired England-based PC Data, the UK’s leading independent supplier of service management software. Financial terms were not disclosed.
“This is a logical step for us following our other acquisitions in the UK within the field service management space,” says Pål M. Rødseth, CEO of Asolvi. “The team at PC Data have served the UK fire & security sector with class-leading solutions for many years."
Greenhous Group has acquired Adams Morey to grow its representation with Fiat vans and Daf Trucks and Ford van servicing. Financial terms were not disclosed.
Adams Morey has grown to become one of the most successful commercial vehicle distributors in the UK. The Telford-based retail group rose from 15th to 14th in the AM100 rankings last month and looks set to continue its growth in 2019 following the new acquisition, which adds to its existing commercial vehicle offering.
Greenhous is advised by RSM and Schofield Sweeney.
ISS, one of the world's leading facility services companies, sold its activities in Estonia to Estonian and international private investors. Financial terms were not disclosed.
With the transfer of shares, all employees and customers will be transferred to the new owners on existing terms. Shortly, the new owners and ISS will work together to ensure business continuity for its customers and support ISS employees in making a smooth transition.
Chanel, a high fashion house that specializes in haute couture and ready-to-wear clothes, luxury goods, and fashion accessories, acquired a stake in Italian tannery Samanta, a specialist in printed leather, as it continues to secure its supply chain in the face of a growing shortage of high-quality leather. Financial terms were not disclosed.
ArchiMed, a leading healthcare asset management company, acquires EUROLyser, an Austria-based healthcare diagnostics firm. Financial terms were not disclosed. ArchiMed simultaneously announces a majority stake in EuroLab, the major supplier of EUROLyser.
"ArchiMed is not just any investor, they know our industry inside and out. They're helping us to develop an ambitious growth plan that imaginatively harnesses our management and product strengths" Michael Gruber, CEO of EUROLyser.
Rubicon Partners, a leading investment firm focused on acquiring complex industrial businesses across Europe and North America, acquires UK-based automobile accessories and parts manufacturer Park Sheet Metal. Financial terms were not disclosed.
I talian infrastructure group Atlantia is considering buying a 35-40% stake in troubled carrier Alitalia for an investment of around €300m ($336m), the Il Sole 24 Ore reported.
The group controlled by the Benetton family will discuss the issue at a board meeting on Thursday.
Macquarie drops plans of £2.5bn Barchester Healthcare acquisition. (FS)
Australian infrastructure bank Macquarie has pulled out of a £2.5bn ($3.1bn) deal to buy one of Britain’s most significant care home chains, blaming the uncertainty caused by Brexit.
The collapse of the sale of Barchester Healthcare will raise concerns over the auctions of rival care home businesses, including Four Seasons Health Care, Britain’s second-biggest chain, which is being sold by administrators.
Hitec Vision and Petrogas to buy UK oilfields from Total. (FS)
Private equity fund HitecVision and Omani oil group Petrogas have teamed up to buy a portfolio of Total’s British North Sea oilfields for $635m.
The fields, which are set to produce 25k barrels of oil equivalent per day (boed) this year, will be owned by a subsidiary of the two groups called Petrogas NEO UK which they want to expand to produce more than 100k boed within two to three years.
“The current acquisition is the first step ... and provides a fundament for further expansion through organic and inorganic activities,” Petrogas NEO’s owners said in a statement.
Polymetal shares fall after Czech investor cuts stake. (FS)
PPF Group, owned by the Czech Republic's most prosperous businessman Petr Kellner, has sold a 4.5% stake in Russian gold and silver producer Polymetal for about $254m, a book-runner for the deal said.
Shares in London-listed Polymetal, part-owned by Russian businessman Alexander Nesis, were down 5.6% in early trade after the sale via a so-called accelerated book-building process.
Germany's Bayer considers animal health business merger with Elanco.
Bayer has approached US drug firm Elanco Animal Health to discuss a possible combination of their pet-health businesses to create an industry giant, Reuters reported.
The two companies are working with banks to ensure any merger would secure regulatory approval. Bayer has delayed the launch of an auction to private equity funds to clinch a bilateral deal with Elanco, the fourth-largest player in the animal health industry globally.
Germany's Leoni considers sale or listing of its wire and cables business.
Germany’s Leoni is exploring a sale or flotation of its wire and cables division as part of a broader review of the company’s group structure.
Leoni said it would explore a listing or partial sale of its wiring systems division separating it from its wire and cable solutions business, which supplies the healthcare, factory automation, transportation, and automotive markets.
"We need the proceeds to invest in our wiring systems division. With this step, we give ourselves new funding opportunities,” Chief Executive Aldo Kamper told Reuters.
UK hotel investor Faber joins bidding for Anbang Portfolio. (FS)
Richard Faber, a former lieutenant to the UK’s billionaire Barclay twins, is fronting an investor group that’s competing for a luxury hotel portfolio owned by Anbang Insurance Group, Bloomberg reported.
A consortium backed by the British investor’s Spartan Advisors is among bidders that were shortlisted to make binding offers for the collection of 15 properties. Spartan has been seeking financing from sovereign wealth funds and wealthy individuals to back the offer.
Bulgaria’s Vivacom is for sale in spite of ownership dispute.
Bulgaria’s largest telecoms company Vivacom has been put up for sale in spite of a bitter legal dispute over the ownership of the company.
Lazard has been appointed to sell the business, and meetings have been held with potential strategic and private equity buyers, Financial Times reported.
Spas Roussev, the Bulgarian businessman that heads the consortium behind Vivacom, confirmed it is for sale. He said it was expected to make earnings before interest, taxation, depreciation, and amortization of €190m ($213m) this year, making it “the most profitable independent vendor in the Balkans.”
Activists investors take control of EQT Board in a proxy fight. (People)
Activist investors have won control of the board at EQT, bringing to an end a nine-month battle for the largest US natural gas producer.
Brothers Toby and Derek Rice, who sold their company to EQT about two years ago and together owned 3% of the shares, have won seven seats on the 12-member board, based on preliminary tallies. The new board will meet later Wednesday and is expected to name Toby Rice as chief executive officer. All twelve elected directors won more than 80% of the votes cast.
Ibercaja on the sale process of a €534m NPL Portfolio to Marathon. (FS)
Ibercaja, a leading Spanish bank, divested a €534m ($598m) portfolio of loans to Marathon, an US asset management firm.
Through this operation, Ibercaja reduces its NPL balance of real estate and non-real estate companies by 40%, compared to the end of March 2019. Also, the bank will decrease its NPA ratio by approximately 170 basis points, ending up at around 5% at the end of this first semester.
Ibercaja was advised by Alantra. Marathon was advised by Linklaters.
ADC Therapeutics announced a final close of its Series E funding round. (FS)
ADC Therapeutics, an oncology drug discovery and development company that specializes in the development of antibody-drug conjugates, announced the final close of a $103m Series E financing expansion, bringing the total gross proceeds of the Series E round to $303m. The final close of the expansion round includes a $25m investment from a new US-based institutional investor, as well as additional investment from existing investors that participated in the previously announced $76m Series E financing expansion.
Chris Martin, Chief Executive Officer of ADC Therapeutics, said, "We are delighted to welcome a new blue-chip institutional investor to our shareholder base. This financing provides us with a strong balance sheet to fund preparations for a potential Biologics License Application for ADCT-402 in relapsed or refractory diffuse large B-cell lymphoma in the second half of 2020."
Black Toro Capital-backed MaryPaz looking for more funding. (FS)
Black Toro Capital-backed MaryPaz, a Spanish footwear manufacturer, hired financial advisors to find new investors to fund the company. Black Toro Capital, which holds a 60% stake, said that it is willing to sell some of its holding if another investment fund was willing to acquire a stake in MaryPaz.
Ardian-backed Weber files for bankruptcy. (FS)
Reuters reported that German engine block and cylinder head maker Weber Automotive has filed for insolvency, following a spat between its family owners and French private equity group Ardian about the right restructuring strategy.
After a slide in Weber Automotive’s 2018 earnings, the company breached its debt covenants. An auditor proposed slashing rents for Weber’s sites, which is owned by the family who opposed the move.
Unicaja and Liberbank consider reengaging in merger talks.
Liberbank, a Spanish bank constituted by a combination of Group Cajastur, Caja de Extremadura and Caja Cantabria, and Unicaja, a Spanish savings bank, are considering reopening their merger negotiations. The banks called off their talks in May.
Private equity firms to conduct due diligence on Idea Bank. (FS)
Idea Bank, a business bank in Poland, announced that several private equity firms would conduct due diligence on the firm. The bank has been looking for an investor to recapitalize it in connection to a possible merger of Idea Bank with Polish peer Getin Noble Bank. The merger agreement, which was announced in January 2019, has been recently blocked by the Polish Finance Commission.
HPS Investment Partners divested Merkur shopping centers. (FS)
US investment fund HPS Investment Partners has sold the shopping centers of Merkur, the hardware retailer it purchased in 2017, to another US fund, LCN Capital Partners.
The 15 of the 23 Merkur shopping centers were reportedly sold for €100m ($112m).
OPay raises $50m in a funding round. (FS)
OPay, a provider of a rapidly growing mobile payment service and consumer platform, raised $50m in total funding. The lead investors included IDG Capital, Sequoia China, Source Code Capital, Meituan-Dianping, GSR Ventures and Opera.
OPay plans to use the new capital to strengthen the company’s position in Nigeria, expand to additional African markets and leverage its brand and app into adjacent verticals, including motorbike ridesharing and food delivery services.
APAC
PSC Insurance Group, an insurance agent and broker, acquired Griffiths Goodall Insurance Brokers, a Shepparton-based insurance broker, for A$48m ($34m).
"We are delighted to welcome the Griffiths Goodall team to the PSC Group. The current owners have built a very good client-centric business with a great broking team, and this will significantly increase our regional presence in Victoria. We look forward to growing the business with the existing team and working closely with them to provide the continued high levels of service to the clients of Griffiths Goodall" commented Rohan Stewart, Group CEO of PSI.
DENSO and Toyota to establish an autos semiconductors JV in 2020.
DENSO and Toyota Motor agreed to establish a joint venture for research and advanced development of next-generation, in-vehicle semiconductors. The two companies will study the details and aim to create a new company in April 2020.
Recently, electronic controls have been increasingly implemented into vehicles. Furthermore, the number of in-vehicle semiconductors has also grown, and the performance of these semiconductors has continuously improved. To create a future of mobility that is safe and sustainable, it is necessary to develop next-generation semiconductors that are integral to technology innovations, such as connected cars, automated driving, sharing mobility, and electrification.
Japan's H.I.S. considers raising Unizo stake to 45% for $390m.
Japanese travel services provider H.I.S. said it would spend JPY42.65bn ($392m) to launch a tender offer for about 40% of shares in hotel operator Unizo Holdings, Reuters reported.
H.I.S., already Unizo’s top shareholder with a 4.79% stake, said it would offer JPY3.1k for each Unizo share, representing a 56% premium over Tuesday’s closing price of JPY1.9k.
Japan's top two regional banks consider a merger.
Bank of Yokohama and Chiba Bank are considering a business tie-up, the banks said, after media rumors that the two regional lenders would form a comprehensive partnership.
The tie-up, which would bring two of Japan’s biggest local banks together, is the latest to highlight the strain on smaller banks in the world’s third-largest economy, where years of near-zero interest rates have made traditional banking barely profitable, meaning scale is needed for survival.
“We are indeed considering a business partnership, but nothing else has been decided yet,” a spokesman for Chiba Bank said.
Thailand's biggest bank invests in Go-Jek. (FS)
Go-Jek, transportation network company, and logistics startup, secured an investment from Thai Siam Commercial Bank. Value of investment is undisclosed. Their partnership may help Indonesia's most valuable technology startup develop its financial services, while Siam Commercial is counting on online growth to help increase revenue.
According to Bloomberg, the startup raised over $1bn in February as of the round's first close, from investors including Alphabet, Google, JD, Tencent Holdings, and Provident Capital. This week, Go-Jek announced an additional investment from Mitsubishi Motors, Mitsubishi, and Mitsubishi UFJ Lease & Finance as part of the series F financing.
Meicai plans to raise at least $500m. (FS)
Meicai, a Chinese startup connecting vegetable farmers with restaurants, is planning at least $500 in funding to grab a larger slice of a fragmented food sourcing market. It is said that the company is seeking to achieve a valuation of between $10bn and $12bn.
The company raised about $800m in 2018 for a post-money valuation of $7bn.
Pharmaron Beijing plans stock sale in Hong Kong. (FS)
Pharmaron Beijing, a Chinese life sciences company, is planning a stock sale in Hong Kong just six months after its Shenzhen IPO. The share sale is expected to be conducted as soon as this year.
It is said that Pharmaron could raise around $500m based on its current market value. The market capitalization of the company is $2.6bn.
Malaysia yet to decide on takeover of Gamuda's four tolled highways.
The Cabinet of Malaysia has yet to make its final decision on the takeover deal with Gamuda, an engineering, property, and infrastructure company, to acquire four tolled highways. Negotiations to acquire four tolled highways in the Klang Valley - the Damansara-Puchong Expressway, Sprint Expressway, Shah Alam Expressway and the Stormwater Management and Road Tunnel were announced in February. The government recently announced that it would fund its takeover via bond issuances.
Ather Energy to raise $100m in funding. (FS)
Tiger Global-backed Ather Energy, an Indian electric vehicle company, founded by Tarun Mehta and Swapnil Jain in 2013, announced plans to raise $100m in financing. The firm, which manufactures two electric scooter models, said that the funds would be used toward expanding its production capabilities.
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