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AMERICAS
C&S Wholesale Grocers, a grocery store chain, agreed to acquire 413 stores, 8 distribution centers and 2 offices from Kroger, a retail company that operates supermarkets and multi-department stores, and Albertsons, a grocery store company, for $1.9bn.
"This is another exciting opportunity for C&S to expand into the retail market, which is an important component of our long-term growth. We have a strong foundation of retail experience with our Piggly Wiggly franchise and corporate-owned stores in the Midwest and Carolinas and the reopening of our iconic Grand Union — totaling more than 160 retail locations — all of which demonstrate C&S's ability to deliver solid retail performance. This will also further enhance C&S's ability to serve our customers as we will be in a unique position as a leading wholesale supplier and retailer to help grow their business and continue our legacy of braggingly happy customers," Eric Winn, C&S Wholesale Grocers COO and designated CEO.
C&S Wholesale Grocers is advised by Centerview Partners and Sullivan & Cromwell. Kroger is advised by Citigroup, Wells Fargo Securities, Arnold & Porter Kaye Scholer and Weil Gotshal and Manges (led by Michael J. Aiello). Albertsons is advised by Credit Suisse, Goldman Sachs, Debevoise & Plimpton, Jenner & Block and White & Case.
Bridgepoint, a private equity firm, agreed to acquire Energy Capital Partners, an energy transition investor, for $1bn.
"We have enjoyed interacting extensively with ECP for more than a year as we have been jointly evaluating a combination of the businesses. We have found our cultures and approaches to business to be aligned and we are attracted to ECP's leading infrastructure position across the rapidly expanding energy transition theme. Together we offer more diverse revenue streams and greater growth opportunities with accelerating earnings expectations and a broader product mix to offer to our combined LP relationships. We expect ECP to continue on its successful growth path, with new and accelerated opportunities for development, and the ECP team, under Doug and team's continuing leadership, will bring invaluable experience to the Group," Raoul Hughes, Bridgepoint Managing Partner.
Biobest Group, an integrated pest management strategies and biocontrol, agreed to acquire an 85% stake in Biotrop Participações, a biotechnology company, from private equity firms Aqua Capital and GIC, in a €532m ($570m) deal.
”Biotrop is a one-of-a-kind company, as a market leader driving change towards the use of biologicals in agriculture and delivering high margins. It has been an amazing journey, where in six years of ownership, we have been able to create a leading platform in this fast developing domain, driving sustainability and profits. In the process, we have partnered with amazing individuals led by CEO and co-founder Antonio Zem and a world-class institution such as GIC. Biotrop could not have found a better home than with Biobest. Its total commitment to biologicals, global footprint and fantastic culture provide for excellent conditions to maintain Biotrop’s path," Sebastian Popik, Aqua Capital Managing Partner.
Biobest Group is advised by McKinsey, Berenberg, Ernst & Young, Morgan Stanley, Jones Day and Stocche Forbes. Aqua Capital is advised by Banco Itau and Demarest Advogados.
Eden Capital, a private equity firm, completed the acquisition of Phlebotomy Training Specialists, a phlebotomy professional training provider. Financial terms were not disclosed.
"We are thrilled to embark on this exciting journey with Eden. Eden Capital's experience and resources will support us through this transformative chapter in our growth. Eden's investment will enhance our ability to reach a broader audience, extend our product offering and expand our corporate partnerships to address industry needs," Brian Treu, PTS Founder and CEO.
Phlebotomy Training Specialists was advised by GVC Advisory Services and Wilson Bradshaw. Eden Capital was advised by Oliver Wyman, RSM International, Hogan Marren Babbo & Rose and Willkie Farr & Gallagher. Debt financing was provided by Byline Bank and Graycliff Partners.
Concord, an independent music company, agreed to acquire Round Hill Music, a private equity firm, for $469m.
"The board is pleased to present this opportunity for liquidity at a premium to both the share price and the IPO price, as well as at a narrow discount to economic net asset value per share. The recommended offer represents excellent value for shareholders," Robert Naylor, Round Hill Music Chairman.
Artémis, an investment company, agreed to acquire a majority stake in Creative Artists Agency, a media and sports agency, from TPG, a private equity firm, and Temasek, a private equity firm. Financial terms were not disclosed.
“As a leader in its field with an outstanding management team, a crystal-clear focus on providing world-class service to world-class clients and a tremendous track record of growth, CAA has all the relevant characteristics to be part of the Artémis family, adding increased diversity, both in terms of geographical footprint and business activities, to our other assets. CAA’s exceptional insight, relationships, and access across key sectors, combined with their widely regarded level of collaboration and innovation, gives the company a formidable role in driving global opportunities for its diverse and culture-defining clients. We look forward to supporting the agency’s very bright path ahead,” Francois-Henri Pinault, Artémis CEO.
Artémis is advised by Rothschild, Cleary Gottlieb Steen & Hamilton and Image Sept (led by Anne Meaux and Anne-France Malrieu). CAA is advised by Allen and Wachtell Lipton Rosen & Katz. TPG is advised by Ropes & Gray. Temasek is advised by Sullivan & Cromwell.
Brand Engagement Network, a provider of personalized customer engagement AI technology and human-like AI avatars, agreed to go public via a merger with DHC Acquisition, a special purpose acquisition company, in a $358m deal.
“The announcement today to agree to go public via this combination with DHC represents a remarkable milestone in BEN’s journey. BEN's Al systems bring a deeper level of comprehension, empathy, and understanding to human-machine interactions. The backbone of BEN’s success is a rich platform of conversational AI modules that drive better, more personalized customer experience and increased operational efficiencies. We expect this transaction, in partnership with the remarkable team at DHC, to propel our efforts globally and open a pathway for public investors to participate in our important work,” Michael Zacharski, BEN CEO.
Brand Engagement Network is advised by Evora Partners, Haynes and Boone, Klehr Harrison Harvey Branzburg and ICR (led by Ryan Flanagan and Dan Brennan). DHC Acquisition is advised by Cohen & Company Capital Markets and Cooley.
Asbury Automotive, an automotive retailer, agreed to acquire Koons Automotive Companies, a private auto dealership group. Financial terms were not disclosed.
“This acquisition is transformative for our company, enabling Asbury to further expand into one of the country’s top economies in one of its fastest growing regions, with some of the US’ best performing dealerships. Koons has an impressive history of achievement in sales, CSI and revenue across its 20 dealerships, and is legendary for its emphasis on people – employees and community – and for giving back. These are values that we at Asbury share, along with the disciplined work ethic that has enabled Koons to achieve so much success. We are proud to continue what Jim Koons and his exceptional management team expanded upon: an unwavering dedication to excellence in automotive retailing. We expect the Koons dealerships’ profitability to be generally in line with the profitability of Asbury’s dealerships,” David Hult, Asbury President and CEO.
Asbury Automotive is advised by Forvis Capital Advisors, Hill Ward Henderson and Jones Day. Koons Automotive Companies is advised by Baker Tilly, Kerrigan Advisors (led by Erin Kerrigan) and Holland & Knight (led by Stephen J Dietrich and Brooke Sizer).
Repsol, a multinational energy and petrochemical company, agreed to acquire ConnectGen, a a multi-technology renewable energy platform, from Quantum Capital, a private equity firm, for $768m.
“This transaction is another step in our firm commitment to transforming our industry and becoming a zero net emissions company by 2050, while maintaining our profitable growth, diversification and multi-energy focus and ensuring shareholder returns. The addition of ConnectGen accelerates our commitment to renewable generation in one of the markets with the greatest potential for future growth. In that sense, bringing on board its valuable team of experts is key to ensure our successful future growth with robust profitability in the market,” Josu Jon Imaz, Repsol CEO.
Repsol is advised by Guggenheim Partnersa and Baker Botts. Quantum Capital is advised by Nomura, Wells Fargo Securities and Kirkland & Ellis (led by John D. Pitts and Zach Savrick).
Igneo, a global infrastructure investment manager, agreed to acquire Soltage, a renewable power producer. Financial terms were not disclosed.
"Soltage is proud to partner with Igneo as a committed sector participant that shares our enthusiasm as we expand the scope and scale of the zero carbon energy solutions that we are able to deliver to customers across the United States. We look forward to leveraging Igneo's infrastructure expertise along with its capital resources as Soltage expands as a full owner of clean energy assets," Jesse Grossman, Soltage Co-Founder and CEO.
Diamondback-backed Viper, an oil exploration firm, agreed to acquire mineral and royalty interests from Warwick Capital Partners, a private equity firm, and GRP Energy Capital, a private equity firm, for $750m.
“This acquisition of high quality mineral and royalty assets is a truly differentiated opportunity that represents a significant value proposition for Viper and its unitholders. The high confidence near-term production outlook results in meaningful and immediate accretion to all relevant financial metrics, including an estimated increase of 7-8% to our expected 2024 return of capital program. Equally as important, and what truly differentiates this opportunity, however, is both the quantity and quality of the undeveloped acreage position. Credit is due to the GRP Energy Capital team for building an asset of this size, scale and overall quality that cannot be replicated in the private minerals market today,” Travis Stice, Viper CEO.
Viper is advised by Evercore and Akin Gump Strauss Hauer & Feld. Warwick Capital Partners and GRP Energy Capitalare advised by Barclays Kirkland & Ellis.
Surge, a private equity firm, completed the $200m investment in Elite Clinical Network, an integrated platform currently operating a network of phase I-IV clinical research sites.
“We are impressed with the success that management has achieved to date and are excited to partner with CEO David Wilson III to support the next phase of building a national network. With a very high new site launch growth rate, multi-decade customer relationships, strong industry tailwinds, and a significant diversified backlog, ECN is well positioned to continue its expansion as a dominant player in the clinical trial industry,” Sanjay Gulati, Surge Principal.
Surge was advised by BakerHostetler and MGG Investment Group. Elite Clinical Network was advised by Merritt Healthcare Advisors.
Basalt Infrastructure Partners, a private equity firm, completed the acquisition of Fortbrand Services, a ground support equipment maintenance services provider, from Wincove Private Holdings, a private equity firm. Financial terms were not disclosed.
“Fortbrand is a leading provider of mission critical equipment for the air transportation industry and is well positioned in a market with emerging trends toward electrification and decarbonization. We are excited to work alongside the management team at Fortbrand to support the Company in its next stage of growth," Wil Jones, Basalt Partner.
Basalt Infrastructure Partners was advised by Moelis and Foley & Lardner. Wincove was advised by Raymond James and Husch Blackwell.
Ares Management, a private equity firm, led a $550m investment in Virgin Voyages, a cruise line, with participation from Virgin Group and Bain Capital.
"The success of this capital raise shows how much Virgin Voyages has achieved and how much further it can go. We are very proud of the experience that Virgin Voyages has created and continues to deliver every day across its fleet. At Virgin, we have always aimed to create extraordinary experiences and challenge the status quo while putting purpose at the core of everything we do. With Tom at the helm, Virgin Voyages has established itself as a company that can do that consistently. We are so grateful for his and the team's leadership in creating a truly brilliant business and look forward to this next phase of the Company's growth," Josh Bayliss, Virgin Group CEO.
Ares Management was advised by Paul Weiss Rifkind Wharton & Garrison (led by Kenneth Schneider and Michael Vogel). Virgin Voyages was advised by Goldman Sachs and Kirkland & Ellis.
Francisco Partners, a private equity firm, completed the investment in Berkshire Partners-backed Accela, a provider of government software. Financial terms were not disclosed.
"Today's announcement marks another notable milestone for Accela as we aim to advance the govtech industry. This new funding and partnership with Francisco Partners kick-starts our next chapter that's focused on elevating and expanding how we serve state and local governments. Francisco Partners' world-class technology expertise will parlay into investments designed to further simplify and streamline the government experience, and we are pleased to have the continued strong support of Berkshire Partners as we execute our growth strategy. Our mission remains the same: to be the heart of government, vital to the expansion of innovative, growing, and safe communities," Gary Kovacs, Accela CEO.
Francisco Partners was advised by Shea. Berkshire Partners was advised by Robert W Baird. Accela was advised by Robert W Baird.
Decarbonization Partners, Temasek, and QIA led a $542m Series D round in Ascend Elements, a manufacturer of sustainable, engineered battery materials for electric vehicles, with participation from Tenaska, Alliance Resource Partners, PULSE - CMA CGM Energy Fund, BHP Ventures, Fifth Wall, Hitachi Ventures, Mirae Asset, At One Ventures, Agave Partners, Alumni Ventures and other leading global investors.
"I'd like to thank our new and existing partners for helping us deliver on our vision of producing sustainable, engineered battery materials at a commercial scale. Our sustainable lithium-ion battery materials will power EV batteries and accelerate the global transition to zero carbon emissions. Together, we are investing in North America's critical EV battery infrastructure and bringing good manufacturing jobs back to the United States," Mike O'Kronley, Ascend Elements CEO.
Ascend Elements is advised by Goldman Sachs. QIA is advised by Shearman & Sterling (led by Michael Dorf).
Squarespace, a platform helping entrepreneurs build brands and businesses online, completed the acquisition of the domains business of Google, a technology company. Financial terms were not disclosed.
"We are thrilled to welcome the millions of Google Domains customers to Squarespace. As a Google Domains customer myself, we are committed to making sure this process is completed smoothly. Domains are a critical part of anyone's online journey, and we will continue investing in Squarespace Domains as we build out our suite of services for entrepreneurs," Anthony Casalena, Squarespace Founder and CEO.
Google was advised by Cleary Gottlieb Steen & Hamilton (led by Glenn P. McGrory).
Grupo Popular, a bank, agreed to acquire GCS International, an IT services company. Financial terms were not disclosed.
"By combining the existing synergies of Grupo Popular with GCS International as a new subsidiary, both organizations strengthen their value proposition for businesses, companies and users of their platforms, contributing more innovative ideas to the financial system and promoting digital transformation with new products. to promote financial inclusion in the Dominican Republic and the region," Grupo Popular.
Grupo Popular is advised by Citigroup.
AMETEK, a manufacturer of electronic instruments and electromechanical devices, completed the acquisition of United Electronic Industries, a provider of data acquisition and control solutions. Financial terms were not disclosed.
"We are excited to welcome United Electronic Industries to the AMETEK family. UEI is an excellent strategic fit with our Power Systems and Instruments Division. Their innovative solutions nicely complement our existing testing and data acquisition expertise helping broaden our presence serving attractive market segments and applications," David A. Zapico, AMETEK Chairman and CEO.
United Electronic Industries was advised by Robert W Baird.
Atlas Holdings, a private equity firm, agreed to acquire the Herff Jones graduation business of Varsity Brands, an apparel company. Financial terms were not disclosed.
"We are excited to be adding Herff Jones to Atlas' growing family of great manufacturing and distribution businesses. Our team has partnered with the Leadership Teams of non-core former divisions of larger corporations, strengthening and growing them into focused, thriving, independent businesses. We see tremendous opportunity with Herff Jones and we have extensive experience serving education partners through other current Atlas companies. We are confident that we are the right partner for Herff Jones as it enters the next chapter of its storied history serving students," Michael Sher, Atlas Partner.
Herff Jones is advised by Jefferies.
Cerberus Capital Management, a private equity firm, completed the acquisition of Resonant Sciences, an aerospace survivability solutions provider. Financial terms were not disclosed.
“We are extremely excited to establish this partnership with the team at Cerberus. Cerberus has assembled a team of experts across critical national security domains that should further accelerate the growth and fielding of Resonant’s systems. Importantly, they understand our mission and DNA and are committed to supporting our long-term growth," J. Micah North, Resonant Co-Founder and CEO.
Resonant Sciences was advised by Robert W Baird.
Omnicom, a marketing communications company, completed the acquisition of public affairs firm PLUS Communications and political consultancy FP1 Strategies. Financial terms were not disclosed.
"With our current roster of public affairs and political consulting firms including DDC, GMMB, Mercury, Portland, and Vox, OPRG is already a powerful partner to our clients and a force in the industry. With the addition of PLUS Communications and FP1 Strategies and their deep expertise in healthcare, technology and crisis communications, our ability to serve our clients on the global public affairs stage is now at a whole new level," Chris Foster, Omnicom CEO.
PLUS Communications was advised by BrightTower (led by Sam Barthelme).
Quad-C-backed Legacy Food agreed to acquire Keck's Food Service, M&V Provisions, Thomsen Foodservice and Legacy Foodservice Alliance. Financial terms were not disclosed.
"Legacy Food Group was conceived from the premise of foodservice people working with foodservice people, powered by a strong, experienced private equity partner. Our objective is to maintain the exceptional customer service and other benefits of local ownership and management, while combining to achieve the scale benefits and broader service to customers seeking a new option capable of serving a larger region. We will be able to offer a compelling option that will resonate with owners who do not want to sell to a large corporate distributor," Steve Push, Legacy Food CEO and a Member of the Board of Directors.
Barcodes-backed Smart Label Solutions, a process engineering and Radio Frequency Identification solutions company, agreed to acquire NeWave Sensor Solutions, an inventor of the Patented Wave® antenna. Financial terms were not disclosed.
"RFID is quickly becoming a critical component in digital transformation because of the significant opportunity it presents to reduce labor needs while improving operations and the customer experience. With the leadership of Dr. Burnside, NeWave has invented and patented advanced RFID technologies that now enable us to bring scalable, high-performing, and high-ROI solutions to market. This is a major evolution for this technology, and now we need to commercialize it and make it available to the world. The acquisition of NeWave enables us to bring complete solutions to market and transform how organizations operate," Daniel Nettesheim, Barcodes President and CEO.
EagleView's owners explore a $2bn sale of aerial imagery provider. (FS)
The private equity owners of EagleView are exploring a sale of the provider of aerial imagery and data analytics services that could value it at about $2bn.
Vista Equity Partners and Clearlake Capital Group, the owners of EagleView, have hired investment banks William Blair and Rothschild to advise the company on its sale process.
EagleView Technologies is a provider of software that can be used to measure rooftops with satellite images from the sky, mainly used by insurance companies to make more accurate decisions, Reuters reported.
Barclays set to partner with AGL Credit Management for $1.5tn private credit market venture. (FS)
Barclays is wrapping up the final details of a partnership with AGL Credit Management to tap into the rapidly expanding $1.5tn private credit market. This partnership is expected to leverage Barclays' loan origination capabilities and AGL's credit investing expertise, enabling both firms to compete more directly with private credit funds.
The joint venture's first fund is anticipated to launch with at least $1bn of equity commitments. The Abu Dhabi Investment Authority is currently in discussions to anchor this fund. The structure of the fund is expected to be similar to a business development company, an investment model originally aimed at retail investors in the US that has gained popularity among large institutional buyers, Bloomberg reported.
Walmart to explore buying majority stake in ChenMed.
Walmart is exploring buying a majority stake in ChenMed, a closely held operator of primary care clinics for seniors. The companies are in talks for a deal that would value ChenMed at several billion dollars.
A deal could still be weeks away. It is also possible a different potential buyer could emerge, Reuters reported.
New Era prepares for a $5bn IPO. (FS)
New Era Cap, a supplier of major US sports league headware, has kicked off preparations for an initial public offering in New York that could value it at $4bn to $5bn.
New Era, which makes caps affiliated with the National Football League, Major League Baseball and National Basketball Association, has invited investment banks and law firms to pitch this month for roles in its stock market debut.
The company, which is controlled by its founding family and in which private equity firm ACON Investments holds a significant minority stake, aims to go public in 2024. MLB, the NFL and the NBA hold minority stakes in New Era, Reuters reported.
Barclays appoints Christian Oberle to oversee PE relationships for Americas. (People)
Barclays announced the appointment of JP Morgan’s Christian Oberle, to oversee its private equity relationships in the Americas region.
Oberle will assume the role of Head of the Financial Sponsors Group for Barclays in the Americas, reporting directly to Jean-Francois Astier, who leads the global team. The move comes in the midst of Barclays' ongoing efforts to streamline its operations, including potential job cuts in its domestic retail division and a comprehensive review of its investment banking performance.
EMEA
Nucleus has neared the completion of its acquisition of the Curtis Banks Group after the competition watchdog concluded there were no grounds for an investigation. The deal is now expected to be completed in the coming weeks.
The FCA, Prudential Regulation Authority, and Solicitors Regulation Authority have all issued their approvals, and the Competition and Markets Authority has concluded the transaction does not qualify for investigation under UK merger control law. The CMA launched an inquiry into the merger in July to understand whether the merger could reduce the amount of competition.
International Beverage, a dynamic global drinks business, agreed to acquire Larsen Cognac, a fine cognac distiller, from Anora Group, a beverage company, for €54m ($58m).
“The change in ownership of Anora’s cognac business will enable us to generate funds and concentrate efforts on our chosen hero brands, Koskenkorva, Linie and Skagerrak, which are central to our international growth ambitions set out in our 2030 strategy. The Larsen team has done exceptionally good work in developing the brand and its impressive portfolio of products, setting it on a path for growth in USA and especially in Asia. In the hands of International Beverage, Larsen will have the attention and resources to take the next steps on its pioneering journey towards further growth and even greater success,” Pekka Tennilä, Anora CEO.
International Beverage is advised by Rothschild. Anora is advised by Credit Agricole.
Exiger, a company that specialises in risk and compliance management, agreed to acquire Financial Crime Compliance division from Capgemini, a company that offers information technology services. Financial terms were not disclosed.
"This sale marks an enormous milestone in the evolution and growth of Exiger. Capgemini's acquisition allows us to focus on our core third-party risk and supply chain management technology business, reinforcing our strength, market leadership and accelerated growth. As we continue to invest in cutting edge AI solutions for our customers across the public and private sectors, we're thrilled that our market-leading advisory team will be able to continue the next leg of their growth journey with such a distinct leader in their space," Brandon Daniels, Exiger CEO.
Exiger is advised by TD Cowen and Dechert.
Orion Capital Managers, a private equity firm, completed the acquisition of the Portuguese business of Nexity, a real estate developer and investor. Financial terms were not disclosed.
"These two disposals are perfectly in line with the strategy of reallocating capital to activities in France, in accordance with the timetable announced by Nexity in February 2023 at the time of its annual results. The proceeds from the disposals and the reduction in working capital requirement generated by the extinctive management of the remaining international operations will help to reduce the Group's debt and finance our operations in the field of sustainable cities.” Véronique Bédague, Nexity Chairwoman and CEO.
Nexity was advised by Rothschild.
Covestro to start deal talks after ADNOC raises bid price to €14bn.
German chemical company Covestro has agreed to enter into “open-ended” talks on a potential acquisition by the Abu Dhabi National Oil Company, after the Mideast state-owned energy group raised its offer to roughly €14bn ($15bn).
Adnoc’s most recent offer for Covestro was $64 per share conveyed verbally, said people familiar with the matter. That marks an increase from June when it offered $59 per share, which at the time equated to a 40% premium from Covestro’s undisturbed share price. The latest offer is equivalent to an almost $12.4bn valuation for the company’s equity, before taking debt and other factors into account.
Covestro cautioned that the possible conditions of a deal would depend on negotiations, and that the company would look specifically at ensuring it can continue its sustainability strategy. That strategy has been an issue in discussions between Adnoc and Covestro advisers, alongside the Middle East group’s willingness to invest in the German company’s future growth, FT reported.
ADNOC is advised by Morgan Stanley.
Motor Fuel Group in $2.5bn fuel stations deal talks with Morrisons. (FS)
Motor Fuel Group, an independent forecourt operator, is in talks with supermarket chain Morrisons for 340 fuel retail forecourts in a deal that could be worth about $2.49bn.
The deal would also include 500 freehold plots of land at the supermarket chain's locations "where ultra-rapid electric vehicle and valeting hubs will be deployed. Both Morrisons and MFG are controlled by the US private equity group Clayton Dubilier & Rice, Reuters reported.
Carlyle weighs $1.25bn options for Jagex. (FS)
The Carlyle Group is weighing options for its UK video games maker Jagex, a business which could be valued as high as $1.25bn.
The US buyout fund is working with advisers at Morgan Stanley and Aream to explore a sale or a listing of the Cambridge-based studio, which runs the hit fantasy video game RuneScape.
The process is in the early stages and Carlyle is expected to proceed with an auction process towards the end of the year. Potential buyers are likely to include private equity firms, which could use Jagex as a platform to buy a string of smaller companies within the sector, Reuters reported.
Altice in talks to sell data centres to Morgan Stanley.
Cable and telecoms group Altice is nearing a deal to sell its data centres in France to Morgan Stanley Infrastructure Partners, as the group of French-Israeli billionaire Patrick Drahi rushes to free up cash. The data centres could be valued at around $1bn.
Drahi, under pressure after his right-hand man was arrested over allegations of corruption, is striving to boost creditors' confidence in the financial reliability of his sprawling media-to-cable empire, whose combined debts total $60bn. Last month, Drahi promised to investors on a call that assets will be sold within Altice France or outside France to repay debt, Reuters reported.
APAC
The Philippines' largest casino, owned by an affiliate of Japan's Universal Entertainment, does not have to complete a SPAC merger deal with 26 Capital Acquisition of the US, a Delaware judge said.
Vice Chancellor Travis Laster said the affiliate that owned Okada Manila did not have to complete the $2.5bn deal 2021 merger in part because 26 Capital "engaged in conduct that should not be rewarded" by ordering the deal to close, Reuters reported.
M.P. Evans Group, an operator and manager of plantations, completed the acquisition of oil-palm planters Agro Bumi Kaltim and Nusantara Agro Sentosa, for $60m.
"The addition of the estates at ABK and NAS to the Group portfolio is a great achievement and will bring our total area under management to over 65,000 hectares. We have been very keen to acquire more hectares close to Kota Bangun for some time, and having the ABK estate supplying its crop to our existing mills will further enhance our operational efficiencies. With more hectares delivering more crop, we will be able to continue to increase our output, supporting the Group's ambition to deliver progressive returns," Peter Hadsley-Chaplin, M.P. Evans Chairman.
M.P. Evans Group was advised by Peel Hunt, finnCap and Hudson Sandler.
Pertamina Geothermal in talks to buy KS Orka unit for up to $1bn.
Pertamina Geothermal Energy, a unit of Indonesian state energy firm Pertamina, is in advanced talks to buy a geothermal unit owned by KS Orka Renewables for up to $1bn.
A deal could be inked before the end of this year if their negotiations to buy Sorik Marapi Geothermal Power conclude successfully. Geothermal developer KS Orka had earlier this year appointed DBS Bank to explore the sale of Sorik Marapi.
If the deal materialises, it could mark one of the biggest by Pertamina Geothermal since its domestic initial public offering in February. The company's shares have jumped 33% since its listing, Reuters reported.
Alibaba delays Freshippo IPO due to weak demands.
Alibaba Group has reportedly decided to delay the potential initial public offering of its grocery chain, Freshippo, in Hong Kong due to weak sentiment for consumer stocks. This delay could potentially mean that Alibaba will miss its target to float Freshippo by May 2024. However, there is still a possibility for Freshippo to proceed with its listing plan once the retail environment and economy in China improve, boosting investor sentiment in the sector.
The company had initially targeted a valuation of $6bn to $10bn, but after discussions with potential investors, Alibaba concluded that Freshippo could achieve a valuation of around $4bn in the listing.
The capital management committee of Alibaba, which is overseeing the breakup of the company, has decided to wait for a more favorable market before moving forward with the Freshippo IPO. Instead, the company will prioritize listings of other units, Bloomberg reported.
Molycop plans October roadshow ahead of $638m IPO.
Australian mining supplies business Molycop is expected to launch a global roadshow in October ahead of its planned $638m initial public offering the following month.
The new share sale would be the largest in Australia in nearly two years with $528m raised in IPOs in the country so far this year, down nearly 14% compared with the same time last year. The final size of the transaction could change depending on market conditions. A targeted valuation for Molycop in the IPO has not been decided yet.
A global roadshow will begin in October, initially with analysts from the banks working on the IPO to brief investors ahead of a global management tour. Cornerstone investors will be courted during the roadshow to lock in stakes ahead of the books opening, DealStreetAsia reported.
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