EMEA
Saudi Basic Industries (SABIC) investment plans will not be affected by oil giant Aramco’s purchase of a 70% stake in the company, its chief executive said, adding SABIC would look to integrate assets with Aramco to boost growth.
Saudi Aramco, the world’s largest oil producer, agreed on Wednesday to buy the stake in SABIC from Saudi Arabia’s wealth fund (PIF) for $69.1bn in one of the biggest deals in the global chemical industry.
The deal will take six to 12 months to complete, and there won’t be any layoffs, change in management or impact on SABIC’s balance sheet, Yousef al-Benyan “Once the anti-trust clearance is obtained, then immediately we will put a team together to look at areas of synergies in order for us to leverage our shareholder value,” told to Reuters.
SABIC was advised by Citigroup. Aramco was advised by JP Morgan and Morgan Stanley. Public Investment Fund is advised by Bank of America Merrill Lynch and Goldman Sachs.
Debenhams, the ailing British department store group, secured £200m ($261m) in new funds but warned shareholders they still faced being wiped out unless major investor Sports Direct gave its support.
Sports Direct, controlled by billionaire Mike Ashley, last year bought department store chain House of Frasers out of administration for 90m pounds and has been trying to wrest control of Debenhams for months. It already owns a near 30% stake.
“If these milestones are not satisfied, the second facility would be available to the group’s subsidiaries only upon transfer of those subsidiaries into the ownership of a lender-approved entity,” Debenhams said.
Sports Direct is advised by Numis Securities.
EQT acquires Igenomix, a world leader in women's health and reproductive genetics services for in vitro fertilization clinics. Financial terms were not disclosed.
Igenomix provides diagnostic services of genetic reproduction to 90k couples a year. EQT will support Igenomix in its international growth thanks to its solid experience in the healthcare field, its global platform and its network of industrial consultants.
"Igenomix is a world leader in IVF genetic diagnostic services - a high growth segment - and focuses on quality, innovation leadership and customer service. These attributes fit perfectly with the investment philosophy of EQT. At EQT, we are looking forward to supporting Igenomix and its strong management team to continue contributing to its growth." Vesa Koskinen, EQT Partners Partner.
EQT Partners is advised by PwC and Allen & Overy. Charme is advised by Arcano and Araoz & Rueda.
Kesko, one of the leading players within a building and technical trade in northern Europe acquired Fresks Group, Sweden’s fastest-growing builders’ merchant from Litorina. Financial terms were not disclosed.
Fresks Group was founded in 1862 in Östersund and is today a leading Swedish builders’ merchant, where customers are small and medium-size companies. The company has 33 centers around Sweden and offers customers a broad and deep range of quality products in building material, hardware and paint with a high degree of service.
“We have confidence in now allowing a well-reputed player like Kesko to take over the baton as Fresks Groups’ new owner and create a strategic combination that significantly strengthens Kesko’s position in the Swedish market and not least in the professional customer segment. It will be exciting to follow the company as it continues to advance under Kesko’s management,” Lars Verneholt, Litorina Capital Advisors Partner.
Litorina is advised by Carnegie, PwC, and Vinge.
Funds advised by Magnesium Capital acquired Cyberhawk Innovations, the world leader in delivering drone inspections and asset visualization software for energy infrastructure. Financial terms were not disclosed.
Cyberhawk is recognized internationally as a pioneer in the high-growth unmanned aerial vehicle (UAV) inspection market. The company has flown more than 30k commercial missions in more than 30 countries around the world. Many of its UAV world firsts have been successfully commercialized and widely adopted across industrial sectors.
“Over the last ten years, with the support of Scottish Equity Partners and the Scottish Investment Bank, our team has not only built a thriving, profitable business but has played a critical role in the creation and digitization of the entire UAV inspection industry. We are extremely proud to have established a globally renowned reputation and to be relied upon by many of the world’s largest energy companies." Chris Fleming, Cyberhawk CEO.
BMO and Magnesium is advised by EY, Burness Paull, and Intuitus.
Four consortiums are interested in EWE minority stake. (FS)
At least four parties are interested in a minority stake in German utility EWE, Reuters reported, adding that the asset’s value could be hit by falling network returns and growing retail competition.
First bids for the 26% stake are expected in May or early June, the people said after a deadline for initial expressions of interest expired last week. EWE hopes to conclude the sale, which is managed by Citi, in the second half of 2019.
Interested parties include a consortium of Dutch pension fund PGGM and Deutsche Bank’s asset manager DWS. Oil major Shell is also part of the group. Australia’s Macquarie and German insurer Allianz have formed a rival consortium. Australian infrastructure investor IFM and Canadian pension fund OMERS are separately looking at the asset.
Deutsche-Commerzbank merger opposed by 43% of Germans.
Some 43% of Germans are against a merger between Deutsche Bank and Commerzbank, a survey showed, while only 17% are in favour.
The Insa survey of 2k people also found that 30% of those polled had no opinion about a merger between Germany’s two largest banks, while 10% did not answer the question.
When only considering those with an opinion, 71% were against a merger, while 29% were in favor. Older respondents were more likely to disapprove.
Wow Air shuts down. (FS)
Icelandic budget airline Wow Air has collapsed, canceling all flights and stranding passengers in Europe and North America.
The airline, which has been in operation since 2012, has been in talks over the past few months with rival provider Icelandair regarding a potential deal. The negotiations have since fallen apart, as has a separate potential deal with PE firm Indigo Partners.
AMERICAS
Activist hedge fund Starboard Value abandoned a campaign to convince Bristol-Myers Squibb shareholders to vote down the drugmaker’s proposed $90bn takeovers of biotech Celgene after the two leading proxy advisory firms backed the deal.
The firms, Institutional Shareholder Services (ISS) and Glass Lewis, said that Bristol-Myers shareholders should vote in favor of the deal.
“Despite the substantial swell of support against this transaction, it is extremely difficult for shareholders to prevail without a supportive recommendation from ISS and Glass Lewis to vote against the transaction,” Starboard said in a statement.
Celgene is advised by Citigroup, JP Morgan, Simpson Thacher & Bartlett, and Wachtell Lipton Rosen & Katz. Bristol Myers is advised by Bank of Tokyo Mitsubishi Group, Morgan Stanley, Dyal Co., Evercore, Morgan Stanley, Kirkland & Ellis, and Joele Frank.
Versum Materials has opened its books to suitor Merck, saying the German group’s unsolicited $5.9bn offer might be sweetened and could edge out an agreed merger with Entegris, Reuters reported.
"Merck’s proposal could reasonably be expected to result in a superior proposal,” Versum, a maker of chemicals for the semiconductor industry.
However, the US company again urged its shareholders to snub the hostile all-cash bid that Merck launched, adding its support for the tie-up with Entegris was unchanged for now.
The board “has authorized Versum’s management and its advisers to engage in further discussions with, and provide non-public information to, Merck,” the statement added.
Versum is advised by Citigroup, Lazard, Latham & Watkins, Simpson Thacher & Bartlett, and Skadden Arps Slate Meagher & Flom. Merck is advised by BNP Paribas, Bank of America Merrill Lynch, Deutsche Bank, Goldman Sachs, Guggenheim Partners, and Sullivan & Cromwell. Entegris is advised by Morgan Stanley and Wachtell Lipton Rosen & Katz.
Aqua America, the second-largest publicly traded water and wastewater utility based in the US, will receive an approximately $750m investment by Canada Pension Plan Investment Board.
The investment marks an important step in obtaining permanent financing for Aqua’s pending acquisition of Peoples Natural Gas. Aqua’s acquisition of Peoples will create a new utility infrastructure company that will be uniquely positioned to have a powerful impact on improving infrastructure reliability, quality of life and economic prosperity in the areas it serves.
“We are pleased to partner with Aqua America to support the revitalization of this key infrastructure. By acquiring Peoples, Aqua America will create a unique platform with a strong management team that is poised for further expansion.” Deborah Orida, CPPIB Senior Managing Director & Global Head of Active Equities.
Aqua America is advised by Goldman Sachs, Moelis & Co, RBC Capital Markets, and Simpson Thacher & Bartlett.
One Rock Capital Partners has successfully completed the previously announced acquisition of Nexeo Plastics, the plastics distribution business of Nexeo Solutions for $640m.
Nexeo Plastics is a global leader in the distribution of plastics, including polymer products and prime engineering resins. Nexeo Plastics utilizes its proprietary technology platform to efficiently serve its suppliers and customers.
“We see tremendous growth opportunity for Nexeo Plastics as a stand-alone plastics distribution business. Our team looks forward to working alongside management to deepen the company’s relationships with customers and supplier partners.” Tony W. Lee, One Rock Managing Partner.
One Rock was advised by Hogan Lovells.
Daimler Trucks, a division in the Daimler Group, the inventor of the truck and world’s largest manufacturer of heavy and medium trucks, acquired a majority stake in Torc Robotics, a pioneer in autonomous driving solutions, are joining forces in a one-of-a-kind combination to commercialize highly automated trucks on US roads. Financial terms were not disclosed.
Torc will continue to develop its Asimov self-driving software and testing. At the same time, DTNA will focus on further evolving automated driving technology and vehicle integration for heavy-duty trucks at its Automated Truck Research & Development Center.
“Bringing Torc Robotics within the Daimler Trucks family creates a unique and powerful team of innovators to put highly automated trucks on the road. Daimler Trucks and Torc Robotics complement each other perfectly in terms of resources, expertise, and skill sets. We are forming the ideal combination between Torc’s expertise in agile software development and our experience in delivering reliable and safe truck hardware. Together, we will provide a sustainable way for our customers to meet the ever-growing freight demand and benefit both the economy and society,” Martin Daum, Member of the Board of Management of Daimler.
KIRKBI, the holding and investment company of the Kirk Kristiansen family, has entered into an agreement to acquire a majority stake in Enerparc, a US affiliate of the global solar developer, Enerparc. Financial terms were not disclosed.
Enerparc specializes in developing, engineering, building and operating distributed utility-scale photovoltaic (PV) projects. With currently over 100MW of power generating capacity in the US, Enerparc supports the transition of commercial energy supply to renewable forms of power by connecting large-scale solar PV systems to the grid.
“The significant majority stake in Enerparc gives KIRKBI a unique opportunity to take ownership in a company that has established an operational, commercial and scalable platform to bring solar power to many more Americans. We look forward to working closely with the Enerparc team and supporting the company’s future growth in US solar power generation, for which the demand remains strong.” Thomas Lau Schleicher, Kirkbi Chief Investment Officer.
Centre Partners has acquired a majority interest in New England Fitness and affiliates, now doing business as One World Fitness, a leading owner and operator of fitness clubs under the Planet Fitness banner. Financial terms were not disclosed. The Company's founder, Bill Fidler, and other key members of management invested alongside Centre.
New England Fitness was founded in 2006 to operate fitness clubs as a franchisee of Planet Fitness and has expanded its operations to include 18 fitness clubs primarily in the Philadelphia metropolitan and New Jersey markets. Planet Fitness, one of the largest and fastest-growing health club franchises in the country, is known for providing high-value, low-priced fitness experiences in low-pressure, "Judgement Free®" environments.
"Centre's long history of successfully collaborating with founders and entrepreneurs makes them an ideal partner for One World Fitness. We believe Centre's financial support and industry expertise will accelerate growth and facilitate meaningful investments in our business while enabling us to maintain our focus on offering a high-quality, "Judgement Free®" experience for our existing members." Bill Fidler, Centre Partners Managing Partner.
One World is advised by Marks & Klein. Centre Partners is advised by Dechert.
Freeman Spogli & Company, management, and other investors have acquired Five Star Food Service. Financial terms were not disclosed.
Five Star is a leading provider of unattended food and beverage solutions in the Southeast, operating over 1.35k micro markets, 17.5k vending machines, 7.3k coffee machines and serving over two million dining meals per year throughout Tennessee, Georgia, Mississippi, Alabama, and Kentucky. Five Star is the largest franchisee of Canteen Vending Services, a division of Compass Group USA, which is the leading provider of micro markets and unattended food service in the United States.
"Micro markets are a high growth segment of unattended foodservice benefiting from shifting consumer preferences towards snacking, portable meals, and fresh and healthy offerings. Led by CEO Alan Recher, the Five Star management team has done an outstanding job positioning Five Star as the leading provider of unattended food and beverage solutions in its geographies. We are pleased to partner with management in the next phase of this exciting growth story and look forward to supporting Five Star as long-term investors in the Company." Brad Brutocao, Freeman Spogli Partner.
Five Star is advised by Ares Capital, Varagon Capital Partners, Piper Jaffray, Evans Harrison Hackett, and Finn Dixon & Herling. Freeman Spogli is advised by Morgan Lewis and Bockius.
Bain Capital Private Equity, a leading global private investment firm, has acquired a majority stake in Maesa, a global beauty brand incubator supplying leading retailers and beauty companies operating worldwide. Financial terms were not disclosed.
Under this joint ownership of Bain Capital Private Equity and Maesa’s co-founders and management, the company will enter the next phase of its growth strategy. Surpassing competition, Maesa has grown to be the leading global provider of beauty brand incubation and strategic outsourcing. By housing vertically integrated Marketing, Design, Engineering, Product Development and operations, Maesa provides customers unsurpassed speed to market providing exclusive products across the beauty industry including haircare, color cosmetics, personal care, and fragrance.
“Greg, Julien, and the management team have built a remarkable business. We could not be more excited to partner with Maesa to continue to develop this innovative brand creation approach in an evolving beauty landscape.” Miray Topay, Bain Capital Private Equity Principal.
Maesa is advised by Financo. Bain Capital Private Equity is advised by
Lazard and RBC Capital Markets.
Madison Dearborn Partners, a leading private equity firm made strategic growth investment in leading education technology solutions provider Lightspeed Systems. Financial terms were not disclosed.
Together with MDP, they will seek to extend Lightspeed’s market leadership position and further penetrate the growing domestic and international K-12 web filtering and reporting, mobile device management and classroom management market in support of the Lightspeed’s mission to enhance student safety and maximize the benefits of education technology.
“MDP’s education technology resource network and extensive experience supporting high-growth technology companies and organizations that utilize distributed sales channels make them an ideal partner for Lightspeed. Looking ahead, the entire Lightspeed team is excited to play an ongoing critical role in the education technology revolution and continue providing our customers with powerful solutions that keep school devices and students safe, well managed and mobile. We’re excited about the opportunities this new partnership will create for Lightspeed to the benefit of our employees, our existing partners, and our customers around the world.” Brian Thomas, Lightspeed’s Co-Founder, President, and CEO.
Lightspeed Systems is advised by William Blair & Co and DLA Piper. Madison Dearborn is advised by GSV Advisors and Kirkland & Ellis.
LBO France has acquired a majority stake in the Infodis Group, a French specialist in facilities management and systems & network engineering. Financial terms were not disclosed.
Infodis Group has achieved steady organic growth while undertaking targeted acquisitions. Its successful integration of several companies, including ITCOM in 2011 and SRID in December 2016, has allowed it to build up its skills, particularly in facilities management of workstations for banks and insurance companies.
“For this sixth investment in our small cap strategy, we have chosen a company that features experienced management, with an excellent financial track record and a strong performance over the years, as well as a bright outlook for future growth. We are looking forward to assisting the company’s founders and managers in an ambitious development project that is driven by both strong resiliency in its business lines and very attractive external growth opportunities”. Nicolas Manardo, LBO France Managing Director.
LBO France is advised by LEK Consulting, Indigo Capital, Exelmans, De Pardieu Brocas Maffei, and UGGC.
Carlyle Global Partners will become a long-term strategic minority investor in its asphalt roofing and building materials business of TAMKO Building Products, one of the nation’s largest independent manufacturers of residential roofing products. Financial terms were not disclosed.
“TAMKO’s success is firmly rooted in the core values that have always defined us as a family-run business: hard work, honesty and integrity and a commitment to hire and develop outstanding people. CGP is a great long-term partner because they recognize that these guiding principles - combined with our cost leadership strategy, focus on vertical integration, commitment to quality, customer focus, and continuous improvement - have underpinned TAMKO’s success. Together with CGP, TAMKO will continue to invest in these areas to grow the market-leading positions we hold today.” David Humphreys, TAMKO President, and CEO.
Lyft shares up by 23% on the first day of trading, topping $27bn valuation.
Lyft's shares rose as much as 23% in their market debut, raising the valuation of more than $27bn in the seven-year journey of the US ride-hailing app, making it biggest IPO in 2019 thus far. Lyft sets the stage for other Silicon Valley unicorns seeking to debut in the stock market this year, including Pinterest, Postmates and Slack Technologies. Another large IPO will be conducted by Hollywood talent agency Endeavor. UFC fights organizer should value more than $6.5bn.
The success of the IPO came despite Lyft’s steep losses, criticism of its dual-class share structure, and some concerns over its strategy for autonomous driving and new laws aimed at increasing driver pay.
Now, Lyft Chairman Sean Aggarwal said the ride-hailing company will continue to prioritize North America growth over international expansion after completing its initial public offering (IPO).
Mondelez in advanced talks for Campbell’s International Business.
Mondelez International, the maker of Oreo cookies and Cadbury chocolates, is in advanced talks to acquire international brands being sold by Campbell Soup.
Mondelez is negotiating final terms of a purchase of Arnott’s Biscuits, the Australian maker of Tim Tam cookies, and Danish butter-cookie producer Kelsen Group, Bloomberg reported. The parties have been discussing a price of around $2.5 bn for the assets.
Campbell Soup said in August that it was planning to sell its international and fresh food businesses after a three-month review. The company, which has faced pressure from activist investor Dan Loeb, laid out plans to reevaluate its portfolio of brands.
TPG considers the acquisition of Sports Illustrated from Meredith. (FS)
Meredith inked its first divestiture related to the Time deal in September when it sold the company's namesake magazine to Salesforce co-founder Marc Benioff and his wife Lynne Benioff for a reported $190m.
Blackstone-backed Bluewater attracts PE interest. (FS)
BHP Group and Fieldwood Energy have expressed interest in acquiring Bluewater, an oil exploration venture backed by Blackstone and LLOG Exploration. A sale could reportedly value the business between $1.5bn and $2bn.
Blackstone and LLOG first announced the joint venture in 2012, committing a combined $1.2bn to the Gulf of Mexico-focused operation.
Mubadala considering options for Nova Chemicals. (FS)
Abu Dhabi’s Mubadala Investment is exploring options for Nova Chemicals, a Canadian plastics maker that could be valued at $10bn or more, DealStreet Asia reported. The sovereign wealth fund is working with financial advisers as it weighs what to do with the asset, including selling a stake to a Canadian pension fund or another company in the industry.
No final decisions have been made, and Mubadala may still decide to keep its holding in Nova. Abu Dhabi, like many of the governments in the Middle East, is seeking funds to diversify its economy away from oil, though opinions within the emirate have differed on which strategy to pursue, two of the people said. The emirate acquired debt-laden Nova in 2009, and the asset soon became one of its top investments after the Calgary-based company took advantage of the boom in North American shale.
APAC
AstraZeneca, a British-Swedish multinational pharmaceutical and biopharmaceutical company, and Daiichi Sankyo, a global pharmaceutical company and the second largest pharmaceutical company in Japan, entered collaboration for a proprietary antibody-drug conjugate and potential new targeted medicine for cancer treatment.
Under the terms of the agreement, AstraZeneca will pay Daiichi Sankyo an upfront payment of $1.35bn, half of which is due upon execution, with the remainder payable 12 months later. Contingent payments of up to $5.55bn include $3.8bn for potential successful achievement of future regulatory and other milestones, as well as $1.75bn for sales-related milestones.
“Trastuzumab deruxtecan is the flagship asset in our oncology pipeline created by our relentless pursuit of science and technology, the most important strengths of our company. Through the strategic collaboration with AstraZeneca, a company with a wealth of global experience and expertise in oncology, we will combine our respective skill sets to maximize the value of trastuzumab deruxtecan and accelerate the establishment of our global oncology business. By aiming to provide new treatment options across a wide range of cancers as soon as possible, we will maximize our contribution to patients with cancer and their families around the world.” George Nakayama, Daiichi Sankyo Representative Director, Chairman, and Chief Executive Officer.
Global investment firm The Carlyle Group invested in TOKIWA Corporation, a global cosmetics company engaging in the research, development, and manufacturing of cosmetic products through a strategic business and capital alliance. Financial terms were not disclosed.
TOKIWA has been established for more than 70 years and is well-known for its innovations in cosmetic formulations and componentry. TOKIWA has advanced research and development capabilities with more than 400 patents worldwide and is a supplier to prominent beauty brands around the world. A steady supply of high-quality products and its agility to respond to a rapidly growing market demand has enabled TOKIWA to develop a strong reputation among its business partners.
“We are very pleased to have been chosen as TOKIWA’s strategic partner. We will work to enhance TOKIWA’s business operations, assist its marketing efforts, and expedite the company’s domestic and overseas expansion. We look forward to working with TOKIWA as the company continues to create ’beauty, emotion and joy‘ for its customers around the world.” Yusuke Watanabe, Carlyle Japan Director.
The Carlyle is advised by Mitsubishi UFJ Morgan Stanley Securities and Nishimura & Asahi.
Australia’s Wesfarmers remains keen on buyout talks with rare earths miner Lynas Corp, the retail-to-chemicals conglomerate, despite its A$1.4bn ($994m) approach being rejected earlier this week.
The comments foreshadow an intense takeover battle for the only proven producer of rare earth elements outside of China, which has struggled with support from Malaysian regulators for a key processing plant located there.
“We remain keen to work collaboratively with the Lynas board and management team as well as the Malaysian government and regulatory authorities to secure a long-term and sustainable outcome for all stakeholders,” Rob Scott, Wesfarmers Chief Executive Officer.
Tokyo-headquartered Takara Printing, that provides financial disclosure and translation services, has made an undisclosed investment in Singapore language service provider TRANSLASIA Holdings. According to a report by Slator, Takara is said to be picking up a majority stake of above 60% in TRANSLASIA. Financial terms were not disclosed.
TRANSLASIA’s platform, AISA Digital, uses machine translation hybrid model of AI technologies and a cloud-based localization for ASEAN linguists residing across Southeast Asia. Takara Printing aims to take part in the growth of Southeast Asia’s Internet economy that is expected to exceed $240bn by 2025.
“We see enormous potential in the Southeast Asian market and Singapore is a formidable gateway to that. We expect the growth of e-commerce in this region to be immense and TRANSLASIA Holdings is strategically positioned to take advantage of this with its unique expertise in this region, its strengths, and its technological innovations,” Ryusuke Okada, director, and managing executive officer of Takara Printing and chairman of TRANSLASIA Holdings.
Alok Sama to leave SoftBank in the latest management upheaval. (FS, People)
The departure of Mr. Sama, president, and chief financial officer of SoftBank Group International, will come in the next few weeks after the former investment banker’s status faded within the organization, Financial Times reported.
Financial Times considers the acquisition of DealStreet Asia.
Financial Times is looking to buy another new media startup - DealStreet Asia.
Founded in 2014 by Indian journalist Joji Thomas Philip and Sushobhan Mukherjee, DealStreet Asia mixes Asia startup news with updates from Asia’s financial markets and business verticals. Its investors include Singapore Press Holdings, Vijay Shekhar Sharma (the founder of Alibaba-backed Paytm), the Singapore Angel Network and Hindustan Times (the Indian media firm that operates Mint), which is a Deal Street Asia content partner.
The deal is led by Nikkei, the Japanese parent of the FT, which has agreed to buy at least one-third of DealStreet Asia, TechCrunch reported, but the total stake could reach 51% depending on which investors decide to sell.
Asia bankers bet on follow-on capital raising.
Bankers in Asia are betting on newly-listed companies returning to the markets for fresh capital as last year’s flood of initial public offerings (IPOs) slows to a trickle, with 2019 seeing the weakest start in equity sales in three years.
Equity sales in the region, including IPOs, convertible bonds, and follow-on sales, fell 41% to $49.1bn in the first quarter. Fees from equity capital market (ECM) deals have reached $966m so far, bankers’ worst quarterly haul in six years.
Tencent leads Yipinshengxian’s $297m Series B funding round. (FS)
China-based fresh food retailer Yipinshengxian has raised a 2bn yuan ($297m) Series B round led by internet giant Tencent. Other investors that joined the round include Capital Today, Eastern Bell Venture Capital and Longzhu Capital, the investment arm of Chinese unicorn Meituan-Dianping.
The fresh capital will be used for the startup’s business expansion as well as to incorporate Tencent’s Smart Retail system, business insights from Capital Today, the delivery service of Meituan-Dianping and Eastern Bell’s logistics systems. Founded in 2013, Yipin’s retail services cover more than 10 Chinese cities. It aims to open up to 1k retail stores by the end of this year.
“Yipin adopts the partnership system to integrate supply chain resources through the partnership model to create an industrial chain information channel. Relying on big data and cloud computing, we aim to achieve end-to-end digitalization, which will realize the real integration of online and offline retail,” Jiang Jianfei its founder.
Grab in talks to spin off the financial service unit.
Southeast Asian ride-hailing company Grab is in talks with Ant Financial and PayPal to spin off its financial services business.
The spin-off could happen in the ‘coming months’. Ant Financial, meanwhile, said it was not involved in any talks with Grab. A successful partnership with Ant Financial will enable Grab Financial to tap Alibaba’s existing network of investments and alliances in the region including in Indonesia, Thailand, the Philippines, and Malaysia. Grab Financial has been actively rolling out new services. Earlier this month, its chief Reuben Lai announced new insurance and loan products.
CPPIB buys an additional stake in SBI Life for $166m from BNP Paribas. (FS)
Canadian Pension Plan Investment Board (CPPIB) has acquired additional shares in India’s SBI Life Insurance for about $166m, according to Bombay Stock Exchange.
As a result, BNP’s stake in SBI Life Insurance has further reduced to 8% from the previous 13%. SBI Life is a joint venture between State Bank of India, the country’s largest lender by assets, and BNP Paribas Cardif, a BNP unit.
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