Apollo-backed EmployBridge, a provider of technology-enabled, light industrial workforce solutions, completed the acquisition of Bluecrew, a human resources staffing solution provider, from IAC, an American holding company that owns brands across 100 countries. Financial terms were not disclosed.
"The role of our industry has never been more critical as employers continue to face widespread hiring challenges across sectors. Our clients and talent increasingly expect a seamless digital experience, and with the addition of Bluecrew, we will immediately accelerate our technological transformation to capture this growing demand while creating a flywheel to drive growth in the other areas of our business. Bluecrew brings a world-class team and a sophisticated, self-service product that will complement our own distinguished offerings, allowing us to provide an unmatched experience," Billy Milam, EmployBridge CEO.
EmployBridge was advised by Evercore, Houlihan Lokey, RBC Capital Markets, Paul Weiss Rifkind Wharton & Garrison and Joele Frank (led by Jonathan Keehner). IAC was advised by Morrison Cohen.
The Jordan Company-backed Sunny Sky Products, a dispensed beverage manufacturer of cold dispensed, completed the acquisition of GoodWest Industries, a manufacturer and supplier of low-acid aseptic beverages solutions, from Palladium Equity. Financial terms were not disclosed.
"GoodWest has experienced tremendous growth over the past few years, and its products and customer base are a natural fit for Sunny Sky. We look forward to welcoming GoodWest and its employees to the Sunny Sky family and are confident this partnership will better position us to scale our business and capitalize on our strong momentum. Additionally, we thank Palladium, who has been an excellent partner to GoodWest and has been instrumental in transforming the business into a world-class enterprise," W. Ashley Edens, Sunny Sky Products President and CEO.
Sunny Sky Products was advised by Kirkland & Ellis. The Jordan Company was advised by Prosek Partners. GoodWest Industries was advised by Lincoln International, Greenberg Traurig and Kekst CNC (led by Todd Fogarty).
Francisco Partners, an American private equity firm, agreed to invest in Glorious, a computer accessories manufacturer. Financial terms were not disclosed.
“We are excited to partner with Pat and Shazim on the next phase of Glorious’ growth journey. Shazim has done an exceptional job building Glorious’ brand and has shown an impressive dedication to understanding the needs of its enthusiast customers. We are thrilled to welcome Pat onboard at Glorious, and partner with the entire team to build and scale Glorious going into the future,” Alan Ni, Francisco Partners Partner.
Glorious is advised by Wedbush Securities and Brown Rudnick. Francisco Partners is advised by Kirkland & Ellis and Sloane & Company (led byWhit Clay)
Qenta, a fintech company, agreed to go public via a SPAC merger with Blockchain Coinvestors Acquisition I in a $622m deal.
Qenta aims to replicate its patented digital assets solution for soft commodities, fiat currencies, and carbon offsets in multi-asset wallets and continues the geographic expansion of its payments and capital & risk management services through organic growth and acquisition within the fintech vertical.
Blockchain Coinvestors Acquisition I is advised by Perkins Coie, Pillsbury Winthrop Shaw Pittman and Peaks Strategies.
CBRE Group, a commercial real estate service, and investment firm, completed the acquisition of Full Spectrum Group, a provider of expert technical support services for high-end laboratory systems, from Pfingsten Partners, a private equity firm, for $110m.
“We look forward to the combined expertise and opportunities that joining CBRE will bring to our respective clients and talented teams. The strength of CBRE’s global platform for integrated laboratory solutions and their commitment to technical excellence means our clients can continue to expect the highest level of advanced technical support, unmatched response times, and personal service delivered by our highly-trained team, allowing their lab managers to deliver reliable scientific results on time," Bob McLeese, Full Spectrum President and CEO.
Full Spectrum was advised by Lincoln International and Katten Muchin Rosenman. CBRE was advised by Simpson Thacher & Bartlett (led byMark Pflug).
Carlyle-backed CNSI, a provider of innovative healthcare technology products and solutions, agreed to merge with Kepro, a provider of technology-enabled care management, quality oversight, and clinical assessment services. Apax Partners will be exiting its investment in Kepro through this transaction. Financial terms were not disclosed.
"The combination of CNSI and Kepro aligns with the strategic objectives of both companies to deploy technology-enabled products, solutions, and services that help our clients achieve their mission and better serve their priority populations. I am excited about our ability to provide a full array of services and solutions that will help our clients meet the holistic health needs of those they serve," Todd Stottlemyer, CNSI CEO.
TSG Consumer Partners, an investment company, and Oak Hill Capital, a private equity firm, agreed to invest in The Wrench Group, a residential HVAC, plumbing, and electrical services provider. Leonard Green & Partners, along with management, will retain a majority interest in the company. Financial terms were not disclosed.
"As we look to enter this next phase of growth, we are excited by the opportunity to partner with TSG and Oak Hill to leverage their significant financial, digital, and operational capabilities and expertise. We are also thrilled that LGP is remaining a majority owner of our business, as the team has been instrumental to our success. We are committed to working with our investment partners to enhance our product and service offerings to meet the consumer's evolving needs while maintaining and enhancing long traditions of outstanding customer experience," Ken Haines, Wrench Group CEO.
TSG Consumer Partners is advised by Jefferies & Company and FGS Global. Oak Hill Capital is advised by Kekst CNC (led by Dawn Dover).
Revolution Capital Group, a middle market focused global private investment firm, agreed to acquire Contec, a electronic repair and cosmetic refurbishment services provider, from Garrison Investment Group, a middle market credit, distressed and asset based investor. Financial terms were not disclosed.
"We had a long and fruitful relationship with Garrison Investment Group and thank them for all the support over these past 10 years. We are very excited to have new ownership that shares our vision for the future of Contec and believe the Revolution Capital Group Team are a perfect fit for us," Joe Joy, Contec CEO.
Garrison Investment Group is advised by Republic Partners and Taylor English Duma. Revolution Capital Group is advised by Rimon Law.
Elevance Health, a health insurer, agreed to acquire BioPlus, a comprehensive specialty pharmacy, from Nautic Partners-backed CarepathRx, a provider of enterprise management systems for the healthcare industry. Financial terms were not disclosed.
"Since partnering with CarepathRx and Nautic, we believe BioPlus has had a far-reaching impact on our patients, prescribing partners, and payers and has achieved best-in-class patient satisfaction over the last three years. We thank the CarepathRx leadership and Nautic team for their support and partnership and look forward to continued growth," Mark Montgomery, BioPlus CEO.
Marcone-backed Munch's Supply, a wholesale distributor of HVAC equipment, parts, and supplies, completed the acquisition of BellSimons, a distributor of heating, air conditioning, plumbing, and refrigeration equipment. Financial terms were not disclosed.
"We have found a great partner in Marcone that shares our commitment to culture, values, and philosophy of customer-centered service. Through the combination of two premier organizations, we are excited to accelerate our growth together. I am also pleased to announce that Bob Casamento will lead the business moving forward along with our talented management team. We look forward to working with our new partners to grow the business," Floran Boland, BellSimons President.
BellSimons was advised by TM Capital. Marcone was advised by BMO Capital Markets and Weil Gotshal and Manges.
Zelis, a company modernizing the healthcare business, completed the acquisition of Payspan, a provider of healthcare electronic payment and reimbursement automation services. Financial terms were not disclosed.
"Zelis and Payspan have been key players in healthcare payments, offering innovative solutions to healthcare insurers, providers, and more recently, consumers. These two organizations coming together brings unprecedented visibility across the financial experience that will help us unlock the most abrasive aspects of the payment process. We're energized to evolve the healthcare business together," Amanda Eisel, Zelis CEO.
Zelis was advised by Kirkland & Ellis. Payspan was advised by Financial Technology Partners and Goodwin Procter.
IGP-backed MBS Highway, a mortgage technology solutions provider, completed the acquisition of ListReports, a real estate data insights and marketing platform. Financial terms were not disclosed.
“Our dedication to helping real estate professionals excel is unwavering. We want to see them evolve to be more instrumental than ever in driving consumers to live the American dream of home ownership. Our combined strengths will meet our industry’s most pressing challenges by continually bringing new solutions to real estate professionals," Ajay Shah, ListReports Co-Founder and CEO.
MBS Highway was advised by Shea & Co. ListReports was advised by Vista Point Advisors.
Sonoco Products, a diversified global packaging company, agreed to acquire the remaining 65% stake in RTS Packaging, a manufacturer of packaging and partition products, from WestRock Company, a manufacturer of corrugated and consumer packaging products, for $330m.
“These divestitures align with WestRock’s commitment to optimize its portfolio and focus our strategy on key end markets. I want to thank the teammates in RTS Packaging and our Chattanooga, Eaton, and Aurora mills for their numerous contributions to our success over the years. Looking forward, we remain committed to leveraging the power of our broad, diverse portfolio of sustainable paper and packaging solutions to serve our customers and provide value to our shareholders," David B. Sewell, WestRock CEO.
Keurig Dr Pepper, a non-alcoholic beverage company, agreed to invest $50m in Athletic Brewing Company, a non-alcoholic craft beer maker.
"Athletic Brewing is a winning brand in a rapidly growing beverage segment. Our investment reflects our interest and ability to move into exciting white spaces, including in the blurring of the alcoholic and non-alcoholic categories. We look forward to partnering with the Athletic Brewing team to help them scale the business," Bob Gamgort, Keurig Dr Pepper Executive Chairman.
Kimco Realty, a publicly traded owner and operator of open-air, grocery-anchored shopping centers, completed the acquisition of eight Long Island shopping centers for $376m.
“This acquisition was a rare chance to expand our presence in one of Kimco’s most highly desired markets, with a portfolio of irreplaceable real estate located in one of the most heavily trafficked, densely populated suburbs that offers high barriers to entry and affluent communities. The strength of our balance sheet, ample liquidity, and ability to provide a tax-efficient transaction for the seller put us in a prime position to be opportunistic when this multi-generational portfolio emerged. The acquisition also brings us closer to our target of 85% of the company’s annual base rent coming from grocery anchored centers," Conor Flynn, Kimco CEO.
Enavate Sciences, an operator of a biotech investment firm, led a $118m Series B funding round in Zenas BioPharma, a global biopharmaceutical company committed to becoming a leader in the development and commercialization of immune-based therapies, with participation from Longitude Capital, Vivo Capital, Rock Springs Capital, Perceptive Advisors, Agent Capital, Pivotal bioVenture Partners, Superstring Capital, Fairmount, Wellington Management, Tellus BioVentures, Quan Venture Fund, and Xencor.
“We are thrilled to support Zenas as an innovative leader in biotechnology as the team executes the clinical development plans for IgG4-RD and the robust pipeline of immune-based therapies so adeptly acquired through strategic business development. We believe Zenas will successfully commercialize innovative therapies to improve the lives of those facing autoimmune and rare diseases," James Boylan, Enavate Sciences CEO.
Georgian, a fintech company investing in high-growth technology companies, led a $100m Series C funding round in Xanadu, an operator of a quantum photonic platform, with participation from Porsche, Forward Ventures, Alumni Ventures, Pegasus Tech Ventures, Silicon Valley Bank, Bessemer Venture Partners, Capricorn, BDC Capital, and Tim Draper.
"The continued support from top-tier investors in this uncertain economic climate is a testament to the belief in our exceptional team, our photonic technology, and our ability to execute," Christian Weedbrook, Xanadu Founder and CEO.
Crypto exchange Binance reversed course on a rescue offer for FTX, a cryptocurrency derivatives exchange, leaving the prominent digital firm with an uncertain future as it faces a shortfall of up to $8bn.
Binance chose not to go ahead with the non-binding offer after reviewing the company's finances. Sam Bankman-Fried, FTX Founder and CEO, said he needs emergency funding because of customer withdrawal requests received in recent days, the people familiar with the matter said. Those requests sparked a debilitating liquidity squeeze, WSJreported.
"In the beginning, our hope was to be able to support FTX's customers to provide liquidity, but the issues are beyond our control or ability to help," Binance.
Forbes in exclusive talks to sell to family office consortium.
Forbes Media is in exclusive discussions with an investor group that could put the magazine publisher in the hands of a new owner, Bloombergreported.
The interested buyer is a consortium of family offices and foreign investors “that is strategically aligned with the Forbes executive team and our goals for growing the company,” Bill Hankes, Forbes spokesman.
Brookfield has $125bn to invest as CEO sees recession. (FS)
Brookfield Asset Management’s earnings declined as volatile markets weighed on valuations of private assets, but the firm says it’s still on track for its biggest year of fundraising ever.
Brookfield has launched fundraising for an opportunistic credit fund that it expects to be more than $16bn, according to a letter to shareholders from Chief Executive Officer Bruce Flatt. Its fifth flagship infrastructure fund stands at $21bn and it has closed a real estate fund with $17bn, Bloombergreported.
Sequoia marks down its investment in embattled crypto bourse FTX to zero. (FS)
Sequoia Capital has marked down its investment in the embattled crypto exchange FTX to zero, DealStreetAsiareported.
“Sequoia Capital’s exposure to FTX is limited. We own FTX.com and FTX US in one private fund, Global Growth Fund III. Our $150m cost basis accounts for less than 3% of the committed capital of the fund,” Sequoia Capital. The $150m loss is offset by the roughly $7.5bn realised and unrealised gains of the same fund, Sequoia added.
Brighton Park Capital completes second fundraise with $1.8bn of commitments. (FS)
Brighton Park Capital Management, an investment firm that specializes in collaborating with software, healthcare, and tech-enabled services businesses, today announced that it has completed a $1.8bn fundraise for Brighton Park Capital Fund II and related vehicles, exceeding its target of $1.5bn.
“Amid today’s uncertainties, we continue to find highly disruptive, entrepreneur-inspired growth companies. The team at Brighton Park is committed to making a real difference in supporting the global aspirations of our portfolio companies. Our firm’s focus on helping to build great management teams, developing innovative products and services, and providing extraordinary customer success is at the core of everything we do as a business and capital partner,” Mark Dzialga, Brighton Park Capital Managing Partner.
HighBrook investors closes fund IV oversubscribed at $632m. (FS)
HighBrook Investors, a deep value-oriented real estate firm investing in Europe and the US, announced the closing of its most recent fund, HighBrook Property Fund IV. The oversubscribed Fund closed significantly above its target at $632m.
“We are grateful to both our existing and new limited partners for their strong support and commitment to HighBrook, particularly in a challenging economic environment. Their support allows us to continue our nimble yet highly focused investment approach with an emphasis on preservation of capital while capitalizing on high-quality value opportunities,” Brian Carr, HighBrook Investors Managing Partner.
A top-five investor in Aveva plans to reject Schneider Electric’s highly opportunistic takeover of the software developer because the £9.5bn ($9.5bn) offer price fails to take into account its future potential.
Hedge fund Davidson Kempner, which has built a 3.8% stake in Aveva, said in a statement that it has deep concerns about both the deal and how the company’s board is handling the process,FTreported.
Ambienta, an investment company, agreed to acquire a majority stake in LÄSSIG, a manufacturing company, from ARCUS Capital, a private equity company, and BE, a private equity investment firm. Financial terms were not disclosed.
“With its strong and engrained commitment to sustainability and its successful strategy of growth and international expansion, LÄSSIG is an ideal fit for Ambienta. The company is a pioneer, not only with innovations that meet the needs of families, but also with its focus on resource efficiency, use of recycled materials and the longevity of products. We want to pursue and build on this approach together with the company’s founders, using Ambienta’s unique know-how to shape and further accelerate LÄSSIG’s growth strategy,” Hans Haderer, Ambienta Partner.
Ambienta is advised by ERM Group, Houlihan Lokey, KPMG, OMMAX Digital Solutions, Noerr and Tancredi. LÄSSIG is advised by ox8 Corporate Finance.
NB Renaissance, a private equity general partner firm, agreed to invest in Neopharmed, a provider of research, development, and distribution of medicines. Ardian reinvests and, together with NB Renaissance, jointly holds a majority stake with equal shares. Mediolanum Farmaceutici will maintain a significant stake in the company. Financial terms were not disclosed.
"We are extremely proud of the relationship established with Alessandro Del Bono and with the entire management team of Neopharmed Gentili. As a result of our partnership, the company has achieved brilliant results over the past four years, and we are convinced there are numerous continued growth opportunities in Italy and abroad. We believe that this partnership with NB Renaissance will facilitate further consolidation and international development while safeguarding the current corporate culture," Nicolò Saidelli, Ardian Member of the Executive Committee, Head of Ardian Italy and Deputy Head of Buyout.
Solutions, a provider of information technology services, agreed to acquire Contact Center Company, a provider of outsourcing and BPO services, from Startek, a global provider of technology-enabled business process outsourcing solutions, and Saudi Telecom Company, a provider of telecommunication services, for $120m.
The completion of the proposed acquisition is subject to the negotiation and execution of definitive documentation and satisfaction of the conditions therein, including completion of any required stock exchange and regulatory review, final approval of the transaction by the board of directors of each of the company, Solutions and STC and receipt of various third-party consents.
Nexans, a global company in the cable and optical fiber industry, agreed to acquire Reka Cables, a cable manufacturer, from Reka Industrial, a private equity firm, for $53m.
"With a deep commitment to energy transition and carbon neutrality, Reka Cables is fully aligned with the Group's strategic ambition to become a Pure Electrification Player committed to contribute to carbon neutrality by 2030. This premium Finnish operation will further contribute to Nexans' ability to serve our Nordic customers with high-quality and safe cables in the region. I am convinced that these operations will benefit the teams of both Reka Cables and Nexans, with synergies and development opportunities ahead of them," Christopher Guérin, Nexans CEO.
ALDI Nord, a privately-owned company that owns and operates discount supermarket stores across Europe, agreed to acquire Altmühltaler Mineralbrunnen, a manufacturer and bottler of mineral water and non-alcoholic soft drinks in Germany. Financial terms were not disclosed.
"The Altmühltaler Mineralbrunnen Group has been one of our most important suppliers of mineral water and soft drinks for many years. Accordingly, the offer of the family-run company convinced us in an overall tight market," Jürgen Schwall, ALDI North Chief Purchasing Officer.
Credit Agricole regional owners to boost stake by $1bn.
Credit Agricole said its regional-bank shareholders would buy up to €1bn ($1bn) of the lender’s shares by the first half next year, in a move that takes advantage of depressed prices amid worries over the economic outlook,Bloombergreported.
The Paris-based bank said the regional lenders, through the holding entity SAS Rue La Boetie, would increase their stake to not more than 65% of its shares, instead of roughly 57% today. Credit Agricole made the announcement Thursday alongside mixed third-quarter results, in which net income beat expectations, while its CET1 ratio, a key measure of financial strength came in lower than expected.
Prosus gives up $403m stake in Russia’s VK social network.
Prosus gave up its stake in Russia’s largest social network for nothing, walking away from a company run by an executive under US sanctions.
VK sold the shares acquired from the Dutch e-commerce company to its management team at market price in a deal valued at $403m, Bloomberg reported.
Ukraine gives green light for Lazard to advise Naftogaz.
Ukraine's government has given the green light for financial advisory firm Lazard to advise state energy company Naftogaz on its debt restructuring plan, Reutersreported.
A resolution published on the government portal late on Wednesday said the cabinet had decided to approve the conclusion of an agreement between the joint-stock company Naftogaz of Ukraine and the company Lazard.
Russia will not postpone Otkrytie sale, central bank says.
Russia does not intend to postpone the sale of bailed-out lender Otkritie to Russia's second biggest bank VTB, central bank governor Elvira Nabiullina said.
She said that she is confident the deal will be completed before the end of the year, Reutersreported.
Saudi wealth fund plans to sell 10% stake in stock exchange. (FS)
Saudi Arabia’s sovereign wealth fund is selling an additional 10% stake in the kingdom’s stock exchange, pushing ahead with plans to reduce its holdings in some of the country’s biggest companies and raise funds for investments.
PIF is offering 12m shares in Saudi Tadawul Group.Based on the closing price of SAR209.60($55.81), the deal could raise about SAR2.52bn ($669m). The price will be determined through an accelerated book-building process, which started immediately and the results will be announced,Bloombergreported.
Ardian raises €5bn for fifth-generation private credit platform. (FS)
Ardian, a world-leading private investment house, has raised €5bn for its fifth generation private credit platform. It will seek to provide alternative, flexible financing to mid-market businesses across Europe.
The €5bn ($5.02bn) platform is well in excess of the initial €4bn($4bn) target size and represents a 70% increase from the previous generation, which raised €3bn($3.01bn) in 2020. This reflects the rapid growth of Ardian Private Credit and strong investor appetite for exposure to high quality private credit investment opportunities. It also demonstrates increased opportunities across Europe for private credit providers, as mid-market businesses seek alternative financing amid continued bank retrenchment.
TruArc Partners-backed Molded Devices, a plastic processing firm, agreed to acquire GlobalMed, a medical tubing and extrusion manufacturer, and Schauenburg‐Truplast, a certified medical extrusion and tubing contract manufacturer for GlobalMed, from Schauenburg Technology, a plastic hose technology provider. Financial terms were not disclosed.
"The combination of GlobalMed with MDI further deepens our capabilities for medical device OEMs in line with our global growth strategy. Our current expertise in various molding technologies combined with GlobalMed's extrusion expertise in the design, development, and production of highly engineered extrusions for specialized medical applications and devices will allow us to provide an expanded set of injection molding, extrusion, design, development, and assembly capabilities to our customers around the world," Gregg Tobin, MDI President and CEO.
Molded Devices is advised by SVB Securities, Davis Polk & Wardwell (led by Evan Rosen) and Greentarget. GlobalMed and Schauenburg‐Truplast are advised by PricewaterhouseCoopers, Houlihan Lokey, Westend Corporate Finance, Fasken and Junhe.
Triple Flag, a pure play, gold-focused, streaming and royalty company, agreed to acquire Maverix Metals, a clean-tech metals recycling company, for $606m.
“The merger of Maverix and Triple Flag represents that rare opportunity to combine the best with the best. Since their respective inceptions, roughly 6.5 years ago, both companies have steadfastly stuck to their objectives of building pure play precious metals streaming and royalty companies, while simultaneously exercising prudent financial discipline,” Geoff Burns, Maverix Founder and Chairman.
Maverix Metals is advised by CIBC World Markets, Raymond James, Blake Cassels & Graydon and Davis Graham & Stubbs. Triple Flag is advised by National Bank Financial, Torys and Camarco (led by Gordon Poole).
Brookfield Renewable, an owner, operator and developer of renewable power, and EIG-backed MidOcean Energy, an LNG company, offered to acquire Origin Energy, an electricity and natural gas retailer, for $11.9bn.
“This proposal confirms that Origin, its operations and management team represent a highly strategic platform, wellplaced to benefit from the energy transition. Our confidence in Origin’s prospects underscored our engagement with the Consortium and delivered a material increase on their initial offer. While the due diligence process advances, we will remain focussed on the successful execution of our strategy,” Scott Perkins, Origin Chairman.
Origin Energy is advised by Barrenjoey Capital Partners, Jarden and Herbert Smith Freehills.
TPG-backed insurer Singlife on hunt for Southeast Asia deals. (FS)
Singapore Life, the insurer that has grown through acquisitions, is on the lookout for more assets to buy, particularly in the Southeast Asian markets of Indonesia and Vietnam.
The Singapore-based firm, with its sights set on being a regional player, is also eying an initial public offering within five years, its group chief executive officer Pearlyn Phau said in an interview, Bloombergreported.
Indonesia plans to task OJK with crypto market regulation.
Indonesia plans to move the regulation, supervision, and oversight of cryptocurrency investments to the Financial Service Authority to better protect investors, its finance minister said.
The Trade Ministry and the Commodity Futures Trading Regulatory Agency jointly oversee cryptocurrency in Southeast Asia’s largest economy, where there has been a boom in such investments, DealStreetAsiareported.
Global PE giant TPG hits $3.4bn first close for new Asia fund. (FS)
US-based alternative investment firm TPG has completed a $3.4bn first close of its latest Asia fund, which targets a $6bn corpus, the firm said during its Q3 2022 earnings call, DealStreetAsiareported.
TPG Capital Asia VIII was launched earlier this year, three years after the firm raised $4.6bn for its seventh Asia-focused buyout vehicle. TPG said it has raised more than $8bn in total during Q3 2022 and $29bn over the last 12 months, including the fundraises for its flagship TPG Capital Partners fund as well as the Healthcare Partners and Rise strategies.
Singapore's CapitaLand builds $552m funds to invest in China's business parks. (FS)
Singapore-based CapitaLand Investment, a global real estate investment manager, has set up new RMB-denominated funds with about RMB4bn ($552m) in total managed capital to invest in business park opportunities in China.
CapitaLand, which started RMB fundraising and management in June 2021, established the RMB380m ($52m) China Business Park Core RMB Fund I and the RMB3.2bn ($441m) China Business Park Core RMB Fund II as its first series of business park private funds in China, DealStreetAsiareported.
NIIF, JBIC sign pact to enhance Japanese investments in India.
National Investment and Infrastructure Fund has signed a deal with Japan Bank for International Cooperation to promote Japanese investments in India by establishing a bilateral India-Japan Fund,DealStreetAsia reported.
The partnership is aiming for an investment of around $500-700m in the IJF. JBIC and the Government of India will invest in the India-Japan Fund, which will make equity investments in environmental preservation and low carbon emission strategies.
Citi’s Japan investment bank co-head is said to leave. (People)
Citigroup’s investment banking co-head for Japan Hirotaka Kato has left the US lender, Bloombergreported.
Kato, who also served as financial institutions group head for Japan, exited recently. A representative for Citigroup declined to comment, while Kato couldn’t be reached for comment.
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