Callon Petroleum, an independent energy company focused on the acquisition and development of unconventional onshore oil and natural gas reserves in the Permian Basin, acquires Carrizo Oil & Gas, a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas for $3.2bn.
Under the terms of the agreement, Carrizo shareholders will receive a fixed exchange ratio of 2.05 Callon shares for each share of Carrizo common stock they own. This represents $13.12 per Carrizo share based on Callon's closing common stock price on July 12 and a premium of 18% to Carrizo's trailing 60-day volume-weighted average price.
"We are excited about this transformational transaction, creating a differentiated oil and gas company by integrating core asset bases in premier basins. Together with Carrizo, we will accelerate our free cash flow, capital efficiency and deleveraging goals through an optimized model of large-scale development across the portfolio." Joe Gatto, Callon President, and CEO.
Lazard, RBC Capital Markets, and Baker Botts are advising Carrizo. JP Morgan and Kirkland & Ellis are advising Callon. JP Morgan and Bank of America Merrill Lynch are the debt providers for Callon.
Mountaingate Capital, a leading middle-market private equity firm, completed the acquisition of RevUnit, a premier digital strategy and product studio helping enterprises digitally transform operations. Financial terms were not disclosed. RevUnit is partnering with Mountaingate to accelerate its growth organically as well as through strategic acquisitions.
“We are very excited to partner with RevUnit’s deep and passionate leadership team. RevUnit is a forward-thinking leader in helping clients digitally transform operations to make significant progress in productivity, efficiency and employee engagement,” Bennett Thompson, Mountaingate Managing Director.
Equiteq and Hogan Lovells are advising RevUnit. Kirkland & Ellis is advising Mountaingate. CIBC is the debt provider to Mountaingate.
Gemspring Capital, a middle-market private equity firm, acquires a majority stake in Rapid Displays, a leading provider of point-of-purchase displays and related services. Financial terms were not disclosed.
“I, along with my team at Rapid, am excited to partner with Gemspring. Their partnership-oriented approach is perfectly suited to Rapid. With Gemspring’s investment and support, I look forward to ensuring that Rapid continues to deliver innovation and the same high-quality service that our customers have come to expect.” David Abramson, Rapid Displays CEO.
Acorn Growth Companies, a private equity firm investing exclusively in aerospace, defense, and intelligence, announced the acquisition of Black Sage Technologies, the market leader in the development, integration, and deployment of counter-unmanned aircraft systems solutions. Financial terms were not disclosed.
“The acquisition of Black Sage strengthens our already robust defense portfolio of businesses focused on protecting the interests of the United States and its allies,” said Rick Nagel, managing partner of Acorn Growth Companies. “Black Sage is truly ahead of its competition in this highly fragmented space, already delivering integrated identification and defeat services across the globe. We see significant growth potential for this market segment.”
Volkswagen agreed to join Ford in investing in Argo AI, the autonomous vehicle platform company, at a $7bn valuation. Tie-up allows both automakers to independently integrate Argo AI’s self-driving system into their own vehicles, delivering significant global scale.
“While Ford and Volkswagen remain independent and fiercely competitive in the marketplace, teaming up and working with Argo AI on this important technology allows us to deliver unmatched capability, scale and geographic reach,” Ford President and CEO Jim Hackett said. “Unlocking the synergies across a range of areas allows us to showcase the power of our global alliance in this era of smart vehicles for a smart world.”
Entegris, a leader in specialty chemicals and advanced materials solutions for the microelectronics industry, acquires MPD Chemicals, a provider of advanced materials to the specialty chemical, technology, and life sciences industries, for $165m.
This acquisition will continue to grow and diversify Entegris’ engineered materials portfolio, which was recently expanded with the acquisition of Digital Specialty Chemicals.
“Acquiring MPD Chemicals demonstrates our commitment to enabling the semiconductor technology roadmap through investments in purification, delivery, and advanced materials,” said Bertrand Loy, president and CEO of Entegris. “The deposition material market is one of the fastest growing market segments in semiconductor applications, driven by the adoption of new materials and more complex, chip architectures. Our recent investments in this space expands our ability to provide our customers the manufacturing scale and capabilities to enable their most demanding applications.”
Lendbuzz, a fintech company that aims to disrupt the existing car financing market using machine learning algorithms, secured an additional $150m in debt and equity financing. The equity funding round was led by 83North with significant participation from existing investors. The debt funding was led by BHI, ConnectOne Bank, IDB Bank, Viola Credit, and a large insurance company. This raise follows a $30m debt funding round that was completed only 12 months ago.
Lendbuzz’s financing model - powered by machine learning and proprietary algorithms - allows it to better assess the creditworthiness of consumers with limited US credit history, who are underserved by traditional banks despite their potentially high creditworthiness — operating within the auto lending space, the company partners with auto dealerships to offer customers attractive financing solutions.
“We developed a unique underwriting platform based on alternative data points to evaluate credit risk. Our AutoML Deep Neural Network system is continuously improving and allows us to evaluate the true credit risk for people with a limited credit file or missing FICO score.” Dr. Dan Raviv, co-founder, and CTO of Lendbuzz.
Regimen Equity Partners invests in K&C Silviculture, Canada’s largest commercial, single site forest seedling nursery providing a growing, cold storage, and logistics services. Financial terms were not disclosed.
Regimen purchased an interest in the company in partnership with Brad Powell, a widely recognized and respected leader in the forest seedling industry, who has been leading the K&C for the past 30 years. K&C is Regimen’s sixth platform investment and first in Canada’s forestry industry.
“I am proud of what we have accomplished at K&C, in both the industry and with our top-quality team, and look forward with great enthusiasm to the next chapter working with Regimen,” Brad Powell.
Private equity firm Altacrest Capital acquired Corganics, the maker of a leading natural topical pain analgesic cream, Relief. Financial terms were not disclosed.
Altacrest partner Tim Laczkowski said: “We are very excited to bring another high-quality consumer brand into the Altacrest portfolio. We know how enthusiastic current Relief customers are about the effectiveness of the product. For years, extremely credible members of the medical community have adopted the product as their pain relief solution of choice. Our job is to leverage this enthusiasm for the product and get it into the hands of consumers much more broadly.”
Ezlo Innovation, a global leader in the development of smart solutions for homes and businesses, acquired Alabama-based Centralite Systems, maker of the Centralite line of consumer and white-labeled smart home devices. Financial terms were not disclosed.
“We continue to strategically grow our family of brands to move the smart home market closer to a world where products just work,” said Mark Samuel, CEO of Ezlo Innovation. “As many brands today are reducing the number of devices with which they integrate, we’re taking the opposite approach. By adding Centralite to our product portfolio, we will accelerate the integration process for our customers and make it easier for them to choose which products they want to use for their smart home systems, rather than having those decisions made for them.”
Salem Investment Partners invested in Tiff’s Treats, the creator of the warm, fresh-from-the-oven cookie delivery concept. Salem’s capital will support future store locations in existing and new markets, as well as continued investment in the company’s proprietary technology. Financial terms were not disclosed.
“Our partnership with Salem Investment Partners will be instrumental in enhancing and fine-tuning our in-house technology that contributes to our rapid growth and highly rated customer satisfaction,” said Tiff’s Treats co-founder Leon Chen. “Hitting 50 stores and entering the North Carolina market this year are meaningful achievements for us,” said co-founder Tiffany Chen. “We look forward to continued growth in this market and others with the support of our investors and loyal customers.”
Givex, the cloud-based customer engagement solutions provider, acquired Easy Information Solutions, the distributor and reseller of point of sale, accounting and administrative systems to hotel and restaurant brands in Mexico. Financial terms were not disclosed.
“We’ve supported gift card clients in Mexico for many years,” says Don Gray, CEO of Givex. “The time is right for us to expand our local presence here and demonstrate to retail and hospitality merchants how our integrated technology can speed up operations and create new revenue opportunities. I am very pleased to have found our ideal partner in the Easy Information Solutions team. They are the right people to bring Givex POS to market and help us grow our brand in Mexico.”
First Aviation Services, a leader in component maintenance, repair and overhaul for military, corporate and regional aircraft, acquired Aviation Blade Services, a worldwide leader in helicopter rotor blade repair, overhaul and modification. Financial terms were not disclosed.
Leonard Peterson, President of ABS said, "We are pleased to join the First Aviation Services group of companies with their extensive engineering and certification expertise and we are excited about our growth together."
AbbVie, a leading global research and development-based biopharmaceutical company acquires Mavupharma, a privately held biopharmaceutical company focused on novel approaches to target the STtimulator of Interferon Genes pathway for the treatment of cancer. Financial terms were not disclosed.
"AbbVie has built a leadership position in oncology and their world-class capabilities will enable the accelerated development of our pipeline of STING modulators," Michael Gallatin, Mavupharma Co-Founder.
Symantec and Broadcom terminate deal talks.
Symantec and Broadcom, two American software and technology companies, ceased their deal negotiations. The firms were discussing a potential deal, under which Broadcom would pay $28 per Symantec share. Symantec reportedly would not accept less than $28 a share, a price Broadcom deemed to high after conducting due diligence on the target.
Symantec shares dropped 12.8% to $22.30 in response to the news.
Apollo considers buying debt to control Sanchez Energy. (FS)
Apollo Global Management is weighing an investment in struggling oil producer Sanchez Energy's debt, Bloomberg reported.
Apollo is among the potential investors that may buy Sanchez's debt to take control of the company as part of a restructuring. The Sanchez family could keep a minority interest under the new shareholding structure.
Gilead Sciences, a leading antiviral drugmaker, acquires Galapagos, a leading biotechnology company, specialized in the discovery and development of small molecule medicines, for $5.1bn.
Galapagos will receive a $3.95bn upfront payment and a $1.1bn equity investment from Gilead. Galapagos will use the proceeds to expand and accelerate its research and development programs. Gilead will receive an exclusive product license and option rights to develop and commercialize all current and future programs in all countries outside Europe. Galapagos soared as much as 18% on Monday, reaching a record $168.6 a share in Amsterdam trading.
“We are excited to enter into this unique agreement, which will generate both long-term strategic value and mutual, immediate benefits. We chose to partner with Galapagos because of its pioneering target and drug discovery platform, proven scientific capabilities and outstanding team,” Daniel O’Day, Gilead Chairman, and Chief Executive Officer.
Moelis & Co, Morgan Stanley, Baker McKenzie, and Linklaters are advising Galapagos. Barclays, Centerview Partners, Lazard, Covington & Burling, Eubelius, and Skadden Arps Slate Meagher & Flom are advising Gilead.
Ardagh Group has agreed to combine its Food & Specialty Metal Packaging business with the business of Exal, a leading producer of aluminum containers, to form Trivium Packaging, a global leader in metal packaging. Financial terms were not disclosed.
The combination of Food & Specialty with Exal, currently controlled by the Ontario Teachers' Pension Plan Board, will create one of the largest metal packaging companies in the world. Trivium will be headquartered in the Netherlands and will operate 57 production facilities, principally across Europe and the Americas, employing approximately 7.8k people.
"Ardagh is delighted to partner with Ontario Teachers' as shareholders in Trivium, a combination of two highly complementary and well-invested businesses. Trivium has the products, customers, innovation capabilities, and leadership team to deliver continued growth and success, as brand owners and consumers increasingly seek sustainable packaging solutions." Paul Coulson, Chairman, and CEO of Ardagh and Chairman of Trivium.
Ontario Teachers' Pension Plan Board is advised by BMO Capital Markets, Evercore, and Weil Gotshal and Manges. Ardash Group is advised by Citigroup and Shearman & Sterling.
Battery Ventures, a global, technology-focused investment firm, acquires 1WorldSync Holdings, a leading software-as-a-service network that enables brands to securely and continuously share critical product data from GS1 Germany. Financial terms were not disclosed.
“Since its inception, 1WorldSync has been a pioneer in the competitive product content marketplace by providing customers with solutions that grow cross-channel sales, drive efficient content syndication and enable compliance and product transparency,” said Karin Borchert, CEO, 1WorldSync. “We look forward to collaborating with Battery Ventures to build on those many successes and believe that this is an exciting time for the growth trajectory of the company.”
Needham & Co and Locke Lord are advising 1WorldSync. Cooley is advising Battery Ventures. DLA Piper is advising GS1 Germany.
Equistone, the European mid-market private equity investor, agreed to acquire FirstPort, a leading UK residential property management company, from Epiris and Chamonix Private Equity. Financial terms were not disclosed.
Tim Swales, Partner at Equistone Partners Europe, said: “In recent years, FirstPort and its talented management team have successfully delivered an impressive growth plan and demonstrated their unwavering commitment to providing high-quality customer service. Our investment in the business will support FirstPort on its comprehensive digital transformation programme and help to further enhance its customer service offering. We look forward to working with Nigel, his team and all FirstPort employees to extend the company’s growth trajectory, by deepening existing client relationships, tapping into other areas of the residential property management market and supporting targeted strategic acquisitions.”
Deloitte and Travers Smith are advising Equistone. Ropes & Gray is advising FirstPort.
Old Mutual Private Equity-backed Footgear, a leading retailer of clothing and accessories, acquires Edgars Active and High Key, a popular retailer of branded sports and casual clothing and footwear, from Edcon Holdings. Financial terms were not disclosed.
The transaction remains subject to conditions precedent, including regulatory approvals. The deal would give Footgear 180 stores and help Edcon restructure debt after it secured $191m to recapitalize the business in March. Edcon is seeking to simplify its offering by reducing the number of different store brands it operates and reduce floor space following a bailout from investors and landlords.
“Footgear’s acquisition of Edgars Active and High Key will significantly enhance the retailer’s scale and footprint across Southern Africa, effectively tripling the existing store base and on track to reaching a network of 200 stores. We look forward to supporting the management team as they roll out Footgear’s highly successful formula across all of the newly acquired stores.” Chumani Kula, OMPE Investment Principal.
LaFargeHolcim, Europe’s biggest cement maker, acquires Somaco Group, one of Romania’s largest precast concrete producers. Financial terms were not disclosed. The transaction is subject to regulatory approvals and is expected to close in Q4 2019.
"This is our sixth bolt-on acquisition this year and we are delivering on our commitment to further develop our Solutions & Products business segment as part of Strategy 2022 – ‘Building for Growth’. The acquisition enables LafargeHolcim to enter Romania’s fast-growing precast concrete market and to become an integrated solutions provider for our local customers.” Jan Jenisch, LafargeHolcim CEO.
Bidvest acquired 100% of Eqstra Fleet Management and Logistics from enX for $222m. The Acquisition is subject to shareholders and regulatory approvals.
Eqstra is a comprehensive fleet leasing and management solutions business, mainly to the corporate sector. The Acquisition of Eqstra is in line with Bidvest's stated strategic intent to focus Bidvest Bank on its fleet management niche. Bidvest is uniquely positioned to offer a cradle-to-grave fleet solution through Bidvest Bank and the Automotive division.
Standard Bank, Werksmans and Investec are advising Bidvest.
Lubrizol acquires Bavaria Medizin Technologie, an innovative designer, and manufacturer of intravascular and nonvascular devices, from its current majority shareholder Custos Vermögensverwaltungs. Financial terms were not disclosed.
The acquisition of BMT expands Lubrizol’s product design, development, and manufacturing expertise and provides access to proprietary catheter and balloon technologies.
“Lubrizol continues to invest in opportunities that position us as a full-service development partner for innovative OEMs in the interventional space,” Uwe Winzen, General Manager of Lubrizol LifeSciences.
KKR interested in making an offer for Nielsen. (FS)
KKR is reportedly interested in making a $30 per share offer to acquire Nielsen, a British information, data and measurement firm. The offer would value Nielsen at approximately $11bn, representing a 23% premium. The firm has been recently pushed by its minority shareholder Elliott Management to pursue a sale.
Home Credit considers more than $1bn Hong Kong IPO.
Consumer lender Home Credit filed for a Hong Kong initial public offering, that could raise more than $1bn, just three days after AB InBev shelved the listing of its Asian business, Reuters reported.
Home Credit joins several prominent international companies which have made Hong Kong listing plans. UK-based data center operator Global Switch is also aiming to raise to $1bn in a Hong Kong IPO. The Prague-based lender, controlled by Czech financial group PPF, plans to go public in late September, becoming the latest non-Asian company choosing to list in Hong Kong.
GSK appoints Jonathan Symonds as chairman. (People)
GlaxoSmithKline is to hire Jonathan Symonds, a former finance director at rival drugmakers AstraZeneca and Novartis, as its new chairman to oversee a break-up of the UK pharmaceuticals group.
The appointment of Mr. Symonds, who is currently deputy group chairman of HSBC, will end a six-month search for a replacement for Sir Philip Hampton, who has been non-executive chairman of GSK since 2015.
ROXi Music plans for new product launches as it is closer to IPO.
ROXi Music, the makers of the home-based music streaming device ROXi, said it had chosen investment bank Arden Partners as it prepares for an initial public offering in the fourth quarter of 2019. The offering is aimed at the alternative investment market of the London Stock Exchange.
PE firms lines up to invest in a new generation of network challengers. (FS)
A wave of fiber broadband sell-offs is gathering pace across Europe as some of the world’s biggest private equity firms line up to cash in on a new generation of network challengers, The Telegraph reported.
As more homes and businesses swap old copper wiring with ultra-fast fiber-optic cables, investors are making large bets on “altnets,” which provide an alternative to traditional networks such as Openreach. Deals involving broadband providers have accelerated in the past two years. KCOM, Manx Telecom and CityFibre have all been taken private on lofty valuations, while Sir Charles Dunstone, the founder of TalkTalk, is seeking outside funding for a broadband challenger to BT.
Son of Russian billionaire Said Kerimov acquired a stake in Market Special Depository, an ex-Sberbank subsidiary. (FS)
The son of businessman Suleiman Kerimov Said acquired a stake in the Market Special Depository, which previously belonged entirely to Sberbank, Interfax reported. He became the owner of 49% of the structure through the company Grandeco.
Through Grandeko, Karimov also owns other assets, including Makhachkala Airport (100%) and National Cinema Network (99.99% belong to Grandeko and 0.01% to Kerimov himself). Suleiman Kerimov is one of the wealthiest politicians in Russia, now a senator from Dagestan. Forbes estimated his fortune in 2019 at $ 6.3bn.
Emin Agalarov to acquire the glossy magazine - OK! (FS)
Vice-President of Crocus Group and singer Emin Agalarov are to acquire the glossy magazine - OK!, RBC reported. The terms of the deal would be finalized and presented to the public soon. The magazine was put on sale in August 2018, when the previous owner - Magomed Mysaev wanted to divest it.
"To my perspective, Emin Agalarov is the ideal owner of the Russian version of OK! He possesses other assets in the media sphere, such as magazine and radio station "Zhara," which are very successful." Magomed Mysaev said.
IDN Media, a multi-platform media company for “millennials and Gen Z in Indonesia”, acquires GGWP ID to mark its entry into the fast-growing e-sports industry. Financial terms were not disclosed.
As per the deal, Founder Ricky Setiawan will continue to be the CEO of GGWP ID.
“We believe that the e-sports phenomenon has just begun. With GGWP ID, we envision to create the biggest and most impactful e-sports company in the region for Millennials and Gen Z.” Winston Utomo, IDN Media Founder & CEO.
Odyssey Private Equity, a leading private equity investment firm, acquires a minority stake in FRANKiE4, a leading Australian shoemaker distributor and retailer. Financial terms were not disclosed.
The deal comes as Odyssey is in the final stages of negotiating a sale of Lorna Jane. Odyssey’s founders include three former directors at CHAMP Ventures. The dealmakers took a 40% stake in Lorna Jane in 2010.
"We got to the stage where we wanted to entertain the idea of partnering up with a party that had the skills that [husband and co-owner] Alan and I didn't have to take FRANKiE4 to the next level. And Odyssey which has success with expanding portfolio companies such as Lorna Jane ticked all the boxes." Caroline McCulloch, FRANKiE4 Co-Founder.
Elders entered a scheme of implementation to acquire 100% of Australian Independent Rural Retailers shares on issue by way of a scheme of arrangement A$10.8 ($7.5) per share.
Australian Independent Rural Retailers is involved in supplying a wide range of agricultural products and services to its members. The Acquisition consideration comprises 50% cash and 50% Elders scrip with a mix and match facility provided to AIRR shareholders. The Acquisition values AIRR at A$157m ($109m) on an equity value basis and A$187m ($130m) on an enterprise value basis.
“Acquiring AIRR will give Elders a national wholesale platform. By preserving the continuity of AIRR’s key management team and independent identity through a light touch integration, AIRR will continue to deliver the benefits to its independent members who have enabled it to achieve a track record of consistent growth. By working with AIRR, we look forward to further enhancing AIRR’s offering to its diverse customer base and continuing to grow the business together.” Mark Allison, Managing Director, and CEO.
Macquarie Capital and MinterEllison are advising Elders.
Indian food delivery unicorn Swiggy is in talks with several Korean funds including Korea Investment Partners, Mirae Asset Management, STIC Investments, and Neoplux to raise to $500m in the financing, The Economic Times reported.
The round is expected to be led by its existing investors, South African internet giant Naspers, and China's Tencent Holdings. Naspers is also the largest investor in Swiggy with about a 36% stake.
New Zealand's sovereign wealth fund NZ Super Fund is investing in a $202m hotel portfolio managed by local construction company Russel Group and private investor Lockwood.
"The phased investment, which is subject to normal closing conditions, includes the Four Points by Sheraton and Adina Auckland Britomart in Auckland, the BreakFree Hotel in Christchurch, and an intention to acquire and develop additional sites," the fund said.
Australia's AMP drops $2.3bn insurance sale after New Zealand Central Bank intervention. (FS)
Australian wealth manager AMP said it would likely drop the A$3.3bn ($2.3bn) sale of its life insurance unit after the intervention of New Zealand's central bank, raising concerns about its recovery strategy and sending its shares tumbling.
Abandoning the deal would represent a setback for the 170-year-old firm which had earmarked it as a way to simplify operations following a host of scandals at a public inquiry last year which brought on an exodus of funds under management.
AMP said the buyer, Britain's Resolution Life, had said that the Reserve Bank of New Zealand wanted it to create separate financial assets to protect policyholders in New Zealand, something which would hurt both AMP and Resolution Life.
Netease to seek at least $300m in US IPO of the online education arm
Netease is planning an initial public offering in the US of its Youdao arm that could raise at least $300m, DealStreetAsia reported, propelling its expansion into a crowded online education arena.
The company is working with Morgan Stanley and Citigroup on the share sale to list as early as in the third quarter. A deal could value Youdao at about $2bn. The firm could file confidentially as soon as in the coming weeks.
Actis to close debut $1.5bn infrastructure fund by July-end.
Emerging markets specialist Actis expects to hold the final close of its debut infrastructure vehicle at over $1.5bn, including co-investments from its limited partners, an industry executive aware of the development DealStreetAsia reported.
Top AB InBev IPO banks said to lose up to $170m in fees. (FS)
JP Morgan and Morgan Stanley lost out on their cut of what would have been the year's biggest initial public offering last week.
The top two advisers on Anheuser-Busch InBev's Asia Pacific unit IPO would have split up to $170m in fees, DealStreetAsia reported. The world's biggest brewer intended to raise as much as $9.8bn before it announced Friday that it wouldn't proceed with the listing citing "prevailing market conditions."
Insignia Ventures Partners eyes $150m second Southeast Asia fund. (FS)
Singapore-based venture capital firm Insignia Ventures Partners is raising a $150m second fund focused on Southeast Asia, DealStreetAsia reported.
AirAsia co-founder said to be seeking $240m financing for Malaysia Airlines bid.
Najah Air Sdn Bhd, led by AirAsia Group co-founder and former chairman Pahamin Ab Rajab, is looking to raise about 1bn ringgit ($240m) from a Japanese lender to take over Malaysia Airlines Bhd, DealStreetAsia reported.
The talks with the lender are still at an early stage, said the report. However, if the deal materializes, the Japanese lender will become the primary funding source for the takeover offer.
KKR and PEP asked to reconfirm interest in Campbell's Arnott's. (FS)
After Campbell Soup Company, an American producer of canned soups and related products, sold one of its units to Ferrero last week, the firm again focused on divesting Arnott's, Australia's largest producer of biscuits and the second-largest supplier of snack food. Campbell Soup will receive another reconfirmation of bids for Arnott’s this week.
Zilingo appoints the first CFO. (People)
Singapore-headquartered fashion marketplace Zilingo has named James Perry as its first Chief Financial Officer. Perry was earlier the managing director and head of technology investment banking for the Asia Pacific at Citigroup.
With 20 years of experience in corporate finance, he has helped clients raise over $150bn, including 40 IPOs in the US and Hong Kong; and advised technology companies on over $80bn in M&A transactions across six continents.
Jefferies appoints new Asia chairman. (People)
US financial services firm Jefferies has appointed Jonathan Slone as its Asia chairman. Slone will be based in Hong Kong and focus on the firm's significant relationships for investment banking and trading throughout Asia.
Before joining Jefferies, he worked at CLSA, where he was their longstanding chairman and chief executive officer. He oversaw CLSA's global operations of broking, investment banking, asset management, research, and sales.
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