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AMERICAS
Canada's main opposition party called for the government to block commodity trading and mining company Glencore's proposed takeover of Teck Resources, a diversified natural resources company headquartered in Vancouver, Bloomberg reported.
Thousands of jobs would be at risk if the Swiss commodities firm were to succeed in its unsolicited $23.2bn bid for the Vancouver-based miner, Conservative Leader Pierre Poilievre said. He warned it would also mark the loss of Canada's last remaining major diversified base-metals miner owned and headquartered in the country.
Teck Resources is advised by Ardea Partners, BMO Capital Markets, Barclays, Goldman Sachs, Origin Merchant Partners, Blake Cassels & Graydon, Paul Weiss Rifkind Wharton & Garrison, Stikeman Elliott and Sullivan & Cromwell (led by Sergio J. Galvis and Lauren S. Boehmke).
NuVasive, a medical devices company focused on transforming spine surgery with minimally disruptive, procedurally integrated solutions, announced that its shareholders voted to approve the adoption of the $3.1bn merger agreement with Globus Medical.
"We appreciate our shareholders' strong support for NuVasive's combination with Globus Medical. We look forward to closing the transaction and realizing the significant benefits created by joining our more than 5k employees, geographic footprints, highly complementary innovations, customer bases and leading portfolios," Chris Barry, NuVasive CEO.
The Estée Lauder Companies, an American multinational cosmetics company, completed the acquisition of Tom Ford, a luxury fashion house founded by designer Tom Ford, for $2.8bn.
"We are incredibly proud of the success Tom Ford has achieved in luxury fragrance and makeup and its dedication to creating desirable, high-quality products for discerning consumers around the world. As an owned brand, this strategic acquisition will unlock new opportunities and fortify our growth plans for Tom Ford. It will also further help to propel our momentum in the promising category of luxury beauty for the long-term, while reaffirming our commitment to being the leading pure player in global prestige beauty," Fabrizio Freda, The Estée Lauder Companies President and CEO.
Leonard Green & Partners, a private equity firm, agreed to invest in Hub International, a full-service global insurance broker and financial services firm. Financial terms were not disclosed.
"We have admired HUB for a long time and are excited to partner with the entire HUB management team, Hellman & Friedman, and Altas to support the next phase of the company's growth. HUB is the premier insurance broker and has all the attributes we look for in investments – a best-in-class management team, a differentiated culture, a long and consistent track record of success, and multiple ways to grow," Adam Levyn, LGP Partner.
Hub is advised by MarshBerry, Morgan Stanley and Simpson Thacher & Bartlett. LGP is advised by Barclays and Latham & Watkins.
True Green Capital, a specialized renewable energy infrastructure investment firm, agreed to acquire a majority stake in CleanChoice Energy, a direct-to-consumer clean energy provider. Financial terms were not disclosed.
"We are thrilled to partner with CleanChoice on their journey to becoming a fully integrated green utility We see this as a natural extension of our firm's community solar strategy - providing more customers with access to locally-generated renewable energy, while also enabling high quality retail offtake for our project assets," Bo Wiegand, TGC Partner and Co-Founder.
CleanChoice Energy is advised by Guggenheim Partners and Pillsbury Winthrop Shaw Pittman. TGC is advised by CIBC World Markets and DLA Piper.
Western Technology Investment-backed iLearningEngines, a cloud-based, AI driven mission critical training company for enterprises, agreed to go public via a SPAC merger with Arrowroot Acquisition, a special purpose acquisition company, in a $1.4bn deal.
"As an early pioneer in enterprise AI and its application in learning and process automation, we believe iLearningEngines is in a category of one – owning a unique space with first mover advantage and significant moats built around specialized learning and engagement data sets. We are excited to be partnering with Arrowroot given their expertise in growing enterprise software businesses. We believe the capital raised in this transaction will allow us to accelerate growth, capitalizing on the massive market opportunity in front of us," Harish Chidambaran, iLearningEngines CEO and Founder.
iLearningEngines is advised by Cooley and ICR (led by Kevin McLaughlin and Kevin Hunt). Arrowroot Acquisition is advised by Goodwin Procter.
777 Partners-backed Brickell Insurance Group, an insurer, agreed to acquire First Trinity Financial, an insurance holding company. Financial terms were not disclosed.
"We look forward to welcoming First Trinity to the Brickell Insurance Group. The contemplated acquisition reflects Brickell's firm commitment to the insurance space. First Trinity and its seasoned management team bring a long and admirable track record of originating and servicing life and annuity products along with deep distribution relationships. The Brickell team brings to First Trinity its organizational support as well as, through its affiliate 777 Partners, asset management and access to asset classes that will enhance the value First Trinity is able to provide to policyholders," Steven W. Pasko, 777 Partners Managing Partner.
First Trinity is advised by Oppenheimer & Co and Jones & Keller. Brickell is advised by Morgan Lewis & Bockius.
Abbott, a medical devices and health care company, completed the acquisition of Cardiovascular Systems, a medical device company with an innovative atherectomy system used in treating peripheral and coronary artery disease, for $890m.
"The acquisition of CSI will add new, complementary technologies to Abbott's leading vascular device offerings. CSI has a talented and experienced team and a leading atherectomy system that will allow Abbott to provide physicians more tools to help patients live fuller lives," Lisa Earnhardt, Abbott Executive Vice President of Medical Devices.
Cardiovascular Systems was advised by JP Morgan. JP Morgan was advised by Cravath Swaine & Moore.
Glencore, a British–Swiss multinational commodity trading and mining company, agreed to acquire a 30% stake in Alunorte, a alumina refinery, and a 45% equity stake in Mineracão Rio do Norte, a bauxite producer, from Norsk Hydro, an aluminium and energy company, for $775m.
"This transaction is an important step to deliver on Hydro’s strategy. Proceeds from the transaction will be used for strategic growth and for shareholder distribution. Alunorte remains a core strategic asset for Hydro and is a key source of low-carbon alumina supply to our primary aluminum smelters. Hydro will continue to be long alumina, but now more balanced in relation to the demand from our aluminium smelter portfolio,” Hilde Merete Aasheim, Hydro President and CEO.
Norsk Hydro is advised by Citigroup and Latham & Watkins.
Andreessen Horowitz, a private American venture capital firm, led a $100m Series B funding round in Pinecone, a vector database company providing long-term memory for AI, with participation from ICONIQ, Menlo Ventures and Wing Venture Capital.
"The new wave of AI-powered applications create, store, and search through a large number of vector embeddings, which are AI representations of data. We created Pinecone and the vector database category as a whole to let all AI developers easily work with a scalable and cost efficient database for this workload," Edo Liberty, Pinecone Founder and CEO.
Pinecone was advised by Moxie Communications Group.
Avery Dennison, an adhesive manufacturing company, agreed to acquire Lion Brothers, a designer and manufacturer of apparel brand embellishments. Financial terms were not disclosed.
"With the proposed acquisition of Lion Brothers, we continue to move forward as a leader in embellishments and apparel customization. Lion Brothers provides solutions that elevate apparel brands and create consumer connections. With a strong presence in North America's team sports segment and solutions for lifestyle, fashion and promotional apparel brands, Lion fits seamlessly with Embelex, our full-service, end-to-end portfolio for on-product branding, graphics and trims. The Lion acquisition will enable us to continue growing our global team sports presence, expand our product offerings, add to our European portfolio and deliver outstanding value for all stakeholders," Michael Barton, Avery Dennison Senior Vice President and General Manager.
Lion Brothers is advised by Robert W Baird.
L Catterton, a private equity firm, completed an investment in Urban Egg, a restaurant chain. Financial terms were not disclosed.
"We created Urban Egg a decade ago after identifying a major gap in the elevated dining segment of breakfast and brunch in my hometown of Colorado Springs. Based on the success of our initial restaurant, we have been able to slowly grow our footprint across Colorado, and most recently to Kansas. With L Catterton's one-of-a-kind track record of growing distinctive restaurant brands, we will be able to accelerate our dreams of bringing America's Best Breakfast to more deserving consumers across the country," Randy Price, Urban Egg Founder and CEO.
L Catterton was advised by Joele Frank.
Alimentation Couche-Tard, a multinational operator of convenience stores, agreed to acquire 112 fuel and convenience retail sites of MAPCO Express, a convenience store retailer. Financial terms were not disclosed.
"We are delighted to add MAPCO's high-quality sites to our footprint in the Southeastern US. As we continue to grow our presence in the region, we look forward to bringing the Circle K experience to new customers and making their lives a little easier every day," Alex Miller, Couche-Tard Chief Operating Officer.
Masdar, EIP and GIG are vying a $769m deal to buy a 49% stake in Iberdrola's Baltic Eagle. (FS)
Three firms are vying to buy a minority stake of up to 49% in Iberdrola's "Baltic Eagle" offshore wind farm off the German coast.
The top candidates for the transaction valued at around $769m are Abu Dhabi's Masdar, Swiss fund EIP and Australian asset manager Macquarie's green investing arm GIG.
The sale is part of Iberdrola's strategy to sell advanced renewable projects to raise cash to partly finance its $51bn investment plan, Reuters reported.
SMBC plans to triple stake in Jefferies.
Sumitomo Mitsui Banking Corporation is planning to triple its stake in US investment bank Jefferies Financial Group, deepening ties between the Wall Street and Tokyo banks in an effort to compete with larger rivals.
SMBC, Japan’s second-biggest bank, first agreed to take a stake of up to 4.9% in Jefferies in 2021 and now plans to raise its ownership to as much as 15% by acquiring shares on the open market. The deal is part of a broader collaboration agreement, with Jefferies and SMBC working together to advise and lend to investment-grade companies globally, particularly in the US and Japan. They have already worked together since 2021 on cross-border mergers and acquisitions as well as leveraged finance.
"We are very excited about this logical and straightforward next step that will allow us to offer more products and services to our existing clients and we will also be able to assist SMBC Group to better serve their client base. We believe this is best achieved by aligning our broad investment banking, sales, trading and research capabilities with the significant capital base and world-class capabilities of SMBC Group. We are incredibly pleased and grateful that SMBC Group not only sees the same strategic value in growing our partnership, but also has the confidence and faith in Jefferies that will result in SMBC Group becoming Jefferies’ largest shareholder," Rich Handler, Jefferies CEO.
SMBC is advised by Citigroup, SMBC Nikko and Skadden Arps Slate Meagher & Flom. Jefferies is advised by Jefferies, Cravath Swaine & Moore and Davis Polk & Wardwell.
FDIC set to take over First Republic.
The US Federal Deposit Insurance Corporation is preparing to place First Republic under receivership imminently.
The US banking regulator has decided that the troubled regional lender's position has deteriorated and there is no more time to pursue a rescue through the private sector, Reuters reported.
SoftBank-backed Arm registers for US IPO.
SoftBank Group's chip maker Arm Ltd has filed with regulators confidentially for a US stock market listing, setting the stage for this year’s largest initial public offering.
The IPO registration shows that Softbank is pressing ahead with the blockbuster offering despite adverse market conditions, after saying in March that it planned to list Arm in the US stock market.
Arm plans to sell its shares on Nasdaq later this year, seeking to raise between $8bn and $10bn. Arm said the size and price range for the offering has not yet been determined, Reuters reported.
EMEA
EU antitrust regulators have extended the deadline for their decision on Orange and MasMovil's €19.6bn ($21.6bn) Spanish telecoms tie-up to September 4, Reuters reported.
The Commission opened a full-scale investigation earlier this month, warning that the deal would eliminate an innovative and significant rival in Spain that could result in higher prices and lower quality of telecoms services.
MasMovil is advised by BNP Paribas, Bank of America, Evercore (led by Juan Pedro Perez Cozar), Goldman Sachs (led by Macario Prieto), PricewaterhouseCoopers, Santander, Freshfields Bruckhaus Deringer (led by Jose Armando Albarran), Perez Llorca (led by Juan Jiménez-Laiglesia and Pablo Figueroa) and Uria Menendez (led by Gabriel Nunez). Debt is provided by BNP Paribas. Orange is advised by Ernst & Young, Citigroup, JP Morgan (led by Ignacio de la Colina), Lazard (led by Vincent Le Stradic), Garrigues and Jones Day (led by Luis Riesgo).
RS Group, a global omni-channel provider of product and service solutions for designers, builders and maintainers of industrial equipment, agreed to acquire Distrelec, an online & catalogue distributor for electronics, automation, measurement technology as well as for IT and accessories, from Aurelius, an investment firm, for €365m ($402m).
"Strategic acquisitions that are value creative is part of our strategy, and I'm pleased with what I've seen of our disciplined identification, assessment, valuation and integration processes. These have helped to drive good progress at Risoul since we acquired it in January 2023. Distrelec is a complementary business to RS with excellent value creation potential under our ownership. It materially strengthens our presence in key European markets, there is a strong cultural and operational fit and there are significant potential soft and hard synergies from the combination. We look forward to welcoming Distrelec to RS and to realising the significant potential growth and value creation opportunities it creates for all our stakeholders," Simon Pryce, RS Group CEO.
Distrelec is advised by Robert W Baird. RS Group is advised by McKinsey & Company, Ernst & Young, Greenhill & Co, Rothschild & Co, Osborne Clarke and Teneo. Aurelius is advised by AT Kearney, PricewaterhouseCoopers, Haver Mailänder, Linklaters, Ernst & Young and OMMAX Digital Solutions.
Deutsche Bank, a German multinational investment bank and financial services company agreed to acquire Numis, a UK corporate broking and advisory house, for £410m ($513m).
"This Transaction is strongly aligned to our Global Hausbank strategy and has the potential to unlock significant value within both the Numis and Deutsche Bank franchises. We have been evaluating how to accelerate the growth of our business in the UK and, as a leading UK franchise with a long history of successfully delivering superior client service and growth, Numis represents a compelling strategic fit. The combination enables us to realise greater revenue opportunities across our shared client base and to deepen our engagement with UK corporates. There is strong and complementary cultural alignment between Deutsche Bank and Numis that will propel the combined business to deliver exceptional client service, and we look forward to welcoming Numis management and employees to the Deutsche Bank Group," Fabrizio Campelli, Deutsche Bank Head of Corporate Bank and Investment Bank.
Zapp, a UK-based, high-performance two-wheel electric vehicle company, went public via a SPAC merger with CIIG Capital Partners II, a US publicly-listed blank check company, in a $573m deal.
“Since the beginning, a public listing has always been important to us, and everyone’s effort on this aspect of our business has made that goal a reality. We would like to thank the teams from CIIG II and SPAC Advisory Partners for their support and cooperation in making this possible. Our Nasdaq debut also reflects and honors the hard work and creative minds that have made Zapp one of the leading innovators in the electric two-wheeler market,” Swin Chatsuwan, Zapp Founder and CEO.
Hyatt, a multinational hospitality company, agreed to acquire Mr & Mrs Smith, a platform offering direct booking, for £53m ($66m).
"We are excited by this planned acquisition and to explore bringing guests and World of Hyatt members even more global luxury offerings across hundreds of geographies – including over 20 countries where there are currently no Hyatt hotels such as Fiji, Croatia, Iceland and Anguilla. Founders Tamara and James Lohan alongside their impressive team have built the ultimate global direct booking collection of truly unique stay experiences including rooms located in treehouses, within caves, and underwater suites. Importantly, we see a lot of synergy between our collective ethos of care, and we look forward to working together to bring our shared focus to new, memorable stay experiences for guests and World of Hyatt members – and introduce new guests to Hyatt hotels around the world," Mark Vondrasek, Hyatt Chief Commercial Officer.
Mr & Mrs Smith is advised by Arrowpoint Advisory and Fieldfisher. Hyatt is advised by Credit Suisse and Linklaters.
Cinven, a private equity firm, agreed to acquire a majority stake in Amara NZero, an energy transition company, from ProA Capital, a private equity firm. Financial terms were not disclosed.
“Amara NZero has achieved significant growth with the backing and support of ProA Capital and we are excited to begin the next stage of our journey, together with Cinven. We have a strong commitment to energy transition and share that vision and focus on ESG with Cinven. In addition, Cinven’s proven track record in Business Services and successful investments in the Iberia region are a testament to the support they can offer for our next phase of growth," Gonzalo Errejón, Amara NZero CEO.
ProA Capital is advised by AZ Capital.
Nuvo Group, a pregnancy care services provider, agreed to go public via a SPAC merger with LAMF Global Ventures I, a special purpose acquisition company, in a $269m deal.
"Pregnancy care is seeing concerning trends in health outcomes, access to care, and cost of care delivery. We anticipate that the Nuvo – LAMF partnership will be a significant public market event for women's health and pregnancy care, which we believe has seen too little investment and innovation to address these concerning trends. Listing as a publicly traded company would enable increased growth opportunities for Nuvo. The enhanced access to capital if the business combination is consummated would allow us to accelerate our plans to scale and grow our product offering and geographic reach at a time when pregnant mothers and clinicians need it the most. We expect the access to better care for pregnancy that our solution provides to become the standard of care," Kelly Londy, Nuvo CEO.
Leprino Foods, a food manufacturer, completed the acquisition of Glanbia Cheese, a manufacturer of cheese, from Glanbia, a nutrition group, for €179m ($197m).
“Having successfully partnered with Glanbia since 2000, we are proud of the high-quality business that we have helped build. We look forward to working with Paul Vernon and the local team to ensure a seamless transition for our employees, customers and suppliers. We intend to take advantage of our combined expertise, knowledge and strengths to further enhance the business and are committed to ongoing investments in the core capabilities and the talented people that set us apart from our competition. We thank Glanbia for their valued partnership and wish them continued success," Mike Durkin, Leprino Foods President and CEO.
Emirates Steel says evaluating options after Thyssenkrupp. (FS)
Emirates Steel Arkan, state-backed group is pursuing a potential investment in Thyssenkrupp’s massive steel unit. Emirates Steel Arkan said it continuously evaluates options to expand its business.
One option being discussed envisions Emirates Steel Arkan taking a minority stake in Thyssenkrupp Steel as part of a business partnership. The Middle Eastern company would produce energy-intensive products in the United Arab Emirates using renewable power before shipping them to Germany, where Thyssenkrupp could shape them into finished products for the automotive industry.
India’s JSW Steel and buyout firm CVC Capital Partners have also expressed interest in the Thyssenkrupp steel unit in recent months, though discussions with those suitors aren’t currently as active, Bloomberg reported.
Eliott build a stake in Software in a bet on Silver Lake bump or rival bid. (FS)
Elliott Investment Management has built a stake in Germany’s Software, betting on the planned takeover by US private equity firm Silver Lake Management or a counterbid.
The US hedge fund and other investors have been snapping up shares in the German software company in recent days, sending the stock above the $33-per-share proposed offer from Silver Lake announced on April 21.
Buyout firms are studying the feasibility of a counteroffer. But any move faces the hurdle that Silver Lake has an agreement to buy 25.1% from the Software Foundation and management backing for the offer, which is more than a 50% premium. It’s unclear whether the agreement with the foundation would allow them to sell their shares to a rival suitor bringing a higher bid, an option that’s usually included in such deals, Bloomberg reported.
Bain Capital builds a stake in Software to challenge Silver Lake. (FS)
Bain Capital has rapidly built a stake in Software, raising the prospect of a takeover battle for the German company. The private equity firm is seeking talks with Darmstadt-based Software to discuss a potential combination with Bain portfolio company Rocket Software. Bain held a 10% interest in the company via shares and instruments, the most recent figures available.
Software and Rocket Software both provide technology solutions to large companies, an area of the market that’s remained relatively robust amid a downturn in the overall technology industry.
To win over Software’s stakeholders, a counter-bidder would likely have to offer more than Silver Lake and pitch the combination as a better strategic fit. Any challenge could become harder after Silver Lake announced moves on Friday to solidify its head start in the potential takeover battle. Bain’s deliberations are at an early stage and may not lead to a formal offer, Bloomberg reported.
Qatar's Sheikh Jassim submits final bid for Manchester United.
Sheikh Jassim Bin Hamad Al Thani, the son of Qatar’s former prime minister, submitted his final bid for the entirety of Manchester United just before Friday's deadline. Sheikh Jassim's offer falls short of the$7.54bn asking price set by current owners, the Glazer family.
In addition to offering a figure to buy the English Premier League soccer club, Sheikh Jassim's proposal also includes a plan for a further significant amount of additional capital and infrastructure investment, Reuters reported.
APAC
GIC, a Singaporean sovereign wealth fund, agreed to acquire a portfolio of six Japanese logistics assets of Blackstone, an American alternative investment management company, for $800m.
"This acquisition represents an attractive opportunity for GIC to further expand our exposure to logistics assets. This portfolio provides stable and diversified income streams with attractive growth potential, which is well-aligned with GIC's long-term investment horizon and approach. It is a good addition to our Japan portfolio as we continue to focus in tailwind sectors such as hospitality and logistics," Goh Chin Kiong, GIC Deputy CIO of Real Estate.
KKR, a global investment firm, agreed to acquire Namsan Green Building, a 57k sq.m office building in Seoul. Financial terms were not disclosed.
"Our investment in Namsan Green Building provides us with a unique opportunity to acquire a high-quality asset in a strategic location and add value by leveraging our real estate expertise to enhance its offerings for today's modern office demands. We remain confident in the long-term prospects of Korea's office real estate market, where future supply is extremely limited and demand for office space continues to be resilient, and look forward to helping the country meet its office space needs," David Cheong, KKR Managing Director of Real Estate.
AstraZeneca hunts for more China deals after signing partnerships.
AstraZeneca, a British-Swedish multinational pharmaceutical and biotechnology company, is exploring potential deals in China, declaring the market “completely open” to foreign drugmakers. AstraZeneca is the largest foreign pharmaceutical company by sales in China, FT reported.
“Three business development deals and more to come. And we definitely could make acquisitions. There is no limitation to this,” Pascal Soriot, AstraZeneca CEO.
Guo Guangchang said to mull Topsperity Securities stake cut.
Chinese billionaire Guo Guangchang is considering a reduction of his stake in a mid-sized securities firm, as the conglomerate he co-founded has been shedding assets following a credit scare. Guo told Topsperity employees of his intention to pare his stake at the firm’s annual meeting in February.
He has talked with at least three state-owned entities about investing into Topsperity Securities, previously known as Tebon Securities. Discussions are ongoing and details of a deal, including the timeline, have yet to be decided. Guo may still decide to keep his stake. Bloomberg reported.
Pertamina Hulu Energi plans $1.36bn Indonesian IPO.
The upstream arm of Indonesia’s state energy company Pertamina, Pertamina Hulu Energi, plans to debut on the local bourse in June, after raising at least $1.36bn, DealStreetAsia reported.
The June timing of the initial public offering, which would be the largest in Southeast Asia so far this year, has not been reported previously. Pertamina Hulu in February delayed its IPO plan over an administrative issue, Indonesia’s financial regulator said, without giving a new timeline.
The planned listing of Pertamina Hulu comes amid a drive by the Indonesian government to privatise some state-owned enterprises and to enhance energy security.
Pertamina Hulu Energi is advised by Citigroup, Credit Suisse, JP Morgan, BRI Danareksa and Bank Mandiri.
Reliance targets Jio Financial listing as soon as October.
Reliance Industries is planning to list its digital financial services unit as soon as October.
The conglomerate, controlled by billionaire Mukesh Ambani, is in talks with Indian regulators to secure the necessary approvals for the market debut of Jio Financial Services in Mumbai. The parent is holding a meeting of shareholders and creditors on May 2 to vote on the plan to spin off and list the unit.
Each Reliance shareholder will receive one share of Jio Financial in the listing for every share they own, Bloomberg reported.
Kyushu Electric to raise $1.5b to fund green transition. (FS)
Kyushu Electric Power, a Japanese energy company, will issue $1.5bn in preferred shares to help fund its green transition at a time when high fuel prices are weighing on its profitability.
Kyushu Electric said the Class B preferred shares are to be bought by Mizuho bank, Development Bank of Japan, and MUFG bank. The power firm will meanwhile acquire and cancel existing Class A preferred shares worth $750m held by the same group of investors, DealStreetAsia reported.
Advantage Partners raises $970m for latest Japan buyout fund. (FS)
Japanese mid-market buyout firm Advantage Partners has announced raising $970m in the final close of its latest Japan-focused fund.
Fund VII Series Funds attracted a diverse set of investors, including insurance companies, asset management firms, banks, global funds of funds, pension funds, and other institutional investors.
The latest fund will continue to focus on the Japanese middle market, which the firm believes to be the most attractive. It will invest in businesses in a wide range of industries and from a variety of sources, including founder/owner succession, corporate carve-outs, and public-to-privates, DealStreetAsia reported.
DCL Investments closes $579m fund to invest in distressed assets. (FS)
Chinese asset management firm DCL Investments announced the completion of a new distressed asset investment fund at nearly $579m.
Limited partners of the fund include insurance companies, China’s state-owned investment platforms, brokerage firms, trust funds, and university endowments. The firm said that the fund has retained a strong re-up ratio, although it did not specify the exact rate.
The fund will leverage DCL’s expertise in distressed asset investments, operations, and disposals with a focus on infrastructures across areas such as industrial real estate, shipping, logistics, and new energy in major Chinese cities and regions, DealStreetAsia reported.
Nick Thursby to lead Deutsche Bank's Southeast Asian business. (People)
Nick Thursby, Credit Suisse Group's head of the financial institutions' group in Southeast Asia, will help lead Deutsche Bank's investment banking for FIG deals.
The Singapore-based banker will take up his new post in the coming months and work on mergers & acquisitions and initial public offerings of financial institutions in Southeast Asia, Bloomberg reported.
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