AMERICAS
TELUS, a telecommunications company, agreed to acquire LifeWorks, a human resources services and technology company, for $2.2bn.
“The Transaction represents an exciting new chapter for LifeWorks. The combination of TELUS Health and LifeWorks represents an unmatched opportunity to create a leader in employer-focused primary and preventative digital healthcare and wellness solutions on a global basis. Together, we will accelerate our shared vision of empowering individuals to live their healthiest lives by unifying the continuum of care through digital-first innovations, as well as our unmatched in-person care. Our two organizations also have shared values and are leading, purpose-driven organizations committed to improving the lives of people around the world. The fit for the LifeWorks team couldn’t be better," Stephen Liptrap, LifeWorks President and CEO.
LifeWorks is advised by BMO Capital Markets, Goldman Sachs and Osler Hoskin & Harcourt. TELUS is advised by CIBC World Markets, Clifford Chance and Stikeman Elliott.
Limelight, a provider of edge enabled web applications and content delivery solutions, completed the acquisition of Edgecast, a provider of edge security, content delivery and video services, from Yahoo, a global Internet services provider, Apollo, a private equity firm, and Verizon Communications, an American multinational telecommunications conglomerate, for $300m.
“In a world where digital workloads and their consumers are increasingly distributed, the ability for companies to deliver exceptional digital experiences requires them to more productively build faster and safer solutions for their customers at the edge. Today marks a meaningful step in our ability to address this need. Edgio now boasts the most complete edge-native web application and API solution, best-in-class streaming and delivery capabilities – all running on the world's most performant globally-scaled edge network. These unique capabilities create a robust platform for growth and profitability,” Bob Lyons, Edgio CEO.
Limelight was advised by Goldman Sachs, Goodwin Procter and Joele Frank. Apollo was advised by Evercore, RBC Capital Markets and Paul Weiss Rifkind Wharton & Garrison.
The Rise Fund, a venture capital firm, completed the $300m investment in Little Leaf Farms, a brand of packaged lettuce sustainably grown through controlled environment agriculture.
"We've seen, especially in recent years, how important locally grown food is to communities, and we're proud to bring customers the freshest leafy greens that are harvested with 90% less water than conventional lettuces and shipped in less than 24 hours. With this funding, we're transforming the way millions of Americans eat and enjoy leafy greens, no longer relying on choices that have traveled thousands of miles across the country to reach them," Paul Sellew, Little Leaf Farms CEO.
Little Leaf Farms was advised by Goldman Sachs, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian and 360 PR+. The Rise Fund was advised by Kirkland & Ellis.
Prudential Bancorp shareholders have voted to approve Fulton’s acquisition of Prudential Bancorp and its subsidiary, Prudential Bank, located in Philadelphia, with more than 98% of the votes cast being voted in favor of approving the agreement.
“The approval by Prudential Bancorp shareholders, coupled with the receipt of all required regulatory approvals, enables us to move forward with completing this acquisition. We anticipate the transaction will be consummated in early July, allowing Fulton to welcome Prudential Bank team members and customers to Fulton while, at the same time, significantly enhancing Fulton Bank’s presence in the Philadelphia community," E. Philip Wenger, Fulton Chairman and CEO.
Prudential Bancorp is advised by Keefe Bruyette & Woods and Silver Freedman Taff & Tiernan. Fulton Financial is advised by Stephens and Barley Snyder.
PAM Transportation Services, a trucking company, completed the acquisition of Metropolitan Trucking, a transportation services provider, for $77m.
"We are proud at PAM to announce this acquisition, our first in nearly 20 years. We are excited to add the Metro drivers, talented office and shop team, customers and brand to the PAM family. Metropolitan has been operating for almost 90 years as a successful family run business. They have a very experienced group of drivers, long standing customer relationships and a culture that is very complimentary to our existing businesses. As we looked to do our first acquisition in quite some time, Metropolitan checked all the boxes on what we were looking for in a company," Joe Vitiritto, PAM Transportation Services President.
Metropolitan Trucking is advised by Scudder Law Firm. PAM Transportation Services is advised by Mitchell Williams Selig Gates & Woodyard.
Braskem Idesa, a petrochemical company, and Advario, a storage and logistic service provider, agreed to form a $400m joint venture.
"Advario is proud to partner with Braskem Idesa on this project. The development of the Puerto Mexico Chemical Terminal is another important example of Advario's commitment to partnering with leaders in the industry and focusing on growth opportunities within chemicals, gases, and new energies. We look forward to a long and successful collaboration and to bringing our depth of expertise to this exciting project," Bas Verkooijen, Advario CEO.
Advario is advised by Baker McKenzie. Braskem Idesa is advised by Rothschild & Co.
Huntington Bancshares, a multi-state bank holding company, completed the acquisition of Capstone Partners, an investment banking firm. Financial terms were not disclosed.
"Capstone had a strong strategic partnership with Huntington before we agreed to join forces. We're seeing tremendous interest from Huntington commercial bankers, who are eager to add investment banking and advisory services to round out the full range of solutions they can provide their clients. Our combination will accelerate Capstone's plans for continued growth while also bolstering Huntington's banking verticals, especially in sponsor finance, healthcare, technology and telecom, and industrials," John Ferrara, Capstone Partners Founder and President.
Huntington was advised by Keefe Bruyette & Woods and Wachtell Lipton Rosen & Katz.
FTV Capital, a private equity firm, led a $169m Series C round in Zoovu, a software company.
“As the global e-commerce market continues to accelerate with more activity migrating online, the stakes have never been higher for all brands to deliver better digital experiences. When we first met the Zoovu team several years ago, we were immediately drawn to the way the company sits at the intersection of customer experience, digital transformation and e-commerce. By offering an intuitive, guided shopping experience, Zoovu’s platform delivers tangible ROI to brands by boosting conversion rates, average order value and customer satisfaction, ultimately driving meaningful increases in revenue," Brad Bernstein, FTV Capital Managing Partner.
FTV Capital was advised by Prosek Partners.
B Capital Group, a multi-stage investment firm, led a $100m Series C funding round extension in Fountain, a hiring software provider, with participation from SoftBank, Mirae Asset Venture Investment, DCM, Origin Ventures, Commerce Ventures, SemperVirens Venture Capital and Uncork Capital.
“We are thrilled to back the Fountain team as they continue to broaden the platform, expand their presence globally and strengthen their lead in the market that helps organizations find, hire and retain hourly workers at scale,” Sami Ahmad, B Capital Group General Partner.
Fountain was advised by Sift Communications.
3L Capital, a multi-stage growth equity firm, and Assembly Ventures, a venture capital firm, led a $167m Series B round in Metropolis Technologies, the mobility commerce platform powered by advanced computer vision and a proprietary machine learning system, with participation from Dragoneer Investment Group, Eldridge, Silver Lake and UP Partners.
"By bringing urban mobility infrastructure online, we are knitting disconnected parts of the everyday journey into a remarkable experience. The seamless transactions we take for granted in e-commerce are largely absent from real life, but Metropolis' computer vision technology is changing that one commute, one morning coffee, one grocery run at a time. Thanks to this incredible vote of confidence from our investors, Metropolis is leading the charge to power the future of urban commerce," Alex Israel, Metropolis Technologies CEO.
Blackstone led a $130m in Series C round in PayCargo, a logistics payments and data infrastructure platform.
"PayCargo is a category leader, operating at the intersection of several of our highest-conviction investment themes – including the continued proliferation of electronic payments, the digitization of the supply chain, and the modernization of business-to-business payments. We believe that these attractive tailwinds, combined with the strength of PayCargo's offering, positions the company well for its next phase of growth," Vini Letteri, Blackstone Growth Senior Managing Director.
Northlane Capital Partners, a private equity firm, completed the acquisition of a minority stake in Infobase, a cloud-based educational solutions provider. Financial terms were not disclosed.
“We are very excited to partner with NCP as we enter into the next phase of Infobase’s growth. NCP’s investment brings both capital resources and expertise to accelerate our company’s trajectory. NCP has an impressive track record of identifying and executing on acquisition opportunities, which will play a pivotal role in continuing to build upon our position as a leading player in the supplemental education market,” Paul Skordilis, Infobase CEO.
EdgeUno, an infrastructure as a service provider, agreed to acquire New Access, a financial software provider. Financial terms are not disclosed.
“We are delighted with this acquisition and have enjoyed the process and relationship we have developed with the team at New Access. Ecuador is an exciting market and New Access is a very well-known company with a strong reputation. In addition to the expansion opportunities this acquisition provides for EdgeUno in Ecuador, the expertise and strong focus on Enterprise services that New Access has successfully developed will be a valuable element of our product availability across the entire Latin American region," Mehmet Akcin, EdgeUno CEO.
Cigna announces $3.5bn accelerated stock repurchase agreements.
Global health services company Cigna will repurchase $3.5bn of common stock through accelerated stock repurchase agreements with Mizuho Markets Americas and Morgan Stanley. The ASRs are part of Cigna's existing share repurchase program, which had remaining authority of approximately $8.8bn.
"This accelerated share repurchase is part of our ongoing commitment to return significant value to our shareholders. Our ability to execute against our capital deployment priorities is a testament to the ongoing growth and strength of our businesses and our ability to generate strong cash flow. When combined with our previously completed share repurchases, we remain on track to repurchase at least $7bn of our shares in 2022," David M. Cordani, Cigna Chairman and Chief Executive Officer.
Engagement marketing SaaS company Banzai secures a $100m investment commitment.
Banzai announced that it has entered into a share subscription facility agreement with GEM Global Yield for an investment commitment of up to $100m within 36 months after a public listing.
In this tailored agreement, Banzai will control the amount and timing of any drawdowns under this facility with no minimum subscription obligation and will issue shares of common stock.
BlackRock to launch energy transition infrastructure strategy. (FS)
BlackRock is to establish a perpetual infrastructure strategy that will seek to partner with infrastructure businesses over the long term to help drive the global energy transition.
Building on the broad capabilities of BlackRock's longstanding infrastructure platform, the new strategy will pursue investments in the megatrends of energy transition and energy security, as well as digital and community infrastructure, sustainable mobility, and the circular economy.
It will seek to deploy capital into fully integrated businesses such as utilities and end-to-end renewable energy infrastructure players, as well as assets such as data centres, grid digitisation technologies, battery storage systems, and natural gas storage and transport facilities, where adaptable to incorporate hydrogen.
Carlyle Group sees a peak in private equity deal-making. (FS)
Marco De Benedetti, managing director at Carlyle Group, sees a “definite slowdown” in private equity deal-making and says, “I think the peak is behind us.” De Benedetti elaborated on his views on the economy and what role private capital has to play in the coming years, Bloomberg reported.
"Last year was a great year. I think on all dimension people getting out of the pandemic wanted to do things. Economies were firing on all cylinders. And in our industry deal making was at record highs. We're seeing a definitely slowdown now. I think the peak is behind us and we are seeing a little bit more headwinds as we head into the second half of the year," Marco De Benedetti, Carlyle Group Managing Director.
TRC amends its offer for Ball. (FS)
TRC Capital, a private investment company, announced that in view of current financial market conditions, it has amended the terms of its tender offer for up to 2m common shares of aerospace company Ball and has decreased the offer price payable to $65.25 per share from $70.50 per share.
TRC also announced that its offer will still expire at 12:01 a.m. New York City time on June 29, 2022, unless further extended. As of close of business on Wednesday, June 15, 2022, no shares had been tendered.
HGGC closes Fund IV at over $2.5bn. (FS)
HGGC, a middle-market private equity firm with a sector-focused approach, announced it has completed fundraising for HGGC Fund IV with $2.54bn of capital commitments. Fund IV exceeded its $2.25bn target and continued to diversify its global limited partner base, including a significant commitment from the General Partner and its affiliates, who collectively remain the largest investor across all HGGC funds, ensuring strong alignment of interests.
“We are very proud of this successful fundraise and the results generated by our funds in the context of a highly uncertain macroeconomic environment, all while significantly growing the firm and maintaining focus on the fundamentals of our investment approach. We thank all of our new and returning investors in Fund IV for their trust and confidence in our team, and we are more excited than ever about HGGC’s future,” Rich Lawson, HGGC Co-Founder and CEO.
Lee Fixel files to raise $1.5bn for latest Addition Four fund. (FS)
Lee Fixel, a former partner at New York-based investment firm Tiger Global, is seeking to raise $1.5bn for Addition Four, the latest venture capital vehicle of his investment firm, DealStreetAsia reported.
The filing with the US Securities and Exchange Commission comes less than a year after Addition, which was founded by Fixel, filed to raise the same amount for Addition Three.
Morgan Stanley, Felicis alums raise $450m for debut fund. (FS)
Felicis Ventures and Morgan Stanley alumni Wesley Chan and Pegah Ebrahimi raised $450m for a debut fund that launches their venture capital firm FPV, defying the sour mood among private technology investors, Bloomberg reported.
The pair will be investing across all stages, with an emphasis on early-stage deals, where they have experience. Chan, who recently left venture capital firm Felicis and previously worked at Alphabet's venture arm GV, made early bets on Flexport, Robinhood Markets, Plaid and Gusto.
Inovia closes a $325m early-stage fund. (FS)
Inovia Capital, a full-stack venture firm that invests in tech founders, raised $325m for its fifth early-stage fund.
The fund, which saw strong support from existing and new investors, will back tech-focused companies in their aspiration to become category leaders. The closing brings Inovia's total capital under management to $2.2bn.
EMEA
Capital & Counties Properties, a United Kingdom-based property investment and development company, agreed to merge with Shaftesbury, a British real estate investment trust, in a £3.5bn ($4.2bn) deal.
"As the retiring Chairman of Capco, I am delighted by the prospects offered by the proposed merger with Shaftesbury to shareholders as London's West End continues its recovery. I have every confidence in the ability of the combined management and Board of Shaftesbury Capital to deliver sustainable value growth for shareholders and benefits for broader stakeholders from its unique portfolio of properties," Henry Staunton, Capco Chairman.
Shaftesbury is advised by Blackdown Partners, Evercore, JP Morgan, Liberum Capital, Hogan Lovells, MHP Communications and RMS Partners. Capital & Counties Properties is advised by Peel Hunt, Jefferies & Company, Rothschild & Co, UBS, Herbert Smith Freehills, Hudson Sandler and Instinctif Partners. Debt financing is provided by BNP Paribas, Barclays, HSBC and Java Capital.
Moolec Science, a science-based food ingredient company, agreed to go public via a merger with LightJump Acquisition, a Delaware blank check company, in a $504m deal.
"Moolec Science is a category creator in the alternative protein landscape. Our Molecular Farming technology focuses on providing real animal proteins without using any animals, based on the genetic engineering of seeds to produce proteins the same way animals do. As fourth generation of a family business that is one of the largest meat players in the Southern Cone, I have first-hand knowledge of the challenges faced by the industry. Moolec's goal is to use science in food to overcome current global food security issues, building a more sustainable, resilient, and equitable food system," Gastón Paladini, Moolec Science CEO and Co-Founder.
Moolec Science is advised by Linklaters and ICR. LightJump Acquisition is advised by EarlyBirdCapital and K&L Gates.
Eurazeo, an investment company, agreed to invest €70m ($73m) in WiiSmile, a provider of holiday vouchers and gift vouchers.
"Eurazeo's investment in WiiSmile is an important new step to accelerate the growth and development of our business as we advance further along the path we have pursued with passion for more than 20 years: giving owners of MSMEs and their employees access to all the benefits and services considered the exclusive prerogative of larger companies. The team at Eurazeo, which shares our long-term vision of the incredible potential to expand our solutions as well as our commitment to service with a human touch that puts customer satisfaction first, along with an easily scalable technology platform, is the ideal partner for this new chapter in our story. We are also delighted that NextStage AM, which has backed us since 2020, will be remaining at our side over the coming years," Sylvain Bianchini, WiiSmile Chairman and CEO.
WiiSmile is advised by Oxygen. Eurazeo is advised by Maitland.
China Three Gorges, a Chinese state-owned power company, agreed to acquire a 619MW solar portfolio from Nexwell Power, an investment group that focuses its human and financial capital, and Ibox Energy, a solar energy company in Madrid, Spain. Financial terms were not disclosed.
"We view Spain as one of the most attractive and well-regulated solar markets in Europe and we believe the Nexwell and Ibox projects are among the highest quality assets in the market. Today's 619MW acquisition will be transformational for CTGS, bringing our total solar PV presence in Spain to just over 1GW for the coming years, a strong complement to CTG's global wind and hydro portfolio. We look forward to working with such a professional team and organization to deliver on this transaction and tackle new challenges and opportunities in the energy transition," Ignacio Herrero, China Three Gorges Europe CEO.
China Three Gorges is advised by Societe Generale.
Balchem, a global specialty ingredients company, agreed to acquire Kappa Bioscience, a science-based manufacturer of specialty vitamin K2 for the human nutrition industry, for $338m.
"We are thrilled to welcome Kappa Bioscience's strong and experienced team to Balchem. This acquisition accelerates our strategy to expand our portfolio of science-based specialty nutrients with leading positions in growing markets. Vitamin K2 fits squarely with our strategic focus and our vision of 'making the world a healthier place'. Kappa is the leader within its space and the only company offering a patented, 99.7% all-trans vitamin K2 as MK-7, identical to the bioactive vitamin K2 molecule found in nature. We believe the combining of our two companies will strengthen our scientific and technical expertise, geographic reach, and marketplace leadership while ultimately leading to accelerated growth for both companies' portfolios," Ted Harris, Balchem Chairman, CEO and President.
CVC Capital Partners, a global alternative investment manager, agreed to acquire the digital transformation business of Visma, a European supplier of business-critical software. Financial terms were not disclosed.
"We believe this is a great outcome for all parties, enabling the IT consulting business to develop even faster and better as an independent entity. For Visma this means even sharper focus on our core business going forward, and additional funds to pursue our ambitious growth strategy," Merete Hverven, Visma CEO.
United Partners Investments, a Baltic investment company, agreed to acquire INTRAC, a distributor of machinery for forestry, construction, agriculture and industry in the Baltics, from BaltCap, a private equity and venture capital investor, and Nalka, a private equity firm. Financial terms were not disclosed.
Marko Tali, investment partner and board member at United Partners, said the INTRAC Group is an attractive investment with great potential for further growth. The acquisition of Intrac allows UPI to achieve synergies in the Baltic heavy and light equipment market.
Alfa Laval, a heat transfer and centrifugal separation company, agreed to acquire Scanjet, a tank cleaning equipment provider. Financial terms are not disclosed.
"I am pleased to announce this acquisition. Scanjet's well-known and market-leading solutions for cargo tanks complement our existing Framo cargo pumping solutions for cargo handling. This gives us the ability to optimize tank management for our customers with an ambition to reduce their water and fuel consumption and ultimately their CO2 footprint," Sameer Kalra, Alfa Laval President.
UK uses new national security powers to probe 17 business deals.
The UK scrutinized 17 corporate deals involving purchases of British assets in the first three months of the year, exercising new security powers that include allowing the government to pull apart acquisitions retrospectively.
Businesses and investors notified the government of 222 deals between January 4 and March 31, the Department for Business, Energy and Industrial Strategy said. 17 of those were called in for further assessment, including transactions involving artificial intelligence and space technology firms, it said. Of those, three have been cleared and the remaining 14 were still being examined at the end of March, Bloomberg reported.
ZF Friedrichshafen weigh stake sale of Axle-Assembly arm.
ZF Friedrichshafen, an auto parts supplier to the likes of BMW, is exploring a partial sale of its axle-assembly business amid an industrywide shift to electric vehicles, Bloomberg reported.
The privately-held engineering group is working with Deutsche Bank to search for potential partners for the operation, which offers contract manufacturing of axles.
Veolia promises to sell UK units to appease competition watchdog.
French water and waste group Veolia will sell off two business units to appease the UK competition watchdog if it decides to block the $13bn merger with rival Suez, FT reported.
Veolia said it would hive off the UK waste unit it took over from Suez and its own UK industrial water and wastewater division in a “significant divestment remedy” that would solve the issues raised by the Competition and Markets Authority.
Turkey's Kalyon in talks with Abu Dhabi's IHC on energy assets.
Turkey's Kalyon Holding is in advanced stages of talks with Abu Dhabi's International Holding Company on setting up a strategic partnership for energy assets, Reuters reported.
A total of four sources said Kalyon, which has big solar and wind concessions in Turkey, was in energy partnership talks with Abu Dhabi, with two of them naming IHC and two saying the talks were advanced, but that a final deal was not yet certain.
Suitors back out as THG rebuffs all recent "undervalued" buyout approaches.
Two suitors for THG pulled out after the British e-commerce firm disclosed it had rejected recent takeover approaches as undervalued, sending its shares tumbling about 23%.
London-listed THG said the approaches "significantly" undervalued it, and that its board did not think it was "appropriate" to provide due diligence access to the parties who made overtures recently - without naming them, Reuters reported.
Centrica signs a deal with Equinor for additional winter gas supplies.
Britain's Centrica has signed an agreement with Norway's Equinor for additional gas supplies, helping bolster supply. Many countries across Europe are seeking to secure additional gas from other sources as they try to reduce reliance on Russian fuel imports, Reuters reported.
"This major supply deal agreed today will help underpin British energy security over the next few years," Kwasi Kwarteng, Britain's Business and Energy Secretary.
London-listed Global Ports confirms the takeover approach from shipping firm MSC.
Global Ports Holding, the world's largest cruise port operator, said it had received an approach about a potential cash offer from a Swiss-based MSC Mediterranean Shipping Company.
Global Ports, which has a presence in the Caribbean, Mediterranean, and Asia-Pacific regions, operates 26 cruise ports across 14 countries and also has a commercial port operation that specializes in container and general cargo handling, Reuters reported.
"The talks were ongoing, and the deadline for the container group to make a firm offer or walk away is July 13," Mehmet Kutman, Global Ports owner.
LGT Capital Partners closes debut impact fund at $550m. (FS)
LGT Capital Partners has held the final close of Crown Impact, its first impact-focused private equity investment fund, at $550m, significantly above its initial target size of $350m due to strong investor demand and a growing investment opportunity set.
Crown Impact invests in highly impactful companies across three core impact themes: climate action, inclusive growth, and healthcare. The fund focuses on co-investments alongside leading conventional and impact managers, complementing the portfolio with impact primary and secondary fund investments.
APAC
The CEO of 26 Capital Acquisition, a special purpose acquisition company, said on Wednesday the blank-check firm was committed to its $2.5bn purchase of the Philippines' biggest integrated casino-resort, despite a wrangle for control involving current owners.
The 44-hectare Okada Manila, owned by subsidiaries of Japan's Universal Entertainment, agreed in October to go public in the United States through a merger with 26 Capital. But the deal has become mired in a long-running dispute between Universal and its deposed chairman and founder, Kazuo Okada, Reuters reported.
Okada Manila is advised by Baker McKenzie. 26 Capital is advised by Schulte Roth & Zabel.
Bubs Australia shares surge on infant formula supply deal with Walmart.
Shares of Bubs Australia jumped after the company signed a deal to supply its infant formula products to US retail giant Walmart amid a baby food shortage in the world's largest economy, Reuters reported.
Walmart plans to buy a shipment of six Bubs Infant Formula and two Aussie Bubs Toddler Formula products, which would be delivered to about 800 Walmart stores across the United States, Bubs Australia said, adding that the new supply built on its existing online product sales on Walmart.com channel.
BHP fails to find a buyer for Australian coal project, to retain and close.
Global miner BHP Group had been unable to sell its New South Wales Energy Coal thermal coal unit and would now run the operation for another eight years before shutting it down, Reuters reported.
BHP has been looking to exit some of its lower-grade metallurgical coal and energy coal assets, and has sold its stakes in the BHP Mitsui Coal and Cerrejón projects over the last year.
Singtel raises stake in Thai subsidiary Intouch in $216m deal.
Singapore Telecommunications proposed to raise its stake in Thailand-headquartered subsidiary Intouch Holdings from 21.21% to 24.99% by acquiring an additional 3.78% stake from Temasek’s wholly-owned subsidiary Anderton Investments.
As part of the transaction, Singtel, via its wholly-owned subsidiary Singtel Global Investment, will pay S$330m ($216m) in cash for some 121.16m shares in Intouch Holdings, DealStreetAsia reported.
India’s Biocon Biologics in fundraising talks with Baring PE Asia. (FS)
Biocon Biologics, a unit of India’s largest biopharmaceutical company Biocon, is in talks with Asia-focused Baring Private Equity Asia to raise funding of a minority stake.
While the exact deal size could not be ascertained, it could be around $100m or even more, DealStreetAsia reported.
Japan-focused SPAC Pono Capital Two files for $100m US IPO.
Pono Capital Two, a special purpose acquisition company that focuses on the disruptive technology sector in Japan, has filed with the US Securities and Exchange Commission to raise up to $100m in an initial public offering, DealStreetAsia reported.
The blank cheque company, led by CEO and director Darryl Nakamoto and chairman Dustin Shindo, plans to offer 10m units at $10 each, with every unit consisting of one share of common stock and one-half of a warrant, exercisable at $11.50.
US-Japan VC World Innovation Lab raises $1bn across several funds. (FS)
World Innovation Lab, a US-Japan venture capital firm, has announced raising over $1bn across several funds.
The over $1bn corpus raised would be for the firm’s third growth fund WiL Ventures III; fund of funds, and corporate VC funds, WiL co-founder and CEO Gen Isayama said, DealStreetAsia reported.
China’s Monad Ventures seeks up to $150m for second USD fund. (FS)
Chinese early-stage venture capital firm Monad Ventures is reportedly planning to raise up to $150m for its second US dollar fund to invest in the areas of enterprise software and technological innovations.
Beijing-based Monad Ventures, also known as Chuxin Capital, targets to close the USD Fund II at a range of $100-150m. Monad Ventures declined to comment on the fundraising news, DealStreetAsia reported.
True Global Ventures closes new $146m follow-on fund. (FS)
True Global Ventures, a unique, international, early-stage vehicle formed by the world's leading technology entrepreneurs-turned-angel-investors, closed a new $146m follow-on fund.
The TGV4 Plus follow-on fund has a group of 15 General Partners, who lead the fund and its investment committee, having put more than $62m of their own money into the fund. This is a total GP commitment of over 40% of the total fund size and equates to over $4m per GP on average.
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