AMERICAS
Everlywell, a digital health company, completed the acquisition of PWNHealth, a national clinician network. Financial terms were not disclosed.
"The pandemic significantly accelerated the growth of consumer-friendly lab testing within the $85bn testing market, resulting in a watershed moment for all aspects of diagnostics. People now expect affordable, high-quality, and easy diagnostic testing more than ever before. From technology to testing to treatment, Everly Health will transform lives with modern, diagnostics-driven care. Our priority is creating a world-class experience that enables our partners to deliver better care with ease," Julia Cheek, Everlywell and Everly Health CEO and Founder.
PWNHealth was advised by Evercore, Choate Hall & Stewart and Jones Day. Everlywell was advised by JP Morgan, Hyman Phelps & McNamara and Wilson Sonsini Goodrich & Rosati.
Ontario Teachers' Pension Plan Board completed the acquisition of a majority stake in Mitratech, a provider of legal and compliance software, from TA Associates and HG Capital. Financial terms were not disclosed.
“Our new partnership with Ontario Teachers’ will further support our commitment to enhancing our portfolio of products and support our dedicated and growing customer base with their digital transformation, risk mitigation, and operational excellence,” Mike Williams, Mitratech CEO.
Mitratech and HG Capital were advised by Lazard and Skadden Arps Slate Meagher & Flom. HG Capital was also advised by Brunswick Group. OTPPB was advised by Evercore and Sullivan & Cromwell.
Nuvve, a vehicle-to-grid platform operator, went public via the merger with Newborn Acquisition, a publicly-traded SPAC, in a $132m deal.
"With a global portfolio of key V2G technology patents covering bidirectional capabilities and grid services with aggregated electric vehicles, I believe we are ideally positioned to help usher in the electric vehicle revolution and be the leading solutions provider for years to come," Gregory Poilasne, Nuvve Chairman and CEO.
Nuvve was advised Graubard Miller and Lytham Partners. Newborn was advised by Craig-Hallum Capital Group, ROTH Capital Partners and Loeb & Loeb.
Ontario Teachers and CDPQ-backed Constellation Insurance, an insurance holding company, agreed to acquire Ohio National, an American life insurance provider, for $1bn.
"By working closely with Constellation since our initial investment and expanding our commitment alongside a trusted investment partner, Ontario Teachers', we aim to support insurers who are navigating a complex environment, such as Ohio National, as they embark upon the next phase of their growth," Martin Laguerre, CDPQ EVP and Head of Private Equity and Capital Solutions.
Ohio National is advised by Keefe, Bruyette & Woods, Sidley Austin and Hogan Lovells. Constellation is advised by Debevoise & Plimpton.
Shamrock Capital, a Los Angeles-based investment firm, completed the investment in Learn on Demand Systems, a provider of virtual labs used to power hands-on, experiential technology training. Financial terms were not disclosed.
“The education technology sector is a key focus area for Shamrock and one where we see tremendous tailwinds. Learn on Demand Systems is a pioneer in the technology training space, delivering comprehensive real-world learning environments to the world’s leading enterprise technology and IT training companies,” Mike Wilkins, Shamrock Capital Partner.
Shamrock Capital was advised by Cooley and Prosek Partners. Learn on Demand Systems was advised by Harris Williams & Co and Foley & Lardner.
Anthem, a health benefits company, agreed to acquire myNEXUS, a comprehensive home-based nursing management company for payors. Financial terms were not disclosed.
“Providing timely care for members in their homes allows for both excellent personalized care as well as the comfort of being in preferred environments. Bringing the right level of whole person care into the home has been demonstrated to improve outcomes, reduce readmissions and improve members’ and their family’s experience of wellbeing,” Prakash Patel, M.D., Anthem Executive Vice President, and President, Anthem Diversified Business Group.
myNEXUS is advised by Latham & Watkins and Waller Lansden Dortch & Davis. Anthem is advised by Faegre Drinker Biddle & Reath and White & Case.
Computershare, an Australian stock transfer company, agreed to acquire the corporate trust services business of Wells Fargo, an American multinational financial services company, for $750m.
“This transaction is consistent with Wells Fargo’s strategy of focusing on businesses that are core to our consumer and corporate clients. Additionally, we believe that Computershare’s similar approach to service and their emphasis on innovative product development will be valuable to our clients and corporate trust services colleagues in the future,” David Marks, Wells Fargo Head of Commercial Capital.
Wells Fargo is advised by Wells Fargo Securities and Sullivan & Cromwell. Computershare is advised by Simpson Thacher & Bartlett.
Wabtec, a global provider of equipment, systems, digital solutions and value-added services for freight and transit rail, agreed to acquire Nordco, a supplier of new, rebuilt and used maintenance of way equipment, from Greenbriar Equity Group, a private equity firm, for $400m.
“Nordco is a strategic addition to the Wabtec portfolio with an attractive pipeline of vertical solutions and strong aftermarket demand that will only be strengthened by our vast global footprint. This acquisition aligns with our growth strategy, is supported by a strong recurring revenue model, technology that complements our business, and is projected to deliver over $10m in cost synergies for our shareholders over the next three years,” Rafael Santana, Wabtec President and CEO.
Nordco is advised by Robert W Baird and Hughes Hubbard & Reed. Wabtec is advised by Jones Day.
UiPath, an enterprise automation software company, completed the acquisition of Cloud Elements, a cloud API integration platform. Financial terms were not disclosed.
“Automating the enterprise requires connecting the enterprise. Combining our API integration and management capabilities with UiPath’s powerful offering strengthens the glue of enterprise connectivity and expands the reach and efficiency of automation projects for enterprises across the globe,” Mark Geene, Cloud Elements Co-Founder and CEO.
Cloud Elements was advised by GrowthPoint Technology Partners and Bartlit Beck. UiPath was advised by Cooley.
Azimut, one of Europe’s largest independent asset managers, agreed to acquire the minority stake in Bezos and Moross families-backed HighPost Capital, a consumer-focused middle market private equity firm based in New York. Financial terms were not disclosed.
“This investment provides HighPost with working capital and enhances our ability to capture attractive investment opportunities among high-growth, consumer-focused businesses in the middle market globally. We launched HighPost to drive long-term performance in ourcompanies, maximize value through significant operational improvement. Azimut shares our values and patient approach to investing and we look forward to their support,” David Moross and Mark Bezos, HighPost Founders, CEO and General Partner.
HighPost is advised by Gibson Dunn & Crutcher. Azimut is advised by Sidley Austin and Confluence Advisors.
D1 Capital, a venture capital firm, led a $425m Series D financing round in Loft, a digital real estate platform in Brazil. The round had participation from Advent International, Altimeter Capital Management, Canada Pension Plan Investment Board, DST Global, GIC, Silver Lake, Soros Fund Management, Tarsadia and Tiger Global Management. Existing investors Andreessen Horowitz, Caffeinated Capital, Fifth Wall, monashees, QED Investors and Vulcan Capital followed on.
Loft is already in the process of raising about $100m more in an add-on to the deal that would boost its valuation to roughly $2.8bn post-money.
D1 Capital is advised by Paul Weiss Rifkind Wharton & Garrison and Wilson Sonsini Goodrich & Rosati.
I Squared Capital Advisors, a private equity firm, completed the acquisition of Star Leasing, a trailer lessor. Financial terms were not disclosed.
"Partnering with I Squared Capital, a sponsor with deep sector expertise, will allow the Star Leasing team to expand our geographic footprint, better serve our existing customers and offer our industry-leading suite of products and services, including rentals, leasing, sales, maintenance, and over-the-road breakdown services, to more companies as a comprehensive solution to their semi-trailer needs,” Steve Jackson, Star Leasing CEO.
I Squared Capital was advised by White & Case. Star Leasing was advised by Ice Miller.
BDT Capital Partners, a merchant bank that provides family and founder-led businesses with long-term, differentiated capital, completed a $3bn investment in Acrisure, a global insurance broker.
“We look forward to a long-term partnership with Greg and his team, consistent with our business model of providing patient capital to founder and family-led businesses, while leveraging our network of closely held business owners and investors to support the company’s growth and expansion,” Byron Trott, BDT Capital Partners Founder, Chairman and CEO.
Acrisure is advised by JP Morgan.
An investment consortium led a $475m financing round in Dataminr, an AI platform operator. Consortium included Eldridge, Valor Equity Partners, MSD Capital, Reinvent Capital, ArrowMark Partners, IVP, Eden Global and investment funds managed by Morgan Stanley Tactical Value.
“As one of the existing investors in Dataminr, we targeted data-centric investments and recognised the company’s unique AI platform, powerful proprietary algorithms and data-driven advantage whilst being steered by an experienced and robust leadership team. It was first to market in providing a broad range of clients with real-time information on high-impact events and emerging risks ahead of all other information sources," Tyron Birkmeir, Lurra Capital Founder and CEO.
Dataminr was advised by JP Morgan.
Blackstone led a $100m Series E funding round in Ginger, the on-demand mental health company.
“The company’s exceptional team has built a world-class, scalable care model that benefits individuals, employers, and payers – and we’re excited to partner with them moving forward,” Ram Jagannath, Blackstone Growth and Blackstone Tactical Opportunities Global Head of Healthcare.
Blackstone was advised by Debevoise & Plimpton.
Roku, a streaming players and TV-related audio devices provider, completed the acquisition of This Old House Intermediate, an owner of “This Old House” show. Financial terms were not disclosed.
“‘This Old House’ has the broad appeal that is perfectly suited to support The Roku Channel’s ad-supported growth strategy. This Old House created the television home improvement genre and is beloved by millions of fans. We are thrilled to welcome this incredible team, and we could not be more excited to help grow the brand for an entire new generation of home improvement enthusiasts,” Rob Holmes, Roku VP of Programming.
Roku was advised by Hogan Lovells.
Carrefour Brazil, a Brazilian wholesale hypermarket, agreed to acquire Grupo BIG Brasil, a third-biggest food retailer in Brazil, from Advent International and Walmart, an American multinational retail corporation, for $1.3bn.
"The acquisition of the BIG Group is a major transformation movement for Carrefour Brazil. In this continental country with immense development prospects, we have accentuated our leadership in the food distribution market over the past 3 years, and BIG will further strengthen it with very complementary formats and locations. The transaction fits perfectly into the Carrefour Brazil ecosystem and into the Group's acquisition strategy, centered on the consolidation of our key markets. The significant synergies generated by this transaction are a lever for creating additional value and a powerful addition to the profitable growth model that we have established across our Group," Alexandre Bompard, Carrefour Chairman and CEO.
Grupo BIG is advised by Brunswick Group.
Venture capital firms DST Global, Lightspeed Venture Partners, and VY Capital led a $300m Series C round in Blockchain.com, a cryptocurrency wallet provider, with participation from other existing and leading investors from around the world.
"This round follows our $120m strategic growth round that we announced a month ago, led by a number of the best macro investors in the world. While Blockchain.com is highly profitable across each of our business lines (having surpassed all of 2020 contribution margin in the first 2 months of 2021) we believe that our new partners, who have experience in supporting companies during times of hyper growth — are the perfect complement to our recent addition of some of the best macro investors like Louis Bacon and Kyle Bass," Peter Smith, Blockchain.com CEO.
Bruin Sports Capital, an investment manager, agreed to acquire a 50% stake in TGI Sport, a global sports technology company, from Quadrant, a private equity, for $100m.
"TGI is precisely the type of company we look for at Bruin. Quadrant, Barclay and the leadership team are progressive, innovative, and understand how to create value for partners in the new sports and entertainment ecosystem. The team has significant momentum and we are proud that they've chosen Bruin to help accelerate the company's trajectory," George Pyne, Bruin Founder and CEO.
Komline-Sanderson, a designer and manufacturer of equipment for wastewater management, environmental control, and other industrial applications, agreed to acquire Barnes International, a manufacturer of coolant filtration equipment. Financial terms were not disclosed.
“The acquisition of Barnes International is a momentous step in what will be a multi-faceted expansion of our business. With this acquisition, we are more than doubling our production capacity with facilities in Ohio and Illinois, creating a broader and more flexible manufacturing footprint. Barnes has been providing critical products to its customers for more than 100 years, and we intend to proudly continue that tradition of service and success as we join forces to offer even more benefits to our combined customer base,” Danai Brooks, Komline Chief Executive Officer.
Didi is seeking a valuation of $100bn in its IPO.
Didi Chuxing, a China's ride-hailing firm, is leaning toward picking New York over Hong Kong for its IPO, eyeing a valuation of at least $100bn via the float, Reuters reported.
Didi has also discussed the option of listing via a SPAC, which would involve merging with a blank-check firm that raises capital through a US IPO. At that valuation target, Didi could raise about $10bn if it sells 10% of its shares, in what would be the biggest Chinese IPO in the United States since Alibaba's $25bn float in 2014.
Robinhood files confidentially for IPO.
Robinhood Markets said it filed confidentially for an IPO, in what will be a highly anticipated listing among investors, including the trading app's own customers, Bloomberg reported.
The company said in a statement that it had submitted its filing to the US Securities and Exchange Commission. Robinhood could go public as soon as late in the second quarter. The company has selected Nasdaq as the venue for its listing.
Blavatnik-backed DigitalOcean raises about $775m in IPO. (FS)
DigitalOcean Holdings, a cloud computing company, raised more than $775m in an IPO priced at the top of a marketed range, adding to 2021's run of software listings, Bloomberg reported.
DigitalOcean sold 16.5m shares for $47 each. The New York-based company had marketed the shares for $44 to $47. The pricing implies a market value of about $5bn, based on the outstanding shares listed in filings with the US SEC.
The company's largest stockholder, with a 22% stake after the offering, will be an affiliate of Len Blavatnik's Access Industries Holdings. Other backers include funds connected to venture capital firms Andreessen Horowitz and IA Venture Partners.
ACV Auctions prices IPO at $25 per share.
Shareholders of ACV Auctions, a used car online auction company, raised $414m in an IPO priced above its marketed range. The ACV shareholders sold 16.55m shares in the IPO for $25 each. The Buffalo, New York-based company, which provides an online marketplace for auctioning used cars, had marketed shares at $20 to $22 each, a range that it earlier elevated from $18 to $20, Bloomberg reported.
The IPO implies a market value for the company of about $3.9bn based on the shares listed in its filings with the US SEC. The company's marketplace was used by more than 16k dealerships and other participants last year. ACV's revenue almost doubled last year while its loss shrank, according to its filings. It had a net loss of $41m on revenue of $208m, compared with a loss of $77m on revenue of $107m in 2019.
TA Associates looks for raising $1.5bn for New Opportunities Fund. (FS)
TA Associates is pitching investors on its second opportunities fund, which seeks to invest in certain companies its older flagship funds are selling, WSJ reported.
The Boston-based firm is targeting $1.5bn for its TA Select Opportunities Fund II. Reaching that goal would make it 50% bigger than the firm's debut opportunities fund, which closed on $1bn last year.
BC Partners to pick Citi banker to lead fundraising. (FS, People)
BC Partners has hired a senior Citigroup banker covering private equity firms and other alternative capital providers to help spearhead its fundraising plans, Bloomberg reported.
Alexis Maskell will join the buyout firm as a partner and head of investor relations based in London. He was most recently head of the global asset managers group for Europe, the Middle East, and Africa at Citigroup.
His arrival comes with BC Partners in the midst of raising a record €8.5bn ($10bn) for its next flagship buyout fund. The firm stuck to its target during the coronavirus pandemic and aims to finish collecting investor capital this year.
Fulcrum Equity Partners raised $275m for Growth Fund IV. (FS)
Fulcrum Equity Partners, a growth equity firm investing in healthcare services, HCIT, B2B SaaS, and tech-enabled services, has closed its fourth and largest fund to date, Fulcrum Growth Fund IV, which was oversubscribed with $275m in committed capital.
Fulcrum's existing investor base validated the firm's thesis and approach with nearly 100% participation from institutional investors in prior funds and many investors increasing their allocations over previous commitments. New institutional investors and family offices also joined the firm's longtime stable of C-level executives, a key element of Fulcrum's strategic value-add since its founding in 2006.
"As a team of seasoned entrepreneurs ourselves, we started the firm’s first fund by gaining the financial and operational support of like-minded executives who continue to invest and serve as a rich resource in diligence, market knowledge, connections, and board composition for our portfolio companies," Tom Greer, Fulcrum Founding Partner.
EMEA
Spain’s CNMC competition watchdog approved the acqusition of Bankia, a state-owned lender, by Caixabank, a Spanish financial company, though the merged entity will have to agree to a number of conditions in its retail banking arm, Reuters reported.
CNMC said an analysis of the combined company’s retail banking business found there would be a lack of competition in 86 postal codes across Spain, and Caixabank would command an effective monopoly in 21 of them. Among other concessions, Caixabank must guarantee the same terms and conditions to existing Bankia customers in those areas for three years.
Caixabank is advised by Deloitte, Morgan Stanley, Davis Polk & Wardwell and Uria Menendez. Morgan Stanley is advised by Linklaters. Bankia is advised by Nomura, Rothschild & Co, Freshfields Bruckhaus Deringer, Garrigues and Gomez-Acebo & Pombo.
The Unicaja Banking board of Trustees agreed to support the bank's merger project with Liberbank, a regional Spanish commercial bank. The board has counted on the advice of Barclays in making this decision.
"The board understands that the aforementioned corporate operation would offer a set of potentialities that, always through proper management thereof, could lead to an appreciable generation of value for shareholders," Unicaja.
Unicaja is advised by PricewaterhouseCoopers, Barclays, Mediobanca and Uria Menendez. Liberbank is advised by Ramon y Cajal, Deloitte and Deutsche Bank.
Bally's, a gaming company, offered to acquire Gamesys, an online software development and gaming business, for $2.8bn.
"We believe that this combination would mark a transformational step in our journey to become a leading integrated, omni-channel gaming company with a B2B2C business. We think that Gamesys' proven technology platform alongside its highly respected and experienced management team, combined with the US market access that Bally's provides, should allow the combined group to capitalise on the significant growth opportunities in the US sports betting and online markets," Soo Kim, Bally's Chairman.
Gamesys is advised by Berenberg, Numis Securities, Macquarie Group and Finsbury Glover Hering. Bally's is advised by Deutsche Bank and Kekst CNC.
Sino Biopharmaceutical, an innovative research pharmaceutical group in China,agreed to acquire a 60% stake in Softhale, a privately held Belgium based respiratory company, from New Rhein Healthcare Investors, a private equity firm that invests in life sciences firms, for $110m. Closing is expected within March 2021.
"During the past two years, Softhale has made significant progress in developing its platform and achieved important regulatory milestones. The sale of Softhale represents another strong result for our investors and demonstrates New Rhein's continued ability to choose the right opportunities and build value in the companies we back. We have been very deliberate in ensuring we find the right partner to continue the successful trajectory of Softhale, with the well-being of patients at heart," Greg Parekh, New Rhein Founder and Managing Partner.
SoftHale is advised by Guggenheim Partners. Sino Biopharma is advised by Carpmaels & Ransford, Ernst & Young, Results Healthcare, Baker McKenzie and Theraproval.
ICL, a multi-national manufacturing concern that develops, produces and markets fertilizers, metals and other special-purpose chemical products, agreed to acquire South American plant nutrition business from Compass Minerals, a global provider of essential minerals, for $402m. The acquisition is expected to close by the third quarter of 2021, subject to the completion of the carve-out of Compass Mineral’s South American water treatment and chemicals businesses and the fulfilment of customary closing conditions, including regulatory approvals.
“This transaction, together with our recent acquisition of Fertiláqua in Brazil and our existing specialty plant nutrition business there, will position ICL as the leading specialty plant nutrition company in Brazil, one of the world’s fastest growing agriculture markets. This important next step delivers on our stated strategy of achieving leadership positions in high-growth specialty plant nutrition markets, such as Brazil, and also accelerates our progress toward long-term global leadership for our Innovative Ag Solutions division,” said Raviv Zoller, president and CEO of ICL.
ICL is advised by Scherf. Compass Minerals is advised by JP Morgan.
Symphony Technology Group, a Palo Alto-based private equity firm, agreed to acquire a minority stake in Trace One, a provider of software to the retail and private label goods sectors, from Hg Capital. Financial terms were not disclosed.
“Trace One is the undisputed sector leader serving the world’s leading global retail brands and a network of over 5k manufacturers. We are thrilled to partner with Christophe and his team, and we are fully committed to driving Trace One’s next phase of growth as the leading SaaS player empowering retailers and their manufacturing partners globally,” William Chisholm, STG Managing Partner.
Hg Capital is advised by Brunswick Group.
Hg Capital agreed to acquire a stake in Trackunit, a Danish company in software-led telematics solutions, from Goldman Sachs and GRO Capital, a Nordic-based private equity fund. Financial terms were not disclosed.
“GRO Capital and Goldman Sachs have been exceptional partners during the last five years and helped us solidify our mission, and execute against it. We are proud to have attracted investment from Hg, which comes at a tipping point for the digitalization of construction. Hg’s understanding, experience and focus on scaling leading SaaS companies provides Trackunit with a knowledgeable partner to consolidate and realize our ambitions in a growing global industry,” Soeren Brogaard, Trackunit CEO.
Hg is advised by Brunswick Group.
AP Pension, an independent pension company, Nykredit, a Denmark's financial services company, and Arbejdernes Landsbank, a Danish bank, offered to acquire a 28.3% stake in Vestjysk Bank, a publically traded Danish regional banking company, for $191m. The transaction is subject to regulatory approvals and Arbejdernes Landsbank will raise equity to finance the transaction.
“At Vestjysk Bank, we are in the process of executing the merger with Den Jyske Sparekasse. The merger is a significant strengthening of the bank because it gives us the necessary size, while at the same time we can maintain what is our special strength, namely our local anchorage. We work purposefully to become an even more profitable and efficient bank that is an integral part of the local communities in which we are present. I note with satisfaction that Arbejdernes Landsbank wants us to use the necessary efforts to make the merger a success. We are in the process of doing this, and we will continue with that work,” Kim Duus, Vestjysk Bank Chairman.
Bidders are advised by SEB.
Precision, a specialized services company supporting next generation approaches to drug development and commercialization, completed the acquisition of Across Health, a global omnichannel engagement firm. Financial terms were not disclosed.
"For years we have honed our pragmatic, evidence-based, end-to-end products and consultative insights to accelerate digital transformation and optimize the omnichannel go-to-market model for leading life science companies," Fonny Schenck, Across Health Founder and CEO.
Apax Partners close to $1.8bn Rodenstock acquisition. (FS)
Apax Partners is set to acquire Rodenstock Group, becoming the German eyeglass-lens maker's fourth private equity owner in less than 20 years.
Compass Partners reached a deal to sell the business to Apax after five years of ownership, Bloomberg reported. The transaction could value Rodenstock at about €1.5bn ($1.8bn) including debt. That makes the Rodenstock purchase the largest acquisition in Germany so far this year.
“Rodenstock has a strong reputation for innovation and German engineering proven over 140 years, and has created a paradigm shift in progressive lenses,” Arthur Brothag, Apax Partner.
Cinven prepares the divestment of Eurovita. (FS)
Cinven plans to Eurovita, sell life-insurance company, in a deal that could be valued at as much as €600m ($710m), Bloomberg reported.
The buyout firm is working with Deutsche Bank as it prepares for a sale of Eurovita. Eurovita could attract both private equity funds and rival insurers.
Cinven bought Eurovita Assicurazioni in 2017 and merged it with ERGO Previdenza and Old Mutual Wealth Italy to create a consolidated platform for life insurance products in Italy. Eurovita later acquired Italy’s Pramerica Life SpA. The company manages about 680k policies with more than €2bn ($2.37bn) of premiums.
Saudi Aramco applies to banks for pipeline deal financing.
Saudi Aramco has sent a request for proposals to banks for financing it wants to offer to investors looking to lease its pipelines, a sign the oil giant is progressing with plans to extract value from its assets. It is asking lenders to submit commitments for a loan that could go up to $10bn in size, Reuters reported.
Aramco, which is being advised by JP Morgan and Japan's MUFG on the financing, has sent the request over the past few weeks to its relationship banks, meaning to banks that have already lent to the company.
Macquarie considers selling Open Grid Europe. (FS)
Macquarie is preparing Open Grid Europe, Germany's gas transmission system operator, for sale in a deal potentially worth about €6bn ($7bn), Reuters reported.
Macquarie's European Infrastructure Fund 4 is working with Macquarie Capital and UBS on divestiture. First-round offers are expected before the summer break, with the signing of a deal targeted before year-end.
OGE was MEIF4's first investment, which was followed by acquisitions of gas grids in the Czech Republic and Italy, European wind farms and broadcasting towers, as well as, hydropower plants and utilities.
Nordic Atlantic Airways launches a $150m share placing.
Norse Atlantic Airways, a startup carrier, began a $150m share placement to bankroll the launch of trans-Atlantic flights this year even as air travel remains mired in its worst-ever slump, Bloomberg reported.
Shipping entrepreneur Bjorn Tore Larsen, Norse's chief executive, will subscribe for stock worth the equivalent of $10m, while $64m has been allocated to six backers, including Handelsbanken, DNB Asset Management, and Nordea Investment Management.
Norse, founded by executives with ties to Norwegian Air Shuttle, aims to fill a gap in the market created when the discount specialist filed for insolvency.
Leonardo cancels its DRS unit US IPO.
Leonardo canceled the IPO of its DRS unit after the Italian aerospace firm failed to attract the price it sought for a stake in the US business. The initial bid price was below the $20-22 per share target, Bloomberg reported.
DRS, an Arlington, Virginia-based maker of military electronics systems, was set to list on the NYSE this week. Leonardo had targeted raising as much as $807m from the stock sale. It said it would revisit the plan when conditions are more favorable.
"Notwithstanding investor interest within the price range during the course of the roadshow, adverse market conditions did not allow an adequate valuation of DRS," Leonardo.
APAC
ChrysCapital Management, an investment firm, completed the acquisition of a minority stake in Safex Chemicals, an agrochemical company, from BanyanTree Growth Capital, a private equity fund, for $50m.
"We intend to leverage our strong management capabilities and ChrysCapital's extensive network to drive Safex's growth by bringing innovative products and solutions to the Indian agrochemical industry through M&A and in-licensing opportunities. Together, we are focussed towards creating value for all our stakeholders," S.K. Chaudhary, Safex Founder Director.
Safex Chemicals and BanyanTree Growth Capital were Investec and Stratage Law Partners. ChrysCapital was advised Cyril Amarchand Mangaldas.
AIA Group, an independent publicly listed pan-Asian life insurance group, agreed to acquire the life insurance unit of Elliott Management-backed Bank of East Asia, a Hong Kong-based financial services group, for $653m. The acquisition of BEA Life is expected to complete by the end of this year, subject to obtaining the relevant regulatory approvals.
“This transaction brings together two trusted financial institutions with a long history of operating in Hong Kong and Mainland China, who are aligned in the pursuit of sustainable growth powered by digital and technological transformation. It enables us to bring our in-branch sales expertise and range of quality protection and long-term savings products to BEA’s loyal customer base, with an opportunity to unlock significant growth potential for both companies," Jacky Chan, AIA Regional Chief Executive.
BEA is advised by Goldman Sachs. AIA Group is advised by JP Morgan.
Greenoaks, a US-based global investment firm, led a $100m new funding round in Airwallex, a provider of technology services, with participation from Grok Ventures, Skip Capital and ANZi Ventures and fintech companies including Deliveroo, Discord, Stripe, Brex and Checkout.com.
“We continue to extend our international footprint, and are bolstering our capabilities through partnerships and new product launches. Strengthening our investor base with the addition of Greenoaks will also help us accelerate that progress. We look forward to their support as we forge ahead on our journey to become a global financial cloud,” Jack Zhang, Airwallex Co-Founder and CEO.
Westpac evaluating possible demerger of New Zealand business.
Westpac Banking was in the early stages of assessing a possible demerger of its New Zealand business, Reuters reported.
The reasons for such a move are the changing capital requirements in New Zealand and the central bank's requirement to separate its local operations from its main business in Australia, the country's third-largest lender said.
ByteDance hires Xiaomi executive as CFO weighing IPO. (People)
ByteDance hired Xiaomi's Chew Shou Zi as its CFO, fueling speculation over the social media giant's plans to go public, Bloomberg reported.
Chew, who oversaw Xiaomi's IPO as finance chief more than two years ago, tweeted Wednesday he joined the TikTok owner in Singapore. The smartphone maker had earlier announced his departure in a filing to the Hong Kong stock exchange.
Chew had overseen Xiaomi's smartphone international expansion before his departure. ByteDance has been exploring plans to list some of its businesses, including TikTok's Chinese twin Douyin in Hong Kong.
Mitsui Mining to exit from copper mining by divesting its stake in Collahuasi mine.
Japan's Mitsui Mining and Smelting would exit from copper mining by selling its 0.97% stake in the Collahuasi copper mine in Chile to Japanese trading firm Mitsui & Co, as a part of a reshuffle of its asset portfolio.
The mining and smelting company did not disclose the financial terms of the deal, which is due to be completed by the end of March, but said the sale would result in a one-off gain of CNY9.5bn ($88m) for the year ending this month.
"We have decided to use our resources for other growing areas such as engineered materials and development of new products," Mitsui Mining.
Barbeque Nation prepares an IPO.
Barbeque Nation Hospitality is set to launch its IPO, hoping that a continuing investor rush for such share sales will outweigh concerns over the impact of a resurgence in coronavirus cases and resultant curbs by some states on the hospitality industry, DealStreetAsia reported.
The IPO could receive an encouraging response if recent share sales of two companies in the food and beverages sector are anything to go by. Recent IPOs of Burger King India and Mrs Bectors Food Specialties were heavily subscribed across investor categories, especially retail. These IPOs went on to deliver stellar gains on stock debut to investors.
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