Clayton, Dubilier & Rice and KKR completed the acquisition of Cloudera, an enterprise data cloud company, for $5.3bn. Cloudera common stock has ceased trading and is no longer listed on the New York Stock Exchange.
"Today marks an exciting new chapter in our company's future. As a private company, we will have the agility and resources to meet the needs of businesses today in a hybrid world. With the capital support and expertise of CD&R and KKR, we will be focusing on accelerating our product innovation, cloud transformation and customer growth," Rob Bearden, Cloudera CEO.
Cloudera was advised by Morgan Stanley and Latham & Watkins. Morgan Stanley was advised by Gibson Dunn & Crutcher. KKR was advised by Sard Verbinnen & Co. CD&R was advised by Bank of America, Citigroup, Cowen & Company, GCA Altium, JP Morgan, Perella Weinberg Partners, William Blair & Co, Debevoise & Plimpton, Kirkland & Ellis and Abernathy MacGregor Group. Debt financing was provided by Bank of America, JP Morgan and KKR Capital Markets. Debt providers were advised by Simpson Thacher & Bartlett.
Permira agreed to invest in Thoma Bravo-backed Motus, a reimbursement software platform. Financial terms were not disclosed. The deal, which is subject to customary regulatory approvals, is expected to close in the fourth quarter of 2021.
"Motus has been a really special investment for us given the business transformation work undertaken in combining Motus and Runzheimer years ago. The company's strategy, team, growth rate and new product investment are all higher than ever, and we are even more excited for the future here, particularly with a terrific partner like Permira," A.J. Rohde, Thoma Bravo Senior Partner.
Motus is advised by Barclays, William Blair & Co and fama PR. Thoma Bravo is advised by Kirkland & Ellis, Sidley Austin and Finsbury Glover Hering. Permira is advised by Union Square Advisors, Fried Frank Harris Shriver & Jacobson and Sard Verbinnen & Co. Debt financing is provided by Barclays, Owl Rock Capital, RBC Capital Markets and Thoma Bravo Credit.
Brookfield Business Partners, the flagship listed business services and industrials company of Brookfield Asset Management, completed the acquisition of DexKo Global, a global supplier of highly engineered running gear technology, chassis assemblies and related components, from KPS Capital Partners, a private equity firm, for $3.4bn.
"We are pleased to grow our industrials operations with the acquisition of DexKo, a market leader known for quality and reliability. DexKo's world-class management team has delivered consistently strong performance and we are excited to partner with them to further build on an established track record of value creation," Mark Weinberg, Brookfield Business Partners Managing Partner.
DexKo was advised by Credit Suisse, Goldman Sachs, JP Morgan and Paul Weiss Rifkind Wharton & Garrison. Brookfield was advised by Davis Polk & Wardwell. Debt financing was provided by BMO Capital Markets, Bank of America, Credit Suisse, Deutsche Bank, Goldman Sachs and RBC Capital Markets.
Clearlake Capital-backed Unifrax, a global provider of high-performance specialty materials, completed the acquisition of Lydall, a provider of specialty filtration materials and advanced material solutions, for $1.3bn.
"The Unifrax-Lydall combination creates a one-of-a-kind specialty materials platform capable of driving transformative impact in the spaces we all care about, areas including fossil fuel reduction, improved energy storage, and cleaner air. With our expanded portfolio and nearly doubled global footprint, we are poised to deliver even more cutting-edge, market-leading products and innovation to customers around the world," John Dandolph, Unifrax President and CEO.
Lydall was advised by Bank of America and Davis Polk & Wardwell. Bank of America was advised by White & Case. Unifrax was advised by JP Morgan, Morgan Stanley, Kirkland & Ellis and Lambert & Co. Debt financing was provided by JP Morgan.
Starry, a wireless technology developer and internet service provider, agreed to go public via a SPAC merger with FirstMark Horizon Acquisition in a $1.66bn deal. The transaction includes a $130m PIPE from ArrowMark Partners, Atreides Management, Fidelity Management & Research Company, Tiger Global Management, and affiliates of FirstMark Capital. Upon completion of the transaction, which is expected to close in Q1 2022, the combined company will be listed on a national exchange under the ticker symbol "STRY".
"This business combination with FirstMark will give us the necessary capital to expand our business and reach profitability. More importantly, it will allow us to continue to deliver for customers and execute on our mission. We believe broadband connectivity is a social good and, if it is universally available and affordable, that great things will happen for families, for communities and for society as a whole. I cannot think of partners better suited to support our growth than FirstMark and FirstMark Capital and we're excited to continue our relationship with them to bring #HappyInterneting to more places and people," Chet Kanojia, Starry Co-Founder and CEO.
Starry is advised by Goldman Sachs, Latham & Watkins, Gladstone Place Partners and Mercury. FirstMark is advised by Credit Suisse, Skadden Arps Slate Meagher & Flom and Blueshirt Group.
Schweiger Dermatology Group, a dermatology services provider, completed the acquisition of The Derm Group, a clinical and cosmetic services provider. Financial terms were not disclosed.
"As we looked to transition after growing our practice for almost 30 years, the quality of clinical care provided and the overall patient experience was paramount in our search for a partner. Schweiger Dermatology Group's focus on clinical excellence, advancing therapeutical areas of research, and providing a quality team experience made them the natural choice for The Derm Group," Daniel Groisser, The Derm Group Founder and CMO.
The Derm Group was advised by Getzler Henrich & Associates and Locke Lord. Schweiger Dermatology Group was advised by Blank Rome, Morgan Lewis & Bockius, Nixon Peabody and Sandberg Phoenix.
Zijin Mining Group, a mining company, agreed to acquire Neo Lithium, a developer of lithium deposits, for $763m. The transaction is expected to close in the first half of 2022.
"After a thorough strategic process, we are very pleased to provide this all-cash premium offer to our shareholders from a leading global mining company. This is the result of the collective work of our premier lithium brine exploration team, starting from initial discovery in late 2015 to defining one of the largest and highest-grade lithium brine deposits in the world, and culminating in this premium offer in just six years. We believe that it is now time for our project to proceed to the construction and production phases with Zijin," Waldo A. Perez, Neo Lithium President and CEO.
Neo Lithium is advised by Bank of America, Cormark Securities and Fasken. Zijin Mining is advised by Paradigm Capital and Torys.
Sundial Growers, a licensed producer of cannabis, agreed to acquire Alcanna, a private liquor retailer, for $346m. The transaction is expected to close in December 2021 or in the first quarter of 2022.
"This made-in-Alberta transaction allows Sundial to further its mission to own the customer relationship and deliver sustainable value to shareholders. Alcanna's value-focused model in liquor retailing has created market stability and we believe that the replication of this playbook in cannabis has strong potential to drive a similar result. We intend to position all of our retail exposure for profitability and strive to work with Canadian licensed producers in order to delight consumers with quality cannabis products," Zach George, Sundial CEO.
Alcanna is advised by Cormark Securities, Bennett Jones and Clark Wilson. Sundial Growers is advised by ATB Capital and McCarthy Tetrault.
Investcorp, a private equity investor, completed an investment in EagleTree Capital, a private equity firm. Financial terms were not disclosed.
"We are delighted to partner with ISCG and grateful for their support and confidence in our team. We are proud of the firm that we and our partners have built over our twenty plus years together. This strategic investment from such a prominent global partner marks the next phase of our evolution, will add significant value to EagleTree and accelerate the growth of our business," Anup Bagaria and George L. Majoros, EagleTree Co-Managing Partners.
EagleTree Capital was advised by Lazard, Paul Weiss Rifkind Wharton & Garrison and Sard Verbinnen & Co. Investcorp was advised by Fried Frank Harris Shriver & Jacobson and Prosek Partners.
Bank7, a bank holding company, agreed to acquire Cornerstone Bank, a provider of banking services. Financial terms were not disclosed. The transaction is expected to close in the fourth quarter of 2021.
"We are pleased to welcome the employees and customers of Cornerstone to Bank7. Both institutions have a long history of providing banking services in the Oklahoma market and we look forward to continuing Cornerstone's legacy that dates back to 1928. This addition is a great fit for Bank7, as it adds scale to our Oklahoma market and increases core funding for our continued growth," Thomas L. Travis, Bank7 CEO.
Cornerstone Bank is advised by D.A. Davidson & Co and McAfee & Taft. Bank7 is advised by Keefe Bruyette & Woods and Paul Foster Law Offices.
Sunoco, a master limited partnership with core operations that include the distribution of motor fuel, completed the acquisition of eight terminal locations from NuStar Energy, one of the largest independent liquids terminal and pipeline operators in the nation, for $250m.
"While these terminals are solid assets with great operations and employees, these facilities are no longer synergistic with NuStar’s core assets, which, in the current competitive climate is critical to their long-term success," Brad Barron, NuStar President and CEO.
Sunoco was advised by Vinson & Elkins. NuStar was advised by Barclays.
CIM Group, a real estate and infrastructure company, and Aravaipa Ventures, a venture capital firm, completed an $80m equity investment and $100m in committed project-level funding in Bolder Industries, a provider of circular solutions for rubber, plastic and petrochemical supply chains.
"Our vision is to transform what it means to be a sustainable, environmentally-conscious company and we're incredibly humbled by the support we've gained to do so. Bolder Industries is scaling at such a speed that enables existing customers to expand their business with us when they want to and new partners can see impact quickly," Tony Wibbeler, Bolder Industries CEO.
CIM Group was advised by Simpson Thacher & Bartlett and Diehl Communications.
insightsoftware, an enterprise software solutions provider, completed the acquisition of Exago, a software developer. Financial terms were not disclosed.
"The embedded analytics industry has skyrocketed over the recent years as businesses notice the value in a more effective and well-rounded analytics solution. Joining forces with Logi Analytics allows even more businesses to make their analytics comprehensible and accessible to all," Mike Brody, Exago CEO.
Exago was advised by Houlihan Lokey. Logi Analytics was advised by BLASTmedia.
General Logistics Systems, a logistics company, agreed to acquire Rosenau Transport, an independent freight carrier, for $287m. The acquisition is subject to the customary closing conditions and regulatory approvals.
"The addition of Rosenau Transport to GLS complements and enhances our Accelerate strategy. With this acquisition, GLS expands its service in Canada significantly and aims to play a significant role as a national logistics provider for parcels, LTL, FTL and customers brokerage with US reach," Martin Seidenberg, GLS Group CEO.
BlackFin Capital Partners, a private equity firm, agreed to acquire a 70% stake in the digital investment platform of DWS Group, an asset manager. Financial terms were not disclosed. Closing of the transaction is expected for the second half of 2022.
"With BlackFin, we have found the right partner to help us unlocking the full potential of our digital investment platform IKS. Our joint mission is to create a true pan-European player and we look forward to working with our new partners and making IKS a strong sales channel for DWS in the long term," Dirk Goergen, DWS Group Member of the Executive Board and Head of Client Coverage Division.
Brentwood Associates, a growth-oriented middle market private equity investment firm, completed an investment in Service Management Group, a global customer, patient and employee experience management firm. Financial terms were not disclosed.
"The experience management market is rapidly evolving, and we look forward to expanding SMG's market presence through strategic investments that accelerate technology development and further differentiate the professional services practice," Craig Milius, Brentwood Partner.
American Tower, an American real estate investment trust, completed the acquisition of DataSite, an owner-operator of data centers. Financial terms were not disclosed.
"The acquisition of DataSite augments our Data Center portfolio. Since entering the data center market in 2019, we've been committed to meeting the growing demands of our customers by expanding critical connectivity services. These Metro Data Centers are critical to our edge strategy, as they contain the carrier hotel, providing interconnectivity access to internet exchanges and cloud services," Eric Watko, American Tower Vice President of Product Line Management.
American Tower was advised by Jaymie Scotto & Associates.
Altimeter Capital, an American investment firm, led a $135m Series C funding round in Solo.io, an application networking company, valuing the company at $1bn. The round was joined by Redpoint Ventures and True Ventures.
"In today's digital world, connectivity is the lifeblood of an organization's ability to deliver value. We believe Solo.io's innovative application networking products are disrupting the existing API management landscape and tapping a broader market for service connectivity. Solo.io brings together amazing execution, customer focus, and a highly differentiated technology platform. We have been watching them for a while and are excited to partner with Idit and the team," Ram Woo, Altimeter Capital Partner.
Amgen, an American multinational biopharmaceutical company, completed a $100m investment in Neumora Therapeutics, a clinical-stage biopharmaceutical company.
"This partnership with Amgen underscores the vast potential of precision drug development for brain diseases; insights generated by deCODE will further enhance Neuroma's data-driven precision medicine approach. We are also excited to expand our pipeline with potential best-in-class programs targeting casein kinase 1 delta and glucocerebrosidase for neurodegenerative diseases. Neumora is poised to become a pioneer in precision drug development for brain diseases and we look forward to working with Amgen to advance promising new medicines for patients in need of better treatment options," Paul L. Berns, Neumora Co-Founder, Chairman and CEO.
F&G, an insurance brokerage firm, completed the acquisition of a 30% stake in Freedom Equity Group, an insurance services provider. Financial terms were not disclosed.
"F&G has a long history with FEG, and they have been an integral part of our life growth in recent years. This partnership will help address the risk and retirement needs of a vastly underserved market reaching more communities while creating additional opportunities for individuals to build their own businesses as agents," John Phelps, F&G EVP and Chief Distribution Officer.
Renovus Capital Partners, a private equity firm, agreed to acquire EducationDynamics, a provider of higher education marketing, enrollment management and student success coaching. Financial terms were not disclosed.
"We are excited for the future, and the ongoing support we will get from Renovus Capital Partners. Their deep understanding of higher education made the acquisition a perfect fit, and further positions us to better serve the higher education community. Our mission remains unchanged, but is now strengthened by Renovus' full support, and its deep belief in our goals and vision for future developments in the higher education industry," Bruce Douglas, EducationDynamics CEO.
Trinity Life Sciences, a provider of global life sciences commercialization solutions, agreed to acquire CBPartners, a strategy consulting firm. Financial terms were not disclosed.
"We are excited to offer the additional services in the Trinity portfolio – commercial strategy, launch planning, market research, forecasting, benchmarking, etc. – to our client base so we can develop stronger cross-functional strategies that demonstrate a product's value. It is exciting to be part of the Trinity team,” Mónica Martín de Bustamante, CBPartners CEO & Managing Director.
Chief Oil & Gas explores a sale for more than $3bn.
Chief Oil & Gas, the Appalachian exploration and production company founded and controlled by Texas wildcatter Trevor Rees-Jones, is exploring a sale that could value it at more than $3bn, including debt.
Trevor Rees-Jones' decision to attempt a sale now comes as energy prices have surged to multi-year highs, boosting corporate valuations in the industry. Chief Oil & Gas has hired an investment bank to begin a sale process for the company, Reuters reported.
Greenbriar Equity Group explores a $1.5bn sale of BDP International. (FS)
Greenbriar Equity Group, a private equity firm, is exploring a sale of BDP International, a transportation services provider, in a $1.5bn deal.
Greenbriar is working with an adviser to solicit bids for BDP. The sale has attracted interest from buyout firms as well as other transport and logistics companies. Deliberations are ongoing, and there’s no certainty they will lead to a transaction.
Momentive Global is exploring a potential sale.
Momentive Global, the owner of SurveyMonkey, is exploring options, including a potential sale after receiving takeover interest.
The company is working with a financial adviser and discussions with suitors are in the early stages. Momentive hasn’t made any final decisions and could still opt to remain independent.
The company is also under activist investor pressure to sell itself. Momentive has been exploring options independently from the activist pressure, Bloomberg reported.
RedBall Acquisition confirms merger talks with SeatGeek.
RedBall Acquisition, a blank-check firm, is in talks to merge with SeatGeek, a mobile-focused ticket platform.
There is no assurance that an agreement will be reached as a result of the exclusive discussions. A deal, if agreed, could be announced as soon as this week.
The RedBall SPAC last year held talks with the owner of the Boston Red Sox and Liverpool Football Club, Fenway Sports Group, though those talks collapsed. New York-based SeatGeek was last valued at $571m, Bloomberg reported.
AvidXchange to raise $550m at a $5bn valuation in a US IPO.
AvidXchange Holdings, a software company, raised the proposed price range for its US initial public offering, with the business payments firm now looking to raise up to $550m at a valuation of nearly $5bn. The company expects to list on the Nasdaq under the symbol “AVDX”.
The company said it is now looking to sell 22m shares priced between $23 and $25 each. At the top end of the newly announced range, the company will raise up to $550m in the IPO. Earlier it had set a range of $21 to $23 per share, aiming to raise up to $506m, Reuters reported.
L Catterton-backed Ideal Image is exploring an IPO. (FS)
L Catterton-backed Ideal Image, a provider of cosmetic surgery services, is exploring a US initial public offering.
Ideal Image is working with advisers ahead of a potential listing that could occur as soon as this year. A decision around the timing of the company’s public markets debut hasn’t been finalized, Bloomberg reported.
NFX raises $450m for its third fund. (FS)
NFX, a seed-stage venture capital firm based in San Francisco and Israel, closed its third fund at $450m. The company believes the fund, which is dedicated to seed and pre-seed startups, is the largest fund of its kind to date.
The fund, dubbed Fund III, is projected to support an additional 70 companies whose founders specialize in fintech, marketplaces, gaming, and proptech sectors, and increases investment in tech-bio and crypto.
“At NFX, we lead with a founder-first mindset because we were founders ourselves. The early days of a company are many of the most critical and challenging. Founders not only need smart support from those who’ve lived this life, they need access to a robust network, practical tools and a highly sought-after and engaged community. We see so many exciting opportunities ahead and are now looking forward to continuing to support even more founders in the future,” Pete Flint, NFX General Partner.
Hellman & Friedman matched an offer from EQT to acquire Zooplus, an online pet supply retailer, for about $3.94bn, Reuters reported.
Hellman & Friedman's $543 per share offer for Zooplus comes after EQT topped an earlier $531 per share offer by the US firm last month.
Zooplus is advised by Goldman Sachs, GLNS Rechtsanwalte Steuerberater and Finsbury Glover Hering. Goldman Sachs is advised by Sullivan & Cromwell. EQT is advised by Deutsche Bank, Milbank and Kekst CNC. Hellman & Friedman is advised by JP Morgan, goetzpartners and Freshfields Bruckhaus Deringer.
Vestum, an acquisition vehicle, agreed to acquire Lakers Group, a North European aftermarket service, project and specialist product provider of water and wastewater pumps, from Summa Equity, a private equity firm, for $239m.
“Our investment in Lakers was founded in Summa Equity’s philosophy of investing to solve global challenges, and Lakers solves issues with our ageing water and sanitation infrastructure. We are excited about Vestum’s acquisition, which is validating our thesis on consolidating and improving the service industry for water infrastructure,” Christian Melby, Summa Equity Partner and CIO.
Lakers Group is advised by Advokatfirmaet Selmer and Cederquist. Vestum is advised by Svalner Skatt & Transaktion and Cirio.
DexKo Global, a global trailer running gear, chassis assemblies and related components provider, completed the acquisition of Brink International, the fixed, detachable and retractable towbars provider, from H2 Equity Partners, a private equity investor. Financial terms were not disclosed.
"This acquisition expands our global leadership position, providing an extension into new products and technology and substantially growing our presence in the aftermarket. Brink is in an excellent business that is a great strategic fit with DexKo. We are looking forward to working with the management team and Brink employees to pursue continued growth," Fred Bentley, DexKo Global CEO.
Brink was advised by Houlihan Lokey. DexKo Global was advised by Stibbe.
Public Investment Fund, PCP Capital Partners and RB Sports & Media completed the acquisition of Newcastle United, an English professional football club, from Mike Ashley, a British billionaire retail entrepreneur in the sporting goods market, for £305m ($415m).
"We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football. We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them," Yasir Al-Rumayyan, PIF Governor.
Blackstone agreed to acquire a majority stake in VFS Global, a provider of visa outsourcing services, from EQT for $2.5bn. The transaction is expected to close by Q1 2022.
"On behalf of the entire VFS Global team, I want to thank EQT for the very collaborative and value enhancing partnership over the past five years. With EQT's trust and support – especially during the COVID-19 pandemic – we are in a much stronger position today and look forward to the next phase of growth together with Blackstone," Zubin Karkaria, VFS Global CEO.
Blackstone is advised by Bar & Karrer.
Centerbridge, TowerBrook explore $2bn Aareal Bank takeover. (FS)
A consortium led by private equity firms Centerbridge Partners and TowerBrook is exploring a takeover of Aareal Bank, valuing the German real estate lender at about $2bn.
The investor group, which also includes Advent International, has started talks on the potential acquisition of a majority stake in Aareal. They are considering a bid of $33 per share.
An offer at that level would represent a 23% premium to Aareal Bank’s closing price. The lender has granted the consortium access to information on its business, though the outcome of the discussions is still open, Bloomberg reported.
Vonovia buys an option for stake in rival Adler.
Vonovia, a German real estate company, bought an option to acquire around 13% of its smaller rival Adler whose shares had tumbled as much as 33% after an activist investor described it as “not investible”.
The deal comes after Vonovia reached a majority of voting rights to buy rival Deutsche Wohnen, creating Germany’s biggest real estate group, Reuters reported.
Vonovia said the option gives it the right to buy Adler shares from Luxembourg-based property investor Aggregate Holdings over the next 18 months at a strike price of $16.16 per share.
AutoStore plans for a $1.8bn Oslo IPO. (FS)
AutoStore, a robotics firm, and its backers are looking to raise as much as $1.8bn on the Oslo Stock Exchange in one of Norway’s biggest-ever initial public offerings amid a rush of Nordic share sales.
AutoStore plans to raise $315m, while holders will offer existing stock worth as much as $1.5bn. The listing could value AutoStore, which is owned by private equity firm Thomas H. Lee Partners, SoftBank Group and EQT, at as much as $12bn.
The company will market shares at $3 to $3.6 each through October 19, with the new stock set to start trading the next day. Four investors, including Fidelity International and Mawer Investment Management, have committed to acquire shares worth $804m in the IPO, Bloomberg reported.
AutoStore is advised by Carnegie Investment Bank, JP Morgan, Morgan Stanley, ABG Sundal Collier, Citigroup and Jefferies.
SPB aims to raise $150m in Russia IPO before 2022 Nasdaq IPO.
Saint Petersburg Stock Exchange, hopes to raise $150m in an IPO on its own bourse before the year-end ahead of a larger US listing in the first half of 2022.
Russia’s second-largest bourse specialises in listing foreign securities and saw a surge in volumes during the Covid-19 pandemic, peaking at $39.2bn in March, as retail investors took to trading while lockdowns kept them at home. The bourse’s local listing will comprise around 10% of its share capital.
The second part of SPB’s IPO is planned for April 2022, earlier than previous reports have suggested, with a target to raise an additional $300m on Nasdaq, Reuters reported.
New Zealand Super Fund commits $144m to Copenhagen Infrastructure’s energy vehicle. (FS)
New Zealand Superannuation Fund, the country’s $40bn sovereign wealth fund, has committed up to $144m into the latest sustainable energy-focused vehicle of Copenhagen Infrastructure Partners.
CIP, a Danish renewable energy-focused fund manager, seeks to raise $2.6bn for Energy Transition Fund, which is focused on developing industrial-scale sustainable energy infrastructure, known broadly as Power-to-X.
The sovereign wealth fund also wants to take advantage of opportunities in areas such as energy transition, renewable energy, and decarbonisation infrastructure, DealStreetAsia reported.
Chubb, a global provider of insurance products, agreed to acquire the personal accident, supplemental health and life insurance business of Cigna, an American multinational managed healthcare and insurance company, for $5.75bn. The transaction is expected to be completed in 2022 and is subject to required regulatory approvals and customary closing conditions.
"The addition of Cigna's business, which is overwhelmingly A&H, will further balance our global portfolio toward this important region. We have long admired and respected Cigna's business in Asia including its talented people, innovative products, technical and analytical capabilities, distribution and management. Chubb will be better able to capitalize on market and product opportunities with strong brand, complementary direct marketing skills and the cross-selling of Chubb's non-life product to life customers," Evan G. Greenberg, Chubb Chairman and Chief Executive Officer.
Tata Group, an Indian multinational conglomerate company, agreed to acquire Air India, a flag carrier airline of India, for $2.4bn. The deal includes acquisitions of Air India's subsidiaries, a 100% stake in Air India Express, and a 50% stake in Air India SATS.
"At the Tata group, we are delighted to be declared as the winner of the bid for AIR INDIA. This is a historic moment, and it will be a rare privilege for our group to own and operate the country's flag bearer airline. It will be our endeavour to build a world-class airline that makes every Indian proud. On this occasion, I would like to pay tribute to JRD Tata, pioneer of Indian aviation, whose memory we cherish," Natarajan Chandrasekaran, Tata Sons Chairman.
Qatar Investment Authority, a sovereign wealth fund of the State of Qatar, led a $175m Series F funding round in Rebel Foods, an Indian online restaurant company, valuing the company at $1.4bn. The round was joined by Coatue and Evolvence.
"While we are excited about becoming the next unicorn, our focus continues to remain on improving customer experience the Rebel way. This round of funding will be re-invested in building our technology, increasing our global presence and also acquiring new brands. Rebel Foods is working towards an IPO in the next 18-24 months," Piyush Kakkad, Rebel Foods CFO.
Tata Group in talks with TPG for $1bn investment for Tata Motors EV unit. (FS)
TPG Capital is in talks with Tata Group for an investment worth $1bn for Tata Motor’s electric vehicle unit. Tata Motors got shareholders’ approval to separate its passenger vehicles business, including the EV unit, which will get the investment, to a step-down subsidiary in March.
TPG Capital’s proposed investment which could go up to $1.5bn, values the EV division at $8-9bn. The final deal value and the valuation are yet to be revealed by the company.
The group is also in talks with several Middle East-based sovereign wealth funds such as Abu Dhabi Investment Authority and Saudi Arabia’s PIF to come as anchor investors on the deal.
Bain Capital seeks a $1bn sale revival for Ooedo Onsen Monogatari. (FS)
Bain Capital has revived a plan to sell Ooedo Onsen Monogatari, an operator of about 38 hot spring inns and resorts across Japan, Bloomberg reported.
The US investor is seeking to raise at least $1bn from the sale. Bain has approached a few suitors in China. Deliberations are at an early stage and Bain may not proceed with a sale.
Lenovo withdraws application for $1.6bn Shanghai listing.
Lenovo Group, a maker of personal computers, has withdrawn its application for a $1.6bn share listing in Shanghai Stock Exchange.
The company only had its application for a share sale accepted by Shanghai's STAR Market at the end of last month.
Intel-Horizon Robotics eyes moving US IPO to Hong Kong.
Intel-Horizon Robotics, a Chinese artificial intelligence-chip startup, is considering shifting its potential US initial public offering to Hong Kong in the wake of Beijing’s increasing scrutiny of overseas listings.
Horizon Robotics is working with advisers to look into a possible Hong Kong float as soon as next year. Horizon had been weighing a US listing that could raise as much as $1bn. The plans are preliminary and no final decisions on a venue switch have been made.
GQG Partners seeks $955m from Australian IPO. (FS)
GQG Partners, an investment boutique started by fund manager Rajiv Jain, plans to raise as much as $956m from an initial public offering in Australia, joining some of the largest new local listings this quarter.
The Fort Lauderdale, Florida-based money manager, which had about $65bn in assets under management at the end of August, plans to issue 593.5m shares at $1.4 to $1.6 each. The company is looking at an enterprise value of as much as $4.7bn, Bloomberg reported.
Under the terms of the planned IPO, Jain would keep a 68.8% stake after the listing, while chief executive officer Tim Carver would own 5.6%; Australian asset manager Pacific Current Group would retain a 4% stake. New investors would ultimately hold 20.1%.
MobiKwik gets Sebi's nod for $253m IPO.
Payments firm One MobiKwik Systems has received markets regulator Securities and Exchange Board of India’s approval to go ahead with its $253m IPO.
The company could look to launch its IPO as early as the end of this month or the beginning of next month. MobiKwik had filed its draft IPO papers with Sebi in July. The IPO comprises a sale of new shares worth $200m and an offer for sale of stock worth $53m by its promoters and shareholders.
MobiKwik plans to use the net proceeds to fund organic growth initiatives and for applying for additional licence approvals and authorizations, subject to meeting capitalization and net-worth norms.
FountainVest Partners-backed Pure Group seeks to raise $100m for China growth. (FS)
FountainVest Partners-backed Pure Group, a Hong Kong gym chain, seeks to raise $100m to help fund its expansion in mainland China.
FountainVest Partners, the private equity owner of the fitness group, is working with boutique investment bank BDA Partners on funding options. Deliberations are ongoing, and details of the fundraising plan may change, Bloomberg reported.
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