AMERICAS
NortonLifeLock, a firm that sells cybersecurity and identity protection for individual consumers, delayed the expected completion date for its merger with Avast, a provider of security software to the consumer market as measured by the number of users, in a $8.6bn deal.
NortonLifeLock delayed the completion to April 4, 2022. The company is awaiting regulatory nods in the United Kingdom and Spain.
NortonLifeLock is advised by Deloitte, Evercore, Kirkland & Ellis, Macfarlanes, Sard Verbinnen & Co. Evercore is advised by Ashurst and Paul Weiss Rifkind Wharton & Garrison. Avast is advised by JP Morgan, UBS, White & Case and Finsbury Glover Hering. Debt financing is provided by Bank of America and Wells Fargo Securities.
Monmouth, a publicly traded REIT, announced that its shareholders voted to approve the acquisition of Monmouth by Industrial Logistics Properties Trust, a real estate investment trust.
"I thank our shareholders for their strong support of this Transaction and our talented employees for their hard work and dedication over the years. With this significant milestone now behind us, we look forward to completing the Transaction with ILPT and delivering immediate and certain all-cash value to our shareholders at a significant premium. I'd also like to extend my congratulations and gratitude to our Founder and Chairman, Eugene Landy, for the leadership, strength, and vision that enabled Monmouth to prosper for over 53 years," Michael Landy, Monmouth President and CEO.
Monmouth is advised by JP Morgan, McDermott Will & Emery and Wachtell Lipton Rosen & Katz. ILPT is advised by Citigroup, Hunton Andrews Kurth, Skadden Arps Slate Meagher & Flom and Joele Frank. Citigroup is advised by White & Case. Debt financing is provider by Citigroup and UBS.
Crocs, an innovative casual footwear company, completed the acquisition of HEYDUDE, a casual footwear brand, for $2.5bn.
The acquisition of HEYDUDE adds a second high-growth, highly profitable brand to the Crocs portfolio. We intend to leverage our global presence, innovative marketing and scale infrastructure to grow HEYDUDE and create significant shareholder value," Crocs.
HEYDUDE was advised by LVC Asia Pacific, Chiomenti, Cozen O'Connor, Croon Law, Deacons and Sullivan & Cromwell. Crocs was advised by Citigroup, Bird & Bird and Perkins Coie. Citigroup was advised by Davis Polk & Wardwell.
Great Bear, a well-financed gold exploration company, has obtained a final order from the Supreme Court of British Columbia approving the acquisition of Great Bear by Kinross Gold, a firm involved in the exploration, development, and production of gold, for $1.45bn by way of a plan of arrangement.
The transaction remains subject to the satisfaction of customary closing conditions and is expected to close on or about February 24, 2022. Following completion of the transaction, the Great Bear shares are expected to be delisted from the TSX-Venture Exchange and the OTCQX.
Great Bear is advised by BMO Capital Markets, CIBC World Markets, Cormark Securities, GenCap Mining Advisory and Blake Cassels & Graydon. Kinross Gold is advised by Canaccord Genuity, Trinity Advisors Corporation and Osler Hoskin & Harcourt.
Spectrum Brands, a holding company, completed the acquisition of the home appliances and cookware business of Tristar Products, a marketer of home appliances, fitness equipment, cooking innovations, and health and beauty products, for $450m.
"We welcome the Tristar business and employees to our Home and Personal Care business and are tremendously excited about this partnership and the bright future of these two complementary assets," David Maura, Spectrum Brands Chairman and CEO.
Spectrum Brands was advised by Canaccord Genuity, Credit Suisse, RBC Capital Markets, Davis Polk & Wardwell and Sidley Austin. Tristar Products was advised by Stifel and Venable.
Goldman Sachs agreed to acquire ImOn Communications, a broadband company. Financial terms were not disclosed.
“The ImOn team is thrilled to be working with Goldman Sachs. The ImOn difference is our high-quality fiber-optic broadband network, our commitment to providing the highest level of customer service, and our support of the communities we serve. Goldman Sachs shares our values and supports ImOn’s vision. They will be a great partner to help us implement our ambitious growth plans," Patrice Carroll, ImOn Founder and CEO.
ImOn is advised by Bank Street Group, Morgan Lewis & Bockius and Shuttleworth & Ingersoll. Goldman Sachs is advised by TD Securities and Simpson Thacher & Bartlett. Debt financing is provided by TD Securities.
Celanese, a global chemical company, agreed to acquire Mobility & Materials unit, a global producer of engineering thermoplastics and elastomers serving a variety of end-uses including automotive, electrical and electronics, consumer goods, and industrial applications, of DuPont, a global innovation company with technology-based materials and solutions, for $11bn.
"The Transaction with Celanese that we are announcing today will create a market-leading portfolio serving the automotive, consumer and industrial markets with unmatched scale, manufacturing capability and technical expertise. We are proud of the strength of these industry-leading businesses, which we believe will be even stronger when combined with the highly complementary portfolio of Celanese. We are excited for Celanese to partner with the team and we are confident that together they will continue to drive industry-defining material science innovation to serve customers and the value chain," Ed Breen, DuPont Executive Chairman and CEO.
Celanese is advised by Bank of America, Gibson Dunn & Crutcher and Kirkland & Ellis. DuPont is advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom.
MoneyLion, a digital financial platform, completed the acquisition of Even Financial, an embedded finance marketplace, for up to $440m. The Transaction provides for total consideration to Even's equity holders of up to $440m, using a convertible financing structure.
"At Even, our vision has always been to revolutionize how consumers receive recommendations for financial services. Through a combination of machine learning expertise and our trusted user experience, Even has helped over 400 financial institution partners find and connect with consumers. Going forward, we are excited to play an integral role in powering MoneyLion's fast-growing Marketplace and offer MoneyLion's suite of products to our channel partners," Phillip Rosen, Even Founder and CEO.
MoneyLion was advised by Evercore, Davis Polk & Wardwell and Gateway Investor Relations. Even was advised by Broadhaven Capital Partners and Goodwin Procter.
Recipharm, a contract development and manufacturing organization, agreed to acquire Vibalogics, a virotherapy CDMO company, from Ampersand Capital Partners, a private equity firm. Financial terms were not disclosed.
“We are excited by the opportunities that are already apparent from working with true pioneers in the area of virotherapy manufacturing. We are delighted to welcome our new colleagues from Vibalogics to Recipharm and are committed to supporting and even accelerating growth in the years to come and to continue to partner with customers in virus manufacturing solutions. This acquisition strengthens Recipharm’s presence in ATMPs and enables us to get closer to our US customers. We look forward to working with the Vibalogics team, building links across the wider Recipharm organization to make this business a huge success," Marc Funk, Recipharm CEO.
Vibalogics is advised by Morgan Stanley and Goodwin Procter. Recipharm is advised by Centerview Partners, Kirkland & Ellis and Ramarketing.
Recipharm, a contract development and manufacturing organization, agreed to acquire Arranta Bio, a biotechnology company, from Ampersand Capital Partners, a private equity firm. Financial terms were not disclosed.
“We welcome Arranta and its team of experts who boast a strong reputation in the CDMO industry. This acquisition is another important step for us in growing our biologics business and developing a strong presence into the US. We look forward to working closely with the Arranta team, building links across the wider Recipharm organisation to make this business a huge success," Marc Funk, Recipharm CEO.
Arranta Bio is advised by Morgan Stanley and Goodwin Procter. Recipharm is advised by Centerview Partners, Kirkland & Ellis and Ramarketing.
Vista Equity Partners, an American investment firm, completed a $300m investment in TigerConnect, a software communications company.
"We believe that Vista's expertise in partnering with founder-led and market-leading enterprise software businesses, coupled with our shared values, align strongly with our mission to provide advanced collaboration technologies that improve care delivery," Brad Brooks, TigerConnect Co-Founder and CEO.
TigerConnect was advised by Morgan Stanley and Fenwick & West. Vista Equity Partners was advised by JP Morgan and Kirkland & Ellis.
Enterprise Products Partners, a provider of midstream energy services to producers and consumers of natural gas, completed the acquisition of Navitas Midstream, a natural gas gathering, treating and processing services provider, from Warburg Pincus, a growth investor, for $3.3bn.
"We are excited to contribute our unique Midland Basin system to Enterprise, one of the premier midstream operators. We have succeeded in our goal of creating a unique company that provides critical infrastructure to meet the needs of our Midland Basin producers," R. Bruce Northcutt, Navitas CEO.
Navitas was advised by Jefferies & Company and Kirkland & Ellis. Enterprise Products Partners was advised by Locke Lord.
ArcLight Capital Partners, a private equity firm, completed the acquisition of the fossil generating portfolio from Public Service Enterprise Group, an energy company with a diverse business mix, for $1.92bn.
"This sale marks a key milestone in the Strategic Alternatives process we initiated in July 2020 and positions us to continue to grow our regulated utility, PSE&G, complemented with more predictable carbon-free generation and infrastructure," Ralph Izzo, PSEG Chairman, President and CEO.
Arclight Capital was advised by Latham & Watkins. PSEG was advised by Goldman Sachs and Wachtell Lipton Rosen & Katz.
L Catterton, a private equity firm, led a Series C round in I and love and you, a pet products manufacturer. Financial terms were not disclosed.
"As the brand enters its next chapter of growth, there is no one better positioned to guide the company than Michael. Michael brings significant leadership and industry experience and is poised to help the company accelerate its innovation and bring its high-quality, differentiated products to more pet lovers. L Catterton is thrilled to continue its partnership with the company as it seeks to continue innovating to help all pets eat better and live life to the fullest," Howard Steyn, L Catterton Partner.
I and love and you was advised by Rachel Kay Public Relations. L Catterton was advised by Joele Frank.
Fanatics, a sports merchandise provider, and an Americas rappers Jay-Z, Meek Mill and Lil Baby completed the acquisition of Mitchell & Ness, an American sports-related clothing company, for $250m.
"Mitchell & Ness is an iconic brand and a pioneer within our industry. I'm incredibly excited for Fanatics to partner with this incredible group of innovative owners to build upon the company's already strong business that has kept the brand culturally relevant for more than 100 years. Growing up as a kid in Philadelphia, we looked at Mitchell & Ness as a badge of pride, and I truly believe this legendary brand has no limit," Michael Rubin, Fanatics CEO.
Fanatics was advised by Morgan Lewis & Bockius.
The Riverside Company-backed Performance Systems Integration, a provider of fire & life safety services, completed the acquisition of Statcomm, a provider of fire and safety platform. Financial terms were not disclosed.
“Statcomm is the sixth add-on to PSI under Riverside’s ownership and expands our presence from the Pacific Northwest and Mountain West regions down to the Northern California region. The company is a great fit with PSI and opens up a number of new growth opportunities for the platform," Loren Schlachet, Riverside Managing Partner.
Riverside Company was advised by Jones Day.
Relevant Industrial, a value-added distribution and service company, agreed to acquire Rawson/ICD, a product solutions designer. Financial terms are not disclosed.
"Our company's commitment to an exceptional customer experience and success for our supply partners will be amplified with the addition of Rawson/ICD to the Relevant Industrial family. They have a customer-centric culture that directly aligns with Relevant's mission. Additionally, Rawson/ICD's recent performance shows that customers value their focus on cutting-edge solutions, which provides opportunities for growth for our suppliers and team members – a perfect fit with Relevant's values," John Carte, Relevant Industrial CEO.
Pye-Barker Fire & Safety, a fire protection and life safety company, completed the acquisition of Matson Alarm, a customized security services provider. Financial terms were not disclosed.
"We are very excited to partner with Pye-Barker and help expand their national presence as a premier fire, safety and security provider. As we benefit from their 75-year history, this partnership will bring company growth and advancement opportunities for our employees, while allowing us to continue providing best-in-class service and real security solutions for our customers throughout California," Rebecca Purtz, Matson Alarm President.
Ferrovial nears a $1bn bet on JFK Terminal 1 revamp. (FS)
Ferrovial, operator of London’s Heathrow airport, has agreed to invest more than $1bn into the Carlyle Group entity providing equity funding for the redevelopment of John F. Kennedy International Airport’s Terminal 1.
The transaction, which is subject to approval from the Port Authority of New York & New Jersey, will see the Ferrovial-Carlyle entity retain a 51% voting stake, Bloomberg reported.
Antero Resources explores a $1bn share buyback.
Appalachian shale drillers are pledging to return billions of dollars to investors through share buybacks while keeping a lid on production growth as cash flow swells.
Antero Resources, which explores natural gas fields primarily in West Virginia and Ohio, said Wednesday it may repurchase up to $1bn in stock starting next week as part of plan to return as much as 50% of free cash flow over the next few years, Bloomberg reported.
Ford’s CEO is exploring ways to separate Its EV business to unlock Tesla-like value.
Ford is looking at ways to separate its electric-vehicle operation from its century-old legacy business, hoping to earn the sort of investor respect enjoyed by Tesla and other pure-play EV makers.
Chief Executive Officer Jim Farley wants to wall off Ford’s electric operations from its internal combustion engine business and has even considered spinning off one or the other. A spinoff could generate the kind of earnings multiples that have given Tesla a market value approaching $1tr.
But splitting the company, which Ford says it isn’t planning, may prove too difficult, so Farley instead may simply separate the EV business internally as its own unit as part of a broad reorganization that seeks to give Ford an edge in the electric age.
Neoenergia to sell a 10% stake in Norte Energia.
Brazilian power company Neoenergia has put up for sale its 10% stake in Norte Energia, which runs the hydroelectric power plant of Belo Monte in the Amazon region.
Belo Monte is Brazil's second largest hydro power plant, with a capacity of more than 11k MW. Neoenergia said in a securities filing that divesting its minority stake in Norte Energia was in line with the company's strategy, Reuters reported.
Torquest, CDPQ explore the $1bn IPO of Barrette Outdoor. (FS)
The owners of Barrette Outdoor Living are considering an initial public offering that could value the business at more than $1bn.
Canadian private equity firm Torquest Partners and pension fund Caisse de Depot et Placement du Quebec have held preliminary talks with advisers about taking Barrette public this year. A final decision on pursuing an IPO hasn’t been made and the firms could decide to keep the Middleburg Heights, Ohio-based business, Bloomberg reported.
Zazzle is said to tap Citigroup and Barclays for IPO.
Zazzle, an online marketplace for customized items, has hired Citigroup and Barclays to prepare for an initial public offering this year.
The company is seeking to go public as soon as this summer. Zazzle’s plans including the timing of a listing could change, Bloomberg reported.
EMEA
KKR could block any move by Telecom Italia to carve out a network company by vetoing a transfer of last-mile landline unit FiberCop.
The US investment fund, which owns 37.5% of FiberCop, last year made a $37bn bid for Telecom Italia but has not yet received any official response and is growing impatient. The fund does not intend to allow FiberCop to be folded into any network company, Reuters reported.
The overhaul would be an alternative to KKR's takeover proposal and could pave the way for a merger of NetCo with smaller rival Open Fiber to create a national fast-fiber network champion.
Telecom Italia is advised by Goldman Sachs, LionTree Advisors, Mediobanca and Vitale & Co. KKR is advised by JP Morgan and Morgan Stanley. Debt financing to KKR is provided by JP Morgan and Citigroup. Vivendi is advised by Chiomenti.
Franchise Brands, a collection of franchise businesses, agreed to acquire Filta Group, an environmental services provider, for £50m.
Filta will continue to operate in all markets as a stand-alone business and brand – albeit under the new ownership of Franchise Brands.
Filta is advised by Cenkos Securities and Yellow Jersey. Franchise Brands is advised by Allenby Capital, Dowgate Capital Stockbrokers and MHP Communications.
Stephen Pagliuca, an investor, agreed to acquire a 47.3% stake in Atalanta, a football club in Italy. Financial terms are disclosed.
"My family and I, have taken this opportunity to partner with a group who shares our vision to continue the growth and success of our team, choosing to remain committed to the Club that over the last ten years has delivered exceptional results, that perhaps no one would have expected from a so called "provinciale". Atalanta, in whose ranks I played in the '60s, is and will remain in my heart as it is in the heart of thousands of fans who support it. Great challenges await us and my conviction is that the Partnership with such high profile investors will speed up our path of growth," Antonio Percassi, Atalanta Chairman.
Atalanta is advised by Bank of America and Gatti Pavesi Bianchi. Stephen Pagliuca is advised by Alvarez & Marsal, Kirkland & Ellis, Legance and Pirola Pennuto Zei & Associati.
Hy24, Mirova, CDPQ and Technip Energies led a $226m round in Hy2gen, a green hydrogen investment platform.
The capital will be used for the construction of facilities in several geographies including Europe, producing green hydrogen-based fuels - or “e-fuels” - for maritime and ground transport, aviation and industrial applications.
"As early as 2021, we were looking for the best possible combination of financial and strategic investors to build e-fuel production facilities. These have the potential to decarbonise entire industries and transport sectors. We are now very pleased that all parties have sealed the largest investment in this segment," Cyril Dufau-Sansot, Hy2gen CEO.
Hy2gen was advised by Nomura and Baker Tilly. CDPQ was advised by Jones Day. Technip Energies was advised by Clifford Chance. Mirova and HY24 were advised by Societe Generale and Bird & Bird.
Vivendi, a French media conglomerate, is considering raising its cash offer for Lagardere, a content publishing, production, broadcasting company, as Vivendi progresses towards a Lagardere takeover.
Vivendi is considering offering an increased price of $29 per share, up from its current offer of $27.4 per share. On September 15, 2021, Vivendi agreed to acquire Lagardere from Amber Capital fro $673m.
Lagardere is advised by Image Sept. Vivendi is advised by BNP Paribas, Societe Generale and Cleary Gottlieb Steen & Hamilton. Amber Capital is advised by White & Case.
Novartis, a Swiss multinational pharmaceutical company, completed the acquisition of Gyroscope Therapeutics, an ocular gene therapy company, from Syncona, a closed-ended investment healthcare company, for $1.5bn.
"With our own pioneering research in ocular gene therapies and our experience gained from bringing Luxturna to inherited retinal dystrophy patients outside of the US, Novartis has a well-established expertise in ocular gene therapies that will position us well to continue developing this promising one-time treatment. This acquisition is one more step forward in our commitment to delivering innovation in ophthalmology to treat and prevent blindness worldwide," Marie-France Tschudin, Novartis President.
Aurelius, a private equity firm, agreed to acquire CTD Tile, a UK-based specialist supplier of high-quality ceramic tiles, from Saint-Gobain, a light and sustainable construction company. Financial terms are not disclosed.
"We are delighted to have kickstarted 2022 with the substantial acquisition of a leading business within a new fast-growing sector for the Group. Throughout its 54-year existence, CTD has developed become one of the largest suppliers of tiles in the UK with a sizeable share of the domestic market. As CTD embarks on its new journey under AURELIUS ownership, we look forward to working with the existing management team to accelerate its earnings growth, leveraging its strong market position and favourable market opportunities," Tristan Nagler, Aurelius Partner.
Aurelius is advised by Deloitte, Eversheds Sutherland and Interpath.
Kingspan Group, a building materials company, agreed to acquire Ondura, a roofing and waterproofing solutions specialist, for $625m.
The acquisition of Ondura is expected to increase Kingspan Group EBITDA by approximately 7% on a full year basis. The acquisition is fully aligned with Kingspan's long stated strategy to develop multiple technologies in roofing applications and will serve as our global platform for advancing these solutions.
Kingspan is advised by Murray Consultants.
The Competition and Markets Authority opened its investigation into the purchase of The Vet, a veterinary services platform, by CVS Group, one of the largest integrated veterinary services provider in the UK, from Bridges Fund Management, a private equity firm, in August 20, 2021. The investigation found that the combined businesses would account for a significant proportion of veterinary services in Bristol, Nottingham, Portsmouth, Southampton and Warrington areas.
"Pets are much-loved members of millions of households across the UK and, when veterinary care is needed, it's important that pet owners have access to a good service at the right price," Colin Raftery, CMA Senior Director of Mergers.
Bridges Fund Management was advised by Lincoln International.
EFG Hermes, an Egyptian financial services company, picks Goldman Sachs to advise on offer by First Abu Dhabi Bank, an United Arab Emirates-based bank, to acquire a majority stake for $560m, Bloomberg reported.
Goldman Sachs, once hired, will make a recommendation to shareholders of EFG Hermes. Investors in the company include Natixis and Ripplewood.
Macquarie weighs bid for stake in National Grid's gas unit. (FS)
Australian financial conglomerate Macquarie is looking to buy a controlling stake in the gas transmission business of Britain's National Grid, which could value the division at more than $10bn.
The asset has also drawn interest from infrastructure specialist IFM Investors, Canada's Public Sector Pension Investment Board and pension fund investor APG Asset Management.
The news comes as Europe's tight gas market has sent wholesale energy prices soaring. Prices in Britain have reached record highs this year and multiple energy suppliers in the country have gone out of business since last September because the regulator Ofgem's price cap prevented them passing on rising costs to customers.
SoftBank-backed Fortress plots a $6.8bn takeover of Motor Fuel Group. (FS)
SoftBank-backed Fortress Investment Group is plotting a $6.8bn takeover of Britain's petrol stations giant Motor Fuel Group.
The US-based private equity firm is lining up advisers to work on a bid for MFG, Reuters reported.
Len Blavatnik agrees to a $4.3bn DAZN recapitalization.
Len Blavatnik has agreed to a $4.3bn recapitalization of DAZN, as the billionaire doubles down on his loss-making sports entertainment company and prepares to woo new investors.
Blavatnik’s Access Industries Holdings, DAZN’s principal shareholder, has converted existing preference shares, retired loans and taken new equity in the company. The move clears the debt from the books of DAZN, Bloomberg reported.
France to pump $2.4bn into EDF.
The French state will inject about $2.4bn into Electricite de France as the combination of reactor shutdowns and a government power-price cap batters the utility’s finances.
As it grapples with these short-term financial challenges, EDF also needs to spend considerable amounts on new reactors and renewables, French Finance Minister Bruno Le Maire said. The capital increase will help to launch this investment plan but won’t cover everything, Bloomberg reported.
Exxaro, China's CNIC vie with AIIM for $2bn African power firm Lekela. (FS)
South African miner Exxaro Resources and Chinese state fund CNIC are among potential buyers admitted to the final round of bidding for African renewable energy firm Lekela Power - a company worth around $2bn.
African Infrastructure Investment Managers, an arm of Old Mutual, has advanced to the final stages alongside Exxaro Resources.
Private equity firm Actis' plans to sell its 60% stake in Lekela Power were first reported last year, but 40% shareholder Mainstream Renewable Power is also looking to cash out as well. China Guangdong Nuclear Power and the country's State Power Investment were also looking to bid, Reuters reported.
Warburg Pincus weighs acquiring Tilney stake from Permira. (FS)
Warburg Pincus is considering taking full control of Tilney Smith & Williamson, the wealth manager it owns with peer Permira.
The private equity firms have been studying options for the business, including a sale or initial public offering, as Permira looks to exit its investment. Warburg Pincus, which invested in the business in 2020, has first right of refusal on Permira’s share.
Deliberations are at an early stage and there’s no certainty of a deal between the two private equity firms. Should Permira and Warburg Pincus decide to pursue a sale of Tilney Smith & Williamson, it would offer a rare chance for a buyer to acquire a sizable wealth business and could attract interest from other private equity firms, wealth managers and banks drawn to the stable, recurring fees that clients pay on assets, Bloomberg reported.
Aker is looking to acquire more assets in Norway's oil and gas sector.
Aker, an energy firm, is actively looking to purchase more assets or companies operating in Norway’s lucrative oil and gas sector.
“We expect that there will still be transaction opportunities. We will follow this closely. The decisive factor will be the quality of the companies or fields that come up for sale. There will be transactions that we’ll have to let go to others for that reason.” Oyvind Eriksen, Aker CEO.
Eni adds six banks for Plenitude's $11bn IPO.
Oil and gas giant Eni has picked six more banks to work on the initial public offering of its retail and renewables unit Plenitude, which could be valued at about $11bn.
The Italian energy giant has hired Barclays, Bank of America, BNP Paribas, Deutsche Bank, Equita Group and UniCredit as bookrunners for the Milan IPO, which could kick off as soon as May. The IPO is being run by Goldman Sachs, Credit Suisse Group and Mediobanca.
Eni plans to retain a majority stake in Plenitude after the IPO, which comes as energy majors seek to squeeze more value from their renewable portfolios. The listing of Plenitude will help Eni expand the business and give investors better visibility on its value.
Ottobock to wait until September to go IPO.
German artificial limb maker Ottobock is waiting until September to launch its multibillion-euro stock market listing because of choppy financial markets, Reuters reported.
Many investors had expected the business, which could be valued at more than $5.7bn, to float in the first six months of the year, after it engaged banks to prepare last summer.
Ottobock hired Deutsche Bank, Goldman Sachs and BNP Paribas to work on IPO plans in August last year.
Nahdi Medical seeks a $4.3bn Saudi IPO.
Nahdi Medical, Saudi Arabia’s largest pharmacy chain, is seeking a valuation of about $4.3bn in an IPO.
The pharmacy chain plans to sell a 30% stake and has hired units of HSBC and Saudi National Bank to manage the initial public offering. The book-building process is expected in early March.
APAC
ConocoPhillips, an American multinational corporation engaged in hydrocarbon exploration and production, completed the acquisition of an additional 10% stake in APLNG, a producer of natural gas, from Origin Energy, an energy company, for $1.6bn.
"We are pleased to acquire this additional stake in APLNG, which throughout its six years of operations has served as a reliable and efficient supplier of natural gas to the growing Asia Pacific market, and to Australia's East Coast gas market," Ryan Lance, ConocoPhillips Chairman and CEO.
IndiGo co-founder Rakesh Gangwal quits board, to cut down stake. (People)
IndiGo co-founder Rakesh Gangwal has resigned from the board and is planning to cut his stake in the airline over the next five years, its parent InterGlobe Aviation said in an exchange filing.
Gangwal and his family owns 36.61% stake in the parent company, while another co-founder and managing director Rahul Bhatia and his family owns about 37.8%, giving them both a major say in the carrier's strategy.
Gangwal said he was stepping down immediately as he did not want to hold access to unpublished price sensitive information while he began trimming his stake in the company, Reuters reported.
LIC is set to launch an $8bn IPO on March 11.
A public offering of shares by India's state-run LIC, set to be the country's biggest yet at $8bn, is expected to open for anchor investors on March 11.
The book will open for bidding by other investors a couple of days later. LIC's initial public offering is expected to obtain regulatory approval by the first week of March, after which an indicative marketing price band will be set.
LIC, the country's largest insurance company, filed a draft IPO prospectus with the market regulator to sell 5% of the Indian government's stake to potentially raise nearly $8bn. The government is rushing to complete the IPO by the end of March to meet its 2021/22 fiscal deficit target of 6.4% of gross domestic product, which is contingent on it raising around $8bn.
Fedbank Financial Services targets a $120m Indian IPO. (FS)
Fedbank Financial Services, a banking services provider, plans to raise ₹9bn ($120m) through the sale of new shares in an initial public offering in India.
The company’s parent, Federal Bank, will offer 16m shares and investor True North Fund will sell 29m in the IPO, Bloomberg reported.
ICICI Securities, Equirus Capital Pvt, IIFL Securities, JM Financial are managing the IPO.
|
