AMERICAS
Bonanza Creek Energy, an independent energy exploration and production company, agreed to merge with HighPoint Resources, an energy company based in Denver, in a $376m deal.
"The combination of Bonanza Creek and HighPoint creates significant scale in the rural DJ Basin, which will immediately increase free cash flow generation. The combination of our complementary asset bases will yield significant synergies and represents a transformative transaction for Bonanza Creek," Eric Greager, Bonanza Creek President and CEO.
HighPoint Resources is advised by AlixPartners, JP Morgan, Perella Weinberg Partners, Tudor Pickering Holt, Akin Gump Strauss Hauer & Feld and Kirkland & Ellis. Bonanza Creek Energy is advised by Evercore and Vinson & Elkins.
The US Federal Trade Commission asked for additional information and documentary materials regarding Illumina's pending $8bn acquisition of privately held liquid-biopsy maker Grail.
The call for more information will extend the waiting period under the Hart-Scott-Rodino Act to until 30 days after the companies comply with the regulatory body's requirement, according to Illumina's November 9 filing.
Grail is advised by Morgan Stanley, Latham & Watkins and Sard Verbinnen & Co. Illumina is advised by Goldman Sachs, Cravath Swaine & Moore and Joele Frank.
Jaws Acquisition, a special purpose acquisition company, agreed to merge with Cano Health, a care delivery platform, in a $4.4bn deal. The transaction, which has been unanimously approved by Cano Health and Jaws Acquisition, is subject to approval by Jaws Acquisition's shareholders and other customary closing conditions. The transaction is expected to close at the end of the first quarter or the beginning of the second quarter of 2021.
"Cano Health's mission of providing high-quality healthcare to a largely underserved population resonates with the principles of Jaws Acquisition, which include doing well by doing good. We are pleased to partner with Cano Health and provide the company with the capital needed to accelerate the next phases of its growth to become one of the leading primary care providers in the country," Barry Sternlicht, Jaws Acquisition Co-Founder and Chairman.
Cano Health is advised by Credit Suisse, Moelis & Co, Cravath Swaine & Moore and Goodwin Procter. Jaws Acquisition is advised by Kirkland & Ellis.
Utz Brands, a snack food company, agreed to acquire Truco Enterprises, a developer and marketer of tortilla chips, salsa, and queso, from Insignia Capital Group, a private equity firm focused on middle-market companies, for $480m. The deal is expected to close in December 2020 and is subject to customary closing conditions including the receipt of regulatory approvals.
"The Truco team is thrilled to be joining the Utz family of brands, and we are thankful to our partners at Insignia Capital for all of their support. On The Border is now one of the fastest growing Tortilla chip brands and the fastest growing dip brand in the category. Utz will be able to leverage its world class Direct Store Delivery network to help expand our brand into new markets. As a result, more consumers across the US will have access to our delicious, high quality tortilla chips and dips. I'm looking forward to working with Dylan and the rest of the Utz senior management team to continue our excellent growth trajectory," Shane Chambers, Truco CEO.
Truco Enterprises is advised by Harris Williams & Co and Kirkland & Ellis. Utz Brands is advised by Goldman Sachs, Bank of America Merrill Lynch and Cozen O'Connor.
ACCO Brands, an American manufacturer of office products, agreed to acquire PowerA, a provider of third-party video gaming accessories, for $395m, including an additional earnout of up to $55m in cash.
"I am very excited about bringing PowerA into ACCO Brands. PowerA is a well-recognized and well-respected leader in gaming controllers, power solutions and other gaming accessories. The company has a multi-year track record of partnering with the largest firms in the console gaming industry. This acquisition represents a major step in our continuing strategy to transition ACCO Brands into a faster-growing, consumer-focused company. Our Kensington® computer accessories business has shown strong growth over the past few years. PowerA is a similar business to Kensington, but is in the console gaming accessories market. It will be a great fit," Boris Elisman, Chairman, ACCO Brands President and CEO.
PowerA is advised by Sullivan & Cromwell. ACCO Brands is advised by Ernst & Young, Rothschild & Co and Latham & Watkins.
Private equity firm Welsh, Carson, Anderson & Stowe agreed to acquire TrueCommerce, a global provider of trading partner connectivity and integration solutions, from Accel-KKR. Financial terms were not disclosed.
"The WCAS team is thrilled to partner with TrueCommerce's management team which has successfully built market-leading technologies for the supply chain industry. We believe TrueCommerce is uniquely positioned to leverage its strong foundation to become the clear global leader in the supply chain collaboration, connectivity, and unified commerce enablement space," Ryan Harper, WCAS General Partner.
TrueCommerce and Accel-KKR are advised by PJ Solomon and William Blair & Co. Welsh, Carson, Anderson & Stowe is advised by Evercore.
ePost Global, a tech-enabled global shipping solutions provider, completed the acquisition of the International Logistics business of RR Donnelley & Sons, a global provider of multichannel business communications services and marketing solutions. Financial terms were not disclosed.
"We are excited to grow our global footprint. This acquisition will allow us to utilize our technology expertise to bring unique innovation to the international logistics industry and to enable US-based companies to seamlessly expand their customer base to global markets," Kapil Kalokhe, ePost Global Vice President of Corporate Development & Strategy.
ePost Global was advised by Jayaram Law and Propllr. Debt financing was provided by First Midwest Bank.
Vista Equity Partners, a global investment firm focused on enterprise software, data and technology-enabled businesses, led a $100m Series E round in Menlo Security, a cloud security company, with additional participation from Neuberger Berman funds, General Catalyst, JP Morgan, and other existing investors.
"In today's dynamic threat landscape with the rapid growth in connected devices, simultaneous de-centralized network structures, and the widespread embrace of SaaS and cloud-based applications, providing a safe internet experience is more important and challenging than ever before. Menlo Security has taken a unique approach with Isolation technology at its core that is able to completely neutralize all critical attack vectors of Web and email. We are thrilled to partner with Amir and the team to build on Menlo Security's tremendous momentum and help catapult the company into their next phase of growth," Ryan Atlas, Vista Equity Partners Managing Director.
Menlo Security is advised by Merritt Group. Vista Equity Partners is advised by Laurel Strategies.
LongueVue Capital-backed Select Express & Logistics completed the acquisition of Go Configure, a consumer delivery, assembly, and installation business and division of Step2 Discovery, the largest American manufacturer of preschool and toddler toys. Financial terms were not disclosed.
"On behalf of the entire team at Select Express, we are thrilled to be partnering with Go Configure and its management team. GCI's expertise as the clear leader in the white glove assembly space for outdoor structures combined with our track record as a leading provider of technology-enabled last mile delivery and assembly services for big and bulky products across the US further enhances our value proposition and service capabilities to the marketplace. We are confident the dedicated team at GCI and its strong technician network will bring great value to our company, customers, and employees as we embark upon our next chapter of growth," Jay Waldman, Select Express CEO.
Step2 Discovery was advised by TM Capital. Select Express & Logistics was advised by Norton Rose Fulbright.
The Carlyle Group completed a $250m investment in Pharmapacks, an e-commerce enablement platform. The investment values Pharmapacks at $1.1bn.
"Pharmapacks is experiencing unprecedented growth with massive market support and highly attractive industry dynamics. We are thrilled that our partnership with Carlyle, a world-class investment firm with extensive connectivity, data and global resources, will provide us with an opportunity to take significant steps to enter the next phase of our growth plans," Andrew Vagenas, Pharmapacks Chief Executive Officer.
Pharmapacks was advised by JP Morgan.
Tiger Global Management, a hedge fund, led a $267m Series F funding round in SentinelOne, an American cybersecurity startup. The round was also joined by Sequoia Capital, Insight Partners and Third Point Ventures.
"After leading SentinelOne's Series A financing over six years ago, Tiger Global is excited to further deepen our partnership with Tomer and SentinelOne's world-class team by leading this round as the company prepares for its next chapter. It is a unique point in time in the company's journey and the future looks bright," John Curtius, Tiger Global Partner.
SentinelOne was advised by fama PR.
Fortress Investment Group, a highly-diversified global investment manager, completed a $100m investment in Covered Care, a healthcare financing solutions provider.
"Covered was founded by seasoned industry veterans who have a proven history of building successful, high-growth businesses serving underserved Americans. We have been impressed with Covered Care's unique offering and we are very pleased to support their mission of increasing access to affordable credit at a time of urgent demand," Dominick Ruggiero, Fortress Investment Group Managing Director.
Covered Care was advised by Vested.
Palo Alto Networks, a cybersecurity firm, agreed to acquire Expanse, an attack surface management, for $670m. The proposed acquisition is expected to close during Palo Alto Networks fiscal second quarter, subject to the satisfaction of regulatory approvals and other customary closing conditions.
"We are thrilled to add the Expanse platform to our Cortex product suite. By integrating Expanse's attack surface management capabilities into Cortex after closing, we will be able to offer the first solution that combines the outside view of an organization's attack surface with an inside view to proactively address all security threats. We believe this will be a game-changer in security operations," Nikesh Arora, Palo Alto Networks Chairman and CEO.
TikTok, a social media platform, and ByteDance, a technology company, are asking a federal appeals court in Washington, DC, for additional time to work out a potential divestiture of the popular video-sharing app, amid signs that the company is settling in for a longer fight with the US government, WSJ reported.
The new suit, if it succeeds, broadens the legal assault by TikTok and ByteDance by asking the courts to overturn the government's legal basis for ordering the divestiture as well.
Taylored Services, a logistics company, agreed to acquire Toll's warehousing and trucking operations from Japan Post, a postal and logistics firm. Financial terms were not disclosed. The transaction would be completed by the end of 2020.
"The agreement involves the sale of Toll Global Logistics warehousing and trucking operations across the USA," Toll.
Synopsys, an American electronic design automation company, completed the acquisition of Moortec, a provider of in-chip monitoring technology. Financial terms were not disclosed.
"We continue to deliver on our roadmap of innovation to provide silicon lifecycle optimization solutions that address the evolving needs of the dynamic semiconductor industry. This acquisition accelerates the expansion of our SLM platform by providing our customers with a comprehensive data-analytics-driven solution for devices at the most advanced process nodes," Sassine Ghazi, Synopsys COO.
Kelso considers divesting US LBM for $2.5bn. (FS)
Kelso & Co, a private equity firm, considers the sale of US LBM Holdings, a building-products distributor, that could fetch up to $2.5bn, Bloomberg reported.
Kelso is working with an adviser to run an auction process for US LBM. US LBM is expected to attract interest from peers and other private equity firms. A final decision on pursuing a sale hasn't been made, and Kelso's plans could still change.
BrightSphere looking to sell its private equity investment business. (FS)
Reuters reported that BrightSphere Investment Group is exploring a sale of its majority stake in Landmark Partners, a private equity fund investment firm that could be worth around $1bn.
The move underscores a push by BrightSphere's largest shareholder, hedge fund Paulson & Co, to boost returns on its investment, after negotiations to sell BrightSphere to Italian financial firm Assicurazioni Generali earlier this year failed to produce a deal.
DoorDash, Wish and Affirm join Airbnb in IPO boom.
DoorDash, a food-delivery service, Wish, an online discount retailer, and Affirm, an installment loans provider, could join Airbnb in making their financials public in the next few weeks, Bloomberg reported. All would seek to hold their initial public offerings before the end of 2020.
That would add billions of dollars to the record total of more than $140bn raised on US exchanges this year. That includes special purpose acquisition companies, which have reached all-time highs.
Better.com taps Morgan Stanley and BofA on US IPO.
Better.com, an online mortgage lender, hired Morgan Stanley and Bank of America for its planned initial public offering in the US, Bloomberg reported.
Better.com intends to file for an IPO confidentially with the US Securities and Exchange Commission as soon as January 2021. The company will seek to top the $4bn valuation it was given in its most recent funding round.
Microvast in talks to go public via a merger with SPAC.
Microvast, an energy storage solution provider for the electric vehicle industry, is in advanced talks to go public through a merger with Tuscan Holdings, a blank check company, Bloomberg reported.
Tuscan is seeking to raise about $200m in new equity to fund the transaction, which would value the combined entity at about $2bn or higher.
Carousel Capital raises $700m for its new fund. (FS)
Carousel Capital, an investment firm in Charlotte, NC, closed its sixth buyout fund at $700m, topping a predecessor that closed on $400m in 2017.
Carousel will use the capital to back companies in the US Southeast across the business services, consumer services and healthcare services sectors.
Carousel Capital was advised by Latham & Watkins.
Luminate Capital seeks to raise $700m for Fund III. (FS)
Luminate Capital Partners, a private equity firm founded by a former Silver Lake managing director, is seeking to raise $700m for Luminate Capital Partners III, its third and largest fund focused on software and software-enabled business services.
Fund III's target is 75% larger than the target of its predecessor vehicle, which closed on $425m in 2018. Luminate closed its oversubscribed inaugural fund in 2017 with more than $265m of capital commitments.
Limited partners in its funds include New York State Common Retirement Fund, Teagle Foundation and Exelon Corporation.
EMEA
Apollo Global Management formally pulled out of a race to acquire William Hill, a British bookmaker, paving the way for US casino operator Caesars Entertainment to buy the company.
The possibility of Apollo firming up its bid faded after Caesars made it clear it could terminate the deal, if William Hill decided to proceed with another offer from rival parties mentioned in a list set by Caesars, Reuters reported.
However, Apollo has said the decision not to make an offer for the entire company does not change its other plans, including to its intention to purchase William Hill's UK assets.
William Hill is advised by Barclays, Citigroup, PJT Partners, Slaughter & May, Weil Gotshal and Manges and Brunswick Group. Caesars is advised by Deutsche Bank, Harris Hagan, Latham & Watkins, Linklaters, Phelps Dunbar, Skadden Arps Slate Meagher & Flom and Teneo.
BC Partners-backed GardaWorld, a Canadian private security firm, announced that competition regulators in Canada and the United States cleared the way for the combination of GardaWorld and G4S to proceed, by allowing the relevant waiting periods to expire without requiring any further investigation or consequent remedial action.
"We are pleased to have cleared North American antitrust reviews swiftly and without conditions. Unlike other real or imagined bidders, our financing is agreed, our offer is a matter of public record and our intent is serious," Stephan Crétier, GardaWorld Founder and CEO.
G4S is advised by Citigroup, Goldman Sachs, JP Morgan, Lazard, Linklaters and Brunswick Group. GardaWorld is advised by Bank of America Merrill Lynch, Barclays, Jefferies & Company, UBS, Simpson Thacher & Bartlett and Montfort Communications. BC Partners is advised by Kirkland & Ellis.
Canadian funds Caisse de dépôt et placement du Québec, Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan Board agreed to back the $9.4bn offer for RSA Insurance Group, a British multinational general insurance company, made recently by Tryg, a Scandinavian insurance company, and Intact Financial, the largest provider of property and casualty insurance in Canada. The board of RSA is reviewing the offer.
"The transaction would strengthen Intact's position as a world-class P&C insurer through expanding Intact's leadership position in Canada with the combination of Intact's 17% share and RSA's 5% share of the competitive $46bn Canadian P&C industry, resulting in proforma 2019 direct premiums written of $10bn," Intact.
RSA Insurance Group is advised by Bank of America Merrill Lynch, Goldman Sachs and Robey Warshaw. Tryg is advised by Morgan Stanley. Intact Financial is advised by Barclays and Tulchan Communications.
The extraordinary general meeting of Arcus, a Norway-based wholesaler of wine and liquor, approved the all-stock merger with Altia, a Finnish state-owned corporation based in Helsinki.
An extraordinary general meeting in Altia was held simultaneously with Arcus' EGM, which also approved the merger and related resolutions.
Arcus is advised by ABG Sundal Collier, Roschier Attorneys and Wiersholm. Altia is advised by Nordea Bank, Hannes Snellman and Thommessen. Debt financing is provided by Nordea Bank.
Cellnex Telecom, a Spanish wireless telecommunications infrastructure and services company, agreed to acquire c. 24.6k European telecom towers from CK Hutchison, a diversified holding company, for €10bn ($11.8bn). The series of transactions are subject to formal closing conditions, including, where applicable, clearance from competition authorities. It is expected to complete them on a staggered and per country basis over the next 18 months.
"The transformational nature of the agreements, which strengthens Cellnex's position as one of the main Europe-wide telecommunications infrastructures operator, with a portfolio of c. 103k sites once the transactions and rollouts are complete. We will now be present in three new significant markets – Sweden, Austria and Denmark – and will further build upon our role as a key operator in three of our core markets, namely Italy, the UK and Ireland," Franco Bernabe, Cellnex Chairman.
Cellnex is advised by Arthur D Little, AZ Capital, HSBC, PricewaterhouseCoopers and Clifford Chance.
Minerals Technologies, a global resource- and technology-based company that develops, produces and markets a broad range of speciality mineral, mineral-based and synthetic mineral products, offered to acquire Elementis, one of the UK's largest speciality chemicals and personal care businesses, for $819m.
Elementis rejected the offer. Mineral Technologies is currently considering its position on a possible proposal for the British firm.
Elementis is advised by Numis Securities and Rothschild & Co. Minerals Technologies is advised by Lazard.
Volex, the global supplier of integrated manufacturing services and power products, agreed to acquire DEKA, a power cord manufacturer, for €62m ($73m).
"The acquisition of DEKA is an exceptional opportunity for Volex and is expected to be significantly earnings enhancing in the first full year of ownership. As one of the two leading power cord producers in Europe, with a strong management team and an impressive customer list, DEKA is a perfect fit with our business model. Furthermore, it accelerates our strategy of creating the most efficient and lowest-cost producer in the industry, providing an immediate and scalable European platform. The business has an excellent track record and is positioned well in high structural growth end-segments such as White Goods to deliver exciting growth in the future," Nat Rothschild, Volex Executive Chairman.
Volex is advised by N+1 Singer, Panmure Gordon & Co and Powerscourt.
Hudson Hill Capital, a private investment firm, completed the acquisition of a majority stake in InXpress, a software-enabled global franchisor of transportation and logistics services. Financial terms were not disclosed.
"We target companies founded by entrepreneurs and run by high-quality management teams with whom we can partner to bring their businesses to the next level of growth. InXpress presents a highly attractive platform with a goal of continuing to build its business globally while offering a wider set of freight solutions. We look forward to working closely and in partnership with existing management shareholders, Mark Taylor, Adam Thompson, Dustin Hansen, and the entire management team," Eric Rosen, Hudson Hill Managing Partner.
Hudson Hill was advised by Winston & Strawn and Chris Tofalli..
Dyal Capital, a division of Neuberger Berman, completed the investment in TowerBrook Capital Partners, an international investment firm. Financial terms were not disclosed.
"We are pleased to be partnering with TowerBrook, a firm that we have admired for some time. TowerBrook's culture and values are closely aligned with our own, and the firm has a talented team and high-quality portfolio across Europe and the US. We look forward to supporting the TowerBrook team as they continue to execute their successful investment strategy," Michael Rees, Dyal Capital Partners Head.
TowerBrook is advised by Brunswick Group.
The Competition and Markets Authority agreed to 'fast track' the anticipated merger of Crowdcube and Seedrs to an in-depth Phase 2 investigation, after finding likely competition concerns. Crowdcube and Seedrs are the two largest equity crowdfunding platforms in the UK.
"Crowdcube and Seedrs are well-known names in the equity crowdfunding world and are two of the biggest platform providers in this market. Their services are used by thousands of investors and businesses, particularly early-stage start-up SME businesses that tend to have limited options for raising investment. We've found a real risk that the merger could lead to less choice for SMEs and investors," Andrea Gomes da Silva, Markets and Mergers Executive Director.
Eni, a global energy company, and HitecVision, a Norwegian energy entrepreneur and investor, agreed to form Vårgrønn, a joint venture with the aim of developing new green energy projects in Norway and the Nordic market. Financial terms were not disclosed.
"This new joint venture is part of Eni's overall strategy for decarbonization and contributes to the progression of our transformation path towards green energy and the circular economy. Offshore wind projects may offer Eni the opportunity to further develop our offshore skills, deploy innovative technologies and promote digitalization in the renewable energy chain," Massimo Mondazzi, Eni COO.
Tata Consultancy Services, an Indian multinational information technology services and consulting company, agreed to acquire Pramerica Systems, a developer of software applications, from Prudential Financial. Financial terms were not disclosed.
The deal deepens the Indian IT giant's relationship with a key client and expands its foothold in Ireland and Europe. Pramerica staff will continue to provide a range of digital and technology services to Prudential.
EQT to approach $13bn Royal KPN on a takeover. (FS)
EQT approached Dutch phone company Royal KPN about a takeover, a sign the European private equity firm is moving ahead with a deal that would rank as its largest ever, Bloomberg reported.
The buyout firm has been holding initial talks with KPN as it seeks to reach a friendly deal. EQT is working with advisers and discussing financing for the potential purchase.
Nexi extends $8bn merger talks with Nets.
Nexi, an Italian bank that specialises in payment systems, extended its exclusive merger talks with Nordic rival Nets to November 16, as it reported stronger-than-expected third-quarter earnings.
Nexi entered the exclusive discussions on November 2 over a potential $8 bn deal, which would follow an agreement struck with Milan-based SIA just a month ago for a multi-billion merger to create an Italian leader.
Bain, CD&R, CapVest and Triton among bidders for $1.2bn Mediq. (FS)
Private equity firms Bain Capital, CD&R, CapVest and Triton proceeded to the second round of bidding Mediq, a Dutch health care company, currently owned by Advent International and valued at $1.2bn.
Mediq is being marketed based on full-year EBITDA of up to $125m. The company is expected to be valued at 12-13 times its estimated core earnings.
Believe plans a $2.4bn IPO.
French music distributor Believe is planning an initial public offering in 2021 that could value it at around $2.4bn as its owners seek to benefit from high valuations for tech companies, Reuters reported.
The company is working with Rothschild & Co on the potential listing. More banks would be brought in later and that the timing and possible valuation were fluid.
Mytheresa plans US IPO.
Mytheresa.com, an online luxury retailer specializing in women's clothing, is planning a US listing in early 2021.
The company plans to seek a valuation of about $1bn to $1.5bn, though the target could change depending on business performance during the crucial holiday season. Mytheresa also attracted preliminary interest from listed blank-check firms, known as special purpose acquisition companies.
Portobello Capital raises new $413m secondary fund. (FS)
Portobello Capital, an independent mid-market private equity firm, announced a new investment fund of $413m that will be placed entirely in the secondary market.
"With this new fund we show our reinforced commitment to leading companies such as Angulas Aguinaga and Industrias Alimentarias de Navarra in our commitment to turning them into true multinationals in the Food Sector," Inigo Sanchez-Asiain, Portobello Capital Partner.
Peregrine Ventures raises $300m life science fund. (FS)
Peregrine Ventures, Israel's venture capital fund, launched its fifth fund, Peregrine Growth, focused on late-stage life science companies that are on the verge of an IPO or M&A deal.
Israeli institutional investors have contributed $101m of the planned $300m to the fund so far, and Peregrine is aiming to raise additional capital from institutional investors and family offices globally.
“With the renewed focus on biotech, health, and life science in the wake of the Covid-19 crisis, the potential of Peregrine Growth is great,” Eyal Lifschitz, Peregrine Ventures Managing Partner and Co-Founder.
APAC
Investment companies Abu Dhabi Investment Authority and Ontario Teachers' Pension Plan Board, together with Equis management, agreed to invest $1.25bn in Equis Development, a company focused on developing, constructing and operating primary and hybrid renewable energy and biomass generation, power grid distribution and transmission and waste infrastructure assets.
"We believe there is a significant opportunity to support the growth of renewable energy infrastructure in Asia Pacific. Equis has a strong management team with extensive development and operational experience and is well-positioned to continue to build its reputation as one of the region's leading renewable energy businesses," Khadem Al Remeithi, ADIA Executive Director of the Real Estate & Infrastructure Department.
OTPP is advised by Kekst CNC and Teneo.
Sovereign wealth fund GIC agreed to acquire a 17% stake in AC Energy Philippines, the energy platform of Ayala, one of the largest business groups in the Philippines, for $412m.
The investment will be implemented through a subscription for 4bn primary shares via a private placement, AC Energy said.
Blackstone set to buy Piramal Glass for $1bn. (FS)
Blackstone Group has reportedly agreed to acquire the glass unit of Piramal Enterprises, a diversified global business conglomerate, for about $1bn, Bloomberg reported.
The transaction could be announced as soon as in the next few weeks. The US private equity giant is in talks with banks for about a $400m, five-year loan to fund the deal.
Ping An, Sunshine among bidders for $1bn Tahoe Life.
Insurance companies Ping An Insurance Group and Sunshine Insurance Group are among the bidders for Tahoe Investment Group's life insurance unit, Bloomberg reported. The potential sale comes amid Tahoe Investment's recent efforts to raise fresh funds.
The firms have been picked to advance in the bidding for Tahoe Life Insurance in a deal that could raise more than $1bn. Negotiations are ongoing and the companies could decide against a deal.
Evergrande wins HKEX approval for IPO.
Evergrande Property Services Group, a property development group, received the approval from the Hong Kong stock exchange to go public, creating one more avenue for the indebted developer to raise cash, Bloomberg reported.
Evergrande is facing pressure to pare back a $120bn debt pile and increase cash reserves. China's housing watchdog and central bank have asked some of the country's biggest developers including Evergrande to report their financing, total debts and business data on the 15th of every month.
ESR to launch an IPO of ESR Kendall Square REIT.
Hong Kong-based logistics real estate developer ESR considers launching an initial public offering of ESR Kendall Square REIT, a real estate investment trust, сomprising South Korean assets.
The company seeks to raise c. $321m from the IPO, which is expected by end-December this year. The issuer exхреcts to float shares on South Korea's bourse at a market сapitalisation of $643m.
The REIT inteds to use the proceeds from the IPO to acquire 10 modern, institutional-grade logistic facilities located in Greater Seoul and Greater Busan region, and the remaining properties of Anseong Logistic Park.
Adagene plans a $200m US IPO.
Adagene, a Chinese clinical-stage biotech company with innovative antibody discovery and engineering technologies, is considering a US initial public offering that could raise about $200m, DealStreetAsia reported.
The company is currently having informal meetings with prospective investors for the offering, which could happen as soon as the end of this year. Deliberations are ongoing and details of the share sale including size and timeline could still change.
DCL closes its RMB fund at $454m. (FS)
DCL Investments, a distressed asset investment firm, closed a new RMB-denominated fund at $455m. About 95% of the new fund's limited partners are institutional investors, including insurance companies, banks, securities companies, state-owned enterprises, investment platforms funded by Chinese regional governments, funds of funds, university endowments, and family offices.
The closing of the fund comes as fund managers worldwide have stepped fundraising efforts in anticipation of potential defaults accelerated by a global market downturn caused by the Covid-19 pandemic.
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