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AMERICAS
Spirit Airlines announced that its Board of Directors unanimously determined that the unsolicited tender offer from JetBlue Airways to acquire all outstanding shares of Spirit's common stock for $30 per share in cash is not in the best interests of Spirit and its stockholders.
"JetBlue's tender offer has not addressed the core issue of the significant completion risk and insufficient protections for Spirit stockholders. Based on our own research and the advice of antitrust and economic experts, our view is that the proposed combination of JetBlue and Spirit lacks any realistic likelihood of obtaining regulatory approval, while our company faces a long and bleak limbo period as we await resolution," Mac Gardner, Spirit Airlines Chairman.
Spirit is advised by Barclays, Morgan Stanley, Debevoise & Plimpton, Paul Weiss Rifkind Wharton & Garrison and Sard Verbinnen & Co. Financial advisors are advised by Skadden Arps Slate Meagher & Flom and Sullivan & Cromwell. JetBlue is advised by Goldman Sachs and Shearman & Sterling. Debt financing for JetBlue is provided by Goldman Sachs and Bank of America. Frontier Airlines is advised by Citigroup, Latham & Watkins and Joele Frank. Citigroup is advised by Fried Frank Harris Shriver & Jacobson.
Procaps Group, an integrated LatAm healthcare and pharmaceutical conglomerate, agreed to acquire Grupo Somar, an integrated pharmaceutical company, from Advent International, one of the world's largest private equity investors. Financial terms were not disclosed.
"We are thrilled to execute an important milestone on our long-planned roll-up strategy with an ideal acquisition target for Procaps. We believe Grupo Somar's diversified portfolio of innovative products alongside its management and technical capabilities will help accelerate Procaps top and bottom-line growth into the near future in an accretive manner. With this acquisition, Procaps continues to diversify its products and geographies based on being a leader in innovative oral delivery systems. I'm excited to finally have a physical presence in Mexico, a country for which we have had great admiration for many years. This is something that we have been working towards for quite some time. This announcement marks an incredibly proud day in our company's 45-year-old history. Procaps went public in September 2021 to make acquisitions just like this one," Ruben Minski, Procaps CEO.
Advent is advised by Simpson Thacher & Bartlett and Llorente Y Cuenca. Procaps is advised by Morgan Stanley and Greenberg Traurig. Debt financing is provided by Bank of America, JP Morgan and Morgan Stanley.
MSP Recovery, which helps recover money from Medicare and Medicaid secondary payments, went public via a SPAC merger with Lionheart Acquisition II, a special purpose acquisition company, in a $32.6bn deal.
"MSP identified fragmented data infrastructure both in the insurance and healthcare industries and developed a revolutionary solution: a pioneering data analytics platform that efficiently identifies and uncovers historical waste, helps to support the long-term sustainability of Medicare and Medicaid programs, and recovers monies owed to hospitals, health insurance companies and medical providers. Unlocking this explosive growth asset class, which has historically only been available to institutional investors, is exactly the type of opportunity that Lionheart has set out to bring to its shareholders," Ophir Sternberg, Lionheart Chairman and CEO.
MSP was advised by Keefe Bruyette & Woods and Weil Gotshal and Manges. Lionheart was advised by Nomura, DLA Piper and ICR. Nomura was advised by Sullivan & Cromwell.
Centennial Resource Development, an independent oil and natural gas company focused on the development of oil and associated liquids-rich natural gas reserves in the Permian Basin, agreed to merge with Colgate Energy, a privately held, independent oil and natural gas company, in a $5.3bn deal.
"This transformative combination significantly increases scale and drives accretion across all our key financial and operating metrics. Colgate's complimentary, high-margin assets are a natural fit for Centennial, creating the largest pure-play E&P company in the Delaware Basin. Importantly, the combined company is expected to provide shareholders with an accelerated capital return program through a fixed dividend coupled with a share repurchase plan. We are excited to partner with Colgate as we share a common vision for the pro forma company that includes a strong balance sheet, a disciplined investment program to drive cash flow and a robust return-of-capital program," Sean Smith, Centennial CEO.
Colgate Energy is advised by Credit Suisse, Jefferies & Company and Kirkland & Ellis. Centennial Resource Development is advised by Citigroup and Latham & Watkins.
KKR, a global investment firm, completed the investment in Alchemer, a provider of integrated feedback management platform that enables businesses of all sizes to collect and act on feedback to find, get, and keep the best customers. Financial terms were not disclosed.
"We are very excited to have KKR as an investor in Alchemer. We believe this transaction will benefit our customers and employees by accelerating our investment in Experience Management. KKR shares our vision for the CX industry's role in translating customer feedback into action, and having access to KKR's expertise, capital and resources will put Alchemer in an even better position to deliver on this critical mission," David Roberts, Alchemer CEO.
Alchemer was advised by William Blair & Co, Perkins Coie and Connect Marketing. KKR was advised by Jefferies & Company and Simpson Thacher & Bartlett.
Community Choice Financial, a consumer financial services company, agreed to acquire the legacy US direct lending business of CURO Group, a consumer finance company, for $345m.
"In late 2021, we acquired Heights Finance, a leading near-prime installment lender, signifying our entry into this broader consumer lending market in the US. Continuing on that strategic shift, today we are announcing that we are selling our legacy storefronts and online businesses in the US, which operate under the Speedy Cash, Rapid Cash and Avio Credit brands, and we are purchasing a US based near-prime installment lender, First Heritage Credit. Together, these transactions completely transform our US direct lending business to a near-prime installment lender offering larger loans. These three transactions have strategically recast our US direct lending business in less than a year's time," Don Gayhardt, CURO CEO.
CURO is advised by Jefferies & Company and King & Spalding. Community Choice Financial is advised by Stephens and Morrison & Foerster.
CURO Group, a consumer finance company, agreed to acquire First Heritage Credit, a consumer lender that provides near-prime installment loans along with customary opt-in insurance and other financial products, for $140m.
"In late 2021, we acquired Heights Finance, a leading near-prime installment lender, signifying our entry into this broader consumer lending market in the US. Continuing on that strategic shift, today we are announcing that we are selling our legacy storefronts and online businesses in the US, which operate under the Speedy Cash, Rapid Cash and Avio Credit brands, and we are purchasing a US based near-prime installment lender, First Heritage Credit. Together, these transactions completely transform our US direct lending business to a near-prime installment lender offering larger loans. These three transactions have strategically recast our US direct lending business in less than a year's time," Don Gayhardt, CURO CEO.
First Heritage Credit is advised by Stephens and Butler Snow. CURO is advised by Jefferies & Company and King & Spalding.
Near Intelligence, a SaaS company in privacy-led data intelligence on people, places and products, agreed to go public via a SPAC merge with KludeIn I Acquisition, a special purpose acquisition company, in a $1bn deal.
"I am thrilled to partner with Anil and the entire team at Near as they continue to help global enterprises better understand consumer behavior and derive actionable intelligence from their global, full-stack data intelligence platform. We believe this merger is highly compelling based on the diversified global customer base, superior SaaS flywheel and network effects of Near's business, highlighted by the company's strong customer net retention," Narayan Ramachandran, KludeIn Chairman and CEO.
Near is advised by Kirkland & Ellis. KludeIn is advised by Cantor Fitzgerald and Ellenoff Grossman & Schole. Cantor Fitzgerald is advised by DLA Piper.
Morgan Stanley Capital Partners, the middle-market focused private equity team at Morgan Stanley Investment Management, completed the investment in Fairway Lawns, a provider of residential lawncare services. Financial terms were not disclosed.
"We are excited to partner with Kyle and the Fairway team as they continue to work to build the company into the leading residential lawncare platform in the Southeast. For MSCP, Fairway represents an opportunity to execute on our core strategy of investing in focus sub-sectors where we have deep institutional knowledge and experience to drive value creation. We look forward to working together to advance the company's market leadership position through organic growth and acquisitions," Adam Shaw, MSCP Managing Director and Head of Business Services.
Fairway Lawns was advised by Harris Williams & Co. MSCP was advised by Solomon Partners and Debevoise & Plimpton. Debt financing was provided by Carlyle Global Credit.
zSpace, a technology firm based in San Jose, California, that combines elements of virtual and augmented reality in a computer, agreed to go public via merger with EdtechX Holdings Acquisition II, an edtech and future of work-focused SPAC, in a $195m.
"zSpace is committed to innovating and delivering immersive learning experiences to address the rapidly evolving needs of today's students. Merging with EdtechX II represents an important next step in our growth trajectory as we seek to deepen our presence in the US, enhance our product portfolio, and expand the geographic footprint of our transformative technology. Our work closely aligns with EdtechX II's commitment to supporting increased digitization and access within the modern educational landscape, and we welcome their partnership as we pursue a successful public listing," Paul Kellenberger, zSpace CEO.
zSpace is advised by Fenwick & West and Gateway Investor Relations. EdtechX Holdings Acquisition II is advised by Graubard Miller.
American Tire Distributors, a supplier of tires to the replacement tire market, agreed to acquire the wholesale tire distribution assets of Monro, an automotive service and tire provider, for $105m.
"With the addition of Tires Now, we are taking another important step in ATD's transformation journey. We are adding volume and geographic reach that will make us an even stronger supply chain partner to our customers and the manufacturers with which we work. We also view this as a win for the tire supply chain network and a step forward for both ATD's and Monro's commitments to sustainability. This transaction will support ATD's ESG and current emissions efficiency initiatives, and together with Tires Now, we will be able to better reduce overall emissions. This is a truly unique opportunity, and we look forward to working closely with Monro, as well as our other customers, to provide our full platform of ATD's logistics services," Stuart Schuette, ATD President and CEO.
Monro is advised by Harter Secrest & Emery. ATD is advised by Troutman Pepper and Joele Frank.
Blackstone-backed Candle Media, a next-generation media company, agreed to acquire ATTN, a purpose-driven, social storytelling company, for $100m.
"ATTN: has a deep, digital-native understanding for how to cut through the noise and reach today's audiences through engaging content on social media. We are excited for them to join Candle and provide the benefits of their talented team's expertise across our brands and franchises," Kevin Mayer and Tom Staggs, Candle Media Co-Chairmen and Co-CEOs.
ATTN is advised by The Raine Group, Sidley Austin and Miles Kennedy.
Eldridge and Norwest Venture Partners led a $400m Series B round in Velocity Global, a provider of global talent solutions.
"Velocity Global's proven technology platform is positioned to transform the future of work, offering businesses a frictionless solution for building and expanding their teams. We are proud to partner with Ben and his team as demand continues to grow for best-in-class workforce solutions that support organizations looking to scale across the globe," Todd Boehly, Eldridge CEO.
Velocity Global was advised by Financial Technology Partners.
CALIDA GROUP, a globally active company for premium underwear with its head office in Switzerland, agreed to acquire Cosabella, an American premium lingerie and loungewear brand, for $80m.
"With the acquisition of the strong e-commerce brand Cosabella, we continue focusing the CALIDA GROUP on its core segment while simultaneously enhancing its online growth. This transaction is completely in line with the strategy ACCELERATE 2026 and highly accretive for all stakeholders. As a family business, Cosabella shares our group's values regarding quality, customer service, long-term business development, and inclusion," Hans-Kristian Hoejsgaard, CALIDA GROUP Chairman of the Board of Directors.
CALIDA GROUP is advised by Lisa Lauri Communications.
Dragoneer Investment Group, a growth-oriented investment firm, led a $300m Series F round in SpotOn, a software and payment company, with participation from Andreessen Horowitz, DST Global, Franklin Templeton, Mubadala Investment Company and G Squared.
"This investment allows us to continue aggressively investing in tech, service and distribution to help our clients thrive, because their success is our mission. Dragoneer believed in our vision from the very beginning, and we are grateful for the ongoing confidence and support of such a respected firm," Zach Hyman, SpotOn Co-CEO.
Mithril Capital Management, a family of long-term venture capital funds, led a $110m funding round in GreyOrange, a provider of automated robotic fulfillment and inventory optimization software, with participation from BlackRock.
"GreyOrange is trusted by the biggest names in retail to help them do what they do best, better. Demand for the GreyOrange omnichannel fulfillment platform continued to increase consistent with our high expectations as retailers come to terms with the immediate necessity of robotic automation in fulfillment. We are particularly excited about the expansion underway with GreyOrange's SaaS applications, such as gStore, which deliver new and innovative supply chain solutions to discerning consumers across the GreyOrange customer base," Ajay Royan, Mithril Capital Management Managing General Partner.
Brookfield, an alternative asset manager, completed the acquisition of a stake in CrescoNet, a provider and integrator of electric, water and gas smart metering and related services. Financial terms were not disclosed.
"We value the Brookfield partnership and view it as clear confirmation of our strategy, execution, and market opportunity. We believe the pace and precision of our innovation, acquisitions, partnerships, expert delivery, and customer care are already making an important difference for our customers. This partnership will further accelerate our product and services expansion focused on delivering high quality services to North American utility clients," John Stafford, CrescoNet President.
Globalive strikes Telus contract to boost odds of Rogers deal. (FS)
Canadian investment firm Globalive Capital struck an agreement with Telus to share mobile networks and spectrum, a move intended to boost Globalive’s effort to buy wireless assets from Rogers Communications.
Crackdown on buyout deals coming, warns top US antitrust enforcer.
The top antitrust enforcer in the US has warned that the Department of Justice will take a tougher stance on private equity firms rolling up swaths of the American economy, as it targets buyout groups that have largely skirted the watchdog’s scrutiny, Financial Times reported.
“Sometimes [the motive of a private equity firm is] designed to hollow out or roll up an industry and essentially cash out. That business model is often very much at odds with the law, and very much at odds with the competition we’re trying to protect,” Jonathan Kanter, Department of Justice Head of the Antitrust Unit.
CEO of $189bn Ontario fund eyes private equity’s turf. (FS)
The head of one of North America’s biggest investors in private markets wants to cut its reliance on buyout firms and do more dealmaking on his own, Bloomberg reported.
Jo Taylor, chief executive officer of Ontario Teachers’ Pension Plan Board, has plans for the $189bn fund to buy more controlling stakes in businesses directly, so that it can save on fees and keep a closer eye on environmental, social and governance matters.
Kohl's loses two senior executives as it looks for a buyer. (People)
Kohl's said two of its senior executives are stepping down from their roles, as the US department store chain hunts for a buyer amid pressure from activist investors to sell itself. Shares of the company fell 3.6% to $41.4 in extended trading.
Kohl's said that Chief Marketing Officer Greg Revelle would be departing from the company in June, while Chief Merchandising Officer Doug Howe would leave effective immediately, Reuters reported.
EMEA
A group led by Europe's largest carmaker Volkswagen is set to win unconditional EU antitrust approval for its $3bn bid for French car rental company Europcar, Reuters reported.
Volkswagen teamed up with asset manager Attestor and Dutch mobility group Pon Holdings last year to launch the bid for French-listed Europcar, placing a bet on fast-growing mobility services. The European Commission is scheduled to decide on the deal by May 25.
Europcar is advised by Guggenheim Partners, Rothschild & Co, Darrois Villey Maillot Brochier, Latham & Watkins, White & Case, Willkie Farr & Gallagher and Publicis Consultants. Pon is advised by AyacheSalama, Clifford Chance, De Brauw Blackstone Westbroek and Confidant Partners. Volkswagen is advised by BNP Paribas, Bank of America and Freshfields Bruckhaus Deringer. Attestor is advised by Cleary Gottlieb Steen & Hamilton.
Thomas H. Lee Partners, a private equity firm, agreed to invest in Inriver, a company that empowers organizations to deliver revenue-driving product information management. Financial terms were not disclosed.
"Inriver fits THL's sector thesis related to e-commerce and digital enablement software, and its technology is fundamental to executing commerce at scale. We look forward to supporting go-to-market investments to accelerate growth in North America and build on the Company's strength in Europe," Cliff Longley, THL Director.
Inriver is advised by Evercore and Sidley Austin. THL is advised by SVB Leerink, Kirkland & Ellis and Edelman.
Brookfield Asset Management, a Canadian investment company, agreed to acquire HomeServe, a British multinational home emergency repairs and improvements business based in Walsall, for $5bn.
"HomeServe is a very high-quality business with a clear strategy and strong management team, which has been led entrepreneurially by its founder, Richard Harpin, for almost 30 years. The offer recognizes the quality of our business, our people and our future growth potential, and allows shareholders to realize their investment at an attractive valuation," Tommy Breen, HomeServe Chairman.
HomeServe is advised by Goldman Sachs, JP Morgan and UBS. Brookfield is advised by Deutsche Bank.
BBVA, a digital bank, completed the acquisition of a 36.12% stake in Turkish Garanti, a financial services company, for $1.43bn.
“This transaction represents a great opportunity to invest in our franchise in Turkey and create value for our shareholders. Additionally, the price is very attractive for Garanti BBVA minority shareholders,” Carlos Torres Vila, BBVA Chairman.
BBVA was advised by Garrigues and White & Case.
Mayfair Equity Partners, a dedicated consumer and technology investor, agreed to invest in Garolla, an end-to-end provider of roller garage doors. Financial terms were not disclosed.
"Garolla has developed a uniquely scalable platform, growing at a rapid pace, and disrupting a fragmented market. We see significant opportunity to accelerate our growth in the UK and across Europe, reaching more consumers than ever. I am thrilled to partner with Mayfair, who have an excellent track record of supporting companies with international expansion and digital evolution," Mark McAvoy, Garolla Managing Director.
Mayfair Equity Partners is advised by DC Advisory and The One Nine Three Group.
CVC Capital Partners, a Luxembourg-based private equity and investment advisory firm, agreed to invest in The Quality Group, a manufacturer of innovative sports performance nutrition products and healthy, low-sugar food alternatives in the DACH region. Financial terms were not disclosed.
"Together with the founders, CVC will help to further accelerate the business's growth path by scaling its logistics activities and improving the customer experience, as well as expanding the product portfolio in both the DACH region and internationally. TQG will benefit from CVC's entrepreneurial expertise and large international network," CVC.
CVC is advised by Rothschild & Co.
Energy Impact Partners, a US-based investor, and GIC, Singapore's sovereign wealth fund, led a €100m ($105m) Series C round in Zolar, Germany's digital solar platform, with participation from Inven Capital, Heartcore Capital, Statkraft Ventures and Pirate Impact Capital.
With the investment Zolar will roll out new digital energy products. Among others the company's app will be expanded to include an energy management system and a dynamic electricity tariff.
AGIC Capital, a private equity fund, agreed to acquire a majority stake in Grafotronic, a manufacturer of roll-to-roll automated manufacturing solutions. Financial terms were not disclosed.
"We are delighted to have made the investment into Grafotronic and to be backing the management team to deliver the next phase of growth. The acquisition of Grafotronic exemplifies AGIC's investment strategy, to partner with the management teams of outstanding European SMEs which have significant growth potential and to provide proactive, hands-on support to realize that potential," Ben Mitchell, AGIC Director and Head of UK.
Alexander Govor, McDonald's existing licensee, agreed to acquire the Russian business of McDonald's, a global foodservice retailer. Financial terms were not disclosed.
The sale and purchase agreement provides for employees to be retained for at least two years, on equivalent terms. The buyer has also agreed to fund the salaries of corporate employees who work in 45 regions of the country until closing, as well as fund existing liabilities to suppliers, landlords and utilities.
Apax-backed Rodenstock nears purchase of Indo Optical. (FS)
Apax-backed Rodenstock, a German eyeglass-lens maker, is close to buying Spanish rival Indo Optical to strengthen its European presence with its biggest deal to date, Bloomberg reported.
Buying Indo, which manufactures specialist lenses for eyewear and medical equipment, helps Rodenstock build its market share in Europe. Indo, founded in 1937, has operations in Spain, Portugal and France, as well as North Africa.
UK defense firm QinetiQ eyes acquisitions to reach growth target.
QinetiQ Group is looking to buy companies in the US and Australia to help the UK defense firm grow 75% over the next five years, Bloomberg reported.
The London-based company expects the two markets to account for more than half of new business during that period, with around 30% growth in the UK, Chief Executive Officer Steve Wadey said.
Fondazione CRT retains its investment in Generali.
Generali investor Fondazione CRT ruled out the possible sale of its 1.7% stake in Italy's largest insurer, Reuters reported.
"Assicurazioni Generali is and will continue to be a strategic investment for Fondazione CRT. Therefore, the assumption of selling, even partially, the current 1.72% holding is, as things stand, groundless," Assicurazioni Generali.
Ex-Gucci backer Investcorp weighs setting up UAE SPAC. (FS)
Investcorp is considering listing a special purpose acquisition company in the UAE, boosting momentum for the Middle East’s nascent blank-check market, Bloomberg reported.
Investcorp is a provider and manager of alternative investment products, serving high-net-worth private and institutional clients with a headquarter in Bahrajn.
Saudi food delivery firm Jahez seeks to acquire rival Chefz.
Saudi food delivery firm Jahez signed a non-binding pact to acquire The Chefz, months after Delivery Hero’s attempt to buy the firm was thwarted by the local competition watchdog.
Jahez International for Information Systems Technology, as the firm is formally known, plans a full takeover of The Chefz, according to a statement. The consideration for the proposed transaction will be based on a due diligence and will include cash and shares in Jahez, Bloomberg reported.
ECB tells Italy's Del Vecchio he cannot hold more than 20% in Mediobanca.
The European Central Bank has told Italian entrepreneur Leonardo Del Vecchio that "at current conditions" his holding company cannot hold a stake of more than 20% in Mediobanca, Reuters reported.
The central bank has told Del Vecchio that in order to exceed the 20% threshold, his holding company, Delfin, must be transformed into a bank holding.
SoftBank-backed fintech giant Klarna looks for new funds at lower valuation.
Klarna Bank is seeking to raise new funds that could value the fintech giant at almost a third less than the roughly $46bn valuation it achieved just under a year ago, an example of the struggles facing the tech investing world, Wall Street Journal reported.
Klarna specializes in buy-now-pay-later services, a popular type of cash advance that competes with credit cards and lets customers pay for goods and services in installments without paying interest.
APAC
Woodside shareholders voted to approve the proposed $28bn merger with the petroleum business of BHP Group. 98.66% of the votes submitted were in favour of the merger.
Woodside expects completion of the Merger to occur on 1 June 2022.
Woodside is advised by Gresham, Morgan Stanley, King & Wood Mallesons and Vinson & Elkins. BHP Group is advised by Barclays, Citigroup, Goldman Sachs, JP Morgan and Herbert Smith Freehills.
A consortium led by KKR & Co reaffirmed its takeover offer for Australian private hospitals operator Ramsay Health Care, Bloomberg reported.
The private equity firm and its partners submitted confirmation last week of the $14bn offer. KKR's group expects to continue due diligence and could submit a binding bid as soon as in the coming weeks.
Ramsay Health Care is advised by UBS and Herbert Smith Freehills. KKR is advised by Allens.
Access Group, a software company, agreed to acquire Accountants Practice Management Group, a provider of accounting practice management software, from Reckon, an Australian software company, for $70m.
"The sale agreement with Access Group represents a compelling offer, which we believe is in the best interests of our shareholders. The transaction unlocks significant value for shareholders," Sam Allert, Reckon Group CEO.
Reckon is advised by Rothschild & Co and Herbert Smith Freehills.
LS Group, a South Korean chaebol agreed to acquire the remaining 49.9% stake in LS-Nikko Copper, its copper smelter joint venture with JX Nippon Mining & Metals, a company in the field of nonferrous metals, for $727m.
"While we strengthen the "base business" through this divestiture, at the same time, the JX Nippon Mining & Metals Group is steadily taking steps to further expand the "focus business" centered on the advanced materials field. The initiatives include the decision to construct a new factory in Hitachinaka, Ibaraki Prefecture. The Company group will continue to take actions proactively and in an agile manner to realize its Long-Term Vision 2040," JX Nippon Mining & Metals.
JX Nippon Mining & Metals is advised by JP Morgan.
Coatue, an investment manager, and Insight Partners, a venture capital and private equity firm, led a $300m Series D funding round in Xendit, a payments infrastructure platform, with participation from Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo and Goat Capital.
“Payments are a crucial component for online businesses and we believe Xendit is capturing a formative opportunity in Southeast Asia. Xendit’s deep local expertise, modern tech stack and customer-centric approach has created a digital payments platform that is helping transform how Southeast Asian businesses transact. Coatue is delighted to partner with the Xendit team for the next phase of their journey,” Luca Schmid, Coatue General Partner.
Xendit was advised by SutherlandGold.
Early-stage VC Antler commits to invest $100m in over 300 SE Asian startups by 2025. (FS)
Singapore-based, early-stage venture capital firm Antler announced its commitment to invest up to $100m in more than 300 new companies in Southeast Asia over the next four years, DealStreetAsia reported.
Antler, which was first conceived in 2017 as an accelerator and investor targeting pre-seed startups, has already invested in 127 Southeast Asian companies. It launched in Singapore in 2018.
Sociolla may have tempered valuation expectations for ongoing fundraise. (FS)
Indonesia’s online beauty retailer Sociolla is said to have moderated valuation expectations for its ongoing major fundraise.
DealStreetAsia reported, that the firm is nearing an equity round of up to $150m at an over $1bn valuation. It had roped in at least three global investors at the time, with all of its existing investors, including private equity firm L Catterton, Singapore’s Temasek, EV Growth and Jungle Ventures, committing to re-join the round.
Tycoon Jindal’s port unit plans public listing by March 2024.
JSW Infrastructure, a unit of tycoon Sajjan Jindal’s steel-to-cement conglomerate, is planning an initial public offering by March 2024.
The Mumbai-based company, which operates seaports and terminals, will soon start the process of engaging investment bankers and professional agencies to facilitate the listing, Joint Managing Director Arun Maheshwari said in an interview. The firm will take a “balanced view” on geopolitical risks and inflationary pressures among other factors while deciding on the timing for the listing, he said, Bloomberg reported.
Weststar Group weighs $300m helicopter unit IPO.
The Weststar Group is considering an initial public offering of its helicopter services unit in Kuala Lumpur to raise at least $300m.
The conglomerate, controlled by Malaysian businessman Syed Azman Syed Ibrahim, has held initial talks with advisers on the listing of Weststar Aviation Services, which could happen as soon as next year. Weststar Group is also looking to sell a stake of as much as 20% in the helicopter unit in a funding round before the IPO, seeking a valuation of nearly $2bn including debt, Bloomberg reported.
Citi promotes Asia-based banker Valderrabano as global wealth COO. (People)
Citi has appointed Valentin Valderrabano as its new chief operating officer for Citi Global Wealth, effective in July, Reuters reported.
Valderrabano, who reports to the bank's global wealth head Jim O'Donnell, was most recently consumer business manager for Citibank Korea with nearly 20 years of experience at the bank.
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