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AMERICAS
Chord Energy completed the merger with Enerplus in a $11bn deal.
Chord Energy, a company engaged in hydrocarbon exploration and hydraulic fracturing, completed the merger with Enerplus, an independent oil and gas producer, in a $11bn deal.
"We are excited to complete the combination with Enerplus, creating a premier Williston Basin operator with enhanced scale, significant low-cost inventory, financial strength, and peer-leading shareholder returns. We are extremely grateful for the hard work, dedication, and positive attitude of both the Chord and Enerplus teams, who have been working diligently to help us realize the full potential of this combination. We are leveraging best practices from both companies to create a stronger, more efficient organization and, at this point, see over $200m of annual synergies vs. our original estimate of $150m," Danny Brown, Chord Energy President and CEO.
Enerplus was advised by BMO Capital Markets, CIBC World Markets, Evercore, RBC Capital Markets, Blake Cassels & Graydon and Latham & Watkins (led by John Greer, Ryan Lynch, and Bill Finnegan). Chord Energy was advised by Citigroup, JP Morgan, Wells Fargo Securities, Goodmans, Vinson & Elkins (led by David Oelman, Steve Gill and Benji Barron), Wachtell Lipton Rosen & Katz (led by Zachary Podolsky), Joele Frank (led by Andrew B. Siegel and Leigh Parrish) and Longview Communications (led by Bruce Drysdale and Hugh McFadyen). Financial advisors were advised by White & Case.
A consortium of investors to acquire a 10% stake in Pershing Square Holdco from Pershing Square Capital for $1.05bn. (FS)
A consortium of investors including Arch Capital, BTG Pactual, Consulta, ICONIQ, Menora Mivtachim, agreed to acquire a 10% stake in Pershing Square Holdco, a newly formed limited partnership, from Pershing Square Capital, a private equity firm, for $1.05bn.
“We are delighted to invite a group of world-class, long-term partners as investors in our business, which has been entirely owned by Pershing Square employees since our inception more than 20 years ago. This new investment will help accelerate our growth in assets under management in existing and new strategies. As always, Pershing Square will remain intensely focused on generating high, long-term returns for our investors," Bill Ackman, Pershing Square Founder and CEO.
Pershing Square is advised by Bank of America, Citigroup, Evolve Capital, Jefferies & Company, UBS, Simpson Thacher & Bartlett, Skadden Arps Slate Meagher & Flom, Sullivan & Cromwell (led by Scott D. Miller and William G. Farrar) and Camarco.
Homesteaders and Birch Hill to acquire Park Lawn from Viridian Acquisition for $1.2bn. (FS)
Homesteaders Life Company, an insurance services provider, and Birch Hill Equity Partners Management, a private equity firm, agreed to acquire Park Lawn, a funeral, cremation and cemetery provider, from Viridian Acquisition, a holding company, for $1.2bn.
"This Transaction represents tangible recognition of the value and strength of our organization. We are proud of the accomplishments of our team and look forward to partnering with Homesteaders and Birch Hill in a new chapter of Park Lawn where we can continue to execute on our strategic initiatives for the benefit of our stakeholders in the long-term," Brad Green, Park Lawn CEO.
Park Lawn is advised by National Bank Financial, Bennett Jones and Morgan Lewis & Bockius. Homesteaders is advised by BMO Capital Markets, Faegre Drinker Biddle & Reath, Paul Weiss Rifkind Wharton & Garrison and Torys. Birch Hill is advised by Stikeman Elliott.
Frontdoor to acquire 2-10 Home Buyers Warranty for $585m.
Frontdoor, a provider of home warranties, agreed to acquire 2-10 Home Buyers Warranty, a provider of construction structural warranties and systems and appliances coverage for new and existing homes, for $585m.
“We are extremely excited about the 2-10 acquisition. I am optimistic that it will be a tremendous growth catalyst for our business and will help improve the trajectory of our customer base, revenue and earnings. Additionally, we will be able to diversify and expand into the new home segment, which will open up cross-selling opportunities for home warranties and our on-demand services. In short, through this acquisition, we will gain a highly complementary business that aligns very well with our strategic growth priorities," Bill Cobb, Frontdoor Chairman and CEO.
2-10 Home Buyers Warranty is advised by Evercore and Ropes & Gray. Frontdoor is advised by Bank of America and Simpson Thacher & Bartlett. Debt financing is provided by Bank of America, JP Morgan and Wells Fargo Securities.
Golub Capital to acquire a minority stake in Nassau Financial for $200m. (FS)
Golub Capital, a private equity firm, to acquire a minority stake in Nassau Financial, a provider of fixed annuities and asset management, for $200m.
“We are excited to expand our investor group as we begin a new strategic partnership with Golub Capital. In addition to their significant capital investment, Golub Capital brings a market-leading track record in direct lending that will expand our balance sheet investment capabilities in support of our continued growth," Phil Gass, Nassau Chairman and CEO.
Nassau Financial is advised by Goldman Sachs, Sidley Austin and FGS Global. Golub Capital is advised by Morgan Stanley, Foley Hoag and Kirkland & Ellis.
New Mountain Capital to acquire a minority stake in Consor Holdings. (FS)
New Mountain Capital, a private equity firm, agreed to acquire a minority stake in Consor Holdings, a provider of transportation and water infrastructure engineering and consulting services. Financial terms were not disclosed.
“New Mountain is our ideal partner. They believe in our long-term vision and bring extensive industry experience that will help us expand our potential. We’re excited about the many ways New Mountain will help support our growth through strategic planning, technology enablement and operational efficiency. This partnership will cultivate more career opportunities for our team members and make an even greater impact on the communities we serve," Chris Rayasam, Consor CEO.
Consor Holdings is advised by Harris Williams & Co, Houlihan Lokey and DLA Piper. New Mountain Capital is advised by AEC Advisors, Ropes & Gray and H/Advisors Abernathy.
L Squared Capital Partners to acquire TeachTown from Bain Capital. (FS)
L Squared Capital Partners, an investment firm, agreed to acquire TeachTown, a company that provides educational software to schools, clinicians and parents for children diagnosed with autism spectrum disorder, from Bain Capital, a private investment firm that specializes in private equity. Financial terms were not disclosed.
"Through our partnership with Bain Capital, we were able to significantly expand access to our educational solutions, invest to build a strong team, launch innovative products, and establish the infrastructure and processes to support our long-term growth. As we enter our next chapter with L Squared, we look forward to continuing to enable educational achievement, and positively impact the more than seven million students in the US with disabilities with our solutions," Richard Becker, TeachTown CEO.
TeachTown is advised by Robert W Baird, Tyton Partners, and Ropes & Gray. L Squared Capital Partners is advised by Vedder Price. Bain Capital is advised by Stanton PRM (led by Charlyn Lusk).
Arch Capital Group completed the acquisition of the mortgage insurance business of Old Republic International for $140m.
Arch Capital Group, an insurance company, completed the acquisition of the mortgage insurance business of Old Republic International, an American property insurance and title insurance company, for $140m.
"We are pleased that this deal has closed according to originally agreed terms, with regulatory approval, and look forward to integrating RMIC into Arch MI's existing US primary mortgage portfolio," David Gansberg, Arch Capital CEO of Global Mortgage.
Arch Capital Group was advised by Jefferies & Company and Eversheds Sutherland. Old Republic International was advised by Insurance Advisory Partners Kirkland & Ellis.
ELGA Credit Union to acquire Marine Bank & Trust for $80m.
ELGA Credit Union, a community development financial institution that has been a community partner in Michigan, agreed to acquire Marine Bank & Trust, a local community bank committed to helping residents and small businesses, for $80m.
"This transaction is an exciting opportunity for Marine Bank to join forces with a like-minded, locally-operated organization that shares our values and our commitment to the communities and residents we serve. Like us, ELGA CU brings a personalized experience to all of its members. With its wealth of knowledge serving communities and individuals that don't typically have access to banking services, we will be able to expand our base of customers in east central Florida. Importantly, ELGA CU has committed to maintaining all Marine Bank jobs and banking centers, as well as expanding our philanthropic efforts throughout Vero Beach and Marine Bank's other communities. I'm confident the future is bright for all of Marine Bank's employees and our customers," Bill Penney, Marine Bank & Trust, President and CEO.
ELGA Credit Union is advised by McQueen Financial Advisors and Honigman Miller Schwartz & Cohn. Marine Bank & Trust is advised by Piper Sandler and Igler and Pearlman.
Wynnchurch Capital completed the acquisition of Hydraulic Technologies from SPX FLOW. (FS)
Wynnchurch Capital, a private equity firm, completed the acquisition of Hydraulic Technologies, a manufacturer of high-pressure hydraulic tools and equipment, from SPX FLOW, a multi-industry manufacturing leader producing highly-specialized, engineered products and innovative technologies. Financial terms were not disclosed.
“As a global leader of highly engineered hydraulic tools, HT’s customer-centric focus on delivering best-in-class solutions for the most demanding of needs fits well with our investment philosophy. We are delighted to partner with Aaron and his team to further support their next phase of growth," Frank Hayes, Wynnchurch Managing Partner.
Wynnchurch was advised by Morgan Stanley and Paul Hastings. SPX FLOW was advised by Citigroup.
APi Group completed the acquisition of Elevated Facility Services Group from L Squared Capital Partners for $570m. (FS)
APi Group, a construction engineering company, completed the acquisition of Elevated Facility Services Group, a provider of contractually based services for all major brands of elevator and escalator equipment, from L Squared Capital Partners, a private equity firm, for $570m.
"Today we welcome our 600 new teammates to the APi family and begin our work leveraging the opportunities created by this acquisition. We are excited to collaborate with Elevated and its talented leadership team as we expand into the $10+bn US elevator and escalator services market. This acquisition further strengthens APi's financial profile and represents a continuation of our focus on building a robust line of businesses that provide mandatorily required life safety services," Russ Becker, APi President and CEO.
Elevated Facility Services Group was advised by Piper Sandler. APi Group was advised by Cleary Gottlieb Steen & Hamilton.
Saint-Gobain completed the acquisition of The Bailey Group Companies for $648m.
Saint-Gobain, a French multinational corporation, completed the acquisition of The Bailey Group Companies, a metal building solutions provider, for $648m.
"As leaders in metal framing for nearly 75 years, we look forward to continuing our same quality service and support to Canadian customers alongside our long-time partner Saint-Gobain. Working together, we will enhance the experience for our customers throughout Canada, who will benefit from our combined expertise and portfolio of complete building systems and solutions. We are excited to continue the Bailey story as we start this next chapter," Angelo Sarracini, Bailey Group CEO.
Saint-Gobain was advised by Cleary Gottlieb Steen & Hamilton (led by James E. Langston).
Cloudera completed the acquisition of the operational AI platform of Verta.
Cloudera, a data company for trusted enterprise AI, completed the acquisition of the operational AI platform of Verta, a startup building software infrastructure to help enterprise data science and machine learning teams rapidly develop and deploy ML models. Financial terms were not disclosed.
“The future of data management is AI; they go hand-in-hand. Cloudera is acquiring Verta’s AI Operational platform to strengthen our team and accelerate our operational AI capabilities. We are moving quickly to provide our customers with the technologies they need to drive their data and AI initiatives, and we have no plans to slow down. This is the first of several strategic moves we expect to make as we extend our leadership in data and trusted enterprise AI," Charles Sansbury, Cloudera CEO.
Cloudera was advised by Jefferies & Company.
Marcum completed the acquisition of the IT Enhanced Managed Services division of CliftonLarsonAllen.
Marcum, a national accounting and advisory firm dedicated to helping entrepreneurial, middle-market companies and high net worth individuals, completed the acquisition of the IT Enhanced Managed Services division of CliftonLarsonAllen, a professional services firm and the eighth-largest accountancy firm in the US. Financial terms were not disclosed.
"We are thrilled to welcome CLA's IT Enhanced Managed Services division into our team. This strategic move propels Marcum Technology's expansion into the Midwest, grows our IT capabilities in the banking and healthcare industries, and deepens our commitment to excellence in IT Managed Services. With it, we are poised to enhance our collective capabilities and further our commitment to exceptional customer experiences across new horizons. Exciting opportunities await as we chart a course for shared success," Peter Scavuzzo, Marcum CEO of Technology.
Beacon Pointe Advisors completed the acquisition of Joslin Capital Advisors.
Beacon Pointe Advisors, an independent investment advisory firm in the US, completed the acquisition of Joslin Capital Advisors, a provider of financial advisors that perform financial planning, retirement planning, and wealth management services. Financial terms were not disclosed.
"Our firm's culture has always revolved around applying the Golden Rule when working with clients and coworkers, and providing unparalleled advice and service. It's just how we're wired. This is the key reason for our success to date. We therefore wanted to ensure that this culture would be maintained, and ideally, enhanced moving forward. After meeting with Beacon Pointe's leadership team and several other shareholders, we knew there was a strong cultural alignment and that we had found our new home. Our partnership with Beacon Pointe will allow us to add unique and extensive investment and planning resources, enabling us to grow and meet the expectations of the increasingly dynamic, tech-focused world. Through this partnership, we are elevating our services to the next level and going above and beyond what our clients have grown to expect from us," Mike Joslin, Joslin Capital Advisors CEO.
TopBuild completed the acquisition of Texas Insulation from Energy One America.
TopBuild, an installer and distributor of insulation products, completed the acquisition of Texas Insulation, a provider of insulation products, from Energy One America, a national provider of innovative and sustainable insulation solutions to the commercial buildings. Financial terms were not disclosed.
"Texas Insulation expands our spray foam capabilities in an important and growing geography, and further demonstrates our opportunities around making acquisitions in our core area of insulation. We are excited to welcome the Texas Insulation team and look forward to driving growth across the business," Robert Buck, TopBuild President and CEO.
Sandvik completed the acquisition of PDQ Workholding.
Sandvik, a Swedish multinational engineering company with operations within tools and tooling systems for metal cutting, completed the acquisition of PDQ Workholding, a modern tool shop focusing on the design and manufacture of part holding devices. Financial terms were not disclosed.
"The addition of PDQ will enhance our customer offer within machining solutions and strengthen growth prospects in the US, very much in line with our strategy. I am pleased to see us complete another acquisition which further improves our ability to create value for our customers and stakeholders," Stefan Widing, Sandvik President and CEO.
Consortium Brand Partners is close to a deal to buy Outdoor Voices.
Consortium Brand Partners is nearing a deal to acquire Outdoor Voices, a maker of athletic apparel. The deal is occurring through an assignment for the benefit of creditors, known as an ABC. Terms of the transaction couldn’t immediately be learned, Bloomberg reported.
Consortium Brand Partners is led by Cory Baker and Michael DeVirgilio, managing partners, as well as President Jonathan Greller. The investment firm’s deal for Outdoor Voices follows its 2023 purchase of a majority stake in Draper James, the fashion and lifestyle brand founded by Reese Witherspoon.
Skydance awaits word on its enhanced bid for Paramount.
Skydance Media on June 3 was awaiting a response to its enhanced bid for entertainment conglomerate Paramount Global in which it offered to buy nearly half of the nonvoting Paramount shares at $15 each, Reuters reported.
The new proposal follows months of negotiations between Santa Monica, California-based independent studio Skydance and Paramount, which, like other media companies, has been hit by the decline of the traditional television industry. Under the revised deal terms, Skydance would make a tender offer to buy about 40% of Paramount's nonvoting B class of shares. Class A shareholders - the voting shares - could get $23 per share.
Indie semiconductor explores options including sale.
Indie Semiconductor has been exploring strategic options including a sale. The automotive technology company has been working with an adviser as it fields interest from prospective buyers. Indie Semiconductor could attract interest from industry players and possibly private equity firms Bloomberg reported.
The company, based in Aliso Viejo, California, makes semiconductor and software for driver assistance systems and autonomous vehicles. It went public in 2020 through a merger with the blank-check company Thunder Bridge Acquisition.
China’s Cofco is weighing sale of last Chicago grain terminal.
Cofco International, the trading arm of China’s largest food company, is exploring options including a sale for its Chicago grain terminal, Bloomberg reported.
The facility is the last of its kind still operating in the city that’s home to the Chicago Board of Trade, where benchmarks for wheat, corn and soybeans trade. The terminal in the southern part of the city is older and not as efficient as in the days Chicago was a major grain port.
Logistics operators are looking to break the sector’s IPO logjam.
Transport and logistics operators are looking to break a logjam in public stock offerings, with bankers saying some companies are exploring listings following a fallow period marked by tight funding and weak freight demand, WSJ reported.
“This year we’ve seen more IPO pitches in the transport space than the last few years combined,” Dan Howard, Goldman Sachs Managing Director and Head of North America Transport.
Bill Ackman’s Pershing Square targets raising $25bn for US Fund. (FS)
Bill Ackman’s Pershing Square aims to raise $25bn for a new closed-end fund expected to draw interest from US retail investors, which would more than double the fee-paying assets the firm manages, Bloomberg reported.
The vehicle, known as Pershing Square USA, has filed plans to list on the NYSE, and will significantly amplify the management company’s revenue ahead of a potential IPO. For the US closed-end fund, Pershing plans to charge a 2% management fee, which would be waived for the first 12 months, and no incentive fee.
RWA Wealth Partners announces Michelle Knight as CEO. (People)
RWA Wealth Partners, a leading independent fiduciary responsible for $15bn in client assets, on June 3 announced the promotion of Michelle Knight as the firm’s CEO.
Most recently, Knight served as RWA Wealth’s President following the merger of Adviser Investments and Ropes Wealth Advisors. Prior to the merger, Knight served as CEO and Chief Economist at Ropes Wealth Advisors, helping to grow the firm to more than $7bn in assets. The combined firm has rebranded as RWA Wealth Partners, and under Knight’s leadership, RWA Wealth Partners becomes one of the largest female-led registered investment advisors in the US.
EMEA
I Squared Capital completed the acquisition of Arriva Group from Deutsche Bahn. (FS)
I Squared Capital, a global infrastructure manager, completed the acquisition of Arriva Group, a provider of passenger transport, from Deutsche Bahn, a provider in the mobility and logistics sector. Financial terms were not disclosed.
“Closing this transaction marks an important milestone and an exciting new chapter for Arriva. It is an opportunity for Arriva to recommit to working alongside passenger transport authorities to deliver essential transport links and build a more sustainable future for our colleagues, customers and the communities we serve. With the backing of I Squared, an independent and highly reputable infrastructure investor, I am confident that we will deliver on that commitment for the benefit of the millions that Arriva serves," Mike Cooper, Arriva CEO.
I Squared Capital was advised by JP Morgan, Morgan Stanley, UBS, Skadden Arps Slate Meagher & Flom (led by Richard Youle and Steven Hannah) and Brunswick Group. Financial advisors were advised by Linklaters. Deutsche Bahn was advised by Citigroup and Freshfields Bruckhaus Deringer (led by Richard Thexton and David Sonter).
EEX's Nasdaq deal risks probe as remedies seen as insufficient.
European Energy Exchange's Nasdaq deal risks a full-scale investigation by EU antitrust regulators unless the Deutsche Boerse unit beefs up remedies to address competition concerns, Reuters reported.
EEX is seeking to acquire Nasdaq's European power trading and clearing business, Nasdaq Power, whose platforms are of key significance for users and businesses in the Nordics. It submitted remedies to the EU on May 27 but did not make details public. The EU antitrust watchdog is unlikely to seek feedback from users and rivals on the remedies already submitted, a sign that these are insufficient.
European Energy Exchange is advised by White & Case. Nasdaq is advised by Perella Weinberg Partners, SEB Corporate Finance (led by Carl Montalvo), Linklaters (led by Matthew Devey, Alex Stenning, Thomas Ford, Sophia Astberg, George Yiend, and Charlotte Levin) and Brunswick Group (led by Jonathan Doorley).
South Africa's MultiChoice recommends Canal+ offer.
An offer by France's Canal+ for the shares it does not own in South Africa's MultiChoice is "fair and reasonable" according to an independent board formed by the latter and reviewed by Standard Bank, Reuters reported.
MultiChoice appointed the bank to examine the mandatory all-cash offer, which would create a pan-African broadcaster with about 31.5m subscribers across more than 50 countries. Canal+, part of French media group Vivendi, in April made a firm offer of ZAR125 ($6.7) in cash per MultiChoice share, or about ZAR35bn ($1.88bn), which valued the company at about ZAR55bn ($3bn). The offer is expected to close by April 2025.
MultiChoice is advised by Citigroup and Morgan Stanley. Canal+ is advised by JP Morgan and Brunswick Group (led by Timothy Schultz).
NTT DOCOMO and Space Compass led a $100m investment in Airbus-backed AALTO HAPS.
Telecommunication comapnies NTT DOCOMO and Space Compass led a $100m investment in Airbus-backed AALTO HAPS, an aircraft components manufacturer, with participation from Mizuho Bank and Development Bank of Japan.
“This is a landmark investment for AALTO. It is the natural next step in the roadmap of the Company’s targeted entry-into-service in 2026, as we industrialise and commercialise our technology. This investment comes as AALTO moves into its next phase of development. This includes launching several customer missions over the coming year, establishing launch and landing sites for Zephyr, and advancing our certification process. We are excited to forge a new frontier in sustainable connectivity and earth observation from the stratosphere, while generating significant value for all our stakeholders," Samer Halawi, AALTO CEO.
Airbus is advised by Davis Polk & Wardwell (led by Will Pearce).
Blackstone Real Estate and Regis Group to acquire 1,7k homes from Vistry Group for £580m. (FS, RE)
Blackstone Real Estate, an investment management specialised in real estate, and Regis Group, a specialist in residential property investment opportunities, agreed to acquire 1,7k homes from Vistry Group, a British house-building company, for £580m ($740m).
"By working in partnership with organisations like Leaf Living we can maximise the number of high-quality homes we deliver every year. This agreement supports our differentiated business model, with the certainty provided by the pre-selling of homes enabling us to accelerate our build programmes, guarantee work for our supply chain, reduce sales and build costs and create vibrant new communities. This year we are on track to deliver more than a 10% increase in new home completions, playing a key part in helping to address the UK's acute housing shortage," Greg Fitzgerald, Vistry Group Chief Executive.
Biesterfeld completed the acquisition of Aerontec.
Biesterfeld, a distributior and service company in the field of plastics, rubber and specialty chemicals, completed the acquisition of Aerontec, a distributior and service company in the field of plastics, rubber and specialty chemicals. Financial terms were not disclosed.
"Founder Graham Blyth and his team have built a very successful, fast-growing company, which combines distribution and logistics with outstanding technology expertise and differentiated services in composites. That is why they are a perfect match with our strategy of geographic expansion and an even stronger focus on technology and consultancy-driven businesses. We look forward to building on Aerontec's success, working together to develop markets and providing customers with even more value-added products and services," Stephan Glander, Biesterfeld CEO.
Germany offloads €2.5bn in Deutsche Telekom shares.
Germany sold a €2.5bn ($2.7bn) stake in Deutsche Telekom, the latest in a series of moves by the cash-strapped government to divest from some of its corporate holdings.
State-owned bank KfW sold 110m shares to institutional investors on June 3. While the placement trims the aggregate holding of KfW and the government to a combined 27.8%, they remain Deutsche Telekom’s largest shareholders.
KfW was advised by Rothschild & Co, Deutsche Bank, JP Morgan, Morgan Stanley and Sullivan & Cromwell.
Blackstone’s Blitzer taps Lazard for potential FC Augsburg sale. (FS)
A key investor of German football club FC Augsburg is sounding out a potential sale that could value the team at more than €150m ($163m), Bloomberg reported.
An investor consortium led by Blackstone partner David Blitzer is working with Lazard to assess interest in the club. The deliberations are early stage and potential suitors haven’t been approached yet.
Brookfield Asset Management mulls Tritax Eurobox takeover. (FS)
Brookfield Asset Management, a Canadian investment firm chaired by former Bank of England governor Mark Carney has said it’s in the early stages of making an offer for FTSE 250 member Tritax Eurobox.
However, Eurobox, which has a portfolio of logistics assets across Europe said it had not received an official proposal from Brookfield. Carney has chaired the Toronto-based investment giant, which manages nearly $1tn in assets for clients, since 2022.
Tritax EuroBox is advised by Lazard, Barclays and Jefferies.
PAI Italy Partner Cavalieri set to leave private equity firm. (FS, People)
The head of PAI Partners' flagship fund in Italy is leaving the buyout firm after five years. Simone Cavalieri, a partner in the Paris-based firm, has agreed to the terms of his exit with PAI’s management, Bloomberg reported.
Cavalieri’s departure will be effective July 1. His biography lists one acquisition he has been involved in, the purchase of Italian leather manufacturer Pasubio from CVC Capital Partners in 2021.
APAC
QIA in advanced talks to buy 10% stake in ChinaAMC from Primavera Capital. (FS)
Qatar Investment Authority has agreed to buy a 10% stake in China's second-largest mutual fund company, ChinaAMC from Primavera Capital. This move underscores Beijing's increasing ties with the Middle East amid rising tensions with the West, Reuters reported.
Qatar's proposed investment in China Asset Management comes amid a flurry of activities between China and Gulf countries to deepen political, economic and financial ties, as geopolitical tensions heighten around the Gaza War and the Russia-Ukraine conflict.
Kedaara-backed concrete mixer maker is said to plan India IPO. (FS)
Ajax Engineering, an Indian concrete equipment maker backed by Kedaara Capital, is considering an IPO that could raise INR20bn ($240m), Bloomberg reported.
Ajax Engineering is working with advisers to help prepare for an IPO in Mumbai in the fourth quarter. A listing could value the company at $1.2bn. Founded in 1992, Ajax Engineering makes equipment such as concrete mixers, pumps and pavers for more than 25k customers. It has three plants in Karnataka in southern India.
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