AMERICAS
Reuters reported that French luxury goods group is set to win EU antitrust approval for its $16.2bn acquisition of US jeweller Tiffany.
The EU decision comes amid a legal battle between LVMH and Tiffany, with the latter suing the Louis Vuitton owner in a Delaware court, alleging that the French company has deliberately been stalling the completion of the deal. Tiffany alleged that LVMH had improperly tried to renegotiate the deal, which was agreed in November last year before the Covid-19 pandemic emerged and hit countries and companies worldwide.
Tiffany is advised by Centerview Partners, Goldman Sachs, Sullivan & Cromwell and Sard Verbinnen & Co. Financial advisors of Tiffany are advised by Weil Gotshal and Manges. LVMH is advised by Citigroup, JP Morgan, Cleary Gottlieb Steen & Hamilton, Skadden Arps Slate Meagher & Flom, White & Case, Brunswick Group, DGM Conseil, Deluxewords, Montfort Communications, Publicis Consultants and SEC and Partners. Debt providers are advised by Allen & Overy.
Churchill Capital II, a special purpose acquisition company, agreed to merge with Skillsoft, which delivers online learning, training, and talent solutions, and Global Knowledge Training, a technology skills training provider, in a $1.5bn deal. Churchill II will merge with Skillsoft in a transaction valued at approximately $1.3bn and, following the closing of the merger, the combined company will acquire Global Knowledge for approximately $233m, putting the total cost of the transactions at $1.5bn.
"This transaction is an excellent fit with Churchill II's mission and focus, as both Skillsoft and Global Knowledge are dedicated to training and reskilling workers for jobs of the future while providing exceptional shareholder returns in a high-growth market with favourable demographic trends. The combination will create the leading digital learning platform in the industry, and the new Skillsoft will be on track to become one of the fastest-growing companies in the digital learning space," Michael S. Klein, Churchill II Chairman and CEO.
Skillsoft is advised by Houlihan Lokey and Weil Gotshal and Manges. Global Knowledge Training is advised by Lazard, Three Keys and Sullivan & Cromwell. Churchill Capital II is advised by Citigroup, Tyton Partners, Paul Weiss Rifkind Wharton & Garrison and Gladstone Place Partners.
Ardian, a private investment house, completed the acquisition of a 50% stake in Angus Chemical, a producer of specialty additive chemicals, from Golden Gate Capital, an American private equity firm, for $2.25bn.
“Management and Golden Gate Capital have built an impressive Company and we are delighted to partner with them on this next phase of growth. Angus plays a critical role in the life sciences and personal care value chains, and its products have supported dozens of essential businesses over the last few months. With Ardian’s global reach and together with Golden Gate Capital, we plan to accelerate the Company’s growth and provide Angus’ customers with a compelling range of products. We have deep expertise and an extensive network in the sectors served by Angus, and we intend to support the Company in the implementation of a global buy & build strategy, similar to our approach with other successful investments," Thibault Basquin, Ardian Head of Americas Investments.
Ardian was advised by Citigroup, Guggenheim Partners and Latham & Watkins. Golden Gate Capital was advised by Morgan Stanley, JP Morgan, Kirkland & Ellis, Nob Hill Law and Sard Verbinnen & Co.
CC Neuberger Principal Holdings I, a publicly traded special purpose acquisition company, agreed to merge with E2open, a network-based provider of 100% cloud-based, end-to-end supply chain management software, in a $2.6bn deal.
"We think that E2open is an exceptional business poised to accelerate growth and deepen its penetration of significant whitespace opportunities with existing and new customers. E2open's mission-critical software solutions have created a recession-resilient business model that has not only performed well throughout the global pandemic, but is also uniquely positioned to benefit from increased demand for supply chain management solutions," Charles Kantor, Neuberger Berman Managing Director and Senior Portfolio Manager.
E2open was advised by Credit Suisse, Lazard, Willkie Farr & Gallagher and ICR. CC Neuberger Principal Holdings was advised by Goldman Sachs, Morgan Stanley, Kirkland & Ellis and Joele Frank.
Gallatin Point Capital, a private investment firm, agreed to acquire First Investors Financial Services Group, a consumer finance company. Financial terms were not disclosed.
"As a management team, we are very excited to be partnering with Gallatin Point, a firm with an outstanding reputation, valuable industry expertise, and capital resources that will enhance our ability to grow our company," Tommy Moore, Jr., First Investors President and CEO.
First Investors Financial Services Group is advised by Credit Suisse and Willkie Farr & Gallagher. Gallatin Point Capital is advised by Wells Fargo Securities and Goodwin Procter.
Investment firms GIC and Cascade Investment agreed to invest in StorageMart, a chain of self-storage facilities headquartered in Columbia, Missouri, at a $2.7bn valuation.
"Mr Kroenke's leadership and support has allowed the company to achieve remarkable success. The self-storage sector is rapidly evolving, and companies that can deploy technology, enhanced operations, and a truly memorable customer experience are going to outperform. To do this, scale is a fundamental requirement. By combining the forces of Mr Kroenke and our new partners GIC and Cascade Investment, StorageMart will be in an unrivalled position to achieve its growth strategies in both current and new markets," Cris Burnam, StorageMart CEO.
StorageMart is advised by Citigroup and Kirkland & Ellis. GIC is advised by Torys. Cascade Investment is advised by Cleary Gottlieb Steen & Hamilton. Stanley Kroenke is advised by Baker McKenzie.
Investment company Stone Point Capital agreed to invest $105m in TriState Capital, a bank holding company.
"We are well-positioned with growth capital through 2021 and have never been more excited about the opportunities we're positioned to take advantage of than we are at this moment. Stone Point shares our confidence in TriState Capital's ability to excel in the current economic environment by remaining squarely focused on providing exceptional service to our sophisticated clients and to financial intermediaries," James F. Getz, TriState Capital Chairman and CEO.
TriState Capital is advised by Ardea Partners, Covington & Burling, Hornercom and Lambert & Co. Stone Point Capital is advised by Skadden Arps Slate Meagher & Flom.
Cinven-backed Barentz, a global life science distributor, agreed to acquire CI Capital Partners-backed Maroon Group, a supplier of specialty chemical and packaging products. Financial terms were not disclosed.
"With CI Capital's support, Maroon transformed itself from a regional CASE and Plastics distributor based in the Midwest into the broad business it is today. Together, we have built a great company and we are gratified that Barentz has recognized the immense upside in the unique position we have. Maroon fits seamlessly into Barentz' global product portfolio, and with leading industry experts and several specialized application laboratories, both businesses share a commitment towards leveraging industry and technical knowledge to support our suppliers' and customers' business development," Terry Hill, Maroon Group CEO.
Maroon is advised by Moelis & Company and Paul Weiss Rifkind Wharton & Garrison. Barentz is advised by Kirkland & Ellis. CI Capital Partners is advised by Kekst CNC.
Johnson & Johnson was accused in a lawsuit of falsely promising billions of dollars in future payments to Auris Health investors last year when J&J agreed to spend as much as $5.7bn to acquire the company. Fortis Advisors declared that J&J executives misled investors when they promised future payments based on the performance of Auris’s robotic systems, designed to perform safer and more efficient lung biopsies.
According to the Delaware Chancery Court suit, J&J officials “violated the parties’ merger agreement with the specific objective of defeating the former stockholders’ right to billions of dollars” in so-called earn-out payments. Kim Montagnino, J&J Spokesman, denied the company tried to avoid making more than $2bn in future payments to Auris investors.
Auris Health was advised by Orrick Herrington & Sutcliffe, Wachtell Lipton Rosen & Katz and Sard Verbinnen & Co. Ethicon was advised by JP Morgan and Cravath Swaine & Moore.
Aimmune Therapeutics shareholders backed Nestle's $2bn offer to obtain full ownership of the first US-approved peanut allergy treatment, which has fought with a slow launch due to the Covid-19 pandemic. Including shares it already held, Nestle controlled around 84% of the outstanding shares as of the $34.5 per share offer’s expiration date.
“The minimum tender condition to the consummation of the offer set forth in the offer to purchase has been satisfied,” Nestle.
Aimmune Therapeutics was advised by JP Morgan, Lazard, Latham & Watkins, W2O Group and Davis Polk & Wardwell.
Klabin, a paper producer, exporter and recycler in Brazil, completed the acquisition of the Brazilian corrugated packaging business of International Paper, an American pulp and paper company, for $65m. International Paper received $55m at closing and will receive $10m more a year after.
The business includes three container board mills and four box plants.
International Paper was advised by Mattos Filho, Morgan Stanley and Debevoise & Plimpton. Klabin was advised by Lefosse Advogados.
Leonard Green & Partners, a private equity firm, completed the investment in Eyemart Express, a national value optical retailer. Financial terms were not disclosed.
"We are very excited to welcome Leonard Green & Partners to Eyemart Express. The team at LGP shares our vision about the significant market opportunity ahead, and their experience and insights, in partnership with FFL, will enable us to continue to grow our market share, innovate and deliver best-in-class customer service," Michael Bender, Eyemart Express CEO.
Eyemart Express was advised by Bank of America Merrill Lynch, Barclays and Evercore.
Private equity firm JLL Partners completed the acquisition of MedeAnalytics, a cloud-based enterprise analytics solutions provider for health systems and health plans. Financial terms were not disclosed.
"We have an enormous and important opportunity to accelerate the value we provide to our clients and the overall healthcare market. We are excited by JLL's belief in our vision and their desire to help us grow both organically and through strategic M&A. Every day our clients use complex healthcare data to make critical decisions. We are excited to have JLL's support and partnership in further enhancing our clients' ability to get clear insights from healthcare data. We know they depend on it to positively impact their organizations and improve people's lives," Paul Kaiser, MedeAnalytics CEO.
MedeAnalytics was advised by Jefferies & Company.
Brown & Brown, a provider of insurance and reinsurance products and services, completed the acquisition of Vehicle Administrative Services, a provider of emergency roadside assistance and related consumer auto protection products. Financial terms were not disclosed.
"We are being given the opportunity to grow our business under the Brown & Brown umbrella while maintaining a high level of performance for our customers. I have known the BBDS team for many years and have watched them grow as an innovating force in the MGA and automotive business. We look forward to adding to the financial success of Brown & Brown and to participating in the culture and values of Brown & Brown that we at VAS share," Bill Breindel, VAS Chairman and CEO.
Vehicle Administrative Services was advised by Houlihan Lokey.
WellSky, a global health and community care technology company, agreed to acquire CarePort Health, a care coordination software company, from Allscripts, a healthcare information technology company. Financial terms were not disclosed.
"Together with CarePort, WellSky will establish new, meaningful connections between historically disparate settings of care. We have the exciting opportunity to bring care coordination to more providers in service of delivering more informed, personalized care. Through this agreement, we're ensuring our clients have the intelligent technology they need to do right by their patients, collaborate with payers, and succeed in value-based care models. It's WellSky's mission to realize care's potential, and this moves us that much closer to achieving it," Bill Miller, WellSky CEO.
WellSky is advised by Allison+Partners.
Magris Resources, which acquires, develops and operates mining assets on a global basis, agreed to acquire the North American talc assets of Imerys Talc, North America's premier producer of talc, for $223m.
"We are excited to acquire the North American Talc Business, which is underpinned by high-quality, long-life assets that produce a variety of talc products for blue-chip customers in diverse industrial end markets. We have been extremely impressed by the quality and safety culture of the operations and workforce, and look forward to partnering with the existing management team to continue to grow this business," Aaron Regent, Magris Chairman and CEO.
Private equity firm Apollo Global Management agreed to acquire a 50% stake in Great Bay Renewables, a provider of renewable energy development capital in North America, from Altius Minerals, a diversified mining royalty and streaming company, for $200m.
"Demand for renewable energy and storage continues to increase with the ongoing energy transition, and the Great Bay team has established itself as an ideal partner to help companies finance these critical endeavours. Our longstanding track record in renewable energy within our infrastructure business along with our familiarity and expertise in royalties gives us great confidence in establishing this new joint venture with Great Bay and Altius," Geoffrey Strong, Apollo Senior Partner and Co-Head of Infrastructure and Natural Resources.
Strattam Capital, a private equity firm, completed the acquisition of a majority stake in NETSTOCK, an inventory management software services provider. Financial terms were not disclosed.
"We are excited to welcome NETSTOCK to the Strattam portfolio. With their best-in-class solution and a founding team with deep industry experience, NETSTOCK embodies the type of company in which we invest. We look forward to building the future with the team, expanding their business in North America, and delivering robust inventory management solutions to growing companies," Hilary Fleischer, Strattam Capital Partner.
10Pearls, an end-to-end digital technology services company, completed the acquisition of TCT Computing Group, a testing, quality assurance, and consulting services provider based in Columbia, Maryland. Financial terms were not disclosed.
"The Covid economy demands accelerated delivery. Automated testing is critical for enterprises to get products out the door quickly and reliably. The addition of TCT is strategic in bolstering 10Pearls' capabilities to better serve enterprise customers. We are thrilled to welcome a strong industry subject matter expert, Sarah Roderus, and her team to 10Pearls," Imran Aftab, 10Pearls CEO.
SJW Group, a water utility services provider, agreed to acquire Clear Water Estates Water System, a public water utility provider. Financial terms were not disclosed.
“We are eager to have the customers of Clear Water Estates Water System join Canyon Lake Water Service Company. This transaction, if approved by the PUCT, will grow our company and allow for future growth. Customers will benefit by being served by a strong regional company that also has access to national scale and resources to deliver exceptional service and water quality," Eric W. Thornburg, SJW Group Chairman, President and CEO.
ConocoPhillips in talks to buy Concho Resources.
ConocoPhillips, an oil producer, is in talks to acquire Concho Resources, a shale producer. The companies may announce a deal in a few weeks.
The report comes amid a decline in demand for hydrocarbons due to the coronavirus-induced lockdowns, resulting in a historic fall in oil prices. The potential combination would be the latest sign that long-expected consolidation in the shale patch has finally arrived.
McAfee looks to raise up to $814m in US IPO.
Cyber security firm McAfee, commenced an initial public offering of 37m shares of its Class A common stock, with 30.9m shares being offered by the company and 6m shares being offered by existing stockholders. The price range for the initial public offering is currently estimated to be between $19 and $22 per share.
Out of the 30.9m shares of Class A common stock that the company is offering, it intends to use the net proceeds that it receives from the sale of 29.2m shares of its Class A common stock to repay its Second Lien Term Loan for working capital and other general corporate purposes. The company intends to use the net proceeds that it receives from the remaining 1.7m shares of Class A common stock to purchase equity interests from existing stockholders.
McAfee is advised by Morgan Stanley, Goldman Sachs, TPG Capital, Bank of America Merrill Lynch, Citigroup, RBC Capital, Deutsche Bank, UBS, HSBC, Mizuho, Evercore, Piper Sandler, Stifel, Academy Securities, Blaylock Van, CL King & Associates, Ramirez & Co, and Siebert Williams Shank.
DoubleVerify in talks to file an IPO at $5bn valuation.
DoubleVerify, a company that tracks digital media engagement, selected banks ahead of an initial public offering that could come in the first half of 2021, Bloomberg reported.
The New York-based company is targeting raising at least $500m in a listing that would value it at roughly $5bn. Terms have not been finalized and could still change.
Round Hill intends to float new fund at LSE, raising $375m.
New York-based publisher Round Hill Music is aiming to raise $375m for its new royalty fund when it on the London Stock Exchange next month. Round Music's intension to float will be issues in the upcoming week.
Round Hill is believed to have identified a portfolio of catalogs from well-known songwriters and artists that it intends to acquire with the newly-raised capital. These ‘pipeline investments’ consist of over 40 catalogs, across 120k songs, collectively worth $363m.
Round Hill is advised by Cenkos Securities.
EMEA
Private equity firm IK Investment Partners is set to acquire a majority stake in Kersia, a provider of biosecurity and food safety, from Ardian. Financial terms were not disclosed.
"We are delighted that IK, one of the most educated and experienced sponsors in our sectors of activity, has entered into negotiations to support us on our next stage of growth. Together, we will be able to pursue this extraordinary entrepreneurial adventure, of which we are proud. We will rely on our teams and innovative solutions, while continuing to serve farmers, food manufacturers and restaurant owners, as well as our customers in the health sector, who have placed their trust in us for many years. We would like to thank Ardian for their incredible contribution over the past four years," Sébastien Bossard, Kersia CEO.
Kersia is advised by ManageMens, Claris Avocats and Cornet Vincent Segurel. IK Investment Partners is advised by Bain & Co, Eight Advisory, KPMG, Amala Partners, Natixis Partners, Willkie Farr & Gallagher and Maitland. Ardian is advised by Accuracy, Bain & Co, Indefi, Aecom, Evercore, Marsh, Sycomore Corporate Finance, Latham & Watkins, Headland Consultancy and Arsene Taxand.
PineBridge Investments, a private, global asset manager focused on active, high-conviction investing, agreed to acquire Benson Elliot Capital Management, a UK-based private equity real estate fund manager. Financial terms were not disclosed.
"In our tenth year as an independent firm, this is a significant milestone in our growth and we are thrilled to welcome the Benson Elliot team to PineBridge. Real estate is a strategically important asset class for institutional investors, such as pension funds and insurance companies, who are looking to meet their long-term investment objectives, especially during a period of low real interest rates. Benson Elliot's industry-leading expertise in European real estate will complement and diversify our firm's investment offering allowing us to best serve our global client base," Greg Ehret, PineBridge CEO.
Benson Elliot Capital Management is advised by Berkshire Global Advisors and Travers Smith. PineBridge Investments is advised by Perella Weinberg Partners and Simmons & Simmons.
SoftBank Group, a Japanese multinational conglomerate holding company, completed the acquisition of a 9.7% stake in Kahoot, a provider of a game-based learning platform, for $216m.
“SoftBank will strengthen (Kahoot’s) shareholder base as an investor with deep expertise and experience owning and developing software companies,” Kahoot.
Kahoot was advised by ABG Sundal Collier, Arctic Securities, Goldman Sachs and Thommessen.
Mutares, a German-based holding company, agreed to acquire the Engineering Services Business Line of Valmet Automotive, an automotive supplier. The acquired business provides engineering services to the automotive industry and serves both major OEMs as well as Tier 1 suppliers. Financial terms were not disclosed.
"We are excited to welcome the Engineering Services Business of Valmet Automotive in the Automotive & Mobility segment of our portfolio. The company is well established in the European automotive industry and has terrific employees, whom I want to especially welcome to the Mutares family. I believe that Mutares, with its industry expertise, operational experience and track record in turnaround situations, is the optimal pick as new owner for sustainability and improvement of customer satisfaction and to drive further value-adding serviceability," Johannes Laumann, Mutares CIO.
Valmet is advised by Hengeler Mueller.
Private equity firm Inflexion completed the investment in Sparta Global, an innovative technology and training services provider. Financial terms were not disclosed.
"In Sparta we see a tremendously ambitious team which has achieved a great deal of success in its industry, one we are very familiar with. We can use our strong experience in their sector to help Sparta achieve not only its growth ambitions but also look for new ways to expand," Simon Turner, Inflexion Managing Partner.
Sparta Global was advised by GCA Altium.
Private equity firm Lafayette Mittelstand Capital completed the acquisition of Geba Cables, a provider of elevator cable products, from Gebauer & Griller, a global manufacturer of automotive, elevator and industrial-technological solutions. Financial terms were not disclosed.
"GG Group has been one of the leading producers of cables and wires for the elevator and escalator industry for four decades. Operating very closely with our customers and offering individual, construction-specific solutions have made this division a thriving business. For this very reason, it is important to us to have found a buyer for the Elevator Division who will be fully committed to continuing the successful course we have initiated," Eva Schinkinger, GG Group CEO
Siemens in talks to dispose of Flender business. (FS)
Siemens, a German multinational conglomerate company, in talks with Triton and other buyout groups to dispose of its transmissions maker Flender in a $1.8-$2.4bn deal.
Siemens asked Triton, Carlyle, CVC and Brookfield to submit final offers next week for the business, which has earnings before interest, tax, depreciation and amortisation of just above $235m and could be valued at 8-9 times that, Reuters reported. If final offers fall short of Siemens’ expectations, the industrial conglomerate will opt to spin off the business as a separately listed company.
Siemens is advised by Citigroup and Bank of America Merril Lynch.
Cinven-backed Synlab hires bank for 2021 IPO. (FS)
German laboratory services group Synlab is pushing ahead with preparations for a planned stock market listing next year and has drafted banks to organise the deal.
The company, owned by private equity group Cinven, mandated Goldman Sachs and JP Morgan as global coordinators of the initial public offering, which could value Synlab at $5.9bn-$7.1bn, Reuters reported.
Daimler, BMW explore sale of Park Now app business.
Daimler and BMW are exploring a sale of their jointly owned parking app business, Park Now, as the automakers focus on their core automotive operations. There’s no certainty the deliberations will lead to a transaction, Bloomberg reported.
The potential disposals reflect Daimler and BMW’s focus on generating cash and improving efficiency within their core automotive operations. Automakers have been scaling back their mobility services ambitions, with General Motors shutting down its Maven car-sharing business earlier this year and Ford Motor ceasing its Chariot shuttle service in 2019.
Serie A picks CVC, Advent for exclusive talks. (FS)
CVC Capital Partners and Advent International are in pole position to acquire a slice of the media rights in Italy's Serie A soccer league, Bloomberg reported.
Serie A's board agreed at a meeting on Tuesday to enter into exclusive talks with the private equity firms over their offer of $1.9bn for part of a new media company. Italy's FSI fund is also part of the offer from CVC and Advent, which will give the investors a 10% stake.
Atlantia and CDP discuss price adjustment scheme in Autostrade sale.
A possible deal for the sale of Atlantia’s 88% stake in its motorway unit Autostrade per l’Italia to Italian state lender CDP may include a price adjustment mechanism to account for some future damage claims, Reuters reported.
Such a mechanism, which would allow the buyer to cut the acquisition price for Autostrade up to a pre-agreed amount, could be a turning point in the long-drawn-out negotiations, increasing the chances of a final deal.
A further price adjustment mechanism for Autostrade would also take into account potential changes to the motorway unit’s financial and economic plan, which still needs to be evaluated by Italy’s transport authorities.
APAC
Infrastructure Capital Group, a specialist infrastructure fund management firm, completed the acquisition of a 75% stake in Australian Renewable Energy Trust, a newly established energy trust joint venture between ENGIE and Mitsui. Financial terms were not disclosed.
“ICG’s long-term vision and expertise in the sector will help ENGIE ANZ build more renewable energy projects in Australia, while supporting the ongoing operations of our assets,” Gary Brown, ENGIE Australia and New Zealand Chief Financial Officer.
ENGIE was advised by Herbert Smith Freehills, Azure Capital, Natixis and KPMG. ICG was advised by Gresham, PricewaterhouseCoopers and Ashurst.
AffaMed Therapeutics, a biopharmaceutical company, agreed to merge with EverInsight Therapeutics, a biopharmaceutical company focused on the development and commercialization of innovative drugs in ophthalmology, and neurological and psychiatric disorders in Greater China and globally. Financial terms were not disclosed.
"Under the leadership of Dr Zhao alongside our high caliber management team with deep expertise in global biopharmaceutical development, AffaMed is poised to become the leading global company dedicated to therapeutics in ophthalmology, neurology and psychiatry based in China. We look forward to leveraging our combined R&D capabilities to advance this strong portfolio of therapeutic candidates as we work to create synergy and value for our shareholders," Wei Fu, EverInsight Therapeutics CEO.
AffaMed Therapeutics is advised by ICR.
Private equity firms PAG, Samara Capital and CX Partners offered to acquire a 70% stake in Anjan Drug, which supplies active pharmaceutical ingredients for central nervous system therapies, for $70m.
"The acquisition is part of the PAG-led consortium's strategy to create a best-in-class platform for the development and production of bulk drug ingredients," PAG.
aSTART, a venture capital firm, led a $191m Series E round in Astroscale, a private orbital debris removal company. The round saw a co-investment from Hulic, I-NET, Shimizu, and SPARX Group.
This latest funding round will allow Astroscale to continue developing technologies, defining business cases and working with policymakers to ensure debris issues are addressed and servicing opportunities for sustainability are realized.
"In Astroscale’s seven-and-a-half-year history, we have seen a growing awareness of the debris issue and the recognition that protecting space technologies is essential for improving our daily lives and helping to ensure sustainability on Earth. Our multiple funding rounds are a testament to the power of Astroscale’s vision of space sustainability, and this latest series will allow us to continue developing the technologies that will lead the debris removal and on-orbit servicing market," Nobu Okada, Astroscale Founder & CEO.
China Evergrande seeks $1.1bn from stock placement amid rush to trim $123bn of debt load.
Evergrande Group, a property developer, is seeking as much as $1.1bn in a private share sale, accelerating efforts to shore up its balance sheet after a liquidity scare that rattled investors and local market regulators last month.
The Hong Kong listed company will sell 490m shares at between $2.12 and $2.2 a share to raise between $1.04bn and $1.08bn. It then has an option to sell a further 120m shares to raise another $266m if the stock is priced at the top of the range. If the so called green shoe option is exercised the company could raise up to $1.35bn, Reuters reported.
Qatar Investment Authority mulls investment in Mumbai Airport. (FS)
Qatar Investment Authority is in advanced talks to acquire a minority stake in Mumbai International Airport from Adani Group, an Indian multinational conglomerate company.
Adani Airport, a unit of Adani Group, is looking to raise $750m from the stake sale. The Qatar fund prefers to invest directly in the Mumbai airport operator, but alternatively, it may buy a stake in parent Adani Airport, Hindustan Times reported.
SSI partners with CP Group and DBJ to launch $150m PE fund. (FS)
SSI Securities, a Vietnamese brokerage firm, partnered with CP Group, a Thai conglomerate and the Development Bank of Japan to launch a $150m private equity fund to invest in the Vietnamese market.
The newly established fund, Vietnam Growth Investment Fund, raised $25m from Gs for its first close and is expected to reach a final close next year. VGIF will focus on enterprises in consumer, agriculture, food, beverage & retail, industry, technology, media, financial services, health care, pharmaceuticals, real estate, logistics and travel & hospitality sector, DealStreetAsia reported.
SFERS to invest $125m in Asia Alternatives Management and Hillhouse Capital Group. (FS)
San Francisco Employees’ Retirement System, a pension fund, allocated $125m to funds managed by Asia Alternatives Management, Hong Kong-based private equity firm, and Asia-focused PE major Hillhouse Capital Group, DealStreet Asia reported.
The US fund will allocate nearly $50m to Asia Alternatives Capital Partners VI, as well as up to $75m to Hillhouse Fund V and the Hillhouse Focused Growth Fund.
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