AMERICAS
Shareholders of Linx, a Brazilian software firm, backed a takeover offer from StoneCo, a provider of financial technology solutions, paving the way for the US-listed card processor to offer its business clients additional services, Reuters reported. StoneCo raised the deal value to $1.2bn.
The takeover is aimed at transforming StoneCo into an integrated provider of software and payments services for retailers. The deal will also give StoneCo access to some bigger retailers whom Linx counts among its clients. Linx will become a new unit of StoneCo, managed by executives from both companies.
Linx is advised by Goldman Sachs, Pinheiro Neto and White & Case. Financial advisers are advised by Cleary Gottlieb Steen & Hamilton. StoneCo is advised by Proton Partners, Citigroup, JP Morgan, Morgan Stanley, Davis Polk & Wardwell, Mattos Filho and Spinelli Advogados. Debt financing is provided by JP Morgan and Morgan Stanley.
Fortress Value Acquisition, a special purpose acquisition company sponsored by an affiliate of Fortress Investment Group, completed the merger with MP Materials, a rare earth mining services provider, in a $1.5bn deal.
"Today is an important milestone in our mission to restore the full rare earth supply chain to the United States of America. As world infrastructure electrifies, American leadership across this entire industrial supply chain is critical to our economic and national security. MP Materials has a profitable first stage business, a long term, multi-stage execution roadmap for value creation, a fully funded balance sheet, and a committed leadership team and Board of Directors. Our team is very proud to lead the way in onshoring a vital industry, to build a growing enterprise and to deliver positive outcomes to all of our stakeholders supported by our foundational commitments to sustainability and strong governance," James Litinsky, MP Materials Chairman and CEO.
MP Materials was advised by Morgan Stanley, Murray Devine, Sidley Austin, Simpson Thacher & Bartlett, Ellipses PR, Gasthalter & Co and Sard Verbinnen & Co. Fortress was advised by Deutsche Bank, RBC Capital Markets and Weil Gotshal and Manges.
Perpetual, a diversified financial services company, completed the acquisition of Barrow Hanley Mewhinney & Strauss, a provider of investment management services, from BrightSphere Investment Group, an American holding company, for $319m.
"This is a compelling acquisition. It provides Perpetual with world-class investment teams, diversifies our client base by sector and geography, and presents us with significant growth opportunities in the Australian market and a formidable platform to scale our business internationally," Rob Adams, Perpetual CEO and Managing Director.
Barrow Hanley Mewhinney & Strauss was advised by JConnelly. Perpetual was advised by Goldman Sachs, Vedder Price and Domestique. BrightSphere Investment Group was advised by Morgan Stanley and Ropes & Gray.
Private equity firm Clearlake Capital Group agreed to acquire PrimeSource, a global distributor of speciality building materials, from Platinum Equity. Financial terms were not disclosed.
"We have long admired PrimeSource for the breadth of its distribution network and unparalleled sourcing infrastructure. We look forward to investing behind the company to bolster these capabilities, expand our product offering and increase the value PrimeSource delivers to its customers," Colin Leonard, Clearlake Partner.
Clearlake Capital Group is advised by Deutsche Bank, Kirkland & Ellis and Lambert & Co. Platinum Equity is advised by Moelis & Co and Gibson Dunn & Crutcher.
Private equity firm Clearlake Capital Group agreed to acquire Wellness Pet Food, a pet food provider, from Berwind, a private investment management company. Financial terms were not disclosed.
"We are thrilled to partner with WellPet during such a pivotal time in the premium pet food and treats category. We believe the current market tailwinds, enduring increase in pet ownership, and pet humanization dynamics offer a unique opportunity to meaningfully invest behind the Company and accelerate WellPet's near- and long-term growth objectives to serve pet parents in the best possible ways. We are eager to support the WellPet management team and bring together all of Clearlake's available resources to drive value creation, accelerate organic growth, and create a consolidation platform for the category," José E. Feliciano, Clearlake Co-Founder and Managing Partner.
Wellness Pet Food is advised by Centerview Partners. Clearlake is advised by Goldman Sachs, Kirkland & Ellis and Lambert & Co.
Gridiron Capital, an investment firm focused on partnering with founders, entrepreneurs, and management teams, agreed to acquire a stake in GSM Outdoors, a provider of technologically-advanced, branded accessories for the hunting, sport shooting, and outdoor enthusiast markets, from private equity firm Sentinel Capital Partners. Financial terms were not disclosed.
"We are pleased to partner with Gridiron as we execute the next phase of our in it to win it strategy together. We are passionate about our brands, just like the customers and outdoor enthusiasts we serve. We plan to leverage Gridiron's extensive experience investing in speciality consumer businesses and M&A to continue our strong growth trajectory. We cannot be more excited about this partnership and the alignment of our Winning cultures," Eddie Castro, GSM CEO.
GSM Outdoors is advised by Robert W Baird. Gridiron Capital is advised by Finn Dixon & Herling. Sentinel Capital Partners is advised by Broadgate Consultants.
Deutsche Boerse, an exchange organization and an integrated provider of products and services covering the process chain of securities and derivatives trading, agreed to acquire an 80% stake in ISS, a provider of proxy advisory and corporate governance solutions, for $1.8bn. The transaction is expected to close in the first half of 2021, subject to required regulatory approvals. Genstar Capital and current management will continue to hold a stake of approximately 20%.
“Deutsche Boerse’s leading brands and solutions fit very well with ISS’s offerings in the fields of ESG, governance, index and market research. We believe that linking ISS 'ESG data with STOXX indices has the potential to create new, powerful and innovative solutions. Based on unique data sets, we can meet our clients' evolving investment needs. At ISS, we look forward to building on the global success of our diversified business activities together with Deutsche Boerse and Genstar Capital. As in the past 35 years, we remain true to our obligation to offer our customers worldwide data, analyzes and research of the highest quality," Gary Retelny, ISS President and CEO.
ISS is advised by Willkie Farr & Gallagher. Deutsche Boerse is advised by Cravath Swaine & Moore and Hengeler Mueller.
Mars, an American multinational manufacturer of confectionery, pet food, and other food products, agreed to acquire KIND North America, a division of KIND, a healthy snacking provider. Financial terms were not disclosed.
"When we began this partnership, I said it was one built on mutual admiration and a shared vision for growth. After three years, you can see the impact, as together we have grown the healthy snacking category and brought KIND and the KIND Promise to 35 countries and into new categories. We're delighted to continue to build on this success and welcome KIND North America into the Mars Family of Companies," Grant F. Reid, Mars CEO.
Mars is advised by Simpson Thacher & Bartlett and Brunswick Group.
OMERS Private Equity completed the acquisition of TurnPoint Services, a provider of residential services, including heating, ventilation, and air conditioning along with plumbing and electrical, from private equity firm Trivest Partners. Financial terms were not disclosed.
“Kurt and the team have built TurnPoint into a leader in the residential services space, and we look forward to partnering with them. One of the most exciting elements of the strategy is TurnPoint’s use of technology to improve service delivery and customer experience. The residential services industry is changing rapidly, and TurnPoint is well-positioned within this changing market," Graham Brown, OMERS Private Equity Managing Director.
OMERS was advised by Harris Williams & Co and Weil Gotshal and Manges.
Black Bay Energy Capital-backed ADS Services, a pressure drilling company, agreed to acquire PowerChokes, a pressure control business, from Expro, an international oil and gas service company. Financial terms were not disclosed.
"By combining the ADS platform with PowerChokes’™ unique sales footprint and intellectual property portfolio, Charlie and the team can provide the drilling market with fully integrated, lower-cost, and safer pressure control solutions. The combined ADS and PowerChokes™' team will deliver the next step-change towards automated well control for the onshore US, offshore, and international markets," Tom Ambrose, Black Bay Partner.
ADS Services is by Fishman Haygood.
Crestview-backed SyBridge Technologies, a tooling and mold company, completed the acquisition of X-Cell Tool And Mold, a manufacturer of close-tolerance and multi-cavity plastic injection molds. Financial terms were not disclosed.
The acquisition of X-Cell expands SyBridge's tooling capabilities to include highly complex precision tooling solutions necessary for the medical industry. As a part of SyBridge, X-Cell will be able to leverage design, engineering, supply chain and production capabilities to better serve and grow with its customers.
SyBridge Technologies was advised by Kekst CNC.
Private equity investor Accel led a $200m Series C round in Klaviyo, a customer data and marketing platform for online businesses, with participation from existing investor Summit Partners.
"Klaviyo helps online businesses of any size break out of the one-email-fits-all marketing mentality, because blanket communications aren't effective for anyone. Every online customer has unique preferences that influence how and where they make purchases and we're able to help sellers leverage their own customer data to create an experience they control -- one that is ultimately measured in revenues generated, not pages viewed," Andrew Bialecki, Klaviyo Co-Founder and CEO.
Klaviyo was advised by Walker Comms.
Sun Capital Partners, a private investment firm focused on investing in market-leading companies, agreed to acquire Miami Beach Medical Group, a provider of primary care, specialty care and ancillary services, from private equity firm Gauge Capital. Financial terms were not disclosed.
“Working with the Sun Capital team gives us the resources we need to enhance operations and strengthen performance as we continue to deliver outstanding care to our patients and great value for our partners. With the industry expertise Sun Capital brings to the table, we are well-positioned to build on our delivery model and take advantage of new growth opportunities," Efrain Duarte, MBMG Chief Executive Officer.
Sun Capital Partners is advised by Stanton.
Transat told shareholders it’s seeking to allay antitrust issues pinpointed by the European Union over its takeover by Air Canada and hopes to win approval by February.
The company said in a letter dated November 12 that it’s working with Air Canada to address the concerns raised by the European Commission in a so-called statement of objections sent late September, Bloomberg reported.
Transat said efforts to win over regulators in the EU, as well as Canada, could include the offer of remedies, which should provide a greater chance of obtaining the required approvals by February.
Air Canada is advised by Morgan Stanley.
Private equity firm Altimeter Capital led a $270m funding round in DataRobot, an enterprise AI platform, with participation from T. Rowe Price, BlackRock, Tiger Global, Silver Lake, Waterman, B Capital Group, Glynn Capital, ClearBridge, NEA, and Sapphire Ventures.
"The massive secular tailwinds driven by data, the cloud, and business intelligence have been central to our most significant investments in the last decade – and yet we are just getting started. For too long, AI-driven insights were a distant promise, but we have hit an inflexion point and DataRobot is at the front of the pack in terms of democratizing AI-driven business intelligence. This capability will be a must-have for all businesses and is poised to catalyze a new era of economic productivity," Brad Gerstner, Altimeter Capital Founder and CEO.
K12, a for-profit education company that sells online schooling and curricula, agreed to acquire MedCerts, an online training provider, for $70m.
"At MedCerts, we are passionate about creating opportunities for everyone to pursue a better future and a fulfilling career. We are proud to have the backing of a known disruptor and innovator like Stride, as we look to unlock the potential of more students who want to make a difference in their careers and in their communities," Jason Aubrey, MedCerts CEO.
Ernst & Young, a multinational professional services network, agreed to acquire Zilker Technology, a system integrator specializing in cloud-based enterprise solutions. Financial terms were not disclosed.
"Our mission has always been to be a catalyst for growth, aiming to drive material business impact for our clients. Joining the EY organization further enables us to live out this goal and create long-term value for leading organizations across the world," Rob Thomas, Zilker Technology Managing Partner and CEO.
IBM, an American multinational technology and consulting company, agreed to acquire Instana, an application performance monitoring and observability company. Financial terms were not disclosed.
"Our clients today are faced with managing a complex technology landscape filled with mission-critical applications and data that are running across a variety of hybrid cloud environments – from public clouds, private clouds and on-premises. IBM's acquisition of Instana is yet another important step that we are taking to provide companies with the most complete portfolio of AI-automated solutions to tackle this enormous challenge and help prevent unforeseen IT incidents that can cost a business in lost revenue and reputation," Rob Thomas, IBM Senior Vice President, Cloud and Data Platform.
Talkspace is exploring a $1bn possible sale.
Talkspace, an online therapy app promoted by celebrities including swimmer Michael Phelps and singer Demi Lovato, is working with an adviser on a potential sale, which could value the company at $1bn.
The business has attracted interest from special purpose acquisition companies, healthcare and technology firms alike. Discussions may not lead to a deal and Talkspace could choose to remain independent.
“Interest in acquiring the company is not new -- and as demand for telehealth services has grown dramatically over the months of the Covid-19 pandemic, that interest has grown with it,” Oren Frank, Talkspace Chief Executive Officer.
KKR partners with Duke Rohlen to create medical device platform. (FS, People)
KKR, a global investment firm, and Duke Rohlen, a 20-year medical device veteran, announced the formation of Zeus Health, a $100m platform focused on investing in and operating a portfolio of emerging medical device companies.
For KKR, the investment in Zeus Health is being funded through the firm’s Health Care Strategic Growth Fund, which is focused on investing in high-growth health care-related companies for which KKR can be a unique partner in helping reach scale. KKR has established a strong track record of supporting health care companies, having invested approximately $14bn across the sector since 2004.
“With the formation of Zeus Health, I am thrilled to further deepen my relationship with KKR, whose unmatched reputation, scale and depth of health care expertise will continue to open new doors for us as we look to bring innovative medical devices to patients in need," Duke Rohlen.
Nexus Capital Management closes Fund III at $1.25bn. (FS)
Nexus Capital Management, a middle market investment firm, announced the closing of its third private equity fund, Nexus Special Situations III, at $1.25bn of third party committed capital.
"We are extremely appreciative of the support we have received from both our existing and new partners, and are proud to work on behalf of this world class group of investors. We believe our patient and disciplined approach is well positioned to continue to successfully navigate the uncertain and competitive environment. We would also like to thank our current management team partners and the rest of our great team at Nexus, both of whom are critical to implementing our creative approach to investing across cycles," Damian Giangiacomo, Michael Cohen and Daniel Flesh, Nexus Partners.
Nexus was advised by Credit Suisse and Kirkland & Ellis.
Relativity Space looking to raise $500m in a funding round. (FS)
Relativity Space, a private American aerospace manufacturer company, is looking to raise a $500m Series D round, valuing the launch provider at $2.3bn. The company's last big raise was $140m in late 2019, which helped it build out a new Long Beach headquarters and finalize its Terran-1 rocket.
Relativity aims to reduce the cost and increase the speed of assembling a launch vehicle by 3D printing it from tip to tail fin. The process has many advantages that have been borne out in testing — and the company aims to launch its first mission in 2021.
Robinhood seeks advisers for a potential IPO in 2021.
Fintech startup Robinhood Markets asked banks to pitch for roles in an initial public offering that can happen as soon as the first quarter of 2021. The company’s plans could change, and it might decide not to pursue an IPO.
An IPO would follow a huge boom in volume on the platform, with stay-at-home orders during the coronavirus pandemic driving up retail trading, Bloomberg reported.
EMEA
Croda International, a British speciality chemicals company, agreed to acquire Iberchem, a global fragrance manufacturer, for €820m ($973m).
Croda said the acquisition is expected to give it access to businesses beyond its core in the fragrances and flavors market, with significant exposure to emerging markets, particularly in Latin America, Asia-Pacific, the Middle East and Africa.
Croda is advised by HSBC, Lazard, Morgan Stanley, Freshfields Bruckhaus Deringer and Teneo.
UK-based insurer RSA has accepted the $9.4bn bid from two of its overseas rivals Intact and Tryg.
"The offer reflected “the strength and performance of RSA during a challenging period for our industry, representing a significant premium in cash," Martin Scicluna, RSA Chairman.
RSA Insurance is advised by Bank of America Merrill Lynch, Goldman Sachs, and Robey Warshaw. Intact is advised by Barclays and Tulchan Communications. Tryg is advised by Morgan Stanley.
CIIG Merger, a special purpose acquisition company, agreed to merge with Arrival, a London-based technology company providing electric vehicles, in a $5.4bn deal.
"With Arrival’s products our clients are not forced to compromise between being green and being cost efficient. Our focus on the whole EV ecosystem, new methods of design and production and our enabling technologies are the key to driving down the cost of EVs and accelerating the transition to zero-emission transportation globally. CIIG’s leadership team has invaluable experience building businesses globally across a wide range of industries. We are excited to partner with them as we begin our journey to being a publicly-listed company and delivering our products to customers and cities around the world," Denis Sverdlov, Arrival Founder and CEO.
CIIG Merger is advised by Barclays, UBS and Akin Gump Strauss Hauer & Feld. Arrival is advised by Cowen & Company, JP Morgan and Greenberg Traurig.
SCIO Automation to acquire MFI.
SCIO Automation, a medium-sized platform in the field of industrial automation technology and related engineering services, agreed to acquire MFI, a company that offers specialized automation solutions for the food industry as well as complementary solutions for other industrial end-markets. Financial terms were not disclosed. The transaction is subject to approval by the antitrust authorities and is expected to be completed in December 2020.
"MFI’s automation solutions add an additional layer to SCIO’s current offering, enabling us to immediately engage in joint projects for our combined customer base. MFI contributes with specialized know-how and innovative strength in programming and manufacturing. The overall package makes MFI a strong partner for our platform," Michael Goepfarth, SCIO Automation CEO.
SCIO Automation is advised by IMAP.
Autodesk to acquire Spacemaker for $240m.
Autodesk, a supplier of PC software and multimedia tools, agreed to acquire Spacemaker, a Norwegian firm whose software is used by architects to create and evaluate buildings or urban developments, for $240m. The transaction is subject to customary closing conditions and is expected to close during Autodesk’s fourth quarter of fiscal 2021.
"Four years ago, we set out on a mission to help design, engineering and project teams reinvent the development of more sustainable cities and neighborhoods worldwide while maximizing the investment. Autodesk shares our goal to create a healthier planet for everyone and is uniquely positioned to more rapidly place our product in the hands of planning teams everywhere. This is a proud milestone for our team and those who supported us from the start," Havard Haukeland, Spacemaker CEO and Co-Founder.
Lightspeed Venture Partners led a $130m funding round in Cato Networks. (FS)
Investment firm Lightspeed Venture Partners led a $130m funding round in Cato Networks, the provider of the world's first SASE platform, with participation from Coatue, Greylock, Aspect Ventures, Acrew Capital, Singtel, Innov8, and Shlomo Kramer.
"SASE is the hottest area in IT, and this funding round further attests to Cato's leadership of the SASE market. Only the Cato Cloud was built from the ground up as a converged and cloud-based global SASE service," Shlomo Kramer, Cato Networks CEO and Co-Founder.
Trafigura, a Singaporean-domiciled multinational commodity trading company, agreed to acquire a 10% stake in Vostok Oil, a global energy company, from Rosneft, a Russian integrated energy company. Financial terms were not disclosed.
The Vostok oil project is located in the north of the Krasnoyarsk Territory. The proven resource base of the project for liquid hydrocarbons is 6bn metric tons or 44bn barrels.
Marlin Equity Partners to invest in Coyo. (FS)
Private equity firm Marlin Equity Partners agreed to invest in Coyo, a social intranet and internal communication SaaS platform. Financial terms were not disclosed.
"Coyo has built a differentiated, mission-critical software platform that makes it the preferred choice for any end-user seeking a simple and engaging enterprise-grade solution with a modern look and feel. Coyo's leadership team has established a scalable, well-referenced business and has recruited and retained exceptional talent to support the business. We look forward to collaborating with the entire team to further capitalize on Coyo's strong position in Germany and drive both organic and inorganic growth through additional investment into the platform," Mike Wilkinson, Marlin Principal.
Poste Italiane to acquire Nexive from PostNL and Mutares for €60m. (FS)
Poste Italiane, the Italian postal service provider, agreed to acquire Nexive, a mail and parcels provider in Italy, from PostNL, a mail, parcel and e-commerce corporation, and Mutares, a German-based holding company, for €60m ($71m).
"From a strategic point of view and in line with experiences of other European countries, the structural decline in mail volumes, further exacerbated by the impact and restrictions due to the health emergency, makes consolidation in mail and related logistics infrastructures a priority to ensure sustainability, employment level and accessibility to customers," Poste Italiane.
Nexi close to acquiring UBI's merchant book.
Nexi, Italy's largest payments group, is very close to a deal to buy UBI Banca's retailers' payments business, Reuters reported.
Exponent eyes Notonthehighstreet bid. (FS)
Exponent, a private equity firm, is eyeing a bid for Notonthehighstreet, an online gifts retailer. News emerged last month that Notonthehighstreet, which was founded in 2006, had hired the investment bank Evercore to conduct an auction that could see it valued at more than $265m, Sky News reported.
A number of trade bidders and private equity groups are thought to have expressed an interest in buying the company, which acts as a marketplace for 5k small business-owners.
Goldman Sachs-backed Fix Price considers a $6bn IPO.
Goldman Sachs-backed Fix Price, a dollar-store retailer, is considering an IPO. The chain is looking at London and Moscow as listing venues for a sale in the first half of next year, and the valuation may be about $6bn.
The Fix Price, operating on a model similar to Dollar Tree in the US, is prospering as wages fail to recover from the 2014 collapse of the ruble, and real incomes fall the most in more than a decade. Increased frugality and the government’s reluctance to impose a coronavirus lockdown may benefit discounters, Bloomberg reported.
EQT-backed Epidemic Sound considers $1.2bn IPO. (FS)
EQT-backed Epidemic Sound is considering a sale or initial public offering that could value the Swedish music licensing business at more than $1.2bn.
The company is working with an adviser to explore strategic options. Deliberations are ongoing, and no final decisions have been made, Bloomberg reported.
Ozone expects to raise up to $825m in US IPO.
Russian online retailer Ozon Holdings is looking to raise up to $825m from a US initial public offering. The company, which filed its registration statement for the IPO earlier this month, said it expects to price the offering of 30m American depositary shares between $22.5 and $27.5 apiece.
Ozon plans to list the shares on the Nasdaq Global Select Market under the symbol “OZON”. The company is considering listing its ADS in Moscow along with or shortly after its US IPO, Reuters reported.
EQT-backed HusCompagniet prices IPO on the Nasdaq stock exchange. (FS)
EQT-backed HusCompagniet, a provider of houses in the single-family detached segment in Denmark, priced its IPO at $18 per offer share, equal to a market capitalization of $373m, on Nasdaq Copenhagen.
The IPO is a milestone for HusCompagniet and all our employees, and we are now embarking on an exciting journey as a publicly listed company. We have already made great achievements, and thanks to our talented employees, a relentless customer focus and by delivering on time, in high quality and within budget, we are today the market leader within the segment for detached houses in Denmark. With our historic results as the foundation, HusCompagniet is well-positioned to chase further growth - not least in the market segment for new build semi-detached houses targeted at professional investors," Martin Ravn-Nielsen, HusCompagniet CEO.
Permira picks banks to lead Dr Marten's London IPO. (FS)
Permira, the private equity backer of Dr Martens, picked Goldman Sachs and Morgan Stanley to spearhead a blockbuster London listing of the renowned British footwear brand, Sky News reported.
The float, which would come more than seven years after the Griggs family sold Dr Martens for £300m ($397m), would herald the arrival of one of the most famous names in British fashion on the London stock market.
APAC
KKR, a global investment firm, agreed to acquire a majority stake in Argenta, an animal health-focused pharma services platform, from the Tomlinson Group for $100m.
“I am very pleased to welcome KKR as a valued partner to the Argenta team and to our strategy of bringing innovative animal health products to market on a global scale. Our fast-moving customers have high expectations and KKR’s investment will propel Argenta forward so we can continue to meet these expectations by bringing new capabilities and growth opportunities. At the core of Argenta is collaboration: among our team, with our customers and now with KKR. Together, we will continue to deliver the best animal health technologies and services possible,” Ben Russell, Argenta CEO.
Argenta is advised by Stonehaven Consulting. KKR is advised by Finsbury.
BMW deal to increase stake in Brilliance unaffected by Brilliance parent's debt issues.
BMW, a German carmaker, said there was no indication that its deal to increase stake in its joint venture with Brilliance China Automotive, a manufacturer and distributor of minibuses and sedans, would be affected by debt issues at Brilliance's parent, Reuters reported.
In 2018 BMW said it would pay $4.2bn in 2022 for a further 25% stake in the venture with Brilliance and giving it control of BMW Brilliance Automotive. However, investors have raised doubts over whether the deal will proceed as creditors of Brilliance’s parent, Huachen Automotive Group, have applied to a court asking for a restructuring of the company.
“For the BMW Group, there is no indication that the validity of these contracts would be limited by the current situation. The BMW Group and the operating business of the joint venture BMW Brilliance Automotive are not directly affected by the payment difficulties of the Chinese Brilliance Group,” BMW representative.
BMW is advised by Allen & Overy.
CPPIB to invest $100m in Chi-Med. (FS)
Canada Pension Plan Investment Board, a global investment management organization, is set to invest $100m in Chi-Med, a developer, manufacturer, and distributor pharmaceutical products.
“This placement aligns with CPP Investments’ focus on providing strategic, long-term capital to industry-leading companies where we can participate in the future success of the business and help create greater value through an ongoing partnership. We look forward to supporting Chi-Med’s work on innovation in oncology treatment," Agus Tandiono, CPPIB Managing Director and Head of Fundamental Equities Asia.
GGV Capital, Access Technology, Anatole Investment, Jeneration Capital and 5Y Capital led a $270m Series D funding round in PingCAP. (FS)
GGV Capital, Access Technology Ventures, Anatole Investment, Jeneration Capital, and Morningside Venture Capital led a $270m Series D funding round in PingCAP, a developer of software products. Additional investors include Coatue, Bertelsmann Asia Investment, FutureX Capital, Kunlun Capital, Trustbridge Partners, Matrix Partners China and Yunqi Partners.
"TiDB's thriving global ecosystem, including its diverse contributors, myriad adopters, and its partnership with multiple organizations, powers accelerating product development and validates TiDB's ability to serve the most challenging scenarios across multiple global industries. TiDB is a thriving open-source project, and we have strong confidence in the PingCAP leadership team to enable a growing number of global organizations to flourish and succeed with TiDB," Glenn Solomon, GGV Capital Partner.
GSO Capital Partners sells 11% in Tanla Platforms for $78m. (FS)
GSO Capital Partners, a unit of Blackstone, sold 15m shares (or 11.03%) in Tanla Platforms, a cloud communications provider based in Hyderabad, India, for $78m in open market transactions.
Blackstone remains a shareholder of Tanla, with a stake of 16.17%.
Petronas seeks ideas for $23bn stock portfolio.
Petroliam Nasional asked a number of banks to submit proposals for what it ought to do with stakes in its Kuala Lumpur-listed companies, Bloomberg reported.
The state-owned oil and gas major could explore secondary share placements or issuing exchangeable bonds. Petronas could choose the banks to help with the planned deal as early as this month.
Petronas owns stakes in five listed companies on the local stock exchange, for a total market value of about $22.8bn as of November 16. It is unlikely that Petronas would consider reducing any of its stakes below 50%.
Future Capital Discovery Fund closes $187m early-stage tech fund. (FS)
Early-stage venture capital firm Future Capital Discovery Fund held the final closing of its fourth USD flagship fund, USD Fund IV, with $187m in committed capital. The fund will continue to focus on investing in early-stage enterprise technology and game-changing consumer technology companies in the Greater China region.
"USD Fund IV marks a major milestone for Future Capital. We are appreciative of the trust our global LPs have placed in us. Despite the current environment, we closed the Fund ahead of schedule with a significant oversubscription, which validates our core investment thesis that digital disruption of traditional businesses is inevitable and will fuel the next decade of economic growth," Mingming Huang, Future Capital Discovery Fund Founding Partner.
JD.com boss gets big options awards ahead of unit listing.
Chinese e-commerce group JD.com gave billionaire boss Richard Liu options to buy 2% stakes in its health and logistics units, an award that could enable him to accumulate holdings worth more than $1bn.
In an earnings report, JD said Mr. Liu was granted options for shares in the two subsidiaries, which vest over six years, Wall Street Journal reported.
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