AMERICAS
Altria, one of the world's largest producers and marketers of tobacco, cigarettes and related products, wrote down the value of its investment in Juul by $4.5bn as the e-cigarette start-up comes under increasing pressure from regulators over the health effects of vaping, FT reported.
The tobacco group, the parent of Marlboro-owner Philip Morris USA, valued its investment in Juul at $12.8bn at the end of June.
Goldman Sachs, Cleary Gottlieb Steen & Hamilton, Pillsbury Winthrop Shaw Pittman, Skadden Arps Slate Meagher & Flom, Sard Verbinnen & Co, and Tulchan Communications advised Juul. JP Morgan, Perella Weinberg Partners, Hunton Andrews Kurth, Wachtell Lipton Rosen & Katz, and Abernathy MacGregor Group advised Altria. JP Morgan provided debt financing and was advised by Simpson Thacher & Bartlett.
The US Department of Justice cleared Symrise's $900m acquisition of ADF/IDF, a pet food provider. The deal was announced in January 2019.
"The strategic acquisition of ADF/IDF perfectly delivers on our strategy to expand in fast-growing, high-margin business areas. The complementary offering will further diversify our Diana portfolio in pet food and nutrition. The acquisition of the leading provider of natural pet food nutrition ingredients is a further breakthrough for Symrise into the pet food nutrition market. With our expertise in pet food palatability and competence in nutrition solutions, we will create an integrated partner for our pet food clients. Through this acquisition, we will also broaden our global presence, especially in the USA – a strategically important growth market for us – and strengthen our customer base," Heinz-Jürgen Bertram, Symrise CEO.
Houlihan Lokey is advising ADF/IDF. BNP Paribas and Clifford Chance are advising Symrise. BNP Paribas and UniCredit are providing debt financing.
Parthenon Capital completed its investment in MRO, a provider of secure, compliant and efficient exchange of protected health information. Financial terms were not disclosed.
"We're thrilled to join forces with Parthenon Capital and look forward to the myriad of ways that their investment and healthcare experience will help us grow our company and bring additional services and capabilities to our clients. We look forward to working with them as we enter this next chapter," Stephen Hynes, MRO CEO.
Houlihan Lokey and Torys advised MRO. Kirkland & Ellis advised Parthenon Capital.
Graham Partners completed the acquisition of Gatekeeper Systems, which provides high-resolution video security and safety systems for mobile applications, from Hammond, Kennedy, Whitney & Company, a middle-market private equity firm. Financial terms were not disclosed.
"Gatekeeper is a great platform for add-ons and we were pleased to provide the resources and capital required to complete three acquisitions. This strategy helped us develop new technologies and quickly push Gatekeeper solutions to new markets, especially internationally," Chris Eline, HKW Principal.
Cowen & Company, Taft Stettinius & Hollister and BackBay Communications advised HKW.
ConnectWise, a provider of business automation software for technology solution providers, agreed to acquire Continuum and ITBoost, two US-based software providers. Financial terms were not disclosed.
"Over the last 15 years, ConnectWise has become the leading provider of technology solutions and services to MSPs. Now, by executing on these deals, we will be able to expand our scope and capabilities to assist the broader community of TSPs in all facets of their business. This is a revolutionary play, making ConnectWise the epicenter for everything from business management and documentation to service delivery and operations management, while also making it much easier and more efficient for partners to work with the technology suppliers they have in their stacks," Jason Magee, ConnectWise CEO.
Touchdown PR is advising ConnectWise.
The Carlyle Group-backed Workforce Logiq, which provides staffing solutions, completed its acquisition of ENGAGE Talent, which designs and develops software, from SC Launch, an investment firm. Financial terms were not disclosed.
The acquisition will provide Workforce Logiq customers with exclusive access to ENGAGE Talent’s data science, AI capabilities, and proprietary benchmarks. The intelligence gives employers a predictive head start to discover, attract and retain the market’s top talent.
“The investment and resources we received from SC Launch enabled us to scale at a pivotal time for our company. We’re incredibly proud of this milestone and are thankful for SCRA’s partnership and support over the past four years.” Joe Hanna, ENGAGE Talent Founder.
Corporate Ink advised Workforce Logiq.
CI Capital, a New York-based private equity firm, completed its acquisition of WTS International, a company in the spa and leisure industry. Financial terms were not disclosed.
The management team of WTS will continue to lead the company and is retaining significant equity ownership in the company.
"WTS has achieved remarkable growth and has maintained its leadership position in the spa, lifestyle, fitness, and wellness services industry. I am very proud of all that we have accomplished and am excited to continue the company's growth trajectory through this partnership with CI Capital." Gary Henkin, WTS Founder, and CEO.
Kekst advised CI Capital.
AMETEK, a manufacturer of electronic instruments and electromechanical devices, completed its acquisition of Gatan, a manufacturer of instrumentation and software from Roper Technologies, in an all-cash transaction valued at $925m.
"We are excited to welcome the Gatan team to AMETEK. Gatan's differentiated technology and premier brand nicely complement AMETEK's existing high-end analytical instrumentation solutions." David A. Zapico, AMETEK Chairman, and Chief Executive Officer.
Spirit AeroSystems, which manufactures and distributes aerospace equipment, agreed to acquire Bombardier's aerostructures business for $500m.
With this transaction, Spirit will acquire Bombardier’s aerostructures activities and aftermarket services operations in Belfast, UK; Casablanca, Morocco; and its aerostructures maintenance, repair and overhaul facility in Dallas, US for a cash consideration of $500m and the assumption of liabilities with a total carrying value in excess of $700m, including government refundable advances and pension obligations.
“This transaction represents another strategic milestone in the reshaping of our portfolio to focus on our strong business aircraft and rail franchises. We are confident that Spirit’s acquisition of these aerostructures assets is the best outcome for customers, employees, and shareholders, and we are committed to ensuring a smooth and orderly transition,” Alain Bellemare, Bombardier President, and Chief Executive Officer.
Lion Equity Partners, a Denver-based private equity firm specializing in acquiring corporate carve-outs, completed its acquisition of Riegel Linen, an importer, manufacturer and supplier of tablecloths, napkins, sheets, towels, bedding and other linens for hotels, restaurants, linen suppliers, retailers, and healthcare customers, from Mount Vernon Mills, which produces forming, pressing, and drying fabrics in plants. Financial terms were not disclosed.
“Riegel is a premier brand that has been associated with quality textiles since the mid-1800s. The company has been on the leading edge of innovative textile product development for decades, which provides a strong foundation for future growth, both organically and through strategic add-on acquisitions.” Jim Levitas, Lion Equity Partners Co-Founder, and Partner.
Procurant, a Silicon Valley technology company transforming the global food supply chain, agreed to acquire SureCheck, a food safety platform, from ParTech, which provides information technology services. Financial terms were not disclosed.
With the addition of SureCheck’s suite of mobile food safety and task management applications and devices, Procurant now offers customers a uniquely comprehensive, operations-focused end-to-end food supply chain solution. The SureCheck suite is now part of a continuum of solutions that leverage a single, global platform designed for the unique requirements of the food industry.
“The combination of SureCheck’s leading mobile food safety and task management products with Procurant’s food supply chain platform creates a solution unmatched in this industry. With food safety and visibility across the supply chain becoming ever more critical, Procurant’s innovative approach will help our customers move beyond simple homegrown systems of the past for better visibility, control, and trust from farms to consumers.” Eric Peters, Procurant CEO.
JMC Capital Partners-backed Source Code, which designs and manufactures dedicated servers for independent software developers, advanced artificial intelligence and deep learning applications, completed its acquisition of Broadberry Data Systems, an independent IT hardware supplier and integrator. Financial terms were not disclosed.
"We are very excited to be joining forces with SourceCode. Both companies will benefit from the product, engineering, and marketing synergies, that we are already beginning to realize." Colin Broadberry, Broadberry Data Systems President.
Improving, a full-service technology consulting and training firm, completed its acquisition of Code Authority, a custom software development and digital marketing firm headquartered in Frisco, Texas. Financial terms were not disclosed.
This merger successfully continues Improving's enterprise model, which is an innovative business strategy that focuses on merging similar service companies that share a genuine commitment to excellence, trust, and culture.
"The mutual benefits of joining forces with businesses that have similar company values allow us to advance our ambition of improving the perception of the IT professional. We continue to be impressed by the Code Authority and its leadership team. Improving is excited to see the impact of CodeLaunch spread throughout the country due to Jason W. Taylor's vision of strengthening the entrepreneurial spirit of the start-up community." Curtis Hite, Improving CEO.
Wealth Enhancement Group, an independent wealth management firm that oversees $13.6bn in client assets, agreed to acquire RCL Advisors, a registered investment advisor based in New York. Financial terms were not disclosed.
The addition of RCL Advisors expands Wealth Enhancement Group’s presence in the densely populated New York-New Jersey-Connecticut tri-state area and builds on the firm’s momentum in establishing itself as a leading national wealth management and financial planning brand, driven by a combination of organic growth and targeted acquisitions in key markets across the country.
"From our first meeting with the team at RCL Advisors, we could immediately see that they would be a great fit with Wealth Enhancement Group. They are entrepreneurial and passionate about providing clients with amazing service experience, and their excellent track record proves it. We look forward to working with RCL Advisors to build on their success, and we are excited to help them continue to expand their presence in the tri-state area – geography that is a key strategic focus for us going forward.” Jeff Dekko, Wealth Enhancement Group Chief Executive Officer.
ScanSTAT Technologies, a release of the information company, agreed to acquire DocFile Systems, a medical document filing and order management service business. Financial terms were not disclosed.
The merger will expand the ScanSTAT service portfolio to include medical document filing and order management support for the health information management community.
"Leveraging ScanSTAT's expertise, and Client Services and Sales team to provide a complementary service to our existing customers is the perfect evolution of our service line. This additional service furthers our goal of improving overall efficiencies for health information management," Matt Rohs, ScanSTAT President.
GFL Environmental plans to raise $2bn in IPO.
GFL Environmental, an environmental services company, plans to raise as much as $2.1bn in what would be Canada’s biggest-ever IPO. The IPO would surpass Manulife Financial's $1.7bn offerings two decades ago.
The IPO is led by JP Morgan, Bank of Montreal, Goldman Sachs, Royal Bank of Canada and Bank of Nova Scotia. The company is expected to start trading on the New York and Toronto Stock Exchanges in the next couple of weeks.
Gary Heminger to step down as CEO of Marathon. (FS, People)
Gary Heminger will step down as Marathon Petroleum's CEO next year after almost a decade in charge, launching sweeping changes demanded by Elliott Management, DE Shaw and other investors at the most significant US refiner, including the spinoff of its Speedway retail arm.
Marathon said Chief Executive Officer Heminger would retire next year when his current term ends. He has worked for Marathon since the mid-1970s and has been at the helm since 2011.
Jeff Sine to join WeWork's board. (FS, People)
Investment banker Jeff Sine has joined the board of directors of WeWork, an American commercial real estate company that provides shared workspaces for technology startups and services for other enterprises.
Diamond Eagle considers buying DraftKings.
Diamond Eagle Acquisition, a special purpose acquisition company, is in advanced talks to buy DraftKings, a fantasy sports provider, Bloomberg reported.
"DraftKings speaks to a variety of companies regarding various matters in the normal course of business, and it is our general policy not to comment on the specifics of any of those discussions," Draftkings said in a statement.
Barry's Bootcamp is considering a $700m sale.
Barry's Bootcamp, which offers high-intensity workouts at more than $30 a class, is considering strategic options, including a sale, Bloomberg reported.
The company has interviewed advisers for a role in a potential sale, which could value Barry's at about $700m. Prospective suitors are likely to be contacted regarding a process that would begin early next year.
Zuckerberg defends the Instagram deal.
Mark Zuckerberg, Facebook CEO has defended Facebook's acquisition of Instagram, which allegedly harmed competition and should have been blocked by US antitrust enforcers.
The Facebook CEO told investors that Instagram at the time of the 2012 deal wasn’t a true competitor to the social media giant and that it only grew to what it became today because of Facebook’s resources.
Merck loses $2.5bn in a patent verdict against Gilead.
Merck, a German multinational pharmaceutical, chemical, and life sciences company, has lost a bid to revive a $2.5bn patent verdict against Gilead, an American biotechnology company that researches, develops, and commercializes drugs.
The US Court of Appeals for the Federal Circuit upheld a determination by a federal judge in Delaware that the Merck patent at issue in the case, which relates to hepatitis C treatment, was invalid. Jurors determined that Gilead should pay $2.5bn in damages, which was the largest verdict ever in a US patent case. In 2016, a jury returned a verdict that Gilead's hepatitis C drugs Sovaldi and Harvoni infringed the patent, which Merck acquired when it bought Idenix Pharmaceuticals.
Merck said in a statement it was disappointed with the decision and reviewing its options for an appeal, while Gilead said it was pleased with the ruling and confident it would be upheld if appealed further.
Curaleaf completes the acquisition of assets from Acres Cannabis.
Curaleaf Holdings, a vertically integrated cannabis operator in the United States, closed the previously announced acquisition of the cultivation and processing assets of Acres Cannabis in Amargosa Valley, NV.
With the closing of Acres Cultivation, Curaleaf significantly increases its cultivation and processing operations in Nevada, while maintaining the highest industry standard across all facilities. This marks an important step in the company's expansion west. Its expanded production capabilities will allow the company to further supply the market with high quality, reliable products.
"The completion of the cultivation and processing component of the Acres transaction is further evidence of the execution of our plan to expand our business through a combination of strategic M&A, disciplined operations and organic growth. We are grateful for the diligence and attention of the state regulators and for their thorough and thoughtful review," Joseph Lusardi, Curaleaf CEO.
EMEA
CK Asset Holdings, a property developer registered in the Cayman Islands, completed the acquisition of Greene King, the UK's largest pub retailer, and brewer, for £4.6bn ($5.9bn). The offer price represents a premium of approximately 51% to the closing price per Greene King Share on 16 August 2019.
"The Greene King board is confident in the long term prospects of the business but believes this offer represents a good opportunity for shareholders to realize value for their investment at an attractive premium, while also ensuring the future success of Greene King for employees, partners, customers, and suppliers. We are therefore unanimously recommending it to our shareholders," Philip Yea, Greene King Chairman.
Peel Hunt, Citigroup, Rothschild & Co, Linklaters, and Finsbury advised Greene King. HSBC, Clifford Chance, Norton Rose Fulbright, and Brunswick Group advised CK Asset Holdings.
Elliott Management opposes Capgemini's €3.2bn ($3.6bn) takeover of Altran Technologies, believing it undervalues the French technology company, Bloomberg reported.
The activist hedge fund run by billionaire Paul Singer thinks the transaction between the French companies would make sense under better terms, because of their complementary offerings and similar culture. The firm is supportive of a call by a minority shareholders group led by Colette Neuville, which is looking to block the deal under the current terms of €14 ($16) a share.
EY, Credit Agricole, HSBC, JP Morgan, Lazard, Cleary Gottlieb Steen & Hamilton, and Image Sept are advising Capgemini. Citigroup, Herbert Smith Freehills, and Brunswick Group are advising Altran. BNP Paribas is providing debt financing and is being advised by Hogan Lovells.
Germany's finance watchdog Bafin is likely to decide next week whether to approve Austrian sensor maker AMS' new takeover offer for Osram, Reuters reported. AMS wants to launch a second bid for the German lighting group after its $5bn attempt to form a European leader in sensors and lights failed earlier this month.
German law requires a company to wait 12 months after a failed takeover attempt before launching a new one. AMS has set up separate subsidiaries to make each bid, something Bafin said is a formally correct procedure although not in the proper spirit of the law.
Credit Suisse, Goldman Sachs, JP Morgan, Macquarie Group, Kirkland & Ellis, Camarco, and FTI are advising Bain. Osram is advised by Lazard, Perella Weinberg Partners, Freshfields Bruckhaus Deringer, Gleiss Lutz, and Hengeler Mueller. AMS is advised by PwC, Bank of America Merrill Lynch, HSBC, UBS, Herbst Kinsky, Linklaters, Allen & Overy, Schellenberg Wittmer, and Brunswick Group.
Dentressangle, a family-investment holding company, offered to acquire Marle International, a European manufacturer of orthopedic implants, from Carlyle and IK Investment Partners. Financial terms were not disclosed.
"The company has an exciting future ahead of it and we look forward to supporting the management team in realizing its long-term ambition for the Company by offering increasingly higher value-added services to its clients and pursuing targeted acquisitions," Thierry Coloigner, Dentressangle Managing Partner.
Bain & Co, Eight Advisory, Messier Maris & Associes, Wil Consulting, Bredin Prat, Simmons & Simmons and DGM Conseil are advising Dentressangle. Capza is providing debt financing. BCG, Natixis Partners, DLA Piper, and Willkie Farr & Gallagher are advising the sellers.
Ardian-backed Neopharmed Gentili, an Italian pharmaceutical company, agreed to acquire MDM, a pharmaceutical company based in Monza active in the distribution of pharmaceuticals, nutraceuticals and medical devices for neurology and orthopedics. Financial terms were not disclosed.
"It is a highly strategic transaction and I would like to thank the Trognoni Family and the Monico Family, whose collaboration was pivotal to the successful completion of this acquisition. Furthermore, I am very happy to have Mr. Antonio Maggi, CEO of MDM, within our team. Thanks to his skills and experience, he will positively contribute to the Group's future development. This transaction confirms Neopharmed's growth strategy aimed at positioning itself among the main Italian pharmaceutical players," Alessandro Del Bono, Neopharmed Chairman, and CEO.
EY and Vezzani e Associati is advising MDM. EY, Ricerchimica, Gattai Minoli Agostinelli Partners, Giovannelli e Associati, NCTM and Image Building are advising the buyers.
Platinum Equity agreed to acquire De Wave Group, a marine contractor that specializes in cruise ship interiors, from Xenon Private Equity, a lower mid-market private equity firm. Financial terms were not disclosed.
"The company's exceptional design, engineering, and technical capabilities, combined with its high-quality standards and global reach, have led to impressive long-term customer relationships and a strong track record of growth," Louis Samson, Platinum Equity Partner.
EY, Brera Financial Advisory, Deloitte and Latham & Watkins are advising Platinum Equity. Fineurop Soditic and Pavia e Ansaldo Studio Legale are advising Xenon Private Equity.
A planned merger between Fiat Chrysler and Peugeot owner PSA would only benefit shareholders, two of the biggest Italian and French unions said. European labor unions have called on companies to avoid job cuts and factory closures as the two major carmakers prepare to tie the knot, underscoring worries about the $50bn deal as the regional economy falters.
French Finance Minister Bruno Le Maire gave his blessing to the merger, saying the deal would be good news for France and Europe but that he would keep an eye on possible job cuts. Italy’s Prime Minister Giuseppe Conte said that the merger plan must keep jobs and factories in Italy.
Sard Verbinnen, Image Sept, and Community are advising FCA.
AXA Investment Managers, a global asset manager, agreed to acquire Groupe Kley, a fully integrated student housing and co-living operator, from Oaktree Capital Management. Financial terms were not disclosed.
"We are looking forward to pursuing our development with the support of AXA IM - Real Assets. Since the beginning of our story with Oaktree, we have continuously been thinking forward with the students' needs at the heart of our strategy. AXA IM - Real Assets shares the same vision and our strong commitment to innovate and adapt their new ways of life," Jean-Baptiste Mortier, Groupe Kley CEO.
Rothschild & Co and FTI Consulting are advising AXA.
DNA Payments, a UK payments processor, agreed to acquire CR7 Services, a UK-based payment solutions provider, from private equity firm Livingbridge. Financial terms were not disclosed.
"We are very excited by this acquisition. We are extremely proud of what we've achieved in just a few short years and we were ready for the next stage of accelerated growth. DNA brings with it the talents of its operating board, its experience in payments, and has confirmed its commitment to our independence of operation. We believe DNA Payments is the perfect choice to take CR7 Services Group to the next stage in our journey," Adrian Wilding, CR7 Services CEO.
PwC and Proskauer Rose are advising DNA.
SKF, a global supplier of bearings, seals, mechatronics and lubrication systems, completed its acquisition of Presenso, a company that develops and deploys artificial intelligence-based predictive maintenance software. Financial terms were not disclosed.
"We are excited to become part of the SKF family and combine SKF's rotating equipment performance services and Presenso's industrial analytics solution. We believe that the hybrid of traditional condition monitoring and AI offers industrial plants the best option for deploying Maintenance 4.0." Eitan Vesely, Presenso CEO.
Founders Advisors advised SKF
Remondis Group, one of the world's largest recycling, service, and water companies, completed the acquisition of Reym industrial cleaning business from Renewi, a European waste management company operating in Europe and North America, for £57m ($70m).
"We are pleased to announce the successful sale of Reym. Together with the previously announced sale of Renewi's Canadian business, the sale of Reym will simplify the Group, strengthen its balance sheet and sharpen the focus on core Benelux recycling operations. We have agreed long-term contracts to ensure continued customer service and waste inflows to ATM. This disposal, combined with the previously announced sale of our Canadian business, will result in total cash proceeds of up to €115m ($127m)." Otto de Bont, Renewi Chief Executive Officer.
FTI Consulting advised Renewi.
Antenna Hungaria, Hungary's state-owned broadcast operator, agreed to acquire a 25% stake in Telenor Hungary, the second-largest mobile phone operator in Hungary, from PPF Group, a privately held international financial and investment group. Financial terms were not disclosed.
"This transaction will strengthen our market position in this competitive and mature telecommunications market while at the same time affirming PPF's commitment as a long-term, mid-sized telecommunications owner in the CEE," Ladislav Bartonicek, PPF Group.
Accenture completed its acquisition of Bow & Arrow, a UK-based digital ventures consultancy. Financial terms were not disclosed.
The acquisition strengthens Accenture Interactive’s ability to reinvent experiences for communications, media, and technology companies to help them seize new market and customer opportunities and diversify their revenue streams.
“Research has shown communications and media to be the most disrupted industry in the UK, so these companies are looking for growth opportunities outside of their core businesses. It is hard to identify where that white space is, and even once you have found it, you need help to change course and grow in the right direction. The acquisition strengthens our capabilities in guiding clients toward these opportunities for experience reinvention — from discovery to delivery — helping clients find and unlock avenues for business growth,” Joy Bhattacharya, Accenture Interactive UK, and Ireland head.
YFM Equity Partners agreed to invest in the MBO of Professional Music Technology, a UK multi-channel retailer of musical instruments and professional audio products. Financial terms were not disclosed.
"The founders have done a great job in building a market-leading business in a growing niche. We are bucking the wider high street trend with the plan to open new physical stores but see a huge opportunity to continue the impressive growth to date by doing this alongside investing in the existing online presence," Jamie Roberts of YFM.
Lufthansa considers investing nearly €200m in Alitalia. (FS)
Lufthansa, an aviation company, is ready to invest up to €200m ($223m) in struggling Italian airline Alitalia, Reuters reported.
The industry ministry has extended to 21st Nov a deadline for binding bids after a 15th Oct deadline passed without an agreement among potential rescuers, which so far comprise state-owned Ferrovie dello Stato, US carrier Delta Air Lines and infrastructure group Atlantia. Lufthansa's investment would be twice as much what Delta has committed to contributing to the Alitalia rescue.
Greece to divest a 65% stake in DEPA.
Greece plans to spin off the distribution grid and commercial operations of majority-state owned natural gas company DEPA and to sell its 65% stake in the two new firms, said Deputy Energy Minister.
Deputy Energy Minister Gerasimos Thomas said the sale process is expected to begin at the end of the year or the beginning of next year. The remaining 35% of the new entities will be held by Hellenic Petroleum. A third company will remain state-owned after the split and will be in charge of the pipeline schemes, including a trans-border natural gas pipeline between Greece and Bulgaria known as IGB.
Aurubis is looking for more acquisitions after the Metallo takeover.
Aurubis, the largest copper producer in Europe, is looking for takeovers with a war chest of nearly $1bn.
"It's absolutely clear that stopping the FCM project does not mean a deviation from our multi-metal strategy. The lesson we have learned from FCM is to do projects step by step and not make them too big in one go," Roland Harings, Aurubis CEO.
Steinhoff considers the sale of 25% of the Pepco Unit in next year's IPO.
Steinhoff International Holdings, a South African international retail company, is considering the sale of about a quarter of Pepco Group, a European network of clothing and industrial discount stores through an IPO that could value the European retailer at more than €4bn ($4.4bn), Bloomberg reported.
MTN is considering selling tower assets for $534m. (RE)
MTN Group, a South African multinational mobile telecommunications company, is in advanced talks to divest its stakes in tower assets in Ghana and Uganda worth as much as R8bn ($534m) as Africa's largest wireless carrier looks to accelerate a broader disposal plan.
Carpetright is considering a takeover bid from Meditor. (FS)
Carpetright, a British retailer of floor coverings, is considering a takeover bid from Meditor, a UK-based asset management company and its largest shareholder at a huge discount, prompting a 50% crash in its share price.
The retailer said that Meditor that holds just under 30% of its equity has indicated an offer price of 5 pence per share in cash. Shares in Carpetright closed Wednesday at 9.12 pence, valuing the business at £28m ($36m).
"The possible offer would put in place a new financing structure for Carpetright, which would enable us to continue our recovery and make necessary investments in improving our business," Bob Ivell, Carpetright Chairman.
APAC
Japan's Nidec, a manufacturer of electric motors, completed the acquisition of OMRON Automotive Electronics, which engages in research and development, manufacturing, and sales of automotive electronics products, for JPY100bn ($894m). The deal was announced in April 2019.
The deal is part of Nidec's drive to double sales of the automotive business to JPY600bn ($5.4bn) by the year ending March 2021. Omron Automotive Electronics has strengths in electronics devices for body control and motor control systems, as well as laser radar and driver monitoring systems. The acquisition will allow Nidec to provide a full spectrum of sensors required for autonomous driving.
China to call off the merger between ChemChina and Sinochem.
China is planning to abandon the megadeal of state-owned groups ChemChina and Sinochem that aimed to create one of the world’s largest chemical conglomerates.
The merger process, which has been years in the making, has been beset by challenges in bringing the two management teams together, including clashes between senior executives. The challenges have led a working group responsible for the merger to prepare to abandon the plan to combine the sprawling assets of both companies, FT reported.
Alphamab looks approval for Hong Kong IPO of nearly $350m.
Alphamab Oncology, a Chinese biopharmaceutical company, plans to seek listing approval early next month for a Hong Kong IPO of up to $350m, Reuters reported.
Alphamab plans to raise $250m-$350m by selling down about a quarter of the company during the book-building process. A deal of that size would give Alphamab a market capitalization of at least $1bn.
EQT considers selling Papa John's Pizza China franchise. (FS)
Swedish buyout firm EQT is considering a sale of China F&B Group, which runs Papa John's Pizza and Dairy Queen outlets in the world's most populous country, Bloomberg reported.
The private equity firm has held preliminary discussions with investment banks about a potential sale of its majority stake in China F&B. A deal could value the franchise operator at about $100m to $200m.
Eastern Bell Capital raises $365m for the new fund. (FS)
Eastern Bell Capital, a Chinese investment firm that mainly backs companies in the supply chain field, has raised $365m for its debut $-denominated fund after almost ten years of investing in the startup ecosystem in China.
L Catterton raises $1.4bn for the third Asia fund. (FS)
Private equity firm L Catterton has closed its third Asia fund to back more retail and healthcare companies across the region.
"About 50% to 60% of the GDP that matters for a business like ours rests in first-tier cities, and they've become enormous, with between 10m to 20m people," Chinta Bhagat, L Catterton Managing Partner.
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