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Senators pressed the CEOs of retailers Kroger and Albertsons about whether their proposed $24.6bn deal to create a supermarket giant will benefit consumers in an era of rising inflation.
Senator Amy Klobuchar, the Minnesota Democrat who helms the Senate Judiciary's antitrust panel, and Utah Senator Mike Lee, her Republican counterpart, both expressed concern that the transaction would lead to higher food prices in an already-concentrated grocery store market, Bloomberg reported.
Albertsons is advised by Credit Suisse, Goldman Sachs, Debevoise & Plimpton (led by
Audax Private Equity, an alternative investment manager with offices in Boston, New York, San Francisco and London, completed the investment in Salon Lofts, one of the largest developers and operators of company-owned salon suites. Financial terms were not disclosed.
"We are thrilled to partner with Audax and look forward to benefitting from their deep expertise with both consumer and multi-site business models. This partnership will allow us to meet the growing demand from BCPs to become their own business owners. With the support of Audax, we will continue to expand our salon footprint through acquisition, new unit openings and service offerings. Moreover, we will maintain our focus on the highest possible quality experience for our Loft Owners and their clients," Steve Schillinger, Salon Lofts CEO.
Salon Lofts was advised by Raymond James and Ledbetter Wanamaker Glass. Audax was advised by Fifth Third Bancorp, North Point Advisors, Ropes & Gray and FGS Global (led by Julie Rudnick).
Corteva, a publicly traded, global pure-play agriculture company, agreed to acquire Stoller, an independent biological company, for $1.2bn.
"In Stoller's 50+ year history, we have successfully helped growers around the world increase their productivity and improve their sustainability. We are proud to join forces with Corteva as we share a vision of helping farmers succeed in growing the nutritious food the world relies on. This announcement is a true testament to the incredible success and dedication of our teams across the globe who have helped us become one of the most trusted biostimulant and plant health companies in the world. Our innovative solutions and deep expertise will continue to make an impact for years to come," Guillermo de la Borda, Stoller Chief Executive Officer.
Stoller is advised by JP Morgan, Piper Sandler and Latham & Watkins (led by John Greer and Ryan Maierson). Corteva is advised by Evercore.
Estancia Capital Partners, a private equity firm in Scottsdale, Arizona, completed the investment in InvestorCOM, a provider of software and tech-enabled compliance solutions to the asset and wealth management industry. Financial terms were not disclosed.
"We are excited to partner with Estancia on this next stage of our journey. As we continue to grow our platform and expand our distribution. I am confident that our combined knowledge and resources will yield greater capabilities for our clients. InvestorCOM's experienced management team will remain in place and continue to support InvestorCOM's strong client service model," David Reeve, InvestorCOM Founder and CEO.
InvestorCOM was advised by DC Advisory (led by Eric Wagner) and Gowling WLG. Estancia Capital was advised by Kirkland & Ellis and Stikeman Elliott.
Golden Gate Capital-backed Securly, a student safety and wellness pioneer, completed the acquisition of Eduspire Solutions, an education technology company. Financial terms were not disclosed.
"Securly and Eduspire share a vision of helping schools build safe, supportive learning environments that foster student wellness. Eduspire's solutions are a natural complement to Securly's whole-student success platform, and we're excited to unite our teams to better serve schools and students," Bharath Madhusudan, Securly CEO.
Eduspire Solutions was advised by IKONA Partners and Morris Manning & Martin. Securly was advised by Paul Weiss Rifkind Wharton & Garrison (led by Jeremy M. Veit).
US Sugar, a privately owned agricultural business, completed the acquisition of Imperial Sugar Company, a major US sugar producer and marketer based in Sugar Land, Texas, from Louis Dreyfus, a global merchant firm, for $315m.
"Imperial Sugar has a strong company heritage and looks forward to joining the US Sugar family. I am confident that the move will create production, logistics and supply chain synergies and efficiencies that will benefit both companies and our customers, as we continue to bring them the quality products and brands they know and expect," Mike Gorrell, Imperial Sugar President and CEO.
US Sugar was advised by Latham & Watkins (led by Amanda P. Reeves) and FTI Consulting.
TPG Capital, a global alternative asset management firm, completed a $300m investment in Rubicon Carbon, a new VER market platform.
"The growing carbon market will need new tools and financing solutions in order to reduce friction, democratize access, and improve quality. Rubicon Carbon was not designed as a replacement for aggressive carbon emissions reduction but rather as an end-to-end solution for corporations that have chosen to include high-quality carbon credits as part of their overall decarbonization strategy. Enterprises in sectors where there are technological limitations to immediate emissions reduction are looking for solutions like Rubicon to close their emissions reductions gap with authenticity and ease," Jim Coulter, TPG Founding Partner.
Amulet Capital Partners, a middle-market private equity investment firm focused exclusively on the healthcare sector, completed the acquisition of United Vein & Vascular Centers, a provider of high-quality vascular care treatment services. Financial terms were not disclosed.
"This investment represents a unique opportunity to partner with the leading management team in the vein and vascular space and deploy our extensive experience partnering with physician practice management companies to support UVVC's next phase of growth in a dynamic, fragmented market," Carl Zimmerman, Amulet Principal.
NOVA Infrastructure, a private equity firm, completed the acquisition of Xchange Telecom, a company that delivers high-speed internet, voice, and unified communication services. Financial terms were not disclosed.
“We see tremendous potential in the high-speed broadband Xchange provides New Yorkers, especially those underserved businesses and residents in older buildings and harder to access areas. The communications sector is one of NOVA’s investment targets and Xchange is a strong addition to our portfolio in this area. We look forward to working with the Xchange team to help the company grow and achieve new levels of success,” Chris Beall, NOVA Infrastructure Founder and Managing Partner.
NOVA was advised by Sloane & Company.
Walt Disney, an entertainment company, completed the acquisition of the remaining stake in BAMTech, a streaming company, from MLS, a professional baseball organization, for $900m.
Disney and the sports league had the right to force a buyout of the stake based on its fair market value beginning earlier this year. Disney had bought the National Hockey League’s 10% stake in BAMTech for $350m last year.
NextGen Healthcare, a provider of innovative cloud-based healthcare technology solutions, completed the acquisition of TSI Healthcare, a software developer for the healthcare industry, for $90m.
“TSI Healthcare has been part of the NextGen Healthcare family over 16 years, developing specialty specific solutions exclusively on NextGen Healthcare’s platform. We’re excited to extend our services expertise with NextGen Healthcare’s product and services leadership to further solidify NextGen Healthcare as among the most trusted names in ambulatory healthcare,” David Dickson, TSI Healthcare President and CEO.
HIG Capital-backed Circle Graphics, a digital graphics provider, completed the acquisition of JONDO, a global print on demand company. Financial terms were not disclosed.
“We are thrilled to join the Sensaria platform. Since founding JONDO in 1988, quality and customer service have been at the core of what we do every day. Sensaria represents a true strategic partner that adheres to that same mission and will not only help us scale alongside our growing customers, but also maintain the outstanding reputation we’ve built over the past 30+ years,” John Doe, JONDO Founder and CEO.
Cognizant, an American multinational information technology services and consulting company, agreed to acquire AustinCSI, a digital transformation consultancy specializing in enterprise cloud and data analytics advisory services. Financial terms were not disclosed.
"We're excited by the opportunity to become part of Cognizant and combine our strengths in delivering advanced and transformative technologies to clients. Together, we can provide more impact for our current clients with broader capabilities in emerging digital technologies and reach a wider market leveraging Cognizant's global scale," Karen Moree, AustinCSI CEO.
Simfoni, a digital solutions provider for procurement intelligence, completed the acquisition of Xeeva, a provider of AI-powered spend management and procurement technology solutions. Financial terms were not disclosed.
"I am very excited to be part of such a value-enhancing situation that offers fantastic career potential for Xeeva staff and to be able to offer Xeeva customers heightened levels of customer service and an expansion of technology options. I would like to take this opportunity to thank our clients for choosing Xeeva over the years, and I know we are leaving them in good hands with Simfoni," Nina Vellayan, Xeeva CEO.
Investment companies Goldman Sachs Asset Management and G2 Venture Partners led a $117m Series F round in Locus Robotics, a developer of autonomous mobile robots for fulfillment and distribution warehouses, with participation from Stack Capital Group, Next47, Stafford Capital Partners, HESTA, Newton Investment Management North America, Gray's Creek Capital, Silicon Valley Bank, Hercules Capital, BOND and Scale Venture Partners.
"Locus has established itself as an innovative, high-quality market leader for flexible automation in the massive warehouse fulfillment and distribution market," Mark Midle, Goldman Sachs Managing Director.
Bridgepoint weighs $1bn ECP acquisition. (FS)
PE firm Bridgepoint Group is in talks to acquire energy infrastructure investor Energy Capital Partners, Bloomberg reported.
Bridgepoint is discussing buying ECP for about $1bn in cash and stock. While negotiations are advanced, a transaction hasn't been finalized so terms may change and talks could still fall apart.
Enbridge completes partnership agreement in Woodfibre LNG.
Enbridge, a multinational pipeline and energy company, completed the previously announced transaction relating to its partnership agreement with Pacific Energy, an independent energy resources development company, to jointly invest in the construction and operation of the Woodfibre LNG project located near Squamish, BC. Enbridge now has a 30% ownership stake in the Woodfibre LNG project, with Pacific Energy retaining the remaining 70% stake in the project.
Preliminary construction activities, including site preparation, are underway. The project remains on track for its targeted in-service date of Q4 2027.
Suncor decides to retain the Petro-Canada gas station retail arm. (FS)
Canada's Suncor Energy will retain its Petro-Canada gas station retail business following a review the company initiated earlier this year under pressure from activist investor Elliott Investment Management, Reuters reported.
Suncor replaced its chief executive in July and agreed to review its retail fuel unit by the end of this year after Elliott Investment, which owns 3% of the company, pushed for changes, flagging a poor safety record and lackluster stock performance.
Univar investor Engine Capital calls for a full sales process. (FS)
An investor in Univar Solutions is calling for the chemical company to run a full sales process to maximize shareholder value after it confirmed preliminary takeover talks last week with German rival Brenntag, Bloomberg reported.
Engine Capital, which owns roughly a 1% stake in Univar, sent a letter to the company’s board arguing the approach confirms its view that the stock is undervalued. While it commended Univar for its recently expanded share buyback program, it called for a full sales process now that the company is effectively in play.
UBS rules out more US deals.
UBS chair Colm Kelleher has ruled out further acquisitions in the US after walking away from Wealthfront's $1.4bn deal two months ago, saying that shareholders need a clear picture of how the Swiss bank will grow in a market it has earmarked as a top priority, FT reported.
“The real short-term gain for us is the states. There has been some tweaking, we know we need to grow, UBS is subscale in the US,” Colm Kelleher, UBS Chairperson.
Carlyle plans to raise $8.5bn for a new private credit fund. (FS)
Carlyle Group plans to raise at least $8.5bn for a new private credit fund, as it competes with rivals to snap up lending businesses abandoned by banks, Bloomberg reported.
The Washington D.C.-based firm has held early discussions with investors about the new vehicle, dubbed Carlyle Credit Opportunities Fund III, ahead of its formal fundraising launch in 2023.
Adams Street closes Global Fund Program at $1.1bn. (FS)
Adams Street Partners, a private markets investment firm with more than $52bn in assets under management, held the final closing of the Adams Street 2022 Global Fund Program with approximately $1.1bn in committed capital.
The Global Fund Program is a private markets portfolio spanning all of its investment strategies, including primaries, secondaries, co-investments, growth equity, and private credit, across North America, Europe, and Asia.
EMEA
Capricorn Energy's move to ask shareholders for permission to bolster its options for payouts could pave the way for an alternative to its planned merger with NewMed, Reuters reported.
Palliser is one of a chorus of Capricorn investors opposed to a planned merger with NewMed which would create an Israel-Egypt-focused gas producer at a time when Europe is looking for non-Russian gas, but which they say undervalues Capricorn.
NewMed is advised by JP Morgan (led by Jamie Riddell, Yoni Hornik and Daniele Apa), Agmon & Co, Rosenberg Hacohen & Co, Davis Polk & Wardwell (led by Dan Hirschovits and Reuven B. Young) and Celicourt (led by Mark Antelme). Capricorn is advised by Goldman Sachs (led by Bertie Whitehead and Chris Emmerson), Morgan Stanley (led by Matthew Ball, Anthony Zammit and Andrew Foster), Rothschild & Co (led by Nick Ivey, Robert Leitao and James McEwen), Gornitzky & Co, Shepherd & Wedderburn, Slaughter & May (led by Hywel Davies, Alex Dustan and Paul Dickson) and Brunswick Group (led by David Litterick and Patrick Handley).
Ontario Teachers' Pension Plan Board, an independent organization responsible for administering defined-benefit pensions for school teachers of the Canadian province of Ontario, completed the acquisition of a 25% stake in SSEN Transmission, an energy transmission company, from SSE, an energy company, for £1.46bn ($1.76bn).
"SSEN Transmission is one of Europe's fastest growing transmission networks. Its network stretches across some of the most challenging terrain in Scotland – from the North Sea and across the Highlands – to deliver safe, reliable, renewable energy to demand centres across the UK. We're delighted to partner again with SSE and are committed to supporting the growth of its network and the vital role it plays in the UK's green energy revolution," Charles Thomazi, OTPP Senior Managing Director.
OTPP was advised by Evercore, Linklaters and Kekst CNC (led by Oliver Mann). SSE was advised by Morgan Stanley, Rothschild & Co and Freshfields Bruckhaus Deringer (led by Julian Pritchard and Nicholas Jones).
Jyske Bank, a Danish bank, completed the acquisition of Denmark operations of Handelsbanken, a Swedish bank, for $423m.
"The acquisition of Handelsbanken Denmark is an attractive opportunity to strengthen our market position and longterm competitiveness. Handelsbanken Denmark is a well-run bank, delivering a strong suite of solutions to both private and corporate clients across the country. Through the acquisition, we can further develop the combined business, benefitting our clients, create new career opportunities for our skilled employees, and generate value for our shareholders," Anders Dam, Jyske Bank Managing Director and CEO.
Brookfield Infrastructure Partners, an investment company, agreed to acquire a 49% stake in EduCo, an education infrastructure portfolio, from SBB, a Sweden-based company, which owns community properties in the Nordic region, for $986m.
“We are delighted to join forces with Brookfield, a world-class, highly reputable infrastructure asset investor. Establishing EduCo will make us even better placed to continue delivering important infrastructure to the Nordic welfare states. There will be an increasing need for schools, preschools and university buildings in the Nordics, a market in which we already have a strong foothold. With Brookfield as our long-term partner we will also benefit from diversifying SBB Group’s funding sources, whilst we accelerate deleveraging of our Group balance sheet in line with our strategy,” Ilija Batljan, SBB CEO and Founder.
Brookfield is advised by Linklaters. SBB is advised by JP Morgan and Vinge.
Jahez, a Saudi food delivery firm, agreed to acquire The Chefz, a gourmet food and sweets delivery platform, for $200m.
Jahez is the biggest locally-owned food delivery group in Saudi Arabia. The firm made its trading debut in January after pricing its initial public offering at the top end of a planned range.
The Chefz is advised by EFG Hermes. Jahez is advised by HSBC.
Thoma Bravo-backed SMA Technologies, a provider of automation solutions for financial services, completed the acquisition of VisualCron, an automation, integration and task-scheduling tool for Windows environments. Financial terms were not disclosed.
"As companies accelerate digital initiatives to better serve their customers and streamline operations, the demand for automating processes, applications and workflows is growing exponentially. The addition of VisualCron's technology and its talented team enables us to offer a leading automation solution to smaller organizations that don't yet require the power and scalability of our OpCon workload automation and orchestration solution," Todd Dauchy, SMA Technologies CEO.
SMA Technologies was advised by Hannes Snellman and Kirkland & Ellis.
Yildirim, a global industrial conglomerate based in Turkey, agreed to acquire the Chromium business of Elementis, a global specialty chemicals company, for $170m.
"Whilst Chromium has been a part of Elementis for many years, our strategic review concluded that the interests of all stakeholders would now be best served by a sale of the business. Our Personal Care, Coatings and Talc businesses are focused on developing advantaged, high-value products to drive revenue growth and margin expansion. Going forward, I'm confident the focused implementation of our Innovation, Growth & Efficiency strategy positions us to deliver on our medium-term financial objectives and generate significant shareholder value," Paul Waterman, Elementis CEO.
Eni hopes to acquire Neptune Energy for $5-6bn. (FS)
Petroleum refineries Eni is in preliminary talks to buy private equity-backed gas and oil producer Neptune Energy for around $5bn -$6bn, Reuters reported.
Neptune is owned by China Investment, Carlyle Group and CVC Capital Partners.
Carlyle explores bid for OMV's oil and gas assets. (FS)
Carlyle Group is exploring a multibillion-dollar bid for a large part of Austrian energy company OMV's oil and gas portfolio, in what would be a bold move by a buyout firm to further expand into fossil fuels, Bloomberg reported.
The private equity firm is eyeing OMV's upstream operations in most of the markets where it operates.
Italy wants to retain ITA oversight in Lufthansa deal.
Italy's new government is reviewing options for retaining oversight of ITA Airways, in a strategic volte-face that risks becoming a major stumbling block for potential suitors like Deutsche Lufthansa, Bloomberg reported.
Options under review by Prime Minister Giorgia Meloni's government include seeking special powers to influence or veto governance or strategy of ITA following the sale of a stake to Lufthansa, or partnering with state-railway company Ferrovie dello Stato Italiane, or FS. The option of bringing the state-owned railway on board could let Italy keep a majority in the airline.
Germany in talks to acquire majority stake or all of German unit of TenneT.
The German government wants to buy a majority stake or all of the German subsidiary of the Dutch power grid operator TenneT, Reuters reported.
Talks are progressing and are likely to finish in the first half of next year.
Horizon Therapeutics in sales talks with Amgen, Johnson & Johnson and Sanofi separately.
Horizon Therapeutics jumped by about a third in premarket trading after the drug developer disclosed it's in talks with a trio of potential suitors about a possible sale of the company, Bloomberg reported.
Amgen, Johnson & Johnson and Sanofi are separately engaged in preliminary discussions with Horizon. There's no certainty that any of the talks will lead to an offer. Dublin-based Horizon, which makes drugs for rare autoimmune and inflammatory diseases, rose 32% in trading before the markets opened in New York.
Italy seeks US help to unlock funding for Lukoil refinery.
Italy is trying to get US authorities to reassure Italian banks they are not at risk of fines for breaching sanctions against Moscow if they help a Lukoil-owned refinery buy non-Russian oil and remain afloat, Reuters reported.
The survival of the ISAB plant in Sicily is under threat due to a European embargo on seaborne Russian oil coming into effect on December 5. Prime Minister Giorgia Meloni's government wants to salvage the refinery, which accounts for a fifth of Italy's refining capacity and employs about 1k workers in an economically disadvantaged area.
UBS not seeking to benefit from crisis at Credit Suisse.
UBS is not actively benefiting from the crisis at rival Credit Suisse, UBS Chairman Colm Kelleher told a Financial Times banking conference. Credit Suisse has reported sharp outflows as wealthy clients turn their back on the embattled Swiss bank, Reuters reported.
"We are not actively benefiting at their expense. We view them as a worthy competitor going through a crisis which I believe they will manage. But clearly we are also in a world of clients moving money around so where clients proactively approach us we either let the money come to us or we let it go to our American competitors and on that basis we do what we can," Colm Kelleher, UBS Chairman.
ADNOC working with Goldman Sachs on gas business.
Abu Dhabi National Oil engaged Goldman Sachs to work on consolidation of its gas operations for a planned stock market flotation next year, Reuters reported.
ADNOC is sharpening its focus on the gas market as Europe seeks to replace all Russian energy imports as early as mid-2024 after gradual supply cuts since Western sanctions imposed on the country over its invasion of Ukraine.
TIM shares fall after government aide dismisses takeover possibility.
Shares in Telecom Italia, an Italian telecommunications company with headquarters in Rome, Milan, and Naples, fell sharply on Wednesday after cabinet undersecretary Alessio Butti said that the state had no plans to launch a full takeover bid for the former phone monopoly, Reuters reported.
Italy's government said this week it would seek to find by the end of this year "the best market-friendly options" for struggling TIM, placing a planned bid for the phone group's grid by state lender CDP on hold.
Mark Lewisohn departs UBS after 33 years. (People)
Mark Lewisohn, a 33-year veteran of UBS is leaving the bank, in the latest senior departure from its UK dealmaking team, FN reported. Mark Lewisohn, who joined the Swiss bank in 1989, has become the latest long-serving dealmaker to leave the bank in recent weeks.
Lewisohn, one of the bank's most prominent dealmakers in the City who helped shape a number of high-profile mega-deals during a three-decade career, was latterly vice-chair of investment banking for Europe, the Middle East and Africa.
APAC
Telenor Group, a multinational telecommunications company, and Axiata, a multinational telecommunications conglomerate, formed Celcom Digi, a provider of telecommunication services, by merging their Malaysian mobile operations Digi and Celcom, in a $12bn deal. Axiata and Telenor are equal partners with a 33.1% ownership stake each in the combined entity.
“Connecting people to what matters most will always be Telenor’s foundation for growth in Asia. As we embark on a new chapter in Malaysia, we are grateful to Axiata and Celcom, the Digi family, the regulators and all our partners for their trust and support. We are excited about the new possibilities the new company will ignite. Telenor is committed to be an active owner, bringing technology know-how, experience across international markets and global partnerships with industry giants to Celcom Digi,” Jørgen C. Arentz Rostrup, Telenor Executive Vice President and Head of Asia.
Axiata was advised by Skadden Arps Slate Meagher & Flom (led by Jonathan Stone). Telenor was advised by Allen & Overy (led by James Mythen).
Binance, a blockchain ecosystem and cryptocurrency infrastructure provider, completed the acquisition of Sakura Exchange BitCoin, the Japanese-registered crypto exchange service provider. Financial terms were not disclosed.
"We are honored and delighted to make this announcement with Binance, one of the world's leading crypto asset exchange service providers. On top of our effort to prioritize user protection, Binance's strong compliance system will contribute to building a more compliant atmosphere for users in Japan and help them access key crypto services needed for mass adoption in the future," Hitomi Yamamoto, SEBC CEO.
HSBC reviews New Zealand retail business.
HSBC Holdings is reviewing its New Zealand retail banking operations as the lender looks for ways to streamline its footprint while heading off calls for a full-blown breakup, Bloomberg reported
The London-based bank is studying strategic options for the business, a spokesperson for HSBC confirmed in response to Bloomberg queries.
Fullerton Health weighs stake sale at $1.1bn valuation. (FS)
Fullerton Health is considering selling a minority stake to raise funds to expand its medical services operations, Bloomberg reported.
The Singapore-based company, which counts private equity firm RRJ Capital and Ping An Capital as its major shareholders, is in discussions with potential investors for a stake of as much as 20%. A deal could value Fullerton Health at more than $1.1bn.
Tata plans to acquire Wistron's $613m India facility.
Conglomerate Tata Group is in talks to buy electronics manufacturer Wistron's only manufacturing facility in India for up to $613m, Reuters reported.
If it fails to strike a deal to buy the facility in the southern Indian state of Karnataka, Tata could consider a joint venture with Taiwan's Wistron – one of Apple's top vendors in India.
GoTo's planned stake sale paused.
GoTo Group's novel plan for a managed sale of shareholders' stock -- aimed at avoiding a bigger selloff when a lock-up on their holdings expires -- isn't going ahead for now, Bloomberg reported.
The shareholders that considered selling have decided not to proceed at this time. The holders and potential buyers involved in the discussions haven't agreed on a price. Some holders GoTo has been in talks with are inclined to wait for a recovery in the stock price before selling.
Sunshine Insurance hopes for $950m HK IPO.
Chinese insurer Sunshine Insurance Group is seeking to raise as much as $950m in its Hong Kong initial public offering, Bloomberg reported.
Beijing-based Sunshine Insurance started taking investor orders for about 1.15bn new shares on Wednesday. The shares are marketed at between $0.75 to $0.82 apiece.
The Philippines proposes to set up $4.9bn sovereign wealth fund. (FS)
Philippine House Speaker Martin Romualdez, the cousin of President Ferdinand Marcos Jr., filed a bill seeking to establish a $4.9bn sovereign wealth fund to support the administration's economic agenda, DealStreetAsia reported.
House Bill No. 6398, filed on Monday and co-authored by the president's son Ferdinand Alexander, is aimed at setting up what would be known as the Maharlika Investments Fund.
Animoca plans to set up $2bn metaverse firms funding. (FS)
Hong Kong's Animoca Brands, a gaming software firm and Web 3.0 investment powerhouse, plans to set up a fund of up to $2bn to invest in mid- to late-stage metaverse firms, DealStreetAsia reported.
The fund, named Animoca Capital, will make its first investment next year, although it is yet to raise capital. The fund would enable some of Animoca's investors to tap into the Web3 industry directly. The fund targets businesses and projects covering "NFT metaverse" and "open metaverse".
Asia Partners targets $600m for second fund. (FS)
Southeast Asia's technology-focused private equity firm Asia Partners is said to be seeking $600m for its second fund, DealStreetAsia reported. The firm hit the first close of the vehicle at around $350m.
The firm is focused on the intersection of three key themes – the long-term growth potential of Southeast Asia, the rapid growth of innovative technology and technology-enabled businesses, and the scarcity of growth capital for these companies.
JP Morgan Chase banker Young-ki Kim to join Naver. (FS, People)
JP Morgan Chase's head of investment banking in South Korea Young-ki Kim is leaving the US bank to join internet giant Naver, Bloomberg reported.
Kim, a managing director based in Seoul who was named to his current role in April, is set to become chief financial officer for two of Naver's units. The businesses include Naver Z, which houses metaverse platform Zepeto, and resale and trading platform KREAM.
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