AMERICAS
True Wind Capital, a San Francisco-based private equity firm, completed the acquisition of W Energy Software, an oil and gas SaaS ERP powering the energy value chain. Financial terms were not disclosed.
“As energy and commodities businesses navigate a highly dynamic operating environment, they are relying more than ever on technology partners who can streamline their operations and create efficiencies at scale. W Energy Software’s unique offerings, management team, and execution have positioned it well to assume a leading role in the overall energy transition movement. We are excited to support the business through this next chapter, both organically and through strategic M&A initiatives,” Sean Giese, True Wind Partner.
W Energy Software was advised by Aeris Partners, Cooley and Stratos Agency. True Wind Capital was advised by Robert W Baird, Orrick Herrington & Sutcliffe and Gasthalter & Co.
Glencore, a global diversified natural resource company, completed the acquisition of a 66.66% stake in Correjon mine joint venture from BHP, a mining company, and Anglo American, a mining company, for $588m.
“Glencore has been involved with Cerrejón for more than 20 years. We know the asset well and believe that we are the most responsible steward for Cerrejón at this stage of its lifecycle," Ivan Glasenberg, Glencore CEO.
Glencore was advised by Linklaters. BHP was advised by JP Morgan. Anglo American was advised by Ernst & Young and Brunswick Group.
Monster Beverage, an energy drink subsegment of the beverage industry, agreed to acquire CANarchy Craft Brewery Collective, an operator of a holding company for breweries, for $300m.
“This transaction provides us with a springboard from which to enter the alcoholic beverage sector. The acquisition will provide us with a fully in-place infrastructure, including people, distribution and licenses, along with alcoholic beverage development expertise and manufacturing capabilities in this industry," Hilton Schlosberg, Monster Vice Chairman and Co-CEO.
Monster is advised by Evercore and Jones Day. CANarchy is advised by Latham & Watkins and PondelWilkinson.
New Mountain Capital, an alternative investment manager, completed the acquisition of a majority stake in Covaris, a manufacturer of advanced tools enabling life science innovations. Financial terms were not disclosed.
“This is an exciting time for Covaris. The partnership with New Mountain allows us to expand our capabilities to help bring our technology to more customers, and help current customers get the most out of our platform. New Mountain is an investor with a proven track record of growing innovative companies, with particular strength in life sciences, and is therefore the ideal partner for Covaris as we embark on this next growth stage," Jim Laugharn, Covaris Founder and CEO.
Covaris was advised by Bank of America and Goodwin Procter. New Mountain Capital was advised by Simpson Thacher & Bartlett and Abernathy MacGregor Group.
Tower Arch Capital-backed SnugZ USA, a provider of an online marketplace for promotional products, completed the acquisition of Sweda Company, a supplier of promotional products. Financial terms were not disclosed.
"We are honored to partner with Jim Hagan and the entire Sweda team. Sweda's innovation and commitment to serving their distributor customers has redefined what it means to deliver high quality and creative products. This next chapter of growth will be very exciting as we leverage the expertise of both businesses," David Topham, Tower Arch Capital Partner.
Tower Arch Capital was advised by BDO and Gibson Dunn & Crutcher. Debt providers were advised by East West Bank and Zions Bancorporation.
SK, a holding company, completed a $350m investment in the Center for Breakthrough Medicines, an innovative cell and gene therapy focused contract development and manufacturing organization.
"We chose to partner with SK based on our shared deep desire to cure cancer and eradicate genetic disease. Thousands of people are dying every day, and we have the ability to cure patients by manufacturing these new technologies. This unprecedented collaboration will allow us to bring over 700k square feet of capacity online, and hire 2k of the world's most brilliant, advanced therapy experts, all at the Discovery Labs site in King of Prussia, Pennsylvania," Brian O'Neill, Center for Breakthrough Medicines Chairman.
The Center for Breakthrough Medicines was advised by Incentrum Group and DeFazio Communications. SK Holdings was advised by Simpson Thacher & Bartlett.
Revelstoke Capital-backed The Care Team, a prominent hospice and home health provider, completed the acquisition of Crossroads Hospice, a hospice provider. Financial terms were not disclosed.
"We are very excited about the opportunity to work with the Crossroads team in providing high quality clinical care to patients in the greater Houston area. Key members of the seller group are continuing with TCT in a management capacity, further strengthening our regional leadership," Jonny Miller, Revelstoke Vice President.
The Care Team was advised by Winston & Strawn and Lambert & Co.
ColoHouse, a provider of colocation, data center services, network, cloud and customized services, agreed to acquire Steadfast, a cloud, bare metal, and data center provider. Financial terms were not disclosed.
"We are delighted to bring Paul Voswinkel and his team at Steadfast on board to reinforce an already powerful, robust IT platform across a diverse geographic footprint. Steadfast brings solid and complete cloud solution offerings to the ColoHouse portfolio, further enriching an already strong cloud portfolio. With this acquisition, ColoHouse adds two data center locations in the most connected buildings in the Midwest - 725 S. Wells and 350 E. Cermak in Chicago. Additionally, we acquired Steadfast’s location in the Iron Mountain building in Edison, New Jersey," Paul Bint, ColoHouse CEO.
ColoHouse is advised by iMiller Public Relations. Steadfast is advised by Houlihan Lokey.
Sun Capital, a private investment firm, completed the acquisition of Total Transportation Services, a provider of logistic services. Financial terms were not disclosed.
“We look forward to working with the team at Sun Capital to accelerate our growth plan and put in place an operational framework to build on our leadership position at a very exciting time for the industry. With the resources and experience that Sun Capital has in this industry, we are poised to capitalize on the increasing focus on transportation and distribution, with customers increasingly viewing the relationship with their drayage provider as mission-critical. We were also attracted to Sun Capital’s successful history of working with founder-owned businesses," Vic La Rosa, Total Transportation Services CEO.
Sun Capital was advised by Stanton PRM.
Investment firms Advent International and Insight Partner led a $190m funding round in BigPanda, an operator of an alert correlation platform.
“In the age of Covid, it's impossible to conduct commerce without a strong digital presence. This reality has fueled demand for solutions that make managing complex digital environments easier. We could not be more excited to partner with BigPanda as the leader in the increasingly critical AIOps space. Not only is BigPanda the most powerful solution in the market, but they have generated tremendous value for some of the most storied brands across sectors and we are thrilled to be working with the company as it continues innovating in the category," Eric Noeth, Advent International Partner.
BigPanda was advised by BOCA Communications.
Matrix Capital, an employee-owned hedge fund, led a $190m funding round in Maze Therapeutics, a developer of a biotechnology platform. Additional investors include General Catalyst, a16z, Woodline Partners, Casdin Capital, City Hill Ventures, Foresite Capital, Driehaus Capital Management, Moore Strategic Ventures, Terra Magnum Capital Partners and NS Investments.
“Over the past year, Maze has generated data across multiple disease areas and modalities. I am confident that Maze has emerged at precisely the right moment with the right people to execute on an ambitious and important mission, and I am proud of our team for the progress made in our pipeline to date. As we transition to a clinical-stage company, we believe this financing provides important resources to advance our pipeline and to uncover new genetic associations to develop precision medicines for patients with genetically defined diseases," Jason Coloma, Maze President and CEO.
Maze was advised by 1AB.
Tiger Global, an investment firm that focuses on private and public companies in the global Internet, software, consumer, and payments industries, led a $115m Series C financing round in SeekOut, an AI-powered Talent 360 platform, with participation from Founders Circle Capital, Madrona Venture Group and Mayfield.
“With this financing round, we’ll be investing deeply in innovations that extend our leadership position in talent acquisition, and power new solutions for internal mobility, employee retention, career pathing, and learning and development,” Anoop Gupta, SeekOut Co-Founder and CEO.
SeekOut was advised by SutherlandGold.
Baxter International, an American multinational health care company, Global Medical Response, a provider of medical care, and Cardinal Health, a distributor of pharmaceuticals, led a $110m funding round in Medically Home, a developer of a healthcare management platform. Mayo Clinic and Kaiser Permanente also participated.
“The addition of these strategic national partners powerfully strengthens our logistics capability which our health system providers need to safely and reliably care for patients in their homes. The accelerating decentralization of high acuity care from hospitals and other institutional sites to an ever-increasing number of patient’s homes enabled by Medically Home, validates the importance of an ecosystem of health care partners working together on behalf of patients and the clinicians that care for them across the country," Rami Karjian, Medically Home CEO.
Global Medical Response was advised by Jones Day.
Clearlake Capital, Crosspoint Capital, and TA Associates-backed DigiCert, a provider of TLS/SSL, IoT and other PKI solutions, agreed to acquire Mocana, a developer of IoT security software. Financial terms were not disclosed.
"With the addition of Mocana, DigiCert is building on its vision for delivering digital trust, a growing necessity in the IoT market as smart devices become ubiquitous in every corner of our personal and professional lives. We are excited to introduce new and existing customers to our integrated platform and welcome the addition of Mocana's expertise in IoT technology and the industrial and manufacturing verticals to the DigiCert team," John Merrill, DigiCert CEO.
BERKS Group, a private equity firm, agreed to acquire 180 Skills, a developer of an online technical education platform. Financial terms were not disclosed.
"This is an exciting addition to BERKS education technology platform. It fits perfectly with our goal to be a leader in innovative on-line education tools for business and individuals who want to grow," Doug Krebs, BERKS Group Operating Partner.
Association Member Benefits Advisors, a membership and marketing insurance agency, agreed to acquire Associations business from Mercer, a provider of investment advisory services. Financial terms were not disclosed.
"This planned agreement represents another key milestone for AMBA – further enhancing our geographic footprint and ability to serve associations and clients across the US. By attracting high-quality organizations like Mercer, AMBA over the last five years has grown to become the partner-of-choice in the affinity marketing space. We successfully led and completed five previous acquisitions, each with their own unique story but one that is focused on creating value for all stakeholders," Steve Cardinal, AMBA CEO.
Premium Guard, a provider of automotive aftermarket filters, completed the acquisition of IPC Global Solutions, a private label filter supplier and the creator of brand of filtration products. Trive Capital also participated in the deal. Financial terms were not disclosed.
“Trive is thrilled to partner with Premium Guard in connection with this transaction, combining two leaders within the automotive aftermarket filtration industry. We look forward to providing operational support and strategic guidance as Premium Guard executes on the exciting growth opportunities that lie ahead,” Chris Zugaro, Trive Partner.
Lime Rock New Energy, a private equity firm, agreed to acquire Electric Power Engineers, a consulting engineering firm focused on the power, renewable energy, grid modernization, and energy storage industries. Financial terms were not disclosed.
"We believe that Hala and her team have built a company that delivers high quality engineering skills and integrated consulting plus software solutions to help their clients solve the increasingly complex challenges of integrating more renewable energy and technologies on to the grid. We have been impressed by EPE's fanatical focus on customers, its preeminent utility and developer customer base, and are looking forward to rolling up our sleeves to help the company execute its ambitious business plan, with a unified mission of accelerating and debottlenecking the energy transition today," Mark Lewis, Lime Rock New Energy Managing Director.
Colombia's Grupo Gilinski is to become the second-largest shareholder in Grupo SURA and Nutresa after securing 25.42% and 27.69% of each company's shares respectively,
Reuters reported.
Both investment company Grupo SURA and Nutresa, Colombia's largest processed food producer, fall under the umbrella of Colombian conglomerate Grupo Empresarial Antioqueno, which controls more than 100 companies, including industrial conglomerate Grupo Argos, energy generator Celsia and bank Bancolombia.
Santander and Mexican Government are looking for Citi's Mexico Unit.
Banco Santander, a Spanish multinational financial services company, and Mexican government are among lenders exploring bids for retail-banking operations of Citigroup, an American multinational investment bank and financial services corporation, in Mexico,
Reuters reported.
Citigroup may seek a valuation of as much as $15bn in a full sale. Other potential suitors are banks, including Grupo Financiero Banorte SAB de CV and Bank of Nova Scotia.
Advent weighs $1.5bn BioDuro sale. (FS)
Advent International, a global private equity firm, considers options for its BioDuro-Sundia, a single end-to-end solution provider from early stage drug discovery to late stage manufacturing, including a sale valuing the company at least $1.5bn,
Bloomberg reported.
Other options include an IPO in China. Private equity firms and industry players could be interested in acquiring the company. BioDuro-Sundia could be valued at more than $2bn.
Exxon and Imperial Oil to market up to $1bn in Canadian assets.
Exxon Mobil, an American multinational oil and gas corporation, and its affiliate Imperial Oil, a Canadian petroleum company, plan to offer for sale XTO Energy Canada, operator of their Canadian shale business in Western Canada.
XTO pumps about 9k barrels of liquids and 140m cubic feet of natural gas per day in Canada. The properties could fetch between $500m and $1bn,
Reuters reported.
Imperial Oil is advised by RBC Capital Markets.
The Florida financiers buying up Europe's football teams. (FS)
Florida's sunshine and business-friendly policies have been drawing financiers and entrepreneurs, including a group pouring money into the football. Among them is John Textor, an owner of Crystal Palace football club in the English Premier League, who's just completed the purchase of an 80% stake in RWD Molenbeek, a Belgian club, through Eagle Football, a sports investment vehicle,
Bloomberg reported.
Paul Conway and Chien Lee, founders of Pacific Media Group, a Hawai'i-based media company, Josh Wander, managing partner at 777 Partners, a Miami-based investment firm, and Randy Frankel, co-owner of the Tampa Bay Rays baseball team, are among soccer-mad investors based in South Florida.
StockX taps Morgan Stanley and Goldman Sachs for IPO.
StockX, an online exchange for sneakers and streetwear brands, works with an investment banking companies Morgan Stanley and Goldman Sachs on its planned US IPO.
StockX aims to go public as soon as the first half of the year,
Bloomberg reported. StockX announced that it was valued at $3.8bn in April, 2021, following a secondary tender offering.
TPG prices IPO within range at $29.5 per share. (FS)
TPG, a private equity firm, and one of its investors raised $1bn in IPO. Shares were priced within a marketed range.
TPG and an existing strategic investor sold almost 34m shares on January 12, 2022, for approximately $1bn in total,
Bloomberg reported. TPG and China Life Insurance Group, a Chinese holding company for the Ministry of Finance, had offered the shares from $28 to $31.
Blackstone announces final close for Fourth Capital Opportunities Fund. (FS)
Blackstone, an American alternative investment management company, announced the final close of Blackstone Capital Opportunities Fund IV.
With the final close of COF IV, Blackstone Credit has $8.75bn available for its opportunistic private debt strategy. COF has an almost 15-year track record of providing private financings for businesses of all sizes and across industries.
"We are pleased to have closed our fourth COF fund and are very appreciative of the strong support from our Limited Partners. We believe our track record, scale and structuring expertise position us as a valuable partner to private equity sponsors and large cap companies," Louis Salvatore, Capital Opportunities Funds Co-Portfolio Manager.
EMEA
ELCA and BlueVoyant to form Senthorus.
ELCA, a provider of security activities, and BlueVoyant, a developer of an analytics-driven cybersecurity platform, agreed to form Senthorus, a joint venture operating a new Switzerland-based security operations center. Financial terms were not disclosed.
“Recent events showed to be an ideal setting for enhanced cyberattacks attempts. It has been shown that the majority of Switzerland’s companies are exposed to uninterrupted threats representing a major risk to lose assets and data or being the victim of extortion attempts. ELCA wants all Swiss companies to have access to the best defenses to keep their organizations safe. The partnership with BlueVoyant provides us the capability to offer Swiss organizations a sovereign based service while providing world class managed security, countering the ever-present cyber threat," Cedric Moret, ELCA CEO.
BlueVoyant is advised by Homburger and C8 Consulting.
K1 Investment Management led a $150m Series C funding round in Pentera. (FS)
K1 Investment Management, a private equity firm, led a $150m Series C funding round in Pentera, a developer of cybersecurity software. Additional investors include Evolution Equity Partners, Insight Partners, Awz Ventures and Blackstone.
“Pentera’s exponential growth has proven that enterprises are no longer willing to compromise for assumptions and simulations, but rather demand real-world validation of their security resilience against the latest cyber attacks. Pentera is excited for the partnership with K1 as they share our vision to achieve category leadership in security validation. We are especially grateful to our employees, customers, partners, and investors for sharing our passion for the revolution we bring to the cybersecurity world," Amitai Ratzon, Pentera CEO.
Pentera was advised by fama PR.
Quaestor Coach completed the acquisition of Diem Client Partner. (FS)
Quaestor Coach, an independent private equity group, completed the acquisition of Diem Client Partner, a Zurich-based independent wealth management boutique. Financial terms were not disclosed.
"I could not have wished for a better or stronger successor for our clients. Me and the team will continue to work the same way as before the takeover," Sascha Peier, DCP CEO.
Quaestor Coach was advised by Bar & Karrer.
KKR-backed Velero to acquire property portfolio of Adler Group for $686m. (FS)
KKR-backed Velero, an asset management company, agreed to acquire property portfolio of Adler Group, a German real estate company, for $686m.
“The acquisition of this portfolio is a testament to our ability to execute on highly attractive opportunities in the German residential real estate market. We look forward to working with Velero to enhance the quality of living, improve the energy efficiency, reduce vacancy and drive operational improvements. We will invest substantially into the properties to achieve these objectives,”Jan Baumgart, KKR Managing Director and Head of Real Estate Germany.
Avantium Renewable Polymers to acquire a stake in malt business of Tereos.
Avantium Renewable Polymers, a chemical technology company, agreed to acquire a stake in malt business of Tereos, a French sugar and ethanol group. Financial terms were not disclosed.
"Following this transaction, we will have terminated our partnership with Axereal and fully exited the malt business. In the process of consulting employees' representative bodies with a view to present the project of a potential shutdown of its Romanian sugar activities in the context of a pessimistic outlook," Philippe de Raynal, Tereos CEO.
Eni completed the acquisition of greek business of Solar Konzept International.
Eni, an Italian energy group, completed the acquisition of greek business of Solar Konzept International, a German based company with more than ten years of photovoltaic projects experience. Financial terms were not disclosed.
The deal marks Eni's entry into the Greek renewable electricity generation market and is part of its plan to grow renewable capacity together with vertically integrated activities in the power retail business. This transaction is aligned to the company’s broader mission to become a leader in the production and sale of decarbonised products.
A consortium of investors led a $1bn Series D funding round in Checkout.com. (FS)
A consortium of investors led a $1bn Series D funding round in Checkout.com, a global payment solutions provider. Th investors in the round include Altimeter, Dragoneer, Franklin Templeton, GIC, Insight Partners, Qatar Investment Authority, Tiger Global, The Oxford Endowment Fund, Blossom Capital, Coatue Management, DST Global, Endeavor Catalyst and Ribbit Capital.
“By combining an elegant technology stack with industry expertise and an ‘extra-mile’ approach to service over the past decade, we’ve built deep partnerships with some of the world’s most innovative companies. Our Series D is validation of that work—but given we’re still in ‘chapter zero’ of our journey, it will also fuel our efforts to unlock the enormous untapped opportunity ahead," Guillaume Pousaz, Checkout.com Founder and CEO.
Sprints Capital led a $510m Series E funding round in Back Market. (FS)
Sprints Capital, a private equity firm, led a $510m Series E funding round in Back Market, an online marketplace for refurbished electronics. Additional investors include Eurazeo, Aglaé Ventures, General Atlantic and Generation Investment Management.
“Our goal is to make refurbished electronics the first choice for tech purchases. We expect to see a similar development in the electronics market as we have witnessed in the pre-owned car market in America, where consumer confidence in buying second-hand vehicles has resulted in sales that have increased twofold compared to new car sales. The support and confidence of these funds, together with our growing customer base, marks an important step in Back Market’s journey, and more importantly, for the circular economy as a whole," Thibaud Hug de Larauze, Back Market Co-Founder and CEO.
Temasek and MissionOG led a $400m financing round in Global Processing Services. (FS)
Temasek, an investment company, and MissionOG, a venture capital firm, led a $400m financing round in Global Processing Services, a global payment technology platform, with participation from Advent International and Viking Global Investors.
"The upsizing of this latest round of investment is an important step forward for the company and a strong endorsement of our strategy. We are a company that has grown rapidly in recent years, driven by our commitment to innovation and the delivery of a single scalable technology platform. The expertise that our new partners bring to GPS will be invaluable as we enter our next phase of geographic expansion and technology innovation,” Joanne Dewar, GPS CEO.
Aramco Oil Pipelines investors expected to raise from $3.5 to $4.4bn. (FS)
EIG Global Energy, a provider of institutional capital to the energy sector globally, and Mubadala Investment Company, an Abu Dhabi sovereign-wealth fund, are expected to raise from $3.5bn to $4.4bn via a sale of dual-tranche amortising bonds.
Initial price guidance was around 185 bps over US Treasuries for a tranche maturing in 14-1/2 to 15 years, and around 235 bps over US Treasuries for paper maturing in 24-1/2 to 25 years.
On June 18, 2021, a consortium led by EIG Global Energy Partners acquired a 49% stake in Aramco Oil Pipelines Company from Saudi Aramco, a Saudi Arabian public petroleum and natural gas company.
DAZN nears deal to buy BT Sport for $800m.
DAZN, a sports streaming service, nears a deal to acquire BT Sport, a group of pay television sports channels, for $800m. Transaction will give it access to sought-after rights to the English Premier League and UEFA Champions League matches.
The company offered to form a joint venture with BT, something the telecoms company was considering as an alternative to a sale, Reuters reported.
Wood to sell Built Environment division.
Wood, a British oilfield services and engineering firm, said selling a Built Environment division is the best option to deliver value for shareholders, Reuters reported.
"While we have seen a stabilisation in market conditions during 2021, the scale of recovery was below our original expectations due to the deferral of activity and delays in new awards," Wood.
Thyssenkrupp to keep control in $5.7bn Hydrogen IPO.
Thyssenkrupp, a German multinational conglomerate with focus on industrial engineering and steel production, plans to hold a majority stake in its rebranded electrolysis unit after its IPO, Bloomberg reported. The company wants to tap into the growing market for green hydrogen to fight climate change.
The company is preparing to list its electrolysis plant business this year, renaming it Nucera, that could value the unit $5.7bn. Thyssenkrupp plans to hold more than 50% of shares following a rights issue by its joint venture with Industrie De Nora, a chemicals manufacturer and distributer.
APAC
A consortium of investors looking to take China-based jobs portal 51job private has slashed its offer in a revised deal that values the company at about $3.86bn,
Reuters reported.
The consortium, which includes DCP Capital Partners, Ocean Link Partners and 51job's co-founder and chief Rick Yan, had made an offer in May last year to pay shareholders of the company $79 per share in an all-cash deal, which would have valued it at about $5.7bn.
However, 51job said it had received a proposal to lower the price to $57 per share and reduce the combined ownership of the investors after the completion of the deal.
51Job is advised by Duff & Phelps, Kroll, Davis Polk & Wardwell, JunHe, Maples Group and Simpson Thacher & Bartlett. DCP Capital Partners is advised by Fangda Partners, Haiwen & Partners, Harney Westwood & Riegels, Kirkland & Ellis, Ogier, Paul Weiss Rifkind Wharton & Garrison and Weil Gotshal and Manges. Debt financing is provided by China Merchants Bank and Shanghai Pudong Development Bank. Recruit Holdings is advised by JP Morgan, Conyers Dill & Pearman and Sullivan & Cromwell. Financial advisors are advised by White & Case.
Crown Resorts, a Australia's biggest casino operator, claims its board was likely to back an improved A$8.9bn ($6.5bn) buyout proposal from US private equity firm Blackstone unless a higher offer emerged,
Reuters reported.
Crown received a fourth non-binding offer of $9.5 a share, having dismissed Blackstone's previous bid of $9 as not "compelling".
The revised offer puts Blackstone in the box seat to win control of Crown, which has faced devastating misconduct inquiries in every state it operates in, while protracted Covid-19 lockdown measures has caused a drop in visitors.
Crown Resorts is advised by UBS, Allens and Herbert Smith Freehills. Star Entertainment is advised by Credit Suisse, Flagstaff Partners and King & Wood Mallesons. Debt financing is provided by Credit Suisse. Blackstone is advised by Morgan Stanley and Clayton Utz. Consolidated Press Holdings is advised by Moelis & Co.
Hyundai Heavy Industries' proposed takeover of rival Daewoo Shipbuilding & Marine Engineering to create the world's biggest shipbuilder was hit with an EU veto on concerns that the deal would hurt competition,
Reuters reported.
Hyundai, one of the largest shipbuilders in the world, announced the deal in 2019 in part to tackle overcapacity in the sector.
The shipyard, which sought EU antitrust approval for the takeover in November 2019, said it may challenge the EU prohibition and criticised the regulator's focus on market shares.
WestBridge Capital, a private equity firm, and GSV Ventures, a venture capital firm, led a $100m Series E funding round in LEAD, a school-focused edtech company.
"A child spends 6hours in school and only 1hour in tuitions. Transforming schools, when done right, has massive potential to alter our country's future. LEAD, with its integrated school system has broken new ground in this direction," Sumeet Yashpal Mehta, Lead Co-Founder.
Affinity to weigh $1bn Trimco sale. (FS)
Affinity Equity Partners, a private equity firm, considers a sale of Trimco Group, a Hong Kong-based garment label maker, after receiving interest from potential buyers,
Bloomberg reported.
Trimco could be valued at more than $1bn and would likely attract other private equity firms. The company is expected to report roughly $200m of revenue for 2021 and about $65m of EBITDA.
Vedanta puts a $12bn price tag on Bharat Petroleum.
Vedanta Group, a global diversified mining company, plans to acquire Bharat Petroleum, an Indian state-owned refiner, for $12bn.
"We're not going to bid aggressively, but we will put the right price. The market cap of the company is about $11bn to $12bn, so this is the amount of investment we're looking at," Anil Agarwal, Vedanta Chairman.
Hitachi plans to sell about half its stake in Construction Machinery business. (FS)
Hitachi, a Japanese multinational conglomerate, plans to sell about half its 51% stake in Hitachi Construction Machinery, a Japanese construction equipment company, to Itochu, a Japanese corporation, and Japan Industrial Partners, an investment fund.
Hitachi will sell the stake for about $1.7bn,
DealStreetAsia reported. "We are considering various ways improve corporate value, but we have no decision yet," Hitachi.
LIC to open India's biggest IPO issue by mid-March.
Life Insurance Corporation, an Indian statutory insurance and investment corporation, could publish key details of its IPO in January, 2022, and begin issuing public shares by mid-March, 2022. The company looks to raise up to $12.2bn.
Officials are working on the valuation of the company. Once it is done they will issue a draft IPO prospectus for investors,
Reuters reported.
Novo Tellus files prospectus to raise $111m from SPAC listing on Singapore Exchange. (FS)
Novo Tellus Capital Partners, a Singapore-based private equity firm, lodged the prospectus for the IPO on January 13, 2022, after it had received the green light to list its SPAC on the Singapore Exchange in December, 2021. The firm plans to raise $111m from the public offer.
It has already secured $108m from 13 investors who will subscribe for 16m cornerstone shares at an offering price of $6.76 per share.
