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AMERICAS
Insight Partners-backed CommerceHub, a commerce network connecting supply, demand and delivery, agreed to acquire ChannelAdvisor, a provider of cloud-based e-commerce solutions, for $664m. Investors that participated in this transaction include GTCR, Sycamore Partners, and Goldman Sachs Asset Management.
"CommerceHub and ChannelAdvisor have both established themselves as leading solutions for different segments of online retailers and brands. By coming together, we can provide an even broader network, enabling our combined customers to grow their businesses by discovering new products, new brands, and new channels," Bryan Dove, CommerceHub CEO.
ChannelAdvisor is advised by Robert W Baird and Cooley. CommerceHub is advised by District Capital Partners, Stifel and Willkie Farr & Gallagher. Debt financing is provided by Golub Capital and Sixth Street Partners. Debt providers are advised by Latham & Watkins and Paul Weiss Rifkind Wharton & Garrison. Goldman Sachs Asset Management is advised by Simpson Thacher & Bartlett. GTCR and Sycamore are advised by Kirkland & Ellis.
Rio Tinto, a metals and mining corporation, agreed to acquire the remaining 49% stake in Turquoise Hill, a mineral exploration and development company, for $2.7bn.
“Rio Tinto strongly believes in the long-term success of Oyu Tolgoi and Mongolia, and delivering for all stakeholders over the long-term. That is why we want to increase our interest in Oyu Tolgoi, simplify the ownership structure, and further strengthen Rio Tinto’s copper portfolio. We believe the terms of proposal are compelling for Turquoise Hill shareholders. The Proposed Transaction would enable Rio Tinto to work directly with the Government of Mongolia to move the Oyu Tolgoi project forward with a simpler and more efficient ownership and governance structure. With our relationship reset and the underground operations commenced, this transaction demonstrates our clear and unequivocal long-term commitment to Mongolia,” Jakob Stausholm, Rio Tinto CEO.
Turquoise Hill is advised by BMO Capital Markets, TD Securities, Blake Cassels & Graydon, Norton Rose Fulbright and Paul Weiss Rifkind Wharton & Garrison. Rio Tinto is advised by Credit Suisse, RBC Capital Markets, Rothschild & Co, McCarthy Tetrault and Sullivan & Cromwell.
CVS Health, a health solutions company, agreed to acquire Signify Health, a health care platform that leverages advanced analytics, technology, and nationwide healthcare provider networks to create and power value-based payment programs, from New Mountain Capital, a private equity firm, for $8bn.
"Signify Health will play a critical role in advancing our health care services strategy and gives us a platform to accelerate our growth in value-based care. This acquisition will enhance our connection to consumers in the home and enables providers to better address patient needs as we execute our vision to redefine the health care experience. In addition, this combination will strengthen our ability to expand and develop new product offerings in a multi-payor approach," Karen S. Lynch, CVS Health President and CEO.
Signify Health is advised by Deutsche Bank, Goldman Sachs and Ropes & Gray. Goldman Sachs is advised by Skadden Arps Slate Meagher & Flom. CVS Health is advised by Bank of America, Dechert, Fried Frank Harris Shriver & Jacobson and McDermott Will & Emery.
EagleTree Capital, a middle-market private equity firm, completed the acquisition of MacKenzie-Childs, a heritage home decor brand, from Castenea Partners, a private equity firm. Financial terms were not disclosed.
“MacKenzie-Childs’ is a truly iconic brand with a devoted following. We have been fans and followers of MacKenzie-Childs for over a decade and are impressed with how far the business has come," Stuart Martin, EagleTree Partner.
MacKenzie-Childs was advised by Grant Thornton, Financo, Raymond James, Latham & Watkins and Little Voice PR. EagleTree was advised by Alvarez & Marsal and Jones Day.
State Farm, a large group of mutual insurance companies throughout the United States, agreed to invest $1.2bn in ADT, a provider of smart home and small business security solutions.
"ADT's partnership with State Farm creates the capability to drive innovation in homeowners insurance on a broad scale. By delivering a truly connected home, together we can improve the customer experience and provide more peace of mind. These new and expanded partnerships represent another bold step forward for our company and provide ADT more avenues to grow our customer base, strengthen brand loyalty and lower customer acquisition costs," Jim DeVries, ADT President and CEO.
ADT is advised by Citigroup, Evercore and Cravath Swaine & Moore. State Farm is advised by Morgan Stanley, Sidley Austin and Zeno Group.
AFCO Credit, a premium finance company, agreed to acquire the insurance premium finance subsidiary of Texas Capital Bancshares, a bank holding company, for $3.4bn.
"The sale of BankDirect represents an important milestone for Texas Capital, further enabling us to re-focus our capital and expense base consistent with our strategy of creating the flagship full-service financial services firm in Texas. The sale follows a deliberate process designed to maximize shareholder value, strengthen our balance sheet, simplify our business model and free up incremental resources to be redeployed to our core businesses. BankDirect operates a nationwide business and generates desirable, granular commercial loans with superior credit quality. I want to thank the team at BankDirect for their long-term partnership and solid commitment to building an outstanding franchise resulting in the success of this transaction," Rob C. Holmes, Texas Capital CEO and President.
AFCO Credit is advised by RBC Capital Markets, Truist Bank and Willkie Farr & Gallagher. Texas Capital is advised by Morgan Stanley, Texas Capital Bank and Cravath Swaine & Moore.
Chase, a chemicals company, completed the acquisition of NuCera Solutions, a manufacturer of highly differentiated specialty polymers, from SK Capital, a private equity firm, for $250m.
“We are pleased to have completed this important strategic acquisition. The acquisition of NuCera is transformational in advancing Chase’s strategic growth priorities. NuCera’s culture and technology-driven growth oriented mindset closely align with those of Chase, and we are excited to welcome the NuCera team to Chase," Adam P. Chase, Chase President and CEO.
Chase was advised by Moelis & Co, Nelson Mullins Riley & Scarborough and Alpha IR. SK Capital was advised by Lincoln International and Goodwin Procter.
Digerati Technologies, a cloud services company, agreed to list on NASDAQ via a merger with Minority Equality Opportunities Acquisition, a special purpose acquisition company, in a $145m deal.
"Our merger with MEOA positions Digerati for continued growth in a rapidly expanding and highly fragmented market. We believe a business combination with MEOA will facilitate the acceleration of our M&A strategy in a market with a healthy pipeline of acquisition targets and contribute to the combined company's organic growth as we continue providing small to medium-sized businesses with solutions and superior customer service," Arthur Smith, Digerati CEO.
MEOA is advised by PGP Capital Advisors, Vaughan and Pryor Cashman. Digerati is advised by Maxim Group and Lucosky Brookman.
TA Associates, a growth private equity firm, agreed to acquire a minority stake in Hornetsecurity, a cloud security and compliance SaaS provider. Financial terms are not disclosed.
“Over the last two years, our partnership with PSG and Verdane has enabled us to execute on our strategic goal of providing all organizations with comprehensive cloud security and compliance solutions. We are excited to welcome TA as a new investor, and to continue our partnership with PSG and Verdane, as we invest further in our growth and product innovation. Together, we will work to deliver even greater value to our customers, partners, employees and the communities in which we do business,” Daniel Hofmann, Hornetsecurity Founder & CEO.
Hornetsecurity is advised by Raymond James. TA Associates is advised by Latham & Watkins. PSG is advised by Hengeler Mueller and Prosek Partners. Verdane is advised by Hengeler Mueller.
PSG, a growth equity firm partnering with software and technology-enabled services companies to help accelerate their growth, completed a $100m investment in Bitwarden, an open-source password manager for both individuals and businesses.
"Our investment in Bitwarden reflects our conviction that the password management market is poised for considerable growth as online account use grows and security concerns mount in the hybrid working environment. In our view, Bitwarden distinguishes itself among the available alternatives by virtue of its open-source architecture, flexible deployment options and zero-cost offering which millions of individuals have utilized. These unique attributes remain unchanged, and we look forward to helping the team bring this solution and the next generation of password management tools to a broader group of customers," Tom Reardon, PSG Managing Director.
Bitwarden was advised by Liberty Communications. PSG was advised by Prosek Partners.
Arcline Investment Management, a growth-oriented private equity firm, completed the acquisition of Kings III of America, a third-party provider of elevator and pool emergency monitoring solutions, from private equity firms Rockbridge Growth Equity and Thayer Street Partners. Financial terms were not disclosed.
"Arcline's passion for growth, innovation and culture is a perfect match with our management team, employees, and customers. Our success would not have been possible without the dedication and excellence of the entire team at Kings III, and this acquisition is a testament to their hard work. We look forward to working with Arcline to continue our incredible trajectory and we are excited to leverage Arcline's deep experience in the elevator industry to accelerate our growth," Dennis Mason, Kings III CEO.
Arcline was advised by Piper Sandler and Joele Frank.
A group of investors including Softbank Vision Fund 2, Bristol-Myers Squibb Company, Byers Capital, Emerson Collective Investments, Green Sands, Hitachi Ventures, Sixth Street, Parker Institute for Cancer Immunotherapy, Westlake Village BioPartners, the University of California, San Francisco Foundation Investment Company, Euclidean Capital, Waycross Ventures and Kleiner Perkins led a $220m Series B round in Arsenal Biosciences, a privately held programmable cell therapy company engineering advanced CAR T therapies for solid tumors.
"ArsenalBio's programmable cell therapy technology has shown great promise in preclinical development, giving us confidence that our approach may help address the unmet medical needs of cancer patients, ultimately helping alleviate human suffering. We look forward to entering the clinic so we can more fully understand the promise of our technology in treating ovarian and ultimately other devastating cancers," Ken Drazan, ArsenalBio Founder and CEO.
Arsenal Biosciences was advised by Gwen Gordon Public Relations.
CBRE, the world's largest commercial real estate services and investment firm, led a $125m Series E round in VTS, a technology platform that transforms how strategic decisions are made and executed across the asset lifecycle, with participation from BentallGreenOak, AmTrust, Brookfield Ventures, and Insight Venture Partners.
"Over the past two years, VTS has undergone a transformative evolution, shifting from a single-product company to a multi-product platform that serves every player in the ecosystem—from landlord to broker to tenant. This infusion of capital lets us double down there, allowing our customers to offer a completely tailored property experience to their tenants across their entire portfolios. We look forward to expanding upon our long-standing relationship with CBRE, which shares this same vision in providing their people and customer base with technology that delivers a modern, portfolio-driven experience across all asset types," Nick Romito, VTS CEO.
VTS was advised by Marino PR.
Church & Dwight, a manufacturer of household products, agreed to acquire Hero, an acne treatment products provider, for $630m.
“Mighty Patch represents a powerful addition to our existing Specialty Hair and Skin portfolio which includes Nair, Batiste, Viviscal, Flawless, and Toppik. The Mighty Patch brand is a problem/solution product with a strong position in a growing category. The total acne treatment category in tracked channels is approximately $700m. The patch form has grown to 18% of the acne treatment category as more consumers transition away from lotions and ointments to a patch solution. The brand skews towards younger consumers and consistently has a high level of brand loyalty and repeat purchase," Matthew T. Farrell, Church & Dwight CEO.
Zimmer Financial Services, an independent financial services firm, completed the $75m investment in Ategrity Specialty Insurance Company, a specialty property & casualty insurance company.
“In the four years since Ategrity’s launch, we have been able to build a business known for high-quality underwriting, innovation in products, and a fast and frictionless underwriting transaction experience,” Mike Miller, Ategrity President and CEO.
CRC Group, a wholesale and specialty insurance distributor, completed the acquisition of BenefitMall, a wholesale general agency. Financial terms were not disclosed.
"We are excited to welcome BenefitMall as the newest part of the CRC Group team. As the insurance marketplace and the risks faced by clients continue to evolve, it's vital that we grow strategically in ways that help us meet those needs. The addition of BenefitMall significantly expands our opportunity to support clients as they navigate the current marketplace," Dave Obenauer, CRC Group CEO.
Envoy Solutions, a specialized distributor and solution provider serving the US market, completed the acquisition of H.T. Berry Company, a provider of janitorial supplies and foodservice products. Financial terms were not disclosed.
"H.T. Berry Company will greatly enhance our product offerings for janitorial supplies and foodservice disposables in the New England market to help us deliver the best solutions for our clients. Through our differentiated business model, we will create greater efficiencies in the Northeast and beyond while leveraging the world-class capabilities of our regional companies. I look forward to working with Jane Busconi and her top-notch team, who like us, are committed to customer service excellence," Mark M. Fisher, Envoy Solutions CEO.
US gas firm EQT nears deal to buy Appalachia producer. (FS)
EQT, the largest US natural gas producer, is in advanced talks to acquire THQ Appalachia to expand in the Marcellus shale, Bloomberg reported.
THQ, backed by Tug Hill Operating and Quantum Energy Partners, and some midstream assets would be valued in the deal at about $5.2bn. The transaction will include Tug Hill’s XcL Midstream, a pipeline firm that moves gas in Appalachia to market.
Battle Motors announces Series B capital raise of $150m. (FS)
Battle Motors, formerly Crane Carrier Company, has completed a Series B investment round with $150m in new growth capital from a cornerstone global institutional investor. This capital raise follows a $120m Series A investment round announced in December 2021.
“We have validated our strategic growth initiatives and the attractive sector fundamentals while identifying additional market opportunity,” Michael Patterson, Battle Motors CEO.
Lazard hires ex-JP Morgan vice chairman Donahue for private credit. (People)
Lazard has hired a former JP Morgan banker, Timothy Donahue, as vice chairman of US investment banking in New York, Reuters reported.
Donahue, who previously served as vice chairman of capital markets at JP Morgan Chase, will help lead the boutique investment bank's private credit business. He holds a bachelor's degree and Juris Doctor from Fordham University.
EMEA
Zuora, a cloud-based subscription management platform provider, completed the acquisition of Zephr, a subscription experience platform used by global digital publishing and media companies, for $50m.
“As the competition for subscribers becomes increasingly intense in media, digital publishing, and beyond, companies must keep subscribers engaged with the right offers and the right packages at the right time. That’s where Zuora comes in. With our acquisition of Zephr, we’re adding new capabilities to create a one-stop-shop to succeed in the Subscription Economy," Tien Tzuo, Zuora CEO and Founder.
Zephr was advised by Stifel and Cooley. Zuora was advised by Foros, Fenwick & West and Slaughter & May.
Timken, a provider of engineered bearings and industrial motion products, agreed to acquire GGB Bearing Technology, a provider of self-lubricating, prelubricated plain bearings and tribological polymer coating for various industries and applications, from EnPro Industries, an industrial technology company, for $305m.
"GGB has a strong heritage of delivering high-performance products to well-established customers who are leaders in their respective industries. This acquisition provides strong synergies and meaningfully expands our business by adding complementary products with a solid growth outlook. GGB's leading portfolio of metal-polymer bearings will further Timken's ability to deliver the best solution to our customers' most challenging friction management applications. GGB also presents an excellent cultural fit for Timken, including a commitment to corporate social responsibility with a portfolio of environmentally sustainable solutions," Richard G. Kyle, Timken President and CEO.
EnPro Industries is advised by Bank of America, Bird & Bird and Robinson Bradshaw. Timken is advised by Jones Day.
Highlander Partners-backed Fuerst Day Lawson, a formulator, developer and manufacturer of proprietary taste and nutrition ingredient solutions, agreed to acquire Quest Ingredients, a manufacturer of high-quality proprietary food flavours, animal feed flavours and active botanical extracts, from Quest Vitamins, a manufacturer of specialist health supplements. Financial terms were not disclosed.
"We believe the addition of Quest Ingredients is strategic and highly complementary to FDL's existing portfolio of ingredients and formulated solutions. We are excited to offer Quest Ingredients' unique process capabilities to existing FDL customers and expand services to Quest Ingredients' customers with FDL's products and innovation capabilities. We are thrilled to work with the Quest Ingredients team to continue growing the combined business," Eric Beatty, FDL CEO.
Quest Vitamins is advised by Alinea Corporate Finance and Higgs and Sons. Debt financing is provided by NatWest Markets.
Bosch Rexroth, an engineering firm based in Lohr am Main in Germany, agreed to acquire Elmo Motion Control, a global company of motion control intelligence solutions, for $700m.
Elmo, founded in 1988 by Haim Monhait, who still serves as its CEO, develops motion control intelligence solutions. The company designs and manufactures ultra-advanced servo drives and network motion controllers. Elmo's products are integrated into a wide variety of applications from industrial to extreme environment automation.
Elmo Motion Control is advised by Rothschild & Co.
L-GAM-backed Vinventions, a provider of closure solutions for the wine industry, completed the acquisition of Federfin Tech, an aluminium screwcap specialist established in Tromello. Financial terms were not disclosed.
This acquisition will reinforce Vinventions' leadership in the wine closure space and represents a major milestone in the company's strategy to become a global leader across all high-performance and sustainable closure types for the wine and spirits industry.
Federfin Tech was advised by Mediobanca.
Amaro Lucano, an Italian digestif maker, agreed to acquire a 35% stake in Giass Milano Dry Gin, an alcohol manufacturer in Milan, Italy. Financial terms were not disclosed.
"We are very satisfied with the agreement reached with Giass, a company that we have known and appreciated for some time above all for the excellence of its London Dry Gin," Pasquale Vena, Amaro Lucano President.
Amaro Lucano is advised by Barabino & Partners.
Cinven, an international private equity firm, agreed to acquire Säkra, an insurance broker headquartered in Stockholm, from Adelis Equity Partners, a growth partner for well-positioned, Nordic companies. Financial terms were not disclosed.
"Cinven is very pleased to be making this investment in Säkra. It is a highly attractive, resilient specialist insurance intermediary business with strong long-term growth opportunities across all of its segments and a history of consistent growth through various economic cycles. The investment is supported by a resilient underlying market in Sweden and is well-positioned to grow organically, with further upside through its demonstrated M&A trajectory. Säkra offers a high-quality scalable platform, with associated benefits for clients as the business develops and expands over the long-term. We look forward to working with Säkra's CEO and her colleagues in further developing and growing the business," Luigi Sbrozzi, Cinven Partner.
The Bank of N.T. Butterfield & Son, a bank founded and based in Bermuda, agreed to acquire the Guernsey, Singapore, and Bahamas trust business of Credit Suisse, a global investment bank and financial services firm. Financial terms were not disclosed.
"Credit Suisse is a preeminent wealth management franchise, and we are delighted to be acquiring its trust management activities in strategically important markets for our company. This transaction expands our global trust operations in Singapore, Guernsey, and The Bahamas and enhances our fee-based revenue income. This is another important step in our strategy to grow through M&A in markets where we have scale and have a market leadership position. It underscores our continuing commitment to expand Butterfield’s presence in Asia, the Channel Islands, and The Bahamas," Michael Collins, Butterfield Chairman and CEO.
Gasser Partner, an international independent law firm, agreed to acquire the Liechtenstein trust business of Credit Suisse, a global investment bank and financial services firm founded and based in Switzerland. Financial terms were not disclosed.
"Credit Suisse regularly reviews its product and services portfolio to meet the evolving needs of our clients. Over the past months we have carefully considered how we can best continue to serve our clients who have sophisticated trust needs. Both Butterfield and Gasser Partner specialize in full-service trust structures and solutions dedicated to clients with bespoke needs," Michael Strobaek, Credit Suisse Head of Investment Solutions & Sustainability.
EMZ emerges as bidder for Equistone's digital marketing agency PIA. (FS)
Private equity firm EMZ Partners is looking to acquire German digital marketing agency Performance Interactive Alliance.
Sponsor Equistone Partners launched a process to sell the portfolio company last year, advised by Baird, marketing the business off €25m ($25m) to €28m ($28m) EBITDA.
BBC hires Bain & Co to review strategy as funding squeeze looms.
The BBC has drafted in one of the world's largest consulting firms to conduct a review of its strategy as it faces the potential abolition of the television licence fee.
The corporation's appointment of Bain was made prior to the government issuing a ban on the consulting firm tendering for contracts amid a corruption scandal in South Africa, Sky News reported.
Volkswagen seeks to defy market gloom going ahead with Porsche IPO.
Volkswagen decided to push ahead with its plan to list a minority stake in the Porsche sports-car maker this year despite gyrating markets, paving the way for what could be one of Europe’s biggest initial public offerings.
“This is a historic moment for Porsche, we believe that an IPO would open a new chapter with greater independence for us as one of the world’s most successful sports-car manufacturers,” Oliver Blume, VW and Porsche CEO.
Porsche is advised by Mediobanca, Bank of America, Citigroup, Goldman Sachs, JP Morgan, BNP Paribas, Deutsche Bank, Morgan Stanley, Santander, Barclays, Societe Generale, UniCredit, Commerzbank, Crédit Agricole and LBBW.
DeA Capital launches first special situations fund, eyes €300m. (FS)
DeA Capital is further expanding its range of products by launching a new alternative Special Situations fund. The fund will have initial capital of over €100m ($99m) in addition to a fundraising target of €300m ($298m).
"The experience that we have built up at DeA Capital Alternative Funds and the loyalty of our main investors has enabled us to create the Flexible Capital Fund, which is a balanced company turnaround model, an innately ESG solution and a unique and attractive opportunity for institutional investors in Italy and abroad," Gianandrea Perco, DeA Capital Alternative Funds CEO.
Jera Capital holds first close of new €100m secondaries fund. (FS)
Jera Capital, a Copenhagen-based investment management firm focused on the private equity secondary market, has successfully achieved the first closing of its new Luxembourg private equity fund, Jera Direct Access Private Equity which is structured as a RAIF, and is well on track to reach €100m ($99m) within its first year of operation.
The fund aims to invest its clients’ capital in a responsible way by integrating environmental, social, and governance factors in line with the UN SDG themes.
HSBC Asset Management appoints Head of Real Assets & Head of Private Credit. (FS, People)
HSBC Asset Management has appointed Victoria Sharpe as Head of Real Assets, and Scott McClurg as Head of Private Credit for its alternatives division, HSBC Alternatives.
Sharpe will be responsible for the strategic development and management of the real assets proposition which today consists of Direct Real Estate teams and Listed Infrastructure Equity teams. She will assume the role from Joanna Munro, who has been acting Head of Real Assets, in addition to her role as CEO, HSBC Alternatives.
Morgan Stanley’s Thomas Restout joins crypto firm B2C2 as Emea CEO. (People)
Crypto liquidity provider B2C2 has hired Morgan Stanley's Thomas Restout as its new chief executive for Europe, the Middle East, and Africa.
Restout is moving on from the US bank, where he was global head of macro electronic trading. He was also a member of the bank's securities digital currencies working group. He will report to the B2C2’s group chief executive Phillip Gillespie.
JP Morgan to hire Deutsche veteran Sheppard to co-head UK deals. (People)
One of Deutsche Bank's top European dealmakers has left the German lender and is set to join JP Morgan in a senior role at its UK investment bank.
Richard Sheppard, who was previously co-head of Deutsche's European M&A business, is likely to join JP Morgan as co-head of UK investment banking.
APAC
A year after the deal was announced, the Competition Commission of India approved payments major PayU's $4.7bn acquisition of online payments firm BillDesk. The deal was delayed as the competition watchdog sought more information about it.
The acquisition, which will see PayU, the payments and fintech business of Prosus, which operates in more than 20 high-growth markets, become one of the leading online payment providers globally by total payment volume.
BillDesk is advised by Shardul Amarchand Mangaldas & Co. Prosus is advised by Avendus, PJT Partners, Brunswick Group and Edelman. Visa and General Atlantic are advised by AZB & Partners.
Tanweer Infrastructure, owned by a consortium led by Oman Investment in partnership with the Ministry of Defence Pension Fund, agreed to acquire Sembcorp Energy India, one of the largest independent power producers in India, from Sembcorp Industries, a Singaporean utility firm, for $1.5bn.
"The sale of SEIL accelerates the transformation of Sembcorp's portfolio from brown to green, while protecting the interests of all stakeholders. OIC is a trusted and reliable long-term partner, and we are confident SEIL will continue to provide reliable services to its power distribution customers, as well as maintain stability of relationships with suppliers, communities and employees. The innovative GHG emissions intensity reduction incentive rate also underscores our commitment to sustainable energy transition," Wong Kim Yin, Sembcorp President and CEO.
Sembcorp is advised by HSBC.
SG-based 99 Group looking to buy Vietnamese proptech startup Propzy. (FS)
Fresh off a funding round led by Gaw Capital, Singapore-based property portal 99 Group is understood to be looking at acquisitions in Southeast Asia, which could include Vietnamese proptech startup Propzy, DealStreetAsia reported.
Prozy’s operations are broadly in line with the general strategy of 99 Group. But, any acquisition would require a detailed process and due diligence.
Cipla, JB Chemicals, Torrent lead $562m race for Medley Pharma. (FS)
Cipla, KKR-owned JB Chemicals and Torrent Pharmaceuticals are in the final race for acquiring Medley Pharmaceuticals in a deal worth around $562m, The Economic Times reported.
Half a dozen bids were in for Medley, including bids from 2-3 private equity funds. However, the pharma majors offered a higher price, in the range of $562m and have made the cut following the non-binding bid submissions.
HappyFresh board is said to hire Alvarez & Marsal for review.
HappyFresh’s board hired turnaround firm Alvarez & Marsal and is conducting a review of the online grocer’s financial situation, Bloomberg reported.
The move comes after the Jakarta-based startup struggled to raise additional capital to fund its operations. In addition, some senior executives have stopped handling their day-to-day duties. Founded as one of the first Instacart-style grocery delivery services in Southeast Asia, HappyFresh has raised at least $97m in equity funding in addition to debt financing.
Indian rural lending startup SarvaGram in talks to raise funds from Temasek. (FS)
SarvaGram, an Indian fintech startup focused on rural areas, is in talks with a host of investors, including Singapore’s Temasek and existing backer Elevar Equity, to raise funding as it looks to expand operations in the country.
Negotiations are at an advanced stage and if talks fructify, the deal could be closed over the next few months, DealStreetAsia reported.
Swastik Pipes gets nod for NSE Emerge IPO.
Specialised pipe manufacturer Swastik Pipes announced that it has received approval from NSE Emerge for its initial public offering. The IPO comprises the issuance of up to 78k shares through the book-building process, The Economic Times reported.
Close to 40% of the issue will be reserved for QIB, around 20% for HNIs and 35% for retail investors.
Tamilnad Mercantile Bank IPO subscribed 30% on Day 1 of bidding process.
The $104m initial public offer by Tamilnad Mercantile Bank received 30% bids so far on Day 1 of the bidding process on Monday, The Economic Times reported.
The issue has attracted bids for 2.7m shares or 0.32 times the issue size of 9m shares. The quota reserved for retail individual investors was subscribed 0.76 times, qualified institutional buyers by 0.30 times and NII by 0.08 times.
Baring Private Equity Asia raises $11bn for largest fund to date. (FS)
Baring Private Equity Asia has gathered secured capital commitments totalling around $11bn for its latest and biggest fund to date.
The final closing of the new fund, which is expected to continue BEPA's strategy of investing in mid- to large-sized firms in Asia, may be announced as early as the end of this month. Around 15% of the capital raised has already been invested.
Taiwanese insurers Cathay Life, Fubon Hyundai Life commit $70m to PE funds. (FS)
Taiwanese insurers Cathay Life Insurance and Fubon Hyundai Life Insurance have made a total of $70m in new capital commitments to two private equity funds, DealStreetAsia reported.
Cathay Life Insurance, the insurance subsidiary of Taiwanese conglomerate Cathay Financial Holdings, has agreed to commit $50m to Blackstone Capital Partners IX.
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