AMERICAS
The senior Democrat on the Federal Communications Commission on Wednesday criticized the FCC’s review of the proposed $59bn tie-ups of Sprint and T-Mobile US, saying Republican commissioners moved toward approving the merger without adequate economic and legal analysis.
“This is highly unusual. I have no economic analysis, legal analysis, or paper before me, and yet my colleagues have announced that they are going to support this transaction via press release. This is just the worst of what people expect from Washington. It looks like some backroom dealing.” FCC Commissioner Jessica Rosenworcel told the Senate Commerce Committee during a hearing.
Sprint is advised by Centerview Partners, JP Morgan, Mizuho Securities, SMBC Nikko, The Raine Group, Goodwin Procter, Morrison & Foerster, Potter Anderson & Corroon, Simpson Thacher & Bartlett, and Skadden Arps Slate Meagher & Flom. Deutsche Telekom is advised by Deutsche Bank, Evercore, Goldman Sachs, Morgan Stanley, PJT Partners, Allen & Overy, DLA Piper, Hogan Lovells, Latham & Watkins, Richards Layton and Finger, and Wachtell Lipton Rosen & Katz. Softbank is advised by Morrison & Foerster.
SK Group affiliate SKC acquired a 100% equity stake in KCF Technologies from KKR for KRW1.2tn ($1bn).
KCFT is a global leading producer of copper foils and flexible copper clad laminates predominantly used in Li-ion batteries for electric vehicle applications. The Company – which is one of the latest examples of a complex corporate carve-out by KKR – saw its capacity double during KKR’s investment period through the construction of new factories in addition to expanding overseas into new markets.
“We are proud to have worked with the management team and employees of KCFT to meaningfully grow the business and solidify the Company’s technological leadership over the past several years. We believe a partnership between the Company and SKC further positions KCFT for even greater success in the future.” Chung Ho Park and Hyoung Seok Lim, KKR Korea Managing Directors.
BB&T and SunTrust Banks chose Truist as their name after the two companies complete their planned $28bn merger, Bloomberg reported. If regulators approve the combination, Truist will become the sixth-largest US commercial bank, serving more than 10m households.
Suntrust is advised by Goldman Sachs, SunTrust Robinson Humphrey, and Sullivan & Cromwell. BB&T is advised by RBC Capital Markets, and Wachtell Lipton Rosen & Katz. Debt providers are advised by O'Melveny & Myers.
Barnes & Noble investor Richard Schottenfeld said the bookstore chain is worth more than Elliott Management’s recent offer and he may engage in discussions with the company’s board regarding its sale.
Barnes & Noble, one of the leading bookstores in the United States until online retailers such as Amazon took over, was offered a take-private deal for $476m by Elliott Management earlier this month.
Shortly after, book distribution company Readerlink was also said to be working towards making a bid for the company that would top Elliott’s agreed price of $6.5 per share, Reuters reported.
Barnes & Noble is advised by Evercore, Guggenheim Securities, Baker Botts, and Paul Weiss Rifkind Wharton & Garrison. Elliot Advisors is advised by Credit Suisse and Debevoise & Plimpton.
SoftBank Group leads a $300m investment in a Brazilian startup that makes gym training more accessible for corporate employees.
Gympass, founded in 2012, offers monthly passes to more than 2k companies so they can help pay for fitness programs for workers. It has a network of some 47k gyms that offer activities ranging from yoga and ballet to high-intensity training and martial arts.
Simpson Thacher represents Gympass.
Wealth Enhancement Group, a portfolio firm of Lightyear Capital, a financial service - focused private equity firm, signs a definitive agreement to acquire Planning Solutions Group, a hybrid independent financial advisory firm. Financial terms were not disclosed.
The acquisition is the firm's twelfth since the end of 2013 and is more evidence that it is establishing itself as a leading national wealth management and financial planning brand through both organic growth and targeted acquisitions.
"We are thrilled to announce that the addition of a business such as Planning Solutions Group helps us immensely. We look forward to great things as we work with them in the future." Jeff Dekko, Wealth Enhancement Group CEO.
Wealth Enhancement Group was advised by Wealth Enhancement Advisory Services.
Milliken & Company, a global diversified manufacturer with more than a century and a half of textile expertise, agreed to acquire Polartec, a strong global brand known for its innovative performance textiles for outdoor and military apparel, from Versa Capital Management. Financial terms of the transaction were not disclosed.
“Polartec brings a wealth of new and respected outdoor textile expertise to complement Milliken’s strengths,” shared Halsey Cook, president, and CEO of Milliken & Company. “The strategic acquisition broadens our textile capabilities with a product offering to now include fleece and soft-shell outerwear, among others, allowing us to grow in new and exciting spaces.”
Polartec is advised by Lazard and Sullivan & Cromwell. Milliken & Company is advised by Jones Day. Versa Capital Management is advised by Lazard and Sullivan & Cromwell.
Daher – producer of the TBM family, the fastest turboprop aircraft in its category – is taking a significant step in developing the company's airplane manufacturing business with the planned acquisition of Quest Aircraft Company, based in Sandpoint, Idaho, USA, which builds the Kodiak 100. Financial terms were not disclosed.
Through this major acquisition, Daher is enhancing its presence in the general and business aviation segment by offering a more extensive multi-product range. Already well known for its TBM 910 and TBM 940 high-speed turboprop aircraft, Daher's airplane portfolio has now expanded to include the Kodiak 100.
"The Quest Aircraft Company's acquisition represents an additional step in our development in the United States and an overall strengthening of our aircraft manufacturing business. In addition to making Daher the world's seventh largest aircraft manufacturer in business aviation, it provides us with our first industrial site in the United States, thereby reinforcing Daher's position as a Tier-1 aerospace equipment and systems manufacturer, as well as a logistics and services provider. This key acquisition for Daher is perfectly aligned with the strategy of intensifying our company's links with the North American market's leading aerospace players." Didier Kayat, Daher CEO.
Moxie Management Group, owners and operators of nearly 100 Supercuts salons throughout California, backed by Spanos Barber Jesse, a private equity firm focused on leading investments in founder and family-owned consumer, business services and healthcare services companies, acquires 96 more Supercuts salons in California, from Regis Corporation (RGS), a leader in beauty salons and cosmetology education. Financial terms were not disclosed.
The Moxie salons join over 2.7k Supercuts across the United States, Canada and Puerto Rico that provide consistent, high-quality hair-care services and professional products to guests at convenient times and locations at reasonable prices. Supercuts offers a broad selection of professional haircare products including Paul Mitchell, American Crew, TIGI, Redken, Biolage, and more.
“We are excited to be meaningfully expanding our relationship with Regis. Our partnership with both Regis and SBJ will allow us to continue to expand our footprint throughout the US while we carry-on Supercuts' 40+ year heritage of providing affordable, high-quality haircuts in a convenient setting.” Michael Stajer, Moxie CEO.
Baird Capital, a private equity firm invests in a minority stake at AEGIS Energy Risk, the leading fintech and advisory solutions provider for energy derivatives. Financial terms were not disclosed.
The minority investment from Baird Capital to facilitate the expansion of AEGIS’ fintech capabilities through its FLOW platform. In addition to FLOW, AEGIS provides in-depth market analytics, hedge strategy development, execution of bilateral derivative positions with over 40 counterparties and full back office hedge management services for its clients.
“We are proud to partner with AEGIS and its experienced management team as we continue the expansion of FLOW into oil and gas producers and energy capital providers and investors,” Benedict Rocchio, Baird Capital Partner.
Epic Games, an American video game and software development company, acquired Houseparty, which provides an online platform that enables customers to host parties with guests and friends with sponsored products and brands in the United States. Financial terms were not disclosed.
“Joining Epic is a great step forward in achieving our mission of bringing empathy to online communication,” said Sima Sistani, Co-founder, and CEO of Houseparty. “We have a common vision to make human interaction easier and more enjoyable, and always with respect for user privacy.”
VW is into cooperation with Ford on electric, autonomous cars.
Volkswagen is nearing a deal to cooperate with Ford Motor on electric-car technology and self-driving vehicles, according to Chief Executive Officer Herbert Diess, who also called for a faster transformation of the German manufacturer.
Talks with Ford are “progressing well” and are close to being finalized, Diess said, Bloomberg reported. The pact, which already includes co-producing vans and pickups trucks, is part of VW’s plan to add scale and save costs to counter slower sales and record spending requirements to develop new technologies.
Onex Partners-backed Jack’s Family Restaurants explores a sale. (FS)
Regional fast-food chain Jack’s Family Restaurants is weighing a sale, Wall Street Journal reported.
The Onex Partners-backed company is projected to generate more than $80m of earnings before interest, taxes, depreciation, and amortization in 2019. Jack’s could reach a valuation of around $800m or more based on its growth and multiples that restaurant groups are fetching.
Oilfield services firm Patterson-UTI explores split.
Patterson-UTI Energy is exploring the potential divestment of its pressure pumping business, a deal that could be worth around $1bn and break up the US oilfield services firm, Reuters reported.
Patterson-UTI has been seeking to streamline its business after coming under pressure from its clients, oil and gas exploration companies that are scaling back on new projects to preserve more cash to return to its shareholders.
Colombia's Grupo Argos approaches Summit Materials about the merger.
Grupo Argos, a Colombian industrial conglomerate spanning energy and building materials, has approached US aggregates and cement maker Summit Materials about a merger, Reuters reported.
The deal would bolster Grupo Argos’ US footprint and illustrate how building materials companies in emerging markets are seeking to become consolidators of their sectors in more mature economies.
Grupo Argos sees value in combining Cementos Argos, one of its subsidiaries, with Summit Materials and gaining scale.
Cedar Fair acquired two Iconic Texas Water Parks from Schlitterbahn for $261m.
Cedar Fair Entertainment, a leader in regional amusement parks, water parks, and immersive entertainment, has acquired two iconic water parks and one resort in Texas – Schlitterbahn Waterpark and Resort New Braunfels and Schlitterbahn Waterpark Galveston for a cash purchase price of $261m. Additionally, Cedar Fair has the right to acquire a property located in Kansas City, Kansas, for a cash purchase price of $6m.
“Schlitterbahn employees are known throughout the industry for their innovation and dedication to the quality of the guest experience. Because of their work, the water park located in New Braunfels has been recognized as the ‘Best Water Park in the World’ for 21 straight years, and Galveston has received recognition as the ‘Best Indoor Water Park in the World’ for a decade. We look forward to adding these parks to Cedar Fair’s industry-leading portfolio of regional entertainment resorts.” Richard Zimmerman, Cedar Fair’s president, and CEO.
Zell reaches $200m settlement over LBO. (FS)
Real estate billionaire Sam Zell and other former officers and directors of Tribune have reached a $200m settlement resolving allegations of fraudulent transactions related to the media company’s disastrous 2007 leveraged buyout.
Marc Kirschner, a litigation trustee representing Tribune creditors, filed the proposed settlement on May 31 with the US bankruptcy court in Wilmington, Delaware. The accord requires court approval, and a hearing is scheduled for July 11.
BetterUp raised $103m in Series C funding. (FS)
BetterUp, the creator of a leadership development platform that connects employees with professional coaches, has raised $103m in a round led by Lightspeed at a valuation of $710m.
The San Francisco-based business has raised more than $142m in total VC financing to date. Founded in 2013, BetterUp boasts more than 100 customers, including Airbnb, Workday and Instacart.
BlackThorn Therapeutics closed $76m Series B. (FS)
BlackThorn Therapeutics, a clinical-stage, neurobehavioral health company pioneering next-generation AI technologies to advance targeted therapeutics, closed its $76m Series B financing.
“Making personalized medicine for mental health a reality requires the ability to gather, integrate, and analyze a wide variety of data at scale. BlackThorn has positioned itself at the forefront of these efforts by building the largest library of deeply phenotyped clinical neurobiological data and a cloud-based platform powered by artificial intelligence and machine learning (AI/ML) to inform rational targeted drug discovery and development.” Paul Berns, Executive Chair of BlackThorn and a Venture Partner at ARCH Venture Partners.
EMEA
French Finance Minister Bruno Le Maire said a Fiat Chrysler-Renault merger remained an “interesting opportunity” but added he would tell the French carmaker’s chairman that strengthening the Renault-Nissan alliance was the priority. However, as Reuters reported before, French President Emmanuel Macron has turned down a request to meet Renault chairman Jean-Dominique Senard, who is furious over the government’s interference at the carmaker, raising questions over Senard’s future.
Le Maire said he would meet Senard later, with the chairman’s position seen weakened by the deal’s collapse and the ensuing fallout with President Emmanuel Macron’s government.
JPJ has acquired the business of Gamesys, excluding sports brands and games, for a mixture of cash and new JPJ shares. A total valuation is c.£490m ($621m).
JPJ will acquire a portfolio of complementary, market-leading, and high growth games content and brand licenses, including Virgin Games, Virgin Casino, Monopoly Casino, and Heart Bingo. This would diversify the brand portfolio and give international expansion opportunities.
“I am very excited to join the Enlarged Group as CEO. This is a strategically important transaction that adds scale and combines complementary capabilities as the competitive and regulatory environment continues to evolve. The Enlarged Group’s combined brand portfolio, strategically aligned operating structure, technology capabilities, and exceptional combined talent base will create significant opportunities for growth in the market.”Lee Fenton, Gamesys Chief Executive.
Gamesys is advised by Evercore. JPJ Group is advised by Berenberg, Canaccord Genuity, Macquarie Group, and Finsbury.
The chairman of soccer club Lazio Claudio Lotito has presented an offer for Italian flagship carrier Alitalia, Reuters reported. The offer is part of the effort spearheaded by state-owned Ferrovie dello Stato to rescue Alitalia, which has been under special administration since 2017.
Ferrovie Dello Stalo is advised by Mediobanca, Cleary Gottlieb, Steen and Hamilton.
Cidron Maximus, a company, ultimately owned by Nordic Capital, a leading private equity investor in the Nordic region, sold 25m shares in Munters Group, a global leader in energy-efficient and sustainable air treatment solutions. The sale represents 13.6% of the total number of shares and votes in Munters, through an accelerated book building to Swedish and international institutional investors for SEK 44.00 ($4.64) per share.
Following the stake sale, Cidron owns 67m shares in, corresponding to 36.5% of the total number of shares and votes. Subject to customary exceptions or obtaining consent from Carnegie Investment Bank and Jefferies International, Cidron has agreed to a 90-day lock-up period concerning its remaining shares in Munters.
Carnegie Investment Bank and Jefferies International acted as joint bookrunners in connection with the stake sale.
Clessidra has agreed to acquire a majority stake in L&S Group, a maker of lighting solutions and embedded LED systems for residential, industrial and retail applications. Financial terms were not disclosed.
L&S manufactures and distributes lighting solutions and embedded LED systems for residential, industrial, and retail applications.
“The investment in L&S is supported by the strong competitive positioning, the track record of growth and cash generation, but also by the international and diversified geographical footprint and solid business relationships with blue-chip clients such as kitchen manufacturers, residential furniture manufacturers, luxury retailers, shopfitters, etc. We believe that these peculiar characteristics will enable a strengthening of the Group positioning in the market and provide an incentive to exploit additional growth opportunities, also through acquisitions”, Matteo Ricatti, Clessidra Managing Director.
L&S Group is advised by Alantra, UBI Banca, and Dentons. Clessidra is advised by goetzpartners, Alonzo Committeri, PricewaterhouseCoopers, Mediobanca, UBI Banca, and Linklaters.
The Coca-Cola acquired two Kenyan bottling firms, Almasi Beverages, and Nairobi Bottlers, from Centum Investments, a public East African investment company, for $192m. Subject to regulatory approval, the deal is set to be closed in the next four months.
“The achieved exit valuation speaks to the success of our investment cycle and portfolio management strategy that included consolidation of 3 bottlers into Almasi Beverages and acquisition of a majority stake in the business. The proceeds from these transactions will be applied towards repaying our current $-denominated bank term loans of $75m, which will result in finance cost savings of $7m,” Centum said in a statement.
CABESTAN Capital, the small caps unit of Andera Partners, a French capital market company, sold its stake in Europ Net to the firm's management. Europ Net provides cleaning and routine maintenance services for buildings in France. Financial terms were not disclosed.
Stéphane Payan, President, and Carlos de Moura, Managing Director of EuropNet : "This is a particularly exciting new phase for us and our group. We have gone from spin-off to full ownership of our group's capital in record time but our ambition is intact. We thank Andera Partners for the quality of our partnership and the conditions of trust in which we have all prospered."
LCL, Caisse d'Epargne Ile-de-France and Banque Populaire Rives de Paris provided debt financing.
Old Mutual Private Equity (OMPE), a leading private equity firm in South Africa, has acquired majority stakes in Footgeat, a South African retailer of branded footwear. Financial terms were not disclosed.
In addition to being a strategic partner to the management team who hold the remaining shares, OMPE will also provide capital to support the growth of the Footgear business.
"We are culturally and commercially aligned to Footgear’s high-quality management team and are proud to back a team that has a long and successful track record.” Chumani Kula, OMPE Investment Principal.
Würth Electrical Wholesale Group, a leading electrical manufacturer and distributor based in Germany, has acquired, Grupo Electro Stocks (GES), one of the leading companies in the Spanish electrical wholesale market, from Funds advised by Apax Partners. Financial terms were not disclosed.
"We look forward to welcoming the entire team of GES to the family of the Würth Group, once approval of the antitrust authorities has been obtained.” Ulrich Liedtke, Wurth Executive Vice President.
BBGI SICAV, an investment firm specializing in infrastructure investments in operational or near operational assets, acquired the A1/A6 PPP project in the Netherlands for £58m ($74m).
"We are delighted to increase our equity interest in this high quality, stable, operational, road PPP project in the Netherlands. This acquisition further strengthens the global footprint of our portfolio of investments in AAA/AA-rated countries. Given our existing involvement with this project, no additional management resources will be needed to oversee the incremental investment, helping to contribute to BBGI's low on-going charge." Frank Schramm, BBGI Co-CEO.
Haspa, a leading equity investor in northern Germany, has acquired, Braase, a German vehicle transportation company. Financial terms were not disclosed.
Vodafone acquired spectrum for 5G services for €1.88bn.
Vodafone Germany has acquired essential radio spectrum for next-generation 5G mobile networks at the Federal Network Agency auction for a total cost of €1.88bn ($2.1bn). It has secured a valuable 90 MHz in the 3.6 GHz band and 40 MHz of 2.1k MHz spectrum.
"Vodafone is committed to bring the full benefits of digital society to Germany through our gigabit network, including 5G. We believe it is important to have a balance between the price paid for spectrum and our strong desire to create an inclusive society through investment in mobile network coverage." Nick Read, Vodafone Group Chief Executive.
Kinnevik stops a plan to divest its shares in Millicom. (FS)
Swedish investment company Kinnevik said it was canceling its plan to divest its shareholding in telecommunications and media company Millicom International Cellular through a public offering, due to unfavorable market conditions.
“It has become clear that unfavorable market conditions mean that the envisioned two-step divestment cannot be concluded in its current form and on terms which Kinnevik finds sufficiently attractive for its shareholders,” Kinnevik said.
Tencent Investor Naspers looks profit boost ahead of the spinoff.
Naspers’s full-year earnings rose by as much as a third ahead of the technology group’s planned asset spinoff in Amsterdam, a move designed to reduce its dominance of Johannesburg’s stock exchange.
Core headline earnings per share, which strip out non-operational items, are expected to have grown by between 31% and 33%, the Cape Town-based company said in a statement ahead of more detailed financials scheduled for June 21.
Dmitriy Masepin to buy 10% of Uralpottasium from Sberbank. (FS)
Dmitriy Masepin, who is the main shareholder, plans the acquisition of 10% stake in Uralpottasium from the subsidiary of the Sberbank, RBC reported.
This would provide the possibility to squeeze out minority shareholders and delist Uralpottasium.
BNP, Touring and AG Insurance formed a strategic partnership.
BNP Paribas Fortis, AG Insurance and Touring agreed to form a strategic partnership for future mobility. The deal appears to supersede a previously announced collaboration between Touring and Belfius, another Belgian bank. As a first step, the three companies – market leaders in banking, insurance, and motoring assistance – will promote each other's products on a broader scale and more intensely than already happens.
The three companies will also work together to develop new innovative solutions, focusing on mobility, prevention, and assistance. Simultaneously, the three partners will support the development of a Mobility-as-a-Service ecosystem by integrating various mobility products and services.
Ferguson shared jump as activist fund Trian takes 6% stake. (FS)
Activist fund Trian Fund Management said it has built up a 6% stake in Ferguson, disclosing the investment days after the British plumbing products company reported disappointing results and slowing growth in its biggest market.
Ferguson shares jumped 8.5% to an 8-month high on the news, topping London’s FTSE 100 blue-chip index. Trian said it had acquired a stake worth £736m ($934m) - becoming Ferguson’s second-biggest shareholder - because it felt the company was an attractive investment trading at a discount to peers in the United States.
APAC
South Korean battery maker LG Chem formed a joint venture with China’s Geely Automobile Holdings to produce batteries for electric vehicles. The two parties would invest $94m each in the venture.
The joint venture would have an annual production capacity of 10 GWh by the end of 2021, and its products would be supplied to Geely’s electric vehicles from 2022.
Australia’s competition regulator said it was examining whether a proposed takeover of Ruralco Holdings could reduce wholesale competition and lead to discrimination against some independent retail stores.
In February, rural services firm Ruralco got an A$469m ($337m) all-cash takeover offer from Canadian fertilizer giant Nutrien. Nutrien operates in Australia through its wholly owned unit Landmark, one of the largest agricultural businesses in Australia.
Shares of Ruralco fell as much as 5.4% to A$4.05 ($2.81), their most significant intraday percentage drop in over 11 months, after the release of a Statement of Issues by the regulator.
Ruralco is advised by Gresham, Gilbert + Tobin, and Johnson Winter & Slattery.
Advantage Partners have acquired Abitus and Tokyo Central Japanese Language School. Financial terms were not disclosed.
Abitus operates schools offering qualifications in various overseas certifications, including US Certified Public Accountant and Certified Internal Auditor certifications as well as an MBA program accredited by the University of Massachusetts. TCJ was founded in 1988 and operated Japanese language schools for foreigners and training for Japanese language teachers. AP Funds were attracted to the companies due to their diverse portfolio of education services focused on specific niche sectors with high barriers to entry and ample prospects for future growth.
Alibaba files for HK listing that may raise $20bn as soon as Q3.
China’s biggest e-commerce company, Alibaba Group Holding has filed confidentially for a Hong Kong listing that could rise to $20bn as early as the third quarter of this year, Reuters reported.
A deal of that size would be the biggest follow-on share sale globally in seven years and give Alibaba funds for technology investment - a priority for China as economic growth slows and a trade spat with the United States intensifies.
Alibaba holds the record for the world’s largest initial public offering with its $25bn float in New York five years ago.
Hyundai and Kia to invest in self-driving startup Aurora.
Hyundai Motor said it would invest in self-driving car software startup Aurora along with Kia Motors to speed up the development of autonomous vehicle technologies. Aurora said in a blog post that Hyundai and Kia’s investment is part of a series B financing round, which has now raised more than $600m.
“With the new investment, the companies have agreed to expand research to a wide range of models and to build an optimal platform for Hyundai and Kia’s autonomous vehicles,” Hyundai said.
Carsales considers selling a 50.1% interest in Stratton Finance.
Carsales is conducting a strategic review and pursuing the sale of its 50.1% interest in Stratton Finance, the vehicle finance broking business. Timing of a potential sale of carsales’ interest in Stratton will be determined following the completion of the strategic review, which Miles Advisory Partners has been engaged to conduct.
Stratton is a leading player in the asset finance and insurance market, assisting its customers' finance over $750m of assets each year. The business has a 22-year history and large customer base built over that time. While the industry is adapting well to changes in the automotive finance market stemming from regulatory changes and making significant steps towards a digital transformation, carsales believes it can deliver better value for shareholders by investing in the growth and development of its core Australian and international businesses.
Wall Street lends billions to China's Tech Unicorns. (FS)
Wall Street banks are taking their unicorn playbooks to China.
After arranging billions of dollars in loans for highly valued - and money-losing - US startups like Uber Technologies, banks including Morgan Stanley and Goldman Sachs are angling to do the same for some of China’s biggest unicorns.
They helped Bytedance, owner of the wildly popular TikTok video app, borrow $1.3bn in April and are said to be raising as much as $1.4bn for two other Chinese tech startups - borrowers that until recently had rarely tapped the syndicated loan market, Bloomberg reported.
Grab considers the acquisition of Asia Payments Startup 2C2P.
Singapore ride-hailing giant Grab held talks to acquire payments provider 2C2P and was turned down, Bloomberg reported.
Grab was one of the multiple possible bidders interested in 2C2P with introductory offers ranging up to about $200m. The payments startup, also based in Singapore, decided instead to raise additional capital to keep expanding as an independent company.
Warburg Pincus-backed ESR postpones the largest HK IPO this year. (FS)
Logistics real estate developer ESR Cayman, backed by private-equity firm Warburg Pincus, said it would postpone its up to $1.24bn Hong Kong listing that would have been the largest in the Asian hub so far this year.
The company, which had planned to raise between $1.16bn and $1.24bn, said in a filing it had made the decision “in light of the current market conditions.”
GAIL offered to swap Konkan LNG’s debt for a stake.
State-run gas utility GAIL offered to assume the debt of about ₹4,000 crore ($576m) of Konkan LNG, which provides oil and gas exploration services in India, in lieu of receiving the lenders’ stake in the company for free.
The talks are at a nascent stage since the proposal requires an independent valuation of the stakes held by the lenders in Konkan LNG. Gail owned 26% in unlisted Konkan LNG in March 2018, according to a shareholding document.
CPPIB considers picking stake worth $150m in Delhivery in a secondary deal. (FS)
Canada Pension Plan Investment Board (CPPIB) is close to making an investment of $150m for an 8% stake in Indian logistics startup Delhivery through a secondary route.
The Canadian pension fund is buying shares of private equity firm Multiples Alternate Asset Management in Delhivery, DealStreet Asia reported. The Renuka Ramnath-led Multiples first invested in SSN Logistics, which runs Delhivery, in a $35m financing round in 2014. Venture capital firm Nexus Venture Partners is also expected to divest its shareholding in the process partly.
Tencent-backed Waterdrop raised $145m in Series C funding. (FS)
Waterdrop, a Beijing-based online insurance platform backed by Tencent, has raised more than Rmb1bn ($145m) in its Series C funding round led by China-focused investment firm Boyu Capital.
The fundraising for the Series C round was completed less than three months after Waterdrop raised Rmb500m ($74m) in its Series B financing round led by Tencent.
Waterdrop’s Series B round was believed to be one of the largest deals in the insurance tech and healthcare market in China since the global economy spiraled down in 2018.
Nithia Capital considers the acquisition of Visa Steel. (FS)
London-based distressed assets advisory firm Nithia Capital Resources has evinced interest in acquiring Visa Steel, which owns a 0.5-m tonne steel plant in Odisha, DealStreet Asia reported.
The acquisition is in line with Nithia’s strategy of acquiring steel plants with less than one million tonne capacity backed by funds from institutional investors. Nithia Capital has also emerged as the successful bidder for the distressed companies of Uttam Galva along with CarVal Investors.
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