Devon Energy, an independent energy company that is involved primarily in oil and gas exploration, development and production, agreed to merge with WPX Energy, a company engaged in hydrocarbon exploration, in a $12bn all-stock deal.
Upon completion of the transaction, Devon shareholders will own approximately 57% of the combined company and WPX shareholders will own approximately 43% of the combined company on a fully diluted basis. Funds managed by EnCap Investments own approximately 27% of the outstanding shares of WPX and have entered into a support agreement to vote in favour of the transaction.
"This merger is a transformational event for Devon and WPX as we unite our complementary assets, operating capabilities and proven management teams to maximize our business in today's environment while positioning our combined company to create value for years to come. Bringing together our asset bases will drive immediate synergies and enable the combined company to accelerate free cash flow growth and return of capital to shareholders. In addition to highly complementary assets, Devon and WPX have similar values, and a disciplined returns-oriented focus, reinforcing our belief that this is an ideal business combination," Dave Hager, Devon President and CEO.
WPX Energy is advised by Citigroup and Kirkland & Ellis. Devon Energy is advised by JP Morgan and Skadden Arps Slate Meagher & Flom. EnCap Investments is advised by Vinson & Elkins.
Clearlake Capital and TA Associates-backed Ivanti, an IT software company headquartered in South Jordan, Utah, agreed to acquire MobileIron, an American software company which provides unified endpoint and enterprise mobility management for mobile devices, such as multi-factor authentication, for $872m.
"We are thrilled to join forces with Ivanti and Pulse Secure in a combination that will accelerate our ability to help organizations quickly and securely embrace the future of work, in which employees, IT infrastructure and customers are everywhere – and mobile devices provide access to everything. Bringing our solutions together will enable organizations to easily secure users, devices, data and access in the Everywhere Enterprise. We're confident that this transaction will deliver comprehensive security for the next-generation workforce, provide enhanced opportunities for our team of employees, and better serve our customer base. Additionally, we believe this combination represents the best path forward for our stockholders and MobileIron," Simon Biddiscombe, MobileIron CEO.
MobileIron is advised by Barclays and Morrison & Foerster. Barclays is advised by Sullivan & Cromwell. Ivanti is advised by BMO Capital Markets, Bank of America Merrill Lynch, Morgan Stanley, UBS, Kirkland & Ellis, Sidley Austin and Avista PR. Debt financing is provided by BMO Capital Markets, Bank of America Merrill Lynch, Morgan Stanley and UBS. Clearlake Capital is advised by Lambert & Co. TA Associates is advised by BackBay Communications.
Clearlake Capital and TA Associates-backed Ivanti, an IT software company, agreed to acquire Pulse Secure, a provider of secure access and mobile security solutions, from Siris Capital. Financial terms were not disclosed.
"Siris has been a committed partner working side-by-side with us throughout our journey, and we are grateful for the team's support and added value to our business. As it relates to the future of work, Ivanti shares our belief that 'Remote is the New Normal' and our commitment to building Secure Access solutions that offer simple and unified user experiences. We are excited to join the Ivanti family alongside MobileIron and look forward to utilizing the resources that Clearlake and TA Associates provide to further establish our position as a Secure Access leader for Hybrid IT environments in a world of Zero Trust," Sudhakar Ramakrishna, Pulse Secure CEO.
Pulse Secure is advised by Goldman Sachs. Ivanti is advised by BMO Capital Markets, Bank of America Merrill Lynch, Morgan Stanley, UBS, Kirkland & Ellis, Sidley Austin and Avista PR. Debt financing is provided by BMO Capital Markets, Bank of America Merrill Lynch, Morgan Stanley and UBS. Clearlake Capital is advised by Lambert & Co. TA Associates is advised by BackBay Communications. Siris Capital is advised by Abernathy MacGregor Group.
Cleveland-Cliffs, a Cleveland, Ohio-based company that specializes in the mining, beneficiation, and pelletizing of iron ore, agreed to acquire ArcelorMittal USA, part of ArcelorMittal, a steel and mining company, for $1.4bn.
"Steelmaking is a business where production volume, operational diversification, dilution of fixed costs, and technical expertise matter above all else, and this transaction achieves all of these. ArcelorMittal is a world-class organization that we have long admired as our customer and our partner, and we know for a fact that they have taken good care of their US assets," Lourenco Goncalves, Cleveland-Cliffs Chairman, President and CEO.
Cleveland-Cliffs is advised by Goldman Sachs and Jones Day. ArcelorMittal is advised by Bank of America Merrill Lynch and Cleary Gottlieb Steen & Hamilton.
CNX Resources, one of the largest independent natural gas exploration, development and production companies, completed the acquisition of the remaining stake in CNX Midstream Partners, a company that owns, operates, develops and acquires gathering and other midstream energy assets, for $357m.
"We believe that this take-in transaction of CNX Midstream Partners is the optimal solution for all relevant stakeholders given the near- and long-term view of the MLP market. We expect the combined entity to be an even stronger company with a lower cost of capital and increased investable free cash flow," Nicholas J. DeIuliis, CNX Resources President and CEO.
CNX Midstream was advised by Intrepid Advisors and Baker Botts. CNX Resources was advised by Citigroup, Evercore, Jefferies & Company and Latham & Watkins.
First Mid Bancshares, a $4.5bn community-focused organization that provides a full suite of financial services, agreed to merge with LINCO Bancshares, a Missouri state-chartered depository trust company, in a $145m deal.
"Providence has a long history of providing excellent service to the communities it serves and we are looking forward to combining forces and providing even more financial solutions for customers and communities. We have consistently shared our strategic intent to diversify our geographic footprint and this merger expands our presence in the Mid-Missouri and St. Louis Metro markets. In addition to St. Louis, Providence has deep relationships in Columbia, where it is headquartered, and in the Jefferson City and Osage Beach markets. It has also successfully operated outside of Missouri in the high performing and growth markets of Grapevine, Texas and through its loan production office in Indianapolis, Indiana," Joe Dively, First Mid Chairman and CEO.
LINCO Bancshares is advised by Keefe Bruyette & Woods and Stinson. First Mid Bancshares is advised by Piper Sandler and Schiff Hardin.
Trilantic North America, a private equity firm, completed the acquisition of a minority stake in Rarebreed Veterinary Partners, a technology-enabled veterinary services platform. Financial terms were not disclosed.
"We were drawn to the opportunity to invest in Rarebreed for a number of reasons, including their flexible, partnership-oriented approach to M&A, and the team's thoughtful investments in building a platform that leverages technology and systems to deliver value that will continue to scale," Jamie Manges, Trilantic North America Partner.
Rarebreed was advised by Gunderson Dettmer Stough Villeneuve Franklin & Hachigian. Trilantic was advised by Kirkland & Ellis and Prosek Partners.
Investor AB-backed Patricia Industries, a long-term owner and investor, agreed to acquire Advanced Instruments, a global provider of osmolality testing instrumentation and consumables for the clinical, biopharmaceutical, and food & beverage markets, from Windjammer Capital, a private equity investment firm, for $780m.
Patricia Industries plans to inject approximately $620m in equity for majority ownership of the company. The remainder of the acquisition will be financed by external debt and equity participation by Advanced Instruments' management, board and other key individuals.
"Advanced Instruments has a market-leading technology and a track record of successful innovation. The company has a resilient business model, strong long-term organic growth potential and multiple ways to expand through acquisitions in both existing and new markets. We look forward to working with the management team and our strong industrial network to further develop the business," Noah Walley, Patricia Industries Co-Head.
Patricia Industries is advised by Simpson Thacher & Bartlett. Windjammer is advised by Kirkland & Ellis.
Atlas Copco, a provider of sustainable productivity solutions, agreed to acquire Perceptron, a global provider of 3D automated metrology solutions and coordinate measuring machines, for $69m. Harbert Management, an investment firm and holder of 10.5% stake in Perceptron agreed to divest its stake.
"As a respected, well-capitalized organization with global reach, Atlas Copco is an ideal fit for our company. Atlas Copco's leadership position across a broad array of industrial markets, combined with a growing presence in the machine vision space, will allow them to fully leverage our technology to the benefit of existing and new customers, all while realizing economies of scale with the potential to support growth. We are excited by the opportunities that lay ahead for our combined organizations and recommend that Perceptron shareholders vote in favor of the Agreement and the transaction," Jay Freeland, Perceptron Chairman and Interim CEO.
Perceptron is advised by Vallum Advisors, XMS Capital Partners and Dykema.
WSJreported that a federal judge blocked the Trump administration's attempt to ban TikTok downloads in the US, giving the Chinese-owned app a short-term victory as it scrambles to ensure its future while caught in a battle of brinkmanship between global superpowers.
The ruling by judge Carl Nichols of the US District Court in Washington, DC, gives TikTok owner ByteDance more time to get approval from US and Chinese authorities for a pending deal that includes Oracle and Walmart.
Curtiss-Wright, an American, global diversified product manufacturer and service provider for the commercial, industrial, defence, and energy markets, agreed to acquire Pacific Star Communications, a provider of tactical communications solutions for battlefield network management, for $400m.
"The acquisition of PacStar establishes Curtiss-Wright as a critical supplier of advanced tactical and enterprise network communications solutions supporting a broad spectrum of high-priority US military force modernization programs," David C. Adams, Curtiss-Wright Chairman and CEO.
Vista Outdoor, a global designer, manufacturer and marketer of products in the outdoor sports and recreation markets, agreed to acquire the ammunition and accessories assets of Remington Outdoor, a designer and manufacturer of firearms and ammunition, for $81m.
"With our deep expertise and resources, we can transform Remington's ammunition and accessories businesses to create a more efficient, profitable and sustainable operation. At the same time, by rescuing the Remington ammunition businesses from bankruptcy, we will protect hundreds of jobs, support wildlife and habitat conservation and ensure that hunting and shooting sports enthusiasts can continue to purchase their favorite ammunition and accessories. We look at this acquisition as a means of better-serving millions of consumers with the products they love from one of the country's original and best-known brands, while furthering Vista Outdoor's mission of being a powerhouse of passionate outdoor sports and recreation brands," Chris Metz, Vista Outdoor CEO.
Spectrio, a provider of customer engagement technology solutions, completed the acquisition of Industry Weapon, a digital signage company based in Pittsburgh. Financial terms were not disclosed.
"Industry Weapon has been a leader in the digital signage space throughout its history, and we are excited to blend their industry experience and strategic communications background with Spectrio's. As we continue to build and enhance Spectrio's customer engagement technology, we know the Industry Weapon team will bring valuable technical knowledge and insight," Dax Brady-Sheehan, Spectrio CEO.
Patrick Industries, which manufactures and distributes building products for the manufactured housing, recreational vehicle, furniture manufacturing, marine, automotive aftermarket, and other industries, completed the acquisition of Front Range Stone, a fabricator and installer of a full suite of natural stone, quartz, solid surface, and laminate countertops. Financial terms were not disclosed.
"This acquisition represents an attractive growth opportunity with strong leadership to leverage our existing industrial operations to expand both our countertop presence and our geographic presence into the Great Plains and western housing markets. Consistent with previous acquisitions, we will support Front Range with a financial and operational foundation that will allow it to capitalize on its core competencies while preserving the entrepreneurial spirit that has been so important to its success," Andy Nemeth, Patrick President and CEO.
Byzen Digital, a public company trading on the OTC Pink Current Market that is presently focusing on mergers, acquisitions, and operations of companies in the clean technology and energy sectors, completed the acquisition of a majority stake in 100BIO, a technology provider of eco-friendly food packaging products for the food services and packaging industries. Financial terms were not disclosed.
“100BIO is a perfect complement to the Byzen mission of reducing waste plastic while driving shareholder value. We could not be more thrilled with the closing of this acquisition and the progress that 100BIO has made in the marketplace. This marks an important step forward for the Byzen and opens up global opportunities for growth and revenue generation,” Dan Bates, Byzen Digital CEO.
Sycamore Partners looking to buy Ann Taylor. (FS)
Sycamore Partners, a private equity firm based in New York, is looking to acquire assets of bankrupt Ascena Retail Group including the Ann Taylor brand. Financial terms were not disclosed.
Ascena Retail Group filed for bankruptcy in July with plans to cull its 2.8k stores to just 1.2k. It's finalizing a plan to cut debt by about $1bn and hand ownership to lenders including Bain Capital and Monarch Alternative Capital.
Alexis Ohanian seeks a new $150m fund. (FS)
Alexis Ohanian, the Co-Founder of Reddit and early-stage VC firm Initialized Capital, is raising a new fund, named 776, with a target of $150m, TechCrunch reported.
The filing comes three months after the entrepreneur left Initialized Capital. It appears that the name of the fund is a reference to when the first Olympics were held, in 776 BC.
Private equity firm EQT Partners agreed to acquire the natural colours business of Chr. Hansen, a global developer and manufacturer of natural colouring ingredients for food and beverages, for $930m.
"We are immensely proud and humble of having been chosen as the future owner of Natural Colors. It is a high-quality and truly global business with a proud legacy of servicing customers all over the world for more than 100 years. We are highly impressed by the strong ESG profile, the high-quality organization and talented people we have met during this process, as well as the dedicated focus on food safety. Natural Colors fits very well with EQT's thematic investment criteria and is operating in two of EQT IX's five prioritized sub-sectors within Industrial Technology. EQT's ambition is to help the business achieve further growth both organically and through acquisitions," Mads Ditlevsen, EQT Partner.
EQT Partners is advised by Boston Consulting Group, JP Morgan, Nordea Bank, Accura Advokatpartnerselskab and Netlight. Chr. Hansen is advised by Deloitte, Goldman Sachs, Baker McKenzie and Gorrissen Federspiel.
Canadian pension fund Caisse de Dépôt et Placement du Québec co-invested in Colisée, a French nursing home operator, alongside EQT Partners. Financial terms were not disclosed.
"For CDPQ, this acquisition represents a significant investment in health care infrastructure, an essential sector where needs are growing and where Colisée is well-positioned," Emmanuel Jaclot, CDPQ Executive Vice-President and Head of Infrastructure.
Colisée is advised by Oloryn Partners, Opleo and Plead. EQT Partners is advised by Brunswick Group. IK Investment Partners is advised by LEK Consulting, Eight Advisory, Lazard, Goodwin Procter and Maitland.
Caesars Entertainment, an American casino and hotel company, offered to acquire William Hill, a bookmaker based in London, for $3.7bn.
"The opportunity to combine our land based-casinos, sports betting and online gaming in the US is a truly exciting prospect. William Hill's sports betting expertise will complement Caesars' current offering, enabling the combined group to better serve our customers in the fast-growing US sports betting and online market. We look forward to working with William Hill to support future growth in the US by providing our customers with a superior and comprehensive experience across all areas of gaming, sports betting, and entertainment," Tom Reeg, Caesars CEO.
William Hill is advised by Barclays, Citigroup, PJT Partners and Brunswick Group. Caesars Entertainment is advised by Deutsche Bank.
KKR-backed Exact, a provider of business and accounting software, agreed to acquire Officient, a Belgian HR software provider. Financial terms were not disclosed.
"In recent years, Exact has enhanced its online payroll solutions with many new features. However, we have seen increasing demand from customers looking for a solution that can addresses all their HR administration and processing needs. With Officient, we found the perfect partner to address this and have been impressed by how quickly they have attracted their impressive client base. This acquisition fits well with our strategy to grow through a combination of organic development and integration of acquired products. It builds on our presence in Belgium and follows on from our acquisition in December last year, of Belgian accounting and business management software company WinBooks," Phill Robinson, Exact CEO.
Phoenix Equity Partners-backed Sygnature Discovery, a drug discovery company, completed the acquisition of XenoGesis, the UK's largest independent laboratory-based CRO. Financial terms were not disclosed.
"This acquisition effectively doubles the size of our DMPK department (established in 2015), broadening our discovery and development expertise, complementing our existing service-offering and adding new skills and capabilities," Sygnature Discovery.
Walmart chooses EG Group founders and TDR Capital as favoured bidders for Asda. (FS)
Walmart picked the founders of EG Group, a UK petrol station operator, and TDR Capital, a private equity firm, as preferred bidders for Asda, valuing the British supermarket chain at more than £6.5bn ($8.4bn), Sky Newsreported.
Siemens will not consider any big deals soon after Siemens Energy spin-off.
Siemens does not see an urgent need for massive acquisitions to build up its size again after floating its turbine business Siemens Energy. Although the industrial software maker has the financial possibility to undertake big deals, transformational acquisitions bigger than €10bn ($11.65bn) are not necessary, Reuters reported. Instead Siemens will focus on smaller deals and internal investment on areas such as research and development as it transforms from a sprawling conglomerate to a company focused on factory automation, smart buildings and transport.
Siemens still plans the separation of its mechanical drives business Flender, but after that, there are unlikely to be any more big spin-offs. Siemens's train making mobility division, the subject of a failed merger with France's Alstom last year, will remain a crucial part of the company in future.
Reckitt launches the sale of several healthcare brands.
Reckitt Benckiser Group, a consumer goods group, is preparing to sell some of its non-core personal care brands, including Veet hair removal cream and Clearasil acne cream, Reuters reported.
The package of brands up for sale - which also includes E45 skin cream and Scholl foot products - could be worth as much as £1bn ($1.3bn) in a sale, based on estimates of annual earnings before interest, tax, depreciation and amortisation north £120m ($153m).
HSBC in final talks to divest French retail business. (FS)
Cerberus and a rival investment firm told HSBC they would buy its French retail arm for a symbolic one euro provided the British bank ploughs more than €500m ($583m) into the business, Bloomberg reported.
HSBC is working with Lazard to sell its 270 retail branches in France as part of Chief Executive Noel Quinn’s strategy to slash costs across the banking group. The bank has been struggling to attract interest in the unit as bidders fret at the heavy restructuring assumed to be necessary and complex talks with local regulators.
Aurelius Growth Investments raised €120m to finance acquisitions. (FS)
Aurelius Wachstumskapital, an investment company with a long-term horizon that acquires stakes in successful small and medium-sized enterprises in high-growth sectors, raised €120m ($140m) in fresh capital to invest in SMEs.
As part of the Aurelius Group, a pan-European asset manager, Aurelius Growth Investments focuses on investments in sustainably successful small and medium-sized enterprises in Germany, Austria and Switzerland. The principal activities of Aurelius Growth Investments involve owner buyouts and (early) succession solutions, as well as growth financing.
"Buy-and-build, meaning the acquisition of other market players or competitors as a way of accelerating the growth of our portfolio companies, is often part of our strategy," Nico Vitense, Aurelius Growth Investments Managing Partner.
Commerzbank hires Manfred Knof as new CEO. (People)
Commerzbank named Manfred Knof, head of rival Deutsche Bank's private bank in Germany, as its new chief executive, putting a banking- and insurance-industry veteran in charge of likely deeper cost cuts at the German lender, WSJ reported.
Like most European lenders, Commerzbank is struggling to earn money while interest rates remain low or negative, and faces stiff competition in its heavily banked home market.
New Wave Holding, an investment holding company, agreed to acquire the remaining stake in SINA, an online media company serving China and the global Chinese communities.
The deal implies the $2.6bn equity value of SINA. At the effective time of merger, each SINA's ordinary share outstanding will be ceased to exist for the right to receive $43.30 in cash.
SINA is advised by Morgan Stanley, Gibson Dunn & Crutcher and Harneys. Morgan Stanley is advised by Kirkland & Ellis. New Wave is advised by Skadden Arps Slate Meagher & Flom. Debt financing is provided by China Minsheng Banking.
US retail giant Walmart invested $560m in Flipkart, an Indian e-commerce company based in Bangalore, as part of its $1.2bn round announced in July. The round values Flipkart at $25bn.
"We're grateful for the strong backing of our shareholders as we continue to build our platform and serve the growing needs of Indian consumers during these challenging times," Kalyan Krishnamurthy, Flipkart CEO.
Walmart was advised by Shardul Amarchand Mangaldas & Co.
Investment companies Tencent, Hillhouse Capital and YF Capital led a $176m investment round in Taimei Technology, a Jiaxing-based software company.
Taimei runs TrialOS, a platform that involves the different stakeholders in the pharmaceutical sector, including hospitals, drug makers, regulators, and patients. TrialOS consists of more than 20 applications, managing clinical research projects, clinical trial documents, patient data, and a system that alerts on adverse drug reactions during trials, among others.
Big Hit Entertainment to raise $820m from its IPO.
Big Hit Entertainment, the management company behind the popular boy group BTS, is set to raise about $820m from its IPO after pricing shares at the top end of their range, reflecting the continuing popularity of BTS.
Big Hit priced shares at $115 after setting an initial range of $89-115. Institutional investors oversubscribed by more than 1k times the shares allocated to them. The IPO will be South Korea's largest in three years and make Big Hit founder Bang Si-hyuk a billionaire while turning each of the seven band members into multimillionaires. Bang owns more than 40% of the Seoul-based music agency, while gaming company Netmarble holds 25% after investing $172m two years ago.
BigBasket seeks to raise $100m in Temasek-led fundraise. (FS)
BigBasket, a Bengaluru-based online grocer, is in talks to raise up to $100m in a fresh funding round led by Singapore's state investment arm Temasek Holdings to fight new competitors, including JioMart, in the online grocery segment, DealStreetAsia reported.
The talks between the two have been on for the past few weeks, and Temasek could alone inject about $50-70m in the proposed financing. Other investors include Mirae Asset and CDC Group.
Big Basket appointed Goldman Sachs and Morgan Stanley to help with the fundraising.
LaSalle raises $379m for China logistics fund. (FS)
LaSalle Investment Management, a US real estate investment manager, raised another $379m for its debut China-focused logistics fund, LaSalle China Logistics Venture.
The fund had started raising capital in the second quarter of 2019 with media reports at the time indicating a target fundraising size of about $1bn. LaSalle did the first closing of LCLV at $681m, when, along with a co-investment vehicle, it received interest from a clutch of investors from Europe, the Middle East, and Asia.
While announcing the first closing, LCLV said it had already acquired two development sites in Shanghai's satellite markets of Kunshan and Jiaxing, and another three logistics assets in Wujiang, Tianjin, and Huizhou.
Logicreation considers raising $152m in ChiNext IPO.
Logicreation Information & Technology, a knowledge and information sharing service provider, filed for an IPO on the ChiNext board of the Shenzhen Stock Exchange, DealStreetAsia reported. Logicreation is looking to raise $152m from the IPO, by offering up to 10m shares, which will bring its valuation to $586m.
Beijing-based global investment bank China International Capital is the principal underwriter for the deal. After the IPO, Logicreation will allocate the proceeds to spruce up its technology and service platforms, educational centres, and also facilitate an intelligent research centre.
Quadrant Private Equity plans to raise A$250m IPO. (FS)
Quadrant Private Equity, an Australian buyout group, launched the process for listing its majority-owned online cosmetics shop, Adore Beauty, Reuters reported.
The IPO, which could be the country’s biggest retail IPO in five years, is expected to raise about A$250m ($176m). The listing would be completed before the US election and would value Adore at between A$700-800m ($493-563m).
Morgan Stanley and UBS are managing the deal and conducting pre-deal “investor education” sessions.
CITIC and SF Holdings to launch a $308m fund. (FS)
CITIC Group’s investment vehicle CITIC Capital joined hands with a unit of SF Holdings to launch a $308m fund for logistics properties in China.
CCRE China Logistics, CITIC Capital’s logistics arm, and SF Holdings subsidiary Prosperity Sino entered into the agreement on September 26 to jointly set up CC SF China Logistics Properties Investment Fund. SF Holdings is the parent company of the Chinese courier giant SF Express, DealStreetAsia reported.
“The fund will drive SF’s business forward, and facilitate the circle between industry operations and capital flows,” CITIC.
Tata Group in talks with investors for a new digital platform.
Tata Group is in talks with potential investors about taking stakes in a new digital platform, Bloomberg reported, seeking to modernize its consumer businesses as retail giants like Amazon and billionaire Mukesh Ambani pile into the country's fledgling e-commerce market.
Tata Sons, the holding company of the $113bn coffee-to-cars conglomerate, is working with advisers to explore bringing in financial or strategic investors, including global technology companies. The group plans to bring together digital assets across various Tata businesses to create the new entity.
Credit Suisse appoints Laungani as a Vice Chairman for Asia Pacific IB. (People)
Credit Suisse Group hired investment banker Neel Laungani as the Swiss lender seeks to build its team for deals in telecommunications, media and technology in Asia Pacific, Bloomberg reported.
Laungani is rejoining Credit Suisse in Hong Kong as a Vice Chairman of investment banking in Asia Pacific with a focus on TMT. He has been a managing director and head of TMT for the region at Deutsche Bank since 2017.
James Perry to return to Citigroup as Co-Head of Technology IB for Asia Pacific. (People)
James Perry, CFO of Singapore's Zilingo, resigned from the online fashion marketplace, Bloombergreported, marking a high-profile departure at the once-flourishing startup that has struggled since the coronavirus outbreak. Perry will return to Citigroup as Singapore-based managing director and Co-Head of Technology investment banking for Asia Pacific.
The veteran dealmaker joined Zilingo about a year ago after the startup secured funding from investors including Temasek Holdings and Sequoia Capital in early 2019. Before that, Perry had served as managing director and head of technology investment banking for Citigroup in the Asia Pacific. He had more than two decades of experience in corporate finance and handled 40 IPOs.
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