AMERICAS
The deal might be announced this week for assets including wireless spectrum and Sprint’s Boost Mobile brand.
The US Justice Department had wanted Sprint and T-Mobile to sell off additional assets to create a new wireless competitor before agreeing to approve their $26.5bn merger.
Dish Network was advised by Bank of America Merrill Lynch, Cleary Gottlieb Steen & Hamilton and Sullivan & Cromwell.
Infineon sold about 113m new shares at €14 ($16) each. The offering would increase its share capital by 10%. The new shares were placed in less than two hours.
Infineon had agreed on June 3 to buy Cypress for $10bn, paying a 46% premium to expand into next-generation autos and Internet technologies.
Cypress Semiconductor was advised by Morgan Stanley and Simpson Thatcher & Barlett. Infineon Technologies was advised by Bank of America Merrill Lynch, Credit Suisse, JP Morgan, Linklaters, Cleary Gottlieb Steen & Hamilton, Freshfields Bruckhaus Deringer, Kirkland & Ellis.
Payment Alliance International, a leader in ATM portfolio management products and services, has agreed to acquire ISA-Ecash, an ATM operator. Financial terms were not disclosed.
The acquisition adds 40 plus financial institution customers with 960 ATMs located throughout the Northeast to PAI’s existing nationwide network of more than 75,000 ATMs. The acquisition also encompasses ISA-Ecash’s industry-leading ATM Manager Pro software offering, which makes it easier for ATM deployers to maintain total command of ATM and cash operations. ATM Manager pro currently supports more than 270,000 ATMs across America.
“We are very excited about the capabilities ISA-Ecash has built over the years and the value they will add to our portfolio management products and services business. Jack O’Toole and Jim McGuire have built strong and enduring relationships with their customers, and we look forward to having them and the rest of ISA-Ecash’s employees join the PAI team,” David Dove, PAI CEO.
Boston-based Tremont Capital Group, a firm specializing in strategic planning and merger and acquisition advisory services to the ATM industry, advised the seller.
The combined company, which will operate under the name Chisholm Oil and Gas.
Chisholm is currently running three rigs and has a dedicated frac crew. The parties believe that the Gastar assets will be highly synergistic to their upstream operations as well as to Chisholm’s ownership stake in Great Salt Plains Midstream Holdings and its wholly-owned saltwater disposal subsidiary, Cottonmouth.
Chisholm was advised by Citigroup, Vinson & Elkins and Paul, Weiss, Rifkind, Wharton & Garrison. Gastar was advised by Evercore, Tudor Pickering Holt, and Kirkland & Ellis.
ON Semiconductor, a Fortune 500 semiconductors supplier company, closed the $1.1bn acquisition Quantenna Communications, which designs, develops, and markets wireless communication solutions. The deal was announced on March 27 2019.
The company was bought for $24.50 per share in an all-cash transaction. The acquisition significantly enhances ON Semiconductor’s connectivity portfolio with the addition of Quantenna’s industry-leading Wi-Fi technology and software capabilities.
“We are very pleased to welcome Quantenna to ON Semiconductor’s team. The acquisition of Quantenna is another step towards strengthening our presence in industrial and automotive markets. The combination of ON’s expertise in highly efficient power management and broad sales and distribution reach, and Quantenna’s industry-leading Wi-Fi technologies and software expertise creates a formidable platform for addressing fast-growing markets for low-power connectivity in industrial and automotive applications. I am very excited about the opportunity this acquisition creates for customers, shareholders, and employees of the two companies.” Keith Jackson, ON Semiconductor President, and CEO.
Quantenna Communications was advised by Qatalyst Partner and O'Melveny & Myers. On Semicondutor was advised by Morrison & Foerster.
Private equity firm Pala Investments offered to acquire Cobalt 27 Capital Corp, a leading battery metals streaming company, for C$501m ($374m). The offer price represents a 66% premium to current share price.
Anthony Milewski, Chairman and CEO of Cobalt 27, commented: “We believe this is a highly compelling offer for Cobalt 27, as the transaction provides shareholders with a large upfront premium. It is also clear that nickel will be an increasingly critical component of the electric battery revolution, and the creation of Nickel 28 provides shareholders with significant incremental value and continued exposure to the strong fundamentals of battery metals.”
Scotia Bank, Regent Advisors, TD Securities and Stikeman Elliott are advising Cobalt 27. Goldman Sachs, Torys and White & Case are advising Pala. ING and Societe Generale are providing debt financing.
Quorum Software to acquire Archeio Technologies.
Quorum Software the leader in digital transformation for the oil and gas industry, has acquired Archeio Technologies, the leading provider of oil and gas document classification and smart search technology. Financial terms were not disclosed.
The acquisition expands and strengthens Quorum’s industry-leading software and services with a cloud-based document management tool built to make oil and gas operations more secure, agile and compliant.
“This is a natural fit into our portfolio and gives us a variety of opportunities to expand how we help our customers. The combination of Archeio and Quorum will increase the efficiency of workflows across our Upstream solutions. We want to make it easier to find the information locked in land, accounting or well files, whether that person is searching from the field or the office, is a partner or interest owner, or is performing diligence.” Gene Austin, Quorum chief executive officer.
Quorum was advised by Kirkland & Ellis. Archeio was advised by Bell Nunnally.
As of 3 July 2017, Emmi acquired a 40% stake in the Brazilian dairy Laticínios Porto Alegre. Since then, the company has continued its positive development in an extremely challenging market environment. With a view to strategically strengthening its international business, Emmi decided to increase its stake to 70%, subject to the approval of the local competition authority.
"We are excited and honored to partner with Foster Pepper," said Greg Duff, firm chair and principal of Garvey Schubert Barer. "This combination of equally strong firms is a unique opportunity to strengthen and expand the services provided to our clients, including more comprehensive knowledge, greater industry insights, and broader geographic reach. Both of our firms are committed to providing our clients with best-in-class counsel and service. The newly formed Foster Garvey will leverage the assets of each firm."
Five Arrows-backed The Stepping Stones Group acquired StaffRehab. (FS)
Five Arrows-backed The Stepping Stones Group, a leading national provider of therapeutic and behavioral health services, acquired StaffRehab, a California based provider of therapy, nursing, and behavioral health services to children with autism and special needs in school settings. Financial terms were not disclosed.
"We are thrilled with the acquisition of StaffRehab. Sara Palmer, Lindsay Joseph, and their team have spent the last 10 years working to build a high performing organization and becoming one of the fastest growing leaders in therapeutic and behavioral services. We believe that The Stepping Stones Group's shared mission and national resources can support StaffRehab's growth ambitions," said Tim Murphy, the Chief Executive Officer of The Stepping Stones Group.
Blue Sprig Pediatrics, a clinic-based provider of Applied Behavior Analysis, acquired Verbal Behavior Consulting, a clinic-based provider of Applied Behavior Analysis therapy services treating children with Autism Spectrum Disorder. Terms of the transaction were not disclosed.
"We are excited about this partnership and the opportunity to expand across Kentucky and beyond," said Keith Jones, President and CEO of BlueSprig. "By partnering with VBC, we now have a Kentucky based platform upon which we can build to expand much needed services across the region for those families and children living on the spectrum who so urgently need our help. We have talked with many of the Kentucky based providers in the past and found the team at VBC stood head and shoulders above the rest in terms of the quality of their ABA and other autism focused support services they provide."
HIG Capital closes $1.5bn Bayside Loan Opportunity Fund. (FS)
HIG Bayside Capital, the distressed debt and particular situation affiliate of HIG Capital (HIG), has held the final closing of HIG Bayside Loan Opportunity Fund V with aggregate capital commitments of $1.5bn, exceeding its target.
“Economic conditions in Europe remain challenging, especially for smaller businesses. Our pan-European credit team is well positioned to address this need and capitalize on the compelling investment opportunities available in the European credit markets. We have already committed 38% of the Fund in European special situation opportunities.” John Bolduc, HIG Bayside Capital Executive Managing Director, and head.
Goldman, GIC lead Accel-KKR 2008 fund revamp. (FS)
Goldman Sachs and Government of Singapore’s sovereign fund (GIC) are leading the restructuring of Accel-KKR’s 2008 fund. Pricing on the deal is at a premium over net asset value as of the Q1.
Axalta Coating Systems exploring a potential sale of the company.
Axalta Coating Systems initiated a review of strategic options, including a potential sale of the company, the coatings producer said.
Axalta’s market cap was $6.06bn as of Tuesday’s close.
The company said it had hired Evercore and Barclays as financial advisers to assist in the review.
The Billion Dollar Fund for Women secures $1bn in pledges. (FS)
The Billion Dollar Fund for Women (TBDF), a global consortium of venture funds tackling the gender funding gap, has reached its goal of mobilizing $1bn in pledges. The consortium was created to mobilize capital to invest in women-founded companies within the next decade.
A total of over 70 funds from six continents and over 25 countries have so far pledged to deploy capital towards women-founded companies by 2020, equating to a total of $1bn.
“Today marks a great milestone on our journey to ensuring parity for undervalued founders. We are extremely proud of the significant commitments made by our partner venture funds dedicated to fostering equitable access to funding for women-founded companies. Fund partners from all around the world have pledged their support to a common purpose: backing and scaling innovative companies with female founders,” Shelly Porges, TBDF co-founders, and managing partner.
Forbes Media investors consider the sale of the company. (FS)
The Asian investors who bought a controlling stake in Forbes Media from the Forbes family in 2014 are quietly exploring a sale of the magazine and related Web properties, NewYork Post reported.
Hong Kong-based Integrated Asset Management-led investors, bought their 95% stake in Forbes in 2014, in a deal that has been valued as high as $475m, from the Forbes family and Elevation, an investment group that included Irish rocker Bono.
GI Partners in talks to buy Insurity. (FS)
GI Partners, a private equity firm, is in talks to buy Insurity, the insurtech backed by three PE firms.
Insurity delivers solutions that improve processing, enhance customer experiences, and empower the use of data for insurers.
EMEA
Ergon to acquire Haudecoeur. (FS)
Ergon, an investment firm, to acquire Haudecoeur, a leading player in the importation, production, and distribution of food. Financial terms were not disclosed.
The acquisition will support further development projects and pursue the growth of the Group.
“In Ergon, we found the best partner to write a new chapter in our family business. Throughout our discussions, we particularly appreciated the fact that Ergon and our family share the same entrepreneurial and family DNA, values and vision on the development of our Group”. Jean-Claude Haudecoeur, Haudecoeur General Manager.
Haudecoeur was advised by Edge Avoacts, Natixis Partners. Ergon Capital Partners was advised by 8Advisory, DC Advisory, Raphael Financial Advisory, De Pardieu Brocas Maffei and Roland Berger.
IK Investment Partners to acquire Recocash from Verdoso. (FS)
IK Investment Partners, a leading Pan-European private equity firm, has entered exclusive discussions to acquire Recocash, a leading player in the French debt servicing market from Verdoso, an investment firm. Financial terms were not disclosed.
“Thanks to IK’s long-standing expertise in the corporate services segment, including previous investments in Intrum Justitia, Debitor Inkasso and B2S/Izium, we have quickly recognized Recocash as a leader within its field. Its efficient servicing process, the track record of blue-chip client acquisitions and experienced management team makes this a very exciting investment opportunity. We look forward to working closely with management to support the continued growth of the company” Pierre Gallix, IK Investment Partners Partner.
IK Investment was advised by Bryan Garnier, Volt and PwC. Verdoso was advised by Rothschild & Co, Paul Hastings, Cazals Manzo Pichot and Next!.
Acacia agreed to extend the deadline for Barrick to July 9 to make a firm offer to acquire the 36% of the company it does not already own.
Barrick’s May 21 share-for-share proposal valued Acacia at $787m, a near 9% discount to its pre-offer closing price, drawing protests from Acacia’s minority shareholders. The value had increased to $888m.
“We’ve looked at the assets, the mine plans, and we felt our offer was more than fair based on our due diligence. There’s still significant operational risk in these assets.” Mark Bristow, Barrick CEO.
Barrick is willing to discuss with Acacia’s minority shareholders about the offer and expects to engage with them in the coming weeks.
Alastair Bathgate, CEO of Blue Prism commented: "I am very pleased to announce this strategic acquisition; which provides Blue Prism with a turnkey SaaS product which combines the power of the connected-RPA with a fully integrated suite of premium quality AI and RPA capabilities, on demand. The product is available to customers without the overhead of setting up a dedicated infrastructure and as a result, is ideal in serving the mid-tier of the market. We believe that the cloud will grow in importance across our enterprise customer base, and this acquisition will also help further our development of enterprise-based cloud products."
Blue Prism was advised by Investec and FTI Consulting.
Coca-Cola HBC, the world's third-largest Coca-Cola anchor bottler in terms of volume, closed the €260m ($291m) acquisition of Bambi, a leading regional confectionery business in Serbia, from Mid Europa Partners. The deal was announced on February 18 2019.
The acquisition adds market-leading iconic brands in a relevant, adjacent category to the Coca-Cola HBC portfolio in Serbia and in the Western Balkans which are among our fastest growing territories. Bambi offers opportunities for revenue synergies through cross-promotion and complementary innovation and cost efficiencies. The Bambi business also brings a strong distribution network and product portfolio in strategically important channels such as traditional retail and HoReCa.
Zoran Bogdanovic, CEO of Coca-Cola HBC, commented: "This acquisition represents an excellent opportunity to create additional value for Coca-Cola HBC, its customers, and shareholders. It adds iconic, complementary consumer brands to our portfolio of leading beverage brands, as well as consumer-focused innovation capabilities. It further strengthens our relevance with customers and allows us to increase our presence in key consumption occasions, such as the start of the day, on the go and at home snacking and refreshment."
Coca-Cola HBC was advised by BDK Advokati, Teneo and V+O Communication. Mid Europa Partners was advised by KPMG, Bank of America Merrill Lynch, Dechert and White & Case.
Odewald to acquire ARTUS. (FS)
Odewald KMU II, an investment company, has acquired a majority stake in ARTUS, the claims restructuring company. Financial terms were not disclosed.
The common goal of the shareholders is to expand the regional presence of ARTUS through a combination of organic growth and targeted acquisitions and to continue to grow significantly.
Artus was advised by Ebner Stolz.
“We are very excited to welcome the BCE team to Xirgo. The joining of our companies will allow Xirgo to establish a European footprint improving our access to Europe, the Middle East, and Africa, enabling our companies to target new customers and better serve our existing clients. BCE’s product offering will also provide select North American customers access to customized end to end solutions.” Shawn Aleman, Xirgo CEO.
Near Earth, a specialized investment bank serving the satellite, aerospace and M2M telematics sectors, acted as financial and strategic advisor to Xirgo.
Eurazeo Growth to acquire a minority stake in Meero. (FS)
Eurazeo Growth, the investment company, has agreed to acquire a minority stake in Meero, the start-up that’s revolutionizing the professional photography industry by enabling customers to access personalized photo and video offers worldwide while facilitating the everyday work of photographers. Financial terms were not disclosed.
This fundraising will enable Meero to propose its solutions to new customers and in new geographies, to accelerate the development of dedicated services for photographer communities and to perfect its automated publishing and content enrichment technologies.
“This transaction strengthens Eurazeo’s position in Meero. Idinvest’s Venture team has been supporting the company since 2018 and is delighted to reinvest alongside the Eurazeo Growth team as part of this new funding round. We strongly believe in Meero’s growth potential, which has rocketed in recent months.” Benoist Grossmann, Eurazeo Managing Partner.
“We are enthusiastic about the partnership with Altor and believe that an active and experienced owner will further support our aspiration to be the partner of choice for our suppliers and customers. Altor’s industrial approach and their experience with building world-class companies will contribute to our continued strong growth” Mats-Ove Eriksson, Gummigrossen founder and CEO.
Bravida to acquire Sweden-based Karby VVS.
Bravida, a leading multi-technical service provider, to acquire Sweden-based Karby VVS, whose operations focus on new-builds, service and renovation and extension projects within HVAC, energy optimization, smart energy solutions, heat pump installations and solar cell installations. Financial terms were not disclosed.
“Bravida Uppland sees a clear potential in strengthening the operations in heating and plumbing service in Märsta and Uppsala. The Märsta company Karby VVS fits perfectly, and with them on board, we’ll have yet another discipline in Märsta in addition to electricity. Now, we will be able to offer our customers a broader range of services, not least in sustainable installations. Also, Karby is a stable heating and plumbing company with a long history locally”, said Johan Brodin, regional manager of Bravida region Uppland.
Cognizant to acquire Zenith Technologies.
Cognizant, IT services provider, has agreed to acquire Zenith Technologies, a privately-held life sciences manufacturing technology services company headquartered in Cork, Ireland. Financial terms were not disclosed.
The acquisition extends Cognizant’s capabilities for designing, implementing and managing end-to-end operational and information technology systems for connected biopharmaceutical and medical device manufacturers. Interconnected “smart factories” have become a strategic priority for the industry, with production systems and processes becoming more complex because of research advances and increased demand for large-molecule biologics.
“In acquiring Zenith Technologies, we expand Cognizant’s IoT portfolio and extend our life sciences domain expertise by becoming a single-source provider of end-to-end smart factory capabilities. Together, we are better positioned to help clients realize information and operational technology convergence in their manufacturing operations, and advance the development of life-saving drugs, biologics, specialized pharmaceuticals and medical devices.” Brian Humphries, Cognizant Chief Executive Officer.
BearingPoint to acquire Prederi.
BearingPoint, a management and technology consultant has agreed to acquire Prederi, a leading consultancy focused on public services. Financial terms were not disclosed.
The acquisition supports BearingPoint’s overall growth objectives, strengthens its presence in the UK, and broadens its public service capabilities. The Prederi team now expands BearingPoint’s expertise and capabilities in one of the largest and most competitive public services markets in Europe.
“With the acquisition of Prederi we are continuing our growth strategy in selected markets with consultancies that are highly focused and strongly differentiated. Prederi's portfolio is a perfect complement to our public service strategy and supports our strategic growth areas.” Kiumars Hamidian, BearingPoint Managing Partner.
Fazer to acquire Kaslink.
Fazer, food industry company has agreed to buy Kaslink, company specialised in developing and manufacturing premium Scandinavian food products. Financial terms were not disclosed.
“We are excited to announce this acquisition as it would be a perfect match for Fazer in executing our strategy. Kaslink is an innovative actor with strong commercial insights, modern production facility and proficiency in production based on technological know-how. These create a highly competitive foundation for selling, marketing and producing sustainable oat-based products on an international scale.” Christoph Vitzthum, Fazer Group’s President and CEO.
LUX MED, a medical center has agreed to acquire MAVIT, a medical center from Founders and Resource Partners, buyout firm. Financial terms were not disclosed.
"This transaction perfectly fits into the integrated model of coordinated healthcare in which LUX MED operates and is a complement to our current offer of hospital care. This is another important step in the development of the Group, which will allow us to provide modern and highly specialized services in the field of ophthalmology, ENT and maxillofacial surgery" Anna Rulkiewicz, LUX MED CEO.
Private equity firm NorthEdge Capital backed the MBO of Phoebus Software, a software company in Solihull, England. Financial terms were not disclosed.
Commenting on the transaction, Paul Hunt, CEO at Phoebus Software said: “After many successful years of supplying our clients with market leading products and services, the time is right for PSL to push on in an ever-evolving and fast paced technology sector. The investment from NorthEdge will provide very solid foundations from which to move our business, products and solutions to the next level of market requirements.”
Niantic, an American software development company based in San Francisco, acquired Sensible Object, a London-based gaming start-up. Financial terms were not disclosed.
Sensible Object will offer support for its existing slate of titles during a transition period at the end of which the team will focus its efforts on building all new real-world AR experiences with Niantic as the core of Niantic London.
CapitaLand, one of Asia's largest real estate companies, sold a 49% stake in Mubadala CapitaLand Real Estate, a company incorporated in the United Arab Emirates to undertake residential development projects, to Five Square Properties for $73m in cash.
The sale is in line with CapitaLand’s approach towards disciplined portfolio optimization through capital recycling.
Michael Calvey ceded control of his stake in Vostochny Bank. (FS)
Russian private equity fund Baring Vostok, whose founder Michael Calvey is under house arrest in Russia on embezzlement charges, said it has ceded a 9.99% stake in Vostochny Bank, a Russian financial company based in Blagoveshchensk, to the lender's other big shareholder following a legal battle, meaning it is no longer the majority shareholder. The fund has been locked in a legal battle with businessman Artem Avetisyan's Finvision over control of the bank. A court in Russia's Far East ruled last week that Baring Vostok must relinquish a 9.99% stake to Finvision after Avetisyan went to court, claiming Finvision had an agreement with Baring Vostok that it could exercise an option to increase its stake by 10%.
A spokesman for Baring Vostok said on Wednesday that the fund did not plan to appeal the ruling and that it had already handed over the stake to Finvision.
Wolt secures $130m in Series C funding. (FS)
Wolt, a Helsinki-based food delivery service, has secured a $130m Series C investment round, led by ICONIQ Capital, to drive growth, expansion into new markets, and hiring across operational countries.
“Wolt is a special company in numerous dimensions. In particular, we were attracted to the company’s compelling operating model, with exceptional efficiency and unit economics. We are looking forward to working with the fantastic Wolt team, which is delivering rapid growth and expansion in the global food delivery industry while building a robust and sustainable operation for the long term,” Greg Stanger, General Partner at ICONIQ Capital.
Private equity-backed Roberto Cavalli close to finding an investor. (FS)
Roberto Cavalli expects to communicate about its sale within the next ten days, a spokeswoman for the ailing luxury fashion house.
Cavalli said late Friday that it received five offers by the June 14 deadline that it had set for potential buyers. Three of these were binding offers for 100% of the company. A fourth was a binding offer for unspecified company assets, and a fifth party made a nonbinding expression of interest, Cavalli said.
CVC pulls the sale of D&G. (FS)
CVC Capital portfolio company Domestic & General (D&G), a UK-headquartered insurance business, has shelved plans for an IPO or sale.
Development Capital Resources created the $165m Development Joint Venture in the Permian Basin. (FS)
Development Capital Resources, capitalized by funds managed by affiliates of Ares Management, has entered into a drilling and development joint venture with a private operator in the Permian Basin. The DCR-managed entity will invest up to $165m in the joint venture and will participate as a working interest owner in the drilling and completion of identified drilling locations in the Permian’s Wolfcamp formation. The drilling program has commenced, and it is anticipated to continue through 2020.
“This transaction represents a continuation of our strategy of participating in energy sector joint ventures with quality operators in established basins. As the structure of energy joint ventures continues to evolve, DCR has worked to remain flexible in finding ways to assist operators in improving and developing their assets.” Ronnie Scott, President of DCR.
APAC
Nomura shares surges due to $1.4bn buyback.
Shares of Nomura Holdings surged more than 10% after Japan’s top brokerage announced a $1.4bn buyback a day earlier.
The unexpected announcement came ahead of Nomura’s annual shareholder meeting on Monday and sent its shares up 10.5%, the most in more than 31 months.
Nomura said it would repurchase up to 150bn yen ($1.38bn) of its stock in a program to run until the end of the current fiscal year to March-end.
Japanese IT firm NS Solutions backs Indonesian VC Alpha JWC’s second fund. (FS)
Japanese IT firm NS Solutions has made an unspecified investment in the second fund of Indonesian venture capital firm Alpha JWC Ventures, DealStreet Asia reported. The fund was launched early last year with a target corpus of $100m and hit its first close a few months later in July.
Alpha JWC says fundraising is ongoing and expects to reach the final close for its latest vehicle before the end of this year. Tokyo-listed NS Solutions offers system integration and cloud computing services and other technology solutions targeted at corporate clients. The company is no stranger to the Southeast Asian tech market.
Since 2011, NS Solutions has established subsidiaries in Singapore, Thailand, and Indonesia. In 2015, it invested in Indonesian company PT Sakura System Solutions that provides technology services and solutions, from network management to software training, to corporates.
Most SoftBank Vision Fund investors want to join the second fund, says Son. (FS)
Most investors in SoftBank Group Corp’s $100bn Vision Fund want to join the group’s forthcoming second fund, founder and Chief Executive Masayoshi Son said, adding discussions would begin soon.
The entrepreneur said in May a second fund would launch “soon,” with SoftBank likely to be the only investor initially. Raising further funds is essential if Son is to extend his spending spree on late-stage startups around the world.
Investors in the first fund include the sovereign wealth funds of Saudi Arabia and Abu Dhabi, Apple and Foxconn, formally known as Hon Hai Precision Industry.
Tesla to reorganize Asia business structure to focus on China.
Tesla is revamping its organization in Asia to put more focus on China as the company prepares to start manufacturing in the world’s largest electric-car market, DealStreet Asia reported.
The company is dismantling its Asia Pacific business unit and forming a new division for Greater China that will cover the mainland as well as Hong Kong, Taiwan, and Macau. Tom Zhu, who took over as vice president of APAC operations from Robin Ren in 2018, will head the division, they said.
Chief Executive Officer Elon Musk is betting on China, Tesla’s most significant market after the US, to boost sales and restore investor confidence that has slumped along with the company’s stock this year. Tesla is building a factory in Shanghai that is slated to start operating later this year and bolster competitiveness in a country crowded with hundreds of electric-vehicle rivals.
China’s online pharmacy Ecmoho plans to raise $100m through US listing.
Ecmoho, an online marketplace for drugs and supplements, is planning a US initial public offering, Bloomberg reported.
The Shanghai-based company is working with advisers on the planned offering that could raise about $100m. The share sale could happen as soon as this year. Ecmoho is planning a share sale amid an escalating trade war between China and the US that has caused market uncertainties and delay of several deals.
KKR nears partial exit from $2bn Helicopter firm. (FS)
KKR is nearing a deal to exit part of its stake in Weststar Aviation Services, Southeast Asia’s biggest provider of helicopters for the offshore energy industry, Bloomberg reported.
The private equity firm is in advanced talks to sell a portion of its 40% Weststar holding to the company’s controlling shareholder, Malaysian businessman Syed Azman Syed Ibrahim. Weststar could be valued at about $2bn, including debt.
Paytm Money to raise $1.2bn in a mega-funding round.
Paytm Money, the wholly-owned subsidiary of mobile wallet giant Paytm, is planning to raise as much as $1.2bn in mega funding round, Business Standard reported.
The company is eyeing rapid expansion in the mutual fund (MF), insurance, and financial services space in 2019.
It is believed this funding round will help it get the added traction. The people said existing investors, including SoftBank Group and Alibaba’s financial affiliate Ant Financial, are interested in the round.
Swiggy to raise fresh funds from Carlyle Group. (FS)
Food delivery unicorn Swiggy is in talks to raise money from US-based private equity fund Carlyle Group.
If Carlyle does invest, it would mark only its second Indian technology startup bet, after backing e-commerce logistics firm Delhivery—first in 2017 and later in March this year.
As recently as December, Swiggy raised $1bn in a round led by existing investor Naspers, the biggest ever funding round in the country’s booming food-tech sector.
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