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AMERICAS
SK Capital Partners agreed to acquire Performance Products and Solutions unit of PolyOne, a global provider of specialized polymer materials and services, for $775m. PolyOne expects to record a pre-tax gain of approximately $600m at the time the sale is completed.
"We conducted what became a very competitive bidding process for our PP&S segment," said Robert M. Patterson, Chairman, President and CEO, PolyOne Corporation. "Ultimately, we determined that divesting the business to SK Capital Partners would provide greater flexibility to accelerate our specialty growth strategy and is in the best interest of customers, employees and shareholders."
HSBC and Jones Day are advising PolyOne.
General Atlantic, a leading global growth equity firm, invested in Morphe Holdings, a global beauty company, alongside Summit Partners. Financial terms were not disclosed.
“We are proud of what we have achieved through the success of Morphe Holdings and our marquee brand Morphe,” said Myles McCormick, Chief Executive Officer of Morphe Holdings. “General Atlantic’s investment will position us for our next phase of growth as we continue to grow Morphe and expand to develop a new global platform with a portfolio of next-generation beauty brands.”
Jefferies and Kirkland & Ellis are advising Morphe. Paul Weiss Rifkind Wharton & Garrison is advising General Atlantics.
Accel-KKR completed the sale of a majority stake in Jaggaer, a global provider of procurement software for large and medium-sized enterprise, to Cinven. Financial terms were not disclosed.
“Our investment in Jaggaer is a great example of Accel-KKR in action,” said Tom Barnds, Managing Director and Co-founder of Accel-KKR. “After taking SciQuest private three years ago, we focused the newly named Jaggaer on investing in key growth initiatives and completing two material acquisitions that changed the profile of the company.”
UBS, Latham & Watkins and Deloitte advised Cinven. Goldman Sachs, Stifel and Kirkland & Ellis advised Accel-KKR.
Audax Private Equity, a leading alternative investment manager, agreed to buy Electrical Specialties Group of Motion Industries, a fabricator, converter and distributor of electrical process materials, from Genuine Parts Company, a distributor of automotive replacement parts. Financial terms were not disclosed.
"We believe EIS is a quality organization with an experienced management team, loyal customer base, strong partnerships and a proven M&A platform that will complement our portfolio of industry-leading companies. Audax will provide the expertise and resources to support the EIS leadership team as it continues to broaden its customer base, expand its offerings to adjacent markets and enhance service and support programs for the benefit of all EIS stakeholders." Don Bramley, Managing Director of Audax.
JP Morgan and Troutman Sanders advised Genuine Parts Company. Kirkland & Ellis advised Audax.
Gryphon Investors, a San Francisco-based middle-market private equity firm, acquired a stake in Mechanix Wear, a leading designer and manufacturer of high-performance work gloves. Financial terms were not disclosed.
Keith Stimson, Partner and Head of the Consumer Products and Services Group at Gryphon, said, "Our investment in Mechanix Wear continues Gryphon's long-time successful activity of supporting enthusiast and active lifestyle brands. Mechanix Wear is an authentic brand stemming from its NASCAR heritage beginning almost 30 years ago, and has built a large, loyal user base. We're excited to partner with the Company as we build the business together to its next stage in its evolution as the market leader in hand protection."
Doug Hood and Stradling Yocca Carlson & Rauth advised Mechanix Wear. EC M&A, Houlihan Lokey and Kirkland & Ellis advised Gryphon Investors.
Tailored Brands, the leading specialty retailer of men’s tailored clothing and largest men’s formalwear provider in the US and Canada, sold its Corporate Apparel Business to the unit's management for $62m.
“We are pleased to have reached an agreement to sell our corporate apparel business. The consummation of this transaction supports our previously stated strategy to focus on our core retail business in the U.S. and Canada while reducing debt,” said Tailored Brands President and CEO Dinesh Lathi. “We thank the management team and employees for their many contributions and wish them well.”
Houlihan Lokey, Edwin Coe and Vorys Sater Seymour & Pease advised Tailored Brands.
Duke Street-backed Great Rail Journeys acquired Vacations By Rail, the largest independent US-based provider of escorted and independent rail holidays. The value of the transaction was not disclosed.
Peter Liney, CEO of Great Rail Journeys, said: “We have enjoyed for some time a very good working relationship with Todd, Cole and the team at Vacations By Rail. We know they are first-class operators and have built an enviable position in North America as the leading independent and escorted provider of holidays by rail. I am delighted to welcome them to Great Rail Journeys and I look forward to working closely with them and their senior team. The combination of our two companies, supported by the corresponding skills and expertise of our two organizations, will greatly increase the choice and enhance the global travel experience for all our customers.”
Ropes & Gray advised Duke Street.
Abry Partners, a Boston-based private equity firm, agreed to acquire Portfolio Holding, a leading independent provider of finance and insurance products and services, from Capital Z. Financial terms were not disclosed.
Brent Stone, a Senior Partner at Abry, said, "We have been impressed by Portfolio's growth with consistent profitability over the years in a very competitive industry, as well as the quality of their home office and sales leadership in the field. The Portfolio team is a perfect example of the kind of company we invest in - motivated owners and executives who want to grow. We look forward to providing them the resources to help them succeed while providing long-term value for all stakeholders in this investment."
Houlihan Lokey is advising Portfolio Holding.
Sterling Construction Company, a heavy civil construction company, agreed to acquire Plateau Excavation, a leading specialty contractor, for $400m.
“Sterling’s acquisition of Plateau aligns directly with our strategic growth plan as it meets our key criteria of expansion into adjacent markets, diversification of revenue sources and customer base, and enhancement of our overall margin mix while reducing our risk,” said Joe Cutillo, Sterling’s Chief Executive Officer.
Jacobs Holdings reached an agreement with Abry Partners, The Riverside Company, and the firms co-founders to acquire North American Dental Group, the fastest growing dental services organization of scale in the United States. Financial terms were not disclosed.
Patrick De Maeseneire, Chairman of CDG and CEO of Jacobs Holding, said: “We are thrilled about the acquisition of NADG, which is a major milestone on our journey to become a global leader in dental care. The US dental care market is highly attractive with significant opportunities to grow further. Ken Cooper and Dr. Andrew Matta created an entrepreneurial culture which serves as a great platform to take an active role in market consolidation. With its high-quality standards in dental and patient care, NADG is a perfect fit with our vision and values.”
The Riverside Company acquired Performance Systems Integration, a leading provider of fire and life safety services in the Pacific Northwest, from Peterson Partners, an independent investment management firm. Financial terms were not disclosed.
“Fire and life safety services are critical to any region, and we are thrilled to partner with the PSI team to help extend their geographic reach,” said Riverside Managing Partner Loren Schlachet. “During our partnership, we plan to round out the platform with strategic add-ons, create a technician training academy and expand upon PSI’s sales and marketing efforts.”
Activist investor Paul Hilal's Mantle Ridge acquired a 10% stake in Aramark, an American food service, facilities, and uniform services provider to clients in areas including education, healthcare, business, corrections, and leisure. In addition to Aramark's common stock, Mantle Ridge owns derivatives, bringing its total economic exposure to roughly 20% of the company.
"Aramark is focused on maximizing long-term value for all of our shareholders, and welcomes open communication and constructive dialogue with our shareholders toward that goal," Aramark said in a statement.
Finch Paper, a premier, vertically integrated paper manufacturer specializing in high-bright, uncoated papers for North American printing and converting markets, agreed to acquire French Paper, which manufactures premium custom paper for graphic arts, printing, packaging, writing, text, cover, specialty, and gift applications. Financial terms were not disclosed.
“We are very pleased to share that French Paper has joined Finch Paper, creating a unique partnership that represents over 300 years of papermaking excellence. With this partnership, we are bringing together two outstanding teams. Finch and French have similar histories as iconic paper companies. We are each a pillar in the community we call home, a trusted employer, and a manufacturing leader. We are delighted to welcome the French team to our Finch family,” Deba Mukherjee, Finch Paper President, and CEO.
Centerbridge nears $1.5bn deal for GoHealth. (FS)
Centerbridge Partners is nearing a deal to acquire a majority stake in GoHealth that could value the US online health insurance marketplace at about $1.5bn, Reuters reported.
GoHealth provides an online marketplace for health insurance that uses proprietary algorithms to help connect consumers and small businesses with health plans. It also has a team of sales staff and outside insurance agencies that help customers decide on programs.
Court allows PG&E to submit bankruptcy plan.
A federal judge allowed PG&E to retain the sole rights to propose a plan to exit bankruptcy, as he rejected efforts by investors to put forward competing for ideas, Reuters reported.
Judge Dennis Montali of the US Bankruptcy Court in San Francisco turned down requests from two groups of creditors wanting to propose a Chapter 11 exit plan for PG&E, which is facing huge liabilities from California wildfires.
PG&E, a holding company whose principal subsidiary is the California utility Pacific Gas and Electric Company, sought Chapter 11 bankruptcy protection earlier this year after severe wildfires in 2017 and 2018 resulted in more than $30bn in liabilities.
Philadelphia Energy Solutions to sell Philadelphia refinery in a crisis.
Finding a buyer for Philadelphia Energy Solutions’ oil refinery has grown urgent as the bankrupt company’s funds dwindle and no signs emerge that it is winning a fight for insurance payouts after a June blaze at the plant, Reuters reported.
Without access to the more than $1bn in insurance coverage, selling the refinery has become one of the company’s only options to raise cash before being forced to liquidate.
At least three parties have potential proposals to buy the shut Philadelphia refinery, each with plans to reopen the 1.3k-acre (5.3-square km) site with a mix of oil refining and alternative energy production.
Octopus is looking for acquisition of Co‑op Energy.
Challenger energy providers Octopus and Co-op Energy are plotting a merger, in the latest sign of seismic change sweeping the industry.
Octopus is believed to be in talks to acquire some or all of its mutual rival’s 370k customers to add to its 800k client base, pushing it over the 1m mark.
KKR, Everstone eye emids Technologies. (FS)
Private equity firms including KKR, Baring PE Asia, Everstone and ChrysCapital are in separate talks to acquire a controlling stake in Nashville-based healthcare IT services firm emids Technologies for $200-225m, The Economic Times reported.
The promoters and three PE investors—Baird Capital, Council Capital, and Union Grove Venture Partners — will sell their stakes as part of the transaction. The developers currently hold 23% stake while the three PE firms together own about 65% in emits.
emids Technologies provides healthcare information technology and BPO services to the healthcare industry. It has hired investment bank Credit Suisse to scout for a buyer.
CSL Capital Management launched CSL Ventures investment fund. (FS)
CSL Capital Management launched CSL Ventures, a new investment initiative focused on early-stage and technology-focused opportunities across the energy services industry.
Charlie S. Leykum, Founding Partner of CSL Capital, says: “We are launching CSL Ventures to address the rapidly evolving technical needs of the energy industry at a time when not only production, cost control and efficiency, but also sustainable business development are of paramount importance. We want to enable leading entrepreneurs to build successful enterprises by providing capital, deep industry connections, and digital and operational expertise.”
Juvenescence closes $100m Series B round. (FS)
Juvenescence, a life sciences company utilising expert drug developers and artificial intelligence experts to create therapeutics and technologies to treat diseases of aging and to increase human longevity, closed its $100m Series B round, including a total of $10m from its founders and a further $10m each from four cornerstone investors, including Grok Ventures, the investment company of Mike Cannon-Brookes (Atlassian cofounder), and Michael Spencer’s private investment company, IPGL.
This brings the total to $165m that Juvenescence has raised in 18 months and speaks to the extraordinary opportunity as well as interest in developing therapeutics with the capacity to modify aging.
EMEA
Danish logistics group DSV completed its $5.5bn acquisition of Panalpina, a provider of forwarding and logistics services. The Board of Panalpina recommended the DSV offer on April 1, 2019. DSV paid 2.375 DSV shares for one Panalpina share. This exchange ratio represents a premium of approximately 43% to the closing price of Panalpina shares on January 15, 2019, the day before DSV's initial proposal was published.
"We are very excited to welcome Panalpina's customers, employees and shareholders to DSV," DSV Chief Executive Jens Bjorn Andersen said in a statement. "Our two companies will achieve more together, creating even more value for all our stakeholders."
Citigroup, Rothschild & Co, Goldman Sachs, UBS, Homburger, Jones Day, Schellenberg Wittmer and IRF advised Panalpina. JP Morgan, Bar & Karrer, Moalem Weitemeyer Bendtsen, Skadden Arps Slate Meagher & Flom and Kekst advised DSV.
CK Asset Holdings, a property developer registered in the Cayman Islands, offered to acquire Greene King, the UK's largest pub retailer and brewer, for £4.6bn ($5.6bn). The offer price represents a premium of approximately 51% to the closing price per Greene King Share on 16 August 2019.
Commenting on the acquisition, Philip Yea, Chairman of Greene King, said: "The Greene King board is confident in the long term prospects of the business but believes this offer represents a good opportunity for shareholders to realize value for their investment at an attractive premium, while also ensuring the future success of Greene King for employees, partners, customers and suppliers. We are therefore unanimously recommending it to our shareholders."
Peel Hunt, Citigroup, Rothschild & Co, Linklaters and Finsbury are advising Greene King. HSBC, Clifford Chance and Brunswick Group are advising CK.
Germany’s worker union IG Metall, which represents the interests of Osram employees in the tussle over the German lighting group’s future, rejected a planned takeover offer from Austrian sensor specialist AMS.
“For IG Metall, the strategy behind AMS’s offer is still not convincing. Based on the facts available to us to date, IG Metall continues to reject a takeover of Osram by AMS.” a spokeswoman said.
AMS plans to buy Osram in a deal that would value the more prominent group at €4.3bn ($4.8bn), trumping a competing bid by finance investors Bain and Carlyle.
Osram is advised by Lazard, Perella Weinberg Partners, Freshfields, Gleiss Lutz and Hengeler Mueller. AMS is advised by PricewaterhouseCoopers, Bank of America Merrill Lynch, HSBC, UBS, Allen & Overy, Herbst Kinsky, Linklaters, Schellenberg Wittmer and Brunswick Group. The Carlyle Group and Bain Capital are advised by Credit Suisse, Goldman Sachs, JP Morgan, Macquire Group, Kirkland & Ellis, Camarco and FTI Consulting.
Nordic Capital and Sampo acquired a 17.5% stake in Norwegian Finans Holding, a fully digital bank, from Norwegian Air Shuttle, a Norwegian low-cost airline and Norway's largest airline, for $246m.
"Nordic Capital and Sampo have extensive experience and a strong track record in the financial services sector in the Nordic region and sees NOFI as an interesting company with strong growth potential. We look forward to becoming committed shareholders and support the company to become a leading pan-European financial institution, together with Norwegian Air Shuttle and their customer loyalty program, Norwegian Reward", says Christian Frick, Partner and Head of Financial Services, Nordic Capital Advisors.
Arctic Securities, Danske Bank, DNB Bank and BAHR are advising Norwegian Air Shuttle.
UK private equity fund Elaghmore acquired English Architectural Glazing, which specializes in complex and dynamic building facades and is at the forefront of the envelope cladding sector. Financial terms were not disclosed.
Andy Ducker, Partner at Elaghmore, says: “EAG has a first-class reputation and track record, and is known as a high-quality contractor and manufacturer, offering excellent client service. With the operational support we can provide, the business has an exciting future, with a talented workforce that has a wide range of skills, knowledge and experience in design, engineering, manufacturing and fabrication. We look forward to working closely with the EAG team to grow the business.”
EY and Squire Patton Boggs advised Elaghmore. PEM Corporate Finance and Mills & Reeve advised English Architectural Glazing.
SPII Holdings offered to acquire DryShips, a diversified owner and operator of ocean-going cargo vessels that operate worldwide, for $5.25 per share. SPII is controlled by the DryShips’ Chairman and Chief Executive Officer, George Economou. The price represents a premium of approximately 66% over the Company’s $3.16 closing stock price on June 12, 2019.
The company’s Board of Directors, acting on the unanimous recommendation of the Special Committee, approved the agreement. The Special Committee, with the assistance of its independent financial and legal advisors, exclusively negotiated the terms of the merger agreement with SPII.
Evercore, Fried Frank and Seward & Kissel are advising DryShips. Orrick Herrington & Sutcliffe is advising SPII.
RBC Bearings, a leading international manufacturer of highly-engineered precision bearings and components for the industrial, defense and aerospace industries, acquired Swiss Tool Systems, a leading worldwide supplier of modular tooling systems and high-precision boring and turning solutions, from Cross Equity Partners for $34m.
“Today we are very pleased to announce the acquisition of Swiss Tool Systems. Swiss Tools is a leading worldwide supplier of modular tooling systems and high-precision boring and turning solutions for metal cutting machines. Swiss Tools supplies highly engineered products that are complementary to our collets business in Europe and the US to a customer base that we know well and serve daily. Their manufacturing processes and design expertise align very well with and complement those of RBC Bearings,” said RBC Bearings Chairman, President and Chief Executive Officer, Dr. Michael J. Hartnett. “We are adding a very talented Swiss Tools team who are experts in these products and we are excited to welcome those valued employees to the growing RBC Bearings team.”
Raiffeisen advised RBC Bearings.
Path Investments, an energy investment company, agreed to acquire FineGems Extraction Corporation, which owns 100% of the Jagoda Licence, located in Central Zambia. Financial terms were not disclosed.
The transaction gives Path control of the assets in Zambia, a country where over 80% of exports are resource-based, chiefly copper, and 1% of total exports are gemstones.
Shard Capital and IFC Advisory advised Path Investments.
CH&Co, a catering and hospitality company, acquired the catering unit of Mitie Group, a British strategic outsourcing and energy services company, for £85m ($103m). As part of the deal, Mitie and CH&Co will enter into a strategic partnership ensuring that the "Gather & Gather" catering offer remains exclusive to Mitie's clients as its only Integrated Facilities Management sector partner.
Phil Bentley, Chief Executive Officer, Mitie Group, commented: "Mitie's strategy is to invest in our core technology-led facilities management services - such as Security, Cleaning and Engineering Services - where we have a leading market position. Gather & Gather is a niche player in the £4bn ($4.8bn) UK contract catering market. By teaming up with CH&Co at this time, we believe this ensures the best choice and competitive pricing for our clients, whilst releasing funds for reinvestment and strengthening our balance sheet."
Instone Real Estate Group, a Germany-based real estate developer, acquired S&P Stadtbau, a real estate project developer active in the Northern Bavarian region, from Sontowski & Partner Group for $82m.
Through the acquisition, Instone expands its platform to a strategically important region not previously covered and adds an experienced management team with first-class development expertise. Going forward, more than 20 employees based in Erlangen will be added to the Instone platform. The integration into the Instone Group is scheduled for the third quarter of 2019.
Advantage Smollan, the joint holding company between Advantage Solutions and Global Smollan Holdings, acquired a majority stake in WorkShop, the leading retail agency in the Nordics. Financial terms were not disclosed.
“We are enthusiastic about WorkShop joining Advantage Smollan," said Laurence Clube, Chief Operating Officer of Advantage Smollan. "Our investment brings another high-quality business into the group, further expanding our geographical reach in line with our vision to improve and broaden our range of services for our customers.”
Private equity firm Triton Partners invested in All4Labels, which manufactures adhesive labels and packaging solutions. Financial terms were not disclosed.
Peder Prahl, Director of the General Partners for the Triton funds, said: “We look forward to actively supporting the management and employees of All4Labels as a stable owner by investing in the growth and development of the company. Our industry expertise and international network will further strengthen All4Labels’s position as an innovative and reliable partner to leading local and international companies in various industries.”
Landwey, one of Nigeria’s most respected real estate companies with development projects in the commercial, retail and residential property segments, acquired a 25% stake in Vistafront, a tech platform for funding real estate projects online. Financial terms were not disclosed.
"We understand the need to continually evolve as we serve the industry. We are glad that with this partnership, we can fully support and encourage everyone to fund real estate projects.” Olawale Ayilara, Landwey Founder.
Advania Norway, a Nordic IT company, offering a wide range of IT services, cloud solutions, platforms and advice to private and public companies, agreed to acquire Itello, a Norwegian ICT company. Financial terms were not disclosed.
“We have had an exciting journey so far at Itello, but are now looking forward to being part of a great Nordic player. Together, we become stronger for the benefit of both customers and employees. We get a comprehensive product offering, become a larger environment of IT-professionals, and can further challenge the biggest providers in the Norwegian market.” Ole Anders Wilskow Jenssen, Itello CEO.
Tilney in talks to merge with Smith & Williamson in a £45bn deal. (FS)
Two British wealth managers are in talks over a potential merger that would lead to a combined £45bn ($54bn) in assets under management, Financial Times reported. Acquired by buyout group Permira five years ago, Tilney is in discussions to buy rival Smith & Williamson as it continues the effort to expand.
KKR considers the sale of UK life sciences testing firm LGC. (FS)
KKR is considering selling LGC Group, the British scientific measurement, and testing company, Bloomberg reported.
The buyout firm is speaking to advisers as it reviews its holding in the business, which could fetch more than £1bn ($1.2bn) in a sale. The deliberations are at an early stage, and KKR may decide to retain the company for longer.
Permira in talks to take Cogital stake. (FS)
London-based buyout group Permira is in advanced talks to buy a minority stake in Cogital in a deal that would value the challenger accountancy firm at roughly £1bn ($1.2bn), and which comes as the Big Four face growing pressure to break up.
The private equity group’s offer surpassed interest from rivals, including BC Partners and PAI in Europe and TA Associates and Hellman & Friedman in the US, Financial Times reported.
Gazprom looking to buy back its drilling unit.
Gazprom, a Russian gas industry company, is looking to buy back its drilling unit from the Rotenberg family. The company sold the unit nine years ago. The parties agreed on general principals of the deal but have yet to agree on the price.
Infracapital acquired a 60MW greenfield wind power project in Finland. (FS)
Infracapital, the infrastructure equity investment arm of M&GPrudential, acquired a 60MW greenfield wind power project in Finland from OX2, a leading European developer of large-scale wind farms. Financial terms were not disclosed.
Michele Armanini, Managing Director at Infracapital, said: “We are pleased to announce our first greenfield investment in Finland and the first onshore wind project for Infracapital Greenfield Partners Fund I. As a leading infrastructure investor, Infracapital is delighted to partner with Nordic developer OX2 in a project to deliver sustainable value to our investors, whilst making a material contribution to renewable energy in Finland.”
APAC
Uniti Group, an internally managed real estate investment trust, acquired 100% of LBNCo, a privately-owned provider of Fibre-to-the-Premises network solutions, and its related bodies corporate for $100m. The main aim of the transaction is to established, fast-growing, highly profitable builder and wholesale operator of private fiber networks, predominately comprised of fiber-to-the-premises high-speed data services to multi-dwelling units and broad-acre residential estates.
“The acquisition of LBNCo is, by every measure, a transformational event for Uniti Group. The FTTP network deployed and continuing to be expanded by LBNCo, is an asset that we feel very privileged to have secured. This acquisition provides our Company with a platform of growing earnings that will underpin UWL’s continued ambitious growth strategy,” Graeme Barclay, UWL Chairman.
Bell Porter Securities advised LBNco. Lander & Rogers advised Uniti.
GIC, Singapore’s sovereign wealth fund, acquired a 25.1% stake in Lendlease International Towers Sydney Trust, which holds assets located in the Barangaroo Office Precinct in the Sydney Central Business District, from CPPIB and Lendlease. Financial terms were not disclosed.
Lee Kok Sun, Chief Investment Officer, GIC Real Estate, said, “These high-quality assets, situated in the heart of Sydney’s CBD, are expected to generate attractive risk-adjusted returns in the long run. As a long-term investor, we will continue to seek good investment opportunities that will add value to our global portfolio.”
Investment firm Longreach Group sold Nippon Outsourcing, a comprehensive business process outsourcing company, to Fuyo General Lease, which is mainly engaged in the leasing and installment sales trading of equipment and fixtures. Financial terms were not disclosed.
“The performance of the Nippon Outsourcing business and this sale to Fuyo well reflect the resulting development of Nippon Outsourcing, to become a higher margin and true third-party BPO business well-positioned for continuing growth,” Longreach said in a statement.
Japan’s Air Water, a chemical industry company, agreed to acquire Linde’s South India oxygen, nitrogen and argon business for $194m.
The acquisition of Linde’s South India business will help AWI take over liquefied gas production and supply facilities and customers in the region. AWI aims to further grow its business outside Japan, Air Water said.
Sky Network Television, a New Zealand pay television satellite TV provider, acquired RugbyPass, the premier online destination for global rugby fans, offering a live streaming rugby service across Asia, Australia and Europe, for $40m.
Sky Chief Executive Martin Stewart says: “We are thrilled to be bringing RugbyPass under the Sky umbrella. Its media channels are reaching over 40m people a month and growing quickly, and as the rights-holder for SANZAAR in 62 countries across Asia and Europe (including exclusively in 39 countries), it has an impressive following of rugby fans who have plenty of potential to buy streaming services.”
Blue Planet Environmental Solutions, a Singapore-headquartered waste management company, acquired Globecycle Holding, a Malaysian waste management company that specializes in handling the industrial waste. Financial terms were not disclosed.
“Industrial waste in developing countries are often a source of great distress if mismanaged. Practices like illegal open dumping and burning of waste are made even more dangerous if municipal waste is contaminated by industrial waste, which often includes heavy metals and toxic chemicals,” Madhujeet Chimni, BluePlanet founder and chairman.
Alibaba $15bn listing suffers from Hong Kong political instability.
Hong Kong’s political unrest is posing a dilemma for Alibaba Group Holding on the timing of its planned $15bn listings in the city. China’s biggest e-commerce company is now considering several timetables, Reuters reported.
New York-listed Alibaba was most likely to launch the offer, as early as the third quarter, and late August, after its first-quarter earnings.
In preparation for the giant offer, bankers advising other massive listings in Hong Kong have been careful to avoid planning their launches around that period, fearing that a clash of timing would crowd out their offerings.
SoftBank considers investing in Snapdeal. (FS)
Softbank has shown interest in leading a funding round of $100m in Snapdeal, the Indian e-commerce firm run by Kunal Bahl and Rohit Bansal, MoneyControl reported.
JDcom JV to raise $500m in US IPO.
China’s e-commerce company JDcom is in talks with bankers to list shares of its online grocery and delivery joint venture in the United States in May and is seeking to raise $500m, The Information reported.
The joint venture, Dada-JD Daojia, last year raised $500m from Walmart and JD. The talks are still in early stages, and the amount the company hopes to grow as well as the timing of the stock market offer could change.
Khazanah injects $72m in Malaysia Airlines.
Malaysian sovereign wealth fund Khazanah Nasional said it had pumped another $72m into Malaysia Airlines to keep the national carrier afloat as it considers offers for the company.
Malaysia Airlines has been struggling to transform its operations and return to profitability since two disasters struck in 2014 when flight MH370 mysteriously disappeared, and flight MH17 was shot down over eastern Ukraine.
Indonesia’s Protelindo considers buying Indosat Ooredoo’s tower assets.
Indonesia’s Protelindo, a telecom tower company backed by Djarum Group, and state-owned Telkom Group, have expressed interest in acquiring a few telecom tower assets of Indosat Ooredoo, DealStreet Asia reported.
CCD to renew talks with Coca-Cola.
Promoters of Coffee Day Group plan to restart talks with Coca-Cola regarding selling a chunk of their stake in the Café Coffee Day chain to pare debt, The Economic Times reported.
The late VG Siddhartha, CCD founder, had been in talks with the beverage giant as of June last week. The talks stalled as Siddhartha was looking to divest only a minority stake in CCD at $1.3bn valuation while Coca Cola was interested in a controlling stake to gain a foothold in the fast-growing cafe business.
Papua New Guinea plans to take a more significant share of Porgera gold mine.
Papua New Guinea wants a larger share of the Porgera gold mine as part of lease-renewal talks, diluting the ownership of joint venture partners Barrick Gold and Zijin Mining Group, Reuters reported.
“We would like to see the mine to continue, but this time to be structured in such a way with a lot more national interest in it,” Wera Mori, PNG’s Minister for Commerce and Industry.
KCGI considers buying Asiana Airlines stake. (FS)
South Korea’s activist fund KCGI, the second-largest shareholder in the parent company of Korean Air Lines, said it was looking to buy a controlling stake in Asiana Airlines, helping send shares of the carrier up 26%.
KCGI Chief Executive Kang Sung-boo said the fund is in talks with several local and overseas entities to form a consortium to bid for the 31% stake in Asiana Airlines, which has been put up for sale by top shareholder Kumho Industrial. The stake was worth $282m at Friday’s close.
Kang’s comment comes as the local airline industry grapples with several challenges, including rising competition from budget carriers, a US-China trade war hitting cargo demand and a Korea-Japan diplomatic row hurting travel.
Ideal Auto raised $530m in Series C financing round. (FS)
Ideal Auto completed its $530m Series C financing. The current round of funding was led by the founder of the US group Wang Xing and the old shareholders such as Lanchi Venture Capital. The round resulted with a post-investment valuation of about $2.9bn.
Hills restructures to deliver profitability.
The board of Hills, a publicly listed technology solutions provider, decided to increase focus on its growing and profitable Health business, which provides patient care systems for hospitals and health care facilities. Besides, the Distribution business, which provides audiovisual, security, and IT systems and services for customers in Australia and New Zealand, will be streamlined.
Hills will also exit its Antenna and STEP satellite services businesses.
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