AMERICAS
US casino operator Eldorado Resorts has agreed to acquire Caesars Entertainment in a cash and stock deal that values its peer at about $17.3bn including debt.
Eldorado will acquire all of the outstanding shares of Caesars for a total value of $12.75 per share, consisting of $8.40 per share in cash consideration and 0.0899 shares of Eldorado common stock for each Caesars share of common stock based on Eldorado’s 30-calendar day volume weighted average price per share as of May 23, 2019, reflecting total consideration of approximately $17.3bn, comprised of $7.2bn in cash, approximately 77m Eldorado common shares and the assumption of Caesars outstanding net debt.
“We believe this combination will build on the accomplishments and best-in-class operating practices of both companies. I’m familiar with Eldorado and its management team, having worked with them on a previous transaction, and I look forward to collaborating with them to bring our companies together." Tony Rodio, Caesars CEO.
Credit Suisse, JP Morgan, Macquarie Group, Latham & Watkins, and Milbank are advising Eldorado Resorts. PJT Partners and Skadden Arps Slate Meagher & Flom are advising Ceasars.
Bristol-Myers Squibb said it would divest Otezla, a psoriasis treatment owned by Celgene to win approval from regulators and help smooth the path for the companies’ pending merger.
The divestiture seeks to address the US Federal Trade Commission’s concerns about the marketed and pipeline products of psoriasis and psoriatic arthritis treatments from the two companies. In March, the commission requested more information as part of its antitrust review.
If the FTC agrees with the conditions of the divestiture, Bristol-Myers said it expects the Celgene transaction to be completed as soon as the end of the year or the start of 2020.
Celgene is advised by Citigroup, JP Morgan, Simpson Thacher & Bartlett, and Wachtell Lipton Rosen & Katz. Bristol is advised by Bank of Tokyo Mitsubishi Group, Morgan Stanley, Dyal Co, Evercore, Kirkland & Ellis, and Joele Frank.
According to a report by Bloomberg, Dish is seeking to have the Federal Communications Commission waive a March deadline to use - or lose - airwave licenses the company bought years ago. In exchange, Dish will acquire additional spectrum, subscribers, and other assets from T-Mobile and Sprint. That way, the government can point to Dish as a new mobile-phone company, making it easier to prove T-Mobile’s acquisition of Sprint won’t harm competition.
The FCC has already signaled it will clear the deal if both Sprint and T-mobile agree to limits on pricing and sell Boost, Sprint’s prepaid wireless service. The Justice Department has taken a stricter line, pushing T-Mobile and Sprint to sell enough additional assets, like spectrum and network access, to lay the groundwork for a new fourth wireless competitor.
Sprint is advised by Centerview Partners, JP Morgan, Mizuho Securities, SMBC Nikko, The Raine Group, Goodwin Procter, Morrison & Foerster, Potter Anderson & Corroon, Simpson Thacher & Bartlett, and Skadden Arps Slate Meagher & Flom. Deutsche Telekom is advised by Deutsche Bank, Evercore, Goldman Sachs, Morgan Stanley, PJT Partners, Allen & Overy, DLA Piper, Hogan Lovells, Latham & Watkins, Richards Layton and Finger, and Wachtell Lipton Rosen & Katz. Softbank is advised by Morrison & Foerster.
Raytheon, the US defense group, has defended its proposed merger with the aerospace arm of United Technologies, insisting it is not pursuing size for the sake of it. “This is not about just being bigger,” Toby O’Brien, Raytheon chief financial officer, told the Financial Times in an interview.
The deal to create a sprawling $120bn aerospace and defense group was unveiled two weeks ago but has come under fire from investors who have questioned the logic of the combination. There is just a 1% overlap between the two companies in terms of revenues.
Activist investor Bill Ackman, whose hedge fund Pershing Square has a stake of more than $700m in UTC, came out against the deal arguing that the tie-up will lower the quality of its aerospace business.
US president Donald Trump has also waded into the merger, raising concerns that it could be bad for competition in a sector that is dominated by a small number of significant participants.
Raytheon is advised by Citigroup, RBC Capital Markets, and Shearman & Sterling. United Technologies Group is advised by Evercore, Goldman Sachs, Morgan Stanley, Sullivan & Cromwell, and Wachtell Lipton Rosen & Katz.
US Ecology, a leading North American provider of environmental services to commercial and government entities, and NRC Group Holdings, a global provider of a wide range of environmental, compliance and waste management services, entered into a definitive merger agreement. The combined group would be valued at $966m.
The transaction has been approved by both companies’ Boards of Directors. Upon completion of the transaction, US Ecology stockholders will own approximately 70% of the combined company, and NRCG stockholders will own approximately 30% on a fully diluted basis.
“The addition of NRCG’s substantial service network strengthens and expands US Ecology’s suite of environmental services,” said Jeffrey R. Feeler, US Ecology CEO. “This transaction will establish US Ecology as a leader in standby and emergency response services and adds a new waste vertical in oil and gas exploration and production landfill disposal to further drive waste volumes throughout the Gulf region.”
Bank of America Merrill Lynch, Wells Fargo Securities, Evercore, and Jones Day are advising NRC Group. Bank of America Merrill Lynch, Wells Fargo Securities, Houlihan Lokey, Dechert are advising US Ecology.
L Catterton, a leading consumer-focused private equity firm, acquires Del Frisco’s Restaurant Group, a popular chain of restaurants in the US for $650m in an all-cash deal.
Del Frisco’s stockholders will receive $8.00 per share, representing a 22% percent premium to the closing share price on December 19, 2018, the last trading day prior to Company’s announcement of a strategic alternatives process, and a premium of approximately 21% to the 30-day volume weighted average price ended on June 21, 2019.
“L Catterton brings a distinguished track record of fostering the growth and success of world-class experiential brands. Together with their deep operational expertise in the restaurant industry, I am confident L Catterton will be a great long-term partner,” Norman Abdallah, Del Frisco’s Restaurant Group CEO.
Piper Jaffray and Kirkland & Ellis are advising Del Frisco's. Credit Suisse and Gibson Dunn & Crutcher are advising L Catterton.
Archrock, an energy infrastructure company with a pure-play focus on midstream natural gas compression acquires Elite Compression from JDH Capital, a private investment firm based in Texas for $410m in a cash-stock trade.
The transaction will be funded with approximately $205m of cash and approximately 21.7m newly issued Archrock common shares to the seller.
“We are excited to announce the acquisition of Elite’s excellent contract compression operations in a transaction that will immediately benefit Archrock shareholders through accretive earnings and cash flow growth,” Brad Childers, Archrock, CEO.
Intrepid Advisors and Kirkland & Ellis are advising Elite Compression and JDH Capital. Citigroup and Latham & Watkins are advising Archrock.
SGS announced the sale of Petroleum Service to Aurora Capital Partners for $335m. PSC is the oldest and largest company in the USA, providing product handling and site logistics services for the petrochemical, refining, midstream, and marine transportation end market.
“As part of our dashboard review and evolving strategic direction of the business announced at our Investor Days in November 2018, we decided to dispose of CHF 350 million in revenue. This disposal represents a significant milestone in the execution of this pillar of our strategy,” said Frankie Ng, CEO, SGS.
SGS is advised by Rothschild & Co and Weil, Gotshal & Manges.
WestPoint Home, a leading manufacturer of home textiles, acquires Vision Support Services Group, a distributor of textiles to customers in retail, public sector, healthcare, hotel, and hospitality markets in the United Kingdom and internationally.
The combination of the two will create an industry giant with a "dominant position" in the hospitality sector. The VSS management team will look to accelerate the rate of growth that has already been achieved across Europe, the Middle East and Asia with a new push into North America.
Rickitt Mitchell & Partners, Gateley, and KPMG are advising VSS. DLA Piper is advising WestPoint.
Insight Enterprises, the global provider of Insight Intelligent Technology Solutions for organizations of all sizes, acquires PCM, a provider of IT products and services. Insight would pay $35 per share of PCM.
The transaction implies an enterprise value of approximately $581m. The combination of the two organizations extends Insight’s reach into areas where clients need help most: positioning their businesses for future growth, transforming and securing their data platforms, creating modern and mobile experiences for their workforce and optimizing the procurement of technology. Together, the combined organization will be able to offer partners an even stronger salesforce globally, with increased footprints in North America and the United Kingdom.
“The acquisition of PCM accelerates our opportunity to grow share within our four solution areas: Supply Chain Optimization, Connected Workforce, Cloud + Data Center Transformation and Digital Innovation.” Steve Dodenhoff, Insight’s North America business President.
B. Riley FBR and Sheppard Mullin Richter & Hampton are advising PCM. JP Morgan and Sullivan & Cromwell are advising Insight.
Cross River Bank, a leading innovator, and provider of banking services for technology companies acquires Seed, an online small business banking technology platform. Financial terms were not disclosed.
This new platform will build on Cross River’s growing suite of innovative Banking-as-a-Service solutions. As part of the transaction, Cross River will also acquire members of the current Seed team with plans to open additional offices on the West Coast.
“This acquisition marks a significant milestone for Cross River that comes on the heels of our recent capital raise. It allows us to strengthen further our position as a leading provider of fintech solutions as we continue building and enhancing a complete banking platform where companies can leverage best-in-class banking technologies with compliance excellence,” Gilles Gade, Cross River Founder and CEO.
Align Capital Partners, a growth-oriented private equity firm, acquires a majority stake in E Source, a leading provider of customer-focused research, data, and consulting for utilities and their partners. Financial terms were not disclosed.
ACP’s investment in E Source, the first institutional capital in the business, will help grow the Company’s existing portfolio of customer energy and customer experience solutions both organically and through add-on acquisitions. E Source will seek to increase value within its membership services, expand its consulting practice, and introduce software
solutions to advance utility customer engagement efforts. Specific growth avenues include enhancements surrounding distributed energy resources, innovation, and human-centered design.
“ACP’s investment is a significant milestone for our company, our employees, and our customers,” Wayne Greenberg, E Source CEO.
PWD Group acquires Chemring Defence UK, a manufacturer of military pyrotechnics that is primarily used for illumination, signaling, screening, battlefield simulation and training from Chemring Group. Financial terms were not disclosed.
SteelSummit Holdings, a leading national metals service center, and trading company acquires Magic Steel Sales, a leading steel service center company. Financial terms were not disclosed.
"We are very excited to welcome the Magic Steel employees to the SteelSummit family," Todd Rollins, SteelSummit CEO.
PG&E to move on with $31bn bankruptcy restructuring plan.
PG&E has been shopping a new plan that would see the bankrupt California utility emerge from bankruptcy in March with a $14bn fund established to address past wildfire claims and another $20bn statewide fund for future fires.
The proposal, the first one that PG&E has made, is expected to be filed in August, Bloomberg reported. It also contemplates refinancing about $11bn in debt and accrued interest.
Brookfield considers the acquisition of a majority stake in Suzlon. (FS)
Suzlon is considering a potential stake sale to Brookfield that would infuse additional equity in the company, and a considerable amount of waiver of the debts by lenders including foreign currency convertible bondholders, which could eventually help the loss-making company to scale up its operations and meet the remaining financial obligations.
"The lenders have been involved in the resolution plan. Suzlon had interest from a few entities, which lenders knew, but it has decided to go ahead with Brookfield while submitting the one-time settlement offer."
MPIC expects a valuation of $3bn for the hospital unit.
Metro Pacific Investments, the infrastructure and tollways conglomerate chaired by tycoon Manuel V. Pangilinan, is looking at a valuation of up to $3bn for its hospital unit, Metro Pacific Hospital Holdings.
“It would be well north of $2.5bn, closer to $3bn,” MPIC chief financial officer David Nicol.
Nicol said the company is also pouring in additional investments for the hospital unit for expansion and to support the growth of its current portfolio.
With Slack being successful, its bankers eye more direct listings.
According to Bloomberg's report, Slack Technologies' trading debut was everything Wall Street wanted it to be: nothing flashy. The company’s advisers anticipate that more firms will adopt the so-called direct-listing model for going public, and give the banks an edge over rivals who have little to no experience in pulling off a listing like Slack’s.
Lightspeed looks for additional $311m for a third late-stage fund. (FS)
US-based venture capital firm Lightspeed Venture Partners is looking for an additional $312m for its third late-stage fund, Lightspeed Venture Partners Select III, almost one year after announcing a final close for the vehicle at $1.05bn.
EMEA
German retailer Metro AG has rejected a $9.3bn takeover offer from an investment vehicle controlled by Czech billionaire Daniel Kretinsky, arguing it “substantially undervalues” the Düsseldorf-based company.
EP Global Commerce, which is controlled by Mr. Kretinsky and his Slovakian business partner Patrik Tkac, said on Friday night that it would offer $18.1 in cash for each Metro share it does not already own, and $15.7 for each preference share.
BNP Paribas, Credit Suisse, Goetzpartners, BNP Paribas, Societe Generale, Kirkland & Ellis are advising EP Global.
Equistone Partners Europe, one of Europe’s leading investors in mid-market buyouts acquires Vulcain Ingenierie, a leading French engineering consultancy group serving the energy and pharmaceuticals sectors from NiXEN Partners, Initiative & Finance. Financial terms were not disclosed.
“We are now delighted to partner with Equistone and launch a new investment and development cycle aiming, in particular, at expanding the Group's international footprint, strengthening our business expertise and reinforcing our regional network. We are convinced that Equistone, a leading mid-market private equity firm, will be able to give the company the resources and support it needs to achieve its goals." Alban Guilloteau, Vulcain Ingenierie Co-CEO.
Miura Private Equity has invested in Grupo Tragaluz-En Compañía de Lobos, a restaurant group founded by the Tarruella-Esteva family. Financial terms were not disclosed.
Grupo Tragaluz is considered to be one of the most prestigious restaurant groups in Spain. Miura’s entry will contribute to accelerating the company’s growth.
Arcano, Baker McKenzie and Deloitte are advising Miura. Next Corporate, Arraut & Asociados, and Baker McKenzie are advising Groupo Tragaluz.
Allianz and Banco Santander have reached a settlement agreement under which Allianz will sell its 60% stake in Allianz Popular to Banco Santander. Banco Santander will pay €936m ($1.06bn) for the acquisition of 60% in Allianz Popular and the termination of the exclusive non-life distribution agreement with Allianz’s operating entity in Spain.
Allianz and Banco Popular entered into an exclusive long-term bancassurance alliance in 2011. It covered life insurance, pensions, and asset management through a joint venture Allianz Popular SL, as well as the distribution of non-life insurance products in Spain.
A consortium led by Fosun International, a leading private equity firm, agreed to acquire BlackRock-backed GV Gold, a gold mining corporation in Russia.
Fosun is considering teaming up with partners including Zhaojin Mining Industry for a joint offer. A deal could value GV Gold at about $1bn. The miner’s initial public offering plan was stalled last year amid international sanctions and a slump in commodity prices. No final decision has been made and there’s no certainty the talks will lead to an agreement.
Main Capital, in conjunction with the Onventis management team, has acquired a strategic stake in Onventis, a cloud-based platform provider for e-procurement. Financial terms were not disclosed.
Through its rich set of functionalities, Onventis’s software offers both buyers and suppliers a user-friendly and fully-integrated suite to connect, automate, and control the entire chain from sourcing to payment.
“With their strong expertise and network in the software sector, the team from Main Capital Partners constitutes the ideal partner for our envisioned growth strategy. Our Mittelstand-focused e-procurement solutions are quickly gaining market share, which helped Onventis achieve another record year in 2018. Together with our new partner, we will continue this success story by further expanding our product portfolio and widening our geographical reach.” Frank Schmidt, Onventis CEO.
Eleda Group, an expansive group focusing on civil engineering, contract, and other services in infrastructure acquires Vastkustens Anlaggnings which offers complex sewerage contracts, as well as various land and civil engineering works. Financial terms were not disclosed.
“Our business has developed very positively in recent years and to become a part of Mark & Energibyggarna feels like a natural next step in VK. AB's development. By becoming a part of a larger Group, we will be able to take advantage of, among other things, Eleda's processes and systems, which gives us favorable conditions for scalability and continued profitable growth”, Bo Eriksson, Vastkustens Anlaggnings Managing DIrector.
CEZ sold its Bulgarian assets to Eurohold for €335m. (FS)
Czech energy company CEZ Group has signed a contract today with holding company Eurohold Bulgaria for the sale of its assets in Bulgaria. Eurohold will pay €335m ($381m) for CEZ’s Bulgarian assets.
The contract on the sale of CEZ’s assets in Bulgaria to Eurohold is subject to regulatory approvals of the Bulgarian Commission for the Protection of Competition and the Bulgarian Energy and Water Regulatory Commission.
Naspers delays Dutch listing after error informing investors.
Naspers delayed a planned listing of its international internet assets in Amsterdam until September after an error in sending details to shareholders meant a vote on the deal could not go ahead as planned.
The announcement came just minutes before the South African technology company released full-year earnings weighed on the shares, which fell as much as 3.1% in Johannesburg, the most significant drop in a month. The new company, which Naspers has named Prosus, the Latin word for forwards, was supposed to list in mid-July.
Trainline rises 17% in second-largest UK listing of 2019.
Shares of online rail-ticketing company Trainline ended their debut trading day up 17%, giving optimism to investors ahead of other extensive European listings slated for next week.
Kuwait Exchange expects $2.8bn of inflows on MSCI upgrade.
MSCI will probably upgrade Kuwaiti equities to its main emerging-market index this week, which could trigger $2.8bn of inflows from passive funds, Bloomberg reported.
“We have ticked all the boxes that are required by MSCI. We have also offered international investors additional services and products they were looking for and some changes in bylaws they requested. We have touched base with them on our roadshows. We saw a comfortable response.” Mohammad Al-Osaimi, the acting chief executive officer of Boursa Kuwait.
Guy Hands in talks to buy German packaging specialist. (FS)
The buyout baron Guy Hands is in talks to buy a German packaging group in a deal that will test his new approach to funding takeover deals.
Terra Firma Capital Partners, Mr. Hands' private equity group, is holding discussions about acquiring Cartonplast Group, which manufactures pads used during the transportation of glass containers and cans, Sky News reported
ADO Properties appointed a new CEO. (People)
ADO Properties has appointed Ran Laufer as Chief Executive Officer of the Company. Mr. Laufer will join the Company in his role as CEO commencing on July 23, 2019, and the initial term of his service agreement extends through July 22, 2023.
Mr. Laufer is an experienced and accomplished high-level executive with extensive experience in the real estate sector. He served in the last 18 years in various managerial and senior executive positions in real estate companies in the residential and commercial segments. Mr. Laufer brings to ADO significant experience and knowledge from multi-billion Euro real estate companies.
Hiddn enters into LOI for a potential business combination with Ayfie Group.
Hiddn Solutions has entered into a Letter of Intent for a potential business combination with Ayfie Group, an international provider of Artificial Intelligence enhanced solutions for the legal, legal services, finance, and publishing industries.
“The global market for the analysis of large volumes of text through artificial intelligence and machine learning is expanding rapidly. Ayfie’s unique technology gives businesses the ability to leverage insight into process automation. Ayfie’s ambition is to take a leading position in this fast-growing market. Ayfie strong growth combined with Hiddn, will facilitate accelerated global expansion.” Erik Baklid, CEO of Ayfie Group.
APAC
Suning.com, one of the largest commercial enterprises in China, agreed to acquire 80% equity stake in Carrefour China for $1.6bn.
After the transaction completes, Suning.com will become the controlling shareholder of Carrefour China. Carrefour Group will retain a 20% stake in the business and two seats out of seven on Carrefour China’s Supervisory Board.
Closing of the transaction is subject to approval by Chinese competition authorities and other customary conditions and is expected by the end of 2019.
Austalia's oldest listed automotive retail group AP Eagers' acquisition of a smaller auto retailer Automotive Holding Group for $580m raised some regulatory concern.
The Australian Competition and Consumer Commission said its preliminary concerns were over the competition in new car retailing in the Newcastle and Hunter Valley region of New South Wales state. The regulator said it was also seeking submissions about whether divestiture would address competition concerns in the concerned region.
UBS and Ashurst are advising Automotive Holding Group.
Sieu Viet Human Resource Join Stock Company, a leading Human Resources company in Vietnam, acquires MyWork, a vendor management platform. Financial terms were not disclosed.
Bain considers $930m financing for Japanese tech firm Works Applications. (FS)
Bain Capital is considering providing roughly 100bn yen ($930m) in assistance to embattled Japanese software developer Works Applications, DealStreet Asia reported.
Bitmain revives IPO plan as Bitcoin hits one-year high.
Bitmain Technologies, the world’s biggest producer of cryptocurrency mining chips, is reviving plans for an initial public offering as Bitcoin climbs to a one-year high, Bloomberg reported.
The company is working with advisers on preparations for a US share sale that could take place as soon as the second half of this year. Bitmain aims to file listing documents with the US Securities and Exchange Commission as early as next month.
Indian e-commerce giant Flipkart eyes US listing by 2022.
Home-grown e-commerce retail giant Flipkart is looking to make a stock market debut in the US by 2022, which is likely to pave the exit for Walmart.
Walmart invested about $16bn in the Bangalore-headquartered company in 2018 for a 77% stake – marking one of the most significant e-commerce transactions globally.
Flipkart group CEO Kalyan Krishnamurthy reportedly informed the top brass of the company about the timeline of the proposed IPO at its recently held board meeting on the sidelines of the US retailer’s annual shareholders conference, the ET report said
Temasek backs Sembcorp Industries’ in $1.1bn bond issue.
Sembcorp Industries‘ S$1.5bn ($1.1bn) bond issuance aimed at strengthening the financial position of its marine and offshore engineering subsidiary Sembcorp Marine has found backers that include Temasek Holdings, the company said in a disclosure.
Sembcorp Industries, a Singaporean industrial conglomerate, is providing Sembcorp Marine with a five-year subordinated loan facility of S$2bn ($1.47bn) to help it retire S$1.5bn ($1.1bn) of borrowings amidst the current downturn in the global offshore and marine industry. According to the disclosure, Sembcorp Marine will use the balance S$500mn ($369m) for working capital and general corporate purposes.
Chinese conglomerate Dalian Wanda considers Singapore REIT listing.
Chinese conglomerate Dalian Wanda Group is planning to list one of its real estate businesses in Singapore, Wall Street Journal reported. Singapore IPO could value the unspecified collection of properties, which would be structured as a real-estate investment trust, at more than $1bn.
Owned by one of China’s richest men, Wang Jianlin, Dalian Wanda is a real estate holding company that develops commercial property including commercial centers, urban pedestrian streets, hotels, office buildings, and apartments. It also operates tourism investment, cultural, and department store businesses. Despite its reputation as an active acquirer of companies in China and overseas, the company has lately been unloading assets to reduce its corporate debt.
Chinese investment bank AMTD International files for US IPO.
Hong Kong-based financial services firm and investment bank AMTD International have filed to raise $200m in an initial public offering in the US. AMTD, which claims to be one of the largest Hong Kong-based financial institutions, has not specified the number of shares it intends to offer, and the amount mentioned in the filing is likely a placeholder to calculate the filing fee. It plans to list on either the Nasdaq or the New York Stock Exchange, and it has not specified a ticker name yet.
Yes Bank co-founder's family considers mortgage unit sale. (FS)
Indian banker, Rana Kapoor’s family, is planning to sell a stake in their six-year-old mortgage finance company, Bloomberg reported, as rising wariness in the credit market erodes growth prospects of shadow finance firms.
The family office run by the three daughters of the Yes Bank co-founder is working with Nomura Holdings on the potential deal. It has reached out to several private equity firms to gauge their interest.
Alibaba Cloud chief scientist Min Wanli quits, starts new VC firm. (FS)
Min Wanli, the chief machine intelligence scientist at Alibaba Cloud, has tendered his resignation after six years with the e-commerce giant to set up a venture capital firm, DealStreet Asia reported.
Wan revealed that he had created a venture capital firm that seeks to integrate cloud computing and artificial intelligence into the periphery of traditional industries – manufacturing, agriculture, and medical care. The fund, named North Summit Capital, reportedly received at least $100m in commitments from various investors, including an investor from the Middle East.
PremjiInvest, Carlyle, ChrysCapital, GIC in race to acquire 26% in SBI General Insurance. (FS)
PremjiInvest, Carlyle, ChrysCapital, and GIC of Singapore are amongst the six private equity firms that are in talks with Insurance Australia Group (IAG) to acquire its 26% stake in SBI General Insurance for about INR30bn ($435m), according to a report by ET. The proposed transaction pegs the valuation of SBI General Insurance at INR120bn ($1.74bn).
“Earlier, reinsurance companies were looking at buying into SBI General, but that would have led to conflict as they provide our support through treaties,” said an executive of the company.
JD’s logistics unit raises $218m investment fund. (FS)
Chinese e-commerce giant JD's logistics division has raised a CNY1.5bn ($218m) fund to invest in companies and technologies specializing in logistics.
The fund’s limited partners will include JD Logistics and the JD mother company, in addition to “several listed companies and government-led funds,” the company said.
The fund will complement JD’s investment team, which carries out deals across a variety of sectors. Chinese news website Jiemian first reported the fundraising on Monday.
India’s OYO in talks to set up a hospitality property fund. (FS)
OYO Hotels & Homes, a lodging operator backed by SoftBank’s Vision Fund, is mulling a hospitality property fund that could acquire properties across markets, according to an ET report.
The decision to set up a fund, which will acquire properties across markets and lease those to the Gurgaon-headquartered company at an agreed-upon yield, is still at an exploratory stage. The company has held initial conversations with some of the world’s top asset management firms to come on board as a possible co-manager of the fund.
Vietnamese e-commerce firm Tiki set to raise over $100m in upsized funding round. (FS)
Vietnamese e-commerce major Tiki, in March, was raising a $75m funding round led by private equity firm Northstar Group, is now looking at a more massive financing deal.
MySale puts itself up for sale.
Australian online retailer MySale said that it was putting itself up for sale as it announced the launch of a strategic review.
The review will include options to raise additional capital to support the ongoing restructuring and rationalization of the group and reduce debt, and the sale of certain parts of the company and de-listing of its shares from AIM.
MySale said it has continued to experience "challenging" trading conditions in Australia, its largest market, mostly due to the market disruption caused by changes to goods and services tax regulation introduced in July 2018. This was exacerbated by product mix, international cost base, and inventory location, it said.
"This has had and continues to have a negative impact on the group's financial performance with declines in revenue, gross profit, and gross margin," MySale said.
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