AMERICAS
Chevron Phillips Chemical, one of the world's top petrochemical producers, would gain scale and expand its footprint through the acquisition of Nova Chemicals, whose expandable polystyrene and resins are used in a range of industries, from construction to packaging.
Abu Dhabi's sovereign wealth fund Mubadala Investment Co, the owner of Nova Chemicals, has been exploring a sale of the Canadian plastics maker since the start of the year, and there is no certainty that it will accept the offer from Chevron Phillips Chemical.
Military communication equipment provider Harris Corp won European Union approval for the acquisition of L3 Technologies, on the condition that Harris sells its night vision global business. US antitrust authority also approved the transactions under the same condition. The all-stock merger will create the sixth-largest United States defense contractor, with a market value of $34bn at the time it was announced. Both companies have set a closing date of June 29, 2019.
L3 Technologies is advised by Goldman Sachs, Simpson Thacher & Bartlett, Corrs Chambers Westgarth, and Sard Verbinnen. Harris Corporation is advised by Sullivan & Cromwell, Morgan Stanley, Davis Polk & Wardwell, and Paul Weiss Rifkind Wharton & Garrison.
In the second deal, Elbit Systems is advised by Jefferies & Company and Covington & Burling. Morgan Stanley and Sullivan & Cromwell advise Harris Corporation.
According to The Wall Street Journal, UnitedHealth Group, a diversified healthcare company, agreed to acquire Equian, a leading healthcare payment firm, from New Mountain Capital, a private equity firm, for $3.2bn. The sale to the US health insurer is the culmination of a months-long auction process.
UnitedHealth would likely merge Equian into its Optum health-services arm, a rapidly growing part of its business that caters to insurers, hospitals, and other healthcare companies. Equian would add to its array of offerings and help Optum branch out beyond health care since Equian has different types of insurers as clients as well.
According to the New York Post, a group of wealthy New York-based art amateurs is forming to build up a bid for Sotheby's. Hedge fund manager Alexander Klabin of Senator Investment Group is said to be among those who have been approached to finance a competing offer. Art collectors on Wall Street like Ken Griffin, Steve Cohen, and Henry Kravis are speculated to be among bidding partners.
Last week, media and telecom entrepreneur Patrick Drahi offered to acquire Sotheby's, one of the world's largest brokers of fine and decorative art, jewelry, real estate, and collectibles, for $3.7bn.
LionTree Advisors and Sullivan & Cromwell advise Sotheby's. BNP Paribas, Morgan Stanley, Hughes Hubbard & Reed, Luther, and Ropes & Gray advise Patrick Drahi.
Hawaii, Massachusetts, Minnesota, and Nevada joined an effort by state attorneys general to stop T-Mobile-Sprint merger. These four US states will be included in an amended complaint being filed Friday, said Beau Buffier, chief of the antitrust bureau in the New York attorney general's office. Lawyers for the states and the companies proposed Oct. 7 for the start of a trial, which could last two to three weeks.
The lawsuit was filled on June 11 aimed at stopping the purchase by third-largest US wireless operator T-Mobile of fourth-largest Sprint, saying the deal would cost their subscribers more than $4.5bn annually.
Additionally, according to the Financial Times, T-Mobile and Sprint are in talks over selling spectrum to a smaller rival to win US approval for their merger.
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.
The Department of Justice filed a civil antitrust lawsuit today seeking to block Quad/Graphics's proposed acquisition of LSC Communications to preserve competition in the markets for a magazine, catalog, and book printing services in the United States.
In October, Quad/Graphics agreed to acquire LSC Communications in an all-stock transaction valued at approximately $1.4bn including debt.
BofA Merrill Lynch, Cleary Gottlieb Steen & Hamilton, Sullivan & Cromwell, Joele Frank, and Morrow Sodali advise LSC Communications. JP Morgan, BDT & Co, and Foley & Lardner advise Quad/Graphics.
According to Cornershop co-founder Oskar Hjertonsson's Twitter, Walmart and delivery app Cornershop abandoned plans of acquisition after Mexican anti-trust officials blocked the deal.
Walmart wanted to acquire Cornershop, provider of on-demand delivery from supermarkets, pharmacies, and specialty food retailers in Mexico and Chile, for $225m. The deal was seen as an opportunity to leverage both the brands, as well as Walmart's strong supply chain and store network.
Morrison & Foerster advised Walmart.
“TruFood will be a leading manufacturer in the growing snacking and nutrition bar segments and this acquisition is a complement to our growing portfolio of food manufacturers," said David Benyaminy, AUA Private Equity Partner.
Mandelbaum Salsburg and McDermott Will & Emery advised AUA.
CityMD, the leading urgent care provider in the New York metro area, and Summit Medical Group, one of the nation’s premier independent multispecialty medical practices, agreed to merge, pending regulatory approvals. The combined organization will offer patients a seamless experience across a full spectrum of high-quality primary, specialty, and urgent care. Financial terms were not disclosed.
“This exciting merger will integrate our urgent care centers with an exemplary multispecialty medical organization and expand patient access to some of the best medical care in the tri-state area,” said Richard Park, MD, Chief Executive Officer and co-founder of CityMD.
Mondelez International to acquire a majority interest in Perfect Snacks.
Mondelēz International agreed to acquire a majority interest in Perfect Snacks, a pioneer in the fast-growing refrigerated nutrition bars segment. With a range of refrigerated offerings including organic, non-GMO, nut-butter based protein bars and bites, the company is an excellent addition to Mondelēz International’s portfolio of global and local brands. Financial terms were not disclosed.
“Perfect Snacks is an amazing brand, growing fast and a great complement to our existing portfolio that expands our leadership across broader snacking. Well-being snacks in general, and refrigerated well-being snacks in particular, are a fast-growing segment and we look forward to working with and supporting the Keith family to help accelerate this brand’s great momentum,” said Glen Walter, Executive Vice President and President, North America, for Mondelēz International.
Thomson Reuters, a leading provider of business information services, agreed to acquire Confirmation, a leading provider of secure audit confirmation services. Financial terms were not disclosed.
"Accounting firms, banks and law firms use Confirmation's technology to improve workflow, increase efficiency and reduce risk," said Brian Fox, CPA, president and founder of Confirmation, who will join Thomson Reuters after the closing and continue in an executive role. "We are extremely excited to expand our global footprint and leverage Thomson Reuters network to support and serve customers giving them access to world-class integrated workflow automation products and tools."
Oberalp to acquire Evolv.
The Oberalp Group, which owns Salewa, Dynafit, Pomoca, and Wild Country, acquired Evolv, the American climbing shoe brand, from BRS Outdoor Holdings, an investment platform of BRS & Co. Financial terms were not disclosed.
“The addition of Evolv allows us to offer a complete solution for rock climbers when paired with our Wild Country brand, an international leader in technical climbing hardware,” said Ruth Oberrauch, a member of the owner family of the Oberalp Group, explaining the acquisition of the brand.
Brookfield is leading the bidding rounds for Genesee & Wyoming. (FS)
According to Bloomberg, Brookfield Asset Management is the frontrunner to acquire railroad operator Genesee & Wyoming. A deal could be announced in coming weeks, though no agreement has been reached and discussions may still fall apart.
Genesee & Wyoming, with a market value of about $5.6bn, owns or leases more than 100 short-line and regional freight railroads serving the US and Canada. Along with Brookfield, Blackstone Group, Stonepeak Infrastructure Partners and EQT Partners are competing to acquire railroad operator.
Genesee & Wyoming is seeking at least $110 per share, which would value the company's equity at about $6.2bn, based its 56.5m shares of common stock outstanding at April 1.
China National Gold studies bid for Iamgold.
According to Bloomberg, China National Gold Group, the second-biggest miner of gold in China, is weighing a bid for a stake in Canada's Iamgold. Iamgold, which is exploring a possible sale of all or part of the company, has already spoken to several potential buyers.
Sumeru Equity and Adam Street want to dispose of Cybera. (FS)
Sumeru Equity Partners and Adams Street are exploring options for the sale of Cybera, a provider of secure virtual application networks. Sumeru Equity and Adam Steet acquired Cybera in September 2015. First-round bids are due at the end of June.
Jefferies is advising Sumeru on the sale process.
Anonymous buyer to acquire Hooters.
A year after going on a sale for the second time since 2018, Hooters, the famous chain of restaurants in the USA, is rumored to found a buyer. The details of the acquirer are not known as of now.
EMEA
EP Global Commerce, a holding company, controlled by Daniel Křetínský, with a current shareholding of 53%, and Patrik Tkáč, who currently holds a shareholding of 47%, made a voluntary public takeover offer to the shareholders of a German retailer METRO for the acquisition of all ordinary and preference shares. The offer will be subject to a certain minimum acceptance threshold of all ordinary shares in METRO which shall be sufficient in the view of EP Global Commerce. EP Global Commerce already held a 10.91% stake in Metro and made the full takeover offer after it agreed with Haniel to buy its 15.2% stake, and Ceconomy's affiliate to buy another 5.4% stake.
The cash offer price for the ordinary shares will be €16 ($18.06) per share and for the preference shares will be €13.80 ($15.57) per share. EP Global Commerce's indicates a premium of 34.5% based on the undisturbed share price level of the ordinary shares before its initial strategic investment on 24 August 2018. The offer corresponds to an equity value for all METRO Shares of €5.8bn ($6.5bn) and an enterprise value of €8.5bn ($9.6bn).
"We remain convinced that our entry as main controlling shareholder will create the opportunity to grant the management the mandate to execute the necessary changes in the best interest of the company, its employees, its shareholders, its customers and all other stakeholders. We look forward to a constructive cooperation with the members of the Supervisory board and management of METRO," says Daniel Křetínský, co-founder of EP Global Commerce.
BNP Paribas, Credit Suisse, goetzpartners, Société Générale, and Kirkland & Ellis advised EP Global Commerce.
Hitachi Automotive Systems, a wholly owned subsidiary of Hitachi, agreed to acquire Chassis Brakes International Group, one of the world’s three largest manufacturers of automotive foundation brakes and foundation brake components, from KPS Capital Partners, a private equity group.
“Chassis Brakes will remain committed to our core strategic values of providing our customers with the highest levels of product quality, innovation and customer service. We thank our customers, suppliers and employees for their contributions to our success,” said Thomas Wünsche, Chassis Brakes’ Chief Executive Officer.
Citigroup and Paul Weiss Rifkind Wharton & Garrison advise KPS and Chassis Brakes.
Qatari investment fund Mayhoola will acquire a 43.91% stake in Turkey's Boyner Retail and Textile from Boyner Holding and the Boyner Family, for $405m per an agreement reached in May, for $1.40 per share, which indicates 56% premium to the share price.
Upon completion of the transaction, Mayhoola's shareholding will increase to 98%.
As part of the transaction, Boyner Holding will take over all shares in Boyner Magazacilik and Altinyildiz for TRY354-417m ($61-72m).
German energy company E.ON submitted on Thursday concessions to address EU antitrust concerns over its bid to buy rival Innogy's network and retail assets. However, The European Commission did not provide details in line with its policy. EU will now seek feedback from customers and rivals before deciding whether to demand more or clear the deal based on the offer.
The antitrust arm of the European Union in March opened an in-depth investigation of the deal, part of an asset swap between E.ON and Innogy owner RWE, after concluding it could lead to price increases in Germany and elsewhere.
Deutsche Bank, Goldman Sachs, Lazard, Hengeler Mueller, and Finsbury Hering Schuppene GPG advised Innogy. BNP, PWP, Allen & Overy and Linklaters advised E.ON. Bank of America Merrill Lynch, Citigroup, Rothschild & Co and Freshfields Bruckhaus Deringer advised RWE.
Vodacom Group, South African mobile phone operator, majority-owned by Vodafone, agreed to sell some of its Business Africa operations, which offer business-managed services to enterprises. The Angolan operations and assets will be acquired by Internet Technologies Angola. Operations in Nigeria, Zambia and Ivory Coast will be acquired by Synergy Communications, a subsidiary of the Convergence Partners, part of CDC Group. Vodafone Ghana will buy Vodacom's business in Ghana. Financial terms were not disclosed.
Shameel Joosub, CEO of Vodacom Group, says: "To support the sustainable growth of pan African digital economies and building connected societies, Vodacom will, via local service providers, continue to service clients in each market. We seek to leverage our collective strengths to meet the changing requirements of clients across each of these markets."
ClearCourse Partnership, a group of innovative technology companies providing software and digital capabilities backed by Aquiline Capital Partners, acquired intelligentgolf, a leading web-based provider of golf club and competition management software. Financial terms were not disclosed.
Gerry Gualtieri, CEO of ClearCourse, commented: "intelligentgolf is a unique business that has brilliantly tapped into the needs of the golfing community and as such has been widely adopted throughout the UK. [...] It is a highly complementary addition to the Partnership that will provide our existing companies access to a significant new market."
HYPE Capital, an early-stage venture capital fund, invested in Tokabot, an intelligent fan engagement and monetization platform for sports and entertainment. The fund is actively looking to leverage their unique access to hundreds of sports startups worldwide to make early stage investments. BILD, Axel Springer's subsidiary is a fellow investor in Tokabot, is Germany's leading digital media brand with a strong sports footprint. Financial terms were not disclosed.
Ilan Leizgold, Tokabot co-founder, says: "We have enjoyed working with HYPE and appreciate the invaluable guidance they provide as we look to scale and find new markets. Their latest investment in Tokabot will be used to expand our technological capacity and discover new audiences."
MBB acquired a 60% stake in Friedrich Vorwerk.
MBB, a medium-sized family business, acquired a 60% stake in Friedrich Vorwerk and its subsidiaries. Vorwerk is a civil engineering and plant construction specialist for underground gas, oil, and power lines. Financial terms were not disclosed.
With MBB's entry, Vorwerk intends to push its growth organically and via acquisitions in the long term.
Gunnebo agreed to acquire the Czech-based entrance control company Cominfo for SEK240m ($26m). The acquisition is in line with the Group’s profitable growth strategy and will further strengthen the market position for its Business Unit Entrance Control.
“Cominfo is a well-run business that has demonstrated stable, profitable growth in recent years,” comments Gunnebo’s President & CEO Henrik Lange. “It is a good strategic fit for our Entrance Control business since it will extend both our geographical footprint and product offering. In addition, there are synergies within production and R&D.”
Helvetia Insurance, a Swiss insurer, is acquiring Helvetic Warranty, which offers tailored insurance solutions for electronic and electrical devices as an intermediary between distribution partners and insurers. The takeover will see Helvetia strengthen its B2B2C business. Helvetic Warranty will continue to operate independently on the market. Financial terms were not disclosed.
"With the acquisition of Helvetic Warranty, we can further strengthen the distribution of insurance products via specialist retailers in the B2B2C business, just as is envisaged in our helvetia 20.20 strategy", said Adrian Kollegger, Head of Helvetia Non-life Switzerland.
Etraveli Group, a holding company providing online traveling services through its subsidiaries, acquired TripStack, an online software that provides direct flights and Flight Network, a provider of services and resources for traveling. Financial terms were not disclosed.
With the acquisitions, the Group is now extending its airline integration capabilities and becoming a truly global company with sales and operations across the world.
“Through this deal, Etraveli Group will vastly increase airline integration capabilities through TripStack and thereby be able to further broaden the offer of flights and itineraries available," said Mathias Hedlund, Etraveli Group CEO.
Canady Life Sciences, a life sciences company, acquired France-based robotic company Endocontrol. Financial terms were not disclosed. With the acquisition, Canady Life Sciences will consolidate FDA registered life science, biomedical and robotic device company US Medical Innovations, and US Patent Innovations under its corporate umbrella to integrate and grow its business and products. Financial terms were not disclosed.
“The Endocontrol acquisition will accelerate USMI’s entrance into the robotic surgical market. This acquisition will increase our Intellectual Patent Portfolio to over 195 patents and filings globally," said Jerome Canady, Canady Life Sciences CEO.
Exxon wants to sell Norwegian offshore assets. (FS)
Exxon Mobil is weighing a sale of all of the stakes it holds in oil and gas fields off the Norwegian coast. Two years ago the world's largest oil company sold its operated assets in the area but retained stakes in more than 20 other fields, including Equinor-operated Snorre and Shell-operated Ormen Lange.
"Following interest expressed by several parties, Exxon Mobil has decided to open a data room to test the market interest for the upstream portfolio in Norway," said Anne Fougner, spokeswoman for Exxon.
Several private-equity backed firms, including Okea, and independent oil firms Aker BP and DNO, said before they were looking to buy more assets on the Norwegian continental shelf.
Royal Bank of Scotland wants to acquire Tesco Bank's £3.7bn book of mortgages.
According to Sky News, RBS is among the bidders for the £3.7bn ($4.7bn) Tesco Bank's home-loan portfolio, which it will sell as part of an exit from Britain's mortgage market.
If RBS succeeded in buying the mortgage portfolio, it would mark RBS's largest acquisition since its £45.5bn ($88.8bn) bailout in 2008 during the financial crisis. Under the terms of its rescue, RBS was prohibited from making acquisitions until the bank had met several conditions.
Atlantia with offers for Telepass' stake.
According to Reuters, Atlantia, backed by the Benetton family, wants to sell a 30% stake in its toll-road payment unit Telepass as it seeks to pay down debt and fund growth after buying Abertis in 2017 for €16.5bn ($19.4bn). Atlantia is hoping to reach an agreement a deal with an investor that values the entire payment unit at about €2bn ($2.3bn)
Atlantia said it had received many expressions of interest for Telepass and added it was not engaged in any negotiation for the sale of a minority stake in the toll-road payment company.
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Atlantia is under pressure to cut its €38bn ($43bn) net debt pile which has been weighing on its balance sheet since the purchase of Abertis which led to the creation of the 'world's biggest motorway operator, managing 14k km of roads.
Goldman Sachs and Mediobanca are advising Atlantia.
Roman Abramovich is eying a stake in British Steel.
According to the Financial Times, a Russian metal and mining group Evraz, whose biggest shareholder is Roman Abramovich, is interested in acquiring British Steel's business in France, which supplies rails for train lines.
British Steel collapsed into insolvency last month after its request for a second bailout was rejected by the UK government. According to the Guardian, Liberty House, previously considered among the frontrunner to buy British Steel, lost its interest after failing to secure government support, including loan guarantees to fund investment.
Puma Energy wants to sell its African assets.
Puma Energy, a mid and downstream oil company, majority-owned by the Singaporean Trafigura, wants to sell assets in the Democratic Republic of Congo, South Africa, Senegal, and Australia among others.
The sale of assets comes in the wake of settling debts. Puma Energy has suffered net losses due mainly to a currency devaluation in Angola and increased competition in Australia that affected the profitability of its fuel stations. The company posted a net loss of $30m for 2018 and a net loss of $15m in the Q1 this year.
Bank of America Merrill Lynch is advising Puma Energy.
Greek OTE exploring a sale of Telekom Romania.
According to Ziarul Financiar, Greek OTE wants to sell Telekom Romania Group, in which it is a majority shareholder. The decision was taken after Telekom Romania's operating profit fell steadily, reaching a minimum of €138m ($157m) in 2018 compared to €293m ($333m) in 2008, and annual revenues fell below the threshold of €1bn ($1.1bn).
OTE hired Barclays to help with the sale process.
NBK Capital Partners exits Abraaj's credit fund acquisition. (FS)
NBK Capital Partners left advanced talks to acquire global credit funds managed by Abraaj Capital. The move came as US prosecutors last week charged several senior executives of Abraaj with criminal charges, accusing them of taking part in a massive international scheme to defraud investors.
Searchlight is said to acquire Bezeq. (FS)
According to Reuters, Searchlight Capital, US private investment firm, agreed to acquire a majority stake in Bezeq, Israel's largest telecom group. Bezeq shares were up 6.5% in late trading in Tel Aviv.
APAC
Competition Commission of India approved the merger of the Indiabulls Housing Finance and Lakshmi Vilas Bank. Indiabulls Housing Finance in regulatory filing informed that "CCI at its meeting held on 20 June 2019, considered the proposed combination and approved the same."
In April, private sector lender Lakshmi Vilas Bank approved a merger with mortgage financier Indiabulls Housing Finance in an all-stock deal. The merged entity, to be called Indiabulls Lakshmi Vilas Bank, will be among the top eight private banks in India by size and profitability. Amalgamated entity will have a net worth of INR194.7bn ($2.5bn).
Radiant Life Care Private, an Indian hospital management company promoted by Abhay Soi and backed by KKR, completed the previously announced acquisition of a 49.7% stake in Max Healthcare Institute from Max India. The newly listed combined entity of Max Healthcare and Radiant will have an equity valuation of INR72.4bn ($1bn).
Mohit Talwar, Vice Chairman of Max Group, said, "The combination of Max Healthcare-Radiant will give shareholders the opportunity to benefit from the performance of the third largest hospital chain in a rapidly growing Indian healthcare market. It will also allow Max India to focus on enhancing shareholder value creation by growing our other businesses and seeding new ones."
Simpson Thacher & Bartlett advised KKR.
Japanese private equity firm Aspirant Group and Daiwa PI Partners, an investment arm of Daiwa Securities Group, agreed to buy UACJ Copper Tube, a copper to titanium tubes manufacturer, for JPY24bn ($223m) from UACJ Corp.
UACJ Copper Tube will start operating its business under its new shareholder on October 1, 2019.
HDFC agreed to acquire the entire 50.8% shareholding of Apollo Group, in Apollo Munich Health Insurance Company for a consideration of INR13.4bn ($206m) and 0.4% shareholding held by a few employees for consideration of INR108.4m ($2m).
Post-acquisition Apollo Munich shall be merged with HDFC's general insurance subsidiary, HDFC ERGO General Insurance Company. To support the transaction with its material benefits for Apollo Munich, Munich Re will pay INR2.9bn ($45m) to Apollo Hospitals Enterprise and Apollo Energy in connection with the termination of their joint venture.
Deepak Parekh, Chairman of HDFC and HDFC ERGO General Insurance, said, "This transaction will strengthen the HDFC group's commitment to the growing health insurance segment. The combined expertise of HDFC ERGO and Apollo Munich will result in greater product innovation, wider distribution and enhanced servicing capabilities."
Sundaram Finance, an Indian non-banking finance company, agreed to acquire stake held by BNP Paribas in their two joint ventures for a total consideration of about INR10bn ($143m). Sundaram Finance will acquire a 49.9% stake in Sundaram BNP Paribas Home Finance and a 49% stake in BNP Paribas Fund Services. After the acquisitions, the two joint ventures will become wholly owned subsidiaries of Sundaram Finance.
"The financial services sector, specifically the housing finance sector, is poised for significant growth once the consolidation activity which is underway after the recent spate of volatility is completed. Given the strong synergy with the parent's auto lending and related businesses, this will further strengthen our footprint in the retail financial services space," T. T. Srinivasaraghavan, Managing Director of Sundaram Finance, said.
Blackstone and Brookfield among bidders for Anbang hotel portfolio worth over $5bn. (FS)
According to The Wall Street Journal, about half a dozen investor groups, including Blackstone, Brookfield Asset Management, and Mirae Asset Management, are bidding for a luxury hotel portfolio owned by Anbang Insurance Group, a Chinese insurer. Bids range from about $5.5bn to $5.8bn. The number of bidders reduced from almost 20 groups that expressed interest in the portfolio.
Anbang Insurance wants to dispose of a luxury hotel collection that it acquired for $5.5bn three years ago from Blackstone, as pressure builds on the company to raise cash following its seizure by the Chinese government.
Malaysian government wants to recover $5bn foreign assets linked to 1MDB. (FS)
The Malaysian government is looking to recover $5bn worth of foreign assets linked to the state fund 1Malaysia Development Berhad. Malaysian and US investigators believe about $4.5bn was misappropriated from 1MDB by high-level officials of the fund and associates between 2009 and 2014.
Malaysia, so far, recovered about MYR919m ($222m) from 1MDB funds, including cash voluntarily returned by those under probe for receiving illegal proceeds.
Piramal Group said to raise $750m from SoftBank and GIC. (FS)
According to CNBC, Piramal Group, a leading Indian healthcare conglomerate, is in talks with Singapore's sovereign wealth fund GIC and Japan's SoftBank to raise $500-$750m.
The development comes at a time when the company's current liquidity situation raised some concerns. Piramal Enterprises has commercial papers worth INR40bn ($603m) due for redemption in the next two months.
The company denied CNBC's report. "No such proposal as referred to in the captioned news article has been placed for approval of the board or any of its committees," Piramal Enterprises said.
Weimai raised $100m in funding led by IDG Capital. (FS)
Chinese online healthcare platform Weimai raised $100m in its latest funding round led by venture capital firm IDG Capital. Existing investors, including Matrix Partners China, Vision Plus Capital, Source Code Capital, and Cenova Ventures, also participated in this round. In September last year, the Chinese healthcare solutions provider had raised $30m in a Series B round.
Proceeds from the latest funding round will be used to expand Weimai's network of alliances with hospitals, clinics, and service providers, and to invest in technology.
Dianrong raised funding from Standard Chartered and Affirma Capital. (FS)
Dianrong, a Shanghai-based peer-to-peer lending platform, has completed recent financing round with the help of an investment from Standard Chartered Private Equity, the Asian investment arm of Standard Chartered, and Affirma Capital. Financial details of the financing were not disclosed. However, it was reported that Dianrong was looking to raise around $100m.
The new funds will be used to keep the business afloat until Chinese regulators give the company accreditation. Dianrong's existing investors are China Minsheng Investment Group, Tiger Global Management, Dalian Finance Industry Investment Group, and CITIC Securities.
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