A group of lenders led by Ares Management has scooped up the unsecured portion of the $11.15bn debt financing supporting Elliott Investment Management and Brookfield Asset Management’s acquisition of Nielsen, a TV ratings business.
Activist fund Elliott first teamed up with Brookfield in March to orchestrate the take-private of the business, lining up debt commitments from banks and other lenders to finance the multibillion-dollar deal.
Nielsen Holdings is advised by Allen & Company, JP Morgan, PJT Partners, Baker McKenzie, Clifford Chance, DLA Piper and Wachtell Lipton Rosen & Katz. Financial advisors are advised by Cravath Swaine & Moore and White & Case. Brookfield is advised by Davis Polk & Wardwell and Weil Gotshal and Manges. Evergreen is advised by Bank of America, Barclays, Citigroup, Credit Suisse, HSBC, Mizuho Securities, Gibson Dunn & Crutcher and Herbert Smith Freehills. Debt financing is provided by Ares Capital, Bank of America, Barclays, Citigroup, Credit Suisse, HSBC, KKR Capital Markets, Mizuho Securities and Nomura.
EQT Partners-backed First Student, a provider of essential student transportation to school districts in North America, agreed to acquire Total Transportation, a provider of general and special education student transportation, paratransit, and charter services throughout New York City, Upstate New York and Philadelphia. Financial terms were not disclosed.
"Total Transportation has more than 40 years of experience providing safe, reliable and high-quality service to the communities they serve. They have a deep understanding of the level of care required to meet their passengers' needs. We are proud to welcome TTC employees to our team. Working together, we can strengthen our commitment to provide the best possible bus-riding experience for school districts, organizations and families," John Kenning, First Student Chief Executive Officer and President.
Total Transportation is advised by Raymond James and Schwartz Sladkus Reich Greenberg Atlas. First Student is advised by Barclays, RBC Capital Markets and Simpson Thacher & Bartlett.
Embracer Group, a Swedish video game and media holding company, agreed to acquire Crystal Dynamics, Eidos-Montréal, Square Enix Montréal, three video game development studios, from Square Enix, a Japanese entertainment conglomerate, for $300m.
"We are thrilled to welcome these studios into the Embracer Group. We recognize the fantastic IP, world-class creative talent, and track record of excellence that have been demonstrated time and again over the past decades. It has been a great pleasure meeting the leadership teams and discussing future plans for how they can realize their ambitions and become a great part of Embracer," Lars Wingefors, Embracer Group CEO.
Embracer Group is advised by Juno Capital Partners, Baker McKenzie and Ernst & Young. Square Enix is advised by Skadden Arps Slate Meagher & Flom.
Stone Point Capital, a private equity firm, completed the investment in Beeline, a provider of software solutions for sourcing and managing the global extended workforce. Financial terms were not disclosed.
"Businesses have reached an inflection point in how they use and manage external talent. Now accounting for up to half of the entire global workforce, contingent workers, project-based services, and consultants are driving business outcomes at every single level of the organization. We are excited to partner with Stone Point Capital, and continue our partnership with New Mountain Capital, using this investment to further accelerate our pace of innovation and growth to meet the needs of companies in today's economic environment," Doug Leeby, Beeline CEO.
Beeline was advised by Lazard, William Blair & Co, Ropes & Gray and ClearEdge Marketing. Stone Point Capital was advised by Simpson Thacher & Bartlett.
Alliance Resource Partners, a diversified energy company, agreed to invest in Francis Energy, the owner and operator of the nation's first comprehensive statewide network of electric vehicle fast-charging infrastructure. Financial terms were not disclosed.
"The growth of the electric vehicle market in the United States is undeniable and the need to buildout EV charging infrastructure to support this growth is critical. We view our investment with Francis Energy as an important step in ARLP's participation in this next-generation energy platform," Joseph W. Craft III, ARLP Chairman, President and CEO.
Francis Energy is advised by Perella Weinberg Partners and Skadden Arps Slate Meagher & Flom. Alliance Resource Partners is advised by Rose Grasch Camenisch & Mains.
All Blue Capital, an investment firm, will be advised by Alan Barge, former oncology head at British drugmaker AstraZeneca, in its $773m bid to acquire drug developer Zymeworks.
"Alan's exceptional breadth and depth of expertise in oncology, drug development and commercialization has greatly expanded All Blue's capabilities in the biopharmaceutical industry. Alan has already made invaluable contributions during the short time he has been in consultation with the All Blue team, and I have the utmost confidence that he can deliver value to Zymeworks," Matt Novak, All Blue Capital Managing Partner.
All Blue is advised by Kekst CNC and Kingsdale Advisors. Zymeworks is advised by Blake Cassels & Graydon and Wilson Sonsini Goodrich & Rosati.
Bow River Capital, a private equity firm based in Denver, Colorado, completed the investment in Amazing Care Home Health Services, a provider of home health services for pediatric and adult patients. Financial terms were not disclosed.
"Amazing Care is a regional leader in the pediatric home health sector and was founded right in our backyard. We look forward to supporting Amazing Care and its talented professionals and caregivers through its next phase of growth and expanding their unique patient-first culture," Greg Hiatrides, Bow River Capital Managing Director.
Bow River Capital was advised by Greenberg Traurig. 3 Rivers Capital was advised by Lincoln International and McGuireWoods.
BlackRock-backed Summit Fire & Security, a fire and life safety services firm, agreed to acquire Protegis Fire & Safety, a provider of fire and life safety services, from Align Capital Partners, a private equity firm. Financial terms were not disclosed.
"At Protegis, our shared ambition has been to build the best company in fire protection. We've made a great deal of progress on that journey. Becoming part of the SFS team is a logical and exciting next step – moving us forward a huge leap and bringing substantial benefits to our customers and employees," Peter van Niekerk, Protegis CEO.
Align Capital Partners is advised by Piper Sandler and Calfee Halter & Griswold.
Bain Capital, an American private investment firm, and Barber Partners, a commercial real estate developer, agreed to form a joint venture in a $500m deal.
"Our team has successfully developed ground-up construction of commercial investment properties for a very long time, and we are experts at delivering first-class products to meet tenant/consumer demands. There is no question that there is an enormous need for new, modern cold storage facilities – even before Covid the consumption of prepared and frozen meals was rapidly on the rise," Patrick J. Barber, Barber Partners Chairman of the Board.
Barber Partners is advised by Jones Lang LaSalle. Bain Capital is advised by Stanton PRM.
Behrman Capital-backed Micross, a provider of high-reliability microelectronic product and service solutions for aerospace, defense, space, medical and industrial applications, agreed to acquire the High-Reliability Discrete Diodes and Assemblies business of Semtech, a global supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms. Financial terms were not disclosed.
"This acquisition represents an extremely strong strategic fit for Micross, as the Company continues to build out its product portfolio to better serve its customer base. Adding Semtech's high-reliability discrete products to Micross' platform further differentiates the Company's leading position as a one-stop source of supply for high-reliability electronic products and services. We look forward to continuing to work with management to identify additional opportunities to drive growth at Micross," Simon Lonergan, Behrman Capital Managing Partner.
Publicis Groupe, a French multinational advertising and public relations company, agreed to acquire Profitero, a global SaaS platform that helps brands analyze and optimize their sales, marketing and operations performance. Financial terms were not disclosed. Financial terms were not disclosed.
"This is the best of both worlds as we retain our entrepreneurial spirit as a product-led organization while benefiting from the Publicis Groupe's diverse capabilities and scale. This brings immediate value to our clients and employees with increased product and technology investment, infusion of new media and content activation capabilities and tapping into the Groupe's global talent to fuel our continued growth," Bryan Wiener, Profitero CEO.
GFL Environmental, a North American diversified environmental services company, agreed to acquire Sprint Waste Services, a vertically integrated network of solid waste assets across 14 sites in Texas and two sites in Louisiana. Financial terms were not disclosed.
"We continue to demonstrate our ability to successfully execute on our growth strategy of pursuing strategic and accretive acquisitions. The acquisition of Sprint Waste provides us with a unique opportunity to acquire a vertically integrated, complementary set of assets, while further densifying our solid waste footprint within the Southern United States. We are excited to welcome the over 500 Sprint Waste employees to the GFL family," Patrick Dovigi, GFL Founder and CEO.
Sprint Waste Services is advised by Brown Gibbons Lang & Company.
Solvay, a Belgian multinational chemical company, completed the acquisition of the remaining 20% in its soda ash joint venture with AGC, a Japanese global glass manufacturing company, for $120m.
"The acquisition of AGC's stake in the JV simplifies our portfolio and is an attractive opportunity to enhance and further reinforce our business and a future independent EssentialCo," Philippe Kehren, Solvay President of Soda Ash & Derivatives business.
Bessemer Venture Partners, an American venture capital firm, led a $110m Series C round in Teleport, a provider of Identity-based Infrastructure Access Management, with participation from Insight Partners, Kleiner Perkins and S28 Capital.
"Growing complexity of modern cloud environments has led to a situation where managing secure access to infrastructure begins to break, as evidenced by increased frequency and severity of breaches," Ev Kontsevoy, Teleport Co-Founder and CEO.
Integracare, a provider of private home healthcare in Toronto and Mississauga, completed the acquisition of Guardian Home Care, a provider of senior home care services in Toronto and surrounding area. Financial terms were not disclosed.
"We are excited for our Clients and our Caregivers to be joining the Integracare Group of Companies. Integracare's reputation for providing the highest quality care and strong 24/7 Nursing Care Management is what attracted us to Integracare," Jill Aiken, Guardian Home Care Founder.
WestCap, an investment company in New York City, led a $115m Series C round in Point, a US outfit that provides homeowners access to equity financing in exchange for a fractional share of the future value of their property, with participation from Andreessen Horowitz, Ribbit Capital, Redwood Trust, Atalaya Capital Management, DAG Ventures, Deer Park Road Management, The Palisades Group, and Alpaca VC.
"We expect this additional capital to accelerate our growth as we help cash-constrained homeowners and home buyers build financial stability and achieve their financial dreams," Eddie Lim, Point CEO.
BGF, a private equity firm, completed an investment in Harnham, a specialist in data and analytics recruitment. Financial terms were not disclosed.
The substantial investment from BGF will support Harnham’s plans to scale further into the US and Europe as it seeks to expand its sales force to meet the growing demand for a high-quality, global D&A workforce.
Apollo and Roku looking to bid for Starz. (FS)
Roku, a digital media player firm, teamed with private equity firm Apollo Global Management to bid for a minority stake in the pay-TV and streaming service Starz, which is known for series like "Outlander" and "Power," WSJ reported.
In November, movie and television production company Lions Gate Entertainment said it was considering selling or spinning off Starz. Lions Gate acquired Starz for $4.4bn in 2016, but has struggled to fulfill the promise of the deal, with the combined company now valued at around $3bn.
Coinbase ends M&A talks with 2TM.
Coinbase and 2TM Participacoes, a cryptocurrency platform provider, scrapped talks over a possible purchase by the exchange of the Brazilian cryptocurrency brokerage, Bloombergreported.
The negotiations could have resulted in a controlling acquisition or a minority stake sale. Coinbase hired former Uber and PicPay executive Fabio Tonetto Plein as a country director for Brazil and is expanding local hiring there.
2TM was advised by JP Morgan.
SAP hires adviser for $1bn Litmos sale.
SAP, a software firm, is working with investment bank Moelis & Co to sell its corporate learning software business Litmos as it seeks to streamline its operations and focus on cloud-based revenue, Reutersreported.
The sale of California-based Litmos could fetch a valuation of more than $1bn. Moelis is expected to start an auction process in the coming weeks and will mainly target tech-focused private equity funds in the United States and Europe.
OrbiMed seeks $4.75bn for a fresh slate of healthcare-focused funds. (FS)
Healthcare-focused investment firm OrbiMed Advisors is seeking $4.75bn across three new funds a little more than a year after raising $3.5bn for a trio of predecessor vehicles.
The New York-based firm is pitching its latest funds following a record year of private investment in the healthcare sector. Private equity firms signed a total of some $151bn worth of healthcare deals globally in 2021, driven by a glut of large transactions.
Great Point Partners closes fourth growth buyout fund at $506m. (FS)
Great Point Partners, a global health care investment firm, announced the closing of its fourth lower middle market growth buyout fund, Great Point Partners IV, focused on rapidly growing health care companies in the United States, Canada, and Western Europe. GPP IV, which closed on $506m, was significantly oversubscribed in four months of fundraising and closed at its hard cap.
“Great Point’s combination of both a private and public fund health care strategy enables us to have a team of approximately 30 people dedicated to generating and sharing thematic ideas across the full spectrum of the health care field. This concentration of health care focused talent working cooperatively differentiates our investment process. Since our first private equity fund launched in 2005, our private equity funds have generated a 3.9x gross multiple on realized investments as of March 31, 2022,” Jeffrey Jay, Great Point Founding Managing Director.
Compass Group holds final closing of oversubscribed Fund II at $255m hard cap. (FS)
Compass Group Equity Partners, a private equity firm, has held the closing of Compass Group Fund II at its hard cap of $255m, exceeding an original target of $200m.
The firm secured commitments from a broad array of high-quality limited partners, including university endowments, family offices, pension funds, insurance companies, funds of funds and other institutional and high-net-worth investors through a significantly oversubscribed fundraising process that took just over six months to complete.
The Home Depot launches a $150m fund. (FS)
The Home Depot, the largest home improvement retailer in the United States, announced Home Depot Ventures, a venture capital fund created to identify, fund and partner with early-stage companies to accelerate emerging technologies that aim to improve the customer experience and shape the future of home improvement.
The $150m fund aims to invest in companies that advance The Home Depot's ability to provide a seamless interconnected shopping experience, develop new and differentiated capabilities, and extend its low-cost provider position to.
Clayton, Dubilier & Rice, an American private equity company, completed the acquisition of Vialto Partners, the global mobility services business of PwC, a multinational professional services network of firms, for $2.2bn.
"CD&R has a longstanding track record of executing global carve-out transactions helping companies transition from corporate ownership to independent models. We believe, as a free-standing platform, PwC's Global Mobility Tax and Immigration Services business will be positioned to increase its value proposition to its world-class client base," Stephen Shapiro, CD&R Partner.
CD&R was advised by BMO Capital Markets, BNP Paribas, Deutsche Bank, JP Morgan, Mizuho Securities, Societe Generale, UBS, Davis Polk & Wardwell and Debevoise & Plimpton. PwC was advised by Morgan Stanley, RBC Capital Markets, Davis Polk & Wardwell, Homburger and Linklaters.
PAI Partners, a private equity firm, agreed to aquire HKA, an independent provider of consulting business for the construction, manufacturing, and technology industries, from Bridgepoint, a private investment company. Financial terms were not dislcosed.
“I am extremely proud of the successes the team at HKA has achieved to date, and I am very thankful for Bridgepoint’s support and expertise over the last five years. We are very excited to be partnering with PAI Partners in the next phase of our growth,” Renny Borhan, HKA CEO.
PAI Partners is advised by Bain & Co, Alvarez & Marsal, DC Advisory, Rothschild & Co, Weil Gotshal and Manges and Greenbrook. Bridgepoint is advised by OC&C Strategy Consultants, BDO, JP Morgan and Travers Smith.
Achmea, one of the largest suppliers of financial services in the Netherlands, agreed to acquire ABN AMRO Pensioeninstelling, a Premium Pension Institution firm, from ABN AMRO, a Dutch bank with headquarters in Amsterdam. Financial terms were not disclosed.
"By taking this step, we are reinforcing our position in the rapidly growing DC market. Achmea offers a full range of financial solutions for private individuals, employers and institutional players via several business units (such as Centraal Beheer, Achmea Pensioenservices, Achmea Investment Management and Syntrus Achmea Real Estate & Finance). We're delighted that we're now also able to serve the employers' market via a PPI," Bianca Tetteroo, Achmea Chair of Executive Board.
Achmea is advised by De Brauw Blackstone Westbroek and NautaDutilh.
TowerBrook Capital Partners, the London and New York-based international investment firm, agreed to acquire Premium Credit, a provider of premium finance for commercial and retail insurance products, from Cinven, a private equity firm. Financial terms were not disclosed.
"After a successful period under Cinven's ownership, we are delighted to have the opportunity to partner with TowerBrook in the years ahead. TowerBrook has an impressive history of investing in financial services companies, is a leader in responsible ownership, and has a dual capability of an investment team and internal Portfolio Group to help us create value. It is clear from our discussions over recent months that they will bring significant expertise to help Premium Credit go from strength to strength. We look forward to working closely with them to realise our shared ambitions for the business," Tara Waite, Premium Credit CEO.
Stellantis-backed Free2move, a mobility tech company, agreed to acquire Share Now, a German carsharing company, from automakers Mercedes-Benz and BMW. Financial terms were not disclosed.
"Integrating Share Now's strong position in major European cities will allow our customers to gain greater access to a wider range of services to satisfy their varied mobility needs. Equally important, this acquisition will also accelerate our profitable growth. We are now a step closer to achieving our goal of expanding Free2move's worldwide presence to 15m active users by 2030," Brigitte Courtehoux, Free2move CEO.
Mercedes-Benz and BMW are advised by Rothschild & Co.
Palatine-backed Suntera Global, an independent global provider of fund, corporate, and private wealth services, completed the acquisition of Channel Island business of Nedgroup Trust, a company which provides a full suite of fiduciary services to high-net worth individuals, ultra-high-net worth individuals, family offices and owner managed businesses. Financial terms were not disclosed.
“This acquisition will strengthen our current service offering, enhance our Channel Islands’ capability and expand our reach to an additional jurisdiction. Nedgroup Trust combines strong operational expertise with building lasting relationships and providing a personal, flexible and tailored service – attributes that align perfectly with our own emphasis on creating a high-quality international business established on a strong platform delivering sustainable, responsible growth. I am delighted that we will be shortly welcoming the Nedgroup Trust team and have no doubt their expertise will contribute considerably to the capabilities and growth of Suntera Global,” David Hudson, Suntera Global CEO.
Interros, an investment firm, completed the acquisition of United Card Services, a payment technologies company, from Global Payments, a company that provides payment technology and services. Financial terms were not disclosed.
Interros Group intends to give a new qualitative momentum to the development of UCS services, in particular, in the area of integrated offers for small and medium-sized businesses, as well as to ensure the stability and uninterrupted continuity of the processing company's services for customers.
Nordic Capital, a private equity firm, agreed to invest in ProGlove, a technology specialist that provides integrated hardware and software solutions. Financial terms were not disclosed.
“This opportunity to work with Nordic Capital is instrumental for ProGlove to help us gain further momentum on our growth path. Building on Nordic Capital’s tremendous expertise in Industrial IoT and SaaS, we will be in a very strong position to achieve our full potential. We are extremely excited about taking our business to the next level, both in terms of growth as well as innovation,” Andreas König, ProGlove CEO.
LG Chem studies acquisition targets including Umicore.
LG Chem is scouting for overseas acquisitions to expand its battery materials business. The South Korean chemicals giant has been studying potential targets including Belgium’s Umicore, Bloomberg reported.
Shares of Umicore jumped as much as 17%, the biggest intraday gain in more than two decades. They were up 11% to $44.2 in Brussels, giving the company a market value of about $10.9bn.
HSBC launches $1bn planned share buyback.
HSBC has kicked off its planned $1bn share buyback, as it seeks to redeploy excess capital and reward shareholders.
The London-listed global lender has appointed Merrill Lynch International to conduct the process, which could see as many as 2bn HSBC ordinary shares cancelled in a move that should lead to a boost in average earnings per share. Merrill Lynch will make trading decisions in relation to the buyback independently of HSBC and will purchase shares ‘on exchange’, Reuters reported.
Clara-Pensions is in talks to raise £100m. (FS)
The first pension 'superfund' to be approved by the industry regulator is in talks to raise £100m ($125m) of new funding in anticipation of a glut of retirement scheme mergers.
Clara achieved an important milestone last year when it gained formal approval from The Pensions Regulator to begin sweeping up underfunded corporate pension schemes. Clara-Pensions has appointed bankers at Houlihan Lokey to raise the additional equity, Sky Newsreported.
Capital Dynamics closes Future Essentials II fund at €300m target. (FS)
Capital Dynamics, an independent global private asset management firm, has held the final close of Capital Dynamics Future Essentials II with €300m ($315m) in commitments.
The fund is managed by a multinational investment team in North America, Europe and Asia and invests in high quality, limited access private equity primary funds, particularly mid-market buyout and growth capital funds, with additional allocation to co-investments and secondary transactions. This second-time fund significantly surpassed the size of its predecessor fund, which closed in January 2019.
Hetz Ventures closes new fund at $123m. (FS)
Hetz Ventures, an Israeli seed-stage VC founded in 2018, closed its third fund of $123m. The new Hetz III fund brings the firm's total assets under management to nearly $300m.
"The raising of this fund is a testament to our hands-on approach and our ability to provide value to our portfolio companies that goes well beyond financial investments. The Israeli ecosystem is evolving and maturing, and entrepreneurs are moving away from quick exits and taking on the challenge of building businesses that stand the test of time," Judah Taub, Hetz Ventures Managing Partner.
PPF Group appoints Jiri Smejc as new chief executive. (FS, People)
Czech-based investment firm PPF Group said that Jiri Smejc has been appointed as the new chief executive, replacing Ladislav Bartonicek who has led the business with assets worth around €40bn ($42bn) in telecoms, financial services, media and other sectors after its founder Petr Kellner died last year.
Smejc will receive stock options for up to 10% of PPF shares under the terms of his appointment.
Goldman Sachs to appoint Denny as head of Johannesburg office. (People)
Goldman Sachs Group will appoint Simon Denny as the head of its Johannesburg office and chief executive officer of Goldman Sachs International Bank Johannesburg branch.
Denny joined the US banking giant in September from Barclays, where he was the head of Banking Africa, to run investment banking at Goldman's South African unit.
JP Morgan rehires Chetan Singh to help oversee Europe FIG deals. (People)
JP Morgan hired Chetan Singh as co-head of its financial institutions group in Europe, the Middle East and Africa, Bloombergreported.
Singh will rejoin the bank in June from British insurer Aviva, where he helped oversee a large disposal program and later led the annuities and equity release business. He was previously responsible for JP Morgan’s business advising financial institutions in Southeast Asia and India.
Bright Horizons Family Solutions, a global provider of high-quality early education and child care, back-up care, and workplace education services, agreed to acquire Only About Children, an operator of child care and early education centers in Australia, from Bain Capital, a private multi-asset alternative investment firm, for $320m.
“We are excited to welcome Only About Children to the Bright Horizons family. We have long been interested in Australia as an attractive market for high-quality child care, with strong demand from working parents, an established funding support system, and a long runway for growth and expansion,” Stephen Kramer, Bright Horizons CEO.
Bright Horizons is advised by Citigroup and Herbert Smith Freehills. Bain is advised by Allens.
Adani Wilmar, a joint venture between Adani Enterprises and Wilmar International, completed the acquisition of Kohinoor, a Basmati rice brand, from McCormick, an American food company that manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavoring products. Financial terms were not disclosed.
"This acquisition is in sync with our business strategy to expand our portfolio in the higher-margin branded staples and food products segment. We believe the packaged food category is under-penetrated with significant headroom for growth. The Kohinoor Brand has a strong brand recall and will help accelerate our leadership position in the Food FMCG category," Angshu Mallick, Adani Wilmar MD and CEO.
McCormick is advised by Rothschild & Co. Adani Wilmar was advised by Cyril Amarchand Mangaldas.
Shinhan Financial Group, a financial services company, agreed to acquire 10% stake in Tiki, an e-commerce platform. Financial terms were not disclosed.
"By forming a strategic alliance with Tiki, Shinhan will diversify its customer base, upgrade credit evaluation systems based on non-financial information, and cope better with the digital environment. Based on Shinhan’s financial expertise and Tiki’s database in a broad range of areas, we are expecting to build a new converged digital ecosystem in Vietnam,” Shinhan.
Didi Global says it faces SEC probe related to US IPO.
The US Securities and Exchange Commission is investigating Didi Global's chaotic 2021 debut in New York, when the ride-hailing giant raised $4.4bn days before revelations of a Chinese probe into data security tanked the stock.
Didi’s shares were down 7% in US pre-market trading, deepening an 85% loss since its initial public offering in the summer of last year.
India’s biggest IPO starts retail orders as markets stay volatile.
India’s largest initial public offering, which is expected to fetch $2.7bn, started taking orders from individuals and other categories after attracting anchor investors including sovereign funds from Norway and Singapore.
Retail investors can place their orders for shares of state-controlled Life Insurance Corporation of India until May 9. The milestone deal, slashed by more than half in size amid the war in Ukraine and rising interest rates worldwide, is key for Prime Minister Narendra Modi to achieve his fiscal deficit target.
Morgan Stanley names three senior banking sector heads in Asia. (People)
Bloomberg reported that Morgan Stanley has appointed three senior Hong Kong-based investment bankers as sector heads for Asia.
Tommy Hsu, a managing director, has been promoted to head of Asia Pacific consumer retail investment banking with immediate effect. Justin Zhang, a managing director, will become head of Asia Pacific software investment banking, tapping into the growing number of companies in the region digitizing their businesses. Meanwhile, Henry Tsai will rejoin Morgan Stanley as a managing director and head of Asia Pacific internet investment banking.
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