Macquarie Group maked an unsolicited offer for Cincinnati Bell, a telecommunications service provider, potentially upsetting the $2.6bn deal with Brookfield.
Cincinnati Bell confirmed that it received a $12 per share offer to acquire all of the outstanding shares. There can be no assurances that discussions with Macquarie will result in a binding proposal or that a transaction with Macquarie will be approved or consummated.
Cincinnati Bell is advised by Citigroup, Moelis & Co, Morgan Stanley, BosseLaw, Cravath Swaine & Moore, and Morgan Lewis & Bockius. Brookfield is advised by White & Case. Debt financing is provided by BMO Capital Markets, Bank of America Merrill Lynch, Citigroup, TD Securities, and Wells Fargo Securities.
Kirkland Lake Gold, a growing gold producer, completed the acquisition of Detour Gold, an intermediate-sized gold mining company, for $3bn. The transaction bolsters the firm's financial strength with a combined net cash balance of $630m (as of September 30), with increased public float, liquidity, and access to capital and provides greater capacity to pursue further growth and return capital to shareholders.
"The acquisition of Detour Gold is an excellent fit for Kirkland Lake Gold. We have already taken two mining operations, Macassa and Fosterville, and transformed them into high-quality assets that generate industry-leading earnings and free cash flow. The addition of Detour Lake provides an opportunity to add a third cornerstone asset that is located in our back yard in Northern Ontario. Detour Lake will provide the pro forma company with a 20-plus year mine life, which provides unparalleled optionality and excellent growth potential for the benefit of all shareholders," Tony Makuch, Kirkland Lake Gold President, and Chief Executive Officer.
Detour Gold was advised by BMO Capital Markets, Citigroup, Jones Day, Squire Patton Boggs, Stikeman Elliott, and White & Case. Kirkland Lake Gold was advised by Maxit Capital, National Bank of Canada, RBC Capital Markets, Cassels Brock & Blackwell, and Dorsey & Whitney.
Platinum Equity, an investment firm specializing in mergers, acquisitions and operations, completed the acquisition of Cision, a provider of software and services to public relations and marketing communications professionals, for $2.7bn.
"Cision is well established as the industry-standard platform for communications professionals navigating an increasingly complex environment. This is an investment that plays to Platinum's core strengths. We will deploy our full range of global operations capabilities, financial resources, and M&A support to help the company maximize its potential," Tom Gores, Platinum Equity Chairman and CEO.
Cision was advised by Centerview Partners, Deutsche Bank, Rothschild & Co, Kirkland & Ellis, Latham & Watkins, and Sullivan & Cromwell. Platinum Equity was advised by Gibson Dunn & Crutcher and Willkie Farr & Gallagher. Debt financing was provided by Bank of America Merrill Lynch.
Leidos, a science and technology provider, completed the acquisition of Dynetics, an applied research and national security solutions company, for $1.65bn.
"Dynetics and Leidos share a commitment to advancing technology to address the toughest scientific and engineering challenges of our day. This combination adds innovative capabilities in our targeted growth areas while expanding our secure agile production capabilities, secure agile manufacturing, and increasing our penetration with key customers," Roger Krone, Leidos Chairman and CEO.
Dynetics was advised by Grant Thornton, The Avascent Group, Holland & Knight, Jefferies, and King & Spalding. Leidos was advised by KPMG, Robert W Baird, Skadden Arps Slate Meagher & Flom, and Joele Frank.
Nouryon, a global specialty chemicals provider, agreed to acquire the carboxymethyl cellulose business of J.M. Huber, which provides chemicals, additives, and minerals. Financial terms were not disclosed.
"We are excited by the opportunity to acquire this high-quality business. With an expansive range of products that complements our existing CMC portfolio, this business will allow us to offer our current and future customers a significantly broader set of solutions. This acquisition also confirms our commitment to investing in sustainable growth platforms. We look forward to welcoming the employees of this business into the Nouryon family," Charlie Shaver, Nouryon Chairman, and CEO.
Nouryon is advised by Moelis & Co and Latham & Watkins. J.M. Huber is advised by Citigroup and DLA Piper.
Taylor Morrison Home and William Lyon Homes announced that stockholders of both companies voted to approve the proposals necessary to complete the merger between the companies. The companies expect the merger transaction to close in early February, subject to customary closing conditions.
William Lyon Homes is advised by JP Morgan and Latham & Watkins. Taylor Morrison is advised by Citigroup and Paul Weiss Rifkind Wharton & Garrison.
Volkswagen Group-owned Traton, a truck manufacturer, offered to acquire the remaining stake in US truck maker Navistar International for $2.9bn. The offer price represents a 45% premium over Navistar’s closing share price on January 29, 2020.
"Over the past three years, we have benefitted from a highly collaborative and productive strategic alliance with Navistar. As the market continues to evolve, we believe there are compelling strategic and financial benefits to a full combination of Traton and Navistar. The proposed transaction would create a leader in commercial vehicles with a global scale and a strong portfolio of leading brands and cutting-edge products, technologies and services while delivering immediate and substantial value to Navistar stockholders," Andreas Renschler, Traton CEO.
Navistar is advised by Sullivan & Cromwell and Brunswick Group.
LexisNexis Risk Solutions, a global data and analytics company, completed the acquisition of ID Analytics, a provider of credit and fraud risk solutions for enterprises, from NortonLifeLock, a provider of consumer cyber safety, for $375m.
"The combined capabilities from LexisNexis Risk Solutions and ID Analytics will provide our customers with a more accurate and comprehensive approach to fraud and identity and credit risk management across all forms of commerce. We look forward to delivering stronger identity and alternative credit risk solutions to our customers and continuing with our on-going innovation with the combined strength of our data and analytics services," Rick Trainor, LexisNexis Risk Solutions CEO.
LexisNexis Risk Solutions was advised by Montieth.
Brookfield-backed Westinghouse Electric, a nuclear energy company, completed the acquisition of the Civil Nuclear Systems and Services business, which offers services from engineering and software and data solutions to maintenance optimization and field services, from Rolls-Royce, a British multinational engineering company. Financial terms were not disclosed.
"Both Westinghouse and Rolls-Royce Civil Nuclear customers will gain an expanded presence and benefit from synergies between our companies. With this strategic investment, we are enhancing our customer offerings in order to support their long-term operating goals to produce carbon-free, cost-effective, and reliable energy," Patrick Fragman, Westinghouse President, and CEO.
Westinghouse was advised by Weil Gotshal and Manges.
Yanfeng, a global supplier of interior equipment for the automotive industry, agreed to acquire a 30% stake in Yanfeng Global Automotive Interior Systems, its joint venture with Adient, a provider of automotive seating, for $379m.
"We value our strong relationship with Yanfeng. These pending transactions expand that valuable strategic partnership while allowing Adient to continue to focus on our core business, further positioning us for long-term success," Doug Del Grosso, Adient president, and CEO.
PBF Energy, a petroleum refiner and supplier, completed the acquisition of the Martinez refinery and related logistics assets from Shell for $1.2bn.
"The acquisition of Martinez is a significant strategic step for PBF as we expand our West Coast operations. Martinez is a top-tier asset, is a perfect complement to our existing assets, and provides increased opportunities for PBF's West Coast operations to deliver value," Tom Nimbley PBF Chairman and Chief Executive Officer.
Riverence, a producer of steelhead and rainbow trout, agreed to acquire Clear Springs Foods, a manufacturer and seller of food products. Financial terms were not disclosed.
"With this investment, we are deepening our commitment to doing what's right in support of our communities, the fish we produce, and the natural resources we share. Together, we stand ready to redefine farm-raised fish and the future of American aquaculture," Rob Young, Riverence CEO.
VillageMD, a provider of primary care, agreed to acquire Summit Medical Group Arizona, a provider of health care services. Financial terms were not disclosed.
"I'm thrilled to welcome Summit Medical Group Arizona to VillageMD, ensuring we will deliver primary care led, value-based care to more patients in the Phoenix area. The incredible physicians and staff whom we are partnering with will help us grow our Village Medical brand, and most importantly, provide high-quality care that is coordinated, convenient and accessible to the community," Tim Barry, VillageMD CEO and Co-Founder.
KKR led a $100m Series D funding round for Policygenius, an online marketplace for comparing and purchasing insurance. Existing major investors in the company, including Norwest Venture Partners, Revolution Ventures, Susa Ventures, AXA Venture Partners, MassMutual Ventures and Transamerica Ventures, also participated in the round.
"With the support of our investors, we look forward to expanding our reach and product portfolio to broader financial wellness," Jennifer Fitzgerald, Policygenius CEO and Co-Founder.
SoftBank led a Series D funding round for Alto Pharmacy, a drug delivery firm, at a $1bn valuation. Other existing investors, including Greenoaks Capital and Jackson Square Ventures, also participated in the round.
Thoma Bravo considers the $2bn divestment of Compuware. (FS)
Thoma Bravo is exploring options, including a divestment of Compuware, that could value the mainframe software provider at c. $2bn, including debt, Bloomberg reported.
The technology-focused private equity firm is working with a financial adviser on the sales process. No final decision has been made, and the firm could decide to keep the asset.
Marathon Petroleum, the largest independent oil refiner in the US, explores a divestment of gas station arm Speedway.
The retailer, which Marathon Petroleum said it would seek to spin-off, has drawn interest from potential buyers. Speedway, with about 4k stores in the US, could be worth $15bn to $18bn, including debt, as a standalone company.
Trivest closes two PE funds. (FS)
Trivest Partners announced the final closings of the Trivest Growth Investment Fund II and the Trivest Discovery Fund with $435m and $235m of total capital commitments, respectively.
"With a differentiated sourcing platform and proven ability to add value to its portfolio partners, Trivest is well-positioned to invest in the lower end of the middle-market. The Discovery Fund is a great fit for founders who are interested in accelerating the growth of their organizations, especially through accretive M&A," Russ Wilson, Trivest Partner.
Blackstone sees a record fundraising haul of $134bn. (FS)
Blackstone Group noted a record fundraising haul last year, as investors continue to hunt for returns in a low-yield environment, Bloomberg reported.
Steve Schwarzman's firm took in $26bn in the fourth quarter, contributing to a full-year total of $134.4bn. Assets under management climbed to $571.1bn, also a record. Executives said on a conference call that the firm could bring in an additional $100bn this year.
Banco Daycoval intends to raise close to $1bn in IPO.
Brazilian lender Banco Daycoval is preparing to launch an IPO in April, in a move that would re-list its shares on the Sao Paulo stock exchange three years after taking the company private, Reuters reported.
The bank hired investment banking units of Itau Unibanco, Banco BTG Pactual, Bank of America and Banco Santander Brasil to manage the IPO.
The offering may raise c. $956m. The bank, which lends to small and mid-sized companies as well as consumers, plans to issue new shares and raise money to boost its business.
EQT seeks to accumulate $1bn from the royalty deal.
EQT, the largest natural gas producer in the United States, is striving to raise as much as $1bn by divesting some of its royalty income, Reuters reported.
EQT has been seeking ways to reduce its swelling debt pile of close to $5bn as it struggles to cope with lower natural gas prices. Late last year, it tried unsuccessfully to divest its Ohio acreage.
EQT is in talks to find an investor for a so-called "override" deal. The investor would take a 1% royalty interest in the net revenue generated from EQT's production.
Hull Street Energy to acquire thirty hydroelectric plants.
Hull Street Energy agreed to acquire thirty-one hydroelectric facilities with 255MW of capacity from EGPNA Renewable Energy Partners, a joint venture between Enel Green Power North America and GE Energy Financial Services.
The transaction will close in two phases. The first phase, which closed this week, includes thirty hydro projects totaling 175MW. The second phase, which consists of the remaining 80MW of capacity, is expected to close during the first quarter of 2020, pending regulatory approval.
Hull Street Energy is advised by BNP Paribas and Baker Botts.
WeWork to name Sandeep Mathrani new CEO. (People)
WeWork plans to name real-estate industry veteran Sandeep Mathrani as its new chief executive, a crucial step in the company's bid to rebuild following a failed IPO attempt and the withdrawal of Adam Neumann, WSJ reported.
Mr. Mathrani, previously chief executive of Brookfield Property Partners' retail group, replaces Artie Minson and Sebastian Gunningham, who have served as co-CEOs of WeWork parent We Co. since Mr. Neumann stepped down in September.
EssilorLuxottica’s $8.1bn bid for Dutch opticians group GrandVision faces a full-scale EU antitrust investigation after it declined to offer concessions to address concerns. The deal also triggered an investigation and feedback from nearly 4k opticians but was eventually cleared unconditionally.
GrandVision is advised by ING Bank, Bredin Prat, and De Brauw Blackstone Westbroek. EssilorLuxottica is advised by BNP Paribas, Citigroup, Goldman Sachs, BonelliErede, Latham & Watkins, Stibbe, Sullivan & Cromwell, Hogan Lovells, Brunswick Group, and Community Group. Debt financing is provided by Credit Agricole and HSBC.
An Italian judge is set to decide as early as this week on a request by Vivendi, a French media group, to bar an intended reorganization at Italian broadcaster Mediaset,Reutersreported.
The judge did not provide a deadline for the decision, but a ruling is expected in the coming days.
Mediaset Espana is advised by JP Morgan, Uria Menendez, and Linklaters. Mediaset is advised by Banca IMI, Bank of America Merrill Lynch, Citigroup, Mediobanca, Allen & Overy, Chiomenti, Pedersoli Studio Legale, Shearman & Sterling, and Brunswick Group.
A consortium led by Canadian billionaire Lawrence Stroll agreed to acquire a 16.7% stake in Aston Martin, a British independent manufacturer of luxury sports cars and grand tourers, for £182m ($238m). The company also announced a proposed rights issue supported by the major shareholders of £318m ($415m) to raise combined proceeds of £500m ($653m).
"The difficult trading performance in 2019 resulted in severe pressure on liquidity, which has left the company with no alternative but to seek substantial additional equity financing. Without this, the balance sheet is not robust enough to support the operations of the group. Notwithstanding recent weak trading, the strength of the Aston Martin brand and our expanding portfolio of cars has allowed us to attract a strong new partner in Mr. Stroll to support the turnaround of the business," Penny Hughes, Aston Martin Chair.
Aston Martin is advised by Deutsche Bank, JP Morgan, Morgan Stanley, and Brunswick Group. Lawrence Stroll is advised by Barclays, Macfarlanes, and Tulchan Communications.
JF Lehman, a middle-market private equity firm, agreed to acquire Global Marine Group, a provider of subsea cable maintenance and installation services. Financial terms were not disclosed.
The agreement, which is subject to customary closing conditions, is expected to close in the first quarter of 2020.
"I believe JFLCO is an excellent partner for GMG to help facilitate the next phase of our growth. Together with Ian Douglas, CEO of GMG, and the rest of the Global Marine Group management team, we look forward to leveraging JFLCO's extensive maritime experience and considerable capital base in further developing GMG's core business in the telecommunication and offshore wind markets," Dick Fagerstal, Global Marine Group Chairman.
Global Marine Group is advised by ABN Amro, Deutsche Bank, and Hogan Lovells. JF Lehman is advised by Winchester Capital, Blank Rome, and Jones Day. Debt is provided by Deutsche Bank.
Tenzing, a private equity firm, agreed to invest in activpayroll, a provider of integrated global and domestic payroll solutions. Financial terms were not disclosed.
"We look forward to working in close cooperation with the Tenzing team and accessing their growth eco-system to continue the exciting activpayroll journey," Alison Sellar, activpayroll Founder and CEO.
activpayroll is advised by PwC and Addleshaw Goddard. Tenzing is advised by Alantra, Continuum Advisory, PwC, Osborne Clarke, and Intuitus.
BASF, a German chemical company, and Domo Chemicals, a provider of chemical products, completed the acquisition of the Solvay Polyamides business for $1.76bn. Domo Chemicals acquired Solvay's performance polyamides production sites at Belle-Etoile and Valence, as well as a stake in a newly-created joint venture between BASF and Domo in Chalampé, France. BASF acquired all of the Performance Polyamides activities of Solvay that are not acquired by Domo Chemicals.
“This acquisition is a significant milestone on our path to strengthen DOMO Chemicals’ nylon-based engineering materials business. It is an important step in delivering on our sustainable growth strategy by combining and leveraging on the unique technology, development and design capabilities of our combined teams to become a major global service provider to our customers in our key markets Transportation, Electrical & Electronics and Consumer goods,” Yves Bonte, DOMO Chemicals CEO.
Solvay Polyamides was advised by Bredin Prat, Davis Polk & Wardwell, and LPA-CGR. BASF was advised by DLA Piper.
Compass Group, a global foodservice company, completed the acquisition of Fazer Food Services, a premier food service provider in the Nordics, for €475m ($537m). The cash consideration is estimated to be €420m ($475m), with the remaining deferred consideration payable within seven years.
"Fazer Food Services is a highly regarded foodservice business in the Nordic region, and like Compass, is focused on high-quality food, culinary innovation, sustainability, and great customer service. I am excited that, together with our existing colleagues in the region, we will be able to further enhance our customer proposition in the Nordic market," Dominic Blakemore, Compass Group CEO.
Fazer was advised by Accura. Compass Group was advised by Vinge.
Triton Partners, a private equity firm, is set to acquire a 76% stake in Renk, a manufacturer of drive technologies, from Volkswagen for $586m.
“Renk is pleased that with Triton we have found the ideal anchor investor and partner to realize our growth potential and to expand our technology leadership in the coming years. In this regard, we will greatly benefit from Triton’s experience in the areas of internationalization and digitalization," Florian Hofbauer, Renk CEO.
Towa Pharmaceutical, a company specializing in generic drugs and based in Kadoma, Osaka, completed the acquisition of the generics unit of Esteve, a Spanish pharmaceutical company, for $354m.
"I am happy that we can now build a foundation for full-scale overseas expansion by obtaining the sales networks that Pensa owns in Europe and the US, its know-how and knowledge on EMA/FDA regulations and commercial practices in each country, and its production facility in Europe. Our goal is to build a solid global structure by respecting and integrating one another's human resources, culture, and technologies. We will work unitedly as a group to provide Towa's value-added products to patients all over the world," Itsuro Yoshida, Towa President.
Private equity firms Madison Dearborn Partners and HPS Investment Partners are set to acquire Arachas Corporate Brokers, a commercial insurance brokerage, from Sovereign Capital Partners, a private equity firm. Financial terms were not disclosed.
“This has been a fantastic period of expansion and development for the group. Sovereign has been a highly supportive investor providing both financial and strategic capability. We are well-positioned to continue to flourish in what is an exciting insurance market," Conor Brennan, Arachas CEO.
North Sea-backed Chrysaor ends talks to acquire Siccar Point. (FS)
North Sea-backed Chrysaor ended its talks to acquire smaller regional rival Siccar Point due to a large gap between their price expectations, Reuters reported. Chrysaor offered c. $1.6bn to acquire Siccar Point in the second bidding round on January 13, the only bid to buy the entire company which is backed by private equity firms Blackstone and Blue Water Energy.
Siccar Point's owners are seeking around $3bn, but a drop in oil and gas prices in recent months and a weak outlook for prices, particularly for natural gas, have led bidders to lower their offers.
Paris to stop the sale of British Steel French plant.
The French government is set to prevent the divestment of its British Steel factory to Jingye, throwing doubts on the rescue of the failed UK manufacturer, FT reported.
In October, Chinese conglomerate Jingye agreed to acquire British Steel in a £50m ($65m) rescue deal, saving 5k jobs and promising £1.2bn ($1.6bn) investment. For the takeover of all of British Steel's assets to go ahead, Jingye needs approval from authorities in Paris as the steelmaker's plant in Hayange, northern France, is deemed a strategic industrial asset.
Unilever considers divesting Lipton.
Unilever, a consumer goods company, is weighing the sale of Lipton, a British tea brand. The Anglo-Dutch giant initiated a review of its global tea business, which includes the more than century-old label and generates sales of almost $3.3bn. The move comes after the company's slowest quarterly growth in a decade, Bloomberg reported.
Hemisphere Media drops out of the auction for Univision.
Hemisphere Media Group dropped out of the auction for Univision Communications, a Spanish-language media giant.
Hemisphere, which had teamed up with Liberty Global's investment arm to work on a bid for Univision, is no longer planning to submit an offer.
The Woodford Income Focus fund to reopen in February. (FS)
The last remaining fund overseen by Neil Woodford is to reopen on February 13, ending four months of uncertainty for those investors unable to buy and sell shares in the vehicle, FN reported.
The Woodford Income Focus fund, the management of which was handed to Aberdeen Standard Investments in December, was suspended in October by Link Fund Solutions, its administrator after Woodford resigned as its manager and his eponymous investment empire collapsed.
JAB's $3.3bn coffee IPO proceeds further with banks selected.
JAB, the investment firm backed by the billionaire Reimann family, picked BNP Paribas and JP Morgan to advise on the planned IPO of its sprawling coffee empire, Bloomberg reported.
The banks are helping with preparations for the listing, which could take place as soon as the first half of this year in Amsterdam. JAB is seeking to raise c. $3.3bn in an IPO.
Carlyle Group delayed the US IPO of its German specialty chemicals group Atotech, concerned that the coronavirus outbreak would negatively impact the valuation it could achieve with investors, Reuters reported.
Carlyle's decision highlights the uncertainty that the spread of the virus in China and around the world has brought to financial markets, with the benchmark S&P 500 Index. SPX on track for its worst week since August.
Investec comes up with an IPO plan for Ninety One. (FS)
Investec, the UK-South African banking group, set out its plans for an IPO of the former Investec Asset Management, which was renamed Ninety One in November, FN reported.
In an "expected intention to float" filing, announced on January 31, the company stated it would divest around 10% of its shares publicly, with another 55% handed to existing shareholders in Investec.
JP Morgan hires William Vereker as vice chairman of investment banking in EMEA. (People)
JP Morgan hired William Vereker in a new role dealing with its key clients in Europe, FN reported. The US bank has taken on William Vereker, the former co-head of UBS's investment bank, who also served as business envoy to former UK prime minister Theresa May, as a "rainmaker" dealing with its biggest clients, according to a statement from the bank.
Hitachi, an industrial conglomerate, is set to acquire the remaining stake in Hitachi High-Technologies, a trading company specializing in electronics and industrial machinery and materials, for $4.8bn.
Hitachi is realigning its group portfolio as the government has pointed to corporate governance issues regarding dual listings of parents and subsidiaries.
Hitachi High-Tech is advised by Nomura and Anderson Moori & Tomotsune. Hitachi is advised by Mitsubishi UFJ Financial Group, Morgan Stanley and Mori Hamada & Matsumoto.
MatsumotoKiyoshi Holdings, a Japanese drugstore firm, is set to acquire a 20% stake in Cocokara Fine, a consumer retailer service provider, for $350m, and aims for a full merger next year.
MatsumotoKiyoshi and Cocokara Fine are aiming for a full merger in October 2021, with terms to be decided in February 2021.
India's government surprises investors with a potential $29.3bn IPO of Life Insurance of India and divestment of IDBI Bank.
Prime Minister Narendra Modi's government surprised investors by stating it will divest part of its stake in the state-run behemoth Life Insurance of India to meet its record asset-sale target, Bloomberg reported. The Indian government is also in early talks to divest a 51% stake in a consumer lending organization IDBI Bank. India is targeting to divest the stake starting from April 1.
LIC whose total assets is estimated to be $434bn will have the divestment target of $29.3bn. LIC's sheer size will make it difficult for the government to sell in a huge chunk.
"It will become India's biggest company by market value the day of the listing, given it is the largest company by assets under management. Even a 10% dilution will be difficult for the market to absorb it in one go," Kajal Gandhi, ICICI Securities Analyst.
Japan Display denies rumors of $920m bailout from Ichigo. (FS)
Japan Display, an LCD manufacturer, denied rumors of receiving a $920m bailout from Ichigo Asset Management, an independent investment manager specializing in Japanese equities.
Reuters reported earlier that the deal would have given the independent Japanese investment manager effective control of the LCD maker, replacing the Japanese government-backed INCJ fund as the top shareholder.
SBI Holdings to raise $920m for a new venture fund. (FS)
Japanese financial group SBI Holdings stated it planned to raise up to $920m for a new venture capital fund, in what will be the most significant active investment vehicle in Japan focused on startups, DealStreetAsia reported.
SBI, which owns Japan's largest online brokerage, emerged as a dominant force in Japan's venture capital industry, launching funds in 2015 and 2018, mainly targeting fintech startups.
The new vehicle will invest both domestically and overseas across a wide range of sectors, including 5G, the internet of things, robotics, and health care.
India in talks with nine companies regarding the divestment of Air India.
Indian officials met with as many as nine companies during roadshows to weigh interest in a stake divestment in the nation's loss-making flag carrier, Bloomberg reported.
Officials from the South Asian nation met executives of companies including British Airways parent IAG, IndiGo, India's biggest airline that's operated by InterGlobe Aviation, SpiceJet as well as Tata Sons.
Virus risk forces Vietnam Rubber Group to seek new buyers.
Vietnam Rubber Group, Vietnam's top rubber producer, is actively pursuing buyers outside of China on fears that the coronavirus will erode demand from its biggest customer, Bloomberg reported.
Vietnam Rubber Group is looking for new markets and is considering cutting export prices. The company is concerned that demand from China, which accounts for half of the group's shipments of latex, will fall.
Keppel Capital accumulates $360m for a new $1bn infrastructure fund. (FS)
Keppel Capital, the asset management arm of Singapore conglomerate Keppel, raised $360m for an initial close of a new infrastructure private equity fund, DealStreetAsia reported.
"Keppel Capital is well-positioned to leverage the Group's expertise and network in energy and infrastructure to create innovative investment solutions and connect our investors with high-grade sustainable infrastructure assets," Christina Tan, Keppel Capital CEO.
Blackstone is raising the second Asia-focused PE fund. (FS)
After raising $2.3bn for its first Asian private equity fund in 2018, Blackstone Group, US investment fund, will be in the market again this year for its second regional PE fund, DealStreetAsia reported.
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