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AMERICAS
Warburg Pincus, a global growth investor, completed the investment in Varicent, a sales performance management software provider, with participation from Great Hill Partners and Spectrum Equity. Financial terms were not disclosed.
"This strategic investment marks a pivotal moment for Varicent. With Warburg Pincus joining our existing investors, we solidify our foundation for further growth, strengthening our ability to further enhance our platform, customer experience, and partner ecosystem. Our Revenue Performance Engine has received an enthusiastic reception from customers and partners, highlighting its significant impact on optimizing sales plans and driving revenue. We believe Varicent is well-positioned to lead the industry forward in empowering organizations to optimize sales plans and incentive strategies that drive peak performance and revenue," Marc Altshuller, Varicent CEO.
Varicent was advised by Guggenheim Partners, Moelis & Co, William Blair & Co, Blakes and Paul Hastings. Warburg Pincus was advised by Harris Williams & Co, Kirkland & Ellis (led by Jai Agrawal and Keri Schick Norton) and Paul Weiss Rifkind Wharton & Garrison (led by Eric J. Wedel). Great Hill Partners was advised by FGS Global. Spectrum Equity was advised by Choate Hall & Stewart.
Willow Bay, Dean of the USC Annenberg School for Communication and Journalism, and Bob Iger, CEO of the Walt Disney Company, agreed to acquire a majority stake in Angel City Football Club, a women's sports team. Financial terms were not disclosed.
"Willow and Bob bring unparalleled operational experience, expertise, and passion to ACFC and to the NWSL. They're lifelong sports fans who have been supporters of ACFC since the team's founding. They are deeply committed to the Los Angeles community, having been residents, leaders, and philanthropists in the city for almost three decades and have a long track record of dedicating their time and resources to support local Los Angeles organizations. We know they are the right partners to lead us into this new era – they are committed to further strengthening ACFC's position as a preeminent organization and brand in women's sports and to championing the team's broader mission, including the advancement of equity for athletes and women-founded businesses. With their leadership, we will continue to harness the industry's momentum and build on ACFC's strong foundation of fan and community support," ACFC Board of Directors.
ACFC is advised by Moelis & Co, Paul Weiss Rifkind Wharton & Garrison (led by Neil Goldman), Sidley Austin (led by Eric H. Geffner) and The Levinson Group. Willow Bay is advised by Allen & Company and Milbank.
Energy Transfer, a company engaged in natural gas and propane pipeline transport, and Sunoco, an energy infrastructure and fuel distribution, formed a joint venture. Financial terms were not disclosed.
As depicted in the included map, the joint venture will operate more than 5k miles of crude oil and water gathering pipelines with crude oil storage capacity in excess of 11m barrels.
Energy Transfer was advised by Intrepid Advisors and Potter Anderson & Corroon. Sunoco was advised by Guggenheim Partners, Akin Gump Strauss Hauer & Feld (led by Trent Bridges), Richards Layton and Finger, and Vinson & Elkins.
EssilorLuxottica, an Italian-French vertically integrated multinational corporation, agreed to acquire Supreme, a privately-owned global streetwear brand, from VF, an apparel and footwear company, for $1.5bn.
“In EssilorLuxottica, we have a unique partner that understands that we are at our best when we stay true to the brand and continue to operate and grow as we have for the past 30 years. This move lets us focus on the brand, our products, and our customers, while setting us up for long-term success,” James Jebbia, Supreme Founder.
nVent, a provider of electrical connection and protection solutions, completed the acquisition of Trachte, a provider of easy-deployment application-engineered protection and control buildings, from Palladium Equity, a private equity firm, for $695m.
“I am excited to welcome the Trachte team to nVent. Trachte expands our enclosures portfolio with a new platform and enhances our systems protection capability, further strengthening our position with the electrification of everything. The addition of Trachte will better position us to serve customers with a broader solutions offering, with our combined expertise and capabilities,” Beth Wozniak, nVent Chair and CEO.
Trachte was advised by Harris Williams & Co, Robert W Baird (led by Les Cheek), and Morrison & Foerster (led by Patrick Huard). nVent was advised by Foley & Lardner (led by John Wilson). Debt financing was provided by Citigroup. Palladium Equity was advised by Kekst CNC (led by Jeffrey Z. Taufield).
LogRhythm, a global security intelligence company, completed the merger with Exabeam, a global cybersecurity company. Financial terms were not disclosed.
“We are on the brink of a revolutionary shift in cybersecurity. By merging cutting-edge, AI-driven technology from Exabeam with the unmatched data integrity of LogRhythm, we are setting a new, unparalleled standard for security operations. Together, our combined expertise, innovation velocity, and vision will propel AI-driven cybersecurity solutions to new heights. Unlike the tech conglomerates that have left customers exposed in the critical battle against cyberattacks, our unwavering focus remains on empowering the true heroes of security. ”Good enough” is not enough in the mission-critical matter of security operations. Today, we are proud to deliver a best-of-breed SIEM and UEBA experience purposefully and tenaciously focused on customer success,” Christopher O’Malley, Exabeam CEO.
Exabeam was advised by JP Morgan, Goodwin Procter, and Touchdown PR (led by Alyssa Pallotti). LogRhythm was advised by Kirkland & Ellis and 10Fold Communications (led by Kim Diesel).
Apollo, an asset management company, agreed to acquire The Travel Corporation, an international, privately owned hotel and travel company. Financial terms were not disclosed.
“TTC has a leading collection of brands that we believe we can take to the next level as an Apollo Funds portfolio company, leveraging our extensive experience in the travel, tech and hospitality sectors. We look forward to building on its legacy in an exciting next chapter in which TTC can serve as a platform for growth," Michele Raba, Apollo Private Equity Partner.
TTC is advised by Zaoui & Co, Skadden Arps Slate Meagher & Flom (led by Lorenzo Corte) and Decker/Royal. Apollo is advised by Jefferies & Company and Sidley Austin.
Kompass Kapital, a private equity group, completed the investment in Airshare, a private aviation company. Financial terms were not disclosed.
"We are thrilled to have Kompass Kapital join the Airshare ownership group and strongly believe its investment will have a material impact on our future. When we made the decision to raise capital in support of our strategic goals, we were diligent in defining the ideal partner for us, both professionally and culturally. We immediately received considerable interest, but it quickly became clear we had the perfect match just down the road in Kompass Kapital. Kompass' reputation is impeccable, and their track record in helping businesses flourish is well known. Additionally, they have already demonstrated great success in partnering with our legacy ownership group through other investments. The confidence they've shown in Airshare is extremely validating," John Owen, Airshare CEO.
Airshare was advised by Jefferies & Company and Lathrop GPM. Kompass Kapital was advised by Spencer Fane.
Perdoceo, a provider of postsecondary education, agreed to acquire University of St. Augustine for Health Sciences, a university offering graduate health sciences degrees, primarily in physical therapy, for $144m.
“I have been impressed with the USAHS team for their hard work and dedication to serving and educating students. USAHS has been recognized as one of the nation’s leading graduate health sciences universities and I look forward to having them join our organization. I believe Perdoceo’s resources and capabilities will continue to support transformational initiatives at USAHS that will focus on further enhancing student experiences, while delivering sustainable and responsible growth," Todd Nelson, Perdoceo President and CEO.
USAHS is advised by Morgan Stanley. Perdoceo is advised by Alpha IR (led by Sam Gibbons).
Avenue Sports Fund, a private equity growth-expansion fund, completed the investment in Trackhouse Entertainment, a sports car racer. Financial terms were not disclosed.
"We are excited to partner with Justin Marks and his organization as they continue to compete aggressively in the NASCAR Cup Series and MotoGP series and potentially in new motorsports in the future. NASCAR has long held its position as the most popular racing series in North America, and MotoGP is now one of the most popular motorsports in the world with millions of cumulative race attendees and a substantial digital audience – all compelling attributes for an investment by Avenue Sports," Marc Lasry, Avenue Capital Chairman, CEO and Co-Founder.
Trackhouse was advised by Moelis & Co. Avenue Sports Fund was advised by Kekst CNC (led by Todd Fogarty).
Kinea Investimentos, a management platform specialized in investments, completed a $76m investment in Grupo SEB, a international baccalaureate training provider.
Kinea is one of the largest investment companies in Latin America. For 16 years, Kinea has been finding results that balance risks and profitability.
Grupo SEB was advised by UBS.
EPIC Insurance Brokers & Consultants, a retail property & casualty, employee benefits insurance brokerage and consulting firm, completed the acquisition of Century Insurance Group, an Oregon-based firm specializing in employee benefits and commercial and personal P&C solutions. Financial terms were not disclosed.
“Our core focus remains on client satisfaction, and we know the highly talented Century team shares our commitment to helping businesses, families and individuals safeguard their future. We are thrilled to expand our reach in the region with a team that has demonstrated consistent growth through their top-notch commitment to client experience,” Mike Mastroni, EPIC Executive Managing Principal.
Wells, a prefabricated building solutions provider, completed the acquisition of GATE Precast, a construction services company. Financial terms were not disclosed.
"We're incredibly proud of what this means for our company, and that includes partnering with each and every one of our team members at Wells and those from GATE Precast. Our relationship has grown stronger over 10 years and during that time, it has become very apparent that we share a consistent vision; safety, focus on our people, quality products and services, and strong client relationships. Our spirit of collaboration, shared strengths and opportunities to make our entire company even stronger is incredible. We are so excited to welcome the people of GATE Precast into the Wells Companies," Dan Juntunen, Wells President and CEO.
Triple Point, an investment manager, completed the investment in Faes & Co, an investment firm. Financial terms were not disclosed.
"The United States is an exciting growth market for our business. With 20 years of experience operating in private credit, we understand the importance of entering this market at the right time and with the right partner. Partnering with someone of Christian's reputation, combined with an impressive and growing platform, ensures we are well-positioned for success. We believe the plan for Faes & Co aligns with our ambitions and values, and we look forward to a successful partnership," James Cranmer, Triple Point Managing Partner.
Bitcoin miner Cipher mulls sale amid takeover interest.
Cipher Mining is exploring a potential sale after receiving takeover interest, as soaring demand for data centers make Bitcoin miners takeover targets, Bloomberg reported.
US-based Cipher is working with advisers as it seeks to gauge potential buyer interest.
Discover sells student loan portfolio to Carlyle, KKR for up to $10.8bn. (FS)
Discover Financial Services will sell a portfolio of student loans to buyout giants Carlyle and KKR for up to $10.8bn, the credit card-focused lender said on July 17, Reuters reported.
The loans will be sold at a premium to their principal balance of nearly $10.1bn. Discover, which had been weighing a sale of the portfolio since November, is one of a handful of lenders that have exited the space in recent years.
Google-backed software developer GitLab explores sale.
GitLab, a US provider of cloud-based software development tools whose investors include Google parent Alphabet, is exploring a sale after attracting acquisition interest, Reuters reported.
GitLab, which has a market value of about $8bn, is working with investment bankers on a sale process that has attracted interest from peers, including cloud monitoring firm Datadog.
National Bank to raise more equity for CWB deal after shares recover. (FS)
National Bank of Canada is raising an additional CAD20m ($15m) in connection with its planned acquisition of Canadian Western Bank, Bloomberg reported.
Capital One pledges $265bn in lending, philanthropy as it tries to clinch Discover deal.
Capital One will commit $265bn over five years to lending, philanthropy and investment if its takeover of Discover Financial Services goes through, the bank said on July 17, as it aims to appease critics and win over regulators.
Under a plan agreed upon with four community groups, Capital One has promised to maintain the combined entity's lending to low-and-moderate income consumers and communities at $200bn over five years. It will retain Discover's sole branch in Delaware and will not close any branches as a result of the deal. Capital One will also maintain 30% of branches and cafes in LMI neighborhoods, and has promised no front-line staff cuts, Reuters reported.
Apple backs $50m fund to support Bay Area affordable housing. (FS)
Apple is partnering with the philanthropic arm of real estate firm Sobrato and two other California-based groups to launch a fund with an initial investment of $50m to support affordable housing projects in the San Francisco Bay Area, Reuters reported.
The Bay Area Housing Innovation Fund is part of Apple's 2019 pledge to contribute $2.5bn towards affordable housing across California.
Early Tesla backer launches funds focused on Musk’s xAI, SpaceX.
Ron Baron, an early backer of Tesla, is deepening his embrace of Chief Executive Officer Elon Musk by setting up partnerships that would permit clients to invest in two of the billionaire’s private ventures, Bloomberg reported.
Baron Capital Management formed a pair of funds in recent months to invest solely in Musk’s xAI, the artificial intelligence startup that raised some $6bn through a private stock sale earlier this year. Baron’s firm also started a private partnership to buy more shares of Space Exploration Technologies, Musk’s rocket and satellite company.
Warburg Pincus names Jeffrey Perlman CEO, succeeding Chip Kaye. (FS, People)
Warburg Pincus appointed Jeffrey Perlman as chief executive officer, succeeding Chip Kaye, who will become chairman alongside Tim Geithner, Bloomberg reported.
Perlman, 41, will begin in his new role on Sept. 2, the New York-based alternative asset management firm said on July 17.
JPMorgan executive leaves to join wealth tech platform as CIO. (People)
JPMorgan’s Ankit Misra is leaving the firm to join wealth tech platform Collective Liquidity as its chief investment officer, Bloomberg reported.
Misra, who will be based in New York, will oversee the fund’s investments and will also manage the development of its proprietary valuation technology.
EMEA
Ardian, a private equity firm, agreed to acquire a majority stake in Robot-Coupe, a professional food preparation equipment provider, and Magimix, a provider of high-end small kitchen appliances for domestic use. Financial terms were not disclosed.
“Given our shared DNA, combining French roots and international success, we are convinced that Ardian is the right partner to start a new chapter for the group. We welcome the Ardian team, which shares our values, our vision and our ambition to accelerate the development of the company. Together, we will focus on strengthening the leading position of Robot-Coupe and Magimix by combining our resources, our know-how and our strategic vision. We are delighted with this partnership which marks a new momentum for our group,” Gilbert Verdun, Robot-Coupe and Magimix CEO.
Ardian is advised by Alvarez & Marsal (led by Frederic Steiner), Bain & Co (led by Daphne Vattier), Marsh (led by Jean-Marie Dargaignaratz), Amala Partners (led by Jean-Baptiste Marchand), JP Morgan (led by Kyril Courboin), Sycomore Corporate Finance (led by Francois Vigne), Latham & Watkins (led by Gaetan Gianasso), Image Sept, Deloitte (led by Olivier Venzal) and Singulier (led by Remi Pesseguier). Robot-Coupe and Magimix are advised by Ernst & Young (led by Gilles Marchadier), RSM International (led by Leonid Khristoforov), Roland Berger (led by Stephane Tubiana), Aecom (led by Benoit Souffre), BNP Paribas (led by Marc Walbaum), Societe Generale (led by Cyril Paolantoni), De Gaulle Fleurance & Associes (led by Jean-Christophe Amy), Stevens & Bolton and White & Case (led by Thierry Bosly).
OSG, a cutting tool manufacuturer specialized in the manufacture and sales of taps, drills, endmills, indexable tools, agreed to acquire Contour, a ultra-precision diamond point cutting tools, from Torqx Capital-backed Diamond Tools, a company that manufactures and distributes precision diamond and hard material tools. Financial terms were not disclosed.
“We are excited about this new chapter for Contour. Partnering with the OSG will allow us to leverage their extensive expertise and resources to further enhance our product offerings and market reach. We look forward to a prosperous collaboration that will enable us to meet the evolving needs of our clients and maintain our leadership in the industry. I would also like to extend our gratitude to Torqx for their invaluable support over the past years," Bob Cassin, Contour CEO.
Contour is advised by OC&C Strategy Consultants, DC Advisory (led by Paul de Hek), Deloitte and Loyens & Loeff.
Francisco Partners and TA Associates, two global investment firms, agreed to acquire a majority stake in Orisha, a vertical software company. Financial terms were not disclosed.
“We are thrilled to onboard Francisco Partners alongside TA as we aim to drive continued growth and further enhance Orisha’s offerings. Both TA and Francisco Partners share our vision for the Company, and we are excited to work together to ensure sustained strong performance in the future. With their support, Orisha is positioned for expansion and to provide our customers with the best solutions," Jacques Ollivier, Orisha CEO.
SPIE to acquire a 87% stake in Otto Life Science Engineering from Equistone. (FS)
SPIE, a multi-technical services in the areas of energy and communications company, agreed to acquire a 87% stake in Otto Life Science Engineering, a specialised provider of EPC services, from Equistone, a private equity firm. Financial terms were not disclosed.
“The acquisition of OTTO LSE enables SPIE to accelerate on the very dynamic EPC market for pharmaceutical and biotech customers with a reputable player benefitting from a very high added value positioning. The unique know-how of the company, combined with such positioning, largely contributes to the significant and recurring level of profitability. This operation will strengthen SPIE’s position, expertise and client portfolio in Industry Services in Germany. We are pleased to welcome the Management of OTTO LSE and its team to SPIE,” Gauthier Louette, SPIE Chairman and CEO.
SPIE is advised by Image Sept (led by Laurent Poinsot). Equistone is advised by Rothschild & Co.
Australian Wine, a consortium of international institutional investors and owner of Accolade Wines, agreed to acquire international strategic wine brands of Pernod Ricard, a wine and spirits company. Financial terms were not disclosed.
“The transaction includes the sale of a wide portfolio of strongly established international wine brands owned and produced by Pernod Ricard Winemakers, with over 10 million 9Lcs cases annually from three origins including Jacob’s Creek, Orlando and St Hugo from Australia, Stoneleigh, Brancott Estate and Church Road from New Zealand and Campo Viejo, Ysios, Tarsus and Azpilicueta from Spain. The business is an integrated platform from vineyard to bottle and includes seven wineries,” Pernod Ricard.
Pernod Ricard is advised by Morgan Stanley. Australian Wine is advised by FTI Consulting (led by Stuart Carson).
Bidvest Noonan, a market-leading provider of facilities services, agreed to acquire Nexgen, a consumer services provider, from Bridges, a fund manager that specialises in sustainable and impact investing. Financial terms were not disclosed.
“Nexgen is a great example of three key elements of Bridges’ investment strategy. First, we identified a high-quality, impact-driven provider whose focus on ESG and social value would help them become a leader in their market. Second, we were able to support the founders to transition, while building an outstanding senior leadership team. And third, our value creation team has been able to work closely with management to deliver growth, both by implementing significant operational improvements, and by identifying complementary acquisitions that have transformed the breadth and scale of the business. We are proud of the progress Nexgen has made during our partnership, and are confident that Bidvest Noonan is the right partner to enable the business to continue its growth trajectory," James Hurrell, Bridges Partner.
CVC, a private equity firm, agreed to acquire Comarch, a software house and systems integrator, for $654m.
The planned transactions are meant to facilitate Comarch’s international expansion, which will “involve significant financial outlays, at the expense of delivering the short-term results expected by stock market investors."
Novo, a company that invests in life science companies, led a $100m Series C round in Asceneuron, a clinical stage biotech company developing small molecules targeting tau protein aggregation, with participation from EQT Life Sciences, M Ventures, Sofinnova Partners, GSK Equities Investments and Johnson & Johnson.
"The financing will be used to advance Asceneuron’s lead asset ASN51 into Phase 2 clinical development for the treatment of Alzheimer’s disease. ASN51 is an oral small molecule drug designed to inhibit OGA, an enzyme implicated in protein aggregation. By preventing the aggregation of tau proteins, ASN51 aims to slow the progression of Alzheimer’s disease. OGA inhibition has also shown promising potential to prevent the aggregation of proteins that are central to other neurodegenerative diseases, including Parkinson’s disease and amyotrophic lateral sclerosis," Asceneuron.
Standard Chartered-backed Zodia Markets, a prominent UK-headquartered digital asset trading business, agreed to acquire the OTC trading business from Elwood, a provider of digital asset execution and portfolio management software. Financial terms were not disclosed.
"This sale marks an important new chapter for Elwood and strengthens our position as a leading provider of execution and portfolio management software for global institutions that trade and manage digital assets. The sale of our OTC trading business supports Elwood's strategic plan to build a world-class end-to-end EMS and PMS software platform and allows us to fully dedicate our resources to the SaaS business. In line with our vision, Elwood has been investing heavily in our software platform and we recently completed the build-out and integration of our new PMS with advanced capabilities," Chris Lawn, Elwood CEO.
Chappal Energies, an ESG-centered energy company, agreed to acquire a 10% stake in Nigeria oil assets from TotalEnergies, a global integrated energy company, for $860m.
“TotalEnergies continues to actively manage its portfolio in Nigeria, in line with its strategy to focus on its oil offshore and gas assets. After the launch of the Ubeta gas development on OML58 license last month, this divestment of our interest in SPDC JV licenses allows us to focus our onshore Nigeria presence solely on the integrated gas value chain and is designed to ensure the continuity of feed gas supply to Nigeria LNG in the future,” Nicolas Terraz, TotalEnergies President Exploration & Production.
Spanish fund Criteria to team up with Skoda in bid for Talgo. (FS)
Spain's Criteria, the investment arm of the La Caixa foundation, is considering teaming up with Czech train maker Skoda in its bid for Talgo, Reuters reported.
Spanish privately owned defence company Escribano may join the takeover attempt, Cinco Dias said. On July 16, Spanish train maker Talgo said it received a "business combination and industrial merger" without any economic offer from Czech rival Skoda.
Europe’s biggest companies have more room for buybacks and deals.
Financial leverage at Europe’s biggest companies is expected to ease this year to the lowest since 2008 and the global financial crisis, potentially allowing for more dividends, buybacks and M&A, Bloomberg reported.
The ratio of net debt to Ebitda for members of the Euro Stoxx 50 index is set to fall to 0.76 times, a little more than half the level as recently as four years ago. That gives companies “leeway either to increase shareholder cash returns or focus on bolt-on acquisitions,” according to BI strategists Laurent Douillet and Kaidi Meng.
Valeo seeks buyers for three French sites amid demand slowdown.
Auto supplier Valeo is seeking buyers for two car parts plants and a research and development center in France amid a Europe-wide decline in car production, Bloomberg reported.
The two plants no longer have sufficient business and the research center would have required an expensive overhaul to remain in operation. All options are on the table for the sites, including selling them to Chinese buyers. He added that the top priority is to protect jobs. About 1k people are employed across the three sites.
Tiger Global in talks to lead $500m Revolut share deal. (FS)
One of the world's most prolific investors in technology companies is in talks to lead a new investment round at Revolut, the British-based fintech, Sky News reported.
Tiger Global Management is one of several parties which have expressed interest in acquiring more shares in Revolut.
Asterion to buy stake in Italy airports business from Ardian-Credit Agricole Assurance. (FS)
Spanish fund Asterion has agreed to buy 49% of a holding company that owns several Italian airports from France's Ardian and Credit Agricole Assurance, including a stake in the Milan airports' operator, Reuters reported.
Reuters reported in December that the minority investors in the 2i Aeroporti holding company, which owns among others the Naples and Turin airports, were considering selling their stake.
IAC steps up M&A plans amid recent exploration of Paramount bid.
IAC is stepping up its plans for acquisitions, with additions to existing businesses and making new ones, as the internet and media holding company recently explored a bid to take over Paramount Global in a deal the troubled media giant has wrapped up with another buyer, WSJ reported.
The New York-based company is ready to pick up the pace of its dealmaking after focusing on boosting profitability for some of its holdings. Deal activity across certain industries has been on the rebound this year from a prolonged slowdown as some companies anticipate lower interest rates and seek to boost investments in new technologies such as generative artificial intelligence.
Sanofi’s consumer arm said to draw bids from Advent, PAI, CD&R. (FS)
Private equity firms Advent International and PAI Partners are among suitors that submitted first-round offers for French drugmaker Sanofi’s consumer health division, Bloomberg reported.
Buyout firm Clayton Dubilier & Rice has also put in an initial bid for the Sanofi business, which sells over-the-counter products including Phytoxil cough syrups and Icy Hot pain relief gels. Some of the proposals valued the unit at as much as €15bn ($16bn).
Paris hedge fund Staffer suspected of giving brother insider stock tips. (FS)
A staffer at Paris hedge fund Syquant Capital is suspected of funneling insider tips to his brother to make a spate of winning trades on stocks such as ArcelorMittal and Alstom just before market-moving announcements, Bloomberg reported.
Investigators at France’s stock regulator raided the financier’s home last September, scanning his laptop and three iPhones as well as his Instagram and Facebook accounts for evidence, according to a ruling earlier this month rejecting his challenge to the inspections.
HSBC names veteran Elhedery as CEO, signals continuity in strategy. (People)
HSBC has appointed its Chief Financial Officer Georges Elhedery as its next CEO, the bank said on July 17, opting for continuity as it tries to kickstart growth.
Elhedery, 50, who becomes HSBC's third chief executive in less than eight years, will replace outgoing head Noel Quinn from Sept. 2. While the 160-year-old lender did consider external candidates, it has traditionally appointed its CEO from within, Reuters reported.
APAC
Allianz, a multinational financial services company, agreed to acquire a 51% stake in Income Insurance, a composite insurer based in Singapore, offering life, health and general insurance, for $1.6bn.
“We look forward to partnering with Income Insurance, a leading insurer that shares Allianz’s values and commitment to customer excellence. This proposed transaction brings two strong businesses together for the benefit of Singapore’s customers and solidifies Allianz’s leadership position in the region,” Renate Wagner, Allianz Member of the Board of Management.
Honda sets secondary share sale price at 3% discount in $3.16bn deal.
Honda Motor has priced shares in a secondary share sale at JPY1,664.5 each, or a 3% discount to July 17 closing price, valuing the deal at JPY497bn ($3.16bn), Reuters reported.
The amount includes an overallotment triggered depending on demand.
Those selling - insurers and financial firms including Tokyo Marine, Sompo and Mitsubishi UFJ - aim to sell as many as 300m Honda shares.
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