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AMERICAS
Illumina has offered to cut prices and continue to allow rivals access to its technologies in a bid to ease EU antitrust concerns about its proposed takeover of cancer detection test maker Grail.
The $8bn cash-and-stock deal, unveiled in September 2020, would give Illumina access to Grail's flagship Galleri blood test used to diagnose cancers at early stages when the disease is easier to treat. However, the European Commission has warned that the acquisition could curb innovation and competition. Regulatory scrutiny of such deals come amid concerns on both sides of the Atlantic that big companies may buy innovative start-ups to shut down the potential rivals, Reuters reported.
"We are guaranteeing the continued supply of Illumina's products and support to oncology customers at the same price Grail pays, and to make our latest technologies available on the same terms that Grail receives, along with a guaranteed significant price reduction over the coming years," Illumina.
Grail was advised by Morgan Stanley, Latham & Watkins, McDonald Hopkins, Proskauer Rose, Ropes & Gray and Sard Verbinnen & Co. Illumina was advised by Goldman Sachs, Cravath Swaine & Moore, Davis Polk & Wardwell and Joele Frank. Goldman Sachs was advised by Freshfields Bruckhaus Deringer. Debt financing was provided by Goldman Sachs. Johnson & Johnson was advised by Goodwin Procter.
Court Square Capital Partners-backed System1, a global marketing research and effectiveness company, went public via a SPAC merger with Cannae-backed Trebia Acquisition, a blank check company, in a $1.4bn deal.
"We are proud to partner with System1 and look forward to supporting this exciting new chapter for the company. With its proprietary RAMP technology and unique value proposition, we’re confident that System1 will continue to expand its position as a leading digital marketing company. We are excited to see System1 enter its next phase of growth, now with added capital resources," William P. Foley II, Cannae Chairman.
System1 was advised by Evercore, Greenberg Glusker, Latham & Watkins, Trethowans Solicitors, Willkie Farr & Gallagher and ICR. Cannae Holdings was advised by Solebury Trout. Trebia Acquisition was advised by Bank of America, Credit Suisse, Moelis & Co and Weil Gotshal and Manges.
Cineplex, a Canadian entertainment company, has filed an appeal against its British cinema operator Cineworld, to pay $965m in damages to Cineplex for abandoning a planned takeover.
The London-listed company said it disagreed with the submissions made by Cineplex in its cross-appeal and will respond to it, adding Cineworld does not expect to pay any damages while the appeals are ongoing.
In December, a Canadian court ordered Cineworld, the world's second-largest cinema operator, to pay the damages after the British firm walked away from a $1.65bn deal in mid-2020, citing breaches in the merger agreement by Cineplex. Cineplex rejected the claims and accused Cineworld of avoiding its obligations under the agreement in light of the pandemic's impact on the industry, Reuters reported.
Independent proxy advisory firms ISS and Glass Lewis recommended the shareholders of gold exploration company Great Bear Resources to vote in favour of the $1.45bn acquisition by mineral exploration firm Kinross.
"In light of the significant premium, the favourable market reaction, the reasonable strategic rationale and the absence of significant governance concerns, shareholder approval of this resolution is warranted," ISS.
Great Bear Resources is advised by BMO Capital Markets, CIBC World Markets, Cormark Securities, GenCap Mining Advisory and Blake Cassels & Graydon. Kinross is advised by Canaccord Genuity, Trinity Advisors Corporation and Osler Hoskin & Harcourt.
Chifeng Jilong Gold, a mining & metals company, completed the acquisition of Golden Star, a gold mining company, for $470m.
"We would like to thank the Board of Directors, and management team of Golden Star for supporting Chifeng with this important transaction. We are delighted to acquire Golden Star and its Wassa gold mine in Ghana which hosts a very significant gold resource endowment. Our team is very enthusiastic about working at Wassa and we are very confident in our ability to build on the solid foundations that Golden Star has established. We intend to invest significant financial and human capital into Wassa to realize the mines' full potential and in doing so expand our operating footprint into West Africa," Lyu Xiaozhao, Chifeng Jilong Gold President.
Golden Star was advised by Canaccord Genuity, Davis Graham & Stubbs and Fasken. Chifeng Jilong was advised by First Asia Group, Stifel and Goodmans.
EIG-backed Maverick Natural Resources, a private oil and gas company headquartered in Houston, Texas, agreed to acquire certain producing properties in the Permian Basin from ConocoPhillips, an American multinational corporation engaged in hydrocarbon exploration and production, for $440m.
"This Permian acquisition expands the scale of Maverick's operations and provides high quality, oil-weighted drilling inventory. The transaction highlights our portfolio focus in Texas and Oklahoma, which follows our recent divestitures of assets in California and Michigan," Chris Heinson, Maverick CEO.
EIG is advised by Sard Verbinnen & Co. ConocoPhillips is advised by RBC Capital Markets. Debt financing is provided by Citizens Bank, JP Morgan, KeyBank and RBC Capital Markets.
Rosedale Federal Savings & Loan Association, a banking firm, agreed to acquire CBM Bancorp, a bank holding company, for $64m.
"This is a very exciting time for Rosedale Federal as this transaction will provide immediate additional size and scale, along with a larger footprint for additional growth opportunities. The acquisition of CBM Bancorp truly makes sense when we look at how our businesses align on mortgage lending and deposits, along with branch locations that allow us to provide a strong financial benefit to our customers," Kevin Benson, Rosedale Federal President and CEO.
CBM Bancorp is advised by Piper Sandler and Jones Walker. Rosedale Federal is advised by Performance Trust Capital Partners and Luse Gorman.
Maravai LifeSciences, a global provider of life science reagents and services to researchers and biotech innovators, agreed to acquire MyChem, a privately held provider of proprietary, ultra-pure nucleotides to customers in the diagnostics, pharma, genomics and research markets, for $240m.
"MyChem's chemically synthesized nucleotides are a natural fit and complementary product line for our Nucleic Acid Production business. We have worked with MyChem since 2018 and have the highest regard for the founders and the team they have built and believe there is a close alignment of company cultures. Similar to our past acquisitions, MyChem is founder-led with exceptional science in place where we can help scale the organization and accelerate growth," Carl Hull, Maravai CEO.
MyChem is advised by BroadOak Capital and Morrison & Foerster. Maravai was advised by Jefferies & Company and Kirkland & Ellis.
ETAO International Group, a digital healthcare and telemedicine services provider, agreed to go public via a SPAC merger with Mountain Crest Acquisition III, a special purposes acquisition company, in a $2.5bn deal.
“ETAO aims to become the world’s leading digital healthcare group—providing transformative medical care and quality service. The partnership with Mountain Crest will enable us to expand more rapidly and bring many more talented clinicians and more advanced telemedicine technologies to bear on our commitment to better healthcare delivery to the Chinese population," Wilson Liu, ETAO Chairman and CEO.
ETAO is advised by Sichenzia Ross Ference Kesner. Mountain Crest Acquisition III is advised by Revere Securities and Loeb & Loeb.
CACI, an American multinational professional services and information technology company, completed the acquisition of ID Technologies, an innovative enterprise IT, Infrastructure-as-a-Service, and network modernization provider, for $225m.
"The joining of our companies enhances CACI's technology for both enterprise and mission customers who require CSfC-compliant device solutions and access to sensitive or classified data from remote locations. With ID Technologies, CACI can accelerate end-user mobility and the use of communication outside of secure government-run facilities using secure software-at-scale. ID Technologies' innovative offerings include Infrastructure-as-a-Service business models making it easy for customers to embrace the technology and positioning CACI to expand the customer portfolio," John Mengucci, CACI President and CEO.
ID Technologies was advised by Jefferies & Company. CACI was advised by Gibson Dunn & Crutcher.
United States Steel, a steel producer, agreed to invest in Carnegie Foundry, a robotics and AI studio. Financial terms were not disclosed.
"We are very excited to have US Steel as a key partner. Our goals are aligned and our innovations in automation complement US Steel's ongoing work. It's our good fortune that we found investment, aligned mindsets and large-scale industrial specialization with the team at US Steel," Robert J. Szczerba, Carnegie Foundry CEO.
United States Steel is advised by Jones Day.
Farfetch, an inline luxury fashion retailer, agreed to acquire Violet Grey, a luxury beauty cosmetics retailer. Financial terms were not disclosed.
"We’ve had our eye on Farfetch since its inception and I have long admired José’s love of fashion and his inspired mission to connect curators, creatives and customers in a way that revolutionizes the consumer experience and meets us wherever we are. Myself, Sarah Brown and our band of beauty editors could not be prouder or more eager to bring our love of beauty and discerning eye to the Farfetch ecosystem," Cassandra Grey, Violet Grey Founder.
Farfetch is advised by Brunswick Group.
SoftBank Vision Fund led a $200m Series E funding round in Alto Pharmacy, a drug delivery firm.
“We’ve been laser-focused for the last seven years on building solutions to the foundational issues plaguing the broken pharmacy industry. We’re so proud of the progress the team has made, quietly solidifying our position as the market leader in the rapidly growing digital pharmacy market. We’re thrilled this new funding will enable us to continue to define this evolving industry and to help even more patients get the care they deserve," Jamie Karraker, Alto Co-Founder.
Prytek Holdings, an investment company, led a $100m investment round in ThriveDx, an EdTech company.
"ThriveDX is a company with exceptional global capabilities in the field of education with a unique model. Prytek recognized its capabilities back in 2018, which was a local company starting to expand globally, and since then we have had the honor of working closely with management and supporting its exponential growth and global success," Arnon Shiboleth, Prytek Co-CEO.
ArcLight Capital Partners, a private equity firm, completed the acquisition of Pride, a convenience stores chain operator. Financial terms were not disclosed.
"The Pride stores are high-quality sites with a history of exceptional performance. Their progress into electrical vehicle charging infrastructure will be a great fit with ArcLight's energy transition focus. We look forward to working and growing with the entire Pride team," Collin Krehbiel, ArcLight Vice President.
Walgreens kicks off Boots sale. (FS)
Walgreens Boots Alliance, an American holding company headquartered in Deerfield, Illinois, that owns the retail pharmacy chains Walgreens and Boots, kicked off the sales process for its Boots international drugstore unit as fresh buyout firms, including Sycamore Partners, consider bids, Bloomberg reported.
The US company is sending out preliminary information on the business to potential suitors ahead of first-round bids due in the coming weeks. Boots, which mostly operates pharmacies in Britain, could be valued at as much as $9.6bn in a sale.
Gilinski's bids for Colombia companies set to open.
Bloomberg reported that billionaire banker Jaime Gilinski's bids to increase his holdings in two Colombian companies are expected to open this week after gaining regulatory approval.
Gilinski is offering to buy as much as $1.1bn of shares in Grupo Nutresa, a food-processing conglomerate headquartered in Medellín, and buy up to $289m in Grupo de Inversiones Suramericana, a financial services company. These follow a $1.9bn investment that closed earlier this month, making him the second-largest shareholder of both companies.
Elliott management takes a stake in NiSource. (FS)
Activist investor Elliott Investment Management disclosed a position in NiSource, one of the largest fully-regulated utility companies in the United States, and said it supported the energy company's move to appoint a new chief executive officer and his plan to evaluate strategic alternatives.
Lloyd Yates will become CEO on February 14, replacing Joe Hamrock, who will retire after nearly a decade with the company, NiSource announced. Hamrock will also step down from the board, along with Carolyn Woo, who has been a director since 1999.
EMEA
French waste and water management company Veolia said that it would own 95.95% of rival Suez' share capital as a result of the cash tender offer.
Veolia will proceed with a squeeze-out procedure on Suez shares that are not already owned by the group by February 18. At the close of the squeeze-out, Suez shares will be delisted from Euronext Paris and Euronext Brussels.
Suez is advised by Goldman Sachs, JP Morgan, PJT Partners, Rothschild & Co, Societe Generale, Bredin Prat, Darrois Villey Maillot Brochier, Sullivan & Cromwell, Wachtell Lipton Rosen & Katz and Brunswick Group. Ardian is advised by Linklaters and Headland Consultancy. Veolia is advised by Bank of America, Citigroup, Credit Agricole, Messier & Associes, HSBC, Messier & Associes, Morgan Stanley, Perella Weinberg Partners, Cleary Gottlieb Steen & Hamilton, Flichy Grange Avocats, Gide Loyrette Nouel, Hogan Lovells, Patrice Gassenbach, Peltier Juvigny Marpeau & Associes, Xavier Boucobza and Image Sept. Engie is advised by BNP Paribas, Centerview Partners, Credit Suisse, Lazard, d'Angelin & Co, Weil Gotshal and Manges, Estudio de Comunicacion and Havas Paris.
Abrdn, an investment company and top shareholder of gambling software provider Playtech, plans to vote in favor of the $2.8bn takeover offer by Australian slot-machine maker Aristocrat Leisure.
The backing comes with Playtech’s shares under pressure over fears the deal might fail. The company said this month that a number of investors, including some that have taken material positions in the company since Aristocrat’s approach, have not engaged meaningfully about their views on the deal, Bloomberg reported.
Playtech is advised by Goodbody, Jefferies & Company, Bryan Cave Leighton Paisner and Headland Consultancy. Aristocrat Leisure is advised by Goldman Sachs, Allens, Linklaters and Finsbury Glover Hering. Goldman Sachs is advised by Ashurst.
Silicon wafer manufacturing company GlobalWafers, failed to reach a breakthrough in a last-ditch bid to salvage its planned takeover of Siltronic, likely spelling the collapse of the $5.3bn deal.
At a closed-door meeting between GlobalWafers Chief Executive Officer Doris Hsu and Deputy Economy Minister Udo Philipp, the Taiwanese technology company didn’t resolve the government’s concerns. While the ministry continues to examine the deal, it likely won’t approve it by Monday night, when a deadline for GlobalWafers to get all necessary approvals ends, Bloomberg reported.
TVS Motor Company, an Indian multinational automotive company, agreed to acquire a 75% stake in Swiss E-Mobility Group, a provider of e-mobility solutions within the DACH region, from Constellation Capital, a private equity firm. Financial terms were not disclosed.
"TVS Motor has always been committed to sustainability and has been investing in electric vehicles for over ten years. The increasing global focus on the environment and personal well-being is rapidly accelerating demand for newer mobility solutions, and TVS Motor is investing to drive this change," Venu Srinivasan, TVS Motor Company Chairman.
Constellation Capital is advised by Rothschild & Co.
One Equity Partners, a private equity firm, agreed to acquire Trustmarque, a provider of IT services and solutions, from Capita, a provider of an integrated range of services, for £118m ($158m).
"Trustmarque is well-positioned to benefit from the growth in cloud-based software sales and the ongoing digitization of the public sector. We are proud to partner with Ben Richardson as CEO and the entire Trustmarque team, and we look forward to leveraging our experience from past investments in IT services businesses to strengthen the Company's capabilities in order to offer customers a wider range of value-added services," Andrew Dunn, OEP Managing Director.
AEA Investors looking to sell Scan Global Logistics. (FS)
AEA Investors, an American middle-market private equity firm, is looking to sell Danish transport company Scan Global Logistics, Bloomberg reported.
The US private equity group is working with Barclays on the potential divestment. A deal could value Copenhagen-based Scan Global at as much as $1.7bn.
Cevian takes a stake in Vodafone. (FS)
Cevian Capital, a Swedish investment firm, took a stake in Vodafone Group, a British multinational telecommunications company.
The Swedish investment firm has been in talks with Vodafone officials in recent months as it pushes the carrier to improve performance, Bloomberg reported.
UniCredit walks away from Otkritie deal over Ukraine tensions.
UniCredit has pulled out of a potential bid for Russian lender Otkritie due to escalating tensions over Ukraine, capping a week of mounting scrutiny over European business ties to Moscow and the threat of sanctions.
The Italian lender had shown interest in Otkritie, one of Russia’s largest state-run lenders, as new chief executive Andrea Orcel seeks to execute an ambitious plan to lift annual profit growth to 10%. Orcel had been examining the possibility of merging UniCredit Bank Russia with Otkritie, which Moscow nationalised in 2017 and plans to float.
The decision by UniCredit, which has been in Russia since 2007 and generates about 3% of its revenues there, comes after Orcel earlier this week took part in a call between Italian business executives and Russian president Vladimir Putin to discuss opportunities for Italian companies in Russia, FT reported.
Activist investor calls for a breakup at De La Rue. (FS)
FT reported that one of the largest shareholders in De La Rue has criticized management strategy and pushed the board to consider a breakup or sale of the British currency printer after a profit warning this week.
Richard Bernstein, head of activist investor Crystal Amber, said the company had lost money for shareholders by focusing on volume sales of its currency rather than on gross profit. Close to a quarter was wiped off the value of De La Rue after it said its turnaround would take a year longer than planned and that pandemic-induced supply chain disruption would hit full-year profits.
Electrolux and Middleby set to bid for unit of Ali.
Electrolux Professional, a Swedish multinational professional appliance manufacturing company, and Middleby, an American publicly traded commercial and residential cooking and industrial process equipment company, are set to compete to acquire a roughly $1.2bn ice machine business being sold by Italy's Ali Group, a foodservice equipment company.
The appliance makers have made the shortlist in the auction for Manitowoc Ice, and the winner could be announced this quarter.
Epta looks for a $2bn valuation in IPO.
Epta, an Italian maker of commercial refrigeration systems, is considering seeking a valuation of as much as $2bn in an initial public offering later this year. The IPO could take place in the second quarter of this year.
Epta, controlled by the Nocivelli family, makes refrigerated display cases and cabinets for food retailers, as well as industrial cold rooms.
Elm sets IPO price at the top of the range. (FS)
Elm Co, a digital security firm owned by Saudi Arabia's sovereign wealth fund, set the final offer price for its initial share sale at the top of a range as investors flock to the kingdom.
The company will sell shares at $34.12 apiece after institutional part of the offering ended. The Public Investment Fund will raise $820m from the offering, Bloomberg reported.
CVC's Steve Koltes steps down. (FS, People)
British private equity firm CVC Capital Partners said its co-founder and co-chairman, Steve Koltes, will step down from the role before October 1. The firm said Koltes will resign "to focus on his private interests", but will remain on its board in a non-executive capacity.
Prior to CVC Capital Partners, Koltes worked for Citicorp from 1980 to 1987 in corporate finance and corporate banking in New York, London and Zurich, Reuters reported.
APAC
Newrace, a company incorporated in the British Virgin Islands and wholly owned by Zenix Chairman Jianhui Lai, completed the merger with China Zenix Auto, a commercial vehicle wheel manufacturer, in a $56m deal.
Under the terms of the merger agreement, which was approved by the company's shareholders at a general meeting held on january 21, 2022, each of the company's ordinary shares issued and outstanding immediately prior to the effective time of the merger, has been cancelled in exchange for the right to receive $0.27 in cash per share without interest, and each of the company's american depositary shares, each representing four shares issued and outstanding immediately prior to the effective time of the merger, has been cancelled and ceased to exist in exchange for the right to receive $1.08 in cash per ads without interest.
Zenix was advised by Duff & Phelps, Kroll, Gibson Dunn & Crutcher and Awaken Advisors. Newrace was advised by Campbells and Zhong Lun Law Firm.
DBS Bank, a Singaporean multinational banking and financial services corporation, agreed to acquire the Taiwan consumer banking unit of Citigroup, an American multinational investment bank and financial services corporation, for $715m.
"We are very pleased to announce this transaction with DBS, a leading organization with a strong consumer growth strategy in Taiwan which we are confident will provide our customers and employees with excellent opportunities. For Citi, this transaction will enable additional investment in our strategic focus areas, including our institutional businesses in Taiwan, which remains a priority market for our firm," Peter Babej, Citi Asia Pacific CEO.
DBS Bank is advised by Morgan Stanley. Citigroup is advised by Citigroup.
Samsung Biologics, a South Korean biotechnology company, agreed to acquire the remaining 50% stake in Samsung Bioepis joint venture from Biogen, an American multinational biotechnology company based in Cambridge, for $2.3bn.
"We are thankful to Samsung Biologics for a productive collaboration since 2012. We believe biosimilars are essential to help sustain healthcare systems and represent an important value creation opportunity for Biogen," Michel Vounatsos, Biogen CEO.
Samsung Biologics is advised by Citigroup.
Shanghai Land Group, a real estate developer, agreed to acquire hotel property Hyatt on the Bund, Shanghai Hotel, from Shimao Group, a real estate developer, for $707m.
The deal is part of the Chinese government's push to buy assets from cash-strapped private developers, as Beijing steps up efforts to stabilise and tighten control over a beleaguered sector that accounts for a quarter of its economy.
Private equity firms Alpha Wave Global and Tiger Global led a $250m Series F funding round in Moglix, an e-commerce platform, with participation from Ward Ferry.
“We are happy to have the continued support and faith of our investors, customers, suppliers and team. We are excited to welcome Ward Ferry onboard. We are focused on our mission to enable the creation of a $1tn manufacturing ecosystem in India,” Rahul Garg, Moglix Founder and CEO.
Tiger Global, Alpha Wave and Kora led a $130m Series E round in DealShare, an e-commerce startup, with participation from Dragoneer Investments Group and Unilever Ventures.
The funds raised in this round will be utilized to invest in technology and data science, as well as a ten-fold expansion in its logistics infrastructure and to increase geographic reach. In addition, it will establish a sizable offline store franchise network.
Citic looking to sell EBeauty. (FS)
Chinese buyout firm Citic Capital is weighing a sale of its controlling stake in EBeauty, an e-commerce enablement service provider in China, after a planned initial public offering stalled amid market volatility.
Citic is seeking a valuation of as much as $2bn for the provider of e-commerce services to the cosmetics industry in China, Bloomberg reported.
Reliance in talks to raise $1.6bn for media joint venture. (FS)
Indian multinational conglomerate company Reliance Industries is in talks with investors to raise up to $1.6bn for its broadcasting business as its partner, ViacomCBS, looks to pare its interest in the joint venture, Reuters reported.
Reliance is holding talks with an investment company set up by James Murdoch, son of media mogul Rupert Murdoch, and former Disney India executive Uday Shankar to together pick up a significant stake in the Viacom18 joint venture.
Google to invest up to $1bn in Bharti Airtel.
Google will invest up to $1bn in telecommunication company Bharti Airtel as the US technology giant expands its hold in India.
The investment is part of Google's plans announced under two years ago to infuse $10bn in India via its digitisation fund over five to seven years through equity deals and tie-ups.
Google's investment includes a $700m equity investment in Airtel at $9.7 per share and up to $300m towards implementing commercial agreements, including investments in expanding Airtel's products and services, Reuters reported.
Bank of East Asia announces a $372m share buyback. (FS)
Hong Kong-based Bank of East Asia, a banking and financial services company, declared that it intends to buy back 8.43% of its total issued shares worth $372m owned by Elliot Investment Management's affiliated entities.
The share buyback, which will be settled using the bank's internal resources, will take place in an off-market transaction at a maximum of $1.5 per share. The share buyback would result in a 6% hike in the consolidated net asset value per share attributable to its shareholders, the Hong Kong-based lender said in a statement.
Blackstone Real Estate launches an Indian logistics platform. (FS, RE)
Blackstone announced the launch of Horizon Industrial Parks, a portfolio of logistics parks in India owned and managed by Blackstone Real Estate funds, to support the firm's rapidly expanding logistics footprint in the country.
The platform is one of the largest portfolios of its kind in India and comprises high-quality modern warehousing and industrial parks in major cities. Under the leadership of Rahul Pandit, Chief Executive Officer, the platform will focus on providing best-in-class solutions for India's industrial and warehousing needs.
Hang Lung looks to acquire distressed properties in mainland China. (RE)
Hong Kong developer Hang Lung Properties is looking to buy high-quality real estate from distressed peers in mainland China, Bloomberg reported.
The company is interested in commercial-property assets in Tier 1 and 2 cities, Vice-Chair Adriel Chan said in an interview.
China halts 60 IPOs.
Chinese bourses halted processing at least 60 initial public offering applications as regulators investigate intermediaries in the deals, including Deutsche Bank's Chinese securities venture.
Exchange disclosures showed 12 IPO plans in Shanghai's tech-heavy STAR Market and 48 in Shenzhen's start-up market ChiNext were suspended.
Indian government requests swift review for LIC.
The Indian government asked regulators for a swift review of Life Insurance Corporation's draft prospectus, Reuters reported, as it pulls out all the stops to have the country's biggest IPO completed by the end of March.
The Securities and Exchange Board of India has been urged to complete its vetting process in less than three weeks instead of the 75 days it usually requires. The draft prospectus is likely to be submitted to SEBI in the next few days.
Hyundai Engineering postpones IPO.
Hyundai Engineering, an affiliate of Hyundai Motor Group that does engineering work covering the entire project life cycle, including feasibility study, basic and detailed design, procuring, commissioning and operation, and maintenance, decided to postpone its upcoming initial public offering which had been expected to raise as much as $1bn.
Pricing had been expected to be finalised in late January, with a listing in Seoul expected in February. The company didn't indicate when a listing might now take place.
Chinese market regulators approve BYD's IPO.
Market regulators for China's Shenzhen-based ChiNext board announced the approval of the pending initial public offering of the semiconductor unit of BYD, a Chinese automaker.
The automaker originally filed for an IPO for BYD Semiconductor in Shenzhen in May 2021. However, in August, the company was forced to halt plans as a firm advising in its IPO process faced a regulatory probe.
Delivery Hero has no plans to list DMart.
Delivery Hero, a German multinational online food-delivery service based in Berlin, has no plans "at this moment" to float its rapid grocery delivery business Dmart, its Chief Executive Officer Niklas Oestberg said, adding that an earlier tweet of his had been misinterpreted by some investors.
Delivery Hero had no need for the money and "now would certainly not be the right timing anyway," he said on Twitter.
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