AMERICAS
European Commission approved AerCap's $30bn bid to acquire GE Capital Aviation Services, an aircraft-leasing business, from General Electric, an American multinational conglomerate.
The deal between two aircraft leasing companies would create a new financing giant and the largest buyer of jetliners.
AerCap is advised by Citigroup, KPMG, Morgan Stanley, Cravath Swaine & Moore, Herbert Smith Freehills and NautaDutilh. Financial advisors are advised by White & Case and Simpson Thacher & Bartlett. General Electric is advised by Evercore, Goldman Sachs, PJT Partners, A&L Goodbody, Allen & Overy, Clifford Chance and Paul Weiss Rifkind Wharton & Garrison.
Independence Realty Trust, a real estate investment trust that owns and operates multifamily apartment properties across non-gateway US markets, including Atlanta, Dallas, Louisville, Memphis, Raleigh and Tamp, agreed to merge with Steadfast Apartment REIT, a real estate investment trust company, in a $7bn deal.
"The combination of IRT and STAR's highly complementary portfolios will create a leading multifamily REIT in the attractive Sunbelt region, that we believe will be well-positioned to unlock significant value and improve our market diversification. We expect to realize notable economies of scale and synergies, develop a more competitive operating platform and further capitalize on our redevelopment initiative. We're excited to partner with STAR and welcome their team, as we together plan to capture many opportunities in our high-growth markets and deliver value for our stakeholders for years to come," Scott F. Schaeffer, IRT Chairman and CEO.
Steadfast Apartment REIT is advised by RBC Capital Markets, Robert A. Stanger & Co, Morrison & Foerster and Spotlight Marketing Communications. Independence Realty Trust is advised by BMO Capital Markets, Barclays, Troutman Pepper and Edelman.
Draslovka, a Czech-based private company specializing in cyanide production, agreed to acquire the mining solutions unit of The Chemours Company, a global chemistry company, for $520m.
"Today's announcement of the Mining Solutions divestiture furthers our strategy of focusing on our three principal businesses in order to drive long-term shareholder value. Leveraging differentiated strategies, we feel confident that our businesses are well positioned to deliver growth and higher quality earnings through economic cycles," Mark Newman, Chemours President and CEO.
Draslovka is advised by JP Morgan, PricewaterhouseCoopers and Dentons. Chemours is advised by Dyal Co and Wachtell Lipton Rosen & Katz.
Cerberus Capital Management, an alternative investing firm, agreed to invest in Lighthouse Autism Center, a provider of center-based autism behavioral health services. Abry Partners will invest alongside Cerberus in the transaction. Financial terms were not disclosed.
"Over the past decade, Gregg and the Lighthouse team have built a mission-driven platform supported by clinical excellence. Lighthouse's strong reputation is a result of the team's passion and dedication to best-in-class therapy. We look forward to supporting Lighthouse on its mission to reach even more children and families," Brett Ingersoll, Cerberus Senior Managing Director.
Lighthouse Autism Center is advised by TripleTree and McDermott Will & Emery. Cerberus is advised by Houlihan Lokey and Dechert. Debt financing is provided by Fortress Investment Group and Silver Point Capital.
Warburg Pincus, a global private equity firm, and Tilia, a private investment firm, agreed to acquire FlexXray, a provider of x-ray inspection services focused on food safety, from Levine Leichtman Capital Partners, a Los Angeles-based private equity firm. Financial terms were not disclosed.
"FlexXray is well-positioned to meet the growing consumer demand for a safe and environmentally-friendly food supply chain. The investment in FlexXray reflects our ongoing mission to invest in companies that help make the food supply chain safer for our customers and ultimately, the end consumer. We are excited to partner with Warburg Pincus to bring this investment to life and extend the growth trajectory for the company," Johannes Burlin, Tilia Co-CEO.
FlexXray is advised by Robert W Baird, Honigman Miller Schwartz & Cohn and Houlihan Lokey. Warburg Pincus and Tilia is advised by Cleary Gottlieb Steen & Hamilton.
Omnicell, a provider of medication management solutions, agreed to acquire FDS Amplicare, a pharmacy software solutions provider, for $177m.
"We are thrilled to be joining together two innovative technology leaders whose shared mission is to transform both the practice and business of retail pharmacy. We believe the combination of EnlivenHealth's leading patient engagement and communications solutions with FDS Amplicare's financial management, analytics, and population health solutions, strengthens our Advanced Services portfolio, and is another step to deliver solutions that support the long-term vision and opportunity of the fully autonomous pharmacy," Randall Lipps, Omnicell Chairman, President, CEO and Founder.
FDS Amplicare is advised by Robert W Baird and Willkie Farr & Gallagher. Omnicell is advised by Evercore and Sidley Austin.
New Mountain-backed ILC Dover, a special engineering development and manufacturing company, agreed to acquire Flexan, a medical device contract design and manufacturing organization that specializes in silicone, thermoplastic, and specialty rubber components and devices. Financial terms were not disclosed.
"Flexan's expertise in silicone molding and thermoplastic extrusion enables the company to deliver mission-critical components and devices to medical device manufacturers and ultimately improve patient care. We look forward to working closely with the management teams at Flexan and ILC Dover to drive the next chapter of growth and innovation across life sciences markets," Andre Moura, New Mountain Capital Managing Director.
Flexan is advised by Robert W Baird and Kirkland & Ellis. New Mountain is advised by BNP Paribas and Simpson Thacher & Bartlett.
Azimut Capital, a permanent capital provider to private market-focused alternative asset managers, agreed to acquire a minority stake in Pathlight Capital, a private credit investment company. Financial terms are not disclosed.
"We are excited for the opportunity to partner with Azimut through its AACP unit. They have an outstanding reputation throughout the global investment community, and we are privileged that they have selected our program for a strategic minority investment. Our relationships have been the lifeblood of our business since inception and the addition of Azimut's networks will strengthen our market position and growth trajectory, undoubtedly bolstering value creation for our investors. We welcome the resources the partnership will provide as well as the opportunity to significantly increase our investment in current and future Pathlight investment vehicles alongside our limited partners," Daniel Platt, Pathlight Capital CEO.
Pathlight is advised by Moelis & Co and WilmerHale. Azimut is advised by Sidley Austin and Esclapon.
SoftBank Vision Fund 2, a venture capital fund, led a $200m Series C funding round in Wiliot, a Sensing as a Service company.
“Wiliot has created a vision of the future of AI-enabled IoT, and we are delighted that SoftBank is supporting us in making this future a reality. IoT is a vision created around Things and our mission at Wiliot is to use cutting edge hardware, AI-based sensing and an innovative business model to implement a safer and more transparent world, a world in which all the things around us help consumers use them better and suppliers avoid waste,” Tal Tamir, Wiliot CEO.
Wiliot was advised by Redhill Communications, Pitch Media Group and Griffin 360.
Bruin Capital, an international investment and operating company, agreed to acquire Full Swing Golf, a Carlsbad, CA-based sports technology and performance company, from North Castle Partners, a private equity firm, for $159m.
"We at Full Swing pride ourselves on delivering the most authentic and accurate golf experience indoors and soon to be outdoors in the world. We couldn't be more enthusiastic with the investment, partnership, and most of all experience that Bruin brings to the table as we look to expand our product portfolio and global reach," Ryan Dotters, Full Swing CEO.
Full Swing Golf is advised by Rothschild & Co.
Sequoia Capital led a $165m Series A round in Landis, a startup that uses technology and data science to help renters reach homeownership, with participation from Roc Nation, Dreamers VC and Signia Venture Partners.
"Landis helps families take their first steps towards homeownership. By focusing on financial literacy and individualized coaching, Landis gives everyone the opportunity to own their home. Landis' technology is particularly relevant to those with low-to-moderate income who have been neglected by traditional financial solutions. We are proud to partner with the Landis team as they increase financial inclusion and equality in America," Roelof Botha, Sequoia Partner.
Landis was advised by Autumn Communications.
Amazon's Climate Pledge Fund and D1Capital, an investment firm, led a $2.5bn funding round in Rivian, an electric vehicle automaker and automotive technology company. Additional investors include Fidelity Management and Research, Coatue, Dragoneer Investment Group and Third Point.
"As we near the start of vehicle production, it's vital that we keep looking forward and pushing through to Rivian's next phase of growth. This infusion of funds from trusted partners allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product roll-out," RJ Scaringe, Rivian CEO.
Yorkville Advisors, an investment firm, agreed to invest $400m in Lordstown Motors, an American electric vehicle automaker located in Lordstown, Ohio.
The capital provides a lifeline to Lordstown, which has struggled in recent months. The hedge fund, which is able to buy the shares at $7.48 a share, could also benefit financially if the stock price rises.
Kayne Anderson Capital Advisors, an alternative investment management firm, agreed to invest $400m in Kraken Resources II, a Houston-based, private energy company focused on the acquisition and development of onshore oil and gas assets.
"Over the course of our nine-year partnership, the Kraken II management team has demonstrated the ability to successfully manage a large-scale asset base across a number of commodity price cycles. We are excited to both continue our existing commitment to Kraken I and also to partner with this accomplished team once again," Mark Teshoian, Kayne Anderson Managing Partner.
Sequoia, Stripes, Spark, Coatue, DRW and SCB10X led a $310m Series D funding round in Fireblocks, an enterprise-grade platform.
"Fireblocks is the preferred choice by large and small institutions given that its platform allows them to offer their customers' custom custody solutions instead of outsourcing critical capabilities. We are an investor, partner and customer of Fireblocks in multiple areas as we believe the Fireblocks Asset Transfer Network and its crypto custody infrastructure are world-class and are unparalleled in the digital asset space. As Thailand's largest bank, we are looking forward to bringing Fireblocks' solutions to future users in Southeast Asia," Mukaya (Tai) Panich, SCB 10X Chief Venture and Investment Officer.
Cresta Fund Management, a private equity firm, agreed to acquire a stake in the come-by-chance refinery from North Atlantic Refining, a petroleum company based in Newfoundland and Labrador. Financial terms were not disclosed.
The refinery has been idled for more than a year. Several refiners since then have announced plans to convert their operations to renewable fuels production to remain viable as both Canada and the United States try to reduce carbon emissions.
Nordic Capital in talks to buy health tech firm Inovalon. (FS)
Private equity firm Nordic Capital is in advanced talks on a potential acquisition of health-care technology company Inovalon Holdings. A final agreement hasn’t been reached and discussions could still fall apart.
Shares in Inovalon have risen about 80% so far this year, giving it a market value of about $5.1bn.
Outdoor grills maker Weber targets over $8bn valuation in US IPO.
Outdoor grills maker Weber, expects to raise nearly $797m through an initial public offering in the United States, targeting a valuation of more than $8bn.
The company plans to sell about 47m shares priced at $15-$17 per share, according to a regulatory filing on Tuesday. Revenue jumped 62% year on year in the six months ended March 31, driven by the increasing popularity of outdoor dining, Weber said in the filing.
GIC-backed clinical trial firm WCG eyes up to $6.45bn valuation in US IPO. (FS)
WCG Clinical, a clinical trial solutions company backed by Singapore’s sovereign wealth fund GIC, is aiming to raise up to $765m in its US initial public offering, Reuters reported.
The IPO would value the company at $6.45bn, at the top end of its targeted price range of between $15 and $17 per share, according to a regulatory filing. WCG, which also counts buyout firm Leonard Green & Partners among its investors, plans to sell 45m shares as part of its IPO.
Goldman Sachs, Morgan Stanley and Bank of America are among the underwriters for the offering.
The Better Being announces launch of initial public offering.
The Better Being, a whole-body wellness enterprise that develops, manufactures, markets and distributes trusted and beneficial vitamins, supplements, minerals and personal care products, announced that it has launched the roadshow for its proposed initial public offering.
Better Being is offering 12.5k shares of its common stock. The initial public offering price is expected to be between $15 and $17 per share. Better Being has applied to list its common stock on the New York Stock Exchange under the ticker symbol "BBCO."
Better Being is advised by Goldman Sachs, Credit Suisse, Jefferies & Company, Deutsche Bank, Piper Sandler, Guggenheim Partners, Raymond James, C.L. King & Associates and Siebert Williams Shank.
Xeraya-backed Imago BioSciences files for US listing. (FS)
Xeraya Capital-backed Imago BioSciences, a clinical stage biopharmaceutical firm focused on developing novel therapeutics for the treatment of blood cancers, filed for an initial public offering IPO in the US.
This is the second company within Xeraya Capital's portfolio to opt for a public listing in the last month, after Rapid Micro Biosystems.
TPG Capital raises $5.4bn for its climate fund. (FS)
TPG Capital raised $5.4bn for its inaugural fund under its climate investing strategy from a number of high-profile investors including Allstate and Hartford Financial, the private equity firm said on Tuesday. The TPG Rise Climate, which was launched in early 2021, now manages $11bn of assets.
TPG said the fund is designed to expand the scope of commercially viable climate technologies and its investor base includes Ontario Teachers' Pension Plan Board, Saudi Arabia's Public Investment Fund and France's AXA.
EMEA
Clayton Dubilier & Rice is speaking with potential equity partners as it prepares an improved offer for British grocery chain Wm Morrison Supermarkets, Bloomberg reported.
Private equity firms often partner with a large pension manager or sovereign wealth fund on major acquisitions to reduce the amount of capital they have to commit themselves. Under British takeover rules, CD&R has until August 9 to decide whether to make a rival bid for the supermarket chain.
Morrison has already accepted a $8.7bn proposal from Fortress Investment Group. Earlier this month, investment firm Apollo Global Management said it was in talks to join the Fortress bid and wouldn't make a separate offer for Britain's fourth-largest grocer.
Wm Morrison Supermarkets is advised by Jefferies, Rothschild & Co, Shore Capital, Ashurst and Citigate Dewe Rogerson. Clayton Dubilier & Rice is advised by BNP Paribas, Goldman Sachs and JP Morgan and Teneo. Koch is advised by Jones Day. Fortress is advised by HSBC, RBC Capital, Slaughter & May and TB Cardew.
APi Group, a parent company to more than 40 independently managed companies, agreed to acquire Chubb Fire & Security, a fire safety and security provider, from Carrier Global, an American multinational home appliances corporation, for $3.1bn.
"The acquisition of Chubb transforms APi into the world's leading life safety services provider. We believe the transaction will be highly accretive with significant synergy opportunities. Together, the business can move faster and more efficiently, globally leveraging the expertise and ability of our combined 26k dedicated and talented employees," Martin E. Franklin, APi Co-Chair.
APi Group is advised by Citigroup, RBC Capital Markets, Greenberg Traurig and Kekst CNC. Debt financing is provided by Barclays and Citigroup. Debt providers are advised by Kane Kessler. Carrier Global is advised by Bank of America, Linklaters and Paul Weiss Rifkind Wharton & Garrison.
Starling Bank, a licensed and regulated bank, completed the acquisition of Fleet Mortgages, a buy-to-let and specialist lender, for £50m ($69m).
"The acquisition of Fleet Mortgages is the start of our move into mortgages as an asset class and builds on a number of forward-flow arrangements that we're doing with leading non-bank lenders. Fleet's existing management team will remain in place and Fleet will continue to operate as a stand-alone company, keeping the original name and brand. We're buying Fleet because it is very good at what it does, not because we want to change it," Anne Boden, Starling Bank CEO.
Starling Bank was advised by Rothschild, TLT and PricewaterhouseCoopers. Fleet Mortgages was advised West Hill Corporate Finance, Humphries Kirk and White Dragon Communications.
CBRE, the world's largest commercial real estate services and investment firm, agreed to acquire a 60% stake in Turner & Townsend, an independent professional services company specializing in program management, project management, cost and commercial management, for $1.3bn.
"This is a transformational transaction for our project management business in terms of both breadth and scale of capabilities. We see sizable secular growth opportunities in project management, which are being propelled by rising public and private infrastructure investment and the drive to a low-carbon global economy. Turner & Townsend is by far the best firm to help us realize our ambitions for this business. It is an exceptionally well-run company with a first-rate brand, enviable client base and expertise that complements our capabilities," Bob Sulentic, CBRE President and CEO.
Turner & Townsend is advised by Rothschild & Co and Pinsent Masons. CBRE is advised by Morgan Stanley, Dentons and Simpson Thacher & Bartlett.
TA Associates, a private equity firm, completed the acquisition of Elos Medtech, a producer of medical products, for $211m.
"In order to achieve the long-term potential of the business, we believe that significant investments are required, and with our knowledge, network and resources, we believe TA Associates can help the company with its continued growth journey," Lovisa Lander, TA Associates Principal.
Elos Medtech was advised by Carnegie Investment Bank and Vinge. TA Associates was advised by Roschier Attorneys and Fogel & Partners.
Jervois Mining, an Australian miner, agreed to acquire Freeport Cobalt, a Finland-based cobalt refining and specialty products business, for $160m.
The acquisition is expected to transform Jervois into a global, vertically integrated cobalt and nickel company of scale, led by a highly experienced management team. Post-acquisition, Jervois will be diversified across multiple products and value chain segments with significant relevance to leading cobalt producers and end-users.
Jervois Mining is advised by UBS, Magma Capital and NWR Communications.
Bregal Unternehmerkapital, a global private investment firm, agreed to acquire Laird Thermal Systems, a thermal management solutions supplier, from Advent International, one of the largest and most experienced global private equity investors. Financial terms were not disclosed.
"After becoming an independent business, Laird Thermal Systems has continued to go from strength to strength and is now a well-recognized global player in the markets in which it operates. We believe Bregal has the expertise and track record to create lasting value and can effectively support Laird Thermal Systems in its next phase of growth," Francesco Casiraghi, Advent Managing Director.
Advent is advised by Rothschild & Co and Tulchan Communications.
Davidson Kempner, a global institutional investment management firm, agreed to acquire a 49.99% stake in Nynas, a Swedish manufacturer of specialty naphthenic oils and bitumen products, from Bitumina Industries, a global bitumen company. Financial terms were not disclosed.
"We welcome Davidson Kempner as a shareholder in Nynas and look forward to the continued development of Nynas' business with the strategic and strong financial backing that Davidson Kempner will contribute. We are very satisfied with our strong trading result in the first half of 2021 and will continue to pursue our mission to deliver long-lasting, high-performance specialty products for sustainable use in our industry with the support of Davidson Kempner, who already is one of the largest financiers of the company," Bo Askvik, Nynas President and CEO.
Nynas is advised by Carnegie Investment Bank. Davidson Kempner is advised by Greenbrook.
Equistone Partners, an investment management company, completed the acquisition of Vertbaudet, an e-commerce platform dedicated to childhood, from Alpha Private Equity, an independent private equity investor. Financial terms were not disclosed.
"We were impressed with the executive team's repositioning strategy. Vertbaudet's omnichannel model has allowed it to thrive, even during lockdown periods. We look forward to supporting Vertbaudet as it continues to build growth momentum," Arnaud Thomas and Grégoire Schlumberger, Equistone Partners.
Equistone was advised by Brunswick Group.
Trilantic, the private equity firm focused on mid-market transactions, agreed to invest in Smile Eyes Group, a player in the German ophthalmology market headquartered in Munich. Financial terms were not disclosed.
"We are impressed by Smile Eyes's attractive position in the German ophthalmology market. Dres. Wiltfang and Bechmann have built an impressive network of highly specialized ophthalmic experts and we are excited to partner with them and their team to support their expansion strategy centred around the Smile Eyes concept," Henrik Bodenstab, Trilantic Partner.
Trilantic is advised by Citigate Dewe Rogerson.
Omega Funds and TCG X led a $153m Series C round in Artios Pharma, a DNA Damage Response company, with participation from Avidity Partners, Invus, Deep Track Capital, Sofinnova Partners, Tetragon Financial Group, RTW Investments, Soleus Capital, Piper Heartland Healthcare Capital, CaaS Capital Management, and Schroders Capital.
"Artios' deep expertise in DNA damage response and novel approach to drive the search for new and better cancer treatments is an ideal match for Omega Funds. Supporting Artios in its mission to advance its portfolio of best-in-class and first-in-class small molecule DDR programs, including its DNA polymerase theta (Polθ) inhibitor, which is poised to enter the clinic, is a welcome addition to our portfolio of life science investments targeting our world's most urgent medical needs," Michelle Doig, Omega Funds Partner, Head of Corporate Development.
Artios was advised by LifeSci Public Relations.
Graphite Capital, a UK mid-market private equity specialist, completed the acquisition of Wonderbly, a publishing platform for personalized children's books. Financial terms were not disclosed.
"We have been talking to Graphite for several years and, when it came to finding our next partners, they were top of our list. We were impressed by the experience of their team, their expertise in brand development and their shared vision for our future. We look forward to working with them on the next stage of our journey," Asi Sharabi, Wonderbly CEO.
Debt financing was provided by Santander.
ADM, a global nutrition company, agreed to acquire Sojaprotein, a European provider of non-GMO soy ingredients. Financial terms were not disclosed.
The addition would build on ADM's recent investments in alternative proteins, including the company's soy protein complex in Campo Grande, Mato Grosso do Sul, Brazil; its new pea protein plant in Enderlin, North Dakota; its PlantPlus Foods joint venture; and partnerships with innovative startups like Air Protein.
Eni, an Italian multinational oil and gas company, agreed to acquire Dhamma Energy Group, which develops, finances, builds and operates solar parks. Financial terms were not disclosed.
"This transaction will help to boost our renewable power generation capacity in accordance with our growth strategy by continuing to expand in Spain and especially by launching our presence in the renewables sector in France, where Eni gas e luce already has a solid presence and a significant customer base. For Eni gas e luce, France and Spain are pivotal markets in which the company will increasingly enhance its value through the integration between retail and renewables," Claudio Descalzi, Eni CEO.
VW moves closer to Europcar deal after sweetened bid.
Volkswagen is moving closer to a deal to buy Europcar Mobility Group after gaining support from the car rental firm's hedge fund backers with a sweetened offer. A consortium led by the German carmaker increased its offer for Europcar around $3bn.
Europcar shares rose as much as 5.36% on Tuesday. The stock was up 2.1% to 48 euro cents, giving the company a market value of $2.9bn.
Britain eases SPAC rules as global watchdog puts sector on watch.
Britain eased rules for so-called special purpose acquisition companies to attract more listings to London, just as global regulators have put a watch on SPACs, which may already be peaking in popularity.
After a surge in activity in SPACs or "blank check" companies on Wall Street and more recently in the European Union and emerging markets, Britain is keen that London is not left behind.
SPACs list on an exchange and must use the proceeds to buy an existing or target company within a set timeframe. This process provides a quicker route to a stock market listing as it sidesteps the lengthy process that leads to an initial public offering.
SGX-listed The Trendlines Group scraps Israeli IPO.
Israel-based The Trendlines Group announced that it will not be proceeding with its proposed dual primary listing and securities offer on the Tel Aviv Stock Exchange in Israel. The company is also listed on The Singapore Exchange.
The proposed TASE listing was announced in April 2021, after the company applied to the Israeli Securities Authority to publish a prospectus on the TASE on March 31.
AXA IM raises €1.9bn for European Life Sciences investments. (FS)
AXA IM, a global asset manager, raised €1.9bn ($2.2bn) of equity to accelerate investments into the Life Sciences sector. The capital was raised over the last seven months, with commitments to a significantly oversubscribed fundraise from a range of clients from North America, Asia and Europe.
"The success of this capital raise underlines our ability to present our clients with opportunities to invest at scale in our key conviction asset classes, such as life sciences, which offer sustainable and growing income returns over the long term," Isabelle Scemama, AXA IM Global Head.
APAC
Riverwood Capital, a private equity firm focused on high growth technology and related companies in need of capital, led a $200m Series D round in Nium, a next-generation financial services platform that enables companies around the world to unlock new revenue opportunities and improve cash flow economics. Additional investors included Temasek Holdings, Visa, Vertex Ventures, Beacon Venture Capital, Rocket Capital and GIC.
"Nium plans to use the funds to expand in the US and Latin America before pursuing an initial public offering in the US in 18 to 24 months," Prajit Nanu, Nium CEO.
Nium was advised by FT Partners.
Temasek, Moore Strategic Ventures and Mirae-Naver Asia Growth led a $145m funding round in ShareChat, an Indian social media and social networking service.
"This additional investment for Series F is a validation of our market leadership and a reflection of investor trust in our execution capabilities," Ankush Sachdeva, ShareChat CEO.
E-Mart and GIC to acquire Starbucks Coffee Korea from Starbucks. (FS)
E-Mart, a retail company in Korea, and GIC, a sovereign wealth fund in Singapore, agreed to acquire Starbucks Coffee Korea from Starbucks. Financial terms were not disclosed.
"Starbucks and E-Mart have had many conversations on how we can continue to grow the Starbucks brand in the market, which led to this decision. This transaction is the result of the strong performance and partnership we have achieved together over the past 20 years. E-Mart will continue to enhance the customer experience and social value that Starbucks has been creating, with a new partner GIC as well as Starbucks," TJ Hyung, E-Mart Executive Vice President.
US-listed Chinese firms must disclose govt interference risks.
Chinese companies listed on US stock exchanges must disclose the risks of the Chinese government interfering in their business as part of their regular reporting obligations.
Democratic commissioner Allison Lee's comments are the first by an SEC official since Chinese regulators launched a massive cyber probe of ride-hailing giant Didi Global last week, just days after its $4.4bn New York listing, wiping 25% off its share price.
Chinese authorities cracked down on other US-listed Chinese companies and may require tutoring firms to become non-profits.
Amazon eyes potential stake in Indian film, media businesses.
Amazon's India arm is in talks with several domestic players in film and media distribution, including cinema chain Inox Leisure for a potential stake, Reuters reported.
Amazon India is planning to expand its content streaming platform Prime Video and is evaluating three to four deals. India has been a hotbed of competition for companies like Amazon, Netflix and Walt Disney, all of which have been investing significantly to ramp up original streaming content in regional languages.
Citic Securities plans to take stake in new private pension venture. (FS)
Citic Securities one of China's biggest brokerages, is planning to take part in a new pension joint venture, embracing the nation's call to tackle a looming pension crisis fueled by questions surrounding the sustainability of the current pension system as the population rapidly ages.
In a bid to overhaul the strained, state-dominated pension system, China is looking to spur the development of a private, so-called third-pillar, with a view to encourage people to save more through commercial pension products and play a bigger role in supporting themselves after retirement.
Bukalapak officially kick-starts Indonesian IPO, offers shares at top end of price range.
Indonesian online-to-offline marketplace Bukalapak has officially started offering its shares to public after completing its book building exercise on July 9-19. During the public offering, on July 27-30, Bukalapak will offer 25.7bn shares at $0.059 per share. The company will list on the Indonesia Stock Exchange on August 6 under the ticker BUKA.
The capital raised from the IPO will be deployed to meet working capital needs. Bukalapak said in press release on Tuesday that 66% will be allocated to the parent company, while 34% will be for its subsidiaries.
Windlas Biotech IPO to open on August 4.
The IPO of Windlas Biotech, an authentic nutraceutical, pharmaceutical and ayurvedic products manufacturer, will open on August 4 and close on August 6, DealStreetAsia reported. The IPO consists of an offer for sale of up to 5.14m shares by its current promoters and shareholders.
SBI Capital Markets, DAM Capital Advisors and IIFL Securities are the book running lead managers to the issue.
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