AMERICAS
EU regulators announced they paused the investigation into the acquisition of Grail, a multi-cancer early detection company, by Illumina, a developer and manufacturer of integrated systems.
Regulators gave Illumina some time to provide the requested data. Once the data is received, the new deadline for the final decision would be set. Previously, competition authorities said the deal could restrain competition.
Illumina is advised by Goldman Sachs, Cravath Swaine & Moore, Davis Polk & Wardwell and Joele Frank. Goldman Sachs is advised by Freshfields Bruckhaus Deringer. Debt financing is provided by Goldman Sachs. Grail is advised by Morgan Stanley, Latham & Watkins, McDonald Hopkins, Proskauer Rose, Ropes & Gray and Sard Verbinnen & Co. Johnson & Johnson is advised by Goodwin Procter.
Rockley Photonic, a sensors and semiconductors manufacturer, went public via a SPAC merger with Sin Capital-backed SC Health in a $1.2bn deal. The transaction includes a fully committed $150m PIPE, with participation from top-tier institutional investors including Senvest Management and UBS O’Connor and participation from Medtronic.
"Rockley is now well poised to further solidify their leadership position in the industry, and we are excited about the abundance of growth opportunities ahead, not only in the consumer health space, but also in medtech and beyond. We look forward to continuing to work alongside Andrew and his team to fully realize the myriad applications of the company's technology." A.J. Coloma, SC Health CEO.
Rockley was advised by Cowen & Company, Pillsbury Winthrop Shaw Pittman, Blueshirt Group and Sard Verbinnen & Co. SC Health was advised by Bank of America and Ropes & Gray.
Centerbridge Partners, a multi-strategy private investment firm, agreed to acquire IPS, a manufacturer of solvent cement for rigid and flexible plastic pipe and fittings, from Cypress Performance, a holding company. Financial terms were not disclosed.
"George Sherman and George Moore are highly accomplished industrial leaders, and they have continued their impressive track record of value creation at IPS. The Company is a world-class manufacturer with leadership positions across its key product categories and stands to benefit from strong market tailwinds in its attractive end markets," Steven Silver, Centerbridge Global Co-Head of Private Equity and Senior Managing Director.
Centerbridge is advised by Jefferies & Company, Latham & Watkins and Kekst CNC. Debt financing is provided by Credit Suisse and Jefferies & Company. IPS is advised by Bank of America, Credit Suisse and Morgan Lewis & Bockius.
Stable Road Acquisition, a SPAC, announced that stockholders approved a $1.2bn merger with Momentus, a provider of in-space transportation and infrastructure service, at the special meeting of stockholders.
The combined company will retain the Momentus name and its securities are expected to begin trading on the NASDAQ Global Select Market under the new symbol “MNTS” for Momentus stock and "MNTSW" for Momentus warrants.
Momentus is advised by Evercore, Orrick Herrington & Sutcliffe and ICR. Evercore is advised by Sullivan & Cromwell. Stable Road is advised by Cantor Fitzgerald and Kirkland & Ellis.
Nautic Partners, a middle-market private equity firm, completed the acquisition of Aurora Plastics, a manufacturer of rigid polyvinyl chloride compounds, from Wind Point Partners, an American private equity firm, and Ontario Teachers' Pension Plan Board. Financial terms were not disclosed.
"Today's sale is the culmination of a highly successful partnership with Wind Point, which has seen Aurora establish itself as a leading North American provider of custom material solutions. We believe this transaction is a great outcome for all parties, and we look forward to continuing to watch Aurora thrive under its new owners," Karen Frank, OTPPB Senior Managing Director.
Aurora Plastics was advised by Ernst & Young, Barclays, William Blair & Co and Reed Smith. Nautic Partners was advised by McDermott Will & Emery.
American Hospital Association expresses its serious concern with the adequacy of any remedy to resolve the anticompetitive impact of UnitedHealth Group's acquisition of Change Healthcare, a health care technology company. UHG, a health care company, in January announced its intent to combine its Optum health services subsidiary with Change Healthcare to provide software and data analytics, technology-enabled services, and research, advisory and revenue cycle management services.
AHA claimed that it is highly unlikely that any remedy will preserve the substantial level of competition between the parties that will be lost if the transaction is completed.
Change Healthcare is advised by Barclays, Simpson Thacher & Bartlett and Brunswick Group. UHG is advised by Sullivan & Cromwell.
Blackstone agreed to invest $500m in Array Technologies, a manufacturer of ground-mounting systems used in solar energy projects.
"This investment and its terms underscore the preeminent position that Array occupies in the solar industry and is a tremendous validation of the Company's long-term growth potential. Marrying our technology and customer relationships with the financial strength and global reach of Blackstone makes us even stronger and positions Array to be a consolidator during this period of extraordinary supply chain disruption. I look forward to working together with our new partners at Blackstone to further grow the Company and accelerate value creation for our shareholders," Brad Forth, Array Technologies Chairman.
Blackstone is advised by Simpson Thacher & Bartlett. Array is advised by Kirkland & Ellis and Solebury Trout.
Danimer Scientific, a bioplastics company, completed the acquisition of Novomer, a developer of polymers and chemicals, for $152m.
"Completing this acquisition is an important step forward in accelerating our plan to deliver high-quality biodegradable products to leading consumer product clients. The transaction increases the economic value of our expansion while reducing the dollar risks of commodity inputs in our process. This transaction enables Danimer to continue our development and deployment of products for consumer packaging and other applications that the marketplace is demanding," Stephen E. Croskrey, Danimer CEO.
Novomer was advised by Cooley. Danimer was advised by Piper Sandler, Kane Kessler and Dalton Agency.
CORE Industrial Partners, a private equity firm, agreed to acquire CGI Automated Manufacturing, a custom precision sheet metal fabrication solutions provider. Financial terms were not disclosed.
“Our investment in CGI aligns well with our continued focus on partnering with founder- and family-owned businesses that embrace powerful Industry 4.0 trends. CGI’s historical focus on technology and automation combined with quick turnaround times, outstanding customer service and precision manufacturing capabilities make the business an ideal new platform investment," John May, CORE Managing Partner.
CORE is advised by Winston & Strawn and BackBay Communications. CGI is advised by InterOcean Advisors.
ArcLight Capital Partners, a private equity firm, agreed to acquire fossil generating portfolio from Public Service Enterprise Group, an energy company with a diverse business mix, for $1.92bn. The transaction is subject to customary adjustments, and is expected to be completed late in the fourth quarter of 2021 or the first quarter of 2022.
"With today's agreement, which is the result of a robust sale process, PSEG is on track to realize a more predictable earnings profile. Further, this transaction continues our evolution toward a clean energy infrastructure-focused company that will enable our increasingly low-carbon economy," Ralph Izzo, PSEG Chairman, President and CEO.
PSEG is advised by Goldman Sachs and Wachtell Lipton Rosen & Katz.
Altimeter Capital, Sapphire Ventures, B Capital and Tiger Global led a $210m Series C funding round in FalconX, a developer of a digital asset trading platform intended to provide clients reliable execution using data science. Other investors include Mirae Asset and Amex Ventures.
“FalconX is the trusted one-stop-shop for the world’s leading institutional cryptocurrency market participants – providing the technology, security, and reliability necessary to power their strategies at scale. Serving the world’s leading investors, we are at the forefront of a megatrend which will fundamentally change financial services," Raghu Yarlagadda, FalconX CEO and Co-Founder.
FalconX was advised by Strange Brew Strategies.
Koch Disruptive Technologies, a corporate venture capital firm, led a $105m Series E funding round in Upgrade, an operator of a neobank intended to offer affordable and responsible credit to mainstream consumers. Other investors include BRV and Ventura Capital.
"We are seeing rapid innovation in banking, and believe fintech, and neobanks in particular, will profoundly transform the banking industry to the greater benefit of consumers. Upgrade has proven success in designing products that deliver more value and a better experience to consumers, and we believe they are uniquely suited to be a market leader," Byron Knight, KDT Managing Director.
Upgrade was advised by Financial Technology Partners.
Mike Dinsdale, Akkadian Ventures Managing Director, and Abdulla AlBanna, Mubadala Capital Partner, led a $100m Series D funding round in People.ai, a developer of a revenue operations and intelligence platform designed to transform business activity data. Other investors include ICONIQ Capital and Lightspeed Venture Partners.
The capital will support People.ai's continued growth through investments in the company's SmartData platform and its expansion into new industry segments and geographies.
"I've had the privilege to serve as CFO at companies such as DoorDash, DocuSign, and Gusto. Those experiences helped me recognize the hallmarks of companies that fundamentally change the way businesses operate. I instantly recognized the game-changing nature of People.ai and I'm looking forward to watching them build the next generation of go-to-market growth engine for the enterprise," Mike Dinsdale.
People.ai was advised by Big Valley.
Arcline-backed Integrated Polymer Solutions, a manufacturing business, agreed to acquire Seal Science, a manufacturer of elastomeric sealing solutions. Financial terms were not disclosed.
"Over the course of its history, Seal Science has developed an enviable track record of customer service, innovation, and quality that matches perfectly with our values at IPS. We believe the future for Seal Science is bright and we take the responsibility of stewarding the company through its next chapter of growth very seriously," Rich McManus, IPS President and CEO.
Arcline is advised by Joele Frank.
JLL, a professional services firm that specializes in real estate and investment management, agreed to acquire Skyline AI, an artificial intelligence technology company transforming real estate by using a proprietary ensemble of machine learning models. Financial terms were not disclosed.
"This acquisition demonstrates the value and synergies of JLL Spark, as we invest in innovative proptech companies and leverage the resources of JLL to accelerate their growth. Our teams consist of knowledgeable real estate experts and world-class technologists who successfully bring new AI offerings like Skyline AI into the fold and provide the best insights to our clients, accelerating JLL's leadership in CRE technology," Yishai Lerner, JLL Co-CEO.
Skyline AI is advised by JP Morgan.
Matrix Capital, an employee-owned hedge fund, led a $157m Series A funding round in GentiBio, an operator of a biotherapeutics company. Other investors include Avidity Partners, JDRF T1D Fund, OrbiMed, RA Capital Management, Novartis Venture Fund, and Seattle Children's Research Institute.
"Tregs play a vital role in controlling immune responses but are a rare and heterogenous population that is challenging to isolate and purify at scale. GentiBio engineered Tregs created from abundant autologous and allogeneic T cell sources have the potential to overcome scalability and phenotypic inconsistency issues that are intrinsic to Tregs sorted from peripheral blood. With the Series A financing, we are focused on advancing our programs with a uniquely scalable manufacturing process that produces stable and disease specific engineered Tregs that are also tunable once infused in patients," Adel Nada, GentiBio President and CEO.
Investors consortium completed the $230m Series D round in Talkdesk. (FS)
Investors consortium completed the $230m Series D round in Talkdesk, a global customer experience company. The funding came from new investors Whale Rock Capital Management, TI Platform Management, and Alpha Square Group; as well as from existing investors Amity Ventures, Franklin Templeton, Top Tier Capital Partners, Viking Global Investors, and Willoughby Capital.
"Since its founding, Talkdesk has been challenging the status quo and shaking up the industry's old world order to make this a reality. We're grateful for the continued confidence in our strategy and more determined each day of our unique ability to help companies deliver memorable customer experiences, one engagement at a time," Tiago Paiva, Talkdesk Founder and CEO.
Aspiration in SPAC talks with Interprivate.
Aspiration, a green fintech startup, is in talks to go public through a merger with a blank-check firm in a transaction that’s slated to value the combined entity at more than $2bn, Bloomberg reported.
Los Angeles-based Aspiration is in discussions with InterPrivate III Financial Partners, a SPAC that’s led by Ahmed Fattouh. The vehicle is in talks to raise capital to support the transaction via a so-called private investment in public equity, or PIPE.
Facebook may have to sell Giphy on Britain's competition concerns.
Britain might require Facebook to sell GIF website Giphy after the country’s competition regulator said its investigation found the deal between the two companies would harm competition in the display advertising market, Reuters reported.
Facebook, a social media company, bought Giphy, a website for making and sharing animated images, or GIFs, to integrate it with its photo-sharing app, Instagram. The deal was pegged at $400m by Axios.
DoorDash held talks to buy Instacart.
DoorDash, a US food delivery firm, held talks over the past two months to buy grocery delivery company Instacart for a likely price of between $40bn and $50bn, Reuters reported.
The talks have fallen apart in recent weeks, partly over concerns whether the deal would get antitrust regulators' approval.
Instacart, which plans to list in the next few months, initiated the deal talks.
Sempra launches offer to buy remainder of IEnova's shares.
Sempra Energy, a US energy infrastructure firm, had launched a public offering to acquire the 3.6% stake in its Mexican unit Infraestructura Energetica Nova that it does not already own, Reuters reported.
In a statement, Sempra said its purchase offer, made at $4, would be worth $207m if all of IEnova’s shares are validly offered in the transaction.
IEnova’s shareholders had consented to the delisting of the company from the Mexican stock exchange at the conclusion of the public offering.
Buffett-backed Nubank plans $2bn IPO.
Warren Buffett's Berkshire Hathaway-backed Nu Pagamentos, the Brazilian fintech, is planning an IPO of more than $2bn on the Nasdaq for the end of this year, Bloomberg reported.
Nubank, as the firm is known, may seek a valuation of more than $40bn. Deliberations are ongoing, so the details may change. Nubank declined to comment.
David Velez, Nubank co-founder, has said in recent months that the company was considering a public listing, without disclosing details.
Nubank is advised by Morgan Stanley, Goldman Sachs, Citigroup and UBS
EMEA
TransDigm, an aerospace manufacturing company, confirmed it might bid $9.7bn for Meggit, a British international company specialising in components and sub-systems for the aerospace, defence and selected energy markets.
The offer tops the $8.8bn deal between Meggit and Parker Hannifin. Meggit said it supports the Parker offer, but will review the alternative bid. The development could spark a bidding war between two bidders.
Meggitt is advised by Bank of America, Morgan Stanley, Rothschild & Co, Slaughter & May and FTI Consulting. Parker Hannifin is advised by Citigroup, Freshfields Bruckhaus Deringer, Jones Day and Brunswick Group. TransDigm is advised by JP Morgan.
CVC to acquire Stock Spirits for $1bn. (FS)
CVC agreed to acquire Stock Spirits, a London-listed vodka maker, for $1bn.
"The directors of Stock Spirits are confident in the long-term prospects of the Stock Spirits Group and believe that the offer reflects our strong position and represents compelling value for Stock Spirits shareholders. We believe that CVC's support for our existing strategy and the investment that it intends to make in order to grow our business means that this offer will benefit all of Stock Spirits' stakeholders. We are therefore unanimously recommending the offer to Stock Spirits shareholders," David Maloney, Stock Spirits Chairman.
Stock Spirits is advised by JP Morgan, Numis Securities, Slaughter & May and Powerscourt. CVC is advised by Citigroup, Clifford Chance, Freshfields Bruckhaus Deringer and Tulchan Communications.
EO Charging, a provider of technology-enabled turnkey solutions for electric vehicles, is set to go public via a merger with First Reserve Sustainable Growth, a SPAC, in a $675m deal.
"Through this exciting combination, EO is positioned to accelerate our growth timeline, expand our geographic reach, and drive innovation to deliver an ever advancing suite of solutions to our fleet customers. We have developed an EV charging ecosystem that makes EO the ultimate plug-in charging partner for any business. We are proud of our established position across Europe, and are excited at the opportunity to expand our services to the global market," Charlie Jardine, EO Charging Founder and CEO.
EO Charging is advised by Evercore, Weil Gotshal and Manges and ICR. FRSG is advised by Barclays, Goldman Sachs, Vinson & Elkins and Joele Frank.
Preqin, a data platform that provides access to private capital and hedge fund data sets and tools, completed the acquisition of Colmore, a provider of investment management services intended to serve the private capital markets. Financial terms were not disclosed.
"It's a huge day for Colmore. We're delighted to announce our partnership with Preqin. Clients will get the best of our administration, monitoring and fee validation services, enhanced by Preqin's global private markets data. Clients will be able to see their invested fund information, together with wider industry data, all in one place. We're really excited about the future," Ben Cook, Colmore CEO.
Preqin was advised by DC Advisory and DLA Piper. Colmore was advised by Houlihan Lokey and Clifford Chance.
Hanwha, a global technology and manufacturing company, to acquire an 8.8% stake in OneWeb, a satellite communications company, for $300m.
"We are pleased to join hands with OneWeb, which has strength in the LEO communication area, the core of space business. To OneWeb's vision of connecting all the people across the globe, Hanwha System's satellite and antenna technology will bring more advantages," Youn Chul KIM, Hanwha Systems President, CEO and Director.
OneWeb was advised by Barclays, UBS and Herbert Smith Freehills.
Derwent London, a London-focused real estate investment trust, completed the acquisition of two properties in London's Knowledge Quarter1 for $297m.
"These are exciting acquisitions in a strong market. We are further investing in central London's Knowledge Quarter with potential Life Science opportunities and extending our development pipeline," Paul Williams, Derwent London CEO.
Derwent London was advised by Rothschild & Co.
L Catterton, a private equity firm, led a $118m funding round in SellerX, a provider of brand acquisition and management services intended for amazon-based retailers. Other investors include Sofina, Cherry Ventures, Felix Capital, and 83North.
"Money raised in financing rounds in this space is typically heavily debt based. What's so exciting about this round is that all of the €100m is equity. It puts us in an incredibly strong position to raise further debt and to keep building our portfolio by acquiring the best Amazon sellers in Europe, the US, and China," Philipp Triebel, SellerX Co-Founder.
L Catterton was advised by Joele Frank.
Lazari Investments, a property investment firm, and Derwent London, a London-focused real estate investment trust, agreed to form a $93m joint venture.
"We are confident that combining our skills with our strong long-term relationships with Lazari Investments, UCLH and The Portman Estate will ensure these growing West End areas continue to benefit from the provision of best in class, high quality and sustainable business accommodation," Paul Williams, Derwent CEO.
Derwent London was advised by Rothschild & Co.
Lovehoney, a UK-based online retailer of sex toys, agreed to merge with WOW Tech, a sexual wellness company, in a $1.2bn deal.
"Combined, we will be even better placed to contribute to bringing sexual happiness to the centre of society. This will benefit our entire industry. We are looking forward to continuing to work with our teams to create even more value for all our B2B partners and their customer base. By partnering even more closely together, I am certain we can all achieve our common goals," Johannes Plettenberg, Lovehoney CEO.
Gopuff to acquire Dija.
Gopuff, a consumer goods and food delivery service, agreed to acquire Dija, a European delivery platform. Financial terms were not disclosed.
"Combining Dija's team of industry veterans, extensive infrastructure, and local expertise will complement Gopuff's proprietary technology and unique customer experience, and advance our ability to scale rapidly as we create a leading platform in Europe. Together, we will continue to innovate and define the Instant Needs economy across Europe and bring the category to more customers in the region," Daniel Folkman, Gopuff SVP.
Baupost Group to acquire $645m stake in Just Eat Takeaway.
Baupost Group, a Seth Klarman’s hedge fund, bought a 3.5% stake in Dutch food-delivery company Just Eat Takeaway, Bloomberg reported.
The Boston-based firm acquired the stake in a transaction dated August 4, 2021. The shares were valued at about $645m as of Wednesday’s closing price.
Companies that let customers order groceries and restaurant meals online have surged in the last year as users turned to the apps during pandemic lockdowns. Financial results from rivals such as Delivery Hero and Deliveroo this week have shown that consumers are keeping the habit even as restrictions on shopping and indoor dining lift in many markets.
Daimler could sell trucks stake a year after spin off.
Daimler could divest the 35% stake it will hold in its truck division after just one year following the planned spin-off, Reuters reported.
An agreement not to sell the stake for three years without the consent of Daimler Truck could be shortened to 12 months if the Daimler board deems it necessary for economic and strategic reasons.
A Daimler spokesperson said documents on the split of the group would be presented to shareholders at an extraordinary general meeting scheduled for October 1, 2021, but declined to comment on the contents of the agreement.
Atlantia's Telepass CEO considers IPO as an option.
Atlantia's toll road payment unit Telepass considers an IPO as an option from 2024 to allow minority shareholder Partners Group Holding to cash in, Reuters reported.
"An IPO is a technical hypothesis, one of the practical way-out options recognised to the holder of 49% of Telepass," Gabriele Benedetto, Telepass CEO.
Cineworld considers US listing to bolster pandemic.
Cineworld, the world’s second-largest cinema operator, is considering a plan to list its shares on Wall Street or partially float its movie chain Regal as it seeks to shore up its finances, at a time when it is burning through millions of dollars every month, Reuters reported.
“The board will evaluate these options over the coming months and will consult with shareholders in due course if any formal proposals are to be made,” Cineworld.
Central bank considers retail investors in Otkritie IPO.
Russian retail investors could be invited to buy shares in the mooted flotation of Otkritie bank, which could rank among the biggest in a current burst of IPO activity in Moscow, Reuters reported.
Otkritie, once Russia’s biggest private bank by assets but which was bailed out by the central bank four years ago, had cleaned up the toxic assets on its balance sheet and was on track for an IPO in May 2022, though a sale to a strategic investor is also possible.
“An IPO is one of the exit options for the Bank of Russia and is seen as the main one, but there are other options which we are looking at, together with investment consultants and Otkritie,” Sergei Shvetsov, Central Bank First Deputy Governor.
RWE CEO don't believe in renewable megadeals in next years.
RWE, Europe’s third-largest renewables player, does not expect large deals in the sector in the next few years, Reuters reported.
“I don’t believe it because the market is growing so rapidly. Basically, every player is focused on getting a slice of the pie. And big transactions usually occur in consolidating industries ... Maybe we will see it but certainly not in the next years,” Markus Krebber, RWE CEO.
Hella owners to pick buyer for majority stake this weekend.
The owners of Hella, an internationally operating German automotive part supplier, will pick a buyer for their majority stake this weekend, Reuters reported.
They had received binding offers from three bidders - French car parts suppliers Faurecia, Cie Plastic Omnium and Germany’s Mahle.
All three offers are at the expected level of around $70 per share.
APAC
Accel, an early and growth-stage venture capital firm, and SoftBank Vision Fund 2, a fund with a goal to invest in AI-based technology, led a $650m funding round in Eruditus, a provider of executive education programs intended for mid-career professionals. Canada Pension Plan Investment Board also participated in the new round.
The startup would deploy the fresh funds to develop more courses and build new products.
"With this fundraise, we're excited to scale our unique business model, continue to deliver strong learning outcomes, and grow our global impact at a rapid rate," Ashwin Damera, Eruditus Co-Founder and CEO.
Siguler Guff, a multi-strategy private equity investment firm, Baillie Gifford, an investment management firm, and Carlyle led a $450m Series I funding round in VerSe Innovation, a local language technology platform. Existing investors Sofina Group, Qatar Investment Authority and BCap also participated in the round.
VerSe Innovation is betting on building a family of apps that serves users in scores of local languages. The startup plans to invest in broadening its AI / ML stack to offer users more personalized experience.
Tim Hortons China nears $1.8bn deal with SPAC.
The joint venture that runs the Chinese locations of iconic Canadian coffee shop chain Tim Hortons is nearing a deal to go public through a merger with blank-check company Silver Crest Acquisition, Bloomberg reported.
A transaction could value the combined entity at about $1.8bn and an announcement could come as early as this week.
Silver Crest Acquisition, led by chairman Leon Meng, is a US-listed SPAC backed by Greater China-focused private equity firm Ascendent Capital Partners. Shares of Silver Crest Acquisition rose as much as 3.7% in pre-market trading in New York.
Beijing Capital weighs sale of $1bn New Zealand waste unit.
Beijing Capital Group, also known as BCG or the Capital Group, is a state-owned enterprise directly under the supervision of the State-owned Assets Supervision and Administration Commission of the Beijing Municipality, is exploring a sale of its waste management unit in New Zealand for about $1bn, Bloomberg reported.
The state-owned firm has asked investment banks for proposals on the potential divestment of Beijing Capital Waste Management. Beijing Capital Group could also consider selling a partial stake in the business.
Khazanah unveils $1.4bn fund for high-impact investments.
Khazanah Nasional, a Malaysia's sovereign wealth fund, will aim to raise its high-impact and commercially viable investments over the next five years through a $1.4bn internal fund to help build up the nation's economic competitiveness and resilience, DealStreetAsia reported.
The allocation would be funded by profits from its previous investments. At the same time, the fund will continue with portfolio rebalancing.
Adani Ports claims it can easily acquire "strategic" target Concor.
Adani Ports & Special Economic Zone, India's private multi-port operator, expects to easily raise funds, without weakening its financial health, to acquire state-owned logistics firm Concor, in which the government is looking to divest its shareholding, Bloomberg reported.
“Concor is a very strategic acquisition. Without stretching the balance sheet, we should easily be able to do that acquisition,” Karan Adani, Adani Ports & SEZ CEO.
The transaction underscores the rapid expansion spree that the Adani Group has seen in recent years as billionaire-founder Gautam Adani - Karan Adani’s father - rapidly diversifies what was once an agri-trading business into a conglomerate spanning ports, power generation, airports, data centers and green energy.
Edelweiss Wealth Management raises $200m in pre-IPO fund. (FS)
PAG-backed Edelweiss Wealth Management, an India-based private equity company, has raised $200m for the final close of the third series of its pre-IPO fund Edelweiss Crossover Opportunities Fund and has launched the next series of the fund to raise another $200m, DealStreetAsia reported.
The Crossover series of late-stage funds from Edelweiss have raised a total of more than $497m across its first three series. Edelweiss plans to raise up to $1bn through its Crossover fund.
AppWorks exceeds target on close of their Fund III at $150m hard cap.
AppWorks, a Taiwan-based venture capital firm that invests in Taiwan and Southeast Asia, has reached the final close of its AppWorks Fund III at a hard cap of $150m, bringing the firm's total assets under management to $212m, DealStreetAsia reported.
As part of Fund III’s close, AppWorks is recruiting new investment associates and analysts, especially ones who will focus on sourcing deals throughout Southeast Asia.
Li Auto shares make weak HK debut.
Li Auto, a Chinese electric vehicle maker, made a weak debut in Hong Kong as its shares traded flat, while the company also flagged it could consider a mainland listing, Reuters reported.
The company raised $1.52bn by pricing its stock at $15 each in its dual primary listing in the city. Li Auto is also listed in New York.
Earlier in the day, Li Auto shares fell as much as 2.1%, with the Hong Kong’s Hang Seng Index trading flat in the early Asia session. The weaker debut followed a 1.1% rise in New York-listed Li Auto shares on Wednesday.
Pony.ai's US listing plans blocked by China's tech crackdown.
Pony.ai, an autonomous driving startup, has put on hold plans to go public in New York through a merger with a blank-check firm at a $12bn valuation, after it failed to gain assurances from Beijing that it would not become a target of a crackdown against Chinese technology companies, Reuters reported.
Pony.ai has negotiated exclusively with VectoIQ Acquisition II with the purpose of going public through a merger before October. In June, Pony.ai hired Lawrence Steyn, former vice chairman of investment banking at JPMorgan, as the chief financial officer for the listing.
Sinopharm decides not to take China Traditional Chinese Medicine private.
China Traditional Chinese Medicine Holdings, said its parent Sinopharm had decided not to proceed with a possible privatization of the Chinese medicine maker, DealStreetAsia reported.
China TCM said that offer period related to the privatization ended on August 11, 2021.
Turmeric Capital is considering Singapore SPAC listing.
Turmeric Capital, the Singapore-based private equity firm led by former L Catterton Asia head Ravi Thakran, is said to be exploring listing a SPAC in Singapore, DealStreetAsia reported.
Three companies - Ravi Thakran's Turmeric Capital, Novo Tellus Capital Partners and Temasek-backed Vertex - are said to be exploring SPAC listings in Singapore, and thus might be among the first to list a blank-cheque company in the city-state.
HK bourse head expects flood of listings from Chinese firms after clampdown.
The Hong Kong bourse is fielding a surge in inquiries from Chinese companies looking to list their shares on the exchange due to regulatory changes on the mainland and in the United States, WSJ reported.
Nicolas Aguzin, the new CEO of Hong Kong Exchanges & Clearing, said in his first earnings call with the media that around 200 companies currently have applications to list in the city. “There have been significantly more inquiries” about listing in Hong Kong as the result of the tightening scrutiny from the US and China.
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