AMERICAS
Eldorado Resorts, a US casino operator, received approval from the New Jersey Casino Control Commission in connection with its pending $17.3bn acquisition of Caesars Entertainment, subject to applicable conditions. Eldorado and Caesars have received all required regulatory approvals necessary to close the merger.
Caesars Entertainment is advised by Deutsche Bank, PJT Partners, Skadden Arps Slate Meagher & Flom and Teneo. Financial advisers are advised by Ropes & Gray. Eldorado Resorts is advised by Credit Suisse, JP Morgan, Macquarie Group, Latham & Watkins, Milbank and JCIR. Financial advisers are advised by Cravath Swaine & Moore. Debt financing is provided by Credit Suisse, JP Morgan and Macquarie Group.
SSR Mining, a Canadian-based precious metals producer, and Alacer Gold, a low-cost intermediate gold producer, announced that Alacer obtained a final order from the Supreme Court of Yukon approving the previously announced at-market merger of equals with SSR Mining.
Shareholders of Alacer will receive 0.3246 SSR Mining shares for each Alacer share held. Completion of the transaction is subject to the receipt of certain regulatory approvals and satisfaction of other customary closing conditions.
Alacer Gold is advised by CIBC World Markets, Scotiabank, Marval O'Farrell & Mairal and Stikeman Elliott. SSR Mining is advised by National Bank Financial, TD Securities, Lawson Lundell, McCarthy Tetrault, White & Case and Kingsdale Advisors.
Grassroots' shareholders approved the proposed cannabis operator Curaleaf's acquisition of Grassroots, a private vertically-integrated multi-state operator. Over 87% of shareholder returned proxies approving the transaction, resulting in unanimous approval in accordance with provisions of the Grassroots shareholders agreement.
"The successful shareholder support for Curaleaf's acquisition of Grassroots is an important milestone in continuing our company's path forward in playing a leading role in the US cannabis market growth. Every single shareholder who submitted a proxy voted for the transaction; we had zero 'no' votes. We look forward to closing the transaction in the coming days and beginning the process of integrating these two incredibly talented teams while continuing to deliver high-quality cannabis products to the Grassroots' community," Mitchell Kahn, Grassroots Co-Founder and CEO.
Grassroots is advised by Canaccord Genuity, Stoic Advisory, Fox Rothschild, and Katten Muchin Rosenman. Curaleaf is advised by Eight Capital, Loeb & Loeb and Stikeman Elliott.
The deal was initially set to close by April, but the deadline was extended after the coronavirus pandemic forced the gaming company to shut down its casinos. Leisure must find a business to take over by December 1 or return its cash to shareholders.
GHK Capital Partners, a private equity firm, completed the acquisition of Hasa, a producer and distributor of water treatment products. Financial terms were not disclosed.
"We are eager to begin our partnership with Hasa, which over many decades has established a clear leadership position and a highly attractive, differentiated model in the pool chemical treatment space. As GHK's third platform investment, Hasa represents a highly compelling investment opportunity in the specialty manufacturing and distribution space complemented by an exceptional management team who is well-positioned to drive outsized growth," Gil Klemann, GHK Managing Partner.
Hasa was advised by Robert W Baird and McDermott Will & Emery. GHK Capital Partners was advised by Davis Polk & Wardwell. Debt financing was provided by Comvest Credit Partner and Goldman Sachs.
Turning Point Brands, a US provider of other tobacco products and adult consumer alternatives, completed the merger with Standard Diversified, which engages in tobacco products and outdoor advertising activities in the US, in a $178m deal. As a result of the merger, the SDI Common Stock ceased trading on the NYSE American.
“The transaction significantly improves the public float of our shares outstanding and eliminates the overhang of a controlling holding company structure. We are excited to welcome all of the new shareholders and thank our existing shareholders that participated in the related secondary offering,” Bobby Lavan, TPB CFO.
Standard Diversified was advised by The Equity Group. Turning Point Brands was advised by Houlihan Lokey and Duff & Phelps. Houlihan Lokey was advised by Sullivan & Cromwell.
Athene Holding, a retirement services company, completed the acquisition of an 11.1% stake in Jackson National Life Insurance, a US insurance company and a subsidiary of Prudential Financial, a financial services provider, for $500m.
“Athene’s investment in Jackson further strengthens our capital position, as we deliver on our long-term strategic objectives,” Michael Falcon, Jackson Chief Executive Officer.
Athene was advised by Credit Suisse and Sidley Austin. Prudential Financial was advised by Rothschild & Co, Debevoise & Plimpton and Slaughter & May.
HH Global, a global outsourced marketing execution provider, agreed to acquire InnerWorkings, a global marketing execution firm, for $177m. The Boards of Directors of both companies unanimously approved the transaction.
The transaction is subject to customary closing conditions, including approval by Inner Workings' shareholders and receipt of certain regulatory approvals, and is expected to be completed before the end of the fourth quarter of 2020.
"We are thrilled about this combination as it significantly accelerates our ability to execute on the next phase of our strategy by broadening our service offering and expanding our global reach. Not only do our two companies have complementary offerings, capabilities and geographic operations, but we also share a deep commitment to quality, innovation and operational excellence. We have long admired InnerWorkings and have got to know the management team well over the last few months, and we are confident that together we will create an even stronger company. We look forward to welcoming InnerWorkings to the HH Global family," Robert MacMillan, HH Global Chairman and Group CEO.
InnerWorkings is advised by Citigroup, Sidley Austin and Sard Verbinnen & Co. HH Global is advised by Moelis & Co and Kirkland & Ellis.
Amynta Group, a provider of property and casualty insurance services, completed the acquisition of the surety operations of Aspen Insurance, a provider of reinsurance and insurance coverage. Financial terms were not disclosed.
"We are very excited to welcome Michael Toppi and the entire surety team to Amynta, forming the foundation of our surety practice. The business brings a well-established surety team with a proven underwriting track record and culture of delivering creative solutions for clients," Robert Giammarco, Amynta Group Chairman and CEO.
Aspen Insurance was advised by GC Securities and Morgan Lewis & Bockius. Amynta Group was advised by Paul Weiss Rifkind Wharton & Garrison.
BlackRock led a $125m Series E funding round in Qumulo, a file data platform services provider, at a $1.2bn valuation. The financing included participation from Highland Capital Partners, Madrona Venture Group, Kleiner Perkins, and new investors including Amity Ventures.
“This latest investment is a great recognition of our category leadership and unique capabilities to help customers create, manage, and gain value from their file data at scale. It will help Qumulo accelerate our ability to serve the world’s leading enterprises with the freedom, control and performance that organizations need now more than ever,” Bill Richter, Qumulo CEO.
Qumulo is advised by A3 Communications.
Audax Private Equity-backed Astute, a customer engagement software provider, completed the acquisition of iperceptions, a provider of customer experience management solutions. Financial terms were not disclosed.
“As the market continues to evolve and consumers have increasingly higher expectations for a frictionless journey, we believe this combination will give our customers the tools they need to provide the high-quality experiences that will differentiate them from the competition. We look forward to being an integrated part of Astute,” Pascal Cardinal, iperceptions President and CEO.
iperceptions was advised by Sampford Advisors.
Benchmark, a holding company, agreed to acquire 7710 Insurance, a South Carolina domiciled insurance carrier. Financial terms were not disclosed.
“We believe that being part of Trean uniquely positions 7710 to be the nationwide “go to” workers’ compensation insurance partner for the emergency services industry. We are excited by the opportunity for our clients and colleagues that this transaction represents,” Bill Adamson, 7710 Insurance CEO.
7710 insurance is advised by Oppenheimer & Co.
Volition Capital, a growth equity firm, led a $100m Series B funding round for Medly Pharmacy, a full-service digital pharmacy. Greycroft, Horsley Bridge and Lerer Hippeau also participated in the round.
"We continue to improve patient care by empowering customers to access prescription drugs on their own terms through a potent combination of physical and digital pharmacy services. We are excited to continue to build on that vision by opening locations in new markets and forging meaningful, long-lasting relationships with patients, physicians, drug manufacturers, and insurance companies," Marg Patel, Medly CEO and Co-Founder.
Prosus submits the highest bid for eBay's classified unit. (FS)
Prosus submitted the highest offer for eBay's classified ads business, beating a private equity consortium backed by Blackstone Group, Permira and Hellman & Friedman, and Norwegian online marketplace Adevinta, Bloomberg reported. The deal could fetch over $8bn.
The situation is fluid, and one of the rival bidders could still emerge on top. eBay said in February it was in active talks with multiple parties about a potential deal for its classifieds business as it responded to pressure from activist investors to focus on its main online marketplace. Any deal would add to the $239bn of acquisitions involving technology companies announced this year.
TDR considers a new bid for Marathon’s Speedway arm. (FS)
TDR Capital, a private equity firm, is considering a fresh run at Speedway, a US gas station operator, after owner Marathon Petroleum revived plans for a potential divestment of the business that could fetch more than $15bn, Bloomberg reported.
TDR is contacting banks to see how much financing it could raise for a Speedway bid. Any offer would likely be in partnership with another suitor. TDR has held talks about potentially teaming up with Alimentation Couche-Tard, the Canadian owner of the Circle K convenience-store chain, in a joint offer for the business.
TIM, Telefonica and Claro offer a bid for Oi's mobile assets.
Three telecommunications firms TIM Participacoes, Telefonica Brasil and America Movil de CV, prepared a joint offer for the mobile unit of Oi Group, a bankrupt Brazilian carrier, Reuters reported.
The telecom firms did not disclose details of the offer. They said they asked Oi for the right to match possible offers it may have received in the competitive process for its assets. Oi stated that there was a second offer, but it did not reveal the details.
Rosetta Stone explores potential divestment. (FS)
Rosetta Stone, a provider of technology-based language learning solutions, is exploring strategic alternatives including a potential sale of all or part of the company, Bloomberg reported.
The company is working with financial advisers to gauge interest from potential private equity and strategic buyers. Rosetta Stone has yet to determine what avenue to pursue, and the company may choose to remain independent.
Cirque du Soleil reaches purchase deal with secured lenders.
Cirque du Soleil Entertainment Group, a Montreal-based entertainment company, reached a new purchase agreement with its secured lenders, in a move that would help kick-start the bidding process for the financially strapped circus, Reuters reported.
The company said in a statement that it entered into a new “stalking horse” purchase agreement with its first-lien and second-lien secured lenders.
Justice Department approves Liberty Media's bid for iHeartMedia.
Justice Department approved cable giant Liberty Media's bid for iHeartMedia, an American mass media firm. The approval brings Liberty Media a chance to expand its stake further.
Liberty is able to expand its stake from 5% to 50%, giving it a massive influence over more than 850 AM and FM stations.
Giglio Group considers bid for Brooks Brothers.
Giglio Group, a Milan-based group of investors, plans to bid for Brooks Brothers Group, an American clothing brand. Interested bidders have to submit formal bids by August 5, and potential suitors include Sparc Group and WHP Global, Bloomberg reported.
"It's going to be a tough fight, but I like our chances. We normally help brands rather than buy them, but the opportunity to remake an iconic brand like Brooks Brothers from zero was too appealing to pass up," Alessandro Giglio, Giglio Group CEO.
Bow Capital's Vivek Ranadive files for $350m blank-check company. (FS)
Venture capital firm Bow Capital Management's Co-Founder and Managing Director Vivek Ranadive joined the blank-check company parade with a filing for a $350m listing, Bloomberg reported.
BowX Acquisition stated in its filing with the US Securities and Exchange Commission that the special purpose acquisition company will focus on acquiring a business in the technology, media and telecommunications industries.
2W hires advisers for its $282m IPO.
2W Energia, a Brazilian energy trading firm, hired banks to manage its IPO which may reach up to $282m, Reuters reported.
Investment banking units of Banco BTG Pactual, XP, Bank of America Merrill Lynch and Credit Suisse will manage what would be the first Brazilian stock exchange IPO by an energy trading firm. Riza Capital is also advising the company.
Topgolf considers going public with Churchill Capital. (FS)
Topgolf International, a global sports entertainment company, considers going public through a merger with Churchill Capital, a blank-check company.
Topgolf is in talks to merge with Churchill Capital, led by former Citigroup banker Michael Klein. Churchill is seeking to raise additional equity as part of the deal and has begun conversations with potential investors. The deal hasn't been finalized, and it's possible that talks could fail.
Caixa Seguridade resumes IPO plans.
Caixa Seguridade, an insurance company, will continue its plans for an IPO. The IPO was halted in March due to the market disturbance caused by the coronavirus pandemic.
Controlling shareholder state bank Caixa Economica Federal was preparing to raise $1.9bn in the offering by partially divesting its stake. The date or size of the offering is not disclosed.
Blackstone' Strategic Partners closes real estate fund at $1.9bn. (FS)
Blackstone' Strategic Partners, an investor in the alternative asset secondary market, closed its seventh real estate secondaries fund at $1.9bn.
"This fundraise reflects the strong relationships we have built with our limited partners over the past two decades," Verdun Perry, Strategic Partners Senior Managing Director and Global Head.
CRV closes $600m fund. (FS)
CRV, an early-stage venture capital firm, closed a $600m fund, which it entirely raised during the Covid-19 pandemic. The new fund, CRV XVIII, is the same size as its previous fund although it was oversubscribed. The firm decided to close the fund at $600m because it believed that was the right size for CRV's investing team in the current climate, Crunchbase reported.
"We believe it is essential to continue demonstrating to our entrepreneurs that we are disciplined investors—the same way we rely on them to be great stewards of capital. The venture world is swimming in excess capital. We never want to be the firm that thinks of 'putting money to work.' We are helping entrepreneurs build their companies," CRV.
Guardian Capital Partners closes its Fund III at $282m. (FS)
Guardian Capital Partners, a private equity firm, closed its Guardian Capital Partners Fund III at $282m, hitting its hard cap. The fund has already acquired two platform businesses, Western Shelter Systems and Flat River Group.
Latham & Watkins was counsel to the fund, while Shannon Advisors was the placement agent.
EMEA
EU antitrust regulators temporarily suspended their investigation into the London Stock Exchange’s $27bn bid for data and analytics company Refinitiv while waiting for the companies to provide requested data, Reuters reported.
Such pauses are common in the EU merger process but have become more frequent in recent months due to the coronavirus pandemic as companies struggle to gather details from their staff or suppliers.
"This procedure in merger investigations is activated if the parties fail to provide, in a timely fashion, an important piece of information that the Commission has requested from them," EU competition executive.
Refinitiv is advised by Canson Capital Partners, Evercore, Jefferies & Company, Corrs Chambers Westgarth, Osler Hoskin & Harcourt, Simpson Thacher & Bartlett, and Eterna Partners. LSEG is advised by RBC Capital Markets, Oliver Wyman, Barclays, Goldman Sachs, Morgan Stanley, Robey Warshaw, Blake Cassels & Graydon, Freshfields Bruckhaus Deringer, and Teneo. Barclays, Goldman Sachs, Morgan Stanley, and Robey Warshaw is advised by Herbert Smith Freehills. CPPIB is advised by Weil Gotshal and Manges. Thomson Reuters is advised by Allen & Overy.
A second major investor urged Thermo Fisher Scientific to sweeten its bid for Qiagen again, since the Dutch biotech’s outlook has improved so much during the pandemic.
Union Investment, a 1% stakeholder at Qiagen, hasn't decided if it will push for a higher offer. Union’s comments follow calls from Davidson Kempner, a top investor in Qiagen, for a higher takeover price. Davidson Kempner said that a price between $55 and $59 a share is more appropriate and that it wants other shareholders to reject Thermo Fisher’s latest offer, Bloomberg reported.
Qiagen is advised by Barclays, Goldman Sachs, Lazard, Moelis & Co, De Brauw Blackstone Westbroek, Linklaters, and Mintz Levin. Barclays and Goldman Sachs are advised by Sullivan & Cromwell. Thermo Fisher Scientific is advised by JP Morgan, Morgan Stanley, Hengeler Mueller, NautaDutilh, Wachtell Lipton Rosen & Katz, Freshfields Bruckhaus Deringer, Joele Frank and Brunswick Group. JP Morgan and Morgan Stanley are providing debt financing, and are advised by Simpson Thacher & Bartlett and Gleiss Lutz.
EssilorLuxottica, the maker of Ray-Ban, took legal action to obtain information from its acquisition target GrandVision about its management of the coronavirus crisis. EssilorLuxottica filed the legal proceedings before a district court in Rotterdam after GrandVision did not respond to its requests for information on its handling of the pandemic.
“This is to assess the way GrandVision has managed the course of its business during the Covid-19 crisis, as well as the extent to which GrandVision has breached its obligations under the support agreement. Despite repeated requests, GrandVision has not provided this information on a voluntary basis, leaving EssilorLuxottica with no other option but to resort to legal proceedings,” EssilorLuxottica.
GrandVision is advised by ING Bank, Bredin Prat, and De Brauw Blackstone Westbroek. EssilorLuxottica is advised by BNP Paribas, Citigroup, Goldman Sachs, BonelliErede, Latham & Watkins, Stibbe, Sullivan & Cromwell, Brunswick Group, and Community Group. Debt financing is provided by Credit Agricole and HSBC. Credit Agricole and HSBC are advised by Hogan Lovells. HAL Holding is advised by NautaDutilh.
Intesa Sanpaolo, Italy’s largest retail lender, increased its bid for smaller rival UBI Banca by 18% adding a cash sweetener, in an effort to persuade UBI investors to tender their shares, FT reported.
Intesa offered $0.65 in cash in addition to 1.7 of its own shares for each share of UBI. The lender said on Friday the improved offer valued UBI Banca shares at $5.5 - a 44.7% premium on its February 14 share price, the last trading day before the offer was launched.
UBI Banca shareholder, Fondazione Banca del Monte di Lombardia said it would tender its 4% stake in UBI under the takeover offer from Intesa Sanpaolo.
UBI Banca is advised by Goldman Sachs, BonelliErede, and Linklaters. Intesa Sanpaolo is advised by Equita SIM, JP Morgan, Mediobanca, Morgan Stanley, UBS, Gatti Pavesi Bianchi, and Pedersoli Studio Legale.
Kvaerner, a provider of engineering, procurement and construction services, agreed to merge with Aker Solutions, a provider of products, systems and services to the energy industry.
As merger consideration the shareholders of Kvaerner will receive a number of shares in Aker Solutions based on a volume weighted average price for the shares in Aker Solutions and Kvaerner on the Oslo Stock Exchange during a period of 30 days commencing two trading days after the Aker Solutions shares trades. One share in Kvaerner shall however always give right to at least 0.7629 shares and maximum 1.1404 shares in Aker Solutions, which in total provides the shareholders in Kvaerner with an ownership interest in the range between 43% to 53% in the combined company.
"By combining the two companies and their complementary resources, we will be able to deliver a more complete offering to a global energy industry," Leif-Arne Langøy, Kvaerner Chairman.
Aker Solutions is advised by Carnegie Investment Bank, SEB Corporate Finance, and Advokatfirmaet BA-HR. Kvaerner is advised by Arctic Securities.
Cellcom Israel, a communications group, announced the approval of the deal with Golan Telecom by the Israeli Competition Authority. The Israeli Ministry of Communications stated that it doesn't see a reason to prevent the transaction subject to a format and conditions from being approved by the MOC.
The execution of the transaction is subject to certain conditions, including the approval of the MOC, which are yet to be met.
Cellcom is advised by GK Investor.
Partners Group, a private markets investment manager, agreed to acquire Rovensa, a provider of specialty crop nutrition, protection and biocontrol products, from Bridgepoint, a private equity firm, for $1.1bn.
"We have benefitted greatly from Bridgepoint's ownership since 2017 and our recent growth trajectory reflects this. However, with a growing global population, ambitious environmental targets, and health concerns, the agricultural sector remains essential and we believe its strategic importance ensures there are further exciting growth opportunities ahead. We are convinced that Partners Group, with its global presence and focus on entrepreneurial ownership, is the right partner with which to continue building Rovensa's platform and seize those opportunities. We look forward to working hand-in-hand with Partners Group's team in this next phase of growth and to corresponding to their trust in our project," Eric Van Innis, Rovensa Chief Executive Officer.
Schibsted, a multinational media and internet group, agreed to acquire Oikotie, an online classifieds business from Sanoma, a Nordic media group, for $211m.
"Finland has been home to Schibsted for over a decade. With this acquisition we have a unique opportunity to widen our scope here and show our long-term commitment to the Finnish market. Schibsted already owns Tori, and adding Oikotie to our portfolio will secure us two highly complementary online marketplaces with strong brands and skilled employees in Finland. This gives us a solid platform and enables us to create better digital services for customers in Finland. We look forward to continuing to do business with Sanoma in the future," Kristin Skogen Lund, Schibsted CEO.
An Italian court has given final approval to a plan to rescue ailing Italian construction company Astaldi, paving the way for a tie-up with bigger rival Webuild, formerly known as Salini Impregilo, Reuters reported.
In April, a majority of Astaldi’s creditors voted in favour of the plan, but Astaldi needed the court go-ahead to exit a Chapter 11-like creditor protection scheme agreed under a rescue plan worked out with Webuild.
Under the plan, Webuild is now expected to get a majority stake in Astaldi to create a national champion and help consolidate the construction sector with backing from state lender CDP.
KKR pursues a $4bn deal for French clinic chain Elsan. (FS)
KKR is in talks about a potential acquisition of French clinic chain Elsan. The private equity firm is discussing a potential deal with Elsan's owner, CVC Capital Partners, as it seeks to preempt a planned bidding process for the company. The deal could value Elsan at about $4bn, Bloomberg reported.
Other suitors have also been studying potential bids for Elsan and there's no certainty KKR will be able to reach a deal. CVC plans to launch a broader sale process if it can't agree on terms of a transaction with KKR.
Blackrock divests stake in MasMovil. (FS)
BlackRock cut its stake in MasMovil, a Spanish telecom operator, to 4.27% from 5.7% over the past week, Reuters reported.
Allegro aims for Warsaw listing in September. (FS)
Private equity funds Cinven, Permira and Mid Europa Partners are pressing ahead with efforts to list Allegro, a Polish auction website, on the Warsaw Stock Exchange in September, Reuters reported.
The online marketplace, which competes with eBay and Amazon, shelved its initial plans for a dual-listing in Warsaw and Amsterdam. Allegro's owners are looking to raise $2.3bn to $3bn from the share sale, which would value the entire business at around $11bn.
Goldman Sachs, Morgan Stanley, Citigroup, Bank of America Merrill Lynch, and JP Morgan are expected to work on the deal along with two Polish banks.
Orange considers divesting its stake in its fiber-optic network for $1.1bn. (FS)
Orange, a French multinational telecommunications company, is considering a divestment of as much as 50% of its fiber-optic network in Poland, potentially adding to a spate of deals in the country’s telecommunication sector this year, Bloomberg reported.
The French company is working with advisers at Lazard on the possible sale of an interest in the network, controlled by Warsaw-listed Orange Polska. Partners Group edged out other suitors including AEA Investors and Pamplona Capital Management. The stake could fetch around $1.1bn.
“The company is ideally positioned to capitalize on the growing trend towards sustainable agricultural products, which will be a core element of the strategy we will continue to pursue,” Andrew Deakin, Partners Group Managing Director.
Yara contemplates a $530m buyback after Qatar sale closes.
Yara International, a Norwegian fertilizer maker, will buy back 5% of its shares, valued at $530m based on current prices, after it completes the divestment of its stake in Qatar Fertiliser.
The purchases are expected to start within two to three weeks. Yara International would consider extraordinary dividends and/or buybacks following the deal.
BPCE does not plan to make an offer for the rest of Natixis.
BPCE, a French co-operative lender, does not plan to file a tender offer for Natixis, a French corporate and investment bank, after a media report said it had examined acquiring the 30% of Natixis it does not already own.
“Following recent press rumours, BPCE indicates that it does not intend to file a draft tender offer on the Natixis shares, it being reminded that BPCE regularly conducts strategic analysis on possible changes in the organization of the group,” BPCE.
Thyssenkrupp to explore further options for raising finances. (FS)
Thyssenkrupp, a German multinational conglomerate, is seeking new ways to strengthen its balance sheet, including state aid programmes after its finances took a hit during the coronavirus crisis, Reuters reported.
"With the losses already accumulated in the current financial year, our leeway for shaping our future is significantly smaller than we had assumed prior to the crisis. From today's point of view, a fast recovery of the industries we are serving is unlikely," Thyssenkrupp.
Bridgepoint considers taking a stake in English women's soccer. (FS)
Bridgepoint proposed an offer to the English Football Association to acquire a significant minority stake in the Women's Super League, Bloomberg reported.
Bridgepoint proposed investing in a new company that owns the commercial rights to top-tier women's club soccer in England. The FA and the league's 12 member clubs would also own stakes in the proposed structure.
The approach comes as the Premier League, which runs the top division of men's soccer, continues to consider taking control of the women's league.
UBS and Morgan Stanley to lead Vodafone Tower's IPO.
UBS and Morgan Stanley are expected to organize the listing of Vodafone’s European towers unit - a deal that could value the entire business at up to $18bn, Reuters reported.
The banks have a close relationship with Vodafone, a British multinational telecommunications company, and both pitched to become joint global coordinators in the listing, which is expected early next year.
Telefonica considers IPO of KKR-backed tower unit. (FS)
Telefonica, a Spanish multinational telecommunications company, is weighing a fresh attempt to list its wireless towers unit, as it looks to join rival carriers in unlocking value from infrastructure assets.
The Spanish operator has been discussing a potential IPO of Telxius as soon as next year. Telefonica is searching for ways to monetize its infrastructure assets after struggling to grow revenue in recent years. It is also considering other options for the business, including a merger with a rival tower company.
Castleforge Partners closes its third fund at $339m. (FS)
Castleforge Partners, a real estate investment firm, closed its third commercial real estate fund at more than $339m. The firm has further diversified its investor base, securing new commitments from investors in North America, Europe and Latin America. It also received strong support from existing backers.
"We are greatly appreciative of our investors, old and new, for their support and partnership. It is an exciting time for Castleforge Partners, and we believe we are well-positioned to access new opportunities and grow our business, while also supporting the communities in which we invest," Brandon Hollihan, Castleforge Partners Co-Founder.
HSBC's global equities chief leaves. (People)
Hossein Zaimi, HSBC's global equities chief, is leaving the bank in the latest overhaul of the lender's troubled investment banking operations, Reuters reported.
Hong-Kong-based Zaimi, who has worked at HSBC for more than 16 years, took up an extra position as Co-Global Head of Securities Financing in March, shortly after the bank unveiled plans to shrink its Global Banking & Markets division and axe tens of thousands of jobs.
APAC
Coatue Management, a private equity firm, led a $100m Series D round in Vedantu, an online education company. The round saw investments from Tiger Global Management, Omidyar Network, Legend Capital, GGV Capital, and Accel.
"Vedantu has always believed in the concept of LIVE interactive classes being a superior format for online learning which creates greater learning outcomes. During lockdown, everyone is talking about LIVE classes and it is the best time for us to drive more adoption and strengthen our brand as the best destination for LIVE classes. On top of adding new categories, we will use the funds to invest into content and technology to create the world’s best LIVE teaching-learning experience," Vamsi Krishna, Vedantu CEO and Co-Founder.
Vedantu was advised by The Rainmaker Group and Archetype Agency.
Indonesian tycoon Anthoni Salim narrowly won shareholder backing for the $3bn takeover transaction between companies he controls, overcoming criticism about the deal's valuation and questions about corporate governance, DealStreetAsia reported.
First Pacific, Salim's holding company reported that its subsidiary Indofood's acquisition of Pinehill Company was approved by its independent shareholders at special meeting where 52% of votes were cast in favour.
First Pacific is advised by Somerley Capital.
After $20bn Jio funding, Ambani seeks investors for Reliance Retail. (FS)
Ambani told shareholders that Reliance's retail chain unit Reliance Retail is getting inquiries from investors and may start bringing some on board in the coming months.
“We’ve received strong interest from strategic and financial investors in Reliance Retail. We will induct global partners and investors in Reliance Retail in the next few quarters. I believe that the time has come for a truly global digital product and services company to emerge from India, and to be counted among the best in the world," Mukesh Ambani, Reliance Chairman.
SoftBank sells another $2.2bn of its Alibaba stake.
SoftBank Group quietly sold an additional $2.2bn of its stake in Alibaba as part of the Japanese conglomerate's fund-raising effort to pay down debt and buy back its own shares. The deal, which includes a collar contract and call spread, is expected to be settled between May 2024 and June 2024. The deal brings the total of Alibaba stock sold by the Tokyo-based company this year to $13.7bn, Bloomberg reported.
This step is the latest in an unwinding of a relationship between the two companies that spans two decades. SoftBank founder Masayoshi Son was an early backer of Jack Ma’s Alibaba and the Chinese e-commerce giant remains his most successful investment by far.
SoftBank is in the process of offloading $42bn of assets to bankroll stock buybacks and slash debt to reassure investors after a swoon in its shares earlier this year. In addition to Alibaba, the company is selling a stake in T-Mobile US for as much as $20bn and stock in its domestic telecom unit.
Nestle narrows bidders for Yinlu Foods unit in China. (FS)
Nestle, a Swiss multinational food and drink processing company, narrowed the list of bidders for its Chinese unit Yinlu Foods Group, which could fetch at least $400m, Bloomberg reported.
Fellow food and beverage companies China Resources Beer Holdings, Tingyi Cayman Islands and Dali Foods Group are among suitors selected for the next round of bidding. Private equity firms FountainVest Partners, Affinity Equity Partners and Citic Private Equity Funds Management have also been invited to participate.
Nestle called for binding bids by the end of August. The world's largest food company is working with JP Morgan on the potential divestment.
Tata Sons might raise $1bn of fresh equity.
Tata Sons, a holding company, considers raising $1bn to finance a fresh equity infusion into group firms, DealStreetAsia reported.
With the $1bn of fresh equity infusion, Tata Sons will put the capital towards Tata Motors and Tata Power.
Farasis Energy raised $484m on the STAR Market.
Farasis Energy, a Chinese electric vehicle batter producer, listed at a premium on the Nasdaq-style STAR Market of the Shanghai Stock Exchange after raising a total of $484m, DealStreetAsia reported.
Farasis plans to allocate the proceeds to spruce up battery capacity and meet working capital needs.
Hong Kong approves Tigermed's listing in 2020.
Hangzhou Tigermed Consulting, a Chinese clinical research service provider, won approval from the Hong Kong stock exchange for its second listing, which could gather $1bn in what would be Asia's largest health-care listing this year, Bloomberg reported.
Shenzhen-listed Tigermed could start weighing investor demand for the offering as soon as next week. Tigermed's shares have risen about 70% in Shenzhen this year amid a broader rally in health-care stocks.
Credit Suisse elects CEO for China securities JV. (People)
Credit Suisse appointed Tim Tu, a Hong Kong-based senior banker, as CEO of its joint venture with China's Founder Securities, a provider of financial services, Reuters reported.
Credit Suisse also named Daniel Qiu, a veteran investment banker, to the newly created role of Head of Investment Banking & Capital Markets for the joint venture.
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