AMERICAS
Centerbridge Partners, a private investment firm, agreed to acquire American Bath Group, a manufacturer of showers, bathtubs, and related accessories from Lone Star Funds, an American private equity firm. The ABG management team will continue to own a significant position in the business. Financial terms were not disclosed.
"American Bath Group is a market leader in an attractive and fast-growing building products segment with a portfolio of brands trusted by professional installers and consumers. The Company has a strong track record of value creation through organic growth and strategic acquisitions, and we look forward to supporting the next phase of the company's growth," Steve Silver, Centerbridge Global Co-Head of Private Equity and Senior Managing Director.
American Bath Group is advised by RBC Capital Markets, Gibson Dunn & Crutcher and Kekst CNC. Centerbridge Partners is advised by Barclays, Nomura, Truist Bank and Kirkland & Ellis. Debt financing is provided by BMO Capital Markets, Bank of America Merrill Lynch, Barclays, Credit Suisse, RBC Capital Markets, Truist Bank and UBS.
TP ICAP, a stock brokering services provider, agreed to acquire Liquidnet Holdings, a diversified financial services provider for $700m.
The acquisition creates a UK-headquartered, global financial markets infrastructure provider. The enlarged group will be well-positioned to benefit from powerful market structure trends related to buyside objectives, such as achieving trade process efficiency and best execution, which are propelling the rapid electronification of financial market trading across multiple asset classes and, in particular, in the dealer-to-client segments of the Credit and Rates markets.
"We are energised by the opportunity of combining the strengths of TP ICAP and Liquidnet. Together, we will be able to better serve our customers, whilst simultaneously delivering innovative market solutions to a broader range of institutions, across a wider range of asset classes and market segments. TP ICAP's customer base, unique data assets and global leadership across a range of product markets are highly complementary to Liquidnet and are expected to enable the acceleration of our growth plans across Equities, Fixed Income and Investment Analytics," Brian Conroy, Liquidnet CEO.
TP ICAP is advised by HSBC, Peel Hunt, Bank of America Merrill Lynch, and Maitland. Debt Financing is provided by HSBC.
Arch Capital Group, a private equity firm, agreed to acquire Watford Holdings, a property and casualty insurance and reinsurance company, for $622m.
Under the terms of the agreement, Watford shareholders will receive $31.10 in cash for each Watford common share they hold. This consideration represents a premium of approximately 74% to Watford’s unaffected closing common share price on September 8, 2020.
“This represents a clear path forward for Watford, while also delivering an attractive premium to shareholders in a transaction with a high degree of certainty to close. We believe that Watford will be better positioned as a standalone business within Arch to execute its strategic priorities and growth plans. Importantly, we expect a seamless transition for our clients, trading partners and policyholders, who we think will benefit from Watford becoming part of a larger organization with greater resources," Jon Levy, Watford President and Chief Executive Officer.
Watford is advised by Morgan Stanley and Clifford Chance. Arch Capital is advised by Goldman Sachs and Cahill Gordon & Reindel.
Twin Point Capital, a private equity firm, completed the acquisition of a majority stake in Frontpoint Security, a provider of premium do-it-yourself home security and smart home technology in the United States. Financial terms were not disclosed.
"The Twin Point team has a long history of successfully helping management teams achieve their goals by providing both investment capital and strategic guidance. This investment will enable Frontpoint to provide even higher levels of reliability, technological innovation and outstanding customer service. We are confident that this new partnership will be highly beneficial to the families that trust Frontpoint to protect what is most important to them," Syed K. Zaidi, Frontpoint CEO.
Frontpoint Security was advised by Raymond James and Berger Singerman. Twin Point Capital was advised by DLA Piper.
The Riverside Company, a private equity firm, completed the acquisition of a minority stake in G&A Partners, a human resources outsourcing services provider. Financial terms were not disclosed.
“We are excited to partner with G&A, CEO John Allen, and the talented team of managers. During our partnership, we plan to expand offerings into other outsourced business services and extend G&A’s geographic footprint through both new office openings as well as acquisitions," George Cole, Riverside Managing Partner.
G&A Partners was advised by Brown Gibbons Lang & Company and Integrate Agency. Riverside was advised by Jones Day.
Generac, a global designer and manufacturer of a wide range of energy technology solutions, agreed to acquire Enbala Power Networks, a provider of distributed energy optimization and control software. The transaction is expected to close within thirty days. Financial terms were not disclosed.
“Together with Generac, we have an unprecedented opportunity to make our energy grids more efficient, resilient and economical. As part of the Generac team, we can now accelerate our vision for a cleaner grid, leveraging our technology and capabilities that help continuously balance supply and demand while enabling rapid and profoundly beneficial changes in our energy markets,” Bud Vos, Enbala President and CEO.
Enbala Power Networks is advised by Punch PR. Generac is advised by Nomura.
Canadian flag carrier Air Canada has slashed the purchase price for tour operator Transat to almost a quarter of its earlier offer, citing the impact of the Covid-19 outbreak on the air transport industry. The amended transaction values Transat at $144m.
The amended transaction reflects the unprecedented impact of Covid-19 upon the global air transport industry, which has endured a severe decline in air travel since the initial Arrangement Agreement between Air Canada and Transat was concluded and approved by Transat shareholders in August 2019. The transaction remains subject to shareholder approval, court approval, the approval of the Toronto Stock Exchange, certain customary and other conditions, and regulatory approvals including the ongoing approval process of regulatory authorities in Canada and the European Union. If such approvals are obtained and conditions are met, the transaction is expected to be completed in late January or early February 2021.
"Covid-19 has had a devastating effect on the global airline industry, with a material impact on the value of airlines and aviation assets. Nonetheless, Air Canada intends to complete its acquisition of Transat, at a reduced price and on modified terms. This combination will provide stability for Transat's operations and its stakeholders and will position Air Canada, and indeed the Canadian aviation industry, to emerge more strongly as we enter the post-Covid-19 world," Calin Rovinescu, Air Canada President and CEO.
Air Canada is advised by Morgan Stanley.
GenNx360 Capital, a New York City-based private equity firm investing in middle-market business-to-business industrial and business services companies, agreed to acquire B2B Industrial Packaging, a provider of a full range of packaging supplies and equipment, including strapping, stretch film, corrugated, and fasteners, and AMW Packaging Supply, a provider of a variety of packaging supplies and equipment. Financial terms were not disclosed.
"The complementary nature of B2B Industrial and AMW Packaging Supply's service offerings will result in a partnership that provides clients with a more robust offering and enhances our growth potential. GenNx360's operational expertise and track record of building platforms will be a tremendous asset to the management team as we undertake this next phase of rapid growth," Bill Drake, B2B Industrial CEO.
Debt financing is provided by Churchill Asset Management.
Citadel Securities, a market-making firm with offices globally, is set to acquire Designated Market Making Unit from IMC Trading, a provider of proprietary trading services. The transaction, which is expected to close during the fourth quarter of 2020, is subject to the completion of a definitive agreement and other customary closing conditions. Financial terms were not disclosed.
"The DMM business provided IMC with many benefits since we acquired it six years ago. The decision to sell our DMM business at this time is in line with IMC's growth strategy, which focuses on our core strengths –market making, advanced technology and deep liquidity. After an extensive process, we are excited to be able to execute this business transfer with Citadel Securities, as we know our issuers will continue to be well-served by their DMM expertise," Sunny Khiani, IMC US operations managing director.
IMC is advised by FleishmanHillard.
Wellspring Capital Management, a private equity firm, agreed to acquire Cadence Petroleum Group, distributor of lubricant and fuel products across the eastern and central United States. Financial terms were not disclosed.
"The acquisition of Cadence is an exciting opportunity to build on Wellspring's successful track record in the petroleum products distribution sector which dates back to 2005. We strongly believe that the value of Cadence rests upon the strength of its employees and strategic suppliers," Alex Carles, Wellspring Managing Partner.
Wake Forest Baptist Health, a non-profit provider of cardiac rehabilitation, cancer care, general surgery, internal medicine, massage therapy, rheumatology, and laboratory services, completed the merger with Atrium Health, a provider of general medical services. Financial terms were not disclosed.
"As the healthcare field goes through the most transformative period in our lifetime, in addition to a new medical school, our vision is to build a 'Silicon Valley' for healthcare innovation spanning from Winston-Salem to Charlotte. We are creating a nationally-leading environment for clinicians, scientists, investors and visionaries to collaborate on breakthrough technologies and cures. Everything we do will be focused on life changing care, for all, in urban and rural communities alike. And we will create jobs that provide inclusive opportunities to enhance the economic vitality of our entire region," Eugene A. Woods, Atrium Health President and CEO.
Pye-Barker Fire & Safety, a provider of fire and life safety protection services, completed its acquisition of Mitec, a fire and property protection company. Financial terms were not disclosed.
"Throughout the process of getting to know Pye-Barker's culture, capabilities, and growth plans it became clear that this was a unique opportunity to join an industry leader and work collectively to aggressively expand in existing and new markets," Bryan Shaver, Mitec President.
AMD in talks to acquire Xilinx at a $30bn valuation.
AMD, a manufacturer of semiconductor products and devices, is in advanced discussions to buy Xilinx, a producer of programmable chips for wireless networks, in a takeover that could be valued at $30bn, Bloomberg reported.
A combination with Xilinx would allow AMD CEO to break Intel Corporation’s stranglehold on the profitable market for data-centre computer components. It would follow moves by rival NVIDIA, which bought Mellanox Technologies and aims to use its pending acquisition of Arm to take more of that business.
Acquiring Xilinx would also help AMD expand into a new market just as telecommunications carriers spend billions to build fifth-generation, or 5G, networks.
Twilio plans to acquire Segment for $3.2bn.
Twilio, a cloud communications platform provider, plans to buy Segment, a cloud customer data startup, for $3.2bn, Forbes reported.
San Francisco-based Segment has recently been open to acquisition offers. The deal, which had not been finalized, was expected to be at least partially based on Twilio stock.
The acquisition comes almost two years to the date after Twilio announced it would acquire API provider SendGrid for $2bn in stock. By the time the deal closed in January 2019, with the help of a fateful breakfast burrito, that value was about $3bn.
Red Sox Owner in talks to merge with RedBall to take Fenway Sports public. (FS)
John Henry, Boston Red Sox and Liverpool FC owner, is in talks to take Fenway Sports, a sports holding company, public via a merger with SPAC RedBall, Reuters reported.
The deal would unite Fenway Sports Group with RedBall and will value the owner of the Liverpool Football Club at around $8bn including debt. RedBall plans to raise an additional $1bn to buy a stake in Fenway Sports Group that will not exceed 25%.
Merging of Invesco and Janus Henderson faces scepticism.
Not everyone seems to be cheering the possibility of a deal uniting Invesco and Janus Henderson, two serial underperformers. Trian, a hedge fund managed by private investor Nelson Peltz, had established stakes of practically 10% in each corporation priced at $900m, FT reported.
“The competitive pressures on managers such as Invesco and Janus Henderson are a long-term structural trend and it is not clear that Trian can provide a solution to this problem by merging the two companies,” Will Riley, Guinness Global Money Managers Co-Manager.
A deal would most likely result in extra investor withdrawals when each corporation is already struggling significant outflows. Investors have pulled $106.7bn from Invesco and outflows have reached $65.9bn at Janus Henderson over the identical interval.
Bill Ackman provides further hints on the possible targets of the blank-check company. (FS)
Pershing Square Tontine Holdings, which had the largest IPO ever of a special-purpose acquisition company, is not only looking at mature “unicorns” and private-equity-sponsored companies but also family-controlled and employee-owned businesses, Bloomberg reported.
Bill Ackman said he limited the size of the SPAC because his goal is to use it for a minority interest in a large company, and if it’s too big that reduces the universe of companies with which Pershing Square Tontine could partner. There are many interesting companies in the $10bn to $15bn range.
Brown's 12.1% return beats Ivy League funds. (FS)
Brown’s $4.7bn fund, the smallest of the eight Ivy League schools, beat its peers with a 12.1% return, including Harvard, Yale, the University of Pennsylvania, Columbia and Dartmouth’s.
Brown’s fund had an unusual mix: 37% was in private equity, 37% in absolute return (usually hedge funds), and 14% in stocks. The rest was in real assets, fixed income, and cash.
“We’re grateful to an outstanding group of external investment managers, who collectively have exercised measured judgment in the face of historic volatility in the financial markets,” Jane Dietze, Brown University CIO.
Three blank-check companies to raise $2.1bn in IPOs. (FS)
The new blank-check companies, founded by venture capitalist Chamath Palihapitiya, raised $2.1bn combined in IPOs under the Social Capital Hedosophia Holdings franchise, with two exceeding their earlier targets, Bloomberg reported.
Its first SPAC merged last year with Virgin Galactic Holdings, a space tourism business founded by Richard Branson. The second announced a merger last month with Opendoor, a property technology startup real estate company, valued at $4.8bn.
The last deal announced values Clover Health at $3.7bn and is scheduled to close in the first quarter of 2021. All three offerings are advised by Credit Suisse.
Apollo-backed SPAC intends to raise $400m in US IPO. (FS)
Spartan Acquisition, a blank-check company backed by private equity firm Apollo Global Managemen, is looking to raise $400m in US IPO, Reuters reported.
SPAC that is looking to invest in a business focused on energy transition and sustainability is aiming to sell 40m units at $10 apiece.
Citigroup, Credit Suisse, Cowen and Morgan Stanley are the book-running managers to Spartan Acquisition’s offering.
Affirm confidentially filed for US IPO.
Max Levchin, PayPal Holdings co-founder, confirmed Affirm Holdings has confidentially filed with the US securities and exchange commission for an IPO, Reuters reported.
Levchin started Affirm in 2013 to give consumers without credit history or savings accounts access to small loans. The startup offers to finance for online purchases, such as a couch or guitar, that can be paid back in monthly instalments.
Everlywell seeks to raise capital at $1bn valuation.
Everlywell, a health startup that sells a Covid-19 home-testing kit, is in talks to raise capital at a valuation of $1bn or more, Bloomberg reported.
Prospective investors, including venture capital firms are participating in the discussions. The company reached a valuation of $175m after a fundraising round last year.
Dan Och seeks to raise $750m for SPAC. (FS)
Dan Och, an investor who founded hedge fund Och-Ziff Capital Management, is seeking to raise $750m for Ajax I, a special purpose acquisition company. SPAC will cast a wide net for deals and primarily focus on businesses in software, fintech and the consumer industry.
Ajax I, will be managed by Dan Och and Glenn Fuhrman, an investor who co-founded MSD Capital. Ajax sponsors have reduced the promote to 10% instead of the usual 20%, according to the regulatory filing.
Ajax said it would seek a company that operates in the internet, software, financial technology or consumer industries, Bloomberg reported.
WestCap Investment Partners to raise $750m for tech bets. (FS)
Laurence Tosi, Airbnb and Blackstone Group former CFO, is in the final stages of raising a $750m fund to make bets on marketplace-focused technology companies, Bloomberg reported.
WestCap Investment Partners, an investment firm founded by Laurence Tosi, has received about $1.2bn of investor interest and intended to close the vehicle in mid-November. Investors in the new WestCap vehicle include Caisse de depot et placement du Quebec, sovereign wealth fund, pension funds and ultra-high-net-worth individuals or entrepreneurs and their family offices.
Silver Lake co-founder seeks to raise fund with Blackstone CEO. (FS)
David Roux, Silver Lake co-founder, to merge with Anjan Mukherjee, Blackstone Group former Senior Managing Director, to raise a private equity fund, Bloomberg reported.
The two co-managing partners are in talks with prospective investors, including pension funds and sovereign wealth funds. Their new firm, known as BayPine, is raising the fund. It will focus on the digital transformation of sectors including health care, industrials, business services and consumer.
The fund will target companies with earnings before interest, taxes, depreciation and amortization of $50m to $300m.
Connor Teskey is appointed as Brookfield Renewable CEO. (People)
Brookfield Renewable Partners, a pure-play publicly-traded renewable power business, appoints Connor Teskey as CEO and Mark Carney as a Vice Chair.
Connor Teskey has most recently served as Brookfield Renewable’s Chief Investment Officer.
“With Brookfield Renewable now one of the largest renewable electricity generators and developers in the world, we continue to plan for new areas of growth. These appointments will help us move to the next phase of expansion, helping governments and corporations meet their renewable power and energy transition targets and driving decarbonization initiatives around the world," Bruce Flatt, Brookfield Asset Management CEO.
EMEA
Euronext, an Italian stock exchange, and CDP Equity, a holding company, agreed to acquire London Stock Exchange Group Holdings Italia, the parent company of Borsa Italiana, from London Stock Exchange Group, for $5.08bn.
The proposed combination will create a leading European market infrastructure in the European Union, whose central role to connect local economies to global markets is strengthened through the creation of the number one venue for listing and secondary markets for both debt and equity financing in Europe. This transaction significantly enhances the scale of Euronext, diversifies its business mix into new asset classes and strengthen its post-trade activities. With this transaction, Euronext delivers on its ambition to build the leading pan-European market infrastructure.
“We continue to make good progress on the highly attractive Refinitiv transaction and we are pleased to have reached this important milestone. We believe the sale of the Borsa Italiana group will contribute significantly to addressing the EU’s competition concerns. The Borsa Italiana group has played an important part in LSEG’s history. We are confident that it will continue to develop successfully and contribute to the Italian economy and to European capital markets under Euronext’s ownership,” David Schwimmer, LSEG CEO.
LSEG is advised by Barclays, RBC Capital Markets, Goldman Sachs, Morgan Stanley, Robey Warshaw, and Teneo. CDP Equity is advised by Lazard. Euronext is advised by Community Group. Debt financing to Euronext is provided by Bank of America Merrill Lynch, Credit Agricole, HSBC, and JP Morgan.
Veolia and ENGIE announced that they would appeal the decision rendered by the Paris judicial court ordering the suspension of the effects of the acquisition by Veolia group of the Suez shares held by ENGIE as well as the Takeover planned in the wake by the group of utilities on its rival.
In its interim order, which Reuters was able to consult, the court specifies that “the suspension of the effects” of this transfer of shares will be relevant “as long as the CSEs concerned have not been informed and consulted on the decisions already taken and publicly announced in the press on August 30“.
Veolia states that the decision is also particularly incomprehensible as only the management of Suez is competent to organize an information-consultation of its Employee Works Council. This is a reality that cannot escape anyone. Suez has not initiated an information-consultation procedure vis-a-vis its employee representative bodies since its management is opposed to the project. Veolia also points out that it has always made itself available to the managers of Suez and its employee representative bodies, and as soon as August 30.
Veolia is advised by Citigroup, Messier Maris & Associes, Perella Weinberg Partners, Cleary Gottlieb Steen & Hamilton, Flichy Grange Avocats, Gide Loyrette Nouel, Hogan Lovells, Patrice Gassenbach, Peltier Juvigny Marpeau & Associes, and Xavier Boucobza.
Liberty Global cleared a key hurdle in its all-cash $7.43bn tender for Switzerland's Sunrise Communications, with provisional results on Friday showing an acceptance rate of nearly 82%. The agreed deal reversed Sunrise’s failed bid to buy Liberty’s Swiss business last year and marked a strategic reversal by the US company, which had been divesting European assets, Reuters reported.
An additional acceptance period now runs until October 28. Liberty Global intends to initiate a squeeze-out procedure and delist Sunrise shares from trading on the SIX Swiss Exchange once the deal is set.
Sunrise Communication is advised by Deutsche Bank and Lenz & Staehelin. Liberty Global is advised by Credit Suisse, JP Morgan, LionTree Advisors, Homburger, Ropes & Gray, and Shearman & Sterling. Freenet is advised by Citigroup.
G4S, the British security company, is approaching firms including Allied Universal in an attempt to solicit rival offers and fend off a $3.8bn hostile bid from GardaWorld, Bloomberg reported.
Allied Universal, a US-based competitor to G4S, has been evaluating whether it should pursue its own bid amid consolidation in the industry. G4S may also draw interest from private equity firms, which could potentially allow management to stay in place under a new owner.
G4S is advised by Citigroup, JP Morgan, Linklaters, Lazard, and Brunswick Group. BC Partners is advised by Kirkland & Ellis. Gardaworld is advised by Barclays, Simpson Thacher & Bartlett, and Montfort Communications.
The Competition and Markets Authority has cleared the proposed joint venture between brewing companies Carlsberg and Marston’s.
The decision by the CMA follows an investigation into several possible ways in which the deal could harm competition in the supply of beer and cider in the UK.
As pubs currently owned or operated by Marston’s might choose to sell fewer independent brands after the merger in favour of more Carlsberg products, the CMA considered whether access to pubs by smaller independent brewers could be adversely affected as a result of the deal.
Carlsberg is advised by Nomura, Norton Rose Fulbright and GolinHarris. Marston’s is advised by Numis Securities, Instinctif Partners, JP Morgan and Slaughter & May.
The CMA is considering undertakings offered in lieu of reference to a Phase 2 investigation of the $235m completed acquisition by Breedon Group of certain assets of CEMEX to be acceptable in principle.
The Phase 1 investigation found that the merger could result in a substantial lessening of competition in the supply of ready-mixed concrete, non-specialist aggregates, or asphalt in 15 local markets across the UK. In addition, the CMA is concerned that the deal may give rise to coordinated effects in the East of Scotland by enabling suppliers in that region to profitably align their market conduct. In order to avoid a phase 2 reference, Breedon has offered to divest, to an upfront buyer, assets in each of the relevant local areas as well as Breedon’s cement import terminal in Dundee.
Breedon Group was advised by Cenkos Securities, Numis Securities, Moelis & Co, and Teneo. CEMEX was advised by HSBC and Slaughter & May.
Marel, a global provider of advanced food processing equipment, systems, software and services, completed the acquisition of TREIF, a German food cutting technology provider, for $168m including 2.9m Marel shares, worth c. $15m.
"We have known and respected each other for a long time, and our recent discussions confirm our cultural fit and shared passion for innovation and customer satisfaction. Looking further ahead, the dynamic global food market is evolving towards more complex and digitalized solutions, and our long-standing customers worldwide need qualified local service teams on all continents to keep their operations running at optimal performance. Marel has invested significantly in its global reach and digital platforms, making them an excellent partner in this regard," Uwe Reifenhäuser, TREIF CEO.
Marel was advised by Ernst & Young, Allen & Overy, Bickerton and FTI Consulting.
Aeroflot to raise $1bn in share offering.
Aeroflot, a provider of airline services, said the state would take up $1bn new share offering, a vital cash flow for Russia's airline that is suffering from the pandemic, Reuters reported.
Aeroflot is holding a secondary public offering in Moscow to be completed around 26 October and has raised $508m during book building.
The Russian government, which already holds a 51.17% stake in Aeroflot, will also exercise pre-emptive rights to purchase a further $532m in shares. Market investors will buy shares worth $390m.
EQT considers takeover of Royal KPN. (FS)
EQT, a European private equity firm, is considering a takeover of Royal KPN, a Dutch phone company, in what would be its largest-ever acquisition, Bloomberg reported.
The buyout firm is in the early stages of discussing the feasibility of a deal with potential advisers. No final decisions have been made, and there’s no certainty that EQT’s discussions will lead to an offer. Any suitor would want to win the backing of KPN management and the Dutch government after the former telecom monopoly previously fought off an unwanted takeover.
Viktor Orban allies try to take control over Budapest Airport.
Viktor Orban, Hungarian Prime Minister, has an intent to dismiss the foreign owners from Budapest Airport, which was one of the world’s fastest-growing mid-size hubs before the pandemic, Bloomberg reported.
Coronavirus pandemic has curbed airport valuations, his allies including Mol Nyrt, partially state-owned refiner, have submitted an unsolicited offer for the international hub. A Hungarian consortium mandated Daniel Jellinek, Indotek Owner, a local real estate development company, to submit an offer. No details about the amount offered nor on Orban’s exact role in the process were disclosed.
The airport’s three owners - GIC, Singapore’s sovereign wealth fund, a Canadian pension fund and AviAlliance, an airport management company which in turn is owned by another Canadian fund - have no current plans to sell the airport.
UK's CMA states that tech companies should face a thorough examination.
Britain’s Antitrust Chief plans a new regulation, assuming that the largest tech companies would face scrutiny for any transaction, no matter how small, Bloomberg reported.
The new program could also apply a stricter test before clearing any deal, that goes beyond the CMA’s current approach to mergers.
The CMA is increasingly voicing concerns about internet giants swallowing up smaller firms, and the new system would automatically have oversight of deals like Facebook's purchase of Giphy. The CMA is set to deliver its final recommendations to the government at the end of the year.
Suntec REIT plans to acquire a 50% stake in Nova Properties for $557m. (Real Estate)
Suntec REIT, a commercial real estate investment trust, plans to acquire a 50% stake in Nova Properties – two office buildings in London’s West End - from the Canada Pension Plan Investment Board for £430.6m ($557m), DealStreetAsia reported.
London-listed Land Securities Group, the property’s developer, will continue to hold the remaining 50% of Nova Properties.
The net property income yield is expected to be 4.6%, with dividend per unit accretion of 4.9% once the deal is completed in December. Suntec REIT said it expected to fund the deal with the pound and Singapore dollar-denominated loans, and with existing resources.
APAC
Warburg Pincus, a private equity firm, agreed to acquire a minority stake in Home First Finance Company India, a provider of housing finance services for $95m.
“Home First has had a remarkable journey to become a leading affordable housing finance company in a relatively short span of 10 years. It is helmed by a very talented team and robust operating processes that continue to steer the company to do well through the pandemic and to leverage the growth potential of the affordable segment. Warburg Pincus looks forward to the partnership with True North and towards backing Manoj and the management team in its next phase of expansion," Narendra Ostawal, Warburg Pincus Managing Director.
Ant's IPO raised $9bn from over 10m investors.
Five newly launched Chinese funds targeting Ant Group’s upcoming stock listing raised $8.93bn from more than 10m retail investors, selling out within days, Reuters reported.
Eight investors placed orders each second during the subscription period despite possible US sanctions against the Chinese fintech company.
Ant, Alibaba Group’s fintech arm, aims to raise about $35bn in a dual listing in Hong Kong and Shanghai Stock Exchange, in what could become the world’s largest IPO.
Tata Sons considers the acquisition of Shapoorji Pallonji’s stake in Tata Group for $3bn.
Tata Sons, a holding company of Tata Group, plans to acquire an 18.4% Mistry family stake in Tata group holdings company for $3bn, DealStreetAsia reported.
India’s largest conglomerate will likely table the offer by the end of October in the Supreme Court where a legal dispute between it and the Mistry family’s Shapoorji Pallonji Group is scheduled to be heard.
Tata Sons is also in talks with external investors, including sovereign and pension funds, to arrange buyers for the Mistry family stake, and some clarity in this regard is expected to emerge in the next two weeks.
Top Glove plans to raise $1bn in Hong Kong IPO.
Top Glove, a rubber glove maker, is considering raising more than $1bn from a listing in Hong Kong, Bloomberg reported.
Top Glove, whose shares are traded in Kuala Lumpur and Singapore, is working with advisers on the potential share sale in Hong Kong.
Top Glove is talking to bankers on how best to list in Hong Kong, and the process will take six to nine months. Deliberations are ongoing, and details of the offering including size could increase depending on investor feedback.
Converge ICT Solutions raises $523m in the Philippines' biggest IPO.
Converge Information and Communications Technology Solutions, a provider of communication services founded by spouses Dennis Anthony Uy and Maria Grace Uy, and its shareholders have raised $523m in the biggest IPO in the Philippines in four years, Bloomberg reported.
1.51bn shares were priced at $0.35 apiece, which was near the low end of its marketed range. About 68% of the offering was made up of existing shares from Converge ICT founders, Warburg Pincus and attracted eight cornerstone investors, including Genesis Investment and Ghisallo Master Fund.
Morgan Stanley, UBS, BDO Capital & Investment and BPI Capital are the international and local arrangers of the sale.
Everest Medicines raised $451m in Hong Kong IPO.
Everest Medicines, a Chinese clinical-stage biopharmaceutical firm created by CBC Group, has raised almost $451m in an IPO in Hong Kong, DealStreetAsia reported.
The China-based biotech company offered a total of 63.5m ordinary shares at a price of $7.1 apiece. Everest, which had filed for the IPO this July, develops a portfolio of eight clinical-stage drug candidates across oncology, immunology, cardio-renal disease, and infectious disease to address unmet medical needs, initially in Greater China and emerging Asia Pacific markets.
Consys plans to raise $298m in STAR Market IPO.
Shenzhen Consys Science & Technology, a Chinese manufacturer and distributor of telecommunications equipment, seeks to raise around $298m in an IPO on Shanghai’s STAR Market, DealStreetAsia reported.
The company offers 18.88m shares at $21.2 apiece. After the IPO, Consys will invest the proceeds to build its manufacturing bases and R&D centres. A part of the money it plans to keep as its operating funds.
Zhongtian Finance’s subsidiary ZTF Securities is serving as the lead underwriter for the deal.
Dida files for Hong Kong IPO.
Dida, a Chinese carpooling service that counts NIO Capital as its biggest institutional investor, has filed for an IPO in Hong Kong to go public one step earlier than DiDi Chuxing, a provider of transportation services such as taxis, buses, drivers and car rentals, DealStreetAsia reported.
The company could become Asia’s first carpooling firm to float shares on the public market, ahead of its homegrown competitor DiDi. Dida’s prospectus is heavily redacted and did not indicate the size or timetable of the IPO.
Vedantu in advanced talks with KKR to raise $100m. (FS)
Vedantu, an interactive tutoring platform, is in talks with KKR, a private equity firm, along with existing investors Tiger Global and GGV Capital to raise $100m in funding, DealStreetAsia reported.
Talks are at a very initial stage, and no term sheet has been given yet. The talks have been on for the past month and Vedantu could be valued in the range of $850m to $900m.
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