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AMERICAS
New Media Investment announced that the European Commission had provided regulatory clearance under the EU Merger Regulation for the transaction in which New Media will acquire Gannett, a publicly traded American mass media holding company, for a combination of cash and stock.
The completion of the merger remains subject to other customary closing conditions, including receipt of approval from New Media stockholders and Gannett stockholders.
Goldman Sachs, Greenhill, Nixon Peabody, and Skadden Arps Slate Meagher & Flom are advising Gannett. Credit Suisse, Jefferies, Gasthalter, Arbor Advisory Group, Joele Frank, Wilson Sonsini Goodrich & Rosati, and Cravath Swaine & Moore are advising the New Media Investment Group. Latham & Watkins is advising Jefferies. Apollo Global Management is providing debt financing.
Reliant, the parent company for Reliant Bank, agreed to acquire First Advantage, the parent company for First Advantage Bank, for $123m.
The combined company is expected to have total consolidated assets of approximately $3bn, deposits of approximately $2.5bn, and loans of approximately $2.3bn, and will operate 30 full-service branches and a loan production office in Middle and East Tennessee, after consummation of the pending TCB Holdings Transaction and the FABK acquisition. The transaction is expected to position Reliant as the second largest bank in Montgomery County, Tennessee, and the third-largest bank in the Clarksville, Metropolitan Statistical Area, based upon the most recent FDIC deposit market share data.
“We are very excited about the growth opportunity the proposed merger with First Advantage Bancorp presents. Our companies share similar values, and our partnership will reinforce the foundation for an extraordinary financial services company whose focus is the delivery of exceptional experiences to our customers, employees, and the communities in which we serve. This transaction satisfies our strategic and financial criteria for a successful acquisition. We are gaining a strong presence in the attractive Clarksville MSA, anticipate double-digit EPS accretion, and expect to benefit from the strong growth and fantastic asset quality trends that First Advantage Bank has demonstrated,” DeVan Ard, Jr., Reliant Chairman, President, and Chief Executive Officer.
Piper Jaffray and Butler Snow are advising Reliant. Raymond James and Kilpatrick Townsend are advising FABK.
State Grid Corporation, the state-owned electric utility monopoly of China, is in talks with banks regarding a loan of about $2bn to back its acquisition of Chilquinta Energia, the Chilean electricity distribution assets of Sempra Energy.
The Beijing-based company is in initial talks with banks for a loan with tenors of one year and two years.
Bank of America Merrill Lynch, Lazard and White & Case are advising Sempra Energy.
Rock Hill Capital-backed Core International, a Houston-based supplier of highly engineered rubber components and supply chain solutions to a variety of industrial end-users, agreed to merge with Javelina Oilfield, an oil and energy equipment supplier. Financial terms were not disclosed.
"Core benefits from Javelina's sales expertise and customer relationships, and Javelina benefits from Core's ability to deliver high-quality engineered rubber parts for the combined company globally," Phillip Meyer, Core Javelina President.
Winston & Strawn is advising Rock Hill Capital. Veritex Bank is providing debt financing.
PTC, which develops and delivers technology solutions, comprised of software and services, agreed to acquire Onshape, creators of the first Software as a Service product development platform that unites robust computer-aided design with powerful data management and collaboration tools, for $470m.
The acquisition is expected to accelerate PTC’s ability to attract new customers with a SaaS-based product offering and position the company to capitalize on the inevitable industry transition to SaaS.
"PTC has earned a reputation for successfully pursuing new innovations that drive corporate growth. Building on the strong momentum we have with our on-premises CAD and PLM businesses, we look to our future and see a new growth play with SaaS,” Jim Heppelmann, PTC President and CEO.
Barclays and Foley Hoag are advising PTC.
Alarm.com, a US-based technology company that provides cloud-based services for remote control, home automation, and monitoring services, agreed to acquire a majority stake in Openeye, an innovator of cloud-managed solutions for video security, business intelligence, and loss prevention. Financial terms were not disclosed.
With the acquisition, OpenEye will be a subsidiary of Alarm.com. Through combining OpenEye's commercial market applications with Alarm.com's business offering, service providers partnered with Alarm.com will have a best-in-class solution to accommodate commercial accounts of any size.
"OpenEye has consistently demonstrated that they are the unequivocal leader in the video-surveillance-as-a-service space and we are excited to help the team continue growing their business.OpenEye has a robust customer and partner list and our top priority is to ensure they all continue to experience great service. The addition of OpenEye will enhance the offerings available to Alarm.com partners in the commercial space. With the ongoing transition from traditional on-premise products to VSaaS, we're creating new value for subscribers and additional RMR opportunities for our partners," Steve Trundle, Alarm.com President, and CEO.
Imperial Capital is advising Openeye.
BayCom, the holding company for United Business Bank, a banking services provider, completed its acquisition of TIG Bancorp from First State Bank of Colorado, a banking services provider, for $39m. The deal was announced in June.
"I am confident that the merger will result in a continuation of the friendly and professional services that our valued customers have grown accustomed to and will be of great benefit to our communities." Gary Webb, TIG Chairman of the Board.
Janney Montgomery Scott and Silver Freedman Taff & Tiernan advised BayCom. GLC Advisors, Vining Sparks IBG and Baird Holm advised First State Bank of Colorado.
Amazon agreed to acquire Health Navigator, which provides technology and services to digital health companies. Financial terms were not disclosed.
The acquisition is a part of Amazon's new employee offering, Amazon Care, where employees of the e-commerce giant will be able to receive fast-paced access to healthcare facilities without having to make appointments.
“The service eliminates travel and wait time, connecting employees and their family members to a physician or nurse practitioner through live chat or video, with the option for in-person follow up services from a registered nurse ranging from immunizations to instant strep throat detection,” Amazon Spokesperson.
Recycle Track Systems, an environmentally-focused waste and recycling management company, agreed to acquire Recyclebank, a company based in New York City that encourages recycling and environmentally-friendly habits. Financial terms were not disclosed.
"This marks a major step forward in expanding RTS' technology offerings and further highlights our commitment to putting positive social impact into action. The move not only aligns with our core values but underscores the company's commitment to modernizing the waste and recycling industry for everyone," Greg Lettieri, RTS CEO.
Antech Diagnostics, which operates a network of veterinary diagnostic laboratory tests and services to veterinarians across North America, agreed to acquire Biovet, a biotechnology company providing unique expertise in the field of diagnostics for animal health and agro-industry specialists. Financial terms were not disclosed.
"We're very pleased to welcome Biovet's employees and customers to the Antech family. Biovet's expertise in food and companion animal diagnostics both complements and enhances Antech's strengths, accelerating our ability to expand services to veterinarians across North America. Biovet's rich R&D pipeline will enhance our own, which translates to innovative new products and services that help veterinarians keep pets healthy," Mary Kurian, Antech Diagnostics CEO.
Seche Environnement, which offers waste management services, agreed to acquire a 70% stake in Ciclo, a Chilean industrial waste treatment company. Financial terms were not disclosed.
This project provides for the creation of facilities to the highest international standards for the recovery, treatment, and storage of industrial waste, in particular, hazardous waste.
SitusAMC, a provider of consulting, strategic outsourcing, talent, and technology solutions, agreed to acquire Baseline Analytics, a provider of reverse mortgage pricing, analytics, and technology solutions to leading financial institutions. Financial terms were not disclosed.
"The purchase of Baseline further highlights our commitment to providing innovative solutions to our clients. Baseline, through a combination of leading technologies, services and deep industry expertise, has become the benchmark for reverse mortgage analytics and valuation solutions and is an excellent addition to our industry-leading forward mortgage MSR offering," Michael Franco, SitusAMC CEO.
Microdata Telecom, a supplier of high-quality RF Conditioning Solutions, completed the acquisition of Kaelus, a globally recognized company in test and measurement instruments, cell-site filters, combiners, and tower-mounted amplifiers from Infinite Electronics, a global supplier of electronic components. Financial terms were not disclosed.
"Kaelus is a globally recognized leader in test and measurement instruments, cell-site filters, combiners, and tower-mounted amplifiers, and is an excellent strategic fit for Microdata Telecom. For Infinite, this divestiture allows us to better focus on our strategic growth areas and the core strategy of providing a broad portfolio of products available to ship same-day, with readily-available technical support," Penny Cotner, Infinite Electronics CEO.
Samuel Ben-Avraham bids for Barneys, challenging Authentic Brands.
Israeli businessman Samuel Ben-Avraham submitted an offer for Barneys New York, an American chain of luxury department stores, challenging a $271m bid for the bankrupt company from brand developer Authentic Brands Group.
The retailer, which filed for bankruptcy in August, had been seeking proposals to best Authentic Brands. A deadline for competing bids was set for Wednesday evening.
WeWork's new chairman defends payouts to Adam Neumann.
WeWork's new Executive Chairman, Marcelo Claure, defended the payout to the firm's founder and former CEO Adam Neumann and assured that the company is not going to go bankrupt. Earlier this week, SoftBank provided a $9.5bn lifeline to WeWork and took over the company.
Mr. Neumann has the right to sell his stake in the company for as much as $970m as part of a tender offer in which SoftBank will buy up to $3bn in WeWork shares from investors and employees. He currently owns a little over one-fifth of WeWork.
Black Ridge Oil & Gas to review strategic options.
Black Ridge Oil & Gas, a growth-oriented asset manager, began a strategic review to identify, review and explore alternatives for the company, including a merger, acquisition, or a business combination.
"We see a number of opportunities for Black Ridge going forward and we are actively evaluating strategies for unlocking shareholder value, including a merger or acquisition. We look forward to providing Black Ridge shareholders with our future plan for Black Ridge at the culmination of this process," Ken DeCubellis, Black Ridge CEO.
GFL Environmental looking to raise $2.4bn in IPO.
GFL Environmental, an environmental services company with headquarters in Toronto, Canada, is looking to raise up to $2.4bn in its upcoming US IPO. The IPO price is expected to be between $20 and $24 per share, giving the company a valuation of up to $7.6bn.
JP Morgan, BMO Capital Markets, Goldman Sachs, RBC Capital Markets and Scotiabank are acting as lead underwriters for the IPO.
Voyager Space Holdings is considering buying Altius Space Machines.
Voyager Space, a space-focused global holding company, is considering a deal to acquire Altius Space Machines, a space robotics and technology startup.
"As an entrepreneur in a leading-edge portion of the space market, it's been challenging to secure the financial resources we've needed to deliver on our vision. When the Voyager team explained their vision, I knew it was an amazing opportunity to not only accelerate bringing our Bulldog servicing vehicle to market but also to make a bigger difference in the entrepreneurial space industry," Jonathan Goff, Altius Space Machines Founder and CEO.
Qualcomm launched a $200m 5G investment fund. (FS)
Qualcomm, an American multinational semiconductor and telecommunications equipment company, announced the launch of the Qualcomm Ventures 5G Ecosystem Fund to invest up to an aggregate of $200m in companies building the 5G ecosystem.
“5G will transform industries and should be viewed as a business strategy for all. The intent of this fund is to fuel innovative 5G businesses that will be poised to take advantage of the $13.2tn economic benefit that 5G will enable by 2035,” Steve Mollenkopf, Qualcomm CEO.
EMEA
Pekka Lundmark, Fortum CEO, claimed that Germany’s Uniper deliberately obstructed a proposed stake purchase by registering its assets in Russia as strategic.
In October, state-controlled Finnish utility Fortum agreed to buy a stake of more than 20% in Uniper, bringing its total holding to more than 70%. The deal, however, is subject to regulatory approval as Russian regulators have so far capped Fortum’s ownership in Uniper at 45%, due to a strategic water license operated by the German group’s Russian subsidiary Unipro, which wants to classify assets at its other four power stations in Russia as strategic ones.
“The company registered water supply activities at Surgutskaya GRES-2 as a natural monopoly on its initiative after we announced our offer to buy Uniper shares,” Pekka Lundmark, Fortum Chief Executive.
Uniper is advised by Morgan Stanley, Rothschild & Co, Shearman & Sterling, Sullivan & Cromwell, and Finsbury. Fortum is advised by Barclays, Perella Weinberg Partners, Clifford Chance, Hengeler Mueller, and Roschier Attorneys.
Shareholders of Chardan Healthcare, a special purpose acquisition company, approved the acquisition of BiomX, a microbiome company developing both natural and engineered phage therapies. The deal was announced in July 2019. Financial terms were not disclosed.
CHAC's board of directors had previously approved the business combination and recommended that its shareholders vote in favor. BiomX's board of directors and stockholders had also previously approved the business combination.
Cantor Fitzgerald, Goodwin Procter, Mayer Brown and ZAG-S&W are advising BiomX. Chardan, Loeb & Loeb and Meitar Liquornik Geva Leshem Tal are advising Chardan Healthcare.
Bulgaria’s competition regulator on Thursday blocked Eurohold’s acquisition of the Bulgarian assets of Czech utility CEZ, saying the €335m ($373m) deal could hinder competition, Reuters reported.
The regulator, which launched an in-depth inquiry into the deal earlier this month, said the acquisition would give the new group a severe competitive advantage both on the energy and the insurance markets in the Balkan country.
“The economic strength and the market positions of the merging companies create preconditions for an establishment or an increase of a dominant market position of the new group as well as to significant hindering of the efficient competition on the relevant markets,” the regulator said in a statement.
Morrison & Foerster is advising Eurohold. Markov & Partners is advising CEZ.
Rothschild & Co, a multinational investment bank and financial services company, agreed to acquire the UK business of Livingstone, an international mid-market M&A, and debt advisory firm. Financial terms were not disclosed.
The acquisition of Livingstone in the UK comes as the bank has sought to take advantage of the shake-up in the City caused by Mifid II, the pan-European regulations introduced last year that have overhauled the economics of trading and research services.
“This is an opportunity to materially grow an already successful UK business through access to Rothschild & Co's strong sector expertise and global reach via our network of over 50 offices in more than 40 countries. Through our platform, we will be helping Livingstone clients who are predominantly UK private and family-owned companies, entrepreneurs, and private equity-owned businesses in the lower mid-market segment to achieve their growth ambitions.” Alex Midgen, Rothschild Partner and Co-Head of UK Global Advisory.
Bpi-France-backed CAPZA, a private investment platform specializing in small and mid-caps, agreed to acquire a 40% stake in Coutot Roehrig, a specialist in inheritance genealogy. Financial terms were not disclosed.
With the entry of its new partners, the group will accelerate its growth by positioning itself as a vector of consolidation in France and abroad, and by diversifying its activities to the management of dormant assets in collaboration with banking and insurance institutions.
"By partnering with CAPZA in this operation, Bpifrance is reaffirming its commitment to support and assist managers, particularly family ETIs, in their growth projects and thus to participate in the creation of French global leaders. We are also especially proud to participate in the first capital opening of the Coutot-Roehrig group," Johanne Destrés, Bpifranc Investment Director.
OASIS Group, one of the largest Records and Information Management providers in Europe, completed the acquisition of ArchiDoc, a business process outsourcing provider, from OEX, a Warsaw Stock Exchange-listed company. Financial terms were not disclosed.
"The decision to expand into central Europe was a logical step in our business growth strategy. We are also pleased to integrate a team that delivers significant and profitable growth thanks to its client-driven strategy," Espen Halvorsen, OASIS Group Chief Executive Officer.
HIG Capital agreed to acquire Meyra Group and Alu Rehab, two wheelchairs, rehabilitation equipment, and orthopedics providers. Financial terms were not disclosed.
"The combination of Meyra and Alu Rehab represents a strong strategic and cultural fit. We look forward to the partnership with Michał, Kjetil and their teams and to supporting them in the group's international expansion, both organically and by acquisition," Holger Kleingarn, HIG Managing Director.
Exponent-backed SHL, a provider of talent innovation solutions, agreed to acquire Aspiring Minds, a provider of workforce assessments and credentialing solutions. Financial terms were not disclosed.
"We see a noticeable gap between those who seek to transform their organizations with a digital strategy and those who actually have the talent to do so. This acquisition infuses Aspiring Minds' advanced AI technology throughout SHL's portfolio at a platform level and will leverage our rigorous science to enable the technical, emerging and leadership talent required for our 10k-plus customers to succeed in the digital era," Andy Bradshaw, SHL CEO.
ANSYS, a provider of engineering simulation software, agreed to acquire Dynardo, a provider of simulation process integration and design optimization technology. Financial terms were not disclosed.
"Design space exploration and optimization is key for organizations looking to reduce development time and accelerate the evaluation of optimal product design alternatives for cost and performance. This acquisition will accelerate ANSYS' pervasive simulation vision, advance our industry-leading platform and will enable our customers to leverage an open ecosystem approach to connect simulation and optimization throughout their product lifecycle processes," Navin Budhiraja, ANSYS vice president and general manager of cloud and platform.
Carlyle raised €6.4bn for the latest European fund. (FS)
Carlyle Group closed its latest European fund at €6.4bn ($7.1bn), oversubscribed by more than €1bn ($1.1bn). Carlyle Europe Partners V surpassed its original target of €5bn ($5.6bn) and is 70% larger than the firm's previous equivalent fund, Financial News reported. The fund has already made five investments in companies in Spain, Italy, and the Netherlands, deploying 23% of the capital raised.
"Our fund leverages Carlyle's global network, cross-sector expertise and locally embedded teams to drive growth across all our portfolio companies and to create value for our investors and all our key stakeholders," Marco de Benedetti and Gregor Boehm, Carlyle Europe Partners' advisory team co-heads.
Kone signals interest in buying Thyssenkrupp elevator unit.
Reuters reported that Kone, an international engineering and service company, might sell some parts of Thyssenkrupp’s elevator business if it wins an auction to buy it. Such a move will be necessary to gain antitrust approval for the transaction. Kone is one of at least ten potential bidders for Thyssenkrupp’s unit.
Clifford Chance is advising Kone.
SocGen looking to sell Nordics leasing business.
Societe Generale put its leasing unit in the Nordics up for sale as part of a plan to exit non-strategic businesses and keep capital ratios strong, Reuters reported. The unit, known as SG Finans, focuses on equipment finance solutions and has 358 employees overall in Norway, Sweden, and Denmark.
Bank of America Merrill Lynch is advising on the sale.
Five groups submit final bids for EDP unit. (FS)
Five groups have submitted bids to acquire hydro assets of Energia de Portugal, a Portuguese electric utility company. The assets are valued at approximately $2.2bn.
The parties bidding are German investment firm Aquila Capital, Spanish utility Iberdrola, Norway’s hydropower company Statkraft, Austria’s largest electricity provider Verbund and France’s Engie.
Morgan Stanley and UBS are advising on the sale.
Ardian to divest d&b Audiotechnik. (FS)
Buyout group Ardian is preparing the sale of d&b Audiotechnik in a deal that may value the German professional loudspeaker maker at more than €600m ($667m), Reuters reported.
Ardian is expected to shortly mandate an advisor to help it divest the company, which was founded by entrepreneurs Juergen Daubert and Rolf Belz near Stuttgart in 1981, and which Ardian bought in 2016.
The maker of speakers for stadiums, concert halls, and conference rooms is expected to post earnings before interest, tax, depreciation, and amortization of between €45m ($50m) and €50m ($56m) this year.
Third Point confirms buying a stake in EssilorLuxottica. (FS)
Billionaire investor Daniel Loeb confirmed that his hedge fund Third Point now owns a $700m stake in Ray-Ban maker EssilorLuxottica. Third Point executives met with many EssilorLuxottica executives and expect the company to increase earnings and free cash flow at the mid-teens compound annual growth rate for several years.
Mr. Loeb also said he was still speaking with Sony and remained committed to creating value at the company even after management largely ignored his proposals for ways to streamline the company's portfolio, Reuters reported.
Macquarie and GIC ponder investing in Telecom Italia's deal with Open Fiber. (FS)
Some of the world's biggest infrastructure funds, including Australia's Macquarie and Singapore's GIC are looking to take part in Italy's plans to merge former phone monopoly Telecom Italia with its smaller rival Open Fiber. More than a dozen infrastructure and sovereign wealth investors, which also include Ardian and Brookfield, have signed or are considering signing non-disclosure agreements to prepare bids for a stake in full-fiber carrier Open Fiber.
Saudi Aramco plans incentives to reward loyal IPO buyers.
Saudi Aramco is exploring ways to reward loyal investors in its initial public offering to ensure the record share sale is not followed by a wave of selling. The company discussed with Saudi regulators the possibility to offer bonus shares to retail stock buyers who keep their holdings for six months.
The oil company faces a delicate balance as it seeks to push its IPO valuation as close as possible to $2tn — a figure that is been met with skepticism from many professional investors — while making sure it's attractive to potential Saudi buyers, Bloomberg reported.
EQT Partners is looking to sell Apleona. (FS)
EQT Partners is kicking off the sale of Apleona, a former unit of industrial services group Bilfinger. The buyout fund acquired Apleona for $1.6bn in 2016.
EQT is expected to mandate an investment bank as an advisor on the sale by year-end or early next year and may start an auction in the first quarter, Reuters reported.
Eni acquired 70% of Edison's stake in Egypt's Habi offshore gas concession.
Reuters reported that Italian energy company Eni bought 70% of Edison's stake in Block 12 of the offshore Habi gas concession in Egypt's eastern Mediterranean. Edison, the primary electricity supply company for much of Southern California, won Block 12 in a bidding round run by EGAS in 2015.
Cerberus ponders selling Covis. (FS)
Cerberus Capital Management, an American private equity firm, specializing in distressed investing, is considering selling its stake in Covis, a global specialty pharmaceutical company. The deal could fetch as much as $800m.
Nissan is looking to sell European plants.
Nissan is considering selling two of its European plants as it faces falling sales in the region and an industry shift toward electric cars, Reuters reported. The carmaker is now reaching out to potential buyers for its factories in the UK and Spain.
Nissan denied the reports, saying it is not interested in divesting the assets.
Ima is looking to expand through M&A.
Ima, a multinational Italian industrial company based in Bologna, is considering potential acquisition targets both in Italy and abroad as it looking growth opportunities.
"Ima has been growing both internally and through acquisitions. Now we think we will favor external growth," Alberto Vacchi, Ima CEO.
Piaggio Aerospace is looking for potential buyers.
Reuters reported that Piaggio Aerospace, a multinational aerospace manufacturing company headquartered in Villanova d'Albenga, secured a contract to sell at least ten aircraft, putting the company in a position to entice potential buyers. Piaggio Aerospace said on Thursday it had agreed to sell at least 10 of its Avanti EVO P180 twin-turboprop executive transport aircraft to Saudi Arabia's Al Saif Aviation.
Last year Piaggio Aerospace - which also produces unmanned drones and supplies engine maintenance services - sought protection from creditors after the company, a unit of Abu Dhabi’s sovereign fund Mubadala, went into bankruptcy and lost its sole customer.
Kerogen considers selling Zennor Petroleum. (FS)
Private-equity firm Kerogen Capital is reportedly seeking offers for its North Sea business Zennor Petroleum. Kerogen opened Zennor’s books to potential buyers after receiving several approaches, including one from Serica Energy, a United Kingdom-based upstream oil and gas company. Zennor is rumored to be valued at approximately $500m.
Citigroup is advising Kerogen Capital.
KNOC scales back North Sea divestments.
Reuters reported that Korea National Oil Corp, the national oil and gas company of South Korea, scaled back efforts to pull out of the British North Sea, focusing on the sale of its stake in the Tolmount gas project.
Heavily indebted KNOC earlier this year tried to sell a 49% stake in its North Sea subsidiary Dana Petroleum but could not find a suitable buyer. KNOC is now looking to sell its 50% stake in Tolmount, which is operated by Premier Oil.
IREN to submit a non-binding offer for Unieco assets. (FS)
IREN, a multi-utility company listed on the Italian Stock Exchange, is set to submit a non-binding offer for the assets of Unieco, an Italian real estate firm.
Italy’s industry ministry in September gave the go-ahead for the sale of Unieco Holding Ambiente. The group, based in the northern Emilia Romagna region and currently under liquidation, owns financial holdings in 22 companies, 35 plants in 5 regions and 250 employees.
APAC
Fuji Xerox, which manufactures and distributes office equipment, agreed to acquire CSG, which offers computer and other technology services, for $125m.
Through this acquisition, Fuji Xerox aims to further expand business operations concerning small- and medium-sized businesses in Australia and New Zealand, by harnessing the synergies between the two firms concerning the supply of office printing equipment and IT services.
"This delivers on our strategy to broaden the Fuji Xerox offer to a diverse range of organizations across various businesses with the addition of relevant software, solutions, and services that customers are now demanding from print and document providers," Takayuki Togo, Fuji Xerox Australia Managing Director.
Moelis, Market Eye and MinterEllison are advising CSG.
Hillhouse Capital and Permira consider investing in EF Education First's $2bn China unit. (FS)
Private equity firms Hillhouse Capital and Permira submitted first-round bids for Chinese operations being sold by EF Education First, an international education company that specializes in language training, educational travel, academic degree programs, and cultural exchange. Warburg Pincus is also reportedly interested in buying the unit.
No final decisions have been made, and there's no certainty the suitors will proceed with firm offers.
New Co-CEOs of Gojek plan a double listing.
Indonesian ride-hailing and payments company Gojek's new co-chief executives are preparing for a dual listing in the coming years and a bigger regional market share, Reuters reported.
Co-founder and previous CEO Nadiem Makarim announced recently that he had resigned to join the second-term cabinet of Indonesian President Joko Widodo, where he has been named education and culture minister. New co-CEO Andre Soelistyo, who was previously Gojek group's president, told a media briefing that the firm "is likely to do a dual listing as we are an Indonesian company first."
Asahi to slow down its dealmaking spree.
Akiyoshi Koji, CEO of Asahi Group Holdings, said that the company will halt its acquisition spree and focus on the alcohol-free beer to drive global profits in the coming years, leveraging Japanese technology to improve the taste of the European brands it now owns. Mr. Koji said sales of some of the group’s European alcohol-free brands had grown more than 30%, albeit from a low base.
“We want to make non-alcohol beers a revenue pillar. Japanese technology is being used quite a bit among these non-alcohol beers, to make good products,” Akiyoshi Koji.
Head of KKR India Credit steps down. (People)
B V Krishnan, chief executive officer of KKR India Financial Services, resigned from his position amid a prolonged upheaval in the nation’s debt market that worsened the firm’s credit metrics. Sanjay Nayar, who heads KKR’s India unit, will manage the lending business.
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