Förbund and AMF to acquire ICA Gruppen for $12.52bn.

AMERICAS

Platinum Equity completed the acquisition of Solenis from CD&R and BASF for $5.3bn. (FS)

Platinum Equity completed the acquisition of Solenis, a water treatment company, from CD&R and BASF, a chemical concern, for $5.25bn.

"As a leader in sustainability, Solenis has been helping its customers tackle these complex challenges for more than 100 years. It is an exceptionally well-run organization with an outstanding management team and a service-oriented culture. We believe in the company's mission and we are excited to invest in its continued growth and expansion," Jacob Kotzubei, Platinum Equity Partner.

Solenis was advised by Bank of America and Citigroup. Platinum was advised by Piper Sandler, Gibson Dunn & Crutcher and Homburger. Debt financing was provided by Bank of America and Goldman Sachs. Debt providers were advised by Willkie Farr & Gallagher. CD&R was advised by Debevoise & Plimpton and Gauly Advisors.

Brivo to go public via a SPAC merger with Crown PropTech Acquisitions in an $808m deal. (FS)

Brivo, a provider of access control devices for businesses, agreed to go public via a SPAC merger with Crown PropTech Acquisitions in an $808m deal. PIPE investors include Golub Capital and Eagle Eye Networks.

“We are excited to provide a highly structured and flexible financing solution to support Brivo, the market-leading provider of cloud-based access control solutions in the enterprise and commercial segments. We think Brivo’s strong management team, coupled with Crown’s deep experience in real estate and the leadership of a proven serial technology entrepreneur like Dean Drako make for a world-class combination," Marko Soldo, Golub Capital Head of Credit Opportunities.

Brivo is advised by Imperial Capital and Latham & Watkins. Crown is advised by RBC Capital Markets and Davis Polk & Wardwell. RBC is advised by Shearman & Sterling. Golub Capital is advised by Simpson Thacher & Bartlett.

Blackstone to invest in Renaissance. (FS)

Blackstone agreed to invest in Renaissance, a developer of cloud-based assessment, teaching and learning platform. Existing investor Francisco Partners remains major shareholder. Financial terms were not disclosed.

“Chris and the Renaissance team have done an exceptional job building a next generation technology platform to meet the rapidly evolving needs of today’s classroom and beyond – where digital tools play a critical role. We’re thrilled to join with Francisco Partners to support the continued expansion of the business as educators increasingly leverage technology to provide students with personalized learning solutions," Eli Nagler, Blackstone Senior Managing Director.

Renaissance is advised by Goldman Sachs, Macquarie Capital and Kirkland & Ellis. Blackstone is advised by SVB Leerink and Simpson Thacher & Bartlett. Francisco Partners is advised by Sloane & Company.

Apollo-backed EmployBridge to acquire Hire Dynamics from MSouth. (FS)

Apollo-backed EmployBridge, a provider of technology-enabled, light industrial workforce solutions, agreed to acquire Hire Dynamics, a provider of staffing and recruitment services, from MSouth, a private equity investment firm. Financial terms were not disclosed.

"This transaction brings together two world-class organizations – expanding the breadth and depth of EmployBridge's solutions and supporting accelerated strategic investments in clients, talent and technology. We are appreciative of Michael Miles for his contributions as CEO of EmployBridge and look forward to continuing our work together on the company's board under Billy's leadership," Robert Kalsow-Ramos, Apollo Private Equity Partner.

EmployBridge is advised by Houlihan Lokey, RBC Capital Markets, Akin Gump Strauss Hauer & Feld and Paul Weiss Rifkind Wharton & Garrison. Hire Dynamics is advised by Citizens Bank and DLA Piper.

Nomura Research Institute to acquire Core BTS from Tailwind Capital. (FS)

Nomura Research Institute, a global provider of consulting services and system solutions, agreed to acquire Core BTS, a provider of business technology solutions, from Tailwind Capital, a private equity firm. Financial terms were not disclosed.

"NRI is committed to providing the highest quality services and insights to earn the continuous trust of our clients. The value that Core BTS' approach, people, and systems bring to their clients makes them an ideal fit for our organization and supports our desire to offer clients the best solutions and services available globally. Core BTS will have a significant voice within NRI and their addition offers immense opportunities for collaboration and growth throughout our Company," Hajime Ueda, NRI Senior Executive Managing Director.

Nomura Research Institute is advised by Nomura and Pillsbury Winthrop Shaw Pittman. Core BTS is advised by Evercore, Davis Polk & Wardwell and Walker Sands Communications.

QCR Holdings to acquire Guaranty Federal Bancshare for $152m.

QCR Holdings, a multi-bank holding company, agreed to acquire Guaranty Federal Bancshare, a community bank, for $152m.

"Springfield and neighboring Southwest Missouri markets make up a vibrant region where strong relationships with our clients matter. Guaranty Bank strongly aligns with our culture and our dedication to client service. Enhancing our market share in this region supports our strategic goals and enables us to extend our high-performing and profitable niche business lines benefiting clients and shareholders alike," Larry Helling, QCR Holdings CEO.

QCR Holdings is advised by Piper Sandler and Barack Ferrazzano Kirschbaum & Nagelberg. Guaranty is advised by Keefe Bruyette & Woods and Sidley Austin.

Oak Hill Capital to invest in RiverGlade Capital-backed US Oral Surgery Management. (FS)

Oak Hill Capital, a private equity firm, agreed to invest in RiverGlade Capital-backed US Oral Surgery Management, a provider of healthcare management services. Financial terms were not disclosed.

"The Oak Hill team demonstrated a keen understanding of the oral surgery market and quickly became our partner of choice for this transaction. Oak Hill shares our desire to continue to invest in the USOSM platform and to build on the Company's leading position as the specialty service organization of choice for the country's top oral surgeons," Rick Hall, USOSM CEO.

Oak Hill Capital is advised by Paul Weiss Rifkind Wharton & Garrison and Kekst CNC. USOSM is advised by Moelis & Co and Kirkland & Ellis.

Alliance Data completed the spin off of its card services and loyalty businesses.

Alliance Data, a provider of data-driven marketing, loyalty and payment solutions, completed the spin off its card services and loyalty businesses into a US-based publicly-traded company.

"Alliance Data is committed to continuing our strategic transformation to deliver long-term, sustainable value for our stockholders as well as our associates, partners, customers and other stakeholders. Our plan to spin off our LoyaltyOne segment is a logical next step in our transformation journey and will position both entities for future growth," Ralph Andretta, Alliance Data President and CEO.

Alliance Data was advised by Bank of America, Morgan Stanley and Davis Polk & Wardwell.

Southfield Capital and American Refrigeration Company completed the acquisition of Global Mechanical. (FS)

Southfield Capital, a private equity firm, and American Refrigeration Company, an independent commercial and industrial mission critical mechanical services company, completed the acquisition of Global Mechanical, a single source, multi-trade mechanical contracting company. Financial terms were not disclosed.

"We're delighted to welcome the Global Mechanical team to the ARC family. Adding Global Mechanical's leadership, field service depth, and experience to our existing team will undoubtedly enhance the mission-critical supply chain solutions we currently provide to the region," Bill Fleming, ARC President.

ARC was advised by Finn Dixon & Herling. Debt financing was provided by Deerpath Capital.

Temasek, Ally Bridge Group, and TCG Crossover led a $215 Series B funding round in Arbor Biotechnologies. (FS)

Temasek, Ally Bridge Group, a global healthcare-focused investment group, and TCG Crossover, a science-driven investment firm, led a $215 Series B funding round in Arbor Biotechnologies.

“With this investment, we are well-positioned to continue advancing toward the clinic with our initial focus in liver and first-in-class treatments for CNS diseases, as well as continue to build out our proprietary discovery engine. While our primary focus has been on developing our bespoke CRISPR nucleases, we are also looking to progress our other precision editing innovations, such as CRISPR transposases," Devyn Smith, Arbor Biotechnologies CEO.

Arbor Biotechnologies was advised by Solebury Trout.

Clarion Partners and Cityview to acquire Empire Landing for $161m. (FS, RE)

Clarion Partners, a real estate investment manager, and Cityview, a multifamily investment management and development firm, agreed to acquire Empire Landing, a garden-style apartment community, for $161m.

“Empire Landing is centrally located where urban and suburban environments converge in one of the most job-rich, high-growth economic areas of Southern California, often referred to as the ‘media capital of the world’. Modernizing this community will deliver Class-A style and amenities to a city demonstrating high demand for quality rental housing," Devang Shah, Cityview Managing Director.

Cityview is advised by Idea Hall.

IFC to invest $100m in DigitalBridge. (FS)

International Finance, an international financial institution, agreed to invest $100m in DigitalBridge, a global digital infrastructure REIT.

"Digital infrastructure underpins every aspect of society and the economy, from smart cities and e-government to healthcare and education, from e-commerce, financial services, and manufacturing to research and development and more. This investment feeds into our priority of closing the digital divide by improving digital infrastructure and services, boosting rural connectivity, and accelerating the rollout of 4G and 5G digital communications technology globally," Lance Crist, IFC Global Head of Equity for Infrastructure.

DigitalBridge is advised by Joele Frank.

Cox Communications led a $100m Series C funding round in Level Home.

Cox Communications, a telecommunications and technology solutions provider, led a $100m Series C funding round in Level Home, a developer of a computerized lock designed to make homes more secure and easily accessible. Walmart also participated.

“This investment builds on Cox’s growing IoT portfolio. It will help our Cox Communities team to continue serving as a trusted advisor to owners, management companies, builders, developers and consultants. We will be able to offer a leading-edge, integrated hardware and software platform to help the multifamily dwelling industry automate and digitally enable properties for their residents,” Mark Greatrex, Cox Communications President.

Level Home was advised by Highwire PR.

Universal Engineering Sciences to acquire Alpha Testing.

Universal Engineering Sciences, an engineering and consulting company specializing in geotechnical engineering and construction materials testing, agreed to acquire Alpha Testing, a geotechnical engineering firm. Financial terms were not disclosed.

"Joining the UES family of businesses is an exciting step and a significant milestone in our growth and development. This partnership enables us to serve more clients by increasing our reach, offering a broader range of services, and allowing us to capitalize on a diverse range of expertise. Not only will we be able to provide enhanced services to our clients, but this partnership provides greater opportunities for our team members as well," Brian Powell, Alpha Testing President.

Alpha Testing is advised by Bank of America.

Hershey to acquire Dot's Pretzel and Peak Rock Capital-backed Pretzels for $1.2bn. (FS)

Hershey, a chocolate manufacturer, to acquire Dot's Pretzel, a scale brand in the pretzel category, and Peak Rock Capital-backed Pretzels, a premier snack company, for $1.2bn.

"Pretzels will help us expand Hershey's snacking and production capabilities while keeping the special connection to Dot's. It will be important as we continue to grow this already fast-growing brand and create new products in the broader pretzel category," Michele Buck, Hershey President and CEO.

Accel and T. Rowe Price led a $450m Series E funding round in Socure. (FS)

Private equity firms Accel and T. Rowe Price led a $450m Series E funding round in Socure, an identity proofing company. Additional investors include Bain Capital Ventures, Tiger Global, Commerce Ventures, Scale Venture Partners and Sorenson Ventures.

The company plans to use the funds in two ways — to execute on its mission to verify 100% of good identities and completely eliminate identity fraud and to increase its investments across the entire identity verification lifecycle, further developing proofing and authentication processes, per Ayers. Ayers anticipates seeing rapid growth in Socure’s online gaming, cryptocurrency and e-commerce marketplace clients.

1890s holdings completed the acquisition of a 27% stake in West Ham United for $219m. (FS)

1890s holdings, an investment company, completed the acquisition of a 27% stake in West Ham United, a professional football club, for $219m.

"I am delighted this detailed process has now been successfully concluded. I am passionate about football. I greatly appreciate and respect the exceptional history and tradition of West Ham United as well as its loyal and passionate supporter base and also the highly inspiring role it plays in many social programmes and initiatives," Daniel Křetínský, 1890s holdings Chairman.

Kleiner Perkins led a $125m Series D funding round in Density. (FS)

Kleiner Perkins, a private equity firm, led a $125m Series D funding round in Density, an analytics platform for measuring and optimizing workplace performance. Additional investors include Altimeter Capital and LGF, 01 Advisors Upfront Ventures and Founders Fund.

"The emergence of hybrid work, post-pandemic, has fundamentally changed the nature and purpose of our buildings. Density customers believe this period of transition can either be a reckoning or a renaissance for the workplace. Over the next five years, the vast majority of the built world will be instrumented for measurement. This new infrastructure will generate reliable, real-time utilization data; it'll support the dynamic needs of hybrid work; and help design, architecture, real estate and workplace teams improve the environments and spaces we use each day," Andrew Farah, Density Co-Founder and CEO.

True Velocity to acquire LoneStar Future Weapons for $84m.

True Velocity, a manufacturer of calibers, agreed to acquire LoneStar Future Weapons, an advanced technology company, for $84m.

"Incorporating LoneStar Future Weapons' innovative approach to weapon design and manufacture, along with their significant intellectual property portfolio and licensing expertise, into TV Ammo's holdings strategically positions our business to have a lasting and meaningful impact on the lethality of U.S. fighting forces. It provides a path forward for the development and co-optimization of advanced weapons and munitions for the U.S. Department of Defense, our international allies, and the domestic commercial market," Kevin Boscamp, True Velocity Chairman and CEO.

Vimeo to acquire WIREWAX and Wibbitz.

Vimeo, a video sharing site, agreed to acquire WIREWAX, a provider of interactive and shoppable video, and Wibbitz, a developer of an automated video creation tool. Financial terms were not disclosed.

"Vimeo now serves over six thousand enterprises with our video software, and we've only just begun to unlock the myriad ways video can be used at work to communicate, collaborate and connect better. Both WIREWAX and Wibbitz bring industry-leading technology and products to Vimeo, along with impressive teams and deep institutional knowledge in strategic areas of enterprise video. Together, we'll be able to innovate faster and go farther in empowering every company to realize the power of professional-quality video," Anjali Sud, Vimeo CEO.

Community Brands to acquire ProSoft Solutions.

Community Brands, a provider of cloud-based software to associations and nonprofits, agreed to acquire ProSoft Solutions, a software and service provider exclusively for nonprofit and government entities. Financial terms were not disclosed.

"We've made significant strides to accelerate the development of our MIP Cloud product as well as added enhancements to our client experience this year. Bringing ProSoft Solutions into our dynamic portfolio allows us to deeper our customer relationships even further -- by adding key subject-matter expertise and high-quality services to our team. I am thrilled that this acquisition provides new opportunities to our shared customers," Bethany Little, Community Brands Managing Director.

Rivian raises $11.9bn in year’s biggest IPO.

Rivian Automotive, an electric vehicle-maker, priced shares in its IPO at $78 apiece to raise about $11.9bn, the biggest first-time share sale this year, Bloomberg reported.

Backed by deep pocketed companies such as Amazon.com and Ford Motor, Rivian is hitting the public markets as it looks to make a dent in the electric vehicle market led by Tesla.

Rivian sold 153m shares in the offering. The $11.9bn haul is the sixth-largest ever on a US exchange.

Takeaway.com shareholder repeats call to divest Grubhub. (FS)

Investor Cat Rock, one of the largest shareholders of Just Eat Takeaway.com, an online food ordering company, renewed its call for the company's management to divest its US arm GrubHub, Reuters reported.

The call comes a day after DoorDash, which is larger than GrubHub in the US, made a big move into European markets with an $8bn merger with Finland-based Wolt.

EMEA

DoorDash to merge with Wolt in an $8.1bn deal.

DoorDash, an American on-demand prepared food4 delivery service, is set to merge with Wolt, a delivery company, in an $8.1bn deal. EQT exits its holdings in Wolt and will receive DoorDash stock as part of the transaction.

"Together we can build one of the most significant global players in our industry. And while I’ve always been excited about building Wolt into a global leader on our own, together we can accomplish something more. In DoorDash, we will have a partner with a very long-term perspective to build together a significant international business in the years and decades to come. We are really committing to one thing: optimizing for success," Miki Kuusi, Wolt Co-founder & CEO.

DoorDash is advised by Goldman Sachs, Allen & Overy, Avance and Wilson Sonsini Goodrich & Rosati. Wolt is advised by Qatalyst Partners, Roschier Attorneys and Skadden Arps Slate Meagher & Flom. EQT is advised by DLA Piper.

GETT to go public via a SPAC merger with Rosecliff Acquisition in a $1bn deal.

GETT, a provider of a technology platform, agreed to go public via a SPAC merger with Rosecliff Acquisition in a $1bn deal.

“Upon the creation and initial listing of Rosecliff, we sought to partner with a high growth, scalable software company operating in a large, unpenetrated market, in an early cycle of disruption. Following a period of admirable hard work from our entire team, we have achieved this milestone with Gett. Dave and his management team have done a remarkable job transitioning from a traditional ride-hailer to become a leading global corporate GTM platform. With our added expertise with high-growth companies and vast corporate network in the United States to create rapid inroads to new customer opportunities, we believe that we can accelerate Gett’s growth to significantly increase value for all shareholders," Michael Murphy, Rosecliff Founder and CEO.

GETT is advised by Jefferies & Company, DLA Piper, Davis Polk & Wardwell and ICR. Rosecliff is advised by BTIG, ITI Group, Pareto Securities, Piper Sandler, Sberbank CIB and Latham & Watkins.

Maersk Drilling to merge with Noble in a $50m deal.

Maersk Drilling, a drilling services provider, agreed to merge with Noble, an offshore drilling contractor for the oil and gas industry, in a $50m deal.

"This combination carries strong industry logic. With the combination we are creating a differentiated provider of offshore drilling services, which will be able to enhance the customer experience through increased scale, global reach, and industry-leading innovation. The combination will create value for all shareholders and will offer investors a unique opportunity to benefit from the market recovery, a robust financial position and strong free cash flow potential, all paving the way for the potential return of capital to shareholders," Claus V. Hemmingsen, Maersk Drilling Chairperson.

Maersk Drilling is advised by JP Morgan, Davis Polk & Wardwell and Gorrissen Federspiel. Noble is advised by DNB Bank, Ducera Partners, Kirkland & Ellis, Plesner and Travers Smith.

Förbund and AMF to acquire ICA Gruppen for $12.52bn.

Förbund, a non-profit association and member organisation for active ICA retailers, and AMF, an insurance company, offered to acquire ICA Gruppen, a Sweden-based company with core operations in grocery retail, for $12.52bn.

"ICA Gruppen has a strong position on the market, however, the world is changing rapidly and as the main owner we act to meet future challenges and increased competition. We need to adapt to create optimal prerequisites for the business in ICA Gruppen and thus for the entire ICA system, which we have always done during our 105 year history. Now we need to focus on growth oriented long-term investments, which are best suited outside the stock market, and we are happy to have AMF on board for the journey. We believe that we have made an attractive offer and that a delisting of ICA Gruppen benefits all stakeholders," Magnus Moberg, Förbund Chairman.

Förbund is advised by Handelsbanken Capital Markets, SEB Corporate Finance and Gernandt & Danielsson. AMF is advised by Setterwalls Advokatbyra. ICA is advised by Carnegie Investment Bank.

Balder to acquire the remaining stake in Entra at a $4.32bn valuation.

Balder, a Sweden-based company engaged in the acquisition, development and management of residential and commercial real estate, offered to acquire the remaining stake in Entra, a Norwegian real estate company, at a $4.32bn valuation.

The offer period is from and including November 9, 2021on December 7, 2021. Balder offers $23.64 per share.

Balder is advised by Nordea Bank, SEB Corporate Finance and Haavind.

iMedia completed the acquisition of 123tv from ARCUS Capital, IRIS Capital and BE Beteiligungen for $145m. (FS)

iMedia, an interactive media company, completed the acquisition of 123tv, an auction-driven TV retailer, from private equity firms ARCUS Capital, IRIS Capital and BE Beteiligungen for $145m.

“We believe gamification of consumers’ emotion-based shopping experience is the ultimate disruption to the status quo. 123tv’s entrepreneurial team with their proprietary technologies are experts in this shopping disruption and iMedia is humbled by the trust of 123tv’s primary shareholder, Stefan Eishold of ARCUS Capital AG, that enables iMedia to help 123tv accelerate its growth plan, which we believe can include disrupting digital shopping marketplaces here in the United States,” Tim Peterman, iMedia CEO.

iMedia was advised by Gateway Investor Relations. Arcus was advised by GCA Altium.

H2 Equity to acquire Acal BFi from discoverIE for $67m. (FS)

H2 Equity, a private equity firm, agreed to acquire Acal BFi, a manufacturer and distributor of electronic components, from discoverIE, an international designer and manufacturer of customised electronics, for $67m.

"The group has developed significantly in recent years, with a substantial and higher growth design and manufacturing business becoming the core of operations. The sale of Acal BFi concludes the Group's exit from the business of distribution, with discoverIE becoming solely a global designer and manufacturer of customised electronics with higher operating margins, and provides additional resources to invest further in our growth," Nick Jefferies, discoverIE CEO.

H2 Equity is advised by Macfarlanes. discoverIE is advised by Buchanan.

Sequoia Capital and Sofina led a $250m Series G funding round in Collibra. (FS)

Private equity firms Sequoia Capital and Sofina led a $250m Series G funding round in Collibra, a provider of enterprise-wide data governance solutions. Additional investors include Tiger Global Management, Battery Ventures, CapitalG, Dawn Capital, Durable Capital Partners LP, ICONIQ Capital and Index Ventures.

“We are seeing overwhelming demand for our platform, and the interest from the investor community further validates our approach to helping our customers drive value from their own data. We are the only company in the industry that provides a single, fully integrated cloud-native platform to enable customers to accelerate their digital transformation journey," Felix Van de Maele, Collibra Founder and CEO.

Collibra was advised by Cleary Gottlieb Steen & Hamilton.

Vodacom to buy a 55% stake in Vodafone Egypt for $2.36bn.

Vodacom Group, a South African mobile communications company, will buy a 55% stake in the Vodafone Egypt, a mobile network operator in Egypt, from Vodafone Group, a British multinational telecommunications company, for $2.36bn.

Vodacom would buy a co-controlling 30% stake in assets owned by Community Investment Ventures Holdings including Vumatel and Dark Fibre Africa.

Tullow pushes ahead with plan to sell oil assets in Kenya and Latam.

Tullow Oil, an independent oil and gas exploration and production company, is pushing ahead with plans to sell stakes in energy deposits in East Africa and Latin America. In Kenya, Tullow and its partners, including TotalEnergies, a broad energy company, are considering selling more than 10% of their project, Bloomberg reported.

“We have pretty significant positions in emerging basins in Guyana and Argentina and we’re looking at farm-down opportunities there,” Rahul Dhir, Tullow Oil CEO.

Unilever puts off planned Q-Tips sale.

Unilever has shelved its planned sale of ear swabs brand Q-Tips, along with some beauty and personal care brands, as there was not enough interest from bidders, Reuters reported.

The consumer goods company had earlier this year started exploring options for brands such as Q-Tips, Caress, TIGI, Timotei, Impulse and Monsavon after carving them out into a separate business in April.

King Sinks Impala plan to create a platinum firm.

South African holding company Impala Platinum's decade-long quest to buy a smaller rival that owns assets key to prolonging the life of its own mines in South Africa came to a shuddering halt.

Nico Muller CEO thought he finally had a deal to acquire 100% of Royal Bafokeng Platinum, a mid-tier platinum group metals producer, after gaining the backing of the company’s management and board. Implats, as the miner is known, was preparing to make an offer this week after announcing it was in talks on October 27, 2021, Bloomberg reported.

ABN Amro considers share buyback after surprise Q3 profit jump. (FS)

ABN Amro, a business bank in the Netherlands, is looking to buy back its shares, as the Dutch bank reported an unexpected 14% increase in third-quarter net profit helped by economic recovery and the easing of Covid-19 lockdowns, Reuters reported.

“Developments in the third quarter were encouraging. Demand for lending showed signs of recovery and both our mortgage book and corporate loan book grew,” Robert Swaak, ABN Ambro CEO.

Sanofi is said to select banks for $1.2bn ingredients IPO. (FS)

Sanofi, a French pharmaceuticals, has picked Bank of America, BNP Paribas and JP Morgan to lead the IPO of EUROAPI, Sanofi's business manufacturing drug ingredients, Bloomberg reported.

The company is seeking to raise about $1.2bn in an IPO of its EUROAPI unit next year. More banks could get added to the listing roster.

Dubai Holding weighs IPO of TECOM.

Dubai Holding, the investment vehicle of Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum, is weighing an IPO of TECOM Group, a business park operator, Reuters reported.

US investment banks Morgan Stanley, Goldman Sachs and Swiss bank UBS are close to securing a mandate for roles on the public share sale.

Eni hires JP Morgan to work on listing of Vaar Energi. (FS)

Eni, an Italian energy group, has hired JP Morgan to work on a possible listing of its Vaar Energi joint venture which could value the Norwegian oil and gas operator at up to $15bn, Reuters reported.

A final decision by Eni and HitecVision, a private equity firm, on whether to list a minority stake has not been taken but JP Morgan is testing the waters, along with other banks, for an IPO in the first half of next year.

APAC

Keppel raises offer for Singapore Press to $2.8bn. (FS)

Keppel, a Singaporean conglomerate, has raised its offer to buy Singapore Press Holdings, to $2.8bn, heating up a bidding war with a consortium that includes firms linked to Temasek Holdings, a Singaporean holding company, Reuters reported.

Keppel offers $1.74 per share to SPH shareholders in cash plus stock, and outbidding rival's $1.56 per share offer. Its initial offer was $1.56.

Temasek is advised by Morgan Stanley. Keppel is advised by JP Morgan and WongPartnership. Singapore Press Holdings is advised by Credit Suisse and Klareco Communications.

Unity to acquire Weta Digital for $1.63bn.

Unity, a provider of software services, agreed to acquire Weta Digital, a provider of a visual effect platform, for $1.63bn.

“Weta Digital’s sophistication is represented by dozens of tools that all build on the same, unified pipeline. Alone, each tool is uniquely powerful, but as a complete platform, they represent a quantum shift in our ability to make it easy for artists to bring their imagination to life and work together like never before. We are excited to work closely with WetaFX to continue to push the edge of the art of possible with these tools and to bring them to VFX, entertainment, and eventually gaming and other artists as we evolve our pipeline for content creators," Marc Whitten, Unity Senior Vice President and General Manager.

Unity is advised by Morrison & Foerster. Weta Digital is advised by The Raine Group.

Temasek and Tencent a $500m funding round in Xiaohongshu. (FS)

Temasek and Tencent led a $500m funding round in Xiaohongshu, a social e-commerce app. Additional investors include Genesis Capital, Tiantu and Alibaba .

Xiaohongshu, also known as RED, is a social media and e-commerce platform. It has been described as "China's answer to Instagram". Xiaohongshu also operates RED Mall, which sells international products to Chinese users.

Philippine business groups flag security risks in energy deals with president's ally.

Business groups in the Philippines spoke out over the sale of a combined 90% stake in the country's only gas-to-power project to a firm run by an ally of President Rodrigo Duterte, warning it could pose an energy security risk, Reuters reported.

The groups, which included the prominent Makati Business Club, urged the Senate and other agencies to "continue to investigate, speak, and act" over transactions that gave conglomerate Udenna control of the Malampaya natural gas assets, despite the firm having no track record in the sector.

Mitratel aims a maximum $1.68bn IPO.

PT Dayamitra Telekomunikasi (Mitratel), a unit of Telkom Indonesia, plans to raise a maximum $1.68bn in an IPO, Reuters reported.

The country’s biggest telco tower operator has done its book-building and is aiming to launch the offering on November 16-18, Ririek Ardiansyah, Telkom CEO.

TPG-backed PharmEasy owner files for $843m India IPO. (FS)

API Holdings, owner of India’s largest health tech startup PharmEasy, has filed for an IPO to raise as much as $843m, joining a flurry of listings in the South Asian nation as the stock market rallies, Bloomberg reported.

The company, backed by TPG and Temasek Holding, filed a draft red herring prospectus. API Holdings may do a pre-IPO placement of as much as $169m in which case the IPO size will be reduced accordingly.

Richard Li-backed FWD considers shifting US IPO to Hong Kong.

Richard Li-backed FWD Group, a multinational insurance company, is contemplating shifting its $2-3bn share sale from the United States to Hong Kong, Reuters reported.

The Hong Kong-based company, which filed confidentially in June for the New York IPO, is considering the switch amid delays by US regulators scrutinising the plan and lacklustre interest from investors.

Nykaa soars 89% in trading after IPO. (FS)

FSN e-commerce ventures, the entity that operates the Indian beauty startup Nykaa, rose as much as 89% on debut, even as the broader equity market dipped, Bloomberg reported.

The Mumbai-based firm was trading at $28 in Mumbai on November 10, 2021, after pricing its IPO at $15 per share, the top of a marketed range. The company’s IPO raised $722m via the sale.

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