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AMERICAS
Frontier Communications' shareholders have approved a $20bn sale to Verizon even as a number of large investors sought to get a higher price, Reuters reported.
Shareholders had until November 13 to cast their votes on a deal that Verizon's CEO Hans Vestberg called a "strategic fit" that would allow the company to be more competitive in additional markets.
KKR, an American global investment company, and Dragoneer Investment Group, an investment firm, completed the acquisition of Instructure, an educational technology company, for $4.8bn.
"Given its unique positioning at the center of academic life, Instructure has a distinct opportunity to be a true end-to-end partner to students, teachers and administrators. Instructure has evolved into an expansive platform focused on delivering strong student outcomes under Thoma Bravo's stewardship. We look forward to working with Steve and the Instructure management team to accelerate growth and continue scaling its global portfolio of products," Webster Chua, KKR Partner.
Ovintiv, an American petroleum company, agreed to acquire certain Montney assets of Paramount Resources, a Canadian petroleum company, for $2.38bn.
“We are acquiring top decile rate of return assets in the heart of the Montney oil window. This acquisition is the targeted result of our in-depth technical and commercial analysis of the basin to identify the highest value undeveloped oil resource. The acquired assets have demonstrated leading well performance and are a natural fit with our operating advantage and our existing acreage. The assets come with ample midstream capacity, unlocking optionality for mid-single digit growth in our Montney oil and condensate volumes. The Montney is the second largest undeveloped oil resource in North America, and with this acquisition, we have solidified our position as the premier operator in the play," Brendan McCracken, Ovintiv President and CEO.
Ovintiv is advised by JP Morgan, Jefferies & Company, Morgan Stanley and Blake Cassels & Graydon. Financial advisors are advised by Gibson Dunn & Crutcher. Paramount Resources is advised by ATB Capital, BMO Capital Markets, Peters & Co, RBC Capital Markets and Norton Rose Fulbright.
Private exploration and production company FourPoint Resources, Quantum Capital and Kayne Anderson to acquire the Uinta Basin assets of Ovintiv, an oil and gas company, for $2bn.
“The opportunity to partner with Quantum and Kayne Anderson, two of the premier private equity firms in energy, will allow our team to immediately begin the work to grow production, cash flow and create value on one of the highest quality, inventory-rich assets in the Lower 48,” George Solich, FourPoint Chairman and CEO.
Quantum Capital is advised by Joele Frank. FourPoint Resources is advised by Wells Fargo Securities and Vinson & Elkins. Debt financing is provided by Wells Fargo Securities. Kayne Anderson is advised by Latham & Watkins. Ovintiv is advised by Bank of America, Jefferies & Company and Kirkland & Ellis. Financial advisors are advised by Gibson Dunn & Crutcher.
Bel Fuse, a manufacturer of electronic circuits, completed the acquisition of an 80% stake in Enercon Technologies, a networking solutions provider to aerospace and defense markets from Fortissimo Capital, a private equity firm, for $320m.
"The acquisition of Enercon will extend Bel’s Power segment into the aerospace and defense end markets, deepening our partnership with customers who support critical applications. The addition will result in 30% of Bel’s Power segment revenue and approximately 37% of consolidated Bel revenue supporting the aerospace and defense end markets. We are excited to work with the Enercon management team and Fortissimo in growing the business in the years to come," Daniel Bernstein, Bel CEO.
Enercon Technologies was advised by Citigroup and Gornitzky & Co. Bel Fuse was advised by Evercore, Needham & Co, Meitar Law Offices, White & Case and Three Part Advisors.
Tapestry is terminating its $8.5bn deal to buy Michael Kors owner Capri following a legal hurdle, ending their effort to create a US luxury giant to compete with major European players, Reuters reported.
The merger was blocked last month after the US Federal Trade Commission argued that it would eliminate head-to-head competition between the top two handbag makers and create a massive company with the power to unfairly raise prices.
Red Arts Capital-backed Coregistics, a contract packaging and logistics company, completed the acquisition of Belvika Trade & Packaging, a food and beverage industry contract packaging services provider. Financial terms were not disclosed.
“This acquisition marks a pivotal moment for Coregistics as we expand our footprint and reinforce our position as a leader in the contract packaging industry. We are thrilled to see the Belvika team continue to be a part of the business and are excited to welcome them to the Coregistics family. Their deep industry insights and proven track record of success will be invaluable as we continue to deliver exceptional packaging and logistics solutions to our valuable customers,” Victor Crawford, Coregistics Executive Chairman.
Belvika Trade & Packaging was advised by Houlihan Lokey. Red Arts Capital was advised by Greenberg Traurig and Osler Hoskin & Harcourt. Debt financing was provided by Brightwood Capital, Main Street Capital Corporation and Prudential Private Capital.
HighPost Capital and Charlesbank Capital Partners, a private equity firms, completed the investment in Front Row Group, an ecommerce agency and accelerator providing fully outsourced marketplace management services. Financial terms were not disclosed.
“We welcome HighPost as an investor in Front Row Group as we continue our efforts to accelerate our growth. HighPost’s deep consumer, technology, and ecommerce expertise will be critical to our business, not only in charting our own path, but in bringing value to our global clientele as well,” Yuriy Boykiv, Front Row Group CEO.
Front Row Group was advised by Jefferies & Company and Akerman. HighPost Capital was advised by Weil Gotshal and Manges and Gasthalter & Co (led by Jonathan Gasthalter). Charlesbank Capital Partners was advised by Lincoln International and Kirkland & Ellis.
CapVest Partners-backed Lakeview Farms, a fresh foods company, agreed to acquire the noosa yoghurt brand from Campbell Soup Company, a producer of soups and other canned foods. Financial terms were not disclosed.
"We are excited to welcome the noosa yoghurt brand and team to the Lakeview Farms family. noosa fits perfectly into our portfolio of premium refrigerated food brands and offers Lakeview a unique opportunity to step into the high-growth yogurt category. Noosa also brings us a team with deep talent and expertise and a state-of-the-art manufacturing facility. We look forward to noosa joining us as we continue building our business through commitment to innovation, quality products, and world-class manufacturing and distribution," Tom Davis, Lakeview Farms CEO.
Lakeview Farms is advised by Citigroup, TD Securities and Truist Securities. Debt financing is provided by Citigroup, TD Securities and Truist Securities.
Wonder Franchises, an emerging franchisors, franchisees and select multi-site retail assets holding company, completed the acquisition of The Decor Group, a holiday decorating and outdoor lighting services provider. Financial terms were not disclosed.
“We care deeply about our franchisees, and we feel like the folks at Wonder are the perfect fit for our vision for the business. We love their core values, and they really lived them throughout this process. We value their focus on franchise businesses, with their team bringing experience across several systems of varying sizes and industries. We anticipate that this arrangement will accelerate the growth and overall health of the business, and expand our franchisees’ reach to even more markets,” Blake Smith, The Decor Group CEO.
The Decor Group was advised by Generational Equity (led by Michael Goss) and Stephenson Fournier. Wonder Franchises was advised by Boxwood Partners and Lathrop GPM. Tucker's Farm was advised by Prosek Partners (led by Eli Kapsack).
Kingswood Capital, a private equity firm, completed the acquisition of Branding Iron Holdings, a provider of branded and private label protein products, including beef and pork, with a core focus on frozen and refrigerated ground meats. Financial terms were not disclosed.
“It was important to us to identify a long-term partner who will help us grow and support customers across every channel, and we believe we found that in Kingswood. We are proud of what we have built at Branding Iron and are highly confident that customers will continue to enjoy the quality and service they have grown accustomed to, while we seek out ways to improve upon our excellent standards of delivery. We are excited about preserving our tremendous culture and look forward to our future partnership with Kingswood,” Andy Touchette, Branding Iron COO.
Kingswood Capital was advised by Kirkland & Ellis, Lazard and Configure Partners. Branding Iron was advised by Northborne Partners and Stinson.
Abpro, a biotechnology company focused on therapeutics, diagnostics, and research, went public via a SPAC merger with Atlantic Coastal Acquisition II, a special purpose acquisition corporation, in a $725m deal.
“This is a milestone for Abpro, and we look forward to working with Atlantic Coastal and its team. The proceeds we expect to raise in connection with this transaction will help accelerate the advancement of our pipeline toward clinical trials and provide the foundation for ongoing development of novel immunotherapies to help patients,” Ian Chan, Abpro CEO and Co-Founder.
Abpro was advised by Brookline Capital, Nelson Mullins Riley & Scarborough and Matter Communications (led by Deanna Meservey). Atlantic Coastal was advised by Pillsbury Winthrop Shaw Pittman.
ZMC, a New York-based private equity firm, completed the acquisition of a majority stake in Pure Wafer, a semiconductor silicon wafer solutions and services provider. Financial terms were not disclosed.
“A shared vision and an understanding of the commitment needed to drive a winning growth plan underpins this inspiring new partnership. ZMC’s investment in advanced technology, operational capabilities and equipment to drive growth will help us extend our industry leadership and enhance our unique silicon solutions offerings to more quickly meet the demand from new and existing semiconductor customers,” S. Mark Borowicz, Pure Wafer CEO.
Pure Wafer was advised by TD Cowen, Taft Stettinius & Hollister and Hill & Kincaid (led by Alison Parnell). ZMC was advised by Sidley Austin.
Sterling Investment Partners, a private equity firm, completed the acquisition of PROtect, a compliance services provider. Financial terms were not disclosed.
"We are thrilled to partner with PROtect. Safety, reliability and compliance services are non-discretionary, critical requirements for PROtect's customers. Since inception, PROtect has demonstrated its capabilities as an enterprise-level risk management partner with a strong culture, differentiated service delivery model and substantial opportunities ahead to create further value for all stakeholders, including customers and employees," Michael Barr, Sterling Senior Partner.
PROtect was advised by Houlihan Lokey. Sterling Investment Partners was advised by Dechert, Seyfarth Shaw and Alvarez & Marsal.
General Mills, an American multinational manufacturer and marketer of branded processed consumer foods, agreed to acquire North American cat feeding and pet treating business from NXMH-backed Whitebridge Pet Brands, a provider of natural and minimally processed pet foods, complements, treats and supplements, for $1.45bn.
“Acquiring the Tiki Pets and Cloud Star portfolio strengthens our commitment in the Pet space. These brands complement our Blue Buffalo portfolio and will help us incrementally grow in Cat feeding and Treats. We’re excited to welcome the North American Whitebridge team to General Mills and to provide pet parents with an expanding portfolio of brands to feed and treat their pets like family,” Jon Nudi, General Mills Group President.
General Mills is advised by Paul Weiss Rifkind & Garrison (led by Laura Turano and Dotun Obadina). NXMH is advised by Houlihan Lokey and Willkie Farr & Gallagher.
L&T Technology Services, an engineering research and development services provider, agreed to acquire Intelliswift Software, an information technology and services provider, for $110m.
“Joining forces with a prominent Engineering & R&D services leader like LTTS is a strategic step forward for Intelliswift. Together, we aim to become the leading technology partner for major hyperscalers and companies worldwide that depend on us for business critical products and platforms, significantly enhancing our digital offerings. Our customers will benefit from innovative advancements throughout the software and digital platform lifecycle,” Pat Patel, Intelliswift Founder and Chairman.
Intelliswift Software is advised by Talwar Thakore & Associates. L&T Technology is advised by Holland & Knight and Khaitan & Co.
Satellite TV provider DirecTV said on November 12 it will abandon its planned acquisition of EchoStar's satellite television business that includes Dish TV by November 22 if bondholders don't agree to a debt exchange.
A group of Dish bondholders rejected the proposed debt-exchange offer from DirecTV that was contingent upon them accepting a "haircut" of $1.5bn, Reuters reported.
Echostar is advised by JP Morgan and White & Case.
Exchange Income, a diversified, acquisition-oriented company focused on opportunities in the aerospace & aviation and manufacturing segments, completed the acquisition of Spartan Mat and Spartan Composites, an industrial composite access mat creators and manufacturers, for $120m.
“EIC has spent the last two years researching and understanding the US ground protection landscape and assessed a number of acquisitions in the US. It became evident to our team that composite alternatives were growing in importance and a strong composite strategy was crucial for future success. Spartan was the perfect match to execute on our Environmental Access Solutions business line growth strategy for the US market. Spartan is one of only three industrial composite mat manufacturers in the US, providing us with direct exposure to market tailwinds in the coming years. Spartan’s team has done an impressive job scaling the business since its inception and we look forward to having them join the EIC family,” Mike Pyle, EIC CEO.
Spartan Mat was advised by Osborn Maledon. Exchange Income Corporation was advised by BakerHostetler.
Inverness Graham, a private equity firm, completed the acquisition of Alliant, a data-driven audience company. Financial terms were not disclosed.
"We are excited to support the team at Alliant as they build on their expertise in data, analytics and technology to deliver audiences and critical insights to their customers across channels. Alliant is uniquely positioned to deliver and support the trend towards customization in consumer engagement across the buyer journey. We aim to strengthen Alliant’s co-op model by welcoming even greater participation into our member network and building upon the company’s deep expertise in data science, advanced technology and marketing, while upholding its longstanding commitment to robust data governance practices,” said Michael Morrissey, Inverness Graham Managing Principal.
Halifax Group, a middle-market private equity firm, completed the investment in Universal Air Conditioner, a designer and distributor of branded aftermarket HVAC equipment primarily. Financial terms were not disclosed.
"We are excited to continue Halifax's legacy of investing in the automotive aftermarket sector by partnering with Francisco, Sophia, and the UAC management team. As the first institutional capital in the business, we look forward to working with management to build on an already impressive foundation that will support a much larger platform and position the Company to thrive in its next phase of growth," Jamie Cavanaugh, Halifax Principal.
Halifax Group was advised by Jefferies & Company and Lambert & Co (led by Caroline Luz).
TransAlta, an electricity power generator and wholesale marketing company, agreed to acquire Heartland Generation, a power generation company, from Energy Capital Partners, an American investment firm, at a reduced price of $542m.
“We are pleased to be able to move forward with the Heartland acquisition in the coming weeks, and to incorporate Heartland's complementary assets within our Alberta portfolio. Consistent with our original investment thesis, the Alberta market will increasingly require low-cost, flexible and fast-responding generation to support grid reliability over the coming years. The transaction supports our competitive position in Alberta by ensuring we maintain a robust and diversified portfolio, which together with our energy marketing capabilities, complements and supports Alberta's electricity grid. The Heartland portfolio will contribute meaningful cash flows with significant value from our corporate synergies, even with the planned asset divestitures," John Kousinioris, TransAlta President and CEO.
TransAlta is advised by McCarthy Tetrault.
Sagewind Capital-backed Tria Federal, a premier middle-market technology and advisory services provider, completed the acquisition of Softrams, a technology firm specializing in human-centered digital services and system modernization. Financial terms were not disclosed.
"Our acquisition of Softrams is an inflection point in our journey to become a major player in federal health. Softrams brings exceptional technical capabilities and customer relationships that complement our existing strengths across multiple agencies. Together, we will deliver both innovative products and comprehensive services that help government agencies work faster, grow smarter, and stay nimble in the face of change," Tim Borchert, Tria Federal CEO.
Tria Federal was advised by JP Morgan.
The King Abdullah International Medical Research Center, an international institute of biomedical and clinical research, completed a $50m investment in Flashpoint Therapeutics, a developer of new class of cancer immunotherapies.
"The establishment of our Center of Excellence with KAIMRC and our growing clinical pipeline demonstrate the momentum behind Flashpoint's structural nanomedicine platform. We're executing a dual strategy of internal development and pharmaceutical partnerships to advance first-in-class structural nanomedicines that could fundamentally change how we treat complex diseases," Adam Margolin, Flashpoint Therapeutics CEO.
Family offices flock to $140bn market for secondary sales.
Chicago’s Mills dynasty built one of the world’s biggest health-care fortunes over the past century, but these days they’re part of a group driving another multibillion-dollar market, Bloomberg reported.
The family office for the clan behind Medline Industries led a recent spin-out deal for biotech company Medix Biochemica from a European private equity fund, joining scores of investment firms for the mega-rich betting on the so-called secondaries sector.
Thrive Capital in talks to invest about $1bn in Databricks. (FS)
Thrive Capital is in talks to acquire a roughly $1bn stake in analytics software maker Databricks in deal that would value the startup at about $55bn, Bloomberg reported.
Thrive is expected to lead a share sale, also known as a tender offer, for the company. A tender offer is a type of deal that allows some early investors and employees to sell stakes to new investors.
Ridgemar's owner explores $1bn-plus sale of US oil producer. (FS)
The private equity owner of Ridgemar Energy is exploring a sale of the US oil and gas producer that could value the company at more than $1bn, including debt, Reuters reported.
Ridgemar, which is backed by Carnelian Energy Capital, is working with investment bankers at RBC Capital Markets on a sale process for its operations in the Eagle Ford Basin of South Texas.
Venture Global LNG plans filing as soon as this week for $3bn IPO.
Venture Global LNG is planning to file as soon as this week for an initial public offering that could raise more than $3bn, Bloomberg reported.
The company, one of the biggest suppliers of liquefied natural gas in the US, is working with Goldman Sachs, JP Morgan, and Bank of America on the listing. Details of the company’s plans could still change.
DE Shaw secures $1bn for latest Alkali private credit fund. (FS)
DE Shaw, one of the worlds largest hedge fund firms with over $60bn in assets, has raised $1bn for its latest private credit-focused fund, Alkali VI, which will invest in corporate and structured debt as well as synthetic securitisations.
The report cites a statement shared with Bloomberg News as confirming that the new fund, the sixth in DE Shaw’s Alkali series since its inception in 2012, focuses on less liquid, credit-related assets. Approximately half of the capital raised comes from existing investors in previous Alkali funds, marking an increase from its prior 2021 fund.
EMEA
Britain's competition regulator said on November 14 it referred GXO Logistics' acquisition of UK peer Wincanton to an in-depth investigation after the US-based warehousing firm did not present remedies for competition concerns, Reuters reported.
GXO Logistics, an American global contract logistics company, completed the acquisition of Wincanton, a supply chain partner, on April 29.
Tencent-backed Miniclip, a Swiss mobile game publisher, agreed to acquire Easybrain, a mobile game developer, from Embracer Group, a Swedish video game and media holding company, for $1.2bn.
“We are delighted to welcome Easybrain to Miniclip. We have long admired Easybrain’s ability to build loyal and engaged puzzle game communities. The addition of evergreen franchises like Sudoku.com further reinforces our vision to engage a broad audience of players. Oleg and I have known each other for some time, and we are happy to be able to work together to deliver exceptional experiences for our players. The combination of Miniclip and Easybrain brings us closer to our vision of unleashing the gamer in everyone,” Saad Choudri, Miniclip CEO.
Miniclip is advised by Bank of America, KPMG and Latham & Watkins. Tencent is advised by Brunswick Group. Embracer Group is advised by Aream & Co, Ernst & Young and Covington & Burling.
Grafiti, an XTI Aerospace subsidiary offering a comprehensive and versatile data analytics and statistical visualization solutions, completed the merger with Damon Motors, an electric motorcycle company, in a $300m deal.
“You can’t be the future of anything if you’re not better than the past. It is necessary for us to target performance metrics as good or better than anything achieved before, otherwise we won’t see masses of people giving up their gas motorbikes for electric ones - people want to trade up in life,” Jay Giraud, Damon Founder and CEO.
Inpixon was advised by Maxim Group and Norton Rose Fulbright. Damon Motors was advised by Joseph Gunnar, Dorsey & Whitney, Gowling WLG and LMG PR (led by Donna Loughlin Michaels).
Compass, a holding company, agreed to acquire 4Service, a provider of food and facilities management services, from Norvestor, a private equity firm. Financial terms were not disclosed.
“Working together with Tor and the management team has been a privilege and a fantastic journey, and we are very happy with their achievements during our time together. 4Service has grown rapidly and at the same time consistently delivered strong results. In this new setting, 4Service will have the opportunity to benefit from being part of one of the world’s leading providers of food services while still maintaining their customer centric, local approach. We wish them all the best in the next phase," Fredrik Korterud, Norvestor Partner.
Norvestor is advised by Boston Consulting Group, PricewaterhouseCoopers, Rothschild & Co and BAHR.
Bregal Unternehmerkapital-backed Netrics Group, a provider of managed cloud and digital workplace solutions, completed the acquisition of Solify, a cloud security and holistic operations services provider. Financial terms were not disclosed.
"Solify's experienced team of highly qualified public cloud specialists will remain a direct point of contact for its customers and will continue to operate independently under the familiar, established name at this time. All processes and structures will remain unchanged to offer Solify's customers the usual support and high level of service that they know and value. At the same time, they will benefit from an even more comprehensive service portfolio in the areas of managed cloud, digital workplace, cyber security and consulting services from Netrics," Bregal Unternehmerkapital.
Access Bank, a commercial bank, agreed to acquire a majority stake in Afrasia Bank, a Mauritian bank, from banks IBL and National Bank of Canada. Financial terms were not disclosed.
“This acquisition marks a pivotal moment in our African growth strategy, reinforcing our position as a leading Pan-African financial institution. Mauritius offers immense potential as an international financial hub, and through Afrasia Bank, we are excited to unlock new opportunities to drive trade, support businesses, and foster economic inclusion across the region as we continue our mission to be the World’s Most Respected African Bank," Roosevelt Ogbonna, Access Bank Managing Director and CEO.
IBL is advised by Rothschild & Co.
Banco BPM, an Italian retail and corporate banking conglomerate, completed the acquisition of 5% stake in Banca Monte dei Paschi di Siena, an Italian commercial and retail bank, for €370m ($393m).
“The acquisition of a stake in MPS by Banco BPM is part of the broader context of the voluntary public tender offer on the entire share capital of Anima,” BPM.
Banks to pitch roughly €11bn buyout debt deal for Grifols. (FS)
Banks are getting ready to submit final offers to Brookfield Asset Management for a debt package of about €11bn ($11.6bn) to back the take-private of Spanish pharmaceutical producer Grifols.
Lenders are preparing to send final proposals next week, with the expectation that a bank group will be appointed by the end of the month, Bloomberg reported.
St. Gobain is said to weigh €2.5bn sale of auto glass unit. (FS)
Cie. de Saint-Gobain is exploring a potential sale of its auto glass unit that could fetch as much as €2.5bn ($2.7bn), Bloomberg reported.
The French building materials producer is working with advisers as it studies a possible divestment. It has reached out to potential suitors to gauge their interest in the business.
Italy’s Paschi stake sale is step in plan to Spur Bank M&A.
Italian Prime Minister Giorgia Meloni moved forward with her plan to use the privatization of Banca Monte dei Paschi di Siena to promote domestic banking consolidation as the latest share sale saw several national firms buy major stakes.
The 15% stake sold by Rome in Paschi went to Banco BPM, which got 5%, and Anima Holding with 3%, according to statements from the firms. Caltagirone Group bought 3.5% and so did the family of the late EssilorLuxottica founder Leonardo Del Vecchio, Bloomberg reported.
Shell aims to sell majority stake in carbon offsets business.
Shell is looking to sell part of its portfolio of nature-based carbon projects amid a market contraction for emissions offsets. The plan continues the oil major’s shift as Chief Executive Officer Wael Sawan focuses on driving returns for the business, Bloomberg reported.
The company has retreated from operations where it doesn’t see a strategic advantage, such as offshore wind development, despite pledges in recent years to deliver significant growth in these low-carbon areas.
QinetiQ eyes US expansion amid higher defense budgets.
Defense company QinetiQ is planning to expand in the US as the country ramps up defense spending, its chief executive said after the company posted revenue above expectations, WSJ reported.
The London-listed company said November 14 that its revenue increased 7% to £946.8m ($1.21bn) in the six months to September 30 compared with the same period a year earlier. This was slightly above a consensus estimate of £944m ($1.2bn) provided by Visible Alpha.
In major Geely shake-up, EV brand Zeekr to take control of Lynk.
China's Geely said on November 14 its premium electric vehicle maker Zeekr plans to take control of Lynk, a sister brand - the first big restructuring move in a planned overhaul for the sprawling automotive group, Reuters reported.
Geely Holding, which owns the two marques as well as 10 other automotive brands, has pivoted away from its history of aggressive acquisitions to streamlining its operations and cutting costs.
Barclays to keep 20% stake in merchant payments arm amid Brookfield talks. (FS)
Barclays is edging towards a deal to offload its merchant acquiring arm in the UK that will see it remaining as an investor in the business.
Barclays and Brookfield, the Canadian asset management giant, are in detailed talks about a deal that would involve the British lender retaining a 20% stake in the division, Sky News reported.
Altnets Freedom Fibre and Zzoomm dial up merger talks.
Two of Britain's biggest independent fibre broadband networks have been holding talks about a combination that would value the enlarged entity at several hundred million pounds.
Zzoomm is in discussions with potential merger partners including Freedom Fibre, which is backed by the infrastructure investor Basalt, Sky News reported.
CVC in running to buy Birmingham Phoenix Hundred franchise. (FS)
CVC Capital Partners is bidding for a stake in the Birmingham Phoenix Hundred cricket franchise in a move which throws the spotlight on its relationship with the chairman of its host county.
CVC is among the parties shortlisted to acquire the England and Wales Cricket Board's (ECB) 49% stake in Birmingham Phoenix, which is based at Edgbaston, the home of Warwickshire County Cricket Club, Sky News reported.
Unilever explores sale of Dutch brands like Unox, Conimex.
Unilever is exploring the sale of some of its Dutch food brands, as part of a turnaround strategy led by CEO Hein Schumacher to focus on its biggest "power" labels, Reuters reported.
Unilever has lined up ABN Amro to conduct a sale of some of the Dutch food brands, including Unox soups and Conimex seasonings.
China firms seek Frankfurt listings to revive Europe connection.
Chinese companies are exploring Germany as a fundraising venue, in a move that could reinvigorate the European market for their global depositary receipts. Two companies are getting ready to test the waters, Bloomberg reported.
Renewable-energy firm Sungrow Power Supply is planning to seek as much CNY4.88bn ($680m) in Frankfurt through the sale of GDRs. Solar-panel maker JinkoSolar Holding announced an offering of as much as CNY4.5bn ($640m) of the receipts in a Shanghai-listed unit.
Arnault son climbs LVMH’s top ranks in further leadership reshuffle. (People)
LVMH said it is elevating Alexandre Arnault, a son of Chairman Bernard Arnault, to deputy CEO of the group’s vast wine-and-spirits division, part of a broad reshuffle at the French luxury giant as it navigates changing spending in the sector, WSJ reported.
The move sets up the younger Arnault in a key management position in a core LVMH unit hit particularly hard. The leadership changes are the latest in a wider generational shift in the company’s management as Bernard Arnault positions his children to one day take over the conglomerate.
APAC
Mizuho Financial Group, a financial services company, agreed to acquire a 14.99% stake in Rakuten Card, a credit card unit of Rakuten Group, a Japanese technology conglomerate, for $1.06bn.
Through the tie-up, Rakuten and Mizuho aim to strengthen their credit card operations by utilizing their customer bases.
Rakuten Group is advised by Mitsubishi UFJ Morgan Stanley Securities.
Blackstone eyes 20% stake in India Haldiram's at $8bn valuation. (FS)
Blackstone has dropped plans to acquire a majority stake in the snacks business of India’s Haldiram’s but is now discussing the purchase of a 20% stake at a valuation of $8bn, which is still a sticking point, DealStreetAsia reported.
Haldiram’s, which Euromonitor International estimates have a share of almost 13% of India’s $6.2bn market for savoury snacks, has more than 150 restaurants, but many foreign investors are salivating over its popular snacks business.
Blackstone invests $300m in hedge fund Brigade Capital. (FS)
Hedge fund Brigade Capital is receiving a $300m investment from Blackstone to help build its new private credit strategy and expand its collateralized loan obligations platform, DealStreetAsia reported.
Brigade, an established credit investment specialist that made headlines earlier this year with a joint bid for department store Macy’s M.N, is building expertise in the hot private credit market where some $2tn in loans are being made to corporations by non-banks.
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