AMERICAS
Paper Excellence, a global diversified manufacturer of pulp and specialty, printing, writing, and packaging papers, agreed to acquire Domtar, a provider of fiber-based products, for c.$3bn. The transaction is expected to close in the second half of 2021, subject to Domtar shareholder approval, receipt of the required regulatory approvals and other customary closing conditions.
“This marks a major step in our global strategy of identifying well-positioned assets and positioning them for growth. Domtar is a natural fit for our culture of operational excellence. We are enthusiastic about entering the American market as we continually improve Paper Excellence’s ability to serve its expanding blue-chip customer base," Joe Ragan, Paper Excellence CFO.
Domtar is advised by Morgan Stanley, Debevoise & Plimpton and Osler Hoskin & Harcourt. Paper Excellence is advised by Barclays, Latham & Watkins, McMillan, Mehigan, Miller Titerle and Kekst CNC.
Ginkgo Bioworks, a biotech company, agreed to go public via a SPAC merger with Soaring Eagle Acquisition in a $15bn deal. Investors have provided $775m in PIPE, with investments from Baillie Gifford, Putnam Investments, Counterpoint Global, ARK Invest, ArrowMark Partners, Bain Capital, Berkshire Partners, Franklin, Cascade Investment, Casdin Capital, General Atlantic, Senator Investment Group, T. Rowe Price Associates, Viking Global, Eagle Equity and Bellco Capital.
"Ginkgo's platform makes it easier to program this code, and we are making this platform available to organizations working to solve our most pressing problems. From mRNA vaccines reaching people's arms to combating climate change, the opportunity to work with programmed cells has never been more apparent," Jason Kelly, Ginkgo Bioworks Co-Founder and CEO.
Ginkgo Bioworks is advised by Allen & Company, Morgan Stanley, Latham & Watkins and Wachtell Lipton Rosen & Katz. Soaring Eagle is advised by Goldman Sachs and White & Case.
Better, a digital homeownership platform, agreed to go public via a SPAC merger with Aurora Acquisition in a $7.7bn deal. SoftBank, Novator Capital and Activant Capital have provided $1.5bn in PIPE. Subject to customary closing conditions, the transaction is expected to close in the fourth quarter of 2021.
"This transaction is the beginning of an amazing new chapter in Better's history. This transaction provides investment capital to accelerate Better's growth and support our mission to make homeownership simpler, faster, more affordable and more accessible for all Americans, and eventually everyone else," Vishal Garg, Better Founder and CEO.
Better is advised by Bank of America, Sullivan & Cromwell and ICR. Aurora Acquisition is advised by Barclays, Baker McKenzie and Ropes & Gray.
Wynn Interactive, an online gaming firm, agreed to go public via a SPAC merger with Austerlitz Acquisition in a $3.2bn deal. The transaction is expected to close by the end of 2021. Upon closing of the proposed transaction, the combined company will retain the "Wynn Interactive" name and relist its shares on the Nasdaq Stock Exchange under the new ticker symbol "WBET".
"We are confident that this transaction will unlock the tremendous potential of Wynn Interactive to further accelerate growth and enable the business to capture the massive opportunity in North America. Bill Foley is the ideal partner to ensure continued success – his track record with business combinations, extensive experience growing marquee consumer brands and partnering to maximize value in businesses like ours will be invaluable as we continue scaling," Matt Maddox, Wynn Resorts CEO and Wynn Interactive Chairman.
Wynn Resort is advised by Credit Suisse, Moelis & Co and Kirkland & Ellis. Austerlitz is advised by Bank of America, Weil Gotshal and Manges, and Solebury Trout.
Honest Capital, a long-term investor and At Home Group stockholder, intends to vote against the proposed sale of the company to Hellman & Friedman, an American private equity firm, for $2.8bn.
Honest Capital outlines why the price of $36 per share is grossly inadequate, given HOME's near- and long-term earnings power following the company's recent progress.
At Home Group is advised by Goldman Sachs, Fried Frank Harris Shriver & Jacobson and Joele Frank. Hellman & Friedman is advised by Guggenheim Partners, Simpson Thacher & Bartlett and Finsbury Glover Hering.
American Securities-backed Prince International, a manufacturer of mineral-based products, engineered additives and specialty coatings, agreed to acquire Ferro, a producer of a variety of coatings, colors, ceramics, chemicals, plastics, and related products, for $2.1bn.
"We are thrilled about combining Prince, Ferro, and Chromaflo, each a leader in their respective markets, to form a true global technology leader in color solutions, functional coatings and specialty minerals. The combination will result in a company with unmatched competencies in particle engineering, glass science and color technology. It will enhance our ability, on a global scale, to deliver state-of-the art products and innovative solutions that enrich everyday life," D. Michael Wilson, CEO Prince.
Prince is advised by Morgan Stanley, Barclays, Kirkland & Ellis and Gladstone Place Partners. Ferro is advised by Lazard and Simpson Thacher & Bartlett.
Private equity firm Charlesbank Capital Partners completed an investment in Ivanti, a company that automates IT and Security Operations to discover, manage, secure and service from cloud to edge. Financial terms were not disclosed.
"Charlesbank shares the same values and commitment to serving customers as Ivanti. Charlesbank was attracted to Ivanti because of the positive momentum we are achieving and, quite frankly, because they believe in our vision. With this investment, we will be able to accelerate our organic growth complemented with continued strategic acquisitions and expand our portfolio of solutions," Jim Schaper, Ivanti Chairman and CEO.
Ivanti was advised by Citigroup, UBS and Sidley Austin. Charlesbank was advised by Ropes & Gray. Clearlake was advised by Lambert & Co. TA Associates was advised by BackBay Communications.
MKS Instruments, a manufacturer and supplier of instruments and components used to control and analyze gases in semiconductor, agreed to acquire Photon Control, a provider of fiber optic measurement solutions, for $387m.
"The transaction is expected to accelerate the execution of our strategic plan, enhance access to additional customers and markets and provide efficiencies from greater scale. After careful deliberation, the special committee and the company's board of directors have unanimously concluded that the transaction is fair to the company's securityholders from a financial point of view and is in the best interests of the company and its employees," Neil McDonnell, Photon Control Chair of the Board of Directors.
MKS Instruments is advised by Greenhill & Co, Stikeman Elliott and Kekst CNC. Photon Control is advised by Echelon Wealth Partners and Blake Cassels & Graydon.
L Brands, an American fashion retailer, is set to spin off Bath & Body Works, a retailer of personal products, and Victoria's Secret, a lingerie, clothing, and beauty retailer. The company will be separated into two independent, public companies. The transaction is expected to be completed in August 2021.
The spin-off will enable each company to maximize management focus and financial flexibility to thrive in an evolving retail environment and deliver profitable growth.
"In the last ten months, we have made significant progress in the turnaround of the Victoria's Secret business, implementing merchandise and marketing initiatives to drive top line growth, as well as executing on a series of cost reduction actions, which together have dramatically increased profitability. As a result of these efforts, Victoria's Secret is now well-positioned to operate as a standalone, public company. Further, both Bath & Body Works and Victoria's Secret are leaders in their respective markets, and, as separate businesses, each will be ideally positioned to benefit from a sharpened focus on pursuing growth strategies best suited to each company's customer base and strategic objectives," Sarah Nash, L Brands Chair of the Board.
L Brands is advised by Goldman Sachs, JP Morgan, Davis Polk & Wardwell and Wachtell Lipton Rosen & Katz.
Alleghany Capital-backed Piedmont Manufacturing, a company providing injection molded and thermoformed parts, agreed to acquire Wilbert, a manufacturer of plastic products. Financial terms are not disclosed.
"We look forward to supporting Greg Botner, President and Chief Executive Officer of WPS, and his dedicated team of over 600 employees as they continue to provide their customers with essential components and services for products that consumers use every day. Consistent with our quasi-autonomous operating model, Greg and his senior management team will continue to lead the company post-closing and the transaction will not impact WPS's day-to-day operations," David Van Geyzel, Alleghany Capital President and CEO.
Alleghany Capital is advised by Seyfarth Shaw. Wilbert is advised by CC Capital Advisors and McGuireWoods.
The Hunt Group, a British e-commerce company, agreed to acquire Bentley Laboratories, a developer and manufacturer of skincare and haircare products, for $255m. The transaction is expected to complete within 30 days, following regulatory approval in the US.
"Bentley provides THG with US-based, pre-eminent in-house skincare and haircare new product development capabilities and manufacturing, which will be leveraged across THG's expanding own beauty brand portfolio, as well as THG's partner brands across Ingenuity and Beauty to embed THG even more deeply as a strategic partner to clients," Matthew Moulding, THG Executive Chairman and CEO.
THG is advised by Powerscourt.
Accenture agreed to acquire Linkbynet, a provider of cloud, DevOps and cyber security services, from Keensight Capital, a private equity manager dedicated to pan-European Growth Buyout investments. Financial terms were not disclosed.
"Our journey with Linkbynet is emblematic of the added value provided by Keensight Capital's team in supporting entrepreneurs and implementing growth strategies. Alongside Stéphane and Patrick, we have been able to support Linkbynet's organic development and the implementation of acquisitions enabling the company to strengthen its consulting and cybersecurity offerings," Philippe Crochet, Keensight Capital Managing Partner.
Linkbynet is advised by Arma Partners.
Kakao Entertainment, an operator of a mobile content platform, agreed to acquire Tapas Media and Radish Media, two storytelling platforms, for $510m and $440m, respectively.
"The partnership with Tapas and our webtoon IPs has already borne fruit and given us even more confidence in the North American marketplace. Radish gives us the platform to publish our web novels for the first time there, and we see endless potential. With the combination of our expertise in the IP business and Tapas and Radish's strong North American foothold, we are excited about what we can achieve together," Jinsoo Lee, Kakao Entertainment CEO.
General Catalyst, a venture capital firm, led a $200m Series D funding round in Ethos, an insurance firm, valuing the company at over $2bn. The round was joined by Sequoia Capital, Accel, GV, Roc Nation and Glade Brook Capital Partners.
"We are on a mission to protect the next million families and will use this money to continue improving the best insurance customer experience ever created. This funding will help us enrich our technology and data platform, and help us launch new products to enable everyone an opportunity to protect their families," Peter Colis, Ethos CEO and Co-Founder.
An investment consortium led a $160m Series A round in Acquco, a platform focused on acquiring third-party sellers on Amazon. The round's participants include CoVenture, Singh Capital Partners, Crossbeam, and other investors such as Aman Bhutani, GoDaddy CEO.
"My unique experience at Amazon originating and leading core initiatives with over $1bn in annual revenue impact provided me deep insights into the primary pain points and challenges that Amazon sellers face everyday. Combining these perspectives with over 7 years of direct experience operating and innovating within the Amazon ecosystem has allowed me to generate a truly differentiated edge and understanding of the Amazon universe," Raunak Nirmal, Acquco Founder and CEO.
Warburg Pincus led a $110m Series C funding round in Aetion, a health care technology company. Aetion's existing backers New Enterprise Associates and Flare Capital Partners also joined the round.
"This investment reinforces Aetion's position as an RWE leader and our potential for future growth as we enable our customers to generate regulatory-grade evidence at scale," Carolyn Magill, Aetion CEO.
Vice Media considers SPAC merger at $3bn valuation. (FS)
Vice Media, a cable and online entertainment group, is in talks to merge with a SPAC seeking a $3bn valuation. Vice would combine with 7GC & Co Holdings, a blank-check company led by Jack Leeney, a tech investor, Bloomberg reported.
TPG Capital and Walt Disney, Vice existing investors, would own 75% of the new company after the merger. 7GC & Co Holdings will own 25% of the company, joined by institutional investors.
BlackRock announces a $940m first close of Private Debt Fund for pension schemes. (FS)
BlackRock, an investment management company, launched a private debt fund, BlackRock Diversified Private Debt Fund, designed explicitly for UK pension schemes. The fund aims to access a variety of global private debt market exposures via a single strategy.
"The fund's differentiated approach aims to provide a yield premium, a reliable income stream and capital preservation through one single pooled fund with a simplified governance structure," Anne Parthiot-Mons, BlackRock Managing Director and Head of EMEA Consultant Relations.
Boundary Street closes debut fund with $330m commitments. (FS)
Boundary Street Capital, a provider of venture capital services, has closed its debut fund with more than $330m commitments. The company focuses on the digital infrastructure, enterprise software and technology services sectors. BSCP SBIC I has been tapped to back seven platform investments and add-on deals since its first close.
"The fund and our investors are well-positioned to capitalize on the strong secular tailwinds for lower-middle market digital infrastructure and technology businesses. Boundary Street adds value with more than just capital by leveraging our deep industry insights, proprietary partnerships with experienced operating executives and industry resources that aid and support portfolio company growth," Rashad Kawmy, Boundary Street Partner.
EMEA
Apollo Global-backed Gamenet Group, a gaming company, completed the acquisition of Lottomatica Videolot Rete, a provider of gaming services, and Lottomatica Scommesse, which offers lottery, gaming solutions, and commercial services, from International Game Technology, a multinational gaming company, for €950m ($1.15bn).
"The transaction enables IGT to monetize its leadership positions in the Italian B2C gaming machine, sports betting, and digital spaces at an attractive multiple to comparable Italian transactions, providing us with enhanced financial flexibility. Aligning with our recent reorganization, the favorable rebalancing of our business and geographic mix reframes and simplifies our priorities while improving the company's future profit margin, cash flow generation, and debt profile," Marco Sala, IGT CEO.
IGT was advised by Credit Suisse, UBS, NCTM and White & Case. Gamenet Group was advised by Barclays, Mediobanca, Cleary Gottlieb Steen & Hamilton, Latham & Watkins and Paul Weiss Rifkind Wharton & Garrison. Apollo Global was advised by PricewaterhouseCoopers.
Helios Towers, an independent telecommunications infrastructure company, agreed to acquire 2890 sites from Omantel, the largest mobile network operator in Oman, for $575m. The transaction is subject to conditions precedent, including, inter-alia, the approval of Telecommunications Regulatory Authority of Oman and other statutory authorities in Oman.
"This move also allows the monetization of our towers at attractive valuation levels, de-lever our balance sheet and will accelerate network development in next generation advanced technologies while enabling management to focus on innovation and product development while outsourcing non-core infrastructure management to a world-class infrastructure management firm - Helios Towers. We are excited to enter into this transaction and long-term strategic partnership with Helios Towers who have impressed us with their high level of expertise, interest and partnership credentials," Talal Said Al Mamari, Omantel CEO.
Helios Towers is advised by FTI Consulting. Omantel is advised by Citigroup, Freshfields Bruckhaus Deringer, Al Busaidy, Mansoor Jamal & Co, Ernst & Young and Hardiman Telecommunications.
Hempel Group, a supplier of trusted coating solutions, agreed to acquire Farrow & Ball, a UK-based manufacturer and retailer of premium paint and wallpaper, from Ares Management. The transaction is expected to close later this year. Financial terms were not disclosed.
“This sale culminates another successful partnership where our sponsorship helped catalyze transformational growth,” Jordan Smith, Ares Management Principal in the Private Equity Group.
Farrow & Ball is advised by Macfarlanes and Moelis & Co. Ares is advised by Rothschild & Co, Latham & Watkins and Mendel Communications.
SoftBank completed a $730m investment in THG, a British e-commerce company. Additionally, c. $270m was invested by other investors. SoftBank will have an option to invest a further $1.6bn into THG Ingenuity, THG's technology arm.
“The trading partnership opportunity is particularly exciting, providing Ingenuity with an unparalleled global growth opportunity. Furthermore, the combination of the acceleration of growth within Ingenuity and its separation into a distinct entity will enable THG to unlock significant incremental shareholder value over time. The capital raise will provide meaningful capital to accelerate our strategic growth ambitions across our whole business," Matthew Moulding, THG Executive Chairman.
THG was advised by Clifford Chance.
Blue Water, a private equity firm, formed Global Energy Storage, an energy storage infrastructure company, in a $250m deal.
"We have a proven ability to execute both greenfield and brownfield projects. We see growth areas in the storage and logistics for LNG, LPG, hydrogen, ammonia and renewable fuels. We're developing an exciting pipeline of projects in Southeast Asia, Latin America, and elsewhere across the globe. We anticipate announcing our first deal very soon. It's an exciting time for GES and we look forward to making further announcements soon about the expansion of the business," Peter Vucins, GES CEO.
Bluewater was advised by Media Zoo.
Polaris, a Nordic private equity firm, agreed to acquire a 51% stake in Stronger, a Sweden-based activewear provider, for $181m.
“The company operates in an attractive growth market, driven by an increased focus on health and we see continued great growth potential in the future - mainly through continued international expansion. We look forward to assisting the founders and management with our experience of company development," Johan Pernvi, Polaris Partner.
HIG Capital, a global alternative investment firm, agreed to acquire a majority stake in Infratech Bau, a general contractor of infrastructure services deploying fiber-to-the-home broadband networks. Financial terms were not disclosed.
“We are delighted to have found a strong financial partner with HIG. that allows us to continue providing high-quality services for our infrastructure customers and to continue growing our operations. Infratech’s specialization, experience and top-notch employee base will remain the foundation of our success in the German FTTH market,” Andreas Muchall, Infratech Co-founder and Managing Director.
Watsco, a distribution network for heating, air conditioning and refrigeration products, completed the acquisition of Acme Refrigeration, a distributor of air conditioning, heating and refrigeration products based in Baton Rouge, Louisiana. Financial terms were not disclosed.
"Acme has long been an admired company within its markets with a loyal customer following. Consistent with our buy-and-build acquisition strategy, Acme will operate under its existing name and under the direction of its current leadership team to provide continuity to customers, employees and OEM partners. We look forward to providing the resources, capital and technology needed to assist in achieving their growth plans," Albert H. Nahmad, Watsco Chairman and CEO.
UKGI completed the disposal of shares in NatWest Group for $1.55bn.
UK Government Investments completed the disposal of part of HM Treasury's shareholding in NatWest Group, a commercial bank.
The deal was effected by placing of 580m ordinary shares with a nominal value of $1.41 each through an accelerated book building process to institutional investors. The proceeds from the sale will be $1.55bn. The shareholding of HM Treasury has decreased from 59.8% to 54.8%.
UKGI was advised by Rothschild & Co, Freshfields Bruckhaus Deringer, and Tavistock Communications. Barclays, Citigroup, Goldman Sachs, and Morgan Stanley acted as joint book-runners in connection with the placing.
Oprah Winfrey-backed Oatly seeks $10bn valuation in US IPO.
Oprah Winfrey-backed Oatly, a vegan milk maker, aims for a valuation of about $10bn in a US IPO, following increasing consumer demand for plant-based dairy, Reuters reported.
The company plans to offer nearly 65m American depositary shares and an additional 20m shares from existing shareholders priced between $15 and $17 apiece. The company plans to raise about $1.43bn via the IPO.
Oatly is advised by Morgan Stanley, JP Morgan and Credit Suisse.
Thyssenkrupp considers IPO or SPAC for hydrogen business.
Thyssenkrupp, a German multinational conglomerate, weighs an IPO or a SPAC deal for its hydrogen business, stated CEO Martina Merz.
Thyssenkrupp Uhde Chlorine Engineers, a 66-34 joint venture of Thyssenkrupp and Italy's De Nora, is the world's largest supplier of chlor-alkali membrane technologies used to produce hydrogen.
Thyssenkrupp hired an investment bank to explore strategic options for the business and develop proposals by the summer.
JAB weighs IPO of petcare business and Panera Bread.
JAB, a German conglomerate, weighs an IPO of its petcare portfolio, Bloomberg reported.
The conglomerate is exploring options for the business. It could seek a US listing later this year or in early 2022. Moreover, it is also weighing options for Panera Bread, a chain of bakery-cafes, including a possible IPO in the US.
Hedosophia plans Amsterdam SPAC listing. (FS)
Hedosophia, an investment firm led by Ian Osborne, a British investor, plans to list a SPAC in Amsterdam to purchase a technology company principally based in Europe, Reuters reported.
The company aims to raise $558m by issuing 46m shares at $12.2 each. Hedosophia said the non-executive directors in the SPAC include Jochen Engert, Flixbus CEO, and Jan Kemper, Omio CFO.
Hedosophia is advised by Goldman Sachs.
Infobip considers raising about $500m before IPO.
Infobip, a Croatian technology firm making customer-service chatbots, plans to raise about $500m from investors this year to fund deals ahead of a US IPO, Bloomberg reported.
The company is in advanced talks with investors about the funding, which would be 60% to 70% higher than Infobip's previous $300m round. The acquisitions would give the company an expanded customer base and access to new technology.
"The market is very hot, very dynamic, it is moving quickly, and we plan to execute a few M&As before going public. In the next two to three months, we should be able to close on the deals we are working on already," Silvio Kutic, Infobip Founder and CEO.
ICG seeks $8.5bn for its eighth European debt fund. (FS)
Intermediate Capital Group, a private equity firm, looks to raise about $8.5bn for its latest flagship debt strategy, WSJ reported.
The asset manager invests in mid-market businesses mainly in Western Europe and specializes in private debt, equity and credit, providing financing solutions across the capital structure and pioneering new strategies to deliver value to their investors.
Abingworth closed the second major fund with $582m commitments. (FS)
Abingworth, a venture capital firm focusing on life sciences investments, announced the final closing of Clinical Co-Development Fund 2 at $582m. ACCD 2 was oversubscribed, exceeding the target of $350m.
The ACCD 2 fund will invest in late-stage clinical programs from pharmaceutical and biotechnology companies.
"Our bespoke clinical co-development approach has succeeded as an alternative investment strategy since we pioneered the concept a decade ago, both in terms of generating returns for investors and gaining new product approvals. Our CCD program enables biotech companies to avoid near-term equity dilution and enables resource-constrained pharma companies to pursue additional clinical projects," Kurt von Emster, Abingworth Managing Partner.
Abingworth was advised by Asante Capital, Wise Capital, and Goodwin Procter.
APAC
Australia’s Boral urged its shareholders to reject a takeover offer from diversified investor Seven Group Holdings, saying that the offer of buying Boral shares at no premium was opportunistic and undervalued the company, Reuters reported.
Seven, whose interests range from industrial services to media companies, offered to buy all the shares it does not already own in Boral for A$6.5 per share.
The offer by billionaire Kerry Stokes’ Seven Group came on the heels of a stellar 36% rally in Boral shares this year, underpinned by a hot property market and after Seven failed to increase its stake in the construction materials maker to 30%.
Seven Group is advised by Allens and Barrenjoey Capital Partners. Debt financing is provided by Barclays, ANZ and Westpac Banking.
Toshiba's board is set to appoint UBS as financial adviser to work on a strategic review of the firm facing a possible private equity bidding war, Reuters reported.
The appointment of advisers would help increase the transparency around Toshiba's decision-making.
Farallon Capital is advised by ASC Advisors and Propeller Project Labo.
Full Truck Alliance to launch a $1.5bn IPO. (FS)
Full Truck Alliance, an online commercial freight platform, aims to raise around $1.5bn from its IPO in New York, which will value the company at more than $20bn. Full Truck Alliance could file for a US listing as early as this week, Reuters reported.
Full Truck Alliance, the result of a 2017 merger between truck service platforms Yunmanman and Huochebang, connects drivers with truck owners and their mutual client base. The firm is backed by Tencent and SoftBank.
Monde Nissin attracts GIC and Fidelity to a $1bn IPO. (FS)
Monde Nissin, a Philippine-based food maker, is in talks with GIC, a Singapore state investment fund, and AIA Group, a Hong Kong-based insurer, to become cornerstone investors in what could be the country's biggest-ever initial public offering, Bloomberg reported.
Fidelity International and Capital Group are also in discussions to acquire stock in the offering. Monde Nissin set a final price of $0.28 per share for its IPO, raising $1bn.
Monde Nissin is advised by UBS, Citigroup, JP Morgan, BDO, BPI Capital and First Metro Investment.
Walmart-backed Flipkart in talks to raise $1bn ahead of IPO.
Walmart-backed Flipkart, an Indian e-commerce company, considers raising about $1bn at up to $30bn valuation in a pre-IPO financing round, DealStreetAsia reported.
The startup initiated fundraise possibilities with some investors earlier this year and hired bankers. In recent months, the company also discussed pushing its IPO timeline to early next year.
SoftBank considers IPO for PayPay.
Junichi Miyakawa, SoftBank CEO, said that SoftBank is considering listing PayPay, an electronic commerce company. The company also explores listing of SB Payment Service, a provider of business services, Reuters reported.
"We want PayPay to IPO in the future so they will become independent. I don't think that would be too far out," Junichi Miyakawa.
CTOS eyes $292m IPO in Q3.
CTOS Digital, a Malaysian credit reporting agency, looks to raise as much as $292m in an IPO valuing the company at $584m, DealStreetAsia reported.
The IPO proceeds were earmarked to repay bank borrowings and make acquisitions within three years. The firm's existing shareholders, Creador, a private equity firm, and the founders are selling half of their stakes on a pro-rata basis.
KKR-backed Australian Venue halts $276m Sydney IPO. (FS)
KKR-backed Australian Venue, a provider of hospitality landscape solutions, has shelved a planned IPO in Sydney over coronavirus concerns, Bloomberg reported.
The Melbourne-based company told prospective investors that it's withdrawing its first-time share sale, which could have raised $276m. The company also decided to halt the offering amid potentially weak demand from investors. Australian Venue and KKR have no plans to relaunch the offering this year.
Australian Venue is advised by Citigroup, Goldman Sachs and KKR Capital Markets.
Carlyle Group-backed ANE Logistics files for Hong Kong IPO. (FS)
Carlyle Group-backed ANE Logistics, a Chinese logistics firm, filed for an IPO on the main board of the Hong Kong Stock Exchange. The company did not disclose the size of the offering, DealStreetAsia reported.
The company plans to use the capital to acquire up to 10 key transit hubs in strategic locations, boost its line-haul truck fleet, develop its technology further and meet working capital requirements.
ANE Logistics is advised by CICC Capital and JP Morgan.
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