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Talos Energy, an independent oil and gas company, announced that all of the proposals related to its previously announced acquisition of EnVen Energy were approved by the requisite holders of Talos common stock at the company's special meeting of stockholders held on February 8, 2023.
The final voting results from the Special Meeting will be reported in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission after certification by the company's inspector of elections. The closing of the EnVen acquisition is expected to occur on February 13, 2023, subject to customary closing conditions.
EnVen is advised by Intrepid Partners and Davis Polk & Wardwell (led by William J. Chudd). Intrepid Partners is advised by Gibson Dunn & Crutcher (led by Hillary Holmes). Talos Energy is advised by JP Morgan, KeyBanc Capital Markets and Vinson & Elkins (led by Lande Spottswood). Financial advisors are advised by Cravath Swaine & Moore (led by Minh Van Ngo and Andrew Wark).
Allurion, a full stack weight-loss platform, agreed to go public via a SPAC merger with Compute Health Acquisition, a special purpose acquisition company, in a $500m deal. The transaction includes a PIPE investment from RTW Investments.
"This transaction is an important milestone for the Company. Allurion is just beginning its mission to end obesity around the world. With over 100k patients treated and counting, we have our sights set on touching the lives of the 2bn people globally who are overweight. By combining our revolutionary Allurion Balloon with a digital platform and behavior change program, we have created the world's first and only full-stack weight loss platform. We look forward to investing this capital to fulfill our mission," Shantanu Gaur, Allurion Co-Founder and CEO.
Allurion is advised by Jefferies & Company, Goodwin Procter and Westwicke (led by Mike Cavanaugh). Jefferies is advised by Kirkland & Ellis. Compute Health is advised by Credit Suisse and Skadden Arps Slate Meagher & Flom. Credit Suisse is advised by Davis Polk & Wardwell.
KKR-backed Boasso Global, a provider of depot and transportation services, agreed to acquire Quala, a liquid bulk container cleaning and maintenance services provider, from Advent International, a global private equity investor. Financial terms were not disclosed.
"We are focused on meeting the needs of our global customers and the combination of Boasso and Quala makes perfect strategic sense. This transaction will enhance our ability to deliver safe, compliant and best-in-class services to our ISO tank container customers and meaningfully expand our access to more locations across North America to better serve their needs. This is a rare opportunity to put together two Tampa-based, complementary businesses and I am excited to work with Scott and his talented team to unite the best of our organizations with a focus on enhanced efficiency and growing our range of premium solutions for the liquid bulk logistics industry," Joe Troy, Boasso CEO.
Quala is advised by Bank of America, Credit Suisse and Weil Gotshal and Manges. Boasso is advised by Citigroup, Simpson Thacher & Bartlett and B2 Communications (led by Kyle Parks). Advent is advised by FGS Global (led by Anna Epstein and Zachary Tramonti).
Emergent Cold Latin America, the fastest-growing temperature-controlled storage and logistics service provider in Latin America, agreed to acquire Qualianz, a premier storage and logistics platform. Financial terms were not disclosed.
"Adding Qualianz to our growing network is a big step forward in our vision to become the most dynamic temperature-controlled logistics partner in Latin America. Mario, Alejandro, and the entire Qualianz management team have built a fantastic company that is known throughout the industry for its innovation, operational excellence and superior service. I am very excited for the opportunities that this transaction will create for our combined customers and the food logistics marketplace," Neal Rider, Emergent Cold LatAm CEO.
Qualianz is advised by JP Morgan, Santos Elizondo and Sidley Austin. Emergent Cold LatAm is advised by 44 Capital, Creel Garcia-Cuellar Aiza y Enriquez and Latham & Watkins.
Takeda, a pharmaceutical company, completed the acquisition of Nimbus Lakshmi, a wholly-owned subsidiary of Nimbus Therapeutics, a developer of small molecule compounds, for $6bn.
"We are thrilled to reach this important milestone for what we believe is a best-in-class molecule in the new therapeutic class of oral, selective allosteric TYK2 inhibitors, which has the potential to address high unmet need for patients across a broad range of immune-mediated diseases. We look forward to continuing to design future breakthrough medicines, leveraging Nimbus' unique approach at the intersection of computational chemistry and pharmaceutical sciences, and building on our track record of success." Jeb Keiper, Nimbus CEO.
Globus Medical, a musculoskeletal solutions company, agreed to merge with NuVasive, a medical devices company based in San Diego, in a $3.1bn deal.
"This transaction reflects our mission to become the leading musculoskeletal technology company in the world by developing products that promote healing in patients with musculoskeletal disorders. With NuVasive, we can help support more patients through leading innovation and expanding our commercial reach to provide superior service to our surgeon and hospital partners. We look forward to combining the NuVasive and Globus Medical teams to capitalize on the many opportunities to improve patient care and create sustainable shareholder value," Dan Scavilla, Globus Medical President and CEO.
NuVasive is advised by Bank of America and Wachtell Lipton Rosen & Katz. Globus Medical is advised by Goldman Sachs and Goodwin Procter.
Post Holdings, a consumer packaged goods holding company, agreed to acquire pet food brands of The J.M. Smucker Co, an American manufacturer of food and beverage products, for $1.2bn.
"We expect this acquisition to continue our history of creating value with a buy and build approach to categories. These iconic brands are ideally suited to this strategy. Most importantly, I am delighted to welcome the over 1k talented people who will join us as Post colleagues," Rob Vitale, Post President and CEO.
The J.M. Smucker Co is advised by Goldman Sachs and Wachtell Lipton Rosen & Katz (led by Steven A. Rosenblum and Ronald C. Chen). Post Holdings is advised by Barclays and Evercore.
Diversified Energy Company, an independent energy company, agreed to acquire the Central Region upstream assets and related infrastructure of Tanos Energy, a provider of oil and gas field services, for $250m.
"Today's announcement marks an exciting start to the year with an accretive acquisition contiguous to our existing Central Region assets. This transaction will drive additional synergies of scale and reduce the combined assets' unit-level expenses to increase already high margins. Accordingly, this acquisition will nicely align with our emphasis on generating free cash flow while increasing our exposure to the premium Gulf Coast market, providing access to the higher realized pricing, lower regional differentials, and the long-term demand pull from the growth in LNG markets," Rusty Hutson, Tanos Energy CEO.
Knox Lane, an investment firm focused on partnering with growth-oriented businesses in the services and consumer sectors, completed the investment in Spectrum Science, an independent, integrated marketing, communications and media firm. Financial terms were not disclosed
The partnership will support the continued expansion of Spectrum's strategic communications capabilities, while also enabling the Company to build on its unique approach to clinical trial recruitment, broaden consultative capabilities for medical affairs clients and drive enhanced tech enablement throughout the organization.
Spectrum Science was advised by Houlihan Lokey and Alston & Bird. Knox Lane was advised by Jefferies & Company and Kirkland & Ellis
(led by Hamed Meshki
and Evan M. Roberts
Oaktree Capital Management, an investment company, agreed to acquire a majority stake in Enercon Services, a multi-disciplinary engineering and environmental services firm, from AE Industrial Partners, a private equity firm specializing in aerospace, defense & government services, space, power & utility services, and specialty industrial markets.
"Over the course of our ownership, we worked closely with the Enercon team to build upon its strong foundation and expand its service offerings and geographic reach. Enercon has solidified its position as a leader in specialized engineering services, and we believe that the Company is well positioned to benefit from the attractive tailwinds in its energy and environmental end markets," Michael Greene, AEI Managing Partner.
AE Industrial Partners is advised by Harris Williams & Co and Kirkland & Ellis.
Kian Capital-backed SPATCO, a supplier, installer and maintenance provider for fueling stations and EV charging infrastructure, completed the acquisition of Petro Supply, a distributor of petroleum equipment. Financial terms were not disclosed.
"We are proud of the differentiated platform we've developed and that highly-respected business owners like Galen, Brandon and Kevin are entrusting SPATCO as a partner to continue their legacies. The strength of their respective teams is undeniable and will provide a huge leap forward in our strategy to be the top integrated platform in the country for the petroleum convenience store and EV markets," John Force, SPATCO President and CEO.
Kian Capital was advised by Robinson Bradshaw and MiddleM Creative (led by Kara Petracek).
Abbott, a medical devices and health care company, agreed to acquire Cardiovascular Systems, a medical device company with an innovative atherectomy system used in treating peripheral and coronary artery disease, for $890m.
"The acquisition of CSI will add new, complementary technologies to Abbott's leading vascular device offerings. CSI has a talented and experienced team and a leading atherectomy system that will allow Abbott to provide physicians more tools to help patients live fuller lives," Lisa Earnhardt, Abbott Executive Vice President of Medical Devices.
CSI is advised by JP Morgan.
Rockit Pest, a pest control operator, completed the acquisition of Adam’s Pest Control, a pest control services company. Financial terms were not disclosed.
"Adam's Pest Control has been one of the fastest growing pest control companies in southeast Florida over the past five years and has developed a strong reputation for responsive and reliable pest control solutions in their markets. We're excited to welcome Adam's employees to our Rockit family and to continue the legacy of outstanding service that the Tulp's have built," Ryan Bradbury, Rockit Pest CEO.
Adam's Pest Control was advised by PCO M&A Specialists (led by Dan Gordon).
HYBE, a global entertainment lifestyle platform company, agreed to acquire QC Media Holdings, a hip-hop label. Financial terms were not disclosed.
"I am so proud and honored to have Coach and P join Bang and myself as our partners. QC is one of the most significant independent labels in the world, working with incredible artists who are, and remain to be, the voices of culture. I'll never forget riding around Atlanta over 20 years ago with Coach discussing our dreams and ambitions and how we said: 'If they let us in the game, we are never going to give it back'. Now, all these years later, we are joining forces to make these dreams a reality. It's important to my team and me that P and Coach continue to have the freedom, and now our global resources, to continue to do what they do best; facilitate and nurture great art and culture," Scooter Braun, HYBE America CEO.
HYBE is advised by Jonesworks.
Credit Suisse, a global investment bank, agreed to acquire The Klein Group, an investment banking business, from M. Klein & Company, a global strategic advisory and investment firm, for $175m.
"We are very pleased to announce the planned addition of Michael Klein to our Executive Board through the acquisition of The Klein Group. Michael's experience and leadership will further strengthen our Executive Board and will help create shareholder value through this key strategic step of creating CS First Boston as an independent global capital markets and competitive advisory-led business," Axel P. Lehmann, Credit Suisse Chairman of the Board of Directors.
Crossplane Capital, a Dallas-based private equity firm, completed the investment in Viking Fence, a provider of fence rentals, sanitation rentals, fence installations and complementary building products and services to commercial and residential markets throughout Texas. Financial terms were not disclosed.
"Crossplane could not be more excited about our partnership with Sal and the rest of the management team and employees leading Viking Fence. With over 50 years of operating history and a local presence in some of the most attractive markets in the country over the long term, Viking represents a unique opportunity to partner with an owner to leverage our significant experience owning and operating service and rental-based businesses," Greg Balliro, Crossplane Capital Partner.
Duke takes $1.3bn charge on renewable unit for sale.
Duke Energy will take a $1.3bn impairment loss on the sale of its commercial renewable business, which it now expects to close later this year.
The utility previously said it would sell the unit, which would be one of the biggest US clean-power deals ever. The company said last year that the unit had a book value of about $3bn, Bloomberg reported.
Apollo sets up new credit unit with bulk of Credit Suisse assets. (FS)
Apollo bought most of the SPG assets held by Credit Suisse in November last year as a part of a sweeping revamp for the Swiss bank, without disclosing the sale price at that time, DealStreetAsia reported.
Pfizer, Novartis, Merck executives say they are hunting for deals again.
Executives at Pfizer, Merck and Novartis said they are looking for promising drugs to add to their pipelines and replenish sales as top-selling products lose patent protection in the coming years.
WSJ reported that the acquisitions could help the companies add new sales to aging lineups and suggest this year could be a busy one for industry dealmaking.“We do have a portfolio of opportunities we are continuing to look at. When the science and the value align, we will act,” Rob Davis, Merck CEO.
Nelson Peltz ends Disney proxy fight. (FS)
Nelson Peltz ended his proxy fight against Walt Disney, following news of the company’s plan to cut costs and reorganize its structure, WSJ reported.
Mr. Peltz said he is pleased with Chief Executive Robert Iger‘s corporate restructuring efforts and would pull back on his campaign to be added to Disney’s board.
Nextracker tops goal to get $638m in biggest 2023 US IPO.
Solar power equipment maker Nextracker raised $638m in an initial public offering, exceeding its target for the first major US listing of 2023.
Nextracker sold 26.6m shares for $24 apiece in the upsized listing, according to a statement. It had earlier marketed about 23m shares for $20 to $23, Bloomberg reported.
Seven Seven Six is looking to raise $776m for its new funds. (FS)
Seven Seven Six, the venture capital fund launched by Reddit co-founder Alexis Ohanian in 2020, plans to raise $776m for two new funds. The planned fundraising is more than 50% bigger than what it raised last year and will test investor appetite for bigger funds during a tough environment.
The firm had an uneven start since its 2020 launch. It made a number of ill-timed bets on non-fungible-token projects like Yuga Labs—the startup behind the Bored Ape Yacht Club NFT collection—in early 2022 as crypto prices were falling, and last year suspended fundraising for a planned crypto fund. But it's told prospective investors that its debut fund launched in 2021 has jumped in value.
Mercato Partners raises $400m growth fund. (FS)
Mercato Partners announced the final close of Traverse Fund IV, a $400m growth fund that will be deployed to high-growth, mature technology and branded consumer companies.
"Dedicated to investing in the next generation of great American entrepreneurs, Fund IV will prioritize those companies being built in cities and states that have historically been overlooked and under-appreciated by growth capital," Joe Kaiser, Mercato Partners Managing Director.
RRE Ventures closes $250m early-stage fund VIII. (FS)
RRE Ventures, a New York-based venture capital firm, has announced its eighth venture fund, with a $250m fundraising target. Despite facing one of the most challenging fundraising environments in recent history, RRE has successfully reached its target, a testament to the firm’s reputation and investment strategy.
“We are grateful for the continued support of our longstanding limited partners and the trust they have placed in our investment strategy. Despite the challenges in this down-market, we are excited to continue our focus on investing in early-stage companies and helping entrepreneurs bring their vision to life,” Jim Robinson IV, RRE Venture General Partner.
Macquarie-backed WaveNet, a provider of telecoms and technology solutions, agreed to acquire AdEPT Technology Group, an independent provider of managed services for IT, unified communication, connectivity, voice and cloud services, for £50m ($60m).
"I am delighted to announce the proposed combination of the AdEPT business with the Wavenet Group. I have huge respect for the leadership of Ian Fishwick and the significant achievements of the AdEPT team. They have created a leading AIM-quoted Managed Service Provider delivering to a variety of top tier clients. We look forward to working with the AdEPT team as part of the Wavenet Group and driving growth by focusing on the best of both Wavenet and AdEPT's skills and services. I am also grateful for the support of AdEPT's largest shareholder, Christopher Kingsman, who has been very supportive of this proposed transaction since the beginning," Bill Dawson, Wavenet CEO.
AdEPT Technology Group is advised by Houlihan Lokey (led by James Craven), Singer Capital Markets (led by Shaun Dobson), Cripps and Belvedere Communications. Wavenet is advised by Cardean Bell (led by Peter Bell), MarchHarvey (led by Oliver Levy) and Travers Smith.
Vivo Energy, a British downstream petroleum company, agreed to acquire a 74% stake in Engen, South Africa's largest fuel-station chain, from Petronas, a Malaysian oil and gas company. Financial terms were not disclosed.
"Vivo Energy's focus has been to invest to grow our business, and I am proud that we have more than doubled the size of our network since our formation in 2011. Four years ago, we acquired the Engen business in nine African markets, and have since worked to enhance and develop these. Vitol's acquisition of 100% of Vivo Energy last year brings more opportunity to grow even faster. Completion of this transaction, which reunites the Engen brand across Africa, will be a step change in our growth and represents a significant commitment to the South African market whilst enhancing Vivo Energy's portfolio in other important markets," Stan Mittelman, Vivo Energy CEO.
Vivo Energy is advised by Rand Merchant Bank and Standard Bank of South Africa. Petronas is advised by Morgan Stanley and Rothschild & Co.
Wirtgen Invest, a private German family office, completed the acquisition of 50 Finsbury Square, EC2, a commercial development, from Great Portland Estates, a British property development and investment company, for £190m ($230m).
"The sale of 50 Finsbury Square concludes an exceptional development project for GPE. The completion of the sale enables us to recycle capital out of a mature asset where we have created value into our substantial development pipeline which is stacked full of future opportunities," Toby Courtauld, GPE CEO.
Noventiq, a global solutions and services provider in digital transformation and cybersecurity, agreed to go public via a SPAC merger with Corner Growth Acquisition, a special purpose acquisition company. Financial terms were not disclosed.
"Today's announcement is a significant step towards our objective to realise the true fundamental value of Noventiq for all of our stakeholders. We have built a great company with a very strong track record for growth, and a partnership with Corner Growth is an exciting move as we look ahead to a potential listing on Nasdaq. Corner Growth's team has a strong history with companies in the emerging markets, helping to generate added sales channels, contract opportunities, and access to significant customer networks at the highest levels," Jacques Guers, Noventiq Chairman.
Corner Growth is advised by ICR (led by Brian Ruby).
Investment firms Aljazira Capital, Rainwater Partners, and STV led a $156m Series C round in Floward, the go-to online flowers and gifts destination in MENA and UK.
The company intends to utilize the funds to further invest in expanding its gifting verticals and relying more on artificial intelligence and machine learning to elevate its customer experience and meet the demands of its ever-growing customer base in the region.
First Abu Dhabi Bank could renew $35bn offer for StanChart.
First Abu Dhabi Bank, the United Arab Emirates’ biggest lender, could renew a potential offer for Britain’s Standard Chartered, once lock-up rules from its previous aborted bid expire.
StanChart shares rose as much as 9% on the news report. The Abu Dhabi lender is considering reviving the bid once a lock-up period that prevents it immediately doing so expires, offering $30bn to $35bn compared with StanChart’s market value of $24bn, Reuters reported.
Deutsche Bank’s asset management arm eyes crypto investments.
Deutsche Bank’s asset management arm is in talks to invest in two German cryptocurrency firms as part of efforts to revive growth, Bloomberg reported.
DWS Group, led by Chief Executive Officer Stefan Hoops, has held talks about buying a minority stake in Deutsche Digital Assets, a Frankfurt-based provider of crypto exchange-traded products. Another potential target is Tradias, the market-making firm owned by Bankhaus Scheich.
Volvo in advanced talks on possible lithium mining.
Volvo Car is in advanced talks with some of the biggest mining companies, including over potential stakes in lithium mining or processing operations, joining the auto-industry-wide race to secure the minerals and metals needed to power electric vehicles, WSJ reported.
“Right now, we already have advanced conversations with some of the big miners, as well as the processing factories that process lithium. Volvo would decide in the coming months whether to engage in long-term deals and long-term price negotiations for supply, or whether you want to make an equity investment.” Jim Rowan, Volvo CEO.
Entain’s shares tumble as MGM scraps buyout plan.
Shares of Entain tumbled as much as 13% on Thursday after US-based MGM Resorts International had “moved on” from pursuing an offer for the British gambling firm, Reuters reported.
“Although MGM remains focused on online sportsbook BetMGM - its joint venture with Entain - it saw great potential in expanding LeoVegas, a Swedish online gaming company it bought last year,” William Hornbuckle, MGM CEO.
German union opposes Bayer split after CEO departure.
Germany's IGBCE union opposes any splitting-up of Bayer after the departure of its chief executive, Reuters reported.
"From the point of view of the employees, Bayer with its three pillars is perfectly positioned for the challenges of the future," Francesco Grioli, IGBCE executive board member, and Bayer supervisory board member.
Billionaire Jim Ratcliffe taps JP Morgan, Goldman to advise on Man United bid.
British billionaire Jim Ratcliffe has hired JP Morgan and Goldman Sachs Group to advise him on a bid for Manchester United FC, the English football giant that’s drawing takeover interest from Qatar.
The chairman of chemicals group Ineos Group is working with the Wall Street banks as he studies the feasibility of an offer for Manchester United, widely regarded as one of the biggest brands in world football, Bloomberg reported.
BlackRock-led investors in Aramco pipelines start bond sale. (FS)
Investors in Saudi Aramco’s gas pipelines network, led by BlackRock, have begun a sale of dollar bonds in three tranches to refinance a multi-billion dollar loan that backed their stake purchase.
Initial price guidance was around 240 basis points over US Treasuries for sukuk, or Islamic bonds, with a weighted average life of 7-1/2 years. Guidance was around 275 bps over UST for a tranche with a 12-year WAL and around 305 bps over UST for Formosa bonds with an 18-year WAL, Reuters reported.
Egypt ready to offer all military-affiliated firms to investors.
Egypt is prepared to offer all the companies run by the military-affiliated National Service Projects Organization, President Abdel Fattah El-Sisi said, Bloomberg reported.
At a televised event, the government had already put up for offer two of the companies to investors, a reference to oil products distributor Wataniya and mineral water bottler Safi. “We’re prepared to offer all the companies, it could also be in the form of partnerships,” Abdel Fattah El-Sisi, President.
Planet A Ventures raises €160m for science-based climate investing. (FS)
Planet A Ventures, an investment company in Berlin, Germany, raised its first fund at €160m ($172m) to back founders tackling the world's largest environmental problems.
The Germany-based VC aims to take a novel "science-based" approach. It has engaged a full science team, to which it will hand the power of veto over investment decisions.
Weinberg Capital starts fund to buy French defense companies. (FS)
Paris-based Weinberg Capital Partners has created a fund to buy small and mid-sized French security and defense companies as it bets on growing interest in an industry that’s in the spotlight due to Russia’s invasion of Ukraine.
The private equity firm has more than €100m ($107m) in commitments so far from investors including a large bank and intends to take majority stakes via leveraged buy-outs. It aims to double in size by the end of next year, Bloomberg reported.
MediBuddy, a medical education initiative, completed the acquisition of vHealth by Aetna, the India health business of Aetna. Financial terms were not disclosed.
"MediBuddy and 'vHealth by Aetna' share a common vision of a future, where primary and digital healthcare comes together to redefine accessibility and delivery of quality healthcare services. We are confident and excited that the coming together of MediBuddy and' vHealth by Aetna' will not only benefit our existing 'vHealth by Aetna' customer base but will also advance the combined business with MediBuddy's expertise," Anurag Khosla, Aetna India and IHO CEO.
Thailand’s AIS weighs options for $3bn tower assets.
Advanced Info Service, Thailand’s biggest telecommunications group, is considering options for its tower business including a stake sale, Bloomberg reported.
The Bangkok-listed company has held talks with potential advisers for a strategic review for the assets. Another option under consideration is creating an infrastructure fund for the assets that could be listed on the Bangkok stock exchange.
Berkshire Hathaway sells $139m of shares in China’s BYD.
Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 4.2m Hong Kong-listed shares of electric vehicle maker BYD for HKD1.1bn ($139m).
The sale on February 3 lowered Berkshire’s holdings in BYD’s issued H-shares to 11.87% from 12.26%, Reuters reported.
Toshiba announces offer from JIP as saga enters its final stages. (FS)
Toshiba received an offer from a Japanese group as the conglomerate moved a step closer to ending a troubled chapter in its 148-year history — after a series of scandals plunged it into difficulty and set it on a path toward a sale.
The Tokyo-based company announced the offer from a consortium led by domestic private equity firm Japan Industrial Partners in a statement. It just received the offer and will assess it, noting that there’s no assurance a deal will be done, Bloomberg
Lawson weighing options for China unit including partnership.
Japanese convenience store operator Lawson is exploring strategic options for its China operation, as consumption in the country recovers after Covid lockdowns.
The Tokyo-based firm has held talks with advisers as it weighs possibilities to boost growth in the China unit, including introducing strategic partners and selling minority stakes, Bloomberg
India’s Sheela Foam in talks to buy Furlenco.
Indian mattress maker Sheela Foam is in advanced talks to buy furniture rental startup Furlenco, Reuters
The enterprise value of Furlenco is being pegged at INR5bn ($61m), the company had been seeking financial investors for some time. Sheela Foam is seeking inorganic growth opportunities in both its core and non-core categories.
Hesai raises $190m in biggest Chinese US IPO since Didi.
Hesai Group, a developer of sensor technologies used in self-driving cars, has raised $190m in an initial public offering, the largest by a Chinese issuer in the US market since the crash of Didi Global in 2021.
The Shanghai-based startup sold 10m American depositary receipts for $19 each. The company had marketed 9m shares for $17 to $19 apiece. At the IPO price, Hesai has a market value of about $2.4bn, Bloomberg
Virgin Australia weighing debt financing plan ahead of IPO. (FS)
Virgin Australia Airlines is considering taking on new debt in order to hand cash to owner Bain Capital just months ahead of the airline’s prospective initial public offering.
The nation’s second-largest carrier has asked investment banks to outline a potential so-called dividend recapitalization during interviews for prospective advisers on the listing. The move would see Virgin issue debt ahead of the possible IPO and the proceeds would be used to pay dividends to Bain, Bloomberg
ByteDance backer Oriza Rivertown raises $236m across two new funds. (FS)
Oriza Rivertown, the growth-stage investment platform of China’s Oriza Holdings, has raised RMB1.6bn ($236m) in capital commitments for two new funds, taking its total assets under management to over RMB4.5bn ($663m).
Oriza Rivertown, headquartered in eastern China’s Suzhou City, secured the new commitments for the second close of its second flagship fund called Oriza & Rivertown Innovation Growth Fund II and the first close of the Nantong Oriza & Rivertown Growth Fund I, the firm announced, DealStreetAsia
Morgan Stanley Asia ECM co-head Andersson retires after 15 years. (People)
Magnus Andersson, Morgan Stanley’s Asia Pacific co-head of equity capital markets, is retiring after more than 15 years at the firm.
Cathy Zhang, the other co-head of equity capital markets for the region, will continue to lead the team after Andersson’s departure, Bloomberg