AMERICAS
Goldman Sachs completed the acquisition of GreenSky, a fintech platform for home improvement consumer loan originations, for $2.24bn.
"The GreenSky team and I are thrilled to be joining Goldman Sachs. From GreenSky’s inception, our mission has been to deliver exceptional value helping businesses grow and delight their customers. In combination with Goldman Sachs, we’re excited to continue delivering innovative point-of-sale payment solutions for our merchant partners and their customers on an accelerated basis," David Zalik, GreenSky CEO.
GreenSky was advised by Financial Technology Partners, JP Morgan, Piper Sandler, Cravath Swaine & Moore, Troutman Pepper and Wilson Sonsini Goodrich & Rosati. Financial advisors were advised by Simpson Thacher & Bartlett. Goldman Sachs was advised by Goldman Sachs and Sullivan & Cromwell.
BillerudKorsnas, a provider of packaging materials and solutions, completed the acquisition of Verso, an American owned and operated producer of graphic, specialty and packaging paper and market pulp, for $825m.
"The combination of BillerudKorsnäs' expertise in high-quality virgin fiber packaging materials and Verso's attractive assets creates an excellent platform for long-term profitable growth. We will obtain cost-effective production of coated virgin fiber material in the Midwestern United States. We also plan to sequentially transform part of the business into paperboard production while continuing to serve the US customers. Our investments will create new US-based jobs in a growing market and accelerate the transition from plastic-based packaging materials to renewable sources," Christoph Michalski, BillerudKorsnäs President and CEO.
Verso was advised by Rothschild & Co and Kirkland & Ellis. Rothschild & Co was advised by Sullivan & Cromwell. BillerudKorsnäs was advised by Bank of America, Danske Bank, SEB Corporate Finance, Cederquist and Skadden Arps Slate Meagher & Flom.
Antin Infrastructure Partners, a private equity firm, agreed to invest in Empire, a regional broadband provider. Financial terms were not disclosed.
"For over 75 years, the Wagners have been an integral part of bringing telecom services to the region. We are delighted to support the company's employees in their mission to expand Empire's service offering to further underserved areas," Guillaume Friedel, Antin Partner.
Empire is advised by Harter Secrest & Emery. Antin is advised by Citizens M&A, Morgan Lewis & Bockius, Weil Gotshal and Manges and Brunswick Group. Debt financing is provided by Citizens M&A and Webster Bank.
Cornell Capital-backed kdc/one, a custom formulation, package design and manufacturing solutions provider, completed the acquisition of Aerofil Technology, an aerosol filling company. Financial terms were not disclosed.
"We are pleased to welcome the Aerofil team to the kdc/one family. The addition of Aerofil’s modern, high-speed aerosol and liquid capabilities is immediately relevant to many of our more than 700 customers across both the home care, beauty, and personal care categories. The culture at Aerofil aligns extremely well with that of kdc/one, as does our shared commitment to customer service. We are confident there are many exciting growth opportunities as we combine our businesses," Nick Whitley, kdc/one CEO.
Cornell Capital and kdc/one were advised by Guggenheim Partners, UBS, Weil Gotshal and Manges and Joele Frank. Aerofil was advised by Lincoln International and Armstrong Teasdale.
KKR, a US-based private equity firm, completed the investment in kdc/one, a custom formulation, package design and manufacturing solutions provider. Financial terms were not disclosed.
"Welcoming KKR as a strategic investor further validates the kdc/one story and the exciting growth opportunities we see in front of us. This significant investment, along with KKR's experience and expert insights across the consumer products sector, further enables us to continue executing on our strategic plan, including both organic as well as inorganic growth," Nick Whitley, kdc/one CEO.
KKR was advised by Deutsche Bank, Blake Cassels & Graydon and Simpson Thacher & Bartlett. kdc/one was advised by Guggenheim Partners, Stikeman Elliott and Weil Gotshal and Manges.
Goldman Sachs Asset Management, an investment fund, agreed to acquire NextCapital, an enterprise digital advice company headquartered in Chicago. Financial terms were not disclosed.
"Employers are looking to provide their employees tailored solutions and customizable advice that can better support individual saving and investing needs to help improve retirement savings outcomes. We believe personalization represents the future of retirement savings and will drive the next wave of innovative retirement solutions. Together with NextCapital's talented team, we will continue to invest in technology to improve the experiences and outcomes of retirement investors and better serve the employers, advisors and financial institutions that support the growing $10tn DC market and the even larger IRA segment," Luke Sarsfield, Goldman Sachs Asset Management Co-Head.
NextCapital is advised by PJT Partners, Morgan Lewis & Bockius and Orrick Herrington & Sutcliffe. Goldman Sachs is advised by Goldman Sachs, Weil Gotshal and Manges and Brunswick Group.
RIV Capital, an investment and acquisition company, agreed to acquire Etain, owner and operator of legally licensed cannabis cultivation and retail dispensaries in the state of New York, for $247m.
"This agreement marks the most significant transaction for a women-owned business in cannabis history. While the Peckham family will be stepping back from control of the company, we will be actively partnered with RIV Capital on preserving the ethos of the Etain brand and utilizing our combined efforts to continually find and make new spaces for women in cannabis. RIV Capital clearly recognized the potential for women-led brands to flourish in the cannabis industry, and we are proud that our work at Etain has led us to this point in time," Hillary Peckham, Etain COO.
Etain is advised by Moelis & Co and DLA Piper. RIV Capital is advised by Blake Cassels & Graydon, Dickinson Wright and Paul Hastings.
Seacoast Banking Corporation of Florida, the holding company for Seacoast National Bank, agreed to acquire Apollo Bancshares, the parent company of Apollo Bank based in Miami, FL, for $168m.
"Apollo Bank is a customer-focused franchise with an outstanding reputation for service excellence and deep customer relationships in this important market. We see a great opportunity to grow our presence and expand our position in South Florida by complementing Apollo's strengths with Seacoast's innovation and breadth of offerings," Charles M. Shaffer, Seacoast Chairman and CEO.
Apollo Bancshares is advised by Keefe Bruyette & Woods and Fenimore Kay Harrison & Ford. Seacoast is advised by Piper Sandler, Alston & Bird and Sachs Media.
Nicolet Bankshares, a US regional bank holding company, agreed to acquire Charter Bankshares, a bank holding company, for $158m.
"Much like Nicolet, Charter has a history of serving its customers and a deep-rooted commitment to community banking. We have known and respected the leaders at Charter for a long time. Our banks are culturally similar in that we trust our local people to understand and serve the market. The magic of this opportunity is trust in the partnership and the people. This trust in a people-driven approach to the market has created shared success for Nicolet's customers, employees, and shareholders, as well as the communities we serve. We are optimistic about our future together, and we will work hard to ensure a smooth transition," Mike Daniels, Nicolet President and CEO.
Nicolet is advised by Nelson Mullins Riley & Scarborough. Charter is advised by Hovde Group and Reinhart Boerner Van Deuren.
Bluestone Investment-backed cBEYONData, a professional services firm that specializes in supporting mission-driven agencies and organizations, completed the acquisition of Alta Via Consulting, an advisory firm providing expertise in guiding, executing and sustaining business transformation. Financial terms were not disclosed.
"We see huge opportunity for the firm to help our collective customers transform how they do business. The synergies in our talent, culture, and technology expertise will enable us to expand our offerings and deliver immediate value to current and future customers," Dyson Richards, cBEYONData CEO.
Alta Via was advised by The McLean Group and Nelson Mullins Riley & Scarborough. cBEYONData was advised by Holland & Knight.
Sixth Street, a global investment firm, led a $150m Series C round in ConcertAI, a provider of enterprise AI and real-world data.
"Our Series C represents another milestone in our emergence as the leader in accelerating biomedical innovations through AI SaaS clinical trial solutions and improved patient outcomes through the generation of real-world evidence for peer-review publications, regulatory decisions, and clinical interpretation," Jeff Elton, ConcertAI CEO.
ConcertAI was advised by JP Morgan and Gale Strategies.
Global Medical Response, a medical transportation company, completed the acquisition of GrandView Aviation, a North American organ procurement transport aviation company. Financial terms were not disclosed.
"We welcome GrandView and its employees to the GMR family. GrandView is a long-standing national, private aviation company with expertise in organ team transports and charter flights. They will bring a complementary layer of service as GMR continues to provide care to the world at a moment's notice," Randy Owen, GMR CEO.
GMR was advised by Jones Day.
Xenia Hotels & Resorts, a self-advised and self-administered REIT that invests in uniquely positioned luxury and upper-upscale hotels and resorts, completed the acquisition of W Nashville, a newly developed 346-key luxury lifestyle hotel, for $329m.
"We are thrilled to have reached an agreement to acquire W Nashville, an outstanding newly constructed luxury lifestyle hotel located in the desirable Gulch neighborhood in the heart of Nashville. The addition of W Nashville will mark the 14th property acquired since our listing on the NYSE in 2015 and aligns perfectly with our strategy of owning a portfolio of uniquely positioned premium hotels and resorts located in Top 25 markets and key leisure destinations that we expect to drive superior earnings growth. W Nashville is extremely well-designed and perfectly situated to attract year-round leisure, corporate and group demand," Marcel Verbaas, Xenia Chairman and CEO.
DHL strikes deal to buy up to 9.5% stake in Canada's Cargojet.
DHL Express Division, an affiliate of Deutsche Post DHL Group, struck a deal with Cargojet, which would give the German company an option to buy up to 9.5% equity stake in the Canadian firm, Reuters reported.
Cargojet had reached a five-year extendable deal to provide air-transportation services for DHL Network Operations, as demand for e-commerce soars during the pandemic.
New York man admits to insider trading following takeover tip.
A New York City man pleaded guilty to insider trading and tax evasion charges for purchasing securities in chemical manufacturer Ferro after learning from a friend that it had received a takeover bid, Reuters reported.
Jason Peltz entered the plea in Brooklyn federal court to two counts of insider trading and tax evasion a year after initially pleading not guilty. He had been engaged in plea negotiations with prosecutors since at least September 2021.
AIG's life and retirement unit files for IPO.
American International Group, an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions, filed IPO papers for its life insurance and retirement services arm, which will be renamed Corebridge Financial from SAFG Retirement Services.
In the filing, SAFG reported total revenue of $23.4bn for the year ended December 31, up 55%. In the same period, adjusted after-tax operating income rose 14.5% to $2.9bn.
Accel-KKR announces closing of $1.76bn Accel-KKR Capital Partners CV IV Fund. (FS)
Accel-KKR, a technology-focused private equity firm, announced the successful completion of Accel-KKR Capital Partners CV IV, a $1.76bn continuation vehicle for Accel-KKR's $875m 2013 vintage technology buyout fund.
The fund includes new $325m commitment to fund investments in the continued growth of seven portfolio companies.
Next Coast Ventures raises $310m to invest in entrepreneurs. (FS)
Next Coast Ventures, an Austin-based venture capital firm, closed $310m in venture capital across three different funds. With a focus on entrepreneurs on the “Next Coast” of innovation, Austin-based Next Coast has now raised more than $500m in just six years.
Next Coast boasts a strong investment team with years of hands-on operational experience. Every investing partner has been an operator at some point in their career and can support different aspects of the company-building journey from their own unique perspective. The firm also provides founders access to the Next Coast Ventures Expert Network, a collection of more than 150 top executives who offer advice and mentorship.
Los Angeles pension ramps up private equity investing. (FS)
The Los Angeles City Employees’ Retirement System is increasing the amount of capital its staff can commit to private equity without preapproval as part of a bid to form fewer but larger relationships with fund managers and get better legal and economic terms for investments.
Lacers’ board approved raising the pension system’s limit on the amount its investment staff can commit to private-equity funds to $150m without prior approval.
Vista Equity Partners appoints CFO. (FS, People)
Vista Equity Partners, a global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, appointed Lauren Dillard as Chief Financial Officer and Senior Managing Director.
She will succeed John Warnken-Brill, who is retiring from the role after over 15 years and will partner with Dillard to ensure a seamless transition.
EMEA
Cargotec, a Finnish company that makes cargo-handling machinery for ships, ports, terminals and local distribution, terminated its agreement to merge with Konecranes, a Finnish company, which specializes in the manufacture and service of cranes and lifting equipment, in a $5bn deal. The merger was abandoned as a result of the CMA's decision to block the transaction.
"The Board of Cargotec is convinced that the merger would have created substantial value for the entire industry as well as shareholders by improving sustainable material flow. The combination would have created a strong European company enabling accelerated shared abilities to innovate without harming competition. We have done all we could to realize the merger and are disappointed that our plans have had to be abandoned. After a long and extensive regulatory review process and merger planning preparations it is time to shift our full focus on executing Cargotec's own strategy and value-creation opportunities," Ilkka Herlin, Cargotec Chairman.
Agility-backed NAS, an aviation services provider headquartered in Kuwait City, agreed to acquire an 81% stake in John Menzies, an aviation services business providing ground handling, cargo handling, cargo forwarding and into-plane fuelling, for $810m.
"This deal creates a world leader in airport services and unlocks value for all stakeholders. The NAS-Menzies combination brings together highly complementary operations and ensures that the combined business has the scale and resources to grow. Menzies shareholders will realize a premium in return for supporting the transaction. Customers will benefit from Menzies' operational excellence at more airports around the world and will be able to choose from a broader product offering. Employees of both companies will benefit from being part of a larger, stronger group that offers more career development and advancement opportunities. The combined business will have the capital to invest in the talent, technology, innovation, infrastructure, equipment, and sustainability leadership required to accelerate growth," Hassan El-Houry, NAS CEO.
Menzies is advised by Berenberg, Peel Hunt, Moelis & Co, DLA Piper and FTI Consulting. Agility and NAS are advised by Barclays, Latham & Watkins and Finsbury Glover Hering.
Elopak, a filling systems provider, completed the acquisition of Naturepak Beverage, a packaging company, from Gulf Industrial Group, a manufacturing concern, and Pactiv Evergreen, a manufacturer of fresh food and beverage packaging, for $96m.
"This transaction represents an important part of the growth ambitions we outlined to our shareholders during our IPO this year. I am proud to take ownership of what we deem to be one of the highest quality assets in the region and to welcome the employees of Naturepak Beverage to the Elopak family. By establishing a presence in Morocco and Saudi Arabia we can access important growth markets and deliver Elopak's brand portfolio to key local and international players. The transaction reflects our strong commitment to growth in the Middle East and Africa," Thomas Körmendi, Elopak CEO.
Naturepak Beverage was advised by White & Case. Elopak was advised by Norton Rose Fulbright.
Semikron, a German-based independent manufacturer of power semiconductor components, and Danfoss, an advanced technologies provider, agreed to form a joint venture focusing on power semiconductor modules. Financial terms were not disclosed.
"The new Semikron-Danfoss builds on a strong long-term partnership and more than 90 years of combined technology leadership in Power Module packaging, innovation, and customer application expertise. With electrification driving the green transition, Semikron-Danfoss aims to become the preferred decarbonizing partner for customers. We have the passion, competencies and technologies to more than double our business in five years," Kim Fausing, Danfoss President and CEO.
Danfoss is advised by Hengeler Mueller.
Versalis, the wholly-owned subsidiary of Italian oil supermajor Eni specializing in the production of chemicals, agreed to acquire an additional 10% stake in Novamont, a company specialized in the development and production of bioplastics and biochemicals. Financial terms were not disclosed.
"The development of chemistry from renewables, of which the Matrica JV represents an important example, is one of the pillars of Versalis' strategy, in line with the energy transition strategy that Eni is pursuing. This agreement with Novamont is founded in the belief that Italy can play a key role at an international level in the field of chemistry from renewables and the circular bioeconomy. The strengthening of the partnership between Versalis and Novamont combines the great technical and market skills of the two companies, and will accelerate the development of technologies, supply chains and improve competitiveness," Adriano Alfani, Versalis CEO.
Versalis is advised by Mediobanca.
Shuaa Capital, a UAE-based private equity firm, completed the acquisition of Allianz Marine and Logistics Services, a marine transportation services provider. Financial terms were not disclosed.
"We are excited by the acquisition of Allianz. We first invested in the sector less than two years ago when we began working on the turnaround of SMG and now have the market leading position in OSVs in the region. Allianz's complimentary fleet and high-quality team was always a natural fit for us and, as we consolidate our position, we will continue to look for ways to derive additional synergies. SHUAA strongly believes that the offshore industry will continue to grow, and by creating a leading player in a strategically important segment of the region's offshore petroleum industry, we are well positioned to capitalize on this trend," Ajit Joshi, SHUAA Capital Managing Director and Head of Public and Private Markets.
Shuaa Capital was advised by ASDA’A BCW.
Aker Horizons to merge its two subsidiaries.
Aker Horizons, an investment company dedicated to developing companies within renewable energy and other technologies that reduce emissions or promote sustainable living, announced plans to merge Aker Offshore Wind and Aker Clean Hydrogen in an all-stock deal.
The proposed merger with Aker Clean Hydrogen will accelerate the development of large-scale hybrid decarbonization projects integrating hydrogen production with downstream applications. Combining the strengths of Aker Clean Hydrogen with the financial and broader industrial skillset of Aker Horizons, the merger will facilitate partnerships across value chains, expand the opportunity set in new adjacent industries such as green iron, and improve access to competitive capital, including from Aker Asset Management.
Aker Horizons is advised by DNB Bank, Carnegie Investment Bank and Advokatfirmaet BA-HR.
UBS to buy back up to $6bn of shares over two years.
UBS said it would buy back as much as $6bn of stock over the next two years as part of plans to boost shareholder returns after a robust performance.
The Swiss lender expects to make up to $5bn of repurchases under both the now-concluded 2021 and the new 2022 repurchase programmes by the end of the year, according to a statement from the Zurich-based lender on Wednesday. The $5bn target for 2022 was announced in February. The new $6bn plan stretching into 2023 begins on Thursday, Bloomberg reported.
Cnooc weighs sale of $3bn UK North Sea portfolio.
Cnooc is considering a sale of its UK North Sea portfolio, in what could be one of the biggest disposals in the aging basin by a foreign firm in recent years, Bloomberg reported.
China’s biggest offshore oil and gas driller has been reviewing its overseas operations and could kick off a sale process for the UK holdings as soon as the next few weeks. The assets could be valued at as much as $3bn.
Authentic Brands founder weighs joining bid for Chelsea FC.
Jamie Salter, the acquisitive founder of Authentic Brands Group, is considering joining a bid for Chelsea Football Club, Bloomberg reported.
Salter has held discussions about potentially teaming up with one of the shortlisted suitors for the Premier League team as a minority investor. He could also explore a brand licensing partnership with the winning bidder.
Advent weighs options for power equipment maker Innio. (FS)
Advent International is exploring options for Austrian power equipment maker Innio, Bloomberg reported. The buyout firm is working with potential advisers to consider a listing or sale of the business. A deal could come as soon as the second half of the year.
Innio makes gas engines under the Jenbacher and Waukesha brands as well as other power generation and gas compression machinery. The company, which was formerly General Electric’s distributed power business, was acquired by Advent for $3.25bn in 2018.
Generali investors Delfin and CRT end their shareholder pact.
Two investors in Generali said on Tuesday they had dissolved a pact they had struck last year to challenge the Italian insurer's top shareholder Mediobanca over the renewal of the board, Reuters reported.
Delfin, the holding of the Italian billionaire Leonardo del Vecchio, and Fondazione CRT said they ended the pact as of March 27 since the purposes for which they signed it have ceased to exist.
VTB’s European unit put up for sale as sanctions fallout spreads.
Russian lender VTB Bank's European unit has been put up for sale after sanctions imposed in the wake of Moscow’s invasion of Ukraine cut it off from the parent company, Bloomberg reported.
German regulators are backing the bank’s plan as they seek to avoid a messy unraveling of Frankfurt-based VTB Bank Europe. While a sale isn’t the only option, it could be agreed at short notice.
BP approaches state-owned energy majors in bid to offload Russia assets.
BP has reached out to state-backed firms in Asia and the Middle East as it searches for a way to offload its Russian assets, Bloomberg reported.
The UK energy giant has made preliminary approaches to China National Petroleum and Sinopec Group about the planned sale of its roughly 20% stake in Russia’s Rosneft. It has selectively reached out to some potential buyers in the Middle East.
Dubai defies global IPO gloom with $5.7bn DEWA share sale.
Dubai’s main power and water company almost tripled the size of its initial public offering to as much as $5.7bn, setting it up to be the largest listing in Europe and the Middle East in more than two years, Bloomberg reported.
The city is seeking to take advantage of strong investor interest for new share offerings in the region even as equity markets around the world are roiled by Russia’s invasion of Ukraine, rising inflation and hawkish central bank policies.
APAC
Gogoro, a global technology provider of battery swapping ecosystems that enable sustainable mobility solutions for cities, announced it expects to close its business combination transaction with Poema Global Holdings, a publicly traded special purpose acquisition company, on April 4, following anticipated shareholder approval on March 31.
Following the completion of the business combination, Gogoro's shares and warrants are expected to begin trading on the Nasdaq Global Select Market under the symbols "GGR" and "GGROW," respectively, on April 5, 2022.
Gogoro is advised by Goldman Sachs and Wilson Sonsini Goodrich & Rosati. Poema Global is advised by Citigroup, UBS and Kirkland & Ellis. Financial advisors are advised by Winston & Strawn.
Charter Hall, a property invester and funds manager, and PGGM, a cooperative pension investor, agreed to acquire Irongate Group, a real estate investment trust company, for $901m.
"We are pleased to continue our partnership with PGGM with the expansion of our industrial and logistics mandate. This Transaction further demonstrates Charter Hall's track record of structuring and executing take private transactions alongside our wholesale capital partners, following the successful acquisition of ALE Property Group by Charter Hall Long WALE REIT and Hostplus in 2021," David Harrison, Charter Hall Managing Director and CEO.
Irongate is advised by JP Morgan, Macquarie Group, Cliffe Dekker Hofmeyr and King & Wood Mallesons. Charter Hall is advised by Morgan Stanley.
VGI Partners, a capital market company, agreed to merge with Regal Fund Management, a specialist alternatives investment manager. Financial terms were not disclosed.
"This is an exciting development for both VGI clients and our shareholders, combining two well-established businesses and leveraging the significant expertise, experience and resources of the larger group. Regal's long track record in hedge fund, private market and real asset investments really complements VGI's extensive capabilities in global long/short investing, with both businesses able to benefit from a centralised corporate platform, operational infrastructure and sales and marketing capability," Robert Luciano, VGI Founder and Chief Investment Officer.
Regal is advised by Barrenjoey Capital Partners and King & Wood Mallesons. VGI Partners is advised by Jefferies & Company, Allens and GCACosway.
Axis Bank, an Indian banking and financial services company, agreed to acquire the Indian consumer banking arm of Citigroup, a multinational investment bank and financial services corporation, for $1.6bn.
"Our announced transaction with Axis, a leader in Indian financial services, represents an important milestone for our franchise and offers an excellent opportunity to our consumer banking colleagues in India. As we move forward with this transaction, India remains a key institutional market for Citi. In line with our broader strategic repositioning, we will continue to support our institutional clients in this core market and across APAC, delivering the full power of our global network to enable their growth," Peter Babej, Citi Asia Pacific CEO.
Citi is advised by Citigroup.
The Riverside Company, a global private equity firm, completed the investment in EventsAIR, an Australian events management software solutions provider for in-person, virtual and hybrid events. Financial terms were not disclosed.
"Riverside views this investment as a highly compelling opportunity to build upon EventsAIR's already impressive international footprint by targeting large and growing customer segments globally where the company has a clear competitive advantage. In addition, we will further enhance the management team," Simon Feiglin, Riverside Managing Partner.
EventsAIR was advised by Arma Partners.
NCS, a multinational information technology and communications engineering company headquartered in Singapore, agreed to acquire ARQ Group, a fast-growing digital services firm, from Quadrant Private Equity, an Australian private equity investment firm, for $217m.
"Joining the NCS family is a tremendous opportunity to continue growing the business as it now allows us to go international and serve regional clients besides capturing more domestic market share by leveraging synergies within NCS. We are well primed for expansion, having grown our government footprint to over a third of our business, acquired many new customers and hired 300 new talents on board. We intend to keep optimising NCS' world-class IT and digital capabilities to keep building innovative solutions for our clients," Tristan Sternson, ARQ CEO.
NZ Super Fund, a global investment fund that was established by the New Zealand Government, and Copenhagen Infrastructure Partners, the world's largest dedicated fund manager within greenfield renewable energy investments, agreed to form a joint venture to explore the potential for large-scale offshore wind energy in the South Taranaki Bight. Financial terms were not disclosed.
"We are in the unique position of being able to attract best-in-class global partners on infrastructure developments that create positive environmental and social outcomes while delivering financial returns for New Zealanders through the Fund. We are delighted to be working with CIP, a global leader in green energy transition," Matt Whineray, NZ Super Fund CEO.
Sompo, a Japanese insurance company, Nomura, a Japanese financial holding company, and Pavilion Capital, a growth-oriented private equity investor, led a $100m Series B round in Synspective, a SAR satellite data and solutions provider.
"A Theme Park for Security, Health & Wellbeing", Sompo Japan Insurance has been committed to create a society in which every person can live a healthy, prosperous and happy life in one's own way. Taking the opportunity of the capital tie-up with Synspective, we will cooperate to create social value through the new services development that deliver peace of mind to our customers, those who are affected by a disaster, as soon as possible by encouraging them to make insurance claims," Masachika Nakao, Sompo Managing Executive Officer.
Brookfield considers bidding for AirPower. (FS)
Investment company Brookfield Asset Management is considering bidding for AirPower Technologies, a Chinese industrial gases producer owned by buyout firm PAG, Bloomberg reported.
The Toronto-based firm has held talks for some or all of AirPower's assets with PAG. PAG is seeking a minimum valuation of about $10bn for the gases producer. Valuation could reportedly even go up to $15bn based on this year's projected earnings.
Macquarie considers sale of toll-road assets in India. (FS)
Macquarie Group’s asset management arm is exploring a sale of toll-road assets in India as the Australian company seeks to monetize some of its early bets in Asia’s third largest economy, Bloomberg reported.
Macquarie Asset Management is working with an adviser on the transaction, which could fetch about $400m. The assets include two toll roads in southern India that the firm fully owns and two others it partially owns in the western part of the country.
After takeover battle, new Shinsei CEO mulls buying shadow banks.
Japan's Shinsei Bank is weighing the potential acquisition of non-bank financial firms in the Asia-Pacific region, under financial conglomerate SBI Holdings as it seeks to tap a more lucrative business with higher interest rates, Bloomberg reported.
"We are getting many proposals (from investment banks), and we would like to examine each of them, one of the few markets where interest rates remain. There is potential," Katsuya Kawashima, Shinsei Chief Executive Officer.
Vietnam's Vinfast plans to invest $4bn in electric vehicle factory in the US.
Vietnam's automaker VinFast has signed a preliminary deal to initially invest $2bn to build a factory in North Carolina to make electric buses, sport utility vehicles along with batteries for EVs, DealStreetAsia reported.
The unit of Vietnam's biggest conglomerate Vingroup plans to have a total investment of $4bn in its first US factory complex.
Construction should begin this year as soon as the company gets the necessary permits, and is expected to finish by July 2024. The plant's initial capacity will be 150k units per year.
SoftBank to shift Arm's stake in troubled China unit before IPO. (FS)
Arm is shifting a chunk of its stake in Arm China to parent SoftBank and revising how it accounts for the troubled Chinese affiliate, a bookkeeping change that may ease the British chip designer's path to an initial public offering, Bloomberg reported.
Arm will end up holding less than 20% of Arm China and will treat it as an uncontrolled affiliate for accounting purposes. Arm China will be treated like any other license-paying customer rather than a fully controlled subsidiary.
Lalamove seeks fresh funds at $10bn valuation.
Chinese on-demand logistics and delivery firm Lalamove is considering raising about $500m in new funds at a valuation of roughly $10bn, Bloomberg reported.
The startup had been weighing a $1bn Hong Kong IPO after preparations for a US debut stalled. The listing could proceed later than anticipated on account of market volatility.
Tata Capital Healthcare closes fund II at $126m. (FS)
Tata Capital's healthcare focused investment division, Tata Capital Healthcare Funds, has closed its second fund with $126m in capital commitments.
The fund surpassed its original target and closed well ahead of Tata Capital's first healthcare fund.
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