AMERICAS
Blackstone to acquire a 75% stake in Ancestry for $3.5bn. (FS)
Blackstone agreed to acquire a 75% stake in Ancestry, a digital family history services provider, from Silver Lake, GIC, Spectrum Equity, Permira, and other equity holders, for $3.5bn.
“We are very excited to partner with Ancestry and its management team. We believe Ancestry has significant runway for further growth as people of all ages and backgrounds become increasingly interested in learning more about their family histories and themselves. We look forward to investing behind further data, functionality, and product development across Ancestry’s market leading platform to continue to provide a differentiated service," David Kestnbaum, Blackstone Senior Managing Director.
Ancestry is advised by Barclays, Latham & Watkins, and Morgan Stanley. Blackstone is advised by Simpson Thacher & Bartlett. Debt financing to Blackstone is provided by Bank of America Merrill Lynch and Credit Suisse. GIC is advised by Dechert.
Alphabet unit Google’s bid to take on Apple and Samsung in the wearable technology market by buying Fitbit hit a hurdle on Tuesday as EU antitrust regulators launched an investigation into the $2.1bn deal, Reuters reported.
The move by the European Commission came despite Google’s pledge last month not to use the fitness tracker’s data for advertising purposes in a bid to address competition concerns. The EU antitrust enforcer said the data pledge was insufficient to allay its worries.
“The proposed transaction would further entrench Google’s market position in the online advertising markets by increasing the already vast amount of data that Google could use for personalisation of the ads it serves and displays,” European Commission.
Fitbit is advised by Qatalyst Partners, Fenwick & West, and Sard Verbinnen & Co. Qatalyst Partners is advised by Cooley. Google is advised by Lazard and Cleary Gottlieb Steen & Hamilton.
Insight Partners-backed Clearlake Capital and Blackstone completed the acquisition of a minority stake in Diligent, a software services provider. Financial terms were not disclosed.
"Over the past few years, Insight and Clearlake have provided the resources, guidance and support that have allowed us to pursue our vision at Diligent, and I am thrilled to expand the partnership with an increased investment from Clearlake and a new investment from Blackstone. I look forward to working together with our investors to pursue our next stage of growth and continue to build transformative solutions for our clients,” Brian Stafford, Diligent President and CEO.
Diligent was advised by UBS and Willkie Farr & Gallagher. Blackstone and Clearlake was advised by Kirkland & Ellis and Sidley Austin. Blackstone was advised by PJT Partners.
Thoma Bravo, a private equity investment firm focused on the software and technology-enabled services sector, agreed to invest in Foundation Software, a provider of construction accounting software and payroll services. Financial terms were not disclosed.
"Over the past 35 years, Fred and his team have built Foundation into the most trusted provider of accounting software to the construction industry. The company's firm grasp on the complexities of its customers' needs and its dedication to service combine to create an unmatched suite of solutions that has allowed Foundation to consistently grow its market share and maintain a resilient customer base. We're honoured and thrilled to partner with Fred, President Mike Ode, and the Foundation Software team to drive continued growth and innovation," Carl Press, Thoma Bravo Principal.
Foundation Software is advised by Benesch Friedlander Coplan & Aronoff. Thomas Bravo is advised by Kirkland & Ellis. Debt financing is provided by BlackRock Private Credit, Goldman Sachs and Interbank.
Roark Capital-backed Driven Brands, an automotive repair centre operator, completed the acquisition of International Car Wash Group, a car wash company. Financial terms were not disclosed.
"We are excited to officially welcome ICWG to our growing family of brands. The team at ICWG should be incredibly proud of the company they've helped create, and we look forward to building on their success and accelerating long-term growth at ICWG," Jonathan Fitzpatrick, Driven Brands CEO.
International Car Wash Group was advised by Goldman Sachs, Faegre Drinker Biddle & Reath and White & Case. Driven Brands was advised by Morgan Stanley, DLA Piper and Paul Weiss Rifkind Wharton & Garrison.
Teladoc Health, a multinational telemedicine and virtual healthcare company, agreed to acquire and merge with Livongo Health, a diabetes prevention and behavioural healthcare services provider, in a $18.5bn deal.
Under the terms of the agreement, which has been unanimously approved by the Board of Directors of each company, each share of Livongo will be exchanged for 0.5920x shares of Teladoc Health plus cash consideration of $11.33 for each Livongo share. Upon completion of the merger, existing Teladoc Health shareholders will own approximately 58% and existing Livongo shareholders will own approximately 42% of the combined company.
“This merger firmly establishes Teladoc Health at the forefront of the next-generation of healthcare. Livongo is a world-class innovator we deeply admire and has demonstrated success improving the lives of people living with chronic conditions. Together, we will further transform the healthcare experience from preventive care to the most complex cases, bringing ‘whole person’ health to consumers and greater value to our clients and shareholders as a result,” Jason Gorevic, Teladoc Health CEO.
Livongo is advised by Morgan Stanley and Skadden Arps Slate Meagher & Flom. Teladoc is advised by Lazard and Paul Weiss Rifkind Wharton & Garrison.
TSG Consumer Partners, a private equity firm, completed an investment in American Technologies, a provider of restoration, environmental remediation, and reconstruction services. Financial terms were not disclosed.
"We are excited to work with a high-calibre partner like TSG, who recognizes and values our family roots, unique company culture and unwavering dedication to our customers and communities. We're confident that their collaborative approach and experience growing best-in-class brands will help accelerate our expansion into new and existing markets, while we continue to invest in our training, technology and marketing and deliver best-in-class service to our customers with the indispensable agility and personal touch of a family-owned business," Gary Moore, American Technologies Founder and CEO.
American Technologies was advised by Gibson Dunn & Crutcher. TSG Consumer Partners was advised by Ropes & Gray and Sard Verbinnen & Co.
The McClatchy Company, an American publishing company based in Sacramento, announced that the US Bankruptcy Court for the Southern District of New York approved the sale of substantially all of McClatchy's assets, including all 30 of McClatchy's news organizations, to Chatham Asset Management a hedge fund.
"This is a major milestone towards McClatchy's successful resolutions of its court-supervised reorganization process and towards the sustainability of independent local journalism in the 30 communities that we serve. As McClatchy transitions with a strengthened capital structure, the company will be well positioned to accelerate the digital transformation our team has worked so hard to achieve," Craig Forman, McClatchy President and CEO.
McClatchy is advised by FTI Consulting.
EverQuote, an online insurance marketplace, agreed to acquire Crosspointe Insurance Advisors, a health insurance agency headquartered in Evansville, Indiana. Financial terms were not disclosed.
"Crosspointe's agency expertise and carrier relationships, combined with EverQuote's data-driven insurance marketplace platform, consumer volume, and distribution, will position us to deepen our customer engagement, further diversify and grow revenues, and capitalize on the expanding market opportunity in health insurance. I am pleased to welcome Josh, Drew and the entire Crosspointe team, who share our cultural roots in bootstrapping, heart, tenacity, and data-driven optimization. Their team is an ideal addition to EverQuote as we deepen our role in the distribution of insurance products while easing the effort and complexity for consumers to protect life's most important assets — their family, property and future at an affordable price," Seth Birnbaum, EverQuote CEO.
EverQuote is advised by Blueshirt Group.
Founders Fund, a San Francisco-based venture capital firm, led a $145m Series B round for Rippling, a human resource management company that manages employees' payroll, benefits, devices, and apps. Participants in the round included Greenoaks Capital, Coatue Management, and Bedrock Capital, as well as existing investors including Kleiner Perkins, Initialized Capital, and Y Combinator.
"As I've said before, fundraising is a gratifying signal that we're on the right path — but it's a means to an end, not an end itself. So I want to thank all of our customers for trusting us with their business and giving us the feedback we need to constantly improve. Thank you to Founders Fund and our other investors for believing in our vision," Parker Conrad, Rippling Co-Founder and CEO.
Brazil’s antitrust regulator approved the $131m takeover of Bunge’s local mayonnaise and margarine business by Seara, a meatpacker.
The was approved without restrictions by the Administrative Council for Economic Defense. The transaction involves Seara taking over of margarine brands Cremosy-Soya, Cukin, Delícia, Primor, Suprema, Predileta, Ricca and Gradina, in addition to the mayonnaise Soya and Salada, Reuters reported.
SkyKnight Capital, a San Francisco based private equity firm, completed an investment in Patra, a provider of technology-enabled solutions for the insurance industry. Financial terms were not disclosed.
"Patra's technology-enabled solutions bring efficiency, accuracy and standardization to a comprehensive set of processes across the insurance value chain. The company's offerings are at the forefront of industry trends towards digitalization and automation. Patra's rapidly growing customer base includes many of the leading insurance brokers, wholesalers, MGAs and carriers, all of which value the opportunity to both improve service and increase profitability. We are excited to partner with Patra's management as the company executes on its next stage of growth," Claude Burton, SkyKnight Partner.
Porto de Cima Concessões, an engineering company, agreed to acquire a stake in Arcadis Logos Energia, which provides project management, consulting, and engineering services, from Arcadis, a global design, engineering and management consulting company based in the Amsterdam. Financial terms were not disclosed.
"I am very pleased that we reached an agreement to transfer our shares in the ALEN associate to our local partner. After we stopped investing in the ALEN associate, our local partners continued with the operations and we remained in a constructive dialogue with them to come to an orderly wind-down of our investment in ALEN. With the closing of the transaction today we can finally leave this legacy issue behind us," Peter Oosterveer, Arcadis CEO.
Trump's bid for a piece of Microsoft-TikTok deal could encourage legal action.
President Donald Trump’s unprecedented demand that the United States get a cut of the proceeds from the forced sale of Chinese internet giant ByteDance’s short-video app TikTok is based on an interpretation of US law that regulatory lawyers say may be open to challenges, Reuters reported.
The Committee on Foreign Investment in the United States, a US government panel that reviews deals for potential national security risks, has given ByteDance until September 15 to negotiate a sale of TikTok to Microsoft, amid concerns over the safety of personal data that the app handles under its Chinese parent.
Microsoft has said it is seeking to buy the assets of TikTok in North America, Australia and New Zealand. It has not disclosed how much it is willing to pay, though ByteDance executives value all of TikTok at more than $50bn.
BNDES raised $1.5bn with sale of Vale shares.
Brazil’s state-controlled development bank BNDES raised $1.53bn by selling 135m shares in miner Vale in an auction, Reuters reported.
The move by BNDES comes as the state-controlled lender has been divesting shares in companies recently as part of far-right President Jair Bolsonaro’s strategy to reduce government stakes in companies.
Last week, BNDES agreed to sell its stake in power company AES Tiete Energia to the firm’s controlling shareholder AES.
Evergy forgoes sale, plans to remain independent. (FS)
Evergy, a utility under pressure by activist investor Elliott Management, has decided to remain independent after talking to several potential buyers, Bloomberg reported.
Evergy had reached out to several potential suitors but decided there was more value to be created for shareholders through the implementation of a new operating plan, which it has been developing alongside exploring a sale.
Elliott disclosed a $760m stake in Evergy in January and urged it to overhaul its leadership and explore a merger. As part of a March settlement with Elliott, Evergy appointed two new board directors and created a special committee to explore ways to unlock value, including exploring a potential sale.
Brookfield, CPPIB mull bid for Oi fiber unit. (FS)
Brookfield Asset Management and the CPPIB are mulling a bid for the fiber unit of Brazilian telecom firm Oi, Bloomberg reported.
The unit, called InfraCo, has also attracted interest from Highline do Brasil II Infraestrutura de Telecomunicacoes, Digital Colony’s local unit, the people said, asking not to be identified because the discussions aren’t public. Oi is planning to sell as much as 51% of the subsidiary’s shares and has scheduled an auction in the first half of next year. A private equity fund managed by a unit of Banco BTG Pactual SA has presented a non-binding bid for the asset as well, according to a July 28 regulatory filing.
Rackspace IPO prices at bottom of target range to raise c. $703m. (FS)
Cloud services firm Rackspace Technology sold shares in its IPO at $21 per share, the bottom end of its target range, to raise $703m, Reuters reported.
The IPO valued San Antonio, Texas-based Rackspace, which is owned by private equity firm Apollo Global Management, at $4.18bn, excluding debt. The company had aimed to sell 33.5m shares at a target price range of $21-$24 per share.
The IPO bucks the recent trend of strong appetite from investors for cloud computing companies as the novel coronavirus outbreak drives more businesses to operate digitally and rely on cloud computing for more of their workflow.
Ford names the new CEO. (People)
Ford Motor plans to install Chief Operating Officer Jim Farley as its new CEO, putting the onus on the 58-year-old executive to produce the tangible results that eluded his predecessor Jim Hackett during a three-year run in the top job.
The company said Mr. Farley will succeed Mr. Hackett, 65, who is retiring on October 1. Mr. Hackett will remain in an advisory role through next spring.
EMEA
Thermo Fisher Scientific, an American provisioner of scientific instrumentation, reagents and consumables, and software and services, confirmed that its offer to acquire all of Qiagen's ordinary shares would expire on August 10, 2020.
On July 16, 2020, Thermo Fisher and Qiagen announced that they had entered into an amendment to their acquisition agreement following good faith discussions between the parties. The revised offer price of $12.2bn represents Thermo Fisher's best and final offer.
Qiagen is advised by Barclays, Goldman Sachs, Lazard, Moelis & Co, De Brauw Blackstone Westbroek, Linklaters and Mintz Levin. Barclays and Goldman Sachs are advised by Sullivan & Cromwell. Thermo Fisher Scientific is advised by JP Morgan, Morgan Stanley, Freshfields Bruckhaus Deringer, Hengeler Mueller, NautaDutilh, Wachtell Lipton Rosen & Katz, Brunswick Group and Joele Frank. JP Morgan and Morgan Stanley are advised by Gleiss Lutz. Debt financing is provided by JP Morgan and Morgan Stanley. Debt providers are provided by Simpson Thacher & Bartlett.
Sampo, a Finnish financial company, and Rand Merchant Investment Holdings, a listed financial services investment holding company, offered to acquire Hastings Group, a general insurance provider, for $2.2bn.
"Having been the largest shareholder in Hastings since 2017, we remain excited about the prospects of the business and believe the company will thrive in a private environment. We are delighted to partner with Sampo, who we consider one of the most successful owners of P&C insurance businesses in Europe, in developing Hastings over the long-term. We strongly believe this transaction is in the best interest of all Hastings stakeholders including its customers and many talented employees," Herman Bosman, RMI CEO.
Hastings is advised by Barclays, Fenchurch Advisory Partners, Numis Securities and Freshfields Bruckhaus Deringer. Sampo and Rand Merchant Investment Holdings are advised by JP Morgan and Allen & Overy.
Bharti Airtel, an Indian global telecommunications services company based in New Delhi, abandoned its merger with Telkom Kenya, an integrated telecommunications provider in Kenya. Financial terms were not disclosed.
"Kenya is a large and growing market and we remain committed to build a growing profitable business. We currently serve more than 14m Kenyan customers, a number that is growing month on month, and in the last quarter our revenue numbers were up double-digit in constant currency in Kenya. Our strategy to focus on winning more customers, invest in a best in class voice and data network and progressively expand our mobile money business, will continue to build on these results in order to deliver against the opportunities the Kenyan market has to offer," Raghunath Mandava, Airtel Africa CEO and MD.
Atlantia hits difficulties in talks on Autostrade split.
Italy’s Atlantia said it encountered “concrete difficulties” in talks with state lender Cassa Depositi e Prestiti over CDP’s planned investment in its Autostrade per l’Italia and was studying alternative options, Reuters reported.
The infrastructure group is now considering the sale of its entire 88% stake in Autostrade through a competitive auction or to spin-off the motorway unit into a separate vehicle to be listed on the stock exchange.
Atlantia, said that differences over valuation and other issues had emerged in talks with CDP and it was looking at other possibilities. It said it wanted to proceed with two alternative plans to split Autostrade from the group to protect shareholder interests and added that CDP could buy a stake in Autostrade by taking part in the competitive auction for the unit.
TIM postpones decision over network stake sale at Italian government request. (FS)
Telecom Italiahas postponed to August 31 a decision on the sale of a minority stake in its last-mile grid to KKR on a government request to negotiate a deal with rival Open Fiber, Reuters reported.
TIM and Open Fiber, a wholesale-only broadband unit jointly owned by government-controlled utility Enel and state lender CDP, have been talking since June last year on ways of combining their assets, but talks have so far been fruitless.
In a bid to break the stalemate, Italian Economy Minister Roberto Gualtieri last month asked parties involved to agree on a memorandum of understanding by the end of July.
BlackRock unveils new $2.6bn climate fund with Scottish Widows. (FS)
Scottish Widows, the UK insurance giant, announced it is investing $2.6bn with BlackRock in a freshly-launched “Climate Transition World Equity Fund”, which it has helped design, FN reported.
The venture will mean the pension portfolios of up to 6m UK customers being invested in the fund manager’s new low-carbon fund. The fund is a semi-passive offering, based on the MSCI World index, but with a systematic screening process that will increase investment in firms deemed best-placed to benefit from the green transition of the economy; and disfavour those that are not.
“Offering customers more sustainable investment choices, and challenging companies in which we invest to behave more sustainably and responsibly, is a central part of our strategy. Our work with BlackRock to design this new fund, together with our significant investment, will help to engender positive change in the industry,” Maria Nazarova-Doyle, Scottish Widows Head of pension investments.
K+S shortlists billionaire, private equity for Morton Salt sale. (FS)
German minerals miner K+S has shortlisted hedge fund billionaire James Simons’ family office as well as private equity firms for a sale of its $2bn Morton Salt business, Reuters reported.
K+S’s salt business, the world’s largest salt supplier and owner of the Morton Salt brand, was put up for sale as part of efforts by the German company to reduce debt that had soared after an investment in a new potash mine in Canada.
Meritage Group, an investment firm for the family of famed hedge fund investor James Simons of Renaissance Technologies, has partnered with US salt producer Kissner for its bid, the people said. Kissner is owned by buyout group Stone Canyon Industries, which bought Kissner for $2bn in April.
Virgin Atlantic files for US bankruptcy protection.
Virgin Atlantic has filed for bankruptcy protection in the US as part of its bid to survive the coronavirus pandemic that has devastated the aviation industry.
The airline, founded by the tycoon Sir Richard Branson, made the application under a section of the US bankruptcy code, which allows a foreign debtor to shield assets in the country.
The move was linked to a separate court process back in the UK, where the carrier is looking to secure approval from creditors for a restructuring plan aimed at safeguarding its future.
Israel pushes to sell its biggest port.
Israeli officials are now pushing forward with a privatization plan meant to make the port of Haifa more competitive, right as Shanghai International Port Group prepares to open an advanced harbor next year in the same city, Bloomberg reported.
Officials want to sell the older Haifa port for as much as $586m, but regardless of the final price, the first $292m from any deal will go into upgrades like building a new deep-water platform. The privatization plan also calls for slimming down the workforce, and the government hopes to attract strategic buyers by offering bidders a discount if they bring partners with expertise in fields like seaport management.
“It is not the ideal time, but in any case, if we wait it will be even more difficult to go forward with this. We will need people that come from the international business arena and bring new ideas, who can really help the company stand up to the competition,” Eshel Armony, Port of Haifa Chairman.
MTN is seeking to sell stake in Jumia Technologies.
MTN Group, a South African multinational mobile telecommunications company, is planning to sell part or all of its $243m interest in Jumia Technologies, an e-commerce platform provider, as Africa’s biggest wireless carrier looks to pay down debt and enter new markets, Bloomberg reported.
MTN, which had previously marked the online retailer as a non-core business, is reviving plans for a sale after Jumia’s shares surged 142% this year, recovering from a dip in 2019.
Jumia operates in 14 African countries including Nigeria and Ivory Coast where the US giant still lacks distribution infrastructure. The company -- headquartered in Germany and run by its two French founders, Sacha Poignonnec and Jeremy Hodara - had dropped below its initial public offering price in 2019 after improper transactions in its Nigeria business were uncovered.
Onex announces secondary sale of SIG Combibloc. (FS)
Private equity firm Onex sold approximately 32m shares of SIG Combibloc Group, a systems and solutions provider for aseptic carton packaging. Gross proceeds to the Onex Group will be approximately $540m.
The Onex Group will continue to hold approximately 32.3m shares of SIG.
Commerzbank appoints new chair. (People)
German lender Commerzbank appointed former state bank executive Hans-Jörg Vetter as its new chairman on 3 August, ignoring opposition from its second-largest shareholder, Cerberus Capital Management, FN reported.
Vetter’s appointment received the blessing of Commerzbank’s largest shareholder, the German state, signalling Cerberus will face an uphill battle as it pushes for changes at the embattled German lender.
APAC
The UK's Competition and Markets Authority provisionally blocked FNZ's proposed $186m takeover of rival retail investment platform GBST, concluding that it could lead to higher costs and lower quality services for Brits.
The CMA says that although there are differences in the business model that the companies use - with FNZ providing an integrated software and servicing solution and GBST being a software-only provider - they compete closely in a concentrated market in which there are few other significant suppliers.
GBST was advised by Allens. FNZ was advised by Herbert Smith Freehills.
Existing investor Tencent, and private equity firms Capital Today, and Eastern Bell led a $358m Series C round for Yipin Shengzian, a supermarket chain operator.
Proceeds of the round will be mainly used for the accelerated expansion of Yipin Fresh’s online and offline businesses, the integration of the entire industry chain, continuous investment in technology development, and the layout of national warehouse distribution system.
"With the further integration of online and offline businesses, community fresh food sector will explode with greater potential. We look forward to a deeper cooperation in WeChat ecology and smart retail to provide users with better products and convenient services," Tencent.
Solaris Disinfection, a provider of IoT connected service robotics, agreed to acquire Jetbrain Robotics, a provider of hospital logistics and patient experience using autonomous mobile robotics. Financial terms were not disclosed.
"With its growing market position and extensive distribution network, Solaris is well-positioned to help us further develop and deploy our technologies while continuing to support our mission of improving healthcare using cutting edge AMR technologies across a broad spectrum of use cases," Ajay Vishnu, Jetbrain Robotics Founder and CEO.
Tencent in talks to create a $10bn streaming giant.
Tencent Holdings is driving discussions to merge China’s biggest game-streaming platforms Huya and DouYu International, in a deal that would allow it to dominate the $3.4bn arena, Bloomberg reported.
The Chinese social media titan -- which owns a 37% stake in Huya and 38% of DouYu - has been discussing such a merger with the duo over the past few months, although details have yet to be finalized. Tencent is seeking to become the largest shareholder in the combined entity.
A deal would create an online giant with more than 300m users and a combined market value of $10bn, cementing Tencent’s lead in Chinese games and social media. Faced with rising competition for advertisers from ByteDance and its rapidly growing stable of apps. Huya and DouYu would keep their respective platforms and branding while working more closely with Tencent’s own esports site eGame.
Yanlord and GIC to co-invest upto $1bn in China residential projects. (FS)
Yanlord Investment Group, a unit of property developer Yanlord, has inked an investment agreement of up to $1bn with an affiliate of Singapore’s sovereign wealth fund GIC, to co-invest in China residential projects, Business Times reported.
Yanlord will own 51% of each of the project companies and joint venture companies to be co-invested in, while the GIC affiliate will own the remainder. The collaboration will run for seven years, with an option to extend for another two years upon mutual agreement.
“Since 2006, GIC and Yanlord have cooperated to invest in Nanjing and expanded our footprint in key cities in China. The cooperation programme will further strengthen our presence in China and create value to the shareholders,” Zhong Sheng Jian, Yanlord Chairman and CEO.
Centuria Industrial REIT to acquire a data centre complex from Telstra for $297m.
Centuria Industrial REIT, an Australia-based company engaged in investment in industrial properties within Australia, agreed to acquire a data centre complex in Clayton, Victoria from Telstra, an Australian telecommunications company, for $297m.
The sale includes a triple-net lease-back arrangement which means Telstra will retain ownership of all IT and telecommunications equipment, as well as ongoing operations and responsibility for building upgrades and repairs, future capex requirements and security.
Indian Energy Exchange plans gas venture stake sale.
Indian Energy Exchange is in talks with strategic investors to sell a minority stake in its fledgling gas unit.
The largest electricity trading platform in India may sell as much as 49% in the venture in a series of deals, Rajiv Srivastava, chief executive officer of IEX said in an interview. The first accord may be signed in three months. State-run gas supplier GAIL India in June said it was considering buying a stake.
The zero-debt company is pinning its hopes on India’s plans to expand the use of natural gas to quell chronic air pollution choking its cities. The government aims to raise the share of gas in its energy mix to 15% over the next decade from about 6% and is seeking $60bn of investment in pipelines, city distribution and import terminals.
Harps weighs $500m IPO.
Malaysian glove maker Harps is weighing an initial public offering in Kuala Lumpur to raise about $500m, Bloomberg reported.
The company is working with advisers on the potential first-time share sale, which could take place as soon as the first half of next year, the people said. Harps is seeking a listing on the back of strong demand for gloves during the coronavirus pandemic.
Malaysian stocks have rallied more than 30% from their March low as the Covid-19 outbreak boosted demand for medical gloves and hence shares of their manufacturers, several of which are listed in the country. Top Glove, the world’s biggest glove maker, rose more than six-fold this year, while Supermax surged more than 1.5k%.
Naukri.com parent Info Edge launches a $250m share sale.
Info Edge, the parent of popular jobs portal Naukri.com, said that its board had approved the launch of an institutional share sale to raise up to $250m, Livemint reported. The company has set a floor price of $42.42 per share for the so-called qualified institutional placement offering.
“We propose to utilize the net proceeds to augment our long term cash resources, for meeting the fund requirements of our business activities and general corporate purposes as a part of our growth strategy," Info Edge.
Info Edge is advised by Credit Suisse and IIFL Securities.
Sharechat in talks to raise $200m from Sequoia Capital. (FS)
Indian social media app Sharechat is in talks with venture capital firm Sequoia Capital to raise around $200m, which could value the company at over $1bn.
The money raised by ShareChat will be used to grow its video app further, bring more content creators to its platform and raise its marketing spend.
ShareChat is advised by JP Morgan.
Goldman Sachs names new equity capital head for Australia, New Zealand. (People)
Goldman Sachs Group has named Ian Taylor as the bank’s new head of equity capital markets for Australia and New Zealand, Reuters reported.
Taylor will be based in Sydney and replaces previous ECM head Sarah Rennie, following her departure to New Zealand-headquartered boutique advisory group Jarden in May.
He returns to the US investment bank, which ranks second in equity capital markets activity globally, from fintech focused merchant bank Galaxy Digital in New York, where he has led advisory services since 2018.
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