AMERICAS
Grubhub, an online and mobile food-ordering and delivery marketplace, announced that its stockholders overwhelmingly approved the proposals necessary to complete the proposed acquisition by Just Eat Takeaway of 100% of the shares of Grubhub in an all-stock transaction to create one of the world's largest online food delivery companies.
"We are pleased that Grubhub stockholders overwhelmingly supported the recommendation of Grubhub's board of directors on the pending combination with Just Eat Takeaway.com and voted in favor of the transaction. We thank our stockholders for their continued support and look forward to working with Just Eat Takeaway.com to complete this transaction," Matt Maloney, Grubhub Founder and CEO.
Grubhub is advised by Centerview Partners, Evercore, Kirkland & Ellis, NautaDutilh, Wilson Sonsini Goodrich & Rosati and Joele Frank. Financial advisors are advised by Sullivan & Cromwell. Just Eat and Takeaway are advised by Bank of America, Goldman Sachs, Cravath Swaine & Moore, De Brauw Blackstone Westbroek, Slaughter & May and Teneo.
Skillsoft, a company that delivers online learning, training, and talent solutions, went public via a merger with Churchill Capital II, a special purpose acquisition company, in a $1.5bn deal. The transaction includes the subsequent completion of the acquisition of Global Knowledge, a technology skills training provider.
"This transaction is an excellent fit with Churchill II’s mission and focus, as both Skillsoft and Global Knowledge are dedicated to training and reskilling workers for jobs of the future while providing exceptional shareholder returns in a high-growth market with favorable demographic trends. The combination will create the leading digital learning platform in the industry, and the new Skillsoft will be on track to become one of the fastest growing companies in the digital learning space," Michael S. Klein, Churchill II Chairman and CEO.
Skillsoft was advised by Houlihan Lokey, Weil Gotshal and Manges, William Fry and Joele Frank. Global Knowledge Training was advised by Lazard, Three Keys and Sullivan & Cromwell. Churchill Capital II was advised by Citigroup, Tyton Partners, Paul Weiss Rifkind Wharton & Garrison, White & Case and Gladstone Place Partners. Prosus was advised by Cravath Swaine & Moore. Rhone Capital was advised by Brunswick Group.
Magnachip Semiconductor said that it has received a takeover bid from Cornucopia Investment Partners, topping a rival offer, which values the South Korea-based display and power chip maker at $1.66bn.
Cornucopia Investment Partners include a consortium of investors consisting of Tim Crown, Yango financial holdings, Sino-Rock Investment Management Company Limited and Lombarda China Fund.
Magnachip's Board of Directors, in consultation with its legal and financial advisors, will carefully review and consider the proposal.
Magnachip is advised by JP Morgan, Kim & Chang, Paul Weiss Rifkind Wharton & Garrison, Richards Layton and Finger, Allison+Partners and Sloane & Company. JP Morgan is advised by Debevoise & Plimpton. Wise Road Capital is advised by BMO Capital Markets, Hogan Lovells, Lee & Ko and White & Case. BMO Capital Markets is advised by Sullivan & Cromwell.
Brookfield Infrastructure Partners filed an application with the Alberta securities regulator to do away with takeover target Inter Pipeline's $289m termination fee to Pembina Pipeline.
Brookfield said if it was successful in eliminating or reducing the termination fee, it would increase its takeover offer for Inter Pipeline by an equivalent amount, Reuters reported.
Inter Pipeline is advised by Credit Suisse, JP Morgan, TD Securities, Burnet Duckworth & Palmer and Dentons. Brookfield is advised by BMO Capital Markets, Barclays, McCarthy Tetrault and Laurel Hill. Pembina is advised by Scotia Capital and Blake Cassels & Graydon.
indie Semiconductor, an automotive semiconductor and software innovator, went public via a merger with Thunder Bridge Acquisition II, a SPAC, in a $1.4bn deal. The combined operating entity was named indie Semiconductor, and was listed on Nasdaq under the ticker symbol INDI.
"indie has established an industry-leading franchise, and by virtue of our combination, will have the financial firepower to accelerate its strategic growth initiatives and create an Autotech pureplay powerhouse. Thunder Bridge's focus on high growth technology businesses combined with our proven ability to provide substantial equity capital from the SPAC sponsor, IPO investors and PIPE participants brought significant value to this transaction," Gary Simanson, Thunder Bridge Acquisition II President and CEO.
indie Semiconductor was advised by Deutsche Bank, Goldman Sachs, Nomura, Loeb & Loeb and Rodriguez Wright. Thunder Bridge was advised by Cantor Fitzgerald, Morgan Stanley, Ellenoff Grossman & Schole, Littler Mendelson and Nelson Mullins Riley & Scarborough.
Ridgemont-backed Worldwide Express, a global logistics company, agreed to merge with CVC-backed GlobalTranz Enterprises, a provider of transportation and logistics services. Financial terms were not disclosed.
"The opportunities for growth by combining our resources will dramatically increase our ability to drive technology, further strengthen our carrier partnerships and allow us to provide a deeper offering to our customers. The opportunities for our employees, franchisees and independent agents are now greatly expanded. I tremendously appreciate the strong partnership we have had with Ridgemont and am excited to work with CVC and Providence as we continue to build Worldwide Express into a much larger business," Tom Madine, Worldwide Express CEO.
Ridgemont Equity Partners is advised by Fidus Partners, Jefferies & Company and William Blair & Co. Worldwide Express is advised by Harris Williams & Co, JP Morgan and Edelman. The consortium of investors is advised by Dechert, Kirkland & Ellis and Weil Gotshal and Manges.
SIGNA Sports United, a global sports e-commerce and tech platform, agreed to go public via a merger with Yucaipa Acquisition, a blank check company, in a $3.2bn deal.
"SSU is a global leader in the fastest-growing sports categories and is well-positioned for continued success as a public company. With its technology platform - and a combination of scale, international growth and profitability – we expect SSU to grow its leadership positions and accelerate its global expansion," Ron Burkle, Yucaipa Chairman and President.
SIGNA Sports United is advised by Citigroup, NautaDutilh, Skadden Arps Slate Meagher & Flom and Allison+Partners. Yucaipa Acquisition is advised by Jefferies, Moelis & Co, Kirkland & Ellis and Latham & Watkins.
Hotel chain operator Extended Stay America's shareholders have approved the c. $6bn acquisition by private equity firms Blackstone and Starwood Capital. The closing of the deals is currently scheduled for June 16, 2021.
"Travel and leisure is one of Blackstone’s highest conviction investment themes, and we have confidence in the extended stay model. We helped create this company nearly twenty years ago, and believe our expertise puts us in a unique position to add long-term value," Tyler Henritze, Blackstone Real Estate Head of US Acquisitions.
Extended Stay America is advised by Goldman Sachs and Fried Frank Harris Shriver & Jacobson. Starwood Capital is advised by Kirkland & Ellis and Abernathy MacGregor Group. Blackstone is advised by Citigroup, JP Morgan and Simpson Thacher & Bartlett.
VG Acquisition, a SPAC sponsored by Virgin Group announced that its shareholders voted to approve the previously announced merger agreement with 23andMe at VGAC's extraordinary general meeting of shareholders held earlier.
More than 87% of the votes cast at the special meeting were in favor of the approval of the merger agreement. VGAC shareholders also voted overwhelmingly to approve the other proposals presented.
23andMe is advised by Citigroup, Morgan Lewis & Bockius and Sard Verbinnen & Co. VG Acquisition is advised by Credit Suisse, LionTree Advisors, FTI Consulting and Davis Polk & Wardwell.
Vertical Aerospace Group, a British electric vertical takeoff and landing aircraft maker, agreed to go public via a merger with Broadstone Acquisition Group, a blank check company, in a $2.2bn deal. The ordinary share PIPE includes commitments from institutional investors, 40 North and Microsoft's M12 as well as the following strategic investors: American Airlines, Avolon, Rolls-Royce and Honeywell. The combination is expected to close in the second half of 2021.
"Today's announcement brings together some of the largest and most respected technology and aeronautical businesses in the world and together we can achieve our aim of making the VA-X4 the first zero-carbon aircraft that most people will fly on," Stephen Fitzpatrick, Vertical Aerospace CEO and Founder.
Vertical Aerospace Group is advised by Barclays, ICR and Nepean. Barclays is advised by Latham & Watkins. Broadstone Acquisition is advised by Citigroup and Edelman. Citigroup is advised by Winston & Strawn.
ArcLight Clean Transition, a publicly traded special purpose acquisition company, announced that its shareholders have voted to approve the previously announced $1.6bn merger with Proterra, an innovator in commercial vehicle electrification technology.
Subject to the satisfaction of certain other closing conditions, the business combination is expected to close on June 14, 2021, after which Proterra's common stock and warrants are expected to begin trading on Nasdaq on June 15, 2021 under the new ticker symbols "PTRA" and "PTRAW."
Proterra is advised by Bank of America, Fenwick & West, Latham & Watkins and Joele Frank. Arclight Clean Transition is advised by Barclays, Citigroup and Kirkland & Ellis.
Apax, a private equity firm, agreed to acquire Infogain, a provider of a human-centered digital platform and software engineering services, from ChrysCapital, a private equity firm. Financial terms were not disclosed.
The new ownership will enable Infogain to broaden its solution offerings, pursue strategic acquisitions, expand into new geographies, and accelerate the expansion of its employee base.
“Digital engineering and technological excellence continue to be key competitive advantages across industries, and Infogain, with its platform strategy and highly talented team, is exceptionally well placed to help drive innovation and support its customers in developing differentiated human-centered solutions. We are excited to partner with Ayan and the team to support them and their customers in this next phase of growth," Shashank Singh, Apax Partner.
Infogain is advised by Credit Suisse, Ernst & Young, Shardul Amarchand Mangaldas & Co and Wilson Sonsini Goodrich & Rosati. Apax is advised by Kirkland & Ellis and Kekst CNC.
The Federal Reserve announced it had approved a merger between Boston Private Financial, a provider of wealth management, trust and banking services, and SVB Financial, a commercial bank that serves emerging growth and middle-market growth companies, Reuters reported.
The approval clears the way for SVB to indirectly acquire the subsidiary state member bank, Boston Private Bank & Trust, and for Silicon Valley Bank to merge with that bank.
Boston Private is advised by Morgan Stanley and Wachtell Lipton Rosen & Katz. SVB Financial is advised by Goldman Sachs, Prosek Partners and Sullivan & Cromwell.
Lancer Capital, a private equity firm, agreed to acquire Iconix Brand Group, an American brand management company that licenses brands to retailers and manufacturers primarily in the apparel, footwear, and apparel accessory industries, for $585m.
"After a thorough and deliberative examination of all potential strategic alternatives, the Board of Directors determined that the transaction with Lancer provides the best value for our stockholders. We expect that Iconix will continue developing its brands and supporting its partners as a private company," Bob Galvin, Iconix CEO.
Iconix Brand Group is advised by Ducera Partners and Dechert. Lancer Capital is advised by Silver Point Capital and Latham & Watkins. Ducera Partners is advsed by Morrison & Foerster.
PE-backed Restaurant365, a restaurant management platform, agreed to acquire Compeat, a provider of software solutions for restaurants. Restaurant365 is backed by private equity firms Bessemer Venture Partners, ICONIQ and Tiger Global Management and now Serent Capital. Financial terms were not disclosed.
"The last year has been full of challenges for the restaurant industry due to the Covid-19 pandemic, but restauranteurs are tenacious and we are in awe of their incredible creativity to adapt. We provide technology to support their ingenuity and see this as the perfect time for this bold move to expand our offering and help restaurants rethink and streamline their operations," Tony Smith, Restaurant365 CEO.
Compeat is advised by Robert W Baird, Choate Hall & Stewart and Polsinelli PC. Restaurant365 is advised by William Blair & Co and Goodwin Procter.
WSFS Financial, a financial services company, completed its merger with Bryn Mawr Bank, a bank holding company, in a $976m deal.
“This combination aligns with our strategic plan. Combining with Bryn Mawr allows us to accelerate our long-term strategic objectives, including scale to continue to invest in our delivery and talent transformations. This combination also creates the premier wealth management and trust business in the region and the sixth largest bank-affiliated wealth management and trust business nationwide under $100bn in assets. Together, we are poised and positioned to continue to serve and outperform for all our constituents, and to deliver sustainable high performance for years to come,” Rodger Levenson, WSFS’ Chairman, President and CEO.
Bryn Mawr Bank was advised by Keefe Bruyette & Woods and Squire Patton Boggs. WSFS Financial was advised by Piper Sandler and Covington & Burling.
Platinum Equity, a private equity firm, agreed to acquire a majority stake in SVP Worldwide, a consumer sewing machine company. The transaction is expected to be completed during the third quarter of 2021. Financial terms were not disclosed.
"The company has made impressive strides recently by investing in technology and product development, and is on the cusp of a new stage of growth fueled by innovation and continued operational transformation. Carl-Martin, Stan and the entire SVP Worldwide team have done an excellent job refocusing the business and setting the stage for the next chapter. We fully support the investments they've made and we will bring additional financial and operational resources to bear to help accelerate their efforts," Jason Price, Platinum Equity Managing Director.
Platinum Equity is advised by Bank of America and Latham & Watkins. SVP Worldwide is advised by Sawaya Capital and Morgan Lewis & Bockius.
Tourmaline, a gas producer, agreed to acquire Black Swan Energy, a Calgary-based private energy company, for $907m.
Tourmaline envisions the North Montney as the key sub-basin for supplying Canadian LNG, as the company expects the North Montney to be the primary growth driver in the entire Western Canadian Sedimentary Basin for the next decade. The Black Swan acquisition complements Tourmaline's core Gundy development and, along with the more recent Polar Star, Chinook, and Saguaro transactions, will establish Tourmaline as the largest current North Montney producer with the most extensive future drilling and project inventory," Tourmaline.
Black Swan Energy is advised by Peters & Co. Tourmaline Oil is advised by Scotiabank and Stifel.
Hull Street Energy, a private equity firm, completed its acquisition of the Waterbury generation facility of ENGIE North America, an energy and services company. Financial terms were not disclosed.
Through this acquisition, the firm will be able to help support state, local community and other stakeholders integrate new variable renewable energy resources and meet regional reliability standards, as New England states work to achieve their climate and renewable energy goals.
Hull Street Energy was advised by Troutman Pepper. ENGIE was advised by Locke Lord.
Insight Partners-backed Resolve Systems, a developer of application software, agreed to acquire Ayehu, a no-code intelligent IT automation platform. Financial terms were not disclosed.
"As we've watched the IT automation market evolve, we've seen two distinct needs emerge. There are those organizations that need to prioritize a fast time to value with out-of-the-box functionality, and those that need more powerful orchestration and integration capabilities to automate very complex, custom, and unique processes. With the acquisition of Ayehu, Resolve can now serve the full spectrum of IT automation needs under one umbrella," Vijay Kurkal, Resolve Systems CEO.
Resolve Systems is advised by Willkie Farr & Gallagher. Ayehu is advised by Lincoln International.
Modern Campus, a developer of SaaS-based student lifecycle management software, completed its acquisition of DIGARC, a provider of internet-based services. Modern Campus is backed by private equity firms Serent Capital and The Riverside Company. Financial terms were not disclosed.
"Together with Modern Campus, we will be able to deepen relationships with our higher education partners and extend our ability to improve user experience, establish a single source of truth across campuses and support student recruitment and retention," Richard Becker, DIGARC CEO.
Serent Capital was advised by Macquarie Capital. Riverside Company was advised by Jones Day.
US investment fund Artisan Partners joined another minority shareholder in French media group Vivendi in opposing its spin-off of Universal Music Group, decrying the transaction as unfavourable to some investors.
Activist fund Bluebell Capital Partners had already questioned Vivendi's plan to cash in on its prize asset - through a distribution-in-kind to shareholders, Reuters reported.
"Selling off pieces of UMG to other investors in return for cash is a sub-optimal capital allocation decision. We would prefer that Vivendi spin off its entire ownership of UMG to the shareholders in a tax efficient manner," David Samra, Artisan Portfolio Manager.
Pershing Square is advised by Camarco.
Buckeye Partners, a distributor of petroleum, agreed to acquire an independent terminals network of Magellan Midstream Partners, a publicly traded partnership that primarily transports, stores and distributes refined petroleum products and crude oil, for $435m. The sale is expected to close upon the receipt of required regulatory approvals.
"The sale of our independent terminals demonstrates Magellan's continued focus on utilizing all available options, including optimization of our asset portfolio, to maximize unitholder value. We would like to express Magellan's gratitude to all employees dedicated to these facilities for their contributions and efforts through the years," Michael Mears, Magellan Midstream Partners CEO.
Magellan Midstream Partners is advised by Joele Frank.
KKR-backed OverDrive, a digital reading platform for libraries and schools, agreed to acquire Kanopy, a video streaming service for public and academic libraries. Financial terms were not disclosed.
"Kanopy's impressive catalog of films, shorts, children's videos and documentaries will enhance options for all institutions to delight viewers of all ages. The Kanopy apps and streaming viewing experience are excellent services to further benefit our network of public libraries and academic partners," Steve Potash, OverDrive Founder and CEO.
OverDrive is advised by Simpson Thacher & Bartlett.
Madison Investments, a holding company that provides investment and portfolio management and advisory services, completed its acquisition of fixed income assets of Reinhart Partners, an investment management firm. Financial terms were not disclosed.
“We continue to execute on our vision to maintain and improve our standing as an industry leader in the money management business while providing an outstanding client experience," Steve Carl, Madison Investments Principal and Chief Distribution Officer.
Madison Investments was advised by Berkshire Global Advisors.
Ideanomics, a service provider which facilitates the adoption of electric vehicles, completed its acquisition of US Hybrid, a company that designs and manufactures power conversion systems. Financial terms were not disclosed.
"Ideanomics' global platform will provide us with the opportunity to unlock the commercialization and sales potential of our American-made zero-emission products within Ideanomics and our broad customer base. This combination of our businesses provides for a bright future in zero-emission transportation, where we continue to innovate for the future, while scaling our commercial products to meet the immediate demands of the industry," Gordon Abas Goodarzi, US Hybrid CEO.
Ideanomics was advised by Skyya.
Box Equities, a real estate investment group, completed the acquisition of Home Depot and Pepsi distribution centers, a 900k-square-foot Home Depot-anchored distribution center in Missouri and a 150k-square-foot Pepsi distribution center in Ohio. Financial terms were not disclosed.
“Our team, relationships and experience uniquely position us to deliver on retailers’ needs to maximize their bottom line while providing investors, specifically on the private equity side, with a new investment vehicle in the retail space. The changes in the logistics industry are profound, as underscored by CBRE’s recent report stating that for each $1bn in e-commerce sales, an additional 1.25m square feet of distribution space is needed to support this growth,” Haim Dabah, Box Equities Chairman and Founder.
Box Equities was advised by Berns Communications Group.
Oaktree Capital Management, a private equity firm, completed a $375m investment in Primary Wave Music, a music management agency.
Oaktree will help strengthen Primary Wave’s financial positioning as an asset manager of music, and its investment will aid future catalog acquisitions.
“The Primary Wave team is honored to have such a respected financial institution and talented team supporting our efforts. Bruce Karsh and I have had a working relationship for over 15 years and he has the unusual combination of business savvy and creative sensibility towards music,” Larry Mestel, Primary Wave Founder & CEO.
Battery Ventures, a venture capital firm, completed a $150m investment in software services providers SaaSOptics and Chargify.
“Both companies’ growing businesses highlight the fact that today’s software companies require more robust billing and revenue solutions, driven in large part by new, usage-based, cloud models. We are excited to invest in more innovative products that help all software companies better manage their businesses," Chelsea Stoner, Battery Ventures General Partner.
General Atlantic, a private equity firm, led a $100m funding round in Fresha, a beauty and wellness software platform. Huda Kattan, Michael Zeisser, Jonathan Green, Partech, Target Global and FJ Labs also participated in the round.
“From the day we founded Fresha, our core focus has been on offering a solution that delights our customers. That drive has continued to direct our feature development and long-term vision. The rapid growth we’re seeing comes down to having happy customers that love using Fresha," William Zeqiri, Fresha Founder and CEO.
Savills, a global real estate services provider, agreed to acquire T3 Advisors, a real estate and workplace solutions advisory company. Financial terms were not disclosed.
"T3's innovative approach to serving clients in the life sciences and technology communities aligns perfectly with Savills strategic objectives. We are looking forward to working with T3 across our platform to expand relationships with existing and new clients, building upon the momentum we already have developed, opening six new offices successfully in the past two years," Mitchell Rudin, Savills North America Chairman and CEO.
Genstar seeks to sell a stake in Apex. (FS)
Buyout firm Genstar Capital is exploring the sale of a minority stake in Apex Group, hoping a deal will value the provider of administration services to asset management firms at as much as $5bn including debt, Reuters reported.
Genstar acquired most of Apex in 2017 from FTV Capital. Since then, Apex has made a number of acquisitions, including taking over Deutsche Bank’s alternative fund services unit. To support two of Apex’s deals in 2020, Carlyle Group made a preferred equity investment in Apex.
It is possible that Genstar could agree to sell its entire majority stake in Apex if it receives an attractive enough offer. An investment bank is working with Genstar on the process.
Thrasio is in talks to go public via Michael Klein SPAC. (FS)
Thrasio, an acquirer of private-label businesses on Amazon, is in talks to go public through a merger with a blank-check company set up by former Citigroup rainmaker Michael Klein, Bloomberg reported.
The online retailer, backed by private equity firm Advent International, could be valued at well over $2bn in a merger with Churchill Capital V. That valuation could even reach more than $10bn.
Medallia is exploring a potential sale.
The San Francisco-based company is working with a financial adviser. Private equity firms have expressed interest in buying the company, Bloomberg reported.
Companies hire Medallia to run surveys for improving customer service. It competes with Qualtrics International, which SAP spun off last year into an independent public company. Medallia went public in 2019, and trades about 30% above its initial public offering price.
Medallia shares climbed as much as 13% in New York after a temporary halt to trading, valuing Medallia at about $5bn.
Arctic Wolf valued above $4bn in new investment. (FS)
Security startup Arctic Wolf Networks is in talks to raise financing at a valuation of more than $4bn, Bloomberg reported.
The investment is expected to be led by Viking Global Investors, which is already an existing investor in the startup. Other existing investors include Lightspeed Venture Partners, Redpoint Ventures and Unusual Ventures.
Intel debates buyout of SiFive.
Intel is debating a possible offer to buy SiFive, a company closely associated with open-source technology that is challenging the rise of Intel's rival, Arm.
SiFive, a San Mateo, California-based startup, employs several of the creators of RISC-V, an open-source chip technology that is challenging Arm, the British chip technology firm being acquired by Nvidia for $40bn. Both Arm and SiFive sell intellectual property such as chip designs to others who ultimately produce the chips, Reuters reported.
Waterton seeks up to $1bn for Quebec nickel mine. (FS)
Waterton Global Resource Management has hired advisers to sell its Dumont nickel project in Quebec, seeking to capitalize on demand for the resource as automakers make plans to build more electric vehicles, Bloomberg reported.
The project, which is located about 300 miles northwest of Ottawa, could fetch as much as $1bn in a sale. Goldman Sachs Group has been hired to run the process.
The auction is expected to draw interest from other miners, automakers, battery makers, and financial players.
Janux Therapeutics set to go public after upsized IPO.
Janux Therapeuticss stock is set to start trading after the California-based biotechnology company developing cancer treatments' upsized IPO priced overnight at $17 a share. The pricing was at the top of the expected range of between $15 and $17 a share, and valued the company at about $646m.
The company raised $193.8m as it sold 11.4m shares in the IPO, up from a previously expected offering of 9.5m shares. The stock is expected to begin trading on the Nasdaq under the ticker symbol "JANX."
Ecorodovias plans $454m share offering.
Brazilian infrastructure concession firm Ecorodovias Infraestrutura e Logistica announced a share offering of around $454.3m, which it expects to price on June 22, Reuters reported.
The offer, approved by Ecorodovias' board of directors, will be managed by BTG Pactual, Bradesco BBI, Itaú BBA, Bank of America and UBS.
The company said the share offer is part of its corporate reorganization and that the co-controlling shareholder Igli has pledged to subscribe an amount of shares equivalent to the amount of $236m.
EMEA
Avantor, a global provider of mission-critical products and services to customers in the life sciences and advanced technologies & applied materials industries, completed the acquisition of Ritter, a plastic fabrication company in Langerringen, Germany, for €890m ($1.1bn).
"The combination will significantly expand our proprietary offering to the biopharma and healthcare end markets and significantly enhance Avantor's offerings for critical lab automation workflows. Our combined businesses also share similar characteristics including a highly recurring, specification-driven revenue profile and a consumable-driven portfolio of products produced to exacting standards that enhances our unique customer value proposition," Michael Stubblefield, Avantor President and CEO.
Ritter was advised by Carlsquare, Goldman Sachs, Funke Mühe Rechtsanwälte und Notare and Gleiss Lutz. Avantor was advised by Citigroup, Centerview Partners, Jefferies & Company, Schilling Zutt & Anschuetz, Wolf Theiss and Ernst & Young.
PineBridge Benson Elliot, a private equity firm, agreed to acquire Sigma Capital Group, a private equity investor, for £188m ($266m).
"We are delighted that our independent directors intend to recommend this offer from PineBridge Benson Elliot, having reviewed a number of options from other parties. We know the team well and believe that our complementary skills, experience and sector knowledge, as well as PineBridge Benson Elliot's capital backing, will make a powerful combination, and enable Sigma to expand its activities significantly," Graham Barnet, Sigma Founder and CEO.
Sigma Capital is advised by N+1 Singer, Rothschild & Co, Dentons and KTZ Communications. PineBridge Benson Elliot is advised by Evercore, Paul Hastings and FTI Consulting.
Proactis Holdings has reached an agreement with Café Bidco, a new company jointly owned by Pollen Street and DBAY Advisors, on the terms of a recommended cash offer by Bidco which will value the company at approximately $106m.
Under the terms of the acquisition, each Proactis shareholder will be entitled to receive $1.06 in cash, reflecting a premium of c.79.4% to the closing price of $0.59 per Proactis share on April 29, 2021, which is the last business day prior to the commencement of the offer period.
"Both Pollen Street Capital and DBAY are highly experienced financial and operational supporters of growth focused businesses and we believe the company will benefit from their considerable financial resources, longer-term approach to value creation, and significant experience in successfully backing high-growth businesses to achieve their full potential. We are pleased that Bidco is supportive of the acceleration of Proactis' existing strategy and we continue to believe Proactis will be both nimbler in executing its strategy and able to build a business capable of sustainable longer-term growth," Alan Aubrey, Proactis Chairman.
Proactis is advised by finnCap, Walker Morris and Alma PR. DBAY Advisors is advised by Teneo. Pollen Street Capital is advised by Houlihan Lokey, Slaughter & May and Stand Agency.
Sanne Group, the UK-listed fund administration business, has agreed to hold talks with private equity firm Cinven over a potential $2bn takeover after repeatedly rejecting its earlier approaches.
The buyout group has stepped up its pursuit of the company with a fifth possible offer, valuing Sanne at $12.37 per share, FT reported.
Sanne Group is advised by JP Morgan, Jefferies & Company and Tulchan Communications. Cinven is advised by Goldman Sachs and FTI Consulting.
TA Associates, a private equity firm, agreed to acquire Elos Medtech, a producer of medical products, for $211m.
"In order to achieve the long-term potential of the business, we believe that significant investments are required, and with our knowledge, network and resources, we believe TA Associates can help the company with its continued growth journey," Lovisa Lander, TA Associates Principal.
Elos Medtech is advised by Carnegie Investment Bank and Vinge. TA Associates is advised by Roschier Attorneys and Fogel & Partners.
Grainger, a provider of private rental homes, completed its acquisition of The Forge, an apartment building in Newcastle, from Moorfield Group, a private equity firm, for £57m ($81m).
"The Forge is proven as a great place to live, and, provides us with immediate rental income, further boosting our ambitious growth plans," Helen Gordon, Grainger CEO.
Grainger was advised by Womble Bond Dickinson and Camarco. Moorfield Group was advised by Knight Frank and Shoosmiths.
A consortium led by the Italian state lender CDP said it had signed an agreement with Atlantia to buy a 88% stake in its motorway unit, one of the leading motorway operators in Europe and manages over 3k km of motorways in Italy, and would start talks with minority shareholders who have an option to sell their holdings, Reuters reported.
The agreement, under which Autostrade per l’Italia is valued at €9.3bn ($11.26bn), is backed by the Italian government, which has been seeking to regain control of Autostrade ever since a bridge run by the toll-road company in Genoa gave way on August 14, 2018, causing the death of 43 people.
CDP is advised by Citigroup. ACS Group is advised by Societe Generale. Macquire Group is advised by Rothschild & Co.
Northleaf, a global private markets investment firm, completed its acquisition of a majority stake in Quickline Communications, a Yorkshire-based internet service provider, Harwood Capital-backed Bigblu Broadband, a UK-based provider of broadband services for £48m ($68m).
"Receiving this kind of investment from Northleaf provides us with the ability to supply life-changing gigabit-capable broadband to hundreds of thousands of rural customers that previously were unable to access the internet at speed. We look forward to working alongside Northleaf to create this unique hybrid next-generation network, provide hundreds of jobs and build a business that provides new breakthroughs in internet connectivity for broadband users in remote pockets of the UK," Sean Royce, Quickline CEO.
Quickline Communications was advised by Cake + Ice Cream. Bigblu Broadband was advised by finnCap and Walbrook.
Alm. Brand, a non-life insurance company, agreed to acquire Danish business of Codan, an insurance broker, from insurance companies Tryg and Intact Financial, at a $2bn valuation.
"We will create Denmark's second-largest non-life insurance company and combine the best of both companies under one roof. The acquisition brings together two well-reputed insurance companies in a transaction that will create a single major and strong Danish insurance group with more than 700k customers and a clear ambition of providing best-in-class solutions for our customers," Rasmus Werner Nielsen, Alm. Brand CEO.
Alm. Brand is advised by Deloitte and Accura Advokatpartnerselskab.
3i Infrastructure, a closed-ended investment company, completed the acquisition of a 60% stake in DNS:NET, a provider of elecommunications, Internet and data-centre services, from Deutsche Beteiligungs, a private equity firm, for $213m.
“For businesses and consumers alike, fibre connectivity is increasingly a necessity as data and computing power moves to the cloud. Alexander has built a highly successful business over more than 20 years and we look forward to partnering with him and his management team as DNS:NET rolls out its fibre-to-the-home offering in Berlin and the surrounding area," Phil White, 3i Investments Managing Partner and Head of Infrastructure.
3i Infrastructure is advised by Clifford Chance. Deutsche Beteiligungs is advised by Rothschild & Co.
An investment consortium agreed to acquire a majority stake in United Eastern Medical Services, a specialty healthcare provider based in Abu Dhabi. Financial terms were not disclosed. The consortium included Cerberus Capital, Abu Dhabi Catalyst Partners, Mubadala and Olive Rock Partners.
“We are excited to partner with the UEMedical team and shareholders to further enhance the growth of this exceptional platform within Abu Dhabi and its neighboring Emirates as well as abroad, focusing initially on Saudi Arabia,” Muhannad Qubbaj, Olive Rock Founding Partner.
Cerberus was advised by Freshfields Bruckhaus Deringer. Mubadala was advised by Rothschild.
Certara, a biosimulation company, agreed to acquire Insight Medical Writing, a company that offers regulatory services and medical writing. Financial terms were not disclosed.
"This is a complementary fit in terms of culture, clients and technology. We are excited about joining the Certara family and the opportunities it will bring, in particular allowing us to expand our services to our clients," Kerry Walker, Insight Medical Writing Founder.
Certara is advised by Simpson Thacher & Bartlett and Finn Partners.
Element Solutions, a specialty chemicals company, agreed to acquire Coventya, a manufacturer and distributor of speciality chemicals, from Silverfleet Capital, a private equity firm. Financial terms were not disclosed.
“This has long been a logical combination which we believe will provide customers with a broad suite of enhanced solutions that will be differentiated in our markets. I am incredibly proud of the team that has enabled Coventya’s success to date and thankful for their effort to build such an outstanding company. The future is bright for our business and its people, and we are all looking forward to becoming a part of the dynamic company that the team at Element Solutions is building," Erik Weyls, Coventya CEO.
Element Solutions is advised by Kekst CNC.
Valmet, a developer and supplier of technologies, automation systems and services for the pulp, paper and energy industries, agreed to acquire EWK Umwelttechnik, a German company manufacturing and supplying air emission control systems and after-installation services, and ECP Group, a Finnish manufacturer and maintainer of air emission control systems. The acquisitions are estimated to be completed in July 2021. Financial terms were not disclosed.
"After the acquisitions are completed, Valmet’s Environmental Systems offering covers technologies and services for wet and dry flue gas cleaning, flue gas desulfurization, NOx reduction and burner systems for energy and process industries, and marine scrubbers," Valmet.
Valmet is advised by Hengeler Mueller.
IFS, a cloud enterprise applications company, completed its acquisition of Axios Systems, a provider of cloud-based enterprise service management software. Financial terms were not disclosed.
"It's clear to me that we have acquired a company with many assets and strengths, in a market that is evolving and in need for further disruption. With the investment we are committing as well as our customer-centric approach, I am confident that our current customer base will benefit, which will in turn help attract new customers, and we will further extend IFS's dominance in the overall service management space," Martin Schirmer, IFS President of the Enterprise Service Management Business Unit.
IFS was advised by Charles Russell Speechlys.
The Kraft Heinz Company, agreed to acquire Assan Foods, a food products manufacturer, from Kibar Holding, a Turkish conglomerate, for $100m.
“This is a great opportunity to accelerate our international growth strategy centered on Taste Elevation. We believe Assan Foods is a high-performance organization that brings best-in-class local innovation and production of sauces and tomato products, as well as a significant distribution network in the fast-growing foodservice channel, enabling us to further build our scale and agility by expanding the Heinz brand in Turkey, as well as our International Taste Elevation platform more broadly," Rafael Oliveira, Kraft Heinz President.
Private equity firm Harith General Partners and aviation group Global Aviation to acquire a 51% stake in South African Airways, the flagship carrier of South Africa. Financial terms were not disclosed.
"The partnership represents a robust, exciting South African-bred solution. Harith, as owners of Lanseria International Airport, has significant experience in the transport infrastructure and aviation sectors. We have deployed more than a $1bn into a portfolio of critical infrastructure assets across the African continent that support regional economies. Global's operating model is unique, highly efficient and fit for purpose for a newly launched airline. The Consortium has empowerment at its heart and a unique blend of skills and experience," Tshepo Mahloele, Harith Co-Founder.
ADQ-backed Abu Dhabi National Exhibitions, a venue offering organisers of exhibitions, conferences and events outstanding facilities, agreed to acquire Abu Dhabi National Hotels, a provider of a range of services in the hospitality sector in Abu Dhabi. If the board of ADNH recommends proceeding with the transaction, it will be subject to shareholder and regulatory approvals. Should it receive the necessary approvals, the transaction could close during the second half of 2021. After the transaction is completed, ADQ will own roughly 55% of ADNH.
“This proposed offer provides a unique opportunity to create value by bringing together two major players in Abu Dhabi’s hospitality and events sector. The combined company would benefit from increased scale, new revenue opportunities, and an enhanced capital structure that will position it well for future growth,” Mansour AlMulla, ADQ CIO Alternative Investments and M&A.
Signa Sports United, a sports e-commerce and tech platform, agreed to acquire WiggleCRC Group, an online sports retailer, from Bridgepoint Capital, a private equity firm. Financial terms were not disclosed.
“We also look forward to welcoming WiggleCRC to our SSU family. The acquisition enhances our global online leadership especially in the bike category. Our focus on growth and internationalisation coupled with our platform approach drives significant scale benefits,” Stephen Zoll, Signa CEO.
Weston family considers a $5.7bn Selfridges sale.
Weston family, the billionaire dynasty behind Selfridges. is considering a $5.7bn sale of the British department store group following an approach from a potential buyer. Discussions are at an early stage and may not lead to a transaction, Bloomberg reported.
The Weston family has asked Credit Suisse to advise on the future of the business, which includes the flagship emporium on London’s Oxford Street and stores operating under other names in Ireland.
A purchase of Selfridges would be a vote of confidence in the UK’s beleaguered retail industry, which has been hammered by the pandemic and the shift to online shopping. Retail property values have declined in recent years.
MKS Instruments approaches Atotech with a $4.7bn acquisition offer. (FS)
Semiconductor equipment maker MKS Instruments has approached Atotech, a specialty chemicals group that has a market value of $4.7bn, with an acquisition offer, Reuters reported.
The potential combination would expand MKS's offerings in chip manufacturing through the addition of Atotech's plating chemicals. It would come a few months after Atotech was floated on the stock market by its private equity owner Carlyle Group.
There is no certainty that Atotech will engage in negotiations with MKS or that any deal will be reached. Details of the offer could not be learned.
Virgin Orbit in talks with NextGen SPAC.
Richard Branson’s Virgin Orbit is close to a deal to combine with NextGen Acquisition II, a blank check company led by former Goldman Sachs partner George N. Mattson, Sky News reported.
NextGen II is in exclusive talks with the Low Earth Orbit satellite business, which is 80% owned by Virgin Group and 20% by Mubadala, the Abu Dhabi sovereign wealth fund.
A definitive deal valuing Virgin Orbit at about $3bn could be announced in the coming weeks.
Reden up for sale in potential €2bn deal.
Private equity firms Eurazeo and Infravia are launching an auction for Reden in a deal that could value the French solar group at up to €2bn ($2.4bn).
Investors are clamouring for businesses that can help the world's economies shift away from fossil fuels and stave off potentially catastrophic climate change. Citigroup and Nomura have been given a mandate to capitalise on this appetite and sell the business, Reuters reported.
A representative for Reden said its shareholders were assessing their strategic options regarding their ownership in Reden, and had hired Citigroup and Nomura.
Partners Group is said to weigh $2bn sale of Civica. (FS)
Partners Group is considering a fresh attempt to sell UK software provider Civica Group, which could be valued at more than $2bn, Bloomberg reported.
The Swiss investment firm is working with Goldman Sachs to gauge interest from a select group of private equity firms.
London-based Civica, which was founded in 2002, provides specialist software and outsourcing services to governments, health-care providers, housing associations and schools.
Scor and Covea agree to end the dispute.
Covea, the top shareholder of Scor, agreed to an orderly exit from Scor as the battling insurance groups reached a settlement over a frustrated takeover attempt and ensuing legal disputes, Reuters reported.
“Covea and Scor firmly believe that this course of action will open up a new period of trust, in the interests of both parties, their stakeholders, and more generally the insurance sector in France and the Paris marketplace,” Covea and Scor.
Under the settlement, Covea, which owns 8.45% of Scor, agreed to give Scor a call option on its shares at an exercise price of €28 ($34) per share for five years, while it also agreed not to buy shares in Scor for seven years. Scor shares closed at €26.1 ($31.6).
GSK consumer chief plans deal spree after split from pharma.
The chief executive of GlaxoSmithKline’s consumer healthcare business expects the newly separated company to make deals in growth areas such as vitamins in a sector ripe for consolidation, FT reported.
Speaking ahead of a much-anticipated investor day detailing the split between GSK’s pharma and consumer divisions, Brianz McNamara told the business would be able to do smaller deals, despite being loaded with debt.
He said the new company - which will be named ahead of a spin-off next year - would look to sell more brands online directly to consumers, convert more prescription drugs to over-the-counter purchases, and expand in China.
UBS, DWS line up final bids for NN Group. (FS)
UBS and German asset manager DWS are pressing ahead with final bids for the asset management arm of NN Group after Europe’s biggest insurers pulled out of the auction, Reuters reported.
Prudential Financial and US asset manager Nuveen are also interested in bidding for the unit - known as NN Investment Partners – and are carrying out due diligence ahead of a binding bid deadline of early July.
The sale comes after NN Group announced in April a strategic review of the business, citing a broad range of options including a merger deal.
News UK mulls bid for The Week magazine.
Rupert Murdoch's British newspaper empire is weighing a bid for The Week, the news and current affairs magazine, Sky News reported.
News UK, publisher of The Sun and The Times, is among a number of parties which have expressed an interest in acquiring the weekly title from Dennis Publishing.
News UK's interest is at an early stage and will not necessarily translate into a formal offer for The Week. If it does proceed with an offer, it would mark a strategic shift for News UK, which does not currently publish magazines other than those distributed as supplements in its national newspapers.
Leonardo seeks a partner who can buy its automation business.
Italy’s Leonardo is seeking a partner who could acquire its Genoa-based automation division in the future, while ensuring long-term competitiveness of the business, Reuters reported.
The company said it is considering various options for the future of the division, adding it aims to safeguard automation’s employment levels in the future.
Zurich looks to sell $243m Italy life portfolio. (FS)
Swiss insurer Zurich is looking to offload an Italian portfolio of life insurance policies with an equity value of around $243m, Reuters reported.
The process, which targets specialised investors, often backed by private equity, or reinsurance firms, follows similar deals in the industry where negative interest rates have been weighing on companies’ life businesses.
UBS is working with Zurich on the sale of the Italian life policies.
Autogrill says can not pursue M&A before 2023.
Italy’s Autogrill said that, under agreements its signed with creditors to ease debt covenants, it could only pursue growth through M&A starting from 2023, Reuters reported.
In a document published ahead of the launch of a capital increase worth €600m ($728m), the group controlled by the Benetton family said it would devote €500m ($607m) coming from the rights issue to cut financial debt.
Costs for executing the capital increase would amount to €22m ($26.7m), with €78m ($94m) remaining for building a liquidity buffer.
TransAsia Private takes action on alleged unpaid debts by GFG Alliance.
A Hong-Kong based asset manager is behind an attempt to take control of a significant portion of the shares in a UK-listed renewable energy developer over alleged unpaid debts by Sanjeev Gupta’s GFG Alliance metals conglomerate, FT reported.
TransAsia Private Capital in May appointed receivers over shares of GFG’s Simec UK Energy in Aim-listed tidal power group Simec Atlantis. SUEH owns about 43% of the shares.
Court filings in Hong Kong, reveal that TransAsia is claiming unpaid debts of more than $71m from Liberty Commodities, the trading arm of GFG.
Padenga Holdings to raise funds with a new listing.
Padenga Holdings, a Zimbabwean supplier of Nile crocodile skins, is planning to sell shares on the country’s new foreign-currency denominated stock exchange to raise capital for expansion.
Padenga Holdings will terminate its listing on the main exchange in Harare and re-list in Victoria Falls. The move will allow investors to realize a US dollar value for their holdings and enhance the company’s ability to pay dividends, Bloomberg reported.
Atai targets a valuation of $2.3bn in US IPO.
Atai Life Sciences, backed by billionaire investor Peter Thiel, said it was looking to raise as much as $214.3m through a US IPO, targeting a valuation of about $2.3bn, Reuters reported.
The Berlin-based biotech startup, which is exploring the use of psychedelic treatments for mental health disorders, said it planned to sell around 14.29m shares priced between $13 and $15 per share.
Atai's co-founder Christian Angermayer is an advocate of the mental health benefits of psychedelics such as psilocybin, the active ingredient in so-called magic mushrooms, for the treatment of depression, anxiety and substance use disorders.
Primafrio targets a $2bn valuation with its IPO.
Primafrio is targeting a valuation of up to €1.7bn ($2bn) following a planned listing of a 25% stake in the Spanish logistics operator, it said, in what would be the third market listing in Spain this year, Reuters reported.
Family-owned Primafrio, which specialises in refrigerated products, plans to sell its shares at between €9.3 ($11) and €12.1 ($14.6), raising as much €423.5m ($514m) through a placement aimed exclusively at institutional investors.
Global stock markets have benefited this year from ultra-low interest rates and government economic stimulus measures aimed at alleviating the effects of the coronavirus crisis, driving record numbers of market debuts in several countries.
Egyptian regulator tells Banque du Caire to IPO this year. (FS)
Egypt's Financial Regulatory Authority has given Banque du Caire and three other listed companies until the end of the year to sell shares on the stock exchange, Reuters reported.
In Egypt, companies are allowed to list on the exchange before actually offering shares to be traded. The authority said in a statement that companies that had not yet completed offerings would have to do so by December 31.
The companies were Banque du Caire, Egypt's third-largest state-owned bank, as well as Sky Light for Touristic Development, New Castle for Investment Sports, and City Trade Securities and Brokerage.
Permira aims for $2.5bn for second growth fund. (FS)
Permira aims to raise some $2.5bn for its second growth fund focused on investments in smaller, growing technology companies, WSJ reported.
If the London-based firm hits its target, the new fund would be 47% larger than its predecessor. Its first growth technology vehicle, Permira Growth Opportunities I, closed with $1.7bn in July 2019.
Overall, Permira backs investments in consumer, healthcare, technology and services companies. The firm invests in buyouts through its main private-equity funds and raised €11bn ($13.39bn) for the latest, Permira VII LP, in the fall of 2019.
BC Partners announces Springer Nature Acquisition Fund. (FS)
BC Partners has announced a new Single Asset Acquisition Fund, led by funds advised by Neuberger Berman, a private, independent, employee-owned investment manager.
In total, the fund has attracted more than €1bn of investment, making it one of the largest such vehicles in Europe.
The Fund was formed to extend BC Partners’ investment in Springer Nature, a Fund IX asset in which BC Partners sees multiple opportunities for continued growth and additional value creation. The Fund will allow BC Partners to realise capital for Fund IX investors, while continuing to create value for its investors via robust organic growth and selective M&A initiatives to further consolidate its leading position in the scientific, technical and medical publishing market.
APAC
Markets regulator Securities and Exchange Board of India has initiated a scrutiny into The Carlyle Group, Ares and General Atlantic's $500m investment in PNB Housing Finance, one of the largest housing finance companies in India.
The market watchdog’s decision to scrutinize the deal is followed by a report by proxy advisory firm SES, led by J N Gupta, a former executive director of Sebi. The SES report has interpreted that the proposed deal is “unfair and abusive” on minority shareholders of PNB Housing since the company could have opted to raise the capital via a rights issue that could have given an equitable treatment to all classes of shareholders in the company, DealStreetAsia reported.
SES has also highlighted that PNB was giving away control of PNB Housing to the Carlyle Group without deriving control premium. SES said that the board of both PNB and PNB Housing have failed their minority shareholders and the exchequer.
Carlyle Group is advised by AZB & Partners.
Malaysian construction group IJM has accepted Kuala Lumpur Kepong's $373m offer for its palm oil plantation business.
On completion of the transaction – which is still subject to approval of shareholders and lenders at an extraordinary general meeting to be convened at a date that has yet to be determined – IJM Plantation will cease to be its subsidiary.
"The disposal is in line with its strategic objective of streamlining its businesses to focus on construction, property development, infrastructure concessions as well as manufacturing of building materials. The recent strong (crude palm oil) price environment and good showing by plantation companies have presented an opportune window of divestment," IJM.
An Indian court dismissed pleas by Amazon and Walmart’s Flipkart to quash an antitrust investigation into the business practices of the US firms, dealing them a blow in their key growth market, Reuters reported.
A court had put the investigation on hold last year after Amazon and Flipkart challenged it saying the CCI had no evidence the e-commerce giants were harming competition.
Justice P.S. Dinesh Kumar of the high court in the southern state of Karnataka said he was dismissing the petitions by Amazon and Flipkart, and refused them any further relief.
Didi Chuxing unveils a $70bn US IPO filing. (FS)
Didi Chuxing Technology, the Chinese ride-hailing behemoth, made its IPO papers public, setting the company up to raise billions and begin trading publicly in the US in July, WSJ reported.
Didi, which filed under its formal name of Xiaoju Kuaizhi, could fetch a valuation upward of $70bn, a number that could stretch even higher amid investors’ ravenous appetite for newly public, high-growth companies.
The company is expected to raise roughly 8% to 10% of the valuation amount in the offering, money the company says it will use to invest in technology, grow its business outside of China and introduce new products.
Mitsubishi UFJ Financial biggest bank to bet $9bn on riskier asset push. (FS)
Japan’s biggest bank is planning to plow about $9bn into a new investment team that will look to buy credit, equities and alternative assets in a bid to lift investment returns, Bloomberg reported.
Mitsubishi UFJ Financial expects to begin buying the assets in the second half of this year that will likely focus on US securities, said the group’s head, Yoshiaki Nemoto. His team will manage a new investment account, separate from the bank’s conventional securities portfolio, and will aim to grow assets to about $9.1 bn within three years.
Coalition Capital, Warburg Pincus vie for Fullerton Health. (FS)
Private equity firms Coalition Capital Partners and Warburg Pincus have been shortlisted to buy Singaporean medical services provider Fullerton Healthcare in a deal that could be worth about $1bn, Bloomberg reported.
Binding bids from the US and Southeast Asian buyout firms are expected before the end of the month. Other suitors could emerge and there is no guarantee that a sale will be completed.
Any deal would add to the $7.7bn in health-care services M&A in Asia Pacific this year. Besides Fullerton, Malaysia’s Sunway Group is also seeking to sell an interest in a health-care business in the region.
Hong Kong to launch consultation on a SPAC listings in third quarter.
Hong Kong Exchanges and Clearing will launch a consultation on rule changes in the third quarter of this year to allow SPACs to list in the city, a summary of a meeting of the city’s top finance officials published on Friday showed, Reuters reported.
Rival Singapore Exchange launched a consultation on allowing SPACs earlier this year.
Krafton to launch $5bn plus IPO next week.
Krafton, the company behind blockbuster video game PlayerUnknown's Battlegrounds, will launch its IPO early next week in what could be South Korea's largest listing in 11 years, Reuters reported.
The Tencent-backed company aims to raise at least $5bn in the IPO by selling 20% of its shares, one said after the Korea Exchange announced that Krafton had preliminary approval for its planned listing. Official filings to start the IPO will be made early next week.
Tencent-backed Kanzhun almost doubles after $912m IPO. (FS)
Kanzhun, the owner of Chinese online recruitment platform Boss Zhipin, rose 96% in its trading debut after raising $912 million in a US IPO, Bloomberg reported.
The first-day gain was the eighth biggest of the year on a US exchange, out of more than 450 listings of $100m or more.
Beijing-based Kanzhun’s IPO comes after several other Chinese firms had put plans for US listings on hold. IPO filings by 32 other companies based in China or Hong Kong filed in their US this year remain pending.
Sona Comstar raises $333m from anchor investors ahead of IPO. (FS)
Sona Comstar, an automotive systems & components manufacturer, raised $333m from anchor investors, ahead of its initial public offer.
The auto components major allocated 86m shares at $3.97 apiece to 42 anchor investors, aggregating the total to $333m, DealStreetAsia reported.
GIC and Monetary Authority of Singapore together invested $55m in the anchor book. Marquee foreign portfolio investors such as Nomura, Fidelity, Eastspring Investments, Goldman Sachs Asset Management, Amundi participated significantly in the anchor book. Marquee domestic investors include SBI MF, Axis MF, Birla MF, HDFC MF, Mirae Asset MF, SBI Life Insurance, Kotak MF, Kotak Life Insurance, Birla Life Insurance, Max Life Insurance, Bharti Axa, Invesco MF, Canara Robeco MF, Sundaram MF, IIFL, Bank of Baroda MF and Edelweiss amongst others.
Kotak Mahindra Capital, Credit Suisse, JM Financial, JP Morgan and Nomura are the book running lead managers.
Shriram Transport Finance raises $266m via QIP route. (FS)
Auto finance company Shriram Transport Finance has raised close to $273m through its latest qualified institutions placement issue. The issue opened on June 7 and closed on June 11.
The auto financer said that pursuant to the allotment of equity shares in the issue, its paid-up equity share capital stands increased from $34m to $36.5m, comprising more than $3.6 equity shares of face value of c.$0.1 each.
3one4 Capital to raise $100m for its new fund. (FS)
Early stage venture capital firm 3one4 Capital has seen strong interest from investors for its latest $100m fund. The firm expects to close the fundraising above its initial target, founding partner Pranav Pai said.
“We will definitely be oversubscribed. It will be more than our target of $100m. We were expecting it to take the usual one and a half or two years, but we achieved oversubscription in two and a half quarters. So the fundraising has been far ahead of expectations," Pranav Pai.
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