AMERICAS
Franklin Templeton, an investment management organization, completed the acquisition of Lexington Partners, an independent manager of secondary private equity and co-investment funds, for $1.75bn.
"We could not be more excited to welcome Lexington and its world-class team. This acquisition will position us to capitalize on the highly sought after secondary private equity market, an area of growth that complements Franklin Templeton's existing alternative asset capabilities to meet the growing appetite of our clients for alternative asset management around the globe," Jenny Johnson, Franklin Templeton President and CEO.
Franklin Templeton was advised by Bank of America, Broadhaven Capital Partners, Citigroup and Willkie Farr & Gallagher. Lexington Partners was advised by Goldman Sachs, Morgan Stanley, Simpson Thacher & Bartlett, Weil Gotshal and Manges and Kekst CNC.
H.I.G. Capital, an alternative investment firm, agreed to acquire Pixelle Specialty Solutions, a provider of fiber-based specialty solutions, from Lindsay Goldberg, a private equity firm. Financial terms are not disclosed.
"Together with Lindsay Goldberg, Pixelle has developed a broad, innovative portfolio of industry leading brands across the specialty papers and sustainable packaging markets. In under four years, we have transformed Pixelle into the leading specialty-focused paper producer in North America through three strategic acquisitions and successful implementation of a continuous improvement program. We thank Lindsay Goldberg for their partnership and look forward to our next chapter with H.I.G. Capital," Timothy Hess, Pixelle CEO.
Pixelle is advised by Credit Suisse, Houlihan Lokey, Cravath Swaine & Moore and Gasthalter & Co. H.I.G. is advised by Jefferies & Company, Macquarie Group and Ropes & Gray. Debt is provided by Credit Suisse and Macquarie Group.
Citizens Financial Group and Investors Bancorp announce the expected close date of the $3.5bn merger between the two companies is April 6, 2022, subject to the satisfaction or waiver of the remaining customary closing conditions set forth in the merger agreement.
The Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency had both approved this merger.
Investors Bancorp is advised by Keefe Bruyette & Woods, Lazard, Piper Sandler and Luse Gorman. Citizens Financial is advised by Morgan Stanley and Sullivan & Cromwell. Morgan Stanley is advised by Debevoise & Plimpton.
Westrock Coffee, an operator of a private label coffee company, agreed to go public via a SPAC merger with Riverview Acquisition in a $1.09bn deal. R. Brad Martin, NFC Investments, HF Capital and Southeastern Asset Management also participate in the deal.
"The announcement today to go public via this transaction with Riverview represents a truly important milestone in Westrock Coffee's journey. We started Westrock Coffee when we saw the need for coffee farmers in Rwanda to earn a living wage and realized that a new business model for the industry could enable this outcome while being self-sustaining and un- reliant on the vagaries of charity or consumer price premiums. Our mission to positively impact the coffee, tea, flavors, extracts, and ingredients market from crop to cup has proven to be both enormously successful and gratifying," Scott Ford, Westrock Coffee CEO and Co-Founder.
Westrock is advised by Stifel, Wells Fargo Securities, Wachtell Lipton Rosen & Katz and ICR. Riverview Acquisition is advised by Cantor Fitzgerald, Stephens and King & Spalding.
Empower Retirement, a retirement plan recordkeeping financial holding company, completed the acquisition of a full-service retirement business of Prudential Financial, a global financial services provider, for $3.55bn.
"This transaction broadens our ability to serve the financial needs of working Americans, their advisors and employers. This transaction will create an even stronger service organization at Empower, expands our product offerings and the deepens the expertise of our talent pool," Edmund F. Murphy III, Empower President and CEO.
Empower was advised by Goldman Sachs, Rockefeller Capital Managemen and Eversheds Sutherland. Prudential was advised by Lazard and Debevoise & Plimpton.
Nutex Health Holdco, a technology-enabled healthcare services company, completed the merger with Clinigence Holdings, a population health analytics company. Financial terms were not disclosed.
"We are very pleased to announce the completion of our merger with Clinigence Holdings to create one of the leading integrated care delivery models in the nation. We believe the combination of the resources of our two organizations is unique, and we are excited about our future. We anticipate highly attractive growth opportunities ahead. We would also like to thank all of our shareholders, employees and affiliated physicians for their continued support," Tom Vo, Nutex Health Chairman and CEO.
Clinigence was advised by Benchmark Company, Colliers and McDermott Will & Emery. Nutex Health was advised by Ernst & Young and Locke Lord.
AMD, a firm that designs microprocessors for the computer and consumer electronics industries, agreed to acquire Pensando, an operator of a distributed services platform, for $1.9bn.
"To build a leading-edge data center with the best performance, security, flexibility and lowest total cost of ownership requires a wide range of compute engines. All major cloud and OEM customers have adopted EPYC processors to power their data center offerings. Today, with our acquisition of Pensando, we add a leading distributed services platform to our high-performance CPU, GPU, FPGA and adaptive SoC portfolio. The Pensando team brings world-class expertise and a proven track record of innovation at the chip, software and platform level which expands our ability to offer leadership solutions for our cloud, enterprise and edge customers," Lisa Su, AMD Chairman and CEO.
Pensando is advised by Centerview Partners and Wilson Sonsini Goodrich & Rosati. Centerview Partners is advised by Simpson Thacher & Bartlett. AMD is advised by DBO Partners and Latham & Watkins.
Fiserv, a provider of payments and financial services technology, completed the acquisition of Finxact, a developer of the cloud-native banking solution, for $650m.
"Joining with Fiserv is a tremendous opportunity for Finxact. We recognize that Finxact's technology can serve to level up the industry's delivery infrastructure, and crucially at a time when banking is undergoing transformative changes. We will be better positioned to serve a far greater number of institutions, of all sizes, when combined with the breadth and depth of Fiserv capabilities," Frank Sanchez, Finxact Chairman and CEO.
Fiserv was advised by Sullivan & Cromwell and Joele Frank.
Redfin, a real estate brokerage, completed the acquisition of Bay Equity Home Loans, a national, full-service mortgage lender, for $138m.
"As homebuyers struggle with affordability and bidding wars, it's more important than ever for lenders and brokers to work together on every customer's offer. In dozens of markets, Bay Equity and Redfin field organizations have already met, and the difference in our agents' enthusiasm about recommending a Redfin mortgage to their customers is night and day: because Bay Equity has hundreds rather than dozens of loan officers, because Bay Equity supports every type of loan, because Bay Equity was already one of Redfin customers' top-rated lenders. But the biggest reason we expect to hit the ground running is just how much the two teams have already enjoyed working together. Redfin folks have come out of every meeting saying 'that was awesome.' There are many ups and downs ahead, but since signing the agreement in January, we've only felt better about it, and how much value it can deliver for our customers and shareholders alike," Glenn Kelman, Redfin CEO.
Redfin was advised by Keefe Bruyette & Woods.
Fresenius Kabi, an integrated pharmaceutical company, agreed to acquire Ivenix, a developer of an infusion management platform, for $240m.
"Combining Ivenix's expertise in pump technology and software with our infrastructure, portfolio, and presence in hospital settings represents an ideal opportunity. We intend to scale the launch of Ivenix's next-generation infusion system while driving growth opportunities in the United States. With today's announcement, Fresenius Kabi expects to create a leading, comprehensive infusion therapy offering," Michael Sen, Fresenius Kabi President and CEO.
TTEC, a provider of customer engagement management tools and services, completed the acquisition of the tolling and transportation and health benefit exchange verticals from ALJ Regional-backed Faneuil, a provider of business process outsourcing for public and private sector organizations, for $167m.
"This acquisition stands as a testament to the strength of the Faneuil business and brings together two management teams with extensive CX expertise to better serve our customers. We look forward to working with the TTEC team to complete the transaction and ensure that we continue to deliver the highest quality service to our customers. Both Faneuil and TTEC anticipate a seamless transition for customers and employees, and a quick enhancement to our existing customers in the new year," Anna Van Buren, Faneuil President and CEO.
Carter Multifamily, a private real estate company, completed the acquisition of a multifamily four-property portfolio in Alabama for $121m.
"Each of these properties are in high-growth southern markets where we have previously acquired properties and successfully executed our value-add strategy. We're excited to continue to grow our footprint in a market supported by excellent growth fundamentals, favorable renter demographics, and limited new supply," Ray Hutchinson, Carter Multifamily CFO.
The Howard Hughes, a real estate development and management company, completed the acquisition of a minority stake in Jean-Georges Restaurants for $55m.
"Working in close partnership with Jean-Georges at the Seaport in New York City, we experienced first-hand his team's exceptional ability to execute at the highest levels while growing a global business. We see significant runway for Jean-Georges Restaurants to expand its worldwide capital-light restaurant management platform of food & beverage and other hospitality offerings. We look forward to contributing to their growth across HHC's national portfolio of large-scale, mixed-use communities," David O'Reilly, The Howard Hughes CEO.
LTC Properties, a real estate investment trust, completed the acquisition
of four LuxeRehab centers located in Taxes, for $52m.
"Our successful partnership with Ignite has been mutually beneficial, and we are excited to expand our relationship with them through the purchase of these four newer assets that reduce the average age of LTC's portfolio. Ignite is known throughout the industry for its premier centers that focus heavily on successful clinical outcomes, coupled with top-notch hospitality and patient care. We are deeply focused on growth this year, and plan to utilize our creativity and flexibility to identify new investment opportunities, from sale-leasebacks to structured finance deals, while attracting solid regional operators with whom we can grow," Wendy Simpson, LTC Chairman and CEO.
Elon Musk takes 9.2% stake in Twitter.
Elon Musk took a 9.2% stake in Twitter, an American microblogging and social networking service, to become the platform's biggest shareholder, Bloomberg reported.
Twitter shares surged as much as 26% after Musk's purchase, the stock's most significant intraday increase in more than four years. The stake is worth about $2.9bn, based on Friday's market close.
Change Healthcare is in advanced talks to sell ClaimsXten to New Mountain. (FS)
Change Healthcare, a healthcare technology company, is in advanced talks to sell ClaimsXten, a payment integrity business, to New Mountain Capital, a private equity firm, Bloomberg reported.
A deal would value the business at more than $2bn. A final agreement with New Mountain hasn't been reached. A deal may also depend on whether Change's takeover by UnitedHealth Group, an American multinational managed healthcare and insurance company, unravels.
Blue Wolf Capital successfully closes Fund V at $1.1bn. (FS)
Blue Wolf Capital, a New York-based private equity firm, successfully closed Blue Wolf Capital Fund V at its hard cap. The fund was oversubscribed with strong support from existing investors along with a diverse base of new partners, including pension funds, endowments, foundations, fund-of-funds, family offices and consultants.
"We are proud to have closed Fund V with participation from both existing and new investors, enabling us to continue to deploy capital in our core verticals. This successful fundraise is a testament to the excellent performance our team has delivered over 17 years as we've executed on our differentiated and proven investment strategy. We are excited about our future with Fund V, which we are confident will be a prosperous investment program because our team and strategy are well suited to the dynamic times in which we are currently operating," Adam Blumenthal, Blue Wolf Founder, Chairman and Managing Partner.
Blue Wolf was advised by Credit Suisse and Kirkland & Ellis.
SoftBank's Ron Fisher steps down as Head of Vision Fund's US arm. (FS, People)
Ron Fisher is stepping down as Head of the US arm of SoftBank Vision Fund, a venture capital fund.
Ron Fisher will leave his position as director and chairman of SoftBank Investment Advisors US on April 15, 2022, but remain a senior advisor to Masayoshi Son, SoftBank Founder and CEO.
EMEA
Triton completed the acquisition of Clinigen for $1.8bn. (FS)
Triton, an investment firm, completed the acquisition of Clinigen, a global pharmaceutical and health-services company, for $1.8bn. StepStone is participating in the acquisition as a passive co-investor.
"The Clinigen Board believes this offer represents an exceptional opportunity for Clinigen shareholders to realize value for their investment in cash at a very attractive valuation. We are therefore unanimously recommending it to our shareholders," Elmar Schnee, Clinigen Chairman.
Clinigen was advised by Numis Securities, RBC Capital Markets, Ashurst and Consilium Strategic Communications. Triton was advised by Barclays, HSBC, JP Morgan, White & Case and Greenbrook. StepStone was advised by Alston & Bird and Cleary Gottlieb Steen & Hamilton.
KKR weighs dropping $37bn takeover bid. (FS)
Shares of Telecom Italia, a telecommunication company, tumbled as KKR & Co plans to drop a $37bn takeover proposal if the ex-phone monopoly doesn't grant it the due diligence it's requested since last November.
KKR is set to reiterate its interest in making a possible bid while making clear it wants to review the phone carrier's finances even more urgently than before, as market conditions have changed. Russia's invasion of Ukraine and recent downgrades to Telecom Italia's credit rating are among the reasons for the request, Bloomberg reported.
KKR is advised by JP Morgan and Morgan Stanley. Debt financing is advised by Citigroup and JP Morgan. Telecom Italia is advised by Goldman Sachs, LionTree Advisors, Mediobanca and Vitale & Co.
Optical equipment manufacturers EssilorLuxottica and GrandVision completed the acquisition of 142 EyeWish stores and 35 GrandOptical stores from optical companies ORIG BENE and Michael Pachleitner Group. Financial terms were not disclosed.
This follows the commitments agreed upon with the European Commission on 23 March 2021, as part of the acquisition of GrandVision by EssilorLuxottica. The agreement between EssilorLuxottica, GrandVision and MPG also provides for transitional agreements to support the business continuity of the divested perimeters following the implementation of the transaction.
GrandVision was advised by Lazard, Mediobanca, BonelliErede, De Brauw Blackstone Westbroek, Linklaters, Stibbe and Sullivan & Cromwell. ORIG BENE was advised by Loyens & Loeff.
Epiris to acquire Inchcape Shipping Services from Dubai World and Istithmar. (FS)
Epiris, a private equity firm, agreed to acquire Inchcape Shipping Services, a provider of maritime, cargo and supply chain management services, from Dubai World, an investment company, and Istithmar, a global investment company. Financial terms were not disclosed.
"ISS is a global leader in a resilient market experiencing long-term growth, driven by ship owners' and operators' focus on cost effectiveness, sustainability and compliance. Frank and his team have made great strides towards building on this favourable backdrop – initiatives they have introduced include, for example, the SmartPay international payments system – and we look forward to working with them to grow the business further," Charles Elkington, Epiris Partner.
Epiris is advised by PricewaterhouseCoopers, Zeus Capital, Latham & Watkins and Greenbrook. Debt financing is provided by Ares Capital. Dubai World is advised by Rothschild & Co.
Slate Asset Management, an alternative investment platform, completed the acquisition of 36 essential real estate assets in Norway for $171m.
"Essential real estate is one of our highest conviction investment themes, and we continue to accelerate our exposure to this asset class and scale our platform in Europe. This transaction significantly grows our footprint in one of Europe's strongest and most stable economies with a portfolio of properties that are modern, high-quality and underpinned by best in-class tenant covenants. Our hands-on approach to asset management will enable us to identify and unlock the full potential of these assets to provide our investors with attractive long-term returns," Brady Welch, Slate Founding Partner.
Slate was advised by KPMG, Norne Securities, Union Square Advisors, CMS and Schjodt.
TalkTalk to acquire Virtual1 from BGF. (FS)
TalkTalk, a provider of pay television and Internet access services, agreed to acquire Virtual1, a provider of connectivity and cloud services, from BGF, an investment company. Financial terms were not disclosed.
"Since taking the company private in February 2021 we have looked to invest to strengthen both our B2B and wholesale platforms. As all businesses continue to experience increasing demands for high bandwidth services, we see huge benefits in acquiring Virtual 1 coupling our national scale network with their market-leading APIs and software capabilities. Tom O'Hagan, CEO and founder, and his excellent team of 200 people will continue to lead the standalone business and we look forward to welcoming them to the TalkTalk family," Tristia Harrison, TalkTalk CEO.
TalkTalk is advised by Lazard. Virtual1 is advised by Arma Partners and Latham & Watkins.
Klarna completed the acquisition of PriceRunner for $124m.
Klarna, a global retail bank, completed the acquisition of PriceRunner, an independent product and price comparison service, for $124m.
"At Klarna we constantly strive to make the banking and payments experience the best it can be, empowering consumers from product discovery to paying in a way that suits them. The acquisition will serve to strengthen our bank, card and payment services and support a competitive global landscape. It also further cements that Klarna will not be a marketplace but a viable and competitive alternative for retail partners vs Amazon, Google and Facebook. The PriceRunner team is a talented, passionate group, which will be a perfect fit and we are excited about what we can achieve together," David Fock, Klarna Chief Product Officer.
PriceRunner was advised by SEB Corporate Finance.
Macquarie to acquire a 50% stake in Island Green Power.
Macquarie, a global financial services group, agreed to acquire a 50% stake in Island Green Power, a UK-based renewable energy developer. Financial terms were not disclosed.
"With Macquarie's support to further accelerate our growth ambitions, we are well-positioned alongside our investment partners to play a leading role in the energy revolution and deliver long-term energy security. Macquarie's expertise in the renewable energy sector will also be instrumental in supporting the development of our current and future solar and battery projects. We look forward to partnering with Macquarie through the next phase of our growth," Ian Lawrie, Island Green Power CEO.
Macquarie is advised by Jones Day.
CareTech gets an improved bid approach from Sheikh Holdings. (FS)
CareTech, a social-care and education-services provider, has received a nonbinding offer valuing the company at around $1.08bn from a consortium led by Sheikh Holdings, a private family office.
CareTech received an initial proposal of $9.31 in cash for each ordinary share. The consortium consists of Sheikh Holdings, Belgravia Investments, Kensington Capital and funds managed by THCS IV.
PIF and stc Group to form a joint venture.
Public Investment Fund, a sovereign wealth fund, and stc Group, a provider of digital services, agreed to form a joint venture establish a new company, specializing in the Internet of Things. The company ownership will be 50% PIF and 50% stc and will be headquartered in Riyadh. Financial terms were not disclosed.
"Partnering with stc as one of the National Champions in the Information Communication Technology sector will help unlock this promising sector and contribute to PIF's efforts to localize cutting-edge technology and knowledge in Saudi Arabia and further develop a digital economy, in line with Vision 2030 objectives," Yazeed AlHumied, PIF Deputy Governor and Head of MENA Investment.
Accenture, a professional services company, completed the acquisition of AFD.TECH, a telecom brand. Financial terms are not disclosed.
"The combination of latest technologies such as 5G, cloud and next generation IoT is transforming the way businesses are operating across all the industries by creating opportunities for innovative services and new sources of growth. To succeed in their digital transformation and take advantage of its full potential, companies must act now to adopt the right strategy and build new business solutions enabled by network investments. This acquisition would give us a significant footprint in advanced mobile and enterprise networks," Olivier Girard, Accenture Market Unit Lead.
Audi raises offer to gain foothold in McLaren.
Volkswagen's Audi, a German automotive manufacturer of luxury vehicles, the brand raised its offer to gain a foothold in McLaren, a creator of luxury, high-performance sportscars and supercars, to $718m from $497m, Bloomberg reported.
The idea is to take a stake in McLaren's Formula 1 unit, while an investment in the company itself could happen in a second step. The two parties is to sign a letter of intent soon and Volkswagen's supervisory board will discuss the matter later this month.
Unibail-Rodamco-Westfield to sell Gera Arcaden in Germany for $128m.
Unibail-Rodamco-Westfield, a French commercial real estate company, announces an agreement with an institutional investor to sell Gera Arcaden, in Germany, for $128m.
Gera Arcaden is an 38.3k sqm shopping centre, including offices, located in the city centre of Gera.
Germany offers state guarantees to lure buyers for Gazprom unit.
Germany is seeking a buyer for a Russian majority state-owned multinational energy corporation Gazprom's German unit by offering state-backed loans for private companies willing to take parts of or the entire business, Bloomberg reported.
The German government is in talks with private buyers interested in Gazprom Germania or some of its units, including Wingas, a gas distribution company, and Astora, a gas storage firm.
Ted Baker looks to sell itself after takeover interest. (FS)
Ted Baker, a British high-street clothing retail company, is open to selling itself at the right price after seeing a flurry of takeover interest.
Ted Baker launched a formal sale process after Sycamore, a private equity firm, improved its takeover proposal and another 3rd party showed interest in bidding for the company. Shares of the retailer rise as much as 11% to $1.87.
A hundred firms have pulled $45bn of deals since the war in Ukraine.
At least 100 companies worldwide have postponed or pulled financing $45bn deals in the wake of Russia's attack on Ukraine, which has rattled markets and dented investor appetite amid increased volatility and uncertainty, Bloomberg reported.
These include IPOs, bonds or loans and acquisitions. US equity market deals were the worst hit by global volatility in Q1 as many firms postponed listings, while Japanese and European debt markets also suffered from delays.
Saudi Aramco's Luberef refinery unit plans $1bn IPO.
Bloomberg reported that Saudi Aramco's Luberef, a state-controlled oil producer refinery unit, is planning an IPO that may raise over $1bn.
Luberef appointed HSBC and SNB Capital to advise on the offering. The plan is to sell a 30% stake owned by Jadwa Investment.
FAM Holding plans Abu Dhabi second market listing.
FAM Holding, a UAE-based property developer, plans to list its shares on Abu Dhabi stock exchange's second market, joining a steady stream of companies tapping the nation's bourses.
The company has been converted into a private joint-stock firm with a capital base of $14m. FAM Holding expects to receive the final approval shortly from the Abu Dhabi Securities Exchange for the listing, Bloomberg reported.
APAC
HDFC, a housing financier based in Mumbai, agreed to merge with HDFC Bank, a commercial banking firm, in a $40bn deal.
"The proposed transaction ticks all the right boxes in terms of completion of product offerings, product leadership in home loans as with other retail assets products, distribution strength across the country and a customer base that can be leveraged to cross-sell a complete suite of financial products. It is value accretive for all the stakeholders of both the organisations, including shareholders, employees and customers," Sashi Jagdishan, HDFC Bank CEO & Managing Director.
HDFC is advised by Bansi S. Mehta & Co, Ambit, Arpwood Capital, Axis Capital, Bank of America, Credit Suisse, IIFL, JM Financial, Jefferies & Company, Kotak Mahindra Capital, Motilal, AZB & Partners, Argus Partners, Singhi Advisors and Nova Dhruva Capital. Bank of America is advised by Sullivan & Cromwell. HDFC Bank is advised by Deloitte, Harsh Chandrakant Ruparelia, BNP Paribas, Citigroup, Edelweiss Capital, Goldman Sachs, HSBC, ICICI Bank, JP Morgan, Morgan Stanley, Nomura, Cravath Swaine & Moore and Wadia Ghandy.
Hypebeast, a media company, agreed to go public via a SPAC merger with Iron Spark I in a $353m deal.
"For more than 15 years, we've been on a mission to share the most authentic aspects of culture all around the globe. We've built a loyal and passionate community who trust our curation across diverse lifestyle categories spanning fashion, arts, design, luxury, sports, technology, and more. Partnering with Iron Spark and entering the public markets in the US will propel us to the next level. With access to new capital and talent, we will expand our universe of content, commerce, and experiences in a way that strengthens our business and community," Kevin Ma, Hypebeast Executive Director, Chairman, and CEO.
Hypebeast is advised by Cowen & Company and Kirkland & Ellis. Iron Spark I is advised by Morgan Stanley and Loeb & Loeb.
Digicel Group, a Caribbean based mobile phone network and home entertainment provider, is considering legal options after Papua New Guinea imposed a tax of almost $100m that the Digicel said could affect its planned $1.6bn sale to Telstra, an Australian telecommunications company.
On October 25, 2022, Telstra agreed to acquire the Pacific operations of Digicel in a deal largely funded by the Australian government and seen by observers as a way to block China's rising influence in the region. The operations include 2.5m mobile phone subscribers across Papua New Guinea, Fiji, Vanuatu, Tonga, Samoa and Nauru, Reuters reported.
Telstra is advised by Gilbert + Tobin and Herbert Smith Freehills. Digicel is advised by Davis Polk & Wardwell.
Nippon Steel, a steel manufacturer, completed the acquisition of Asia Credit Opportunities I(Mauritius) from Kendrick Global, an investment holding entity. Asia Credit Opportunities I(Mauritius) holds 49.99% stake in G Steel and 40.45% stake in G J Steel, for $763m.
Nippon Steel was advised by Sullivan & Cromwell. Kendrick Global was advised by Linklaters. Ares was advised by Morgan Stanley.
FinAccel, a financial technology company, agreed to acquire a 75% stake in Bank Bisnis, a non-foreign exchange private commercial bank. Financial terms are not disclosed.
"While Kredivo has been at the forefront of consumer credit digitization via our BNPL business over the last several years, the digitization of Indonesian banking services is only getting started. In line with our mission to serve customers with products that are fast, affordable and widely accessible, we look forward to serving customers with world-class banking products in the future. We are also very grateful to the Suriadi family for their support and cooperation during this year-long acquisition process," Akshay Garg, FinAccel CEO and Co-founder.
FinAccel is advised by Artemis.
Platinum Equity-backed Cision, a communications intelligence company, completed the acquisition of Streem, a real-time media monitoring company. Financial terms were not disclosed.
"Streem has grown faster than we ever could have imagined thanks to great tech, strong support from customers and an incredible local team. Backed by Cision, we'll continue to build upon that growth, delivering new tools and products to help communications teams work smarter," Elgar Welch, Streem CEO.
Pendal considers a $1.8bn sale to Perpetual. (FS)
Pendal Group, an independent, global investment management business, is reviewing an indicative takeover proposal from wealth manager Perpetual, an Australian investment fund and trustee group, for about $1.8bn.
Pendal shareholders would own about 48% of the merged company under the offer terms. The offer marks a premium of 39.2% to Pendal's April 1, 2022, closing price.
Shein raising funds at $100bn value.
Shein, a Chinese fast fashion e-commerce startup, weighs funding round that could be more than the combined worth of high-street staples Hennes & Mauritz and Zara, Bloomberg reported.
Shein is in talks with potential investors, including General Atlantic, an American growth equity firm, for a funding round that could value the company at about $100bn.
General Atlantic-backed KFin Technologies files draft papers for a $320m IPO. (FS)
General Atlantic backed-KFin Technologies, a SaaS based end-to-end transaction management, channel management, compliance solutions provider, filed its draft red herring prospectus with the market regulator Sebi to raise $320m via IPO.
The IPO will be a pure offer-for-sale of up to $320m by its existing promoters General Atlantic Singapore Fund, which holds a 74.94% stake in the company, and Kotak Mahindra Bank, an Indian banking and financial institution services company, which owns 9.98% stake in the company.
Square Peg to raise $550m. (FS)
Square Peg, an Australian venture capital firm, is raising $550m to expand its commitment to back startups in its key markets of Australia and Israel, with a growing focus on Southeast Asia's booming tech markets.
"We do want to continue to double down in Southeast Asia in particular. We are currently exploring investment opportunities across most markets in the region," Tushar Roy, Square Peg Partner.
Omnivore sets up new $130m fund. (FS)
Omnivore, a venture capital firm, is setting up a new $130m fund to invest in early-stage technology-driven startups focussing on agriculture, food, climate change and rural development, DealStreetAsia reported.
The new fund will focus on catalysing climate action in agriculture, backing startups addressing climate mitigation like reducing India's GHG emissions and climate adaptation, and resilience like securing a future for the country's farmers.
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