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AMERICAS
Hellman & Friedman and Permira-led consortium completed the acquisition of Zendesk, a customer experience software company, for $10.2bn, with participation from Abu Dhabi Investment Authority and GIC.
"Over the past 15 years, Zendesk has revolutionized how companies serve their customers and has become a leading platform within the customer experience ecosystem. We deeply believe in the company's growth opportunity as it continues to help businesses across the world delight their customers," Tarim Wasim, Hellman & Friedman Partner.
Paine Schwartz Partners, a private equity firm, agreed to acquire AgroFresh, an AgTech innovator, for $159m.
“We know AgroFresh well and think highly of its solutions and technologies that enhance the quality and extend the shelf life of fresh produce for the benefit of the food supply chain and resource conservation. As a private company with additional support from Paine Schwartz, AgroFresh will have access to the financial resources it needs to invest further in R&D and expansion efforts, while enabling the Company to address its capital structure. We are pleased to continue our partnership with AgroFresh and look forward to supporting the Company's long-term growth and success,” Kevin Schwartz, Paine Schwartz CEO.
Paine Schwartz Partners is advised by Evercore, Kirkland & Ellis and Joele Frank (led by Andrew Brimmer and Aaron Palash). AgroFresh is advised by Perella Weinberg Partners, Morris Nichols, Morrison & Foerster, Buzz Monkeys (led by Mary Roberts) and ICR (led by Jeff Sonnek).
Alcon, a medical company specializing in eye care products, completed the acquisition of Aerie Pharmaceuticals, a pharmaceutical company focused on the discovery, development, manufacturing, and commercialization of first-in-class ophthalmic therapies, for $770m.
"Alcon is passionate about innovative treatments in eye care, especially in core disorders such as glaucoma and dry eye, which have significant patient impact. We have a 75-year history focused specifically on the eye and bring established expertise in the development and commercial execution. Aerie is a natural fit with on-market and pipeline products and R&D capabilities that offer the infrastructure needed to expand our ophthalmic pharmaceutical presence. As we continue to broaden our portfolio across glaucoma, retina, and ocular surface disease, we are excited to help even more patients see brilliantly," David Endicott, Alcon CEO.
Aerie Pharmaceuticals was advised by Goldman Sachs, Lazard and Fried Frank Harris Shriver & Jacobson. Goldman Sachs was advised by Sullivan & Cromwell (led by Matthew G. Hurd and Stephen M. Kotran). Alcon was advised by JP Morgan, Skadden Arps Slate Meagher & Flom (led by Graham Robinson and Faiz Ahmad) and Joele Frank.
Bertelsmann-backed Penguin Random House, a company that prints and publishes books, failed to acquire Simon & Schuster, a company specializing in publishing and printing books and pamphlets, from ViacomCBS, an American diversified multinational mass media conglomerate, for $2.2bn.
In a federal filing, Paramount Global, which owns the Simon & Schuster book-publishing unit, said it had terminated its agreement to sell Simon & Schuster to rival Penguin Random House. Paramount said that Simon & Schuster "remains a non-core asset" and that the publisher "does not fit strategically within Paramount's broader portfolio," suggesting that Simon & Schuster will eventually return to the sales block, WSJ reported.
NEXT Renewable Fuels, a producer of advanced biofuel, agreed to go public via a SPA merger with Texas Ventures-backed Industrial Tech Acquisitions II in a $666m deal.
"West Coast states are demanding a clean fuels conversion of the transportation and aviation industries with aggressive targets necessitating rapid increases in clean fuel supplies. NXT is advancing toward becoming one of the largest US-based suppliers of clean fuels for these markets and is investigating and pursuing potential vertical expansion into other clean fuels," Christopher Efird, NXT CEO and Executive Chairman.
NEXT Renewable Fuels is advised by ArentFox Schiff and MZ Group (led by Shannon Devine). Industrial Tech Acquisitions II is advised by England & Company and Ellenoff Grossman & Schole.
Hyperloop Transportation Technologies, a transportation and technology licensing company focused on realizing the hyperloop, agreed to go public via a SPAC merger with Forest Road Acquisition II in a $600m deal.
"This transaction is a major milestone for HyperloopTT and the hyperloop industry as a whole. The transaction is a moment that could not have been possible without our countless supporters around the world, who have built HyperloopTT into a company that is perfect for this moment. Our innovative business model has allowed HyperloopTT to succeed while facing enormous challenges. The team has worked tirelessly these past nine years to gain the support of the private and public sector in countries around the world. We thank Forest Road for working with us through this process and embrace this next step with humility, gratitude, and determination," Andrés de León, HyperloopTT CEO.
HyperloopTT is advised by Paul Hastings and ICR (led by Keil Decker). Forest Road Acquisition II is advised by Kirkland & Ellis.
Beringer Capital, a sector-focused private equity firm, completed the investment in VeraData, a decision science and fundraising platform company that delivers industry-leading fundraising outcomes to not-for-profits. Financial terms were not disclosed.
"We're excited to partner with VeraData, a company that has disrupted the NFP market with its state-of-the-art analytical capabilities, industry expertise, and extremely capable team. What's more, we are highly gratified to be partners in a business that helps charitable missions achieve their worthwhile causes by driving acquisition and retention of passionate donors at a level of scale and efficiency that, historically, only the largest and most sophisticated commercial enterprises have been able to achieve," Gil Ozir, Beringer Capital Managing Partner.
SoftBank Vision Fund 2, a fund with a goal to invest in AI-based technology, and Greenbacker, a green energy investment company, led a $120m funding round in Swell Energy, a renewable energy semiconductor manufacturing company, with participation from Ares Management and Ontario Power Generation.
“By coordinating distributed energy resources across the grid to intelligently meet fluctuating demand, Swell’s AI- and machine learning-driven platform helps address a major challenge of the energy transition, while also lowering customers’ bills. We are excited to support Swell’s team as they accelerate clean energy adoption,” Ben Parton, SoftBank Group Director.
Swell Energy was advised by Citigroup and Technica Communications (led by Jake Wengroff).
Ciena, a networking systems, services and software company, agreed to acquire Tibit Communications, a disruptive technology company that will fundamentally change the way broadband access, for $210m.
“The acquisitions of Tibit Communications and Benu Networks will extend our ability to support customers’ next-generation metro and edge strategies as service providers globally accelerate investments to modernize their networks and improve connectivity at the network edge. Tibit’s high-speed PON technologies and Benu’s subscriber management products, combined with Ciena’s current access and edge portfolio, will enable us to offer broader, more complete, and fully integrated broadband access solutions that combine routing, subscriber management, and PON features and functionality,” Scott McFeely, Ciena Senior Vice President of Global Products and Services.
reAlpha Asset Management, a firm operating in the real estate industry, and SAIML, a Singapore-based asset management firm, agreed to form a $200m joint venture to acquire short-term rental properties.
"We are excited to partner with SAIML to advance our growth strategy. SAIML is a sophisticated investor who understands the power of our differentiated platform and shares our strong conviction for the STR asset class. This partnership, together with our recently secured $200m financing facility from Churchill Real Estate, demonstrates the quality of the opportunities we have sourced and will fuel our investment activity in the year ahead," Giri Devanur, reAlpha CEO.
Mobile Communications America, a provider of wireless communication solutions, agreed to acquire Communications Electronics, a full-service communications provider. Financial terms were not disclosed.
"Forty-six years ago, Ruth and Glenn Cassell founded Communications Electronics with the mission to make a difference for our customers, employees, and the community. Since then, three generations of our family, and the entire CE family of dedicated employees, have been committed to maintaining their high standards. We are delighted to join the MCA family and grow that mission on a broader scale. With the same service-first mentality and with access to more resources, we look forward to expanding our services to both new and existing customers in the Mid-Atlantic market and beyond," Roger Cassell, Communications Electronics President and CEO.
One80, a specialty insurance broker, completed the acquisition of instaCOVER, an independent insurance agency and technology platform. Financial terms were not disclosed.
"I have been very impressed with the innovative platform and insurance solutions created by the instaCOVER team. I look forward to expanding into the leasing industry and further supporting instaCOVER at the crossroads of technology and commercial insurance," Matthew F. Power, One80 President.
Palm Beach Capital exits Cadre investment. (FS)
Palm Beach Capital announced that it has fully exited its investment in Cadre, a manufacturer and distributor of safety and survivability equipment, and realized proceeds equal to 9.3 times its invested capital.
“We would like to sincerely thank the entire leadership team at Cadre for their vision and attention to detail in building the Company into a scalable global platform protecting and serving our first responders. We are very proud of the Company’s growth during our investment period, which is a testament to the strength and quality of the people, products, and brands at Cadre. We wish this exceptional Company and management team continued success in the years to come," Nate Ward, PBC Co-Founder and Managing Partner.
CD&R is in talks to invest $1bn in Pegasystems. (FS)
Private equity firm Clayton Dubilier & Rice is in discussions to invest about $1bn in enterprise software provider Pegasystems, Bloomberg reported.
The investment is strategic for CD&R and not a prelude to a takeover of Pegasystems. Terms aren’t finalized and the discussions could still fall apart.
Morgan Stanley IM launches $1 bn climate-focused private equity strategy. (FS)
Morgan Stanley Investment Management said it had launched a new $1bn private equity strategy to invest in companies which will remove 1 gigaton of carbon dioxide emissions from the atmosphere by 2050 or prevent that amount entering the atmosphere.
Companies need trillions of dollars of investment to help them reduce carbon emissions and to develop new low-carbon technologies to meet the aims of the Paris Agreement to limit global warming.
Fujifilm invests $188m in new cell culture media manufacturing facility.
Fujifilm, a developer and seller of consumer products related to photography, announced a $188m investment to establish a cell culture media manufacturing facility in Research Triangle Park, North Carolina, USA. The new facility is planned to ensure that FUJIFILM Irvine Scientific can meet increasing market demands for high quality cell culture media solutions.
“Fujifilm’s intensive investment in the life sciences field represents our commitment to be the dedicated partner for customers in the biopharmaceutical industry. With the enhanced capabilities of our global manufacturing sites for cell culture media, we will continuously contribute to customers’ robust manufacturing process and creation of innovative therapies to make the world a healthier place," Teiichi Goto, Fujifilm Rresident and CEO.
Mexican companies could resort to more spinoffs to enhance market value.
Mexican companies are spinning off sports, gambling and cell-tower businesses in a bid to revive depressed stock prices, with more such deals likely in the coming months, Reuters reported.
Mexican telecommunications giant America Movil kicked off the trend late last year when its shareholders approved the spinoff of its cell tower business. Conglomerate Alfa did the same, with its investors approving a plan in July to distribute its stake in subsidiary Axtel to existing Alfa shareholders.
US is focused on regulating private equity like never before.
Bloomberg reported that the United States is more focused than ever on regulating private equity. PE could use a few friends in Washington.
While buyout firms have been busy protecting their lucrative carried interest fee structure in Congress, Biden administration securities, antitrust and broadcast TV regulators have quietly been undermining the industry’s business model by proposing tough rules, slow-walking deals and scrutinizing acquisitions that would consolidate industries or result in job losses.
Astatine Investment looks to IPO infrastructure trust on London Stock Exchange. (FS)
Astatine Investment Partners, a US-based private equity firm, announced plans to list a new investment trust, AT85 Global Mid-Market Infrastructure Income, on the primary market of the London Stock Exchange.
The trust, managed by the firm's advisory arm Astatine Advisors, will invest in mid-cap, core-plus infrastructure assets in three key sectors; transport and logistics infrastructure, utility-related infrastructure, and digital infrastructure. The portfolio of investments will primarily be located in the US, Canada, UK, and Europe and be composed of assets and businesses with defensive and "largely uncorrelated" cashflows across investment themes and structured for exit visibility.
The group has set a target issue of 300m shares at £0.01 each in the company's capital at £1 per ordinary share. The trust has access to an initial portfolio of assets of £100m and a total pipeline of £540m.
Citi joins Goldman in predicting Gulf IPO boom to run into 2023.
Citigroup joined Goldman Sachs in predicting that the Persian Gulf’s boom in initial public offerings is far from over. Miguel Azevedo, the Wall Street firm’s head of investment banking in the region, expects the flurry of activity to extend into next year with about 10 more listings.
More family-owned companies, as well as tech and tech-enabled firms, are likely to come to the market in 2023, rather than the stream of government-owned entities that have sold shares this year, Azevedo said. Citigroup, which uses local bankers and international experts to work on deals, has increased its regional investment banking team by 50% over the past two years to handle the flurry of deals.
EnCap eyes first oil and gas production fund in five years. (FS)
EnCap Investments is raising its first private equity fund in five years dedicated to oil and gas production, making it an exception among US buyout firms that have fled the oil patch amid a scarcity of lucrative acreage and pressure from environmentalists.
Houston-based EnCap has approached investors in its previous funds to gauge their interest in participating in the new launch. It would be EnCap’s 12th flagship fund and it could be officially marketed to investors early in 2023, Reuters reported.
EMEA
International Chemical Investors Group, the owner of WeylChem and various other chemical operations, completed the acquisition of Inprotec, a contract manufacturer for industrial drying and granulation services, from Paragon Partners, a Munich-based private equity firm. Financial terms were not disclosed.
"The acquisition of Inprotec aligns with our long-term strategy to expand our offering in innovative, first-class contract manufacturing services," Achim Riemann, ICIG Director.
ICIG was advised by PricewaterhouseCoopers, Value Partners, ERM Group and Taylor Wessing (led by Stephan Doom). Paragon Partners was advised by goetzpartners (led by Gerrit Schütte), PricewaterhouseCoopers, Houlihan Lokey (led by Martin Bastian), Clifford Chance and KPMG. Financial advisors were advised by Gutt Olk Feldhaus.
ResMed, a medical device company, completed the acquisition of MEDIFOX DAN, a software provider, from Hg, a private equity company, for $1bn.
“With the acquisition of MEDIFOX DAN, a fast-growing and innovative German healthcare software leader, we will expand ResMed’s SaaS business portfolio outside our current base in the US market and strengthen our position as the global leader in healthcare software solutions for lower-cost and lower-acuity care,” Mick Farrell, ResMed CEO.
Ares Management, a global alternative asset manager, led a €116m funding round in Oaktree Capital-backed UNAVETS, an operator of chain veterinary clinics and hospitals.
"We are thrilled Oaktree, and now Ares, as well, are backing our platform - helping to fuel our growth. As we continue to evolve UNAVETS, this financing will give us additional firepower to invest strategically across the veterinary sector - meaning in people, facilities, equipment, and innovation – to provide the best care for our pets and ongoing professional development and future for our vets," Junko Sheehan, UNAVETS CEO and Chairman.
Ares Management was advised by Macfarlanes and Uria Menendez. UNAVETS was advised by Houlihan Lokey, Cuatrecasas Goncalves Pereira, Weil Gotshal and Manges and Ernst & Young.
International Chemical Investors Group, a chemicals company, completed the acquisition of Benvic Compounds, a polymers manufacturer, from Investindustrial, a private equity firm, and Benvic Group, a specialty chemical group. Financial terms were not disclosed.
"Benvic has been transformed under Investindustrial's ownership over the last four years. Together we have taken the company to the next stage of its development, strengthening our global position in the compounding industry and improving our product offering to our customers through ongoing R&D and expansion into solutions for new applications. We look forward to further accelerating this growth with International Chemical Investors Group, who we consider to be an excellent partner to support Benvic in our next phase of development," Luc Mertens, Benvic CEO.
ICIG was advised by Dentons. Investindustrial was advised by Boston Consulting Group, KPMG, Rothschild & Co (led by Pierre Sader and Federico Mennella), William Blair & Co, Gide Loyrette Nouel and Maitland (led by David Sturken).
Media group Vivendi's proposed acquisition of Lagardere, a content publishing, production, and broadcasting company, from Amber Capital, a private equity firm, is likely to face a full-scale EU antitrust investigation.
The proposed deal would combine France's two biggest publishing groups, Lagardere's Hachette and Vivendi's Editis, and has come in for criticism from rivals, including renowned peer Gallimard. To resolve EU antitrust concerns, Vivendi's top investor - billionaire Vincent Bollore - would sell all Editis shares he would receive after the transaction, which would consist of a simultaneous distribution of the publishing unit's shares to Vivendi shareholders and its listing, Reuters reported.
The European Commission is expected to launch an in-depth investigation after finishing its preliminary deal review on November 30.
Vivendi is advised by BNP Paribas, Societe Generale (led by Stephane Krief) and Cleary Gottlieb Steen & Hamilton. Lagardere is advised by Image Sept (led by Anne Meaux). Amber Capital is advised by White & Case (led by Saam Golshani).
Motive Partners, an investment firm focused on technology-enabled companies, agreed to acquire embedded/capital, a venture capital firm based in Hauptsitz. Financial terms were not disclosed.
"We are delighted to welcome the talented and accomplished embedded/capital team to the Motive family. We have known the team by a reputation for some time and have admired their prowess as both business builders and investors in leading entrepreneurs that are evolving the financial technology landscape. This acquisition not only adds depth and capability to our team but provides critical strategic benefits to the rest of the firm, including innovation insights and learning, attracting top talent, and enhanced sourcing networks," Blythe Masters, Motive Partners Founding Partner.
Motive Partners is advised by Gibson Dunn & Crutcher and Hengeler Mueller. embedded/capital is advised by P+P Poellath + Partners.
AllianceBernstein, a global investment management and research firm, and Societe Generale, a European bank, agreed to form a joint venture.
"This partnership with one of the most recognized firms in research and cash equities, combined with our global leadership in equity derivatives, would create an indisputable leader across the equity business for the benefit of our issuer and investor clients," Slawomir Krupa, Societe Generale Head of Global Banking and Investor Solutions.
AllianceBernstein is advised by Ardea Partners and Latham & Watkins.
HSBC Asset Management-backed Quantifeed, a digital wealth management solutions provider, completed the acquisition of ALPIMA, an operator of a front-office platform intended to offer investment advisory services. Financial terms were not disclosed.
"Quantifeed and ALPIMA complement each other and create a stronger platform. The new entity will see a robust and talented team distributed across the regions we operate and a strong client base with leading institutions across Asia, EMEA, and the Americas. The combined platform has a strategic and experienced investor base who are providing growth capital to accelerate market adoption globally," ALPIMA.
Enel to sell assets worth €21bn.
Enel, an Italian utility company, plans to sell assets worth as much as €21bn to cut its record debt pile, leading to exits from markets in South America and Europe.
The process to exit from Argentina and Peru and sell assets in Romania is already underway. The bulk of the disposal plan should be achieved by the end of next year, executives said as they presented the 2023-25 strategy update, Reuters reported.
The state-controlled group intends to invest around €37bn in the next three years in its six core markets of Italy, Spain, the United States, Brazil, Chile, and Colombia. Enel also confirmed its plans to become carbon-free by 2040 as it shifts away from fossil fuels toward greater use of renewables.
KKR, EQT, PAG vie for $10bn Global Switch deal. (FS)
Buyout firms EQT, KKR and PAG are the final bidders seeking to acquire data center company Global Switch, Bloomberg reported.
The investment firms are evaluating different financing structures as they weigh binding offers for the London-based company. Initial bids were not aligned with the valuation expectations of Global Switch’s owners, and financing markets for leveraged buyouts are expensive, both of which remain hurdles to any potential deal.
Cevian takes axe to Thyssenkrupp stake. (FS)
Activist fund Cevian has cut its stake in Thyssenkrupp to less than 1%, effectively ending its loss-making engagement with the German industrial group after years of restructuring that failed to boost its share price.
Cevian, which first disclosed a stake in Thyssenkrupp in 2013, had nearly halved its stake to 7.9% a year ago after a far-reaching overhaul it had long demanded arrived too late. It most recently reduced its holding to 6.6%.
"Cevian Capital reduced its ownership in Thyssenkrupp to a small residual position of less than 1%, driven by regular portfolio management decisions," Cevian.
Baker Hughes-Altus deal may hurt competition in oil well services.
Britain's competition watchdog said that US-listed oilfield services firm Baker Hughes' acquisition of Altus Intervention, a provider of well intervention services and tractor technology, could reduce competition among UK oil and gas operators.
The Competition and Markets Authority said it was concerned that the loss of rivalry between the merging companies could lead to higher prices, reduced choice and lower quality services for businesses in the UK that purchase coiled tubing and pumping services.
HIG Capital adds three to capital formation group. (FS, People)
HIG Capital, a global alternative investment firm with over $52bn of capital under management, has added Daniel Rosenthal Ayash, Bernice Berschader and Micael Hagelin to its Capital Formation Group, based in HIG’s London office.
Rosenthal Ayash joins as a Managing Director and is responsible for managing HIG’s European client partnerships for the firm’s global private equity platform. Berschader joins as a Principal and is responsible for managing HIG’s European client partnerships for the firm’s global credit platform. Hagelin joins as a Managing Director and is responsible for managing HIG’s European client partnerships for the firm’s global credit platform.
APAC
Able View, a cross-border brand management company focusing on beauty and personal care segments, agreed to go public via a SPAC merger with Hainan Manaslu Acquisition in a $400m.
"With our core mission to seek a company with a stable business model, proven track record in operations, and sustained growth potential post Covid-19, we are very pleased to have found Able View. We are quite impressed by the business performance as well as industry know-how supporting Able View's comprehensive brand management operation. Since Chinese consumers are turning their focus to functional cosmetics and personal care products, we expect Able View to continue its fast growth in this massive and attractive market," Larry Chow, HMAC CEO.
Able View is advised by Junhe and Pryor Cashman. HMAC is advised by Ellenoff Grossman & Schole and Global Law Office.
Deel, a hiring and payroll technology service, completed the acquisition of PayGroup, a payroll company, for A$121m ($81m).
"Together, we will build the first truly global solution in the payroll industry, giving businesses around the world the ability to hire, pay, and manage the best talent, no matter where they're located. PayGroup's strong presence in countries like Australia, India, Singapore, and Japan will expand our customer base and reinforce our leadership in the global payroll space," Philippe Bouaziz, Deel Co-Founder and CFO.
Deel was advised by Orrick Herrington & Sutcliffe (led by Josh Pollick).
DigitalBridge, a digital infrastructure firm, agreed to acquire a majority stake in AIMS Group, an operator of highly-connected ecosystem-centric data centers, from TIME dotCom, a fixed line telecommunications provider, at $700m valuation.
“DigitalBridge’s expertise in investing, building, and operating data centers to the highest standards aligns perfectly with AIMS’ next stage of development. AIMS is a leading operator in the region poised for significant growth, with a strong management team, a robust development pipeline and considerable expansion capacity. This is a terrific platform for DigitalBridge, and we are excited to partner with TDC, which has a long heritage of building connectivity-linked businesses across Southeast Asia,” Justin Chang, DigitalBridge Managing Director and Head of Asia.
Longi picks CICC for $4bn GDR sale.
Longi Green Energy Technology, a Chinese solar power equipment company, selected China International Capital for a sale of global depository receipts in Switzerland, Bloomberg reported.
The Shanghai-listed firm could sell GDRs in Zurich as soon as in the first half of next year. Longi, the world’s biggest solar company by market capitalization, said in an exchange filing last month that it could sell the GDR equivalent of as much as 8% of its outstanding shares, which would be nearly $4bn worth.
Rio Tinto commits AUD250m to support Western Australian communities.
Rio Tinto is building on its more than 50 years of work to help create thriving and resilient communities across Western Australia with a AUD250m ($140m) commitment to the State Government’s new Resources Community Investment Initiative.
“This initiative is a great example of Government and industry working together to support critical projects that will enable our community to prosper for generations to come. We want to leave a lasting, positive legacy wherever we operate, and this initiative will build on our more than 50 years of work helping to create thriving and resilient communities across Western Australia," Simon Trott, Rio Tinto Iron Ore CEO.
Berkshire Hathaway sells $81m of shares in China's BYD. (FS)
Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 3.23m Hong Kong-listed shares of electric vehicle maker BYD for HKD630.33m ($80.67m), a stock exchange filing showed.
The sale lowered Berkshire's holdings in BYD's total issued H-shares to 15.99% on November 17, down from 16.28%, a filing to the Hong Kong Stock Exchange showed, Reuters reported.
Paytm crashes to record low as Macquarie sees threats from Jio Finance.
Shares of One 97 Communications, which runs digital wallet Paytm, slumped to an all-time low after analysts termed the upstart Jio Financial Services to be a potential threat for the payments services provider.
Paytm shares crashed over 10% on the BSE to a low of $5.8. The stock has been on a downward journey for a while, which was accelerated by the dumping of shares by Softbank last week. In the last one week, the stock went down 23%.
China leads global equity IPO volumes this year.
Reuters reported that Chinese companies are at the forefront of global stock offerings this year, with their issuances being facilitated by easy monetary settings at home and a lack of clarity on access to offshore capital markets.
Chinese companies have raised $71.2bn through initial public offerings in the domestic and overseas markets this year, which is lower than the $98.48bn raised in the same period last year. But it's much higher compared to the US companies' issuance of $17.3bn and Europe's $16.4bn so far.
Credit Suisse lays off one-third of China-based investment bankers. (People)
Credit Suisse has laid off about one-third of its China-based investment banking team and nearly half of its research department, as part of a global restructuring and as its China business slows, Reuters reported.
More than 20 China-based investment bankers have been notified about the job cuts at Credit Suisse Securities in China, the bank's 51%-owned joint venture. Credit Suisse's China annual report shows it had 68 people in its investment banking department at the end of last year.
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