AMERICAS
Investor Michael Feges urged the New York federal court to investigate SPAC Churchill Capital's $11bn merger with healthcare cost management platform MultiPlan.
Former Attorney General of Louisiana Charles C. Foti, Jr, and law firm Kahn Swick & Foti are investigating the proposed merger, under which Churchill shareholders will end up owning less than 20% of the combined company. KSF is seeking to determine whether the merger and the process that led to it are adequate, or whether the merger undervalues the company.
MultiPlan is advised by Bank of America Merrill Lynch, Barclays, Centerview Partners, UBS, Kirkland & Ellis, and Simpson Thacher & Bartlett. Churchill Capital is advised by Citigroup, Credit Suisse, Goldman Sachs, and Weil Gotshal and Manges. Leonard Green is advised by Latham & Watkins. GIC is advised by Ropes & Gray.
Madison Dearborn Partners, a private equity investment firm, completed the acquisition of Benefytt Technologies, a health insurance technology company and distributor of Medicare-related health insurance plans, for $420m.
“Today’s closing is an important milestone in Benefytt’s ongoing work to become a premier health insurance technology company. As we enter this next phase, the entire Benefytt team looks forward to drawing upon Madison Dearborn’s deep expertise in the insurance technology and health care industries to drive our transformation strategy forward,” Gavin Southwell, Benefytt CEO and President.
Benefytt is advised by Bank of America Merrill Lynch and Weil Gotshal and Manges. Madison Dearborn is advised by SunTrust Robinson Humphrey, Kirkland & Ellis, and Abernathy MacGregor Group. Debt financing to Madison Dearborn is provided by RBC Capital Markets, Regions Bank, TD Bank, and Truist Bank.
L Catterton, a private equity firm, agreed to invest $150m in Despegar, an online travel agency.
"As the leading online travel agency in Latin America with strong brand recognition, Despegar has significant potential to continue driving growth in a highly attractive market. We believe Despegar is well positioned to succeed over the long term as the travel industry recovers. We look forward to partnering with the company's talented team to expand Despegar's regional leadership and capture additional value through both operational and strategic initiatives," Dirk Donath, L Catterton Managing Partner.
Despegar is advised by Citigroup, Morgan Stanley, Conyers Dill & Pearman, and Simpson Thacher & Bartlett. L Catterton is advised by Joele Frank.
Newlight Partners, a private investment firm, completed the acquisition of a minority stake in Propeller Industries, a provider of financial and accounting services. Financial terms were not disclosed.
Propeller intends to use the proceeds from Newlight’s investment to accelerate organic growth, expand its technology platform, and to support acquisitions that further its goal of providing superior financial management and enterprise-level business intelligence to emerging companies.
“Today represents an exciting new chapter for Propeller Industries, our clients and employees. Newlight shares our vision for the future, and recognizes our strong culture and commitment to helping great entrepreneurs build great companies. We look forward to leveraging their unique perspective and industry insight as we continue on our journey,” Chris Fenster, Propeller Founding Partner and Chief Executive Officer.
Newlight Partners was advised by Gasthalter & Co.
PagSeguro Digital, a FinTech services provider, agreed to acquire the Brazilian subsidiary of Wirecard, a payment services provider. Financial terms were not disclosed.
The combination will enhance and complement the PagSeguro ecosystem, providing best-in-class omnichannel solutions for both online/offline payments, software, banking and financial services to millions of merchants of all sizes.
PagSeguro is advised by Rothschild & Co.
Nueva Inversiones Pacifico Sur, a provider of waste management services, agreed to acquire a 64.94% stake in Sun Dreams, a provider of casinos and gaming facilities, from Sun International, a resort hotel chain and casino operator, for $160m.
Sun International stated that the impact of the Covid-19 pandemic on the group, and the length of time, uncertainty and costs associated with arbitration proceedings in a foreign country, had convinced the firm to sell its stake when presented with an opportunity to exit at an attractive value.
National Safety Apparel, a manufacturer of safety apparels, completed the acquisition of Wild Things, a manufacturer of sporting and athletic apparel, from ASGARD Partners, a private equity firm. Financial terms were not disclosed.
"Working in partnership with ASGARD, Wild Things has become a business with a clear strategic vision and a focus on execution. NSA is now the perfect steward and strategic partner to help advance the company's strategic objectives and maximize its growth potential. This acquisition will enable Wild Things to tap into a world-class organization where it can leverage existing manufacturing resources and supply chain partnerships, expand its capabilities, and achieve long term growth. I am truly excited for the team and the future that lies ahead for Wild Things. We thank our customers, suppliers and employees for their contributions to our success," Amy Coyne, Wild Things CEO.
Sunroc, a provider of construction services, completed the acquisition of DePatco, a construction company. Financial terms were not disclosed.
"With an alignment in company values and construction services, this acquisition is a natural fit and important step in our growth. Depatco has built a great culture and reputation in the Eastern Idaho market, and Sunroc operates with those same values and standards that Depatco is known for – continuing Clyde Companies' vision of 'Building a Better Community'," Scott Okelberry, Sunroc President.
TikTok intends to challenge Trump’s executive order.
TikTok plans to file a lawsuit against President Donald Trump’s executive order prohibiting transactions with the popular short video app and its Chinese parent ByteDance, Reuters reported.
TikTok tried to engage with the US administration for nearly a year, but faced “a lack of due process” and that the government paid no attention to the facts.
“To ensure that the rule of law is not discarded and that our company and users are treated fairly, we have no choice but to challenge the executive order through the judicial system,” TikTok.
Platinum Equity considers acquiring HNA's Ingram for $7bn. (FS)
Platinum Equity, a US private equity firm, is in advanced discussions to acquire HNA Group's Ingram Micro, a provider of global technology and supply chain services, in a deal that values the company at about $7bn, including debt.
Ingram Micro would be among the largest-ever deals for Platinum Equity, which has about $23bn of assets under management. Discussions are ongoing, and talks could still fall apart. Ingram Micro has drawn interest from other suitors.
Centerbridge considers $3.5bn sale of KIK. (FS)
Centerbridge Partners, a buyout firm, considers divesting KIK Custom Products in a deal that could value the North American manufacturer of household cleaning products at more than $3.5bn, including debt.
The deal would come at an opportune time for Centerbridge to exit. KIK has seen a spike in demand for bleach, as consumers snap up disinfectants to curb the spread of the Covid-19 pandemic.
Centerbridge hired Credit Suisse and Barclays to run an auction process for KIK.
Alphabet considered acquiring a small TikTok stake as part of group bid.
Google parent Alphabet considered participating in a group bid for TikTok, but the effort fizzled in recent days, Bloomberg reported. Several firms discussed forming a consortium to invest in the popular video-sharing app, with Alphabet weighing a minority, a non-voting stake through one of its investment arms.
Alphabet didn't lead the initiative. It isn't clear which US company did, or why the effort ended. Alphabet has not ruled out participating in future bids.
DoorDash plans a traditional IPO in the fourth quarter.
DoorDash, a food delivery business, is aiming to go ahead with an IPO in the fourth quarter, Bloomberg reported. The company is taking steps to go public in November or December. DoorDash, which had earlier considered going public through a direct listing, decided to pursue instead a traditional IPO in which it would issue new shares to raise capital.
Earlier this year, DoorDash announced that it had filed confidentially with the US Securities and Exchange Commission to go public. That was shortly before the global coronavirus pandemic pushed back its listing. Those plans remain subject to market conditions, and the timing could change again.
Occidental to divest some Colorado, Utah assets for $1.3bn. (FS)
Occidental Petroleum, an American company engaged in hydrocarbon exploration, will sell some of its Wyoming, Colorado and Utah assets to Orion Mine Finance, an alternative investment management firm, for about $1.3bn, as the oil and gas producer looks to cut the debt it took on with its purchase of Anadarko.
Occidental has been trying to divest assets to whittle down its $36bn of long-term debt, a bulk of which was taken on during its $38bn Anadarko Petroleum deal last year, an ill-timed bet on oil prices rising.
Petrobras kicks off sale of stake in Polo Norte Capixaba onshore fields.
Petrobras, a state-owned Brazilian oil company, has begun the process to sell its entire stake in five onshore fields at Polo Norte Capixaba, in the state of Espirito Santo, Reuters reported.
Average daily production in the first half of this year at the five fields, which Petrobras fully owns, was 7k barrels of oil and 66k cubic meters of gas.
MobileIron to explore a potential sale.
MobileIron, an infrastructure software provider, is examining options, including a potential sale. The stock rose as much as 21% in after-market trading. The company currently has a market value of $701m.
The California-based company is working with a financial adviser.
Goldman Sachs considers raising $2bn for a new venture fund. (FS)
Goldman Sachs Group is considering raising a venture and growth fund of around $2bn, a move that would make it a bigger player in the competitive world of technology investing, Bloomberg reported.
A $2bn fund for investing in growth- and venture-stage companies would be one of the larger ones in the industry and could give the bank an edge with large startups that are seeking big checks from investors. The bank is planning to start fundraising next year.
Warburg Pincus-backed Petz to raise up to $611m in IPO. (FS)
Petz, a Brazilian pet shop chain, plans an initial public offering of shares to raise up to $611m, PE Insights reported. The company, controlled by private equity firm Warburg Pincus, set a price range of between $2.2 and $2.7 per share, with the final price to be set on September 9.
The company and its shareholders plan to offer 163m shares, but that could rise to 220m shares, including overallotment options.
Havan hires banks for IPO.
Havan, a Brazilian department store chain, hired banks to lead its planned IPO, in what would be one of the country's biggest stock flotations this year, Reuters reported.
Investment banking units of Itau Unibanco Holding, XP, BTG Pactual, Morgan Stanley, Banco Bradesco, Banco Safra, JP Morgan, Santander Brasil and Bank of America will manage the offering.
The $892m portion of the offering will go to further expand the chain of 149 stores, instantly recognizable for the Statue of Liberty replicas that adorn them.
Paul Ryan starts a blank-check company, aims for $300m IPO.
Paul Ryan, the consummate Washington negotiator, is trying his hand at another kind of deal-making, jumping into the rush on Wall Street toward blank-check acquisition companies, WSJ reported.
The former House speaker will serve as chairman of a vehicle known as Executive Network Partnering, which will seek to raise roughly $300m in an initial public offering. That figure is subject to change based on demand.
Le Biscuit plans a $267m Brazil IPO.
Lojas Le Biscuit, a Brazilian home-appliances retailer, is planning an initial public offering this year. The Feira de Santana, Bahia-based company is weighing a listing on the Sao Paulo stock exchange. The transaction could raise about $267m. The discussions are ongoing, and the company's plans could still change.
The firm hired XP Investimentos to help with the deal. Bank of America, Itau BBA, Citibank and Santander are part of the sales team.
EMEA
Private equity firms Hg and CPPIB agreed to increase their stakes in Visma at a $12.2bn valuation. Furthermore, investment firms TPG and Warburg Pincus are set to invest in Visma.
"For almost 15 years now, Visma has benefited from a supportive and highly knowledgeable private equity investor base. As we continue to invest in world-class technology, including new areas of innovation such as AI and machine learning, we warmly welcome this new investment. We also highly value the support we continually receive from our existing investors. We look forward to continuing Visma’s strategy to create a fully online ecosystem for businesses across Europe,” Merete Hverven, Visma CEO.
Visma is advised by OC&C, ABG Sundal Collier, Bank of America Merrill Lynch, Deloitte, Goldman Sachs, Linklaters, Wiersholm, and Crosslake Technologies. Hg Capital is advised by OC&C, Alvarez & Marsal, Arma Partners, Carnegie Investment Bank, Deloitte, Ernst & Young, Jefferies & Company, Kirkland & Ellis, Skadden Arps Slate Meagher & Flom, and Brunswick Group.
KKR completed the acquisition of The Citation Group, a subscription-based HR and Employment law, Health & Safety, and ISO services provider, from HgCapital , a private equity firm. Financial terms were not disclosed.
“Citation has thrived together with Hg, undergoing a transformation program which has included significant investment in R&D, an ambitious M&A strategy and innovation into new areas of technology. These initiatives have helped drive continued strong growth over the last 4 years, during which time we’ve more than doubled our core customer base. We look forward to working with KKR, whose scale will help us continue to develop the platform as a truly trusted partner for our SME customers," Chris Morris, The Citation Group CEO.
Hg Capital is advised by OC&C, Deloitte, Jefferies & Company, Addleshaw Goddard, Weil Gotshal and Manges, and Brunswick Group.
Kingspan Group, a building materials company, agreed to acquire Trimo, a manufacturer of facades and building envelope solutions, from Innova Capital, a private equity firm. Financial terms were not disclosed.
“Successful transformation of Trimo under Innova’s ownership is a great example of how a private equity owner can help develop a Slovenian business internationally. It has been an intense, but very enjoyable time. We are excited to be joining Kingspan Group, the global market leader in the panel industry," Bozo Cernila, Trimo CEO.
Innova Capital is advised by Alantra, PricewaterhouseCoopers, Jadek & Pensa, Prica & Partners, and Rymarz Zdort.
Dorilton Capital Management, a private equity firm, completed the acquisition of Williams Grand Prix Engineering, the formula 1 business of Williams Grand Prix Holdings, for $179m.
“As a family we have always put our team first. Making the team successful again and protecting our people has been at the heart of this process from start. This may be the end of an era for Williams as a family-owned team, but we know it is in good hands,” Claire Willams Deputy Team Principal.
Williams Grand Prix was advised by Allen & Company and Lazard.
Unity Technologies, a Danish-American video game software development company, agreed to acquire Codice Software (Plastic SCM), an engineering company. Financial terms were not disclosed.
"We brought Plastic SCM into the fold for larger teams looking to cooperate on more complex projects and need VCS features like branching, locking, merging and a standalone GUI. With Plastic, you now have access to the market-leading solution," Unity spokesperson.
Unity Technologies is advised by Morrison & Foerster.
Cryoport, a provider of temperature-controlled supply chain solutions for the life sciences industry, agreed to acquire CRYOPDP, a provider of innovative temperature-controlled logistics solutions to the clinical research, pharmaceutical and cell and gene therapy markets, for $58m.
"Our acquisition of CRYOPDP is an important milestone in carrying out Cryoport's strategy to further entrench and strengthen our global footprint and support capabilities for the entire life sciences industry. We are looking forward to closing this transaction and officially welcoming the CRYOPDP team to Cryoport," Jerrell Shelton, Cryoport CEO.
FARO Technologies, a provider of 3D measurement, imaging and realization solutions, agreed to acquire Advanced Technical Solutions, a Swedish-based provider of 3D digital twin solution technology. Financial terms were not disclosed.
"We believe this acquisition enables FARO with differentiated accuracy and speed, which we believe will accelerate the adoption of digital twin technology. High accuracy 3D digital twin simulations allow capital intensive industries such as automotive and aerospace to meaningfully reduce their time to market and cost. I welcome the ATS team into FARO and believe they will help accelerate our strategic objective of increasing cloud-based subscription offerings in this sizable market," Michael Burger, FARO Technologies President & CEO.
RELX-backed Elsevier, a provider of information analytics tools, completed the acquisition of SciBite, a semantic AI company. Financial terms were not disclosed.
"This is an exciting next step for our business. The combined offering of Elsevier's high-quality content and data and the innovative technology from SciBite will deliver amazing value for any data led strategy across the scientific community. As part of the Elsevier organization, SciBite will have the ability to deliver enterprise technology, and new advances in scientific insight and discovery across its broad reaching global customer base," Rob Greenwood, SciBite CEO and President.
Hyland, a content services provider, agreed to acquire Another Monday, a German-based robotic process automation software developer. Financial terms were not disclosed.
"Adding RPA to Hyland's content services platform extends and augments our low-code process automation offerings, enabling a next level of digital transformation to all of our customers. We look forward to getting to know our Another Monday colleagues, welcoming our new customers and partners to the Hyland community and incorporating this powerful technology into our existing solutions," Bill Priemer, Hyland President and CEO.
BT Group prepares for a potential $19.6bn takeover approach.
The board of BT Group, a British multinational telecommunications holding company, is preparing to defend it against takeover approaches from industry rivals, and buyout firms after the suspension of its dividend urged its shares to fall to their lowest level in more than a decade, Sky News reported.
BT Group, which now has a market capitalisation of just $13bn, asked bankers at Goldman Sachs to update its bid defence strategy in recent weeks.
Retail veterans lining up $8.2bn bids for Asda. (FS)
Two retail veterans are lining up to front rival $8.2bn private equity bids for Asda, the UK’s third largest supermarket chain. Rob Templeman, a former chief executive of Debenhams, is understood to be assisting Apollo Global Management, while Paul Mason, a former Asda chief executive who also once led discount fashion group Matalan and the now defunct Somerfield supermarket, is linked to Lone Star Funds, PE Insights reported.
Asda's US owner, Walmart, restarted talks on the sale of a stake in July, 15 months after the collapse of a planned merger with Sainsbury's. It is understood that a deal could be announced by the end of September.
Talks involving Lone Star and two other private equity firms, Apollo and TDR Capital, were paused in April after the coronavirus pandemic hit the UK. TDR is now believed to have dropped out of the process.
Railsbank Technology in talks to acquire Wirecard UK.
Railsbank Technology, a developer of banking platform, is in advanced talks to acquire the British operations of Wirecard, a payment services provider.
“We are aware of recent press coverage around a potential transaction with Railsbank Technology. We are continuing our discussions with Railsbank, but no final transaction documents have yet been agreed. We are also continuing to work on other contingency planning for the business. We expect to be able to comment further in due course. In the meantime, the company is processing card transactions as usual,” Wirecard spokesperson.
Serie A asks major PE firms to submit final offers by August 25. (FS)
Serie A plans to raise investments in the new commercial entity that will handle the league commercial rights. Six private equity firms that are interested in entering into business with Serie A for its media rights have been given until August 25 to submit their best and final bids to Italian soccer’s top flight.
Serie A and its adviser Lazard set a deadline of July 27 for the host of interested parties to formulate their offers, and in the event, there were six bids from CVC Capital Partners, Bain Capital, Advent, Blackstone, Apollo Global Management and Fortress, PE Insights reported.
CVC, Bain and Advent would acquire minority stakes in a new company that would control the league's media rights for the next decade, while Apollo, Fortress and Blackstone would act as lenders.
South Africa blocks AngloGold's country exit, asset sale.
South Africa blocked AngloGold Ashanti, a global gold mining company, from completely exiting the country by ordering it to keep its primary listing in Johannesburg in order to conclude the sale of its last remaining local assets, Blomberg reported.
The transfer of mining rights to Harmony Gold Mining, a gold mining company, which is needed to close the sale of the Mponeng mine and surface assets in South Africa, is also conditional on AngloGold keeping its headquarters in the country, the government said. The company has mulled moving its main listing, so the state's move effectively keeps AngloGold tied to the country even if it concludes the assets sale.
Minister states Telecom Italia cannot control a single broadband network.
Italy's single broadband network operator cannot be controlled by a majority shareholder, the deputy industry minister said on Friday, after Telecom Italia said it would not accept less than 50% of any network, Reuters reported.
The Italian government is trying to negotiate a deal between the phone group and Open Fiber, which is jointly owned by state lender CDP and utility Enel, to merge fibre assets and create a single national champion. However, progress has been delayed as it seeks solutions over governance and regulation issues.
Kuwait Petroleum picks adviser to merge units.
Kuwait Petroleum, a national oil company, is hiring a consultant to help merge its subsidiaries as the state-run company slashes capital spending by more than 25% over the next five years.
KPC will combine its eight business units into four to streamline operations. To make the change as smooth as possible, it plans to sign with a consultant next month.
Vattenfall considers selling a stake in Hollandse Kust Zuid wind farm.
Vattenfall, a Swedish utility, plans to divest a stake in what will be one of the largest offshore wind farms in the world. The company hired a financial adviser to sell part of the 1.5k-megawatt Hollandse Kust Zuid wind farm development off the coast of the Netherlands.
"One cornerstone of Vattenfall's growth strategy is to look for potential investors to balance the huge investment costs of our future assets. We are just at the beginning of the process to attract potential partners/co-investors," Vattenfall spokesman.
APAC
Delivery Hero, a German food-delivery service provider, is seeking to take on its Asian rival Coupang, by allaying to the concerns raised by the antitrust authorities regarding its $4bn acquisition of Woowa Brothers.
The deal has drawn opposition in Seoul from smaller delivery operators and some ruling party politicians. If it is successful, Delivery Hero, which already owns Baemin’s main rival, Yogiyo, would control about 90% of the online food delivery market.
Niklas Ostberg, Delivery Hero’s chief executive, sought to allay antitrust concerns, saying the deal would mean greater competition in the broader e-commerce market for Coupang, which is backed by Japan’s SoftBank and considered the Amazon of South Korea. It would also challenge other rival local internet groups Kakao and Naver, which have been boosting their online market and delivery operations.
Woowa Brothers is advised by Goldman Sachs, JP Morgan, Kim & Chang, Sullivan & Cromwell, and Yulchon. Delivery Hero is advised by Morgan Stanley, Bae Kim & Lee, Kim & Chang, Sullivan & Cromwell, WongPartnership, and Kekst CNC.
Virgin Australia Holdings shareholders have withdrawn plans for a proposed recapitalization of the airline that was meant to rival one from US private equity firm Bain Capital.
A court ruling last week made it impossible to complete due diligence and present a substantially unconditional DOCA proposal to rival Bain’s at a creditors’ meeting on September 4.
“After the release of the administrator’s report, we reserve our rights to take whatever action is necessary to protect our interests as creditors,” Virgin Australia shareholders' spokesman.
Virgin Australia is advised by Deloitte, Houlihan Lokey, Morgan Stanley, and Clayton Utz. Bain Capital is advised by Herbert Smith Freehills.
a2 Milk Company, a premium dairy nutritional company, offered to acquire a 75.1% stake in Mataura Valley Milk, a milk producer, for $176m.
"As previously announced, due to the increasing scale of our infant nutrition business, we have been assessing participation in manufacturing capacity and capability. The potential investment in Mataura Valley Milk’s recently commissioned facility, alongside China Animal Husbandry Group, aligns with this strategic objective as we look to complement and build upon our current strategic relationships with Synlait Milk and Fonterra Co-operative Group, which remain in place. Our intention would be to invest further to establish blending and canning capacity at Mataura’s facility to support the establishment of a fully integrated manufacturing plant for infant nutrition,” Geoff Babidge a2 CEO.
a2 Milk Company is advised by Network Four.
Cerberus Capital Management, a private equity firm, agreed to acquire the Vendor Finance business of Westpac Group, a financial services provider. Financial terms were not disclosed.
“The sale represents the first transaction of the Group’s simplification initiatives and brings certainty for Vendor Finance customers and new opportunities for our people,” Jason Yetton, Westpac Chief Executive, Specialist Businesses.
Cerberus is advised by Domestique.
Wuthelam Group, a paint manufacturer, agreed to acquire an additional 21% stake in Nippon Paint, a Japanese paint and paint products manufacturing company, for $12bn.
Nippon Paint said it will use the funds raised as well as $945m in cash to buy out Wuthelam from their Asian joint ventures in countries including China, Malaysia and Thailand, as well as acquire Wuthelam's wholly-owned business in Indonesia.
China Baowu Steel Group, a steelmaker, agreed to acquire a 51% stake in Taiyuan Iron & Steel Group, a steel manufacturer, for $2.1bn.
"A controlling stake in TISCO will help Baowu achieve a goal of producing 100m tonnes of steel per year and enhance its overall competitiveness in the stainless steel sector,” Baowu.
White Oak Management, a boutique private equity firm, agreed to acquire Yes Bank's asset management businesses, YES Asset Management (India) and YES Trustee. Financial terms were not disclosed.
Yes Bank’s decision to sell the AMC business is part of its strategy to focus on its core business. In a stock exchange disclosure, the lender revealed the AMC’s contribution to the bank’s bottom line and net worth, which were negligible in 2019-20.
Carlyle to invest $667m in Axis Bank. (FS)
Carlyle, a US private equity firm, is looking to strike a deal to invest around $667m in Axis Bank, a private sector Indian bank, through a preferential allotment.
The due diligence for the deal has begun, and a formal announcement might be made in three to four weeks.
Sanjeev Gupta targets a string of smaller steel buys in India.
Sanjeev Gupta, a British metals tycoon, is intending to acquire at least half a dozen smaller steel plants in India by 2025 after losing out on bigger purchases in the second-biggest producer, Bloomberg reported.
GFG Alliance, owned by the commodities trader-turned-serial deal maker, had in the past bid for big-ticket stressed steel assets in India that were being sold under the country's ongoing bankruptcy process but lost out to rivals. It recently snapped up Adhunik Metaliks, an integrated steel plant, under the insolvency law and plans to start production at the 500k tons a year facility next month, establishing its presence in India.
Embassy Group and Ivanhoe Cambridge consider setting up an investment platform. (FS)
Bengaluru-based Embassy Group, a real estate developer, is in talks with CDPQ's Ivanhoe Cambridge, a real estate company, to set up an investment platform for developing office projects.
The size of the platform is under discussion, and Ivanhoe Cambridge will have a majority stake in the platform.
Ant targets $225bn valuation in IPO.
Jack Ma's Ant Group, a technology company, plans to file for dual listings in Hong Kong and Shanghai in the next few weeks, targeting a valuation of about $225bn, to pull off the world's most extensive initial public offering, Bloomberg reported.
The share sales could raise about $30bn in total if markets are favorable. The Hangzhou-based firm seeks to float its shares simultaneously on the Hong Kong stock exchange and the tech-focused Star board in Shanghai as soon as October.
XPeng looks to raise up to $1.11bn in US IPO.
XPeng, a Chinese electric vehicle manufacturer, hopes to raise up to $1.11bn in IPO in New York, seeking to ride the enthusiasm for EVs even as US-China relations remain strained.
The company intends to sell 85m shares American depositary share, each representing two class A ordinary share, priced between $11 and $13 per share.
Carlyle-backed Adicon picks banks for Hong Kong IPO. (FS)
Carlyle Group-backed Adicon Clinical Laboratories, a Chinese lab operator, picked banks for its Hong Kong IPO, PE Insights reported. The company selected Jefferies and Morgan Stanley to lead the share sale, which could raise about $400m. Bank of America and China International Capital are also working on the offering. A listing could happen as soon as next year.
An offering by Adicon will add to the boom of health-care listings in Hong Kong as companies look to capitalize on rallying stocks and surging investor interest due to coronavirus pandemic.
Easton to raise $193m in Star Market IPO.
China-based pharma Chengdu Easton Biopharmaceuticals is planning to raise around $193m in its Star Market initial public offering. Easton is offering 30m shares at $6.4 per share.
Some of the major stakeholders in the biopharmaceutical company include Shanghai-based Lyfe Capital, CITIC Securities, GL Capital Group among others.
Indian government to hire Deloitte, SBI Caps to help LIC prepare for IPO.
India is poised to hire Deloitte Touche Tohmatsu India and SBI Capital Markets to help Life Insurance of India, an Indian state-owned insurance group, prepare for an initial share sale, Livemint reported.
The advisers will help evaluate the capital structure of India's biggest insurer as well as aid the company in reworking its financial statement, according to a tender document issued in June. The government will soon invite bids seeking firms to value LIC.
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