Cenovus Energy's $7.8bn deal to acquire Husky Energy, a Canadian-based energy company, was approved by the shareholders of the two companies.
Cenovus said 93% of shareholder votes were cast in favor of the merger at a special meeting, while Husky announced earlier in the day that the merger was approved with over 99.9% of votes cast in favor at its meeting.
The deal is expected to close in the first quarter of 2021, after which Cenovus shareholders would own 61% of the combined entity and Husky shareholders the rest.
Cenovus is advised by RBC Capital Markets, TD Securities, Bennett Jones and Paul Weiss Rifkind Wharton & Garrison. Husky is advised by CIBC World Markets, Goldman Sachs, Norton Rose Fulbright, Osler Hoskin & Harcourt and Joele Frank. Hutchison is advised by Skadden Arps Slate Meagher & Flom and Stikeman Elliott.
Goldman Sachs Merchant Banking agreed to acquire People, a provider of group benefits, group retirement and human resource services, for $887m.
"This transaction is an excellent opportunity for People's shareholders, and for the company's clients, partners, employees and other stakeholders. The transaction recognizes the value of People's growth, success, and long-term track record of delivering shareholder returns. The purchase price represents a significant premium to both current and historical trading prices for People's shares. We are confident that the partnership with Goldman Sachs will enhance the company's ability to pursue its long-term vision and ensure that People continues to be a leader in the industry," Scott Anderson, People Chairman.
People is advised by CIBC World Markets, William Blair & Co, Davies Ward Phillips & Vineberg, Stikeman Elliott and LodeRock Advisors. Goldman Sachs is advised by BMO Capital Markets, Goldman Sachs, Osler Hoskin & Harcourt and Sullivan & Cromwell.
Cerner, a global health care technology company, agreed to acquire the Health Division of Kantar, a data, analytics and real-world evidence and commercial research consultancy serving the life science industry, for $375m.
"Cerner launched the Learning Health Network with our provider clients to advance a shared vision: treat global diseases more effectively through an acceleration of clinical research. Kantar Health has incredible health economics and medical affairs expertise, differentiated real-world data assets and strong relationships with the world's leading life science companies. It offers us an amazing opportunity to drive cross-industry collaboration that can change health outcomes around the world," Donald Trigg, Cerner President.
Cerner is advised by Ernst & Young and Latham & Watkins. Kantar is advised by Ernst & Young, Harris Williams & Co and Weil Gotshal and Manges.
TorQuest Partners, a Canadian-based manager of private equity funds, completed the acquisition of VersaCold Logistics Services, a cold storage warehousing and food logistics firm, from investment firms KingSett Capital and Ivanhoe Cambridge. Financial terms were not disclosed.
"We welcome this investment and look forward to working with our new partners to capitalize on growing demand for cold storage logistics solutions. There will be no changes to the day-to-day operations as a result of the transaction and we remain fully committed to giving our customers the very best end-to-end supply chain solution available," Mike Arcamone, VersaCold CEO.
TorQuest Partners was advised by Stikeman Elliott and Longview Communications. VersaCold Logistics Services, KingSett Capital and Ivanhoe Cambridge were advised by CIBC World Markets, Greenhill & Co, RBC Capital Markets and Osler Hoskin & Harcourt.
Experience Investment, a blank check company, is set to merge with Blade, a technology-powered air mobility company, in a $356m deal. Experience Investment received investment commitments from Hedosophia, HG Vora Capital Management, KSL Capital Partners and investors David Geffen, Barry Diller, David Zaslav and Robert W. Pittman.
“Ground mobility has been radically transformed by software and battery technology, as evidenced by the rapid adoption of electric vehicles. The next battle is in the air. This transaction provides the capital for Blade to profitably expand its urban air mobility business using conventional rotorcraft today, while providing a seamless transition to eVTOL aircraft tomorrow," Rob Wiesenthal, Blade Founder and CEO.
Blade is advised by Credit Suisse, Proskauer Rose and ICR. Experience Investment is advised by Citigroup, Deutsche Bank, JP Morgan, Simpson Thacher & Bartlett and River Communications.
J.F. Lehman & Company, a middle-market private equity firm, completed the acquisition of ENTACT, a national provider of environmental remediation and geotechnical services. Financial terms were not disclosed.
"J.F. Lehman & Company is an excellent, value-add partner to support the next phase of ENTACT's growth. We look forward to leveraging JFLCO's industry experience and capital base while continuing on our successful history of providing exceptional service to our customers," Dean Pisani, ENTACT CEO.
ENTACT was advised by Houlihan Lokey, Robert W Baird, K&L Gates and Kirkland & Ellis. J.F. Lehman & Company was advised by Jones Day. Debt financing was provided by Deutsche Bank.
Aphria, an international producer and distributor of medicinal and recreational cannabis, is set to combine with Tilray, a pharmaceutical company that develops cannabis based medicines, drugs, drops, and oil products, in a $3.9bn deal.
“I realized that Aphria needed to expand out of Canada, and merging with Tilray was a great answer because it’s a US-domiciled business with great international assets,” Irwin Simon, Aphria CEO.
Tilray is advised by Cowen & Company, Blake Cassels & Graydon, Cooley, and ICR. Aphria is advised by Jefferies & Company, DLA Piper, and Fasken.
BW Group, a maritime company, involved in shipping, floating gas infrastructure and deep-water oil & gas production, agreed to acquire a 39% stake in Navigator Holdings, the owner and operator of the world's largest fleet of handysize liquefied gas carriers, from WL Ross, a private equity company, for $197m.
"BW is excited to be taking an ownership position in Navigator Holdings, a leading company in its sector, and we look forward to being a supportive shareholder as Navigator continues to pursue its strategic goals," Andreas Sohmen-Pao, BW Group Chairman.
BW Group is advised by Cleary Gottlieb Steen & Hamilton. WL Ross is advised by Moelis & Co and Skadden Arps Slate Meagher & Flom.
Integra LifeSciences, a global medical technology company, agreed to acquire ACell, an innovative regenerative medicine company, for $400m.
"ACell expands our regenerative capabilities and is complementary to Integra's existing tissue technologies portfolio. The porcine UBM technology is a strong strategic fit with our human amniotic tissue and bovine-derived engineered collagen and acellular dermal matrices. The acquisition also supports our long-term growth and profitability strategy with a financial profile similar to Integra's tissue products," Peter Arduini, Integra LifeSciences President and CEO.
ACell is advised by Guggenheim Partners and Cooley. Integra LifeSciences is advised by Sullivan & Cromwell.
Cornell Capital-backed Spectrum Automotive Holdings, an agent, marketer and administrator of finance and insurance products, agreed to acquire CalTex, the largest manufacturer and provider of automotive appearance protection products in the US. Financial terms were not disclosed.
"We look forward to partnering with Spectrum and working with the team at Cornell Capital to further accelerate CalTex's growth and industry leadership. This announcement is a testament to the hard work and dedication of our team over the past 35 years and I am confident that together with Spectrum we will continue to build on our long legacy of product innovation and customer satisfaction," Rande Hawkinson, CalTex President and COO.
CalTex is advised by Colonnade Advisors. Spectrum Automotive Holdings is advised by Houlihan Lokey. Cornell Capital is advised by Joele Frank.
Norfolk Iron & Metal, a full-line steel service center, agreed to acquire Cd'A Metals, a full-line metal service center in the Inland Northwest. Financial terms were not disclosed.
"We are pleased to welcome the Cd'A team members to the NIM family. This investment represents a strategic opportunity to increase our capacity and geographic presence and is integral to our commitment to meet the growing needs of our customers. Cd'A Metals' complementary capabilities combined with its long history of success positions us well to further develop our business in the northwestern markets," Richard Robinson, NIM Chairman and CEO.
Cd'A Metals is advised by Heritage Capital Group and Witherspoon Kelley. NIM is advised by Abrahams Kaslow & Cassman.
CSW Industrials, a diversified industrial growth company, completed the merger with TRUaire, a supplier of passive air handling solutions for residential and commercial applications, in a $360m deal.
"We are pleased to complete the TRUaire acquisition and to welcome approximately 1.6k new colleagues to CSW Industrials. TRUaire allows us to expand our existing HVAC/R platform with a compelling portfolio of best-in-class products, while leveraging our existing distribution channels to better serve our customers. This acquisition will enable us to continue to drive sustainable, profitable growth, while delivering value to all of CSWI's shareholders," Joseph B. Armes, CSW Industrials Chairman, President and CEO.
CSW Industrials was advised by JP Morgan and Shearman & Sterling. TRUaire was advised by Robert W Baird.
Verano Holdings, a cannabis company, agreed to merge with Alternative Medical, a medical cannabis company, in a $2.8bn deal.
“Both Verano and AltMed are uncompromisingly dedicated to superb cultivation and manufacturing processes, new product development and retail design, and we share a mutual commitment to delivering high-quality products with a superior customer experience to distinguish us in the marketplace. We are both disciplined stewards of capital, run our businesses efficiently and are focused on delivering profitable growth," Michael Smullen, Alternative Medical Co-Founder Chairman and CEO.
Fiserv, a global provider of financial services technology solutions, agreed to acquire Ondot, a digital experience platform for financial institutions. Financial terms were not disclosed.
"The importance of digital has accelerated and consumers are increasingly turning to online and mobile banking, as well as contactless payments experiences. By combining Ondot and Fiserv capabilities at scale, we plan to provide our clients with a unified digital experience, spanning card-based payments, digital banking platforms, core banking, and merchant solutions, enabling them to deliver best-in-class solutions that continue to reduce friction for their customers. We look forward to welcoming the talented Ondot team to the Fiserv family as we continue to help our clients deliver innovative ways for their customers to actively manage their financial lives – at the point of thought," Frank Bisignano, Fiserv President and CEO.
Orion Mine Finance, an alternative investment management firm, agreed to acquire a 50% stake in Greenstone Gold Mines Partnership, which holds the Hardrock Mine Project in Ontario, from Centerra, a Canadian mining company, for $300m. Premier Gold Mines will continue to hold the remaining 50%.
"Orion looks forward to being a partner in turning the Hardrock Project into Ontario's next prominent mine. After years of successful exploration and development work, we believe the Greenstone Project has the potential to grow into a large, long-lived gold mining operation with multiple deposits," Istvan Zollei, Orion Portfolio Manager.
Oshkosh, a company that designs, manufactures, and markets fire and emergency apparatuses, specialty commercial, and military trucks, agreed to acquire Pratt Miller, a company which specializes in advanced engineering, technology and innovation across the motorsport and multiple ground vehicle markets, for $115m. The transaction is expected to close in the first calendar quarter of 2021 and is subject to customary closing conditions.
“Pratt Miller’s motorsports heritage has created a culture of speed and agility that has defined our success. Oshkosh is an ideal partner for us to apply that mindset to some of the most significant challenges facing customers today. Together, we expect to grow our decade-long partnership and expand our pipeline of new business opportunities. We look forward to learning from one another and continuing to innovate to bring market-leading products to our customers," Matt Carroll, Pratt Miller CEO.
BP, an oil and petrochemicals company, completed the acquisition of a majority stake in Finite Carbon, a provider of forest carbon development and commercialization services. Financial services were not disclosed.
The firm plans to increase its renewable power capacity 20-fold by 2030 to 50 gigawatts while reducing its oil output by 40% and diverting more funds to low-carbon investments.
"Putting a price on carbon can make it possible for anyone with the ability to protect, plant, or improve forests to generate revenue from their efforts. Thanks to this unique partnership with BP, Finite Carbon now has the resources of a global energy company behind it to help address this enormous environmental challenge and help small landowners access this market," Sean Carney, Finite Carbon Founder.
GTCR-backed Cedar Gate Technologies, a value-based care performance management company, completed the acquisition of Deerwalk, a provider of information technology services. Financial terms were not disclosed.
"Deerwalk's SaaS solutions and capabilities are highly complementary to our current platforms. Together, we enhance our ability to deliver end-to-end analytics, technologies, reporting, reconciliation and administrative services to any entity taking or managing healthcare risk. Today, we are the only vendor that offers a comprehensive solution for payers and providers at risk for the healthcare dollar," David Snow Jr., Cedar Gate CEO.
IBM, an American multinational technology, completed the acquisition of Expertus Technologies, a Montreal-based fintech company. Financial terms were not disclosed.
"Financial institutions must balance greater demand for secure digital solutions while complying with rapidly evolving regulation. Expertus' payment-as-a-service solution expands our hybrid cloud-based payments offerings, transforming payments and treasury management with AI to give financial institutions the flexibility to rapidly innovate and stay competitive as consumer demands evolve," Mark Foster, IBM Senior Vice President.
Wafra, a global alternative investment platform, and Welltower, an S&P 500 healthcare real estate investment trust, agreed to form a $550m joint venture.
"Wafra is pleased to launch this partnership with Welltower, whom we regard as a premier owner-operator and leader in medical office and healthcare real estate. Building on Welltower's demonstrated track record, we see compelling opportunities to realize shared success through this partnership. We look forward to expanding our footprint together in these growing sectors with the shared goal of further collaboration on healthcare and other real estate opportunities," Russell Valdez, Wafra Chief Investment Officer.
GoDaddy, a provider of a cloud-based web platform for small businesses, web design professionals and individuals, agreed to acquire Poynt, a platform that provides online payment, fund transfers, and point of sale services, for $365m. GoDaddy will pay $320m in cash at closing and $45m in deferred cash payments subject to certain performance and employment conditions over three years. The transaction is expected to close in the first quarter of 2021, subject to the satisfaction of regulatory approvals and other customary closing conditions.
"Commerce is critical to our customers and we continue to invest in building seamlessly intuitive experiences that enable small businesses to sell everywhere. Poynt accelerates our strategy to provide a complete suite of commerce and payment services to address this critical customer need and focus on a large addressable market opportunity. We've built leading e-commerce capabilities that today allow small businesses to easily sell on their sites, across major marketplaces and the most popular social networks, and now we will help make them successful everywhere," Aman Bhutani, GoDaddy CEO.
Tiger Global Management, a private equity firm, led a $275m Series E funding round in StockX, an online marketplace for sneakers. The round also saw participation from private equity firms Altimeter Capital, Sands Capital, and Whale Rock Capital Management.
"I'm thrilled to welcome our new partners to the team — their collective expertise will be invaluable as we continue to build on the momentum from the last year, and drive the growth to cement StockX's position as the global marketplace leader," Scott Cutler, StockX CEO.
AST & Science is considering an IPO via a blank-check merger.
AST & Science, a space-based cellular broadband network developer, is considering going public through a merger with New Providence Acquisition, a special purpose acquisition company. The combined company will be valued at $1.4bn, including debt. The deal is expected to close soon as the first quarter of 2021.
"Universal broadband access has become a global necessity, and we are uniquely positioned to leverage our innovative technology solution and efficient business model to democratize broadband cellular access across the globe," Abel Avellan, AST SpaceMobile Chairman and CEO.
Barclays was the financial adviser to AST, and Deutsche Bank also acted as placement agents to New Providence on the private placement, Bloomberg reported.
PE-backed Wish raises $1.1bn in IPO. (FS)
ContextLogic, an e-commerce firm doing business as Wish, raised $1.1bn in a US IPO. Wish priced its stocks at $24 apiece, the top of its target range. The IPO gives Wish a market capitalization of $17bn on a fully diluted basis. Wish had initially planned to sell 46m shares within a targeted range of $22 to $24 per share.
Some of Wish's main investors include Yuri Milner's DST Global, Peter Thiel's Founders Fund, Formation8 Partners, GGV Capital, and General Atlantic.
Goldman Sachs, JP Morgan, and Bank of America Merrill Lynch are the lead underwriters for Wish's listing.
Macquarie Group-backed Logistics Property Company, a logistics real estate platform, announced the successful closing of its develop-to-core fund, LPC Logistics Venture One, with total equity commitments of $1bn from several global institutional investors.
"The successful LPC capital raise speaks to the confidence global investors have in the industrial sector's strong underlying fundamentals. It also demonstrates their conviction in LPC's ability to identify attractive risk-adjusted return development opportunities, and execute our develop-to-core strategy across a portfolio of state-of-the-art, logistics assets," Jim Martell, LPC CEO.
Westlake Village BioPartners raises $500m for biotech venture investments. (FS)
Westlake Village BioPartners, a life-science venture capital firm, raised two new funds totaling $500m to build and invest in promising life sciences companies with transformative human therapeutic technologies.
The first fund, known as Opportunity 1, is $70m and allows Westlake to invest additional Series B or later-round capital into promising companies they incubated or invested in with their original fund, Westlake BioPartners 1. The second fund, Westlake Village BioPartners 2 Fund, is $430m and will focus on incubating and investing in approximately 12 Series A startups or co-lead Series A rounds with other investors.
"We are rapidly moving into what we at Westlake call 'The Golden Age of Biotechnology' where the speed of innovation and discoveries is accelerating exponentially. This exponential growth is presenting many opportunities to develop new medicines, and these additional funds will allow us to harness that innovation to develop therapies for serious diseases," Sean Harper, Westlake Village Co-Founding Managing Director.
BPEA closes its fifth fund at $218m. (FS)
BPEA, a Boston-baed private equity firm, announced the final close of its fifth fund BPEA V, with $218m in commitments, exceeding its $200m target. The fund received considerable support from existing and new investors, which include pension funds, foundations, endowments, and single and multi-family offices.
BPEA V will invest in small buyout and growth equity opportunities in the US across four industries: business services & software, healthcare, consumer & retail, and industrial.
"We greatly appreciate the support we received from our long-time existing investors and welcome our new investors and their advisors to BPEA V. Our strategy continues to resonate with limited partners and investment consulting firms looking for access to opportunities at the small end of the private equity market that can drive strong financial returns with lower volatility," John Brooke, BPEA Co-Founder and Managing Director.
Patrick Drahi, a French telecoms billionaire, raised his offer to purchase out minority shareholders in Altice Europe, a cable, telecommunications, and media company, by 30%, FT reported.
The entrepreneur, who already owns virtually 78% of Altice Europe, launched a bid to take the Amsterdam-listed telecoms firm private in September. Next Private, an investment firm, is willing to pay €3.2bn ($3.9bn) up from the €2.5bn ($3bn) tabled in September. The improved offer represents a premium of 61.1%.
Altice Europe is advised by Lazard, LionTree Advisors, Allen & Overy and De Brauw Blackstone Westbroek. Next Private is advised by BNP Paribas, Luther, Mayer Brown, NautaDutilh and Ropes & Gray. Lucerne Capital is advised by ASC Advisors.
Cubico Sustainable Investments, a renewable energy infrastructure company, agreed to acquire Grupo T-Solar, an independent solar power generation company, from I Squared Capital, a global infrastructure investment manager, for €1.5bn ($1.8bn).
"Our objective during our stewardship of T- Solar was to improve operations, grow the platform and establish T-Solar as a leader in renewables energy in Spain. We will continue to invest globally in renewables generation as well as transition energy in both industrial and growth economies," Sadek Wahba, I Squared Capital Managing Partner.
I Squared is advised by Brunswick Group and Linklaters.
D1 Capital Partners, a global investment firm that deploys capital in both public and private markets, and Darsana Capital Partners, an investment advisory firm, completed the $182m investment in Bolt, a company that offers vehicle for hire, micromobility, and food delivery services.
“Despite the effects of the Covid-19 pandemic, Bolt has seen immense growth in the past year. In 2021, we are doubling down to be the industry leader in safety and quality of the platform. We’re planning to launch even more innovative solutions like driver face verification and automatic trip monitoring, using machine learning to prevent potential incidents and ensure the highest quality service for our customers," Markus Villig, Bolt CEO.
OpenGate Capital, a company providing investment advisory services, agreed to acquire Kongsberg Precision Cutting Systems from Esko-Graphic, a global developer of integrated software and hardware solutions for the packaging, label, and wide format sectors. Financial terms were not disclosed.
“I am pleased to have the vote of confidence from Esko on a promising investment opportunity in the packaging sector. We look forward to welcoming all of the Kongsberg employees into our expanding, global portfolio and working alongside them to support business objectives and build on the company’s success," Andrew Nikou, OpenGate Capital Founder and CEO.
LGT, an investment manager, agreed to acquire UBS' wealth management business in Austria. Financial terms were not disclosed.
"Our wealth management business is performing extremely well and we are executing seamlessly on our strategic priorities to make it even easier for clients to benefit from the very best of the world's number 1 wealth manager. Our sale in Austria is part of these plans and a win-win for all clients and employees. Clients and staff in Austria will benefit from being part of a bigger domestic business in Austria and clients in our other European markets will benefit from even more focus and investment as we redeploy resources to client services and accelerated growth in these markets," Christl Novakovic, UBS Wealth Management Europe Head.
Unity, a platform for creating and operating real-time 3D content, agreed to acquire RestAR, a Tel Aviv-based computer vision and deep learning company. Financial terms were not disclosed.
"The Covid-19 crisis accelerated the expansion of retail and other industries towards new consumer behavior and digital transformation. Alongside Unity, which has already established itself as a leader in rendering 3D content across multiple industries, RestAR, combined with Unity Forma will be a visual content game-changer for businesses and marketers across industries," Bar Saraf, RestAR CEO.
Providence Equity is in advanced talks to acquire a majority stake in Groupe La Centrale from Axel Springer. (FS)
Providence Equity, a private equity firm, is in advanced talks to acquire Groupe La Centrale, a French car classifieds firm, from German publisher Axel Springer.
Axcel Springer would retain a minority stake in the French classifieds. The deal is part of Axel Springer's strategy of streamlining its classifieds portfolio to focus on jobs site Stepstone and property classifieds group Aviv.
Deutsche Bank wins court case on Postbank takeover.
Deutsche Bank does not have to pay former investors in its retail subsidiary Postbank a higher compensation than offered in its 2010 tender offer, a German court ruled on Wednesday.
Reuters reported that The Cologne Higher Regional Court dismissed the suit by former Postbank shareholders, who had accepted the bid worth $30.50 a share, but asked for a significant bump, arguing that Deutsche Bank had bought shares earlier at a higher price.
Repsol mulls $12.16bn IPO of its client business.
Repsol, a Spanish energy company, is considering a public listing of its client business, which could be valued at $12.16bn.
The client business groups together commercial activity of gas stations, car-sharing, convenience stores and the sale of gas and electricity to individual customers, as well as the sale of products to larger customers, Reuters reported.
Selling 25% of the unit for $3bn to a pension or infrastructure fund is another option under consideration.
Advent plans a $10bn Amsterdam IPO of InPost. (FS)
Private equity firm Advent International is preparing an initial public offering of its parcel locker business InPost in early 2021 in Amsterdam, valuing its equity at between $8.5-$9.7bn, Reuters reported.
The US buyout group launched a sales process in autumn for InPost, hoping to cash in on a boom in consumers shopping online and getting parcels delivered to InPost lockers.
Private equity firms such as CVC, Hellman & Friedman, and Silver Lake recently made offers for the firm, but Advent has, for now, told them that it is leaning towards an IPO as it expects a stock market flotation to maximize value.
Koç Holding-backed Arçelik, a manufacturer and distributor of consumer electronics, agreed to acquire a 60% stake in Hitachi Global Life Solutions, a manufacturer and distributor of home appliances, for $300m and to form a joint venture as part of the deal.
“Hitachi GLS has strong presence in Southeast Asia, offers high-end home appliances in the rapidly growing Asian market and is a strong strategic fit for Arçelik in terms of geography, brand, and products. This historic joint venture with Hitachi GLS serves as a major step in our ambitious global expansion and our journey to becoming one of the world's top home appliances companies. This joint venture significantly advances Arçelik's and Hitachi's global strategies and has solid future growth prospects as it will benefit from synergies realized by the joining forces of two well-established players," Hakan Bulgurlu, Arçelik CEO.
Private equity investment companies DCP and CPE completed the $300m investment in Hotwon Group, a cloud computing infrastructure service provider focusing on data center design, construction and operation.
"We are delighted to enter into a strategic partnership with DCP. The DCP team has 27 years of investment experience in China and has nurtured numerous leaders across various industries. In addition to capital support, DCP will bring us world-class operational capabilities and corporate governance expertise. As we enter the new era of ‘new infrastructure’ in China, DCP will be a valuable partner to help Hotwon grow to the next level," Huang Zhaoshun, Hotwon Chairman.
Partners Group, a global private markets investment manager that focuses on private equity, real estate, debt, and private infrastructure, is set to invest $250m in Ecom Express, a provider of logistics solutions.
"We have worked hard over the last eight years to build Ecom into India's top provider of logistics solutions to the e-commerce industry. As the market expands, investing in and developing our operations and customer satisfaction will be key to maintaining our market-leading position. Partners Group's entrepreneurial ownership style and experience working with high growth e-commerce businesses make the firm an ideal partner for us together with Warburg Pincus," TA Krishnan, Ecom Co-Founder and CEO.
R.R. Donnelley to weigh Asia exit.
R.R. Donnelley & Sons, a printing firm, is considering a sale of its business in Asia Pacific as part of its efforts to raise cash and cut debt. Deliberations are ongoing, and R.R. Donnelley could still decide to retain the business.
R.R. Donnelley is seeking about $800m from the potential disposal. The majority of the assets are in China. The company is working with a financial adviser on the sale of its Asian operation, which has drawn interest from buyers, including other companies in the industry and private equity funds, Bloomberg reported.
GIC and CITIC are in advanced talks to invest in Xugong Group for $2.3bn. (FS)
Private equity firms GIC and CITIC, are in advanced talks to invest $2.3bn in Xugong Group Construction Machinery, a construction equipment maker. The investment is set to be China's biggest mixed-owner reforms of a state-owned enterprise. The deal is slated for completion by year-end.
The mixed-ownership reforms aim to revive China's bloated, debt-ridden state-owned sector and create globally competitive conglomerates by injecting SOEs with private capital, Reuters reported.
Its asset-restructuring plan mirrors that of many large, state-run Chinese firms, including top automaker SAIC Motor, with benefits including a full listing, improved corporate governance and increased funding channels.
Japan Post insurer plans $2.9bn buyback to cut owner stake.
Japan Post Holdings’s insurance unit plans to buy back about $2.9bn of shares from its parent, giving the insurer more freedom to expand its business, Bloomberg reported.
The holding company, which owns about 64% of Japan Post Insurance, will sell some shares to shrink its stake to 50% or less.
Japan Post Insurance is seeking to rebuild its business after a sales scandal last year ended with the resignation of senior management and a regulatory penalty.
Vedanta to raise $8bn for BPCL bid.
Billionaire Anil Agarwal's Vedanta group plans to raise as much as $8bn through a mix of debt and equity to secure funds for the acquisition of state-run Bharat Petroleum. Vedanta has initiated talks with a clutch of banks to tie up the funds, Mint reported.
Buying a 75% stake in BPCL (53% from government and 22% through an open offer) would cost Vedanta $874m-$1.3bn depending on the price ($5.3 to $8.1 per share)
Last month, the mining conglomerate showed preliminary interest in buying the government's 53% stake in BPCL. The sale, part of India's asset-sale programme, is expected to fetch the government about $613m and is aimed at helping it make up for the revenue loss caused by covid-related disruptions and secure funding for additional spending to boost the economy.
Vedanta is advised by JP Morgan.
Lalamove seeks funds at $8bn valuation.
Lalamove, an on-demand logistics and delivery firm, is seeking a new funding round at an $8bn valuation. Deliberations for the latest fundraising are preliminary, so details could still change.
The company, also known as Huolala in China, is looking to raise at least $500m. The startup could raise more depending on investor demand, Bloomberg reported.
Tokopedia hires Morgan Stanley and Citi to manage debut listing.
Tokopedia, Indonesia's e-commerce giant, hired Morgan Stanley and Citigroup as advisors to help accelerate its plan to go public, Bloomberg reported.
“We have not decided yet which market and method, and are still considering options. SPAC is a potential option that we could consider but we have not committed to anything at the moment," Tokopedia.
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