AMERICAS
IBM closed its $34bn acquisition of Red Hat, the world's leading provider of open source cloud software. The $190.00 per share cash offer was announced in October 2018.
"Businesses are starting the next chapter of their digital reinventions, modernizing infrastructure and moving mission-critical workloads across private clouds and multiple clouds from multiple vendors," said Ginni Rometty, IBM chairman, president and CEO. "They need open, flexible technology to manage these hybrid multi-cloud environments. And they need partners they can trust to manage and secure these systems. IBM and Red Hat are uniquely suited to meet these needs. As the leading hybrid cloud provider, we will help clients forge the technology foundations of their business for decades to come."
Guggenheim Partners, Morgan Stanley, Blake, Joele Frank Wilkinson Brimmer Katcher,
Cassels & Graydon, and Skadden Arps Slate Meagher & Flom advised Red Hat. Goldman Sachs, JP Morgan, Lazard, Cleary Gottlieb Steen & Hamilton, Hogan Lovells and Paul Weiss Rifkind Wharton & Garrison advised IBM. Goldman Sachs and JP Morgan provided debt financing and were advised by Simpson Thacher & Bartlett.
Virgin Galactic, a spaceflight company within the Virgin Group, announced an agreement to go public through a $1.5bn merger with Social Capital Hedospia, a public investment vehicle sponsored by Social Capital and Hedosophia. Upon closing of the transaction, which is expected in the second half of 2019, VG will be introduced as the first and only publicly traded commercial human spaceflight company.
Sir Richard Branson, Founder of VG, said: “Great progress in our test flight program means that we are on track for our beautiful spaceship to begin commercial service. By embarking on this new chapter, at this advanced point in Virgin Galactic’s development, we can open space to more investors and in doing so, open space to thousands of new astronauts. We are at the dawn of new space age, with huge potential to improve and sustain life on Earth. I am delighted that SCH has decided to become such an important part of our amazing journey. They share our dreams and together we will make them a reality.”
Latham & Watkins, LionTree Advisors, Perella Weinberg Partners, and M. Klein & Co. are advising Virgin Galactic. Credit Suisse and Skadden Arps Slate Meagher & Flom are advising Social Capital Hedospia.
Piper Jaffray and Sandler O’Neill, two leading US-based investment banks, announced a $485m merger deal. Under the terms of the merger agreement, Piper Jaffray will acquire 100% of the equity and partnership interests in Sandler O’Neill. Piper Jaffray will pay $350m in cash to Sandler O’Neill equity holders at the time of closing; and $135m in restricted consideration, primarily in restricted stock of Piper Jaffray Companies.
“Transactions in investment banking are always about the people and culture. We have a long history with Sandler O’Neill. We admire the quality of their professionals, the business they have built and the culture of the firm which is based on many values we share,” said Chad Abraham, chief executive officer of Piper Jaffray. “Piper Jaffray is very focused on competing in market sectors where we can be a market leader and leverage our specific expertise. With Sandler O’Neill, we start with the market leader and could not be positioned better to compete in the financial services sector over time. This transaction strengthens, diversifies and accelerates the growth of the Piper Jaffray investment banking, capital markets and institutional distribution businesses.”
Wachtell Lipton Rosen & Katz is advising Sandler O'Neill. JMP Securities, Piper Jaffray in house advisors and Sullivan & Cromwell are advising Piper Jaffray.
Carlyle Group-backed Sedgwick, a leading global provider of technology-enabled risk, benefits, and integrated business solutions, acquires York Risk Services Group, a premier provider of claims administration, managed care, specialized loss adjusting, pool administration, and loss control solutions. Financial terms were not disclosed.
“Today’s news marks another exciting milestone in our storied 50-year history of growth,” said Sedgwick president and CEO Dave North, referencing the company celebrating its golden anniversary in 2019. “The strategic acquisition of York enhances Sedgwick’s status as a global industry leader.”
JP Morgan, Jefferies & Company, and Fried Frank Harris Shriver & Jacobson are advising York. Bank of America Merrill Lynch, Morgan Stanley, Clifford Chance, and Simpson Thacher & Bartlett are advising Sedgwick.
Global private equity firm Cinven, makes a significant investment in Jaggaer, a global provider of procurement software for large and medium-sized enterprises. Financial terms were not disclosed. Alongside Cinven, Accel-KKR will maintain an interest in Jaggaer.
“Cinven is a natural partner to enable Jaggaer’s full potential. Its strategy is fully aligned with our strategic growth plans and the team brings considerable expertise in facilitating our global footprint and propelling our upward progress both organically and through acquisition. We will continue to focus on serving our customers and engaging our staff and partners as we execute the Jaggaer One roadmap,” Robert Bonavito, Jaggaer CEO.
UBS, Latham & Watkins, and Deloitte are advising Cinven. Goldman Sachs, Stifel, and Kirkland & Ellis are advising Accel-KKR. Goldman Sachs and UBS are the debt providers to Accel-KKR.
Ashland, an American chemical company, announced amendments to its $1.1bn composites business deal with INEOS, one of the world’s largest chemicals companies. Ashland sold its composites business to INEOS in November 2018. The amendment includes the removal of the maleic business from the sale, while the purchase price remains unchanged at $1.1bn. Ashland's maleic business consists of one facility in West Virginia which generates annual revenue of approximately $75m. Ashland will retain full ownership of and be solely responsible for operations of the maleic business moving forward. The company intends to divest the maleic business after closing with all proceeds.
PwC, Valence and DLA Piper are advising INEOS. Citigroup and Squire Patton Boggs are advising Ashland.
JM Family Enterprises, a provider of diversified automotive solutions, acquires Home Franchise Concepts, a leading home products franchise services from Trilantic North America. Financial terms were not disclosed.
“Trilantic thanks Shirin Behzadi and the entire HFC management team for bringing their creativity, hard work and focus to the company each and every day,” said Charles Fleischmann, partner at Trilantic North America. “Throughout our partnership, the team has worked to establish HFC as a leading franchising system in the residential services space, providing superior training, support and leadership that allow people from all walks of life to own their own business. We are excited to see where this new partnership will take them.”
Harris Williams and Kirkland & Ellis are advising Home Franchise Concepts.
SPX Corporation, a supplier of highly engineered products and technologies, acquired SGS Refrigeration, a manufacturer and supplier of high-quality industrial evaporators and condensers. Financial terms were not disclosed.
“We are excited about SGS joining the SPX team,” said Gene Lowe, President and CEO of SPX Corporation. “As a leader in industrial refrigeration, SGS has operated as a close partner with SPX in the evaporative condenser market. I am very pleased with the progress this partnership has made and look forward to the next phase of our growth together, as we combine our resources to further expand our addressable market and product suite of industrial refrigeration solutions.”
Cisco, the worldwide technology leader, agreed to acquire Acacia Communications, which develops, manufactures and sells high-speed coherent optical interconnect products that are designed to transform communications networks, for $2.6bn or $70.00 per share in cash.
"Coherent technology has been a game-changer for optical networking and continues to evolve with the deployment of pluggable coherent optics," said Raj Shanmugaraj, president and chief executive officer, Acacia. "Upon close, Cisco and Acacia will continue to serve and support existing Acacia customers. By integrating Acacia technology into Cisco's networking portfolio, we believe we can accelerate the trend toward coherent technology and pluggable solutions while accommodating a larger footprint of customers worldwide."
Atlas Holdings, a global private equity firm, acquires the snacks manufacturing and processing unit of TreeHouse Foods for $90m. TreeHouse plans to use the net proceeds of the sale to pay down debt. The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2019.
"The sale of the Snacks Division is a key step in optimizing TreeHouse's overall product portfolio. It is the culmination of TreeHouse's strategic review of its Snacks business," said Steve Oakland, CEO and President of TreeHouse Foods. "This transaction allows the Snacks Division to unlock its potential and serve its customers even better under Atlas' ownership. We are grateful for the hard work put forth by the Snacks team during these last several years."
CIBC, a leading North American financial institution, agreed to acquire Cleary Gull, a Milwaukee-based boutique investment banking firm specializing in middle market mergers and acquisitions, private capital placement and debt advisory across the United States. Financial terms were not disclosed.
"Acquiring Cleary Gull supports our focus on client relationships, connectivity across our teams, and our strategy to build a relationship-oriented bank," said Michael Capatides, Senior Executive Vice-President and Group Head, US Region, and President & CEO, CIBC Bank USA. "This acquisition is a further investment in our North American platform that will deliver enhanced Capital Markets capabilities for our clients, and support our diversification and growth objectives."
Mississippi Lime, a leading global supplier of high-calcium lime products and a portfolio company of HBM Holdings, has executed a definitive agreement to acquire the Calera, Alabama lime business of Covia. Financial terms were not disclosed.
The Calera business supplies high-calcium quicklime and hydrated lime products to customers in the Southeastern US, and across a range of end uses and applications.
The Calera operation increases Mississippi Lime's production facilities to nine locations, supported by a network of distribution sites throughout the country. The business will be fully integrated into existing Mississippi Lime operations.
“Southern Lime is a strong diversification investment for both Mississippi Lime and HBM. The business exposes us to different geography and end-use mix, in a market we understand well. I am confident this investment will bring exciting opportunities across our portfolio, well into the future.” Anderson Fincher, HBM Holdings CEO.
Ardian, a world-leading private investment house, acquires a minority stake of 41.9% in Hill Top Energy Center from Ares Management Corporation. Financial terms were not disclosed.
“We are excited to make an investment in this state of the art project,“ said Ardian Infrastructure US co-head Mark Voccola about the combined-cycle plant project. “We are thrilled to be working with an experienced management team alongside experienced investors, Ares and Menora Mivtachim Insurance, on this transaction, which will bring efficient, low-cost, natural-gas fired power to a vital energy market.”
Group 1 Automotive acquires two BMW/MINI dealerships in New Mexico.
Group 1 Automotive, an international Fortune 500 automotive retailer, announced the expansion of its business presence in the New Mexico market with the acquisition of two BMW/MINI dealerships. The dealerships are located in Albuquerque and Santa Fe, and represent the only BMW and MINI franchises in the state of New Mexico. Also included in the acquisition are BMW Motorrad franchises in Albuquerque and Santa Fe, making Group 1 the exclusive seller of BMW Motorcycles in New Mexico.
The acquisition expands Group 1's total representation in New Mexico to seven automotive franchise operations among the Jaguar, Land Rover, BMW and MINI brands.
"We are pleased to expand our dealership footprint in the fast-growing New Mexico market and increase our long standing partnership with BMW," said Earl J. Hesterberg, Group 1 CEO.
REVOLUTION Medicines raised $100m in Series C financing round. (FS)
REVOLUTION Medicines, a clinical-stage leader in the discovery and development of novel small molecule inhibitors of frontier oncology targets within notorious pathways, announced the closing of a $100m Series C equity financing round. The financing was supported by a syndicate of premier life science investors led by Boxer Capital of the Tavistock Group and joined by Cormorant Capital, Deerfield Management, Fidelity Management & Research Company, Vivo Capital and Biotechnology Value Fund, as well as all Series B investors, including Nextech Invest, Schroder Adveq, The Column Group, Third Rock Ventures and Casdin Capital.
"This strong support comes at an exciting time for REVOLUTION Medicines as we advance novel programs addressing multiple frontier oncology targets within the resilient and adaptable RAS cancer pathway, including our clinical-stage inhibitor of SHP2," said Mark A. Goldsmith, M.D., Ph.D., president and chief executive officer of REVOLUTION Medicines.
EMEA
Czech-based popular bidding firm Sazka Group launched a €2.1bn ($2.3bn) bid to acquire full ownership in OPAP, Greece's leading betting firm.
Greece sold a 33% stake in OPAP to Emma Delta, currently owned by Sazka Group and Georgios Melissanidis, in 2013 as part of a European Union-prescribed international bailout. Sazka Group now seeks to acquire all shares it does not own in OPAP for €9.12 ($10.23) a share.
“We are confident that thanks to our ongoing support and active engagement in the business we have helped to deliver significant value to all the shareholders of OPAP,” Sazka chairman, Karel Komárek, said. “Since May 1, 2013, the day of the announcement of the privatization of OPAP, OPAP shareholders have enjoyed a total shareholder return of over 130% including over €1.4bn ($1.6bn) of aggregate dividends paid. We are now seeking to increase our shareholding in OPAP and want to give existing shareholders an opportunity to realize value accumulated over the years.”
Citigroup, Rothschild & Co and Milbank are advising Sazka.
Universities Superannuation Scheme, a pension scheme in the United Kingdom, increased its offer to acquire KCOM, a UK communications and IT services provider, to £566m ($709m). The company is engaged in the bidding war against investment firm Macquarie to acquire KCOM since June. KCOM said last month that it was leaning towards accepting Macquarie's £563m ($705m) counteroffer, which represents a premium of 49% to the closing price of 72.5 pence for each KCOM share on 23 April 2019.
Investec, Peel Hunt, Rothschild & Co, Addleshaw Goddard and FTI are advising KCOM. Arma Partners, Gleacher Shacklock, Allen & Overy and Finsbury are advising USSL. Ashurst is advising USSL's financial advisors. Barclays, Freshfields Bruckhaus Deringer and Citigate Dewe Rogerson are advising Macquarie.
Marlin Equity Partners, a global investment firm, acquired Clarus Commerce, a leading managing firm for premium loyalty programs online. Financial terms were not disclosed.
The investment was made alongside Norwest Venture Partners, who was a prior investor in Clarus and will hold a minority stake in the company. The investment validates the retailers’ increasing need for programs that drive higher customer engagement and brand advocacy, and consumers’ desire for incentives catered to their unique needs and wants.
“Clarus is a pioneer in the growing premium loyalty market with an outstanding history of success, We are thrilled to partner with an exceptional management team to seek new partnerships, invest in the product roadmap and further accelerate the company’s growth.” Alex Beregovsky, Marlin Managing Director.
Raymond James and Latham & Watkins advised Clarus. William Blair and Goodwin Procter advised both Marlin and Norwest.
Groupe Bruxelles Lambert, a Belgian holding company, entered negotiations to acquire Webhelp, one of the world's leading providers of customer experience and business process outsourcing, from KKR for €2.4bn ($2.7bn).
Ian Gallienne, CEO of GBL, said: "We are enthusiastic to become a partner to Olivier Duha, Frédéric Jousset and the Management team in continuing the successful development of Webhelp, supporting the transition from a European Champion to a Global Leader. This transaction is consistent with GBL's announced objective to increase its exposure to controlled and private assets."
Rothschild & Co is advising GBL.
Pamplona Capital Management, a specialist investment management firm, acquires a majority stake in Infiana Group, a leading producer of engineered and innovative films, from Deutsche Beteiligungs.
Pamplona's investment will be made from its fifth private equity fund, Pamplona Capital Partners V, a $3.2bn investment vehicle raised in 2017.
"Infiana has enjoyed tremendous development over recent years. The Company is in a great position to continue operating successfully going forward, and we look forward to partnering with Pamplona in our next phase of growth." Peter K. Wahsner, Infiana Group CEO.
TB Cardew is advising Pamplona.
Bright Scholar Education Holdings, the largest operator of international and bilingual K-12 schools in China, acquires CATS Colleges Holdings, an international school network focused primarily on the provision of quality education services to international students, for $187.8m.
"The addition of CATS's international network of schools will help Bright Scholar share best practices and innovations to raise the standards of teaching and improve the learning experience of our students. The acquisition will also set the stage for the accelerating expansion of our overseas school portfolio, distinguishing us as a global premium education service provider." Jerry He, Bright Scholar Executive Vice Chairman.
4iG, a computer support and services provider in Budapest, Hungary, acquired Deutsche Telecom's unit T-Systems, a German global IT services and consulting company headquartered in Frankfurt. Financial terms were not disclosed.
Under the deal, 4iG agreed with T-Systems parent Magyar Telekom on a long-term partnership, which will allow the buyer to continue to sell the Deutsche Telekom unit’s services to large companies as well as the public sector. 4iG will also be allowed to use the T-Systems brand name for another three years. The deal doesn’t include T-Systems’s small- and medium-sized company services, which will be separated before the acquisition.
PAN Communications, an integrated marketing and PR agency for B2B tech and healthcare brands, acquired UK-based Capella PR, an award-winning PR firm. Financial terms were not disclosed.
“A global acquisition has been a part of our plan for several years, and we are thrilled to have identified and acquired a firm with such remarkable partnership potential,” said Philip A. Nardone, Jr., president & CEO of PAN Communications.
A subsidiary of Datatec, the international information and communications technology company, acquired South Africa-based Mars Technologies, an IT services business. Financial terms were not disclosed.
Jens Montanana, Datatec's Chief Executive Officer, commented: "With the acquisition, the Logicalis South African operation strengthens and expands its managed services offering to better serve our corporate customers and deliver new services to existing customers from both companies."
ABB, a Swiss-Swedish multinational corporation headquartered in Zurich, agreed to sell its Solar Inverter Business to FIMER, the world`s eighth largest inverter manufacturer.. Financial terms were not disclosed.
Filippo Carzaniga, Chief Executive Officer of FIMER: “We are glad to announce this further step in our development as FIMER’s focus on the solar business will be greatly enhanced by this integration. Our commitment to positively influencing the energy market will be realized through the development of new product platforms and innovative digital technologies. We will continue the excellent job carried out by ABB in recent years, combining precious resources, knowledge and expertise in Italy and worldwide. With a strengthened portfolio, we are better placed to shape the future of this increasingly strategic business.”
WPP with a plan to sell 60% of Kantar unit to Bain. (FS)
WPP is expected to announce the sale of a majority stake in Kantar, a market-research company, to Bain Capital in the next few days. The estimated enterprise value of the firm is $4bn.
The sale is part of WPP Chief Executive Officer Mark Read's push to reduce debt and simplify the global advert agency network after abandoning his predecessor's acquisition growth strategy. CEO has said he'd like to keep a 25% to 40% stake in Kantar and will use some of the proceeds to offset earnings dilution.
Competitors and buyout firms interested in elevator unit of Thyssenkrupp. (FS)
PE firms including CVC and KKR, as well as competititors, including elevator maker Kone, are interested in buying a part or all of the Thyssenkrupp elevator division. The company is planning to start formal sale negotiations in the autumn.
"We're open to all economically viable solutions that fairly take into account the interest of employees. The union will make sure the proceeds will be used to fund the further development of Thyssenkrupp." Markus Grolms, secretary at labor union IG Metall and Thyssenkrupp's deputy chairman.
Sonnedix acquired four solar plants in Italy.
Sonnedix, a multi-national solar power producer with more than 200 solar power plants/farms across 8 countries, acquired four operating solar PV plants in Italy, with a combined capacity of 4MW. The two ground-mounted and two tracker solar PV plants are located in the Apulia region of southern Italy. Financial terms were not disclosed.
“The latest Italy acquisition further consolidates Sonnedix’s position as a leading IPP in this major Europe market” said Axel Thiemann, CEO of Sonnedix. “We are actively seeking opportunities to pursue our growth strategy in Italy and have the 200MW operational capacity milestone in our sights. Sonnedix’s ongoing commitment to operational excellence as we develop, own and operate assets for the long-term, and ability to execute acquisitions rapidly, underpins our growth strategy in all OECD markets.”
RaffaelliSegreti, Duff & Phelps and RSM Studio Palea Lauri Gerla advised Sonnedix.
Alpha Bank ponders selling Sentinel Credit Management.
Alpha Bank, the second-largest Greek bank by total assets, is considering a possible sale of Sentinel Credit Management, its universal collection agency. The agency became a separate legal entity in 2011. Other collection agencies may be interested in acquiring SCM.
Tar Heel Capital might consider selling Tomma. (FS)
Tar Heel Capital, a Polish venture capital firm, might consider selling its portfolio company Tomma, which owns and operates medical diagnostic imaging centers. The market in which the firm operates has been steadily growing in the past months. THC acquired Tomma in 2014.
Sberbank and Yandex consider abandoning their joint venture.
Sberbank, a state-owned Russian banking and financial services company, and Yandex, a Russian multinational corporation specializing in Internet-related products and services, are considering abandoning their joint venture plans to create the Russian equivalent of Amazon. At the same time, Sberbank is considering the possibility of buying the largest Russian players in the e-commerce market - Ozon or Avito.
Glencore abandoned plans to acquire Aluminij Mostar.
London-listed miner and commodity trader Glencore abandoned negotiations on a possible takeover of Bosnia’s ailing aluminium smelter Aluminij Mostar, increasing the risk of its imminent closure. Bosnia’s sole smelter and one of its biggest exporters last week threatened to halt production on July 6 unless the government of Bosnia’s autonomous Bosniak-Croat Federation helped it stay afloat. Aluminij has struggled for years with debt accumulated because of high alumina and electricity prices. It said it had managed to stay online since Saturday thanks to an emergency financial injection from a Glencore-led consortium.
BioNTech raised $325m in an upsized Series B financing round. (FS)
BioNTech SE, a clinical-stage biotechnology company focused on patient-specific immunotherapies for the treatment of cancer and other serious diseases, announced the completion of a $325m Series B financing round, making it one of the largest single private funding rounds for a biotechnology company in European history. The fund raising was upsized and was led by Fidelity Management & Research Company with participation from both new and existing investors, including Redmile Group, Invus, MiraeAsset Financial Group, Platinum Asset Management, Jebsen Capital, Steam Athena Capital, BVCF Management and the Struengmann Family Office. Two-thirds of the funding came from new investors. The proceeds of the financing will support the continued advancement of BioNTech’s therapeutics pipeline and manufacturing infrastructure.
“BioNTech has executed on a highly disruptive business strategy that aims to change the treatment paradigm for cancer patients,” said Helmut Jeggle, Chairman of BioNTech. “We value the continued participation of our existing investors and welcome new investors to this powerful global syndicate representing North America, Asia and Europe.”
DriveNets announced new investors in its $117m Series A funding round. (FS)
DriveNets, the networking software company, announced the high profile strategic investors who have joined its $117m Series A financing round: Steve Luczo, chairman of the board of Seagate and its former CEO, Mark McLaughlin, former CEO of Palo Alto Networks, and John Thompson, chairman of the board of Microsoft. The new investors bring enormous business and industry experience that will help guide DriveNets as it pushes the boundaries of how CSPs build and pay for their networks and grow in profitability.
Other key strategic investors include C4 Ventures, the fund created and led by Pascal Cagni, former GM and VP for Apple EMEIA, Doug Gilstrap, former CEO and COO of global data telecom companies and former head of strategy for Ericsson, and Benny Schnaider, a successful Israeli entrepreneur with six successful startup exits to date, two of which were sold to Cisco.
Eurolines Group said transaction announced by Competition Council does not exist.
Chairman of Eurolines Group, a Belgian travel agency, said that the acquisition of Travel Brands by Exim Holding, on which the Competition Council has published a press release, does not exist. On Friday, July 5, the Competition Council sent a press release to the press indicating that it authorized the takeover of Travel Brands, a member of the Eurolines group by Exim Holding. The Competition Council has yet to reply to the Chairman's statement.
Fears of British Steel break-up grow as Greybull lines up talks. (FS)
Financial Times reported that fears over a break-up of British Steel, a manufacturer of high-quality steel products, have grown after the investment firm criticised over its collapse, Greybull Capital, lined up talks with managers from two of the company’s smaller factories it wants to snap up. A buyer is being sought to rescue the UK’s second-largest steelmaker, which fell into insolvency in May following the rejection of its request for a second state bailout. Bidders include Greybull, the buyout group under whose ownership the metal manufacturer failed.
Greybull Capital said: “Since rescuing British Steel in 2016, Greybull Capital has been committed to supporting the company to the best of our ability. That commitment remains despite recent events and we will explore all options to help the company find the best sustainable solution for the good of its workforce, customers and all involved.”
APAC
Avid Property Group, a leading private equity firm, offered to acquire Villa World, a leading residential developer, for A$294m ($205m). The company agreed to a A$2.35 ($1.64) per share takeover offer, an increase to the initial offer of A$2.23 ($1.56) per share lobbed in March when Avid made its first approach. The offer represents a premium of 17.8% to the Villa World closing share price on 14 March 2019.
"We are proud of what Villa World has created over a long and successful journey," Villa World chairman Mark Jewell said. "We’re pleased to be entering into a binding transaction with Avid today which provides our shareholders the opportunity to realize their investment in Villa World at an attractive and certain price."
Grant Thornton, Allens and Macquarie Group are advising Villa World.
Investment company Greater Pacific Capital invested $100m in Enzen Global Solutions, a scaled and privately-held provider of advisory services, engineering, management, digital and innovation services to the global energy and utility sector.
Ketan Patel, CEO of Greater Pacific Capital, commented, "The transition to cost-efficient, high performance and environmentally-friendly utilities is an important global theme, and we believe that Enzen, with its best-in-class management team, strong domain knowledge and differentiated delivery model is uniquely positioned to capitalize on this important shift going forward. GPC's investment in Enzen is in line with the firm's investment strategy, which is focused on partnering with scaled and fast-growing Indian businesses that operate in, or are looking to expand into international markets and can shape their industry's development."
Pioneer Investcorp advised Greater Pacific Capital.
Tata Steel plans to pare debt by $1bn after its failed joint venture with Thyssenkrupp with a combination of free cash flows along with the sale of non-core assets in the ongoing financial year. If the company manages to maintain the same level of operations and cuts non-earning costs like stringent working capital requirement and lower European capex requirement, Tata Steel should be able to meet its target to pare debt by $1bn, the firms CFO said. The company now intends to focus on improving the performance of European business rather than scouting for a partner with the aim to make the unit cash sufficient or self-dependent by June-end next year.
Indosat Ooredoo in talks to sell telco towers for over $300m.
Indosat Ooredoo, a telecommunications provider in Indonesia, is in negotiations to sell 3k telcommunications tower assets for over $300m. The company has already started receiving interests from some potential buyers, both foreign and local. The shortlisted bidders are still unknown.
JP Morgan is advising Indosat Ooredoo on the sale.
GMR Infrastructure to sell stakes in four road projects. (FS)
GMR Infrastructure, an infrastructural company headquartered in New Delhi, is to sell stakes in four operational road projects, monetise some of its industrial land holdings by the end of this fiscal year and use the proceeds to pay off debt. The company, which owns and operates the international airports in Delhi, Hyderabad and Cebu in the Philippines, will shift the focus to expanding its existing airports and securing new projects in the same sector.
“There is a management decision to grow our airports business. With the investment from Tata Group, GIC and SSG Capital Management, we should look at a much more aggressive play both domestically and internationally,” executive director Saurabh Chawla said.
KKR and Baring Asia closing in on CitiusTech acquisition. (FS)
Private equity major KKR and Baring Private Equity Asia emerged as frontrunners to acquire a controlling stake in Mumbai-based healthcare analytics company CitiusTech. The potential deal could value the company at $1.1bn. Two other bidding groups are Goldman Sachs together with New Mountain, and homegrown ChrysCapital along with Canadian fund Ontario Teachers’ Pension Plan.
Air India employees oppose the decision to privatize the airline.
Air India employees have opposed the government’s move to privatise the state-owned airline. The opposition to the proposed disinvestment proposal was conveyed to Ashwani Lohani, Chairman and Managing Director, Air India, at a meeting that 13 unions had with him on Monday. The opposition comes days after Finance Minister Nirmala Sitharaman said in her budget speech that the strategic disinvestment of select Central Public Sector Enterprises would continue to remain a priority for the government.
“We are not prepared to surrender on this issue (privatization of Air India). We oppose the basic plan of the government. Privatization is not the solution... look at what happened to Jet Airways,” one of the union leaders who attended the meeting told newspersons.
The Malaysian government considers proposals to sell or manage Malaysia Airlines. (FS)
Prime Minister Mahathir Mohamad said that there are four proposals, mostly by local companies, who offered to either buy a stake in the flag carrier or to manage it. Names of the companies were not disclosed.
"We must find somebody with experience," said Prime Minister Mahathir Mohamad.
DouYu to raise $944m in a US IPO after a delay. (FS)
DouYu, a Chinese video-game live-streaming platform, is planning to raise $944m in a US initial public offering. The company delayed its IPO in May after President Donald Trump threatened to boost tariffs on China.
DouYu offered 45m American depositary shares for $11.50 to $14 each. Current investors will offer additional 22.5m shares for sale. Holders planning to sell shares in the IPO include Aodong Investments and Co-Chief Executive Officer and co-founder Zhang Wenming.
The offer is being led by Morgan Stanley, JP Morgan, Bank of America and CMB International Capital.
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