AMERICAS
International Flavors & Fragrances, an American corporation producing flavors and fragrances and cosmetic actives, completed the acquisition and merger with the Nutrition & Biosciences unit of DuPont, an American conglomerate, in a $26.2bn deal. The deal values the combined company at $45.4bn on an enterprise value basis.
"We are thrilled to officially unite IFF and N&B, forging a leader in the global consumer goods and commercial products value chain that will redefine our industry and create a leading ingredients and solutions provider for our customers across a broad range of end-markets," Andreas Fibig, IFF Chairman and Chief Executive Officer.
IFF was advised by Greenhill & Co, Morgan Stanley, Cleary Gottlieb Steen & Hamilton and Abernathy MacGregor Group. Financial advisors were advised by Debevoise & Plimpton. DuPont was advised by Credit Suisse, Evercore and Skadden Arps Slate Meagher & Flom. Credit Suisse and Evercore were advised by Alston & Bird. Debt financing was provided by Credit Suisse and Morgan Stanley. Debt providers were advised by Weil Gotshal and Manges.
Adtalem Global Education, an educational services provider, is being urged by two investors to freeze its $1.5bn acquisition of Walden University until the US Justice Department completes an investigation of the for-profit university, Bloomberg reported.
Engine Capital and Hawk Ridge Partners, which collectively own a 3.9% stake in Adtalem, said in a letter to the company's board that they believe it is understating the severity of potential violations involving Walden's nursing program, noting that four agencies are involved in the investigation.
Laureate Education is advised by Goldman Sachs, Faegre Drinker Biddle & Reath, Jones Day and Simpson Thacher & Bartlett. Goldman Sachs is advised by Cravath Swaine & Moore. Adtalem is advised by BMO Capital Markets, Morgan Stanley, Covington & Burling and Brunswick Group. Morgan Stanley and BMO Capital Markets are advised by McGuireWoods. Debt financing is provided by Barclays, Credit Suisse, Mitsubishi UFJ Financial Group and Morgan Stanley.
Tuscan Holdings, a special purpose acquisition company, is set to merge with Microvast, a global provider of next-generation battery technologies for commercial and specialty vehicles, in a $3bn deal. The transaction is supported by Oshkosh as well as funds and accounts managed by BlackRock, Koch Strategic Platforms and InterPrivate Investment Partners.
“In Microvast we have found a disruptive technology company operating in a large, addressable market with a long runway of future growth that has developed long-term competitive advantages and has established a multi-year track record of proving its capabilities. We believe that climate change is one of the world’s greatest challenges and opportunities. It will take a concerted global effort to reengineer the economy in a manner that empowers citizens of the world to thrive sustainably. We are encouraged by the progress and are fortunate to be in a position to help support a company that we believe can play an important role in that future. Mr. Wu and his excellent management team have established Microvast as precisely that pioneering leader within the electric vehicle battery industry," Stephen Vogel, Tuscan Chairman and CEO.
Microvast is advised by Barclays, Houlihan Lokey and Shearman & Sterling. Tuscan is advised by Morgan Stanley, EarlyBirdCapital, Greenberg Traurig, Graubard Miller and ICR. Morgan Stanley is advised by Davis Polk & Wardwell.
Aspirational Consumer Lifestyle, a blank check company, is set to merge with Wheels Up, a private aviation with its technology-driven marketplace, expanding the addressable market and making private air travel, in a $2.1bn deal.
"When we founded Aspirational, Wheels Up was exactly the kind of company we wanted to partner with. Kenny and his world-class team have created a truly iconic brand built upon years of exceptional, personalized customer experiences. They are a clear leader and innovator in the space and we look forward to working together to introduce Wheels Up to the global stage. We see many opportunities to leverage our experience and relationships to partner with other aspirational and luxury brands and to expand to international markets," Ravi Thakran, Aspirational Chairman & CEO.
Aspirational is advised by Connaught, Credit Suisse and Skadden Arps Slate Meagher & Flom. Wheels Up is advised by Goldman Sachs, Jefferies & Company, Morgan Stanley, Arnold & Porter Kaye Scholer, Jonesworks and Kivvit.
FAST Acquisition, a special purpose acquisition company, agreed to acquire Fertitta Entertainment, which operates in the gaming, restaurant, hospitality and entertainment industry, for $6.6bn.
"I look forward to returning my Company to the public marketplace. After taking the Company private in 2010, we accomplished a lot. However, in today's opportunistic world, I determined that in order to maximize the opportunities in the gaming, entertainment and hospitality sectors, it was preferable to take my Company public. We first began to explore going public in 2019, as we saw tremendous M&A deals hitting the market. However, the pandemic set these efforts back. FAST provided us with the perfect merger vehicle to allow us to take control of an already existing public company. FAST's capital along with the equity investment from institutional shareholders will strengthen our balance sheet and allow us to pursue our acquisition strategy," Tilman Fertitta, Fertitta Owner.
FAST is advised by Citigroup, UBS, White & Case and Winston & Strawn. Fertitta is advised by Jefferies & Company and Latham & Watkins. Jefferies is advised by Goodwin Procter and Skadden Arps Slate Meagher & Flom.
Horizon Therapeutics, a biopharmaceutical company, agreed to acquire Viela Bio, a clinical-stage biotechnology company, for $3.1bn. The transaction is expected to close by the end of the first quarter of 2021.
“This acquisition represents a significant step forward in advancing our strategy – to expand our pipeline in order to accelerate our growth over the long term. Adding Viela’s research and clinical development capabilities along with its deep, mid-stage biologics pipeline to our seasoned R&D and commercial teams, advances our transformation to an innovation-driven biotech company where we will build on the success of TEPEZZA and KRYSTEXXA to bolster our long-term growth trajectory. We intend to maximize the full potential of Viela’s pipeline, including the pursuit of additional future indications," Tim Walbert, Horizon Chairman, President and CEO.
Horizon is advised by Morgan Stanley, Group Gordon and Cooley. Debt financing is provided by Citigroup and Morgan Stanley. Viela Bio is advised by Goldman Sachs, Mintz Levin and Solebury Trout.
EU antitrust regulators should decide whether to clear Microsoft's $7.5bn acquisition of ZeniMax Media, a company that develops, designs, and publishes video games, to better compete with Sony's PlayStation, Reuters reported.
Microsoft requested European Commission approval for the deal on January 29, 2021. The EU competition enforcer can clear the deal with or without concessions during its preliminary review or it can open a full-scale investigation if it has serious concerns.
ZeniMax is advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom. Microsoft is advised by Simpson Thacher & Bartlett and Weil Gotshal and Manges. Providence Equity Partners is advised by Weil Gotshal and Manges and Sard Verbinnen & Co.
Catabasis Pharmaceuticals, a biopharmaceutical company, completed the acquisition of Quellis Biosciences, a privately-held emerging biopharmaceutical company focused on discovering best-in-class new molecules to treat serious rare diseases. Financial terms were not disclosed.
“Catabasis has worked diligently with external advisors to explore and evaluate a range of strategic options, and the Board and management team believe that this transaction represents an opportunity to create substantial value for Catabasis’ stockholders. Our mission has always been to bring life-changing therapies to patients and families affected by rare diseases. We look forward to progressing QLS-215, a differentiated and potential best-in-class new therapy for patients affected by HAE," Kenneth Bate, Catabasis Chair of the Board of Directors.
Catabasis was advised by Ladenburg Thalmann, WilmerHale, Cooley and Jefferies. Quellis was advised by Wedbush PacGrow and Gibson Dunn & Crutcher.
CURO Group, a technology-enabled and diversified consumer finance company, agreed to acquire Flexiti Financial, a sales financing company, for $121m.
"Flexiti continues to grow at a rapid rate and this transaction will enable us to accelerate our growth trajectory. I am tremendously proud of the success that Flexiti has achieved in its seven years of operations and I have no doubt we are better positioned than ever to provide great BNPL offerings to our retail partners and cardholders. Through this acquisition, Flexiti will leverage CURO's financial strength, lending expertise and leadership across the credit spectrum to strengthen Flexiti's position as a leading Canadian BNPL solution provider," Peter Kalen, Flexiti Founder and CEO.
CURO is advised by Financial Profiles and Osler Hoskin & Harcourt. Flexiti is advised by Norton Rose Fulbright and Houlihan Lokey.
GTCR and Corza Health-backed TachoSil, a provider of a ready-to-use degradable surgical patch, completed the merger with Surgical Specialties, a medical technology company, from ZQ Capital, an investment and advisory firm, in an $800m deal, to create a new company, Corza Medical.
"The formation of Corza Medical immediately creates a market-leading, surgical technology business that brings together brands with decades of trust and clinical relevance. Our platform of technologies and our commitment to providing exceptional service will help transform surgical outcomes and change the lives of patients around the globe, while providing a foundation for continued, long-term growth," Gregory T. Lucier, Corza Medical Chairman.
GTCR was advised by Barclays, Kirkland & Ellis and The Harbinger Group.
JD Sports Fashion, a chain of retail stores which sell brand-name sports and leisure wear, agreed to acquire DTLR Villa, an athletic footwear and apparel streetwear retailer, from BRS, a private equity investment firm, for $495m.
JD Sports Fashion expands its presence in the United States market.. The DTLR management team of Glenn Gaynor and Scott Collins, will continue in their roles as co-chief executive officers.
DTLR Villa is advised by Robert W Baird and Dechert.
Leisure Acquisition, a special purpose acquisition company, agreed to merge with Ensysce Biosciences, a clinical-stage biotech company, in a $207m deal.
"We are excited to partner with the Ensysce team, led by Dr. Kirkpatrick, as it seeks to accelerate Ensysce's growth through the many high-return initiatives already in place as well as by pursuing potential future accretive transactions," Lorne Weil and Daniel Silvers, Leisure Executive Chairman and Chief Executive Officer.
Leisure is advised by Proskauer Rose. Ensysce is advised by Troutman Pepper.
EGCO Group, a holding company with investment in power generation and supply, agreed to acquire a 28% interest in Linden Cogen, a 972MW gas fired cogeneration facility in the US. Financial terms were not disclosed. The Transaction is expected to close in the second quarter of this year following successful completion of all closing conditions.
“This acquisition marked the first investment by EGCO in the US, a large market with over 1,100GW of installed capacity and vast opportunities in renewable and supporting gas-fired power facilities. The investment will allow EGCO to enter the US market, and position it for new investment opportunities in the US," Jakgrich Pibulpairoj , EGCO President.
EGCO is advised by Barclays.
Pinnacle Advertising and Marketing Group, a full-service marketing agency, completed the merger with RealWorld Marketing, a provider of advertising services exclusively for Honda and Acura brands. Financial terms were not disclosed.
"We are very excited about this merger in that it offers our clients significantly greater resources, depth of talent and expertise. We have a very strong focus on where the automotive retail business is moving and the demands it puts on agencies to innovate and evolve. We have a clear vision of how different strategies, tools, technology and messaging are impacting dealer success and will continue to leverage this data to enhance the outcomes in each market," Michael Magnusson, Pinnacle Advertising's Founder and CEO.
Pinnacle was advised by Tipping Point Communications.
Exxon Mobil and Chevron CEOs to combine their companies.
The chief executives of Exxon Mobil and Chevron spoke about combining the oil companies after the pandemic shook the world last year, for what could be one of the largest corporate mergers ever, WSJ reported.
Mike Wirth, Chevron Chief Executive and Darren Woods, Exxon CEO, discussed a merger following the outbreak of the new coronavirus, which decimated oil and gas demand and put a financial strain on both companies.
A combined company’s market value could top $350bn. Together, the companies would likely form the world’s second largest oil company by market capitalization and production, producing about 7m barrels of oil and gas a day, based on pre-pandemic levels. But a merger of the two largest American oil companies could face regulatory and antitrust challenges under the Biden administration.
Playboy to acquire sexual wellness chain Lovers in a $25m deal.
Playboy Enterprises is planning to acquire TLA Acquisition, the parent company of sexual wellness chain Lovers, as it seeks to expand its lifestyle brand following its magazine's shuttering, Reuters reported.
The acquisition indicates Playboy’s latest effort to leverage its famous rabbit silhouette logo to expand in the consumer products arena.
The deal would value TLA Acquisition at around $25m. Upon closing of the deal, which is expected in February, Playboy will become a publicly traded company again.
Arcapita to acquire US student housing properties for $120m. (FS, RE)
Arcapita Group, a global alternative investments firm, to acquire Clemson Lofts, a student housing property at Clemson University in South Carolina, for $120m.
"Our investments in student housing are a further extension of our focus on defensive sectors that are supported by long-term trends. With over 20m university students and less than one million purpose-built student housing beds, the US student housing industry is in its early stages of supply and has the potential for considerable growth. We look forward to working closely with our operating partners to build a sizable and diversified student housing portfolio across the US," Martin Tan, Arcapita CIO.
Coinbase to go public via direct listing.
Coinbase Global, a cryptocurrency exchange operator, backed by investors including Andreessen Horowitz, Tiger Global and Greylock Partners plans to go public through a direct listing, making the popular platform the latest company to forgo the traditional public-offering process.
The company last month had confidentially filed a draft registration statement with the Securities and Exchange Commission for a public offering.
Kirkland & Ellis revenue to surge to $5bn on private equity deals.
Kirkland & Ellis, the world’s highest-grossing law firm, is set to generate a record annual revenue of about $5bn following powerful demand during the pandemic.
Turnover at the company was approaching $5bn for the 12 months to the end of January up from $4.15bn the year before. It follows a year in which three of the firm’s strongest areas generated strong growth, FT reported.
The firm’s outperformance follows surprisingly high volumes of work in private equity, litigation and restructuring, which tend to do well in times of economic crisis. Lawyers had expected a drop in M&A and private equity deals, but by the end of the year the value of private equity deals had soared to its highest level since 2007.
EMEA
Software Acquisition Group II, a US publicly traded special purpose acquisition company, agreed to merge with Otonomo Technologies, a platform and marketplace for vehicle data, in a $1.4bn deal.
"We established Software Acquisition Group Inc. II to invest in a world class software company that is positioned to be the leading player in a market that has enormous potential. We reviewed multiple potential partners and Otonomo stood out as the clear choice. Otonomo management not only identified the significant opportunity that exists in the automotive data space, but they have also achieved early market leadership and are positioned for impressive growth," Jonathan Huberman, Software Acquisition Group II, CEO.
Otonomo is advised by Citigroup, Blueshirt Group, Gross Law Firm and Latham & Watkins. Software Acquisition is advised by B. Riley FBR, Gornitzky & Co and Kirkland & Ellis.
Vitruvian Partners, an international growth capital and buyout firm, agreed to acquire a majority stake in Expereo, a provider of Managed Internet, Cloud access and SD-WAN solutions, from Apax Partners. Financial terms were not disclosed.
"Vitruvian Partners will further bolster our ambitious growth trajectory, enabling us to capitalize even faster on the fundamental changes and opportunities digital transformation brings in the global network and cloud connectivity space. Vitruvian and the continued support of Apax Partners, will enable us to further build out our leadership position at scale whilst broadening our services suite, enabling our global enterprise customers' network transformation and cloud-first strategies with enhanced internet and cloud access services with a single, best-in-class, digital customer experience," Irwin Fouwels, Expereo CEO.
Vitruvian is advised by Bain Capital, FTI Consulting, Nielen Schuman, Freshfields Bruckhaus Deringer and PwC. Apax is advised by Weil Gotshal and Manges.
Kismet Acquisition, a special purpose acquisition company, is set to merge with Nexters Global, a Cyprus-based mobile & social game developer and publisher, in a $1.9bn deal. The transaction is expected to close in the second quarter of 2021.
“Nexters is one of the fastest growing mobile gaming companies in the world, propelled by a mission to produce games that transform the user experience, bring joy to players across the globe, and have the potential to become 'forever franchises.' In our flagship franchise, Hero Wars, players come not just to play and win, but also to spend time with other players, effectively making it a social network wrapped around the game. We are thrilled to make our debut as a public company, which will take us further on our quest to become a globally recognized market player. We are incredibly excited about the future of gaming and thrilled to have experienced partners such as Kismet Capital Group by our side," Andrey Fadeev, Nexters Co-Founder and CEO.
Kismet Acquisition is advised by Credit Suisse, Bank of America Merrill Lynch and LionTree Advisors. Nexters Global is advised by Finsbury and EM Advisory.
Clayton, Dubilier & Rice completed the acquisition of Wolseley UK, a distributor of plumbing, heating, climate control, pipe and infrastructure & utility products in the UK, from Ferguson, a plumbing supplies seller, for $421m.
Bruno Deschamps, Operating Advisor to CD&R funds and former COO of Ecolab, assumed the role of Chairman of the Wolseley board upon the close. Wolseley continues to be led by Chief Executive Officer Simon Oakland.
CD&R was advised by Clifford Chance and Debevoise & Plimpton. Ferguson was advised by Barclays and Brunswick Group.
The Board of Marston's has considered the proposal to be acquired by Platinum Equity for £1.05 per share with its advisers, and unanimously rejected the proposal on the basis that it very significantly undervalues Marston's.
The proposal followed two earlier proposals at £0.88 and £0.95 per share in December 2020, both of which were received prior to the brains transaction, and were unanimously rejected by the Board.
Marston's is advised by JP Morgan and Instinctif Partners.
ASOS, a global, internet, fashion, retail platform, completed the acquisition of Topshop, Topman, Miss Selfridge and HIIT brands from Arcadia, a company that manages fashion retail stores and outlets, for $364m.
“We saw this as a compelling opportunity to acquire four really iconic British brands, brands that we know resonate really well with our existing core customers. These brands grew at over 40% in our first four months of the (2020-21) year, so we know they work well, we know our customers love them. They’re an acceleration to our existing strategy,” Nick Beighton, ASOS CEO.
ASOS is advised by Slaughter & May.
Blackstone agreed to acquire Bourne Leisure, a UK holiday company. Financial terms were not disclosed.
"We are long-term believers in the UK and are delighted to invest meaningful capital, despite recent uncertainty, to support the recovery of a Covid-impacted industry, and wider local economies. We look forward to working in partnership with Bourne Leisure's founding families, the management team led by Paul Flaum, as well as colleagues from Blackstone Real Estate, to further grow this great Company. Our strong track record investing in the UK leisure sector will allow us to further enhance the Company's unique, high quality assets across the country, and continue building on its success for guests, holiday-home owners and team members over the last 57 years," Lionel Assant, Blackstone European Head of Private Equity.
Bourne Leisure is advised by Media House.
A bid Liberty Steel, a company manufacturing fabricated structural metal and steel, has submitted for Thyssenkrupp’s steel division needs to be clarified in ongoing talks between the two firms.
“The bid still contains a number of complex aspects that require further clarification. We are in discussions with Liberty Steel to this end. Our ultimate goal is to ensure the future viability of steel and thus safeguard our employees’ prospects. In our view, this is more important than the question of ownership,” Martina Merz, Thyssenkrupp CEO.
Simec is advised by Hering Schuppener.
Eaton, a company that manufactures engineered products for the industrial, vehicle, construction, commercial, and aerospace markets, agreed to acquire Cobham Mission Systems, a manufacturer of air-to-air refueling systems, environmental systems, and actuation primarily for defense markets, for $2.8bn. The acquisition, which is subject to customary closing conditions, is expected to close in the second half of 2021.
“Cobham Mission Systems’ highly complementary products and strong position on growing defense platforms will enhance our fuel systems business and position our Aerospace business for future growth. We look forward to welcoming CMS to Eaton," Heath Monesmith, Eaton President and COO.
George Osborne joins Robey Warshaw. (People)
George Osborne, a former UK finance minister, has taken a top role at boutique investment bank Robey Warshaw, joining a long line of politicians to land lucrative roles in high finance.
Robey Warshaw, which specialises in mergers and acquisitions, said that Osborne would step down from the other two roles before becoming a partner at the firm in April, Reuters reported.
CapVest eyes sale of Valeo Foods for €1.7bn. (FS)
CapVest, the London private equity firm run by Seamus Fitzpatrick, the Irish business magnate, plans to sell its Dublin-based Valeo Foods, a producer and innovator of branded food products, run by Seamus Kearney.
The disposal could raise in the region of €1.7bn, it is suggested.
Manzanita to sell Eve Lom. (FS)
Manzanita Capital, a UK-based private equity firm, is investigating alternatives, including a sale of Eve Lom, a skincare brand famous for its cleanser balm.
The London-based buyout firm is working with an adviser to find a buyer for the asset, which could fetch as much as $200m in a deal. The skincare brand has drawn preliminary interest from potential suitors in Asia.
Deliberations for sale are at an early stage, and the owner may decide to keep the business.
L Catterton joins auction to buy Birkenstock. (FS)
L Catterton, the buyout firm with links to the luxury French fashion house LVMH, has begun conducting due diligence for a possible bid to acquire the iconic German sandal maker Birkenstock in a deal that could value the company at $5bn.
The firm is competing with private equity group CVC Capital Partners for the German footwear company. A winner could be chosen in the coming months. The Birkenstock family plans to keep a stake in the company after a sale.
Both L Catterton and CVC are still conducting due diligence, and there is no certainty deliberations will lead to a transaction.
AUTO1 to price €1.8bn IPO at top end.
AUTO1, the German used car trading platform, is expected to price its €1.8bn IPO at the top of the €32-38 per share range, Reuters reported.
AUTO1 intends to raise €1bn by selling new shares, the majority of which it wants to invest into its Autohero brand with the aim of becoming Europe’s leading fully digital car retailer, with the remainder of the proceeds earmarked to refund a convertible bond.
Existing shareholders, including Japanese tech investor SoftBank’s Vision Fund, which holds a 20% stake, will sell a further 15.6m shares with an additional 7m shares offered as part of an over-allotment option to cover high demand. After taking into account the offering of new shares, the flotation is expected to value AUTO1 at about €8bn.
Lauxera raises €100m at first closing. (FS)
Lauxera Capital Partners, a recently created healthcare investment firm, announced that it has raised approximately €100m for the first closing of Lauxera Growth I, its debut European HealthTech growth/buyout vehicle.
The fund met its key fundraising milestone less than six months after launch. International institutional investors, strategics, and renowned family offices participated, including Covea, Téthys, Compagnie Nationale à Portefeuille, Financière Dassault, Candriam (New York Life), and Bpifrance, which invested off of its balance sheet and via its Growth Fund of Funds (on behalf of private insurers and the Caisse des Dépôts).
APAC
Stillfront Group, a games developer and publisher, agreed to acquire Moonfrog Labs, a company that designs and develops games, for $99m.
“With the acquisition of Moonfrog, Stillfront adds a highly profitable and successful studio to the group and expands our geographic footprint to the Indian Subcontinent, a strategic move into one of the fastest growing mobile game markets worldwide. Moonfrog possesses a portfolio of successful games focusing, up until today, mainly on Board and Social Card Games which are highly popular in the region. Moonfrog provides us with a proven platform with experienced talent to build upon and an exciting potential to expand other Stillfront free-to-play games into the Indian subcontinent," Jörgen Larsson, Stillfront CEO.
Stillfront is advised by Carnegie Investment Bank, Ernst & Young, DLA Piper and Trilegal. Moonfrog is advised by Oakvale Capital, AZB & Partners, Shardul Amarchand Mangaldas, Nova Dhruva Capital and PwC.
GTCR-backed Corza Health, a developer of healthcare technology, completed the acquisition of TachoSil, a surgical patch to deliver bleeding control, from Takeda Pharmaceutical, a global, research and development-driven pharmaceutical company, for $414m.
“This announcement continues Takeda’s strong momentum toward optimizing our portfolio for growth by delivering highly-innovative medicines and transformative care in our chosen business areas, as well as meeting our leverage targets. As we continue to streamline and simplify our portfolio, Takeda is confident that we have found the right partner in Corza Health as the next home for TachoSil. Corza Health’s expertise in healthcare, commitment to patients, customers and employees, and resources in partnership with GTCR make it well-positioned to ensure continued patient access to TachoSil and to invest in the product over the long term for their benefit,” Costa Saroukos, Takeda Chief Financial Officer.
Corza Health was advised by Barclays and Kirkland & Ellis. Takeda was advised by Nomura, Sard Verbinnen and Linklaters.
Sequoia Capital, an American venture capital firm, and GIC, an investment management company, agreed to acquire a 10% stake in Novotech, a clinical research and testing provider, from TPG for $2.3bn.
“Novotech is a platform asset for us in Asia and a testament to the sector-led strategy we have pursued in differentiating ourselves from other sponsors,” Joel Thickins, TPG Capital Head of Australia and New Zealand
AIA and China Strategic among bidders for BEA Life Insurer.
AIA Group, a Hong Kong-based insurance and finance company, and China Strategic, an investment firm backed by billionaire Henry Cheng, are among final bidders for Bank of East Asia’s life insurance unit, Bloomberg reported.
The companies have submitted binding bids for the asset, proceeding into the final stage of negotiations. BEA, which includes activist investor Paul Singer’s Elliott Management as a shareholder, could raise about $500m to $600m from a potential transaction.
An announcement on the sale outcome could come as early as this month. Other bidders could appear, and talks could still be delayed or fall apart.
Hainan Airlines seen attractive to new investors despite HNA Group crisis.
Hainan Airlines, HNA Group’s flagship firm, is functioning normally and could bring new investors despite a bankruptcy filing, embezzlement charges, and large asset impairments for the carrier, Reuters reported.
A strong route network, high brand value and an experienced management team, and restructuring efforts by China’s No. 4 carrier, were among the reasons.
HNA units, including the airline, will spend this year negotiating to bring in strategic investors. Chinese financial publication Caixin has also reported strong interest from potential suitors in the airline, although it did not name who they might be. It said that Hainan Airlines, the country’s biggest non state-owned carrier, aimed to remain independent.
T Capital closes Fund VI at $780m and exceeds target. (FS)
T Capital, a Japanese mid-market buyout firm, formerly known as Tokio Marine Capital, has announced the final close of its sixth mid-cap focused Japan buyout fund at $780m.
The fund, T Capital VI Limited Partnership (of Fund VI), was oversubscribed and surpassed its $670m target, closing at the hard cap within six months of its formal launch.
With the new fund, T Capital will continue its strategy of investing in high-quality business succession and corporate carve-out transactions, DealStreetAsia reported.
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