AMERICAS
International Flavors & Fragrances, an American corporation producing flavors and fragrances and cosmetic actives, agreed to acquire the Nutrition & Biosciences unit of DuPont, an American conglomerate, for $26.2bn. The deal values the combined company at $45.4bn on an enterprise value basis.
“The combination of IFF and N&B is a pivotal moment in our journey to lead our industry as an invaluable innovation and creative partner for our customers. Together, we will create a leading ingredients and solutions provider with a broader set of capabilities to meet our customers’ evolving needs. With highly complementary portfolios, we will have global scale and leading positions in key growth categories to capitalize on positive market trends, drive strong profitable growth for our shareholders and create opportunities for our employees. I have been impressed by N&B’s management team, which shares our culture and values, and we look forward to welcoming them to the IFF family," Andreas Fibig IFF Chairman and CEO.
IFF is advised by Greenhill & Co, Morgan Stanley, Cleary Gottlieb Steen & Hamilton. DuPont is advised by Credit Suisse, Evercore and Skadden Arps Slate Meagher & Flom. Credit Suisse and Morgan Stanley are providing debt financing and are advised by Weil Gotshal and Manges.
British watchdog Competition and Markets Authority cleared Swiss drugmaker Roche's planned $4.3bn acquisition of gene therapy company Spark Therapeutics.
Competition authorities have been scrutinizing the deal to ensure a Roche gene therapy-Hemlibra combination in the lucrative rare disease market would not give it an unfair advantage over rivals. Britain’s competition agency came to the conclusion it would not, even as the US Federal Trade Commission has yet to weigh in formally, Reuters reported.
"The CMA found that Spark is not the only supplier developing a gene therapy treatment and that its products are not currently considered to hold any particular clinical or commercial advantages over those being developed by other suppliers. The CMA, therefore, found that the deal between Roche and Spark would not negatively affect competition," CMA.
Spark is advised by Centerview Partners, Cowen & Company, Goodwin Procter, Kirkland & Ellis, and Shearman & Sterling. Roche is advised by Citigroup and Davis Polk & Wardwell.
WPX Energy, an independent energy producer, agreed to acquire Felix Energy, one of the highest quality Delaware Basin operators, from EnCap Investments, an American private equity firm, for $2.5bn. The purchase price consists of $900m cash, subject to closing adjustments, and $1.6bn in WPX stock issued to the seller.
“This is an exciting day for both Felix Energy and EnCap. Over the past four years, the Felix team has worked tirelessly to build what we consider to be a world-class Delaware Basin asset. Given the current market environment, we are strong believers in consolidation and feel that the Felix asset base is a clear strategic fit for WPX,” Doug Swanson, EnCap Managing Partner.
Felix is advised by Jefferies & Company and Vinson & Elkins. WPX Energy is advised by Barclays, Tudor Pickering Holt and Weil Gotshal and Manges. Barclays is providing debt financing and is advised by Simpson Thacher & Bartlett.
Cineworld, the world's second-largest cinema chain, agreed to acquire Cineplex, Canada's largest cinema operator with approximately 69m theatre admissions annually, for $2.1bn.
"The Board of Cineworld believes that the acquisition of Cineplex is in the interests of its shareholders as it fits squarely within our strategic acquisition objectives and is expected to be strongly earnings and cash flow accretive. Going forward our immediate post-acquisition objectives will be to combine Cineplex with our US business to create a leading North American cinema operator; maximise the synergistic combination benefits of the Cineplex acquisition; continue the currently successful refurbishment of the Regal chain in the US, and focus strongly on a structured debt reduction program targeting leverage towards 3x net debt / EBITDA by the end of 2021," Anthony Bloom, Cineworld's Chairman.
Cineworld is advised by Goldman Sachs, HSBC and Bank of America Merrill Lynch. Cineplex is advised by Scotiabank, Goodmans, Herbert Smith Freehills and Baker & McKenzie.
Inflexion-backed Shimtech Industries, which manufactures aerospace equipment, agreed to acquire Fastener Technology, which designs and manufactures fastener parts. Financial terms were not disclosed.
“The FTC team has built a fantastic business with an unrivalled reputation. We are excited about the complementary nature of our products and look forward to building on Gulistan’s foundation as we serve our customers and take our business to the next level,” Brian Williams, Shimtech CEO.
Fastener is advised by McLean Capital. Inflexion and Shimtech are advised by Drinker Biddle & Reath, CDS, KPMG and Grant Thornton.
Charles River Laboratories, which provides clinical tests and drug development services, agreed to acquire HemaCare, which provides customized delivery of biological blood products and services, for $380m
“HemaCare advances the development of life-saving cell therapies through the use of its high-quality cellular products that represent critical inputs to these therapeutics. The addition of HemaCare’s innovative cell therapy products and services to our integrated, early-stage solutions will create a unique, go-to partner for clients to work with Charles River across a comprehensive cell therapy portfolio from idea to novel therapeutic,” James C. Foster, Charles River Laboratories Chairman, President, and Chief Executive Officer.
Charles River is advised by Bank of America Merrill Lynch, Davis Polk & Wardwell and Axinn, Veltrop & Harkrider. HemaCare is advised by Jefferies and Greenberg Traurig.
Digi International, a provider of IoT products, software, and services, completed the acquisition of Opengear, a provider of IT infrastructure products and software, for $140m with a potential for contingent consideration of up to an additional $15m based on revenue performance through 2020. Digi expects the acquisition to be immediately accretive to earnings.
"Digi and Opengear will mesh well as we share so many of the same values in how we treat our customers and employees. Our products are complementary, so customers and partners will get an exceptional choice," Gary Marks, Opengear CEO.
Digi was advised by Canaccord Genuity, Stephens, Faegre Baker Daniels and Lewis PR. BMO Harris Bank was providing debt financing to Digi. Latham & Watkins advised financial advisors.
Organovo, an early-stage medical laboratory and research company, is set to merge with Tarveda Therapeutics, a privately-held, clinical-stage biopharmaceutical company. Financial terms were not disclosed.
“After completing an extensive and thorough review of strategic alternatives, we are extremely pleased to announce this transaction with Tarveda, which we believe is in the best interest of our stockholders. Tarveda is advancing an innovative pipeline of clinical-stage cancer therapies derived from the company’s proprietary miniature drug conjugate platform. Tarveda is supported by a strong syndicate of investors including Novo, Versant Ventures and ND Capital and a highly seasoned management team with prior public company experience," Taylor J. Crouch, Organovo President and Chief Executive Officer.
Organovo is advised by Roth Capital Partners, and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian. Tarveda is advised by Canaccord Genuity, MacDougall and Cooley.
Hudson's Bay Chairman Richard Baker may scrap the privatization deal after regulators delayed a vote on the deal following complaints from the minority shareholder Catalyst Capital Group.
The decision to consider scrapping the offer comes after preliminary tallies showed the Baker group had fallen short of the necessary support from investors to proceed with the transaction.
Hudson's Bay is advised by Centerview Partners, JP Morgan, and Blake Cassels & Graydon.
Humana, a managed health care company, agreed to acquire Enclara Healthcare, which provides hospice pharmacy services, from Consonance Capital Partners. Financial terms were not disclosed.
“Enclara represents a logical extension of Humana Pharmacy’s strategy, given the company’s unique ability to play a role in advanced illness care and supplement our existing care delivery system. We look forward to leveraging and expanding the capabilities of Enclara to further advance our clinical management expertise,” Scott Greenwell, PharmD, Humana Pharmacy Solutions President.
Humana is advised by Centerview Partners and Crowell & Moring. Enclara and Consonance Capital Partners are advised by Evercore and Latham & Watkins.
Equinox Gold and Leagold Mining, two gold mining companies, agreed to merge in a $584m deal. At closing, existing Equinox Gold and Leagold shareholders will own approximately 55% and 45% of the merged company, respectively, on an issued share basis.
“This merger will create one of the world’s largest gold companies operating entirely in the Americas. In addition to having strong financial and operating metrics, our large scale will provide improved liquidity, greater asset and country diversification and a lower risk profile for all shareholders. This is the kind of gold company investors want today and I’m very pleased we are combining forces to achieve it,” Ross Beaty, Equinox Gold Chairman.
Equinox Gold is advised by BMO Capital Markets and Blake Cassels & Graydon. Leagold Mining is advised by Fasken Martineau DuMoulin and Scotia Capital.
Castle Creek Pharmaceutical, a privately-held biopharmaceutical company developing innovative therapies for patients with rare, serious or debilitating dermatologic conditions, completed the acquisition of Fibrocell Science, a cell and gene therapy company focused on transformational autologous cell-based therapies for skin and connective tissue diseases, for $63m.
"Fibrocell's unique and innovative gene therapy platform provides us with development opportunities that will strengthen the combined company as a leader for EB and other rare conditions where there are limited options for affected patients," Mary Spellman, Castle Creek Chief Medical Officer and Senior Vice President of Research & Development.
Fibrocell Science was advised by Hogan Lovells. Castle Creek was advised by Berry & Company Public Relations.
GenesisCare, a healthcare provider, agreed to acquire 21st Century Oncology, a provider of cancer care services across multiple modalities. Financial terms were not disclosed.
As part of the combination, 21st Century Oncology’s 124 radiation oncology treatment centers and 170 clinical offices, which provide integrated cancer care services in the US, will join GenesisCare’s collaborative network.
“We can achieve much more together than we can apart, and are proud to be bringing together 21st Century Oncology’s leading network of integrated cancer care physicians and GenesisCare’s highly experienced clinical specialists. Together, our goal is to increase patient access to high-quality cancer care in communities across the US,” Dan Collins, GenesisCare Founder and CEO.
GenesisCare is advised by Cannings Purple and Finsbury. 21st Century is advised by JConnelly.
Episerver, the customer-centric digital experience company, agreed to acquire Insite Software, a provider of powerful digital commerce solutions architected for manufacturers and distributors. Financial terms were not disclosed.
“Combining Insite’s best-in-class commerce capabilities with Episerver’s leading Customer-Centric Digital Experience Platform creates a complete B2B solution second-to-none. Joining Episerver will help us expand the scope of our mission by offering a richer suite of products in a rapidly maturing market,” Steve Shaffer, Insite CEO.
Insite Software is advised by Canaccord Genuity and Walker Sands Communications.
Thoma Bravo-backed J.D. Power, a data analytics and consumer intelligence services provider, is set to merge businesses with Autodata Solutions, a provider of data and software solutions for the automotive ecosystem. Financial terms were not disclosed.
The newly combined company will operate under the name J.D. Power and will offer market-leading new and pre-owned automobile transactional data, valuation tools, vehicle feature information and consumer analytics to the automotive industry.
“By pairing our platform with J.D. Power’s deep data and analytics capabilities, we’re going to be able to take the guesswork out of the manufacturing and floor planning process, helping manufacturers and dealers drive maximum impact and profitability by getting the new vehicle formula just right. We are excited to be joining the J.D. Power team to make that vision a reality,” Craig Jennings, Autodata CEO.
J.D. Power is advised by Pacific Communications Group.
YieldStreet, the digital wealth management platform, agreed to acquire WealthFlex, a digital IRA platform providing investors with access to private investment opportunities through self-directed IRAs. Financial terms were not disclosed.
“Our investors wanted a tax-efficient method of investing on YieldStreet, and we listened. Anyone who has ever tried to move their 401 or IRA understands that the process is not consumer-friendly or designed for today’s world. Our promise is to make it as fast and cost-efficient as possible so investors can easily move their money and take control of their retirement portfolios,” Milind Mehere, YieldStreet Founder and CEO.
YieldStreet is advised by Bevel PR.
Accenture agreed to acquire Clarity Insights, a data consultancy with deep data science, artificial intelligence and machine learning expertise. Completion of the acquisition is subject to customary closing conditions, including antitrust clearance. Financial terms were not disclosed.
“Clarity Insights’s combination of strong technical talent, combined with deep industry expertise, will fortify and broaden our ability to help our clients scale AI across their businesses. Their focus on insight-driven transformation for healthcare bolsters Accenture’s capabilities and is particularly critical now, when our research shows that 87% of healthcare executives surveyed report that they know how to pilot, but struggle to scale AI across their business,” Athina Kanioura, Accenture Chief Analytics Officer and Global Lead for Applied Intelligence.
Ampersand Capital Partners-backed New England Peptide, which designs and manufactures peptide and antibody solutions for drug, vaccine and diagnostic development organizations, completed the merger with Peptides International, a provider of catalog and custom peptide products. Financial terms were not disclosed.
"New England Peptide is excited to announce that in our 20th year as a custom peptide synthesis company, we have merged with Peptides International. This transaction adds meaningful scale, capabilities, customer relationships, and a similarly strong market reputation to what we have built at New England Peptide," Sam Massoni, New England Peptide CEO.
Balchem, a manufacturer and marketer of specialty food ingredients is set to acquire Zumbro River Brand, a manufacturer of processed food. Financial terms were not disclosed.
"We're excited to be joining Balchem, an industry leader that shares our vision for the tremendous opportunities for these products, and can help to scale these eco-and health-friendly choices to the broader market," Pam Sander, Zumbro CEO.
Canada Jetlines, which provides air transportation services, agreed to acquire Global Crossing Airlines, a United States-based charter airline. Financial terms were not disclosed.
“While Jetlines made significant progress in building out a management team, advancing the airline licensing process, establishing systems, securing routes and obtaining financing commitments, ultimately current market conditions necessitated a change in strategy. The GLOBALX plan preserves Jetlines strategy long term and provides a more immediate opportunity to commence airline operations. I am resigning from Jetlines at this time in order to facilitate the GLOBALX transaction and its plans to restructure management,” Mark Morabito, Canada Jetlines Chairman.
Gencom-led partnership to acquire Fairmont Southampton. (RE)
An affiliate of Miami-based Gencom, a domestic and international investment and development firm, agreed to acquire the Fairmont Southampton hotel in Bermuda. The hotel will remain under the brand and management of Fairmont Hotels & Reso.
"Acquiring Fairmont Southampton demonstrates Gencom's steadfast commitment to supporting the long-term growth of Bermuda's tourism and hospitality sector. The island is located less than three hours from most major North American cities, making Bermuda a rare and accessible paradise. With a planned restoration, we aim to create a wonderful, updated destination resort experience at Fairmont Southampton for leisure and group travelers from all over the world," Karim Alibhai Gencom Founder.
MCR completed the acquisition of Hilton Garden Inn, Cleaveland. (RE)
MCR, a hotel owner-operator in the US, completed the acquisition of the 240-room Hilton Garden Inn Cleveland Downtown in Cleveland, Ohio. Financial terms were not disclosed.
The Hilton Garden Inn property includes two restaurants, the Garden Grille, which serves breakfast and dinner, Harvey's Sports Lounge, and a 24-hour convenience store. The building also has 11k square feet of meeting and event space.
EMEA
The French Government, a majority shareholder in the PSA Group, confirmed its support for the $50bn merger plans with Fiat Chrysler Automobiles. The French state, which holds a c. 12% stake in PSA and has board representation, is supporting a binding MoU that could be approved this week.
"The deal makes sense in order to build a new champion with global scale to take on the challenges of sustainable mobility,” French finance ministry official.
FCA is advised by Citigroup, Goldman Sachs, d'Angelin & Co, Sullivan & Cromwell, Community Group, Image Sept, and Sard Verbinnen & Co. BPIFrance is advised by Willkie Farr & Gallagher. Peugeot is advised by Zaoui & Co. PSA Group is advised by Messier Maris & Associes, Morgan Stanley, and Perella Weinberg Partners. Exor is advised by Lazard.
Canada's Endeavour Mining and Egypt-focused gold miner Centamin agreed to assess the merits of a merger to create a strong mid-tier gold company with a market value of c. $4bn.
The announcement follows the negotiation talks between Endeavour’s chief executive, Sebastien de Montessus, and Centamin’s chairman, Joseph Josef El-Raghy. Earlier this month, Centamin rejected a $1.9bn all-stock takeover bid from Endeavour, claiming it undervalued the company.
“In order to commence the due diligence exercise, the parties now need to agree on the scope and timetable. As such, Endeavour sent its proposed due diligence timetable to Centamin," Endeavour.
Centamin is advised by BMO Capital Markets, and Buchanan. Endeavour is advised by Numis Securities, HSBC, Scotiabank, Linklaters, Brunswick Group, and Vincic Advisors.
Portobello Capital, a mid-market private equity manager, is set to acquire the Spanish operations of BT Group, a British telecommunications holding company. Financial terms were not disclosed.
The transaction is subject to regulatory approval and is expected to complete in the first half of 2020. Assets in the transaction include a 5.6k km owned and leased optical fiber network, fully owned city fiber networks in Barcelona and Madrid, and three data centers.
“We are very pleased to invest in one of the leading providers of managed telecommunications services to the corporate market in Spain. We look forward to continued investment in the development of the business for the benefit of new and existing customers in the region” Luis Penarrocha, Portobello Capital Founding Partner.
Portobello Capital is advised by KPMG, Oliver Wyman, Natixis Partners and Jones Day. BT Group is advised by Ernst & Young, Credit Suisse and Allen & Overy.
Gryphion Capital Investments, a family investment platform, completed a $112m investment in Cinesite, an independent, multinational business which provides services to the media and entertainment industries.
“Securing this funding in the current uncertain climate is testament to the quality of our business and the position we have in the industry. It will enable Cinesite to move to the next level, benefitting our staff, customers and shareholders. We look forward to working with the team at Gryphion, NatWest & Barclays on developing our creative talent base, capitalising on the demand for our services across digital and traditional platforms, and accelerating strategic business development opportunities,” Antony Hunt, Cinesite Group CEO.
Cinesite was advised by Stonehage Fleming and Tomorrow Partners. Gryphion was advised by Barclays and NatWest. NatWest and Barclays provided debt financing.
The Council of the City of Wakefield agreed to acquire Findel Education, a UK-based educational resources supplier, from Studio Retail Group, the online value retail and education business, for $66m.
"Education has undergone a digital transformation over the past two years, and we are confident that YPO represents a natural new home for the business. We believe this transaction is in the best interests of all Studio stakeholders, allowing us to focus on driving further growth within our core Studio value retail business," Phil Maudsley, Studio Retail Group CEO.
Studio Retail Group is advised by Tulchan Communications, Stifel and N+1 Singer.
INTL FCStone, a provider of financial-services execution, risk management, market intelligence, and post-trade services, agreed to acquire the brokerage businesses of Tellimer Group, an investment research company. The closing of this transaction is subject to limited conditions including regulatory approval. Financial terms were not disclosed.
"We're thrilled to incorporate Tellimer Group's broking team and offerings into our extensive Securities business globally. The addition expands our reach by providing access to new markets, capabilities, and specialized expertise. The capability of the broking business fits extremely well with our existing equities and fixed income businesses, and we believe the integration of our product portfolio, global client base, and large balance sheet will enhance INTL FCStone," Jacob Rappaport, INTL FCStone Head of Equities.
INTL FCStone is advised by M Group Strategic Communications.
Intel agreed to acquire Habana Labs, an Israel-based developer of programmable deep learning accelerators for the data center, for approximately $2bn. Habana will remain an independent business unit and will continue to be led by its current management team.
“This acquisition advances our AI strategy, which is to provide customers with solutions to fit every performance need – from the intelligent edge to the data center. More specifically, Habana turbo-charges our AI offerings for the data center with a high-performance training processor family and a standards-based programming environment to address evolving AI workloads,” Navin Shenoy, Intel Executive Vice President and General Manager of the Data Platforms Group.
Monaco-based hedge fund Tyrus Capital is set to acquire UK-based businesses of Tyndaris, a financial advisory services provider. Financial terms were not disclosed.
The deal will see Tyrus acquire Tyndaris’ real estate lending strategy and convertible debt strategy, with around $900m in assets. As part of the deal, which is subject to regulatory approval, Tyrus will take on 15 staff from Tyndaris.
Eleda's management and the largest owners, Johan Halvardsson and Peter Condrup, agreed to acquire a stake in Eleda, a group focusing on civil engineering, contract, and other infrastructure services, from Triton, a private equity investment firm. Financial terms were not disclosed.
“Through the creation of Eleda, our Nordic Triton Smaller Mid-Cap team and the company’s board have in a joint effort with management succeeded in transforming four companies leading in their respective regional geographies into a national platform with a corporate culture marked by a strong entrepreneurial spirit and coherent processes. We are happy that the management team, who have remained significant shareholders throughout TSM’s ownership, are ready to continue this successful journey,” Andi Klein, Investment Advisory Professional and Triton Smaller Mid-Cap Fund responsible.
Bruin Sports Capital, which operates as an advertising company, agreed to acquire Two Circles, a data analytics, technology and sports marketing agency. Financial terms were not disclosed.
“The sports industry is moving from a B2B model to a direct-to-consumer model where growth will be centered around a direct relationship between sports and fans. Over the last eight years, we believe we have built proven models that can take sports properties on this journey. With Bruin's backing, experience, and relationships in global sport, we have the perfect platform to enter the next phase of commercial growth – both for our clients and as an agency," Gareth Balch, Two Circles Co-Founder, and CEO.
Hellman & Friedman in talks to acquire AutoScout24 from Scout24 for $2.8bn. (FS)
Hellman & Friedman is in advanced talks to acquire AutoScot24, a used car marketplace, from the German classifieds group Scout24 for $2.8bn.
Scout24, which initiated the sale under pressure from US activist investor Elliott, in October selected three private equity firms - H&F, Permira and Apax - to take part in the final round of the auction, Reuters reported.
Global Savings Group in talks to acquire a unit of M6.
M6 Group, a French media holding, is in advanced talks to dispose of its subsidiary iGraal, a cashback player, to Global Savings Group, an affiliate marketing company, for $137m in a cash and stock exchange trade. GSG would be paying M6 $39m in cash and the rest of the consideration as a 38% stakes in GSG.
M6 Group considers the transaction as a unique opportunity to create a leading global cashback and couponing player. Completion of the transaction remains subject to the finalization of the negotiations and consultation of employee representative bodies. Closing is expected during Q1 2020.
UK bankers eye fresh deals post-Tory election victory.
UK bankers are eying fresh dealmaking after the Conservative Party’s election victory, which is poised to give fresh confidence to corporates hamstrung by Brexit uncertainty, Bloomberg reported.
Most of the country’s corporate chieftains have held back from making bold bets this year, leaving buyout firms to account for much of the deal activity. That’s in stark contrast to their neighbors in France and Germany, where companies like LVMH and Infineon Technologies have been pursuing large overseas acquisitions.
“Among our corporate clients, many of them have held off when thinking about deals or fundraisings because they haven’t known the rules of engagement. There’s always been a risk that there could be a change of government, or we might have a hung parliament, and Brexit would get kicked down the road,” Ross Mitchinson, Numis Co-CEO.
Merian slashes stake in Fever-Tree. (FS)
Merian Global Investors, a small and mid-cap private equity firm, slashed its 3.8% stake in the Fever-Tree, quoting the poor performance in the market by the posh tonic maker.
The UK consumer slowdown and increased competition have called the drinks company’s growth potential into question. Merian has been reducing its stake in Fever-Tree during the year. However, the global equities desk still holds a smaller stake in the drinks maker.
Nyfosa to acquire a property portfolio from Randviken Fastigheter for SEK4.2bn. (RE)
Nyfosa, which operates as a real estate company, agreed to acquire a property portfolio from Randviken Fastigheter, a Swidish real estate firm, for SEK4.2bn ($443m).
“This transaction is fully in line with our strategy, where we achieve strong growth while obtaining stable assets in good locations in growth regions. The new properties contribute to Nyfosa, increasing its portfolio, primarily in Mälardalen, Greater Malmö, and Greater Stockholm, as well as in the office and warehouse categories. We are very pleased with 2019, where we have completed property transactions at a total value of approximately SEK9.8bn ($1bn), of which divestments amount to approximately MSEK 900. This means that we have increased our property portfolio by more than 50% since the listing in November 2018,” Stina Lindh Hök, Nyfosa COO.
Kempen holds the close of its European Private Equity Fund at €192m.
Kempen Capital Management, an asset manager, held the final close of the Kempen European Private Equity Fund at €192m ($214m) in committed capital, bringing the fund to its maximum capacity.
"We are enormously proud of the confidence that our participants have entrusted us with. Following the first close in February 2019, now - fewer than ten months later - we are already announcing the final close, as the fund has reached its maximum capacity. We will spend all our energy in the coming period into sourcing new deals and expanding the investment portfolio," Sven Smeets, Kempen Co-Head Private Markets.
APAC
Royal Dutch Shell agreed to acquire a 49% stake in ESCO Pacific, an Australian focused utility-scale solar developer and asset manager. Financial terms were not disclosed.
"ESCO Pacific has been one of the fastest-growing independent solar developers in Australia. We’d like to build on that growth and continue our rapid scaling by leveraging the resources that the Shell investment makes available to us. This partnership is a testament to the success of our strategy, our business and our team," Steve Rademaker, ESCO Pacific Founder and Managing Director.
ESCO is advised by Rothschild & Co.
Sumitomo Mitsui Banking, which provides banking services, agreed to acquire a 5.4% stake in Northern Arc Capital, a debt capital platform headquartered in Chennai. Financial terms were not disclosed.
“We hope to leverage on the potential synergies of this partnership to further our mission of financial inclusion and widen our impact on the livelihoods of under-banked individuals and businesses,” Kshama Fernandes, Northern Arc Capital Managing Director and CEO.
Zomato in talks to acquire Uber Eats' Indian operations.
Zomato, an Indian restaurant aggregator and food delivery startup, is in advanced talks to acquire the Indian operations of its rival Uber Eats.
The proposed transaction would help Zomato to expand its operations and take on Swiggy in the booming market of online food delivery.
Gojek-backed Pathao in talks to merge with SureCash.
Gojek-backed Pathao, a Bangladeshi ride-hailing startup, is in advanced talks to merge with SureCash, a local digital payments provider. Financial terms were not disclosed.
The merger is expected to place both of the companies in a better position to attract funding and provide a broader range of services. The companies would continue to operate independently after the merger.
PABC explores strategic options for its $100m business.
Beverage cans manufacturer Pakistan Aluminium Beverage Cans, a joint venture of UK's Ashmore Group and Pakistan's Liberty Group, is exploring a sale of its business unit, which could fetch as much as $100m.
Coca-Cola is one of the major clients of PABC. Ashmore owns 51% of the joint venture, while Liberty Group holds the remaining 49%. The shareholders are working with an adviser on the potential sale. The discussions are in early-stage and may not lead to a transaction, Bloomberg reported.
Temasek-backed Azalea closes the inaugural PE fund at $650m. (FS)
Temasek-backed Azalea Investment Management, a private equity firm, held the final close of its inaugural private equity fund, Altrium Private Equity Fund, with $650m in commitments, surpassing the original target of $400m. The fund was closed following a three-month fundraising process.
Altrium secured commitments from endowment trusts, foundations, family offices, individual investors, and other institutions.
"The launch of Altrium marks another milestone in Azalea's continued effort in developing an innovating new investment platforms and products, to broaden investor access to private equity," Azalea.
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