AMERICAS
The Federal Communications Commission formally approved T-Mobile's merger with smaller rival Sprint, in a 3-2 vote split among party lines.
The FCC's vote was mostly procedural as the agency earlier this year signaled its support for the deal. Ajit Pai said he would back the $26bn combination after the two carriers agreed to a package of concessions, including the divestiture of some Sprint prepaid customers.
Sprint is advised by Centerview Partners, JP Morgan, Mizuho, SMBC, The Raine Group, Morrison & Foerster, Potter Anderson & Corroon, Simpson Thacher & Bartlett, and Skadden Arps Slate Meagher & Flom. SoftBank, the largest shareholder of Sprint before the transaction, is advised by Morrison & Foerster. Deutsche Telecom is advised by Deutsche Bank, Evercore, Goldman Sachs, Morgan Stanley, PJT Partners, Allen & Overy, Hogan Lovells, DLA Piper, Latham & Watkins, Richards Layton and Finger, and Wachtell Lipton Rosen & Katz
Occidental Petroleum, a hydrocarbon exploration firm, plans to slash its capital spendings by 40% as the quarterly profits fell short of the forecast due to the debts amassed in its $57bn takeover of Anadarko Petroleum.
The combined Occidental-Anadarko entity will spend about $5.4bn next year, down from the $9bn the companies would have spent. Expenditures in Occidental’s premier theater of operations, the Permian Basin, will drop by half to $2.2bn.
Occidental reported a net loss of $912m, or $1.08 a share, in the third quarter, compared to a net profit of $1.9bn, or $2.44 a share, one year earlier. The loss included $969m in costs and debt financing fees from the Anadarko takeover and a $285m write-off of unproved oil leases. Net debt of $43.9bn as of Sep 30 was almost six times higher than a year before, FT reported.
Innisfree M&A, Evercore, JP Morgan, Jefferies & Company, Vinson & Elkins, Joele Frank, and Sard Verbinnen advised Anadarko. MacKenzie Partners, Bank of America Merrill Lynch, Citigroup, Cravath Swaine & Moore, Freshfields Bruckhaus Deringer, and Brunswick Group advised Occidental. Credit Suisse, Paul Weiss Rifkind Wharton & Garrison, and Shearman & Sterling advised Chevron.
LinQuest, a space systems technology solutions provider, completed the acquisition of The Perduco Group, a provider of advanced data analytics, data architecting, and model-based simulation to defense and civilian agencies. Financial terms were not disclosed.
“We’re proud to be joining industry-leader LinQuest, a company that shares our commitment to technical innovation and customer experience. Together, we will deliver a seamless and holistic experience for our military and intelligence community customers designed to meet their needs on the battlefield and at home more effectively,” Stephen Chambal, The Perduco Group CEO.
The Perduco Group was advised by Jones Day. Robert W Baird, Crowell & Moring, Kirkland & Ellis and Sage Group advised LinQuest. Bank of America Merrill Lynch provided debt financing to LinQuest.
Apax Partners agreed to acquire Lexitas, a technology-enabled litigation services provider, from Trinity Hunt. Financial terms were not disclosed.
The investment by the Apax Funds will support Lexitas in accelerating its growth through geographic and salesforce expansion, technology differentiation, and through strategic M&A.
"We are very excited to partner with the Apax team as Lexitas continues to broaden its reach in the outsourced litigation services market. There is tremendous opportunity to expand the depth and quality of our offerings for our clients while continuing to support growth in the business through strategic acquisitions. We are proud to have partnered with Trinity Hunt in growing Lexitas to where it is today and look forward to an exciting future with Apax," Gary Buckland, Lexitas CEO.
Deloitte Corporate Finance and Katten Muchin Rosenman are advising Lexitas investors in the transaction. William Blair & Co, Ernst & Young, and Kirkland & Ellis are advising Apax.
Angeles Equity Partners, a private equity firm, completed the acquisition of Crenlo Cab Products, an independent manufacturer of operator cabs, locomotive sub-assemblies, electronic enclosures, and other complex fabrications, from KPS Capital Partners. Financial terms were not disclosed.
Angeles is merging Crenlo and WIEC to drive growth through improved manufacturing scale and capabilities, better geographic reach, and broader product portfolio applications. The combined business will be majority-owned and controlled by Angeles, with Worthington Industries retaining a minority ownership position as part of its cashless transaction with Angeles.
“This transformational merger will create a business with remarkable capabilities and scale. We believe this is a compelling opportunity to leverage our firm’s capabilities to help the new company achieve its full potential,” Timothy Meyer and Jordan Katz, Angeles Equity Partners Co-founders and Managing Partners.
Honigman Miller Schwartz & Cohn advised Angeles. Cowen & Company and Vorys Sater Seymour & Pease advised Worthington. Lincoln International and Paul Weiss Rifkind Wharton & Garrison advised KPS.
Workday, an enterprise cloud applications for finance and human resources, agreed to acquire Scout RFP, a leading cloud-based platform for strategic sourcing and supplier engagement, in an all-cash transaction. Under the terms of the definitive agreement, Workday will acquire Scout RFP for consideration of approximately $540m, subject to adjustments.
With Scout RFP, Workday will provide organizations a comprehensive source-to-pay solution with best-in-class strategic sourcing offering to transform the procurement organization and deliver better business outcomes, including a reduction in spending, greater policy compliance, and maximize engagement across critical stakeholders.
“As a Workday Ventures portfolio company and Workday Software Partner, we’ve been incredibly impressed with Workday's team, culture, customer focus, and products. In addition to our common passion for innovative technologies, our two companies also share a commitment to employee and customer satisfaction, which will enable us to advance our vision to transform strategic sourcing,” Alex Yakubovich, Scout RFP CEO.
Workday is advised by Cooley. Scout RFP is advised by Fenwick & West.
BV Investment Partners, a middle-market private equity firm focused on the business services, software, and IT services sectors, agreed to acquire EDCO Health Information Solutions, a provider of automated unstructured data indexing solutions for healthcare providers. BV is partnering with the current executive team of EDCO. Financial terms were not disclosed.
"The investment in EDCO aligns well with our focus on backing leading software and technology-enabled services companies in the healthcare industry. EDCO helps hospitals with the ongoing issue of managing different medical forms and data in a cost-efficient and compliant manner that improves provider satisfaction and overall quality of patient care. EDCO's dedicated focus on healthcare has given them a deep understanding of the needs of their clients and the ability to provide a unique, high return on investment solution for the industry," Vik Raina, BV Investment Partners Managing Partner.
EDCO is advised by CIBC, and Horwood Marcus & Berk. BV is advised by Ropes & Gray and Chris Tofalli.
Olympus Partners agreed to acquire Soliant Health, the US healthcare staffing business of Adecco Group, a HR solutions partner, for a cash consideration of $612m.
"Soliant is a strong business that has thrived inside of the Adecco Group, and we are pleased to have reached an agreement that we believe will unlock value for both the Group and Soliant. As we look to this next chapter in our story, we see strong potential for growth as a standalone company by building on our unique strengths. We are committed to business continuity through this transition period, and to the continued success of our valued customers, healthcare professionals and employees," David Alexander, Soliant Health Head.
Adecco is advised by JP Morgan.
OpSec Security, an Investcorp portfolio company and a provider of anti-counterfeiting and brand protection solutions, agreed to acquire MarkMonitor Brand Protection, antipiracy, and antifraud business, from Clarivate, a provider of insights and analytics. Financial terms were not disclosed.
"OpSec has built and maintained a market-leading position because we continue to innovate and invest in solutions that solve the brand protection needs of our customers. Integrating MarkMonitor's industry-leading online brand protection program into OpSec's solution portfolio expands and strengthens our commitment to helping brands combat the rising problems of piracy, fraud, counterfeiting and diversion for both the offline and online world. Our collective expertise and industry-leading technologies will create a whole new standard and raise the bar for global brand protection," Richard Cremona, OpSec Security CEO.
Guggenheim Partners and Holland & Knight advised Clarivate.
SECO, a high-tech manufacturer of computer miniaturization and "ready-to-use" integrated systems, agreed to acquire InHand, a provider of low-power embedded systems and software to original equipment manufacturers of handheld, portable, battery-operated, IoT, and wireless devices. Financial terms were not disclosed.
"We are extremely pleased to have InHand as part of the SECO Group. This is a very strategic acquisition for increasing our presence in the US market thanks to a very skilled R&D department and tier 1 US-based customers. With the combination of InHand and SECO USA, we are confident we will be able to achieve new and larger portions of the American market in the forthcoming years," Massimo Mauri, SECO Group Executive Board Member.
SECO is advised by Community Group.
Private equity firms CVC Capital and The Jordan Company completed an investment of Bruin Sports Capital, a sports and entertainment firm, for $600m.
The deal gives Bruin access to billions in capital, plus a global network of resources from the partners beginning with an initial combined investment from CVC Fund VII and TJC’s Resolute Fund IV.
“We are extremely proud to have the partnership and support of CVC Capital Partners and The Jordan Company, not only for what it says about our progress but also what it means for our businesses and future opportunities,” George Pyne, Bruin Sports Founder, and CEO.
Align Financial Holdings, a general agency and specialist program underwriting manager based in San Diego, agreed to acquire Deposit Choice, a national provider of surety bonds and insurance products to the multifamily industry. Financial terms were not disclosed.
The acquisition of Deposit Choice and its innovative line of surety and insurance products fits well with Align’s strategy of providing an increasingly diversified portfolio of specialty property and casualty products to the insurance marketplace.
“Align’s underwriting-focused culture, emphasis on the effective use of technology and efficient process, and relationship-centric approach will be highly additive to Deposit Choice in its next phase of growth. We are excited to be working with our new partners at Align,” Timothy Fortner, Deposit Choice Co-Founder.
Casino and resorts operator Genting Malaysia agreed to acquire 13.2m shares in Empire Resorts from its largest shareholder, Kien Huat Realty III, for about $129m.
Genting said the Empire shares were bought at $9.74 a share, at the same as what it had offered to pay for a 46% stake held by Kien Huat in August. Genting had proposed to acquire and privatize Empire at the time.
DGI, a Massachusetts-based audiovisual, technology, and print provider, agreed to acquire ACT, Connecticut-based audiovisual consulting firm. Financial terms were not disclosed.
"Our focus on audiovisual design, technical innovation, dedicated support, and quality execution has led to tremendous national growth over the last five years. Adding the ACT Associates team will not only bring proven consulting expertise to our team but also a shared passion for innovation, client-focus, and on-budget technical solutions. Together we will further our respective positions as sought-after partners for AV and technology solutions, from the boardroom to the classroom to the retail sales floor, across the country," Mike Walsh, DGI CEO.
Novacap, a private equity firm, completed the acquisition of a majority stake in Foliot Furniture, a designer and manufacturer of quality furnishings for the hospitality and educational housing sectors. Financial terms were not disclosed.
"Novacap recognizes Daniel Foliot's success and the passion that drives him, we found in him and his team the same values as ours. We are convinced that the current management team is world-class and that the combination of their expertise with ours will allow Foliot Furniture to continue its momentum. We are all very excited about working with the Foliot team," Michel Toutant, Novacap Senior Partner.
Verus, an international food subsidiary that sells branded consumer products to customers worldwide, agreed to acquire a controlling interest in Nutribrands, a Brazil-based health and nutrition company that owns, imports, and distributes more than 150 trademarked "Made in USA" products for the Brazilian market. Financial terms were not disclosed.
"We had multiple reasons to seek out this acquisition. First, Nutribrands gives us an instant foothold in the largest South American consumer market, with the potential to reach tens of thousands of drugstores, convenience stores, supermarket points of purchase, and e-commerce stores. We acquired some established, leading brands and revenue, along with some very promising opportunities for growth. In particular, Nutribrands was looking for a partner to help develop its Vivamil energy shot, which, along with other products in their portfolio, has a large, unfilled backlog," Anshu Bhatnagar, Verus CEO.
Walgreens to consider a $70bn buyout.
Walgreens, the US-listed global drugstore group, explores the possibility of a $70bn take-private deal, holding talks with a handful of private equity groups about what would be the largest buyout in history.
No final decision has been made about whether to pursue the buyout idea, and it was not clear whether financing on such a scale would be available.
Walgreens shares rose 4% in trading in response to the news of a possible take-private. That gave the company's equity market value of $55bn. It also has a net debt of c.$15bn, FT reported.
Brookfield closes a $9bn PE fund. (FS)
Brookfield Asset Management closed its latest global private equity fund, Brookfield Capital Partners V, with total commitments worth $9bn.
BCP V attracted total capital commitments exceeding the original $7bn fundraising target. Investors in the Fund are a diverse group of institutional investors, including public and private pension plans, sovereign wealth funds, financial institutions, endowments and foundations, family offices, and private wealth investors.
“We are pleased to have reached this milestone based on the ongoing strong support we have received from our investors," Cyrus Madon, Brookfield Head of private equity.
Atlas Partners closes its second fund at $3bn. (FS)
Atlas Partners, a private equity firm, held the first closing of its second fund, Atlas Partners Holdings II, with the capital commitments of $3bn. The fund closed on its hard cap and was oversubscribed.
With the fund, Altas will continue to execute the firm’s strategy of investing in one or two high-quality, market-leading businesses each year.
“We are grateful for the enthusiastic response to the Fund, and we remain singularly focused on creating lasting value for our investors as an engaged owner of high-quality businesses,” Andrew Sheiner, Atlas Founder and Managing Partner.
OpenGate closes its second fund with $585m in commitments. (FS)
OpenGate Capital, a private equity firm, closes its second institutional fund, OpenGate Capital Partners II and II-A, at $585m, which is 30% above the fund's initial target of $450m.
The new fund supports OpenGate’s on-going strategy to invest in lower middle-market businesses. The fund comprises 23 investors from seven countries, including pensions, asset managers, consultants, fund of funds, wealth managers, and insurance companies.
“We are extremely honored to have the trust and confidence from our existing investors who re-committed with us and excited to partner with our new investors who represent some of the most sophisticated, institutional investors. The entire team at OpenGate is looking forward to continuing to work with all of our Limited Partners and investing in and optimizing the businesses in our two portfolios," Andrew Nikou, OpenGate Founder and CEO.
UBS and Kirkland & Ellis advised OpenGate.
Peloton rumored to have acquired Gossamer.
Peloton Interactive, a provider of fitness appliances and classes, is rumored to have acquired Gossamer Engineering, an engineering design firm, earlier this year. Financial terms were not disclosed.
Bloomberg reported that Gossamer was previously hired by Facebook to develop its Portal video chat device, and also worked with Google’s Advanced Technology and Products division.
EMEA
Inmarsat, the British satellite firm being acquired by a private equity-led consortium, has rejected a call by investor Oaktree Capital to delay the takeover court hearing until there is clarity on the status of its US spectrum holdings.
Oaktree Capital, which owns a 2.85% stake in Inmarsat, called on the board to delay the Nov 12 meeting because it said US regulator FCC would likely make a key ruling on the airwaves shortly that could affect the value of the company.
Therefore it said there had been no material change since it recommended the $3.4bn acquisition in March by a consortium comprising Apax Partners, Warburg Pincus, and two Canadian pension funds.
Inmarsat is advised by Credit Suisse, JP Morgan, PJT Partners, Clifford Chance, and Headland Consultancy. The buyers are advised by Bank of America Merrill Lynch, Barclays, UBS, Freshfields Bruckhaus Deringer, Kirkland & Ellis, Weil Gotshal and Manges, and Kekst CNC.
STADA Arzneimittel, a pharmaceutical company, agreed to acquire a portfolio of c. 20 selected over-the-counter and prescription pharmaceutical assets sold among other things in Russia, Georgia, Azerbaijan, Belarus, Kazakhstan, and Uzbekistan from Takeda Pharmaceutical for a total value of $660m.
The transaction will enable the Group to continue expanding its consumer health business in Russia and the CIS. It is expected that the highly capable approximately 500-strong sales and marketing team from Takeda’s business will transfer to STADA on completion of the transaction, which is expected in the first quarter of 2020. Also, Takeda and STADA will enter into manufacturing and supply agreements in connection with the acquisition under which Takeda will continue to supply the products to STADA. The acquisition is expected to be financed by new debt financing.
"This is STADA’s largest acquisition to date and will position us as a major player in a large and structurally growing market. This transaction also reflects the ambitions of STADA as we continue expanding the business internationally - both organically and through acquisitions - and continue generating significant operating efficiencies worldwide. STADA’s branded products are already well-represented in the most popular pharmacy categories in our key markets. However, we are continuing to expand our portfolio of branded generics, to strengthen our position in strategic niches and to develop new market segments," Peter Goldschmidt, STADA CEO.
Stada is advised by Nomura and Kirkland & Ellis. Takeda is advised by Bank of America Merrill Lynch and White & Case.
Houlihan Lokey, a global investment bank, completed the acquisition of Fidentiis Capital, a growing mid-market focused private equity firm. Financial terms were not disclosed.
“The strong cultural fit between the firms is clear, and we are excited with this next step in the continued evolution of our European Corporate Finance business towards our goal of being a leader in every market where we operate,” Scott Beiser, Houlihan Lokey CEO.
Fidentiis advised Fidentiis Capital. Houlihan Lokey and Kreab advised Houlihan Lokey.
Fimalac, a holding company, completed the acquisition of a majority stake in Jellyfish, a digital marketer, for $645m. The French group will merge its data-driven marketing specialist Tradelab into London-based Jellyfish as part of the deal.
"We want to create this new kind of agency that Martin Sorrell started. Now we are in very good shape to be a real competitor," Veronique Morali, President of Fimalac's digital media subsidiary.
Jellyfish is advised by Osborne Clark and GP Bullhound.
Mesa Laboratories, a diversified supplier of control instruments and consumables to highly regulated markets, agreed to acquire Gyros Protein Technologies, a provider of Immunoassay and Peptide Synthesis solutions that accelerate the discovery, development, and manufacturing of biotherapeutics, for $180m.
"We are proud of the track record we have improved the processes for developing biotherapeutics. Superior technology backed by deep customer intimacy has been the foundation of our success, and we felt the same spirit of innovation at Mesa. We look forward to working with the Mesa team to expand the applications we deliver and deepening our level of customer support," Dan Calvo, GPT President.
GPT is advised by Jefferies.
OpenGate Capital, a global private equity firm, completed the acquisition of a majority stake in CoreMedia, a content management and digital experience platform, from Deutsche Telekom and a consortium of individual investors. Financial terms were not disclosed.
"The investment in CoreMedia represents OpenGate's on-going commitment to investing in leading technology companies," Andrew Nikou, OpenGate Capital's Founder and CEO.
Deutsche Telekom and CoreMedia are advised by Lincoln International.
Shell, a producer of fuels, chemicals, and lubricants, agreed to acquire EOLFI, a French renewable energy developer, specialized in floating wind projects. Financial terms were not disclosed.
This acquisition brings specialist expertise to enhance Shell's existing wind team and a floating wind pilot project, which is an opportunity to leverage our offshore experience and project management expertise. This is also a significant step for Shell in France, where Shell sees an opportunity to grow the offshore wind business.
"EOLFI has been a pioneer of floating wind development. We believe the union of EOLFI's expertise and portfolio with Shell's resources and ability to scale-up will help make electricity a significant business for Shell," Dorine Bosman, Shell VP.
Aramco's foreign listing to be delayed by a year.
The Saudi government plans to divest a 2% stake in the state oil giant Aramco in a domestic listing next month but restricts any further sale of the stakes, which concludes that an international IPO is ruled out for at least a year.
The final pricing for the IPO will be determined on the Dec 5th, and the IPO will be conducted on the Dec 11th. The Saudi government will face a one-year restriction on selling more Aramco shares following the domestic listing.
SAP to return €1.5bn to shareholders in 2020.
SAP, a European technology firm, stated it would return an extra €1.5bn ($1.7bn) to shareholders in 2020, either through share repurchases or a special dividend, with the enhanced payout made possible by its strong financial and operational performance.
The announcement comes ahead of SAP’s capital markets day on Nov. 12 in New York at which some investors - including US activist fund Elliott that declared a stake in SAP earlier this year - had hoped for a far more massive buyback.
“The Supervisory Board and Executive Board are confident that SAP’s strategy of investment in innovation and profitable growth, together with the disciplined capital return, will maximize shareholder value for the long term,” SAP.
UniCredit to divest riskier notes in Prisma securitization deal.
UniCredit said it had agreed to sell the riskier notes in a securitization issue backed by non-performing house mortgages with a gross book value of €4.1bn ($4.5bn). The bank said it had transferred the loans to a securitization vehicle called Prisma, which had issued three tranches of mortgage-backed securities for a total of €2.3bn ($2.56bn) to finance the purchase.
UniCredit said it could tap a state guarantee scheme on the €1.2bn ($1.3bn) senior tranche, while it had agreed to sell 95% of both the mezzanine and junior tranches to a financial institution outside the group.
As a consequence, UniCredit said it had asked European Central Bank supervisors to acknowledge that the risk on the loans securitized no longer lay with the bank allowing it to clear them off its balance sheet.
Nanoco explores strategic options, including a sale.
Nanoco Group, a British nanotechnology group, is in early discussions over a potential sale as it tries to recover from the loss of a significant contract in the US.
The Manchester-based firm makes quantum dots used in vibrant, high-quality displays.
Evercore is advising the Nanoco.
Avaloq considers the sale of itself in 2020. (FS)
Swiss banking software company Avaloq is starting preparations for a 2020 sale or initial public offering as its private equity shareholder Warburg Pincus seeks an exit, Reuters reported.
The buyout group, which owns 45% of Avaloq, is expected to mandate advisers soon to handle the divestiture, adding that an auction could launch in early 2020. Avaloq founder Francisco Fernandez, management and employees also hold shares in the company.
Avaloq, founded in 1985 as BZ Informatik, supplies software for financial institutions such as Barclays, BBVA, Deutsche Bank, HSBC, Rothschild & Co, Societe Generale and Vontobel. Its software programmes manage $4.5tn in client money.
PetroSA and Rosgeologia in $359m farm-out deal talks.
South Africa’s national oil company PetroSA and Russia’s state geological company Rosgeologia are in talks to finalize a $359m farm-out deal to give Russia its first foothold in a prospective oil and gas field offshore South Africa, Reuters reported.
PetroSA is under pressure to boost dwindling domestic resources that have imperiled its flagship Mossel Bay gas-to-liquid refinery, which is operating well below capacity. The company is hoping the tie-up with Rosgeologia and other partners, including Norway’s Equinor, will accelerate exploration in acreage it holds.
APAC
Fujifilm agreed to acquire 25% stake in Fuji Xerox from Xerox, for $2.3bn, after investor activism scuppered a deal involving the two companies.
Xerox, struggling with falling demand for office printing equipment, had agreed to a complicated $6bn deal that would have merged the US brand into Fuji Xerox and given Fujifilm control. The JV accounted for nearly half of Fujifilm’s revenue, while Xerox no longer builds its office copiers, instead of relying mostly on Fuji Xerox.
“These agreements reset our relationship with FUJIFILM and provide both companies with tremendous opportunities to grow, together and independently. These agreements also unlock significant unrealized value for our shareholders, provide greater clarity for our customers and help us speed our transformation to a digital-first company,” John Visentin, Xerox Vice Chairman, and CEO.
Xerox is advised by King & Spalding and Kekst CNC.
Wirecard, the global innovation leader for digital financial technology, agreed to acquire all shares in the Bejing-based AllScore Payment Services, a local payment service provider, for $81m. After the closing, which is subject to customary and regulatory closing conditions, Wirecard will hold 80% of all shares in AllScore. A call option enables Wirecard to acquire the remaining 20% of shares after two years.
"We welcome Wirecard to China and are proud that they have selected us to enter the market, joining in on the efforts of the Chinese Government to open the financial sector and improve the regulatory environment for market access to foreign investors. Wirecard's demonstrated history in expanding the global, digital business and their professional approach to execution, combined with our local knowledge and licenses make us an ideal combination to serve Chinese merchants, as well as international clients doing business in China," Yao Lin, AllScore Payment Service CEO, Chairman, and Founder.
IMCD, a distributor of speciality chemicals and food ingredients, agreed to acquire 57% of the outstanding shares of South Korean based pharmaceutical ingredient distributor Whawon Pharm. In 2018, the company generated a revenue of KRW57bn ($49m) with 54 employees.
"MCD is an ideal partner for Whawon as they share a similar business culture and have a highly dedicated global pharmaceutical presence. We look forward to utilising their technical capability to further develop growth for our customers and suppliers," Young-Hee Won, Whawon CEO.
China Biologic bidder seeks over $1bn in financing. (FS)
A consortium of bidders for China Biologic Products Holdings, a biopharmaceutical company, is in talks with banks to raise more than $1bn of funding to back the bid.
The consortium consisting of Beachhead Holdings, CITIC Capital China Partners IV, PW Medtech Group, Parfield International, HH Sum-XXII Holdings, and V-Sciences Investments are speaking to international and Chinese banks for the financing as it is close to making a formal bid.
Bain, KKR join bidders for Leyou. (FS)
Bain Capital, CVC Capital Partners, and KKR are among the bidders for the Hong Kong-based game developer Leyou Technologies Holdings, Bloomberg reported.
The buyout firms are selected to participate in the second round of bids. The firms are discussing potential financing options with investment banks.
Moelis & Co is advising Leyou.
QSuper and Sunsuper in talks to merge. (FS)
Australian pension funds QSuper and Sunsuper are in early-stage discussions to merge and form the country’s largest pension manager, as regulatory pressure drives consolidation in the industry.
A merger would create a fund managing over A$183bn ($126bn) in assets, based on their particular investment books, surpassing the A$160bn ($114bn) managed by AustralianSuper, currently the country’s largest fund, Reuters reported.
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