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AMERICAS
Reuters reported that Mississippi, one of 17 US states that sued to block a proposed $59bn merger of Sprint and T-Mobile US, agreed to drop the challenge after reaching a deal with the companies.
Mississippi Attorney General Jim Hood said in a statement he would withdraw from the legal challenge over the planned merger of the third- and fourth-largest US wireless carriers. He said the combined company has agreed within three years to deploy a 5G network in Mississippi with at least 62% of the state's general and rural populations having access to high-speed service.
Sprint is being 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 being advised by Morrison & Foerster. Deutsche Telecom is being 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.
UCB, which researches and manufactures biopharmaceutical products, agreed to acquire Ra Pharmaceuticals, a clinical-stage biopharmaceutical company leveraging a proprietary peptide chemistry platform to develop novel therapeutics for the treatment of serious diseases, for $2.1bn.
“Ra Pharma is an excellent strategic fit addressing multiple areas of UCB’s patient value growth strategy. Upon closing, the acquisition will add to our strong internal growth opportunities – six potential product launches in the next five years, strengthening our neurology and immunology franchises with late and early-state pipeline projects. In addition, the combination will provide us with the opportunity to become a leader in treating people living with myasthenia gravis, an auto-antibody mediated neurological orphan disease with a high unmet medical need, as well as adding a highly productive technology platform to our innovation engine.” Jean-Christophe Tellier, UCB CEO.
Centerview Partners, Latham & Watkins, and Argot Partners advised Ra Pharma. Bank of America Merrill Lynch, Lazard, and Covington & Burling advised UCB.
Shareholders of OMNOVA, a global manufacturer of emulsion polymers, specialty chemicals and functional and decorative surfaces, approved the $824m merger with Synthomer, a United Kingdom-based specialty chemical company. The deal was announced in July 2019.
"We are pleased that OMNOVA shareholders have overwhelmingly supported the pending merger with Synthomer, which represents a tremendous strategic and value-creating opportunity. The combined company will have an expanded global platform and portfolio to serve customers, greater supply chain and manufacturing scale to more efficiently produce and distribute the product, an increased innovation pipeline to accelerate future growth, and a stronger balance sheet to drive inorganic growth opportunities." OMNOVA President and Chief Executive Officer Anne Noonan.
Morgan Stanley and Jones Day are advising OMNOVA. Canaccord Genuity, Citigroup, HSBC, Barclays, Valence Group, Cravath Swaine & Moore, Herbert Smith Freehills, and Teneo are advising Synthomer.
Mednax, which provides physician management services to hospital-based neonatal, maternal-fetal, pediatric cardiology, and pediatric intensive care specialties, has agreed to sell Ohio-based medical billing service MedData to private equity firm Frazier Healthcare Partners for $300m.
MedData provides a digital platform for hospitals and other health care providers to manage services. Headquartered in Brecksville, Ohio, the company currently serves more than 10k physicians across a network of more than 3k facilities across the US.
“We are excited to be partnering with MedData’s 2k dedicated employees to continue to provide best-in-class patient financial and advocacy services to the company’s broad base of customers.” Nader Naini, Frazier Healthcare Managing partner.
Barclays, Guggenheim Securities, Cleary Gottlieb Steen & Hamilton, and McDermott Will & Emery are advising to Mednax. Goodwin Procter is advising Frazier Healthcare Partners.
Senator Marco Rubio asked a US national security panel to review TikTok owner Beijing ByteDance Technology's acquisition of Musical.ly, arguing TikTok is used by the Chinese government to censor politically sensitive content.
In a letter to Treasury Secretary Steven Mnuchin, Rubio said Chinese-owned apps “are increasingly being used to censor content and silence open discussion on topics deemed sensitive by the Chinese Government and Communist Party.”
The Treasury secretary heads the Committee on Foreign Investment in the US, which reviews mergers and stock purchases to ensure they do not harm national security, Reuters reported.
Simpson Thacher & Bartlett advised Musical.ly. Hume Brophy advised ByteDance.
VMG Partners, a private equity firm specializing in building iconic consumer brands in the food and beverage, personal care and beauty, pet food, and wellness categories, agreed to acquire Popchips, one of the leading better-for-you snack brands in North America. Financial terms were not disclosed.
"We are so proud to have been a part of the Popchips journey. We are excited about the next chapter in the company's life and trust that Popchips will continue to grow and prosper through the VSB platform and under the leadership of VMG." said Eric Melloul, Managing Director at Verlinvest.
Barclays and Morrison & Foerster are advising Popchips.
Audax Private Equity completed its acquisition of EIS, a leading distributor, fabricator, and converter of electrical process materials, wire, cable, and assemblies serving end-user segments in electrical power and related markets. Financial terms were not disclosed.
"We believe EIS is a quality organization with an experienced management team, loyal customer base, strong partnerships, and a proven M&A platform that will complement our portfolio of industry-leading companies. Audax will seek to provide the expertise and resources to support the EIS leadership team as it continues to broaden its customer base, pursue strategic acquisitions, and enhance service and support programs for the benefit of all EIS stakeholders." Don Bramley, Managing Director, Audax Group.
Kirkland & Ellis advised Audax.
Goodhart Partners, a London-based independent “multi-boutique” investment firm, made a minority investment in Albright Capital Partners, an industry leader in emerging markets private investments. Financial terms were not disclosed.
Drawing on decades of experience in investment management, Goodhart is well-positioned to support Albright Capital’s management team and materially contribute to the firm’s future success. Goodhart will play an active role in firm governance and a more passive role in Albright Capital’s investment process and day-to-day operations.
“We strongly believe that Albright Capital will build on its leadership position, identifying and executing on value-based opportunities and continuing to deliver positive social impact in EM private markets,” Goodhart Managing Director Mike Daley.
Stanton PRM is advising Albright Capital Partners.
Centrinet, a leading IT, consulting, and managed services firm, agreed to acquire Accordant Technology, a leader in cloud and virtualization solutions. Financial terms were not disclosed.
"We are excited to bring on Accordant, and it's customers as we share our vision for adaptive workspaces and cloud solutions that will help our clients be flexible, scalable, and secure," Keith Paschall, Centrinet CEO & Founder.
Hui Huliau, a multifaceted non-profit Native Hawaiian organization with for-profit subsidiaries that offer a broad spectrum of services to the Federal Government and commercial customers, has completed the acquisition of LNO, which provides a wide array of technical services and support. Financial terms were not disclosed.
Hui Huliau is continuing to execute its plan to become one of the Nation's premier organizations in the US Federal Sector by adding to its stable of operating units.
"We are pleased to add more than 120 employees and their families to the Hui Huliau team," Deryl Wright, Hui Huliau Chief Executive Officer.
Knights of Columbus Asset Advisors, a New Haven-based asset management and investment firm, agreed to acquire the Institutional Business of Boston Advisors, an equity investment advisory firm established in 1982. Financial terms were not disclosed.
"The Boston Advisors business model aligns with our objective of providing clients with investment capabilities across several equity strategies. We look forward to serving our new investors and seek to deliver strong investment performance portfolios along with a broad and deep range of strategies across key institutional asset classes." Tony Minopoli, President and Chief Investment Officer of KoCAA.
Major League Fishing, a professional bass fishing league, agreed to acquire Fishing League Worldwide, the world's largest tournament-fishing organization. Financial terms were not disclosed.
"We're thrilled about welcoming FLW to the MLF team. FLW shares our commitment to creating tournaments and opportunities centered on the success of the angler. Through this acquisition, we are better positioned to support anglers and sponsors at all levels." Jim Wilburn, Major League Fishing President, and CEO.
ST Telemedia, a strategic investor, focused on infrastructure technology, data centers, and communications and media businesses, agreed to acquire a majority stake in 2nd Watch, a leading cloud service provider based in Seattle. Financial terms were not disclosed.
"ST Telemedia has extensive experience in helping companies accelerate their global scale and reach and successfully operate in multiple regions. We have been solidifying our capabilities across the cloud space and are excited to take a majority position in 2nd Watch. Combining our infrastructure technology portfolio with our position in data centers, STT has a unique presence in the global cloud IT ecosystem to ignite adjacent growth across our portfolio." Stephen Miller, STT President, and Group CEO.
The Sterling Group-backed Artisan Design Group, a dealer of flooring products and services, providing design, procurement, installation and quality control of flooring and complementary products for homebuilders and multi-family developers, acquired Dixie Carpet Installations, a leading provider of flooring installation and replacement services to existing and new-construction multi-family properties across Texas. Financial terms were not disclosed.
"Artisan Design Group is excited to partner with Dixie Carpet Installations. We are confident that the Dixie team can build on its strong legacy of excellence and continue to grow beyond its current footprint. Dixie significantly expands our relay capabilities, allowing us to serve our multi-family customers better," Larry Barr and Wayne Joseph, ADG Co-CEOs.
Goldman is considering divesting its stake in RCO. (FS)
Goldman Sachs is considering divesting a majority of stake in RCO, Mexico's largest private tollroad operator, to Abertis Infraestructuras and GIC, Bloomberg reported.
The potential deal for roughly 70% of Red de Carreteras de Occidente is likely to value RCO at about MXN$65bn ($3.3bn).
Abertis, a tollroad manager based in Spain, and GIC, the Singapore sovereign wealth fund, have emerged as frontrunners in a competitive sales process for the asset.
James Murdoch grabs a stake in Vice Media.
James Murdoch, the former chief executive officer of 21st Century Fox, is rumored to have acquired a small minority stake in Vice Media, a Canadian digital media and broadcasting company. No financial terms were disclosed.
Carrefour Brasil divests 17 supermarkets. (RE)
Reuters reported that food retailer Carrefour Brasil is handing over the management of its 17 supermarkets in the southeastern state of Minas Gerais to Super Nosso, a family-owned chain, in a deal that aims to address the peculiarities of regional markets in a vast country.
Carrefour Brasil will continue to take in revenue from sales, the filing said, but financial terms of the agreement were not disclosed.
ProSieben's US production assets are attracting strategic buyers' interest.
ProSieben Media US production business, which includes the maker of crime drama Bosch, is attracting interest from strategic buyers. The German broadcaster aims for a sale by year-end, Reuters reported.
Morgan Stanley is managing the sale of the US operations, which account for around $350m of international production business Red Arrow's total annual revenues of $600m.
EMEA
Bloomberg reported that UK regulators are set to approve the private equity buyout of satellite company Inmarsat after officials said the transaction does not appear to present competition or national security concerns. The acquisition of Inmarsat by a consortium of Apax Partners, Warburg Pincus, OTPP, and CPPIB was announced in March 2019.
Commitments made by the buyers, which included a pledge to keep the company in the UK for several years and continue with research and development in Britain, were enough to avoid a more in-depth investigation into the deal, the Department for Digital, Culture, Media, and Sport said.
Credit Suisse, JP Morgan, PJT Partners, Clifford Chance, and Headland Consultancy are advising Inmarsat. Bank of America Merrill Lynch, UBS, Barclays, Freshfields Bruckhaus Deringer, Kirkland & Ellis, and Kekst CNC are advising the buyers.
Private equity groups Bain and Advent are doing thorough due diligence on Osram in preparation for a potential takeover offer, Reuters reported. Bain and Advent said in a letter last month they were prepared to make an offer for Osram at a price “meaningfully” above that of rival bidder Austrian sensor specialist AMS.
“I hope it was not a joke. To make it clear, I think there are huge teams in the data rooms. I’m quite sure (of Bain and Advent being serious about this) if they spend the money,” Olaf Berlien, Osram Chief Executive.
Credit Suisse, Goldman Sachs, JP Morgan, Macquarie Group, Kirkland & Ellis, Camarco, and FTI are advising Bain. Osram is advised by Lazard, Perella Weinberg Partners, Freshfields Bruckhaus Deringer, Gleiss Lutz, and Hengeler Mueller. AMS is advised by PwC, Bank of America Merrill Lynch, HSBC, UBS, Herbst Kinsky, Linklaters, Allen & Overy, Schellenberg Wittmer, and Brunswick Group.
Proxy adviser ISS recommended shareholders vote against a rights issue that will allow Sunrise Communications to finance the CHF6.3bn ($6.4bn) purchase of cable operator UPC from Liberty Global, Reuters reported. Sunrise needs a simple majority to back the equity issue, which has been scaled back from CHF4.1bn ($4.1bn), although the debt component has risen.
“On balance, Sunrise appears to be overpaying for assets in a transaction that appears to have debatable long-term strategic merit. As such, shareholders are recommended to vote against the transaction at this time,” ISS said in a document.
PwC, Deutsche Bank, Morgan Stanley, UBS, Latham & Watkins, Meyerlustenberger Lachenal, Slaughter & May, Deloitte, NautaDutilh, and Lenz & Staehelin are advising Sunrise. Credit Suisse, JP Morgan, Lion Tree Advisors, and Shearman & Sterling are advising Liberty Global.
Uniper's suitor, Finnish utility Fortum had yet to address a range of questions from the German energy firm’s management to convince it to support a takeover deal. Uniper said in a statement that Fortum needed to provide answers about its commitments to employees, Uniper’s strategy and financial stability, as well as the composition of Uniper’s supervisory board.
Fortum moved to gain control of more than 71% in Uniper by acquiring the shares of activist funds Elliott and Knight Vinke. That would add a stake of at least 21% to the 45% it already controls, Reuters reported.
Uniper was advised by Morgan Stanley, Rothschild & Co, Shearman & Sterling, Sullivan & Cromwell, and Finsbury. Fortum was advised by Barclays, Perella Weinberg Partners, Clifford Chance, Hengeler Mueller, and Roschier Attorneys. EON was advised by Goldman Sachs and Linklaters.
Ardian agreed to acquire a stake in Saal Digital, one of the leading manufacturers of high-end photo products in Europe. Financial terms were not disclosed.
“Saal Digital has a leading market position in the growing online market for high-end photo products. The company is characterized by strong customer loyalty and has significant growth potential in the German-speaking region, in Europe and beyond. We look forward to supporting the excellent management team in the further development of the company.” Marc Abadir, Managing Director in the Ardian Expansion team.
EY, Quarton, Taxess, White & Case and Willkie Farr & Gallagher are advising Ardian.
Morgan Stanley Infrastructure agreed to acquire PNE, which plans and manages onshore and offshore wind farms, for $330m. PNE serves customers in Europe, Africa, and North America.
"We got to know MSIP in the talks like a very professional and far-sighted partner. Our strong commitment to our long-term business model and, in particular, to our 'Scale Up' strategy, as well as to our employees and existing business units, has convinced us. Last but not least, we also welcome the attractive bonus we offer our shareholders. Therefore, subject to careful consideration of the offer document, we support the offer of MSIP. " Markus Lesser, PNE CEO.
PwC and Latham & Watkins advised PNE.
Bulgaria’s competition watchdog will carry out an in-depth inquiry into Eurohold’s planned €335m ($369m) deal to acquire the local assets of Czech utility CEZ.
Bulgarian holding company Eurohold, active in insurance and asset management, agreed to the deal in June to acquire assets, which include a power distributor that provides electricity to more than 2m bulgarians.
The Commission for Protection of Competition said Eurohold has a significant share of the market of insurance guarantees, while some of CEZ’s Bulgarian companies are active in energy trade, which requires bank and insurance guarantees.
Morrison & Foerster advised Eurohold. Markov & Partners advised CEZ.
Aurelius Equity Opportunities agreed to sell Scandinavian Cosmetics Group, the leading Nordic distributor within cosmetics, to Accent Equity, an investment advisor focused on the Nordic lower mid-market. Financial terms were not disclosed.
Accent Equity has a broad experience of growing businesses in different industries and sectors and is well-positioned to support the Scandinavian Cosmetics Group is growing internationally – organically and through add-on acquisitions. The company's continued development is supported by the highly experienced management team, the strong position in the Nordic market, and the company's unique position in the value chain.
ABG Sundal Collier, PwC, and Vinge are advising Aurelius.
Inchcape, the leading independent multi-brand automotive distributor with a global scale, sold Inchcape Fleet Solutions, which leases fleet vehicles and provides fleet management services to B2B customers, to Toyota Motor for £100m ($122m).
"This transaction is a further demonstration of strategic progress and focus on our core Distribution activities, which generate 90% of Group trading profit. We are pleased to have been able to further streamline our UK Retail market activities by selling IFS at a good valuation. We remain focused on our Ignite strategy, which frames our operational excellence initiatives, has driven 10 Distribution deals since 2016, and sets the foundations for capabilities that will enable us to position Inchcape well for the future. I would like to thank our IFS team for all their hard work and dedication and wish them success under Toyota, Inchcape's oldest OEM partner." Stefan Bomhard, Inchcape Group CEO.
Instinctif Partners is advising Inchcape.
ServerFarm, the innovative data center developer and operator, has completed the acquisition of 5NINES Global and will integrate the organization's employees, customers, subsidiaries, operations, and assets into its global business. Financial terms were not disclosed.
This development expands ServerFarm's network to several new locations around Europe and the US while boosting the company's ability to deliver highly effective digital transformations for global enterprises.
"We are delighted to have acquired one of the world's most innovative data center operators. This acquisition not only extends our global data center footprint but also provides a platform to help more customers by repeating a well-proven model. We built ServerFarm because we recognized that global enterprise customers are looking to be released from owning and operating cost- and capital-intensive data center and IT infrastructure and move to more cloud-like as a service, flexible model. This acquisition positions ServerFarm to help more customers around the world realize this objective, and our significant portfolio and services combined with 5NINES' innovation will define how enterprise data center owners deliver digital strategies for years to come." Avner Papouchado, ServerFarm CEO.
NIBC Bank advised ServerFarm.
Marlin Equity Partners invested in SmartSearch, a leading UK-based provider of automated regulatory technology software focused on anti-money laundering and know your customer compliance solutions. Financial terms were not disclosed.
"SmartSearch's robust regulatory compliance platform provides industry-leading accuracy rates and strong customer advocacy. With increasing regulatory scrutiny and the desire for seamless customer onboarding, SmartSearch is well-positioned to capitalize on the current shift towards digital verification solutions, and we look forward to collaborating with an exceptional management team to support the company's rapid growth trajectory." Roland Pezzutto, Marlin Principal.
Exponent-backed Meadow Foods, the UK's leading supplier of dairy-based ingredients to the food industry, agreed to acquire Nimbus Foods, one of Europe's leading innovators and manufacturers of high-quality inclusions, decorations, and toppings for the food industry. Financial terms were not disclosed.
"Nimbus fits perfectly with our growth strategy of pushing further into the value-added ingredients space. This acquisition will further diversify our portfolio and strengthen our position as a leading supplier of confectionery ingredients. There is a large customer overlap, and we continue to grow with the demands of our customers who are looking for strategic partners that can offer unique ingredients solutions." Mark Chantler, Chief Executive of Meadow Foods.
HMP, a leading global organizer of healthcare events and education, agreed to acquire Provascular, a German-based company producing cardiovascular education and events. Full terms of the agreement were not disclosed.
"HMP Europe and the acquisition of Provascular represent important milestones in the growth of this company. With the launch of HMP Europe, we will have an established presence in the region, where we already produce several congresses each year. This new division will allow us to accelerate opportunities we've identified in the region, which was a key factor driving this move. We continue to deliver on our vision of building a global, best-in-class healthcare events company and our mission to improve patient care around the world." Jeff Hennessy, HMP Chairman, and CEO.
Barclay brothers are considering a $1bn sale of The Ritz London. (FS)
The Ritz London, one of the most prestigious hotels in the world, could be put up for sale after its businessmen owners David and Frederick Barclay received several unsolicited offers for the establishment in Piccadilly. The Barclays, who also own the Daily Telegraph newspaper had received several unsolicited bids for the hotel, Reuters reported.
Bankers due to deliver Aramco’s valuation by the end of the week. (FS)
Saudi Aramco is set to make a formal announcement regarding the launch of its IPO. The state-owned oil company could sell 1% to 2% of its shares on Saudi Arabia's domestic exchange as soon as November, The Wall Street Journal reported.
"Aramco is ready for listing whenever the shareholder makes a decision to list," Amin Nasser, Aramco CEO. "It's going to be very soon," he added.
LafargeHolcim drops plans to bid for BASF unit.
LafargeHolcim, a Swiss multinational company that manufactures building materials, terminated its plans to bid for BASF’s construction chemicals unit.
LafargeHolcim was the last strategic suitor pursuing the business that makes additives because of BASF’s valuation expectations.
Takeda looking to sell EMEA assets to private equity investors. (FS)
Takeda Pharmaceutical, the largest pharmaceutical company in Asia and one of the top 20 largest pharmaceutical companies in the world by revenue, is nearing the sale of a portfolio of assets in the Middle East, Africa and Russia to private equity buyout firms that could help the drugmaker raise about $1bn to reduce debt.
The company is in advanced talks to sell over-the-counter and prescription-drug assets in Russia to Stada Arzneimittel, the German pharmaceutical firm owned by Cinven and Bain Capital.
KKR-backed Upfield in talks to buy Violife Foods. (FS)
KKR-backed Upfield, the owner of Flora and I Can't Believe It's Not Butter brands, is in talks to buy Violife Foods, a Greek-headquartered operating in one of the global food industry's fastest-growing segments. The deal is rumored to be valued at approximately €500m ($549m). If completed, the deal will create one of the world's largest manufacturers of plant-based foods.
MAF is considering options for a partial sale of the credit card business.
Dubai's Dubai's Majid Al Futtai m, which operates the Middle East franchise of French retailer Carrefour, is exploring options for its credit card business, including enlisting partners, to manage unsecured credit risk, Reuters reported.
Sanlorenzo is set to launch an IPO this year.
Sanlorenzo, an Italian builder of luxury yachts, is planning to launch an IPO this year to capitalize on the opportunity to list shares and fund future growth.
"We look for sustainable growth, maintaining scarcity, uniqueness and price premium," Massimo Perotti, Sanlorenzo Chairman and CEO.
BioNTech raises $150m in US listing. (FS)
German biotechnology firm BioNTech has raised $150m in its US IPO, after selling fewer shares and at a lower price than initially planned. BioNTech sold 10m American depositary shares at $15, valuing itself at $3.4bn.
Shell, Mitsubishi, and KKR are shortlisted in the final auction round of Eneco. (FS)
Royal Dutch Shell, Japan's Mitsubishi, and private equity firm KKR have made the final round in an auction for Dutch utility Eneco, Reuters reported.
Eneco, estimated by analysts to be worth about €3bn ($3.4bn), aims to close the process by the end of the year. Royal Dutch Shell has teamed with Dutch pension fund manager PGGM while KKR has teamed with Dutch lender Rabobank.
Arabtec and Trojan are seeking advisers on a potential merger.
Arabtec Holding and Trojan Holding have mandated Swiss bank UBS and Dubai-listed Shuaa Capital as advisers on a potential merger between the two United Arab Emirates construction firms, Reuters reported. Arabtec Holding also hired New York-based investment bank Moelis to work on a new debt-restructuring plan.
BW Offshore is looking for a perfect opportunity to launch BW Energy IPO.
Norway's BW Offshore will wait for markets to stabilize before launching a planned IPO of its oil production arm, BW Energy, a company executive said.
"We are generally ready to go to the market for a listing, and however, looking at the market right now, with everything going on in the macro-environment, we see that the market isn't really where it needs to be," Staale Andreassen, BW Offshore's CFO.
Renault Board set to vote on CEO Bolloré. (People)
Renault board is planning a vote on whether to remove Chief Executive Thierry Bolloré amid concerns over the car maker's performance and its tense relationship with Nissan Motor, its partner in a globe-spanning alliance, The Wall Street Journal reported.
In a statement, Renault said its board would meet "to discuss the corporate governance of the group."
APAC
Japanese hotel chain Unizo Holdings had rejected buyout proposals from a “locally renowned” fund as well as US private equity firm Blackstone Group, adding to a list of spurned suitors, Reuters reported.
The rejections follow Unizo’s withdrawal of its support for a once white-knight bid from SoftBank-backed Fortress Investment Group as well as a failed hostile bid from travel agent HIS.
Unizo is now being seen as a prominent battleground amid Prime Minister Shinzo Abe’s push for greater transparency and reform because of its ways of handling buyout offers from various suitors.
Benedi Consulting, KPMG, ZECOO Partners, Daiwa Securities, Mitsubishi UFJ Morgan Stanley Securities, Davis Polk & Wardwell, Nishimura & Asahi, TMI Associates, Horwath HTL Asia Pacific, Hospitality Capital Management, and Ernst & Young are advising Unizo.
Orora, a packaging supplier to the food, beverage, and industrial manufacturers, agreed to sell its fiber arm to Nippon Paper Industries, a Japanese paper manufacturing company, for $1.2bn.
"The Nippon Paper offer represents compelling value for shareholders, reflecting a full price for the Australasian Fibre Business, which has reached maturity under Orora ownership and which will now benefit from the synergies and other value enhancements available to Nippon Paper as a strategic acquirer. Orora will now focus on its Australasian Beverage and North American businesses, which both have a strong long term growth outlook and provide the opportunity for superior returns on capital for shareholders." Orora Chairman Chris Roberts.
China Everbright Group is set to launch a $1bn IPO next year in HK. (FS)
State-owned financial conglomerate China Everbright Group is considering to launch a billion-dollar IPO next year in Hong Kong, Reuters reported.
JPMorgan Chase and Chinese peers China International Capital and CITIC Securities to be the restructuring advisers.
IQE is considering taking over Singapore's joint venture CSDC.
IQE said it would take complete ownership of its loss-making joint venture in Singapore to capitalize on supply chains in the Asian country and China's 5G market, sending its shares 5% higher.
IQE said it would attempt a turnaround for CSDC as it takes full control, with benefits seen from being closer to Asian chip customers and original equipment manufacturers.
"In the current geopolitical context, Singapore represents a strategically significant site for IQE," Drew Nelson, IQE CEO.
Thailand and Philippine companies are leading a revival in Southeast Asia IPOs.
Thailand and Philippine companies are leading a regional pick-up in IPOs, spurred by growing investor interest in firms focused on Southeast Asian consumers.
Asset World, the hospitality, and property firm listed by Thai billionaire Charoen Sirivadhanabhakdi, recently raised $1.6bn. Philippine home furnishing retailer AllHome raised $285m.
"The home improvement industry in the Philippines is under-penetrated, so we thought of introducing a retail concept with global standards which eventually complements our expertise as the largest homebuilder in the country," Villar, AllHome Chairman.
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