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AMERICAS
Enbridge, a multinational pipeline and energy company, agreed to acquire East Ohio Gas, Questar Gas and Public Service Co. of North Carolina, three natural gas distribution companies, from Dominion Energy, a power and energy company, for $14bn.
"Adding natural gas utilities of this scale and quality, at a historically attractive multiple, is a once-in-a-generation opportunity. The transaction is expected to be accretive to DCFPS and adjusted EPS in the first full year of ownership, increasing over time due to the strong growth profile. Following the closings of the Acquisitions, our Gas Distribution and Storage business will be North America's largest gas utility franchise. These Acquisitions further diversify our business, enhance the stable cash flow profile of our assets, and strengthen our long-term dividend growth profile. The transaction also reinforces our position as the first-choice energy delivery company in North America," Greg Ebel, Enbridge President and CEO.
Enbridge is advised by Morgan Stanley, RBC Capital Markets, McCarthy Tetrault and Sullivan & Cromwell. Debt financing is provided by Morgan Stanley and RBC Capital Markets. Dominion Energy is advised by Citigroup, Goldman Sachs and McGuireWoods.
Intercontinental Exchange, a global provider of data, technology, and market infrastructure, completed the acquisition of Black Knight, a software, data and analytics company that serves the housing finance continuum, including real estate data, mortgage lending and servicing, for $16bn.
"Since our founding over twenty years ago, ICE has steadfastly adhered to our founding principle, demonstrated throughout our history, that applying technological innovation and digitization to traditionally analog businesses can make markets more efficient and transparent for all participants. Our team is well-positioned and ready to apply our proven playbook across the US mortgage ecosystem to help improve the homeownership experience for millions of American families," Jeffrey C. Sprecher, ICE Founder, Chair and CEO.
Fortress Investment, an investment management firm, completed a $130m investment in Nassau Financial, a provider of fixed annuities and asset management.
"We are thrilled to partner with Fortress to support the next phase of growth. In addition to Fortress' significant equity investment, they bring extensive experience and an impressive investment track record across multiple credit investment strategies that fit well with our investment portfolio. Through this strategic partnership, Nassau will benefit from new investment capabilities, improving our competitive position as we continue capitalizing on attractive growth opportunities and creating value for all our stakeholders," Phil Gass, Nassau Chairman and CEO.
Nassau Financial was advised by Goldman Sachs, Sidley Austin and FGS Global (led by David Isaacs). Fortress Investment was advised by Deutsche Bank and Skadden Arps Slate Meagher & Flom (led by Joseph Coco) and Wachtell Lipton Rosen & Katz.
I Squared-backed Star Leasing, a provider of trailer leasing and maintenance services, agreed to acquire Commercial Trailer Leasing and North East Trailer Services, two trailer lessors. Financial terms were not disclosed.
"We are thrilled to welcome CTL and NETS to the Star Leasing family. These acquisitions mark a significant milestone in our growth journey and will enhance our ability to deliver best-in-class trailer leasing services to our combined customer base," Steve Jackson, Star Leasing CEO.
CTL is advised by Evercore and Scudder Law Firm. NETS is advised by Frohman & Associates. I Squared and Star Leasing are advised by Perella Weinberg Partners and Gibson Dunn & Crutcher. I Squared is advised by Brunswick Group (led by Clare Pickett).
Lightyear Capital-backed PracticeTek, a provider of software and payments solutions to the retail healthcare market, completed the acquisition of Integrated Practice Solutions, a practice management and electronic health record software platform. Financial terms were not disclosed.
"We are excited about the growth of PracticeTek since our majority investment in November 2021 and the new areas of opportunity that this transformative merger with IPS brings to customers across the healthcare provider value chain. We look forward to working with George and the entire management team, along with our partners GSV and Waud Capital," Mark F. Vassallo, Lightyear Managing Partner.
PracticeTek was advised by William Blair & Co, Davis Polk & Wardwell and Greenberg Traurig. Waud Capital was advised by Aeris Partners and Kirkland & Ellis. Lightyear Capital was advised by ThroughCo Communications (led by Elliot Sloane).
The Orogen Group, a company focused on making significant long-term strategic investments in financial services companies, completed the investment in Bain Capital-backed Brillio, a digital transformation services and solutions provider. Financial terms were not disclosed.
"We are thrilled to welcome Orogen to the Brillio family. This strategic investment not only strengthens our ability to accelerate innovation for our clients in a dynamic technology environment, but also brings us a visionary partner who shares our passion for technology-led transformation. We are honored to collaborate with a reputed investor such as Orogen and to continue our partnership with Bain Capital. Their association with Brillio validates our vision, strategy, and world-class execution capabilities," Raj Mamodia, Brillio Founder and CEO.
The Orogen Group was advised by Citigroup and Davis Polk & Wardwell (led by Darren M. Schweiger and Louis L. Goldberg). Bain Capital was advised by JP Morgan, AZB & Partners and Kirkland & Ellis. Brillio was advised by Latham & Watkins.
Thoma Bravo, a software investment firm, agreed to acquire NextGen Healthcare, a provider of innovative, cloud-based healthcare technology solutions, for $1.8bn.
"Under the terms of the agreement, NextGen Healthcare shareholders will receive significant immediate cash value for their shares. In addition, with Thoma Bravo as a partner, the company will benefit from increased capital, expertise and strategic flexibility to accelerate the company's leadership in providing healthcare technology solutions. Thoma Bravo has a 20+ year record of investing in premier companies in the software and technology sectors. We look forward to joining forces to deliver on our mission of Better Healthcare Outcomes for All," David Sides, NextGen Healthcare President and CEO.
NextGen Healthcare is advised by Morgan Stanley and Latham & Watkins. Thoma Bravo is advised by William Blair & Co, Goodwin Procter (led by Joshua Zachariah and David Johanson) and FGS Global (led by Liz Micci).
Laborie Medical Technologies, a diagnostic and therapeutic medical technology company, agreed to acquire Urotronic, a medical device company, for $600m.
"There has never been a minimally invasive, combination drug-device therapy like Optilume before, leading to a highly disruptive, paradigm change for physicians treating urethral strictures and BPH. With this acquisition, we will continue to advance innovative technologies by meeting multiple unmet medical needs and in doing so provide solutions that preserve and restore human dignity," Mike Frazzette, Laborie President and CEO.
Urotronic is advised by Piper Sandler and Koley Jessen. Laborie is advised by Cooley and Simpson Thacher & Bartlett.
Zapata Computing, an AI software company, agreed to go public via a SPAC merger with Andretti Acquisition, a publicly traded special purpose acquisition company, in a $200m deal.
"Our engineers and scientists have spent years building, testing and refining our proprietary software to put Zapata AI—and our customers—at the forefront of the generative AI revolution. We believe generative AI is shaping a once-in-a-generation opportunity, and the capital and relationships afforded through this business combination will only strengthen our market position. We are participating in an enormous total addressable market where we have the potential to create disproportionate value for our customers and our investors," Christopher Savoie, Zapata AI CEO.
Zapata is advised by Foley Hoag. Andretti Acquisition is advised by Cohen & Company Capital Markets, Paul Weiss Rifkind Wharton & Garrison and ICR (led by Eduardo Royes).
High Desert Capital, a provider of innovative capital solutions, and Flō Networks, a digital infrastructure service provider, completed the acquisition of a majority stake in Tecma, a provider of manufacturing support services. Financial terms were not disclosed.
"We are thrilled to be partnering with the premier provider of shelter services in Mexico. Alan and his team have built a truly unique and mission-critical business that helps its global base of customers navigate the complexities of manufacturing in Mexico with maximum flexibility and certainty. We are honored to partner with Alan and his team to bring additional resources to further tech-enable and automate the business that will allow for improved operational visibility for Tecma clients. We are also excited to bring our technology solutions to bear given some of the customer crossover between our companies," Miguel Fernandez, Flō Networks CEO.
High Desert and Flō Networks were advised by Paul Hastings. Debt financing was provided by Texas Capital Bank and WestStar Bank.
Kingston Midstream, a company that engages in the movement, storage, marketing and distribution of crude oil, agreed to acquire Rangeland Midstream Canada from EnCap Flatrock-backed Rangeland, an operator of midstream infrastructure for crude oil, natural gas. Financial terms were not disclosed.
"From the outset, our goal was to demonstrate to the producer community that the midstream model in Canada can be done differently. We brought our pipeline into service during the most extraordinarily uncertain oil price environment the market had ever experienced, and our team worked closely with our customers through that challenging period. We would like to thank our field team in Athabasca who have operated these assets with the utmost professionalism and have a flawless safety record to show for it," Briton Speer, Rangeland Midstream Canada President.
Rangeland is advised by Scotiabank, Weil Gotshal and Manges (led by Omar Samji) and Redbird Communications (led by Bevo Beaven).
Temasek, a Singapore-based global investment firm, led a $110m Series B round in d-Matrix, a supplier of digital in-memory computing solutions, with participation from Playground Global, M12, Nautilus Venture Partners Entrada Ventures, Industry Ventures, Ericsson Ventures, Marlan Holdings, Mirae Asset, Cortes Capital, Archerman Capital, TGC Square, Lam Capital and Samsung Ventures.
"The current trajectory of AI compute is unsustainable as the TCO to run AI inference is escalating rapidly. The team at d-Matrix is changing the cost economics of deploying AI inference with a compute solution purpose-built for LLMs, and this round of funding validates our position in the industry" Sid Sheth, d-Matrix Co-Founder and CEO.
d-Matrix was advised by Aircover Communications.
John B. Sanfilippo & Son, a processor, packager, marketer and distributor of snack bars, dried cheese, and nut & dried-fruit based products, agreed to acquire the Lakeville manufacturing facility and snack bars business of TreeHouse Foods, a private label food and beverage manufacturer, for $63m.
"This acquisition significantly accelerates our strategy within the growing snack bar category and diversifies our product offerings. We will be able to offer our private label customers a complete portfolio of snack bars, including fruit and grain, crunchy, protein, sweet and salty and chewy bars that complement our internally developed nutrition bars. We are excited about the opportunity to work with the talented team of associates in the Lakeville facility to grow the bar business together. We have a decades-long history of operational excellence and will implement a plan to integrate the facility and business into our current operations. In doing so, we will focus on our core operational competencies in the snack foods space, our consumer insights and history of innovative research and development to maximize its performance," Jeffrey T. Sanfilippo, John B. Sanfilippo & Son CEO.
Rockwell Automation, a company dedicated to industrial automation and digital transformation, agreed to acquire Clearpath Robotics, an autonomous robotics company for industrial applications. Financial terms were not disclosed.
"Rockwell and Clearpath together will simplify the difficult and labor-intensive task of moving materials and product through an orchestrated and safe system to optimize operations throughout the entire manufacturing facility. The combination of autonomous robots and PLC-based line control has long been a dream of plant managers in industries as diverse as automotive and consumer packaged goods. With Clearpath, Rockwell is uniquely positioned to make that dream a reality across virtually all discrete and hybrid verticals, optimizing planning, operations, and the workforce," Blake Moret, Rockwell Automation Chairman and CEO.
Rockwell Automation is advised by Goldman Sachs.
Abbott, a medical devices and health care company, agreed to acquire Bigfoot Biomedical, a developer of smart insulin management systems for people with diabetes. Financial terms were not disclosed.
"The acquisition of Bigfoot Biomedical will combine two leaders in different aspects of diabetes care: continuous glucose monitoring and insulin dosing support. Bringing our companies together will allow us to further develop connected solutions for making diabetes management even more personal and precise," Jared Watkin, Abbott Senior Vice President.
Viru Group, a producer of canned and frozen fruits and vegetables, completed the acquisition of Superior Foods, a supplier of frozen products. Financial terms were not disclosed.
"We want to express our sincere gratitude to all our customers for the continued support and trust. Together with SFI, we are excited about the opportunities that lie ahead and are confident that this acquisition will enable us to reach new heights together, becoming an even stronger and more effective organization," Yoselyn Malamud, Viru CEO.
Private credit funds' certainties offer an edge, says Blackstone's Scott. (FS)
Buyout firms opting to finance their deals through direct lending funds, rather than the traditional route of investment banks, are highlighting the growing significance of the $1.5tn private credit market. Though typically more expensive than publicly syndicated debt, private lenders can offer greater certainty of deal execution — as well as higher degrees of confidentiality.
Investors to sneak a peek at largest buyout debt since Twitter.
Investors are getting a preview of the $9.4bn jumbo financing package behind the buyout of Worldpay as banks, including JPMorgan Chase and Goldman Sachs, drum up appetite before the official sale of the debt, Bloomberg reported.
Arrangers have invited both euro and dollar investors to a pre-marketing process prior to the sale next week, though a good response could accelerate the timing. The most hotly-anticipated deal in the market this year includes $8.4bn of funded leveraged loans and high-yield bonds. The rest will be a $1bn revolving credit facility.
Elon Musk borrowed $1bn from SpaceX in the same month as the Twitter deal.
Elon Musk withdrew a loan of $1bn from SpaceX - the two-decade-old rocket company run by the billionaire - around the same time he was acquiring Twitter, now known as X, for $44bn. SpaceX approved the $1bn loan, which was backed by some of Musk's SpaceX stock, in October and Musk drew all of it down the same month, Reuters reported.
Musk took ownership of Twitter in October. Musk has had arrangements with banks to borrow against his shares in his companies, including electric vehicles maker Tesla, while privately held SpaceX has served as his lender, adding that paying for Twitter further complicated Musk's financial situation. Musk is SpaceX's largest shareholder, with a 42% stake and almost 79% of its voting power as of March.
C&S, SoftBank near deal to buy stores from Kroger, Albertsons. (FS)
C&S Wholesale Grocers, with the backing of SoftBank Group, is nearing a deal to acquire stores that Kroger and Albertsons Companies are looking to sell to obtain regulatory approvals for their $25bn merger, Reuters reported.
The deal value and the number of stores included in the transaction could not be immediately learned. C&S lost one of its largest customers, Ahold Delhaize, when the supermarket group decided to transition to self-distribution in 2019. C&S can help offset that loss through acquisitions.
Wilson tennis racket maker Amer Sports files for US IPO.
Amer Sports, the maker of Wilson tennis rackets and Salomon ski boots, has confidentially filed for a US initial public offering that could value the group at as much as $10bn. The company is targeting an IPO of more than $1bn and could end up seeking as much as $3bn depending on market conditions, Bloomberg reported.
The news comes against the backdrop of a nascent recovery in the IPO market as several high-profile names including chip designer Arm and grocery delivery firm Instacart charge ahead with their offerings. Investor appetite has remained subdued for a major part of the last two years following Russia's invasion of Ukraine and the spike in borrowing costs.
Ducera hires Greenhill's Christopher Grubb to open San Francisco office. (People)
Ducera Partners, a boutique bank known for its work on distressed situations, has hired investment banker Christopher Grubb from Greenhill to lead its mergers and acquisitions business and open a San Francisco office, Bloomberg reported.
New York-based Ducera has appointed Grubb as a partner. Grubb most recently served as head of M&A and restructuring for the Western region for Greenhill. He had also been a co-head of US M&A and had been chief financial officer at the firm for four years.
Barclays hires Morgan Stanley's Costa as vice chairman in TMT. (People)
Barclays hired investment banker Pedro Costa as a vice chairman focused on technology, media and telecommunications mergers in the Americas, Bloomberg reported.
Costa will be based in New York reporting to Ihsan Essaid and Gary Posternack, who co-head the bank's global mergers and acquisitions advisory business. He previously spent nearly 20 years at Morgan Stanley, where he most recently led technology M&A in the Americas.
Harris Williams hires LionTree's Kim for tech deals. (People)
Harris Williams, an investment banked owned by PNC Financial Services Group, has hired Michael Kim from LionTree to co-lead its technology group in San Francisco, Bloomberg reported.
Kim, who has started in the role, was most recently head of software investment banking at LionTree. He joined LionTree in 2019
Barclays hires Maneet Singh, Jon Swope for healthcare deals. (People)
Barclays hired investment bankers Maneet Singh and Jon Swope to bolster its healthcare advisory business, Bloomberg reported.
Singh started at the British bank in New York this week and will co-lead the US healthcare mergers and acquisitions advisory business. The bank also elevated Evan Matlin as co-head alongside Singh and the two will report to Americas M&A Co-Heads Dan Grabos and Larry Hamdan. Singh previously held roles at Goldman Sachs and Credit Suisse.
WHP Global, an investment company, agreed to acquire a majority stake in G-Star RAW, a brand management firm. Financial terms were not disclosed.
"Over the past few years, G-Star has successfully transitioned towards an online first company. We look forward to working closely with WHP Global in this partnership, as we harness their expertise to expedite G-Star's global expansion, by strengthening our presence in the US and tapping into new geographies as well as new product categories," Rob Schilder, G-Star CEO.
Telefonica shares rose after Saudi Telecom took a stake worth €2.1bn ($2.25bn) in the Madrid-based carrier as it prepares to lay out a new strategy for future growth, Bloomberg reported.
The Saudi government-controlled telecom operator purchased about 569m shares and is using financial instruments that will altogether hand it a 9.9% interest in Telefonica. The transaction was funded with a combination of the company's own resources and bank debt. Telefonica's shares rose as much as 3.7% in Madrid on September 6.
Orora, a packaging manufacturer, agreed to acquire Saverglass, a specialist manufacturer of high-quality glass bottles, from Carlyle, a private equity, alternative asset management and financial services corporation, for $1.4bn.
"Having worked with Saverglass for almost 40 years, I am delighted at the prospect of a new shareholder for the Group and its employees. It will enable Saverglass to continue implementing its strategy of investment and successful innovation for the benefit of its customers, which underpins the exceptional bonds of cooperation and trust built up with them. The deal also marks an exciting new chapter for the business, in which it can build on its strong heritage and unlock new opportunities to develop the ethical values on which the Saverglass community is founded," Loïc Quentin de Gromard, Saverglass Chairman.
Affinity Partners, a private equity firm, agreed to acquire a 15% stake in car and credit unit of Shlomo Group, a company in Israel that consists of car services, automotive, real estate services, for $150m.
"We are bullish on the long-term growth prospects of Israel and the broader new Middle East. Shlomo's historical growth has been rock solid, and the company has many exciting opportunities in its future," Jared Kushner, Affinity Partners Founder.
nexfibre, a broadband company, and Virgin Media O2, a mass media and telecommunications company, agreed to acquire Upp, a fibre operator. Financial terms were not disclosed.
"Our acquisition of Upp's network assets represents an important step as we continue to build a world class fibre network along with our wholesale partner Virgin Media O2. At nexfibre, we are on a mission to build and expand our network in suburban and semi-rural areas, closing the digital divide and boosting local economies. Upp is a high-quality regional fibre network in the East of England and will accelerate our rollout in an area where we expect to invest more than £350m by 2026," Andrea Salvato, nexfibre Chairman.
Hungary in talks to buy a majority stake in Budapest airport.
Hungary has submitted a formal offer to buy a majority stake in Budapest Airport in a transaction that could be valued at about €4bn ($4.3bn) potentially ending years of wrangling over the hub's fate, Bloomberg reported.
The two parties are expected to now enter into formal discussions. Hungary is offering to buy 51% via a state-controlled investment company, while the remaining 49% is set to be acquired by another airport operator. "The current owners have reviewed the offer in the interest of their funds and decided to enter into formal discussions," Avialliance.
Chinese firms vie for $2bn Botswana copper mine.
Three Chinese groups are among suitors still in the race to acquire a Botswana copper mine that could fetch about $2bn. Zijin Mining Group, MMG, and Aluminium of China, known as Chinalco, have progressed to the second round of bidding for the Khoemacau project, Bloomberg reported.
MMG has been in talks to team up with Citic Metal, an arm of Chinese state-owned conglomerate Citic Group. Implala Platinum, recognized as Implats, and fellow South African mining company Exxaro Resources have also been shortlisted as potential suitors.
Intel to offer foundry services to Tower Semiconductor after acquisition deal falls through.
Intel will offer foundry services to Tower Semiconductor in a new deal that will see the Israeli contract chipmaker invest $300m in Intel's New Mexico factory, the companies said on September 5. The partnership comes less than a month after both companies dropped their plans to merge as the proposed $5.4bn deal failed to secure approval from regulators in China, Reuters reported.
Under the latest agreement, Tower will acquire and own equipment and other fixed assets to be installed at the Rio Rancho fabrication unit. It will gain a production capacity of over 600k photo layers per month at the site, helping the chipmaker support demand for the next generation 300 mm chips.
Dubai ruler's investment vehicle weighs sale of 25% stake in fashion retailer Azadea. (FS)
Dubai, the investment vehicle of Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum, is weighing the sale of its minority stake in Azadea Group, which operates Inditex franchises in the Middle East including Zara, DealStreetAsia reported.
Dubai has selected JPMorgan and Rothschild & Co to advise on the sale of a 25% stake it owns in Beirut-headquartered Azadea. Azadea was valued at more than $1bn when Dubai bought the 25% stake in 2018.
SoftBank's Arm launches IPO courting T Rowe in $52bn valuation ask. (FS)
SoftBank Group's Arm launched the roadshow for its blockbuster initial public offering on September 5 as the chip designer tries to convince investors it is worth as much as $52bn in this year's biggest share sale. Arm kicked off its roadshow in Baltimore, where influential asset manager T Rowe Price is headquartered, underscoring the fund manager's significance in big IPOs, Reuters reported.
T Rowe Price has been an anchor investor in some of the biggest stock market debuts, including that of electric car maker Rivian Automotive, which was valued at $66.5bn in its IPO in 2021. Arm's IPO is the largest since then. Arm met also with other potential investors, including Arlington, Virginia-based Sands Capital.
Germany's Schott Pharma plans $860m Frankfurt IPO this year.
German pharmaceutical bottles and vials maker Schott Pharma plans an initial public offering, with $860m valuation, on the Frankfurt Stock Exchange this year. The medical glass division of Schott is choosing to IPO as the market shows signs of improvement. It intends to use proceeds to support its green transition to become climate neutral by 2023, Reuters reported.
The IPO will consist of existing shares from shareholder Schott, which will retain a majority stake. "We are committed to remaining a long-term majority shareholder," Frank Heinricht, Schott CEO.
APAC
Qatar Investment Authority, a sovereign wealth fund of the State of Qatar, and Grosvenor, a diversified property group, led a $150m round in IndoSpace, an investor, developer, and operator of grade A industrial and logistics parks real estate in India.
"QIA and Grosvenor's participation in this round reflects the attractive opportunity to develop modern grade A industrial and logistic parks in the world's fastest growing large economy. The funds raised in this round will continue to advance IndoSpace's mission of developing state-of-the-art industrial and logistics parks across the top 8 markets in India," IndoSpace.
Great Wall Motor weighs selling stake in $6bn battery unit Svolt.
Great Wall Motor is exploring options including selling its stake in Svolt Energy Technology as the battery firm's initial public offering in Shanghai may be delayed. The Chinese automaker has held initial talks with prospective buyers of the stake, including Contemporary Amperex Technology, the world's biggest maker of electric vehicle batteries, Bloomberg reported.
CATL has conducted preliminary due diligence on the asset, though there's no certainty that the companies will proceed with any deal. Svolt last year applied for a listing on China's Nasdaq-like Star board with plans to raise as much as $2.1bn. The IPO plan could be delayed after China vowed to temporarily slow the pace of listings as part of its efforts to rescue its sagging markets.
Japan's MUFG Bank, Mizuho draw up big expansion plans for India.
Japan's MUFG Bank and Mizuho Financial Group intend to significantly expand their workforces in India this fiscal year, taking advantage of the country's extensive pool of educated, English-speaking workers to shift more administrative and information technology operations there, DealStreetAsia reported.
MUFG Bank now employs around 500 workers at MUFG Global Service, which launched in 2020 with around 20 staffers and is registered as MUFG Enterprise Solutions India. The bank aims to expand this figure to around 1k by the end of the fiscal year next March, and to around 2k in three years. The push comes as MUFG Bank shifts risk management operations, as well as document reviews and other administrative tasks, to India from the US and Europe. MUFG Global Service also develops IT systems for the rest of the group.
Chinese auto chip maker GTA Semiconductor rakes in over $1.8bn in fresh funding round. (FS)
Shanghai-based automotive chipmaker GTA Semiconductor has snapped up $1.8bn from a slew of state-affiliated funds and institutional investors. Local investment firm Jasper Capital injected $16m in the funding round, DealStreetAsia reported.
Founded in 2017, GTA Semiconductor specialises in the production of automotive chips. Its integrated circuit products are widely adopted in the areas of vehicle systems, power management, and automotive radars, among others, with two manufacturing facilities in Shanghai.
ESR Australia, Solar Bay team up to invest $319m in renewable energy infrastructure.
APAC-based real asset manager ESR's Australia arm has partnered with local solar energy platform Solar Bay to invest up to $319m in renewable energy infrastructure over the next decade. The partnership seeks to provide renewable energy solutions for ESR Australia's customers, reducing up to 56k tonnes of carbon dioxide per year from operations, DealStreetAsia reported.
The partnership will also facilitate the installation of renewable energy infrastructure across ESR's portfolio, with potential to install up to 125k solar panels to achieve its 50MW target. ESR Australia's customers will benefit from reduced energy costs of up to 50% via the installation of up to 50MW of solar capacity, 300MW of battery storage, and electric vehicle charging infrastructure.
TPG-backed firm considers sale of Hong Kong oncology centers. (FS)
TE Asia Healthcare Partners is considering selling its oncology centers in Hong Kong. The Singapore-based company, backed by private equity firm TPG, is working with a financial adviser on a potential divestment that could value Hong Kong Integrated Oncology Centre at more than $100m, Bloomberg reported.
Deliberations are ongoing and TE Asia could still opt to hold onto the asset. A rising middle class in Asia is an opportunity for health care facilities like this one and market is expected to grow.
KKR is said to plan Kokusai Electric IPO at $2.7bn value. (FS)
Private equity firm KKR Group plans to list Kokusai Electric shares in Tokyo as early as October at a valuation north of $2.7bn, Bloomberg reported.
KKR will float a portion of the shares it owns in the former Hitachi operations on the Tokyo Stock Exchange. While it's not yet clear how much equity will be sold to investors, the initial public offering would raise roughly $540m if the company sold a 20% stake.
China to launch new $40bn state fund to boost chip industry.
China is set to launch a new state-backed investment fund that aims to raise about $40bn for its semiconductor sector as the country ramps up efforts to catch up with the US and other rivals. It is likely to be the biggest of three funds launched by the China Integrated Circuit Industry Investment Fund, also known as the Big Fund. Its target of $41bn outdoes similar funds in 2014 and 2019, DealStreetAsia reported.
One main area of investment will be equipment for chip manufacturing. President Xi Jinping has long stressed the need for China to achieve self-sufficiency in semiconductors. That need has become all the more pressing after Washington imposed a series of export control measures over the last couple of years, citing fears that Beijing could use advanced chips to boost its military capabilities.
500 Global closes $143m across early-stage and growth vehicles for Southeast Asia. (FS)
Venture capital firm 500 Global announced the successful close of $143m across its largest Southeast Asian early-stage fund to date, 500 Southeast Asia III, and its growth investment vehicle for Southeast Asia. The new early-stage and growth vehicles demonstrate the team's commitment to supporting founders in Southeast Asia from pre-seed to pre-IPO.
Limited partners across its early-stage and growth investment vehicles include a sovereign wealth fund, public and private pension funds like Khazanah Nasional Berhad, Kumpulan Wang Persaraan, and Employees Provident Fund. A university endowment, family offices of prominent global investors, and portfolio companies valued at over $1bn from 500 Global's first Southeast Asia early-stage fund have invested as LPs as well.
WSB Real Estate raises $102m to invest in residential projects. (FS)
India-based alternative investment platform WSB Real Estate Partners has raised $102m through its residential property debt fund WSB Real Estate Debt Fund II, surpassing its initial target of around $60m, DealStreetAsia reported.
The fund has raised capital from a diverse group of investors, including family offices, large corporate houses, and domestic as well as offshore high-net-worth individuals. The fund aims to invest in mid-income and affordable housing segments within select tier-I cities, including Bangalore, Hyderabad, Chennai, Mumbai, Pune, and Delhi-NCR.
Two top Oyo executives, including India CEO Ankit Gupta, quit. (People)
Ankit Gupta, India CEO at hospitality and travel tech startup Oyo, has quit the company ahead of a planned initial public offering. Oyo's Europe head, Mandar Vaidya, has also put in his papers. Both Gupta and Vaidya have left the SoftBank-backed organisation to pursue their entrepreneurial ambitions, and the transition was smooth and hand-held, DealStreetAsia reported.
"Ankit Gupta and Mandar Vaidya moved on from their roles six months ago in March 2023. We are proud of their achievements at OYO and are thankful for their leadership. Both roles were already transitioned six months ago to Varun Jain as COO India and Gautam Swaroop as CEO OYO Vacation Homes, respectively," OYO.
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