AMERICAS
Intercontinental Exchange, an operator of global exchanges and clearing houses and provider of data and listings services, completed the acquisition of Ellie Mae, a technology platform for the mortgage finance industry, from private equity firm Thoma Bravo for $11bn.
"We are excited to begin the next important chapter in our journey to digitize the residential mortgage industry. Ellie Mae’s industry leadership and best-of-breed technology will better enable us to further accelerate the automation of the mortgage origination workflow, which will benefit stakeholders across the production chain, including consumers,” Jeffrey C. Sprecher, Intercontinental Exchange Founder, Chairman and CEO.
Intercontinental Exchange was advised by Broadhaven Capital Partners, Citigroup, Credit Suisse, Goldman Sachs, Moelis & Co, Wells Fargo Securities, Morgan Lewis & Bockius, Potter Anderson & Corroon, Shearman & Sterling, and Sullivan & Cromwell. Thoma Bravo was advised by JP Morgan, Jefferies & Company, Kirkland & Ellis, and Finsbury.
Just Eat Takeaway, a global online food delivery marketplace, and Grubhub, an online and mobile food-ordering and delivery marketplace, received all regulatory approvals required in respect of Just Eat Takeaway's proposed acquisition of Grubhub. The transaction remains subject to the approval of both Just Eat Takeaway's and Grubhub's shareholders, as well as other customary closing conditions.
Additionally, the two companies entered into an amendment to the merger agreement. The amendment provides additional certainty for the parties regarding the timing of the necessary steps to completion, including the registration of Just Eat Takeaway ordinary and American depositary shares in the US under the Securities Act of 1933.
Grubhub is advised by Centerview Partners, Evercore, Kirkland & Ellis, NautaDutilh, and Wilson Sonsini Goodrich & Rosati. Evercore is advised by Sullivan & Cromwell. Just Eat Takeaway is advised by Bank of America Merrill Lynch, Goldman Sachs, Cravath Swaine & Moore, De Brauw Blackstone Westbroek, Slaughter & May, Joele Frank and Teneo.
Siemens Healthineers, a medical equipments manufacturer, issued $3.2bn worth of new shares to help finance its planned takeover of US peer Varian.
The firm said it had issued the shares at $41.91 each. The total amount raised excludes any deduction in commissions and expenses. Siemens Healthineers is preparing a two-step capital increase to raise a combined $8.9bn via share placements, Reuters reported.
Varian is advised by Goldman Sachs, Wachtell Lipton Rosen & Katz, and Joele Frank. Siemens Healthineersis is advised by Latham & Watkins. Debt financing is provided by JP Morgan and UBS. JP Morgan and UBS are advised by Clifford Chance.
i3 Energy, an independent oil and gas company with assets and operations in the UK, completed the acquisition of petroleum and infrastructure assets of Gain Energy, a private Canadian company with operations in the Western Canadian Sedimentary Basin, for $59m.
A major attraction of the transaction is Gain's interest in the oil-producing Weyburn unit, the fourth largest carbon capture, utilization and storage project in the world. For Gain's interest, the amount of CO2 annually sequestered is estimated to offset approximately 18k boepd of scope 1 greenhouse gas emissions.
i3 Energy was advised by Canaccord Genuity, Mirabaud Securities, WH Ireland, and Camarco.
Technology Crossover Ventures, a growth equity firm, agreed to acquire a majority stake in Oversight, a provider of spend management technology, from Luminate Capital Partners, a private equity firm. Financial terms were not disclosed.
"We are excited by this latest milestone in our company's trajectory. TCV brings to the table a rich portfolio of growth-stage companies in the technology industry. Their expertise and track record of taking companies to the next level fits perfectly with our vision for Oversight," Terrence McCrossan, Oversight CEO.
Oversight is advised by Shea & Co, Kirkland & Ellis and Trevelino/Keller. TCV is advised by Simpson Thacher & Bartlett.
Bogota Savings Bank, a banking services provider, agreed to merge with Gibraltar Bank, a commercial banking services provider. Financial terms were not disclosed.
“We are pleased to partner with Gibraltar, a bank with similar culture and values. We are very familiar with Gibraltar and believe the bank will be a great complement to us. This combination will be positive for both banks and ensures a stronger local banking presence throughout our communities. We look forward to having a greater impact in our market area,” Joseph Coccaro, Bogota Bank President and CEO.
Gibraltar Bank is advised by FinPro Capital Advisors and Stevens & Lee. Bogota Bank Piper Sandler and Luse Gorman.
Telecommunication companies America Movil and Telefonica mutually terminated their agreement for Merica Movil's $351m acquisition of a 99.3% stake in Telefonica El Salvador, blaming regulatory hurdles.
The abandonment comes weeks after El Salvador’s competition authority set conditions to clear the deal. These included a requirement for America Movil’s Claro to rule out future use of spectrum currently used by Movistar until it is certified. Claro was also pressed to keep all marketing strategies developed by Movistar for seven years.
“The decision comes after careful consideration by both parties of the conditions to obtaining regulatory approval established by the Superintendencia de Competencia in their recent ruling on the proposed transaction,” America Movil.
Acclaim Technical Services, a language and intelligence services company, completed the acquisition of Global Consulting Services, a provider of information technology services. Financial terms were not disclosed.
"GCS' IT expertise and customer segmentation are highly complementary to our core competencies and align well with our strategic roadmap and our Intelligence Community customers' current and emerging mission technology requirements. This acquisition allows ATS to further enhance the tailored, integrated solutions we deliver across our enterprise as a mature midsize capable of executing complex prime contract requirements for our customers," Dave Cerne, ATS President and CEO.
GCS was advised by Peloton Strategies Group and General Counsel. ATS was advised by Holland & Knight.
Chatham Asset Management, a hedge fund, completed the acquisition of McClatchy, an American publishing company based in Sacramento. Financial terms were not disclosed.
"Today marks the beginning of a new era and opportunity for McClatchy. The company is now poised for sustainable long-term growth driven by differentiated local content and an acute focus on our digital presence and offerings. We will continue to be proud of McClatchy's iconic past while focusing on creating a bright future. I look forward to leading the talented McClatchy team, empowering them to do their best work, and energizing the organization to meet and exceed the evolving needs of our customers," Tony Hunter, McClatchy Chief Executive Officer.
McClatchy was advised by Skadden Arps Slate Meagher & Flom, FTI Consulting and Gasthalter & Co.
Volkswagen’s heavy-truck business plans to make a fresh push to acquire Navistar International after talks were put on hold amid the coronavirus pandemic. Traton is seeking to restart negotiations this month to win over Navistar’s management and the main shareholders, including billionaire investor Carl Icahn, Bloomberg reported.
VW and Traton executives earlier this year stoked doubts among investors about whether the deal would move ahead after acknowledging that talks were on hold due to the pandemic, despite reiterating that the strategic rationale remained.
Navistar is advised by Sullivan & Cromwell and Brunswick Group.
Farm Bureau Property & Casualty Insurance Company, an insurance provider, offered to acquire the remaining 40% stake in FBL Financial Group, a financial services holding company, for $440m.
"We believe that our proposal represents an attractive opportunity for FFG’s public shareholders to receive a meaningful premium to the company’s current and recent share prices, and an attractive opportunity for FFG to capture meaningful cost savings through going private. Once the special committee has been formed, we welcome the opportunity to discuss our proposal with the special committee and its advisors," FBPCIC.
FBPCIC is advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom.
Miami International Holdings, the parent holding company of the MIAX Exchange Group, announced that MGEX shareholders voted in favor of demutualizing. As a result, MIH and MGEX can now proceed with merger preparations per the agreement and plan of merger previously announced by the parties.
The merger remains on track to close in the fourth quarter of 2020, subject to the satisfaction of customary closing conditions and regulatory approvals. Upon completion of the merger, MGEX will become a wholly-owned subsidiary of MIH. MIH will continue to maintain the trading and clearing operations of MGEX, including its hard red spring wheat contracts while adding new futures products.
"We are gratified that our seat holders recognized the extraordinary opportunity afforded us through the joining of our exchange with the MIAX Exchange Group. The demutualization and merger with MIH will position us for the continued growth of MGEX," Mark G. Bagan, MGEX President and Chief Executive Officer.
Minneapolis Grain Exchange is advised by Houlihan Lokey. Miami International Holdings is advised by Karma Agency.
Nippon Express USA, a global logistics company, completed the acquisition of domestic logistics providers MD Logistics and MD Express. Financial terms were not disclosed.
"Nippon was impressed with the MDL brand and expertise, and showcased their strategy for investment and growth within the US domestic warehousing network, servicing the largest life sciences and consumer goods markets in the world. This strategy is in-line with our goals as well, and includes expanding our geographical footprint to enhance our domestic reach, and continual expansion of our cGMP warehousing and cold chain transportation services. Having the ability to tap into a global freight forwarding and warehousing network with strategically located gateways and GDP facilities across the globe makes this partnership even stronger," Mark Sell, MD Logistics President.
MD Logistics was advised by Fifth Third Bancorp and Ice Miller.
SoftBank Vision Fund 2 led a $100m Series C funding round in Biofourmis, a digital therapeutics and personalized predictive care services provider. The round saw participation from existing investors Openspace Ventures, MassMutual Ventures, Sequoia Capital and EDBI.
"We believe predictive health is the future of medicine and Biofourmis is a leader in using AI and machine learning-based solutions to advance digital therapeutics. We are excited to partner with Biofourmis and support their mission of using AI and wearables data to enable personalized care," Greg Moon, SoftBank Managing Partner.
Biofourmis was advised by Amendola Communications.
Insight Partners-backed Episerver, a software company, agreed to acquire Optimizely, a provider of progressive delivery and experimentation software. Financial terms were not disclosed. Subject to customary closing conditions and attainment of regulatory clearances, the acquisition is expected to close in Q4 of 2020.
"Episerver and Optimizely have a shared vision to optimize every customer touchpoint through the use of experimentation. Together, we will enable our customers to do more testing, in more places, with greater ease than ever before. We believe this combination will make experimentation a mainstream business best practice and an essential part of competing and winning customers in an online world. With the combination of creation and optimization, we look forward to building a new community of digital experience leaders," Jay Larson, Optimizely CEO.
Optimizely is advised by Goldman Sachs.
Sompo International, a speciality provider of property and casualty insurance and reinsurance, agreed to acquire Diversified Crop Insurance Services, a crop insurance brokerage firm, from CGB Enterprises, an agro-financial and services provider. Financial terms were not disclosed.
“The acquisition of Diversified aligns with the strategic vision for our AgriSompo platform, which is to build a multinational, broad-reaching crop insurance and reinsurance business that is market-leading. Diversified will add additional capabilities and scale to our ARMtech crop insurance business and together, we will provide a level of product, technology and service to our customers and distribution partners that is unprecedented in the industry. We anticipate the transaction to close in the fourth quarter, following the receipt of all required regulatory approvals,” Chris Gallagher, Sompo CEO.
Sompo is advised by Skadden Arps Slate Meagher & Flom.
Beam Suntory, a premium spirits distributor, completed the acquisition of On The Rocks Premium Cocktails, a rapidly growing premium ready-to-drink cocktail brand. Financial terms were not disclosed.
“On the Rocks is the pioneer in the premium pre-mixed cocktails category, and joining forces couldn’t come at a better time. We have an ambition to become #1 in the spirits-based ready-to-drink market, and On The Rocks will be a key growth platform that we’ll build along with our fast-growing pre-mixed highball products. We see tremendous opportunity to expand the OTR brand to new occasions, formats, cocktail recipes, and the low-ABV space,” Albert Baladi, Beam Suntory President & CEO.
On The Rocks was advised by Skadden Arps Slate Meagher & Flom.
Interconexion Electrica ISA Peru, an energy transportation company, completed the acquisition of Peruvian power transmission business from I Squared Capital, a private equity firm, for $159m.
“I Squared Capital continues to be at the forefront of global infrastructure investing through a combination of platform building and large opportunistic transactions. We continue to see attractive opportunities in growth markets in Latin America and Asia and are looking to expand our footprint in these regions,” Adil Rahmathulla, I Squared Capital Managing Partner.
Infosys, a provider of digital services and consulting, agreed to acquire Kaleidoscope Innovation, a full-spectrum product design, development and insights firm. Financial terms were not disclosed.
"This acquisition further strengthens our digital offerings at the intersection of new software technologies and medical devices - a sector that is expected to witness significant investments and consumerization in the post-Covid era. Our clients will benefit from the combination of Kaleidoscope's strong upstream offerings of product innovation and design, and Infosys' stack of product engineering, validation and commercialization services at a global scale. We are excited to welcome Kaleidoscope Innovation and its leadership team into the Infosys family, as part of Infosys Engineering Services portfolio," Ravi Kumar, Infosys President.
Silver Oak-backed Innovative Discovery, a provider of services, guidance, and consultation to law firms, corporations, and government agencies, completed the acquisition of Integro, a product and services provider specialized in delivering solutions for enterprise content management, information governance, email management, eDiscovery, and records management. Financial terms were not disclosed.
“Integro and ID’s services and solutions are highly complementary. Our respective customers will be able to take advantage of greatly expanded skillsets and service offerings now that two of the most respected companies in the industry have joined forces,” Scott Burt, Integro CEO.
Compusoft Group, a provider of CAD software to the kitchen and bathroom retail industries, agreed to acquire Soft Tech, a software services provider to windows and door industry. Financial terms were not disclosed.
"We are very excited to welcome Tyron, Rowan and the rest of the Soft Tech team to Compusoft Group. We have been looking to expand into the window and door industry for some time due to compelling similarities with our existing business, such as the growing adoption of technology, complex configuration needs and the importance of data driven solutions. The acquisition will also allow us to continue to grow internationally through Soft Tech’s existing presence in North America, New Zealand and Australia,” David Tombre, Compusoft Group CEO.
TricorBraun, a distributor of primary packaging, completed the acquisition of Price Container, a rigid packaging distributor. Financial terms were not disclosed.
"Our acquisition of Price Container is an important part of our strategy to create a new industrial packaging platform. We are excited to serve customers with their industrial packaging needs, and we are proud to officially welcome Price Container to the TricorBraun family," Court Carruthers, TricorBraun President and CEO.
Bridgestone considers divesting Firestone Building Products.
Bridgestone, a Japanese industrial conglomerate, is considering a sale of Firestone Building Products, a tire and rubber company, for about $2.5bn. A final decision hasn't been made, and Bridgestone could decide to keep the unit.
The company hired an adviser to explore strategic options for the business. Firestone, with earnings before interest, taxes, depreciation, and amortization of about $250m, is expected to attract interest from private equity firms as well as other companies in the roofing business.
KKR-backed KnowBe4 prepares for an IPO. (FS)
KnowBe4, a cybersecurity startup, which helps train employees to detect phishing emails, is preparing for a US IPO.
Ingka Centres acquires 6X6 mall in San Francisco. (RE)
Ingka Centres, IKEA's shopping centers business, made its first US real estate acquisition, buying the 6X6 mall in San Francisco, Reuters reported. The company bought the 6X6 mall from Alexandria Real Estate Equities, an American real estate investment trust, and TMG Partners, a real estate developer.
"We will be sharing details of our exciting plans for the 6X6 property, where IKEA Retail US will play an integral role, in the near future," Ingka Centres.
EMEA
Spectacles maker EssilorLuxottica is set to appeal against a Dutch court's verdict that rejected its contention that takeover target GrandVision had breached a deal agreement, Reuters reported.
"EssilorLuxottica confirms that it has decided to file an appeal against the judgment dismissing the company's demands for disclosure of information from GrandVision. EssilorLuxottica is concerned about GrandVision's behavior in continuing to deny access to important information related to their handling of the Covid-19 outbreak. Legal proceedings, including the appeal, do not affect the review of the proposed transaction by the competition authorities in the remaining jurisdictions," EssilorLuxottica.
GrandVision is advised by ING Bank, Bredin Prat, and De Brauw Blackstone Westbroek. EssilorLuxottica is advised by BNP Paribas, Citigroup, Goldman Sachs, BonelliErede, Latham & Watkins, Stibbe, Sullivan & Cromwell, Brunswick Group, and Community Group. HAL Holding is advised by NautaDutilh. Debt financing is provided by Credit Agricole and HSBC. Legal advice to debt providers is provided by Hogan Lovells.
FSN Capital, a private equity firm, agreed to acquire a 77% stake in MHP Solution Group, a provider of logistics software solutions. Financial terms were not disclosed.
“We are thrilled to be partnering with FSN Capital and we are confident that together we can take MHP to the next level. The company has a lot of opportunities going forward and we think that FSN Capital in combination with our existing owners Elvaston Capital will be able to provide exactly the experience and support we need to accelerate growth in MHP. We have already had an early look at some of the operational and strategy tools that FSN Capital can bring to the table and those combined with FSN Capital’s vast experience in supporting technology and technology-enabled businesses we feel is a great match for us and our company,” Jasmino Burkic, MHP CEO.
FSN Capital is advised by Boston Consulting Group, Ernst & Young, Lincoln International, Telescope Partners, and GLNS Rechtsanwalte Steuerberater.
Marel, a global provider of advanced food processing equipment, systems, software and services, agreed to acquire TREIF, a German food cutting technology provider, for $168m, including 2.9m Marel shares.
"TREIF and Marel are a good strategic fit, both from a product and geographical perspective. We have known and respected each other for a long time, and our recent discussions confirm our cultural fit and shared passion for innovation and customer satisfaction. Looking further ahead, the dynamic global food market is evolving towards more complex and digitalized solutions, and our long-standing customers worldwide need qualified local service teams on all continents to keep their operations running at optimal performance. Marel has invested significantly in its global reach and digital platforms, making them an excellent partner in this regard. Our dedicated employees will get the opportunity to join a large international organization that is also the global industry leader in our field," Uwe Reifenhäuser, TREIF CEO.
Marel is advised by Bickerton and FTI Consulting.
Yandex, a technology company, offered to acquire a 19% stakes in Yandex Self Driving Group, a self-driving vehicles business, from Uber, a provider of ride-hailing services. Yandex will additionally invest $150m into Yandex Self Driving Group. Yandex will own 73% of Yandex SDG, while Uber will own 19%. The remaining 8% will be reserved for Yandex SDG management and employees.
“We are excited to increase our stake in this strategically important part of our business. In just a short period of time, we have achieved breakthrough results in autonomous driving. We firmly believe in the future of autonomous mobility as a safe and cost-effective form of transportation with a vast addressable market. The additional capital that we are investing in SDG will allow it to continue to pursue the R&D and productization of autonomous mobility,” Arkady Volozh, Yandex Chief Executive Officer.
INVL Baltic Sea Growth Fund, a private equity investment fund, completed the acquisition of a 48% stake in MBL Group, a manufacturer of medical mobility devices. Financial terms were not disclosed.
“We are very excited to continue investing in the broader healthcare sector which offers enormous growth opportunities in Europe and beyond. We are delighted to be partnering with the Lauritsen family who have built MBL into a true world leader of medical mobility devices with a proven track record for R&D and innovation. We are confident that MBL will continue to cement this position by expanding its product range which significantly benefits the quality of life for those who depend on MBL’s products,” Nerijus Drobavičius, INVL Partner.
Saudi Aramco slows down diversification plans.
Saudi Aramco, a state oil giant, is reviewing plans to expand at home and abroad in the face of sharply lower oil prices and a hefty dividend burden it assumed as part of its recent initial public offering, WSJ reported.
Saudi Aramco is now slowing down and reviewing a $6.6bn plan to add petrochemical output at its Motiva refinery in Texas. It is also reviewing a big natural-gas project with Sempra Energy in the same state, and pausing investments in refineries in China, India and Pakistan.
ION and NEC to compete for a stake in Avaloq. (FS)
ION, a fintech company, and NEC, a technology and electronics company, are among suitors competing for a stake in Avaloq Group, a Swiss banking software provider, Bloomberg reported.
Private equity firms Apax Partners, Motive Partners and Nordic Capital have also been invited to proceed to the second round of bidding. Avaloq's owners are seeking a valuation of as much as $2.2bn in any deal.
Buyout firm Warburg Pincus, which bought 35% of Avaloq in 2017, has been exploring a potential stake sale since last year. Avaloq Chairman Francisco Fernandez is considering selling a controlling stake in the business alongside Warburg Pincus.
Ageas rebuffs BE Group's takeover approach.
Ageas, a Belgian insurer, rebuffed takeover interest from an investor group fronted by former financial services dealmakers, Bloomberg reported.
BE Group made an approach in recent weeks to Ageas, which has a market value of about $8.2bn. The consortium's backers include ex-Lazard banker Mark Pensaert, who's now a member of the Rabobank supervisory board, and Alexandre Kartalis, a director of investment firm Advanced Credit Solutions.
"Ageas confirms that it received a proposition from BE Group more than a month ago. After thorough analysis, the board of directors of Ageas decided not to engage," Ageas.
UK government roped in Credit Suisse and McKinsey to help Tata Steel UK bailout.
The government of the United Kingdom roped in investment banks Credit Suisse and McKinsey to help devise a rescue plan for Britain's largest steel producer.
Tata Steel UK is on the verge of presenting a revised proposal to ministers that would involve an injection of substantial funding from taxpayers. An earlier plea from Tata Steel, revealed in July, sought roughly $1.15bn of government cash in exchange for an equity stake of up to 50% in its UK business.
Nokia's largest shareholder Solidium raises stake to over 5%. (FS)
Nokia's largest investor, the Finnish government's investment firm Solidium, increased its stake to just over 5% for the first time, from about 4.8%, Reuters reported.
Solidium became an investor in Nokia in 2018 after buying a 3.3% stake for about $1bn, and has been increasing its stake since late last year.
Permira considers exiting Dr. Martens. (FS)
Permira is renewing plans to divest Dr. Martens, an English footwear and clothing brand, Bloomberg reported. The UK buyout firm could restart discussions in the next few months about a potential sale or initial public offering of Dr. Martens.
Discussions are at an early stage, and no final decisions have been made on a preferred exit strategy. While Permira is weighing options for Dr. Martens, the buyout firm is in no hurry to kick off a formal process as it's pleased with the performance of the business.
Bankia and CaixaBank consider merging.
CaixaBank, a Spanish financial services company, and Bankia, a Spanish bank, are set to agree to a merger to create Spain's biggest domestic lender in the coming days, in a deal expected to lead to hundreds of branch closures and kick off a new wave of industry consolidation.
Bankia, which is state-controlled after a 2012 bailout, and CaixaBank said they were in talks over a merger that would create a lender with more than $770bn in assets.
Louis Dreyfus considers divesting a stake to ADQ. (FS)
Louis Dreyfus, a commodity trader, considers divesting a stake to ADQ, an Abu Dhabi sovereign wealth fund, Reuters reported.
For the commodity trader, which has been facing a challenging business environment, bringing external investors would be a first in its 169-year-old history. In 2019, LDC profits declined sharply on low prices due to the impact of the US-China trade war and the swine fever epidemic in China.
The Hut Group launches $1.22bn London float. (FS)
The Hut Group, an e-commerce firm, confirmed its intention to float on the London Stock Exchange, in potentially the biggest listing of a British company since 2013 and the first major London listing since the Covid-19 crisis.
The $1.22bn float would value the firm at $6bn and see it list at least 20% of its stock. The company will also sell some existing shares.
Blackrock, Henderson Global Investors and funds managed by Merian and the Qatar Investment Authority agreed to buy $757m of the shares on offer.
BC Partners-backed Springer Nature seeks to raise $1.2bn in Frankfurt IPO. (FS)
BC Partners-backed Springer Nature, an academic publisher, is preparing to raise $1.2bn in a Frankfurt initial public offering. The company targets to announce its intention to float as soon as this month.
The IPO size could be larger depending on whether existing investors sell stakes. Springer Nature is considering seeking a valuation of about $8.3bn.
Listing candidates have been seeking to win over investors with pitches on the resilience of their businesses during the coronavirus pandemic. Springer Nature witnessed a 26% surge in submissions of journal articles in the first half of the year, led by research for its medical publications. Downloads on its content platforms have risen 46% during the period.
APAC
Virgin Australia Holdings creditors voted in favour of the purchase of Australia's second-biggest airline by US private equity group Bain Capital, paving the way for a strategic overhaul, Reuters reported.
The deal will allow the carrier to emerge from voluntary administration, which it had entered in April owing $5bn to creditors after suffering from a sharp plunge in demand due to the coronavirus pandemic.
"This is an important outcome for Virgin Australia, which brings us closer to exiting administration and allows us to focus on the future. It's been an incredibly tough journey for our people and they should be commended for how they have handled themselves. I'm pleased today gives us some more certainty around the company's future," Paul Scurrah, Virgin Australia Group CEO and Managing Director.
Virgin Australia is advised by Deloitte, Houlihan Lokey, Morgan Stanley, and Clayton Utz. Bain Capital is advised by Herbert Smith Freehills.
Kimberly-Clark, an American multinational personal care corporation, agreed to acquire Softex Indonesia, a manufacturer of sanitary paper products, from a group of shareholders including CVC Capital for $1.2bn.
"This acquisition represents a compelling strategic fit and demonstrates our commitment to accelerate growth in developing and emerging markets. Moreover, adding Softex Indonesia and its brands to Kimberly-Clark will enhance our company's underlying growth prospects and help us create even more long-term shareholder value," Mike Hsu, Kimberly-Clark Chairman and CEO.
Kimberly-Clark is advised by Centerview Partners, Morgan Stanley, and Gibson Dunn & Crutcher.
Goldman Sachs joins syndicate for Ant IPO of up to $30bn.
Goldman Sachs joined the growing list of investment banks working on Chinese financial technology firm Ant Group's mammoth initial public offering of up to $30bn, Reuters reported.
Alibaba Group-backed Ant plans to list simultaneously in Hong Kong and Shanghai. Goldman Sachs has been hired as a joint lead manager on the Hong Kong leg of the IPO.
Malaysia drops charges on Goldman Sachs over 1MDB scandal.
Malaysia dropped criminal charges against units of Goldman Sachs over the bank's role in the alleged theft of billions of dollars from a government investment fund, a critical step under the terms of a recent $3.9bn settlement, FN reported.
Goldman was the main banker for 1Malaysia Development, or 1MDB, which Malaysia created in 2009 to help drive economic growth. The bank raised billions of dollars for the Malaysian fund, much of which was allegedly stolen by people who worked for the fund.
Vodafone's India unit plans $1.5bn fundraising, including share sales.
Vodafone Group's India unit is planning to raise about $1.5bn as it seeks to turn around its fortunes in the country's fiercely competitive wireless market, Business Standard reported.
The telecom operator is working to identify potential investors in the US. It could also raise part of the funds through other methods such as an offering of equity-linked securities.
Vodafone Idea is discussing a funding plan that could include a share sale, It is working with advisers including New York-based investment bank PJT Partners, as it seeks potential strategic partners to buy stakes.
Silver Lake considers acquiring a $1bn stake in Reliance Retail. (FS)
Private equity firm Silver Lake Partners considers investing $1bn in the retail arm of India's Reliance Industries, Reuters reported.
The investment, which would value Reliance Retail at about $57bn, comes as the company is aiming to sell about 10% in new shares. The company has raised more than $20bn from global investors, including Facebook by selling stakes in its Jio Platforms digital business and has said it aims to attract investors to Reliance Retail over the next few quarters.
SoftBank considers bidding for TikTok in India.
SoftBank Group is exploring assembling a group of bidders for TikTok's India assets and has been actively looking for local partners, Bloomberg reported.
Over the past month, the Japanese conglomerate, which owns a stake in TikTok's Chinese parent ByteDance, has held talks with the heads of India's Reliance Jio Infocomm and Bharti Airtel. While discussions have fizzled since, SoftBank is still exploring options.
SoftBank would almost certainly need a local partner to cut a deal that would win government approval. Before the ban, India was one of TikTok's largest markets, with more than 200m users.
Chinese firm to run Laos electric grid amid default warnings.
Laos is set to hand over the majority control of its electric grid to a Chinese company, as it struggles to stave off a potential debt default, Reuters reported.
The deal comes at a time when critics accuse Beijing of "debt-trap diplomacy" to gain a strategic advantage in countries struggling to repay loans taken out under President Xi Jinping's global "Belt and Road" infrastructure initiative.
China is Laos's biggest creditor, and the deal will bind the country of 7m people closer to its giant neighbour.
PINAI considers selling oil storage and pipeline. (FS)
The Philippine Investment Alliance for Infrastructure Fund, a private equity fund, considers selling an oil storage and pipeline company in the country.
PINAI, as the fund is known, could raise at least $500m in a potential exit from its investment in Philippine Coastal Storage and Pipeline. The company plans to wrap up collecting non-binding bids as soon as next week.
Vodafone Idea says board did not receive any proposal from Amazon and Verizon.
Vodafone Idea, an Indian mobile firm, said its board had no investment proposal to consider from US wireless carrier Verizon Communications or Amazon, Reuters reported.
Vodafone Idea added, however, that it constantly evaluates opportunities for enhancing stakeholders' value.
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