AMERICAS
Investment firms Novacap, Fonds de solidarité FTQ and Fondaction agreed to acquire Globe Electric, a Montreal-based company specializing in the design, development, manufacturing, and marketing of innovative consumer lighting and electrical products. Financial terms were not disclosed.
"Globe Electric is a great Canadian success story, and we are thrilled to be a part of its next chapter. Novacap has always been a champion of ambitious owner-entrepreneurs in Quebec, and Globe Electric has embodied that spirit for almost a century," Michel Côté, Novacap Senior Partner.
Globe Electric is advised by Houlihan Lokey, Spiegel Sohmer and Stikeman Elliott. Novacap is advised by Ernst & Young and Fasken.
SPX FLOW, a manufacturer and supplier of engineered flow components, process equipment, and turn-key systems, completed the acquisition of Philadelphia Mixing Solutions, a company that designs fluid mixing equipment, from Wind River-backed Thunder Basin, a company manufacturing speed changers, drives, and gears, for $65m.
"With our recent acquisitions of UTG and Philadelphia Mixing Solutions, we continue to execute our strategy of creating new opportunities for synergy and growth and broadening our portfolio of comprehensive mixing solutions for customers in the chemical, water & wastewater, petrochemical, mining, pharmaceutical, and nutrition & health markets," Marc Michael, SPX FLOW President and CEO.
SPX FLOW was advised by PricewaterhouseCoopers and Bryan Cave Leighton Paisner. Thunder Basin was advised by Boenning & Scattergood and Hogan Lovells.
United Community Banks, a provider of a full range of banking, wealth management and mortgage services, agreed to acquire FinTrust Capital Partners, a provider of investment advisory, financial planning, and securities brokerage services. Financial terms were not disclosed.
"Our investment advisory business has grown organically over the past several years and was expanded in 2020 with a broader product offering with the acquisition of Seaside and their wealth management business. The addition of FinTrust, a strong and growing Registered Investment Adviser, continues the expansion of our product offerings and gives us additional opportunities to provide a full range of financial services to our customers," Lynn Harton, United Chairman and CEO.
FinTrust Capital Partners is advised by Park Sutton Advisors and Nelson Mullins Riley & Scarborough. United Community Banks is advised by Squire Patton Boggs.
NCC Group, an information assurance firm headquartered in Manchester, agreed to acquire the Intellectual Property Management business of Iron Mountain, an American enterprise information management services company, for $220m.
"This acquisition will transform NCC Group's Software Resilience business, making it a market leader, and deliver immediate financial and operational benefits to the whole of the Group. The IPM Business shares many similarities with our own Software Resilience business, including a commitment to providing exemplary service for clients. There are tremendous opportunities to grow the combined business by offering IPM's blue-chip clients the choice of new services and support," Adam Palser, NCC CEO.
NCC Group is advised by Lazard, Peel Hunt and Maitland. Iron Mountain is advised by Robert W Baird.
Bain Capital, a social impact investor, agreed to invest in ConvenientMD, New England's urgent care provider. Financial terms were not disclosed.
"We are excited to partner with ConvenientMD, a leader in urgent care medical services that is dedicated to improving health and wellness in New England," Peter Spring, Bain Capital Double Impact Managing Director.
ConvenientMD is advised by Deutsche Bank and Kirkland & Ellis. Bain Capital is advised by Ropes & Gray.
Cedar, an innovative healthcare financial technology platform, agreed to acquire OODA Health, a healthcare technology company focused on improving the healthcare administrative experience with payers and providers, for $425m.
"Cedar's mission has always been to transform healthcare and deliver the best possible financial experience for consumers. We've made great progress toward that goal, but consumers still need greater financial clarity and more affordable healthcare — and the experience with one's provider or one's payer is just part of the issue. Both Cedar and OODA Health are forward-thinking when it comes to putting consumers first, and we believe that by bringing our companies together, we can identify new opportunities to help consumers — as well as payers and providers — navigate an increasingly complicated healthcare system, leading to better outcomes for all parties involved," Florian Otto, Cedar CEO.
OODA Health is advised by Fenwick & West. Cedar is advised by Cooley.
Brightstar Capital Partners, a private equity firm, completed the investment in Engineering Research and Consulting, a provider of mission critical engineering and consulting services to the US Department of Defense, NASA and other high-tech governmental entities. Financial terms were not disclosed.
"We are impressed with ERC's capabilities and culture and see enormous potential for growth in the dynamic and fragmented government services and technology industry. Through accelerated investment in operational capabilities, as well as a focus on strategic acquisitions, we are confident that Ernie and the talented team at ERC will continue to provide best-in-class capabilities and services," Michael Singer, Brightstar Managing Director.
Brightstar was advised by Houlihan Lokey and Dukas Linden Public Relations.
AdventHealth to acquire Redmond Regional Medical Center from HCA Healthcare for $635m.
AdventHealth, a non-profit health care centre, agreed to acquire Redmond Regional Medical Center, a 230 bed hospital, from HCA Healthcare, a provider of health care services, for $635m.
As a result of the sale of Redmond Regional Medical Center, a hospital that was not able to fully benefit from a broader HCA Healthcare network in the area, the company will no longer have a presence in northwest Georgia. The transaction provides strategic value to HCA Healthcare by increasing financial flexibility for investments in ongoing and future initiatives in core markets.
HCA Healthcare is advised by Citigroup.
Insight Partners, a global venture capital and private equity firm, agreed to acquire CivicPlus, a provider of integrated software solutions for local governments, from BV Investment Partners, a middle-market private equity firm, for $290m.
"Insight Partners is dedicated to high-growth software companies. They have extensive expertise and have successfully supported many technology innovators on the brink of revolutionizing user experiences. Insight understands the fundamental changes in the relationship between local governments and their citizens, and they value our vision of enabling civic leaders to optimize that relationship," Brian Rempe, CivicPlus CEO.
BV Investment Partners is advised by Chris Tofalli.
PerkinElmer, a biotechnology company, agreed to acquire Nexcelom Bioscience, a global provider of automated cell counting instruments, image cytometry workstations, assays and a variety of cell reagents, for $260m.
"We are looking forward to bringing Nexcelom’s expertise and technologies in drug development together with our passion and solutions for drug discovery. This combination will expand our efforts to help academic, government and biopharmaceutical organizations streamline their complete workflows and support efforts to accelerate time to target and time to market for novel therapies," Prahlad Singh, PerkinElmer President and CEO.
Nexcelom Bioscience is advised by Jefferies & Company.
Vertex, a provider of tax compliance software, completed the acquisition of Taxamo, a cloud-based pioneer in tax and payment automation for global e-commerce and marketplaces, for $200m.
“The fabric of today’s global commerce is more connected and complex than ever before. Our mission is to enable every business to transact, comply and grow with confidence. We are incredibly excited to bring these new end-to-end solutions to our customers and partners around the world," David DeStefano Vertex CEO.
Vertex was advised by Solebury Trout.
ServiceNow, a digital workflow company, agreed to acquire Lightstep, a provider of observability solutions. Financial terms were not disclosed.
"Today, observability primarily benefits the DevOps teams that build and operate mission‑critical apps. We've always believed that the value of observability should extend across the entire enterprise, providing greater clarity and confidence to every team involved in these modern, digital businesses. By joining ServiceNow, together we will realize that vision for our customers and help transform the world of work in the process – and we couldn't be more excited about it," Ben Sigelman, Lightstep CEO.
ServiceNow is advised by Skadden Arps Slate Meagher & Flom.
Amdocs, a provider of software and services to communications and media companies, completed the acquisition of Sourced, a global technology consultancy specializing in large-scale cloud transformations, for $75m.
"We are delighted the innovative Sourced team is joining Amdocs. We are proud to bring such great professionals and practices to our industry and look forward to working with their wide-reaching customer base in North America, Asia-Pacific and Australia. This acquisition is part of our wider cross-company investment in the cloud and will further solidify our leadership in this domain as we accelerate our strategy to take the communications and media industry to the cloud," Shuky Sheffer, Amdocs President and CEO.
Amdocs was advised by PAN Communications.
Peapack-Gladstone Financial, a New Jersey bank holding company agreed to acquire Princeton Portfolio Strategies Group, an employee-owned, SEC-registered investment advisory firm. Financial terms were not disclosed.
"With a private banking office already located at Carnegie Center in Princeton, we were able to establish a quick and easy connection with PPSG. Combining the high-quality professionals from PPSG with our existing Princeton team is a win-win for both organizations and will allow us to accelerate our growth in this highly desirable market," John P. Babcock, Peapack Private Wealth Management President.
Peapack-Gladstone Financial is advised by Park Sutton Advisors.
Carnegie Investment Counsel, a federally registered investment adviser, agreed to merge with Crane Asset Management, a full-service investment counseling firm. Financial terms were not disclosed.
"Our firm is built to embrace the different strengths of advisors. Our advisors provide custom portfolio management centered around what is best for the client. I believe this approach enhances the client experience and keeps our team sharp. Crane Asset Management has had the same fiduciary approach with their clients at the center," Gary Wagner, Carnegie Investment Counsel Principal and COO.
Byrna Technologies, a technology company, agreed to acquire Mission Less Lethal, a manufacturer of .68 caliber, shoulder-fired non-lethal launchers for law enforcement and other security professionals, from Kore Outdoor, a global manufacturer and distributor of paintballs, markers and other paintball products. Financial terms were not disclosed.
"Mission Less Lethal represents a highly strategic tuck-in acquisition for Byrna," Bryan Ganz, Byrna CEO.
Flagship Pioneering led a $208m Series D round in Inari, the next-generation seed company, with participation from Alexandria Venture Investments, Investment Corporation of Dubai, Banque Pictet, Rivas Capital, G Squared and Pavilion Capital.
"Today's announcement demonstrates both the progress and incredible potential of the company. We are very pleased with the strength of our investor base, bringing in international support across new and existing investors," Ponsi Trivisvavet, Inari CEO.
Xperi-backed TiVo, a company engaged in entertainment technology and audience insights, agreed to acquire MobiTV, a provider of mobile media solutions. Financial terms were not disclosed.
"The acquisition of the MobiTV assets immediately expands our capabilities and the addressable market for our IPTV solutions, helping to secure TiVo's position as a leading provider of Pay-TV solutions. As a result, the acquisition of MobiTV's managed service assets will help accelerate our growth in the IPTV market through an increased subscriber footprint," Jon Kirchner, Xperi CEO.
Repsol, a company that explores for and produces crude oil and natural gas, agreed to acquire a 40% stake of Hecate Energy, a PV solar and battery storage project developer. Financial terms were not disclosed.
"With this acquisition, we enter the US renewable market with the best possible partner and advance our strategic objective of becoming a global low-emissions operator. We continue to demonstrate our commitment to multi-energy and move forward with the transformation of Repsol into a net-zero emissions company," María Victoria Zingoni, Repsol Executive Managing Director of Client and Low-Carbon Generation.
Ideanomics, a service provider which facilitates the adoption of electric vehicles, agreed to acquire US Hybrid, a company that designs and manufactures power conversion systems. Financial terms were not disclosed.
"We are excited to be joining the Ideanomics family, as a synergistic addition to the Ideanomics ecosystem of EV businesses. Ideanomics' global platform will provide us with the opportunity to unlock the commercialization and sales potential of our American-made zero-emission products within Ideanomics and our broad customer base. This combination of our businesses provides for a bright future in zero emission transportation, where we continue to innovate for the future, while scaling our commercial products to meet the immediate demands of the industry," Gordon Abas Goodarzi, US Hybrid CEO.
Whole Foods Market, a natural foods grocery chain, completed the investment in Upside Foods, a producer of cultured meat. Financial terms were not disclosed.
"This could change the world in a very good way because of the horrendous suffering that livestock animals go through, the tremendous damage that industrial agriculture has done to the environment," John Mackey, Whole Foods Market Founder.
Pershing Square swaps Starbucks for a stake in Domino's. (FS)
Bill Ackman-owned Pershing Square Capital, a hedge fund management company, has taken a stake in Domino's Pizza, a pizza chain, Reuters reported. Bill Ackman had swapped his shares in Starbucks, a coffee roaster and retailer of specialty coffee, for a little under 6% stake in Domino's.
"Domino's a very compelling story and big international growth opportunity, and there's plenty of room to run both here and abroad," Bill Ackman.
Activate Renewables launches with a $500m capital commitment to acquire renewable energy real estate.
Accelerate Real Asset Management, a growth-oriented real asset platform, launched a new joint venture to invest in renewable energy infrastructure. Activate Renewables will acquire real estate and royalty interests associated with utility-scale solar, wind and energy storage facilities located across the United States.
Activate will be funded by an initial capital commitment of $500m through a joint venture with an undisclosed institutional investor. Additional details of the transaction are not disclosed.
Alphawave IP Group raises $1.2bn in London IPO.
Alphawave IP Group, a company engaged in high-speed connectivity for the technology infrastructure, sold $1.2bn of shares in its London IPO, in a deal that values the Toronto-based semiconductor technology provider at $4.4bn. It sold $507m in new shares while existing equity holders sold down $699m worth, listing around 28% of the business, according to Reuters.
The company, which designs semiconductor technology it licenses to other businesses, priced its shares at $5.77 each, having earlier set a range of between $5.28 and $6.06.
Genworth defers mortgage insurance unit's IPO due to volatile trading.
Insurer Genworth Financial deferred the IPO of its mortgage insurance unit, Enact Holdings, Reuters reported. The listing was proposed after a $2.7bn buyout agreement between Genworth and billionaire Lu Zhiqiang’s investment firm, China Oceanwide Holdings Group, fell through last month.
“Genworth’s Board of Directors determined that current market pricing for the planned offering does not accurately reflect Enact’s value,” Tom McInerney Genworth CEO.
Vistria Group collecting more than $2bn for fourth fund. (FS)
Vistria Group, an investment firm, is on track to collect more than $2bn for its fourth fund and will hold a final close for it by the second half of this year. New fund had a $1.5bn target. The firm has already collected $900m for Vistria Fund IV.
Vistria partners with middle-market businesses in Healthcare, Education and Financial Services that are passionate about growth and committed to the community.
Deerpath Capital raises $1.1bn for fifth debt fund. (FS)
Deerpath Capital Management, a firm providing loans to smaller companies, closed its fifth fund at $1.1bn. The firm primarily lends to private equity-backed lower middle-market companies.
The vehicle, Deerpath Capital V, exceeded the firm’s initial target and gathered capital from more than 50 limited partners world-wide. Combined with debt financing, the fundraising gives Deerpath more than $2bn to deploy.
EMEA
Bain Capital, a global private investment firm, agreed to acquire Valeo Foods Group, a pan European food business, from private equity firm CapVest. Financial terms were not disclosed.
"Valeo Foods has been developed into a key player in the European food industry by a talented and ambitious team. We believe Valeo has further potential to grow significantly, both organically and through acquisitions, and look forward to partnering with Seamus and his team to accelerate that growth trajectory and further consolidate the Company's position as a leading international food business," Nigel Walder, Bain Capital Managing Director.
Valeo Foods and CapVest are advised by Ernst & Young, KPMG, Goldman Sachs, Willkie Farr & Gallagher, William Fry, PricewaterhouseCoopers and ReputationInc. Bain Capital is advised by PricewaterhouseCoopers, OC&C, Credit Suisse, Houlihan Lokey, Weil Gotshal and Manges, Camarco, Drury Porter Novelli and AlixPartners.
Behrman Capital-backed Emmes, a global, full-service Clinical Research Organization, agreed to acquire Orphan Reach, a CRO specialized in clinical research related to rare diseases. Financial terms were not disclosed.
"We are thrilled with the addition of Orphan Reach to the Emmes platform, which we believe greatly augments the Company's BioPharma effort and builds on the recent and successful Neox transaction. Orphan Reach enhances Emmes' momentum and steepens the Company's growth trajectory through expansion of its geographic footprint and customer base, and we look forward to continuing to support the Company as it pursues organic initiatives and additional acquisitions," Grant Behrman, Behrman Capital Managing Partner.
Behrman Capital is advised by Kekst CNC.
Leaps by Bayer and Hitachi Ventures led the $130m Series C round in Huma Therapeutics, a global health technology company, with participation from Samsung Next, Sony Innovation Fund, Unilever Ventures and HAT.
"This is a pivotal moment in Huma's development. We have exceptional partners and strategic investors who will support us in our mission to help people worldwide live longer and fuller lives. We're already demonstrating how 'hospital at home' can transform healthcare, and how decentralized clinical trials can advance research in ways that weren't imaginable even one year ago. Now we want to accelerate the pace of change and continue to innovate for better care and research worldwide," Dan Vahdat, Huma Founder and CEO.
Walmart, a multinational retail corporation, agreed to acquire Zeekit, a virtual fitting room platform. Financial terms were not disclosed.
"Virtual try-on is a game-changer and solves what has historically been one of the most difficult things to replicate online: understanding fit and how an item will actually look on you. Zeekit will help us deliver an inclusive, immersive and personalized experience for our diverse customer base," Denise Incandela, Walmart EVP of Apparel and Private Brands.
Bundesliga shortlists buyers for partial rights sale. (FS)
Germany’s top-flight soccer league has drawn up a shortlist of buyout funds, including KKR and Bridgepoint, to buy a 25% stake in its overseas broadcasting rights. European private equity firm CVC has also advanced to the second round of the auction that could value the Bundesliga’s overseas broadcasting rights at roughly $2.42bn, Reuters reported.
The stake sale, which could be worth up to $607m, would bring outside investors into one of football’s biggest leagues at a time when they are contending with a plunge in revenue.
Anima CEO sees opportunity from possible UniCredit M&A move.
Anima said a potential takeover by UniCredit of rival lenders Banco BPM and Banca Monte dei Paschi di Siena, two of his main clients, would offer the company an opportunity to expand its business, according to Bloomberg.
“A three-way merger among two of our main partners and Italy’s second-biggest bank would be the best scenario for Anima, giving us enormous opportunities,” Alessandro Melzi d’Eril, Anima CEO.
Global-e Online valued at nearly $3.6bn in Nasdaq debut.
Shares of Global-e Online, an online platform to hundreds of brands and retailers, rose as much as 1% in their Nasdaq debut, giving the cross-border e-commerce platform a market capitalization of nearly $3.6bn.
The Israel-based company’s stock opened at $24.25, down from the IPO price of $25 per share, but later recovered to trade higher, Reuters reported.
Goldman Sachs, Morgan Stanley and Jefferies were the lead underwriters for the offering.
Contentful explores options including US IPO.
Contentful, a website platform whose customers include Spotify, WeWork and the British Museum, is exploring options including a US IPO that could value it at close to $5bn, according to Reuters.
The Berlin-based company, which plans to go public by the end of 2021, is close to hiring financial advisers to inform on the best route to the stock market, which could also involve a merger with a so-called blank-check firm or SPAC.
Contentful is among a new generation of fast-growing, venture-backed European startups that are seeking to capitalize on a red-hot IPO market.
Volvo Cars looking to list on Nasdaq Stockholm this year.
Volvo Cars, a Swedish automaker, is considering listing on the Nasdaq Stockholm stock exchange this year, Reuters reported.
The company, which is owned by China's Geely Holding Group, extended Chief Executive Hakan Samuelsson's contract to the end of 2022.
Geely's Hong Kong-listed unit Geely Automobile and Volvo Cars scrapped a merger plan in February.
Livingbridge raises $1.7bn for latest fund. (FS)
Mid-market private equity firm Livingbridge successfully raised $1.7bn for its Livingbridge 7 fund. Launched in April 2020 and with a hard cap of about $1.8bn, this fundraise marks the firm’s largest to date – nearly double the size of its predecessor fund Livingbridge 6, which closed at $926m in November 2016.
Livingbridge 7 will focus on investing equity of up to $175m in high-growth, entrepreneurial businesses with enterprise values of up to $421m, over a five-year period. The firm’s investment strategy will remain focussed on its key sectors, including services, technology, consumer and healthcare & education.
“We are thrilled to welcome commitments from such a high-quality pool of global investors, with the strong re-up rates from existing partners a testament to our deep relationships and excellent track-record in providing our investors with strong returns. We are very grateful for their ongoing support,” Fiona Dane, Livingbridge Partner.
Goldman Sachs’ Vintage Funds back Cain’s European Real Estate Fund. (FS)
Cain International, a privately held investment firm, announced the close of its European Real Estate Opportunity Fund I, following investments from Goldman Sachs’ Vintage Funds and US-based Security Benefit Life Insurance Company, as well as Cain’s founding partners and members of its senior management team.
“While the last year has undoubtedly had its challenges for both investors and emerging managers, we are fortunate to have partnered with an exceptional and forward-thinking investor base over the past 24 months, building a robust portfolio that spans some of Europe’s most desirable and promising markets. We are thrilled to be able to complement our existing partner and investor base with a globally recognised institution like Goldman Sachs. Achieving this milestone is a testament to the team’s diligence and is a cornerstone for our business’s future growth,” Richard Pilkington, Cain European Real Estate division.
APAC
Intertek, a British multinational assurance, inspection, product testing and certification company, agreed to acquire SAI Global Assurance, a provider of assurance services, for $665m.
"As we emerge from the global Covid-19 pandemic, we expect our customers to increase their focus on Risk-Based Quality Assurance to provide the highest quality safety and sustainability products and services to their customers. The growth of the Assurance, Testing, Inspection & Certification industry is expected to accelerate and Assurance, a capital light and high margin service will be critical to addressing the increased corporate focus on Total Quality Assurance," Andre Lacroix, Intertek CEO.
Intertek is advised by FTI Consulting. SAI Global is advised by Jefferies & Company.
Multiples Alternate Asset Management, an investment advisory firm, agreed to acquire the Zydus Animal Health unit of Cadila Healthcare, an Indian multinational pharmaceutical company headquartered in Ahmedabad, for $397m.
"Zydus AH is the second-largest and one of the fastest-growing animal health businesses in India. The business enjoys a leadership position across a wide spectrum of therapeutic and nutritional products for livestock and poultry animal segments. It employs approximately 700 people and has a manufacturing facility in Haridwar," Cadila.
Multiples Alternate Asset Management is advised by J. Sagar Associates.
Greater Bay Area Homeland Development, an investment business, led a $105m Series C funding round in Elpiscience, a clinical stage biopharmaceutical company focusing on cancer immunotherapy. Additional investors included Cormorant Asset Management, Maison Capital, Superstring Capital, Pluto Connection, Unifortune Fund, Lilly Asia Ventures, Hillhouse Capital Group, CDH Investments, Dyee Capital and Oriza.
“We are thrilled to have the continued support and endorsement from the top tier investors. It’s been a remarkable 3.5 years. Elpiscience is determined to become a innovation leader in developing the next generation of cancer immunotherapies. We are committed to bringing at least one world-class molecule into the clinic each year to benefit cancer patients globally," Darren Ji, Elpiscience Chairman and CEO.
VIG Partners, a Korean buyout fund, agreed to acquire on The Skin Factory, a home and personal care firm. Financial terms were not disclosed.
“Kundal is a unique, groundbreaking brand that shifts the dynamics of a low growth offline HPC market which was controlled by a few chaebol-affiliated brands. We are strongly convinced that Kundal is set to evolve into a leading K-Personal Care brand that provides customers with distinctive values through product and sales channel differentiation," Chulmin Lee, VIG Managing Partner.
Bain weighs $2bn stake sale in Hugel. (FS)
Bain Capital is considering a sale of its controlling stake in Seoul-listed Hugel, a botox maker, Bloomberg reported. The buyout firm is seeking as much as $2bn from a disposal of its 44.4% stake in Hugel.
The stake sale could kick off as soon as the second half of this year. The shares could attract health-care companies as well as private equity firms.
Bain is advised by Bank of America.
China Evergrande plans sale of $1.4bn Evergrande Vehicle shares.
China Evergrande placed 260m shares, or 2.66% of issued share capital, of China Evergrande New Energy Vehicle Group for $1.36bn.
China Evergrande, which currently holds 67.64% of Evergrande Vehicle, agreed to sell the shares at $5.26 each, representing a 20% discount to Wednesday’s close of $5.27 each with proceeds to be raised for general working capital, Reuters reported.
Haitong International Securities, Huatai Financial Holdings, and CMB International Securities are the placing agents.
Advent weighs ASK Group stake sale at $1bn valuation. (FS)
Advent International is exploring options including a potential sale for its stake in ASK Group, an Indian investment and wealth management firm, Bloomberg reported. The buyout firm is working with Nomura on a possible deal. Advent is seeking a valuation of more than $1bn for ASK Group in a deal. Considerations are an early stage and Advent could still decide to keep the holding.
Advent bought a significant minority stake in ASK Group for an undisclosed amount in 2016. The private equity firm owns about 40% of ASK.
ValueAct takes a stake in Seven & i and says changes could boost share price. (FS)
ValueAct Capital, an investment company, amassed a $1.53bn stake in Seven & i, a Japan-based holding company, and would like the owner of 7-Eleven to consider changes, including a potential break-up, Reuters reported.
The hedge fund says that the 7-Eleven business could be worth more than double what its parent is currently valued at if the company restructures itself to focus on the convenience stores or if 7-Eleven is spun out.
"We invested in Seven & i Holdings at an estimated P/E ratio of 11 times, while global peers trade at 15 times to 25 times. The challenges and opportunities facing Seven & i - strategy, organizational design, digitalization and ESG - are very familiar to us," ValueAct.
Brookfield and IFM mull bids for Singapore Telecommunications from Singtel’s Australia Towers. (FS)
Brookfield Asset Management and IFM Investors are considering bidding for Singapore Telecommunications portfolio of Australian mobile phone towers. A deal for the towers, held under Singtel’s Australian subsidiary, Optus, could value the assets at about $1.5bn, Bloomberg reported.
American Tower is also among the potential bidders. A group known as Symphony Consortium, consisting of local telecom operator Stilmark Holdings with US provider ATN International and Canadian pension investor OMERS Infrastructure Management plans to participate in the sale.
Weilong files for Hong Kong IPO.
Chinese snack maker Weilong Delicious Global filed for a Hong Kong IPO, DealStreetAsia reported.
Weilong did not disclose the target fundraising size. It has raised $551m before it filed for IPO from investors including CPE, Hillhouse, Tencent and Yunfeng Capital.
Weilong is advised by CICC, Morgan Stanley and UBS.
Savills IM launches $1.2bn first pan-Asia income and growth fund. (FS)
Real Estate investment manager Savills IM launched the first pan-Asia income and growth fund with a targeted investment volume of $1.2bn, DealStreetAsia reported.
The total investment volume will include a maximum debt ratio of 60% at the fund level. The firm has secured the first close for the vehicle, Savills IM Asia Pacific Income and Growth Fund, at about $115m.
Ping An completes $200m first close of Voyager Partners Fintech and Digital Health Fund. (FS)
Ping An Insurance announced the initial close of Ping An Voyager Partners, a growth stage venture fund that will make investments in fintech, healthtech and related businesses around the world. Targeted at institutional investors, Voyager Partners has secured approximately $200m in commitments toward its planned $475m offering.
Voyager Partners will be managed by Global Voyager Fund, a wholly-owned subsidiary of Ping An with a significant track record in venture investing in fintech and digital health. In 2017, Ping An committed $1bn to support Global Voyager's investment strategy.
"There is no doubt that the digital revolution in finance and health is here to stay. Ping An is well placed to identify and bring value to promising new companies in these sectors. We have achieved considerable success investing in growth-stage fintechs and digital health companies and are confident we can bring this experience to bear at Voyager Partners," Jonathan Larsen, Ping An Group CIO and Global Voyager Chairman and CEO.
LG Chem to invest $134m in new tech fund. (FS)
LG Chem, a chemicals and battery unit of South Korean conglomerate LG, is investing $134m in a new fund that will invest in companies focused on battery technologies and eco-friendly materials, DealStreetAsia reported.
LG Chem will be an anchor investor in Korea Battery & ESG Fund, which plans to raise a total of $355m. The fund is managed by IMM Credit Solution, a wholly-owned subsidiary of domestic private equity firm IMM PE.
"The investment will become the stepping stone for LG Chem to strengthen the ESG industrial ecostystem together with prospective SMEs and medium-sized corporations and continuously find future growth engines," Hak Cheol Shin, LG Chem CEO.
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