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AMERICAS
Proxy advisory firm Glass Lewis has recommended Vista Outdoor shareholders to vote in favor of the proposed merger of the company's ammunition unit with Czechoslovak Group, Reuters reported.
Glass Lewis, which previously recommended stockholders to abstain from voting for the deal with Prague-based defense firm CSG on July 23, wrote that the support would be "the best option" to maximize shareholder value at this time.
Avista Capital Partners, a private equity firm, and Hamilton Lane, a private markets investment management firm, completed the acquisition of a majority stake in Cosette Pharmaceuticals, a specialty pharmaceutical company. Financial terms were not disclosed.
"We value Avista's long-term relationship with Hamilton Lane and look forward to collaborating with them as a strategic partner to drive growth and value at Cosette. Our collective expertise will prove invaluable as Cosette evaluates larger M&A opportunities as part of the company's growth strategy," David Burgstahler, Avista Managing Partner and CEO.
Cosette Pharmaceuticals was advised by Capital One Financial, Hayfin Capital Management, Santander and UBS. Avista was advised by Kekst CNC. Hamilton Lane was advised by Debevoise & Plimpton and Ropes & Gray.
Bending Spoons, a technology company, completed the acquisition of Issuu, a digital publishing platform, from Heartcore, a venture capital firm, and KDDI Open Innovation Fund, a corporate venture capital fund. Financial terms were not disclosed.
"We're impressed by what the Issuu team has achieved over the years, and we're enthusiastic about its future prospects. By leveraging the Bending Spoons expertise and platform technologies, we believe we can help Issuu progress further," Luca Ferrari, Bending Spoons CEO.
Issuu was advised by Lightning Partners and Goodwin Procter. Bending Spoons was advised by Ernst & Young, Kromann Reumert, Perez Llorca and Willkie Farr & Gallagher.
Commure, a provider of technology to healthcare systems, agreed to acquire Augmedix, an ambient AI medical documentation and data solutions provider, for $139m.
"Through our acquisition of Augmedix. We're taking a huge step forward in building the health AI operating system of the future, using language models to consolidate various point solutions into a single, integrated platform for providers, clinical operations teams, and healthcare IT," Tanay Tandon, Commure CEO.
Augmedix is advised by Evercore, Morrison & Foerster and FNK IR. Commure is advised by Morgan Stanley and Kirkland & Ellis.
Thrust Capital-backed DCM Group, a global aerospace integrator, completed the acquisition of Koss Aerospace, a manufacturer of structural aircraft components and assemblies, and Brampton Processing, a metal finishing company. Financial terms were not disclosed.
"With this transaction, DCM attains a critical size, positioning itself as one of Canada's most important aerospace manufacturers and a direct, solid partner for OEMs. It allows DCM to broaden its product offerings and become vertically integrated including surface treatment processes across nearly all of our manufacturing needs. The expanded capabilities will enable us to produce larger dimension assemblies and access a complementary customer base. We would like to thank Dragomir, Helene and the whole Cajic family for trusting us with the business they built over the past decades," Jean-Charles Raillat, DCM CEO.
Koss Aerospace and Brampton Processing were advised by CIBC World Markets and Loopstra Nixon. DCM was advised by Ernst & Young, Norton Rose Fulbright and Blain Joyal Charbonneau.
Shamrock Capital, an investment firm specializing in media, entertainment, communications, and related sectors, completed the acquisition of the diverse film, television, and music portfolio from Vine Alternative Investments, a specialized asset manager. Financial terms were not disclosed.
"Jim, Bill and Stephen were early movers in the entertainment royalty sector and, over time, curated an impressive portfolio of film and television libraries and music catalogues that are timeless and hold deep cultural significance. As Shamrock's Content Strategy continues to expand, we are thrilled to add this remarkable portfolio to our existing platform of premium content," Patrick Russo, Shamrock Capital Partner and Executive Committee Member.
Shamrock Capital was advised by Latham & Watkins and Prosek Partners (led by Mickey Mandelbaum). Vine Alternative Investments was advised by Salem Partners, Kirkland & Ellis and Paul Hastings.
Evolution, a B2B Live Casino solutions provider, agreed to acquire Galaxy Gaming, a developer and distributor of casino table games, for $124m.
"We are thrilled to announce the acquisition of Galaxy Gaming, which represents a significant milestone in our mission to provide unparalleled gaming experiences to our customers. Galaxy Gaming's exceptional products and technology complement our existing portfolio and strengthen our strategic position," Martin Carlesund, Evolution CEO.
Galaxy Gaming is advised by Macquarie Group and Latham & Watkins. Evolution is advised by JP Morgan and Kirkland & Ellis.
Private equity firms Genstar Capital and TA Associates, agreed to acquire a minority stake in AffiniPay, a provider of practice management software, integrated payments and embedded fintech for professionals across the legal, accounting, and professional services end markets. Financial terms were not disclosed.
"We are thrilled for this next chapter with TA and Genstar. Since I joined AffiniPay in 2021, we've had incredible momentum and it's been so rewarding to influence how core system of record software combined with financial technology can benefit our customers and push the operations of the legal and accounting industries forward. The support of Genstar and TA will allow us to continue investing in our practice management software and embedded financial services platform for professionals," Dru Armstrong, AffiniPay CEO.
AffiniPay is advised by Lazard and Raymond James. Genstar Capital is advised by Ropes & Gray and Chris Tofalli Public Relations. TA Associates is advised by Goodwin Procter.
Mill Point Capital, a private equity firm, agreed to acquire the refrigeration and foodservice equipment operations of FEMSA, a Mexican multinational beverage and retail company, for $443m.
This transaction represents an additional step in the continued execution of the FEMSA Forward plan that was communicated in February of 2023. The transaction is subject to regulatory approvals and other customary conditions, and is expected to close in the following months.
FEMSA is advised by Citigroup and Freshfields Bruckhaus Deringer.
Private equity firms NGP and Sandbrook Capital led a $300m fundraising in Cloverleaf Infrastructure, a energy solutions company.
"The rapid growth in demand for electricity to power cloud computing and artificial intelligence poses a major climate risk if fueled by high-emission fossil fuels. However, it's also a major opportunity to catalyze the modernization of the US grid and the transition to a smarter and more sustainable electricity system through a novel approach to development. Cloverleaf is committed to making this vision a reality with the support of leading climate investors like Sandbrook and NGP," David Berry, Cloverleaf CEO.
NGP was advised by Willkie Farr & Gallagher. Sandbrook was advised by Kekst CNC.
LS Power, an energy company, completed the acquisition of the Hunterstown power generation facility, a combined-cycle gas turbine generating power plant, from Platinum Equity, a global investment firm. Financial terms were not disclosed.
"Hunterstown performed well and benefited from meaningful investment and operational oversite during our ownership. We then found a new home for the facility with a buyer who is a natural fit for the long term. We are proud of the outcome and will continue seeking opportunities to put our M&A capabilities to work in creative ways," David Glatt, Platinum Equity Managing Director.
Atlas Venture, a biotech venture capital firm, and Access Biotechnology, a biopharma investor, led a $60m Series B round in GRO Biosciences, a biotechnology company leveraging synthetic biology, with participation from Leaps by Bayer, Redmile Group, Digitalis Ventures and Innovation Endeavors.
"GRObio has built the industry-leading platform for discovery and production of therapeutics with non-standard amino acids. The company has a clear and differentiated path to multiple commercial opportunities, starting with the pressing unmet need in severe, refractory gout. Atlas Venture is excited to partner with this outstanding team and to bring this revolutionary technology to the clinic," Kevin Bitterman, Atlas Venture Partner.
GRO Biosciences was advised by LaVoieHealthScience.
Xora Innovation, an Early-Stage deep tech investing platform of Temasek, led a $55m Series A round in Peak Energy, a company developing low-cost, giga-scale energy storage technology for the grid, with participation from Eclipse, strategic partner TDK Ventures, Lachy Groom, Tishman Speyer, TechEnergy Ventures, Doral Energy-Tech Ventures and DETV-Scania Invest.
"AI should represent a step forward, not a step backward. As energy demand grows, we must capitalize on the potential of renewables to provide dependable, inexpensive energy to fuel a new era of technological advancement. Utility-scale storage powered by sodium-ion is the answer to securing this future on a resilient, decarbonized grid," Landon Mossburg, Peak Energy Co-Founder and CEO.
Peak Energy was advised by InkHouse.
Laborie Medical Technologies, a diagnostic and therapeutic medical technology company, completed an investment in Novocuff, an early-stage medical technology company. Financial terms were not disclosed.
"We are excited to have Laborie's support at this early stage. This investment propels us forward in our companies' shared mission to revolutionize healthcare for pregnant women and newborns worldwide," Amy Degenkolb, Novocuff Co-Founder & CEO.
Laborie Medical was advised by Simpson Thacher & Bartlett.
The Vistria Group, a private investment firm, completed the investment in Ora, an ophthalmic contract research organization. Financial terms were not disclosed.
"Ora is a leader in ophthalmic clinical research, and we are delighted to partner with the Ora team in the next chapter of its growth. We invested in Ora because of its strong globally recognized brand, demonstrated innovation, service excellence, and tenured team of ophthalmology veterans, many who have worked together for decades, leading to an unparalleled record bringing over 85 drugs and devices to market. We are excited to build on Ora's track record of success of partnering with customers and bringing new life-enhancing treatments to patients around the world," Natasha Latif, The Vistria Group Partner for Healthcare.
Unilever said to start sale talks for £15bn ice cream unit. (FS)
Unilever has kicked off initial discussions with buyout firms about a possible sale of its ice cream business, which could be worth as much as £15bn ($19.4bn).
The consumer goods company has started holding management presentations with potential bidders about the business, which is home to brands like Ben & Jerry's and Magnum. Private equity firms Advent International, Blackstone, Cinven and CVC are among those that have shown preliminary interest. Other buyout firms such as Clayton Dubilier & Rice and KKR have also been studying the asset.
A formal sale process is likely to start in the second half of the year. Deliberations are in the early stages and no final agreements have been reached with any of the parties, Bloomberg reported.
KKR emerges as front-runner for Instructure's $4.8bn buyout. (FS)
KKR has emerged as the front-runner to acquire Instructure, in a deal that could value the education software provider at about $4.7bn including debt.
The private equity firm, which has been vying with Francisco Partners for control of Instructure, is discussing an offer of about $24 per share. Shares in Instructure closed at $25.24 in New York on July 18, giving the Salt Lake City-based firm a market value of about $4.8bn including debt. Thoma Bravo owns almost 84% of the company's stock, Bloomberg reported.
Bosch weighs offer for appliance maker Whirlpool.
German engineering group Bosch is weighing a bid for US appliances manufacturer Whirlpool, a move that would boost its position in the household appliances market.
Bosch has been talking to potential advisers about the possibility of making an offer for Whirlpool, which has a market capitalisation of about $4.8bn. The potential takeover comes as Bosch, the world's biggest automotive supplier, is looking at acquisitions to grow its unit that manufactures large home appliances.
Whirlpool has been undergoing a major restructuring in recent years, which has seen it fold its European business into a new company controlled by Turkish rival Arcelik and divest its Middle Eastern and African businesses, Reuters reported.
Bain-backed Surgery Partners is exploring a $3.7bn sale. (FS)
Surgery Partners, which is backed by private equity firm Bain Capital, is exploring options including a potential sale. The Brentwood, Tennessee-based operator of surgical facilities is working with a financial adviser to gauge buyer interest.
Buyout firm Bain Capital is the company's largest shareholder with a 39% stake. Surgery Partners could appeal to strategic buyers or private equity firms. Shares of Surgery Partners jumped as much as 17% after the close of regular trading Thursday in New York. The stock had lost about a third of its value over the past 12 months, giving the company a market value of $3.7bn, Bloomberg reported.
Occidental weighs selling EcoPetrol $3.6bn Permian stake.
Occidental Petroleum is exploring selling a 30% ownership stake in its recent Permian Basin acquisition to EcoPetrol for $3.6bn.
Depending on negotiations, Colombian driller EcoPetrol could end up acquiring an even larger stake, up to 49%, in the assets Occidental agreed to buy from CrownRock for $12bn in late 2023. This option expires in August.
Occidental has previously said it seeks to make as much as $6bn worth of asset sales following its CrownRock deal closure, and it's unclear what selling a stake in the deal to EcoPetrol means for that plan, Bloomberg reported.
Berkshire sells around $1.48bn Bank of America shares.
Berkshire Hathaway sold about 33.9m shares of Bank of America for around $1.48bn over multiple transactions last week. After the sale, Berkshire owned about 999m Bank of America shares.
The conglomerate, owned by Warren Buffett, began investing in Bank of America in 2011, purchasing $5bn of preferred stock plus warrants to buy 700m common shares, at a time many investors worried about the bank's capital needs, Reuters reported.
TowerBrook and CD&R are in advanced talks to make an offer for R1 RCM. (FS)
TowerBrook Capital Partners has teamed up with Clayton, Dubilier & Rice to make a joint offer for R1 RCM. that could kick off a bidding war for the health-care IT company.
The buyout firms are in advanced talks about finalizing their proposal to take the company private. They've pledged to make an offer that tops a $13.25-a-share bid made by New Mountain Capital, Bloomberg reported.
Artiva's IPO Jumps to $167m.
Artiva Biotherapeutics announced that it is upsizing its initial public offering, placing 13.9m shares on the market at $12 per share. This offering will bring an estimated $167m to the San Diego–based biotech. Artiva's underwriters have a 30-day option to purchase an additional 2m shares of stock. The company began trading on the Nasdaq Friday and was set on selling over 8.7m shares, from which it expected around $116m.
The offering was led by Jefferies, TD Cowen, Cantor Fitzgerald, Wedbush PacGrow and Needham & Co. The company's shares trade the Nasdaq Global Market under the symbol ARTV.
EMEA
ION, a permanent capital investment holding company, completed the acquisition of Prelios, a one-stop shop for investors and banks in alternative asset management and high value-added services across the real estate and credit value chains, from Davidson Kempner, a global investment management firm. Financial terms were not disclosed.
"The successful conclusion of this long journey is a great satisfaction and fills us with enthusiasm and responsibility. The acquisition by ION will allow Prelios to further consolidate its leadership role within the servicing and asset management sector. The company manages a significant portfolio of non-performing loans and real estate assets, which are key to maintaining financial stability and enhancing asset quality in the Italian financial and real estate market. The deal is part of a broader strategy to improve asset management and efficient decision-making processes through the use of data. The credit servicing industry in Italy is going through a significant consolidation phase, driven by the need to improve operational efficiency, exploit economies of scale and expand service capabilities in a maturing market that requires new, more sophisticated and evolved service propositions. Thanks to ION all this will be possible," Fabrizio Palenzona, Prelios President .
Prelios was advised by Lazard and Russo De Rosa Associati. ION was advised by BNP Paribas, Mediobanca, UBS, Chiomenti (led by Edoardo Canetta Rossi Palermo), Gattai Minoli Agostinelli & Partners, Barabino & Partners (led by Federico Steiner), Community Group (led by Marco Rubino) and Facchini Rossi Michelutti. Debt financing was provided by BNP Paribas, Banco BPM, Intesa SanPaolo, Mediobanca, Standard Chartered Bank and UniCredit. Debt providers were advised by Latham & Watkins and Milbank. Davidson Kempner was provided by Goldman Sachs, Linklaters (led by Pietro Belloni and Ben Rodham) and Community Group (led by Auro Palomba and Roberto Patriarca).
Britain's competition regulator said it has cleared Nationwide Building Society's proposed £2.9bn ($3.7bn) all-cash deal to buy Virgin Money UK.
The deal is expected to close in the fourth quarter, could create the country's second-largest savings and mortgage provider. The Competition and Markets Authority said it has found that the proposed deal does not give rise to a realistic prospect of a substantial lessening of competition.
Hines, a real estate investment, development, and management firm, and Clessidra, an Italian private equity firm, led a €120m ($131m) investment in Human Company, an Italian outdoor tourism group.
"Through this partnership with Hines and Clessidra, two partners with whom we immediately shared values and strategic vision, we aim not only to continue growing and strengthening our leadership position but also to build a new identity value for open-air hospitality, offering a more distinctive and high-quality product," Claudio Cardini, Human Company Founder & Honorary Chairman.
Human Company is advised by KPMG, Labs Corporate Finance and Chiomenti. Hines and Clessidra are advised by Ernst & Young, Yard Reaas, PedersoliGattai, White & Case, Alonzo Committeri and Dentons.
Abacus Life, a buyer of life insurance policies and vertically integrated alternative asset manager specializing in specialty insurance products, agreed to acquire Carlisle Management, an investment manager in the life settlement space, for $200m.
"The acquisition of Carlisle is a strategic move aligned perfectly with our commitment to client-centric solutions and our continued growth as a global alternative asset manager. Carlisle has the strongest and most enduring track record as a fund manager within the life settlement industry, and its geographically diverse client base will further accelerate our drive towards becoming a global financial player," Jay Jackson, Abacus Life CEO.
Carlisle is advised by Manorhaven Capital, Arendt & Medernach and ArentFox Schiff. Abacus Life is advised by Dynasty Investment Bank, Elvinger and White & Case.
Asterion Industrial Partners, an investment management firm, agreed to acquire a 49% stake in 2I Aeroporti, an airport construction services provider, from Ardian and Credit Agricole Assurance. Financial terms were not disclosed.
"We are committed to advancing 2i Aeroporti's position as the first airport operator in Italy, with sustainable growth and enhancing Italy's connectivity. Our strategy includes strengthening partnerships with local stakeholders and actively supporting the aviation industry's efforts towards decarbonization," Guido Mitrani, Asterion Founding Partner.
Ardian is advised by Credit Agricole, Mediobanca and Headland Consultancy.
Jacobs, an investment firm, agreed to acquire IK Partners-backed ILERNA, a provider of vocational education. Financial terms were not disclosed.
"We would like to thank IK Partners for their continuous support over the past three years. It has been a tremendous journey with a tripling of the size of the group and new campuses in Barcelona, Cordoba, Jerez, Lleida, Madrid, Tarragona, Seville, and Valladolid. We would like to welcome Jacobs Holding on board. They have unmatched experience in the global education sector and will provide further support for our next phase of ambitious development," Jordi Giné Llorens, ILERNA CEO.
ILERNA is advised by AZ Capital. Jacobs is advised by Lemongrass Communication.
EMK Capital-backed Garda Group, an European perimeter and technical security company, agreed to acquire Heras, an end-to-end supplier of permanent and mobile perimeter protection solutions, from Equistone Partners, a private equity firm. Financial terms were not disclosed.
"It has been a pleasure for the Equistone Funds to have supported Heras with the strategic development of its business and its team over the past five years. In partnership with the Equistone Funds, the company has refined its strategic focus on high-security solutions and recurring services, while upgrading its production sites and delivering a comprehensive ESG strategy. Heras is a renowned and expert provider of security solutions, and I am confident that the company will continue to prosper as part of the Garda Group," Hubert van Wolfswinkel, Equistone Partner.
EMK Capital is advised by Nomura. Equistone is advised by IWK Communication Partner.
Euroclear, a provider of post trade services, completed the acquisition of a 49% stake in Inversis, a provider of global investment technology solutions and outsourced financial services, from Banca March, a bank in private and corporate banking. Financial terms were not disclosed.
"We are delighted to join forces with Inversis, a highly attractive business which aligns with our ambition to offer a true end-to-end solution to our clients on the full spectrum of funds products across all regions in Europe and beyond. Inversis' diversified and resilient business model driven by continued growth perfectly complements Euroclear's business. As a European leader with a global presence committed to supporting the Capital Markets Union, Euroclear will improve its coverage in Spain, a market offering significant growth opportunities in the fund distribution space." Valérie Urbain, Euroclear CEO.
Meta seeks a 5% stake in Ray-Ban maker EssilorLuxottica, at a $94.2bn valuation.
Meta Platforms is in talks to acquire a stake of about 5% in EssilorLuxottica, its production partner for Ray-Ban smart glasses.
The stake in the world's largest eyewear company could be worth €4.33bn ($4.73bn) based on its latest market value of €86.5bn ($94.2bn).
The potential deal could give Meta further control over the roadmap for the smart glasses at a time when tech giants including Apple are investing millions to create cutting-edge gadgets based on augmented- and mixed-reality technologies, Reuters reported.
Blackstone weighs a $3.2bn stake sale in HH Global. (FS)
Blackstone is considering selling its minority stake in British outsourced marketing provider HH Global.
The asset management giant is working with Moelis & Co. on the potential transaction. A stake sale could value HH Global at around £2bn ($2.6bn) to £2.5bn ($3.2bn). Deliberations are preliminary and Blackstone could decide against a stake sale, Bloomberg reported.
Cinven in talks to acquire a stake in Bridgepoint-backed Vitamin Well in a €2bn deal. (FS)
Cinven is in advanced talks to acquire a stake in Vitamin Well Group in a deal valuing the Swedish healthy beverage maker at more than €2bn ($2.2bn).
The private equity firm is negotiating the purchase of a significant minority stake in Vitamin Well, which is backed by Bridgepoint Group, Bloomberg reported.
KKR mulls a stake sale in Biotage at a $1.4bn valuation. (FS)
KKR is considering selling its stake in Biotage, a Swedish life sciences firm that provides technologies and solutions in genetic analysis and medicinal chemistry.
The buyout firm is exploring options for its 17% holding in Biotage, including a potential selldown of part or all of its shares in the market. Shares of Biotage have gained 36% in Stockholm trading this year, giving the company a market value of about $1.4bn.
KKR owns its stake through Gamma Biosciences, a platform it set up in 2020 to make investments in life sciences tools. Biotage has separately been gauging interest from potential buyers in recent months, though far the deliberations haven't led to a deal, Bloomberg reported.
Harland & Wolff rescue talks intensify as government rules out loan guarantee. (FS)
Harland & Wolff is in talks with its Wall Street lender about securing an emergency loan to shore up its financial position as the struggling Titanic shipbuilder fights for its survival, FT reported.
Crisis talks are taking place between the company and Riverstone Credit Partners over a potential £20m ($26m) extension of its existing $115m credit facility with the Wall Street lender. The potential financing is expected to trigger a shake-up of the board and herald the departure of H&W chief executive John Wood.
The government has confirmed that it will not provide a £200m ($258m) loan guarantee to Harland & Wolff, the owner of the stricken Belfast shipyard that built the Titanic, sparking intensified rescue talks between the company and its Wall Street lender. The shipbuilder had hoped to secure a guarantee of up to 80% to help it avoid collapsing into administration for the second time in five years.
China Three Gorges said to eye $218m Greenvolt Energy assets in Spain.
State-owned China Three Gorges is in talks to buy a 170-megawatt renewable portfolio in Spain from Portuguese company Greenvolt-Energias Renovaveis.
The portfolio comprises wind and photovoltaic assets at an advanced greenfield development stage and is valued at close to €200m ($218m). No final agreement has been reached and the talks may still fall apart.
The acquisition would allow CTG to expand its footprint in the Iberian peninsula — a market it regards as strategic — at a time when clean-energy assets are drawing investors' attention across Europe. High interest rates and power price volatility have negatively impacted asset valuations, making targets more attractive, Bloomberg reported.
Friedkin Group pulls out of talks to buy majority stake in Everton. (FS)
The Friedkin Group has abandoned its plans to buy a majority stake in Everton after being granted a period of exclusivity last month.
The Friedkin Group, who are also majority owners of Italian Serie A club AS Roma, were in exclusive talks to buy a stake after a takeover agreement with prospective owner 777 Partners fell through, Reuters reported.
"Following a period of exclusivity, discussions between Blue Heaven Holdings and The Friedkin Group over a potential sale of a majority stake in Everton have ended and The Friedkin Group will not be progressing with a purchase of the club. Both Blue Heaven Holdings and The Friedkin Group entered discussions in good faith to explore whether a sale could be agreed. Those discussions have concluded. The parties agree it is in both their interests for Everton to explore alternative options," Everton.
Former BT CEO and private equity plan bid for Rentokil.
The former chief executive officer of BT Group is leading a possible takeover offer for pest control firm Rentokil Initial. Philip Jansen is in talks with private equity firms over a plan that would see him become executive chairman of the FTSE 100 company.
Applying a standard takeover premium of 30 per cent would take the price of a Rentokil buyout to about £15bn ($19bn), making it the biggest in a recent wave of mergers and acquisitions that has seen quoted companies includingHargreaves Lansdown, Darktrace and Britvic targeted. A deal of that size would probably require the involvement of several private equity investors, The Times reported.
Ex-Bridgewater Partner to boost stake in Synergy Africa PE fund. (FS)
Former Bridgewater Associates partner Richard Okello's Sango Capital Management is taking a majority stake in an African private equity fund run by Synergy Capital Managers and plans to seek possible exits from assets that are mainly in Nigeria.
Instead of paying a negotiated price for the increased stake in the fund, the parties agreed to share future proceeds received from the successful sales of the remaining assets in the fund, which include companies such as Viathan Engineering, Sango Investment Director Christian Roelofse said in an interview. Synergy originally raised more than $100m for the fund to mostly invest in West Africa's biggest economy and Ghana, Bloomberg reported.
Mid Europa picks Citigroup, Jefferies for Diagnostyka IPO. (FS)
Private equity firm Mid Europa Partners has selected investment banks to help arrange a Warsaw initial public offering of medical diagnostic firm Diagnostyka.
Citigroup and Jefferies are working on preparations for the potential listing of Diagnostyka, which owns Poland's biggest medical laboratory network. A first-time share sale could happen as soon as later this year and Mid Europa could sell some of its stake, Bloomberg reported.
APAC
PS International, a global logistics and supply chain solution provider, went public via a SPAC merger with AIB Acquisition, a special purpose acquisition company. Financial terms were not disclosed.
"The listing of PSI on Nasdaq marks a significant milestone in our company's history, signifying our expansion into the global market. This achievement is a testament to the relentless efforts and dedication of our entire team. As we embark on this new chapter, we are committed to enhancing our capabilities and broadening our reach in the logistics industry, including cross-border e-commerce logistics. Being a Nasdaq-listed company underscores our commitment to delivering exceptional service, innovative solutions, and sustainable growth. We look forward to continuing our mission of connecting the world through efficient and reliable logistics service networks on a larger global stage," Alex Ko, PSI CEO.
PSI was advised by China & Partners, Cooley and Ogier. AIB was advised by Maxim Group, Collas Crill, Ellenoff Grossman & Schole and Yin Xu & Co.
Singtel-backed Intouch, a Thai telecommunication holding company, and Gulf Energy Development, an energy company, agreed to form a joint venture. Financial terms were not disclosed.
"For some years now, Singtel and GULF, as major shareholders of Intouch, have been working to streamline the diversified holding structure of Intouch. We believe it is in the best interests of stakeholders to simplify AIS' shareholding structure and are supportive of this move. We have always preferred to hold direct stakes in our associates and this amalgamation is a step in the right direction," Arthur Lang, Singtel CFO.
Singtel is advised by Morgan Stanley.
Gauge Capital, a private equity firm, agreed to acquire a majority stake in Coco & Eve, a hair and skincare products manufacturer. Financial terms were not disclosed.
Coco & Eve sells directly to consumers and through retailers including Sephora, Boots, as well as at Myer, Adore Beauty and The Iconic.
Gauge Capital is advised by Ropes & Gray.
An investor consortium, including CMB International, Puhua Capital and Wuhan Optics Valley Industrial Investment, led a Series B round in ICleague. Financial terms were not disclosed.
The investment comes at a time when Chinese chipmaking firms ride on an investment tailwind amid the government's attempt to achieve self-sufficiency in chips. Chinese semiconductor startups completed 108 deals in Q1 2024, on par with Q4 2023, indicating their sustained appeal to investors.
ExxonMobil selling Malaysia oil and gas assets to Petronas.
Exxon Mobil has agreed to sell its Malaysian oil and gas assets to state energy firm Petronas, exiting the country's upstream sector where it used to be a dominant producer, Reuters reported.
The US major, which last year marked its 130th year in Malaysia, has been trying to sell its ageing upstream assets in the country since 2020, Malaysian media have reported, part of a shift in its strategy to focus on oil production in the Americas.
Thailand plans new financial business law to attract foreign funds.
Thailand is planning to introduce a new financial business law to attract foreign funds and facilitate investment in the sector. The law will create a 'one-stop authority' agency responsible for setting regulations and issuing licenses for key financial areas to support Thailand's aim to become a global financial centre.
The key areas are the banking sector, securities, derivatives, digital assets, and insurance, and the government would put legislation to parliament later this year. Becoming a financial centre would change the economic structure without having to use an investment budget, and will give enormous returns by attracting funds, people and knowledge to the country, DealStreetAsia reported.
Indonesia Investment Authority to step up focus on green investments. (FS)
Indonesia Investment Authority, the country's sovereign wealth fund, is looking to tap overseas investors as it seeks to deepen its focus on green investments.
INA chief risk officer Thomas Sugiarto Oentoro said the wealth fund was reviewing several opportunities in green investments, Geothermal energy is one possibility. INA has previously invested in Indonesian geothermal firm Pertamina Geothermal. INA may either consider increasing its exposure in Pertamina Geothermal or look for other investments, DealStreetAsia reported.
SoftBank-backed InMobi eyes a $10bn Bombay listing.
Mobile-advertising firm InMobi is planning to go public in India in the second half of next year, seeking to capitalize on a booming stock market in the world's fifth-largest economy.
SoftBank Group-backed InMobi, whose service lets companies place ads on mobile devices, will shift its corporate base to India from Singapore in early 2025 so that it can begin an initial public offering, Chief Executive Officer Naveen Tewari said in an interview.
InMobi is yet to appoint bankers to underwrite its IPO. InMobi is eyeing a valuation of about $10bn, Bloomberg reported.
Manycore Tech said to file for $200m Hong Kong IPO this year.
Manycore Tech, a maker of 3D design software, is preparing to file for a Hong Kong initial public offering as soon as this year to raise as much as $200m.
Hangzhou, China-based Manycore has picked CCB International Holdings and JP Morgan for the deal. Manycore filed for a US listing in 2021, then abandoned that plan after ride-hailing company Didi Global's ill-fated New York debut. It would join a string of Chinese companies that decided to shift their IPO venue to Hong Kong, Bloomberg reported.
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