Singapore Technologies Engineering, a vertically integrated engineering group in the aerospace, electronics, land systems and marine sectors, made an unsolicited $76 per share bid for Cubic, an American public transportation and defense corporation.
The board of Cubic has determined to engage in discussions with ST Engineering to further evaluate the merits and risks of the proposed transaction relative to the pending $2.8bn transaction with Veritas and Evergreen.
Cubic is advised by JP Morgan, Raymond James, Faegre Drinker Biddle & Reath, Sidley Austin, Morrow Sodali Global and Sloane & Company. Veritas and Evergreen are advised by Barclays, Gibson Dunn & Crutcher, Skadden Arps Slate Meagher & Flom and Sard Verbinnen & Co.
Investment firms FFL Partners and Caisse de dépôt et placement du Québec agreed to acquire New Look Vision Group, a provider of eye care products and services in Eastern Canada, for $970m.
"The transaction offers significant and immediate value to our shareholders, while also providing New Look Vision with additional capital to further our expansion and strategic investments in technology. With our new partners, we look forward to continuing to invest in our company to best serve our customers, employees, and business partners," Antoine Amiel, New Look Vision President and CEO.
New Look Vision Group is advised by PricewaterhouseCoopers, HPC Puckett & Company, National Bank Financial, Davies Ward Phillips & Vineberg and McCarthy Tetrault. FFL Partners and CDPQ are advised by Osler Hoskin & Harcourt, Stikeman Elliott and Willkie Farr & Gallagher.
The Competition and Markets Authority announced its decision to investigate the $2.2bn acquisition of Simon & Schuster, a company specializing in publishing and printing books and pamphlets, by Bertelsmann-backed Penguin Random House, a company that prints and publishes books.
The CMA has until May 19 to decide whether to refer the merger to a more in-depth 'phase two' investigation.
Bertelsmann and Penguin Random House are advised by JP Morgan, Arnold & Porter Kaye Scholer and Davis Polk & Wardwell. ViacomCBS is advised by LionTree Advisors and Shearman & Sterling.
Golden Gate Capital, a private equity investment firm, agreed to acquire Securly, a Silicon Valley-based student safety company, from investors Defy Partners, Owl Ventures and Securly Co-Founder Vinay Mahadik. Financial terms were not disclosed.
"We are excited to partner with Golden Gate Capital, which brings deep experience in education technology and cybersecurity software, as we enter our next chapter of growth. Looking ahead, we remain tirelessly committed to our mission while expanding our global footprint as we enhance our existing platform and develop category-defining solutions to keep students healthy and engaged," Bharath Madhusudan, Securly Co-Founder and Chief Executive Officer.
Securly is advised by Oppenheimer & Co and DLA Piper. Golden Gate is advised by Macquarie Group, Kirkland & Ellis, Nob Hill, Paul Weiss Rifkind Wharton & Garrison and Sard Verbinnen & Co.
Thoma Bravo agreed to acquire Calypso Technology, a cloud-enabled provider of cross-asset, front-to-back solutions for financial markets, from investment companies Bridgepoint and Summit Partners. Financial terms were not disclosed.
"Thoma Bravo has a proven track-record of supporting its portfolio companies by investing in growth initiatives and strategic acquisitions designed to drive long-term value and we are excited to continue delivering innovative solutions to the financial markets while accelerating our growth," Didier Bouillard, Calypso Chief Executive Officer.
Calypso is advised by Evercore, Jefferies & Company and Latham & Watkins. Thoma Bravo is advised by Kirkland & Ellis.
Greenidge Generation, a vertically integrated bitcoin mining and power generation facility, agreed to merge with Support.com, a technical support company for businesses and consumers, in an $88m deal.
"This merger is an important next step for Greenidge as we build upon our existing, integrated and proven platform for bitcoin mining and generation of lower-carbon affordable power. The transaction is a validation of our transformational journey, our proprietary relationships and our industry expertise. It will allow for public market growth capital to propel Greenidge as we look to replicate the business model, which we have successfully executed in Upstate New York, in other locations," Jeff Kirt, Greenidge CEO.
Support.com is advised by BTIG and Pillsbury Winthrop Shaw Pittman. Greenidge Generation is advised by B. Riley FBR and Winston & Strawn.
Silver Lake is set to invest in Relativity, an e-discovery software provider. Financial terms were not disclosed.
"We are fortunate to welcome Silver Lake as our new partner and look forward to their participation on our Board of Directors. This partnership will help us continue to build upon our strong foundation with our dynamic global community of users, customers and partners as we carry out our mission and drive the industry forward," Mike Gamson, Relativity Chief Executive Officer.
Relativity is advised by Qatalyst Partners and Reed Smith. Silver Lake is advised by Simpson Thacher & Bartlett.
SYNNAX, an American multinational corporation that provides B2B IT services, agreed to acquire Tech Data, an American multinational distribution company specializing in IT products and services, from private equity firm Apollo Global Management for $7.2bn.
"We are excited to partner with a world-class industry leader like Tech Data and believe that this combination will benefit all our stakeholders. This transaction allows for accelerated revenue and earnings growth, an expanded global footprint, and the ability to drive significant operating improvements while continuing to create shareholder value. We look forward to working with the talented colleagues at Tech Data and expect our combined business will create the opportunity for team members to produce the highest levels of service to our partners," Dennis Polk, SYNNEX President and CEO.
Tech Data is advised by Wachtell Lipton Rosen & Katz and Joele Frank.
Quadient, an international company specialized in mailing equipment, business process automation and customer experience management, agreed to acquire Beanworks, an accounting software company in Vancouver, for €70m ($83m).
"The acquisition of Beanworks completes Quadient's software vision communicated in early 2019 to create a true end-to-end cloud-based global business communications platform. The combined strengths of Beanworks, YayPay and Quadient's software portfolio set Quadient apart as a software leader and gives us the perfect cloud-based solutions combination to further our mission of helping companies of all sizes to digitalize and automate critical business operations. It is with great pleasure that we welcome the Beanworks team and customers to Quadient. Under Catherine Dahl's leadership, they built a passionate community, dedicated to driving change through innovation, making it a great fit for Quadient's company culture," Geoffrey Godet, Quadient CEO.
Clearlake-backed TEAM Technologies, a North American healthcare specialty manufacturer, completed the acquisition of ViruDefense, a supplier of fully domestically produced N95 respirator masks. Financial terms were not disclosed.
“TEAM has built a strong platform in infection prevention and control end markets, and we are thrilled to build upon that position by combining with our partners at ViruDefense. Having partnered with Pieter at the original product launch, we believe this acquisition is an exciting next chapter in our relationship and furthers both of our collective missions to deliver the highest quality healthcare products in the market," Marshall White, TEAM President and CEO.
AMETEK, a global manufacturer of electronic instruments and electromechanical devices, agreed to acquire Abaco Systems, provider of mission-critical embedded computing systems, from Veritas Capital, an investment firm, for $1.4bn.
"We are excited for the opportunity to acquire Abaco Systems. Their market leading embedded computing solutions are ideally positioned across a number of attractive aerospace and defense platforms, further broadening our differentiated product offering serving these markets," David A. Zapico, AMETEK Chairman and Chief Executive Officer.
Tradier, an online broker and provider of API for trading platforms, advisors, developers, and individual investors, agreed to acquire Rho, an active trading mobile app. Financial terms were not disclosed.
"Tradier has served Rho as a brokerage partner for years. We are excited to continue on our mission to democratize commission-free mobile experiences as a part of the Tradier team. Together with Tradier, we look forward to continuing to change the way brokerage services are delivered and consumed by Traders," Andre Norman, Rho Founder and CEO.
Sportradar, a provider of sports data intelligence and sport entertainment solutions, agreed to acquire Synergy Sports, an American company that creates web-based, on-demand video-supported basketball analytics. Financial terms were not disclosed.
"Sportradar is the leading data and technology provider to betting operators as well as media companies and sports leagues globally. Adding Synergy Sports to the
Sportradar family will expand our product offering into US college sports data and video analytics and further cements our relationships with the major sports organizations in the US and around the world," Carsten Koerl, Sportradar CEO.
Blackstone raised $4.5bn for Blackstone Growth Fund. (FS)
Blackstone held the final close of Blackstone Growth, its inaugural growth equity fund. BXG was oversubscribed and closed at its hard cap of $4.5bn – with third-party capital commitments from a wide range of family offices, entrepreneurs, endowments, strategic institutional investors, pension funds, high-net-worth individuals, and other investors – making it the largest first-time growth equity private fundraised in history.
Blackstone Growth invests in fast-growing companies, helping them expand their potential through the power of the Blackstone platform. Leveraging Blackstone's extensive operational resources and network, BXG focuses on providing capital to entrepreneurs seeking to minimize the execution risks associated with high-growth environments.
"The scale of the resources, operational expertise, and capital that Blackstone can deliver to growth-stage entrepreneurs is a clear differentiator. This new approach to growth equity has already created significant value for the companies we've backed, and we are pleased that it has been well-received by a wide range of global investors. We are excited to continue partnering with entrepreneurs around the world as we help them transform their businesses from regional champions into global industry leaders," Jon Korngold, Blackstone Growth Global Head.
Two Lazard-backed SPACs target to raise $500m in IPOs.
Two SPACs backed by investment bank Lazard aim to raise as much as $500m in IPOs. Lazard Healthcare Acquisition Corp I and Lazard Fintech Acquisition Corp I are looking to raise $250m each, saying they aim to merge with companies in the healthcare and fintech sectors, respectively.
In January, another SPAC backed by the investment bank said it aimed to raise $500m in a US IPO, focusing on the healthcare, technology, energy transition, financial, and consumer sectors.
Goldman Sachs is the sole underwriter for both offerings.
SoftBank Group-backed auto marketplace ACV Auctions is looking to raise up to $364m in its IPO in the United States, after raising its offer price range on Monday, Reutersreported.
The company, backed by investment firm Bessemer Venture Partners, said it was looking to sell 16.55m shares at a price range of $20 to $22 per share. Earlier, it had aimed to sell the shares at $18 to $20 apiece. At the top end of the new range, the company would be valued at $3.39bn.
The Buffalo, New York-based company, provides an online platform for franchise and used-car dealerships to buy and sell wholesale inventory through 20-minute auctions. In 2020, ACV Auctions recorded a 95% jump in revenue. Net loss narrowed to around $41m from $77m a year earlier.
ironSource, an Israeli software company, agreed to go public via an $11.1bn merger with Thoma Bravo Advantage, a publicly-traded special purpose acquisition company backed by Thoma Bravo.
The merger includes a PIPE from Tiger Global Management, Morgan Stanley, Nuveen, Hedosophia, Wellington Management, The Baupost Group, and Fidelity Investments Canada ULC.
"Joining forces with Thoma Bravo Advantage to bring ironSource to the public markets presents an opportunity to partner with the world's leading software investor to achieve the next level of growth. Despite our previous progress pursuing a traditional IPO, when we met with Thoma Bravo Advantage we found an alignment of vision and shared conviction about the long-term growth we can drive at ironSource that made them the perfect partner as we take this next step in growing our company, and the market as a whole," Tomer Bar Zeev, ironSource CEO.
ironSource is advised by Citigroup, Goldman Sachs, Jefferies & Company, Latham & Watkins and Meitar Law Offices. Thoma Bravo is advised by Cadwalader Wickersham & Taft, Goldfarb Seligman & Co and Kirkland & Ellis.
TA Associates, a global growth private equity firm, agreed to invest $2bn in Advent-backed Unit4, an enterprise cloud software for people-centric organizations. Partners Group, a global private markets firm, will invest alongside TA.
"We have followed Unit4 for many years and have been impressed with the company's growth and dedication, under Mike's leadership, to serving mid-market, people-centric organizations, which aligns well with our investment philosophy," Morgan Seigler, TA Managing Director.
Unit4 is advised by Arma Partners, Evercore and De Brauw Blackstone Westbroek. TA Associates is advised by Alvarez & Marsal, Kirkland & Ellis and BackBay Communications.
Entain, a sports-betting and gaming group, completed the acquisition of Enlabs, a gaming company, for c. $433m.
"The acquisition of Enlabs is perfectly aligned with our strategy of expanding across new regulated international markets. We are hugely excited by the growth opportunities it presents both in its existing markets and through new market opportunities. Enlabs is already a strong and rapidly growing business in its own right, but we now have a fantastic opportunity to turbocharge its growth by leveraging the power of our unparalleled proprietary technology, scale, product and marketing expertise," Shay Segev, Entain CEO.
Enlabs was advised by Carnegie Investment Bank, Mangold Fondkommission and Gernandt & Danielsson. Entain was advised by Lazard, Cobalt, Mannheimer Swartling, Fogel & Partners and Powerscourt.
Insight Partners-backed Insightful Science, a software provider serving the global life sciences community, agreed to acquire Dotmatics, a cloud-based scientific R&D data management platform. Financial terms were not disclosed.
"This announcement signals a significant transformation in the future of software and data management in research labs. Together our complementary businesses create an end-to-end cloud-first scientific research platform that stands apart in our collective ability to support data-driven research. We are beyond enthusiastic about the impact we can have on increasing the speed of scientific innovation, and ultimately helping to make the world a healthier, cleaner, and better place to live," Thomas Swalla, Insightful Science CEO.
Dotmatics is advised by Jefferies & Company and Zyme Communications. Insightful Science is advised by Evercore and Willkie Farr & Gallagher.
Downing Renewables & Infrastructure Trust, a closed-end investment trust that invests exclusively in a portfolio of renewable energy and infrastructure assets located in the UK, Ireland and Northern Europe, completed the acquisition of a 96MWp portfolio of c.50 solar PV assets in the UK for £42m ($58m).
"The combination of this solar portfolio, the hydro portfolio acquisition in January and the wind project under exclusivity encapsulates DORE's strategy of diversification by geography, technology, construction stage and revenue. Together, it provides strong, stable, diversified and high-quality earnings that will underpin DORE's dividend and NAV for years to come," Tom Williams, DORE Head of Energy & Infrastructure.
Totalmobile, a mobile workforce enablement platform, agreed to acquire Cognito iQ, a Newbury-based provider of workforce management and analytics technology. Financial terms were not disclosed.
"In today's world the ability to manage, analyze and then action operational data is critical for any organization that is striving to provide an exceptional service. With today's acquisition of Cognito iQ, I am delighted to announce that we have added a market-leading real-time analytics software solution that enables any customer to drive continuous improvement across their operations," Jim Darragh, Totalmobile CEO.
Digital Turbine, a mobile marketing platform, agreed to acquire a 95% stake in Fyber, a mobile advertising monetization platform, for $600m.
"We are very excited to welcome Fyber to the Digital Turbine team. Combined with our recently announced AdColony and Appreciate acquisitions, Fyber represents an extremely valuable puzzle piece for Digital Turbine to strategically assemble one of the largest full-stack mobile advertising solutions in the industry that will be advantageously positioned to leverage the Company's vast device distribution footprint and array of innovative products, such as Single-Tap. We believe that we will have all of the critical elements of a truly unique next-generation ad-tech ecosystem that, once integrated, will enable Digital Turbine to play a far more prominent and profitable role in the fast-growing and secularly-thriving $200bn+ mobile advertising and connected TV marketplace," Bill Stone, Digital Turbine CEO.
Private equity firm Eurazeo agreed to invest in Groupe Premium, an independent broker for life insurance and retirement savings solutions, at a €290m ($345m) valuation.
"I would be very happy to welcome Eurazeo as an investor in Groupe Premium. Eurazeo's teams have shown great professionalism and proposed a very exciting new challenge, but most importantly they have understood the DNA of Groupe Premium, which is above all a disruptive, people-driven business. Groupe Premium's fundamental values are support, social mobility and meritocracy," Olivier Farouz, Groupe Premium Chairman and Founder.
Cambria Automobiles management considers a buyout offer.
The board of Cambria Automobiles, a motor dealer, which is engaged in the sale and servicing of motor vehicles, announced that it has consented to managers Mark Lavery, James Mullins and Tim Duckers exploring the possible acquisition of the entire issued, and to be issued, share capital of the company, not already owned by them.
There can be no certainty that an offer will be made. A further announcement will be made when appropriate.
Shares in Cartier owner Richemont rose after an online fashion publication reported it had been approached by Kering, a French luxury goods group, for a potential merger in January but had rejected the informal offer.
Paris-based Miss Tweed, which specializes in fashion and luxury, said that a cash-and-shares proposal to merge had been made directly by Kering CEO François-Henri Pinault to Richemont chairman and controlling shareholder, Johann Rupert. Rupert, who said in November he had no plans to sell, was unsatisfied with the terms and did not submit them to Richemont's board, Reutersreported.
Deliveroo seeks $12bn market cap in the biggest London debut.
Deliveroo, a food delivery company, could make Britain's biggest stock market debut since commodities giant Glencore went public nearly a decade ago, after setting a price range that values it up to $12bn.
The Amazon-backed food delivery firm has been held up by the British government as a sign the City of London can still attract major IPO following the United Kingdom's exit from the European Union.
Deliveroo will also be the biggest tech IPO on the LSE, dwarfing The Hut Group from last year - which had a $7.48bn market capitalization at the time of listing - and the since-delisted Worldpay Group from 2015.
Friedrich Vorwerk narrows IPO price range.
Friedrich Vorwerk, a German energy infrastructure company, guides investors to expect its IPO to price at €45-48 ($53.55-$57.12) per share, Reuters reported. Friedrich Vorwerk initially indicated a price range of €41-56 ($48.7-66.6) per share, implying a market capitalization of between €820m ($975m) and to €1.12bn ($1.33bn).
Majority shareholder MBB expects Vorwerk's expertise in natural gas, electricity, and hydrogen to attract investor interest in light of the global push for cleaner energy, favoring electrification and alternative fuels.
Getir nears $300m round led by Sequoia Capital and Tiger Global. (FS)
Getir, a Turkish grocery app, is close to finalizing the $300m investment led by Sequoia Capital and Tiger Global at a $2.6bn valuation, Business Insider reported. The deal is expected to be formally announced soon.
In January, the startup raised $128m of Series B funding at an $850m valuation, with new investment coming from Tiger Global and Goodwater Capital, a venture capital firm.
Asda's CEO Burnley to step down after the $8.7bn PE deal. (FS, People)
Applied Materials, a provider of material engineering solutions, announced that its $3.5bn offer for Kokusai Electric, a company providing high-productivity batch processing systems and services for memory, foundry and logic customers, would be terminated should it not receive confirmation of timely approval by Chinese authorities prior to the March 26, 2021 deadline.
The Applied Materials Board of Directors has also approved a new $7.5bn stock buyback authorization, supplementing the previous authorization which has approximately $1.3bn remaining. Additional information about Applied's capital allocation plans will be shared at the company's upcoming investor meeting.
Applied Materials is advised by Goldman Sachs, Cleary Gottlieb Steen & Hamilton, Hogan Lovells, Kim & Chang, Matheson and Joele Frank. Goldman Sachs is advised by Sullivan & Cromwell. KKR is advised by Citigroup, Mitsui & Co, Sumitomo Mitsui Banking Corp, Nishimura & Asahi, Simpson Thacher & Bartlett and Finsbury Glover Hering.
The Blackstone Group offered to acquire Crown Resorts, a casino operator, for $5.6bn. The price of $9.2 in cash per share represents a premium of 19% to the volume-weighted average price of Crown. The deal is subject to a number of conditions.
The Crown Board has not yet formed a view on the proposal. It will now assess the proposal, having regard to the value, terms and other considerations. It will also engage with relevant stakeholders, including regulatory authorities.
Crown Resorts is advised by UBS and Allens. Blackstone is advised by Morgan Stanley and Clayton Utz.
CapitaLand, a Singaporean multinational alternative asset management company, is set to spin off CapitaLand Investment Management, a newly-established entity that operates company's investment management platforms, as well as its lodging business. CapitaLand will continue to own a 52% interest upon listing of CLIM on SGX and will distribute the remaining 48% to shareholders.
The deal is part of the restructuring process. It is also meant to place the group's real estate development business under private ownership under CLA Real Estate Holdings' name.
CLA Real Estate is advised by DBS Bank and WongPartnership. CapitaLand is advised by JP Morgan and Allen & Gledhill.
JD, a technology-driven e-commerce company, agreed to invest $800m in Dada Group, a local on-demand delivery and retail platform.
"We are excited to further deepen strategic cooperations with JD.com. Leveraging JD's devoted strategic support, we will better fulfill demands for local on-demand retail and its delivery on JD, covering various scenarios and categories, and expand our omnichannel cooperation with JD. Together with JD, we will continue to provide consumers with superior experience, empower retail and brand partners and achieve a win-win cooperation for all," Philip Kuai, Dada Group Chairman and CEO.
ByteDance, a multinational internet technology company headquartered in Beijing, agreed to acquire Moonton, a gaming studio, for $4bn.
"Through cross-team collaboration and drawing on lessons and insights from its own rapid growth, Moonton provides the strategic support needed to accelerate Nuverse's global gaming offerings," ByteDance.
Kaesang Pangarep, a son of Indonesian President Joko Widodo, Kevin Nugroho, commissioner of the club, and Erick Thohir, State Enterprises Minister completed the acquisition of a 90% stake in PT Persis Solo Saestu, a football team in Indonesia. Kaesang Pangarep acquired 40% stake, Kevin Nugroho 30% and Erick Thohir 20%. Financial terms were not disclosed.
Mr. Kaesang wants to get Persis into the first league of Indonesia's national football championship, also citing a possibility of an IPO at a later stage.
Bain Capital led the $200m investment in Newlink Group, a provider of technology platforms and tech-enabled services to the energy value chain, principally serving gas and EV charging stations. Existing investor Joy Capital also participated in the fundraising.
"The strategic partnership with Bain Capital is an important step towards realizing Newlink's ambition to transform the energy industry and build a greener society. Improved efficiency in the energy market will benefit producers, distributors and users from a cost perspective. It will also reduce carbon emissions, taking us a step further towards creating a more environmental-friendly society," Zhen Dai, Newlink Founder and Chairman.
Reckitt Benckiser considers divesting Mead Johnson for over $2bn in Greater China.
Reckitt Benckiser Group, a British consumer goods company, is considering selling its infant formula business in Greater China in a deal that could value the business at more than $2bn, DealStreetAsiareported.
The group hired Morgan Stanley to conduct a strategic review of its infant formula unit. A sale process could start in the second quarter after the bank gets initial feedback from potential buyers, including strategic and private equity firms.
The Greater China infant formula business represents 6% of group sales, which were almost $19.8bn in 2020, up 11.8% YoY. Mead Johnson, which Reckitt Benckiser bought for $16.6bn in 2017, runs a range of infant formula brands, including Enfamil, Enfapro, and Lactum.
LG Electronics considers shutting mobile phone business.
LG Electronics may shutter its mobile communication business rather than sell it, Bloomberg reported. Negotiations with Germany's Volkswagen and Vietnam's Vingroup JSC on a possible sale of the smartphone business seemed to have failed.
LG Electronics' CEO said in January that all options were on the table for the loss-making operation. The company was said to have halted development last month of phones with a rollable display and has shelved a planned first-half rollout of all new smartphones.
Ares SSG in talks to acquire more stressed real estate assets in India. (FS, RE)
Ares SSG is scouting for more deals in the real estate space in India, where it could acquire only the stressed assets without any regulatory or judicial intervention instead of taking over an entire company. Altico will transfer its performing assets to SSG’s private trust and the stressed assets to the ARC.
"It's a first of a kind resolution where a distressed financial services provider without any regulatory or judicial intervention has been resolved. We have not bought the entity, but we have bought the portfolio. That is easier to do. At the entity level, you need the corporate insolvency resolution process. But buying assets is cheaper. The ecosystem has got confidence because of the precedent. It's a simple, straightforward, fastest way to resolution," Manish Jain, SSG Advisors CEO.
Thrasio launches $250m subsidiary to acquire Japanese e-commerce businesses.
Thrasio, the consumer goods company reimagining the world of commerce and consumer products, is expanding its international operations with the establishment of Thrasio GK, a Japanese subsidiary located in the Ginza district of Tokyo.
Thrasio has made an initial commitment of $250m to acquire and grow brands and products sold on Amazon Japan and other e-commerce platforms. Japan marks the third international market Thrasio has announced in as many months-with locations in Germany and the UK already rapidly acquiring local e-commerce businesses.
"We are excited to work closely with Japanese sellers and to provide a positive and lucrative experience when they are ready to sell their Amazon or e-commerce brand. We are known across the US and EU for being fair, fast, and reliable, and we will bring those qualities to our deals here. Japanese sellers should be confident that they are leaving their brand in a good hands-our team will not only look after and grow their business, but also provide them hard-won financial returns on their entrepreneurial investment," Carlos Cashman, Thrasio co-founder, and co-CEO.
ByteDance launches Nuverse Inspiration Fund to back emerging gaming startups. (FS)
Nuverse, a game development, and publishing unit of TikTok-owner ByteDance, has launched an investment vehicle Nuverse Inspiration Fund to back emerging startups as the parent looks to step up its gaming business to challenge domestic incumbents, including Tencent.
Led by former Tencent executive Yan Shou, Nuverse seeks to become long-term strategic partners of gaming startups with grand visions and creativity to pursue success with joint efforts.
"NIF will value and fully respect entrepreneurs’ business decisions while providing multiple, customized post-investment services and resources to partners in need," ByteDance.
Chinese market regulator urges underwriters to tighten IPO scrutiny.
China's top securities regulator urged underwriters to tighten scrutiny on companies seeking to list their shares, vowing to punish those trying to bring "sick" companies to the IPO market, DealStreetAsiareported.
Yi Huiman, chairman of the China Securities Regulatory Commission, told a forum that recent China stock market volatility is natural, and risks controllable, but cautioned against harmful foreign hot money flows. Yi’s comments come amid rising fluctuations in domestic and global stock markets, as well as signs Chinese regulators are tightening the screws on IPO approvals.
Sequoia-backed MobiKwik targets Mumbai IPO by September. (FS)
One MobiKwik System, the Indian digital wallet and payments startup, targets an IPO before September that could raise between $200m and $250m, Bloombergreported.
MobiKwik is planning to file its draft IPO prospectus by May for an offering in Mumbai that could value the company at more than $1bn. The Gurgaon-based company intends to hold a pre-IPO funding round that could give the startup a valuation of about $700m.
MobiKwik records more than a million transactions per day, across offerings including digital wallets and services such as mobile phone top-ups and utility bill payments, according to its website. Its network includes over 3m merchants and serves in excess of 107m users. Founded in 2009, the company counts Sequoia Capital and Bajaj Finance among its backers.
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