AMERICAS
System1, a global marketing research and effectiveness company, agreed to go public via a SPAC merger with Cannae-backed Trebia Acquisition, a SPAC, in a $1.4bn deal.
“The transaction will provide capital for accelerated investment in our RAMP technology and further our position as a leader in privacy-centric customer acquisition. At System1, we strive to improve every single day - our technology, our business, our community, and ourselves. I am thrilled for our entire team and to have Trebia join us on our journey,” Michael Blend, System1 Co-Founder and CEO.
System1 is advised by Evercore, Latham & Watkins and Willkie Farr & Gallagher. Protected is advised by Trethowans and Greenberg Glusker. Trebia is advised by BofA Securities, Weil, Gotshal & Manges, Credit Suisse and Moelis.
IG Group Holdings, the global online trading platform, completed the acquisition of tastytrade, an online financial network, for $1bn.
“This transaction marks an important milestone in the delivery of IG’s growth strategy, diversifying our product offering and significantly strengthening our global footprint,” June Felix, IG CEO.
tastytrade was advised by Influence Consulting Group. IG was advised by Barclays, Fenchurch Advisory Partners, Jefferies & Company, Numis Securities, Linklaters, Paul Weiss and FTI Consulting. Technology Crossover Ventures was advised by Weil Gotshal and Manges.
Blackstone agreed to invest $1.5bn in GTCR-backed Simpli.fi, a provider of workflow software and programmatic advertising solutions.
“Digital advertising is a high-conviction investment theme at Blackstone and Simpli.fi sits at the intersection of multiple attractive tailwinds, including the continued shift in local media spend to programmatic digital and CTV. We are very excited to partner with the management team and GTCR to further accelerate the company’s growth," Sachin Bavishi, Blackstone Managing Director.
Simpli.fi is advised by SHIFT Communications. Blackstone is advised by Simpson Thacher & Bartlett. GTCR is advised by The Harbinger Group. Simplifi Holdings and GTCR are advised by Evercore, LUMA Partners and Kirkland & Ellis.
EQT agreed to acquire PRO Unlimited, a modern workforce management solutions provider, from Harvest Partners, an established private equity firm, and Investcorp, a provider and manager of alternative investment products. Financial terms were not disclosed.
"The contingent labor industry is experiencing strong growth, fueled by workers’ desire for increased autonomy and flexibility. We are delighted to provide the solutions that enable enterprises and the contingent workforce to meet their needs. We look forward to partnering with EQT and leveraging their industry expertise, digital capabilities, and network of advisors as we continue to enhance and optimize our contingent workforce management platform to directly benefit our clients," Kevin Akeroyd, PRO Unlimited CEO.
PRO Unlimited, Investcorp and Harvest Partners are advised by William Blair & Co and White & Case. EQT is advised by McKinsey & Company, Alvarez & Marsal, Bank of America and Sidley Austin.
TeraWulf, a bitcoin mining company, agreed to merge with IKONICS, a public developer of photochemical imaging systems. Financial terms were not disclosed.
"This transaction provides ideal outcomes for our shareholders, customers and employees. It delivers our shareholders the opportunity to realize a substantial upfront cash payment while continuing to benefit from the value of our legacy imaging business, and provides them with the opportunity to participate in the potential upside of TeraWulf at an exciting time for the cryptocurrency mining space. The agreement will be instrumental in securing the long-term viability of IKONICS's legacy business, allowing it to continue to meet the needs of our customers with a secure supply of our high quality products in addition to continued employment opportunities for our workforce," Glenn Sandgren, IKONICS CEO.
TeraWulf is advised by Moelis & Co, Paul Weiss Rifkind Wharton & Garrison and Joele Frank. IKONICS is advised by Northland Capital Markets and Faegre Drinker Biddle & Reath. Northland Capital Markets is advised by White & Case.
Centuri Group, a wholly-owned subsidiary of Southwest Gas Holdings, agreed to acquire Riggs Distler, a provider of construction and maintenance services, for $855m.
"Our targeted acquisition strategy has prioritized expanding our unionized electric utility services, geographic reach and customer base, and this transaction meets all of our criteria. Riggs Distler is an exceptional company with a strong, seasoned leadership team and substantial growth trajectory. This is an excellent opportunity to expand our services, and importantly, to add a unionized electric utility services platform to our current utility infrastructure portfolio, materially advancing our goal to provide 360 degrees of service to our utility infrastructure customers," Paul Daily, Centuri Group President and CEO.
Riggs Distler is advised by Harris Williams & Co and Kirkland & Ellis. Centuri Group is advised by UBS and Foley & Lardner. Southwest Gas Holdings is advised by Morrison & Foerster.
Builders FirstSource, a Fortune 500 manufacturer and supplier of building materials, agreed to acquire WTS Paradigm, a software solutions and services provider for the building products industry for c.$450m. The transaction is expected to close in 2021, subject to customary closing conditions and antitrust approvals. Upon closing, Paradigm will operate as an independent subsidiary of Builders FirstSource.
“We will continue to be a great partner to all our existing customers. Becoming a part of Builders FirstSource will unlock new opportunities for our employees, introduce us to new customers and allow us to accelerate the adoption and deployment of our software to solve our customers’ complex business problems. I look forward to working with the Builders FirstSource team to enhance homebuilding through digital tools,” Nathan Herbst, Paradigm Founder and CEO.
Builders FirstSource is advised by Rothschild & Co, Alston & Bird and ICR. Paradigm is advised by Raymond James.
Angeles Equity Partners, a private equity firm, agreed to acquire Xanitos, a provider of environmental services to hospitals. Financial terms were not disclosed.
"The acquisition aligns well with Angeles' broader efforts in the value-added facilities maintenance sector. Xanitos' leadership, scale, and capabilities make it the ideal specialist EVS platform for growth, at a time when the value of maintaining a clean, safe environment for patients and frontline workers is increasingly apparent," Frank Spelman, Angeles Managing Director.
Xanitos is advised by Blitzer Clancy & Company. Angeles is advised by Impala Partners, Livingstone Partners and Simpson Thacher & Bartlett.
Redwood Capital Investments, a diversified holding company, completed the acquisition of the occupational portion of Work segment of VF, a global provider of branded lifestyle apparel, footwear and accessories. Financial terms were not disclosed.
“The sale of our occupational work brands reflects our continued focus on transforming VF into a more consumer-minded and retail-centric enterprise while further simplifying our portfolio and operating model. We are pleased to have reached this agreement with Redwood Capital Investments,” Steve Rendle, VF Chairman, President and CEO.
Redwood Capital was advised by JP Morgan and Kirkland & Ellis. VF was advised by Barclays and Davis Polk & Wardwell.
2U, an education technology company, agreed to acquire edX, an American massive open online course provider, for $800m.
"We are excited about the significant opportunities this transaction provides to create value for shareholders and all of our stakeholders by further solidifying 2U's position as the leading digital transformation partner to great nonprofit universities and extending our reach and ability to deliver high-quality online education offerings that meet the growing global demand from learners and corporations," Paul Lalljie, 2U CFO.
2U is advised by Morgan Stanley and Paul Hastings. edX is advised by M. Klein & Co.
JP Morgan agreed to acquire OpenInvest, a financial technology company that helps financial professionals customize and report on values-based investments, from Andreessen Horowitz, Y Combinator and QED, three venture capital firms. The deal is expected to close in the third quarter. Financial terms were not disclosed.
"This acquisition further advances our strategic focus on sustainable investing, and we are thrilled to welcome OpenInvest to JP Morgan," Ben Hesse, JP Morgan Asset & Wealth Management Head of Strategy and Business Development.
OpenInvest is advised by Moelis & Co and Morrison & Foerster. JP Morgan is advised by Dechert.
Clearlake-backed PrimeSource, a distributor of fasteners and building materials, agreed to acquire Wolf Home Products, a supplier of kitchen cabinets and building products, from Tenex Capital Management, a private equity firm. Financial terms were not disclosed.
"CEO Craig Danielson and his team have created a terrific service model that differentiates Wolf from anyone in their space, and the national footprint and overall scale PrimeSource brings will enable them to expand rapidly. Their leadership in Wolf-branded products, combined with a focus on the high growth markets in and around residential repair and remodel and outdoor living, fits very well with our strategy," Tom Koos, PrimeSource CEO.
Wolf Home Products is advised by Fidus Partners. PrimeSource is advised by Lambert & Co. Debt financing is provided by Deutsche Bank.
LLR Partners, a private equity firm, agreed to invest in WizeHive, a provider of a full lifecycle management platform. Financial terms were not disclosed.
"LLR has been the go-to partner for growth stage SaaS companies in our home Philadelphia market and across the US for over 20 years. I am thrilled that WizeHive is now in the position to leverage LLR's knowledge of our space and their value creation resources to help scale our growth efforts, accelerate the enhancement of our platform, and expand efforts to drive long-term customer success," Carl Guarino, WizeHive CEO.
Durable Capital Partners, a private equity firm, led a $100m Series D funding round in HealthVerity, a provider of technology and software tools for healthcare providers. The round was joined by Flare Capital Partners, Foresite Capital and Greycroft.
"We are excited to partner with HealthVerity as it continues to build the next generation of modern technologies that will support the shift towards increased real-world data governance and privacy needs within healthcare," Henry Ellenbogen, Durable Capital Partners Managing Partner & Chief Investment Officer.
Mapbox aborts plan to go public via a $2bn merger with SoftBank SPAC.
SVF Investment 3, a SPAC backed by SoftBank, aborts talks about a $2bn merger with Mapbox, a provider of sophisticated location data services.
The company decided to secure funding in the private markets at a higher valuation after the SoftBank SPAC sought to cut the price of its target to around $1.5bn. Mapbox has seen strong demand from other investors and could confirm details of a private capital-raising during the summer.
Viva Aerobus considers US IPO.
Viva Aerobus, an airline operator, plans a US IPO this year. As coronavirus vaccines continuing to be rolled out globally, the resumption of travel has boosted airline stocks, Bloomberg reported.
The airline's passenger count in the first five months of the year rose 35% to 1.34m from the same period last year, topping pre-pandemic levels.
Viva Aerobus is advised by Barclays, Goldman Sachs and JP Morgan.
Accel raises over $3bn for three new funds. (FS)
Accel, a venture capital firm, has raised more than $3bn across three new investment funds to back companies in the United States, Europe and Israel, Reuters reported.
"There's an amazing golden age that's happening in the European startup scene. I think you have entrepreneurs that oftentimes are trained or educated not just in their home country but externally, so they have a global mindset," Richard Wong, Accel Partner.
EMEA
Alussa Energy Acquisition, a SPAC, and FREYR, a Norway-based developer of clean, next-generation battery cell production capacity, stated that they expect to close their combination on July 9, 2021, assuming Alussa Energy's shareholders would approve the combination. Following closing, the combined company's stock and warrants will trade under the ticker symbols "FREY" and "FREYWS", respectively.
FREYR is advised by BAHR, Wilson Sonsini Goodrich & Rosati and Crux Advisers. Alussa is advised by Rystad Energy, Sustainable Governance Partners, BTIG, Credit Suisse, Pareto Securities, Appleby, Davis Polk & Wardwell, Ellenoff Grossman & Schole, Skadden Arps Slate Meagher & Flom, Wiersholm and Kite Hill.
ironSource, an Israeli software company, went public via a SPAC merger with Thoma Bravo Advantage in a $11.1bn deal. 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 was advised by Citigroup, Goldman Sachs, Jefferies & Company, Latham & Watkins and Meitar Law Offices. Baupost Group was advised by Fried Frank Harris Shriver & Jacobson. Thoma Bravo Advantage was advised by Cadwalader Wickersham & Taft, Goldfarb Seligman & Co and Kirkland & Ellis.
CVC Capital Partners, a private equity and investment advisory firm, agreed to acquire a majority stake in Rayner, a provider of optical instruments, from Phoenix Equity Partners, a UK-based private equity firm. Financial terms were not disclosed.
“Having recently tripled our manufacturing capacity and strengthened our R&D capability, we are primed to embark on our next phase of growth and improve outcomes for even more patients with our world-class implants and treatments for a broad range of ophthalmic conditions. With its extensive healthcare experience, CVC understands our business and supports our ambition to become an international ophthalmology leader," Tim Clover, Rayner CEO.
CVC Capital Partners is advised by PricewaterhouseCoopers, Mansfield Advisors, William Blair and Freshfields Bruckhaus Deringer. Phoenix Equity Partners is advised by PricewaterhouseCoopers, LEK Consulting, BDO, Rothschild & Co and Latham & Watkins.
Lloyds Development Capital, a private equity firm, completed the investment in PAM, an occupational health and wellbeing provider. Financial terms were not disclosed.
“Over the last 17 years, PAM has gone from strength to strength and has become the industry leader in occupational health, supporting the wellbeing of thousands of employees across the UK. We chose to partner with LDC to further develop the services we provide our clients and, more importantly, their people. We really like LDC’s collaborative approach to private equity investment and are looking forward to having their counsel on our board. Their track record in supporting healthcare businesses to grow speaks for itself," James Murphy, PAM CEO.
PAM was advised by Hill Dickinson. LDC was advised by Grant Thornton, PMSI Strategy, Dow Schofield Watts and DWF.
Five Arrows Principal Investments, the European private equity arm of Rothschild, agreed to acquire Sygnature Discovery, an integrated drug discovery and non-clinical solutions provider, from Phoenix Equity Partners, a private equity firm. Financial terms were not disclosed.
“Our partnership with the Phoenix team has been invaluable; they shared our ambitions for the Company and were instrumental in helping us with our acquisition strategy. We are delighted to welcome Five Arrows as a shareholder alongside the Sygnature team and are excited about what the future holds for our Company," Simon Hirst, Sygnature CEO.
Rothschild is advised by Brunswick Group and DGM Conseil.
ArchiMed, an investment management firm, agreed to acquire Stragen Pharma, a developer of hard-to-make, complex generic drugs for the treatment of patients with life-threatening conditions. Financial terms were not disclosed.
“ArchiMed knows our market inside and out. With their backing, Stragen will have the means and freedom to pursue growth," Jean-Luc Tétard, Stragen Pharma Founder and CEO.
Archimed is advised by Lanchner Communications and Homburger.
Symrise, a major producer of flavors and fragrances, agreed to acquire a 5% stake in Swedencare, a developer and manufacturer of pet care products, for $68m.
“Swedencare is an impressive company that shares our passion for pet food solutions. In many markets the trend to pet ownership is increasing significantly and owners choose to provide their pets with products that best possibly support their health conditions. Swedencare has built a highly profitable business with a diverse portfolio and international presence. Our companies share many similarities and run complementary activities. We see a lot of opportunities to jointly strengthen our competencies. Symrise therefore underlines its commitment with an investment in Swedencare," Heinz Jürgen Bertram, Symrise CEO.
Symrise is advised by SEB Corporate Finance.
SoftBank led a $600m Series D funding round in CMR Surgical, a British medical technology company. The round had participation from investors Ally Bridge Group, RPMI Railpen, Tencent, Chimera, LGT, Watrium, Cambridge Innovation Capital, PFM Health Sciences and GE Healthcare.
“This latest financing equips CMR with significant funds to accelerate our mission of bringing Versius to hospitals worldwide, whilst providing full flexibility to achieve our goals. This major injection of capital that now values us at $3bn not only reflects the level of interest we have seen in our product, but also the scale of the business, and will enable significant technology developments and global expansion. As the lead investor, SoftBank has a wealth of experience supporting disruptive business models and innovative technologies, and we look forward to leveraging their expertise and extensive ecosystem," Per Vegard Nerseth, CMR Surgical CEO.
CMR Surgical was advised by Consilium Strategic Communications.
Goldman Sachs AM agreed to acquire the business assurance and cyber security division of Lloyd’s Register, a British professional services provider. Financial terms were not disclosed.
“This transaction builds on our 260-year heritage in the maritime industry and will strengthen our ability to take our compliance offering to the next level, expand our risk and advisory services and develop industry-leading digital solutions. It will also provide greater focus to build LR’s role as a leading industry advisor for maritime supply chain safety, resilience, efficiency and performance,” Nick Brown, Lloyd’s Register Chief Executive.
Deutsche Boerse Group, a German stock exchange operator, agreed to acquire a majority stake in Crypto Finance, a provider of institutional and professional clients trading, storage, and investment in digital assets. Financial terms were not disclosed. The parties expect to close the transaction in the fourth quarter of 2021, following regulatory approvals.
"Since the beginning, our goal was to bridge the old and new worlds. This is why we are excited to team up with a neutral partner like Deutsche Börse, who brings trust, reputation, and expertise in traditional financial market infrastructure. In combination with our proven expertise in crypto assets and the underlying technologies, we can now achieve our goals much faster. Together, we will enable thousands of financial institutions and professional investors in Europe to instantly enter this new asset class in a way they are familiar with," Jan Brzezek, Crypto Finance CEO & Founder.
Baker Hughes, a provider of oilfield products and services, agreed to acquire a 15% stake in Electrochaea, a cleantech start-up developing a disruptive grid-scale energy storage technology known as power-to-gas. Financial terms were not disclosed.
“Delivering synthetic natural gas at grid scale would be a remarkable development for energy consumers. By combining Baker Hughes’ carbon capture technology process with biomethanation, customers could potentially deploy large-scale plants to reduce the carbon impact of existing gas infrastructure. We look forward to working with Baker Hughes to scale up this promising new solution," Mich Hein, Electrochaea CEO.
Union Bancaire Privee, a private bank and wealth management firm, agreed to acquire Millennium Banque Privee, a Swiss bank, from Banco Comercial Portugues, a privately owned bank. Financial terms were not disclosed. The transaction is subject to the approval of the relevant regulatory bodies and is expected to complete during the fourth quarter of 2021.
"This acquisition enables UBP to reinforce its presence in Europe as well as in key developing markets. We are extremely pleased to onboard skilled and experienced teams, and are looking forward to providing clients with an even broader range of high-quality wealth and investment management solutions," Guy de Picciotto, UBP CEO.
Nigerian National Petroleum, a state-owned oil corporation, agreed to acquire a 20% stake in a Lagos oil refinery from Dangote, a Nigerian multinational industrial conglomerate, for c.$3.8bn.
NNPC still needed cabinet approval for the plan, but said the value of having a stake in what would be the largest oil refinery in Africa was worth the cost.
Kennedy-Wilson purchases a $252m London office building. (RE)
Kennedy-Wilson, a global real estate investment company, acquired One Embassy Gardens, a 156k-square-foot building in Nine Elms district in London for $252m. The company reshuffled its assets, betting on a rebound in workspace demand in the global financial hub, after the pandemic and Brexit hit property valuations in the city, Reuters reported.
One Embassy Gardens is part of the wider Embassy Gardens estate, a new riverside district adjacent to the US Embassy and close to Apple's new headquarters at Battersea Power Station.
Cherry sets the final offer price for its IPO at $38 per share.
Cherry, a manufacturer of premium mechanical gaming switches and peripherals for gaming, made its debut on the Frankfurt stock market.
The final offer price was $38 apiece, and the total volume of the IPO was significantly oversubscribed. The market capitalization is $928m; additionally, the total volume of primary and secondary shares placed in the IPO amounts to $496m.
Cherry was advised by Hengeler Mueller and Cravath Swaine & Moore.
Bridgepoint plans London IPO. (FS)
Bridgepoint, a private equity firm, intends to list on the London Stock Exchange, raising at least $416m from new shares. The company plans to fund its growth plans and pay down debt, FT reported.
Bridgepoint would sell $417m of new shares and see some existing investors sell down their holdings. The total share sale could value the company at around $2.78bn.
JP Morgan and Morgan Stanley are joint global coordinators on the deal.
Chronext mulls IPO.
Chronext, an online luxury watch platform operator, considers launching an IPO in the autumn to fund an expansion drive, Reuters reported.
The company's founder neither confirm nor deny the plans, and they look at all options and nothing is decided. In May, Chronext was preparing an IPO that could value the company at up to $1.2bn.
Ethos Invest eyes $1.39bn for fintech-focused private equity fund. (FS)
Ethos Invest, a long-term investor, plans to raise $1.39bn for fintech-focused private equity fund. The company will focus on small and medium-sized firms, including in the UK, Europe, the Middle East, Asia and North America in the financial services, technology and related sectors.
“There are a lot of companies, particularly in the West, that are operating in a Sharia-compliant manner, but maybe don’t recognise it as such. They have good products and services that would be very appealing to a Muslim customer base, but they really haven’t entered those markets in force, even though they could," Quintan Wiktorowicz, Ethos Invest Partner.
Rothschild seals second private equity fund close this month with new $536m vehicle. (FS)
Rothschild, a multinational investment bank and financial services company, has closed the second private equity fund of the company in June by reaching an above-target $536m for Five Arrows Growth Capital.
Five Arrows Growth Capital will invest in European fast-growing small-cap companies, in precisely targeted sub-sectors within healthcare and education, data and software, and technology-enabled business services. The company already have tapped capital for its debut deal, supporting pharma services company BioPhorum, based in United Kingdom.
APAC
Audax-backed Mobileum, a provider of telecom analytics for roaming, network services, security, risk management and domestic and international connectivity testing, completed the acquisition of Niometrics, a network analytics company that provides solutions for communications service providers to develop strategies and decisions for new digital businesses, customer experience management, and network planning and optimization. Financial terms were not disclosed.
"The addition of Niometrics to Mobileum's portfolio further reinforces our strategy to provide telecom operators an end-to-end analytics engine that not only strengthens their network and interconnection and assures their business, but that also provides them with the network intelligence required to grow revenues and improve customer experience as they rollout 5G and evolve their business. Niometrics' proven technology and respected team of industry experts make this acquisition a perfect fit to accelerate Mobileum's growth strategy," Bobby Srinivasan, Mobileum CEO.
Mobileum is advised by Quexor Group. Niometrics is advised by BDA Partners.
AIA, an American-founded Hong Kong multinational insurance and finance corporation, agreed to acquire a 24.99% stake in China Post Life Insurance, an insurance company, for $1.9bn.
"The Chinese insurance market is already the second-largest in the world with immense long-term growth opportunities given the protection gap of more than $40tn. This unique investment in China Post Life enables AIA to capture additional areas of growth and benefit from the substantial potential for value creation," Lee Yuan Siong, AIA CEO and President.
PlayBoy, a pleasure and leisure lifestyle company, agreed to acquire Honer Birdette, a luxury lingerie and lifestyle brand, for $333m.
"When I founded Honey Birdette 15 years ago, my ambition was to build a brand for women, by women; a brand that would serve as a platform for confidence and sexual and body empowerment. I am immensely proud of everything we've accomplished – with 60 thriving stores across three countries – powered by 350 fierce female ambassadors. Today is a momentous and proud day for the Honey Birdette team as we enter into partnership with one of the world's most iconic brands and the lifestyle platform it represents. I'm thrilled to join Ben and the whole PLBY Group team on a mission to build a lifestyle of pleasure for all," Eloise Monaghan, Honey Birdette Founder and Managing Director.
A consortium led by Alibaba and Jiangsu government prepares deal for Suning.
A consortium led by Alibaba Group, an online and mobile commerce company, and the Jiangsu provincial government near a deal to acquire a stake in Suning, a retail shop offering electronic appliances, Bloomberg reported.
Zhang Jindong, a Chinese billionaire, will no longer have control of the company after the deal.
China is taking advantage of a strengthening economy and stable financial markets to toughen up its corporate sector, discouraging the kind of reckless debt-fueled expansion that inflated some companies to a dangerous size.
VietJet plans to sell 15% stake and raise $300m.
VietJet Aviation, a provider of airline services, plans to sell a 15% stake via a private placement and raise $300m through an international bond sale. The company aims to boost the financial capacity when travel markets revive, DealStreetAsia reported.
The company's shareholders had approved the plan at a meeting. Additionally, shareholders also approved a plan to sell 10m new shares to its staff without a time frame. The fundraising is part of its efforts to ensure that VietJet has sufficient resources for safe and effective development when the market recovers.
Princeton Digital invests $1bn to build a data center in Japan. (FS)
Warburg Pincus-backed Princeton Digital Group, a technology company, announced plans to invest $1bn to build a data center facility in Japan. The plan is to build one of the largest hyperscale facilities in Tokyo. In Princeton Digital’s plan to build a 600-megawatt portfolio across Asia the significant milestone is the Japanese data center campus.
“The Asia Pacific region is set to be the largest data center market in the world and this announcement underscores our vision to be the market leader in this region,” Rangu Salgame, Princeton Digital Group Chairman and CEO.
Didi flags IPO share price at the top range with a $67.2bn valuation. (FS)
Didi Global, a Chinese ride-hailing company, will price shares in its US IPO at the top of the indicated range or above, Reuters reported. The company is backed by Softbank, Alibaba and Tencent.
Didi plans to sell 288m American depository shares with a $13 to $14 apiece price range. At the top of the range, the IPO would raise $4.03bn at a $67.2bn valuation. An over-allotment option, or greenshoe, exists where a further 43.2m shares can be sold to increase the size of the deal.
Go Airlines $485m IPO is put on hold.
An aviation company Go Airlines India's $485m IPO plans have been put on hold by India's market regulator, Bloomberg reported.
That delay is supposed to be damaging to Go Airlines, which depended on the IPO proceeds to repay debt and dues to creditors, including Indian Oil.
"The Covid pandemic has had an adverse impact on our business, operating results, financial condition and liquidity, and the duration and spread of the pandemic or another pandemic could result in additional adverse impact," Go Airlines.
ZWC Partners raises $774m for USD and RMB funds. (FS)
ZWC Partners, a Chinese venture capital firm, raised $774m for US dollar and RMB-denominated funds during the pandemic, DealStreetAsia reported.
ZWC usually invests in startups in China and Southeast Asia with interests in consumer tech, enterprise services and industry technology.
The firm also closed its latest USD fund and has invested in Fadada, Horizon Robotics, Beijing ESWIN Technology, HONlife, Beijing TimeRiver Technology and Xiao Dian.
Fidelity Investments-backed Eight Roads to launch a $400m healthcare fund for China. (FS)
Fidelity Investments-backed Eight Roads, a global investment firm, plans to launch its $400m China-focused healthcare fund, DealSreetAsia reported.
Dubbed Eight Roads China Healthcare Fund V will follow the firm's core strategy of investments in China, focusing on therapeutics, medtech, healthcare services, healthcare IT, and digital health companies.
"With the new fund, we will continue to partner with aspiring healthcare founders to develop game-changing businesses which set the bar in the market," Jarlon Tsang, Eight Roads Managing Partner and Head of China.
CDH Investments sub-fund raises $310m for data center vehicle. (FS)
Chinese alternative assets manager CDH Investments sub-fund raised $310m for its first industry data center fund, DealStreetAsia reported.
CDH Mezzanine and Credit Fund, a sub-fund, had secured the first close in November 2020 with $228m commitments from China Pacific Insurance and Taikang Insurance. The capital will be used to forge partnerships with China’s data services providers and to invest in novel projects across cities.
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