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AMERICAS
New Mountain Capital, an investment firm, completed the investment in Grant Thornton, a provider of audit and assurance, tax, and advisory services. Financial terms were not disclosed.
"We continue to be impressed by the Grant Thornton team and their unwavering focus on delivering the highest levels of quality and client experience. In this next chapter, we look forward to partnering with the team to invest even further in people, technology and new service line capabilities to accelerate the growth trajectory Grant Thornton is already on," Andre Moura, New Mountain Capital Managing Director.
Grant Thornton was advised by Deutsche Bank, Dechert, Mayer Brown (led by Paul Theiss and Camila Panama), Vedder Price (led by Steven R. Berger) and Kekst CNC (led by Daniel Yunger and Nathan Riggs). New Mountain Capital was advised by Guggenheim Partners, Jefferies & Company, Hunton Andrews Kurth (led by Matthew Bosher), Simpson Thacher & Bartlett (led by Ben Schaye) and Goldin Solutions. CDPQ was advised by Jones Day. OA Private Capital was advised by Gibson Dunn & Crutcher.
Johnson & Johnson, a pharmaceutical and medical technologies corporation, completed the acquisition of acquire Shockwave Medical, a provider of innovative intravascular lithotripsy technology for the treatment of calcified CAD and PAD, for $13.1bn.
"Through Innovative Medicine and MedTech, Johnson & Johnson is transforming the trajectory of cardiovascular disease, one of the leading causes of death globally. We are delighted to welcome the Shockwave team to Johnson & Johnson and look forward to bringing their innovative IVL technology to more patients around the world," Joaquin Duato, Johnson & Johnson Chairman and CEO.
Atlanta Postal Credit Union, the largest postal credit union in the United States, agreed to acquire Affinity Bank, a community bank. Financial terms were not disclosed.
"For nearly 100 years, Affinity Bank has successfully served both small businesses and individuals throughout Atlanta and the entire region. Through this agreement, we look forward to welcoming Affinity Bank's customers as new members and exceeding their expectations in every way as we work to help them financially flourish. We are also excited to enter into this agreement as a way to drive our member-centric growth strategy forward," Blake Graham, APCU President & CEO.
Affinity is advised by Performance Trust Capital Partners and Luse Gorman. APCU is advised by Hovde Group, Honigman Miller Schwartz & Cohn and M2 The Agency (led by Merideth Miller).
KKR agreed to acquire a majority stake in Agiloft, a technology company specializing in contract lifecycle management and business process management software. Financial terms were not disclosed.
"As businesses increasingly look for efficient ways to ensure regulatory compliance, realize cost efficiencies and manage complex workflows, Agiloft has differentiated itself by providing a simple, one-stop solution to meet its customers' needs. We are deeply impressed by Eric's leadership and the rest of the Agiloft team, and we look forward to working together to capture additional opportunities in the market," Jimmy Miele, KKR Director, Tech Growth.
Agiloft is advised by Moelis & Co and Baker McKenzie. KKR is advised by Gibson Dunn & Crutcher.
Incyte, an American multinational pharmaceutical company, completed the acquisition of Escient Pharmaceuticals, a clinical-stage drug discovery and development company, for $750m.
"The acquisition of Escient and its first-in-class oral MRGPR antagonists bolsters our Inflammation and Autoimmunity portfolio and our commitment to creating innovative solutions that address the urgent needs of patients living with severe inflammatory diseases. We are excited to continue the work started by the Escient team and accelerate the clinical development of these promising therapies,” Hervé Hoppenot, Incyte CEO.
KKR agreed to acquire a minority stake in Labrador Island Link, an HVdc transmission system, from Emera, an energy and services company, for $871m.
“This agreement is an important step in strengthening our company and positioning us to continue to capitalize on the growth opportunities in front of us. With this transaction, we look forward to a new relationship with KKR while remaining committed to our partnership with NL Hydro," Scott Balfour, Emera CEO.
KKR is advised by Scotiabank and Simpson Thacher & Bartlett (led by Breen Haire and Shamus Crosby). Emera is advised by TD Securities.
Yellow Wood Partners-backed Suave Brands Company, a personal care products company, completed the acquisition of ChapStick, a lip care brand, from Haleon, a British multinational consumer healthcare company, for $430m.
"The Yellow Wood team established Suave Brands Company in May 2023 to acquire the Suave brand from Unilever. We saw the opportunity to grow Suave with a more focused management approach while also creating the corporate infrastructure to acquire and manage additional personal care brands across multiple categories to drive synergies across the platform. We are excited to add ChapStick, another leading brand with deep equity and history, into our platform," Daniel Alter, Suave Brands Company CEO.
Yellow Wood Partners was advised by Chris Tofalli Public Relations. Haleon was advised by Citigroup.
The National Copper Corporation, a developer and producer of copper ore and by-products, agreed to acquire a majority stake in Sociedad Química y Minera, a Chilean chemical company. Financial terms were not disclosed.
“The projects we are going to develop with Codelco will be extraordinarily positive for Chile, the Antofagasta Region, communities, workers and for both companies. The partnership will have access to 100% of our infrastructure and plants, including the world’s largest lithium product refining center inAntofagasta. We are committed to compliance with the highest environmental standards and an ongoing process of dialogue with Atacameño communities to protect the salt marsh’s ecosystem. With the Codelco-SQM partnership, as of 2031 Chile will receive 85% of the operating margin through different channels,” Ricardo Ramos, SQM CEO.
Codelco is advised by Morgan Stanley.
C.W. Matthews, a heavy highway construction contractor, completed the acquisition of Baker Constructors, a heavy highway and site development contractor. Financial terms were not disclosed.
"The Heritage team's responsiveness to our needs, as well as the buyer's and their attorneys, allowed us to complete this transaction quickly and efficiently. We could not have achieved our goals in this transaction without their consultation and advice," Robert Baker, Baker Constructors President.
Cerberus, an alternative investor, completed the acquisition of Calspan's Hypersonics and Test Systems Business Units from TransDigm, an aerospace manufacturing company. Financial terms were not disclosed.
"We've been tracking this company for a while and admire their innovation and expertise in hypersonics analysis and testing. Enabling the US to meet the great need for hypersonic capabilities, North Wind is an important investment. We couldn't be more thrilled to execute against the team's vision as a well-resourced standalone company," Michael Palmer, Cerberus Senior Managing Director, Supply Chain and Strategic Opportunities platform.
RLJ Equity and LP First Capital-backed Flow Service Partners, a provider of commercial heating, ventilation, air conditioning, and refrigeration and plumbing services, completed the acquisition of Dynamic Air Solutions, a specialist in commercial and industrial HVAC services. Financial terms were not disclosed.
"Adding Dynamic to our team is a strategic move that significantly boosts our service capabilities in Kentucky and southern Indiana. Marc's leadership and his team's expertise are invaluable as we continue to expand our reach and refine our services in commercial HVACR. We are thrilled about Dynamic's potential and the additional growth opportunities that it brings to our Midwest operations," Daniel Youman, Flow President & CEO.
HTX Ventures, the global investment arm of the cryptocurrency exchange HTX, agreed to invest in Figment Capital, an early-stage venture fund focused on blockchain infrastructure. Financial terms were not disclosed.
"We are delighted to welcome Figment Capital as a strategic partner. This investment aligns with our mission to support promising companies and drive the next generation of technological innovations. By leveraging Figment's technical expertise and robust network, we can identify and support superior projects while also helping them expand into the Asian market. HTX Ventures continues to solidify its position as a global investment leade," Edward Chen, HTX Ventures Managing Partner.
Paramount Global directors back merger with Ellison’s Skydance.
Paramount Global directors evaluating a bid for the film and TV giant endorsed a takeover offer by independent producer David Ellison, moving the storied Hollywood studio closer to a sale.
As part of a multistep deal, Ellison’s Skydance Media is offering to purchase Shari Redstone’s National Amusements, the family company that holds a controlling stake in Paramount. Skydance then plans to merge with Paramount, offering more than $3bn to that company’s other investors in the form of cash and debt repayment, Bloomberg reported.
Blackstone sells Turtle Bay Resort for $725m. (FS)
Blackstone has reached an agreement to sell Turtle Bay Resort for $725m. Blackstone purchased the hotel in 2018 for $332m and subsequently invested significant capital in renovations.
“This transaction is an excellent outcome for our investors and a testament to Blackstone’s ability, including through the pandemic, to transform iconic, luxury hospitality assets. The team executed an ambitious business plan, investing significant capital to reposition the resort for long-term success while also adding high-quality jobs on the North Shore," Rob Harper, Blackstone Head of Real Estate Asset Management Americas.
Blackstone is advised by Eastdil Secured, Jones Lang LaSalle, Sumitomo Mitsui and Simpson Thacher & Bartlett.
Carl Icahn builds sizable stake in Caesars Entertainment.
Carl Icahn has amassed a sizable position in Caesars Entertainment, sending shares in the US hotel and casino operator up by the most in more than 18 months.
The size of the Icahn’s stake and his intentions couldn’t immediately be learned. Icahn said he liked the management at Caesars and had no plans for an activist campaign, Bloomberg reported.
Soho House rejects acquisition offer, says it undervalues company.
Soho House rejected an acquisition offer at a “substantial premium,” suggesting the unprofitable members-only club is confident in its ability to turn around.
The exclusive club operator said the offer by an unidentified party undervalues the company. The special committee formed in late 2023 to evaluate strategic transactions has consequently been dissolved. The board can still establish another special committee in the future.
This follows the controlling shareholder’s letter in March that hinted the company may go private. It said the market’s focus on short-term profitability overlooked its ultimate value, Bloomberg reported.
Apollo plans to sell assets it originates to retail, ETFs. (FS)
Apollo Global Management plans to expand its asset origination business to sell private credit to retail channels, including exchange traded funds, Chief Executive Officer Marc Rowan said.
The firm already sells credit instruments to insurers, including its own Athene unit, and institutional investors. Apollo has set a five-year goal of boosting annual origination to $200bn to $250bn, Bloomberg reported.
“We built a third-party insurance business and then we built a third-party institutional business, a fixed-income replacement business, and you will watch us do this in retail. You will watch us do this in interval funds. You will watch us do this in ETFs," Marc Rowan, Apollo Global CEO.
Naver-backed Webtoon Entertainment files for US IPO at $4bn valuation.
Webtoon Entertainment filed for a US initial public offering after backer Naver this year accelerated plans for the market debut of the online comics operator. Webtoon could seek to raise as much as $500m at a valuation of $3bn to $4bn.
Los Angeles-based Webtoon said in a filing with the US Securities and Exchange Commission that South Korean internet company Naver will continue to control it after the IPO. Proposed terms for the offering will be disclosed in a later filing.
The offering is being led by Goldman Sachs, Morgan Stanley, JP Morgan and Evercore. The company plans for its shares to trade on the Nasdaq Global Select Market under the symbol WBTN, Bloomberg reported.
Goldman Sachs raises over $20bn to invest in private credit. (FS)
Goldman Sachs amassed a war chest of more than $20bn for private credit investments, underscoring the surge of interest in the asset class.
The alternatives part of its asset management arm announced the final close of West Street Loan Partners V, its latest in a series of large-cap senior direct lending vehicles, at $13.1bn total capital. In addition, Goldman Sachs Alternatives closed on more than $7bn in large-cap senior direct lending management accounts and $550m of co-investment vehicles. Institutional investors in the strategy include US and international pension plans, insurance companies, and sovereign wealth funds. Investors from Goldman Sachs Private Wealth Management, family offices, and third-party wealth channels also made commitments.
"The market for senior direct lending continues to benefit from the growing demand from financial sponsors. While we expect the syndicated markets and private credit markets to continue to co-exist, we are seeing an increase in attractive opportunities for alternative lending sources that can provide size, structural flexibility and certainty of execution to borrowers," James Reynolds, Goldman Sachs Alternatives Global Head of Direct Lending.
Town Lane raises $1.25bn for inaugural real estate investment firm. (FS)
Town Lane, an opportunistic real estate investment firm, completed the final close of its inaugural fund, Town Lane Real Estate Opportunities Fund I with $1.25bn in total commitments. The fund was oversubscribed and closed on its investor commitments in the first half of 2024 above its initial $1bn target. Fund I is backed by a diverse and esteemed group of experienced institutional investors, including university endowments, charitable foundations, family offices and pension funds.
“Within the backdrop of ongoing distress in commercial real estate, Town Lane was formed to pursue high conviction, thematically oriented opportunities leveraging the team’s 20+ years of pattern recognition and to do so within a more aligned, relationship-centric model,” Tyler Henritze, Town Lane Founder and Managing Partner.
Town Lane was advised by Kirkland & Ellis.
Ackman's Pershing Square raising $1bn, eyeing IPO.
Billionaire Bill Ackman's hedge fund Pershing Square Capital Management, is finalizing a roughly $1bn funding round with institutional investors and family offices as well as eyeing an initial public offering in the future. Investors are valuing the firm, which has $16.3bn in assets, at $10.5bn.
Roughly $500m of the money raised with investors will anchor Pershing Square USA, a new investment portfolio in the US. It will be listed on the New York Stock Exchange and available to anyone who can invest in the U.S, including retail investors. A potential IPO is further off and could happen next year or in 2026.
This new fund will mimic his existing hedge fund but offer lower fees and quicker access to capital and could lure some of Ackman's 1.2m followers on social media platform X. The other half of the money will be used in funds that the firm expects to launch, Reuters reported.
EMEA
KKR secured unconditional EU antitrust approval for its $24bn acquisition of Telecom Italia's fixed-line network.
"The Commission investigated the impact of the transaction on the market for wholesale broadband access services in Italy and concluded that it would not significantly reduce the level of competition," EU antitrust watchdog.
KKR is advised by Citigroup, Colombo & Associati (led by Paolo Colombo), JP Morgan, Morgan Stanley (led by Dominique Cahu), UBS (led by Riccardo Mulone), Freshfields Bruckhaus Deringer (led by Nicola Asti and Michael Hilton), Gianni Origoni Grippo Cappelli & Partners (led by Francesco Gianni) and Community Group. CPPIB is advised by Evercore, Freshfields Bruckhaus Deringer, Linklaters (led by Pietro Belloni and Michael Honan). Telecom Italia is advised by Equita SIM (led by Carlo Andrea Volpe and Simone Riviera), Goldman Sachs (led by Francesco Pascuzzi and Macario Prieto), LionTree Advisors (led by Jake Donavan), Mediobanca (led by Giuseppe Baldelli), UniCredit (led by Andrea Petruzzello), Vitale & Co (led by Orlando Barucci), Clifford Chance, Gatti Pavesi Bianchi Ludovici, Studio Carbonetti (led by Fabrizio Carbonetti) and Community Group (led by Auro Palomba). Financial advisors were advised by Sullivan & Cromwell. Vivendi is advised by Chiomenti (led by Filippo Modulo and Marco Maugeri).
Zegona Communications, a network-based communications and entertainment business, completed the acquisition of the Spanish business of Vodafone Group, a technology communications company, for €5bn.
"We have now completed the acquisition of Vodafone Spain and look forward to transforming the business and returning it to growth. I am pleased to welcome José Miguel García to lead Vodafone Spain as CEO, reuniting a team that has a proven track record of highly successful operational transformations in Spanish telecoms. The new 10-year network access agreement signed with Finetwork earlier this week demonstrates our ability to move swiftly on our well-defined strategy. With our proven track record, we are confident we will improve the performance of Vodafone Spain whilst delivering significant value for shareholders," Eamonn O'Hare, Zegona Chairman and CEO.
Zegona was advised by Canaccord Genuity, Deutsche Numis, ING Bank, UniCredit, ING Bank, Deutsche Bank, UBS, Gomez-Acebo & Pombo (led by Fernando de las Cuevas and Alexander Kolb), Milbank (led by Russell Jacobs and Sarbajeet Nag), Travers Smith (led by Aaron Stocks), Llorente Y Cuenca and Tavistock Communications (led by Jos Simson). Debt financing was provided by Canaccord Genuity, Deutsche Numis, ING Bank and UniCredit. Vodafone was advised by Evercore (led by Juan Pedro Perez Cozar), Morgan Stanley (led by Nuno Machado and Anthony Zammit), Robey Warshaw (led by Simon Warshaw), Garrigues (led by Alvaro Lopez-Jorrin and Javier Marzo) and Slaughter & May (led by Victoria MacDuff and James Cook).
UBS, a multinational investment bank and financial services company, completed the acquisition of Credit Suisse, a global investment bank and financial services firm founded and based in Switzerland, for CHF3bn ($3.3bn).
"Today we have achieved a significant milestone in our integration journey. The merger of our parent banks is critical to facilitating the migration of clients onto UBS platforms. It will also unlock the next phase of cost, capital, funding and tax benefits from the second half of 2024. As we embark on this transitional phase of operational consolidation, we will remain focused on serving our clients, following through on our strategy, investing in our people, and acting as a pillar of economic support in the communities where we live and work," Sergio P. Ermotti, UBS CEO.
Credit Suisse was advised by Alvarez & Marsal (led by Fernando De La Mora, David Edmonds and Alessandro Farsaci), Centerview Partners (led by Blair Effron), Rothschild & Co (led by Nick Bossart and Jacques Deege), Chiomenti (led by Filippo Modulo and Alessandro Portolano), Cleary Gottlieb Steen & Hamilton (led by David Lopez), Cravath Swaine & Moore (led by Ronald E. Creamer Jr.), Homburger (led by Claude Lambert, Daniel Daeniker and Benjamin Leisinger), Khaitan & Co (led by Vivek Mimani), Sullivan & Cromwell (led by Mitchell S. Eitel) and Community Group (led by Auro Palomba and Roberto Patriarca). UBS was advised by JP Morgan, Morgan Stanley, UBS, Bar & Karrer (led by Rolf Watter), Cyril Amarchand Mangaldas (led by Cyril Shroff), Davis Polk & Wardwell (led by Marc O. Williams, Luigi L. De Ghenghi and Evan Rosen), Freshfields Bruckhaus Deringer (led by Michael Raffan and Jennifer Bethlehem), Brunswick Group and Community Group (led by Marco Rubino). Financial advisors were advised by Latham & Watkins (led by Sam Newhouse, Bradley Faris and Edward Barnett).
Britain's competition regulator said they had started a probe into Nationwide Building Society's proposed £2.9bn ($3.7bn) all-cash deal to buy Virgin Money UK, Reuters reported.
The deal, which was announced in March and is expected to close in the fourth quarter of the year, could create the country's second-largest savings and mortgage provider, after Lloyds Banking Group, owner of Halifax.
Cuadrilla Capital-backed Agilence, a provider of loss prevention, case management, store audit, and operational analytics software, completed the acquisition of IntelliQ, a loss prevention platform. Financial terms were not disclosed.
"Shrink continues to be a major factor contributing to reduced profits everywhere customers and companies meet – in stores, at restaurants, in amusement parks, and online. According to the National Retail Federation (NRF), nearly two-thirds of shrink can be controlled by companies. With the addition of IntelliQ, our combined best-in-class analytics with award-winning customer success teams will allow our customers to understand their operations and take corrective action to improve profits," Russ Hawkins, Agilence CEO.
IntelliQ was advised by Wilsons Solicitors. Cuadrilla Capital was advised by Trowers & Hamlins.
777 Partners, a controlling investment and private equity firm, failed to acquire a 94.1% stake in Everton Football Club, a professional football club from Liverpool, from Farhad Moshiri. Financial terms were not disclosed.
"The agreement between 777 Partners and Blue Heaven Holdings Limited for the sale and purchase of the majority shareholding in the Club expired today. The Club’s Board of Directors recognises the considerable level of financial support 777 Partners has provided the Club over recent months and would like to take this opportunity to thank them for this. The Club will continue to operate as usual, while it works with Blue Heaven Holdings to assess all options for the Club’s future ownership," Everton Football Club.
Landsbankinn, an Icelandic bank, agreed to acquire TM tryggingar, a provider of insurance and financial services, from Kvika Bank, a financial services provider, for $208m.
“The purchase of TM by the Bank opens numerous opportunities and we are excited to welcome TM’s personnel to our strong team here at the Bank. Our aim is to simplify life for customers by offering all financial services in one place and I am convinced that the Bank’s profitability targets for the purchase will be achieved," Lilja Björk Einarsdóttir, Landsbankinn CEO.
Landsbankinn is advised by Citigroup.
NZZ, a Swiss press group, completed the acquisition of a 25% stake in APG|SGA, an out-of-home media company, from JCDecaux, an outdoor advertising company, and Pargesa, an investment management company. Financial terms were not disclosed.
"NZZ is strategically focusing on its core business of journalism with a liberal compass, supported by revenues from subscriptions and advertising. With this transaction, NZZ is participating in the growing business in advertising markets in the out-of-home segment. APG|SGA and NZZ are two premium brands with strong roots in the Swiss market and a history going back to over a hundred years. We speak the same language and share the same core values; we stand for quality, relevance and maximum credibility. The increasing digitalization of the advertising markets offers additional growth opportunities for both NZZ and APG|SGA," Isabelle Welton, NZZ Chairwoman.
NZZ was advised by Homburger.
Saudi Arabia sets new test for international interest with $13.1bn Aramco sale.
Saudi Arabia and its bankers on Sunday will start taking orders for as much as $13.1bn worth of shares in its energy giant Aramco, in a major test of international investor interest in its market.
In a long-anticipated announcement, the kingdom and Aramco detailed plans to sell up to a 0.7% in the state-controlled oil company, with 10% of the offering reserved for retail investors, based on demand. Order-taking will run through June 6 and the deal will price on June 7.
The deal will be a test of interest in Saudi markets after lukewarm demand from international investors for the IPO amid concerns about a high valuation, Saudi government control and the energy transition away from hydrocarbons, Reuters reported.
MetLife is pursuing a $1.3bn deal for Hayfin. (FS)
MetLife is pursuing an acquisition of BCI-backed Hayfin Capital Management, the private credit specialist that began exploring a sale last year.
The insurance giant is talks for a deal that could value the London-based direct lender at more than €1.2bn ($1.3bn). The discussions are ongoing and may not ultimately lead to a deal.
Todd Boehly’s Eldridge Industries also held talks to acquire Hayfin and was among final bidders for the firm, Bloomberg reported.
Koc terminates talks to sell Yapi Kredi stake.
Koc, the majority owner of in Yapi Ve Kredi Bankasi, said its no longer in dicussions to sell its stake in the Turkish lender.
First Abu Dhabi Bank had held preliminary talks to buy a controlling stake in the lender, though those discussions had been hamstrung by disagreements over price.
Koc Holding was seeking a higher price than FAB was willing to offer, Bloomberg reported last week. The impasse in valuation prevented FAB from commencing formal due diligence, despite weeks of informal talks. Neither party had engaged advisers, Bloomberg reported.
APAC
Rio Tinto, a British metal and mining company, to acquire the remaining 20.64% stake in New Zealand Aluminium Smelters, a provider of aluminum smelting services, from Sumitomo Chemical Company, a chemical company. Financial terms were not disclosed.
"We are pleased the long-term future of the Tiwai Point smelter has been secured with these agreements, which were reached with a genuinely collaborative spirit between all parties. They give us confidence that our New Zealand workforce and assets can continue competitively producing the high purity, low-carbon aluminium needed for the global energy transition," Jérôme Pécresse, Rio Tinto Aluminium CEO.
Blackstone is in advanced talks to acquire Infocom in a $1.66bn deal.
Blackstone has bagged an exclusive negotiation right to acquire Infocom, an electronic manga distributor. The private equity firm has emerged as the buyer of a 55.1% stake in Infocom held by Tokyo-listed Teijin. Blackstone had offered about ¥260bn ($1.66bn) for the company.
Blackstone may seek to eventually acquire all of Infocom’s shares through a takeover bid and share transfer. Blackstone has been picked as the buyer after outbidding rivals, the people said. Sony Music Entertainment, Japanese fund Integral and KKR had also been interested in an acquisition, Bloomberg reported.
Country Garden seeks exit from CXMT. (FS)
As Chinese property developer Country Garden Holdings struggles under a mountain of debt, its venture capital arm is considering selling its stake in a chipmaker that may become a target of US sanctions.
Country Garden Venture Capital is seeking about $276m for its undisclosed stake in ChangXin Memory Technologies. Country Garden, a major focal point in China’s real estate crisis, is scouring for capital to appease creditors after extending some yuan bond repayments last month. It is also facing a winding-up petition from a creditor in Hong Kong after failing to make payments on a loan worth about $205m plus interest, Bloomberg reported.
ANZ exits AMMB with a $149m stake sale.
ANZ Group, Australia’s fourth-largest bank, has fully exited its investment in Malaysian lender AMMB Holdings by selling its entire 5.2% stake for up to $149m.
The stake exit comes three years after ANZ announced it would write down the value of its investment in AMMB after the Malaysian bank settled a claim linked to the massive financial scandal at state fund 1MDB. In March, ANZ had sold its 16.5% interest in the Malaysian firm for about 2.10bn ringgit ($447m), aligning with its strategy to shrink low-returning business lines and reduce exposure to retail and wealth banking in Asia to boost return on equity.
The latest sale of AMMB shares was executed via a block trade, with ANZ offering a total of 171m shares to potential investors. The shares were sold at a total price range of $147m to $149m, and offered at $0.85 to $0.87 per share. The offer price represents a discount of up to 4.2% to AMMB’s last closing price of $0.89, DealStreetAsia reported.
IDG Capital considers offer for HKBN. (FS)
China-focused investment firm IDG Capital is exploring a buyout of HKBN, as the owners of the Hong Kong broadband service provider weigh their options for the company.
IDG has sounded out financing plans for a potential offer for the Hong Kong-listed firm. HKBN has also drawn preliminary interest from Chinese companies including China Mobile International.
HKBN’s shareholders include private equity firms MBK Partners and TPG, which have revived a strategic review with the aim of reducing their holdings. Considerations include going private, bringing in new investors or raising cash through some of HKBN’s assets. Deliberations are ongoing and may not result in a deal, Bloomberg reported.
Korean bid for Australian shipbuilder hobbled by security concerns.
Australia’s only listed defence company is at the centre of a dealmaking tussle likely to shape Washington and Canberra’s ability to respond to China’s maritime military build-up.
Perth-based Austal is resisting takeover efforts by South Korea’s Hanwha Ocean, one of the world’s biggest shipbuilders, which says its ownership would boost Australia’s shipbuilding prowess as China increases its naval power.
Austal’s board rejected a bid last year on valuation grounds, and in March said a second, $1bn bid had no realistic prospect of approval by Canberra or Washington due to “ownership clauses associated with defence contracts” in Australia and the US, where Austal also has two shipyards and carries out work for the US Navy, FT reported.
Guzman y Gomez seeks to raise $161m in June IPO.
Australian fast food chain Guzman y Gomez is aiming to raise $161m in a June initial public offering, in a deal that would be the country's largest new share sale in a year.
GYG is looking to sell 11m shares at $14 each which will value the food chain that specialises in Mexican food at $1.5bn. The deal will be made up of $133m in primary proceeds and $28m from a secondary selldown from some existing shareholders, Reuters reported.
India bankers brace for IPO surge as election uncertainty lifts.
India has turned into Asia’s hottest market for share sales including initial public offerings, and as elections come to a close, a bumper crop of deals is poised to set a record as investors seek to tap the rapid growth in the region’s third-largest economy.
About $3.9bn has been raised in India via IPOs so far this year, more than double the same period in 2023, and a tally that’s higher than the combined amount raised in South Korea and Hong Kong, Bloomberg reported.
The year’s largest IPOs are likely yet to come, such as South Korea’s Hyundai Motor’s first-time share sale of its India unit, which could raise about $2.5bn. That would make it one of the biggest-ever listings in India - and bankers say the rush is just getting started.
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