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AMERICAS
Petroleum and natural gas exploration and production company Chesapeake Energy's $7.4bn merger with oil and gas company Southwestern Energy has been delayed until the second half of the year after antitrust regulators demanded more details from the natural gas explorers, Bloomberg reported.
The transaction, which aims to create the largest US gas driller, originally envisioned closing no later than the end of June. But a Federal Trade Commission request for additional documents received this month will delay that because of a mandatory 30-day waiting period that kicks in once the request has been satisfied.
Chesapeake is advised by Evercore, JP Morgan, Morgan Stanley, Latham & Watkins (led by Ryan J. Lynch, William Finnegan IV and Kevin M. Richardson), Wachtell Lipton Rosen & Katz (led by David A. Katz) and DrivePath. Southwestern is advised by Bank of America, Goldman Sachs, RBC Capital Markets, Wells Fargo Securities, Kirkland & Ellis (led by Douglas Bacon, Kim Hicks and Patrick Salvo) and Joele Frank (led by Jed Repko and Andrew B. Siegel). Financial advisors are advised by Paul Weiss Rifkind Wharton & Garrison.
Ares Management and Blue Owl Capital are leading a group of private credit lenders providing $4.8bn of debt financing for the acquisition of pharmaceuticals manufacturer Catalent, Bloomberg reported.
The financing — one of the largest private credit transactions on record — will help fund the $16.5bn acquisition of Catalent by Novo, the controlling shareholder of weight loss drugmaker Novo Nordisk. The package is made up of a $4.2bn term loan and $575m revolving line.
Genmab, a biotechnology company, agreed to acquire ProfoundBio, a clinical-stage biotechnology company, for $1.8bn.
"The proposed acquisition of ProfoundBio firmly aligns with our long-term strategy and our ambitious 2030 vision, to impact the lives of patients through innovative antibody medicines. We believe that ProfoundBio's ADC candidates, proprietary technology platforms and talented team will be a great addition to Genmab and that, together, we will be able to accelerate the development of innovative, differentiated antibody therapies for cancer patients," Jan van de Winkel, Genmab President and Chief Executive Officer.
BUSA Acquisition, a holding company, completed the acquisition of BankCard USA Merchant Services, a payment services provider, from Quisitive Technology Solutions, a digital transformation, payment processing, and innovations services and products provider, for $76m.
"As we close this chapter, the strategic divestiture of our payments segment marks a pivotal moment for Quisitive. This is not merely a sale, it's a calculated move towards concentrating our prowess where we truly excel – as a spearhead in cloud solutions, in synergy with our powerful Microsoft partnership. This transition embodies our commitment to innovation and customer excellence, as we leverage emerging AI capabilities and cloud technology to deliver unparalleled service. It's a transformative step for Quisitive, as we streamline our focus and harness financial strength for sustained growth and value creation," Mike Reinhart, Quisitive CEO.
BUSA was advised by Shearman & Sterling (led by Sean Skiffington) and Stikeman Elliott. Debt financing was provided by WhiteHorse Capital. WhiteHorse Capital was advised by McDermott Will & Emery. Quisitive was advised by William Blair & Co, Bass Berry & Sims, Cassels Brock & Blackwell and Gateway Investor Relations (led by Matt Glover).
Exro, a clean technology company that has developed new generation power control electronics that change how the world optimizes energy, completed the merger with SEA Electric, an automotive and e-mobility technology company, in a $294m deal.
"With OEM contracts in-hand and industrialization underway, SEA Electric will benefit greatly from this business combination. Exro provides the resources, capabilities and automotive systems that will ensure the successful execution of these important contracts, as well as offering complementary and differentiating technology in the form of its Coil Driver and Cell Driver. I am very excited about our combined future," Tony Fairweather, SEA Founder and CEO.
SEA Electric was advised by Canaccord Genuity, Eight Capital, Blake Cassels & Graydon and Gibson Dunn & Crutcher (led by John Gaffney). Exro was advised by National Bank Financial (led by Nicolas Jacob, Andrew Armstrong and David Savard), Dorsey & Whitney and Stikeman Elliott.
One Equity Partners, a private equity firm, completed the acquisition of the Associated Spring and Hanggi businesses from Barnes Group, a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, for $175m.
"This acquisition is another example of OEP's ability to execute corporate carve-outs of attractive and specialized industrial assets from major industry players. We believe Associated Spring is well-positioned in the global springs and stampings production sector, and is primed for growth as a major industrial supplier to growing and attractive segments including the aerospace and medical end markets," Ante Kusurin, One Equity Partner.
Johnson & Johnson, a pharmaceutical, and medical technologies corporation, agreed to acquire Shockwave Medical, a provider of innovative intravascular lithotripsy technology for the treatment of calcified CAD and PAD, for $13.1bn.
"With our focus on Innovative Medicine and MedTech, Johnson & Johnson has a long history of tackling cardiovascular disease – the leading cause of death globally. The acquisition of Shockwave and its leading IVL technology provides a unique opportunity to accelerate our impact in cardiovascular intervention and drive greater value for patients, shareholders and health systems," Joaquin Duato, Johnson & Johnson Chairman and CEO.
Arch Insurance North America, a property, casualty and specialty insurer arm of Arch Capital, agreed to acquire the US MidCorp and Entertainment insurance businesses from Allianz Global Corporate & Specialty, the carrier for large corporate and specialty insurance of Allianz Group, for $450m.
"This strategic step for our US business allows us to leverage our strengths in these important market segments, where we have deep expertise in addressing our clients' most complex risks. We are proud of our employees who have served our US MidCorp and Entertainment clients and brokers over the years. We are confident that they will be a strong addition to Arch, ensuring continuity for our partners," Tracy Ryan, AGCS CEO for North America.
Arch is advised by Goldman Sachs, JP Morgan and Willkie Farr & Gallagher. Allianz is advised by Morgan Stanley.
Maverick Capital, a hedge fund firm, led a $70m round in SiMa.ai, a software-centric, embedded edge machine learning system-on-chip company, with participation from Point72, Jericho, Amplify Partners, Dell Technologies Capital, and Lip-Bu Tan.
"AI — particularly the rapid rise of generative AI — is fundamentally reshaping the way that humans and machines work together. Our customers are poised to benefit from giving sight, sound and speech to their edge devices, which is exactly what our next generation MLSoC is designed to do. We have established undeniable technology leadership with our first generation MLSoC and with that momentum, also recognised the imminent need to equip our customers with one software-centric platform that supports all modalities from computer vision to GenAI. To that end, we're accelerating our ability to execute and have strengthened our investor base even further with the addition of Maverick Capital, Point72 and others, as we remain laser focused on powering the edge the world relies on," Krishna Rangasayee, SiMa.ai Founder and CEO.
SiMa.ai was advised by JP Morgan and SBS Comms (led by Jordan Beadle).
Evolution Strategy Partners, a private equity firm focused on infrastructure and essential businesses, completed the acquisition of Amped Electric, an electrical service contractor. Financial terms were not disclosed.
"We are thrilled to welcome Amped Electric to the Evolution family. Mike and his team's proven track record of excellence and commitment to client satisfaction perfectly complement our goal to advance best-in-class infrastructure business solutions across America. This acquisition represents a significant opportunity for us to help expand Amped's service capabilities and geographic footprint so they can better serve the needs of clients in South Carolina and beyond," Stenning Schueppert, Evolution Managing Partner.
Evolution Strategy was advised by Morgan Lewis & Bockius (led by Jeffrey Dinerstein). Amped was advised by Purpose Equity Group.
Kanders, a single-family office, agreed to acquire the antenna and test equipment businesses from L3Harris Technologies, a technology company, defense contractor, and information technology services provider, for $200m.
"We are excited to announce the agreement to acquire these businesses from L3Harris and partner with existing management to launch a new platform in the defense industry. As the electronic warfare and communications space continues to evolve, we believe Fisica's product portfolio, long-standing customer relationships and stable program base position the combined businesses to grow both organically and through targeted acquisitions," Warren B. Kanders, Kanders President.
OTC Industrial, an industrial equipment service provider, completed the acquisition of Allied Sales & Service, a key provider of pumps and mechanical seals. Financial terms were not disclosed.
"Allied is excited to join the OTC organisation. We have always strived to be a trusted partner to our customers and OTC will provide additional resources that will allow us to increase that focus," Mike Herrington, Allied Sales & Service President.
Grupo GPS, a facilities support services company, completed the acquisition of GRSA, an integrated services provider in Brazil, primarily providing facilities management, from Compass Group, a foodservice and support services company. Financial terms were not disclosed.
Compass is a leading foodservice and support services company active in Brazil since 1998 through GRSA. Since then, GRSA has become one of the largest foodservice and support services companies in Brazil.
Compass was advised by Simpson Thacher & Bartlett (led by Todd Crider).
Holcim, a building materials manufacturer, agreed to acquire Tensolite, a manufacturer of precast and pre-stressed concrete construction systems. Financial terms were not disclosed.
"By acquiring Tensolite, we are further expanding our Solutions & Products portfolio in Latin America and globally. Due to its leadership in innovative precast and pre-stressed construction systems, Tensolite will be an important part of our continued expansion into the most attractive markets, while offering synergies with other business units such as our network of yard stores, Disensa. I am excited to further grow Tensolite and to welcome all 155 employees to the Holcim family," Oliver Osswald, Holcim Region Head Latin America.
AXA Investment Managers, an investment management firm, agreed to acquire W Capital Management, a private equity firm specialising in GP-led and direct secondary investments. Financial terms were not disclosed.
"We are delighted to join forces with W Capital Partners, which is well-established in the US and known for its strong expertise. It is a unique opportunity to provide our clients with access to new sources of value creation while scaling WCP's platform," Marco Morelli, AXA IM Executive Chairman.
Carlyle mulls $10bn sale of StandardAero. (FS)
Private equity firm Carlyle Group is weighing strategic options, including a sale, for StandardAero that could value the US aircraft maintenance services provider at about $10bn, including debt, Reuters reported.
Carlyle's deliberations come as the aviation sector recovers from the slump of the Covid-19 pandemic and as its peers capitalise on a rise in mergers and acquisitions to cash out on their investments.
Jersey Mike’s considers sale. (FS)
Jersey Mike’s Subs is considering a sale that could value the popular sandwich chain at $8bn, WSJ reported.
The closely held company has been in on-and-off discussions with Blackstone. Though those talks have cooled, Jersey Mike’s remains open to a deal with the private-equity firm or another suitor. It is possible the Manasquan, NJ-based chain will ultimately decide not to pursue a transaction.
Investors in talks to help Elon Musk’s xAI raise $3bn. (FS)
Investors close to Elon Musk are in talks to help xAI raise $3bn in a round that would value the tycoon’s artificial-intelligence startup at $18bn, WSJ reported.
The venture-capital firm Gigafund and Steve Jurvetson, a prominent Musk backer and co-founder of another venture firm, are among the backers considering investing in the round.
Laurentian Bank to sell $1.5bn in wealth-management assets.
Laurentian Bank of Canada struck a deal to sell CAD2bn ($1.5bn) of assets under administration to a subsidiary of iA Financial Group in a bid to further simplify its business after a tumultuous year, Bloomberg reported.
Net proceeds from the transaction, which is expected to close in the summer, “are not expected to be material,” said Laurentian Bank of Canada.
Under the deal, Laurentian Bank’s retail investment-broker division will transfer about 16k client accounts to iA Private Wealth. About 30 financial advisers are also invited to join the iA Private Wealth division.
Sigma Lithium CEO won't sell the company at current lithium prices.
Sigma Lithium's chief executive won't sell the miner at current lithium price levels and is concentrating on its near-term expansion plans, Reuters reported.
The Vancouver-based company, whose main business is a hard rock lithium project at Brazil's Grota do Cirilo, started scouting for potential buyers about a year ago. Since then, prices for lithium, a metal key for electric vehicle batteries, have been pressured by slower than expected EV adoption worldwide along with overproduction in China.
Meta asks judge to throw out FTC antitrust case before trial.
Meta Platforms asked a judge to dismiss the US Federal Trade Commission’s antitrust lawsuit seeking to break up the company, saying the agency can’t prove consumers would be better off without its acquisitions of Instagram and WhatsApp, Bloomberg reported.
Meta rejected the FTC’s claim that its purchases of Instagram and WhatsApp were designed to take out competitors. Meta said it had spent billions of dollars to develop the two properties, which it argued wouldn’t have become as successful without Meta’s support.
Ontario pension fund preaches patience in private equity’s long winter. (FS)
Private equity firms have been slow to cash out of holdings and hand money back to their investors. Executives at Investment Management Corporation of Ontario say they’re ready if that trend continues, Bloomberg reported.
“Most of our partners will probably say that the worst is over. We are just patient. We are prepared that we are not going to have exits for a while,” Rossitsa Stoyanova, Investment Management Corporation of Ontario CIO.
Viking’s US IPO filing shows $1.9bn loss.
Cruise operator Viking has filed for an initial public offering, disclosing growing revenue and a loss in 2023 of about $1.9bn, as the travel industry continues to rebound from its pandemic-era slump, Bloomberg reported.
The Bermuda-based company is working with Bank of America, JP Morgan, UBS Group and Wells Fargo on the listing.
Thoma Bravo targets $20bn for next buyout fund. (FS)
Thoma Bravo is targeting to raise about $20bn for its next flagship buyout fund. The Chicago-based technology-focused firm is discussing commitments to Thoma Bravo Fund XVI with potential investors. The fund does not have a hard cap.
Thoma Bravo is separately seeking about $7bn for Discover Fund V, its new mid-market vehicle. Deliberations are ongoing and no final decisions on the size or timing of the fundraisings have been made.
Thoma Bravo collected more than $24bn from the likes of Canada Pension Plan Investment Board and California Public Employees' Retirement System for its last big buyout fund - Thoma Bravo XV - in late 2022. At the same time it revealed it had raised $6.2bn for Thoma Bravo Discover Fund IV and $1.8bn for the Thoma Bravo Explore Fund II, which invests in the lower end of the market, Bloomberg reported.
Petrobras CEO seeks Lula meeting amid speculation he’ll be fired. (People)
Petroleo Brasileiro Chief Executive Officer Jean Paul Prates is seeking a meeting with Luiz Inacio Lula da Silva to see if the president supports him in the role amid speculation about his departure that caused shares to swing wildly, Bloomberg reported.
Prates wants Lula’s support amid continued criticism from Mines and Energy Minister Alexandre Silveira. The meeting hasn’t been scheduled yet.
New Era for pay catapults Carlyle’s CEO past old Goldman rival. (People, FS)
They were the two stars at Goldman Sachs Group in the race to become chief executive officer, Bloomberg reported.
One, David Solomon, spurned overtures to join Carlyle Group and reached the top of the investment bank, where he has won compensation awards valued at a total of $189m over the past six years.
The other, Harvey Schwartz, left Goldman, showed up at Carlyle after a lengthy hiatus, and scored pay packages pegged at $217m since arriving last year.
EMEA
JBT, a technology solutions provider to the food & beverage industry, agreed to acquire Marel, a multi-national food processing company, for €3.4bn ($3.68bn).
"The execution of this transaction agreement represents a significant milestone in the process to combine JBT and Marel, creating a stronger business that will benefit shareholders, customers, and other stakeholders. The approval of the transaction agreement by the Board of Directors of both companies is the result of highly collaborative work between the JBT and Marel teams. We both completed confirmatory due diligence, which reaffirmed the compelling industrial logic of the combination and the value creation for shareholders. This process has reinforced our confidence in the potential revenue synergies and further value creation opportunity," Brian Deck, JBT President and CEO.
Bridgepoint rejected an offer from TKO Group for MotoGP that was €200m ($217m) higher than what Formula One-owner Liberty Media agreed to for the motorcycle series on April 1, FT reported.
"We know that our bid was worth €200m more than the Liberty bid," Ari Emanuel, TKO CEO, adding that he did not understand why Bridgepoint rejected the higher offer.
MotoGP is advised by Moelis & Co (led by Charles Barker) and Latham & Watkins. Liberty Media is advised by Goldman Sachs, O'Melveny & Myers (led by C. Brophy Christensen) and Sloane & Company. Debt financing is provided Goldman Sachs.
Conquest, a fund manager focusing on the infrastructures of the energy transition in Europe, completed the acquisition of a 182MW onshore wind portfolio from BHM Group-backed Winda Energy, a Finnish renewable energy project developer. Financial terms were not disclosed.
"We are happy to cooperate with Conquest, a dynamic and reliable partner on our growth journey. The transaction secures the completion of some of our flagship projects over the next years, enabling us to extend our contribution to Finland's green energy transition," Tuomas Hooli, Winda Energy CEO.
Macquarie, abrdn, two investors, and Arjun Infrastructure, an asset management firm, agreed to acquire a fibre to the home network from Digi Spain Telecom, a telecom firm, for €750m ($812m).
"We established Onivia in 2019 as Spain's first independent wholesale fibre network operator. Alongside our long-term co-investors, Macquarie Capital are committed to supporting the continued growth and expansion of this truly national Spanish network, delivering reliable ultrafast broadband to both rural and urban areas and for ISPs large and small," Oliver Bradley, Macquarie Senior Managing Director.
Deutsche Bahn invites fresh bids for €15bn logistics arm. (FS)
Deutsche Bahn is asking a select group of bidders to submit another round of non-binding offers for its DB Schenker logistics unit, which could be valued at as much as €15bn ($16bn).
The state-owned railroad operator is requesting confirmatory bids by late next month from suitors including European logistics firms DSV - Global Transport and Logistics, AP Moeller-Maersk and MSC Mediterranean Shipping Company. It has also invited Saudi shipping company Bahri and Abu Dhabi sovereign fund ADQ - which owns AD Ports Group - to move forward, Bloomberg reported.
First Abu Dhabi Bank said to eye Turkey for overseas push.
First Abu Dhabi Bank is studying potential acquisition targets in Turkey, including Yapi Ve Kredi Bankasi, as part of the Emirati lender's hunt for growth opportunities overseas, Bloomberg reported.
FAB, as the UAE's largest lender is known, has held early exploratory talks with the owners of several Turkish banks. For several months, its been evaluating the possibility of acquiring Yapi Kredi, which is currently valued at TRY241.6bn ($7.6bn).
Warner Music drops plans to bid for France's Believe.
Entertainment and record label conglomerate Warner Music Group will not submit an offer to acquire French digital music company Believe, Reuters reported.
Warner Music had revealed plans last month to submit a bid of at least €17 ($18.42) per share for Believe, valuing it at €1.65bn ($1.79bn), topping an earlier takeover bid from a consortium.
Activist fund Sachem Head to build stake in Delivery Hero. (FS)
Activist investor Sachem Head Capital Management has built a 3.6% position in Delivery Hero and may seek representation on the board of the German food delivery company, Bloomberg reported.
The New-York based fund may also seek to replace Delivery Hero Chief Executive Officer Niklas Oestberg. Sachem Head sees the firm’s operating performance and share price as disappointing compared with peers.
Telecom Italia signs €1.5bn bridge loan for refinancing.
Telecom Italia has signed a €1.5bn ($1.6bn) bridge loan to cover its refinancing needs until it closes the sale of its network, Bloomberg reported.
The extra liquidity could reassure investors as the company awaits European regulators’ approval for its as much as €22bn ($23.8bn) fixed-line network sale. The former Italian phone monopoly signed a landmark deal last year to sell the grid to KKR to help bring its debt pile under control.
China's CIC to back Investcorp's $800m Mideast fund. (FS)
China's sovereign wealth fund is in talks to back a roughly $800m investment vehicle that will take stakes in Middle East companies, the latest sign of the growing trade ties between Gulf oil exporters and the world's second-biggest economy.
China Investment Corporation is working with Investcorp to put money into the Bahrain-based company's Gulf-focused pre-IPO fund. CIC's investment in the fund, along with that of other major sovereign wealth funds from Abu Dhabi and Saudi Arabia, could be announced as soon as this month.
The partnership with Investcorp is part of CIC's plans to look at more deals in the Middle East. The investment by CIC, which manages about $1.3tn, and other sovereign funds has led Investcorp to increase the size of the fund from an initial target of $500m and the company is also planning to broaden the fund's focus to investing across the Middle East and Asia, Bloomberg reported.
Bankers to bowl cricket chiefs over with Hundred sell-off pitch.
English cricket chiefs will take another step towards a radical revamp of the sport’s ownership structure by launching plans to sell stakes in The Hundred’s eight franchises, Sky News reported.
England and Wales Cricket Board will interview bankers in the coming days as they prepare to raise funds by recruiting private investors into teams including the Northern Superchargers and Welsh Fire. Goldman Sachs, Raine and Rothschild were in contention to advise the ECB on the auction process.
Under the governing body's plans, each host venue would own 51% of their individual franchise, with the remainder sold in full or in part by the ECB to private investors.
New capital rules to hasten consolidation among Nigeria’s banks.
Nigeria’s banking ranks are set to shrink as lenders merge in order to meet tough new capital rules, Bloomberg reported.
The industry faces a 24-month deadline to raise at least $2.6bn to meet minimum capital requirements announced by the central bank last week.
Spain’s Puig is said to prepare IPO filing as soon as the 8th of April.
Spanish beauty and cosmetics company Puig Group is planning to announce its intention to hold an initial public offering, Bloomberg reported.
The Barcelona-based, family-owned firm plans to file the so-called Intention to Float document as soon as April 8. Puig and its current shareholders aim to raise between €2bn and €3bn ($2.17bn-$3.2bn) with the listing, which will be in Madrid.
Ronesans Gayrimenkul IPO set to paise up to $141m.
Turkish commercial real estate developer Ronesans Gayrimenkul will sell shares in an initial public offering, the biggest in Istanbul so far this year, Bloomberg reported.
Ronesans Gayrimenkul Yatirim, as the company is known, will issue about 27.3m new shares while shareholder Euro Cube, a unit of Singapore’s sovereign wealth fund GIC, will sell a further 6.07m shares at a price of $4.23 each. At that price, the IPO is set to raise about $141m.
ICG holds $1bn final close of debut LP secondaries fund. (FS)
Global alternative asset manager ICG, has completed the fundraising for its debut LP-led secondaries fund, ICG LP Secondaries I, which specialises in acquiring buyout fund interests from limited partners, at its hard cap of $1bn.
Including co-investment special purpose vehicles and separately managed accounts, total commitments to the fund, which was significantly oversubscribed, are $1.6bn.
UniCredit hires veteran HSBC dealmaker Coda to head M&A. (People)
UniCredit hired HSBC's Andrea Coda to head its merger and acquisitions division, part of a push by Italy's second-largest bank to strengthen its advisory and financing solutions business, Bloomberg reported.
Coda will also oversee all industry sectors, including consumer goods, healthcare, utilities and industrials. Coda, who will be based in Milan, will report to Sam Kendall, head of advisory and financing solutions.
APAC
Experian, a global information services company, agreed to acquire illion, a consumer and commercial credit bureaus in Australia and New Zealand, for $532m.
"We are delighted to announce that Experian has entered into an agreement to acquire illion, a highly complementary business to Experian in Australia and New Zealand, which will enhance the competitive dynamics in this important market. This marks a pivotal step in our longstanding commitment to the region and reinforces our dedication to delivering exceptional value and more choice to clients in A/NZ," Brian Cassin, Experian Chief Executive Officer.
Naturgy said to shelve $2.6bn sale of Australia assets.
Naturgy Energy Group has shelved plans to sell the Australian assets of its renewable energy unit Global Power Generation on valuation concerns, Bloomberg reported.
The Spanish energy group has put the potential sale on hold after early indications of interest from prospective suitors did not meet valuation expectations. Madrid-based Naturgy was seeking to raise about AUD4bn ($2.6bn) from the disposal.
Shell, Aramco in final stages of Temasek-owned Pavilion Energy talks. (FS)
Shell and Saudi Aramco, which are competing to buy the assets of Temasek-owned liquefied natural gas trading firm Pavilion Energy, are now locked in price negotiations after completing the due diligence process, DealStreetAsia reported.
The potential sale comes a decade after the Singapore state investment firm set up Pavilion Energy to focus on LNG-related investments. The assets could fetch more than $2bn.
Dubai’s DP World said to near deal for Hong Kong tycoon’s assets.
Emirati multinational logistics company DP World is nearing a deal to buy Cargo Services Far East from Hong Kong tycoon John Lau, a move that would give the Dubai port operator a bigger footprint in Asia, Bloomberg reported.
The companies are finalising the details of a transaction that could be announced as early as in the coming days. A potential deal could be valued at $300m to $400m, depending on composition of the assets.
IFC weighs $150m loan to Salcomp Tech. (FS)
World Bank Group member International Finance Corporation has proposed a $150m investment in Salcomp Tech, a manufacturer of consumer electronics parts in India, DealStreetAsia reported.
The proposed IFC investment will be in the form of a seven-year loan that will help finance the setting up of Salcom Tech’s new manufacturing capacities.
Volkswagen EVs 'can't keep up' in China.
Volkswagen wants to avoid setting "utopian" goals for its market share in China, saying that anything above 10% was "very respectable" given the intense competition, Reuters reported.
The carmaker "cannot keep up at the top of the table at the moment" in China's EV space, CEO Oliver Blume said. He added that new models due for release in coming years would improve the automaker's standing.
India's Bharti Hexacom's oversubscribed IPO gets bids worth over $8bn.
Indian telecom operator Bharti Hexacom received bids worth $8.43bn in its initial public offering, outpacing its offer size of $513m, DealStreetAsia reported.
Investors bid for 1.23bn shares at a price range of $6.5 to $6.8 per share, which was 29.88 times more than the 41.2m shares offered.
HSBC’s top banker sees muted recovery for HK stock offerings.
Hong Kong’s sluggish IPO market isn’t likely to recover until at least the second half of this year, even as investment flows to China show signs of rebounding, according to HSBC London CEO for Global Banking and Markets Greg Guyett.
Initial public offerings have been depressed in Hong Kong, with proceeds slumping to the lowest in more than two decades last year. The listing market was dealt another blow last week when Alibaba Group called off a $1bn sale of shares in Cainiao Smart Logistics Network, Bloomberg reported.
Japanese space junk removal startup Astroscale eyes Tokyo IPO.
Space junk removal startup Astroscale is targeting a Tokyo listing as early as June taking the high-profile venture public in a sector with out-of-this-world prospects and down-to-Earth risk, DealStreetAsia reported.
The 11-year-old Japanese company spoke to overseas institutional investors in March to gather feedback before making a decision on a listing.
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