AMERICAS
Just Eat Takeaway, an online food-ordering company, stated that its shareholders approved its proposed $7.3bn acquisition of Grubhub. Takeaway agreed in June to buy Grubhub in a deal to create a transatlantic group which would be the biggest food delivery business outside China.
Takeaway Founder and CEO Jitse Groen is to become head of the Takeaway-Grubhub combination, which will be based in Amsterdam, while Grubhub CEO Maloney is set to lead its North American business.
Grubhub is advised by Centerview Partners, Evercore, Kirkland & Ellis, NautaDutilh, Wilson Sonsini Goodrich & Rosati, Finsbury Glover Hering and Joele Frank. Financial advisers of Grubhub are advised by Sullivan & Cromwell. Just Eat Takeaway is advised by Bank of America Merrill Lynch, Goldman Sachs, Cravath Swaine & Moore, De Brauw Blackstone Westbroek, Slaughter & May and Teneo.
Shareholders of Churchill Capital III, a NYSE-listed $1.1bn, equity growth investment company and the third vehicle in the Churchill Capital group of companies, voted to approve the $11bn combination with MultiPlan, a value-added provider of data analytics and technology-enabled end-to-end cost management solutions.
"This transaction will enable the company to enhance its capital structure and position it for substantial incremental growth. MultiPlan fits perfectly with Churchill's core mission to provide intellectual and financial capital to power the growth of great, market-leading companies who operate in attractive industries and can succeed more rapidly in the public markets with increased capital and the benefit of Churchill's Operating and Strategic Partners," Michael S. Klein, Churchill Chairman and CEO.
MultiPlan is advised by Bank of America Merrill Lynch, Barclays, Centerview Partners, UBS, Kirkland & Ellis, Simpson Thacher & Bartlett and Finsbury Glover Hering. Churchill Capital is advised by Citigroup, Credit Suisse, Goldman Sachs and Weil Gotshal and Manges. Leonard Green is advised by Latham & Watkins. GIC is advised by Ropes & Gray.
True Wind Capital-backed Transflo, a mobile, telematics and business process automation provider, completed the acquisition of Microdea, a provider of document management and workflow automation solutions. Financial terms were not disclosed.
"We are extremely excited about joining forces with Microdea and adding its impressive product suite and client roster under the Transflo brand umbrella. The transaction is a strategic step in growing our footprint in the key Canadian supply chain sector and will drive additional efficiencies and solutions to the market today," Frank Adelman, Transflo CEO.
Microdea was advised by Ernst & Young, Klar Ventures, Stikeman Elliot and Woods Oviatt Gilman. Transflo was advised by DC Advisory, KPMG, Bennett Jones, Simpson Thacher & Bartlett and KCD PR.
Rite Aid, a drugstore chain in the United States, agreed to acquire Bartell Drugs, a family-owned chain of pharmacies in the Puget Sound area of Washington state, for $95m.
"Looking forward to the future with Rite Aid. We are excited about the opportunity to expand upon our mission to be the best neighbourhood drug store in the Pacific Northwest. Rite Aid's vision fits well with what we think will best serve the needs of our customers. This is a day to celebrate the 130-year success story of Bartell Drugs, while eagerly anticipating the future," George D. Bartell, Bartell Drugs Chairman.
Bartell Drugs is advised by Lazard and K&L Gates. Rite Aid is advised by Moelis & Co, Morgan Lewis & Bockius and Troutman Pepper.
Vector Capital, a private equity firm, agreed to acquire MarkLogic, a provider of enterprise data integration and data management solutions. Financial terms were not disclosed. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2020.
"MarkLogic is pioneering innovative approaches to data integration in the large and attractive data management industry. We see significant opportunities for growth and are looking forward to supporting the company as it seeks to capitalize on the increasing complexity of Big Data. MarkLogic's highly advanced data management capabilities, top-notch talent pool, and blue-chip customer base position it for success and continued expansion," Andy Fishman, Vector Capital Managing Director.
MarkLogic is advised by Cowen & Company and Cooley. Vector Capital is advised by Paul Hastings and Gasthalter & Co. Debt financing is provided by Monroe Capital.
Invitation Homes, an owner and operator of single-family rental homes, and Rockpoint, a real estate private equity firm, agreed to form a $375m joint venture that will acquire single-family homes to operate as rental residences.
"We view this investment as an opportunity to supplement our long-standing focus on for-rent housing across the United States through a partnership with a proven industry leader in the single-family rental sector. We are thrilled to be investing alongside Invitation Homes and to be part of the housing solution in America by expanding quality of choice for those seeking homes for lease in areas with attractive supply and demand fundamentals," Keith Gelb, Rockpoint Co-Founder.
Rockpoint is advised by Gibson Dunn & Crutcher and Lambert & Co. Invitation Homes is advised by Bank of America Merrill Lynch and Latham & Watkins.
Private equity firm Sole Source Capital completed the acquisition of Dallas Plastics, a manufacturer of blown polyethene film with printing, embossing, and other value-added capabilities. Financial terms were not disclosed.
"Our team identified the flexible packaging space as an area of focus for Sole Source due to its attractive end markets – primarily medical and food – and with its strong track record of integrity and customer-first mentality, Dallas Plastics is the right cultural fit for our Firm. This is Sole Source's 12th transaction since inception and further validates our model and position as a preferred partner for leading private companies. We look forward to working closely with the Dallas Plastics team to implement management's vision of investing in technology and additional capacity, while growing the business through acquisitions," David A. Fredston, Sole Source Capital Managing Partner.
Dallas Plastics was advised by Mesirow Financial. Sole Source Capital was advised by Current Capital and Joele Frank.
Snow Phipps Group-backed Brook & Whittle, a provider of sustainable pressure sensitive and shrink sleeve prime labels, agreed to acquire Innovative Labeling Solutions and Wizard Labels, two labelling solutions providers. Financial terms were not disclosed.
"We are thrilled to acquire leading providers of digital and custom online prime label solutions in North America. The founders of ILS and Wizard Labels have built remarkable companies that are exceptionally well-positioned for growth and we are incredibly excited for them to join Brook & Whittle as significant shareholders," Mark Pollard, Brook & Whittle CEO.
Innovative Labeling Solutions and Wizard Labels are advised by RKCA Investment Banking. Snow Phipps Group is advised by KPMG and Weil Gotshal and Manges.
IBM, an American multinational technology company, is set to spin off its managed infrastructure services unit.
"Now is the right time to create two market-leading companies focused on what they do best. IBM will focus on its open hybrid cloud platform and AI capabilities. NewCo will have greater agility to design, run and modernize the infrastructure of the world's most important organizations. Both companies will be on an improved growth trajectory with greater ability to partner and capture new opportunities – creating value for clients and shareholders," Arvind Krishna, IBM CEO.
IBM is advised by JP Morgan, Lazard and Paul Weiss Rifkind Wharton & Garrison.
Warburg Pincus led a $100m Series A funding round in Take Blip, an API-first communication platform.
"We are very excited about Take Blip. Very rarely we find a company with this level of product-market fit and growth pace combined with strong economics and an engaging entrepreneurial corporate culture – and we have found it in Brazil," Ash Somani, Warburg Pincus Managing Director.
Take Blip was advised by Itau Unibanco and Lazard.
Gridiron Capital, a private equity firm, agreed to invest in Cubii, a creator of innovative fitness equipment. Financial terms were not disclosed.
"Cubii has seen tremendous growth the last few years because we make products that are effective and accessible. We picked Gridiron as a partner to take Cubii to the next level, not only because of their invaluable experience, but because their empathy and culture aligned with Cubii and what makes this company special," Arnav Dalmia, Cubii CEO.
Cubii is advised by Consensus Advisors and Katten Muchin Rosenman.
Morgan Stanley agreed to acquire Eaton Vance, a provider of advanced investment strategies and wealth management solutions, for $7bn. The acquisition is subject to customary closing conditions, and is expected to close in the second quarter of 2021.
"Eaton Vance is a perfect fit for Morgan Stanley. This transaction further advances our strategic transformation by continuing to add more fee-based revenues to complement our world-class investment banking and institutional securities franchise. With the addition of Eaton Vance, Morgan Stanley will oversee $4.4tn of client assets and AUM across its Wealth Management and Investment Management segments," James P. Gorman, Morgan Stanley Chairman and Chief Executive Officer.
Morgan Stanley is advised by Davis Polk & Wardwell.
Auto Experience, a company created in 2018 to pursue strategic business opportunities in the automobile financing market, offered to acquire Consumer Portfolio Services, a speciality finance company that provides indirect automobile financing, for $135m.
"Acquiring Consumer Portfolio Services and leveraging our strategic and operational experience in auto financing and enterprise technology will create a strong national player that already has a toe-hold in more than 8k automobile dealerships across the US. CPS is significantly undervalued based on a range of performance measures and upside growth opportunities, and we believe our proposed acquisition would be materially beneficial to shareholders and, over the longer run, to consumers and dealers," Samuel M. Ellis, Auto Experience President and CEO.
Auto Experience is advised by JCUTLER media group.
Levine Leichtman Capital Partners-backed Monte Nido, an eating disorder treatment platform, completed the acquisition of Rosewood Ranch, the operator of three eating disorder treatment facilities in the greater Phoenix, Arizona market. Financial terms were not disclosed.
"We are excited to add Rosewood to our national footprint of best-in-class treatment facilities. The acquisition expands Monte Nido's treatment offerings and geographic reach, enabling us to serve a greater portion of those seeking treatment," Candy Henderson, Monte Nido CEO.
LLCP was advised by Kekst CNC.
Infosys, an Indian multinational corporation that provides business consulting, information technology and outsourcing services, agreed to acquire Blue Acorn iCi, a provider of digital customer experience, commerce and analytics. Financial terms were not disclosed.
"We are focused on partnering with global brands and CMOs to help them navigate their digital experience and commerce challenges. The Blue Acorn iCi acquisition is another important milestone in Infosys' journey to build capabilities relevant to the digital priorities of our clients and reaffirms our commitment to the Adobe ecosystem. We are excited to welcome Blue Acorn iCi and its leadership team into the Infosys family," Ravi Kumar S, Infosys President.
Blue Acorn iCi is advised by CG Petsky Prunier.
Honeywell, an American publicly traded, multinational conglomerate, completed the acquisition of Rocky Research, a Boulder City, Nevada-based technology provider specializing in thermal, energy and power management solutions. Financial terms were not disclosed.
"Rocky Research is an ideal addition to Honeywell's expanding product portfolio. Effective cooling systems optimized for size, weight and power are critical to meet the growing need for aircraft electrification, unmanned and autonomous aerial vehicles, and related systems. Rocky Research will augment Honeywell's existing technology capabilities in these areas," Mike Madsen, Honeywell Aerospace President and CEO.
Rocky Research was advised by Houlihan Lokey.
Wealth Enhancement Group, an independent wealth management firm that oversees $20.3bn in client assets, completed the acquisition of 10-15 Associates, an independent registered investment adviser. Financial terms were not disclosed.
"We are delighted to welcome 10-15 Associates to the Wealth Enhancement Group team. As we have continued to expand our footprint across the country and in the New York / Tri-State region specifically, we have been very deliberate in identifying and partnering with exceptional advisors who bring as much to our team as our strategic growth initiatives and back-office capabilities add for them and their firms. Deborah, Michael and all the professionals at 10-15 Associates exceeded our expectations, and we are eager to help them further accelerate their growth as part of our platform," Jeff Dekko, Wealth Enhancement Group CEO.
Wealth Enhancement Group was advised by Haven Tower Group.
Investment firms Fidelity Management & Research Company, Baillie Gifford and T. Rowe Price led a $150m funding round in Tanium, a privately held endpoint security and systems management company.
"Tanium has pioneered a fundamentally different approach to the management and protection of endpoints by unifying operational visibility, security controls, and risk management. This transformative approach is driven by a fantastic leadership team that we have grown to deeply admire, with a proven track record of category creation and execution at scale. We are pleased to extend our investment in Tanium," James Anderson, Baillie Gifford Partner.
Tanium was advised by Allen & Company.
HireVue, a provider of virtual interviewing and assessments technology, agreed to acquire AllyO, a provider of recruiting AI and automation software. Financial terms were not disclosed.
"The addition of AllyO to HireVue's solutions will enable talent acquisition teams to have engaging, personalized conversations with millions of active job-seekers any time of day or night and on the devices they prefer. AllyO instantly handles many of the time-consuming, repetitive tasks, freeing them up to personally engage with the most qualified candidates," Kevin Parker, HireVue CEO.
HireVue is advised by Highwire PR.
Investment company D1 Capital Partners led a $100m Series B round in Avail Medsystems, the medical technology company pioneering telemedicine for the procedure room, with participation from 8VC and existing investors.
"We are very excited to be a part of Avail's mission to provide universal access to clinical and procedural expertise. Now more than ever, the medical community needs innovative technological solutions to pressing systemic problems. Avail Medsystems is disrupting the industry for the better. We look forward to helping Avail bring Procedural TelemedicineTM to every hospital and surgery center in the US and abroad," James Rogers, D1 Capital Analyst.
D1 Capital was advised by TrailRunner.
Private equity firm H.I.G. Capital completed the acquisition of Hart & Cooley, a manufacturer of HVAC and air distribution products, from Johnson Controls, an American Irish-domiciled multinational conglomerate. Financial terms were not disclosed.
"We are excited that H.I.G. has committed to investing in our business. They have a successful track record of adding value to companies like ours. This partnership will allow us to continue our focus on growth and innovation along with operational improvements that will provide new opportunities to serve our customers," Jim Kaboski, Hart & Cooley COO.
Fastsigns, a sign, graphics and visual communications franchise, completed the acquisition of NerdsToGo, an emerging IT services franchise brand. Financial terms were not disclosed.
"We are excited to officially welcome NerdsToGo, a growing franchise organization in the IT Services business, into our family. We look forward to what lies ahead for this exciting brand, especially the continued growth that will benefit NerdsToGo customers, franchisees, and team members," Catherine Monson, Fastsigns CEO.
Hub International, a global insurance brokerage, agreed to acquire the property and casualty and employee benefits businesses from Mumby Insurance Brokers, an insurance provider. Financial terms were not disclosed.
Douglas Pinnell, Vice President of Mumby Insurance, will join Hub International Ontario and report to Matt Lievers, President of Employee Benefits. Anthea Mumby, President of Mumby Insurance, will remain directly involved in the business as a consultant and will report to Gerry De Lauro, President of Personal Insurance.
Pritzker Private Capital, a private equity firm, agreed to acquire Highline Aftermarket, a distributor of automotive chemicals and products, from The Sterling Group, and Warren Distribution, a provider of automotive aftermarket products. Financial terms were not disclosed.
"We are excited to partner with Bob Schlott and the team at Warren Distribution as we continue to grow our great businesses. Highline and Warren have a shared passion for delivering world-class customer service, and together we'll strive to be the best company to work for, buy from and sell to in the automotive aftermarket," Darcy Curran, Highline CEO.
Guru Capital, a Switzerland-based private equity firm with specific experience in the CFD space, completed the acquisition of ETX Capital, a provider of multi-asset CFDs and spread betting products, from JRJ Group, an international private equity investment firm. Financial terms were not disclosed.
The acquisition of ETX Capital enables Guru Capital to immediately gain significant market share in the highly competitive UK market. ETX Capital has built a best-in-class CFD business and Guru Capital intends to further expand and grow the brand alongside the company's talented employees.
Valiant Capital Partners and D1 Capital Partners, two investment firms, led a $200m funding round in Instacart, a delivery startup, at a valuation of $17.7bn.
"We expect to deploy the new capital in a number of ways, including product development focused on introducing new features and tools to enhance the customer experience, continued investment in Instacart Enterprise to support retailers' end-to-end e-commerce needs, and further investment in Instacart Ads to help connect consumer packaged goods brands of all sizes to customers shopping online from their favorite local retailers," Instacart.
Sachem Head Capital discloses $1.2bn stake in Elanco. (FS)
Sachem Head Capital Management, a hedge fund, disclosed a $1.2bn stake in Elanco Animal Health, an American pharmaceutical company, and plans to push for changes at the company, Reuters reported.
Sachem, run by Scott Ferguson, stated in a regulatory filing that Elanco's stock is "undervalued" and an "attractive investment". The hedge fund intends to speak with Elanco management and sees opportunities to boost sales and improve margins.
DTE Energy considers selling non-utility operations.
DTE Energy, an oil company in the US, considers the sale of its natural pipelines and other non-utility operations, according to Bloomberg. The company works with advisors to evaluate its options, including the spin-off of the operations. The market value of DTE is currently at a $22bn mark.
Non-utility operations of the company, according to the annual report, include natural gas pipelines, energy trading and energy development businesses. In the event of sale, DTE would be left with an electric utility and gas distribution business.
fuboTV raises $183m in IPO.
FuboTV, a US streaming provider, gathered $183m in its IPO, selling shares for $10 apiece and matching its expectations. Post-IPO valuation of the company rose to $620m.
FuboTV said there was a 47% increase in paid subscriptions YoY. As of June 30, 2020, around 286k people subscribed, despite a decline in live sportscasting due to Covid-19.
Leslie's files for US IPO.
Leslie's, a pool supplies retailer, filed for a US IPO, capitalizing on an increased investors' interest in new listings as market recovery from the pandemic continues. The company set a placeholder amount of $100m and did not further disclose the target size of the offering. The floatation also comes as demand for backyard pools is skyrocketing.
Goldman Sachs, Morgan Stanley and Bank of America Merryl Lynch underwrite the offering by Leslie's.
Plexus Capital raises $500m for fifth fund, targets small businesses in the US. (FS)
Plexus Capital, a growth investment firm, raised $500m for its fifth fund which will target investments in small businesses across the US.
Commitments came from various investors, including pension funds, insurance companies, banks, family offices, and private high net-worth investors.
EMEA
The British competition regulator asked to review the merger between Liberty Global's Virgin Media and Telefonica's O2 instead of Brussels because any impact on consumers will be felt in the UK and after Brexit, Reuters reported.
"Ultimately, this is a decision for the European Commission, but as the merger will only impact UK consumers, and any effects would only be felt after the end of the transition period, it is only right for the CMA to request it back," Andrea Coscelli, Competition and Markets Authority Head.
Telefonica is advised by Deloitte, Citigroup, Clifford Chance and Herbert Smith Freehills. Liberty Global is advised by JP Morgan, LionTree Advisors, Allen & Overy, Ropes & Gray and Shearman & Sterling.
Toscafund, an investment firm, offered to acquire TalkTalk, a company which provides pay television, telecommunications, Internet access, and mobile network services, for $1.4bn. A successful deal would take TalkTalk private.
“The board has considered the terms of the proposal and has agreed to progress the proposal further with TAM along with taking advice from the company’s advisers,” TalkTalk.
TalkTalk is advised by Barclays and Deutsche Bank.
OYAK-backed Chemson, a manufacturer of polymer additives, agreed to merge with Akdeniz Kimya, a chemical manufacturer in Turkey, in a $500m deal.
"We consider the pandemic process as a 'period of determination' for OYAK. In this process, we continue to join forces to build a more efficient and competitive structure. We have become the world's largest PVC stabilizer company by merging Akdeniz Kimya, the market leader in Turkey, with Chemson, which operates on five continents. Thanks to this new structure, we have become a company that operates in almost every geography of the world, from Europe to Africa, from America to Asia, and from the Middle East to Australia," Süleyman Savaş Erdem, OYAK General Manager.
OYAK is advised by Iz Iletisim.
Private equity firm IK Investment Partners agreed to acquire a majority stake in You Sure, a Dutch insurance distribution platform, from Synergia Capital Partners, an investment company. Financial terms were not disclosed.
"We have thoroughly enjoyed working with Synergia, and with their support we have achieved our three-year plan in just 18 months. As we embark on the next stage of our growth, we are delighted to partner with IK. With their established presence in the Netherlands and track record of delivering long-term value, we look forward to proceeding with our strategic pipeline of acquisitions while delivering strong organic growth," Ger Knikman, You Sure CEO.
IK Investment Partners is advised by Maitland.
ICM Partners, a private equity firm, completed the acquisition of Stellar Group, a London based sports agency. Financial terms were not disclosed.
"With connectivity speeding the process, the sports, entertainment, music, media and publishing worlds have converged. Clients have greater opportunities than ever before to be multi-dimensional, multi-media brands. Aligning our wonderful and talented entertainment clients with Stellar's premiere athletes is a powerful combination. Together we will be even better positioned to maximize this convergence and generate tremendous creative opportunities and financial upside for our global client base. In Jonathan Barnett, David Manasseh and the Stellar Group we have found the perfect partners and together we look forward to advancing our clients aspirations across the world," Chris Silbermann, ICM Partners CEO.
Stellar Group was advised by Investec.
Spark Capital, a venture capital firm in the US, led a $200m Series C round in MessageBird, a cloud communications company. Among investors were also existing backers, Atomico, Accel and Y-Combinator.
“We think there’s going to be considerable consolidation going forward, so part of the raise is to put us in a position to do M&A. This could be anywhere from a very small company to a very sizable one,” Robert Vis, MessageBird CEO.
MessageBird was advised by Walker Comms.
Dun & Bradstreet, a global provider of business decisioning data and analytics, agreed to acquire Bisnode, a data and analytics firm, for $818m. The transaction is expected to close in January 2021, subject to required regulatory approvals and customary closing conditions.
"We are pleased to bring Bisnode into the Dun & Bradstreet family following a nearly two-decade strategic alliance. The powerful combination of our data, analytics and innovative solutions, paired with Bisnode's deep client relationships and expertise in European markets will provide our existing and future clients with vital business intelligence to support their own growth ambitions. We look forward to welcoming the Bisnode team to Dun & Bradstreet and to working together to grow the global business," Anthony Jabbour, Dun & Bradstreet CEO.
LSE nears $5.3bn Borsa Italiana sale to Euronext.
London Stock Exchange is close to reaching a deal on the sale of Borsa Italiana, the Italian stock exchange, to Euronext, a European stock exchange, in a deal that could value Borsa Italiana at $5.3bn including debt, Bloomberg reported.
LSE could announce the transaction this week, in an attempt to win approval for its $27bn acquisition of Refinitiv. Acquisition of Borsa Italiana would give Euronext about a quarter of all equity trading in Europe, meaning 28 of Euro Stoxx 50 companies will be listed on its markets.
Total looking to sell its resins business for up to $705m.
Total, a French oil group, is reportedly looking to sell its resins business to gather cash for renewable energy investments, Reuters reported. The business could be valued at $588-$705m including debt. Total could start sending infomations in following weeks to prospective buyers, private equity firms in particlular. Credit Suisse is reportedly working with Total on the sale.
Previously, an oil group said it planned a 50% increase in renewable energy investment to rely less on oil.
Otto Group considers $588m the sale of Hermes operations.
Otto Group, an e-commerce company, is looking to sell French operations of parcel delivery service Hermes Group, in an attempt to capitalize on the online shopping boom, Bloomberg reported.
The deal could value the unit at $588m. Rothschild & Co is working with Otto on exploring strategic options and find potential suitors, among which are private equity firms and logistics companies.
Future Energy Ventures with $250m in investments. (FS)
Future Energy Ventures, E.ON's Berlin-based venture capital platform that invests in the digital technologies and digital business models, launched with $250m in investments.
APAC
Jun Sawada, CEO of Nippon Telegraph & Telephone, a Japanese telecommunications company, said the $40bn acquisition of the remaining stake in its mobile unit Docomo would make it easier to sell assets. Mr Sawada also mentioned the deal would make room for dividends and allow to repay debt from financing the deal.
The company also plans to invest overseas heavily and ramp up share buybacks. Cost savings, sales and securitization of the real estate are also a part of the plan to boost cash and recover the business.
NTT Docomo is advised by Nomura and Nakamura, Tsunoda & Matsumoto. Nippon Telegraph and Telephone is advised by Mitsubishi UFJ Financial Group, Morgan Stanley, Hibiya Sogo and Mori Hamada & Matsumoto.
Kaisa Group, a residential property managers company, completed a $170m investment in Nam Tai Property, a real estate developer and operator, mainly conducting business in Mainland China.
"After thoughtful deliberation by the Board working with management and the Board's external financial advisor, we are pleased to announce this investment by two strategic, well-capitalized and long-term shareholders who recognize the value creation potential of Nam Tai. As we navigate the current economic environment, the proceeds from this transaction will significantly enhance our financial flexibility and mitigate meaningful risks to our financial stability," Lai Ling Tam, Nam Tai Executive Chairman of the Board of Directors.
Nam Tai Property was advised by Houlihan Lokey and Latham & Watkins.
PT Indonesia Asahan Aluminium, an aluminium smelting company, completed the acquisition of a 20% stake in PT Vale Indonesia, a nickel producer, from Vale Canada, Vale’s nickel mining and metals division, for $278m.
The transaction satisfies PT Vale's divestment obligation under the contract of work with the government of Indonesia, which is one of the requirements PT Vale needs to fulfil in order to extend its operation beyond 2025.
Sumitomo was advised by Herbert Smith Freehills.
Vedantu in investment talks with KKR. (FS)
Vedantu, an education technology startup, is reportedly in talks with KKR and existing investors Tiger Global and GGV Capital to raise $100m.
Ant Group may face IPO delays.
Jack Ma's Ant Group may face delays for its debut because of rising tensions related to the US elections. The first discussions about restrictions to impose have already begun among US seniors. The uncertainty stems from the two listings Ant plans simultaneously this month - in China and Hong Kong. The latter did not give the green light for floatation yet.
The Hong Kong hearing was supposed to happen last week, but was postponed. IPO will be at risk due to increased market volatility which follows the presidential elections in the US that could derive uncertainty among investors.
Lufax plans a $3bn US IPO.
Lufax, a Chinese FinTech company, is planning to go public on the US stock market, targeting a $3bn stock sale. The company has already made necessary filings on the NYSE, with a $100m placeholder.
The IPO is expected to launch at the end of October. This floatation could be the biggest since Alibaba's $25bn debut in 2014. Lufax valuation in 2019 reached c. $39.4bn, after a $1.4bn fundraising.
Tencent-backed Miniso to raise up to $560m in the US IPO.
Tencent-backed Miniso, a low-cost retailer, in its filing disclosed it expects to gather up to $560m in its US IPO. The company is looking to sell around 30m American depositary shares at the price range of $16.50-$18.50. Each set will include four Class A ordinary shares.
If ADS is valued at $18.50, the value of the company will reach a $10.2bn mark. With its offering, Miniso will profit from increased US investors' interest in Chinese companies debuting in their homeland.
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