AMERICAS
The board of the Kansas City Southern railroad is reconsidering a $27bn offer from Canadian Pacific, despite an agreement to sell the company to a rival, after a US regulator rejected how the earlier deal was structured.
Canadian Pacific’s offer could reasonably be expected to lead to a superior offer than the one Canadian National made in May to buy the railroad for $30bn. Kansas City Southern said it would open its books to Canadian Pacific, but that the move would not necessarily lead to a deal, FT reported.
Both Canadian railroads are pursuing the rare opportunity to extend their reach into the US by snapping up one of only seven large railroads in North America. Canadian Pacific has previously said that its competitor’s larger offer nods to the greater regulatory scrutiny the deal faces.
Kansas City is advised by Bank of America, Morgan Stanley, Baker & Miller, Davies Ward Phillips & Vineberg, Wachtell Lipton Rosen & Katz, White & Case, WilmerHale, Joele Frank and MacKenzie Partners. Financial advisors to Kansas City are advised by Willkie Farr & Gallagher. Canadian National is advised by Centerview Partners, JP Morgan, RBC Capital Markets, Agon Partners, Cravath Swaine & Moore, Norton Rose Fulbright, Sidley Austin, Stikeman Elliott, Torys, Brunswick Group and Longview Communications. Financial advisors to Canadian National are advised by Freshfields Bruckhaus Deringer. Canadian Pacific is advised by BMO Capital Markets, Evercore, Goldman Sachs, Bennett Jones, Blake Cassels & Graydon, Creel Garcia-Cuellar Aiza y Enriquez, David L Meyer, Sullivan & Cromwell and Edelman. Financial advisors to Canadian Pacific are advised by Fried Frank Harris Shriver & Jacobson.
Redwire went public via a SPAC merger with Genesis Park Acquisition in a $615m deal. (FS)
Redwire, a company providing mission-critical space solutions and components for space architecture, went public via a SPAC merger with Genesis Park Acquisition, a special purposes acquisition company, in a $615m deal. Investors in PIPE include Senvest Management and Crescent Park Management. AE Industrial Partners will remain a significant shareholder in Redwire.
"This is a thrilling day for our team, and this milestone achievement is the culmination of the hard work and unmatched innovation of our talented employees. We are grateful for the support of our shareholders and to our partners at Genesis Park and AE Industrial Partners for their continued commitment to Redwire. As a public company in this second golden age of space, we will be in an even better position to deliver value to our customers' missions, help to shape the commercialization of the new space economy and, ultimately, accelerate humanity's expansion into space with our growing portfolio of breakout space infrastructure solutions," Peter Cannito, Redwire Chairman and CEO.
Redwire was advised by Jefferies & Company, Kirkland & Ellis and Reevemark. Genesis Park Acquisition was advised by Greenhill & Co, KPMG, Sheppard Mullin Richter & Hampton and Willkie Farr & Gallagher.
Offerpad went public via a SPAC merger with Supernova Partners Acquisition in a $2.37bn deal. (FS)
Offerpad, a real estate investment company, went public via a SPAC merger with Supernova Partners Acquisition, a special purpose acquisition company, in a $2.37bn deal. Investor in PIPE include Taylor Morrison Home, BlackRock and Zimmer Partners.
"We are taking home buying and selling from chaotic to controlled, from expensive to efficient, and from the past straight into the future. We are just getting started. We have a superior team, combining strong technology backgrounds and real estate experience in every kind of real estate cycle, with the skills and vision to operate as a highly capital-efficient company in our industry. We are excited about the tremendous opportunity ahead of us as more and more buyers and sellers opt for our digital-first experience," Brian Bair, Offerpad CEO and Founder.
Offerpad was advised by JP Morgan, Latham & Watkins and Skadden Arps Slate Meagher & Flom. LL Funds was advised by Cleary Gottlieb Steen & Hamilton. Supernova Partners Acquisition was advised by JP Morgan, Jefferies & Company and Simpson Thacher & Bartlett.
THOR Industries completed the acquisition of Airxcel for $750m. (FS)
THOR Industries, an American manufacturer of recreational vehicles, completed the acquisition of Airxcel RV Group from L Catterton-backed Airxcel, a holding company of quality brands, for $750m.
"We are excited to welcome Airxcel to the THOR Industries family. Airxcel has been a long-time business partner to THOR and the RV industry, supplying some of the highest-quality products over decades to the RV industry. There were a number of factors that made this acquisition a compelling and timely fit for THOR, including the strength of their management team and dedicated workforce, the quality of their products and reputation for innovation, the long-standing relationships with both OEM and aftermarket customers and, in the face of so many supply chain challenges over the past year, the ability to invest in the growth of a key supplier for THOR and the RV industry both in North America and Europe," Bob Martin, THOR Industries President and CEO.
Airxcel was advised by Jefferies & Company, Nomura, Robert W Baird, William Blair & Co and Kirkland & Ellis. L Catterton is advised by Joele Frank.
EBCI completed the acquisition of Caesars Southern Indiana from Caesars Entertainment for $250m.
Eastern Band of Cherokee Indians, a federally recognized Indian Tribe, completed the acquisition of Caesars Southern Indiana, a casino facility, from Caesars Entertainment, an operator of casino and hotel chains, for $250m.
"Expanding our relationship with the Eastern Band of Cherokee Indians is an exciting event for Caesars Entertainment. Since our partnership began back in 1996, we have admired their growth and the success of their properties. We look forward to increasing our relationship by extending the Caesars brand and Caesars Rewards loyalty program to them at Caesars Southern Indiana," Tom Reeg, Caesars CEO.
Eastern Band of Cherokee Indians was advised by Innovation Capital and Brownstein Hyatt Farber Schreck. Caesars Entertainment was advised by JP Morgan and Latham & Watkins.
PGT Innovations, a manufacturer of impact-resistant aluminum and vinyl-framed windows and doors, agreed to acquire Anlin Windows & Doors, a manufacturer of windows and doors, for $126m.
“This transaction is an excellent opportunity to diversify and expand our market presence across the growing West Coast region. Anlin Windows & Doors is 90% focused on the vinyl remodel and replacement market while the focus of Western Window Systems - our other Western Business Unit brand - is mainly on new home construction with aluminum products. This acquisition will allow us to better serve both markets by providing a robust product platform under one umbrella. It is also a geographically-strategic addition to complement our western growth strategy," Jeff Jackson, PGT Innovations President and CEO.
Anlin Windows & Doors is advised by Wood Warren and Sullivan McGregor & Doerr. PGT Innovation is advised by Truist Bank and Davis Polk & Wardwell.
The Rise Fund, a private equity firm, agreed to acquire a majority stake in Teachers of Tomorrow, a teacher alternative certification program services provider, from Gauge Capital, a private equity firm. Financial terms were not disclosed.
“I am excited to have The Rise Fund’s support to build the nation’s leading provider of alternative teacher certification, professional development and teacher exam preparation. We have a proven platform that serves teachers and school districts and, in partnership with The Rise Fund, we are excited to build the premier educator ecosystem for teachers and schools across the US," Phillip Braithwaite, Teachers of Tomorrow CEO.
The Rise Fund is advised by Hogan Lovells and Kirkland & Ellis. Gauge Capital is advised by Robert W Baird and Ropes & Gray.
Gen Cap America, a private equity firm, completed the acquisition of Lab Products, a lab animal housing solutions manufacturer and designer, and Harford Systems, a custom stainless steel and sheet metal fabricator, from Avidity Science, a water purification and delivery, control and monitoring and service solutions provider. Financial terms were not disclosed.
"We are thrilled to partner with the exceptional management team at Lab Products & Harford Systems, led by CEO John Soper, in this investment. We look forward to working with the team to further build on the company's long track record of providing the highest quality animal housing and care equipment products and exceptional service to its customers," Chris Godwin, Gen Cap America Managing Director.
Atos, a French multinational information technology service and consulting company, completed the acquisition of Visual BI, a modern analytics consulting company. Financial terms were not disclosed.
"Atos has made it its mission to help businesses easily and safely mobilize and leverage data from multiple sources to fuel decision making. With the acquisition of Visual BI, we gain access to a broader set of analytics capabilities and tools, greatly enhancing our customers' ability to tackle their most complex business challenges using data. This strategic acquisition allows us to further accelerate our global leadership in data-driven transformation, in line with the recent launch of our Atos Digital Hub initiative," Wim Los, Atos SVP Cloud Enterprise Solutions.
Cargotec-backed Hiab, a provider of on-road load handling equipment, completes acquisition of Galfab, a demountables manufacturer. Financial terms were not disclosed.
“I warmly welcome Galfab and its employees to Hiab. This is an exciting opportunity to create growth for both Galfab and our demountables business by providing Galfab equipment owners access to Hiab’s industry-leading, nationwide sales and service network and our global innovation platform,” Scott Phillips, Hiab President.
Audax-backed FDH Aero, an aerospace and defense products distributor, completed the acquisition of Madison Aerospace, an aerospace hardware distributor. Financial terms were not disclosed.
"The addition of Madison is a terrific strategic fit as it further strengthens our position in the OEM market. We look forward to working with the talented Madison team and welcome to the FDH family,” Scott Tucker, FDH Aero CEO.
Northstar Capital, a private equity firm, completed an investment in Consolidated Equipment Group, a designer and manufacturer of attachments for skid-steers loaders, mini skid-steers, compact tractors, utility terrain vehicles, all terrain vehicles, and other light-construction equipment, from Dominus Capital, a private equity firm. Financial terms were not disclosed.
The Northstar team remains committed to partnering with experienced management teams and private equity sponsors to help good companies become even better. CEG is the fifteenth platform investment in Fund VII.
Blackstone seeks to sell Cosmopolitan of Las Vegas for $5bn or more. (FS)
Blackstone is again looking to the sell the Cosmopolitan of Las Vegas resort, this time at an asking price of $5bn or more, Bloomberg reported.
Apollo Global Management which has been acquiring gambling businesses around the world, is exploring an offer. Another potential partner, as property manager, is MGM Resorts International.
Blackstone tried two years ago to find a buyer at $4bn or more. Prices for Las Vegas casinos have continued to rise despite the pandemic as real estate investment trusts purchase properties and split costs with management firms.
Chevron looks to sell Texas’ Eagle Ford Basin assets worth $3.8bn.
Chevron, an energy company, is looking to sell its oil and gas assets in the Eagle Ford Basin in south Texas. At $70 oil and $4 gas, Chevron estimated the assets' total proved developed resources - the amount of oil and gas with a 90% or greater probability of profitable extraction - were worth around $1bn. Including undeveloped inventory, the assets could be valued as high as $3.8bn at those prices.
Chevron, which plans to resume share buybacks in the current quarter, stepped up its sales program in June by marketing two collections of conventional oil and gas fields in the Permian Basin, together valued at more than $1bn, Reuters reported.
Automation Anywhere plans an IPO later this year. (FS)
SoftBank Vision Fund-backed Automation Anywhere, a robotic process automation software, is preparing for an initial public offering that could happen later this year.
Automation Anywhere is working with investment banks to assist it with its listing. The company’s plans haven’t been finalized and the IPO might not take place until 2022, Bloomberg reported.
Vista Equity-backed Allvue Systems Holdings files for an IPO. (FS)
Vista Equity-backed Allvue Systems Holdings, a software maker serving private capital fund managers and family offices, filed for an initial public offering. The listing could value the company at $2bn to $3bn.
The company in its filing Friday with the US Securities and Exchange Commission listed the size of the offering as $100m, a placeholder that will change when terms of the share sale are set.
While the filing doesn’t spell out the size of Vista’s stake or those of Allvue’s executives or directors, Vista will continue to control the company after the IPO, Bloomberg reported.
Allvue is advised by Goldman Sachs, Barclays, Credit Suisse, Deutsche Bank, RBC Capital Markets, Truist Bank, Piper Sandler, Stifel, Cabrera Capital Markets, CastleOak Securities, C.L. King & Associates, Mischler Financial Group, and Telsey Advisory Group.
Nouryon files for an IPO.
Nouryon, a chemical company, said had filed an application with the US Securities and Exchange Commission to seek an initial public offering of shares.
The number of shares to be offered and the price range for the proposed offering have not yet been determined. Nouryon expects to use the proceeds of the offering for general corporate purposes, which may include the repayment of indebtedness.
EMEA
Next Wave Partners, a growth focused private equity firm, and Kartesia, an independent and privately-owned European specialist financing small and middle-market companies, completed the investment in The Clearway Group, protection and management of property and asset portfolios provider, from BGF, an investment company. Financial terms were not disclosed.
"We are delighted to be partnering with the team at Clearway as well as Kartesia. The business has a very strong position in the UK and French markets, delivering exceptional quality and service to its client base. We look forward to supporting Ian and the wider management team with the continued investment in People, Technology and delivery of an ambitious M&A strategy," Jonathan Brod, Next Wave Partner.
Clearway was advised on the deal by Acuity Advisors, DLA Piper, Alternative Advocats, RSM International, Deloitte, CMS. Next Wave was advised by Gateley, Macfarlanes, Klein Wenner, Mazars, FRP Advisory, Drystone Strategy, Seedcloud Advisory and Cornerstone Funds Placement. Kartesia was advised by Osborne Clarke. BGF was advised by CMS.
Arqit, a company engaged in quantum encryption technology, went public via a SPAC merger with Centricus Acquisition in a $1bn deal. Investors in PIPE include Virgin Orbit, Sumitomo and Heritage Group.
“We are incredibly excited to complete our business combination with Arqit. As a public company, Arqit will now have the platform to fully execute against its vision, further accelerate its commercial programs and establish itself as a leader in the encryption space. I look forward to continuing to support the company as a member of the board and helping to make Arqit’s vision of ensuring a safer environment for businesses and people a reality,” Garth Ritchie, Centricus Chief Executive Officer and Director.
Arqit was advised by Deutsche Bank, White & Case, Gateway Investor Relations, Montfort Communications and SEC Newgate. Centricus Acquisition was advised by Deutsche Bank, JP Morgan, Latham & Watkins and Finsbury Glover Hering. Financial advisors were advised by Sidley Austin.
Cinven, a London-based private equity firm, withdrew its $2bn offer for Sanne made on June 12,2021, in a bid battle with Apex, a private equity firm.
Sanne agreed to Apex's a £0.92 ($1.27) per share, valuing the company at £1.51bn ($2.1bn), representing 53% share price premium.
Apex is advised by Bank of America, Deutsche Bank, Rothschild & Co, Kirkland & Ellis and Willkie Farr & Gallagher. Sanne is advised by JP Morgan, Jefferies & Company, Addleshaw Goddard, Carey Olsen and Tulchan Communications.
Private equity firms Public Sector Pension Investments and Amber Infrastructure, agreed to acquire a 51% stake in Angel Trains, a train asset management company, from AMP Capital, a private equity firm. Financial terms were not disclosed.
“We are proud to have contributed to and supported Angel Trains’ growth over the last 13 years, including realising Angel Trains’ commitment to sustainability and clean transport through the continued acquisition of electric rolling stock. We look forward to the next phase of the company’s development, led by Angel Trains’ stellar management team, as we continue our partnership with Amber Infrastructure," Patrick Charbonneau, PSP Investments Managing Director and Head of Infrastructure.
PSP investment is advised by Gleacher Shacklock and Freshfields Bruckhaus Deringer. AMP Capital is advised by PricewaterhouseCoopers, Rothschild & Co and CMS.
ION investment, an Ireland-based provider of software to financial institutions and corporations, together with GIC Private, Singapore's sovereign wealth fund, and Castor Bidco, building industry-defining businesses investor, made a buyout offer for Cerved, credit risk management and analysis services provider, on March 8, 2021.
ION Investment raised its offer for Cerved from $2.2bn to $2.35bn, on August 27, 2021, then to $2.45bn on September 3, 2021.
ION was committed to supporting Cerved's current business plan and leveraging its expertise in the software and data analysis sectors, said ION.
Castor is advised by Chiomenti and Cleary Gottlieb Steen & Hamilton. GIC Private is advised Banca IMI, Credit Suisse, Goldman Sachs, Sociedad De Valores, Chiomenti and Cleary Gottlieb Steen & Hamilton. ION Investment is advised by Community Group.
Axione, a provider of broadband and digital networks, Bouygues, digital and energy transformation solutions provider, and Vauban, a management company, dedicated to infrastructure investments, formed Axione Fiber joint venture, a company dedicated to deploying and operating a full-fibre network targeting sub-urban and rural areas to help bridge the digital divide. Financial terms were not disclosed.
"Full-fibre networks are essential infrastructure to deliver digital services to all residential, corporate and public sector premises. Axione is delighted to partner with Vauban to create Axione Fibre, a large scale FTTP pure wholesale operator targeting small towns and villages across the UK," Dominique Astier, Axione Managing Director.
Axione was advised by DLA Piper, DC Advisory and SEC Newgate.
Synopsys, an American electronic design automation company, completed the acquisition of the semiconductor and flat panel display solutions from BISTel, a provider of equipment engineering systems. Financial terms were not disclosed.
"Semiconductor fabs are rising to the challenge of meeting market demand for products that drive the global economy. Combining Synopsys' and BISTel's expertise in fab solutions will enable us to bring to market innovative process control products that help our customers maximize their economic opportunity," Howard Ko, Synopsys General Manager of the Silicon Engineering Group.
Aptar, a drug delivery, consumer product dispensing and active material science solutions company, completed the acquisition of a 64.6% stake in Voluntis, a digitally augmented therapies to people with chronic conditions, for €50.8m ($60m).
"Voluntis has established itself as a true innovator in digital therapeutics over the last decade with chronic disease management at the core of their offering. Combined with our existing device platforms, extensive research and development capabilities, and long-established relationships in the healthcare space, this strategic investment would accelerate Aptar’s future digital healthcare offerings and drive innovation that delivers life-changing and empowering support tools for patients around the globe," Stephan B. Tanda, Aptar President and CEO.
Aptar was advised by Societe Generale and Linklaters.
CVC considers the sale of a stake in Breitling. (FS)
CVC Capital Partners, a private equity firm, is considering the sale of a stake in Swiss luxury watchmaker Breitling after receiving interest from potential investors.
The private equity firm is working with advisers at Rothschild & Co and GCA Altium as it weighs the potential sale of a significant minority holding in Breitling. It plans to keep control of the business in any deal to benefit from future growth.
CVC Capital Partners isn’t planning to sell any Breitling stake to another buyout firm and is seeking a long-term partner for the business. Deliberations are at an early stage, and there’s no certainty they will lead to a transaction, Bloomberg reported.
Abu Dhabi National Energy looks to seek UK, Dutch oil and gas assets.
Abu Dhabi National Energy, a government controlled energy holding company, begun a process to sell its oil and gas assets in the Netherlands and the UK.
The company, also known as Taqa, wants to divest itself of at least 17 fields plus stakes in the Sullom Voe shipping terminal, and the Brent and SAGE pipelines in the UK. In a separate sales process, it is offering 32 Dutch oil and gas licenses, of which five are directly operated by the company.
Prospective buyers will be invited to virtual data rooms, with bids for both sets of assets due in December. The firm, which has a monopoly on power and water distribution in Abu Dhabi, acquired North Sea assets from BP for $1.1bn in 2012, Bloomberg reported.
Mubadala-backed EGA taps banks for IPO at $15bn value. (FS)
Mubadala-backed Emirates Global Aluminium, an aluminium conglomerate, is poised to select Citigroup, Goldman Sachs and JP Morgan as lead underwriters for its potential initial public offering. A share sale could value EGA at more than $15bn. EGA is owned equally by Abu Dhabi fund Mubadala and another sovereign wealth fund, Investment Corporation of Dubai.
Emirates NBD Bank and First Abu Dhabi Bank are also expected to have roles on the offering. EGA may add more banks to the listing at a later stage. A listing of EGA would rank among the largest-ever share sales in the United Arab Emirates and would come at a time when state-owned entities are seeking to monetize their core assets.
A previous plan to list EGA in 2018 was shelved after then-US President Donald Trump imposed tariffs on aluminum imports from the UAE. Bank of America, Goldman Sachs and JP Morgan worked on the plans for the earlier share sale, Bloomberg reported.
Renaissance Insurance eyes $1bn IPO in Moscow.
Renaissance Insurance Group, an insurance company, is planning to hold an initial public offering on the Moscow Exchange potentially as early as this autumn. Renaissance Insurance could seek a valuation of around $1bn in the IPO.
In June, the company said it was evaluating various strategic options which may include an initial public offering of Renaissance Insurance Group on the Moscow Exchange, Reuters reported.
Antin Infrastructure Partners plans to list on Euronext Paris.
French investment firm Antin Infrastructure Partners is looking to launch an initial public offering on Euronext Paris and has hired banks to work on the deal.
The flotation will involve a capital increase of about $416m through the issuance of new shares as well as a limited sale of existing shares by the company's co-founders.
JP Morgan and Morgan Stanley are the joint global coordinators on the Antin deal while Bank of America, BNP Paribas and Citigroup are the joint bookrunners, Reuters reported.
Arabian Internet and Communications Services seeks up to $966m from IPO.
Arabian Internet and Communications Services, the internet services unit of Saudi Telecom, is seeking to raise as much a $966m from an initial public offering in Riyadh.
Arabian Internet and Communications Services is selling 24m shares, and the price range for the offering at $36.3 to $40.3.
Exclusive Networks seeks to raise $309m via Paris IPO.
Exclusive Networks, a cybersecurity firm, is targeting an initial public offering on Euronext Paris, adding to a growing list of cybersecurity specialists tapping European investors this year.
Bloomberg reported that Exclusive Networks is looking to raise as much as $309m by selling new shares. Holders including private equity firm Permira Holdings, which acquired a majority stake in the company in 2018, will also offer stock in the deal. Proceeds will be used to fund growth, including acquisitions, Chief Executive Officer Jesper Trolle said.
Goldman Sachs hires Jassim AlSane and Omar AlZaim to head investment banking divisions in the middle east. (People)
Goldman Sachs has hired Jassim AlSane, a senior Citigroup banker, will join Goldman Sachs’ Dubai office in November as managing director and the co-head of investment banking operations for the Middle East and North Africa. Also, Omar AlZaim is joining the bank as an executive director and the head of investment banking for Saudi Arabia.
The hirings come as deal activity picks up in the Middle East, fueled by governments and state-owned firms looking for new ways to raise money and diversify their economies after last year’s slump in revenue from oil sales, Bloomberg reported.
JD.com, a Chinese e-commerce giant, agreed to acquire a 26.38% of a stake in China Logistics Property Holdings, a logistics infrastructure and service provider, from Yupei International, an investment enterprise, for $513.45m.
The acquisition will take JD.com's stake in China Logistics Property Holdings to 35.8%, resulting the company to make a buyout offer of a whole company under the Rule 26.1 of Hong Kong Takeover Code.
JD.com is advised by Bank of America and Kirkland & Ellis. Yupei International is advised by UBS.
HDFC, a life insurance company, agreed to acquire Exide Life, a rival life insurance company, for $915m.
"This is a landmark transaction, first of its kind, in the Indian life insurance space. It would enhance insurance penetration and further our purpose of providing financial protection to a wider customer base," Deepak Parekh, HDFC Life Chairman.
China Huarong puts $59bn in bad assets on sale to raise cash. (FS)
China Huarong Asset Management, an asset management company, is marketing $58.8bn in bad assets for sale as the firm moves to shore up its finances after record losses.
The assets involve more than 7k borrowers, the Beijing-based firm said in a statement on its website. It’s the largest size ever for a Huarong online marketing of bad assets.
China’s biggest bad debt manager had roiled markets since it delayed its earnings report in March. Last month, it secured a rescue package from some of the nation’s biggest financial firms and, after a long delay, revealed a record loss of $15.9bn for 2020, slashing shareholder equity by nearly 85%, Bloomberg reported.
Tokyo ready to back $20bn Western Digital-Kioxia deal if key tech stays in Japan.
Japan's trade ministry is ready to back Western Digital's $20bn bid to merge with memory chipmaker Kioxia provided control of cutting edge technology stays in Japan.
The tie-up could give Japan greater leverage in geopolitical rivalries increasingly dominated by technology, including over shortages of chips. It could also help Japan forge deeper semiconductor industry ties with its US ally, a commitment that President Joe Biden and Prime Minister Suga made in April, Reuters reported.
City of Beijing seeks to take a controlling stake in Didi Global.
Beijing’s municipal government has proposed an investment in Didi Global that would give state-run firms control of the world’s largest ride-hailing company.
Under the preliminary proposal, Shouqi Group - part of the influential Beijing Tourism Group - and other firms based in the capital would acquire a stake in Didi. Scenarios under consideration include the consortium taking a so-called “golden share” with veto power and a board seat. However, Didi denies the report of the investment possibility.
The takeover proposal comes alongside a swath of penalties Xi’s administration is considering for the country’s ride-hailing leader, which debuted in New York in June over the objections of the Cyberspace Administration of China. The internet industry overseer saw that decision as a challenge to the central government’s authority and officials from the CAC, the ministry of public security, the ministry of state security and several other agencies initiated an on-site inspection at Didi’s offices in July, Bloomberg reported.
Iconiq mulls a $4bn US SPAC deal.
Iconiq Motors, a Chinese electric vehicle firm, is considering going public in the US through a merger with a blank-check company. The startup is working with an adviser on a potential deal that could value the combined company at about $4bn.
Iconiq could become publicly traded through the special purpose acquisition company as soon as the end of this year. Discussions are at an early stage and there is no guarantee that a deal with a SPAC will be reached.
Chinese EV startups have sought to tap the market there to meet the demands of their capital-intensive manufacturing processes. A crackdown by Chinese authorities on its companies listing overseas has thrown those plans into doubt, particularly those that collate large amounts of user data, which means they could be subject to reviews before being allowed to go public, Bloomberg reported.
OK offers 64% premium if Kansai Super drops H20 merger.
OK, a supermarket operator, said it plans a tender offer of $20.45 for each share of supermarket chain Kansai Super Market, or a premium of 64% over the previous day’s close, if its target scraps a plan to merge with H2O Retailing, a department store company.
Supermarket operator OK, which owns 7.69% of Kansai Super Market, also said in a statement that it would oppose the plan at Kansai’s extraordinary shareholders meeting on October 29, adding that it had first approached Kansai Super in June.
Kansai Super, meanwhile, said in its statement that there was no change to its plan with H20 Retailing, which had been carefully weighed against OK’s proposal, Reuters reported.
Joyalukkas plans a $400m IPO next year, seeking a valuation of $4.8bn.
Joyalukkas India, a gold jeweler, is considering to raise $400m in an initial public offering in the first quarter of next year. Joyalukkas is seeking a valuation of $4.8bn in the IPO.
The Kerala-based company has picked Edelweiss Financial Services, Jefferies, Credit Suisse and IIFL Securities to arrange the potential share sale. Joyalukkas may file a draft prospectus by end of November or early December.
In 2018, the jewelery group had put its plans for an public listing on hold as the industry faced tighter access to credit and more stringent auditing after an alleged $2bn fraud by jewelers Nirav Modi, Bloomberg reported.
SoftBank-backed Snapdeal weighs IPO at $2.5bn valuation.
Indian e-commerce retailer Snapdeal is considering an initial public offering that could raise about $400m, joining a growing list of startups preparing to tap capital markets as the nation’s digital economy booms.
The company, which counts SoftBank Group. among its investors, is speaking with advisers about a potential listing in Mumbai that could value it at as much as $2.5bn.
Four years ago, Snapdeal walked away from a potential merger with Flipkart, which would have united the two local-e-commerce companies against Amazon.
J&T Express said to seek over $2b in pre-IPO round.
J&T Express, an Indonesian courier startup, is in talks with investors to raise more than $2bn ahead of a Hong Kong initial public offering.
The logistics firm is seeking to hit a $20bn valuation with the $2-2.5bn fundraising round that is expected to be finalised in the coming weeks, and attract Tencent Holdings among other investors.
Existing J&T investors Boyu Capital, Hillhouse and Sequoia Capital are also looking to join the round, which will more than double the company’s valuation from a previous round that closed in April, DealStreetAsia reported.
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