AMERICAS
Cornell Capital-backed INW | Innovations in Nutrition + Wellness, a provider of custom R&D, manufacturing and marketing support solutions for global brands that serve the fast-growing nutrition and wellness industry, completed the acquisition of Capstone Nutrition, a best-in-class developer and manufacturer of high-quality nutrition and wellness products, from Brightstar Capital Partners, a private equity firm. Financial terms were not disclosed.
"This transaction positions INW as a leading, full-service platform in this fragmented and high-demand segment of the health and wellness market. Capstone's expertise across a variety of product forms and ingredients, highly flexible infrastructure and 30-year history of quality and efficiency as a trusted brand partner are impressive. We look forward to partnering with Jared and the rest of Capstone's experienced team to share best practices and drive continued growth at INW across an expanded operational and customer footprint," Justine Cheng, Cornell Capital Partner.
Cornell Capital and INW were advised by Guggenheim Partners and Weil Gotshal and Manges. Cornell Capital was advised by Joele Frank. Capstone was advised by BMO Capital Markets, Jefferies & Company, Fredrikson & Byrona and Kirkland & Ellis. Brightstar was advised by Dukas Linden Public Relations.
Bain Capital and Crosspoint Capital, two private equity firms, agreed to acquire ExtraHop, a provider of cloud-native cybersecurity solutions, for $900m. The transaction is expected to close in the summer of 2021 and is subject to customary closing conditions, including receipt of regulatory approvals.
"By combining our exceptional team, market need, and technology with the deep domain expertise and resources of Bain Capital and Crosspoint Capital, ExtraHop has the opportunity to grow faster and accelerate our innovation to help our customers defend their operations from even the most advanced threats," Arif Kareem, ExtraHop CEO.
ExtraHop is advised by Qatalyst Partners and Wilson Sonsini Goodrich & Rosati. Bain Capital and Crosspoint Capital are advised by Morgan Stanley and Ropes & Gray. Bain Capital is advised by PricewaterhouseCoopers and Stanton PRM. Crosspoint Capital is advised by Prosek Partners.
Oak Hill Capital, a New York-based middle-market private equity firm, completed the acquisition of Technimark, a designer and manufacturer of custom, highly-engineered injection molded components, from Pritzker, an investment firm. Financial terms were not disclosed.
"Technimark is a fantastic business with industry leading engineering and innovation capabilities and a very impressive list of global customers. Thanks to strong leadership and smart, well-executed investments, Technimark is distinctively positioned to capitalize on the trends in its core target markets. We look forward to supporting the Company's exciting growth agenda over the course of our partnership," John Rachwalski, Oak Hill Partner.
Oak Hill was advised by William Blair & Co, Paul Weiss Rifkind Wharton & Garrison and Kekst CNC. Technimark was advised by Goldman Sachs, Wells Fargo Securities and Kirkland & Ellis.
KKR-backed Independence Energy, a diversified, well-capitalized upstream oil and gas business, agreed to merge with Contango Oil & Gas Company, an oil and natural gas company, in a $5.7bn deal. Upon completion of the transaction, Independence shareholders will own c. 76% and Contango shareholders will own c. 24% of the combined company.
“This is a very compelling merger for Contango shareholders providing substantial value accretion, significant scale and lower cost of capital. KKR’s desire to position the combined company to be their long-term primary platform to focus on continued consolidation in the industry is a testament to what the team has created at Contango. As the largest shareholder of Contango and Chairman of the new combined company, I look forward to working with David Rockecharlie and the KKR team in continuing our strategy of consolidation and industry leading performance,” John Goff, Contango Chairman and Shareholder.
Independence Energy is advised by Wells Fargo Securities and Vinson & Elkins. Contango Oil & Gas is advised by Jefferies & Company, Gibson Dunn & Crutcher and Joele Frank.
Fortress Transportation and Infrastructure Investors, an owner of high quality infrastructure and transportation equipment, agreed to acquire Transtar, a transportation and logistics services firm, from US Steel, an integrated steel producer, for $640m. The transaction is expected to close in the third quarter of 2021, subject to customary closing conditions including receipt of certain regulatory approvals.
"By selling Transtar to an experienced railroad operator, US Steel can better focus on our broader Best for All strategy. By monetizing our railroad assets at an implied multiple well above our existing valuation, we create immediate value for our stockholders. In addition, the strong partnership we have created with FTAI will ensure continued support of our steelmaking facilities with predictable and cost-effective railroad operations," David B. Burritt, US Steel President and Chief Executive Officer.
US Steel is advised by Citigroup, Baker & Miller and Jones Day. Fortress is advised by Barclays.
NCC Group, an information assurance firm headquartered in Manchester, completed the acquisition of the Intellectual Property Management business of Iron Mountain, an American enterprise information management services company, for $220m.
“Bringing our two businesses together provides a robust platform for growth – particularly in North America but also for all of our Software Resilience division and NCC Group as a whole. IPM shares many similarities with our own business, including a commitment to providing exemplary service for customers. There are tremendous opportunities to grow the combined business by offering IPM's blue-chip customers further resilience through our extensive cyber security portfolio," Adam Palser, NCC CEO.
NCC was advised by Lazard, Peel Hunt and Maitland. Financial advisors were advised by Davis Polk & Wardwell. Iron Mountain was advised by Robert W Baird.
1Life Healthcare, a human-centered and technology-powered primary care organization, agreed to acquire Iora Health, a human-centric, value-based primary care group, for $2.1bn. Upon completion of the transaction, Iora Health shareholders are expected to own c. 26.75% of the combined company.
"Together we will expand our addressable market to serve more members in more geographies with digital and in-person care across every stage of life, with further capabilities to deliver care within full-risk models. Together with Iora Health, we can deliver better health, better care, and lower costs for children, adults, and seniors,” Amir Dan Rubin, 1Life Healthcare Chair & CEO.
Iora is advised by Credit Suisse and Skadden Arps Slate Meagher & Flom. 1Life Healthcare is advised by Morgan Stanley and Cooley.
Regions Bank, a provider of banking services, agreed to acquire EnerBank USA, a consumer lender, from CMS Energy, an energy company, for $960m. The transaction is expected to close in the fourth quarter of 2021, subject to receipt of required regulatory approvals and satisfaction of other customary closing conditions.
"EnerBank has been a great part of the CMS Energy family, has delivered exceptional value to all stakeholders and we are excited for its future with Regions. This transaction improves CMS Energy's risk profile and keeps us on track to deliver 6 to 8% long-term adjusted EPS growth for our investors," Garrick Rochow, CMS Energy President and CEO.
CMS Energy is advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom. Regions Bank is advised by Stephens and Sullivan & Cromwell.
Angeles Equity Partners, a private investment firm, agreed to acquire Primus Aerospace, a manufacturer of complex precision components for the aerospace, defense, and space sectors. Financial terms were not disclosed.
"The investment in Primus aligns tightly with our firm's strategy and capabilities, and represents a compelling opportunity to partner with an incredibly talented team to consolidate the fragmented AD&S precision components landscape," Sameer Patel, Angeles Principal.
Primus Aerospace is advised by Houlihan Lokey and Brownstein Hyatt Farber Schreck. Angeles Equity Partners is advised by FocalPoint Partners and Simpson Thacher & Bartlett.
Sumeru Equity Partners-backed SocialChorus, an American multinational software company, agreed to merge with Dynamic Signal, a technology company. Financial terms were not disclosed. The closing of the merger is expected in Q3 and remains subject to customary regulatory and other approvals.
"To truly solve the problem, meeting workers where they are with personalized information and resources is critical. The combination of SocialChorus and Dynamic Signal presents a huge opportunity for growth and innovation on the journey to give customers what they need to create an unparalleled digital employee experience," Gary Nakamura, SocialChorus CEO.
Dynamic Signal is advised by JP Morgan and Fenwick & West. SocialChorus is advised by GCA Altium and Weil Gotshal and Manges.
Fortress Investment Group, an investment management firm, agreed to acquire a portfolio of real estate assets from Colony Capital, an American international investment firm, for $535m.
“This business and its underlying assets fit perfectly with our existing business and our deep wells of experience and expertise in managing highly complex investments across a full range of asset types, structures, industries and geographies,” Noah Shore, Fortress Managing Director.
Fortress is advised by Moelis & Co and Paul Weiss Rifkind Wharton & Garrison. Colony Capital is advised by Joele Frank.
Craneware, which is engaged in the development, licensing and ongoing support of computer software, agreed to acquire Sentry Data Systems, a provider of automated pharmacy procurement solutions, from Abry Partners, a Boston-based private equity firm, for $400m.
"Since our acquisition in 2015 we have worked with CEO Travis Leonardi to grow the company and continue to innovate in the 340B industry, which today serves a customer base of more than 10k hospitals, pharmacies and clinics. We want to thank Travis and the entire Sentry team for their partnership and dedication and believe strongly that this is a compelling combination for all stakeholders," Brent Stone, Abry Partners Partner.
Abry Partners is advised Piper Sandler, DLA Piper and Chris Tofalli Public Relations.
Constellation Software, a Canadian diversified software company, completed the acquisition of the collection and recovery business of Fair Isaac, a predictive analytics and decision management software company. Financial terms were not disclosed.
"We are proud of the FICO team that built and delivered these industry-leading products our clients rely on to make their collection and recovery processes efficient and effective. We are confident that Jonas will continue to invest in these solutions and support our clients and colleagues with the same commitment and partnership those clients and colleagues have come to expect," Will Lansing, FICO CEO.
Fair Isaac was advised by Wells Fargo Securities, Faegre Drinker Biddle & Reath and Drury Porter Novelli.
Caisse de dépôt et placement du Québec-backed Trencap, a limited partnership, agreed to acquire a 38.9% stake in Noverco, a company engaged in distribution of natural gas, from Enbridge, a North American energy infrastructure company, for $1.14bn.
"We're pleased to opportunistically monetize this non-strategic financial investment in Noverco at an attractive valuation and surface this value for our shareholders. This transaction further enhances our already sector-leading financial strength and flexibility and demonstrates our disciplined approach to capital allocation," Colin Gruending, Enbridge CFO.
Enbridge is advised by RBC Capital Markets.
Insight Partners completed a $110m investment in Brinqa, a provider of unified risk management.
"Brinqa's platform enables security teams to leverage a common risk model to proactively identify cybersecurity gaps and automate prioritized risk remediation at the speed of business. We are thrilled to make this investment and bring the full force of Insight's ScaleUp specialists to help Brinqa in its next phase of growth," Thomas Krane, Insight Partners Principal.
Brinqa was advised by Covington & Burling.
Hicks Equity-backed GCA Media, a newly-formed group of US-based investors, completed the acquisition of Great American Country, a television network, from Discovery, a mass media and entertainment company, for $90m. Additionally, GCA Media completed the acquisition of RIDE TV, a high-definition television network.
"Even as the entertainment ecosystem continues to rapidly evolve – both in terms of distribution platforms and underlying content – consumer interest in family friendly programming that enriches lives and offers safe entertainment options remains as strong as ever. GAC and RIDE TV represent cornerstone assets in this respect, and we look forward to growing both channels even as we pursue the larger goal of establishing new, well-resourced and engaging family-friendly programming," Bill Abbott, GAC Media CEO.
Hicks Equity was advised by Kekst CNC.
Granite Creek Capital, an active manager of lower middle market debt and equity investments, and Canterbury Ventures, an investment firm, agreed to acquire Diamond Blade Warehouse, a distributor of construction cutting tool consumables, providing professional-grade replacement parts. Financial terms were not disclosed.
“Granite Creek has been by our side every step of the way. As we plan for Diamond Blade Warehouse’s growth, we are fortunate to have supportive capital partners and an all-star employee team that spends every day advising our customers on how to save money on their consumables while maximizing their jobsite efficiencies," Jim Farrell, Diamond Blade Warehouse CEO.
Granite Creek is advised by LCH Communications.
Berkshire Hathaway, an American multinational conglomerate holding company, completed a $500m investment in Nubank, a Latin American neobank. The investment is a part of a $750m Series G funding round extension at a $30b valuation.
The new funding will be used to continue this international expansion and to make a concerted push into the investment sector.
TA Associates completed a $130m investment in Stackline, a retail intelligence and software company.
"We were attracted to Stackline’s belief that success in modern business requires intentional partnerships between people, data and breakthrough technology, and we look forward to working with the company’s management team to help define Stackline’s next chapter in retail," Amara Suebsaeng, TA Principal.
TPG-backed People 2.0, a provider of outsourced global employer of record and agent of record services, completed the acquisition of TalentWave, a provider of EOR, AOR, and workforce compliance services from Serent Capital, a private equity firm. Financial terms were not disclosed.
"Many of our clients operate internationally and stand to benefit tremendously from People 2.0's global platform and capabilities. Particularly exciting is that TalentWave's entire leadership team and I are assuming key roles in the combined entity, which not only provides continuity in the relationships with our clients, but also enables us to guide them personally in accessing People 2.0's global resources," Teresa Creech, TalentWave CEO.
Onex Partners, an investment manager, agreed to acquire Newport Healthcare, a provider in the United States of evidence-based healing centers. Financial terms were not disclosed.
“Newport is committed to delivering the highest quality care to its clients and addressing the nationwide shortage of mental health resources for teens and young adults by expanding access to care. We are excited to support Newport and its vision to be the leader in the sustainable healing of teens and young adults,” Josh Hausman, Onex Managing Director.
Raizen, an energy company, agreed to acquire the lubricant business in Brazil from Shell, an oil and gas company. Financial terms were not disclosed. The sale is subject to approval by the Brazilian Antitrust Authority.
The acquisition includes the lubricant blending plant in Ilha do Governador and the terminal in Duque de Caxias, both in Rio de Janeiro. It also includes the distribution chain and related agreements.
Marlin Equity Partners closed an $821m second European fund. (FS)
Marlin Equity Partners, a global investment firm, announced the final close of Marlin Heritage Europe II with $821m of total capital commitments. The fund successfully closed over its target with strong support from existing limited partners and significant interest from new global investors.
The fund will target investments in middle-market companies generally located in Europe, where the firm has been active since 2006 and formally established a London office in 2012 and will invest in sustainable, high potential companies.
"Our ability to successfully raise more than twice the amount of capital of the prior fund further validates our standing and recognition as a leading firm in the region and value-add partner. We are thankful for the support from our existing investor base and newest partners, and now look forward to continuing to execute our operationally-focused investment strategy to help companies build long-term value and deliver successful outcomes for our partners," David McGovern, Marlin Founder, Chairman and CEO.
Marlin Equity was advised by Kirkland & Ellis and Credit Suisse.
EMEA
Nvidia, an American multinational technology company, has submitted a request to Chinese competition regulators to review the $40bn takeover of Arm, a UK chip designer, Reuters reported.
The application was made in recent weeks and sets in motion a period of scrutiny that could take up to 18 months.
Nvidia expects to close the Arm acquisition by March 2022.
Arm is advised by Hogan Lovells. Nvidia is advised by Morgan Stanley, AZB & Partners, Cleary Gottlieb Steen & Hamilton, Latham & Watkins and Brunswick Group. Softbank is advised by Goldman Sachs, The Raine Group, Zaoui & Co, Morrison & Foerster, Kekst CNC and Sard Verbinnen & Co. Financial advisors of Softbank are advised by White & Case.
Isabelle De Silva, head of the anti-trust body, announced that the French anti-trust watchdog body would make its decision regarding the planned merger between TF1 and M6, two TV broadcasters, till the summer of 2022.
M6 is advised by Lazard, Allen & Overy, Arsene Taxand, Bredin Prat and Deprez Guignot. Bouygues is advised by Rothschild & Co, Darrois Villey Maillot Brochier, Flichy Grange Avocats, Vogel & Vogel and Image Sept. RTL is advised by JP Morgan and White & Case.
Cattolica, an Italian insurer, decided to postpone a planned €200m rights issue, giving its shareholders the chance to take up a buyout offer from Generali, an Italian insurance company, Reuters reported.
Generali's offer is conditional on a postponement of the rights issue, which Cattolica needs to carry out to complete an overall €500m capital strengthening demanded by industry supervisors.
Cattolica is advised by Goldman Sachs and KPMG. Generali is advised by Bank of America, Mediobanca, Rothschild & Co and Gianni Origoni Grippo Cappelli & Partners.
Honeywell Quantum Solutions, a quantum computing and quantum technology business, agreed to merge with Cambridge Quantum Computing, a quantum computing software and algorithms company. Honeywell will own a majority stake in the new company. The combination is expected to be complete in the third quarter of 2021, subject to regulatory approvals and customary closing conditions. Financial terms were not disclosed.
"The new company will have the best talent in the industry, the world's highest-performing quantum computer, the first and most advanced quantum operating system, and comprehensive, hardware-agnostic software that will drive the future of the quantum computing industry. The new company will be extremely well positioned to create value in the near-term within the quantum computing industry by offering the critical global infrastructure needed to support the sector's explosive growth," Darius Adamczyk, Honeywell Chairman and CEO.
Honeywell is advised by JP Morgan.
TowerBrook Capital Partners, an investment management firm, agreed to acquire Uperio, a provider of global tower crane rental services, from the LFPI group, an alternative asset manager, associated with the Belgian entities Sofina and Gigarant. Financial terms were not disclosed.
“Today we are opening a new chapter in the history of the group with this shareholder transition. The entire Uperio team would like to thank LFPI, Sofina and Gigarant for their support in the various stages of building our business. The arrival of TowerBrook in our capital allows us to aim for new ambitions, internationally and in other sectors of activity related to our basic product, the Tower Cranes,” Philippe Cohet, Uperio President.
LFPI is advised by DC Advisory.
Horizon Capital-backed Datagroup, a national fiber infrastructure and digital services provider in Ukraine, completed the acquisition of Volia, a provider of cable television and broadband internet services based in Ukraine. Financial terms were not disclosed.
"We will also continue to advance and provide world-class entertainment and content on streaming platforms to all of our retail customers. We will continue to expand our video library which currently holds over 13 thousand titles - movies, series and shows on our streaming platform – that are available on-line on the most popular devices for content usage: Smart TVs, mobile phones, computers and media boxes," Mikhail Shelemba, Datagroup CEO.
Debt financing was provided by The European Bank for Reconstruction and Development.
MOL Group, a Hungarian multinational oil and gas company, agreed to acquire the Slovenian operations of OMV, an international, integrated oil, gas and chemicals firm, for €346m. The transaction is subject to required regulatory approvals and closing is expected in 2022.
"With this, we are taking another decisive step towards implementing our €2bn disposal program. This divestment not only contributes significantly to our deleveraging, it also means a further strategic optimization of our portfolio," Rainer Seele, OMV Chairman of the Executive Board and CEO.
Rcapital, a private investment firm, completed the acquisition of Patrick Parsons, a provider of multi-disciplinary engineering consultancy services. Financial terms were not disclosed.
"We have a new partner and investor in Rcapital, which puts us in a strong position financially and provides significant momentum behind our ambitious growth strategy and plans for the future. I am very pleased that the growth strategy is already paying dividends with the business performing well, and levels of secured work have already returned to pre-pandemic levels. We have also secured some fantastic new mandates and have more opportunities in the pipeline,” Gail Bamforth, Patrick Parsons CEO.
Filtration Group, a producer of filtration solutions, completed the acquisition of Molecular Products, a global provider of pure air technologies. Financial terms were not disclosed.
"We are incredibly excited to join Filtration Group. Their entrepreneurial culture and long-term focus on building market leaders is the perfect fit for Molecular. This is a tremendous opportunity for us to continue leading the way in delivering technologies that save lives, protect critical environments and meet our customers' most challenging air purification needs," Troy Rhudy, Molecular Products CEO.
Cevian takes a 5% stake in Aviva and seeks $7bn capital return. (FS)
Cevian Capital, an international investment firm, acquired a near 5% stake in Aviva, a United Kingdom-based insurance company, and said it should return $7.08bn of excess capital in 2022, Reuters reported.
Aviva, which has sold eight businesses since the appointment of Amanda Blanc as CEO in July 2020, had raised $10.6bn from disposals and planned to return money to shareholders without putting a figure on it.
"Aviva has been poorly managed for many years, and its high-quality core businesses have been held back by high costs and a series of bad strategic decisions," Christer Gardell, Cevian Managing Partner and Co-Founder.
Generali drops out from the acquisition of NN's asset manager.
Generali, an Italian global insurance and asset management provider, has dropped out of the race to acquire the asset management arm of NN Group, an international financial services company, Reuters reported.
Generali and Deutsche Bank’s asset management unit DWS were among suitors that last week filed non-binding bids for the company. The unit could be valued at $1.83bn.
EU to decide by July 9 on ArcelorMittal bid for Liberty Steel France.
European Union antitrust regulators will decide by July 9 whether to clear ArcelorMittal's bid for two French steel plants belonging to Sanjeev Gupta's Liberty Steel, a British industrial and metals company, Reuters reported.
The EU competition watchdog can either clear the deal with or without conditions, or it can open a four-month long investigation if it has serious concerns.
About You eyes $4.9bn valuation in Frankfurt listing.
About You, a developer of an online e-commerce platform, set a price range of $25.5 to $31.6 per share for its stock market listing, putting a prospective valuation of around $4.9bn on the business, Reuters reported.
The Hamburg startup will sell 28.6m new shares worth $730m via a private placement as part of its flotation, while existing shareholders will sell a further 8.4m shares, including an overallotment option. The company will invest proceeds in international expansion and in its business-to-business technology platform.
About You is advised by Deutsche Bank, Goldman Sachs, JP Morgan, Numis Securities, Societe Generale and UBS.
Stellantis-owned Aramis prices IPO at $28-$34 per share.
Stellantis-owned Aramis, a French second-hand car group, priced its planned IPO on the stock market at between $28-$34 per share. The company plans to raise between $543-$586m as a result of the overall IPO transaction, Reuters reported.
"Our ambition is to become the preferred digital platform in Europe to buy a used car. This IPO is an important step for Aramis Group, allowing us to pursue our strategy of rapid growth in our existing markets and conduct acquisitions in new European countries, as we have done successfully since 2017," Nicolas Chartier and Guillaume Paoli, Aramis Founders.
Made.com seeks $405m in IPO.
Made.com Group, an online furniture retailer, seeks $405m in London IPO, as millennials decorating their homes boost sales, Bloomberg reported.
The company is looking to raise $142m from the offering. Made.com will market shares at $2.83 to $3.75 apiece. The company’s offering is looking to upgrade their decor and remote-work stations during the pandemic.
Made.com is advised by JP Morgan, Morgan Stanley and Liberum Capital.
Foresight closed FEIP with commitments of $871m. (FS)
Foresight Group Holdings, an infrastructure asset and private equity investment manager, closed Foresight Energy Infrastructure Partners, a sustainability-led energy infrastructure fund investing predominantly in Europe, with $871m of total commitments.
“This latest FEIP close shows once again that investor appetite for Foresight’s sustainability-led strategies is continuing to grow, while a strong pipeline of potential investment targets has also been supporting the fundraising process. The FEIP team led by Portfolio Managers Dan Wells and Richard Thompson are making excellent progress towards our objective of ensuring that FEIP becomes a leading platform in capturing opportunities from the evolving transition to a decarbonised energy infrastructure system in Europe, North America and Australia," Nigel Aitchison, Foresight Head of Infrastructure.
Foresight is advised by Worthwhile Capital Partners, Astrid Advisors and Ashurst.
Moonfare targets $122m with the second vintage of Buyout Portfolio. (FS)
Moonfare, a technology platform that enables individuals and their advisors to invest in top-tier private equity funds, is launching Buyout Portfolio II targeting $122m.
“If you look at the fund managers in our first Moonfare Buyout Portfolio, you are looking at something like a private equity hall of fame. Connecting managers like these with individual investors – in a fully digital and diversified fashion, no less – is what Moonfare is all about," Steffen Pauls, Moonfare Founder and CEO.
APAC
Tata Digital, a subsidiary of Tata Group, a provider of information technology, infrastructure, automotive, tourism and travel services, agreed to invest $75m in CureFit, a health and fitness company offering digital and offline experiences across fitness, nutrition, and mental well-being.
“Joining Tata Digital marks an exciting new step for me and my team and is a recognition of the value we have created with CureFit for fitness enthusiasts in India. Being part of Tata Digital will enable us to nationally scale up our offerings for our customers. Tata Digital has a highly inspiring vision to create next-generation consumer platform and I am very excited to be part of the Tata Digital team that is shaping this vision,” Mukesh Bansal, CureFit Co-Founder and CEO.
GL Ventures, a venture capital firm, led a $300m Series D funding round in Hesai Technology, a LiDAR manufacturer. The round was joined by Xiaomi, Meituan and CITIC PE.
The proceeds from the newly-closed funding round will be used to support the volume production and scale delivery of the factory-installed hybrid solid-state LiDAR, the construction of its smart manufacturing center, and the R&D of automotive-grade high-performance LiDAR chips.
TPG Capital Asia led a $220m funding round in Dingdang Health, an integrated online healthcare platform. The round was joined by OrbiMed, Redview Capital, Valliance, Orchid Asia, Summer Capital and Yingke PE.
"With this round of financing, Dingdang Health will press ahead with its online-to-offline strategy to cover services including medical care, medicine delivery and medical insurance," Yang Wenlong, Dingdang Health Founder and Chairman.
KKR and TPG Capital-backed PropertyGuru considers a $2bn SPAC merger. (FS)
Bridgetown 2 Holdings, a blank-check company, backed by billionaires Richard Li and Peter Thiel, is in advanced talks to merge with KKR and TPG Capital-backed PropertyGuru, a Singapore-based real estate property services, Bloomberg reported.
PropertyGuru is considering a US listing via a SPAC merger and has held preliminary talks. A transaction could value the combined firm at as much as $2bn.
Boyu Capital and Sinopharm among shortlisted bidders for Mundipharma Chinese unit. (FS)
Mundipharma, a drugmaker, has included Boyu Capital, a China-focused investment firm, and Sinopharm, a provider of pharmaceutical supply chain services, on a shortlist of bidders for its Chinese business, Reuters reported.
Mundipharma has chosen about 20 possible buyers, including private equity firms and strategic players, to proceed to the next round. Chinese buyout firms CITIC Capital and CPE are also on the shortlist for Mundipharma's China unit, which could fetch more than $1bn.
Mundipharma is advised by Deutsche Bank.
Denham Capital keen on selling $774m of energy assets. (FS)
Denham Capital, an energy and resources-focused global private equity firm, is looking to divest Aussie and Asian assets worth $774m. These include renewable energy assets held by its Singapore-based platform Nexif Energy.
The company owns renewable energy assets in Vietnam, Thailand, the Philippines, Australia, including 464-MW Lincoln Gap wind farm near Port Augusta in South Australia.
Denham Capital is adviaed by JP Morgan.
Paytm prepares for planned $3bn IPO. (FS)
Paytm, an Indian financial services company, is considering sell shares in the planned IPO raising $3bn. Paytm's board has approved the offering plans in principle and finalizes the draft red herring prospectus, Bloomberg reported.
The offer for sale, or OFS, will allow employees to sell their shares as part of the IPO. If existing shareholders want to sell more in aggregate than allowed during the IPO, the ability to sell stock will be determined on a pro-rata basis.
The company, whose investors include Berkshire Hathaway, SoftBank Group and Ant Group, is seeking to raise about $3bn at a valuation of around $25bn to $30bn.
Paytm is advised by Morgan Stanley.
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