AMERICAS
Ardian, a French investment firm, completed the acquisition of a majority stake in Florida Food Products, a company that specializes in the creation and manufacturing of fruit and vegetable juice concentrates, from MidOcean Partners, an American private equity firm, at a $1bn valuation.
"What we do at the end of the day is we enable food companies to deliver food to consumers that they're demanding," Jim Holdrieth, Florida Food Products CEO.
Ardian was advised by Evercore, Houlihan Lokey, JP Morgan, Weil Gotshal and Manges and The Neibart Group. MidOcean Partners was advised by Houlihan Lokey, Gibson Dunn & Crutcher and Gasthalter & Co.
Milliken & Company, a global diversified manufacturer, completed the acquisition of Encapsys, a microencapsulation firm, from Cypress Performance, a materials and diversified products manufacturer. Financial terms were not disclosed.
"Moving the needle on sustainability requires big thinking and powerful collaborations. We're thrilled to welcome Encapsys to Milliken. Encapsys's expertise coupled with our ability to scale will propel our efforts to deliver sustainable innovations for our customers," Halsey Cook, Milliken & Company President and CEO.
Encapsys was advised by Bank of America, Credit Suisse and Morgan Lewis & Bockius. Milliken was advised by JP Morgan and Jones Day.
SK E&S, a provider of clean energy solutions headquartered in Seoul, agreed to invest $400m in LS Power-backed REV Renewables, a company focused on the development, acquisition and operation of renewables and energy storage.
"The energy transition is underway and we believe renewables and storage represent the largest opportunities and challenges. We formed REV to tackle these challenges and we are extremely pleased that a company with the vision, sophistication and global reach of SK E&S is investing alongside us in REV Renewables," Paul Segal, LS Power CEO.
SK E&S is advised by Bank of America and O'Melveny & Myers. LS Power is advised by Morgan Stanley, RBC Capital Markets and Willkie Farr & Gallagher.
Banc of California, a bank serving the state of California, completed the acquisition of Pacific Mercantile, a bank holding company, for $235m.
"We are excited to welcome Pacific Mercantile's clients and colleagues into our banking family. Pacific Mercantile's talented team has built an attractive roster of operating company clients, and we look forward to serving them with high-touch relationship banking," Jared Wolff, Banc of California President and Chief Executive Officer.
Pacific Mercantile was advised by Keefe Bruyette & Woods and Sheppard Mullin Richter & Hampton. Banc of California was advised by Piper Sandler, Sullivan & Cromwell and Prosek Partners.
Platinum Equity, a global investment firm, agreed to acquire Pelican Products, a provider of high-performance protective cases and rugged gear for professionals and outdoor enthusiasts, and temperature-controlled supply chain solutions. Financial terms were not disclosed.
"With a global manufacturing footprint and broad distribution network, Pelican is an outstanding platform for acquisitive growth with substantial opportunity in both its core markets and adjacent categories. We look forward to working with the company's management team and deploying our operational and M&A resources in support of the next phase of Pelican's growth and expansion," Matthew Louie, Platinum Equity Managing Director.
Pelican Products is advised by Credit Suisse and Latham & Watkins. Platinum Equity is advised by Gibson Dunn & Crutcher and Willkie Farr & Gallagher. Debt financing is provided by Bank of America.
TopBuild, an installer and distributor of insulation and building material products, completed the acquisition of Distribution International, a distributor and fabricator of mechanical insulation and related products, from Advent for $1bn.
"The acquisition of Distribution International is highly strategic for TopBuild. It aligns with our strategy of seeking well-managed companies with experienced, talented teams with expertise in our core business of insulation and adjacent products. DI provides us with a direct entry and immediate leadership position in the $5bn mechanical insulation market which is a highly attractive and complementary new growth platform for TopBuild," Robert Buck, TopBuild President and CEO.
TopBuild was advised by JP Morgan and Jones Day. Advent was advised by RBC Capital and Weil Gotshal and Manges.
JAB, a German conglomerate, headquartered in Luxembourg, that includes investments in companies operating in the areas of consumer goods, forestry, coffee, luxury fashion, animal health, and fast food, among others, agreed to acquire Figo Pet Insurance, a provider of pet insurance. Financial terms were not disclosed.
"Figo exists because of our deeply held belief that pet owners deserve simple and meaningful solutions to protect their loved ones. We are thrilled to partner with JAB to improve the quality of care and coverage available through Figo's best-in-class technology and customer experience," Rusty Sproat, Figo CEO and Founder.
Figo is advised by JP Morgan. JAB is advised by The One Nine Three Group.
Scopely, one of the largest privately held mobile-first video game companies, agreed to acquire GSN Games, which operates a portfolio of free-to-play mobile and online games, from Sony Pictures Entertainment, an entertainment company, for $1bn.
"The GSN Games organization is an exceptional team, and we are excited to see what more we can accomplish together. We hope to take what is already a strong business and accelerate it through our publishing and technology infrastructure, unlocking even more value. Through this acquisition, we will continue to cultivate a loyal player base as part of our mission to inspire play, every day. The GSN Games business has proven itself as both incredibly durable and consistently profitable, due to the dynamic experiences the team continues to build for players around the world. We look forward to a great future together," Tim O'Brien, Scopely Chief Revenue Officer.
Sony is advised by Citigroup and Latham & Watkins.
Construction Partners, a vertically integrated civil infrastructure company, completed the acquisition of J. Miller Construction, a grading and sitework contractor based in Pensacola, Florida. Financial terms were not disclosed.
"We are pleased with this strategic acquisition, which further enhances our vertical integration of construction services in the rapidly growing Florida Panhandle markets. J. Miller Construction is a well-respected grading and sitework contractor in the greater Pensacola area, servicing markets in both Florida and Alabama. Following our initial entry into Pensacola last March, this transaction strengthens our capabilities by adding a talented and experienced workforce to our team," Fred J. Smith, III, Construction Partners President and CEO.
Construction Partners was advised by Dennard Lascar.
Popmenu, a digital marketing and ordering SaaS platform for restaurants, agreed to acquire OrderNerd, a fast-growing, innovative player in the food ordering and delivery space. Financial terms were not disclosed.
"Popmenu and OrderNerd built our technologies because we love restaurants and we want to help them be more successful. Restaurants have been told that technology has to be complex. We disagree. We work closely with restaurants to design easy solutions that increase efficiency and sales while eliminating costs. OrderNerd's fantastic user experience and streamlined ordering technology are a perfect fit. Their vision for the future is well-aligned with ours and we're excited to work with them to create new possibilities for restaurants and their guests," Brendan Sweeney, Popmenu CEO.
CIBC, a Canadian multinational banking and financial services corporation, completed the investment in Mindful Health Solutions, a provider of mental health services. Financial terms were not disclosed.
"Mental health impacts 1 in 5 adults in the United States, and the pandemic has made mental health services such as those provided by Mindful Health Solutions more important than ever. We are proud to support this company whose purpose is to broaden pathways to treating depression and to make it accessible to all those in need," Youssef Kabbani, CIBC Director.
Group 1 Automotive, an international, Fortune 500 automotive retailer, agreed to acquire Capital City Honda, a car dealership in Sacramento, California. Financial terms were not disclosed.
"We're extremely pleased to welcome the team at Capital City Honda to the Group 1 family. We're looking forward to expanding our relationship with Honda and the local community in Sacramento," Daryl Kenningham, Group 1 Automotive President of US and Brazilian Operations.
Wind Point-backed Corbett Technology Solutions, a full service technology and communications solutions provider, agreed to acquire The Protection Bureau, a provider of enterprise burglar alarm, fire alarm, video surveillance, and access control systems. Financial terms were not disclosed.
"We are extremely excited to have The Protection Bureau join the CTSI family. The Protection Bureau team has established a fantastic business serving customers across various industry verticals including Healthcare, Finance, Retail, Commercial Real Estate, Government and Education. We look forward to further supporting the Company's best-in-class integration capabilities using our increased scale to provide opportunities for both employees and customers," Joe Oliveri, CTSI President and CEO.
SoftBank, a Japanese multinational conglomerate holding company, Amazon, an American multinational technology company, and Accel, an early and growth-stage venture capital firm, led a $108m Series B investment round in Pismo, a Brazilian banking and payments tech platform. Additional investors included B3, Falabella Ventures,PruVen, Headline and Redpoint.
"Pismo is now ready for a new phase of growth. On the back of this funding round, we will build further on the momentum and scale we already have in Latin America, and accelerate international expansion," Ricardo Josua, Pismo CEO and Co-Founder.
BOND led a $100m Series C round in Saildrone, a ocean data, ocean mapping, and maritime intelligence solutions firm, with participation from XN, Standard Investments, Emerson Collective, Crowley Maritime, Capricorn's Technology Impact Fund, Lux Capital, Social Capital, and Tribe Capital.
The new financing will be used to grow Saildrone's data insight teams and scale go-to-market functions to meet the rapidly growing demand for ocean domain intelligence.
Embraer and Fokker join up for defense, development and support opportunities.
Embraer, a Brazilian planemaker, and Fokker, a Dutch aerospace company, signed an agreement to explore opportunities in defense and commercial aviation, including potential new configurations for its C-390 military transport plane, Reuters reported.
In the commercial aviation market, the agreement with Fokker Techniek and Fokker Services will seek to open opportunities in engineering and logistic support, in addition to development of hydrogen-powered aircraft.
GlobalFoundries looks for $25bn valuation in IPO. (FS)
Chipmaker GlobalFoundries, owned by Abu Dhabi's sovereign wealth fund Mubadala Investment, is aiming for a valuation of about $25bn in its initial public offering in the United States, Reuters reported.
In a filing to stock exchanges, GlobalFoundries set a price range between $42 and $47 a share for its stock market flotation. At the upper end of the range, the company is expected to raise about $2.6bn.
Rent the Runway targets at around $1.3bn in IPO.
Rent the Runway is aiming for a valuation of nearly $1.3bn in its US initial public offering, as the fashion rental company looks to cash in on the rising interest in pre-owned clothing, Reuters reported.
Rent the Runway plans to sell 15m shares priced between $18 and $21 apiece in its IPO, raising $315m.
Hochschild Mining pursues a listing of Aclara.
London-listed Hochschild Mining would pursues a listing of its Chilean rare earth unit Aclara Resources in Toronto, as it taps new funding to step up focus on its mainstay precious metals business, Reuters reported.
“Each (Hochschild and Aclara) will have their own strategic focus on their respective products, their own dedicated management teams, separated access to capital and an independent valuation,” Eduardo Hochschild, Hochschild Chairman.
Rock Tech plans on a Nasdaq listing.
Rock Tech Lithium is preparing a Nasdaq listing to broaden its investor base and help finance a $545m battery-metals smelter in Germany near sites of key suppliers and customers including Tesla and BASF, Bloomberg reported.
The US stock market presence would complement Rock Tech’s listings on the Toronto and Frankfurt exchanges and is linked to a planned equity raise next year.
EMEA
SIGNA Sports United, a global sports e-commerce and tech platform, upsized the PIPE investment in its $3.2bn SPAC merger with Yucaipa Acquisition, a blank check company, by $70m to $372m. The company also announced a new redemption backstop agreement related to its proposed business combination. These additional elements increase deal certainty and ensure the listing of the enlarged pro forma company.
"The upsizing of the PIPE demonstrates the increased interest in SSU's sports e-commerce and technology platform. The backstop agreement underpins the principal's commitment to the company and provides transaction certainty for the strategic combination of the two largest online Bike retailers. The pro forma company will be in a strong position to pursue its mission to digitalize the global sports retail ecosystem with a guaranteed level of liquidity at all potential levels of redemptions by YAC shareholders," Mike Özkan, SSU Chairman of the Board.
SIGNA Sports United is advised by Citigroup, Gleiss Lutz, McDermott Will & Emery, NautaDutilh, Seitz, Skadden Arps Slate Meagher & Flom and Allison+Partners. Yucaipa is advised by Morrow Sodali Global, Jefferies & Company, Moelis & Co, Kirkland & Ellis, Latham & Watkins, Loyens & Loeff and Schweibert Leßmann & Partner.
S&P Global and IHS Markit provided the following update regarding the decision by the UK Competition and Markets Authority that the merger of S&P Global and IHS Markit does not raise potential competition concerns, except in relation to certain commodity and petrochemical price assessments in the UK.
To address the CMA’s potential concerns, S&P Global and IHS Markit have previously discussed the divestiture of IHS Markit's Oil Price Information Services; Coal, Metals and Mining; and PetroChem Wire businesses. As previously announced, the parties have agreed to a sale of these businesses to News Corp, subject to approval of relevant antitrust authorities. The companies have further discussed with the CMA the divestiture of IHS Markit’s base chemicals business to address any remaining concerns.
IHS Markit is advised by Barclays, JP Morgan, Jefferies & Company, Morgan Stanley and Davis Polk & Wardwell. Financial advisors to IHS Markit are advised by Simpson Thacher & Bartlett. S&P Global is advised by Citigroup, Credit Suisse, Goldman Sachs, HSBC, Wachtell Lipton Rosen & Katz, Community Group and Joele Frank. Financial advisors to S&P Global are advised by Sullivan & Cromwell.
Clayton, Dubilier & Rice, an American private equity company, agreed to acquire the global mobility services business of PwC, a multinational professional services network of firms, operating as partnerships under the PwC brand, for $2.2bn
.
“CD&R has a longstanding track record of executing global carve-out transactions helping companies transition from corporate ownership to independent models. We believe, as a free-standing platform, PwC’s Global Mobility Tax and Immigration Services business will be positioned to increase its value proposition to its world-class client base,” Stephen Shapiro, CD&R Partner.
Clayton, Dubilier & Rice is advised by BMO Capital Markets, BNP Paribas, Deutsche Bank, JP Morgan, Mizuho Financial Group, Societe Generale, UBS, Davis Polk & Wardwell and Debevoise & Plimpton. PricewaterhouseCoopers is advised by Morgan Stanley, RBC Capital Markets and Linklaters.
Great Britain is intervening in the proposed $8.65bn takeover by Parker-Hannifin, a US engineering and aerospace firm, of its British rival Meggitt, citing national security grounds, Reuters reported. Kwasi Kwarteng issued a so-called “intervention notice” to review the impact of the takeover.
“The UK is open for business, however we will take steps to protect our national security when necessary,” Kwasi Kwarteng Britains Business Minister.
Meggitt is advised by Bank of America, Morgan Stanley, Rothschild & Co, Slaughter & May and FTI Consulting. Transdigm Group is advised by JP Morgan. Parker Hannifin is advised by Citigroup, Freshfields Bruckhaus Deringer, Jones Day and Brunswick Group. Debt financing is provided by Citigroup. Debt provider is advised by Weil Gotshal and Manges.
KKR completed the acquisition of a majority stake in Environmental Resources Management, a sustainability consultancy, from investment firms OMERS and Alberta Investment at a $2.8bn valuation.
"At ERM, we are committed to working alongside every one of the world's leading organizations to achieve their sustainability goals. This long-term partnership with KKR will allow us to expand and accelerate our client impact, and bring new capabilities and technologies to the business of sustainability," Keryn James, ERM CEO.
ERM was advised by JP Morgan, Jamieson, Lazard, Allen & Overy and Ropes & Gray. KKR was advised by Ernst & Young, Citigroup, Paul Weiss Rifkind Wharton & Garrison and Finsbury Glover Hering.
Vance Street Capital, a middle-market private equity firm, completed the acquisition of Syscom Instruments, a provider of vibration and seismic monitoring equipment. Financial terms were not disclosed.
"Syscom's sensors, recorders and software solutions for the civil engineering, strong motion and safety systems markets are a great fit with Terra Insights' existing capabilities and further enhances Terra Insights' monitoring offering for its global client base," Steve Sandbo, Vance Street Principal.
Syscom Instruments was advised by Corporate Finance Mittelstandsberatung and Lenz & Staehelin. Vance Street Capital was advised by Kellerhals Carrard and O'Melveny & Myers. Debt financing was provided by BMO Capital Markets.
Bridgepoint, the quoted private assets growth investor, agreed to invest in PTV Group, a global software company for traffic simulation and planning as well as provider of optimisation solutions for transport logistics. Financial terms were not disclosed.
"Since I joined PTV almost two years ago, we have made considerable progress with the transformation of PTV into a software company with state-of-the-art cloud and SaaS competencies, generating a positive response from our customers. I am convinced that PTV will take a leading role in solving the challenges in the fields of mobility and logistics," Christian U. Haas, PTV Group CEO.
PTV Group is advised by Westend Corporate Finance and Linklaters. Bridgepoint is advised by Alvarez & Marsal, Boston Consulting Group, Jefferies & Company and Allen & Overy.
Silver Lake, a global technology investment firm, agreed to acquire Grupo BC, the provider of outsourcing services specialized in mortgage management procedures and registry verification for financial institutions, real estate servicers and investment funds, from L-GAM, a long-term investment firm. Financial terms were not disclosed.
“Grupo BC is an outstanding company with a unique value proposition as a scaled and tech-enabled provider of mission-critical services and software to financial institutions across Iberia and Latin America. We are impressed by the way Santiago, Xavier and the rest of the team have developed and continuously digitalized the Grupo BC platform over the years, building it into the partner of choice for clients across its ecosystem. Investing in impactful, leading and technology-enabled business models is at the core of Silver Lake’s DNA, and we feel privileged to partner with management as Grupo BC enters a new phase of organic and inorganic growth,” Christian Lucas, Silver Lake Co-Head.
Grupo BC is advised by Canson Capital Partners, Socios Financieros and DWF. Silver Lake Partners is advised by Paul Weiss Rifkind Wharton & Garrison, Uria Menendez and Edelman.
Entain, an international sports betting and gambling company, said that the UK Takeover Panel has extended the deadline for DraftKings, an American daily fantasy sports contest and sports betting operator, to either make an offer for the London-listed betting-and-gambling group or walk away. The new deadline is November 16 instead of October 19.
Entain said that it has been in talks with the US-listed company to explore the merits and feasibility of a deal. It added that there's no certainty an agreement will be reached and that the board strongly believes in the company's future.
Entain is advised by Deutsche Bank, Morgan Stanley and Powerscourt.
New York-based tech investors Third Point Ventures and Coatue Management led a $900m Series E round in N26, a German neobank headquartered in Berlin, with participation from Dragoneer Investment Group and Tencent.
"This recent financing round solidifies the fact that retail banking as we know it has changed. With our fresh capital, we are in prime position to become one of the biggest retail banks in Europe, all without a single branch," Valentin Stalf, N26 CEO.
Tencent is advised by Hengeler Mueller.
Lightrock and Planet First Partners led a $125m Series D round in Sunfire, a provider of industrial electrolyzers, with participation from Carbon Direct Capital Management and HydrogenOne Capital.
"Today's announcement marks the largest equity raise of a green-hydrogen-focused private company anywhere to date These new funds will allow Sunfire to bring its advanced pressurized alkaline and game-changing solid oxide (SOEC) electrolysis technologies to industrial scale, building the first in a series of production gigafactories, creating both meaningful electrolysis capacity for our customers and attractive returns for our investors," Nils Aldag, Sunfire CEO.
Sunfire was advised by Goldman Sachs.
SoftBank Vision Fund 2 led a $300m funding round in Zopa, a British financial services company, with participation from Chimera Capital, IAG Silverstripe, Davidson Kempner Capital Management, NorthZone and Augmentum Fintech.
"This round of funding, led by Softbank Vision Fund 2, will further support our plan to help even more UK consumers improve their financial health and access great borrowing and saving products," Zopa.
SoftBank Vision Fund 2 led a $174m Series C round in Enpal, a solar energy company in Berlin, Germany.
"Rising electricity prices and increasing demand mean renewable energy adoption is rapidly becoming mainstream. We believe Enpal offers customers an all-in-one solar solution, lowering the barriers to entry for consumers. It's great to be working with Mario and the Enpal team to make more households energy independent," Yanni Pipilis, SoftBank Managing Partner.
PAI set to hire BofA, Goldman, JP Morgan for Refresco exit. (FS)
PAI Partners is poised to hire Bank of America, Goldman Sachs and JP Morgan to advise it on options for its bottling business Refresco, Bloomberg reported. The investment banks could help the private equity firm explore a US IPO of Rotterdam-based Refresco next year.
PAI may also consider a sale of Refresco, which would likely draw other private equity firms. The banks have not been formally appointed and more could be added to the advisory roster.
El Al Airlines considers buying Arkia.
El Al Israel Airlines entered talks with Arkia to examine a possible acquisition of its smaller rival, Reuters reported.
In a regulatory filing in Tel Aviv, Israel's flag carrier was considering buying Arkia and in exchange would issue its own shares to Arkia shareholders.
UniCredit weighs potential sale.
Italy’s bank UniCredit has invited expressions of interest from investors for its leasing business to gauge market appetite for the unit as it weighs a potential sale, Reuters reported.
UniCredit aimed to gather investors’ valuations for the unit and its portfolio of assets, but no decision on the sale had yet been taken and it may not happen.
Sofinnova Partners raises $550m for Europe's largest early-stage healthcare VC fund. (FS)
Sofinnova Partners, a European life sciences venture capital firm based in Paris, London and Milan, closed its latest early-stage healthcare venture capital fund, Sofinnova Capital X, oversubscribed at $550m.
Sofinnova Capital X will invest in the most promising biopharmaceutical and medical device start-ups that address pressing unmet clinical needs and aim to transform patients' lives. In keeping with the current strategy, the team will source and create value across a portfolio of groundbreaking innovations in healthcare, supporting entrepreneurs globally in the creation and growth of their companies.
APAC
Newrace, a company incorporated in the British Virgin Islands and wholly owned by Zenix Chairman Jianhui Lai, agreed to merge with China Zenix Auto, a commercial vehicle wheel manufacturer, in a $56m deal.
Pursuant to the Merger Agreement, a British Virgin Islands company limited by shares and a wholly owned subsidiary of Newrace to be formed promptly after the date hereof will merge with and into the China Zenix Auto, with China Zenix Auto continuing as the surviving company and becoming a wholly owned subsidiary of Newrace.
China Zenix Auto International is advised by Duff & Phelps, Kroll, Gibson Dunn & Crutcher and Awaken Advisors. Newrace is advised by Campbells and Zhong Lun Law Firm.
HUB24, an investment and superannuation platform, agreed to acquire Class, an ASX-listed Australian technology company, for $386m.
"We're excited to be announcing the proposed acquisition of Class Limited with the full support of the boards of both companies. Class are market leaders in the establishment, management and administration of wealth and SMSF solutions. The completion of this transaction will combine two exceptionally talented teams with a common purpose to empower better financial futures for Australians and provide a unique range of products and services for financial professionals and their clients," Andrew Alcock, HUB24 Managing Director.
HUB24 is advised by Citigroup and MinterEllison.
Equinix, the world's digital infrastructure company, and PGIM, the real estate investment and financing arm of Prudential, agreed to form a joint venture to develop and operate two xScale data centers in Sydney, Australia in a $575m deal.
"As digital transformation accelerates across all industries, hybrid multicloud is becoming the IT architecture of choice for leading businesses. These companies recognize that digital infrastructure is a source of competitive advantage, and they are leveraging Platform Equinix to directly connect and operate close to the largest cloud companies powering this infrastructure. Our new relationship with PGIM Real Estate follows our successful partnership with GIC and will enable the world's largest hyperscalers to expand within the Equinix ecosystem in Australia," Charles Meyers, Equinix President and CEO.
Equinix is advised by Citigroup.
MBK Partners, a North Asia focused private equity firm, agreed to acquire five ocean theme parks from Haichang Ocean Park, a Hong Kong-listed hospitality group, for $1bn.
"The directors believe that the sale of the target companies at a relatively favorable market price would generate a considerable sum of cash which could be directed toward repayment of a certain amount of debt," Haichang Ocean Park.
IDG Capital, an investment and asset management firm, and 5Y Capital, a private equity firm, led a $500m Series A funding round in HT Aero. Additional investors included Sequoia China, Eastern Bell Capital, GGV Capital, GL Ventures and Yunfeng Capital.
“Our next-generation model will be a fully integrated flying vehicle and automobile, designed for both low-altitude air travel and road driving,” Deli Zhao, HT Aero Founder and President.
Cainiao, the official global parcel tracking platform of Alibaba Group, and COSCO Shipping, a Chinese international container transportation and shipping company, led a $264m funding round in Worldwide Logistics Group, provider of supply chain services in key industries. Additional investors include Sinovation Ventures and Yunqi Partners.
The new financing will be used to fund the firm's continued construction of cross-border logistics infrastructures in an attempt to further its expansion in the global market. It also plans to accelerate the integration of industry technologies into its business.
Key Evergrande deal to sell stake in unit put on hold.
China Evergrande Group’s deal to sell a 51% stake in its property services unit has been put on hold in a blow to the embattled developer’s hopes of avoiding a potentially disruptive default, Reuters reported.
Evergrande, teetering on the brink of collapse with more than $300bn in debt, was in talks to sell the stake in Evergrande Property Services to smaller rival Hopson Development Holdings for around $2.6bn.
Aura and Fat Projects eye SPAC listings in Singapore. (FS)
Aura Group, a Singaporean investment firms, and Fat Projects have agreed to explore launching SPAC that target technology businesses in the Asia Pacific region, Bloomberg reported.
“We share the joint thesis that Southeast Asia is one of the most exciting places to invest over the next decade. The next billion internet users are coming online from this region,” Calvin Ng, Aura Co-Founder.
Countries such as Thailand, Vietnam and Indonesia are seeing enhanced mobile penetration amid investments in cell towers and other digital infrastructure.
GLP raised $2.73bn in its Japam's private real estate fund. (FS)
Asia's biggest warehouse operator, GLP, raised JPY311bn ($2.73bn) for its largest Japan-focused private real estate fund amid a global boom in the logistics sector spurred by growing e-commerce sales, Reuters reported.
The fund, GLP Japan Development Partners IV, is expected to reach over JPY 1tn ($8.75bn) of assets under management when fully deployed, it will focus on developing logistics facilities in Japan, in particular large-scale projects in the greater Tokyo and Osaka regions.
|
