AMERICAS
Occidental Petroleum, an international oil and gas exploration and production company, plans to sell a four-story office building in the heart of the Permian Basin and move employees into a nearer location inherited from the $57bn Anadarko deal. The 213k square-foot complex will be vacated by April 2020.
“We have told our employees in Midland that they will be moving into the state-of-the-art building that Anadarko began constructing prior to the acquisition," Melissa Schoeb, Occidental Spokeswoman.
Anadarko Petroleum was advised by Innisfree M&A, Evercore, Goldman Sachs, JP Morgan, Jefferies & Company, Vinson & Elkins, Wachtell Lipton Rosen & Katz, Joele Frank and Sard Verbinnen & Co. Occidental was advised by MacKenzie Partners, Bank of America Merrill Lynch, Citigroup, Cravath Swaine & Moore, Freshfields Bruckhaus Deringer, Brunswick Group, CBRE and Moriah Real Estate. Chevron was advised by Credit Suisse, Paul Weiss Rifkind Wharton & Garrison and Shearman & Sterling.
Menlo Therapeutics, a late-stage biopharmaceutical company, agreed to merge with Foamix Pharmaceuticals, a clinical-stage specialty pharmaceutical company. The transaction is structured as a stock-for-stock exchange. Under the terms of the merger agreement, each share of Foamix stock will be exchanged for 0.5924 of a share of Menlo common stock and a contingent stock right.
“Our goal with this merger is to maximize value by developing and commercializing our assets in the context of a broader dermatology franchise. A combination with Foamix will help de-risk and accelerate serlopitant’s commercial launch, assuming approval. The Foamix management team also brings extensive R&D and commercial expertise, having developed two novel topical therapies for acne and rosacea at Foamix, and also in leading the successful commercial launches of several dermatology products prior to Foamix,” Steve Basta, Menlo Chief Executive Officer.
Menlo is advised by Guggenheim Partners, Herzog Fox & Neeman and Latham & Watkins. Foamix is advised by Barclays, Meitar Liquornik Geva Leshem Tal, Skadden Arps Slate Meagher & Flom, LifeSci Public Relations and Zeno Group.
DFB Healthcare Acquisitions, a special purpose acquisition company sponsored by Deerfield Management and Richard Barasch, closed its merger with AdaptHealth Holdings, a provider of home medical equipment. Financial terms were not disclosed.
“Luke and his team have built one of the industry’s leading HME providers through a combination of accretive capital deployment, high-touch customer engagement, and a scalable, purpose-built, technology-enabled operating model. We believe AdaptHealth will continue to occupy an increasingly distinct position in the home-based healthcare value chain as the most efficient provider in the space,” Richard Barasch, AdaptHealth Chairman.
DFB was advised by Deutsche Bank, Goldman Sachs, Jefferies & Company, Greenberg Traurig, McDermott Will & Emery and The Equity Group. Adapt was advised by Stifel and Willkie Farr & Gallagher.
Winnebago Industries, an outdoor lifestyle product manufacturer, completed its acquisition of Newmar Corporation, a manufacturer of Class A and Super C motorized recreation vehicles, for $270m.
“Winnebago Industries has a deep heritage in the RV industry, and we are excited about the opportunity to join its portfolio of premium outdoor lifestyle brands. We look forward to working with the Winnebago Industries team to further enhance our growth trajectory, share best practices across our business, and continue delivering an incomparable product experience for our dealers and customers,” Matthew Miller, Newmar President.
Winnebago was advised by Goldman Sachs and Faegre Baker Daniels. Goldman Sachs was advised by Cleary Gottlieb Steen & Hamilton.
Le Tote, a fashion rental subscription service, completed its acquisition of Lord + Taylor, a luxury department store in the United States, from The Hudson's Bay Company, a Canadian retail business group, for $100m.
“We’re excited to have reached an agreement with Le Tote that creates a new model for Lord + Taylor, bringing together fashion rental subscriptions with traditional retail. Following an extensive review of strategic alternatives, Le Tote’s leadership and innovative approach is the best path forward for Lord + Taylor, its loyal customers and dedicated associates. For HBC, this transaction builds upon our previous bold actions, further enabling us to focus on our greatest opportunities, Saks Fifth Avenue and Hudson’s Bay,” Helena Foulkes, HBC CEO.
Le Tote was advised by Citigroup and Kirkland & Ellis. HBC was advised by PJ Solomon and Willkie Farr & Gallagher. Carlyle Global Credit and Wells Fargo Securities provided debt financing.
OpenText, a provider of enterprise information management software and solutions, agreed to acquire Carbonite, a provider of data protection and cybersecurity, for $1.42bn.
“Carbonite has expanded its solutions to become a leader in cyber resiliency. We have grown through both organic and inorganic opportunities over the years, enhancing our routes to market, diversifying our customer base, and assembling a talented workforce, while adding meaningful scale. The Board strongly believes that a transaction with OpenText delivers compelling, immediate and substantial cash value to shareholders," Steve Munford, Carbonite Interim CEO and President.
Carbonite is advised by JP Morgan and Skadden Arps Slate Meagher & Flom. OpenText is advised by Lazard.
Invitae, a medical genetics company, agreed to acquire Clear Genetics, a developer of software for providing genetic services at scale, for $50m.
"Clear Genetics' technologies have been designed to meet the needs of clinicians. In some ways, they can be thought of as a digital navigator for using genetic testing to care for patients. Clear Genetics, like Invitae, developed these tools with the goal of ensuring easier access to medically responsible, actionable genetic testing. Understanding how best to expand the use of these technologies will play an important role in answering how clinicians will harness the power of genetics in mainstream medicine," Robert Nussbaum, Invitae Chief Medical Officer.
Clear Genetics is advised by LglBiz and ZAG-S&W. Invitae is advised by Pillsbury Winthrop Shaw Pittman.
W2O, a provider of analytics-driven, digital-first marketing communications to the health care sector, agreed to acquire Radius Digital Science, which offers differentiated services to the health care industry. Financial terms were not disclosed.
“We are methodically evolving as a firm to achieve our vision to improve healthcare through marketing communications. We plan to do that by elegantly balancing the art and science these new firms bring to us and our clients. As our clients ask us to do more, we add the capabilities they expressly need and want. By integrating these specialized teams with our proprietary data analytics, already robust scientific strategy capabilities and integrated PR and advertising expertise, W2O places science at the epicenter of our offerings. This is all designed to strengthen the power, authenticity and differentiation of our clients’ narratives and build greater trust in their brands," Jim Weiss, W2O Founder and CEO.
Radius digital is advised by Nisivoccia and Lum, Drasco & Positan.
Inphi, a provider of high-speed data movement interconnects, and Synopsys, an American electronic design automation company, agreed to acquire eSilicon, a fabless semiconductor company. Financial terms were not disclosed.
“I am delighted with these transactions from Inphi and Synopsys, two extraordinary companies in their markets. Our engineering talent, IP and customer relationships in networking, data-center and cloud, telecom 5G infrastructure and AI will help enhance their respective offerings. I thank all our customers, employees, partners and investors for the unwavering support and commitment they have provided eSilicon over the years,” Jack Harding, eSilicon President and CEO.
eSilicon is advised by NVC PR.
ProKarma, an engineering firm, agreed to acquire Yotabites, a boutique big data consultancy based in Kansas. Financial terms were not disclosed.
“Data is a strategic asset for today’s enterprise companies, and drawing relevant and accurate insights from data is essential for growth. Many companies, however, struggle to operationalize their data at scale. By uniting PK’s intelligence and analytics expertise with Yotabites’ deep proficiency in big data, we can now deliver unrivaled, end-to-end solutions that help our clients unlock the power of their data,” Vijay Ijju, PK Co-President.
SunPower, an American energy company that designs and manufactures crystalline silicon photovoltaic cells and solar panels, announced its decision to spin off its manufacturing operations into Maxeon Solar Technologies, which will be the global technology innovator, manufacturer and marketer of premium solar panels. Financial terms were not disclosed.
"We believe that the solar industry is entering a period of extended growth where success will be driven by value chain specialization, technology innovation and economies of scale. This new structure and investment will create two focused businesses, each with unique expertise to excel in their part of the value chain," Tom Werner, SunPower President and CEO.
Ampersand Capital Partners-backed StageBio, a provider of GLP-compliant research and preclinical histology, pathology and specimen archiving services, agreed to merge with Alizée Pathology, a preclinical medical device laboratory in North America. Financial terms were not disclosed.
"Dr. Serge Rousselle, Dr. Joan Wicks and the Alizée staff bring unique histopathology capabilities to StageBio. These services enable us to offer the industry an even broader range of highly specialized histopathology and imaging services. We have successfully merged HSRL, VPS and TPS, and are excited to add Alizée's expertise to our growing list of offerings," Thomas Galati, StageBio CEO.
Roku, an American, publicly-traded, digital solutions company based in San Jose, California, completed its acquisition of Boston-based dataxu, a demand-side platform that enables marketers to plan and buy video ad campaigns. Financial terms were not disclosed.
“This acquisition reinforces our already strong position in the OTT ad space. Acquiring dataxu is a natural progression of our ad tech strategy to offer more buy-side tools and to provide the industry’s best holistic TV plus OTT planning and buying solution that delivers better results for TV buyers,” Scott Rosenberg, Roku senior vice president, Platform Business.
USI Insurance, a provider of insurance brokerage and risk management, agreed to acquire Alfred J. Davis Company, a Portland, Oregon-based insurance agency. Financial terms were not disclosed.
“Since our founding, it has been our mission to provide our clients with exceptional service and personalized coverage solutions. With this acquisition, our valued clients will continue to enjoy the exceptional service they have come to expect from our agency, along with expanded access to USI's best-in-class solutions, customized through proprietary analytics, local and national resources, and team-based planning. We look forward to helping expand USI's footprint in Oregon and the greater Northwest region,” Dick Davis, Alfred J. Davis Company President.
H2I Group, which provides design, sales and service of laboratory solutions and equipment, agreed to acquire Dow Diversified, a California-based full-service research and scientific environments specialty contractor. Financial terms were not disclosed.
“Our new partnership with DDI is very much based on our goal to build the best team in the industry we serve. The acquisition of DDI advances our mission to deliver an exceptional client experience. DDI is well regarded for high-quality solutions, skilled employees and integrity. We feel this acquisition is a great fit for the entire organization,” Ron Johnson, H2I Group President and CEO.
H2I Group, which provides design, sales and service of laboratory solutions and equipment, agreed to acquire The Paton Group, a technology education solutions provider based in Altadena, California. Financial terms were not disclosed.
“We are so excited to partner with the Paton Group, as an employee-owned company our mission is to create an exceptional client experience and this team enhances that with their customer service in the western United States. We look forward to growing and expanding our technical product solutions and support in the west,” Nathan Thiesfeld, H2I Group Technical Products General Manager.
SKF, a Swedish bearing and seal manufacturing company, completed its acquisition of Form Automation Solutions, a US-based software development start-up company. Financial terms were not disclosed.
"By making the technology behind the GoPlant software a part of our offering, we will strengthen our customers' task management and inspection ability, turning the manual data collection process into actionable information for the operator. This supports our aim of helping them improve the performance and output of their machinery," John Schmidt, SKF President of Americas Industrial Sales.
KKR has reportedly made a $70bn offer to take Walgreens Boots private (FS)
KKR & Co has reportedly made an offer to acquire Walgreens Boots Alliance, the $70bn drugstore chain, in a deal that would be the biggest private equity transaction on record. The approach, just three years after KKR sold the last of its shares in Walgreens from a previous buyout, was outlined in a document shared with the company’s board, according to FT.
Walgreens Boots has a market value of about $55bn and $16.8bn of debt. At that size, a deal to take the company private would be bigger than the largest leveraged buyout in history: the 2007 sale of utility TXU to KKR and TPG, which was worth about $45bn including debt.
Travis Kalanick divests $500m of Uber stock.
Travis Kalanick, Uber’s ousted co-founder, sold more than $500m worth of stock in the company, days immediately after restrictions were lifted on early investors selling their shares, FT reported. The so-called “lock-up” that prevents insiders from selling shares for six months after Uber’s initial public offering expired on Wednesday.
TCG closes its inaugural fund at $700m. (FS)
TCG, a multi-stage investment firm, closed its inaugural fund with a committed capital of over $700m.
“We are thrilled to announce the closing of our fund, which will enable us to implement the same playbook that drove our success with The Chernin Group on a much broader scale,” Peter Chernin, TCG Founders.
EMEA
Naspers' asset management firm Prosus decided to stick to the terms of its $6.3bn cash offer for the British online takeaway delivery firm Just Eat, but lowered the threshold from 90% to 75%.
“We actually believe that financial markets are underestimating the cost of implementing the transformation Just Eat requires to protect its market position and to capitalize on its long-term opportunity,” Bob Van Dijk, Prosus CEO.
Just Eat is advised by Goldman Sachs, UBS, Oakley Advisory, Linklaters, and Brunswick Group. Takeaway is advised by Bank of America Merrill Lynch, Lazard, Cravath Swaine & Moore, De Brauw Blackstone Westbroek, NautaDutilh, and Slaughter & May. Prosus is advised by JP Morgan, Allen & Overy, and Finsbury Hering Schuppener. Investec is providing debt financing to Prosus.
Boels Rental, an equipment rental company based in Sittard, Netherlands, agreed to acquire Cramo, a European equipment rental services company, for €592m ($652m). The offer price represents a premium of approximately 31.2% to the closing price of the Cramo share on Nasdaq Helsinki on November 4, 2019.
“Our vision is to build a European leader in the equipment rental market. We have a strong conviction in the strategic combination of Boels and Cramo. The combined company will be a leading player in Europe with a business in 17 countries, and a top-3 position in 12 of those. It will be well-diversified in terms of customers, business and geographies,” Pierre Boels, Boels CEO.
Cramo is advised by BNP Paribas and Krogerus. Boels Rental is advised by Duynstee Advisory, Nordea Bank, Rothschild & Co, De Brauw Blackstone Westbroek, Roschier Attorneys and Hill+Knowlton Strategies.
Reuters reported that Israel's Communications Minister approved the sale of a controlling share in the country's largest telecom group, Bezeq, to the foreign private investor group led by Searchlight Capital Partners.
"This is the most important milestone for the completion of the transaction," Ami Barlev, BCom CEO.
BCom is advised by RADHAN and Gissin & Co. The buyers are advised by Citigroup, RBC Capital Markets, Herzog Fox & Neeman, Latham & Watkins, Shibolet & Co, Meitar Liquornik Geva Leshem Tal and Scherf Communications.
Delek-backed Ithaca Energy, an oil and gas operator focused on North Sea production, appraisal and development activities, completed its $2bn acquisition of Chevron North Sea, Chevron’s British North Sea oil and gas field unit.
"Completion of the CNSL acquisition marks a major milestone in the long term development of Ithaca Energy. The significantly enlarged operations provide an excellent platform from which to maximize the value of our high-quality asset portfolio and establishes the Company as a leading UK North Sea oil and gas producer," Les Thomas, Ithaca Energy CEO.
Chevron was advised by BNP Paribas and Latham & Watkins. Ithaca was advised by JP Morgan and FTI Consulting. BNP Paribas and JP Morgan provided debt financing.
EML Payments, an IT service management company, agreed to acquire Prepaid Financial Services, one of the fastest-growing financial services, technology companies and e-money payment institutions in Europe, for $360m.
“The acquisition of PFS continues to consolidate EML’s market position as one of the largest FinTech enablers in open banking and prepaid globally. PFS is highly complementary to EML’s existing solutions suite and adds digital banking and multi-currency offerings to our existing suite while expanding our global market footprint and ability to cross-sell PFS’ solutions,” Tom Cregan, EML Managing Director and Group Chief Executive Officer.
Prepaid Financial Services is advised by GBW Accountants, Keefe Bruyette & Woods and Eversheds. EML is advised by UBS, Ernst & Young, RBC Capital Markets and Herbert Smith Freehills.
BlackRock and GIC agreed to acquire Kellas Midstream, which owns and operates key gas infrastructure in the UK Central and Southern North Sea, from Antin Infrastructure Partners, a private equity firm focused on infrastructure investments. Financial terms were not disclosed.
“A growing number of institutional investors are seeking exposure to energy and power investments. Within the sector, energy from gas is viewed as a necessary component of the energy transition as we move towards a lower-carbon economy. This investment in Kellas Midstream reflects the focus of GEPIF III on making strong equity investments in mid-market energy and power infrastructure and partnering with outstanding management teams,” Mark Florian, BlackRock Group Head of the Global Energy & Power Infrastructure Funds Team.
BlackRock and GIC are advised by RBC Capital Markets, Scotiabank, Xodus and Herbert Smith Freehills. Antin is advised by Bank of America Merrill Lynch, Citigroup and Weil Gotshal and Manges.
Reuters reported that Russia’s VTB Capital sold its entire stake in Bulgaria’s telecoms operator, Vivacom, to United Group, a telecoms and media company backed by BC Partners, as part of United Group's $1.3bn takeover of the firm.
VTB did not disclose the terms of the deal with United Group.
Vivacom is advised by Lazard and CMS. Buyers are advised by Citigroup, LionTree Advisors, Paul Weiss Rifkind Wharton & Garrison and Prosek Partners.
Abcam, a provider of life science research tools, agreed to acquire the Proteomics and Immunology business of Expedeon, a life sciences company, for €120m ($132m).
"Abcam's growth strategy is committed to building out conjugation and assay capabilities. Expedeon's portfolio of products and technology, combined with Abcam's antibody and protein strengths, will put our company in a strong position to address the growing need for antibody conjugation and multiplexing solutions. We look forward to taking these innovation capabilities to market to provide a broader array of distinctive products for our customers," Alan Hirzel, Abcam CEO.
Abcom is advised by JP Morgan, Numis Securities, Ondra Partners and FTI Consulting. Expedeon is advised by MC Services.
Active Ownership Capital, the third-largest shareholder of German renewable firm PNE, is set to reject a takeover bid worth $330m from the private equity firm Morgan Stanley.
AOC “does not intend to accept the offer,” PNE said in its reasoned opinion on the offer, in which it comes out in favor of the bid, which runs until November 28, and recommends shareholders accept it.
PNE is advised by PricewaterhouseCoopers and Latham & Watkins.
OLX Group, Prosus’ classifieds business, agreed to invest $400m in Frontier Car Group, an online car marketplace, becoming the company’s largest shareholder.
“FCG has nearly tripled performance across every key metric since the first OLX Group investment less than 18 months ago and has expanded to four new countries in that time. This is a testament to FCG’s team, the ripe market opportunity, and the results of early integration with OLX in our key markets. Together with OLX and Prosus, we are aiming to revolutionize the used car market in several emerging and developed economies by adding trust, transparency and a comprehensive suite of services to all participants in the ecosystem," Sujay Tyle, Frontier Car Group Co-founder and CEO.
FSN Capital agreed to acquire iMPREG, a producer of glass-reinforced plastic cured-in-place-pipe liners, from BWB Partners, a Danish investment firm. Financial terms were not disclosed.
“Together with BWB Partners, we have created a global market leader within GRP CIPP rehabilitation. We look forward to working with FSN Capital with a view to continue our global expansion program, our technological leadership with next-generation liners and further development of our service offering. We are very pleased that the entire management team of iMPREG will continue in current roles," Søren F. Knudsen, iMPREG CEO.
Centrica and SWM to dispose of Spirit Energy.
Energy groups Centrica and Stadtwerke Muenchen Group launched the sale of Spirit Energy, one of the North Sea's biggest oil and gas producers. Centrica agreed to sell its 69% stake while SWM is evaluating proposals for the remaining stake. Spirit Energy currently produces around 130k barrels of oil per day.
Goldman Sachs and Lambert Energy are advising the sale.
Zopa to raise at least $128m within three weeks.
Zopa, the world's oldest peer-to-peer lender, is in a race against time to secure an investment of at least a $128m or face losing its banking license.
Zopa was granted a banking license with restrictions in December last year. It must land investment of between $128m and $192m by December 3 to meet regulatory requirements linked to the launch of its bank, FN reported.
“We’re on track and confident we will raise the required regulatory capital for our bank prior to the deadline, and we continue to work collaboratively with the Financial Conduct Authority and Prudential Regulation Authority towards lifting our restrictions,” Zopa spokesperson.
Zopa is advised by Bank of America Merrill Lynch.
Jingye Group to rescue British Steel.
FT reported that China's Jingye Group, a steel products producer, agreed to invest $1.5bn (£1.2bn) in British Steel as part of the rescue plan. The rescue could protect thousands of British jobs and end prolonged uncertainty over the future of the troubled steelmaker.
Egyptian wealth fund plans to acquire a stake in Siemens-built power plants. (FS)
Egypt’s new sovereign wealth fund plans to acquire a stake of around 30% in power plants co-built by Siemens, with international investors taking the rest. The investment is a part of its drive to spur greater foreign participation in the Middle East’s fastest-growing economy, Bloomberg reported.
Six unidentified international investors have expressed interest, and negotiations will be arranged by a financial advisor, to be selected next week. The deal is expected to be finalized in 2020.
Latécoère to bid for EWIS.
Latécoère, an aircraft company, sent a non-binding indicative offer and entered into exclusive negotiations for the potential acquisition of certain facilities and contracts of Bombardier Aviation's Electrical Wiring Interconnection System business.
The outcome of this transaction will depend on the results of an upcoming customary due diligence process, the negotiation of binding legal agreements and the implementation of its financing. It also remains subject to customary statutory, regulatory and financial approvals.
Visa looking to buy a stake in Interswitch.
SkyNews reported that payments group Visa is set to buy a 20% stake in Interswitch, a payment processing company headquartered in Lagos, for $200m. Visa and Interswitch are in advanced talks about a transaction that could be announced as soon as this week.
The deal will see Visa becoming a cornerstone investor in the Nigerian-headquartered company ahead of a prospective initial public offering in London during the first half of 2020.
Lukoil not interested in investing in Saudi Aramco's IPO.
Lukoil, Russia’s second-largest oil producer, is not interested in making an investment in Saudi Aramco's upcoming IPO. Saudi state oil giant Aramco plans to start the offering, set to rank it as the world’s most valuable company, on November 17.
“Lukoil is not considering investing in Saudi Aramco shares. Lukoil is not an institutional investor,” Vagit Alekperov, Lukoil CEO.
Allianz Global CEO to retire in January. (People)
Andreas Utermann, the CEO of Allianz Global Investors, announced his departure from the €557bn ($614bn) asset manager. Mr. Utermann will be replaced by Tobias Pross, currently global head of distribution at AllianzGI and a member of the company's global executive committee.
“Leaving AllianzGI will not be easy. Having had the opportunity to work alongside so many talented and engaging people, to develop and lead a strong team and to build a respected global investment business, is a source of great pride,” Andreas Utermann.
APAC
Private equity investors BGH Capital and Ontario Teachers’ Pension Plan Board offered to acquire Abano, an NZX-listed dental company, for $190m. The all-cash price represents a premium of 63% to Abano’s closing price on the NZX 28 June 2019.
“The transaction accelerates a capital return to shareholders and mitigates the risks that would otherwise be involved in delivering the opportunities from executing Abano’s strategic plan over time. The competitive nature of the process adopted enables us to proceed by way of a Scheme which has benefits in terms of time to implement and certainty for all parties and no negative impact to pricing for shareholders," Pip Dunphy, Abano Chair.
Abano is advised by Cameron Partners, Rothschild & Co, Allens and Harmos Horton Lusk.
Bizuo Tony Liu, CEO of Cellular Biomedicine Group, offered to take the company private. Cellular Biomedicine Group is a biopharmaceutical firm engaged in the drug development of immunotherapies for cancer and stem cell therapies for degenerative disease.
The board of Cellular Biomedicine Group has not yet had the opportunity to thoroughly evaluate the proposal.
Bizuo Tony Liu is advised by Kirkland & Ellis.
Sandoz, a division of Novartis, a Swiss multinational pharmaceutical company, agreed to acquire the Japanese unit of Aspen Pharmacare, a multinational South African holding company for pharmaceutical concerns, for $440m. Aspen’s portfolio in Japan consists of off-patent medicines with a focus on anesthetics and specialty brands.
“The acquisition of Aspen’s Japanese operations would significantly strengthen our position in this country, a stable but growing generics market. We are committed to helping address patient and customer needs in the market as we aspire to become the world’s leading and most valued generics company,” Richard Saynor, Sandoz CEO.
Ascendent Capital agreed to invest $150m in NetDragon Websoft's education subsidiary, a provider of educational tools and smart classroom solutions to teachers and schools.
“We believe in the vision and capabilities of NetDragon’s management team to pursue innovative education technology solutions, and to improve the overall learning environment for students, teachers and parents around the world. We look forward to fully leveraging Ascendent’s experience and expertise in the education sector to assist the Company in reaching its next stage of development,” Leon Meng, Ascendent Chairman and Chief Executive Officer.
Masdar, Abu Dhabi’s renewable energy company, agreed to acquire a minority stake in Hero Future Energies, a subsidiary of Hero Group, a renewable energy provider. Financial terms were not disclosed.
“We are delighted that the renewable energy arm of Mubadala has decided to invest in the renewable energy arm of the Hero Group to support HFE’s global expansion plan and our aspiration to be a premier global clean-tech company providing solutions to the enormous challenges posed by climate change,” Rahul Munjal, HFE Chairman and Managing Director.
Gaw Capital Partners, a real estate private equity firm, agreed to form a joint-venture partnership with Centrin Data, an Internet data center developer and operator. Financial terms were not disclosed.
“Gaw Capital Partners is extremely pleased to form a JV partnership with Centrin Data, one of the first and most successful data center operators in China. We strive to build a robust data center platform that services the needs of businesses and the wider public, combining Centrin’s reputation and experience in the sector with Gaw Capital’s expertise in real estate investing in China. We are delighted to be investing in this exceptional investment opportunity, given that China’s total internet traffic growth rate is expected to grow exponentially in the coming years due to the launch of 5G," Humbert Pang, Gaw Capital Partners Managing Principal and Head of China.
GenNx360 Capital Partners-backed Subsea Global Solutions, a provider of underwater vessel maintenance, inspection and repair services, agreed to acquire Underwater Contractors and Diving Services, two commercial diving firms. Financial terms were not disclosed.
"With well-known brands like UWC and GDS joining our organization, we will solidify our leadership in our market segment and will be able to truly support our clients from these key locations with our own personnel, boats, gear, and equipment. We look forward to joining our forces," Paul Peters, SGS CEO.
Lemon Tree Hotels, India's largest hotel chain in the mid-priced sector, agreed to acquire Keys Hotels, Berggruen Hotels’ brand of full-service hotels, taking its total inventory to 8k rooms in 77 hotels across 45 destinations. Financial terms were not disclosed.
“We are pleased about this acquisition and the geographic spread that the Keys Hotels portfolio brings with it. We will now instantly enter 9 new destinations and simultaneously consolidate inventory in 7 of our current destinations. Going forward, we will add value to the top line of these hotels both in terms of higher yield and greater occupancies,” Patanjali Keswani, Lemon Tree Hotels Chairman and MD.
Qsuper and Sunsuper consider a merger. (FS)
Qsuper and Sunsuper, two of Australia’s most significant pensions funds, confirmed they are in talks about a merger that would create the most significant entity in Australia’s A$2.9tn ($2tn) superannuation industry, FT reported.
A deal would give the enlarged group more firepower to pursue large-scale international agreements. The merger between QSuper and Sunsuper could also lead to job losses among the 1.8k employees of the two funds.
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