AMERICAS
Investment management firms Cannae and Senator Investment Group responded to CoreLogic's rejection of the group's proposal to acquire CoreLogic, a real estate data analytics firm, for $7bn.
"Our offer represents a compelling 37% premium above the unaffected price after which date the Company's trading volume rose over 2.6x.1 We note in the Company's release today it says it is "willing to meet" with us, however we have yet to hear back from them despite our multiple requests for a meeting. If CoreLogic elects to ignore its shareholders and instead continues with its current course of action, we will call a Special Meeting to replace the Board as early as July 28," Cannae and Senator Investment Group.
CoreLogic is advised by Sard Verbinnen & Co. Senator is advised by Cadwalader Wickersham & Taft. Cannae is advised by Trasimene Capital, Weil Gotshal and Manges and Sloane & Company.
KKR agreed to acquire Global Atlantic Financial Group, a retirement and life insurance company, for $4.4bn.
"We are thrilled to have a new, long-term partner in KKR. With its global presence, investment acumen and long-term focus, we believe we will be even better positioned – financially and strategically – both to help Americans address the financial challenges they face today and to help our institutional channel clients achieve their strategic, risk, and capital management goals," Allan Levine, Global Atlantic Chairman and Chief Executive Officer.
KKR is advised by Simpson Thacher & Bartlett and Willkie Farr & Gallagher. Global Atlantic is advised by Debevoise & Plimpton and ICR.
Allstate, an American-based insurance company, agreed to acquire National General, a property and casualty insurance company, from MSD Capital, a private investment firm, for $4bn.
"Acquiring National General accelerates Allstate's strategy to increase market share in personal property-liability and significantly expands our independent agent distribution. The acquisition increases personal lines premiums by $4bn and market share by over 1 percentage point to 10%. National General's business and technology platforms will be utilized to further strengthen Allstate's existing independent agent businesses. The transaction will be accretive to adjusted net income earnings per share and return on equity beginning in the first year," Tom Wilson, Allstate Chair, President and CEO.
National General is advised by JP Morgan and Paul Weiss Rifkind Wharton & Garrison. Allstate is advised by Ardea Partners and Willkie Farr & Gallagher. JP Morgan is advised by Sullivan & Cromwell.
Colony Capital, an investment management firm, agreed to invest $1.2bn in Vantage Data Centers, a provider of hyperscale data center campuses.
The strategic partnership marks a significant milestone in Colony’s ongoing digital transformation, with $200m of the investment coming from Colony’s balance sheet, underscoring its commitment to investing in and acquiring world-class, stabilized digital infrastructure assets that deliver consistent returns for Colony shareholders.
“This strategic partnership with the Colony Capital-led investor group provides Vantage with a partner that deeply understands digital infrastructure. Vantage and its investor group are now even more well-positioned to capitalize on a number of attractive market opportunities and deploy the necessary capital to drive innovation, deliver state-of-the-art facilities for our customers, and accelerate our expansion plans in existing and new markets globally,” Sureel Choksi, Vantage President and CEO.
Vantage is advised by Citigroup, Jones Day and REQ. Colony Capital is advised by Joele Frank.
Private equity firm Oaktree Capital Management-backed Watco, a transportation service company agreed to acquire the North American rail assets of Dow, a business conglomerate for c. $310m.
"Watco is excited to serve Dow and honoured to acquire these incredible assets. We are grateful for the confidence Dow has shown in Watco by trusting us with this critical role. This represents a revolutionary approach to industrial in-plant rail operations and we're proud to help Dow create value for many years to come," Dan Smith, Watco CEO.
Oaktree is advised by Kirkland & Ellis. Dow is advised by Goldman Sachs and Mayer Brown.
Bazaarvoice, a provider of product reviews and user-generated content solutions, agreed to acquire Curalate, a tool that helps e-commerce businesses and online retailers improve their visibility, enabling customers and potential consumers discover their products and improving business revenue at scale. Financial terms were not disclosed.
“From the outset, Curalate has believed that social media and visual content would shape how consumers shop. This vision has been validated by the 1k+ brands we work with and the hundreds of millions of people who engage with Curalate experiences. Now, by joining Bazaarvoice, we have the opportunity to accelerate what we started while bringing an extraordinary value proposition to brands and retailers globally,” Apu Gupta, Curalate CEO and Co-Founder.
Curalate is advised by Horatio Partners and DLA Piper.
IBM, an American multinational technology company, agreed to acquire WDG Automation, a Brazilian software provider of robotic process automation. Financial terms were not disclosed.
"IBM already automates how companies apply AI to business processes and IT operations so they can detect opportunities and problems and recommend next steps and solutions. With today's announcement, IBM is taking that a step further and helping clients accelerate automation to more parts of the organization, not just to routine, but more complex tasks so employees can focus on higher value work," Denis Kennelly, IBM General Manager, Cloud Integration.
Matrix42, a provider of digital workspace management solutions completed the acquisition of FireScope, an enterprise asset discovery and monitoring marketplace. Financial terms were not disclosed.
This acquisition will result in creating one powerful provider of secure, cloud-based digital work environments for the global workforce. It will also bolster Matrix42's entry into the US market, as well as expanding opportunities for FireScope's solutions throughout the EMEA region.
"We are honored to join forces with Matrix42 to combine asset intelligence, IT service management, and security solutions in order to advance the global digital workplace in the current business climate. During the ongoing pandemic, a high level of transparency and security regarding the business device and application landscape is very important to enable better use and secure management of workstations at home," Steven Cotton, FireScope CEO.
ATTOM Data Solutions, a provider of national real estate data and analytics, completed the acquisition of Home Junction, a real estate data technology company. Financial terms were not disclosed.
"This acquisition extends ATTOM's data footprint and will enhance our value proposition for our customers, while integrating a talented team from Home Junction to an already talented team at ATTOM. While data elements are important, people elements are even more important. This is an important acquisition because it is an investment in both data and people," Rob Barber, ATTOM Data Solutions CEO.
Medtronic makes an offer for Intersect.
Medtronic, a medical device company, has made an offer for smaller medical device maker Intersect, Bloomberg reported.
Intersect’s board of directors is reviewing the offer with its advisers. Discussions are early and Medtronic’s plans could still change.
Charlesbank closes credit opportunities fund at $700m hard cap. (FS)
Charlesbank Capital Partners has completed fundraising for Charlesbank credit opportunities fund II with limited partner commitments in excess of its $700m hard cap.
In 2016, the firm launched its integrated credit strategy, designed to benefit from the insights and unique opportunities arising from Charlesbank’s long-term private equity platform. Consistent with its predecessor fund, COF II will focus on credit investments in established middle-market companies, primarily in North America and with average enterprise values between $150m and $1.5bn.
“We believe the attractiveness of our credit strategy stems from our differentiated investment approach which leverages Charlesbank’s proprietary insights, extensive network and strong diligence capabilities in a fully integrated investment process. We expect to see continued opportunity to invest in mispriced credit risk and look forward to putting our investors’ capital to work with the goal of generating attractive, risk-adjusted returns,” Sandor Hau, Charlesbank Managing Director and Head of the Credit team.
Quicken Loans files for IPO.
Rocket Companies, the parent company of the mortgage giant founded by billionaire Dan Gilbert, filed for an initial public offering, disclosing an annual profit for the past three years.
The Detroit-based company, which owns Rocket Mortgage and Quicken Loans, listed the size of the offering in its filing as $100m, a placeholder amount that will likely change. Rocket Companies describes itself as the largest retail mortgage lender in the US, and Gilbert has a net worth of $7.1bn.
Mortgage lenders were hit by the pandemic and some, including Quicken Loans, by the Federal Reserve’s efforts to steady the market by buying mortgage securities. That move ended up costing lenders because it tipped hedges routinely used by lenders into the red.
nCino launches IPO with plans to raise up to $182m.
nCino, a maker of cloud-based software for financial institutions, launched its initial public offering, with plans to offer 7.6m shares priced at $22 to $24 each. The company would raise $182.4m at the top of that range.
nCino has applied to list on Nasdaq under the ticker 'NCNO.' There are seven banks underwriting the deal, led by BofA and Barclays. Proceeds of the deal will be used for general corporate purposes and working capital.
nCino is advised by Ropes & Gray and Sidley Austin.
CD&R appoints human capital partner. (People)
Clayton, Dubilier & Rice has appointed Orla Beggs as Partner, Human Capital. Beggs is former partner and head of the US People and organization practice at PricewaterhouseCoopers. Beggs’ responsibilities will include leading human resources at CD&R, as well as driving people and organisational related initiatives aligned with value creation at portfolio companies.
“Orla is a talented leader whom we have come to know and respect over the past sixteen years in connection with a range of transaction and portfolio company initiatives. Importantly, her demonstrated thought leadership and passion for diversity and inclusion will support CD&R’s strong commitment to D&I at the Firm and across our portfolio companies,” Nathan K Sleeper, CD&R Chief Executive Officer.
EMEA
HIG Capital agreed to acquire Project Informatica, Italian information technology company. Financial terms were not disclosed.
"Project Informatica is one of the most recognized technology partners for enterprises in Italy and has gained a leading position in a fast-growing market due to its capabilities, service flexibility and partnerships with major global vendors," Raffaele Legnani, HIG Managing Director.
HIG Capital is advised by Boston Consulting Group, PricewaterhouseCoopers, Studio Spada & Partners, UBI Banca and Pavia e Ansaldo. Debt Financing is provided by Banco BPM, Intesa SanPaolo, MPS Capital, and UBI Banca. Legal advice to debt providers was provided by Simmons & Simmons. Project Informatica is advised by Kon and Shearman & Sterling.
UBI Banca, an Italian banking group, criticized Intesa Sanpaolo over a takeover offer from Italy's second-largest bank, reiterating that the bid does not adequately reward its shareholders.
Intesa launched its $4bn all-paper bid on Monday, just days after UBI Banca told its shareholders the offer was not generous enough.
In a statement on Tuesday, UBI reiterated its opposition to the deal, saying it "includes a discount on the fundamental value" of the lender.
UBI is advised by Goldman Sachs, BonelliErede, and Linklaters. Intesa Sanpaolo is advised by Equita SIM, JP Morgan, Mediobanca, Morgan Stanley, UBS, Gatti Pavesi Bianchi and Pedersoli Studio Legale.
KKR completed the acquisition of Viridor Waste Management, a recycling and residual waste management services provider, from Pennon Group, an environmental utility infrastructure company, for $5.1bn.
"I am honoured to be taking on the role of Chief Executive Officer, following the success of Pennon under Chris’ and Sir John’s leadership, and am excited by the appointment of Gill as Group Chair. With our renewed focus on excellence in the water and wastewater sector it is an incredibly exciting time for the Group as we forge ahead with our ‘New Deal’ plans for the 2020-25 period. We’ve set ourselves ambitious targets, but I am confident we can build on past progress and can deliver for our customers and stakeholders, further cementing our leadership within the UK water sector while working in ever more innovative and sustainable ways," Susan Davy, Pennon CEO.
KKR was advised by RBC Capital Markets, Societe Generale, UBS, Simpson Thacher & Bartlett, and Slaughter & May. Pennon was advised by Barclays, Morgan Stanley, and Finsbury. Barclays and Morgan Stanley was advised by Herbert Smith Freehills.
Royal Caribbean Cruises, a cruise holding company, completed the acquisition of a 50% stake in Hapag-Lloyd Cruises, a provider of ships, yachts and travel services, from TUI, a travel and tourism company, at a $1.3bn valuation.
"TUI and Royal Caribbean Cruises have developed the joint venture company on the basis of a strong partnership over the past ten years. The expansion decision is the next big step of growth for us - from a strategic and a commercial perspective,” Fritz Joussen, TUI CEO.
Royal Caribbean and TUI Cruises were advised by Lazard, Morgan Stanley, and Freshfields Bruckhaus Deringer. TUI was advised by Bank of America Merrill Lynch and Allen & Overy.
The UK's competition watchdog has found Ion's purchase of Broadway Technology raises competition concerns in the supply of electronic trading systems for fixed income, but not foreign exchange.
The verdict is based on a three-month initial probe by the Competition and Markets Authority. A full investigation may now follow, during which time Ion and Broadway would have to freeze integration work.
"We've examined a wide range of evidence during this investigation, and numerous customers have raised serious concerns. We consider ION to already be the largest provider of these products and they're buying one of their closest competitors," Joel Bamford, CMA Senior Director.
Broadway is advised by Broadhaven Capital Partners and Morgan Lewis & Bockius. Ion is advised by UBS and Paul Hastings.
Italy would use its right to intervene to protect strategic assets on the planned acquisition of biotechnology group Molmed by AGC, a global glass manufacturing company, leaving the Japanese buyer to review whether to go ahead with its offer.
AGC said on Tuesday that the Italian government had asked the companies to notify it of any intellectual property transfer agreement, to maintain R&D activities in Italy and not to cut jobs, Reuters reported.
Italy bolstered "golden power" legislation against foreign takeovers, which allows the government to halt or impose conditions on investments in industries or infrastructure deemed of strategic interest, by extending it to more sectors - including banking, insurance, health and food.
Molmed is advised by Centerview Partners and Gattai Minoli Agostinelli & Partners. Centerview Partners is advised by Cleary Gottlieb Steen & Hamilton.
Silver Lake agreed to acquire Silae, a specialist provider of cloud-based payroll and HR software for the French market. Financial terms were not disclosed.
"Investing in high-growth, innovative, founder-led technology businesses is at the core of Silver Lake's DNA and it is a privilege to partner with the current team. As the company enters a new phase of value creation, we look forward to continuing working with them and we intend to invest in the company's continued success to further strengthen its technology platform, as well as its products and services offered to its current and future clients," Christian Lucas, Silver Lake Co-Head of EMEA.
Silver Lake is advised by Edelman.
Allegra Capital, a private equity firm completed the acquisition of two high-end printing companies Genoud Entreprise d’arts graphiques and Musumeci from Sandoz Family Foundation, a private Swiss foundation. Financial terms were not disclosed.
"This transaction with the Sandoz Family Foundation demonstrates once again that Allegra Capital is a trustworthy partner for corporates and foundations seeking a better option for their non-core businesses. We very much look forward to working with the companies´ management to further the positive development of the companies. This acquisition is also an important step in Allegra Capital's strategy to grow in Switzerland. The acquisition of corporate subsidiaries in Switzerland across different industries is strategically attractive for Allegra Capital,” Allegra Capital.
Allegra Capital was advised by Breidenstein + Kruger.
Mobilux, the parent company of furniture retailer Conforama for a nominal amount, agreed to acquire French unit of Conforama, a home furnishings retail chain, from Steinhoff International, a South African international retail holding company, for $79m.
"The disposal will secure the future of Conforama France, release the Group from its liabilities in respect of that business and generate cash to reduce of the current debt held by Conforama France," Steinhoff.
Cellnex weighs over $3.4bn equity offering. (FS)
Cellnex Telecom, Europe’s largest wireless tower operator, is considering raising more than $3.4bn of fresh capital as it seeks to build a warchest for future acquisitions, Bloomberg reported.
The Barcelona-based company is discussing a potential share sale with advisers and could announce the plan as soon as this month. Cellnex is still working out the exact size and timing of any capital increase.
Big Four told to outline plans for audit split in UK by October.
The UK’s Big Four accounting firms have until 2024 to separate their audit practices following a severe edict from the accounting regulator that marks the largest shake-up of the industry in decades. The Financial Reporting Council has issued principles for the operational separation of the audit units of PricewaterhouseCoopers, Deloitte, KPMG and EY. The firms must outline their plans to implement all 22 of its principles by the end of October, and have completed the measures by June 2024, PE insights reported.
The regulator’s new principles require that the firms pay auditors in line with the profits of their audits, ringfence the finances of the audit division with a separate profit and loss account, and introduce an independent audit board to oversee the practice.
The requirements are designed to improve audit quality and “audit market resilience” by ensuring that “no material, structural cross subsidy persists between the audit practice and the rest of the firm”.
Deutsche Bank’s DWS considers sale of IKS. (FS)
Deutsche Bank’s asset management arm is considering a sale of investment funds platform IKS, which serves around 2m clients with more than $113bn under management, little more than two years after identifying it as a key growth area. DWS Group, which is majority-owned by Germany’s largest bank, is weighing a disposal of part or all of the IKS business. It has not begun a formal sale process, Bloomberg reported.
A representative for DWS said it continuously evaluates its strategy amid consolidation in the asset management industry. “As part of this ongoing assessment, we will weigh strategic options for our fund management platform,” DWS.
Apollo commits further $113m to invest in Italy. (FS)
Apollo Global Management has extended its partnership with Milan-headquartered investor and adviser Apeiron Management, increasing its investment in a previously established investment platform by $113m.
The firms established Apollo Delos in February 2018 to invest in special situations and corporate credit in Italy. So far, they have deployed $339m across investments in corporate debt, receivables, special situations, insolvency compositions, and other stressed and distressed assets in the country.
CVC taps advisers to exit Elsan. (FS)
CVC Capital Partners has picked advisers to help it weigh options for French private medical chain Elsan, Bloomberg reported.
The buyout firm is working with Morgan Stanley and Rothschild & Co as it considers strategic alternatives including a sale or initial public offering of the business. Elsan could fetch about $3.4bn.
Any transaction could add to the $87bn of deals involving health-care companies this year. CVC could kick off a sale process after the summer.
Greencoat Renewables completed the acquisition of 50% assets of Carrickallen Wind Farm.
Greencoat Renewables, a renewable infrastructure company, completed the acquisition of 50% assets of Carrickallen Wind Farm, a 20.5MW wind farm situated in County Cavan, Ireland. The remaining 50% of the asset will continue to be owned by the Galetech Group, an Irish wind developer. The acquisition brings Greencoat Renewables' portfolio of operational wind assets to an aggregate capacity of 538MW.
"We are pleased to announce our investment into Carrickallen wind farm, adding another high-quality wind asset with long-term contracted revenues. We were delighted to partner with Galetech and continue to see a strong pipeline of opportunities both in Ireland and the continent," Paul O'Donnell, Greencoat Investment Manager.
Greencoat was advised by Davy Corporate Finance, RBC Capital Markets, and FTI Consulting.
Salzgitter CEO sees no immediate need for M&A.
Germany’s second-largest steelmaker Salzgitter sees no benefit from consolidation for now, Chief Executive Heinz Joerg Fuhrmann told shareholders, in a rebuff to its major rival Thyssenkrupp.
Thyssenkrupp was looking for alliances or sell-offs to restructure and cut debt. Its CEO said Salzgitter was one of the options in May.
“We currently do not see any such scenario that would improve our competitive situation as compared to remaining independent,” Heinz Joerg Fuhrmann.
COIMA achieves first close on $886m ESG City Impact Fund.
COIMA, an Italian real estate investment, development and management company, announced that the COIMA ESG City Impact Fund, the first urban regeneration ESG fund to be launched in Italy, has received equity commitments of about $354m from cornerstone investors, including Italian institutional investors and pension funds Cassa Forense, Inarcassa, and Cassa Commercialisti. With an open collaborative structure including co-investments, partnership and financial leverage, the fund already has a total investment capacity of over $1.3bn and is targeting further equity raises up to $886m, to create a total investment capacity of over $3.5bn.
The Fund will acquire regeneration opportunities across Italy, using a develop-to-core strategy to deliver projects across a range of sectors, including residential and hospitality, with a particular focus on neighbourhood developments to support economic development in the main Italian cities.
“The importance of a holistic approach to impact investing has never been greater. Our ESG City Impact fund demonstrates a responsible commitment from us with our partners to actively contribute to the recovery of Italy under a new economical, social and environmental paradigm that delivers long-term sustainable returns while supporting sustainable development to guarantee a greener and more inclusive future,” Manfredi Catella, COIMA Founder and CEO.
COIMA was advised by Newgate.
Artemid holds first close for senior loan fund at $452m. (FS)
CAPZA1 and Amiral Gestion have held the first close of Artemid Senior Loan III, the third fund of their joint subsidiary, at close to $452m, which comparable to the size of the previous fund.
Raised in just a few months thanks to the renewed confidence of its historical investors (insurers, mutual insurance groups, French institutions and family offices) and the arrival of new subscribers, this third vintage of the Senior Loan fund has been a great success, demonstrating the relevance of the investment strategy and the robustness of the team's track record.
This new vehicle will deploy the same strategy as the previous funds: providing five to seven year senior "bullet" loans ranging from $5.6m to $45m (and up to $113m in partnership with investors in the Artemid Senior Loan funds) to "smidcap" borrowers with an EBITDA between $9m and $113m and moderately leveraged.
KKR hires LaSalle chair to advise on European real estate investments. (People)
KKR has appointed Simon Marrison, chair of LaSalle Investment Management’s European business, as a senior adviser.
Marrison, who retires from LaSalle after a 19-year career at the real estate investment group, will take on his new role from 7 September. He will advise KKR on real estate investments across Europe and contribute to the growth of the US buyout group’s real estate business in the region.
Sloane Robinson to close after performance struggles. (FS)
Storied London hedge fund Sloane Robinson is to close at the end of the year following a sharp decline in assets under management and performance, FN reported.
Sloane Robinson’s performance and dwindling assets under management were sharply exacerbated by the coronavirus-induced market turbulence. The firm’s SR Global Frontier fund slumped 12.6%.
APAC
Amazon completed a $308m investment in Amazon Seller Services, an Indian unit, Reuters reported
Amazon Singapore made a significant portion of the financing, strengthening the business at a time when more people shop online in a bid to avoid crowded public places.
The company’s Indian arm in May said it would hire 50k temporary workers to meet a surge in online shopping in the country.
Itochu launches $5.5bn tender offer for the rest of FamilyMart.
Japanese trading house Itochu said it would launch a $5.5bn tender offer to buy out the rest of convenience store operator FamilyMart, in a bid to bolster the chain's competitiveness in a tough retail environment, Reuters reported.
Itochu, which owns 50.1% of FamilyMart, will offer $21.3 per share, or a 31% premium to Wednesday’s closing price. The offer runs from Thursday through August 24, and Itochu expects to delist FamilyMart if the bid is successful.
Restaurants Development weighs $200m sale of Thai business. (FS)
Restaurants Development is exploring the sale of its KFC franchise business in Thailand for about $200m, Bloomberg reported.
The Bangkok-based company is working with at least one adviser on the potential sale. Restaurants Development operates about 200 KFC outlets that employ about 4k staff throughout the country, according to its official website.
The talks are still at an early stage and there is no guarantee they will result in a transaction. The company is backed by a consortium of Thai and Asian investors.
Alibaba's Ant targets valuation over $200bn in planned Hong Kong IPO.
Ant Group, the fintech arm of Chinese e-commerce giant Alibaba, plans a Hong Kong float as soon as this year and targets a valuation of more than $200bn, Reuters reported.
The world’s most valuable tech “unicorn” had been looking to sell shares in Hong Kong and mainland China simultaneously, but is now leaning heavily towards the Asian financial hub first because it would probably face a smoother listing process.
It is looking at selling between 5% and 10% of its shares in an initial public offering, in what would be one of the world’s biggest listings this year.
Newcrest Mining to explore options for its stake in SolGold. (FS)
Australia’s Newcrest Mining has hired investment bank RBC Capital Markets to explore options for its 13.57% stake in gold and copper producer SolGold, Reuters reported.
The Ecuador-focused company agreed in May a financing package of up to $150m and a $15m bridge loan for its Alpala project with streaming company Franco-Nevada defying Newcrest, which had urged it to raise funds via equity.
Australia’s biggest listed gold producer is seeking advice on its options for the stake it holds in SolGold, but no conclusion has been reached on whether to sell or buy more.
Credit Suisse aims for 100% of securities venture in China growth plan. (FS)
Credit Suisse wants to raise its China securities joint venture stake to 100% and increase its market share after getting the regulatory green light to take a majority holding, Reuters reported.
Switzerland’s second-largest bank is also looking to hire more staff and invest in China, the world’s second-biggest economy, as its most significant business opportunity in the world.
China has gained in relevance for Credit Suisse and other international banks after Beijing fast-tracked the opening of its financial markets to foreigner investors.
Hogan Lovells adds three partner team in Shanghai. (People)
Hogan Lovells is strengthening its corporate & finance practice in Greater China with the hire of three corporate partners, Don Williams, Tony Mou and Cheng Xu.
Williams, who is US qualified, advises on a broad range of cross border transactions, particularly M&A, PE/VC and capital markets, with a strong focus on the TMT sector.
Mou focuses on general corporate and transactional matters with a particular emphasis on capital raising transactions, joint venture and foreign direct investment, M&A, as well as venture capital fund formation.
Xu’s practice focuses on PE/VC transactions and cross-border M&A in addition to general corporate and business matters, with expertise in “offshore” China transactions, M&A transactions throughout Asia and major Western markets, and Sino-foreign joint ventures.
Navegar closes the second fund at $197m. (FS)
Navegar, a Manila, Philippines-based private equity firm, held the final close of Navegar II, at $197m.
Monument Group, one of the industry’s placement agents, advised Navegar on raising the fund, which closed above its $150m target. Investors include development finance institutions, sovereign wealth funds, pension funds, endowments, family offices and high net worth individuals in Asia, Europe and the United States.
Consistent with its predecessor fund, Fund II will focus on investments in established companies in the consumer and business services sectors in the Philippines.
China hires Morgan Stanley, Goldman Sachs to advise on pipeline asset transfers.
Top Chinese energy firms have mandated investment banks Morgan Stanley and Goldman Sachs to act as advisers for multi-billion dollar deals transferring oil and gas pipeline assets into a national energy infrastructure giant.
Overseen by a government vice premier, underlining the project’s importance for Beijing, Beijing aims to complete the asset transfers and start operation of the new entity - valued by industry analysts at more than $40bn - by the end of September.
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