Clearlake Capital Group, a private equity firm, and TA Associates, a modern-era private equity firm, completed the acquisition of Kofax, an Irvine, California-based intelligent automation software provider, from Thoma Bravo, a software investment firm. Financial terms were not disclosed.
"Building on its momentum in the market, we believe there is significant opportunity to further strengthen and expand the company's integrated platform of solutions. TA looks forward to collaborating with Kofax's management team and Clearlake to promote strategic growth and innovation," Harry Taylor, TA Associates Managing Director.
Clearlake Capital Group and TA Associates were advised by Arma Partners, Credit Suisse, JP Morgan, Jefferies & Company, Kirkland & Ellis, Sidley Austin and Lambert & Co. Debt financing was provided by Blackstone, Brinley, Credit Suisse, Jefferies & Company, PSP Investments, Security Benefit Corporation and UBS. Debt providers were advised by Shearman & Sterling. Thoma Bravo was advised by Lazard and Kirkland & Ellis.
Koch Equity-backed Getty Images, a preeminent global visual content creator and marketplace, went public via a SPAC merger with CC Neuberger Principal Holdings II in a $4.8bn deal. The SPAC deal was backed by CC Capital and Neuberger Berman.
"Getty Images moves the world with content that can't be found anywhere else. We believe that our diverse, premium, and exclusive content partner base creates the most iconic moments of our time. Our team develops technology and harnesses data to generate unique insights for our customers, and our archive dates back to the beginning of photography. The decision to return to public markets enables us to continue defining and growing the creative economy in partnership with our stockholders. We are excited to partner with Chinh and CC Neuberger, in addition to the Getty family and Koch Equity Development affiliate, Koch Icon Investments, as we enter this new stage," Craig Peters, Getty Images CEO.
Getty Images was advised by Berenson & Co, Goldman Sachs, JP Morgan, Paul Weiss Rifkind Wharton & Garrison, Weil Gotshal and Manges and Solebury Trout. CC Neuberger Principal Holdings II was advised by Citigroup, Credit Suisse, Rothschild & Co, Solomon Partners, Kirkland & Ellis and Joele Frank. Financial advisors were advised by Sullivan & Cromwell. Koch Equity was advised by PJT Partners and Jones Day.
MasTec, an American multinational infrastructure engineering and construction company, agreed to acquire Infrastructure and Energy Alternatives, an infrastructure construction company with specialized energy and heavy civil expertise, for $1.1bn.
"We are proud to expand our service capabilities, scale and expertise providing critical infrastructure to support the nation's energy transition to secure and sustainable renewable sources. We are excited to welcome JP, the IEA management team and almost 6k IEA team members to the MasTec family. We have long admired IEA's operating excellence, and we have a strong cultural alignment with IEA in safety and customer service," Jose Mas, MasTec CEO.
Infrastructure and Energy Alternatives is advised by Lazard and Gibson Dunn & Crutcher. MasTec is advised by JP Morgan, Fried Frank Harris Shriver & Jacobson and Holland & Knight. Debt financing is provided by Bank of America and JP Morgan.
Aurora Capital Partners, a middle-market private equity firm, commenced its previously announced all-cash tender offer to acquire all of the issued and outstanding shares of common stock of Sharps Compliance, a full-service national provider of comprehensive waste management solutions including medical, pharmaceutical and hazardous waste, for $8.75 per share, net to the seller in cash, without interest and less any applicable withholding taxes.
Promptly following completion of the tender offer, and subject to the satisfaction or waiver of the remaining conditions set forth in the merger agreement, the purchaser will acquire any shares of Sharps that are not tendered in the tender offer through a second-step merger under Delaware law for consideration equal to the tender offer price, without interest and less any required withholding taxes, without prior notice to or any action by any other stockholders of Sharps. Following the transaction, Sharps will become a privately held company.
Sharps Compliance is advised by Raymond James, Norton Rose Fulbright and IMS Investor Relations. Aurora Capital is advised by Gibson Dunn & Crutcher, D.F. King & Co and ASC Advisors.
HomeTrust Bancshares, the holding company of HomeTrust Bank, agreed to merge with Quantum Capital, the holding company of Quantum National Bank, a high-performing $660m asset bank with three locations in the Atlanta metro area, in a $68m deal.
"We are excited to be partnering with one of the highest performing banks in Georgia and throughout the Southeast," C. Hunter Westbrook, HomeTrust President and COO.
Quantum Capital is advised by Piper Sandler and Hunton Andrews Kurth. HomeTrust is advised by Raymond James and Silver Freedman Taff & Tiernan.
Ginkgo, an American biotech company, agreed to acquire Zymergen, an American biotechnology company, for $300m.
“We have always had incredible respect for the Zymergen team and the strength of the technologies that they have built for cell programming. We are thrilled to integrate Zymergen’s capabilities into our Foundry, which we expect to accelerate the growth of our platform as we continue to deliver on our mission to make biology easier to engineer for our customers, helping us drive down the costs of cell programming as we invest in scale. We can’t wait to welcome Zymergen’s technical teams, who will support our scaling objectives,” Jason Kelly, Ginkgo Bioworks CEO and co-founder.
Ginkgo is advised by Allen & Company and Ropes & Gray. Zymergen is advised by Cowen & Company and Freshfields Bruckhaus Deringer.
Investment firms DST Global and CapitalG led a $260m Series D round in Whatnot, the largest independent live shopping platform in the US, with participation from BOND, Andreessen Horowitz and YC Continuity.
The fresh capital will facilitate continued investment in the in-app live & social commerce marketplace and enable the company to launch additional categories for collectors and enthusiasts of all kinds.
Whatnot was advised by Moxie Communications Group.
Ginkgo, an American biotech company, agreed to acquire West Sacramento Biologics Research & Development from Bayer, a German multinational pharmaceutical and biotechnology company, for $83m.
“To ensure sustainable food security for an ever growing population, we need to invest in biological solutions. By acquiring one of the premier R&D sites for agricultural biologicals worldwide and partnering with the best-in-class teams at Bayer and Joyn, we are demonstrating our commitment to developing breakthrough products for growers around the world. We are excited to be able to make this platform accessible to innovative companies and teams who may otherwise not have the resources or expertise to develop these capabilities in house,” Jason Kelly, Ginkgo Bioworks CEO and co-founder.
T. Rowe Price and Fidelity Management and Research Company led a $192m Series C round in Cleerly, the company creating a new standard of care for heart disease, with participation from Sands Capital, Piper Sandler's Merchant Banking and Heartland Healthcare Capital funds, Mirae Asset Capital, Peter Thiel, Breyer Capital, and Novartis.
"At Cleerly, we are passionate about our mission to create a new standard of care for heart disease. We are grateful for this round of financing that will further enable our work and believe it provides a resounding vote of confidence in our vision for the future of cardiovascular care. The status quo for heart health simply isn't good enough – for patients, providers, or payors – and our proven approach to examining for early signs of heart disease through the build-up of arterial plaque promises to deliver the change we need right now," James Min, Cleerly CEO and Founder.
Revolution Growth, a venture capital firm, led a $150m Series C round in Meati Foods, a consumer goods company that provides fungi-based meat alternatives, with participation from Grosvenor Food & AgTech, Canada Pension Plan Investment Board, Wellington Management and Cultivate Next.
"The continued growth and momentum that Meati is experiencing underscores how differentiated and scalable our products and vision are. Revolution Growth and our new and existing investors bring not just the financial firepower and ethos alignment, but deep and diversified expertise that will be instrumental in building a brand and organization that will truly change how people eat in a way that's better for our bodies and better for our planet," Tyler Huggins, Meati Foods CEO.
Jump Crypto, the cryptocurrency arm of the decades-old trading firm Jump Trading Group, and FTX Ventures, the venture capital arm of crypto exchange FTX, led a $150m Series A round in Aptos Labs, a layer 1 blockchain, with participation from Andreessen Horowitz, Multicoin Capital and Circle Ventures.
"We've known for a while that, due to issues like outages and downtime, current blockchains are not fit for purpose when it comes to mass Web3 adoption. That's why we're building a blockchain to be the reliable foundation for Web3 that ushers in users from around the world to experience the benefits of decentralization," Mo Shaikh, Aptos CEO.
MasterCard and Morgan Stanley led a $122m funding round in TomoCredit, the female, immigrant-founded credit card lending to over 40m credit-invisible immigrants and international students with no credit history in the US, with participation from GoldHouse, Asian Hustle network and Hyphen Capital.
"As a first-generation South Korean immigrant, I wanted to help immigrant communities to reach their American Dream faster with TomoCredit. It has been wonderful to partner with minority-focused funds who truly understand Tomo's mission," Kristy Kim, TomoCredit Founder and CEO.
Voyager Digital spurns 'lowball' joint bid from FTX.
Voyager Digital, a US crypto lender, rebuffed an approach by billionaire Sam Bankman-Fried's companies to buy the crypto lender's assets out of bankruptcy, describing the offer as a "lowball bid dressed up as a white night rescue."
Lawyers for Voyager said in court documents late on Sunday that the proposal by Bankman-Fried's FTX exchange and Alameda Research trading company was self-serving and accused the companies of subverting the bankruptcy process, FT reported.
Oak Hill commits $250m to Omni Fiber. (FS)
Oak Hill Capital, a private equity firm headquartered in New York City, announced that it formed a new fiber-to-the-premises provider, Omni Fiber, to bring to market a new option for high-speed Internet service in small and mid-sized markets in the Midwest that have historically been underserved by the large phone and cable companies.
Oak Hill's $250m commitment to Omni Fiber out of its latest flagship fund, Oak Hill Capital Partners VI, will fund new network construction to bring state-of-the-art fiber Internet, TV, and phone services to homes and businesses in communities across the Midwest, with initial projects in the states of Ohio, Pennsylvania, and Michigan.
Intel and MediaTek form foundry partnership.
Intel, an American multinational corporation and technology company, and MediaTek, a Taiwanese fabless semiconductor company, announced a strategic partnership to manufacture chips using Intel Foundry Services' advanced process technologies. The agreement is designed to help MediaTek build a more balanced, resilient supply chain through the addition of a new foundry partner with significant capacity in the United States and Europe.
MediaTek plans to use Intel process technologies to manufacture multiple chips for a range of smart edge devices. IFS offers a broad manufacturing platform with technologies optimized for high performance, low power and always-on connectivity built on a roadmap that spans production-proven three-dimensional FinFET transistors to next-generation breakthroughs.
Vizient announces strategic partnership with Mpirik.
Vizient, a member-driven health care performance improvement company, announced a strategic partnership agreement with Mpirik, a cloud-based care pathway software company focused on cardiac care, that will enable physicians to make more informed decisions on patient care while helping to reduce undertreatment.
The strategic partnership expands access to patient assessment and clinical programs that improve care and helps address health equity with the use of technology including artificial intelligence.
Tesla boosts capital spending plan, revealing new SEC subpoena.
Tesla increased its capital expenditure plan by billions of dollars after Chief Executive Officer Elon Musk referred to the carmaker’s new factories as “gigantic money furnaces.”
The revised plan was revealed Monday in a regulatory filing that also disclosed details of the electric-vehicle maker’s Bitcoin sales and another subpoena from securities regulators related to Musk’s 2018 tweet about taking Tesla private, Bloomberg reported.
The company now expects $6bn to $8bn of capital expenditures this year and each of the next two years. Tesla had previously estimated it would spend between $5bn and $7bn on ramping up manufacturing facilities and other items.
Moelis brushes off crypto winter to start a blockchain group.
Moelis, the investment bank founded by billionaire Ken Moelis, is starting a group to focus on global blockchain deals after a spate of transactions among crypto firms.
John Momtazee, who co-founded Moelis and is the global head of media investment banking, is overseeing the effort. Longtime venture investor Lou Kerner is joining the firm as a senior adviser to the group, reuniting the two executives who worked together more than 20 years ago, Bloomberg reported.
Moelis is starting its effort as venture funding in the industry has tumbled, and the price of Bitcoin has plummeted to less than one-third of its peak price of more than $68k in November.
Kistos, a closed-ended investment company, increased its offer for Serica Energy, a British-based independent upstream oil and gas company, from $1.2bn to $1.33bn.
Serica Energy has rejected the increased offer, saying it still significantly undervalues the company. Serica shareholders were strongly advised not to take any action.
Serica Energy is advised by Jefferies & Company, Peel Hunt, Rothschild & Co and Vigo Communications. Kistos Energy is advised by Berenberg, Bank of America, Panmure Gordon & Co, Orrick Herrington & Sutcliffe, Camarco and Hawthorn Advisors.
One Rock Capital, a private equity firm, completed the acquisition of Prefere Resins, a manufacturer of thermoset resins and products intended for construction, insulation, automotive and mechanical engineering industries, from Silverfleet Capital, an investment firm. Financial terms were not disclosed.
"We are excited to partner with Prefere, a leader in the resins industry. We look forward to working closely with the management team to further grow into underpenetrated markets and expand the Company's product portfolio, while maintaining the Company's commitment to delivering high-quality products and superior customer service," Michael T. Koike, One Rock Partner.
One Rock Capital was advised by Prosek Partners. Prefere Resins was advised by Houlihan Lokey and BMH Brautigam. Silverfleet Capital was advised by Shearman & Sterling.
ZINQ France, a metal processing company, and Sofigalva, a newly incorporated entity for the purpose of effecting the acquisition, agreed to acquire France Galva, the French galvanizing and steel lighting column operations of Hill & Smith Holdings, the international group creating sustainable infrastructure and safe transport through innovation, for €73m ($73m).
"The proposed disposal of France Galva is in line with the Group's strategy of focussing our capital into higher growth markets. While galvanizing continues to be an important part of our long-term plans, we see the UK and US as offering better growth opportunities. The completion of the Proposed Disposal would provide the Group with additional financial firepower to support our organic and inorganic growth ambitions and would serve the best interests of our shareholders," Alan Giddins, Hill & Smith Executive Chair.
Hill & Smith is advised by Rothschild & Co and MHP Communications.
Premier Foods, a British food manufacturer, agreed to acquire The Spice Tailor, a premium, authentic Indian and South East Asian meal kits and accompaniments brand, for £72m ($87m).
"We have greatly admired The Spice Tailor business for some time and we're very much looking forward to it joining our existing stable of strong brands. The acquisition is well aligned to our growth strategy and we see a clear opportunity to build on the excellent track record of The Spice Tailor, by leveraging the elements of our proven branded growth model. This acquisition represents a highly complementary geographical fit, and we see significant potential to expand The Spice Tailor's distribution in all our target markets. We see this as another important milestone for us following the Group's strong performance over recent years and The Spice Tailor is an important addition to accelerate our future growth plans," Alex Whitehouse, Premier Foods CEO.
Premier Foods is advised by Arrowpoint Advisory and Headland Consultancy.
Vauban Infrastructure Partners, a European asset management firm focused on infrastructure equity investments, and Crédit Agricole Assurances, an insurance company, agreed to acquire a 45% stake in Bluevia, a neutral wholesale FTTH provider in rural areas in Spain, from Telefónica, a Spanish multinational telecommunications company, for €1bn ($1bn).
"We are very excited about this project that will allow Telefonica España to remain the undisputed leader in fibre and will be a key lever to accelerate the deployment in rural areas as we continue to move forward in our commitment to shut down the copper network and to promote better connectivity in a more efficient and sustainable way," Emilio Gayo, Telefónica Spain Chairman.
Crédit Agricole Assurances is advised by Credit Agricole.
Schaeffler, a global supplier to the automotive and industrial sectors, agreed to acquire Ewellix, a global innovator and manufacturer of linear motion and actuation solutions, from Triton Partners, a private equity firm. Financial terms were not disclosed.
"We would like to thank Ewellix's management team, employees and all those that have contributed to the company's successful transformation during our ownership. We wish Ewellix all the best for the future under Schaeffler's stewardship," Claus von Hermann, Triton Managing Partner.
Orange, a telecommunications provider, and MasMovil, a telecommunications operator, agreed to form an $18.6bn joint venture.
“I am very happy to announce the conclusion of these negotiations today. This deal paves the way for the creation of a joint company that combines the forces of Orange and MasMovil into a single, stronger operator that will enable investments in 5G and Fiber, benefiting customers across Spain. I strongly believe that the creation of this new company is of fundamental importance for the Group, the Spanish telecoms market and for our customers,” Christel Heydemann, Orange CEO.
BC Partners nears deal to buy 50% of Fedrigoni from Bain Capital. (FS)
European buyout fund BC Partners is close to clinching a deal to buy 50% of Italian paper manufacturer Fedrigoni from Bain Capital in a deal that values the company at $3.1bn, Reuters reported.
The deal, which will see Bain Capital using its latest fund to reinvest in the company, ranks as one of Italy's biggest buyouts this year and defies a tough financing market for private equity investors.
Bain Capital, which took control of the company in 2017, launched an auction process in May to explore options to cash out partially. The sale drew interest from the likes of Partners Group, Onex, and Brookfield.
FC Barcelona and Sixth Street reach agreement for the acquisition of an additional 15% share of the Club's LaLiga broadcasting rights. (FS)
FC Barcelona announced an additional investment from Sixth Street, a strategic investment firm with significant experience in global sports and media, which follows the firm's previously announced acquisition of 10% of the Club's LaLiga TV rights.
With this second transaction, FC Barcelona has sold an additional 15% of the Club's LaLiga TV rights. In total, Sixth Street will receive 25% of the Club's LaLiga TV rights for the next 25 years. The transaction continues the implementation of a strategy overwhelmingly supported by the Club's members at its Extraordinary General Assembly in June.
Barclays to acquire a stake in cryptocurrency firm Copper.
Barclays is buying a stake in Copper, a cryptocurrency company that counts former Chancellor Philip Hammond among its advisers, Bloomberg reported.
The UK lender is among a group of new investors joining a funding round for Copper and will invest a few million dollars, with the fundraising expected to be finalized within days.
McAfee expands partnership with Visa to offer UK Visa business cardholders online protection software.
McAfee, a provider of online protection, announced an expanded partnership with Visa, a digital payments company, that enables Visa partners in the United Kingdom to offer award-winning online protection solutions to Visa Business cardholders. Visa Classic Business cardholders in the UK can save up to 50% on a one-year subscription to McAfee Total Protection.
"With increasingly complicated global issues such as the ongoing impacts of the Covid-19 pandemic and difficulties stemming from the global supply chain, small businesses are increasingly reliant on their digital infrastructure, and it's never been more important to ensure the proper protections have been implemented. We are proud to partner with Visa to offer solutions to their Visa Business cardholders and look forward to helping these organizations stay secure so they can focus on what matters most to their business," Pedro Gutierrez, McAfee SVP Global Consumer Sales & Operations.
Deutsche Bank, UBS-led group, was hit with a $200m buyout loss. (FS)
Most of the pain came from risky “payment-in-kind” notes that the banks sold back to CD&R at a substantial discount to face value. CD&R, which already owns 49% of Cornerstone, agreed in March to take the company private in a deal valued at $5.8bn, including debt, Bloomberg reported.
Buyout financing is typically a lucrative business for Wall Street, but it’s become less so after the rout in credit markets. The six largest US banks took a combined writedown of about $1.3bn in the second quarter on corporate loans. Most of which were provided to fund LBOs, as recession fears triggered a selloff in the risky debt.
Vodafone sees progress in resolving Germany issues.
Vodafone is making progress towards resolving issues in its biggest market Germany after suffering a drop in service revenue there, its chief executive said on Monday.
The mobile phone and broadband group said it lost 79k TV and 64k broadband customers in the first quarter, resulting in a 0.5% decline in service revenue in the country after a new law ended automatic renewals and an IT system underperformed, Reuters reported.
Chief Executive Nick Read said the British group had made good progress towards stabilizing its German operation.
EY's UK arm drafts in Rothschild& Coas $80bn break-up looms.
EY's UK board has asked Rothschild & Co to advise on the implications of a separation of its audit and consulting businesses - a move that would trigger multimillion pound windfalls for hundreds of partners.
Its UK firm is one of EY's most financially significant globally, behind only the US, and the views of its partners will be influential in determining whether the landmark break-up can proceed.
British-based partners were briefed on the break-up plans several weeks ago, although final details of the process to vote on and approve the deal have yet to be finalized.
Deutsche Bank's investment banking coverage chief to depart. (People)
Deutsche Bank's global investment banking coverage and advisory chief Drew Goldman will step down and be replaced by regional heads, Reuters reported.
Goldman, who has held numerous leadership roles during his 22-year tenure at the German lender, wants to pursue opportunities outside investment banking.
Global co-head of mergers & acquisitions Bruce Evans will now oversee investment banking coverage and advisory for the Americas at Deutsche Bank. Evans, a 15-year veteran at Deutsche, was elevated to co-head of M&A last year.
Skip Capital, a private investment fund, and Stonepeak Partners, a private equity firm, agreed to acquire Genex Power, an Australian electricity generation company, for $220m.
The offer of $0.16 a share was pitched at a 70% premium to Genex’s close last Friday. Its shares shot up 52% to a high of $0.14 on Monday after the announcement, indicating investors don’t expect a higher offer.
Genex Power is advised by Goldman Sach and Gilbert + Tobin.
Apax Partners, a global private equity firm, agreed to invest in Pickles Auctions, a marketplace for vehicles, industrial, and salvage assets. Financial terms were not disclosed.
"Pickles is a clear leader across all of its verticals, with a strong reputation for customer success and long history of consistent growth. We are impressed by the foundation the team has built and are excited to be partnering with the Pickles family and management, leveraging our extensive experience investing in and operating leading online marketplaces in other markets, such as New Zealand's Trade Me, and our expertise in digital transformation, to accelerate the business's digitalisation journey and fuel future growth," Steven Kooyers, Apax Partner.
Dayone Capital, a multi-stage consumer specialist investment manager, led a $443m Series D3 round in HOZON, a Chinese all-electric car marque, with participation from Shenzhen Capital Group, Qianhai FOF, Hongtai Aplus, Insight Capital and Dianshi Zichan.
The new energy vehicle maker said the proceeds raised from the D3 round would be used for product R&D, technology innovation, production capacity expansion, and replenishment of operational capital.
Lazada, an international e-commerce company, led a $168m funding round in TNG Digital, Malaysia's largest eWallet company.
"I'm extremely pleased to welcome Lazada to the Touch' n Go eWallet family. We feel this collaboration will bring next-level value propositions to users and merchant bases across the Lazada and Touch' n Go ecosystem. I look forward to seeing the teams roll out these exciting collaboration opportunities to our users," Effendy Shahul Hamid, TNG Digital CEO.
Shein private bids imply a $30bn valuation drop since April.
Investors looking to sell stakes in Shein are evaluating bids at discounts of about 30% to its $100bn valuation in April, amid concern about the Chinese fast-fashion giant’s slowing growth.
While some current shareholders in the private company are considering cashing out ahead of a future initial public offering, the valuation spread between buyers and sellers remains a hurdle to any trade, Bloomberg reported.
Slower sales growth and criticism over Shein’s environmental, social, and governance record could have an impact on the IPO timeline and valuation. These factors, along with the recent market turmoil in technology companies, have influenced some investors’ thinking about whether to sell at least part of their stakes privately.
Bankman-Fried’s FTX in talks to buy South Korea’s Bithumb.
FTX, the crypto trading platform co-founded by billionaire Sam Bankman-Fried, is in advanced talks to buy South Korea’s Bithumb.
The companies have been in discussions for several months. Bithumb has over 8m registered users. Even though the exchange has seen over $1tn in total volume traded, Bloomberg reported.
Bankman-Fried is moving to take advantage of the crypto market crash by propping up or acquiring hobbled companies. FTX and its American entity FTX are in talks to raise fresh capital, putting Bankman-Fried in position to continue a deal spree that’s seen him commit about $1bn so far.
Troubled crypto exchange Zipmex says mulling possible offer.
Zipmex, a cryptocurrency exchange that operates in markets like Singapore and Thailand, said on Sunday it was considering a possible offer after talks with interested parties, and that due diligence should commence.
The Asian platform was among several in the digital-assets industry encountering financial difficulties in recent weeks. On Thursday, it had halted withdrawals as the fallout from a series of defaults spread further throughout the industry, Bloomberg reported.
The platform is the latest to encounter financial difficulties stemming from dealings with troubled crypto leaders Babel Finance and Celsius Network. Zipmex has $48m of exposure to Babel and $5m with Celsius.
Zomato plunges 11% to record low as IPO lock-up period ends.
Shares of Indian online food delivery and restaurant platform Zomato plunged in Mumbai after the end of a lock-up period for investors that had stakes in the company prior to its initial public offering.
Zomato’s offering last July raised close to $1.3bn and lured investors, including Morgan Stanley and Fidelity Investments. China’s Ant Group was an early holder, having initially invested in it in 2018, owning a stake of about 16% before the share sale, Bloomberg reported.
“The shine of new age IT stocks is fading away at a very fast pace,” said Mohit Nigam, a fund manager with Hem Securities Zomato’s $570m acquisition of quick-commerce firm Blinkit, which loses $1.10 per order.
Thai Life edges down in debut after biggest 2022 Bangkok IPO.
Shares of Thai Life Insurance ended slightly lower in their debut in Bangkok, following Thailand’s biggest initial public offering this year, Bloomberg reported.
The Bangkok-based life insurer’s stock finished a choppy first day of trading at THB15.90 ($0.4328), down 0.6% from its IPO price. The company and two of its major shareholders sold a combined 2.32bn shares, including a green-shoe option, to raise THB37.1bn ($1bn).
Hong Kong’s ESR makes $1bn the first close of the inaugural data center fund.
Hong Kong-based ESR Group has announced the first close of its inaugural vehicle, Data Centre Fund 1, which has so far gathered over $1bn in equity commitments.
The fund, dedicated to developing ESR’s growing data center business, received commitments from the world’s largest institutional investors, including sovereign wealth and pension funds.
China-focused BAI Capital raises $700m for the latest PE fund. (FS)
China-focused fund manager BAI Capital, formerly Bertelsmann Asia Investments, has announced the final close of its latest private equity fund and its related investment vehicles at $700m.
The fund, BAI Capital Fund I, was launched in December 2019. BAI did not specify the target corpus for the fund but said the amount raised in the final close exceeded the target size.
In the announcement, the firm said Fund I has two focus areas – China-based global companies and China’s structural transformation. It seeks to partner with Chinese companies and entrepreneurs that can leverage the multiplier effect of China’s technology, talent, and supply chain advantages.
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