|
AMERICAS
Canadian Pacific Railway reiterated its commitment to buy Kansas City Southern and asked the US railroad operator to reject rival Canadian National Railway’s takeover offer, Reuters reported.
The US Surface Transportation Board denied Canadian National’s motion for approval of voting trust agreement, while the US Department of Justice last week said the company’s bid for Kansas City appears to pose greater risks to competition. The STB had earlier this month approved the voting trust for Canadian Pacific’s proposed acquisition of Kansas City.
Kansas City is advised by Bank of America, Morgan Stanley, Baker & Miller, Davies Ward Phillips & Vineberg, Wachtell Lipton Rosen & Katz, White & Case, WilmerHale and Joele Frank. Financial advisors are advised by Willkie Farr & Gallagher. Canadian National is advised by JP Morgan, RBC Capital Markets, Cravath Swaine & Moore, Norton Rose Fulbright, Sidley Austin, Stikeman Elliott, Torys, Brunswick Group and Longview Communications. Canadian Pacific is advised by BMO Capital Markets, Evercore, Goldman Sachs, Bennett Jones, Blake Cassels & Graydon, Creel Garcia-Cuellar Aiza y Enriquez, David L Meyer, Sullivan & Cromwell and Edelman. Financial advisors are advised by Fried Frank Harris Shriver & Jacobson.
FirstGroup, a British multinational transport group, is clashing with its top investors Coast Capital over the $4.6bn deal to sell its bus operators First Student and First Transit to private equity firm EQT Partners.
FirstGroup has backed the proposed sale of its US bus operations against the objections of its largest shareholder, Coast Capital, in the latest flashpoint between the transport company and its activist investor.
EQT is advised by BMO Capital Markets, Barclays, Morgan Stanley and Simpson Thacher & Bartlett. FirstGroup is advised by Goldman Sachs, JP Morgan, Rothschild & Co, Davis Polk & Wardwell and Brunswick Group.
AE Industrial Partners, a private equity firm, completed the acquisition of Cross-Fire & Security, a full-service fire and life safety services company. Financial terms were not disclosed.
"We are excited to have the opportunity to create a unique platform with significant scale and national reach. We look forward to partnering with the founders, Brendan and Kevin, and our industry experts, Kelly, Ed and others, as we grow the business," Charlie Santos-Buch, AEI Partner.
AEI was advised by Kirkland & Ellis, Lambert and PricewaterhouseCoopers.
Cross-Fire was advised by Goudsouzian & Associates.
Medline Industries, a manufacturer, distributor and healthcare solutions provider, agreed to acquire a majority stake in the respiratory business of Teleflex, a global provider of medical technologies, for $286m. The transaction is expected to close in the third quarter of 2021.
"Medline has a long history of investing in key market areas to deliver new opportunities and efficiencies to healthcare providers. The acquisition brings one of the most admired respiratory brands into our world-class portfolio of products," Andy Mills, Medline President.
Medline is advised by Sidley Austin. Teleflex is advised by Guggenheim Partners and Holland & Knight.
SoftBank Vision Fund 2 led a $150m Series E round in Formlabs, a 3D printing company.
Formlabs will use the funds to continue to grow its portfolio of 3D printing technologies, enabling greater mass production and customization, as well as grow its team across its seven offices worldwide.
Formlabs was advised by JP Morgan and BIGfish Communications.
The Vistria Group, a Chicago-based investment firm, agreed to lead the recapitalization of Medalogix and Muse Healthcare, two premier data science and machine learning technology companies. Financial terms were not disclosed.
"Integrating our technology with the Medalogix solution platform allows us to cover the entire care continuum for patients in the home, giving our customers the insights and care guidance to obtain the most appropriate outcomes. Together, we will accelerate the growth of our customers, ensuring they are using data to support every care decision, and appropriately increase the days of care provided in the place where the patient deserves to be: their home," Tom Maxwell, Muse Healthcare Chairman and Co-founder.
The Vistria Group is advised by Brentwood Capital and TripleTree.
Private equity firm Advent International agreed to acquire the Mexico and Brazil-based over-the-counter unit of Perrigo Company, an American Irish–registered manufacturer of private label over-the-counter pharmaceuticals. Financial terms were not disclosed.
"After a thorough review, we concluded Perrigo does not have sufficient scale in its Latin American businesses, which are dilutive to the Company's '3/5/7' growth algorithm. As the path to improving margins in these regions would be further dilutive for the foreseeable future, the decision was made to exit these businesses. We are pleased to have reached an agreement with Advent and look forward to ensuring a seamless transition. We thank all the Mexico and Brazil-based employees for their service to Perrigo and are confident the businesses will do well under Advent's ownership as these are key areas of focus for their company," Murray S. Kessler, Perrigo CEO and President.
Perrigo is advised by Citigroup.
Advent-backed NielsenIQ, a global measurement and data analytics provider, agreed to acquire Label Insight, a provider of product attribute data. Financial terms were not disclosed.
"Currently, 80% of consumer health and wellness preferences are not being met when searching for products online. NielsenIQ's acquisition of Label Insight supercharges a mission to help retailers and manufacturers better meet the needs of the health and wellness-focused consumer with a one-stop-shop of powerful solutions for the digital future," Jeanne Danubio, NielsenIQ President North America.
NielsenIQ is advised by Baker McKenzie.
10T Holdings and Morgan Creek Digital led a $200m Series D round in Figure Technologies, a provider of financial services through the power of blockchain technology, with participation from DCM, Digital Currency Group, HCM Capital, Ribbit Capital, RPM Ventures and DST Global.
"10T believes that Figure is building next-generation lending, trading, and settlement infrastructure for the Digital Asset Ecosystem. The speed, transparency, finality, and cost-efficiency of Provenance blockchain will be an improvement to the systems and framework that exist in the traditional financial world. We are thrilled to be able to partner with and invest in one of the premier leadership teams in the space," Dan Tapiero, 10T Holdings General Partner.
Figure Technologies was advised by SutherlandGold.
D1 Capital Partners and by Kaiser Permanente led a $165m Series C round in PathAI, a global provider of artificial intelligence-powered technology for pathology, with participation from General Atlantic, Tiger Global Management, 8VC, Adage, Biospring Partners, General Catalyst, KdT Ventures, Polaris Partners, Refactor Capital, Bristol-Myers Squibb Company, Labcorp and Merck Global Health Innovation Fund.
"We have been following PathAI's journey and have been impressed by their growth and the impact they have made in the industry. We are excited to support their mission as they continue to expand their research in diagnostic development and AI-powered pathology," Daniel Sundheim, D1 Capital Partners Founder.
PathAI is advised by Latham & Watkins.
ACON Investments, a Washington, DC-based international private equity investment firm, completed the investment in Diverzify, a commercial flooring installation and related facility services provider, based in Itasca, Illinois. Financial terms were not disclosed.
"We are attracted to Diverzify's market-leading position in the flooring and facility services sectors, customer-centric focus, innovative solution offering, and entrepreneurial operating culture led by a best-in-class management team. We see a highly scalable platform with significant opportunity for continued growth, both organically and through acquisitions," Mo Bawa, ACON Partner.
ACON Investments is advised by Raymond James
Ro, the healthcare technology company, agreed to acquire Modern Fertility, a high-growth reproductive health company, for $225m.
The acquisition represents a dramatic expansion of Ro's women's health offering, adding Modern Fertility—one of the fastest-growing women's health businesses in the country—to Ro's vertically integrated primary care platform.
Spectrum Equity, a growth equity firm, led a $100m Series C round in Goldbelly, America's first platform for food e-commerce, with participation from Intel Capital.
"The restaurant technology space has seen tremendous innovation over the last decade, but Goldbelly is the first company to offer restaurants the opportunity to turn what has historically been a hyper-local business model into one with a national reach," Pete Jensen, Spectrum Equity Managing Director.
BlackRock agreed to invest in Grupo Axo, a Latin American multi-brand retail platform and partner to global fashion brands. The funds and accounts managed by BlackRock join Grupo Axo's global investor base, including existing shareholder General Atlantic. Financial terms were not disclosed.
"Over the past year, the acceleration of our digital offering, combined with our omnichannel strategy, has consolidated Grupo Axo's position as a key e-commerce fashion player in the region. We are energized by the potential for Grupo Axo to continue strengthening our expertise and footprint as the partner of choice for global brands operating in Latin America," Andres Gomez, Grupo Axo Co-CEO.
Goldman Sachs is said to invest in Thrive Capital. (FS)
Goldman Sachs is backing the venture capital firm Thrive Capital, started by Joshua Kushner. Goldman Sachs, which often takes positions in private equity firms, will receive an ownership percentage of Thrive’s business as part of an investment.
Thrive Capital as a firm is valued at about $3.6bn. Goldman Sachs has previously made investments in venture capital firm General Catalyst and private equity firm Francisco Partners, Bloomberg reported.
Omnichannel Acquisition in talks to merge with Kin Insurance.
Kin Insurance, a home-coverage startup, is in talks to go public via Omnichannel Acquisition, a SPAC led by recurring “Shark Tank” guest judge Matt Higgins, Bloomberg reported.
The combined entity is set to be valued at over $1bn. A deal, if agreed, could be announced next month.
JP Morgan launched new healthcare-focused unit for US employees.
JP Morgan launched a unit aimed at improving healthcare for its US employees, months after its similar joint venture with Amazon and Berkshire Hathaway was disbanded.
The unit, Morgan Health, will initially invest up to $250m and work with the JP Morgan benefits team to collaborate with other healthcare organisations to improve care for its staff in the United States, Reuters reported.
Roivant wants to merge with a SPAC and take over its previous SPAC.
A SPAC-on-SPAC deal is such an oddity that people who follow shell companies can’t remember it happening before or anything like Roivant’s head-spinning version, Bloomberg reported.
“In the years I’ve been analyzing SPACs, I have never seen a transaction like this,” Neil Danics, SPAC Analytics Founder.
Deutsche Telekom in talks for SoftBank’s T-Mobile stake. (FS)
Deutsche Telekom is in talks about a potential offer for SoftBank Group 8.5% stake in T-Mobile, a deal that would give the German telecom giant greater control over its US affiliate.
The terms of a potential deal, including whether Deutsche Telekom might bid for the entire stake to get majority control, have not been finalized and no firm decision has been made about an offer, Bloomberg reported.
Procore Technologies raised $634m in IPO.
Procore Technologies, a cloud-based construction software company, priced its shares in IPO above a marketed range to raise $634m. The company sold 9.47m shares for $67 each. It had marketed the shares for $60 to $65, an exchange filing showed.
Procore has a market value of more than $8.5bn based on the outstanding shares listed in its filings with the US SEC. Diluted to include employee stock options and restricted stock units, that value increases to at least $9.6bn.
The listing is Procore’s second run at going public. It first filed in early 2020 for an IPO but postponed the transaction during the coronavirus pandemic. After the delay, it raised more than $150m in a funding round from investors, including Dan Sundheim’s D1 Capital Partners at a $5bn valuation, Bloomberg reported.
Cuadrilla Capital targets $250m for debut fund. (FS)
New technology-focused private equity firm Cuadrilla Capital is targeting $250m for its debut fund.
The recently established firm was co-founded by former Marlin Equity Partners executive Jonah Sulak in 2020. The firm, which opened its doors at the beginning of the year, has an upper limit of $300m for the investment vehicle.
Morgan Stanley CEO eyes successor. (People)
Morgan Stanley CEO James Gorman unveiled his biggest leadership shakeup in more than a decade, positioning a small group of lieutenants and two in particular as his most likely successors, Bloomberg reported.
Ted Pick, the architect of Morgan Stanley’s trading revival, and Andy Saperstein, who built the company into a wealth-management powerhouse, were tapped as co-presidents and given expanded roles atop the Wall Street bank that’s been gaining ground on rivals.
“I am highly confident one of them will be the CEO. It feels like the right time to more formally set up a transition over the next few years,” James Gorman, Morgan Stanley CEO.
EMEA
Financial News reported that a rift between the London Stock Exchange Group and Reuters has opened up over the media company's plans for a new paywall, which the London bourse claims is in breach of a 30-year agreement in the sale of its news to data provider Refinitiv.
David Craig, chief executive of Refinitiv, and Andrea Stone, LSEG's chief customer proposition officer, said in the letter to Michael Friedenberg, chief executive of Reuters, that requiring Reuters' readers to pay for content "would cause Refinitiv significant loss and material and irreparable harm."
Refinitiv is advised by Canson Capital Partners, Evercore, Jefferies & Company, Corrs Chambers Westgarth, Osler Hoskin & Harcourt, Simpson Thacher & Bartlett and Eterna Partners. LSEG is advised by RBC Capital Markets, Oliver Wyman, Barclays, Goldman Sachs, Morgan Stanley, Robey Warshaw, Blake Cassels & Graydon, Freshfields Bruckhaus Deringer and Teneo. Financial advisors are advised by Herbert Smith Freehills. CPPIB is advised by Weil Gotshal and Manges. Thomson Reuters is advised by Allen & Overy.
Liberty and Telefonica received the Competition and Markets Authority's approval to combine their UK operations in a $38bn deal. The 50-50 joint venture brings together Virgin Media, the UK's broadband network, and O2, the country's largest mobile platform.
"After looking closely at the deal, we are reassured that competition amongst mobile communications providers will remain strong and it is therefore unlikely that the merger would lead to higher prices or lower quality services," Martin Coleman, CMA Panel Inquiry Chair.
Telefonica is advised by Deloitte, Citigroup, Clifford Chance and Herbert Smith Freehills. Liberty is advised by JP Morgan, LionTree Advisors, Allen & Overy, Ropes & Gray, Shearman & Sterling and Finsbury Glover Hering.
St. Modwen Properties, a British-based property investment and development business, agreed to The Blackstone Group's $1.7bn takeover offer. The offer price is a 21% premium to St. Modwen's closing share price on May 6.
"We believe this offer is in the best interests of St. Modwen shareholders and significantly accelerates the value that could be realized by St. Modwen if it were to remain independent," Danuta Gray, St. Modwen Properties Chair.
St. Modwen Properties is advised by JP Morgan, Lazard, Numis Securities, Slaughter & May and FTI Consulting. Blackstone is advised by Rothschild & Co, Kirkland & Ellis and Paternoster.
Private equity firm Endless completed the acquisition of Edbro, a provider of on-vehicle hydraulic systems, from Jost Werke, a manufacturer and supplier of safety-relevant systems for commercial vehicles. Financial terms were not disclosed.
"We are delighted to support the Management team and all of the Edbro employees as the business embarks on this exciting new chapter in its history. This business has huge potential and we will provide fresh capital investment and hands-on operational support to help unlock it," Richard Harrison, Endless Partner.
Endless was advised by Fox Lloyd Jones, Vista Insurance Brokers, Eversheds Sutherland and Tax Advisory Partnership. Jost Werke was advised by Oaklins and White & Case.
Universities Superannuation Scheme, the largest private pension fund in the United Kingdom by assets, agreed to acquire a 50% stake in Bruc Energy, a Spain and Portugal renewables-focussed investment vehicle created by Canadian pension fund OPTrust and the Spanish businessman, Juan Béjar, for £200m ($282m).
"We have worked alongside OPTrust and Juan Béjar for many years and are delighted to be making this investment. The long-term nature of solar and the steady returns make renewables attractive to a pension scheme needing to pay pensions for years to come," Gavin Merchant, USS Co-Head of Direct Equity.
USS is advised by Greenhill & Co, Nomura and RBC Capital Markets.
Macquarie Capital Principal Finance completed the acquisition of Wavenet Group, a multi-award-winning provider of telecoms and technology solutions, from Beech Tree, a private equity firm based in Birmingham, United Kingdom. Financial terms were not disclosed.
“As a team, we are excited to continue to build on this growth as we enter our new partnership with Macquarie. I am confident that the passion and quality of our people, management and infrastructure combined with Macquarie’s experience will drive us to even greater success in the future,” Bill Dawson, Wavene CEO.
Beech Tree is advised by Eversheds and Oakley Advisory.
Providence Strategic Growth agreed to acquire a majority stake in billwerk, a European provider of subscription management software. Financial terms were not disclosed.
“We believe we have found the perfect partner in PSG based on their unique focus and experience in partnering with founder-led software companies and supporting their growth throughout Europe, and beyond. We’re excited to work with the PSG team as we identify new opportunities to scale our business,” Ricco Deutscher, billwerk Co-Founder and CEO.
PSG is advised by Prosek Partners.
S Immo, a Vienna-based real estate group, said that rival Immofinanz's $1.4bn offer to buy the company is too low. S Immo said Immofinanz's offer price was well below S Immo's net asset value and did not take into account the value analysis of its property portfolio it had conducted last month.
Discussions over a tie-up between the two companies have been ongoing for years. In 2019, they abandoned talks after failing to agree on a share exchange ratio.
Immofinanz is advised by Citigroup.
Savills, the international real estate advisor, agreed to acquire the remaining 75% stake in DRC Capital, the European real estate debt manager, for up to £65m ($92m).
"DRC continues to innovate in the real estate debt market and has rapidly built an enviable position in an increasingly competitive environment. We are very happy with the progress of the partnership since 2018 - the combination of Savills IM's and DRC's investment teams provides a compelling offering to our clients by providing investment opportunities across the entire real estate capital structure," Alex Jeffrey, Savills Investment CEO.
Savills is advised by Tulchan Communications.
Investment firms Novo Holdings and HBM Partners led a $110m Series C round in Numab Therapeutics, a clinical stage biopharmaceutical company developing next-generation multispecific antibody-based immunotherapies for cancer and inflammation, with participation from Forbion, Cormorant Asset Management, BVF Partners, RTW Investments, BlackRock and Octagon Capital Advisors.
"Backing companies built on clearly differentiated science in areas of major unmet medical need is at the heart of Novo Holdings' investment strategy. We are thus thrilled to co-lead Numab's Series C financing to support the company at a pivotal stage in growth," Nanna Lüneborg, Novo Partner.
Numab Therapeutics was advised by MacDougall.
Macquarie-backed Green Investment Group, a specialist in green infrastructure principal investments, and EDF Renewables, a renewable energy production firm agreed to acquire a 90% stake in Green Lighthouse Development, a French agrophotovoltaic developer. Financial terms were not disclosed.
"EDF Renewables is thrilled by the opportunity to invest in Green Lighthouse Development, who are ideally positioned to leverage the emerging agrivoltaic market," Nicolas Couderc, EDF Renewables Executive Vice President.
Sequoia Capital led a $900m Series C round in Trade Republic Bank, a fintech firm. The round saw participation from Thrive Capital, Founders Fund Accel, Founders Fund, Creandum and Project A.
“Don’t really box this company into one of those ready for an exit, it is a very young company that has a lot to do before thinking about anything. In a way monetization, it is not yet the most important variable I would consider,” Luca Bocchio, Trade Republic Board Member.
CapMan and Mandatum, two financial services providers based in Finland, agreed to invest in Sofigate, the business technology transformation company. Financial terms were not disclosed.
“CapMan and Mandatum bring financial and capital market expertise to the company, which will enable us to accelerate our growth. Company acquisitions are part of the strategy, and private equity investors ensure that financing is available when needed,” Sami Karkkila, Sofigate CEO.
Technology Crossover Ventures led a $150m Series B funding round in Aker-backed Cognite, a global developer of the industrial software.
"As the global growth continues across industry verticals, there is significant interest from companies to partner with Cognite. We are very pleased to welcome TCV, a top-tier growth equity firm, on board, especially given their strong track record from building and scaling enterprise software companies globally," Øyvind Eriksen, Aker President and CEO.
JP Morgan eyes $100m payday on trade linked to Aramco deal. (FS)
JP Morgan is set to profit after interest rates moved in its favor. The company is set to earn more than $100m on a recent trade tied to the sale of a stake in Saudi Aramco’s oil pipelines, a windfall that stands out even in the sprawling interest-rate swap market, Bloomberg reported.
The bank is poised to book gains on a hedging transaction with EIG Global Energy Partners, an investment firm that agreed last month to invest $12.4bn in the pipelines. JP Morgan advised Aramco on the deal and was one of two banks that helped it arrange a loan of more than $10bn offered to the buyers.
EIG separately entered into a so-called swap deal with JP Morgan to guard against fluctuations in interest rates. JP Morgan is in line for the nine-figure profit after markets moved in its favor.
Italy drops higher cap for bank merger incentives from decree.
Italy dropped a mooted measure that lifted the cap on tax incentives for bank mergers from a decree the cabinet is set to approve, Reuters reported. Instead, the decree tweaks the current norm only to give lenders more time for potential deals. Under the draft, the incentives apply if merger deals are approved by lenders’ boards of directors by the end of this year, while at present shareholder approval was necessary by the December 31 deadline.
The draft document no longer includes norms raising the ceiling on the incentives to 3% of the assets of the smaller bank involved in the merger, leaving in place the current 2% cap.
CAF plans a bid for Thales's train signalling business.
CAF, a Spanish train maker, plans to make a bid for the signaling arm of French technology group Thales in a transaction possibly worth $1.95bn. Given the size of the deal, CAF is seeking a partner to buy the unit.
The train signalling arm is a crucial technology business that allows railways operators to increase the number of trains circulating on rail lines and includes driverless train technology, Reuters reported.
Memic is in talks to go public via SPAC. (FS)
Memic Innovative Surgery, a medical-device company that specializes in robot-assisted surgery, is in talks to go public through a merger with MedTech Acquisition, a blank-check firm, Bloomberg reported.
The SPAC may raise additional equity through a so-called private investment in public equity, or PIPE. Terms of the deal couldn’t immediately be learned. As with all transactions that are not finalized, it’s possible talks could fall apart.
Accor plans to sponsor a SPAC to raise $365m.
Accor, Europe’s biggest hotel group, plans to sponsor a blank-check firm to target acquisitions in the leisure, lifestyle and food sectors. The company said in a statement it expected its SPAC to raise about $365m with a listing on Euronext Paris, adding that its own investment in the SPAC would not be material.
Accor said that SPAC acquisition would benefit from the company’s network, scale and global presence, Reuters reported.
Airbus to close Spanish plant but reviews parts selloff.
Airbus took a step towards closing a plant in southern Spain, but rowed back over proposals to sell off the production of small airplane parts elsewhere in Europe as it attempts to finalise a major post-Covid restructuring plan, Reuters reported.
After months of protests over the future of its Puerto Real plant in Cadiz, Airbus said it was discussing with unions a plan to combine it with a second nearby plant, leaving one facility instead of two at the southern tip of its European network.
Airbus said no decision had been taken on which plant in Cadiz would cease production, but a spokesman said Puerto Real would in any event have a role in the development of future industrial technology to be used across its European shopfloors.
Bundesliga scraps sale of stake in overseas broadcasting rights. (FS)
Germany’s top-flight soccer league scrapped plans to sell a 25% stake in its overseas broadcasting rights after resistance from Bundesliga clubs concerned about private equity firms meddling in their affairs, Reuters reported.
The German Football League, which organises the country’s top two leagues, said that the talks on the stake sale were not being continued for now. The league’s soccer clubs needed to agree with a two-thirds majority on moving to the final phase of the auction, but failed to achieve that threshold.
“Irrespective of (the scrapping of the sale), there was agreement that it is essential that clubs and DFL work together on concepts to push international marketing in particular,” German Football League.
Deutsche Bank’s CEO says he is laying the groundwork for deals.
Deutsche Bank must be ready for possible acquisitions once consolidation in European banking accelerates, CEO Christian Sewing said, the clearest hint yet that he’s considering deals again halfway through his four-year turnaround program, Bloomberg reported.
Size is becoming even more important in the financial industry because globalization is becoming more complex and technological advances require large investments, Sewing said in a speech prepared for Deutsche Bank’s annual general meeting.
DSV Panalpina mulling bid for Deutsche Bahn's Schenker.
Several logistics firms including DSV Panalpina are considering making a bid for Deutsche Bahn’s logistics unit Schenker, Reuters reported.
The railway operator was planning to divest from its subsidiary after a national election due in Germany in September. It added that the unit was worth $9.8bn to $12.2bn.
Nordic Semiconductor is not aware of any STMicro interest.
Nordic Semiconductor’s CFO said the Oslo-listed firm had “no knowledge” of any takeover interest from Franco-Italian chipmaker STMicroelectronics after a report in Italian newspaper MF.
Nordic’s share price rose by 12.8% to hit an all-time high of $26. It has risen by some 55% so far this year amid a surge in global demand for semiconductors, giving it a market capitalisation of $5bn, Reuters reported.
Oatly Group priced $1.4bn in IPO.
Oatly Group, the vegan food and drink maker, priced its IPO at the top of a marketed range to raise more than $1.4bn. The company and its investors sold more than 84m American depositary shares for $17 each. The Swedish company had offered the shares for $15 to $17 each.
The listing gives Oatly a market value of about $10bn based on the outstanding shares listed in its filings with the US Securities and Exchange Commission, Bloomberg reported.
APAC
Indonesia's anti-trust agency said it would scrutinize the multi-billion dollar merger of the country's startups Gojek and Tokopedia to check for potential monopolistic behaviour. Ride-hailing and payments firm Gojek and e-commerce leader Tokopedia announced their merge earlier this week into a tech company GoTo in Indonesia's largest-ever deal.
The combined entity, which will span online shopping, courier services, ride-hailing, food delivery and other services in Southeast Asia's largest economy, will be the biggest privately held technology firm in the region, Reuters reported.
Tokopdia is advised by Citigroup, Allen & Overy and Finsbury Glover Hering. Gojek is advised by Goldman Sachs, Assegaf Hamzah & Partners and Davis Polk & Wardwell.
Digital Colony, a digital infrastructure investment firm, completed the acquisition of 4200 telecom towers from Indosat, Ooredoo's Indonesian unit, for $750m.
"I am delighted that Indosat Ooredoo has agreed this deal with Edge Point Indonesia, which has been long in the planning and is in-line with our turnaround strategy to create more value for shareholders and customers," Ahmad Al-Neama, Indosat Ooredoo President Director and CEO.
Indosat was advised by JP Morgan and Hiswara Bunjamin & Tandjung. Digital Colony was advised by Linklaters.
Udenna, a holding company in the Philippines, agreed to acquire the Philippine gas field of Shell, a British-Dutch multinational oil and gas company, for $460m.
"Since it began commercial operations in 2002, Malampaya has supplied a significant portion of the Philippines' energy demand and it will continue powering the country with indigenous gas following a safe transition of the asset and its experienced workforce. Today's announcement is consistent with Shell's efforts to shift our Upstream portfolio to one that is focused on nine core positions," Wael Sawan, Shell Upstream Director.
Shell is advised by JP Morgan.
The European Commission approved electronics manufacturer Hisense Group's $200m deal to acquire a majority stake in Sanden, an automotive equipment and electrical equipment manufacturing company.
"By combining Sanden's competitiveness with the Hisense Group's superior cutting-edge technology, in the CASE era, we are confident that we can create greater value for our customers by "creating new changes by ourselves," which is the fusion of the automobile industry and the electrical industry," Sanden.
DBS can fund $2bn bid for Citi India unit.
DBS Group has sufficient capital to bid for Citigroup consumer assets in India valued at $2bn without needing to raise additional funds. It’s a case of either go big or go home for DBS to further expand in India where the Singapore-based bank also acquired Lakshmi Vilas Bank in November, Bloomberg reported.
DBS CEO Piyush Gupta last month said he is interested in the US bank’s assets that are for sale in the South Asian country, as well as in China, Taiwan and Indonesia.
Macquarie and PGGM seek bidders for $1.9bn One Rail Australia. (FS)
Macquarie Group and PGGM, a Dutch pension fund manager, started reaching out to prospective bidders for a potential sale of rail freight operator One Rail Australia, Bloomberg reported.
Macquarie Infrastructure & Real Assets and PGGM sent out marketing materials on the former Australian arm of Genesee & Wyoming. A deal could value the rail freight service provider at more than $1.9bn. The company is expected to generate revenue of about $368m in 2021 and EBITDA of about $182m.
Panacea raised $200m SPAC to target biotech and life sectors. (FS)
Panacea Venture joined hands with Dell Technologies to sponsor SPAC, which has raised $200m through its listing in US. The SPAC will pursue investment opportunities principally in biotech and life sciences industries across North America, Europe and Asia.
It will look at growth-oriented healthcare firms with the potential to drive transformational change through the development and commercialization of novel therapies and technologies.
Hong Kong raises IPO profit minimum.
Hong Kong’s exchange backed off from a proposal to double or even triple the annual profit requirement for companies seeking to sell shares on its main board following opposition from banks.
The threshold will instead be raised by 60% to $10m in the recent three financial years, effective starting next year. The exchange had proposed more than doubling or tripling the level, Bloomberg reported.
“We are committed to upholding and enhancing market quality as well as to promoting investor protections. Robust gate keeping, together with targeted post-listing regulation, are crucial in achieving this, providing more clarity and transparency to the market on our regulatory and enforcement responsibilities,” Bonnie Chan, HKEX Head of Listing.
Deutsche Bank taps BofA alums for Asia investment banking. (People)
Deutsche Bank added three bankers to its investment banking team in Asia Pacific, including two Bank of America alumni, Bloomberg reported.
Zonia Lau will be the German lender’s new head of healthcare coverage for China. She joined from CBC Group, a private equity firm, where she was a director in Shanghai covering pharmaceuticals. She also previously worked at Nomura, Citigroup and Bank of America across Hong Kong, London and New York.
Tim Fang has started at Deutsche Bank as a director for its China coverage. He was the head of global markets at AMTD Group. He also spent about 11 years with UBS Group.
|
