Welsh Carson Anderson & Stowe and Walgreens Co invested in Shields Health Solutions, the nation’s leader in patient-centric, integrated, hospital-owned specialty pharmacy care. Terms of the agreement were not disclosed.
“These investments are an extraordinary validation of what we have been able to achieve with our vision for integrated specialty pharmacy care that puts health systems, patients, and care professionals at the center of our mission,” said Jack Shields, founder and chief executive officer. “Our specialty pharmacy programs are exclusively focused on delivering the best care to the patient populations that need it most. Our integrated specialty pharmacy program enables health systems to offer a more comprehensive care model for their patients—improving outcomes and lowering total cost.”
Centerview Partners, Goodwin Procter and Pepper Hamilton advised Shields Health Solutions. Sidley Austin advised Walgreens. Ropes & Gray advised Welsh Carson Anderson & Stowe.
Advanced Drainage Systems, a leading global manufacturer of water management products and solutions for commercial, residential, infrastructure and agricultural applications, agreed to acquire Infiltrator Water Technologies, a leader in on-site septic wastewater treatment, from Ontario Teachers’ Pension Plan for $1.1bn.
“We are very excited to be joining forces with Infiltrator, a company we know well and have worked with over the years as one of our longstanding strategic partners,” said Scott Barbour, President and CEO of ADS.
Barclays, Morgan Stanley, Davis Polk & Wardwell and Squire Patton Boggs are advising Advanced Drainage Systems. Deutsche Bank, RBC Capital Markets and Kirkland & Ellis are advising Ontario Teachers’ Pension Plan.
Abry Partners, a Boston-based private equity firm, acquired Franklin Energy Group, a leading provider of demand side management solutions to utility clients, from Kohlberg & Company. Financial terms were not disclosed.
"Our top priority is always meeting the needs of our utility clients, and our exciting new partnership with Abry will allow us to continue exceling at that," said Paul Schueller, Chief Executive Officer of Franklin Energy. "This opens new growth opportunities that we are extremely well-positioned to explore."
Harris Williams & Co. and Paul Weiss Rifkind Wharton & Garrison advised Franklin Energy Group. Kirkland & Ellis advised Abry Partners.
Elanco Animal Health, which provides comprehensive products and knowledge services to improve animal health and food-animal production, agreed to acquire Prevtec Microbia, a Canadian biotechnology company, for $60m.
“Elanco’s partnership with Prevtec has been very successful and has resulted in delivery of an important non-antibiotic solution for swine producers,” said Ramiro Cabral, executive vice president of International for Elanco. “This acquisition is another example of our approach to partner with companies to introduce novel innovation and further demonstrates our commitment to introduce antibiotic alternatives through internal or external innovation pathways.”
BNP Paribas, BCF and Gibson Dunn & Crutcher advised Prevtec Microbia.
Alleghany Capital Corporation, a wholly owned subsidiary of Alleghany Corporation, sold Warren Manufacturing to Kentucky Trailer, a leading provider of animal feed transportation equipment. Headquartered in Birmingham, Alabama, Warren Manufacturing designs, produces, and services bulk feed delivery truck bodies and trailers for the poultry and other end markets. Financial terms were not disclosed.
Gary A. Smith, Sr., President and Chief Executive Officer of Kentucky Trailer, commented, "We are excited to expand Kentucky Trailer's position within the animal feed transportation market through this transaction, which follows closely on our December 2018 acquisition of CEI. As part of the acquisition, Jack Lyle, President of Warren Manufacturing, and Mike Dennis, Vice President of Sales of Warren Manufacturing, as well as a dedicated team of associates will be joining CEI. Through the combined expertise of the teams at Kentucky Trailer, CEI, and Warren Manufacturing as well as an enhanced facility and service footprint, we believe that CEI brings a truly unique set of capabilities and resources to its markets."
Private investment firms RedNest Partners and Admiral Capital Group acquired Tecmotiv, a leading provider of maintenance, repair, overhaul and upgrade services and related components for military vehicle platforms. Financial terms were not disclosed.
Gary Sheedy, President and CEO of Tecmotiv stated, “We’re excited to work with RedNest and Admiral to build on Tecmotiv’s strong platform with new growth opportunities while remaining laser-focused on delivering the highest quality services and components available anywhere. I personally look forward to building new strategic relationships that will complement our portfolio, enable us to expand our offering and grow our network of Teammates.”
American Express, a globally integrated payments company, acquired ACOM Solutions, a leading FinTech provider of AP payment automation. Financial terms were not disclosed.
“Acom will be the newest addition to a series of B2B payment collaborations, strengthening our accounts payable automation capabilities and equipping our customers with the tools they need to improve the way they process and settle supplier payments,” said Anna Marrs, President of Global Commercial Services at American Express.
Capital One, a bank holding company specializing in credit cards, auto loans, banking and savings accounts headquartered in McLean, Virginia, acquired United Income, an online investment management and financial planning company. Financial terms were not disclosed.
The Cheesecake Factory, an American restaurant company and distributor of cheesecakes based in the United States, acquired Fox Restaurant Concepts, a US restaurant operator, for $353m.
Sam Fox, Founder and Chief Executive Officer of Fox Restaurant Concepts, said, “This partnership will be the first of its kind for the restaurant industry. David Overton and I quickly realized the magic occurring between our organizations while we worked through North Italia’s integration. With our aligned cultures and philosophies, The Cheesecake Factory is the right partner to embrace our creative spirit, enabling us to innovate concepts, while providing the infrastructure and capital to scale.”
Perspecta, a leading US government services provider, acquired Knight Point Systems, an end-to-end managed services and solutions provider focused on modernizing IT, protecting critical networks and driving digital transformation, for $250m.
"I am pleased to welcome all Knight Point employees and customers to the Perspecta team," said Mac Curtis, president and chief executive officer of Perspecta. "We are impressed by Knight Point's deep customer intimacy, rich legacy of innovation, patented IP and delivery of IT and cyber managed services programs to customers such as the Departments of Defense and Homeland Security. This is a great first acquisition for Perspecta that fits within our capital allocation model and strengthens our capability set. We consider Knight Point to be complementary to Perspecta's culture and offerings, while accelerating our growth strategy."
Mercury Systems, a pioneer in defense electronics, acquires American Panel Corporation, a leading electronic display technology innovator, for $100m.
"Acquiring APC adds unique capabilities to our growing avionics platform and positions us to play a larger role in military digital convergence. We look forward to welcoming the APC team to the Mercury family,” Mark Aslett, Mercury Systems President, and CEO.
Avalara, a leading provider of tax compliance automation software for businesses of all sizes, agreed to acquire Portway International, a Canadian company that provides customers with Harmonized System classifications and outsourced customs brokerage services. Financial terms were not disclosed.
“Selling globally is the next frontier for many merchants. Customs compliance can be a hidden barrier to reaching new geographies, and we want to remove that barrier for our customers,” said Scott McFarlane, co-founder and CEO of Avalara. “By combining Portway’s experience and knowledge of cross-border compliance with Avalara’s advanced technologies and expansive product content, we can help businesses reach new customers in new regions with confidence.”
Health care company Arosa+LivHOME to acquire The Cameron Group, a leading provider of care management and home care services in Orlando, Florida. Financial terms were not disclosed.
"I have wanted to positively influence how care is provided to older adults in their most fragile and vulnerable years my entire career. The Arosa+LivHOME team is the perfect fit as their values are perfectly aligned with mine", says Amy O'Rourke. "I know we will become a role model for the country for how care should be provided to older adults. I could not be more excited to see this dream realized."
Graham Holdings Company, a diversified education and media company, acquires Clyde’s Restaurant Group, a popular restaurant chain. Financial terms were not disclosed.
"We are thrilled about the long-term possibilities of this business and we are looking forward to continuing to serve hungry and thirsty D.C. area diners for years to come.” Timothy J. O’Shaughnessy, Graham Holdings Company CEO.
PSA International, one of the world's largest port operators, acquired Halterm Container Terminal in the Port of Halifax from Macquarie Infrastructure Partners, a fund managed by Macquarie Infrastructure and Real Assets. Financial terms were not disclosed.
“After acquiring Halterm in 2007, we are pleased to have partnered with Halterm management and staff, the Halifax Port Authority and other key stakeholders to deliver safe, reliable services to customers over the last 12 years. We are proud of the growth that Halterm has delivered in recent years and that Halterm has been a responsible member of the Halifax community during our ownership,” said Karl Kuchel, CEO of Macquarie Infrastructure Partners.
ServiceTitan, a leading all-in-one software for home service professionals and commercial contractor businesses, acquires CUC Software, an all-in-one service business software system. Financial terms were not disclosed.
"This is a responsibility and privilege we don't take lightly. We will make every effort to protect the community CUC Software has made out of its customer base. We look forward to showing them how ServiceTitan can improve their sales, supercharge their team and make managing their business simple." Ara Mahdessian, ServiceTitan Co-Founder.
Audax Private Equity, a leading alternative investment manager, invested in Stonewall Kitchen, a leading specialty food producer. Financial terms were not disclosed.
"This is an exciting time for Stonewall Kitchen," stated John Stiker, CEO of Stonewall Kitchen. "We've experienced a significant amount of growth over the last five years, and by partnering with Audax, we'll look to provide even more innovative, high-quality and delicious products for our customers and guests as we continue to grow going forward."
Turvo, the leading collaborative logistics platform, acquires ODYN, an AI-enabled visibility platform to accelerate the integration of connected sensors into its platform. Financial terms were not disclosed.
"We're thrilled to join Turvo and build out the new innovation center in Boston," said Marc Held, co-founder and CEO of ODYN. "This city provides access to an incredible community of talent in the IoT, AI and data science and by bringing them together with the Turvo platform, we can deliver on a shared vision to create meaningful global impact in supply chain."
WeWork, an American company that provides shared workspaces for technology startup subculture communities, agreed to acquire workplace real estate platform SpaceIQ. Financial terms were not disclosed.
“SpaceIQ’s incredible team and technology will help us build on our existing enterprise stack of workplace experience software and insights, and allow us to provide companies with workplace real estate management and optimization, including move management, space stacking, and richer portfolio analytics,” said Shiva Rajaraman, WeWork’s chief technology officer. “We’re thrilled to welcome SpaceIQ to the WeWork family.”
Veolia to sell district energy assets in the US for $1.25bn.
Veolia, a French transnational company with activities in three main service and utility areas traditionally managed by public authorities, announced that it plans to sell district energy assets in the US for $1.25bn. This asset review reinforces the capacity and flexibility of Veolia to position itself on the best growth opportunities, where the group can bring the most added value, and in coherence with the next strategic plan to be presented early 2020.
Sappi to acquire a hardwood pulp mill in Canada for $175m.
Sappi, a leading global producer of dissolving wood pulp, speciality and packaging papers, graphic paper and biomaterials, announced that it had signed an agreement to acquire the 270k tons per year Matane high yield hardwood pulp mill from Rayonier Advanced Materials for $175m. The transaction will be funded through internal cash resources and available debt facilities.
Commenting on the transaction, Chief Executive Officer of Sappi, Steve Binnie, said: "This acquisition will provide Sappi with both cost reductions and decreased volatility at a very competitive price per ton of pulp. Indeed, this is a more cost-effective and efficient approach than building additional internal capacity for our North American and European mills. I am very pleased that we have taken another significant step towards realizing our 2020Vision goal."
Kinross to acquire Chulbatkan heap leach project for $283m.
Kinross, a Canadian-based gold and silver mining company, agreed to acquire Chulbatkan, a high-quality, heap leach development project with significant upside potential and low relative execution risk, for $283m.
“Chulbatkan is an exciting high-quality development project with significant upside potential and low relative execution risk located in a country where we have had extensive experience and success, and maintain a strategic and competitive operating advantage,” said J. Paul Rollinson, President and Chief Executive Officer. “This acquisition is an excellent fit for Kinross as it enables us to leverage our expertise as a world-class cold climate heap leach operator. With a large estimated mineral resource, Chulbatkan has the potential to be a significant low-cost, low-strip, high-return operation that will strengthen our longer-term production and cash-flow profile. It is an excellent complement to our existing operations at Kupol and Dvoinoye, both of which remain prospective in their own right.”
BlackRock abandoned talks to buy Cofense. (FS)
Private equity firm BlackRock has abandoned negotiations to acquire Pamplona Capital Management's stake in cybersecurity company Cofense. BlackRock was close to a deal to purchase a 47% interest from Pamplona, which had been directed last year by the Committee on Foreign Investment in the US to sell its stake in Cofense, a Virginia-based developer of anti-phishing software and other email-based security services.
Pamplona is believed to have ties to Russian tycoon Mikhail Fridman and other billionaires from the country. Citing national security concerns, the US government gave the London-based firm until July 19 to divest its stake in Cofense.
Wish valued at $11bn in General Atlantic-led funding round. (FS)
General Atlantic led a Series H funding round for Wish, an online e-commerce platform that facilitates transactions between sellers and buyers, valuing the company at $11bn. With this investment, Tanzeen Syed, Managing Director at General Atlantic, has joined Wish’s Board of Directors.
London Stock Exchange Group agreed to acquire Refinitiv holdings, a leading global exchanges and data powerhouse, from Blackstone-led consortium and Thomson Reuters for $27bn. The transaction will result in the current Refinitiv shareholders ultimately holding an approximate 37% economic interest in LSEG and less than 30% of the total voting rights of LSEG.
Commenting on the transaction, Don Robert, Chairman, LSEG, said: "This transaction is a defining moment for LSEG in terms of its strategic importance. It will create substantial value for our shareholders and important benefits for our customers, employees and other stakeholders. The Board and I look forward to welcoming Blackstone and Thomson Reuters as supportive, long-term shareholders as we work together to realise the compelling benefits of this transaction."
Canson Capital Partners, Evercore, Jefferies & Company, and Eterna Partners are advising Refinitiv. RBC Capital Markets, Oliver Wyman, Barclays, Goldman Sachs, Morgan Stanley, Robey Warshaw, Freshfields Bruckhaus Deringer, and Teneo are advising LSEG. Allen & Overy is advising Thomson Reuters. Simpson Thacher & Bartlett is advising Blackstone.
Vodafone Group completed the acquisition of Liberty Global's operations in Germany and the Czech Republic, Hungary, and Romania for a total enterprise value of $21bn. The deal was first announced in May 2018. Vodafone now becomes Europe's leading converged operator with 54m cable and fibre households 'on-net' and a total next-generation network reach of 124m homes and businesses.
Vodafone Group CEO Nick Read said: "With the acquisition of Liberty's assets in Germany and CEE, we have completed our transformation into Europe's leading converged operator. Not only have we reshaped our business, becoming the owner of the largest gigabit-capable next generation network infrastructure in the region, we are now able to play our part in realising the digital society for millions of customers."
EY, Morgan Stanley, Robey Warshaw, UBS, Hengeler Mueller, Lakatos Koves and Partners, Slaughter & May, CNC/JKL and Maitland advised Vodafone. Goldman Sachs, LionTree Advisors, CMS, Freshfields Bruckhaus Deringer, Shearman & Sterling and Citigate Dewe Rogerson advised Liberty Global.
Syncona completed the $476m sale of Blue Earth Diagnostics, a molecular imaging company based in Oxford, UK, to Bracco Imaging, a global leader in diagnostic imaging. The deal was announced in June 2019.
“Blue Earth Diagnostics’ innovative products and pipeline will significantly enhance Bracco Imaging’s portfolio in precision medicine and personalized diagnostics, while expanding our range of nuclear oncology imaging solutions in the Urology segment and other specialties. We are thrilled to welcome to Bracco this world class team with exceptional product development and commercialization expertise.” Fulvio Renoldi Bracco, Chief Executive Officer, Bracco Imaging.
JP Morgan, Greenberg Traurig, Studio Santa Maria, Hill+Knowlton Strategies and Alira Health advised Bracco Imaging. FTI Consulting advised Syncona.
TA Associates and Vista-backed Aptean, a global leader in enterprise business software, agreed to acquire Sanderson Group, a well-established, profitable, software and IT services business, for £90m ($109m). The price represents a premium of 9.8% to the closing price per Sanderson share on 31 July 2019.
Commenting on the Acquisition, Christopher Winn, Chairman of Sanderson, said: "The Board of Sanderson is unanimously recommending this offer to shareholders, viewing it as an endorsement of the Board's strategy and achievement of its execution to date. Considerable shareholder value has been delivered by a progressive dividend policy over the years and this offer now enables shareholders to realise the rewards for their patience, support and investment over the past few years."
N+1 Singer and Schofield Sweeney are advising Sanderson Group. Raymond James and Orrick Herrington & Sutcliffe are advising Aptean.
Uniphar, which distributes pharmaceuticals to hospitals, pharmacies and clinics, acquired Durbin, a specialist provider of pharmaceuticals, for £24m ($29m).
Ger Rabbette, CEO of Uniphar said: "We are delighted to welcome our new colleagues from Durbin to the Uniphar Group. This acquisition is a key strategic milestone in expanding Uniphar's global footprint and is an important step towards achieving our ambition of becoming a global leader in the Product Access space. Post the integration of Durbin, we believe that Uniphar will offer a compelling proposition to manufacturers seeking a commercial partner with global reach and scalable digital capabilities."
RBC Capital Markets, Davy Corporate Finance and Q4 PR advised Uniphar.
Serco, a provider of professional, technology, and management services, closed its $225m acquisition of Alion's Naval Systems Business Unit, a leading provider of naval ship and submarine design, systems and engineering services, production support and in-service sustainment for $225m. The deal was announced in May 2019.
"Combining our existing C5ISR capabilities in ship, shore, satellite and radar modernization with the naval design and engineering capabilities of NSBU will make Serco a top-tier Navy services provider with a full-spectrum, design-integrate-support life cycle maritime offering.", Dave Dacquino, Serco CEO.
Rothschild & Co advised Serco. Houlihan Lokey advised Alion.
Tessi, an international provider of Business Process Services, agreed to acquire ADM Value, which specialises in customer relations, for €110m ($122m).
This acquisition is in line with Tessi's strategy of bolstering its customer relations business in order to become a go-to provider. Tessi has positioned itself as a back and front office solutions provider at a time when these two markets are inevitably converging due to digitisation of the customer experience.
Ubisoft, a leading casual gaming software firm, acquires a 70% stake in Green Panda Games, a leading publisher of free-to-play mobile games, specialized in hyper-casual games. Financial terms were not disclosed.
“We are delighted to be coming on board with Ubisoft and are looking forward to continuing developing our games portfolio within a group that is in the full throes of expansion.” Guillaume Sztejnberg, Green Panda Games Founder.
Fnac Darty, a multinational electrical retailing company headquartered in Ivry-sur-Seine, France, finalized the acquisition of Nature & Découvertes, a leading omnichannel retailer of products in the natural and well-being sector. The deal was announced in April 2019. Financial terms were not disclosed.
Thanks to this acquisition, Fnac Darty continues to diversify its product offering by integrating a strong brand, whose commitment to the values of curiosity, discovery and well-being strengthens and enriches its strategic positioning, and whose DNA is complementary to the group's banners.
ITV Studios, which creates and distributes TV programming, acquired Armoza Formats, an Israeli format creator and distributor. Financial terms were not disclosed.
Maria Kyriacou, President, ITV Studios International, said: “Armoza Formats has rapidly grown to be one of the top independent creators and distributors of global entertainment hits. This is a unique opportunity to work with Avi and his team and combine his expertise with ITV’s presence and reach to undoubtedly create many more hits of the future.”
Actis Capital, a leading emerging market investor acquires BioTherm Energy, a leading Independent Power Producer in Africa, from Denham Capital. Financial terms were not disclosed.
“We are delighted to be making this investment in the BioTherm team to help drive the 300GW of potential growth in renewable generation across Africa over the next ten years." Lisa Pinsley, Actis Director.
Kloeckner & Co to take part in Thyssenkrupp restructuring.
Reuters reported that German steel distributor Kloeckner & Co is open to playing a role in the consolidation of Thyssenkrupp’s materials trading division, including taking a minority stake. Thyssenkrupp in May unveiled a major restructuring, effectively looking for partners for its business divisions, including Materials Services where it could sell a minority stake to a strategic partner.
“We will always look at proposals,” CEO Gisbert Ruehl said.
SOCAR rumored to acquire a stake in Demiroren.
The State Oil Company of Azerbaijan Republic, a 100% state-owned national oil and gas company headquartered in Baku, Azerbaijan, is rumored to have acquired a stake in Demiroren, a Turkish conglomerate company. Turkish media reported that allegedly SOCAR wants to acquire a stake in the Demiroren media group.
SOCAR denied the rumors in a statement.
Prominvestbank share sale suspended by authorities.
The Pechersk district court of Kiev, at the request of VEB, a Russian government-owned development bank, ordered the suspension of the sale of shares of Prominvestbank, a universal commercial bank and one of the leading banks in Ukraine. At the same time VEB said that if the auction for the sale of the bank takes place, the executive service of Ukraine will be added to hold its organizers and participants accountable.
Darnitsa to invest $100m in foreign pharmaceutical startups.
Darnitsa, a Ukrainian pharmaceutical corporation and one of the leading pharmaceutical producers in Ukraine, is looking to invest $100m in foreign pharmaceutical startups, in search of business expansion. Darnitsa is ready to invest in biotechnology and is studying such projects in China and the United States.
“We are looking at non-standard solutions in the generic business." said Group Director Dmitry Shimkiv.
Majestic Wine to disclose buyer for Lay & Wheeler next month. (FS)
Majestic Wine, the United Kingdom's largest specialist retailer of wine, will disclose buyer for Lay & Wheeler, one of England's oldest fine wine merchants, next month. Lay & Wheeler is likely to change hands for about £10m ($13m), and had attracted interest from a number of private equity firms.
Cavendish Corporate Finance is advising on the sale.
New Frontier Corporation, a public investment vehicle sponsored by New Frontier Group, agreed to acquire United Family Healthcare, one of the largest and most recognized integrated premium private healthcare operators in China, for $1.4bn. The company is being sold by TPG and Fosun Pharma.
Antony Leung, Co-Founder and Chairman of New Frontier Group and NFC commented: “Healthcare has been an important strategic focus for New Frontier. Our goal is to continue building and growing our integrated healthcare platform in China. We aim to provide high-quality and reliable healthcare services to patients and families across their life cycles. We are extremely delighted to start the next chapter of the UFH story. We believe we will be a strong strategic partner given our significant operating and investment experience.”
Hughes Hubbard & Reed advised United Family Healthcare. Credit Suisse, UBS, Global Law Office, Kirkland & Ellis, Simpson Thacher & Bartlett and Winston & Strawn advised New Frontier Corporation. Paul Hastings advised Fosun. Fangda Partners and Cleary Gottlieb Steen & Hamilton advised TPG.
J.C. Flowers, a leading private investment firm, sold Acuon Capital, a South Korean consumer finance and leasing company, to Baring Private Equity Asia. Financial terms were not disclosed.
"J.C. Flowers is proud to have created a successful diversified corporate and retail lending business with a strong franchise, and we are confident that the Acuon management team has found the right partner in BPEA to take the company forward," said Thierry Porté, Managing Director at J.C. Flowers. "J.C. Flowers's deep financial expertise in the Asian financial markets made us uniquely qualified to manage this complex deal. We are pleased with our experience investing in South Korea and we look forward to seeking other opportunities in this market in the future."
Citigroup, Arnold & Porter Kaye Scholer and Kim & Chang advised Baring Private Equity Asia. Reimei Global Advisors and Kim & Chang advised J.C. Flowers.
Willis Towers Watson, a leading global advisory, broking and solutions company, acquired Risk Capital Advisors, a leading specialist M&A broker in Australia, New Zealand and South Africa. Financial terms were not disclosed.
Jill Stewart, Head of Willis Towers Watson FINEX in Australasia said. “Combined with our financial lines expertise including Directors’ & Officers’, Professional Indemnity and Cyber Insurance, we now have one of the most complete financial and executive risk offerings in the Australasian market to support clients in a wide range of industries. We look forward to the RCA team joining us, for the collective benefit of clients and colleagues.”
Marken, a supply chain organization, acquired PCX International, a specialist courier serving the Japanese clinical trials industry. Financial terms were not disclosed.
Wes Wheeler, Marken's Chief Executive Officer, commented, "The acquisition of PCX provides Marken with direct control of 200 specialist drivers and other partners in Japan. The addition of this new network satisfies our need for a greater physical presence locally in Japan and provides a platform for more expansive services to the local clinical client base. We look forward to welcoming the PCX team to the Marken family and meeting with our clients to discuss their clinical supply chain needs."
The Australian Competition and Consumer Commission released a statement expressing preliminary competition concerns about Qantas’ acquisition of a 19.9% stake in Alliance Airlines, which took place on 1 February. Qantas announced its acquisition in Alliance Airlines, for a total of $44m, however, in a statement to shareholders, Alliance said its board was not warned by Qantas about its acquisition move.
“Alliance Airlines is a close, important and growing competitor to Qantas, including through its partnership with Virgin. It provides consumers and companies with a crucial alternative to Qantas in markets that are already highly concentrated,” ACCC chair Rod Sims said.
PTTEP HK Holding, a subsidiary of PTT Exploration and Production Public Company, acquires a 39% stake in APICO, a local oil and gas explorer and producer, from Coastal Energy Company (Khorat) for $74m.
“This acquisition of an additional interest in APICO underlines PTTEP’s growth strategy in expanding investment in Thailand. The deal will generate a return on investment to PTTEP while also driving further development of Sinphuhorm Project to support electricity generation in the northeast of Thailand.” Phongsthorn Thavisin, PTTEP President and Chief Executive Officer.
CLP India and Piramal looking to buy Mahindra Susten’s solar assets.
CLP India, one of the largest foreign investors in the Indian power sector, and Piramal, a diversified global business conglomerate, are looking to buy Mahindra Susten’s solar assets. The 160MW of solar assets could fetch $145m.
Avendus is advising on the sale.
Carlyle and SK Networks among bidders for Woongjin Coway. (FS)
Seven companies, including SK Networks, joined the preliminary bidding to acquire Woongjin Coway, a household vacuum cleaners company, which is roughly valued at $1.7bn. Qingdao-based consumer electronics maker Haier and private equity firm The Carlyle Group are also interested in bidding. Woongjin Group, the parent of the target company, is looking to sell its 25.08% stake in Woongjin Coway.
Korea Investment & Securities is advising on the sale.
Amazon looking to acquire a stake in Reliance Retail.
Economic Times reported that Amazon is in exploratory talks with Reliance Retail to acquire up to 26% in the India's largest brick-and-mortar retailer. The can be no certainty that a deal will be reached.
A Reliance spokesperson said: “Our company evaluates various opportunities on an ongoing basis. We have made and will continue to make necessary disclosures in compliance with our obligations under Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 and our agreements with the stock exchanges.”
Hong Leong, TPG in talks to acquire Columbia Asia. (FS)
Bloomberg reported that a group of investors including Malaysian conglomerate Hong Leong Group and US buyout firm TPG Capital are in advanced talks to buy hospital operator Columbia Asia.
A deal could value the hospital business at $1.2bn, excluding operations in India.
PwC explores sales for Auscott.
Pwc is exploring the sale possibilities of the $300m portfolio of cotton farmlands of Auscott.
Up for grabs is Auscott's "Midkin Aggregation”, which is located in the Gwydir Valley region in NSW. Midkin includes six properties that Auscott has acquired over the past four decades and a processing business that can gin 200k cotton bales a year.
ByteDance to divest its portfolio.
ByteDance, an innovative Beijing startup that created the hit video app TikTok, is looking to divest it's portfolio and is looking for entering into search engine business.
According to DealStreetAsia, ByteDance likely won’t create a standalone search engine, a Baidu- or Google-like site users would go to from a personal computer or smartphone, because that’s not how most people in China use search. Instead, ByteDance’s search will be embedded within its own apps, beginning with its Jinri Toutiao news service. That will allow users to quickly search for related news, information or products — and ByteDance will be able to profit from search and display advertising.
Turkish Airlines looking to buy Virgin Australia.
Turkish Airlines is interested in HNA Group’s minority stake in Virgin Australia, one of Australia's largest airlines, as it seeks growth in the Asia-Pacific region. Turkey’s national flag-carrier is among companies looking at HNA’s 20% stake in the Australian airline. The talks are at an early stage. The troubled Chinese conglomerate was open to offers for its stake in Virgin Australia as part of efforts to cut debt, Bloomberg reported.
Australia's Mineral Resources to sell larger stake in Wodgina project to Albemarle.
Mineral Resources, a leading mining services company with interests in commodities including iron ore, lithium and manganese, said that Albemarle Corp, the world’s largest lithium producer, would now buy a 60% stake in its Wodgina Lithium Project, an exhausted iron ore mine located in the Pilbara region, instead of the previously agreed 50%. Albemarle will pay the mining services provider $1.3bn for the stake, compared with the initially agreed $1.15bn.
Aviva looking to sell Asian unit.
Aviva, a British multinational insurance company, is considering options for its Asian business, including a possible divestment of the unit as its new chief executive officer seeks to overhaul the British insurer, Bloomberg reported. The Asian assets could be valued at about $3-4bn and a formal process could kick off later this year.
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