AMERICAS
A federal judge rejected a US government attempt to disqualify a lawyer arguing for 15 states and the District of Columbia in their effort to block T-Mobile US planned $26.5bn takeover of Sprint.
US Magistrate Judge Robert Lehrburger said the Department of Justice waited too long to intervene in the case to try to disqualify Glenn Pomerantz, who had represented the department in 2011 when it stopped AT&T’s purchase of T-Mobile, and his law firm Munger, Tolles & Olson, Reuters reported.
Sprint is being advised by Centerview Partners, JP Morgan, Mizuho, SMBC, The Raine Group, Morrison & Foerster, Potter Anderson & Corroon, Simpson Thacher & Bartlett and Skadden Arps Slate Meagher & Flom. SoftBank is being advised by Morrison & Foerster on legal matters. Deutsche Telecom is being advised by Deutsche Bank, Evercore, Goldman Sachs, Morgan Stanley, PJT Partners, Allen & Overy, Hogan Lovells, DLA Piper, Latham & Watkins, Richards Layton and Finger and Wachtell Lipton Rosen & Katz.
CBS notified the New York Stock Exchange that, following the completion of the merger, CBS would be delisting the shares of ViacomCBS.
Trading of the Class A and Class B common stock of ViacomCBS on Nasdaq under the new ticker symbols "VIACA" and "VIAC," respectively, is expected to commence on the trading day following the effective time of the merger. Until the merger and subsequent transfer of listing to Nasdaq are complete, the CBS Class A and Class B common stock will continue to trade on the NYSE under the ticker symbols "CBS.A" and "CBS," respectively.
Viacom is advised by LionTree Advisors, Morgan Stanley, Cravath Swaine & Moore, Shearman & Sterling, Latham & Watkins, and Finsbury Hering Schuppener. CBS is advised by Centerview Partners, Evercore, Goldman Sachs, JP Morgan, Lazard, Moelis & Co, Jones Day, and Paul Weiss Rifkind Wharton & Garrison. National Amusements is advised by Evercore and Cleary Gottlieb Steen & Hamilton.
French luxury group LVMH is nearing a deal to acquire US jewelry chain Tiffany for about $16.3bn. After Tiffany rebuffed the initial $120 per share all-cash offer, LVMH has upped the consideration to $135 per share. The companies have reached a preliminary agreement on a deal and could close it as early as today.
Tiffany is advised by Centerview Partners, Goldman Sachs, and Sullivan & Cromwell. LVMH is advised by Citigroup, DGM Conseil, Deluxewords, Kekst CNC, Montfort Communications, SEC and Partners, and Publicis Consultants.
Private equity firm Clayton, Dubilier & Rice agreed to increase the consideration for the acquisition of Anixter International, a supplier of communications and security products and electrical and electronic wire and cable, to $3.9bn.
Clayton, Dubilier & Rice decided to increase the per-share consideration payable to Anixter’s shareholders to $82.50 per share in cash from $81.00 per share in cash, which represents a premium of 15.5% over Anixter's closing price on October 31.
Anixter is advised by Centerview Partners, Wells Fargo Securities, and Sidley Austin. CD&R is advised by Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank, JP Morgan, and Debevoise & Plimpton. Debt financing is provided by Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank, and JP Morgan.
WesBanco Bank, a baking holding company, completed the merger with Old Line Bancshares, a financial services provider, in a $500m all-stock transaction.
WesBanco's merger with Old Line significantly expands WesBanco's franchise to span six states across the Mid-West, Mid-South, and, now, the Mid-Atlantic region as a top ten financial institution in the state of Maryland. Furthermore, the merger creates a multi-state bank holding company of approximately $15.7bn in total assets providing banking services delivered through 236 financial centers.
"We are pleased to join the WesBanco team, as their customer-centric philosophy and focus on the success of the communities in which they operate are identical to ours," James Cornelsen, Old Line Bancshares President, and CEO.
Old Line was advised by Keefe Bruyette & Woods, and Baker Donelson Bearman Caldwell & Berkowitz. WesBanco was advised by D.A. Davidson, K&L Gates, and Phillips Gardill Kaiser & Altmeyer.
Harvest Partners, a private equity firm, is set to acquire Service Express, a provider of third-party, post-warranty data center maintenance services, from Pamlico Capital, a private equity firm. Financial terms were not disclosed.
"Ron and his team have done an incredible job creating a market leader in the data center TPM industry. We look forward to providing additional financial and strategic resources to help them further build their market leadership," Jay Wilkins, Harvest COO.
Harvest Partners is advised by Harris Williams & Co, Moelis & Co, Kirkland & Ellis, and Blicksilver Public Relations. Service Express and Pamlico are advised by Rothschild & Co, William Blair & Co, and Alston & Bird.
A Chinese antitrust regulator approved Boeing's deal to acquire a controlling stake in the commercial jet division of Brazilian planemaker Embraer.
The Boeing-Embraer deal appears on a list dated November 19 of transactions “approved unconditionally” that is posted to the website of the Chinese State Administration for Market Regulation’s anti-monopoly department, Reuters reported.
ECA is advised by Pinheiro Neto. Boeing is advised by Simpson Thacher & Bartlett. Embraer is advised by Citigroup, Barbosa Mussnich & Aragao, Skadden Arps Slate Meagher & Flom, and Cleary Gottlieb Steen & Hamilton.
Pharmaceutical giant Roche has again extended the deadline for its tender offer for Spark Therapeutics till December 10. The deadline was extended, stating that the US and British antitrust authorities needed more time to review the deal.
Spark is advised by Centerview Partners, Cowen & Company, Goodwin Procter, Kirkland & Ellis, and Shearman & Sterling. Roche is advised by Citigroup and Davis Polk & Wardwell.
Providence Equity Partners, a private equity firm that specializes in the media, communications, education, and information industries, is set to acquire n2y, a provider of software, curriculum, and tools to the K-12 special education market, from The Riverside Company. Financial terms were not disclosed.
“n2y has a highly talented management team, and we look forward to working with Chrissy and the team to support the Company’s organic and acquisition growth plans and its commitment to transforming special education,” William Hughes, Providence Managing Director.
n2y is advised by Robert W Baird, KPMG, Citizens Capital Markets, and Jones Day. Providence is advised by Sard Verbinnen & Co.
Kellstrom Holding, a defense aircraft distributor and repair service provider, is set to acquire Airborne Technologies, a manufacturer and supplier of precision aerospace structural components. Financial terms were not disclosed.
ATI's manufacturing capabilities will be combined with the current Kellstrom Defense Engineered Products operating segment and will retain the ATI brand identity and all existing customer interfaces in the market.
"We are excited to move forward as part of the Kellstrom Defense team. Joining the Kellstrom Defense team offers the right solution for us to continue to be engaged with the business," Peter Wollons and Gary Ferris, ATI co-owners.
Kellstrom is advised by Russ August & Kabat and Willkie Farr & Gallagher. Debt financing to Kellstorm is provided by Barings, Blue Torch Capital, and PNC Mezzanine Capital.
Private equity firm HIG-backed Vision Integrated Graphics Group, a provider of data-driven direct marketing solutions, completed the acquisition of SourceLink, a provider of personalized marketing solutions, from private equity firm, Aterian Investment Partners. Financial terms were not disclosed.
"We look forward to joining the Vision team and share Brad's enthusiasm for what our companies can accomplish together, utilizing our combined scale and resources to create better outcomes for our clients," Don Landrum, SourceLink CEO.
SourceLink was advised by Alvarez & Marsal, Stifel, and Hunton Andrews Kurth. Vision was advised by Edelman.
Allied Universal, a security and facility services firm, is set to acquire SOS Security, a provider of security services, from private equity firm Sun Capital Partners. Financial terms were not disclosed.
“Like Allied Universal, SOS Security has built a renowned and respected brand of security services. Now, working together, we will be able to combine the best of both brands to elevate security services, the breadth and reach of capabilities and opportunity to provide new security solutions” Steve Jones, Allied Universal CEO.
Sun Capital is advised by Stanton. Allied Universal is advised by Vorticom Public Relations.
Apollo Global Management is nearing a deal to acquire SPX Flow's power and energy business for $700m.
SPX Flow’s shares rose 3% to $48.07, giving the company a market value of about $2.05bn. The stock is up about 37% in the past year. Apollo could combine the SPX Flow unit with its Trillium Flow Technologies.
Salesforce Ventures agreed to lead $290m Series B round for Automation Anywhere, a provider of Robotic Process Automation, valuing the company at $6.8bn. Additional funding came from SoftBank and Goldman Sachs.
The new capital will help Automation Anywhere accelerate its vision to empower customers to automate end-to-end business processes - bridging the gap between the front and back office with artificial intelligence-powered intelligent automation platform.
"This new funding reinforces the promise of the RPA category and empowers our customers to achieve greater business agility and increased efficiencies by automating end-to-end business processes - bridging the gap between the front and back office," Mihir Shukla, Automation Anywhere, CEO and co-founder.
Canadian Pacific, a railway service operator, is set to acquire Central Maine & Quebec Railway, a railway operator, from Fortress Transportation and Infrastructure Investors. Financial terms were not disclosed.
"This strategic acquisition gives CP a true coast-to-coast network across Canada and an increased presence in the eastern US," Keith Creel, CP President, and CEO.
New Orleans-based investment firms, ERG Enterprises, GMB Properties, The Berger, and Fulcrum Hospitality, are set to acquire Hyatt Regency New Orleans, a 1.2k-room luxury hotel in downtown New Orleans. Financial terms were not disclosed.
"The opportunity to partner with Mrs. Benson and The Berger Co. is a privilege. It was important to all of us to bring this major New Orleans asset back into local ownership and control," Eric George, ERG CEO.
Rotunda Capital Partners, a mid-market private equity firm, is set to acquire a minority stake in Trinity3 Technology, a provider of student computing solutions, warranty services, and enterprise products for the K-12 education market. Financial terms were not disclosed.
“There are strong industry trends surrounding 1:1 student computing. It’s exciting to join Trinity3 in this vibrant space, and their distribution and warranty model are a natural fit with our specialty finance and distribution experience,” John Fruehwirth, Rotunda Partner.
NextGen Growth Partners, a private equity firm, completed an investment in Record Connect, a provider of records management services. Financial terms were not disclosed.
"We are thrilled to partner with Record Connect and about the significant growth opportunities with Drew Daum at the helm. I am excited to see what’s ahead for Drew, Ty, and the amazing Record Connect team,” Brian O’Connor, NGP Managing Partner.
Unilever, Henkel, and buyout funds looking to acquire Coty's $7bn portfolio. (FS)
Consumer goods giants Unilever and Henkel are in advanced talks to bid for $7bn worth of a portfolio of Coty's. Colgate-Palmolive is also looking to enter the bidding race for Coty's portfolio, which focuses on professional hair and nail care products including Wella, Clairol, GHD, and OPI. Coty aims to complete the sale by mid-2020.
The list of private equity investors also contending for Coty’s brands includes Advent, Cinven, Blackstone, KKR, CVC Capital Partners, and BC Partners.
Coty is advised by Credit Suisse.
Peter Thiel's Founders Fund raises $1.5bn. (FS)
PayPal co-founder Peter Thiel's venture capital firm Founders Fund raised $1.5bn for a new fund that invests in older, larger companies.
According to the company's filing with the US SEC, Founders Fund VII received $1.5bn in commitments from 203 investors barely three weeks after the fund was launched.
WeWork works on repricing stock options.
WeWork is working on a plan to reprice stock options held by employees, including those who have left. The office-sharing giant plans to set a new strike price of $4.12 for stock options held by employees who have departed or are leaving as part of a full round of 2.4k layoffs. It will also apply to current employees, Bloomberg reported.
WeWork tapped Maurice Lévy to be interim chief marketing officer, as the company faces a battle repairing its image after its dramatic fall.
EMEA
Internet group Prosus is confident about the $6.3bn bid to take over British food delivery service Just Eat, despite the substantial increase in the rival bidder Takeaway's offer.
“The multiples of Takeaway are high, which we think basically reflects a very significant amount of downside risk. Our offer is a full offer that we feel confident about. The fact that the multiples of Takeaway are now higher only strengthens our story," Bob van Dijk, Prosus CEO.
Just Eat is advised by Goldman Sachs, UBS, Oakley Advisory, Linklaters, and Brunswick Group. Takeaway is advised by Bank of America Merrill Lynch, Gleacher Shacklock, Lazard, Cravath Swaine & Moore, De Brauw Blackstone Westbroek, NautaDutilh, and Slaughter & May. Prosus is advised by JP Morgan, Allen & Overy, and Finsbury Hering Schuppener. Debt Financing to Prosus is offered by Investec.
Singapore's state-owned investor Temasek, the largest shareholder in the Austrian sensor maker AMS, backed the planned $5bn takeover of Osram.
“We think the coming together of AMS with Osram is sensible, especially in the field of optoelectronics,” Uwe Krueger, Temasek Managing Director.
Osram is advised by Lazard, Perella Weinberg Partners, Freshfields Bruckhaus Deringer, Gleiss Lutz, and Hengeler Mueller. AMS is advised by PwC, Bank of America Merrill Lynch, HSBC, UBS, Herbst Kinsky, Linklaters, Allen & Overy, Schellenberg Wittmer, and Brunswick Group.
Sekisui Chemical Group, a plastics manufacturer, completed the acquisition of AIM Aerospace, an aerospace parts manufacturing company, from Liberty Hall Capital Partners for $510m.
"We are very pleased to be a key member of Sekisui Chemical's business. As the foundational aerospace company in their portfolio, we will bring our technical, product, and market expertise combined with Sekisui Chemical's advanced materials and processes to create synergies and achieve strategic growth. This is the beginning of a great journey for our team," Daniele Cagnatel, AIM Aerospace CEO.
Liberty Hall was advised by Lincoln International, Gibson Dunn & Crutcher, and FTI Consulting.
An Italian judge has extended the deadline to November 29 to settle a dispute between Italian private broadcaster Mediaset and its second-largest shareholder, French media group Vivendi.
Vivendi is prepared to sell the 20% stake it holds in Mediaset, through its trustee, Simon Fiduciaria. Vivendi would be disposing of the stake at a loss in an attempt to reach a deal to end years of hostile legal disputes with the Italian broadcaster.
Mediaset is advised by Banca IMI, Citigroup, and Mediobanca.
South Africa-based businessman Patrice Motsepe completed the acquisition of 37% stake in Blue Bulls, a rugby union team, from Remgro, an investment holding firm. Financial terms were not disclosed.
The new structure will mean that existing shareholders Remgro and the Blue Bulls Rugby Union will reduce their previously equal percentage of shareholding from 50% each to 37% and 26% respectively, allowing Motsepe to buy in owning the remaining 37%.
"We put a lot of effort into making this possible over the last few months, and I am proud to say that all the union committee members unanimously voted in favor of the deal," Willem Strauss, BBRU President.
Savills UK, a real estate management firm, is set to acquire Parkes & Associates, a Guernsey-based property management firm. Financial terms were not disclosed.
“Parkes & Associates is a well-established brand in the Channel Islands, and we are delighted to welcome them into the business. We look forward to expanding our offer through this acquisition as well as working with our new colleagues and their clients,” Tony Rowbotham, Savills Head of Guernsey.
Inflexion Private Equity completed an investment in IT and communication services business Ridgewall Group. Financial terms were not disclosed.
"Ridgewall’s success to-date in developing long-term relationships combined with its technical excellence makes it well placed to drive its future growth both organically and acquisitively. Management’s ambition and proven tenacity mean the company has the potential to become a unique international asset in the sector, and we look forward to supporting them on that journey,” Simon Turner, Inflexion Managing Partner.
NEM Ventures, the venture capital and investment arm of the NEM blockchain ecosystem, agreed to invest in Cyclebit, a provider of tools for retailers to accept cryptocurrencies and fiat for in-store, online, and on-the-go purchases. Financial terms were not disclosed.
"Cyclebit is already an established player in the crypto and fiat payments space, and we are thrilled to make a strategic investment in this project at a time of major growth for the organization. With an existing global presence and the potential to help bring crypto to the mainstream, we are aligned in our vision to bring crypto to mass adoption,” Dave Hodgson, NEM Director and Co-Founder.
Hannover Finanz, a private equity firm, is set to acquire E.I.S. Aircraft Products & Services, a supplier of light-weight cabin interior products and services, from EQT Partners. Financial terms were not disclosed.
The transaction is subject to approval from merger authorities and is expected to close during the fourth quarter of 2019.
Zamani completed the acquisition of the Niger arm of Orange, France’s biggest telecoms company. Financial terms were not disclosed.
The company’s services will continue to be marketed under the Orange brand during a transition period. Africa and Middle East region remains a strategic priority for the Orange Group. However, the market environment in Niger has led Orange to make this decision responsibly, prioritizing business continuity for the benefit of the company’s customers and protecting the interests of the women and men working at Orange Niger.
Petronas will not participate in Aramco IPO.
Petronas, Malaysian state energy company, will not participate in Saudi Aramco’s initial public offering, Deal Street Asia reported. Aramco plans to sell 1.5% of the company in the offering, looking to raise $25.6bn and giving the company a potential market value of between $1.6tn and $1.7tn.
Additionally, Aramco’s top executives also arranged a meeting with officials of Kuwait’s sovereign wealth fund trying to convince them to invest in the oil giant’s IPO, which could raise as much as $25.6bn.
Platinum Equity in talks to acquire Biscuit International from Qualium Investissement. (FS)
Private equity firm Platinum Equity is in advanced talks with Qualiam Investissement, a private equity firm, to acquire its subsidiary Biscuit International, a manufacturer of private label sweet biscuits.
"Biscuit International has an exceptional portfolio and a well-deserved reputation for high-quality products. We look forward to working with the management team to optimize the platform and maximize operational performance throughout the business," Louis Samson, Platinum Equity Partner.
Platinum Equity is advised by Rothschild & Co and Latham & Watkins. Qualium is advised by Natixis Partners, Brunswick Group, and Cleary Gottlieb Steen & Hamilton. Biscuit International is advised by Jeausserand-Audouard.
Investindustrial raises $4.1bn for the latest PE fund. (FS)
Investindustrial raised $4.1bn for its seventh European mid-market private equity fund. Launched earlier this year, the vehicle was oversubscribed, exceeding its initial $3.3bn target. Among the investors are the State of Wisconsin Investment Board and the Florida Retirement System.
Siccar Point allures bids of up to $2bn. (FS)
Bids for Siccar Point, a North Sea oil and gas firm, backed by private equity groups Blackstone and Blue Water Energy, came in at between $1.2bn and just under $2bn, Reuters reported.
Bidders in the first round, which ended on November 7, include EIG-backed Chrysaor, private equity fund HitecVision, North Sea-focused oil and gas group RockRose, and Norwegian oil major Equinor.
Chrysaor is seen as the front-runner in the process, with the highest bid for the company of just below $2bn. Rockrose's proposal came in at around $1.2bn.
France to bank as much as $2bn from lottery privatization.
The French state will bank $2bn from divesting its stake in the national lottery operator, according to the final price set on Wednesday in a listing that will serve as a test for France's privatization push, Reuters reported.
Norway's government forfeits the right to reduce the Telenor stake.
Norway's center-right government will give up its right to divest 20% of telecoms operator Telenor, the Ministry of Trade and Industry stated on Friday. Parliament authorized a plan in 2015 to allow the government to reduce its 54% stake to 34%.
"The authorization has not been utilized and, based on an overall assessment, the government sees no need to extend it," Torbjoern Roe Isaksen, Minister of Trade and Industry.
UniCredit secures deal to cut exposure to Turkish lender Yapi Kredi.
UniCredit made a deal to reduce its exposure to Turkey’s Yapi Kredi, a move seen as a first step towards the Italian bank’s full exit from the recession-hit country, Reuters reported.
As part of the plan, UniCredit will sell its 50% stake in its joint venture Koc Financial Services - which controls Yapi Kredi - to its partner Koc Holding.
Generali to prepare bid for MetLife Europe assets.
Assicurazioni Generali is preparing to make a formal bid for European assets of MetLife after months of talks on the potential acquisition, Bloomberg reported.
The Italian insurer has been finishing due diligence and is targeting to make an offer for most of MetLife’s business on the continent by year-end. The deal could be valued at $3.3bn.
ArcelorMittal and Italy renegotiate Ilva steel plant deal.
Steelmaker ArcelorMittal agreed to restart talks with the Italian government over the future of the Ilva plant.
Rome and ArcelorMittal are on the brink of a legal battle as the latter tries to walk away from a 2018 deal to buy the steel plant in the southern city of Taranto, which directly employs around 8.2k workers in one of Italy’s least prosperous areas, Reuters reported.
Reach withdraws from talks to buy JPI titles.
The UK's largest local newsgroup, Reach, pulled out of the bidding war for hundreds of JPI Media titles, pausing its aggressive acquisition spree of recent years.
The group, which was formerly known as Trinity Mirror and last year bought the Express and Star newspapers for £127m ($163m), decided not to go after JPI's roughly 200 regional titles, FT reported.
Avaloq hires banks for 2020 sale or IPO. (FS)
Warburg Pincus, a private equity group, is working with Goldman Sachs and Barclays on the planned 2020 sale or an initial public offering of Avaloq, a Swiss banking software company.
The buyout group, which owns 45% of Avaloq, is expected to launch an auction in the first quarter of 2020. Avaloq founder Francisco Fernandez, management and employees also hold shares in the company.
Carlyle is looking to bid for Dr. Martens. (FS)
Carlyle Group is examining a bid for Dr. Martens, the iconic British bootmaker owned by rival buyout firm Permira. The deal could be valued at £1.2bn ($1.5bn).
If that sale price is achieved, it will represent a healthy return for Permira, the UK-based private equity firm, which bought Dr. Marten's in 2013 for £300m ($384m).
SoftBank-backed Auto1 in talks on new fundraising. (FS)
SoftBank-backed used-car dealer Auto1 in advanced talks to raise funding in additional round, Sky News reported. Auto1 is likely to raise $394m, similar to what it previously raised in 2017.
Auto1 is advised by Goldman Sachs on the funding round.
Roger Federer to acquire a stake in Swiss shoemaker On.
Roger Federer, a twenty-time Grand Slam tennis champion, acquired a stake in Swiss running shoe manufacturer On, a move prompted by the end of his contract with Nike and as he plans for life after professional tennis.
“I am excited to be able to work with a young Swiss company that’s on the up,” Roger Federer, Grand Slam tennis champion.
HSBC's investment banking head Samir Assaf to resign. (People)
Samir Assaf is expected to resign from his role as HSBC’s global banking and markets division haed after eight years. Mr. Assaf will now take on a non-executive director role at the bank, with current interim chief executive Noel Quinn expected to announce more senior management changes at a strategy update next year.
According to FN, whoever replaces Mr. Assaf will face the immediate job of improving performance within GBM. Pre-tax profits at the division fell almost 22% year on year during the first nine months of 2019, to around $4bn.
Blackstone Group extended the deadline for Japanese hotel operator Unizo to respond to the buyout firm’s $1.6bn offer.
Blackstone gave Unizo until November 19 to decide on its $46 per-share offer. It has been extending the deadline since October 23, Reuters reported.
Unizo is advised by Benedi Consulting, KPMG, ZECOO Partners, Daiwa Securities, Mitsubishi UFJ Financial Group, Davis Polk & Wardwell, Nishimura & Asahi, TMI Associates, Horwath HTL Asia Pacific, Hospitality Capital Management, and Ernst & Young.
Independence Group, an Australian nickel miner, will conduct due diligence on Panoramic Resources and its flagship Savannah nickel project after making a bid for its smaller companion, Reuters reported.
Panoramic announced it would consider alternative proposals to Independence’s offer, although no other offers have been announced by the company.
Independence Group is advised by Citigroup and Herbert Smith Freehills.
Private equity firms, Ping An Capital, Primavera Capital Group, and Junqian Management, are set to acquire a 51% stake in Junlebao, a dairy product maker, for $568m.
“We are optimistic about the long-term growth of the Chinese dairy market. Changes in the dairy industry are in favor of the future development of Junlebao,” Tian Tuo, Ping An Capital Managing Director.
Binance, a cryptocurrency exchange platform, agreed to acquire WazirX, a cryptocurrency exchange app. Financial terms were not disclosed.
"The acquisition of WazirX shows our commitment and dedication to the Indian people and strengthen the blockchain ecosystem in India as well as another step forward in achieving the freedom of money,” Changpeng Zhao, Binance CEO.
Nomura Holdings, Japanese brokerage, received final regulatory approval to launch its majority-owned joint venture in China. The joint venture will operate as asset management, brokerage, investment consulting, and proprietary trading business, Reuters reported.
Blackstone, KKR in a brawl for Eureka Forbes. (FS)
Blackstone, KKR, Apax and TPG Capital are the latest to join the fray to acquire a controlling stake in Eureka Forbes, India's maker of water purifiers and vacuum cleaners.
Advent and Temasek-backed Crompton Greaves Consumer are also among the suitors for Eureka Forbes, a Shapoorji Pallonji Group company.
Boustead Holdings looking to divesting its stake in Pharmaniaga.
Many parties are interested in buying a block of Boustead shareholding in Pharmaniaga, an integrated pharmaceutical group. Boustead, which has not been performing well, holds a 56.09% controlling stake in Pharmaniaga. It is not clear if Boustead Holdings plans to exit the company entirely or merely sell a stake in it.
Gojek considers spinning out financial services arm.
Gojek, a ride-hailing unicorn, considers spinning out its financial arm, Go-Finance, into an independent entity called Digital Katalis, or Dkatalis. Dkatalis is currently understood to be in the process of hiring employees across the region and moving Go-Finance staff to the new entity, Deal Street Asia reported.
In a filing with the Accounting and Corporate Regulatory Authority in Singapore, Dkatalis describes itself as a technology platform for financial services.
India to approve the privatization of state-run refiner.
India launched its most significant privatization, offering majority stakes in three state-owned companies in a bid to raise funds to bridge a widening fiscal gap and boost a slowing economy.
The cabinet committee on economic affairs agreed to sell the government's stake in the Bharat Petroleum, country's second-largest state refiner, and Shipping Corp. of India, a shipping company. It also approved transferring ownership of Container Corp. of India.
SCB plans to divest some of its fintech units.
Siam Commercial Bank plans to spin off some of its fintech divisions, attempting to monetize its push into technology investment. One of the fintech units could become a "unicorn," or a private company with a valuation of $1bn or more.
"We will spin off some of them to allow them more freedom and independence, including raising their own funds from other investors," Orapong Thien-Ngern, Siam Commercial Co-President.
Blackstone-backed Aadhar Housing to exit small-builder financing business. (FS)
Blackstone Group's Indian subprime mortgage lender plans to exit its small builder financing business, due to the nation's credit crunch.
"We are in process of phasing out this small builder loan portfolio to keep the company 100% retail focused as per mandate from new owners," Deo Shankar Tripathi, Aadhar Housing Finance CEO.
Indonesia to offer $8bn toll road projects to investors.
Indonesia is offering four toll road projects worth $8bn to investors, giving priority to private companies instead of handing projects to state firms.
Three toll road projects are on the main island of Java, while one is in South Sulawesi. The four foresee total investment of $8bn.
China targets a $7bn security industry fund.
China Reform Holdings, a state-owned fund manager with $100bn in assets under management, launched a $7.1bn fund that will invest in the security industry, focusing on technology-enabled services.
The Security Industry Development Investment Fund will be run in collaboration with China's Ministry of Industry & Information Technology.
SoftBank-backed Tokopedia in talks to raise up to $1.5bn. (FS)
Tokopedia, the online marketplace backed by the SoftBank Vision Fund and Alibaba Group, is in talks to raise $1.5bn before an IPO.
US internet companies, as well as existing investors, are considering contributing to the round, which could bring in $1bn to $1.5bn in the first quarter of 2020. The value of the round could change.
KKR raises $1.5bn for its Asia-focused infrastructure vehicle. (FS)
KKR & Co raised $1.5bn for its Asia-focused infrastructure fund, roughly half the total targeted. KKR began to target Asia's infrastructure sector with a series of hires starting about a year ago and launched its fundraising in 2019.
US-China Green Fund to score the first close of $700m fund. (FS)
The US-China Green Fund expects to hit the first close of its second RMB-denominated fund, which seeks to raise $700-800m, by the end of this year, Deal Street Asia reported.
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