Marlin Equity Partners, a global investment firm, has completed its acquisition of HotSchedules and Fourth, two leading providers of workforce, inventory and operations management solutions to the global restaurant and hospitality industry. Financial terms were not disclosed.
Marlin has merged the two companies to create the industry's most comprehensive back-of-house software-as-a-service suite delivering a fully integrated inventory management, workforce management, payroll and intelligent cost-control operations platform.
"We are excited to bring together two highly complementary industry leaders to create a global, end-to-end human capital management and operations platform focused on the hospitality sector. Our investment underscores our commitment to the hospitality management solutions market and the value that these institutions provide for their customers." Doug Bayerd, Marlin principal.
Fourth was advised by Jefferies. HotSchedules was advised by Morgan Stanley and Kirkland & Ellis. Insight Venture Partners was advised by Willkie Farr & Gallagher. Marlin Equity Partners was advised by Pieper Jaffray, William Blair & Co and Latham & Watkins.
Lundin Mining, a diversified Canadian base metals mining company, completed its acquisition of Chapada mine, a copper mine from Yamana Gold, a Canadian-based gold, silver and copper producer, for $800m.
"The acquisition of Chapada complements Lundin Mining’s existing portfolio of high-quality mines and highlights our focus on disciplined capital allocation to create long-term shareholder value. Chapada is a well-run, established operation with an experienced local workforce. Leveraging our technical expertise, base metals focus and financial strength, we believe further opportunities exist to create meaningful stakeholder value. The addition of Chapada further solidifies Lundin Mining’s position as a leading intermediate base metals producer with high-quality lowcost copper exposure." Marie Inkster, Lundin Mining President and CEO.
Lundin Mining was advised by TD Securities, Stikeman Elliott and Veirano Advogados. Yamana Gold was advised by Citi Bank, Rothschild & Co and Cassels Brock & Blackwell.
Prototek, a leading rapid prototyping service provider and a portfolio company of CORE Industrial Partners, a Chicago-based private equity firm, agreed to acquire Cal-X, a provider of precision machining and sheet metal fabrication rapid prototyping services. Financial terms were not disclosed.
"The acquisition of Cal-X represents another great example of our commitment to building a leading rapid prototyping service provider. We specialize in delivering the impossible, and now we will bring this service on a nationwide scale. Cal-X rounds out our portfolio of capabilities and services that places us as the logical choice of rapid prototype providers." Bill Gress, Prototek Chief Executive Officer.
Prototek is being advised by Monroe Capital and Winston & Strawn.
ESCO acquired Globe Composite Solutions, a well-established, vertically integrated supplier of mission-critical composite-based products and solutions for a navy, defense, and industrial customers. Financial terms were not disclosed.
Vic Richey, ESCO's Chairman, and Chief Executive Officer commented, "I'm excited to welcome the outstanding and dedicated employees of Globe to our team. We are continually looking to expand our product offerings and gain more content on our existing submarine and defense-related platforms, and by adding the proven capabilities of Globe to our existing product portfolio, we've created an additional avenue for meaningful growth across our existing customer base."
Houlihan Lokey and Nutter McClennen & Fish advised Globe Composite Solutions.
Pritzker Private Capital acquired Valicor Environmental Services, a leading provider of non-hazardous wastewater treatment services in North America, from Wind Point Partners. Financial terms were not disclosed.
Ryan Roberts, Pritzker Private Capital Investment Partner, commented, "Valicor is a leader in non-hazardous wastewater treatment and has multiple avenues for growth, including organic initiatives and accretive acquisitions. We are delighted to partner with James Devlin, CEO, and his team for the next chapter of Valicor's growth. We believe Valicor represents an exceptional platform for us to continue our investment in the industrial services sector."
Houlihan Lokey and Raymond James advised Valicor Environmental Services.
Permira Funds, the global private equity firm, agreed to acquire a majority stake in Reformation, the premier sustainable fashion brand. Financial terms were not disclosed.
"Permira's global consumer and retail expertise is invaluable as we embark on this next chapter of growth. Their partnership allows us to expand our business domestically and internationally and launch into new product categories, taking us one step closer to our mission of bringing sustainable fashion to everyone." Yael Aflalo, Reformation Founder, and CEO.
Reformation is being advised by Goldman Sachs and Latham & Watkins. Permira is being advised by Morgan Stanley and Skadden, Arps, Slate, Meagher & Flom.
SoftBank Vision Fund led a $231m financing round for Creditas, a financial technology company.
Creditas founder and CEO, Sergio Furio comments: “At Creditas we relentlessly focus on creating an amazing experience that provides efficiency and lower prices to democratize the access to low-cost lending in Brazil. With these investments, we plan to accelerate this process and expand our business model in order to improve the lives of the Brazilian population. We are excited about partnering with the Vision Fund and SoftBank Latin America Fund along with our existing investors, and we congratulate the Creditas team for the results of its hard work."
Audax Private Equity, a private equity company, agreed to acquire Aspen Surgical, a business unit comprised of certain surgical consumable products, from Hillrom, a global medical technology leader, for $170m.
"The sale of these surgical products will strengthen our ability to focus our resources across our portfolio as we continue to build a differentiated suite of connected solutions for patients and caregivers. This transaction underscores our strategic focus on high-growth, high-margin categories where Hillrom can demonstrate leadership and supports our commitment to deliver on our promise of Advancing Connected Care™." John P. Groetelaars, Hillrom President and CEO.
Hillrom is being advised by Goldman Sachs and Jones Day.
GFL Environmental, a diversified environmental services company, announced the acquisition of Soil Safe, a recycling center in Columbia, Maryland. Financial terms were not disclosed.
"Soil Safe and its management team led by Mark Smith, are recognized as industry leaders in contaminated soil recycling and the development of inert soil products for beneficial use in sustainable construction and green building applications. GFL is one of the largest processors of contaminated soils in Canada and our acquisition of Soil Safe is in keeping with our strategy of replicating all of our service offerings in the US," said Patrick Dovigi, GFL's Founder and Chief Executive Officer.
Ennis, one of the largest private-label printed business product suppliers in the United States, agreed to acquire The Flesh Company, a printing company. Financial terms were not disclosed.
"We are delighted to have the opportunity to combine the Flesh organization with the other operations of Ennis. The Flesh Company is truly regarded as one of the outstanding companies in the print industry with a heritage that dates back for more than 100 years. They provide business forms, checks, direct mail services, integrated products, and labels. The addition of direct mail will continue to add to the capabilities we added with the recent acquisitions of Wright Business Graphics on the West Coast and Integrated Print Graphics in Chicago as well as expanding our integrated products and label capabilities." Keith Walters, Chairman, Ennis President & CEO.
Tekni-Plex, a globally-integrated company focused on developing and manufacturing products for a wide variety of end markets, acquired South American closure liner manufacturer Geraldiscos. Financial terms were not disclosed.
"We continue to drive our strategy by growing our business organically and through mergers and acquisitions. Specifically, Geraldiscos allows us to expand our geographic footprint into South America to support the large Brazilian closure market and our multinational customers. We have followed the company for a long period of time, and have always been interested in its high-quality innovative products, excellent manufacturing capabilities, as well as a very strong management team," said Paul Young, president and chief executive officer, Tekni-Plex.
Etac, a global supplier of mobility equipment and solutions, has agreed to acquire a 70% stake in HoverTech International, a US patient handling company. Financial terms were not disclosed.
The investment strengthens Etac's global position and will create a strong platform for further growth in Europe, the US and important export markets.
"The investment in HoverTech is a game-changer for Etac. It represents much greater exposure toward the US and creates a platform to accelerate growth in the region. The substantial cross sales potential strengthens Etac's global position as a supplier of patient handling equipment." Nora Larssen, Etac's chairman.
Diploma, the international group supplying specialised technical products, agreed to acquire Virginia Sealing Products, a leading supplier of high-quality gaskets and fluid sealing products, for £56m ($70m).
Johnny Thomson, Chief Executive Officer of Diploma said: "We are delighted to welcome VSP into the Diploma Group. The business has an excellent management team, a strong service culture, and an impressive customer and supplier base. The acquisition is consistent with our strategy and provides an exciting opportunity to extend our Seals activities in North America."
Waystar, a leading provider of revenue cycle technology, has agreed to acquire Digitize.AI, an artificial intelligence technology firm providing the healthcare industry with faster and smarter prior authorizations. Financial terms were not disclosed.
"Providers today are overwhelmed with manual processes related to addressing prior authorization, and it's one of our clients' biggest challenges. Digitize.AI is taking a truly different view with trailblazing technology, automating prior authorizations with better results than legacy solutions. Together, we can reduce the stress of the healthcare financial process for providers and patients alike." Matt Hawkins, Waystar CEO.
Orion Advisor Services, the premier portfolio management solutions provider for registered investment advisors, has agreed to acquire Advizr, an innovative financial planning and client experience technology platform out of New York. Financial terms were not disclosed.
"Bringing Advizr's incredibly intuitive approach to the firms we serve will take the client experience capabilities we provide through our technology and TAMP offering to the next level. Bringing together these components will help advisors fulfill their fiduciary responsibilities regardless of the current regulations and cement their value to clients in a clear and measurable way." Eric Clarke, Advizr CEO.
AppLovin, a comprehensive mobile gaming platform, acquired SafeDK, a software development kit management platform. The acquisition will further AppLovin's mission to help mobile game developers grow and protect their businesses. Financial terms were not disclosed.
"We're excited to have SafeDK as an integrated offering in AppLovin's developer tools," says Idil Canal, Director, Platform Product at AppLovin. "We aim to bring developers the tools they need to grow a successful business. We started working with SafeDK because it is the best and only tool out there for protecting brand safety in apps."
Private equity firm New Heritage Capital invested in Welcome Dairy, a leading provider of dairy flavorings, cheese sauces, seasonings and functional cheese. Financial terms were not disclosed.
"Welcome Dairy has been our family's business going back nearly seventy years, and it was important for us to find a partner who would enable us to retain operating control and preserve our legacy," said Terry Eggebrecht, CEO of Welcome Dairy.
Groupe Lactalis, a dairy products operator, agreed to acquire Itambé Alimentos, a producer, seller, and exporter of dairy products, from Grupo LALA, a Mexican company focused on the healthy and nutritious food industry. Financial terms were not disclosed.
McAfee is planning a return to the public markets.
McAfee, a cybersecurity software firm is planning a return to the public markets. An IPO could raise at least $1bn and value McAfee at more than $5bn, Reuters reported.
Vista Equity Partners has raised $850m for a second fund. (FS)
Vista Equity Partners, a US private equity firm, has raised $850m for a second fund dedicated to investing in early-stage enterprise software companies.
The fundraising underscores investor appetite for fledgling software businesses, many of whom are benefiting from the expansion of cloud computing because they offer their software to clients as a subscription service.
Vista finished fundraising for Vista Equity Endeavor Fund II at its self-imposed "hard cap" limit, or the maximum it could raise.
Perella Weinberg spins out funds managing more than $2bn. (FS)
Money managers overseeing more than $2bn are spinning out as part of the reshaping of investment bank Perella Weinberg Partners. The funds being spun off include Maria Vassalou's $700m global macro fund. Energy funds overseen by Dan Pickering with almost $1bn under management are also among those separating.
Bunge is in talks with BP to join sugar-ethanol assets.
Bunge, a US agribusiness giant, is in talks with BP, a British oil major, to form a sugar and ethanol joint venture in Brazil.
The companies are in discussions to combine operations in the South American nation, one of the largest producers of both sugar cane and sugar-based ethanol. Bunge and BP are currently valuing their sugar and ethanol assets to agree on the size of each company's stake, and Bunge has hired Brazilian bank Itau Unibanco Holding as an adviser, Bloomberg reported.
Cronos Group to acquire a fermentation and manufacturing facility.
Cronos Group, an innovative global cannabinoid company, announced that it has entered into an agreement to acquire an 84k square foot GMP compliant fermentation and manufacturing facility in Winnipeg, Canada from Apotex Fermentation. Cronos Group also entered into a partnership with Ginkgo Bioworks to produce cultured cannabinoids.
"This acquisition will provide the fermentation and manufacturing capabilities we need to capitalize on the work underway with Ginkgo once the milestones under that partnership are achieved," said Mike Gorenstein, CEO of Cronos Group. "Together with Ginkgo, we are bringing innovation and the power of biological manufacturing to the cannabis industry, aiming to allow for cannabinoid production at large scale and with greater efficiency than is currently possible with traditional cultivation and extraction. We continue to be very excited about the opportunities ahead."
San Francisco-based Sonder raised $210m in Series D funding. (FS)
San Francisco-based hospitality company Sonder announced that it closed its $210m Series D funding round, bringing its total raised to over $400m and its valuation to over $1bn. Investors Fidelity, Valor Equity Partners, Gavin Baker's Atreides Capital, ARod Corp, and Tao Capital Partners participated, as did existing backers including Spark Capital and Greenoaks Capital.
Sonder CEO Francis Davidson said that the fresh funds, which come as the company's total number of owned and operated spaces tops 8,500 spaces in more than 20 cities, will be joined in the coming weeks by a $15m investment from "select developers" partnering with Sonder on new deals in undisclosed cities.
Macquarie Group increased its offer to acquire KCOM, a UK communications and IT services provider, to £578m ($721m). The company is engaged in the bidding war against USSL to acquire KCOM since June. KCOM said last month that it was leaning towards accepting Macquarie's offer.
Investec, Peel Hunt, Rothschild & Co, Addleshaw Goddard and FTI are advising KCOM. Arma Partners, Gleacher Shacklock, Allen & Overy and Finsbury are advising USSL. Ashurst is advising USSL's financial advisors. Barclays, Freshfields Bruckhaus Deringer and Citigate Dewe Rogerson are advising Macquarie.
Inflexion invested in O'Neill Patient Solicitors, the UK's leading B2B tech‐enabled provider of property and remortgage conveyancing services. Financial terms were not disclosed.
"ONP has created an excellent property and remortgage conveyancing firm which has significant opportunity to grow further both by gaining market share and M&A. The business benefits from unique technology, which we will work with management to further develop" said Simon Turner, Managing Partner, Inflexion.
Rothschild & Co and DWF advised Inflexion. Dorsey & Whitney advised O'Neill Patient Solicitors.
Tennor Holding, a global investment holding company, invested $50m in Ralph & Russo, a European, privately held fashion company owned and founded by Tamara Ralph and Michael Russo.
Robin Bagchi, CEO of Tennor Holding, said: “We are delighted to be able to provide Ralph & Russo with the funding required to further the expansion of the brand internationally. We share the brand’s entrepreneurial spirit and passion for luxury, and believe this investment is complementary to our existing holding in La Perla UK and look forward to working with Tamara Ralph and Michael Russo.”
Argan, a listed property company specializing in logistics real estate, has agreed to acquire 32% stake in Cargo Property Assets, a real estate company, from Carrefour, a multinational retailer, for €290m ($326m).
This operation will contribute to achieving the objective of the Carrefour 2022 plan of divesting €500m ($562m) of non-strategic real estate assets.
Wren Sterling, a UK-based advice firm, has agreed to acquire T D Armstrong Financial Planning, an independent financial planning business. Financial terms were not disclosed.
"This acquisition is an exciting step for Wren Sterling because it further supports the growth of our business. I'm looking forward to working with Max and his team to embed these clients into our business ensuring they continue to have access to independent financial planning services." Ian Halley, Wren Sterling's CEO.
GEFCO Group, a logistics company, agreed to acquire Chronotruck, a company that connects shippers and carriers through an innovative digital platform. Financial terms were not disclosed.
This acquisition supports GEFCO's strategy of leveraging new technologies to enhance the customer experience and offering fully digitalized services to meet the needs of current and future logistics ecosystems.
"This is a fantastic opportunity for Chronotruck. Today, Chronotruck mainly operates in France but we look forward to leveraging GEFCO's powerful network, strong geographical presence and access to new customers, from consumer goods to industrial manufacturers. I am convinced our combined strengths will create a powerhouse solution for shippers and carriers that adds real value." Rodolphe Allard, Chronotruck's CEO.
Jazz Pharmaceuticals, a pharmaceutical company, has agreed to acquire Redx Pharma's pan-RAF inhibitor program for the potential treatment of RAF and RAS mutant tumors. Financial terms were not disclosed.
"There is the potential to address RAS driven tumors. We look forward to advancing the pan-RAF inhibitor program that is part of a novel class of next generation precision oncology drugs and is highly complementary to our growing R&D portfolio of early-stage, innovative, hematology/oncology therapies." Robert Iannone, Jazz Pharmaceuticals executive vice president.
Instalco, one of the leading installation companies, has agreed to acquire Milen Ventilation, a ventilation provider. Financial terms were not disclosed. This new addition enlarges the geographic scope of Business Area North and Instalco's offering of ventilation solutions.
"The acquisition significantly expands the geographic scope of our operations. Milen is a very well-run company with competence and expertise that is an excellent fit with the other ventilation companies in the Instalco group." Johan Larsson, Instalco North Business Area Manager.
Wrist Ship Supply, the world's leading supplier of provision and stores to ships and offshore installations, acquired Antwerp‐based Van Hulle, a global specialist in maritime supplies and services. Financial terms were not disclosed.
"Van Hulle is a solid and well‐reputed business providing a high customer service to the local market. With the inclusion in the Wrist Group, Van Hulle will benefit from Wrist's global setup and scale advantages providing even better opportunities for our customers" says Bart van Hulle, CEO of Van Hulle.
Online event booking company Privateaser acquired Paris-based BizMeeting, a business to business services provider. With this acquisition Privateaser aims to strengthen its technological edge and simplify the reservation of events. Financial terms were not disclosed.
ZRG Partners, an executive and professional search company, acquired Holker Watkin, a leader in the placement of strategy and transformation professionals across Europe and other key markets. Financial terms were not disclosed.
Larry Hartmann, CEO of ZRG commented, "Holker Watkin has built a sector leading brand and a stellar track record working with top tier consulting professionals with strategy and transformation experience. The business has been successfully partnering with private equity firms and global multinationals in the search of high-level strategy and transformation talent for senior-level roles and interim assignments. Combining their expertise with the extensive work ZRG is currently performing with private equity-backed portfolio companies recruiting CEOs, CFOs and senior leaders create synergies while complementing our current strategy recruiting function. We are looking forward to continued growth as one integrated firm in the coming years."
CM-CIC Investissement and BPI France, two investment companies, have agreed to acquire minority stakes in Alpina Savoie, a pasta, semolina and couscous producer, from Galapagos. Financial terms were not disclosed.
Procuritas Capital Investors, an investment company, agreed to acquire Cutters, a hairdresser saloon chain owner. Financial terms were not disclosed.
"We are excited about having Procuritas as our partner since they understand how to support growth companies to expand internationally. In combination with their digital expertise our new partner will be very important for our future journey." Kristian Solheim, Cutters CEO.
Edmond de Rothschild, an investment house, has agreed to acquire 34% stake in ERAAM, a factor investing firm. Financial terms were not disclosed.
By acquiring a 34% stake in ERAAM, Edmond de Rothschild reiterates its belief in the potential of quantitative management. This partnership will allow Edmond de Rothschild to launch new strategies guaranteeing our clients access to a diverse, theme-based and high-quality world of investment opportunities. In turn, ERAAM will benefit from the commercial might and brand of the Edmond de Rothschild Group for marketing its funds and accelerating growth.
"Today, the ability to understand and manage data carries a genuine competitive advantage and we firmly believe in the synergies between conviction-based management and quantitative management. This partnership will strengthen our offer in the short term and, in the mid-term, will mean all our asset managers can supplement their own analyses with the tools and processes developed over time by ERAAM." Christophe Caspar, Edmond de Rothschild Group CEO.
Apax Partners and DTCP invested $177m in Signavio, a leading provider of business transformation solutions. Existing investor Summit Partners will retain an equity stake in the business.
"10 years ago, we set out on a journey to tackle the time-consuming practices that limit business productivity," said Dr. Gero Decker, CEO and co-founder of Signavio. "This significant new investment further validates our approach to solve business problems faster and more efficiently, unleashing the power of process through our unique Business Transformation Suite. We are thrilled to welcome Apax Digital as our new lead partner, and look forward to building upon our success to date by leveraging our partners' operating capabilities and global platforms for our international expansion."
Pernod Ricard, a wine seller, has agreed to acquire Bodeboca, leader of the online sale of wine in Spain. Financial terms were not disclosed.
Bulgaria agrees to buy F-16 jets from US for $1.25bn.
Bulgaria has agreed to acquire eight Lockheed Martin F-16 fighter jets for $1.25bn, a crucial part of the Balkan country's biggest defense overhaul since the Cold War.
The contract to buy the new F-16 Block 70 aircraft is part of the government's effort to replace outdated Soviet-era equipment. Bulgaria and other eastern European countries are revamping their armies to meet NATO standards after Russia's annexation of Crimea from Ukraine and criticism from US President Donald Trump that they weren't spending enough on defense.
Schur, All4Labels put up for sale. (FS)
Schur Flexibles and All4Labels, two European packaging makers, have been put up for sale in separate auctions geared towards private equity buyers.
Private equity groups are being drawn to the stable cash flows of the such firms which tend to grow in line with gross domestic product and have so far seen limited impact from the debate about plastic pollution in the world's oceans.
Swiss Re thinks about postponing $4.1bn ReAssure IPO.
Swiss Re is considering postponing or restructuring the $4.1bn London listing of its UK life insurance business due to limited investor appetite, Reuters reported. A final decision on whether to press ahead with the initial public offering will be taken within few days.
Swiss Re hired Credit Suisse, Morgan Stanley and UBS to work as joint global coordinators, while BNP Paribas and HSBC acted as joint bookrunners.
IndusInd Bank and Bharat Financial Inclusion, two banking services providers, closed their merger. The deal was announced in October 2017.
“It is a matter of immense pleasure that Bharat Financial Inclusion has taken today its first steps to be a part of a larger banking family. The transaction will bring immense benefits to Bharat Financial Inclusion’s vast customer base, staff and shareholders. I am particularly thankful to the staff and shareholders who have stood by the company through its turbulent days. I believe the merged entity will harness the immense potential that this underserved customer segment offers.” P.H. Ravikumar, Bharat Financial Inclusion Chairman.
Bharat Financial Inclusion was advised by Ernst & Young, Credit Suisse, AZB & Partners. IndusInd Bank was advised by KPMG, Arpwood Capital, Deloitte, Morgan Stanley and Cyril Amarchand Mangaldas.
LeaseAccelerator, the pioneer in enterprise lease accounting Software-as-a-Service, agreed to acquire Guardian Global Systems, an Australian-based provider of real estate administration SaaS. Financial terms were not disclosed.
“Today's dynamic digital environment along with the sheer size of markets is driving companies to move away from a widespread use of spreadsheets and adopt technology to better manage real estate portfolios in preparation for the new lease accounting standards,” said Charles Dalrymple-Hay, Managing Director of Guardian Global Systems. “As part of LeaseAccelerator we can not only bring our customers an integrated lease administration and accounting platform to satisfy financial reporting requirements, but we can add the R&D resources needed to invest in our product roadmap and fulfill our original vision around workplace productivity,” noted Dalrymple-Hay.
8i Enterprises Acquisition, a special purpose acquisition company, announced that it has agreed to acquire Diginex, a global blockchain financial services and technology company headquartered in Hong Kong. Financial terms were not disclosed.
"The execution of the share exchange with Diginex comes as the need for increased regulation, transparency, and traceability around the growing use of digital assets has never been greater. After a thorough review of multiple opportunities in this industry, we have determined Diginex is the trusted operator of choice with the advanced technology infrastructure necessary to meet the standards of institutional investors and partners. With their thoughtful ecosystem approach, we believe Diginex is well-positioned to continue unlocking opportunities and driving institutional adoption of blockchain technologies." James Tan, 8i Eterprises Chairman and Chief Executive Officer.
8i Enterprises Acquisition is being advised by Chardan and Loeb and Loeb. Diginex is being advised by Winston & Strawn.
After the acquisition between Walmart and Flipkart, an India's e-commerce pioneer, the American retail giant got a little-noticed digital payments subsidiary as part of the deal. Now the business is emerging as one of the country's top startups.
Flipkart's board recently authorized the PhonePe unit to become a new entity and explores raising $1bn from outside investors at a valuation of as much as $10bn. The funding may close in the next couple of months. The unit would then become independent with a distinct investor base, although Walmart-owned Flipkart would remain a shareholder.
Walmart was advised by Hogan Lovells. Naspers was advised by Allen & Overy.
Hitachi has started the sale of its $5.6bn chemical unit.
Hitachi has asked potential bidders to submit first-round bids for Hitachi Chemical, Reuters reported.
Hitachi has hired Bank of America Merrill Lynch while Hitachi Chemical has retained Goldman Sachs Group to advise on the deal.
The sale would be the largest corporate spin-off in Japan this year. Hitachi and other local firms are under pressure to focus on areas with growth potential and hike shareholder value.
Affinity Equity Partners is seeking to exit its 35% minority stake in the carrier's Velocity. (FS)
Virgin Australia Holdings said that Affinity Equity Partners is seeking to exit its 35% minority stake in the carrier's Velocity frequent flyer program, five years after its A$335m ($233m) purchase.
The potential Affinity exit is a fresh test of investor demand for loyalty programs after airlines Air Canada and Brazil's Gol Linhas Aéreas Inteligentes, which had spun off their frequent flyer programs, last year bought out minority shareholders to regain full control.
Axis Bank picks banks for $1.3bn share sale. (FS)
Axis Bank, a lending bank, has picked banks including Citigroup and JPMorgan Chase & Co. to arrange a planned share sale of at least $1.3bn, Bloomberg reported.
Axis Bank board will meet on July 20 to consider a proposal to raise funds by the sale of shares, depository receipts or any other instruments representing either shares or convertible securities linked to equity.
Brookfield is planning an offer to acquire a majority stake in Suzlon. (FS)
Brookfield Asset Management is planning an offer for a majority stake in India's debt-laden Suzlon. The Toronto-based investment firm is working with a financial adviser on the due diligence on Suzlon. Brookfield proposes to start with buying new shares issued by the company, followed by purchasing stocks from the existing holders under an open offer, Bloomberg reported.
Anil Ambani plans $3.2bn asset sales to deal with big debt.
Anil Ambani, an Indian tycoon, wants to raise about INR217bn ($3.2bn) by selling assets from roads to radio stations in a bid to cut debt.
Reliance Infrastructure is seeking INR90bn ($1.3bn) from the sale of nine road projects. Reliance Capital aims to raise INR12bn ($175m) by selling its radio unit, and INR115bn ($1.7bn) from monetizing its holdings in the financial business.
Further asset sales would help Ambani bolster the financial health of his group's companies after a string of setbacks that included an auditor resigning at one of the firms and plunging stock prices at others.
Japan Reit market surges to 12-year high as proxy battles heat up.
Japan's real estate investment trust market-main benchmark soared to a 12-year high as investors bought into an unprecedented hostile takeover battle and Tokyo office rents rose for a 65th successive month in June.
The rise in Japan's $130bn J-Reit market comes despite warnings from executives involved in the situation who say the impending proxy fight over Sakura Sogo Reit could ultimately "destabilise" a sector known for its solidity.
BHP plans to exit from thermal coal.
BHP Group is moving ahead with plans to exit thermal coal, the latest move by the world's biggest miners to retreat from the dirtiest fuel.
BHP is looking at options to divest the business that includes assets in Australia and Colombia. There's no guarantee the company will go ahead with a sale, Bloomberg reported.
Warburg Pincus-backed Geek+ raised $150m in Series C funding. (FS)
Chinese logistics robotics startup Geek+ raised $150m in Series C funding led by GGV Capital and US-based hedge fund D1 Capital Partners. The firm, backed by Warburg Pincus, produces robots that sort and transport goods at warehouses and navigatate stock keeping units to help retailers track investories and sales.
"As a key infrastructure of an economic system, the logistics sector serves as a pillar for e-commerce, consumption and retail which operate on a scale of trillions. With reliable hardware and effective algorithms, Geek +'s smart robotics solutions enable better efficiency in the supply chain," said GGV Capital managing partner Jenny Lee.
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