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AMERICAS
Merck, an American multinational pharmaceutical company, completed the acquisition of Prometheus Biosciences, a clinical-stage biotechnology company, for $10.8bn.
"The Prometheus acquisition accelerates our growing presence in immunology, augments our diverse pipeline and increases our ability to deliver patient value. This transaction is another example of Merck acting strategically and decisively when science and value align. Prometheus brings us a potential best-in-class candidate that creates an opportunity for us to transform treatment for patients with immune-mediated diseases. We are excited to welcome our Prometheus colleagues to Merck and we look forward to working together, driven by our common purpose of saving and improving lives," Robert M. Davis, Merck Chairman and CEO.
Prometheus Biosciences was advised by Centerview Partners, Goldman Sachs, Latham & Watkins (led by Daniel Rees and Cheston Larson). Financial advisors are advised by Skadden Arps Slate Meagher & Flom. Merck was advised by Morgan Stanley and Paul Weiss Rifkind Wharton & Garrison (led by Laura Turano and Scott Barshay).
Britain's competition regulator cleared Amazon's planned $1.7bn acquisition of iRobot, a maker of robotic vaccum cleaners.
The Competition and Markets Authority said it had concluded that the deal would not lead to competition concerns in the UK. In April, the CMA had launched a "Phase 1" probe into the deal which was announced in August last year as Amazon sought to expand its stable of smart-home devices, which include the Alexa voice assistant, smart thermostats, security devices, wall mounted smart displays and a canine-like robot called Astro.
"More people are choosing to use 'smart' tech in their homes - whether that's listening to the radio through a smart speaker, answering the door using a video doorbell, or keeping floors clean with robot vacuum cleaners. That's why it's important to ensure tech firms that already benefit from powerful positions aren't able to use those positions to undermine competitors at the expense of UK consumers and businesses. Here, after a thorough investigation, we're satisfied that the deal would have no impact on competition in the UK," Colin Raftery, Senior Director of Mergers at the CMA.
DraftKings, a daily fantasy sports contest and sports betting company, offered to acquire the US operations of PointsBet, a sports betting company, for $195m.
"While we continue to focus on operating more efficiently and driving substantial organic revenue growth in the United States, we will also look to prudently capitalize on compelling opportunities at attractive valuations, as is the case with PointsBet's US business. We believe DraftKings is uniquely positioned to submit this superior proposal due to our scale and corresponding ability to generate meaningful synergies from the acquisition," Jason Robins, DraftKings CEO and Co-Founder.
DraftKings is advised by Bank of America, The Raine Group and Sullivan & Cromwell. PointsBet is advised by Flagstaff Partners, Moelis & Co, Baker McKenzie, Jenner & Block and Orrick Herrington & Sutcliffe.
Mercer, a forest products company, completed the acquisition of Structurlam Mass Timber, a mass timber manufacturer, for $84m.
"This is as successful an outcome as any one of our stakeholders could have hoped for. A lot of hard work by many people was required to get us through a very difficult period for the company, so this is indeed a very special moment. I wish Mercer and all our employees the very best as they go forward," Matthew Karmel, Structurlam Mass Timber CEO.
Structurlam was advised by Alvarez & Marsal, Miller Buckfire, Stifel, Chipman Brown Cicero & Cole, Gowling WLG and Paul Hastings.
Coherus BioSciences, a commercial-stage biopharmaceutical company, agreed to acquire Surface Oncology, an immuno-oncology company, for $65m.
"This transaction is well-timed, as it coincides with the accelerating growth of our biosimilar revenues driven by the launch of CIMERLI® and near-term launch of YUSIMRY®. With the agreement to acquire Surface and the expected near-term approval of toripalimab, Coherus is positioned to become one of the very few I-O companies with demonstrated commercial expertise, significant product revenues, and unique, competitively positioned R&D programs addressing critical unmet medical needs," Denny Lanfear, Coherus Chairman and CEO.
Surface Oncology is advised by Wedbush Securities and Goodwin Procter. Coherus is advised by Truist Securities, Arnold & Porter Kaye Scholer and Latham & Watkins.
Macquarie Asset Management, a private equity firm, completed an investment in Coastal Waste & Recycling, a solid waste disposal and recycling company. Financial terms were not disclosed.
“We are excited to partner with Macquarie Asset Management through this investment into Coastal. With their experience in the space and commitment to providing ongoing capital and specialised support to management teams, we will be able to accelerate our growth in Florida as well as into adjacent geographies. This partnership will help us invest in needed waste infrastructure and position Coastal to further expand its waste and recycling services to more communities," Brendon Pantano, Coastal Waste CEO.
Coastal Waste & Recycling was advised by Brown Gibbons Lang & Company, Houlihan Lokey and Winston & Strawn. Macquarie was advised by Nomura and Sidley Austin.
Grain Management, an investment firm and solutions provider to the global broadband industry, and StratCap, an investment management platform focused on digital infrastructure, completed the acquisition of a majority stake in a Toronto data center, located at 55 Hereford Street, Brampton, Ontario. Financial terms were not disclosed.
"55 Hereford is a unique, next generation property centrally situated within the second largest financial hub in North America and in Canada's business and financial capital. This, along with its proximity to other US business hubs like Boston and Chicago, was a big draw for Grain, especially given the availability of power both onsite and in the surrounding area. With StratCap as our partner, we look forward to executing on our value creation strategy, bringing to bear our deep and broad expertise as a long-time investor in digital infrastructure and in the global broadband ecosystem," Ted Manvitz, Grain Managing Director.
Grain was advised by Gowling WLG and McCarthy Tetrault. Grain and StratCap were advised by Milbank and Troutman Pepper.
The Vistria Group, a private equity firm, completed an investment in MGT Solutions, a business consultancy firm. Financial terms were not disclosed.
"Our mission is to become the social impact and performance leader in our industry. By delivering world-class technology, education and performance solutions, our people improve lives in the communities we serve through their incredibly meaningful work. We are all excited about our new partnership with The Vistria Group as we elevate into our plans during this next chapter of impact and growth," Trey Traviesa, MGT CEO.
MGT Solutions was advised by Jefferies & Company and Davis Polk & Wardwell. Vistria Group was advised by Houlihan Lokey and Winston & Strawn.
Wedgewood Pharmacy, a veterinary pharmaceutical company, completed the merger with Blue Rabbit, a veterinary prescription management and pharmacy solutions provider. Financial terms were not disclosed.
“Our merger with Blue Rabbit marks a significant milestone in Wedgewood’s growth. It strengthens our capacity to meet the ever-evolving needs of our customers while reinforcing our unwavering commitment to delivering high-quality, customized medications quickly, easily, and affordably. Additionally, the merger empowers us to provide enhanced services that better support veterinarians and elevate patient care, further underscoring our mission to improve the lives of animals and those who love them," Marcy Bliss, Wedgewood CEO.
Blue Rabbit is advised by Goldman Sachs, Reed Smith and Morgan Lewis & Bockius (led by Mark Stein). Wedgewood is advised by Ropes & Gray.
Blackstone-backed DESOTEC, a filtration services provider, completed the acquisition of the carbon reactivation and slurry operations of Evoqua Water Technologies, a provider of mission-critical water and wastewater treatment solutions, for $100m.
"This strategic acquisition marks the beginning of an exciting new chapter for DESOTEC as we continue our mission to better protect the planet. This landmark investment is the first step as we embark on the roll-out of our North American growth strategy and further expansion of our leading market position," Julie Santens, DESOTEC CEO.
Evoqua was advised by Houlihan Lokey.
Arena Investors, an asset manager, and Owlpoint Capital, a company focus on credit investments backed by intellectual property and other intangible assets, completed the acquisition of a 90% stake in Wi-LAN, a technology development and intellectual property licensing company from Quarterhill, a provider of tolling and enforcement solutions in the intelligent transportation system industry, for $71m.
"Arena is looking forward to working with WiLAN as part of our ongoing relationship with Owlpoint, to leverage WiLAN's IP licensing platform and expand into new technologies and licensing models," Vivek Nayar, Arena Investors Managing Director.
Quarterhill was advised by Stout Capital.
Gabe Plotkin and Rick Schnall agreed to acquire a majority stake in Charlotte Hornets, a basketball club, from Michael Jordan. Financial terms were not disclosed.
The Buyer Group will also include Chris Shumway, Dan Sundheim, Ian Loring, Dyal HomeCourt Partners, North Carolina natives recording artist J. Cole and country music singer-songwriter Eric Church, and several local Charlotte investors, including Amy Levine Dawson and Damian Mills. As part of the transaction, Jordan will retain a minority ownership share of the team.
Michael Jordan is advised by Wachtell Lipton Rosen & Katz.
Wabtec, a provider of equipment, systems, digital solutions, and value-added services, completed the acquisition of L&M Radiator, a manufacturer of heavy-duty equipment radiators and heat exchangers, for $230m.
"We are excited to welcome L&M Radiator to Wabtec. This transaction will further Wabtec's presence in premium heat transfer solutions and will extend and complement Wabtec's mining products portfolio. In addition, L&M's technology further enhances Wabtec's mission to develop clean energy solutions for operations in mining," Mike Fetsko, Wabtec President of freight & industrial components business.
TPG-backed Keter Environmental Services, a data-first recycling and waste management company, agreed to merge with Arcapita-backed Waste Harmonics, a technology-enabled managed service provider in the waste industry. Financial terms were not disclosed.
"This transaction comes at a time of considerable momentum for both Keter and Waste Harmonics and we are pleased to be joining forces to create a leading managed waste service provider. Together, we will expand our offerings, enhance our sustainability reporting capabilities, and continue to utilize the best data and technology to provide exceptional service to our growing customer base. We have long admired Waste Harmonics and look forward to partnering with Mike and his team as we leverage the complementary expertise and deep industry relationships that will continue to propel our collective success," Kevin Dice, Keter CEO.
Squarespace, a platform helping entrepreneurs build brands and businesses online, agreed to acquire the domains business of Google, a technology company. Financial terms were not disclosed.
"We are exceptionally proud to be chosen to serve the customers of the Google Domains business. Domains are a critical part of web infrastructure and an essential piece of every business's online presence. We look forward to serving these new customers as we have served millions using our domain products and are committed to ensuring a seamless transition," Anthony Casalena, Squarespace Founder and CEO.
Argent Financial Group, an independent fiduciary wealth management company, agreed to merge with TMI Trust, a full-service provider of trust and agency services. Financial terms were not disclosed.
"Argent and TMI's management teams have a long-running relationship. We are pleased to welcome TMI to the Argent family. TMI's approach to institutional services and family wealth management aligns effortlessly with our business philosophy and, like Argent's, TMI's clients are accustomed to a high level of personal service. This is a win for both of our companies and, most importantly, our clients," Kyle McDonald, Argent Financial Group CEO.
First Federal Bank, a community-based bank, completed the acquisition of the mortgage division of BNC National Bank, a mortgage company. Financial terms were not disclosed.
"With the acquisition, First Federal gains a nationwide consumer direct mortgage platform and offers the benefits of community banking, customer service, and stability to the expanded customer base in new markets. Since 1962, it has been our mission to provide solutions from a financially stable institution. This acquisition expands our commitment to customers and the residential mortgage sector. We look forward to serving the new mortgage customers with the same excellence they enjoyed from the BNC team," John Medina, First Federal Bank President and CEO.
ArcLight Capital, an infrastructure investment firm, completed the acquisition of an additional 12.5% stake in Natural Gas Pipeline Company of America from Brookfield Infrastructure, a global infrastructure company. Financial terms were not disclosed.
"Our investment in NGPL continues to be highly representative of ArcLight's thesis in strategic natural gas infrastructure. NGPL provides critical energy reliability and security services to utilities, enables increasing electrification in the US and supports the generational shift in supply-demand fundamentals driven by LNG export growth. In addition, we believe NGPL serves as a critical enabler to the future development of energy transition infrastructure. We are excited to further invest in our longstanding partnership with Kinder Morgan, a highly sophisticated operator with industry leading ESG credentials," Lucius Taylor, ArcLight Partner.
Blue Owl weighs European expansion.
Private credit firm Blue Owl Capital, is weighing an entry into European direct lending that may include building a team or buying an existing fund manager.
The alternative asset manager is one of the largest private lenders in North America and has held informal talks about the possible expansion, Bloomberg reported.
Sixth Street considers bidding for Bed Bath & Beyond assets. (FS)
Bed Bath & Beyond's lender Sixth Street Partners is considering bidding for at least some of the bankrupt retailer's assets.
Sixth Street is planning to use more than $500m of its debt in the company to bid, the report said, citing the investment firm's lawyer in a bankruptcy-court hearing. If other offers for Bed Bath & Beyond's assets come up less than what Sixth Street considers satisfactory, the lender plans to bid in the form of debt forgiveness.
Sixth Street, which loaned Bed Bath & Beyond $375m in 2022 amid the home goods chain's struggle to stem steep losses and sales declines, has replaced JP Morgan as the company's senior lender, Reuters reported.
Acrisure eyes over $20bn valuation in 2024 IPO.
Insurance broker Acrisure aims to be valued at over $20bn and is interviewing banks to go public next year. The Michigan-based company offers financial, cyber as well as asset and wealth management services to its customers in insurance, reinsurance and real estate services and was valued at $23bn last year.
Deliberations are ongoing and no final decisions on the size or timing of an IPO have been taken. Public capital markets are seeing a resumption in IPOs in the United States after a year-long standstill, as worries of a recession wane and investors warm up to riskier bets, Bloomberg reported.
Blue Owl's Dyal Capital unit sets targets for its sixth fund at $13bn. (FS)
Dyal Capital, the investing unit owned by Blue Owl Capital, is seeking to raise $13bn for its sixth investment fund.
Dyal, which backs other asset managers and offers financing to private equity firms, is setting another record target similar to the fund's predecessor. Capital-raising efforts and outreach to limited partners began this month, Bloomberg reported.
Recharge Capital closes first tranche of $200m women’s healthcare fund. (FS)
Recharge Capital, a US-based private investment firm, has closed the first tranche of its $200m Women’s Healthcare Investment Vehicle.
Peter Thiel of Thiel Capital, The Olayan Family of the Olayan Group, Blue Lion Group, The Al Rashid Family of the Salmira Investment Fund, Shamrock Holdings, the Ozmen Family of the Sierra Nevada Corporation, Ian Osborne of Hedosophia, and Frank Liu of Texas-based Lovett participated in funding.
The fund will target investments in Southeast Asia, the Middle East, Latin America, and Europe. It will focus on international fertility medical tourism, menstrual wellness, and women’s disease prevention and aim to drive innovation and integration in the fertility value chain, DealStreetAsia reported.
EMEA
Entain, the London-listed gaming company that operates Ladbrokes, is being criticized by a shareholder for its "illogical" decision to fund its acquisition of STS Holding with an equity sale, Bloomberg reported.
Eminence Capital said in a letter that the company's decision to fund the STS deal with an equity sale that represented about 8% of its market capitalization was "perplexing on many levels" as well as "value destroying." The New York-based asset manager questions why Entain, which had rejected multiple takeover approaches at higher prices saying they undervalued the company, would turn around and issue equity at depressed prices for an asset that is at best "nice to have."
STS is advised by Oakvale Capital and White & Case. Entain is advised by Ernst & Young, Bank of America, Morgan Stanley, Santander, Clifford Chance, Freshfields Bruckhaus Deringer and Powerscourt.
ilionx, an IT services firm, completed the acquisition of Inergy, a provider of governmental software and complex data & analytics platforms, from Main Capital Partners, a private equity firm. Financial terms were not disclosed.
"The broader portfolio of the combination enables us to serve our clients and prospects even better. We now have access to a lot of new expertise and experience as well as great execution power on complex issues. With our joint portfolio, knowledge and experience, we will be able to better fulfill our credo ‘We Improve Performance’. This step with ilionx is a wonderful sequel to the buy-and-build phase that we went through with Main in recent years. I am super proud of our Inergeeks and the trust that customers have placed in us every day for many years," Mathijs van Houweninge, Inergy CEO.
Delta Electronics, a provider of power and thermal management solutions, agreed to acquire HY&T Investments, a holding company of automotive high-voltage hybrid components businesses, from H2 Equity Partners, an investment firm, and Te Bokkel Beheer, a financial holding company, for €142m ($154m).
"The accelerated growth of the global EV market is expected to help Delta's overall business achieve its two-digit growth target over the next five years. Delta has successfully developed EV powertrain solutions for global major automotive companies, as well as automotive magnetic components, passive components and thermal management solutions. TB&C has remarkable capabilities and rich experience in the high-voltage hybrid components for EVs, which complement Delta's world-leading power electronics technology. With the addition of TB&C, Delta will be able to expand its EV product portfolio, while the collaboration between both companies will make our EV business scope even more comprehensive," Ping Cheng, Delta Electronics CEO.
VTB head says Russia should take Yandex assets under management.
Andrei Kostin, CEO of state-owned Russian lender VTB said that Moscow should take the Russian assets of internet company Yandex under management, as it did with two European-owned assets in April.
Yandex's Dutch-registered holding company, Yandex NV, is making progress on a corporate restructuring plan that should see it divest ownership and control of core, Russia-based businesses. Headquartered in Russia, Yandex's Nasdaq listing is subject to the deal being concluded by the end of 2023.
Shareholders in Yandex's holding company, many of whom are Western investment funds, could be in line to make $7bn from a full divestment of its Russian businesses. The $7bn price tag, which Kostin confirmed, accounts for a Kremlin requirement that foreign companies leaving Russia sell their assets at a 50% discount, Reuters reported.
Manchester Utd negotiating exclusivity with Qatar's Sheikh Jassim in $6bn-plus sale talks.
English football club Manchester United is negotiating granting exclusivity to the consortium led by Qatar's Sheikh Jassim bin Hamad al-Thani in talks to sell itself for more than $6bn.
While a deal remains uncertain, the development represents a major milestone in the efforts of Sheikh Jassim - the son of Qatar's former prime minister who is one of the richest men in the Gulf state - to take over the iconic sports brand.
Members of the Glazer family, who own minority stakes in Manchester United and control it thanks to a dual-class share structure, would be cashing out as part of the proposed deal. The Qatari offer is currently viewed by the Glazers more favorably than a bid from British billionaire Jim Ratcliffe, founder of chemicals producer INEOS. Ratcliffe's offer envisions that the Glazers would keep some interest in Manchester United, Reuters reported.
Crayon explores a $961m sale.
Crayon Group, a Norwegian IT consultancy, is exploring options including a sale as the pace of European tech deals picks up.
The Oslo-based firm is working with an adviser as it studies potential transactions. Considerations are early stage and may not lead to a deal, Bloomberg reported.
OTP's Romanian unit attracts $329m UniCredit, RBI bids.
Italy's UniCredit, Austria's two top banks and Romania's largest lender are interested in buying the Bucharest-based unit of OTP Bank, in a deal that may value the business at $329m. The deal may also include the bank's Moldovan business. The process is now moving forward into the second round.
Besides UniCredit, Raiffeisen Bank International, Erste Group Bank and Banca Transilvania are among bidders for the lender that submitted non-binding offers.
OTP said it is currently assessing potential buyers' interest and will decide on the future of its Romanian subsidiary based on the outcome. OTP is looking to exit Romania, where it has a relatively small market share despite years of attempts to make acquisitions. The Hungarian lender has been avidly buying peers in recent years on the eastern and southern fringes of Europe, aiming to reach a market-leading position in each country. Lenders across Europe are streamlining their portfolios and exiting markets where they have little share, Bloomberg reported.
ITV weighing deal to buy All3Media, combine with ITV Studios.
ITV is exploring a deal to buy production group All3Media from its joint owners Warner Bros Discovery and Liberty Global to combine the business with its Studios unit.
A possible deal could see Warner Brothers sell its stake in one of Britain's leading independent production companies to ITV for cash to help trim its $49bn debt pile.
Liberty Global could retain a stake in the merged entity, which would comprise ITV Studios and All3Media, the person said. Another option would see ITV buy out both parties entirely. JP Morgan has been advising shareholders of All3Media on the sale, Reuters reported.
John Textor weighs listing of Olympique Lyonnais.
John Textor is weighing a direct listing of Olympique Lyonnais in New York, as the US businessman explores a range of options for his stable of football investments.
Textor agreed to acquire a majority stake in Paris-listed Lyon last year and is planning a tender offer in the coming days to buy out the French Ligue 1 club’s remaining shareholders. As part of that process, he will raise the possibility to investors of a separate direct listing of Lyon shares on either the New York Stock Exchange or Nasdaq.
As part of his broader plans for the future of Eagle Football, Textor has also been mulling taking the vehicle public through a merger with Iconic Sports. But the market for such deals has cooled significantly from the SPAC boom of 2020 and 2021, with many blank-check firms now facing deadlines to make acquisitions or return cash to investors, Bloomberg reported.
Flix eyes an IPO.
German bus services firm Flix, owner of the Greyhound brand in North America and FlixBus in Europe, has stepped up preparations for a possible stock-market listing.
Flix has invited investment banks to pitch to manage its share sale in recent weeks. Evercore is advising Flix on the process.
An Initial Public Offering of Flix, which began its bus services in Germany ten years ago, would give hope to capital markets after rising rates and the economic turbulence caused by the Ukraine war have led many companies to defer plans to list, Reuters reported.
Amanat hires FAB, EFG for healthcare IPO in Abu Dhabi.
Amanat Holdings, a Dubai-based health care and education investment firm, has picked EFG Hermes and First Abu Dhabi Bank to manage the planned initial public offering of its health care unit in Abu Dhabi.
Amanat Healthcare’s offering could raise about $200m and may happen as soon as this year. Amanat, which is listed on the Dubai Financial Market, said that it would consolidate the assets of its health care vertical into Amanat Healthcare and prepare the unit for an IPO, Bloomberg reported.
G42 and Israeli investor Viola tie up for new tech venture. (FS)
Abu Dhabi’s artificial intelligence firm G42 and Israeli technology investment company Viola Group, which manages $5bn announced Global Valley, a joint venture to set up a new platform to meet demand for high-skilled tech talent, DealStreetAsia reported.
Based in the UAE capital, Global Valley will employ specialised tech-focused workers from around the world providing a variety of services, as well as help develop Abu Dhabi’s local tech sector, a statement from the Abu Dhabi Investment Office, which provided support for the project, said.
APAC
CSA Copper Mine went public via a SPAC merger with Metals Acquisition, a blank check company focused on green-economy metals and mining businesses, in a $1.1bn deal.
We are delighted to have closed on the transaction. I want to thank the large group of investors that supported our recent PIPE totaling $230m, our other funding partners, our advisors who have worked resolutely, as well as Glencore for working steadfastly with us throughout the entirety of our transaction. Today is truly an exciting moment for all of us at Metals Acquisition Limited, the new owner and operator of this historic asset. We look forward to working with the CSA Mine team to make this into a great foundational asset for MAC," Mick McMullen, Metals Acquisition CEO.
Metals Acquisition was advised by Ashanti Capital, Canaccord Genuity, Citigroup, Paul Hastings (led by Will Burns, Robert Leung and Mike Huang) and Squire Patton Boggs. Debt financing was provided by Citigroup, Commonwealth Bank of Australia and Sprott Resource Lending. Glencore was advised by UBS and King & Wood Mallesons.
IFC proposes $400m investment in Bank of Ayudhya.
International Finance Corporation, a member of the World Bank Group, has proposed a $400m investment in Bangkok-based Bank of Ayudhya to support the bank’s green assets.
The investment comprises a 7-year green and blue bond worth $400m to be privately issued by BAY, of which $50m will be dedicated to supporting the development of the bank’s blue assets related to ocean-friendly projects as well as protecting clean water resources, with the remaining subscription amount dedicated to supporting the growth of the bank’s eligible green assets, DealStreetAsia reported.
JBM Auto leads race for controlling stake in SML Isuzu.
India’s JBM Auto is the leading contender to acquire a controlling stake in automaker SML Isuzu. JBM is mulling various options to acquire the shareholding, including cash as well as a share swap deal.
Japan’s Sumitomo, which holds 43% of India-based SML, is looking to exit its operations in India and talks are at an advanced stage, DealStreetAsia reported.
Singapore Airlines denies report that it is looking to raise its stake in Air India.
Singapore Airlines refuted a media report saying it may raise its stake in Air India from the 25.1% which it secured as part of the Tata Group’s Vistara merger to create a bigger full-service India’s national carrier.
Singapore’s state carrier’s statement was in response to a report by Indian newspaper Mint, which said the carrier had expressed its desire to gradually raise its stake in the Indian airline to about 40%, DealStreetAsia reported.
Syngenta wins Shanghai Exchange approval for $9.1bn IPO.
Syngenta Group, a seed giant, has won the Shanghai stock exchange’s approval for its $9.1bn IPO, moving the world’s biggest potential listing this year a step closer to completion.
The company plans to use proceeds from the IPO for high-end agricultural technology research, global acquisitions and long-term debt repayment as well as business expansion and upgrades, it said in a filing last month.
Syngenta is advised by China International Capital and BOC International, Bloomberg reported.
J&T Express is said to plan upto $1bn HK IPO.
Courier company J&T Express is planning to file for its Hong Kong initial public offering as soon as in the coming days.
The Jakarta-based firm is weighing raising $500m to $1bn in the share sale. A listing could happen as soon as this year, although no final decision has been made and details including size and timeline could still change.
J&T Express has been working with Bank of America, China International Capital and Morgan Stanley on the potential first-time share sale, Bloomberg reported.
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