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AMERICAS
Satya Nadella, Microsoft CEO, said he's confident the company can gain regulatory approval for its $69bn purchase of Activision Blizzard, an American video game holding company, even in the face of an in-depth regulatory probe in the UK. Nadella also expressed optimism that Microsoft can cope with a weaker economy and rising inflation—and help its customers endure as well.
"Of course, any acquisition of this size will go through scrutiny, but we feel very, very confident that we'll come out," Satya Nadella.
The UK's Competition and Markets Authority said earlier this month that it decided to kick-start a longer review, a move that was expected after the CMA flagged concerns that the deal could lessen competition in the markets for consoles, subscriptions and cloud gaming. The combination with Activision—which owns franchises such as Call of Duty, World of Warcraft and Guitar Hero—will make Microsoft the world's third-largest gaming company, Bloomberg reported.
Presto, a provider of customer experience and labor productivity software, went public via a SPAC merger with Ventoux CCM Acquisition in a $1bn deal. The transaction includes a fully committed PIPE totaling approximately $70m. In addition to institutional investors, the PIPE included REMUS Capital, Rajat Suri, Presto Founder & CEO, Yum! Brands, Applebee's, McDonald's, and Outback Steakhouse.
"Presto is on a mission to transform physical industries with next-gen digital technologies like Touch, Vision and Voice. We are excited to invite public market investors to join us on this journey, and support us in our efforts to solve deep-rooted problems for our customers like the shortage of labor, slow guest experiences and lack of data to enable sophisticated decision-making," Rajat Suri, Presto Founder and CEO.
Presto was advised by Jefferies & Company, White & Case (led by Laura Katherine Mann and Emery Choi) and ICR (led by Michael Bowen). Ventoux CCM Acquisition was advised by Chardan, Truist Bank, William Blair & Co, Dentons and Woolery. Financial advisors were advised by Mayer Brown.
The Beneficient Company, a technology-enabled platform providing liquidity, data, custody and trust services to holders of alternative assets, agreed to go public via a SPAC merger with Avalon Acquisition in a $3.5bn deal.
"We began Beneficient based on the simple, yet ambitious belief that individual investors and smaller institutions should be empowered with the same opportunities as large institutional investors when it came to their alternative investments. We are working to democratize the industry starting with a simple, secure, rapid and cost-effective solution to what we saw as the most foundational and pressing need: liquidity. Today's announcement with Avalon validates our belief in Ben's value and industry-redefining business plan and is a testament to the dedication of everyone at Ben who has made this possible," Brad Heppner, Beneficient Founder and CEO.
Beneficient is advised by Lazard, Haynes and Boone and Longacre Square Partners (led by Greg Marose and Dan Zacchei). Avalon Acquisition is advised by Houlihan Lokey and Venable.
Talos Energy, an independent oil and gas company primarily involved in offshore exploration and production, agreed to acquire EnVen Energy, an operator of an energy exploration company, for $1.1bn.
"The acquisition is financially attractive, expanding our operating margins and increasing Free Cash Flow per Share while immediately improving our credit profile before accounting for significant expected cost synergies. The enhanced cash flow profile will provide us with increased capital allocation optionality, including additional high-impact subsea tie-back opportunities, opportunistic acquisitions, accelerating our low-carbon initiatives and positioning Talos for a potential shareholder return of capital program in the future," Timothy S. Duncan, Talos President and CEO.
Talos Energy is advised by JP Morgan, KeyBanc Capital Markets and Vinson & Elkins (led by Lande Spottswood). EnVen Energy is led by Intrepid Partners and Davis Polk & Wardwell.
Saint-Gobain, a manufacturing company, has obtained approvals from all relevant competition authorities for its $2.3bn acquisition of GCP Applied Technologies, a construction products technologies company, announced on December 6, 2021. The acquisition will close on September 27, 2022. GCP will delist from the New York Stock Exchange.
This acquisition is a significant milestone in establishing Saint-Gobain's leading position worldwide in construction chemicals and furthers the Group's strategy as the worldwide leader in light and sustainable construction.
Centerbridge Partners, a multi-strategy private investment firm, and Allianz X, a venture capital firm, led a $315m Series D funding round in Pie Insurance, a tech-enabled provider of workers' compensation insurance to small businesses, with participation from White Mountains Insurance Group, Gallatin Point Capital, Greycroft and Acrew Capital.
"This round of financing is monumental in more ways than one. It's no secret that growth-stage startups, and specifically insurtechs, are facing a challenging fundraising environment. However, Pie's ability to grow rapidly while still focusing on delivering strong unit economics and sustainable loss ratios is proving to be a key differentiator. Pie is disrupting the highly fragmented small business commercial insurance market through our proprietary technology, which more accurately prices and underwrites insurance risks," John Swigart, Pie Co-Founder and CEO.
Pie Insurance was advised by Ardea Partners and Cooley. Centerbridge Partners was advised by Kirkland & Ellis (led by Kimberly Meng Han and Rajab S. Abbassi). Allianz X was advised by Sullivan & Cromwell.
BlackRock LTPC, an innovative private equity strategy, agreed to acquire a majority stake in Paradigm Oral Health, a provider of oral surgery, from InTandem Capital Partners, a private equity firm. Financial terms were not disclosed.
"We are pleased to invest in Paradigm, which has established itself as an industry defining platform for the development and delivery of next-generation oral health solutions. Through its focus on providing superior clinical care, advanced technology, and continued training and education to its surgeon partners, the company is well positioned for long-term growth. We look forward to partnering with Dr. David Rallis and the entire Paradigm team," Colm Lanigan, BlackRock LTPC Head of Americas.
Paradigm is advised by Houlihan Lokey and Goodwin Procter. BlackRock is advised by Simpson Thacher & Bartlett. InTandem is advised by FGS Global.
Marathon Petroleum, a petroleum refining, marketing, and transportation company, and Neste, an oil refining and marketing company, formed a $1bn joint venture.
"We're excited to partner with Neste as this strategic partnership enhances our strong Martinez project by leveraging our complementary strengths and expertise and is consistent with our previously announced strategy to source low carbon intensity feedstocks through long-term arrangements, joint ventures and alliances. The project will utilize existing processing infrastructure, diverse inbound and outbound logistics, and is optimally located to support California's LCFS goals while strengthening MPC's footprint in renewable fuels. Our partnership with Neste signals another step in our commitment to the energy evolution and our focus on lowering the carbon intensity of our operations and the products we manufacture," Michael J. Hennigan, Marathon Petroleum President and CEO.
Marathon Petroleum was advised by Morgan Stanley. Neste was advised by Bank of America and Sidley Austin (led by Irving Rotter and Katy Lukaszewski).
Parthenon Capital and Bain Capital-backed Zelis, a healthcare payments and pricing company, completed the acquisition of Payer Compass, a provider of reimbursement and claims pricing, administration, and processing solutions, from Spectrum Equity, a growth equity firm, and Health Enterprise Partners, a healthcare-focused investment firm. Financial terms were not disclosed.
The acquisition enables Zelis to evolve and expand our best-in-class solutions for out-of-network healthcare services for clients.
"We're thrilled to complete the acquisition of Payer Compass and join our organizations. Zelis is on a mission to create a better healthcare financial experience for all, and the powerful combination of our technology and teams advances us in achieving that aim," Amanda Eisel, Zelis CEO.
Zelis was advised by Kirkland & Ellis. Payer Compass was advised by TripleTree and Latham & Watkins.
Kaufman Hall, a healthcare and higher education management consulting and advisory services firm, agreed to acquire Claro Healthcare, a healthcare consulting firm. Financial terms were not disclosed.
"Healthcare providers are under growing pressure to achieve and demonstrate excellence in all facets of operations, including revenue management and quality outcomes—in the face of rising expenses, declining margins, and changing payment models. Together, the complementary services and cultures of Kaufman Hall and Claro Healthcare will position us to jointly deliver a whole new level of integrated improvement services to healthcare providers, who are more challenged than ever to achieve the financial, operational, and quality performance necessary to carry out their missions of community health," R. Wesley Champion, Kaufman Hall Managing Director and CEO.
Claro is advised by TripleTree and McDermott Will & Emery. Kaufman Hall is advised by Kirkland & Ellis.
DKSH, a provider of sourcing, market insights, marketing and sales, e-commerce, distribution, and logistics services, agreed to acquire an 80% stake in Terra Firma, a distributor of specialty chemicals in North America, for $288m.
"Expanding our presence in the North American market has been a strategic focus for our Performance Material business. Terra Firma's teams operate coast to coast and will accelerate our expansion into the North American specialty chemical distribution market, while we will provide their clients access to our global network. The Terra Firma acquisition is a milestone in the transformation of DKSH Performance Materials to becoming a global player," Stefan Butz, DKSH CEO.
Evernex, a provider of network integration and information technology life science services, agreed to acquire XSi, an IT services and IT consulting provider. Financial terms were not disclosed.
"As our second acquisition in the United States, this strategic step demonstrates our ambition to strengthen and grow our presence in a rapidly growing TPM market. Over the course of our discussions with the company, we were impressed by the strong entrepreneurial spirit that radiated from the team. It became clear that coupled with our capabilities, such as our digital platform, global reach, expertise, and logistics, XSi can be a driving force to help us achieve market dominance in the US," Stanislas Pilot, Evernex President and CEO.
Evernex is advised by Xplore Marketing.
Veritas Veterinary Partners, a network of over 100 leading specialty and emergency veterinary care providers, agreed to acquire Veterinary Surgical Specialists, a provider of orthopedic, neurologic, oncologic and cardiothoracic procedures. Financial terms were not disclosed.
"We could not be more excited to welcome the VSS team to the Veritas family as we continue our mission to bring the highest quality emergency and specialty services to communities throughout the country. VSS has an outstanding reputation throughout Orange County and Southern California for its dedication to exceptional patient care. Veritas is committed to investing in and supporting veterinarians, and we look forward to partnering with the VSS team as they continue to grow their business and expand their offerings to meet the growing veterinary care needs of the communities in Southern California," Thomas Scavelli, Veritas Founder and CEO.
Veritas Veterinary Partners is advised by Joele Frank (led by Jonathan Keehner).
Merck Animal Health, a division of Merck & Co, agreed to acquire Vence, a virtual fencing company for rotational grazing and livestock management. Financial terms were not disclosed.
"The acquisition of Vence will broaden our portfolio with complementary products and technologies to advance animal health and well-being as well as outcomes for our customers. Vence is a natural fit with Merck Animal Health's growing portfolio of animal intelligence products that include identification, traceability and monitoring products. This new technology will give cow-calf producers the ability to track their cattle and the ability to move them from pasture to pasture," Rick DeLuca, Merck Animal Health President.
Banks close painful Citrix debt chapter with $700m loss.
Wall Street banks completed the sale of $8.6bn in loans and bonds backing the leveraged buyout of business software company Citrix Systems by accepting a $700m loss, Reuters reported.
The process emerged as a key test of banks' ability to offload junk-rated debt from their books, a process that is necessary for them to recycle capital and comply with regulations governing their financial health.
DXC Technology hires advisers after receiving takeover interest.
Information-technology services provider DXC Technology is working with advisers after receiving takeover interest. The stock rose more than 9% on the news, Bloomberg reported.
DXC has been approached by at least one private equity firm. It’s unclear whether the technology company is open to a sale.
Pension fund WSIB commits $500m more to HK-based Crane Capital.
US pension fund Washington State Investment Board has committed to invest $500m in Crane Capital, the Hong Kong-based real estate investment manager that WSIB helped create in 2019, DealStreetAsia reported.
The proposed investment was a follow-on to the initial $250m commitment that the pension fund made in February 2019, along with transferring $400m of existing commitments from Evergreen Real Estate Partners.
HarbourVest Partners closes Fund XII over $3bn exceeding target. (FS)
HarbourVest Partners, a global private markets investment specialist, announced the final close of its twelfth flagship US fund, HarbourVest Fund XII, which closed above its $2bn target at over $3bn, including the General Partner commitment.
“The US remains the most developed and proven market for private equity investing and one where we see a large and growing opportunity set. Our ability to provide a diversified, comprehensive solution to help investors meet their return objectives resulted in strong demand for our flagship US fund,” Ryan Gunther, HarbourVest Partners Managing Director.
Silver Hill Energy Partners closes $1bn fund. (FS)
Silver Hill Energy Partners has closed the franchise’s third partnership and first institutional private equity fund, Silver Hill Energy Partners III, representing total capital commitments of $1bn. The Partnership has formed Silver Hill Energy Partners III, Silver Hill III Midstream and other regional affiliates, which is focused on the direct acquisition and development of operated onshore oil, natural gas and related infrastructure assets in premier basins across the US.
“Silver Hill is strongly committed to responsible and environmentally-conscious development of energy resources in the United States. Through our direct partnership with like-minded institutional partners, we are uniquely positioned to make rapid decisions as attractive oil and gas assets become available for acquisition,” Kyle D. Miller, Silver Hill Founder, President and CEO.
EMEA
CMA starts an investigation on a $4.2bn acquisition of Student Roost. (FS)
The Competition and Markets Authority is considering whether it is or may be the case that a $4.2bn acquisition of Student Roost, a purpose-built student accommodation provider, from Brookfield by GIC and Greystar will result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.
The CMA announced the launch of its merger inquiry by notice to the Parties on September 22, 2022, and has a deadline of November 17, 2022, for its phase 1 decision.
GIC, a sovereign wealth fund, agreed to acquire a majority stake in Sani/Ikos Group, a group of luxury resorts in unique beachfront locations in the Mediterranean, from investment firms Oaktree Capital Management, Goldman Sachs Asset Management, Moonstone, Florac and Hermes GPE at €2.3bn valuation.
"We are excited to welcome GIC on board and look forward to bringing the Sani/Ikos Group magic to guests across the Mediterranean and beyond. Over the past years, the Sani/Ikos Group has led a remarkable path, with significant investments, international expansion and strong financial performance. This was achieved despite the pandemic and thanks to the support of our shareholders, who were outstanding partners, and to our management and employees whose dedication and talent are second to none in our industry. We can now solidify our leading position across the Mediterranean, to the benefit of our shareholders, our people and the communities where we operate," Andreas Andreadis and Mathieu Guillemin, SIG CEOs.
Sani/Ikos Group is advised by Morgan Stanley, Kirkland & Ellis and Edelman.
The Competition and Markets Authority has opened a consultation on undertakings proposed by CapVest Partners, which in turn owns and controls Rodericks Dental, a provider of private and specialist dental services, to address competition concerns over CapVest's acquisition of Dental Partners from CBPE.
On August 23, 2022, the CMA announced that it would refer the acquisition for an in-depth investigation unless acceptable undertakings are offered to address the CMA's concerns. The CMA found that the acquisition gives rise to a realistic prospect of substantially lessening competition in two local areas in the UK. To address the CMA's concerns, CapVest has offered to divest the one Rodericks dental practice in each SLC area or, in the alternative, the one Dental Partners practice in each SLC area.
The CMA has until November 3, 2022, to consider whether to accept the undertakings or a modified version of them with the possibility of extending this timeframe to January 3, 2023, if it believes that there are special reasons for doing so. As part of this process, the CMA is now consulting publicly on whether the proposals are sufficient to address the CMA's competition concerns.
WSP, a provider of management and consultancy services, completed the acquisition of the real estate and infrastructure consultancy businesses of Capita, an international business process outsourcing and professional services company, for $78m.
"We are pleased to have agreed the sale of these two businesses to WSP following a competitive sale process. It marks another significant step, as we continue to simplify and strengthen Capita, and become a more successful business for the long term," Jon Lewis, Capita CEO.
WSP was advised by CMS (led by Matthew Davies). Capita was advised by Deloitte.
Suez, a French-based utility company, agreed to acquire Suez's UK waste business from Veolia, a provider of solutions for ecological transformation, for £2bn($2.4bn).
"The progress of the merger with Suez, which began last January, continues to demonstrate the relevance and value-creation capacity of our project to create the global champion of ecological transformation in the context of a strong climate and ecological emergency. The cash proceeds from the antitrust divestments will allow us to reduce the debt leverage and will provide Veolia with additional capacity to finance growth in high value-added markets. We are satisfied that this disposal addresses the main concerns of the UK competition authority. The UK will remain an important region for Veolia where we will continue to implement sustainable and competitive ecological transformation solutions as a leading player in the local waste management market with revenues of €2bn($2bn)," Estelle Brachlianoff, Veolia CEO.
Veolia is advised by Barclays.
Arnest Group, a manufacturer of perfume, cosmetic and household products in aerosol packaging, completed the acquisition of the Russian beverage packaging business of Ball, a supplier of innovative, sustainable aluminum packaging solutions, for $530m.
"This decision is the result of many months of consideration, delivering a solution that best secures the future of Ball's colleagues and assets in Russia. We believe this is a sound outcome for Ball in these geo-political circumstances," Dan Fisher, Ball President and CEO.
Ball was advised by Citigroup.
Pini Group, a design, construction management and consulting services provider, completed the acquisition of Geodata, a geoengineering company. Financial terms were not disclosed.
"We recognize in Geodata an excellent player in the world of underground engineering and hydropower. Our intention is to enhance all the assets that have allowed this company to write the history of engineering: from its workers to its network of suppliers and its international partners. This acquisition is based on common values that characterize the two companies. Both Geodata and Pini started out as family businesses, which through hard work, dynamism and the pursuit of excellence have become global players in the engineering sector," Andrea Galli, Pini Group CEO.
Sabadell in talks with Worldline, Nexi and Fiserv for payments deal.
Spanish bank Sabadell has received indicative bids from France's Worldline, Italy's Nexi and US firm Fiserv for its payments arm, with a deal valued at up to €400m ($394m), Reuters reported.
Sabadell received the non-binding offers last week and is expected to shortlist a group of final bidders in early October. The Spanish lender will review the offers at a board meeting in late September and then move to the final stages of the auction, allowing bidders to carry out due diligence on the unit.
Bertelsmann puts M6 up for sale after failed merger attempt.
German media group Bertelsmann has put its French television business M6 back on the block, asking for indicative bids by Friday to “test the market” after competition objections thwarted the broadcaster’s planned merger with TF1, FT reported.
The stake in France’s second-biggest private television group is attracting a crowded field of potential buyers spanning some of Europe’s most prominent media billionaires.
Credit Suisse draws up plan to split investment bank in three.
Credit Suisse Group has drawn up plans to split its investment bank in three, as the Swiss lender attempts to emerge from three years of relentless scandals.
Under proposals to the board, the bank is looking to sell profitable units such as its securitised products business to prevent a damaging capital raise, DealStreetAsia reported.
Germany weighs nationalising gas importer Sefe.
Germany is looking at nationalising gas importer Sefe, previously Gazprom Germania, to protect it from bankruptcy, a day after Berlin moved to nationalise top gas importer Uniper.
Spokespeople for the economy ministry and the energy regulator said talks on the future of Sefe were ongoing. Sefe had no immediate comment, Reuters reported.
Mubadala weighs investment in EQT’s $7bn fiber unit. (FS)
Mubadala Investment is considering buying a stake in private equity firm EQT’s fiber network operator GlobalConnect, in a deal that could value the business at more than $7bn, Bloomberg reported.
The Abu Dhabi wealth fund is in talks with EQT to acquire a minority stake in the Nordic company. No final agreements have been reached and while discussions are ongoing, talks could fall apart or other buyers may emerge.
Hamburg port says government shouldn’t block chinese acquisition.
Hamburg Hafen und Logistik said the German government shouldn’t block a Chinese acquisition of a stake in a container terminal, arguing that the deal will bring investment to the port and poses no threat to national security.
China’s Cosco Shippings had delayed a bid to acquire a 35% stake in the Tollerort terminal, the smallest of the four container facilities at Germany’s largest seaport, Bloomberg reported.
Dubai’s Salik draws $50bn in orders for $1bn IPO.
Dubai’s road-toll operator drew $50bn in orders for its initial public offering, underscoring the high demand for Middle Eastern deals despite a worsening backdrop for the global economy.
The government sold 1.9bn shares in Salik at $0.5 each, raising $1bn, according to a statement. The offer price implies a market capitalization of $4.1bn for the firm, Bloomberg reported.
Kirkland & Ellis hires Allen & Overy infrastructure co-head in London. (People)
US law firm Kirkland & Ellis has hired Allen & Overy's global infrastructure co-head Sara Pickersgill. Pickersgill joins Kirkland as a partner in its London office, FN London reported.
Corporate partner Pickersgill focuses on M&A in the infrastructure, energy, and renewables sector. She was promoted to partner at the Magic Circle firm in 2013. Pickersgill is set to spearhead the US firm's expansion into the energy and infrastructure sector in Europe.
"Sara is widely regarded as among the top lawyers for energy and infrastructure deals in Europe, and she brings deep experience representing private equity sponsors and companies in the sector," Jon Ballis, Kirkland chairman of the executive committee.
Rothschild moves top Hong Kong banker to Dubai amid IPO boom. (People)
Rothschild is moving its head of equity advisory for Asia to Dubai as it tries to capture a bigger slice of the growing market for initial public offerings in the Middle East, Bloomberg reported.
Finlay Wright will relocate from Hong Kong later this year. He will be head of equity solutions for both public and private equity capital markets in the Middle East and Asia.
APAC
Aura Minerals, a multi-national mining company, completed the acquisition of Big River Gold, a specialised minerals exploration and development company focused on the Borborema Gold Project, for $64m and formed an 80/20% joint venture with Dundee Resources, a mining company.
"I am pleased to announce this deal for the company and its shareholders to participate directly in the future cash flows of a high-quality, development stage mining project in Brazil. We look forward to working closely with Aura Minerals, an exceptional and responsible operator with a great deal of experience and success working in Brazil, to develop the fully-permitted Borborema Gold Project," Jonathan Goodman, Dundee President and CEO.
Aura Minerals was advised by Canaccord Genuity, Gowling WLG and King & Wood Mallesons. Dundee was advised by Blackwall Legal and Cassels Brock & Blackwell (led by Paul Stein, Jay King and Alexander Pizale).
Guangdong Macao Semiconductor Industry Investment Fund, Guangzhou Industrial and Emerging Development Fund and Goldstone Investment led a $100m Series A+ funding round in Leader-Tech, a provider of integrated circuit materials and packaging solutions, with participation from Dening Capital and Qianhai Great Wall Fund.
The company targets to ramp up investment in technology R&D and manufacturing expansion to deliver domestically-made chips. The Series A+ round is expected to help the firm replenish its working capital and forge long-term strategic cooperation to speed up the construction of new manufacturing facilities and its expansion in the domestic market.
India court orders forensic audit on Fortis-IHH $560m share sale.
India's Supreme Court ordered a forensic audit of the share sale in Fortis Healthcare, a chain of hospitals, in 2018 and refused to allow the open offer from Malaysia's IHH Healthcare to proceed, triggering a rout in Fortis's stock, Bloomberg reported.
The court sought a probe into the $560m share sale in Fortis by lenders and the transfer of money to RHT Health Trust on a petition filed by Daiichi Sankyo. The judges said that a lower court would decide on whether the open offer for Fortis can be allowed based on the evidence it gets.
Japan state-backed fund said to be in talks with Bain Capital for Toshiba buyout. (FS)
A state–backed Japanese fund is in talks with private equity firm Bain Capital to form a consortium and bid for Toshiba, after breaking off from its previous partner, DealStreetAsia reported.
It would mark a second proposal for Toshiba from state–backed Japan Investment. The fund had previously joined forces with private equity firm Japan Industrial Partners and their bid had made it past the first round of bidding.
SoftBank cuts valuation of IPO-bound Oyo to $2.7bn.
SoftBank Group has slashed the valuation of Oyo Hotels on its books by more than 20% as once high-flying Indian startup prepares for an initial public offering, Bloomberg reported.
The Japanese investor, the largest shareholder in the hotel-booking firm, cut its estimated value for Oyo to $2.7bn in the June quarter from an earlier $3.4bn after benchmarking it against peers with similar operations. The lodging firm had reached a valuation of $10bn in a 2019 funding round.
Battery maker CALB seeks up to $1.7bn in Hong Kong IPO.
CALB, a Chinese battery supplier for electric vehicle makers, is seeking to raise as much as HK$13.6bn ($1.7bn) in its Hong Kong initial public offering.
The Jiangsu-based company will start taking orders from investors for about 266m shares and is marketing them at between HK$38($4.8) and HK$51($6.5) each. At the top price, it would be the third largest Hong Kong listing of the year, Bloomberg reported.
China Vanke unit guiding HK IPO shares at $6.2 each.
Onewo, the property management unit of real estate developer China Vanke, is telling prospective investors it plans to price its Hong Kong initial public offering near the mid-point of its marketed range, Bloomberg reported.
The Shenzhen-based firm is poised to price the offering at $6.2 per share. At that price, it would raise about $739m. The firm is offering about 117m shares at $6 to $6.7 each.
Tokocrypto lays off 20% of employees, pushes back IPO plans.
Indonesian cryptocurrency exchange Tokocrypto announced a decision to trim its manpower and separate its community hub and NFT marketplace platforms into separate entities.
Tokocrypto laid off 20% of its 227 employees due to “some consideration in business focus shifting,” the company said in a statement, DealStreetAsia reported.
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