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AMERICAS
California is considering filing a lawsuit to block Kroger's $24.6bn acquisition of Albertsons on concerns the deal could hurt consumers and workers, Bloomberg reported.
"We are moving toward acting. Right now, there's not a lot of reason not to sue," Rob Bonta, California Attorney General.
Albertsons is advised by Credit Suisse, Goldman Sachs (led by Timothy Ingrassia), Debevoise & Plimpton (led by Ted Hassi). Fried Frank Harris Shriver & Jacobson (led by Philip Richter), Jenner & Block, Wachtell Lipton Rosen & Katz (led by Zachary Podolsky and Adam Emmerich), White & Case (led by George Paul), Brunswick Group. Financial advisors are advised by Alston & Bird (led by Stuart Rogers), Cravath Swaine & Moore (led by Sanjay Murti and Robert I. Townsend) and Davis Polk & Wardwell (led by Phillip R. Mills and Cheryl Chan). Kroger is advised by Citigroup (led by Brian Anton and David Finkelstein), Wells Fargo Securities, Arnold & Porter Kaye Scholer, Weil Gotshal and Manges (led by Michael J. Aiello) and Joele Frank (led by Greg Klassen). Cerberus is advised by Dechert (led by Eric Siegel and Mark Thierfelder) and FGS Global (led by Andrew Cole).
Microsoft, an American multinational technology corporation, completed the acquisition of Activision Blizzard, an American video game holding company based in Santa Monica, for $68.7bn.
"Today we start the work to bring beloved Activision, Blizzard, and King franchises to Game Pass and other platforms. We'll share more about when you can expect to play in the coming months," Phil Spencer, Microsoft Gaming CEO.
Haemonetics, a medical technology company, agreed to acquire OpSens, a medical device cardiology-focused company, for $253m.
"With the acquisition of OpSens, we expand our leadership in interventional cardiology and strengthen our foundation for additional growth and diversification. By leveraging OpSens' proprietary optical sensor technology, our global commercial infrastructure, and our relationships with the top US hospitals performing TAVR and PCI procedures, we have a powerful opportunity to improve standards of care for more physicians and patients worldwide. We are excited to welcome OpSens' talented team and look forward to advancing our shared commitment to maximizing patient benefits and value for our customers," Stewart Strong, Haemonetics President.
OpSens is advised by Piper Sandler and Norton Rose Fulbright. Haemonetics is advised by Goldman Sachs, DLA Piper and Joele Frank.
The merger, which creates a legal giant with roughly $3.5bn in combined revenues, will push ahead after more than 99% of partners on both sides backed the plan. The deal creates an outfit with nearly 4k lawyers in total, FT reported.
"This is a historic moment for both firms and our profession. We are delighted that our partners have voted so resoundingly in favour of this merger, which is a transformational step for the legal industry," said Wim Dejonghe, Allen & Overy Senior Partner.
Shearman is advised by Davis Polk & Wardwell (led by Lee Hochbaum and William H. Aaronson). Allen & Overy is advised by Lazard, Simpson Thacher & Bartlett and Brunswick Group.
Western Midstream, a Delaware master limited partnership formed to acquire, own, develop, and operate midstream assets, completed the acquisition of Meritage Midstream Services II, a privately held midstream company headquartered in Denver, Colorado, for $885m.
"Since 2013, Meritage has been hard at work building upon its brand as a leading midstream operator in the Powder River Basin, expanding its services into rich gas gathering, processing, and NGL transport. Through the unwavering dedication of our team, we have developed a best-in-class infrastructure platform driven by safe and intelligent operations and founded on strong relationships with our customers and stakeholders. Today's announcement is a testament to the many years of focused efforts, and I am extremely proud of our team's many accomplishments. We look forward to watching the combined WES/Meritage team continue to advance this generational asset," Nick Thomas, Meritage CEO.
Meritage Midstream Services II was advised by Jefferies & Company and Vinson & Elkins (led by James J. Fox and Dan Komarek). Western Midstream was advised by Citigroup and Gibson Dunn & Crutcher (led by Tull Florey).
Pave America, an asphalt and concrete service provider, completed the acquisition of asphalt makers Kansas Asphalt and Central States Paving & Concrete. Financial terms were not disclosed.
"As we contemplated the next stage of growth, we wanted to find a group that not only knows the pavement industry, but would also value our team the same way we have. From our first discussion, it became very evident that Pave America was the right partner for our team as they continue assimilating industry leading companies and CEOs across the country. We are unbelievably excited to be a part of the broader strategy and look forward to leveraging their capabilities to expand Kansas Asphalt," Chuck Jeffries, Kansas Asphalt CEO.
Central States Paving was advised by Citizens M&A. Pave America was advised by Paul Weiss Rifkind Wharton & Garrison (led by Edward Ackerman).
Sysco, a food and kitchen products marketer and distributor, agreed to acquire Edward Don & Company, a foodservice equipment and supplies firm. Financial terms were not disclosed.
"We're thrilled to announce our plans to acquire Edward Don & Company. This exemplary business, led by Steve Don and a strong leadership team, will drive accretive value to Sysco's business and enable Sysco to better serve our customers with a more complete product assortment. Additionally, this transaction will further demonstrate our Recipe for Growth strategy. We are excited to introduce our hundreds of thousands of customers to Edward Don's compelling assortment and robust supply chain capabilities," Kevin Hourican, Sysco President and CEO.
Edward Don is advised by JP Morgan and William Blair & Co.
Prysm Capital, a private equity firm, led a $75m Series C round in Pair Eyewear, a customizable eyewear brand, with participation from New Enterprise Associates, Javelin Venture Partners and Christian McCaffrey.
"Nathan and I developed Pair with a unique premise of providing people globally with eyewear as dynamic as you are. We are beyond humbled by the love and support we've received from both Pair's incredible customers and investors. We plan to capitalize on Pair's brand power and innovations to continue growing with a goal of achieving household name status not only in the United States but around the world," Sophia Edelstein, Pair Eyewear Co-CEO and Co-Founder.
Prysm Capital was advised by Joele Frank.
Arcis Golf, an operator of golf facilities, completed the acquisition of Champions Retreat Golf Club, a 27-hole private club. Financial terms were not disclosed.
"The exceptional facility, courses, and amenities add a new dimension to our differentiated collection of private, daily fee, and resort properties. We are uniquely positioned to offer best-in-class golf and innovative programming and content that appeal to the entire family. Champions Retreat directly aligns with our strategy of owning and operating preeminent properties and our unwavering commitment to grow the game of golf and transformational lifestyle experiences," Blake Walker, Arcis Golf Founder and CEO.
Arcis Golf was advised by Hunter Public Relations (led by Karen Moraghan).
Divergent Technologies, a developer of an end-to-end digital production system, agreed to acquire the in-process quality assurance technology suite assets from Sigma Additive Solutions, a provider of in-process quality assurance solutions. Financial terms were not disclosed.
"This strategic acquisition is of great significance as Divergent deploys DAPS structures across the automotive, aerospace, and defense industries. Sigma's foundational IP centered on in-process monitoring will be integrated into and expanded on within the Divergent portfolio. The core software will be seamlessly applied to our additive manufacturing module and will further enhance Divergent's industry leading additive manufacturing quality management system. Ultimately, this acquisition further supports our confidence in suppling structures for safety-critical and mission-critical applications," Lukas Czinger, Divergent COO and Co-Founder.
Nature's Touch, a frozen organic and conventional fruit company, completed the acquisition of he frozen fruit operations from Sunrise Growers, a private-label frozen fruit operator under SunOpta. Financial terms were not disclosed.
"This acquisition is more than just a business transaction—it marks a deliberate step towards a future that is more integrated, innovative, and impactful. By welcoming the Sunrise Growers' frozen fruit operations into our family, we are bolstering our unwavering commitment to offering unparalleled value to our customers and stakeholders. This acquisition puts us in the unique position of providing North American consumers with the most expansive network of freezing and distribution on the continent. Together, our combined strengths will propel us to new heights, quicker and with renewed vigor," John Tentomas Nature's Touch CEO.
Mphasis, an Information Technology solutions provider specializing in cloud and cognitive services, completed the acquisition of Silverline, a digital transformation consultancy. Financial terms were not disclosed.
"We are excited to have team Silverline join the Mphasis family and look forward to achieving great success together. Silverline's deep Salesforce expertise and scale combined with our execution muscle and reach will not only assist us in designing next-generation digital capabilities but will also help establish us as a dominant player in the Salesforce ecosystem. The acquisition will complement our key strategic initiative of driving the intersection across customer experience transformation, contact center modernization and conversational AI-enabled automation, thus enabling tech transformation to meet the evolving and dynamic needs of our clients," Nitin Rakesh, Mphasis CEO and Managing Director.
Venterra Realty, a developer, owner, and operator of multifamily apartments, completed the acquisition of The Grove at Clermont Community, a 288-unit, two-story multi-family community. Financial terms were not disclosed.
"We have seen excellent growth in the Clermont area, and are excited to expand our Florida portfolio with the addition of the amenity-rich property, The Grove at Clermont," John Foresi, Venterra Realty CEO.
Forward Solutions, a provider of outsourced sales and marketing, completed the acquisition of the manufacturers' rep group business from Jackson & Associates, a foodservice channel company. Financial terms were not disclosed.
"As someone who started with this company as its third employee, I've been honored to witness our remarkable growth over the years. With the merger with Forward Solutions, we will continue to grow in the future, embracing new opportunities and achieving even greater success for our clients and our team," Rusty Sullivan, Jackson & Associates President.
Canadian funds weigh $3bn stake sale in Transelec. (FS)
Canadian pension funds including the Canada Pension Plan Investment Board are considering selling their stakes in Chile's biggest power-transmission company Transelec, seeking a combined $3bn.
CPPIB, British Columbia Investment Management and Public Sector Pension Investment Board are in the early stages of evaluating a potential sale of their roughly 72% stake in the Santiago-based utility.
Potential suitors could include China Southern Power Grid, which already owns almost 28% of Transelec as the single biggest shareholder. Other companies in the industry and investment funds may also be interested. Considerations are preliminary and the pension funds could still decide against pursuing any deal, Bloomberg reported.
Brooks Macdonald lines up defence adviser amid takeover interest. (FS)
Brooks Macdonald is working with a defence adviser on its strategy amid takeover interest.
The British wealth manager, which oversees close to £17bn ($20bn) in client assets, has lined up investment bank Raymond James. Raymond James has had a longer-term mandate for financial advice which recently developed into defence strategy, Reuters reported.
Wendel explores the acquisition of IK Partners. (FS)
Wendel, a French investment firm, is considering buying mid-market private equity firm IK Partners, Bloomberg reported.
Family-backed Wendel has made an initial approach to IK Partners. IK Partners focuses on deals in the Benelux market, DACH region, France, Nordics and the UK. Since it was founded in 1989, the European private equity firm has raised more than €14bn ($14.7bn) of capital and invested in about 180 companies.
PGA Tour says it has proposals from other interested investors. (FS)
The PGA Tour, which has a pending deal with Saudi Arabia's Public Investment Fund, has fielded unsolicited investor proposals, Commissioner Jay Monahan said in an email to players.
Monahan said in the email that the PGA Tour's negotiations with PIF and the process the organization has put in place are "working well." Any new investors may provide an alternative to the PIF transaction, though they could wind up partnering with the Saudi fund, Bloomberg reported.
"We remain focused on reaching a definitive agreement with PIF and the DP World Tour, but not surprisingly, these negotiations have resulted in unsolicited outreach and proposals from a number of other interested investors. All of this activity reinforces the Tour's strong position and our potential for growth," Jay Monahan.
EMEA
Deutsche Bank, a German multinational investment bank and financial services company, completed the acquistion of Numis, a UK corporate broking and advisory house, for £410m ($497m).
"The combination of Deutsche Bank's UK and Ireland corporate finance business with Numis is a perfect partnership and we are delighted to bring the teams together under the new brand, Deutsche Numis. The transaction is strongly aligned to our Global Hausbank strategy, allowing us to expand our reach amongst UK and international corporates in Europe's largest investment banking market, and underlines our long-term commitment to the UK. We are proud to introduce Deutsche Numis as a leading corporate broker in the UK and we look forward to working with Alex, Ross and the rest of the team," Fabrizio Campelli, Deutsche Bank Head of Corporate Bank and Investment Bank.
NEXT, an online clothing retailer, agreed to acquire FatFace, a lifestyle clothing brand, for £115m ($139m).
Upon completion of this transaction, which is expected to take place within the next few weeks, NEXT will hold 97% of the equity and FatFace's management will hold 3% in the business. Management will also participate in an additional performance related equity scheme. FatFace will retain its management autonomy and creative independence. The company will retain its own Board of Directors and continue to be based in Havant, Hampshire, UK.
FatFace is advised by Rothschild & Co, Addleshaw Goddard and Headland Consultancy. NEXT is advised by Ernst & Young, Eversheds Sutherland and Rowbell PR.
Allianz, a financial services company, agreed to acquire TUA Assicurazioni, an insurance services firm, from Generali, an insurance and asset management provider, for €280m ($294m).
"The acquisition of Tua assicurazioni perfectly fits within our strategy, growing our footprint in P/C with a focus on retail and SMEs. Since 2014 we have been successfully integrating three large groups of professional agents (Milano, SASA and recently Aviva), thanks to the depth and breadth of our products and the modern and efficient technical platform. We are confident that the new agents and their clients will benefit from joining Allianz," Giacomo Campora, Allianz CEO.
Generali is advised by Mediobanca, Rothschild & Co and Gianni Origoni Grippo Cappelli & Partners.
FIVE Holdings, a real estate development and hospitality group, completed the acquisition of Pacha Group, a nightlife conglomerate, from Trilantic Capital, a private equity firm, for €320m ($336m).
This acquisition represents a strategic investment in an iconic brand and aligns with FIVE Holding's visionary approach to expanding its presence in the global hospitality and entertainment sectors. The Pacha Group, under its parent company Universo Pacha, has been a trailblazer in the industry, and FIVE will leverage its remarkable success for future developments over the global entertainment landscape.
Trilantic Capital was advised by Rothschild & Co.
MSCI, a mission-critical decision support tools and services provider, agreed to acquire Trove Research, a specialist data and analytics firm. Financial terms were not disclosed.
"The voluntary carbon market has a key role to play in helping the world achieve net-zero emissions while helping our clients navigate the transition. Trove Research offers unique data and insights on how the market works and what can be done to improve it. By combining these tools with our integrated franchise, diverse client base, and wide range of capabilities, MSCI will strengthen its position as a leading provider of climate-related investment solutions," Henry Fernandez, MSCI Chairman and CEO.
HIG Capital, a global alternative investment firm, completed the investment in The Grounds Real Estate Development, a real estate investment company. Financial terms were not disclosed.
"We believe that the German residential market is at an inflection point and should offer numerous investment opportunities and are excited to partner with The Grounds and its strong management team to invest in value-add opportunities with a focus on the Berlin residential market," Riccardo Dallolio, HIG Realty Managing Director and Head of Europe.
EVERSANA, a provider of global commercial services to the life sciences industry, completed the acquisition of Healthware Group, a full-service agency and innovation consultancy. Financial terms were not disclosed.
"Today's announcement is the next remarkable step in our journey to reinvent commercialisation by effectively integrating what we believe to be the best service providers around the world. Gone are the days of siloed, ineffective operations or regional strategies. Our clients need global strategy and integrated commercial services balanced with the right in-market expertise. And now with an even stronger global agency powerhouse connected to EVERSANA's full commercial ecosystem, we are advancing our commitment to provide clients with unmatched support for brands worldwide," Jim Lang, EVERSANA CEO.
KKR prepares binding bid for Telecom Italia's grid. (FS)
KKR is preparing to submit a multibillion euro bid for Telecom Italia's landline grid by a deadline on October 15 as part of a government-backed plan to reshape the former phone monopoly.
A deal with KKR is the centrepiece of TIM CEO Pietro Labriola's strategy to reshape the group, burdened with $27.6bn of net debt, and to allow a fresh start for the remaining services business which has been hard hit by price competition in its home market.
The final bid is expected to be broadly in line with KKR's preliminary offer, valuing Netco - a venture comprising TIM's fixed access network and submarine cable unit Sparkle - in the region of $24bn when including some variable components. That total will likely include about $10bn of debt and a payment of up to $2bn linked to a potential future combination with state-backed fibre-optic operator Open Fiber, Reuters reported.
Jim Ratcliffe leads a $6.1bn race to invest in Manchester United. (FS)
Jim Ratcliffe is emerging as the frontrunner to buy into English football giants Manchester United, with the British billionaire's recently revised offer giving him the edge over a rival proposal from Qatari investors.
The chairman of chemicals company Ineos Group Holdings is in talks with the club's US owners, the Glazer family, and their advisers over the structure of a deal. Under terms being discussed, Ratcliffe could make an offer for some of the shares held by both the Glazers and minority investors in Manchester United. Ratcliffe may end up with an initial stake of roughly 25% in Manchester United in a deal that could value the club at more than $6.1bn.
The Glazer family currently views Ratcliffe's bid for a minority stake as more attractive than an alternative Qatari offer for the whole club. Manchester United's board is set to discuss the latest proposal at a meeting as soon as the next few days. Deliberations are ongoing and there's no certainty they'll result in a transaction, Bloomberg reported.
Deutsche Bahn close to signing a $1.68bn deal to sell Arriva to I Squared. (FS)
Miami-based infrastructure investor I Squared Capital aims to sign a deal to acquire Deutsche Bahn's international transport business Arriva as soon as today.
The deal would value Arriva, which operates red London buses and train services in the UK, at around $1.68bn including debt.
Given that Arriva's business operations still need to be carved out of the German train operator, the execution and closing of the deal will take several more months to complete. The German state-owned railway company has attempted selling parts of Arriva in the past to raise cash to lower its debt and invest in its domestic infrastructure, Reuters reported.
NatWest weighs the sale of £1.2bn Phoenix Energy sale.
NatWest Group Pension Fund is weighing the sale of its 50% stake in Phoenix Energy, a natural gas distributor in Northern Ireland. The UK-based retirement fund is working with an adviser on the potential divestment . Its stake in Phoenix Energy could be valued at about £1.2bn ($1.5bn).
The asset is drawing interest from investors in Europe and Asia. Deliberations are in the early stages and there's no certainty they'll result in a transaction, Bloomberg reported.
Antares Capital mulls bid for private credit rival Hayfin. (FS)
Antares Capital is considering making a bid to acquire European private credit rival Hayfin Capital Management, a combination that would create a major new operation in the space.
Antares, backed by CPP Investments and Northleaf Capital Partners, is interested in acquiring Hayfin as a way to quickly expand its European footprint. Formal negotiations between the parties haven't commenced, and it's possible another buyer emerges for Hayfin, Bloomberg reported.
Shareholders in Electricity North West mull selling stakes. (FS)
Shareholders in British power distribution company Electricity North West are exploring a potential sale of their stakes in the network operator.
The power network operator is owned by a consortium of investors led by Japan's Kansai Electric Power and investment fund Equitix, which both own 40% stakes.
Investment bank Jefferies has been tasked with sounding out buyers for the business. The process is still in its early stages, Reuters reported.
IFM holds investor meeting in Spain as it seeks to expand. (FS)
Australian fund IFM Investors will bring major international investors to Madrid next week as it hopes to expand its presence in the country in sectors tied to the green energy transition, Reuters reported.
IFM will hold the event from Monday to Wednesday in Madrid "due to the growing strategic importance of Spain for its portfolio of infrastructure assets," it said.
TAB Gida seeks to sell stake in Istanbul IPO.
TAB Gida, the operator of Burger King in Turkey, has received approval to sell shares at Borsa Istanbul, potentially making it the largest Turkish initial public offering in dollar terms since 2018.
TAB Gida Sanayi ve Ticaret will sell as many as 52.5m shares at $4 each to raise $246m. The IPO comprises of about 28.9m new shares while parent TFI TAB Food Investments will sell a further 23.6m. The company will pay $8m as intermediary fees in the IPO and 78% of the shares will be offered to domestic retail investors, Bloomberg reported.
Barclays appoints Michael Del Giudice as Chairman of the financial sponsors group. (People)
Barclays has hired Michael Del Giudice, a former manging director in global asset management at Citigroup, as chairman of its financial sponsors group.
Del Giudice, based in New York, will report to Jean-Francois Astier, global head of the bank's financial sponsors group, which advises private equity firms. Barclays bulked up its financial sponsors team after recent changes in its investment banking business, appointing Christian Oberle as head of the group in the Americas last month, Bloomberg reported.
APAC
The gold sector's largest-ever takeover has been cemented after shareholders of Australia's Newcrest Mining gave the final seal of approval for US giant Newmont to close the transaction valued at near $15bn, Bloomberg reported.
Shareholders voted to greenlight Newmont's acquisition of the Melbourne-based company, which is Australia's biggest gold miner. The deal will consolidate Newmont's position as the world's top producer of bullion.
MoneyHero Group, a financial products platform in Greater Southeast Asia, went public via a SPAC merger with Bridgetown Holdings, a special purpose acquisition company formed as a collaboration between Pacific Century Group and Thiel Capital, in a $283m deal.
"We are proud to have achieved this significant milestone in our journey. Our merger with Bridgetown not only provides the capital to further our strategic vision, but also strengthens our steadfast commitment to simplifying financial decisions for our millions of users in Singapore, Hong Kong, The Philippines, Malaysia and Taiwan. This partnership will further strengthen our leading market position through continued investment in our top-tier financial products platform, which acts as a crucial bridge between consumers and financial institutions in the high-growth region of Greater Southeast Asia," Prashant Aggarwal, MoneyHero CEO.
GAC Group, an automobile manufacturer, and Guangzhou Development District Investment, an investment company, completed a $149m investment in DiDi Autonomous Driving, a company that develop autonomous vehicles for rideshares.
"As a leading company in the automotive industry and a pioneer in the global new energy sector, GAC Group has built a strong foothold across the entire value chain. We are pleased to strengthen our strategic partnership with GAC Group. The strong support from GAC Group will help us accelerate the construction of an open, sustainable, and mixed dispatching network for shared mobility, providing users with safe, convenient, and cost-effective autonomous driving services," Zhang Bo, DiDi Autonomous Driving CEO.
Yanshan Technology, an electric bike manufacturer, led a $106m Series B round in Nullmax, an autonomous driving technology company, with participation from Stonehill Technology.
With the completion of a new round of financing, Nullmax will expand the team size in an orderly manner, improve delivery capabilities, and meet the rapidly growing smart driving mass production needs of industry customers; it will also deepen and expand product technology research and development, and consolidate core technological advantages such as machine learning and visual perception.
GIP considers a $15bn stake sale in Vena Energy. (FS)
Global Infrastructure Partners is exploring selling a stake in Vena Energy and seeking a valuation of about $15bn for one of the largest renewable energy companies in Asia-Pacific.
The infrastructure fund has sounded out a group of financial advisers on a potential sale of as much as a 51% stake in Vena Energy. The asset could attract companies in the industry and conglomerates with an interest in boosting their green investments.
A stake sale could add to a wave of energy deals as global investors and companies seek to meet their emission-reduction targets. Considerations are at an early stage and GIP could ultimately decide against a deal, Bloomberg reported.
Rajawali is said to weigh a $1bn sale of gold miner Archi.
Rajawali, an Indonesian conglomerate owned by tycoon Peter Sondakh, is considering selling its controlling interest in gold miner Archi Indonesia.
The Jakarta-based conglomerate is working with a financial adviser on the potential divestment and could decide to keep a stake. Rajawali, which owns about 85% of the miner's shares, is seeking about a $1bn valuation for the company in a deal.
Deliberations are ongoing and there is no certainty that the Indonesian conglomerate will proceed with a sale, Bloomberg reported.
KE Holdings looking to buy Kongjian Zhihui for up to $212m.
Chinese property platform KE Holdings plans to acquire home renovation service provider Kongjian Zhihui for a total cash consideration of up to $212m.
KE Holdings, which is dually- and primarily-listed on the Hong Kong and New York bourse, has entered into an equity acquisition agreement with all the existing shareholders of Kongjian Zhihui, through its wholly-owned subsidiary Beike Meijia, to acquire 98% equity share of the home renovation firm. As part of the acquisition, H iKongjian, one of the existing shareholders of Kongjian Zhihui, has agreed to sell a 7% stake in Kongjian Zhihui for $13m, DealStreetAsia reported.
IndiGo co-founder Gangwal in talks to buy a sizable stake in SpiceJet.
India's IndiGo co-founder Rakesh Gangwal is in talks to buy a "sizable" stake in troubled domestic airline SpiceJet.
Cash-strapped SpiceJet, which is "struggling to stay afloat", has been scrambling to raise funds and restore operations for about a fourth of its fleet that has been grounded amid fierce competition in the sector, Reuters reported.
Aramco to study potential bid for Shell's Pakistan unit.
Saudi Aramco is exploring a potential bid for Shell's assets in Pakistan. The potential deal could mark the oil-rich nation's first foray into the South Asian nation.
Saudi Aramco is studying the Shell assets including Pakistan Stock Exchange-listed Shell Pakistan, which has a market value of about $123m. There's no certainty the deliberations will lead to a transaction, and other suitors could also emerge, Bloomberg reported.
Didi plans 2024 Hong Kong listing.
China's biggest ride-hailing company, Didi Global, aims to list its shares on the Hong Kong Stock Exchange next year.
The company delisted from the New York Stock Exchange in 2022 after it ran afoul of Chinese regulators by pushing ahead with a $4.4bn listing in the US in July 2021. A majority of shareholders approved that plan in May last year.
The company recently informed current workers that they can sell their shares — under the employee stock ownership program — back to the company, a step that is viewed as a part of the preparation to list the firm in Hong Kong, Bloomberg reported.
China Resources property arm plans Hong Kong IPO to raise $500m.
China Resources Longdation, a property arm of state-owned conglomerate China Resources, plans to raise between $500m and $1bn in a Hong Kong initial public offering, DealStreetAsia reported.
The company has appointed China International Capital, Citigroup and JP Morgan to work on the real estate investment trust share sale.
Macquarie seeks $11bn for Asia infrastructure and green funds. (FS)
Macquarie Asset Management is in talks with investors to raise as much as $11.5bn in total for a trio of funds dedicated to Asia Pacific infrastructure, global renewables and energy transition.
The Macquarie Group unit is in discussions with prospective limited partners for a new $4bn Asia-Pacific infrastructure fund.
The asset manager is also pursuing two new global energy transition funds. One is a vehicle for established renewables such as wind and solar projects and could reach as much as $5bn in size. The other focuses on more nascent energy ventures such as batteries and hydroelectric generation, which could raise as much as $2.5bn, Bloomberg reported.
Keppel secures $575m for infra fund. (FS)
Keppel, a Singaporean conglomerate, said that it had secured $575m in funding for its flagship infrastructure fund, Keppel Core Infrastructure Fund.
KCIF, which targets to achieve funding of $2.5bn, will focus on infrastructure assets across the Asia Pacific developed markets. These would include assets with proven operating track records, long concessions with strong counterparties and those that are regulated, DealStreetAsia reported.
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