AMERICAS
Digital Colony, a global investment firm, agreed to acquire Boingo Wireless, an American company that provides mobile Internet access for wireless-enabled devices, for $854m.
"We are pleased to have reached this agreement with Digital Colony, which will deliver significant and immediate value to Boingo's stockholders and concludes a robust strategic review process undertaken by Boingo over the past year. We believe Digital Colony's expertise owning and operating digital infrastructure businesses, combined with its relationships, resources and access to long-term, private capital markets, will provide greater flexibility for Boingo to continue advancing its business strategy," Mike Finley, Boingo Wireless CEO.
Boingo Wireless is advised by TAP Advisors, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian and Addo Investor Relations. Digital Colony is advised by Credit Suisse, Truist Bank, Simpson Thacher & Bartlett and Joele Frank. Debt financing is provided by CIT Bank, TD Securities and Truist Bank.
Morgan Stanley completed the acquisition of Eaton Vance, a provider of advanced investment strategies and wealth management solutions, for $7bn.
"Eaton Vance is a perfect fit for Morgan Stanley. This transaction further advances our strategic transformation by continuing to add more fee-based revenues to compliment our world-class investment banking and institutional securities franchise. With the addition of Eaton Vance, Morgan Stanley will oversee $4.4tn of client assets and AUM across its Wealth Management and Investment Management segments," James P. Gorman, Morgan Stanley Chairman and Chief Executive Officer.
Eaton Vance was advised by Centerview Partners, Houlihan Lokey, DLA Piper and WilmerHale. Financial advisors to Eaton Vance were advised by Covington & Burling and Simpson Thacher & Bartlett. Morgan Stanley was advised by Davis Polk & Wardwell and Morgan Stanley.
CoStar, a provider of commercial real estate information, offered to acquire CoreLogic, a corporation providing financial, property, and consumer information, analytics, and business intelligence, for $7.25bn.
The new offer beats proposal from existing bidders and private equity firms Stone Point Capital and Insight Partners by $1.25bn in cash and stock. The CoStar offer implies a 15% premium, while SPC offer is at a 6% discount to the latest closing price.
CoreLogic is advised by Evercore, Skadden Arps Slate Meagher & Flom and Sard Verbinnen & Co. CoStar is advised by Goldman Sachs, Latham & Watkins. Goldman Sachs is advised by Sullivan & Cromwell. Insight Partners is advised by Willkie Farr & Gallagher. Stone Point is advised by JP Morgan, Wells Fargo Securities and Kirkland & Ellis.
Citrix, a company that designs, develops, and markets technology solutions that allow applications to be delivered, supported, and shared on-demand, completed the acquisition of Wrike, a collaborative work management platform, for $2.3bn.
"Work today is happening everywhere – at home, in the office and on the road. We believe that in the future, success will go to those companies that can support flexible and hybrid work models and provide a consistent, secure and efficient experience that removes the complexity and noise from work so employees can focus and perform at their best, wherever they happen to be. Together, Citrix and Wrike will deliver the solutions needed to power a cloud-delivered digital workspace experience that enables teams to securely access the resources and tools they need to collaborate and get work done in the most efficient and effective way possible across any channel, device or location," David Henshall, Citrix President and CEO.
Wrike was advised by Goldman Sachs and Kirkland & Ellis. Citrix was advised by JP Morgan, Shearman & Sterling and Joele Frank. JP Morgan was advised by Debevoise & Plimpton.
Francisco Partners completed the acquisition of the International business segment, a provider of automotive retail software solutions in EMEA and Asia, from CDK Global, a global provider of integrated information technology solutions to the automotive retail and adjacent industries, for $1.45bn.
"We are impressed with the recent product developments and innovation at CDKI. We believe the CDKI team has a sound strategy and strong foundation to leverage towards the goal of becoming the future automotive retail software platform of choice. We will seek to utilize our substantial resources and experience in helping other similarly situated software companies to accelerate the realization of CDKI's vision," Matt Spetzler, Francisco Partners Partner.
Francisco Partners was advised by Portico Capital, Kirkland & Ellis, Paul Hastings, RL Frey and Sloane & Company. CDK Global was advised by Credit Suisse and Mayer Brown.
NavSight Holdings, a special purpose acquisition company, agreed to merge with Spire Global, a global provider of space-based data and analytics, in a $1.6bn deal. The transaction includes a $245m common stock PIPE, anchored by Tiger Global Management, BlackRock, Hedosophia, the family office of Barry Sternlicht and Bloom Tree Partners.
"Peter and the outstanding Spire leadership team have deep domain expertise. They have built a company that delivers exceptional value to their global commercial and government customers. Spire is leading the way with its modern SaaS-based approach to meet the significant, growing demand for space-based data. We look forward to working together to build long-term value for Spire stockholders," Bob Coleman, NavSight Chairman and CEO.
Spire Global is advised by Bank of America Merrill Lynch, Wilson Sonsini Goodrich & Rosati and ICR. NavSight is advised by Credit Suisse and Venable. Credit Suisse is advised by Shearman & Sterling.
CAE, a high technology company, agreed to acquire the Military Training business of L3Harris Technologies, an agile global aerospace and defense technology innovator, for $1.05bn.
"The proposed acquisition represents a significant value creation opportunity for all CAE stakeholders. It accelerates our growth strategy in Defence and Security and is highly complementary to our core military training business, broadening our position in the United States," Marc Parent, CAE President and CEO.
CAE is advised by Goldman Sachs, RBC Capital Markets, DLA Piper and Norton Rose Fulbright. L3Harris Technologies is advised by Morgan Stanley and Sullivan & Cromwell.
Cerberus Capital Management, a middle-market direct lending platform, and Koch Minerals & Trading, a dry-bulk commodity handler, agreed to acquire the performance chemicals business of PQ Group, a global provider of specialty catalysts, chemicals and services, for $1.1bn.
"With this agreement to divest the Performance Chemicals business, we are accelerating the next and most critical step in our strategic transformation. Our core Refining Services and Catalysts Technologies businesses represent a unique opportunity to reposition PQ as a pure play, high growth company," Belgacem Chariag, PQ Chairman, President and CEO.
Koch is advised by Jones Day. Cerberus is advised by Jefferies & Company and
Kirkland & Ellis. PQ is advised by BMO Capital Markets, Citigroup and Ropes & Gray.
Twilio, a cloud communications platform, is set to invest $750m in Syniverse, a provider of technology and business services for a number of telecommunications companies. Carlyle will remain majority shareholder in Twilio.
"The partnership will provide Syniverse access to Twilio’s extensive enterprise and API services expertise, creating opportunities to continue to build on Syniverse’s highly innovative product portfolio that helps mobile network operators and enterprises make communications better for their customers," James Attwood, Syniverse Executive Chairman.
Syniverse is advised by Moelis & Co and Debevoise & Plimpton. Twilio is advised by Centerview Partners, DLA Piper and Kirkland & Ellis.
Bogota Savings Bank, a banking services provider, completed the merger with Gibraltar Bank, a commercial banking services provider. Financial terms were not disclosed.
"We are pleased to partner with Gibraltar, a bank with similar culture and values. We are very familiar with Gibraltar and believe the bank will be a great compliment to us. This combination will be positive for both banks and ensures a stronger local banking presence throughout our communities. We look forward to having a greater impact in our market area," Joseph Coccaro, Bogota Bank President and CEO.
Gibraltar Bank was advised by FinPro Capital Advisors and Stevens & Lee. Bogota was advised by Piper Sandler and Luse Gorman.
Maximus, a provider of government services worldwide, completed the acquisition of the federal division of Attain, a management, technology, and strategy consulting firm, for $430m.
"Both Maximus and Attain share a common purpose to help deliver outcomes that matter to our government customers through a holistic, agile, secure, and customer-centric approach,” Bruce Caswell, Maximus President and Chief Executive Officer.
Maximus is advised by Hogan Lovells. Attain is advised by Robert W Baird and Holland & Knight.
VSE, a provider of aftermarket distribution and maintenance, repair and overhaul services for land, sea and air transportation assets, completed the acquisition of HAECO Special Services, an aircraft services provider. Financial terms were not disclosed.
“This transaction further expands our value-added suite of MRO solutions available to military customers, while positioning us to capitalize on higher-margin technical service opportunities. HSS’ operating income and cash flow profile, strong backlog and contract diversification efforts are highly complementary to our federal & defense services business and strategy, positioning us to further support military and government customers with on-demand MRO support for aging, mission-critical assets," John Cuomo, VSE President and CEO.
VSE was advised by Jones Day. Haeco is advised by Jefferies & Company and Covington & Burling.
Cardlytics, a digital advertising platform, agreed to acquire Dosh, a cash-back offers platform, for $275m.
"Dosh's technology is extremely complementary to the long-term financial institution integrations and substantial scale we've built over the past 13 years. With the addition of Dosh, Cardlytics will accelerate its ongoing efforts to improve the advertising industry through our brand-safe alternative, which provides superior returns based on actual purchases. This creates real value for consumers, advertisers, and our bank partners. I look forward to welcoming Dosh to the Cardlytics team and anticipate a smooth transition as we collectively advance our shared vision for the industry," Lynne Laube, Cardlytics CEO.
Cardlytics is advised by Bank of America Merrill Lynch, Cooley and ICR.
SDCL Energy Efficiency Income Trust, an investment company, completed the acquisition of a 50% stake in Onyx Renewable Partners, a project development and asset management company, from The Blackstone Group for $150m.
"We are delighted to further diversify the SEEIT portfolio through the acquisition of these on-site solar and storage projects and to partner with Blackstone in one of the largest sustainable energy initiatives of its kind in the United States. The projects will make a meaningful impact to reduce the carbon footprint of commercial and industrial clients across the United States by providing cheaper, cleaner and more reliable energy directly at the point of use and is strongly aligned with SEEIT's investment policy and objectives, as well as the global climate policy agenda," Jonathan Maxwell, Sustainable Development Capital CEO.
SEEIT was advised by Jefferies & Company and TB Cardew.
Altice USA, an American cable television provider with headquarters in New York, agreed to acquire Morris Broadband, an Internet service provider in Hendersonville, North Carolina, for $310m.
"We are very excited to extend Altice USA's footprint into neighboring communities in North Carolina by acquiring the very fast-growing Morris Broadband. Morris is a perfect fit for Altice as we are accelerating our network expansion with increased investment in edge outs, upgrades of underdeveloped systems and FTTH deployment to drive customer, revenue and cash flow growth. We look forward to providing our high-quality broadband, video, mobile, and news offerings to thousands of additional homes and businesses, with a great opportunity to further penetrate Morris' existing homes passed and by expanding more into adjacent areas," Dexter Goei, Altice USA CEO.
Morris Broadband is advised by Moorgate Securities.
Franklin Templeton and TCV led a $100m Series D round in Newsela, a K-12 instructional content platform, with participation by Owl Ventures, Tao Capital Partners, Chan Zuckerberg Initiative, and Waycross Ventures.
"The demands of remote learning amplified pre-existing weaknesses in how K-12 instructional content is evaluated, procured, and delivered. The widespread shift of traditional classrooms to digital experiences spurred by the pandemic has greatly accelerated the transition from paper-based materials to SaaS solutions already underway," Chris Anderson, Franklin Templeton Research Analyst and Portfolio Manager.
AstraZeneca sold a 7.7% stake in Moderna for over $1bn.
AstraZeneca, a British–Swedish multinational pharmaceutical and biopharmaceutical company, sold its 7.7% stake in Moderna, an American pharmaceutical and biotechnology company based in Cambridge, for over $1bn,
Reuters reported.
The period over which the stake had been sold was unclear. Besides the deal, the two biotech companies are retaining partnership on treatments of diseases other than Covid-19.
Rekor announces Iteris rejecting its buyout offer.
Rekor Systems, a US license plate recognition software vendor, announced that Iteris, a traffic camera provider, had rejected a buyout offer made by the US company.
Rekor had earlier made a non-binding $330m cash-and-stock offer to acquire Iteris,
Reuters reported.
Victory Capital completes the acquisition of asset portfolio THB Asset Management. (FS)
Victory Capital Holdings completed the previously announced acquisition of certain assets of THB Asset Management. Founded in 1982, THB is based in Norwalk, CT, and will remain in its current location. With approximately $555m in equity assets, the team manages strategies in the US micro-cap, small-cap and mid-cap asset classes as well as international small-cap and global small-cap portfolios.
"THB is an early adopter of socially responsible investment practices and manages investment strategies in capacity-constrained asset classes in which we have substantial experience. The team has a stellar investment performance track record. The THB strategies have consistently outperformed their respective benchmarks over the one-, three- and five-year periods ended December 31, 2020. We are pleased to welcome THB as our 10th Investment Franchise," David Brown, Victory Capital Chairman, and CEO.
Goldman Consumer Head is joining Walmart fintech business. (People)
Omer Ismail, a Goldman partner, and the head of its Marcus consumer unit, is leaving the bank to run a recently announced Walmart financial-technology startup,
WSJ reported.
Mr. Ismail, who first joined Goldman nearly 20 years ago, was among a group of executives who came up with a strategy to expand into digital banking services in 2014. By the end of last year, that business generated $1.2bn in annual revenue, had amassed $97bn in deposits, and held $8bn in consumer-loan balances.
"Our customers have been clear that they want more from us in terms of financial services. This new approach will help us deliver for them in a differentiated way more quickly," Doug McMillon, Walmart Chief Executive.
EMEA
Altaris Capital Partners, an investment firm focused exclusively on the healthcare industry, agreed to acquire the Generic Rx Pharmaceuticals unit of Perrigo, an American Irish–registered manufacturer of private label over-the-counter pharmaceuticals, for $1.5bn.
"Given our experience in the pharmaceutical sector and track record of corporate carve-out transactions, we believe we are well-positioned to support the Rx business as it becomes a standalone company focused on its mission of developing and marketing affordable pharmaceutical products," Garikai Nyaruwata, Altaris Managing Director.
Altaris Capital Partners is advised by Goldman Sachs, JP Morgan, Cleary Gottlieb Steen & Hamilton and Schiff Hardin. Perrigo is advised by Centerview Partners and Wachtell Lipton Rosen & Katz.
Entain, a sports-betting and gaming group, increased its offer for Enlabs, a gaming company, to $433m. The increased offer price is final and will not be increased by Entain.
"As a world leader in sports betting and gaming entertainment, Entain's ambition is to revolutionize betting and gaming to create the most exciting and trusted entertainment for every customer. In a highly competitive and regulated industry, where consolidation is a key theme, Entain is able to provide the scale and platform needed to further support Enlabs' long-term growth, and we firmly believe that Entain will be the best home for Enlabs, its employees and customers," Rob Wood, Entain CFO and Deputy CEO.
Enlabs is advised by Carnegie Investment Bank, Mangold Fondkommission and Gernandt & Danielsson. Entain is advised by Lazard, Cobalt, Mannheimer Swartling, Fogel & Partners and Powerscourt.
Platinum Equity-backed Cision, a public relations and earned media software company, agreed to acquire Brandwatch, a digital consumer intelligence company headquartered in Brighton, England, for $450m.
"The continued digital shift and widespread adoption of social media is rapidly and fundamentally changing how brands and organizations engage with their customers. This is driving the imperative that PR, marketing, social and customer care teams fully incorporate the unique insights now available into consumer-led strategies. Together, Cision and Brandwatch will help our clients to more deeply understand, connect and engage with their customers at scale across every channel," Abel Clark, Cision CEO.
Brandwatch is advised by Macquarie Group and Cooley. Cision is advised by Gibson Dunn & Crutcher, Latham & Watkins and Willkie Farr & Gallagher.
Arcline Investment Management, a growth-oriented private equity firm, completed the acquisition of ChargePoint Technology, a manufacturer of containment and aseptic powder transfer technologies, primarily used in pharmaceutical manufacturing and bioprocessing applications. Financial terms were not disclosed.
"We are excited to partner with Arcline, a firm that shares our passion for providing our customers with safer containment and sterile transfer technologies, which are critical to the future of medicine. We look forward to expanding our critical role in pharmaceutical manufacturing and bioprocessing as we invest in our next phase of growth," Chris Eccles, ChargePoint CEO.
Arcline Investment Management is advised by GCA Altium, Eversheds Sutherland and Joele Frank.
Cellnex, a Spanish wireless telecommunications infrastructure and services company, agreed to acquire Polkomtel Infrastruktura, the telecommunications infrastructure subsidiary of Cyfrowy Polsat, a Polish DTH platform, for €1.6bn ($1.95bn).
"That we celebrate both a long-term strategic partnership with one of the most significant players in the polish telecommunications market, as well as the relevance and strategic value of an agreement which involves two main derivatives. First, it allows Cellnex to rapidly consolidate and reinforce its position in Poland following the recent announcement to acquire towers and sites from Play. Secondly, it exemplifies our commitment to evolving the traditional tower operator model towards an integrated telecommunications infrastructure management model, combining the operation of passive elements (towers) and active elements such as transmission equipment, radio links and fibre-to-the-tower," Tobias Martinez, Cellnex CEO.
Cellnex is advised by Brunswick Group.
Amanat Holdings, an investment company focused on healthcare and education, completed the acquisition of Cambridge Medical and Rehabilitation Center, a specialized rehabilitation and long-term care provider, from TVM Capital Healthcare, a global specialist healthcare private equity firm, for $232m.
With this acquisition and another business the company already operates, Amanat expects to build the region’s largest provider of post-acute care and rehabilitation services.
Hologic, a women's health company, completed the acquisition of Diagenode, a European developer and manufacturer of molecular diagnostic assays and epigenetics products, for $159m.
“Acquiring Diagenode further strengthens our molecular diagnostics business by expanding our international capabilities, improving our regional time-to-market, and allowing us to offer a broader, more differentiated test menu,” Jan Verstreken, Hologic Group President.
KLAR Partners completed the acquisition of Sandbäckens, a provider of technical installation and servicing of sprinkler, heating and sanitation solutions for buildings, from Segulah, a Swedish private equity fund. Financial terms were not disclosed.
"Sandbäckens is a typical example of a company that fits well into KLAR Partner's acquisition strategy. The company offers mission-critical technical installation and service of sprinklers, heating and sanitation, in a resilient and growing market. The company is one of the leading companies in its segment in Sweden and has a strong culture based on clear values that we want to continue to build on. I am convinced that together with the management and employees at Sandbäckens we have the right capabilities to build the Nordic region's leading technical installation and property services company," Fredrik Brynildsen, KLAR Partner.
Accenture, an American-Irish multinational company, agreed to acquire Cirrus, a UK headquartered leadership and talent consultancy. Financial terms were not disclosed.
"Joining Accenture creates an opportunity to bring our capabilities to more clients seeking expertise in leadership guidance. Together, we'll be able to bring our innovative digital learning and leadership development services to clients around the world at a time of truly critical need," Simon Hayward, Cirrus CEO.
Instem, a provider of IT solutions and services to the global life sciences market, completed the acquisition of The Edge Software Consultancy, a software company in Guildford, England. Financial terms were not disclosed.
"Combining our story with a well-established and proven life science leader like Instem further validates our entire approach in the market and offers new and exciting opportunities for our clients and staff. Our missions are nearly identical, and our customers are the real winners here. Harnessing the global resources, processes and reach of Instem will give us exactly what we need to take the next step in our journey to bring our innovative solutions to more scientists around the world," Andrew Lemon, The Edge Managing Director.
Inflexion, a mid-market private equity firm, completed the investment in Pangaea Laboratories, a beauty company. Financial terms were not disclosed.
"Medik8’s science-based approach to skincare combined with its sustainability credentials make it an incredibly impressive business. We look forward to working closely with the whole team to scale the business further through enhancing their digital routes to market, and by supporting their continued innovation, new product launches and international expansion," Simon Turner, Inflexion Managing Partner.
Trustpilot plans London's IPO.
Trustpilot, a Denmark-based online platform for consumer reviews, plans an IPO in London, boosting the city's image as a hotspot for listings in Europe,
Bloomberg reported.
At least 25% of its shares will be available for trading, and the company expects to be eligible for FTSE UK indexes. The IPO would raise about $50m to fund growth and repay debt, and allow existing shareholders to sell shares. Trustpilot is seeking a valuation of around $1.4bn in the IPO.
Morgan Stanley and JP Morgan are joint sponsors and global coordinators. Joh. Berenberg, Gossler and Danske Bank are joint bookrunners.
Danone moves forward with selling Chinese assets.
Danone took a first step towards selling off its stake in its Chinese dairy partner as the French food group faces pressure from shareholders to improve its performance and governance,
Reuters reported.
Danone said in a statement that following a review of its portfolio, it had reached an agreement to convert its indirect stake in China Mengniu Dairy Company into a 9.8% direct holding in the Hong Kong-listed group. The French group said the indirect stake currently had a book value of about €850m ($1.03bn) and contributed €57m ($69m) to its income in 2019.
"Today's announcement is an example of our commitment to deliver portfolio optimization and improve returns to shareholders through disciplined capital allocation," Juergen Esser, Danone CFO.
APAC
KKR and Rakuten, a Japanese electronic commerce and online retailing company based in Tokyo, completed the acquisition of the 85% stake in Seiyu, a Japanese group of supermarkets, shopping centers and department stores, from Walmart for c. $1bn. KKR acquired 65% stake in Seiyu, and Rakuten acquired a 20% stake, through a newly created subsidiary focused on retailer digital transformation. Walmart retained a 15% stake in Seiyu.
"Together with KKR, Rakuten and Walmart, we have a tremendous opportunity to build on Seiyu’s achievements and stature in the market to take its business to the next level of success. Looking ahead, we are excited to accelerate Seiyu’s digital transformation to better meet the evolving shopping needs of our customers while continuing to expand on strong in-store presence in communities across Japan," Tsuneo Okubo, Seiyu CEO.
KKR was advised by Simpson Thacher & Bartlett, Finsbury Glover Hering, Sard Verbinnen & Co. Walmart was advised by Bank of America Merrill Lynch and Anderson Mori & Tomotsune.
Oil India, a premier Indian National Oil Company, and Engineers India, a provider of engineering consultancy, agreed to acquire a 61.65% stake in Numaligarh Refinery, an oil refinery in India, from Bharat Petroleum, an oil and gas company, for $1.3bn.
Assam government may also participate in the acquisition. The Board of Directors of Bharat Petroleum has already approved the transaction.
Centurium Capital, a private equity firm specializing in investments in the healthcare and consumer sectors in China, and Cedarlake Capital, a global investment platform, led the $187m round in Iluvatar CoreX, a high-performance computing solutions provider. Investors Gortune Investment, China Unicom Capital also participated in the round.
With this funding round from private equity and venture capital investors, Iluvatar CoreX established itself in the semiconductor sector as Chinese players get more attention.
Acclime, a corporate services provider in Asia, completed the acquisition of CoSec Corporate Services, a firm specializing in assisting foreign clients enter and operate in Australia. Financial terms were not disclosed.
"This is the logical next step for CoSec and presents a strategic opportunity to be part of a larger international team with established resources and networks across Acclime's established Asian portfolio. We are excited at the opportunities that lay ahead and the value we can deliver to Acclime's clients through our presence and deep understanding of the Australian, US and UK markets," Blair Lucas, CoSec CEO.
SoftBank's internet arm seeks to invest $5bn over five years to defend against overseas rivals. (FS)
SoftBank's internet subsidiary Z Holdings outlined plans to invest $4.7bn in technology over five years to resist an onslaught from larger overseas rivals.
Following a complex transaction, two-thirds of Z Holdings shares will be owned by a new holding company, A Holdings, owned 50:50 by SoftBank and South Korea's Naver.
Top Glove plans to raise $1.9bn via Hong Kong IPO. (FS)
Malaysia’s Top Glove plans to raise about HK$14.95bn ($1.93bn) through a secondary listing in Hong Kong, as the disposable medical glove-maker seeks to cash in on strong performance during the pandemic-driven demand boom.
The Kuala Lumpur-listed company floated the idea to seek a listing on the Hong Kong stock exchange in September after its profit soared more than 17-times for the quarter ended August last year. Top Glove said in a statement on Friday it will issue up to 1.5bn shares but determine the issue price at a later date and maintain its existing primary listing on the main market of Bursa Securities Malaysia.
"A dual primary listing in Hong Kong would create an expanded global platform that can enable the Group to raise capital for business growth, geographic expansion, and strategic investments and acquisitions," Lim Wee Chai, Top Glove Executive Chairman.
Legend Capital considers raising $1.5bn sixth RMB fund. (FS)
Legend Capital, Chinese venture capital and private equity fund manager, debuted its sixth RMB-denominated fund in eastern China's Suzhou City, Jiangsu Province, targeting $1.5bn,
DealStreetAsia reported.
The new fund, Legend Capital Comprehensive Growth Fund VI, already received a capital commitment from the state-owned enterprise Xiangcheng Financial Holdings, which invested its FOF.
Legend Capital, an independent investment arm of Chinese conglomerate Legend Holdings, launched the new fund for investment opportunities in industries including semiconductors and integrated circuits, new energy vehicles, and consumer electronics.
SoftBank-backed SPAC cuts IPO size to $280m. (FS)
SVF Investment 3, a blank-check firm backed by SoftBank Group, cut the size of its IPO to $280-350m,
Reuters reported. The SPAC said it would now sell 28m units, comprising shares and warrants, priced at $10 apiece in its IPO.
The firm, which did not give a reason for cutting the size of its IPO, said it will seek a target in the technology space. SoftBank has tried to ride the mania for SPACs, with a blank-check firm backed by the Japanese conglomerate's Vision Fund's managers - SVF Investment - raising $604m earlier this year, while another, SPAC SVF Investment 2, intends to raise $200m.
Rosewood Hotel Group to register for SPAC listing.
Rosewood Hotel Group, Hong Kong's luxury hotel group and a unit of property developer New World Development, plans to file for a SPAC listing,
Reuters reported.
Rosewood, run by Sonia Cheng, the granddaughter of family-run NWD founder Yu-tung Cheng, has enlisted Credit Suisse and JP Morgan to lead the US SPAC listing, which targets the consumer sector.
Typically, a SPAC, a blank-cheque company that raises money through IPOs and merges with firms by enticing them with shorter listing timelines, will issue shares at $10 apiece.
