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AMERICAS
Nasdaq, a technology company serving the global financial system, completed the acquisition of Adenza, a provider of mission-critical risk management and regulatory software to the financial services industry, from Thoma Bravo, a software investment firm, for $10.5bn.
“The acquisition of Adenza represents an important milestone in Nasdaq’s ongoing transformation, accelerating our vision to become the trusted fabric of the financial system. Nasdaq, with Adenza, is strongly positioned to deepen our strategic relationships with the world’s financial institutions. We are uniquely placed to help our clients navigate rapidly evolving changes in the capital markets and regulatory environment and address their most complex challenges across risk and crime management, compliance, and reporting," Adena Friedman, Nasdaq Chair and Chief Executive Officer.
Adenza was advised by Evercore, Cooley (led by David Lionel Bresnick). Nasdaq was advised by Goldman Sachs, JP Morgan, Morgan Stanley, Wachtell Lipton Rosen & Katz (led by David Lam and Mark F. Veblen) and Brunswick Group (led by Craig Singer). Financial advisors were advised by Sullivan & Cromwell (led by Stephen M. Kotran). Debt financing was provided by Goldman Sachs and JP Morgan. Thoma Bravo was advised by Barclays, Citigroup, HSBC, Jefferies & Company, Piper Sandler, Qatalyst Partners, Kirkland & Ellis (led by Peter Stach, Corey Fox and Brett R. Nelson) and FGS Global (led by Liz Micci).
Kelso-backed BradyIFS, a foodservice disposables ditributor, completed the merger with FEMSA-backed Envoy Solutions, a JanSan, foodservice, packaging, and marketing services provider, in a $1.7bn deal.
"This transformational partnership will enable us to expand our market reach and further improve our collective capabilities. Envoy Solutions is an impressive business that is highly complementary to BradyIFS. As important, it has great leadership. Mark Fisher and his team are first-class, and we are fortunate to partner with their incredible team of associates. Our two companies are like-minded as we share similar values, culture, and a passion for delivering the best to our customers," Kenneth D. Sweder, BradyIFS Chairman and CEO.
Envoy Solutions is advised by BDO, Allen & Company and Cleary Gottlieb Steen & Hamilton (led by Duane McLaughlin and John Kupiec). Warburg Pincus is advised by PricewaterhouseCoopers and Kirkland & Ellis (led by Jai Agrawal and Abhishek Kolay). BradyIFS is advised by Ernst & Young, Goldman Sachs, Harris Williams & Co, and Debevoise & Plimpton (led by Emily F. Huang and Michael Diz).
Denbury said on October 31 that its shareholders approved the company's merger with Exxon Mobil, with the deal closing expected on November 2, Reuters reported.
Exxon Mobil, in July, agreed to buy the Plano, Texas-brd Denbury for $4.9bn to accelerate its energy transition business with an established carbon dioxide sequestration operation.
RenaissanceRe, a provider of reinsurance, insurance and other related business services, completed the acquisition of Validus Re, a reinsurance business, from American International Group, a finance and insurance corporation, for $3bn.
“We are delighted to complete the Validus Re acquisition today. We are bringing together two of the best reinsurance underwriters and look forward to the risk expertise and scale that our combined company will bring to our customers. This transaction accelerates our strategy, expands our ability to match efficient capital to desirable risk, and positively impacts each of our three drivers of profit – underwriting, fee, and investment income. We are pleased to extend our partnership with AIG and have strong conviction that this transaction will create both immediate and long-term value for our shareholders," Kevin J. O’Donnell, RenaissanceRe President and CEO.
Brookfield Infrastructure Partners, a company that engages in the acquisition and management of infrastructure assets, agreed to acquire Cyxtera, a leader in data center colocation, interconnection services, and digital infrastructure, for $775m.
“We are pleased to reach this agreement with Brookfield, which represents a favorable path forward for our customers, partners, and employees. Throughout our restructuring process, our business has continued to perform well, a testament to our customers’ confidence in our team and our innovative data center platform. This agreement and the changes to the data center portfolio, most importantly our increased facility ownership, will enable us to build on our business momentum and better position Cyxtera for the future," Nelson Fonseca, Cyxtera Chief Executive Officer.
Cyxtera is advised by AlixPartners, Guggenheim Partners, Kirkland & Ellis and Joele Frank (led by Aaron Palash). Brookfield is advised by Moelis & Co, TD Securities, Wells Fargo Securities and Paul Weiss Rifkind Wharton & Garrison (led by Edward Ackerman).
Tabula Rasa, a healthcare company advancing personalized, comprehensive care for value-based organizations, announced that its stockholders approved the previously announced acquisition by Nautic Partners.
"We are happy to have the strong support of Tabula Rasa's stockholders who recognize the value of bringing us together with Nautic's ExactCare portfolio company to advance our ability to partner with risk-bearing healthcare organizations serving those with complex care needs. This combination will extend our reach and position us to take advantage of existing and emerging opportunities within and adjacent to our core PACE market," Brian Adams, TRHC President and CEO.
Permian Resources, an oil and natural gas company that engages in acquisition and development, completed the acquisition of Earthstone Energy, an oil and natural gas development and production company, for $4.5bn.
“We look forward to leveraging our deep Delaware Basin experience and increased scale to deliver upon the significant synergies provided by this combination, driving incremental value for our combined shareholder base. We appreciate the strong support from shareholders and are confident in the tangible and long-term value expected to be created through this transaction,” Will Hickey, Permian Resources Co-CEO.
TJC, a middle-market private equity firm, completed the acquisition of the Delrin business of DuPont, an American multinational chemical company, for $1.8bn.
"Today's announcement largely completes our planned exit of the former M&M segment, advancing our position as a premier multi-industrial company. This transaction is structured to maximize value for our shareholders, providing significant cash proceeds at close to be deployed in line with our strategic priorities while providing an opportunity for DuPont to participate in future upside potential upon exit of our retained equity interest in the Delrin business," Ed Breen, DuPont Executive Chairman and CEO.
Greenbelt Capital, Schroders Capital, StepStone Group and Wafra, the investors, completed the acquisition of Saber Power Services, a fully integrated, substation and medium-to-high-voltage infrastructure services platform, from Oaktree Capital, a private equity firm. Financial terms were not disclosed.
“With over a decade of experience, the Saber Power team has demonstrated its ability to provide a safe, reliable and high-performance service offering that excels in complex environments. We are excited for Saber’s next chapter and believe this investment from Greenbelt demonstrates the market leading position of our business and our customers’ trust in the quality of our work. We look forward to partnering with Greenbelt to unlock more efficient and resilient electrical infrastructure across the country,” Brian Bratton, Saber CEO.
Saber Power Services was advised by Harris Williams & Co and Kirkland & Ellis (led by Hamed Meshki, Karen Flanagan and Guirgis Nasief). Greenbelt Capital was advised by Latham & Watkins (led by Justin Stolte) and Prosek Partners. Debt financing was provided by Blackstone Credit.
Blackstone, an alternative investment management company, and Vista Equity, a private equity firm, agreed to acquire Energy Exemplar, a simulation software provider for the global power market, from The Riverside Company, a private investment firm focused on the smaller end of the middle market. Financial terms were not disclosed.
“We’re incredibly proud of our partnership and accomplishments with Energy Exemplar over the past six years. During our partnership with EE’s Founder Glenn Drayton, we recruited CEO David Wilson and built an effective international management team and grew the employee base by 7x. We also scaled a small Adelaide-based software business into 79 countries with major offices in India, United Kingdom, North America and Singapore by establishing a global presence in sales, marketing, customer support and product development," Simon Feiglin, RAF Managing Partner.
Allegro MicroSystems, a company in power and sensing semiconductor technology for motion control and energy efficient systems, completed the acquisition of Crocus Technology, an advanced tunnel magnetoresistance sensor technology company, for $420m.
"Allegro has invested in TMR technology for the past decade, providing our customers with innovative and high-performing solutions enabling them to design products with optimal performance. We are seeing broader application of TMR technology as the megatrends of electrification and automation accelerate. This highly complementary acquisition aligns perfectly with Allegro's growth initiatives and our focus on e-mobility, clean energy and automation," Vineet Nargolwala, Allegro President and CEO.
Allegro MicroSystems was advised by Credit Suisse and Davis Polk & Wardwell (led by Cheryl Chan). Crocus Technology was advised by Barclays.
Just Climate, an investment business that focuses on climate solutions, led a $185m Series E round in Infinitum, a creator of the sustainable air-core motor, with participation from Galvanize Climate Solutions, NGP, Alliance Resource Partners, Rockwell Automation, Riverstone, Chevron Technology Ventures, Cottonwood Technology Fund and Ajax Strategies.
“We believe replacing millions of outdated, single-speed motors with higher-efficiency, variable speed motors is key to helping the industrial sector meet sustainability objectives and solving the net zero challenge. Infinitum’s motors are a disruptive, high-impact solution that can be produced at scale and easily implemented to benefit industry through reduced energy consumption and waste. We’re pleased to welcome Infinitum’s team to our portfolio of climate-focused companies and be a part of their growth journey," Benoit Grobon, Just Climate Director.
Infinitum was advised by Evercore, Wilson Sonsini Goodrich & Rosati and Activate Pr Marketing.
Choreo, an investment advisory firm, completed the acquisition of a wealth management business from BDO USA, a provider of taxation, audit, assurance, advisory, and business outsourcing services. Financial terms were not disclosed.
"One of our long-term goals is to be the preferred wealth provider to the tax professional community. The addition of BDO USA's affiliated wealth management business is an important step in that direction. Our membership in BRN combined with integrating the knowledge and experience of their business will help us with our mission of translating wealth into fulfillment for our clients and their communities," Larry Miles, Choreo CEO.
BDO USA was advised by Zeno Group (led by Silas Hill). Choreo was advised by Haven Tower Group (led by Joseph Kuo).
Arthur J. Gallagher, a global insurance brokerage, risk management and consulting services firm, completed the acquisition of Eastern Insurance Group, an independent insurance agency, from Eastern Bank, an independent, mutually owned bank in New England. Financial terms were not disclosed.
"Eastern Insurance is highly regarded throughout New England, where they have established a strong culture and demonstrated steady organic growth. Their extensive niche expertise in retail, construction, real estate, hospitality and benefits will enhance the value we deliver to our clients and significantly expand our capabilities in the region. I look forward to welcoming Tim and the Eastern Insurance team to our growing Gallagher family of professionals," J. Patrick Gallagher, Arthur J. Gallagher & Co. Chairman, President and CEO.
Eastern Insurance was advised by Piper Sandler.
Accenture, a multinational professional services company, completed the acquisition of ConcentricLife, a health marketing agency that specializes in rare diseases, healthcare, and wellness, from Stagwell, a digital-first, full-service marketing and communications group, for $245m.
"The sale price sees Stagwell realize an impressive return on our initial investment in the business, providing us with capital to invest and grow while also improving the balance sheet. ConcentricLife is one of many examples in our portfolio where partnership with agency leadership has led to our brands growing into award-winning, well-run businesses of high value," Mark Penn, Stagwell Chairman and CEO.
HubSpot, a developer of cloud-based, inbound marketing software that allows businesses to transform the way that they market online, agreed to acquire Clearbit, a developer of business intelligence application program interface tools for companies. Financial terms were not disclosed.
"To cut through the noise with deep relevance, businesses need reliable, high-quality data about their customers. That means enriching your company's internal customer data with real-time external context. Clearbit has made it its mission to collect rich and useful data about millions of companies. HubSpot's AI-powered customer platform combined with Clearbit's data will create a powerful, winning combination for our customers," Yamini Rangan, HubSpot CEO.
Brazil's GPA expects to raise $100m from asset sales in coming quarters.
Brazilian retailer GPA expects to raise about BRL500m ($99m) from asset sales in coming quarters, Chief Financial Officer Rafael Russowsky said.
That would add to the $156m raised by the company from the divestment of its 13.31% stake in Almacenes Exito earlier this month as it keeps searching for ways to reduce its debt, Reuters reported.
Oil-merger mania threatens crude’s liquidity as hedgers vanish.
The recent wave of dealmaking by US oil producers, which may not be finished just yet, is hastening a decline in liquidity from the oil market, Bloomberg reported.
Hess and Pioneer Natural Resources have in recent years bought large derivatives positions to lock in prices for their future production. Those holdings are set to dry up after the drillers’ takeovers by Chevron and Exxon Mobil because supermajors tend not to hedge, instead using their refining and retail operations as natural buffers against price moves. Two other top hedgers, Devon Energy and Marathon Oil, are also said to have held merger talks.
US Senator Schumer and other senators urge FTC to probe Exxon, Chevron mega-deals.
US Senate Majority Leader Charles Schumer and 22 other Democratic senators wrote to the US Federal Trade Commission on November 1, saying multi-billion dollar acquisitions by oil and gas giants Exxon Mobil and Chevron could lead to higher prices for consumers, Reuters reported.
Splunk to cut 7% of staff after Cisco acquisition announcement.
"The overall market has retracted and we expect the macro environment will continue to be unpredictable for the foreseeable future," Gary Steele Splunk CEO. Steele said the layoffs were not related to the recently announced deal with Cisco. The networking giant agreed to buy Splunk for $28bn in September as it bets on software for growth.
Blackstone's $66bn real estate trust limits redemptions for the 12th month. (FS)
Blackstone's $66bn real estate trust limited investor redemptions for a 12th straight month in October. Blackstone Real Estate Income Trust's investors sought to pull $2.2bn last month, compared with $2.1bn in September. BREIT returned about $1.3bn to investors, or about 56% of what was requested, the "highest payout percentage" since redemptions were restricted last year, Bloomberg reported.
The real estate trust is a colossus in US property markets, with its reach spanning from apartments to data centers. In late 2022, BREIT curbed withdrawals after redemption requests picked up and its wealthy clients became jittery about having money locked into commercial real estate. Property values have fallen as the costs of borrowing increased with the Federal Reserve's rate hikes.
Velo3D explores strategic options including sale.
Velo3D, a metal 3D printing technology company, is exploring strategic options including a potential sale, Bloomberg reported.
The California-based firm is working with an adviser as it weighs alternatives. Shares of Velo3D have fallen 29% this year, giving it a market value of about $250m as of October 30 close.
KKR says asset-based debt among top private credit opportunities. (FS)
Corporate lending has made up the bulk of activity in the booming $1.6 trillion private credit market so far, but now investors are beginning to pour money into other niches — particularly asset-based debt, Bloomberg reported.
"We're starting to see more awareness of asset-based finance and are seeing investors allocating to asset-based finance assets for the first time. Direct lending is unlikely to grow as fast because it's grown so much already," Dan Pietrzak, KKR Global Head of Private Credit.
Industrial Property Trust eyes $1.5bn with Mexico IPO.
A carve-out of Latin America's largest real estate investment trust is planning to raise as much as $1.5bn in what would be Mexico's biggest initial public offering since 2018, Bloomberg reported.
Fibra Next's primary offering in Mexico will be backed by industrial and warehouse properties from Fibra Uno Administracion. The company has hired banks and held meetings with potential investors in recent weeks, but no firm date has been set for the transaction.
Brynwood Partners closes ninth fund at $750m. (FS)
Brynwood Partners, a private equity firm focused on control investments in consumer product businesses, has closed its ninth fund, Brynwood Partners IX, with over $750m of capital commitments, making it the firm's larger fund to date.
The fund secured support from a diverse group of investors including pension funds, insurance companies, fund-of-funds, endowments, foundations, and family offices. Consistent with prior funds, Brynwood Partners IX will target control investments in consumer products businesses based in North America.
AIP closes fund VIII at $5bn hard cap. (FS)
American Industrial Partners, a New York-based industrial-focused private equity firm, has closed its oversubscribed eighth fund, American Industrial Partners Capital Fund VIII, at its hard cap of $5bn in Limited Partner commitments.
Fund VIII secured support from the firm's long-term existing investor base of pension plans, sovereign wealth funds, insurance companies, endowments, fund of funds, gatekeepers, and family offices, as well as new investors.
The new fund will follow AIP's existing investment strategy, which primarily focuses on improving operations and growing the earnings of industrial companies by deploying the its operational and engineering capabilities.
EMEA
Morgan Stanley Infrastructure Partners, an infrastructure investment platform focused on the acquisition of private infrastructure assets, completed the acquisition of Valoriza Servicios Medioambientales, a waste management firm, from Sacyr, a Spanish infrastructure operator and developer company based in Madrid, for €734m ($789m).
“As a well-established player in the waste sector with over 20 years of experience, we believe Valoriza, with its innovative environmental services offering, is well placed to contribute to the transformation of the Spanish waste market. We look forward to working with the company’s entrepreneurial management team to continue serving the local municipalities and further expanding the company’s waste treatment division," Alberto Donzelli, MSIP Co-Head of Europe.
RTW Biotech, an investment fund, agreed to acquire a 25.5% stake in Arix Bioscience, a global venture capital firm that invests in biotechnology firms, from Acacia Research, a capital platform that purchases businesses, for $57m.
"Acquiring Arix's complementary life science assets is a step-change accelerator to our vision for RTW Bio to be a UK-listed fund with meaningful scale that invests in innovative life science businesses in the UK and globally. The scale that this transaction creates could not be better timed with the unprecedented life science market conditions, the accelerating medical innovation, industry trends that play into RTW's core strengths. This transaction creates value and opportunity for both RTW Bio and Arix shareholders and positions all shareholders for future upside," Roderick Wong, RTW Managing Partner and CEO.
AXA, a financial services firm, completed the acquisition of Laya Healthcare, a healthcare insurance firm, from Corebridge Financial, a financial services company, for €650m ($713m).
“This divestiture allows Corebridge to streamline its portfolio and focus on core Life & Retirement products and solutions in the United States. AXA is an excellent owner for laya healthcare, with a global platform that will enable the business to continue to build on the success of its highly regarded member-centric approach to health insurance," Peter Zaffino, Corebridge Chairman.
AXA was advised by Linklaters (led by Dan Schuster-Woldan). Corebridge was advised by Morgan Stanley and A&L Goodbody.
Equinox Industries, a Paris-based industrial holding company that makes long-term majority equity investments, completed the acquisition of the French business from Clear Channel Outdoor, a provider of dynamic advertising platform. Financial terms were not disclosed.
"Clear Channel's Board of Directors and management team are focused on delivering profitable growth, strengthening our balance sheet and further demonstrating the operating leverage of our model. Following the sale of our business in France, we have divested, or have agreed to divest, all of our Europe-South segment operations. We continue to take meaningful action to optimize our portfolio and improve our capital structure, including initiating a process to sell our Europe-North segment and conducting a strategic review of our Latin American businesses. We are committed to acting in the best interests of our shareholders and to driving value creation," Scott Wells, Clear Channel Outdoor CEO.
Clear Channel Outdoor was advised by Deutsche Bank, Moelis & Co, and FGS Global (led by Hayley Cook).
Camtek, a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry, completed the acquisition of the FRT metrology business from FormFactor, a provider of essential test and measurement technologies, for $100m.
"We are very excited to have closed this strategic transaction that expands our available markets and allows us to offer advanced solutions to additional process steps in semiconductor manufacturing. FRT's portfolio supports our strategic goal to deliver comprehensive metrology solutions. With this expanded product and technology offering, supported by the synergy in our markets, Camtek is well-positioned for continued growth in its strategic market segments," Rafi Amit, Camtek CEO.
GIC, a sovereign wealth fund established by the Government of Singapore, completed the acquisition of a 35% stake in Hotel Investment Partners, a privately held Spanish hospitality company, from Blackstone, an American multinational private equity company. Financial terms were not disclosed.
"This partnership with GIC, alongside the controlling interest from Blackstone, is a further vote of confidence in the HIP business and the resort hospitality sector in Europe. The partners' cumulative size, scale and capital will bolster our ability to continue the transformation of the hotel landscape in Southern Europe. The fundamentals of the Southern European hotel market continue to be strong with revenue booked for the balance of the year over 20% ahead of last year," Alejandro Hernández-Puértolas, Hotel Investment Partners Founder and CEO.
Hotel Investment Partners was advised by Eastdil Secured and Morgan Stanley.
GLIL Infrastructure, an alternative investment fund, agreed to acquire a 16.67% stake in Cornerstone, a telecommunication company that offers site design, acquisitions, construction, infrastructure, and maintenance services, from Virgin Media O2, an investor firm that provides mobile services, for £360m ($438m).
"Selling a minority stake in Cornerstone is a logical move for us. We are partially monetising our tower infrastructure, while retaining operational and strategic co-control in a key asset as we roll out 5G to more of the country and boost 4G connectivity. This deal aligns perfectly with our core infrastructure and capital allocation strategy which sees Virgin Media O2 continue to invest in the UK to expand and upgrade our next generation fixed and mobile footprints. As a trusted UK centric investor, GLIL is the best long-term partner for Virgin Media O2 at Cornerstone," Lutz Schüler, Virgin Media O2 CEO.
Blackstone, an American multinational private equity firm, completed the acquisition of Vega, an 841-bed student accommodation property in London’s Vauxhall district, and The Mont, a 324-bed student accommodation property in central Edinburgh, for £370m ($450m).
Blackstone Real Estate Income Trust’s investors sought to pull $2.2bn last month, compared with $2.1bn in September. BREIT returned about $1.3bn to investors, or about 56% of what was requested, the “highest payout percentage” since redemptions were restricted last year.
A consortium of investors, including Sequoia Capital, STV, Mubadala Investment Capital, PayPal Ventures and Arbor Ventures, led a $200m Series D round in Tabby, a buy now, pay later platform.
“We’ve seen pretty incredible growth over the last year. And with that, we saw a lot of inbound interest from investors that I think always saw value in the BNPL model. Despite seeing the challenges with the model in other markets, there was that interest in understanding why this market is different and why we’ve grown profitably,” Hosam Arab, Tabby Founder and CEO.
Vodafone deal is a bad sign for altice france.
The deal is being valued at €5bn ($5.3bn) including debt, which corresponds to a multiple of 5.3 times adjusted earnings after leases. At that level, it implies that Altice France, one of the divisions of the Drahi's telecommunications business, would have zero or negative equity value, given that it already has a 5.8 times leverage.
In major protectionist move, Spain considers stake in Telefonica.
Spain is considering whether to shield its "most strategic" company from foreign takeovers in what could be the government's most significant protectionist move in more than a decade, Bloomberg reported.
In an announcement October 31, the government's corporate holding firm said it would undertake an "exploratory analysis" of a potential stake acquisition in Madrid-based telecom Telefonica. The statement came a day after it was reported that Spain was weighing a 5% stake in the carrier, and nearly two months after state-controlled Saudi Arabia Telecom announced plans to buy 9.9% of Telefonica.
Siemens Energy customers may cancel orders without state guarantees.
Siemens Energy could face order cancellations or delays unless there is a deal with the government, banks and Siemens for around €15bn ($15.8bn) of guarantees to backstop projects, Reuters reported.
"There is a risk that the order book could be negatively affected without guarantees," said Ingo Speich of Deka Investment, which holds around 0.5%, or $53m worth, of Siemens Energy shares.
Virgin Media O2 cuts revenue guidance as consumers curb spending.
Virgin Media O2 has cut its annual revenue guidance as consumers pull back on spending on new mobile phones and broadband packages amid a cost of living crunch, FT reported.
The UK telecoms group said on November 1 it expected revenue, adjusted in relation to its 2021 merger and excluding any impact from its fibre-building activities, to be "stable" instead of in a "growth" phase.
Virgin Media O2 maintained its outlook for "mid-single digit growth" for earnings before interest, taxes, depreciation and amortisation, also adjusted for the merger and excluding any fibre impact.
Saudi Arabian cargo firm SAL rises 30% after $678m IPO.
Cargo firm SAL Saudi Logistics Services jumped as much as 30% on its Riyadh trading debut after raising $678m in the kingdom's second-largest initial public offering of the year, Bloomberg reported.
Shares in Saudi Arabia's leading cargo handler opened at SAR116.6 ($31,1) on November 1, up from the offer price of SAR106 ($28,3) per share, which was at the top of the range. Shares advanced to SAR137.8 ($36,7) apiece.
The IPO sold out in hours earlier this month, with investors putting in bids for 72 times the shares available to them. SAL received orders worth $48.6bn, indicating robust appetite for listings in the kingdom. Saudi Arabian Airlines and Tarabot Air Cargo Services offered 24m shares — a 30% stake — in the IPO.
Renault's Ampere ambitions tested by choppy IPO, slow EV markets.
Weaker electric vehicle demand, increased competition from China and market volatility are complicating French carmaker Renault's plans to list its EV business Ampere, Reuters reported.
Renault aims to extract more value from Ampere through an initial public offering but is unlikely to go ahead if the final valuation falls below €7bn ($7.4bn). The cut off point could be closer to €6bn ($6.33bn). Market conditions would make the IPO, now planned for next spring after being initially readied for the second half of 2023, difficult to pull off even at these valuations.
Arcano Partners launches new air transport investment fund. (FS)
Arcano Partners has launched the Arcano Aviation Fund, a new investment vehicle specialising in investments in the transportation industry with a particular focus on long-term income assets in the global aviation sector.
The fund, which is aimed at both institutional and private banking investors, has a target of approximately €100m ($105m), although total investment could reach up to €150m ($158m) with the addition of other complimentary investment vehicles, according to a press statement.
Northern Gritstone holds final close at $378m. (FS)
Northern Gritstone, an investment business focused on university spin-outs and IP-rich businesses in the North of England, has held its final close with $378m in capital commitments, anchored by investments from local authority pension funds.
The company has already announced investments in 15 companies in the region across advanced materials, health technology and AI as part of deals that have contributed nearly $121m in funding.
Northern Gritstone says it will continue to increase its investments in these areas, tapping into the pipeline of developments in the North of England that include some of the UK's most exciting future science and technology-enabled businesses.
APAC
Singapore Post, a postal service provider, agreed to acquire Border Express, a transport and distribution services company, for $133m.
“FMH Group has built a sustainable integrated logistics business in Australia. This acquisition is immediately accretive to earnings, solidifies FMH as a leading logistics provider, and continues the growth and development of our Australian operations. We look forward to welcoming Border Express to the FMH Group and SingPost Group family," Vincent Phang, SingPost Group Chief Executive Officer.
India's SBI Card ties up with Reliance's retail arm for credit card. (FS)
SBI Cards and Payment Services and the retail unit of billionaire Mukesh Ambani's Reliance are set to launch a co-branded credit card on India's homegrown RuPay payment network, Reuters reported.
The partnership marks Reliance's foray into the credit card space and comes months after Ambani separately listed its financial services business as it seeks to diversify its already sprawling oil-to-retail business.
Australia's Regal Partners soars as stake buy takes assets to $5.1 bn. (FS)
Shares of Australia's Regal Partners rose more than 11% on November 1, after the investment manager said it would buy a 50% stake in Taurus SM, bringing group funds under management to AUD8bn ($5.07bn) on a pro forma basis, Reuters reported.
Shares of the Sydney-based firm climbed as much as 11.4% to AUD1.950 ($1.24) and were on track for their best day since July 1, 2022, if current gains held.
Indian energy producer AM Green seeks $1bn funding.
AM Green, a hydrogen and ammonia producer owned by the founders of Indian renewable company Greenko Energy, is planning to raise around $1bn to fund its growing business, Bloomberg reported.
The firm is working with an adviser on the fundraising to bolster its ability to produce green hydrogen and other chemical compounds, the people said, asking not to be identified as the information is private. AM Green aims to build a million tonnes a year of green methanol capacity.
Chongqing LGFV is said to mull possible tender for dollar notes.
Representatives of a local-government financing vehicle in China have told some creditors the firm may launch a dollar bond tender offer, Bloomberg reported.
The LGFV from China's southwest city of Chongqing was trying to identify holders this week of its $2 bonds that mature next year. The notes, one due in June and the other in July, have a combined $650m of principal. Prices of both are indicated around 98 cents on the dollar.
Evergrande proposes offshore creditors get 30% equity stake in subsidiaries. (FS)
China Evergrande has proposed a new debt restructuring plan for offshore bondholders, offering to swap their debts into about a 30% equity stake in each of the developer's two Hong Kong-listed subsidiaries, DealStreetAsia reported.
The property firm's offshore bondholders holding about $19bn of debt are likely to take a major haircut on their investments if they agree to the new terms.
Northstar targets $600m for sixth fund. (FS)
Southeast Asian private equity firm Northstar Group is said to be targeting $600m for its sixth fund and plans to launch this vehicle in early 2024.
Furthermore, the PE giant is on track to hit the final close of its first venture capital fund, Northstar Ventures I, at around $150m, in line with its target, before 2023-end.
Northstar had held the second close of the early-stage-focused NSV I at $120m in March this year, months after it announced the first close at $90m in January. Singapore Sovereign Wealth Fund GIC was roped in as the anchor investor of the vehicle.
Ares Management closes sixth Asia flagship PE fund at $2.4b. (FS)
Private credit giant Ares Management has secured the final close of its sixth flagship Asia special situations fund at $2.4bn, including a sidecar vehicle, after around 22 months of fundraising, DealStreetAsia reported.
Ares SSG Capital Partners VI mostly recently secured $200m in equity commitments, according to its earnings report for the third quarter of 2023. That is half of the overall $400m in debt and equity commitments that New York-listed Ares received for its Asia-focused strategy in Q3.
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