Clearlake Capital agreed to acquire the technology division of nThrive, an independent patient-to-payment solutions company. Financial terms were not disclosed.
"We are excited to partner with Clearlake, who has an impressive track record of successfully sponsoring, supporting and growing SaaS companies. This new partnership will provide us with access to operational resources and enable us to invest even further to deliver innovation for our healthcare customers and users. We also appreciate the collaboration and support of our colleagues at the nThrive services business over the years," Sloan Clardy, nThrive CEO.
nThrive is advised by Barclays, Goldman Sachs, Morgan Stanley and Skadden Arps Slate Meagher & Flom. Clearlake Capital is advised by BMO Capital Markets, Deutsche Bank, Jefferies & Company, UBS, Sidley Austin and Lambert & Co. Debt financing is provided by BMO Capital Markets, Deutsche Bank, Jefferies & Company and UBS.
Nasdaq, a global technology company, agreed to acquire Verafin, a provider of anti-financial crime management solutions, for $2.75bn.
"In addition to Verafin's significant contribution to Nasdaq's strategic ambitions, the acquisition also furthers our goal to be a premier provider of cloud-based SaaS solutions to the global capital markets and beyond. This combination meaningfully accelerates the evolution of our business mix toward highly scalable, subscription revenue," Adena Friedman, Nasdaq President and CEO.
Verafin is advised by William Blair & Co and Osler Hoskin & Harcourt. Nasdaq is advised by Bank of America Merrill Lynch, Evercore, Goldman Sachs, JP Morgan, Morgan Stanley, Blake Cassels & Graydon, Wachtell Lipton Rosen & Katz, Brunswick Group and Longview Communications.
Goldman Sachs Merchant Banking Division agreed to invest in Zaxby's, a chain of fast-casual restaurants offering chicken wings, chicken fingers, sandwiches, and salads. Financial terms were not disclosed.
"I am excited to have a firm like Goldman Sachs joining the Zaxby's family. This new partnership is a testament to what our employees and franchisees have helped us create thus far. Goldman Sachs' knowledge and resources will help continue to build upon the strong foundation we have laid out," Tony Townley, Zaxby's Co-Founder.
Zaxby's is advised by Morgan Stanley, Stephens, Fortson Bentley and Griffin, King & Spalding and Tombras. Goldman Sachs Merchant Banking Division is advised by Goldman Sachs and Weil Gotshal and Manges.
GTCR agreed to acquire a majority stake in Jet Support Services, an independent provider of maintenance support and financial services to the business aviation industry. Financial terms were not disclosed. The transaction is expected to close in the fourth quarter of 2020.
"We look forward to partnering with GTCR to take JSSI to the next level of excellence. GTCR's deep sector expertise and resourcefulness will be a tremendous asset as we embark on this growth journey," Neil Book, JSSI CEO.
JSSI is advised by RBC Capital Markets, Akerman and 8020 Communications. GTCR is advised by PricewaterhouseCoopers, Kirkland & Ellis and The Harbinger Group.
STERIS, an American Irish-domiciled medical equipment company, completed the acquisition of Key Surgical, a global provider of consumable products serving hospitals and surgical facilities, from private equity firm Water Street Healthcare Partners for $850m.
"Key Surgical strengthens, complements and expands STERIS's product offering and reach around the globe. Their focus on the sterile processing department, operating room and endoscopy fits perfectly with our core Healthcare Customers. The business has demonstrated an ability to grow at rates above industry levels with its product portfolio breadth, a steady stream of new products and a highly effective commercial model. We welcome the Key Surgical people to the STERIS team, and we look forward to working together to enhance our service to our customers and the value for our shareholders," Walt Rosebrough, STERIS President and CEO.
Key Surgical was advised by Piper Sandler, Stinson and Winston & Strawn. STERIS was advised by Goldman Sachs, Jones Day and Wachtell Lipton Rosen & Katz.
Leonard Green & Partners, a private equity firm, agreed to acquire a majority stake in ECI Software, a provider of cloud-based business management software solutions, from Apax Partners and The Carlyle Group. Upon completion of the transaction, funds advised by Apax Partners will retain a minority stake in ECI. Financial terms were not disclosed.
"We are delighted to be partnering with a mission-driven company like ECI, which is focused on supporting the activities and growth of small to medium-sized businesses around the world. We invest in companies that win with people, have a differentiated culture and are market leaders with multiple ways to grow – and ECI is the perfect example. ECI has built an incredible track record of success, and we are excited to be partnering with ECI Management and Apax to support and accelerate the next phase of the company's growth," Usama Cortas, LGP Partner.
ECI and Apax are advised by Bank of America Merrill Lynch, Barclays, Skadden Arps Slate Meagher & Flom, Greenbrook and Kekst CNC. Leonard Green is advised by Latham & Watkins.
Ahold Delhaize, an operator of retail stores, and Centerbridge Partners agreed to acquire FreshDirect, an online grocer. Financial terms were not disclosed. Ahold Delhaize will acquire the majority share, and Centerbridge Partners will be a minority equity investor with a 20% stake. The transaction is expected to close in the first quarter of 2021, following the satisfaction of customary closing conditions, including regulatory clearance.
"This acquisition further propels our omni-channel evolution. It is a great addition and fit for our portfolio of leading local brands. The deal allows us to reach additional customers in the New York trade area and therefore will add incremental sales to the business. It further enables us to address customers' growing preference for convenient ways to shop. Finally, we are excited to have Centerbridge alongside of us in this venture and believe our combined focus, expertise, and scale will help us maximize the success of FreshDirect going forward," Frans Muller, Ahold Delhaize Chief Executive Officer.
FreshDirect is advised by Goldman Sachs and Latham & Watkins. Ahold Delhaize is advised by Bank of America Merrill Lynch and Kirkland & Ellis. Centerbridge Partners is advised by Fried Frank Harris Shriver & Jacobson.
West Fraser Timber, a North American diversified wood products company, agreed to acquire Norbord, a manufacturer of wood-based panels and oriented strand boards, from Brookfield for $3.1bn. Following closing, the combined company will operate as West Fraser. The deal is expected to close in the first quarter of 2021.
"This transaction gives us additional financial flexibility to pursue strategic growth opportunities, and better positions our company to deliver value to shareholders through the cycle. Our companies have complementary operating cultures, with a common priority on safety, sustainability and cost management, and we are thrilled to welcome Norbord's talented employees to West Fraser. We look forward to drawing from best practices across the operations as we pursue the significant strategic opportunities this transaction will unlock," Raymond Ferris, West Fraser President and Chief Executive Officer.
Norbord is advised by Torys. West Fraser is advised by Scotiabank, TD Securities and McMillan.
Investment companies Onex, PSP and GIC agreed to invest $1bn in Convex, a speciality insurer and reinsurer, together with a consortium of existing and new co-investors.
"Onex and our existing investor base have provided us with tremendous support in building the business and we welcome the new investor partners, including GIC. We are delighted to have additional capital as this will enable us to take full advantage of the hardening market," Stephen Catlin, Convex CEO.
Convex is advised by Evercore, JP Morgan and Slaughter & May.
Bally's, a gaming company, agreed to acquire Bet.Works, a US-based, sports betting platform provider to operators in New Jersey, Iowa, Indiana and Colorado, for $125m.
"This is the next step in our Company's evolution. By combining our expanding national footprint of casinos, the recently acquired Bally's brand, and Bet.Works' proprietary technology stack, we have evolved in just a few short years from a regional casino operator into the first US gaming company committed to serving our customers with an omnichannel approach, combining the best of our physical properties with a superior online experience," Soo Kim, Bally's Chairman.
Bet.Works is advised by Brownstein Hyatt Farber Schreck. Bally's is advised by Jones Day and Kekst CNC.
Eldridge, a holding company, agreed to invest $50m in CAIS, an alternative investment platform. The transaction is subject to FINRA approval.
"This is a great time for CAIS to take in growth capital and we are honored to have Eldridge as our new shareholder and partner. CAIS has opened access to alternative investments for independent financial advisors everywhere. With the continued growth of the independent wealth management community, coupled with their increased adoption of alternative investments, this is the ideal time for CAIS to deepen our commitment to providing the best tools and solutions," Matt Brown, CAIS Founder & CEO.
Platform Partners, a private holding company headquartered in Houston, TX, completed the investment in E-xact Payments, a provider of integrated payment gateway services. Financial terms were not disclosed.
"The E-xact team has built a tremendous business, and we look forward to working with the Company as it expands its service offering to new customers. We're excited to partner with Peter, Brian and Gersham to continue developing innovative solutions tied to digital payments," Fred Brazelton, Platform CEO.
Sverica Capital Management, a private equity investment firm, completed the investment in DeFY Security, a cybersecurity solutions provider in North America. Financial terms were not disclosed.
"In just a few short years, Justin and the DeFY team have rapidly built a successful business and developed extremely strong customer relationships with a number of leading enterprises. We look forward to partnering with Justin and DeFY to help guide the company through continued growth and national expansion," Frank Young, Sverica Managing Partner.
Sverica Capital was advised by Choate Hall & Stewart.
BuzzFeed, an American Internet media, news and entertainment company, agreed to acquire HuffPost, an American news aggregator and blog, from Verizon Media, an online media company. Financial terms were not disclosed. As part of the deal, Verizon Media will make an undisclosed cash investment in BuzzFeed.
“We’re excited about our partnership with Verizon Media, and mutual benefits that will come from syndicating content across each other’s properties, collaborating on innovative ad products and the future of commerce, and tapping into the strength and creativity of Verizon Media Immersive,” Jonah Peretti, BuzzFeed Founder and CEO.
Investment firms General Catalyst, Khosla Ventures and Arbor Ventures led a $175m Series A round in Heyday, a platform accelerating consumer product brands on digital marketplaces.
"We're in the early days of a tectonic shift toward marketplace commerce. Just as the last decade saw the rise of Warby Parker, Dollar Shave Club and other digitally native vertical brands, this decade will see the rise of a new generation of marketplace-native brands. Although the shift has been a boon to entrepreneurs around the globe, most still lack the capital, tools and resources to realize their full potential. Heyday is filling that void," Sebastian Rymarz, Heyday Co-Founder and CEO.
WestCap Group, a growth equity firm, led a $117m Series E round in Addepar, a technology platform for wealth management, with participation from 8VC and Sway Ventures.
"Addepar will see continued high growth as investment management firms need even greater speed, clarity, and insight to stay competitive and manage risk. The company's performance during this unprecedented time of volatility shows its ability to deliver unmatched value across market cycles," Laurence A. Tosi, WestCap Founder and Managing Partner.
Bain Capital considers $6bn Diversey sale. (FS)
Bain Capital is in the early stages of considering a sale or an IPO of food hygiene and cleaning company Diversey. The Boston-based private equity firm has held preliminary talks with potential advisers for divestment of Diversey in the first half of 2021 that could value the company at about $6bn, including debt.
Electric Last Mile Solutions in merger talks with SPAC. (FS)
Electric Last Mile Solutions, an electric vehicle startup, is in talks to go public and merge with Forum Merger III, according to Bloomberg. The special purpose acquisition company reportedly plans to raise new equity to support a transaction. Terms aren't finalized and it's possible talks could collapse.
Forum in August raised $250m in an initial public offering. While it has the flexibility to pursue a target in any industry, the SPAC said at the time it intended to focus on companies based in the US worth $500m to $2bn.
Lightning EMotors considers SPAC merger with GigCapital3.
Lightning EMotors, a fleet electrification company, is in talks to go public through merger with GigCapital3, a blank-check firm, Bloomberg reported.
GigCapital3 seeks to raise c. $100m in new equity to finance a transaction that would create a combined entity worth $700m to $1bn, including debt. Terms could change but a deal, if agreed, could reportedly be announced as soon as next week.
ABB considers Dodge unit sale amid CEO review.
ABB, the Swiss industrials company, is considering a sale of its North American mechanical power transmission business Dodge, Bloomberg reported. ABB has reportedly received preliminary interest for the Dodge business from potential suitors.
The company's new CEO, Bjoern Rosengren, may announce the potential disposal plans during its investor day on Thursday. He could also earmark some smaller divestments.
Searchlight Capital Partners closes third fund at $3.4bn (FS)
Searchlight Capital Partners, a private equity firm, closed its third fund at a $3.4bn mark. The firm will target investments in North America nad Europe with a focus on communications, media and financial and business services, amongst others.
"We are truly grateful for the support of our investors. The firm's capital structure flexibility, industry expertise, and geographic reach position us very well to invest in this unprecedented environment. The fund is already 30% committed to investments in partnership with leading management teams and entrepreneurs," Searchlight.
Searchlight Capital Partners was advised by Latham & Watkins.
Sinai Capital Partners raised $600m for two funds. (FS)
Sinai Capital Partners, an investment firm that manages a diverse portfolio of private equity strategies, raised $600m for two funds for impactful and social-change-oriented investments in tech, film and television.
"Much like the entrepreneurs we back, Sinai believes the adoption of technology presents a global opportunity to change lives for the better. To that end, we are mission-driven to discover teams building impactful companies across the world," Jordan Fudge, Sinai Ventures Managing Partner.
Teleo Capital closed $250m inaugural fund. (FS)
Teleo Capital, an operationally-focused private equity firm, announced the closing of its new fund called TELEO Capital. The fund was oversubscribed and closed at its hard cap of $250m. Investors in the fund include institutional limited partners, such as endowments, insurance companies, pension funds, fund of funds and family offices.
"We are honored to welcome such high-caliber institutional investors as long-term partners, and we are grateful for their overwhelming support and confidence amidst a highly competitive fundraising market," TELEO Capital.
Teleo Capital was advised by GCA Capital and Goodwin Procter.
Council Capital announced closing of fourth fund at $200m. (FS)
Council Capital, a healthcare-focused private equity firm based in Nashville, closed its fourth fund, Council Capital IV at a hard cap of $200m. The most recent fund, Council Capital III, began investing $149m in 2015.
Council Capital IV will continue the firm's focus on investing in attractive lower middle market healthcare services and healthcare information technology companies that are positioned for rapid growth.
Council Capital IV received commitments from strategic healthcare investors, pension funds, foundations and endowments, funds of funds, and family offices, etc.
Fiat Chrysler Automobiles and Peugeot have each decided to assemble the general meetings of the respective shareholders of the two companies on Monday, January 4, 2021, to approve the merger of their companies to allow the creation of Stellantis, which will become the world's fourth-largest automobile manufacturer by volume.
The two companies have pledged to finalize the merger by the end of the first quarter of next year.
Fiat is advised by Bank of America Merrill Lynch, Barclays, Citigroup, Goldman Sachs, JP Morgan, UBS, d'Angelin & Co, Darrois Villey Maillot Brochier, De Brauw Blackstone Westbroek, Legance, Loyens & Loeff, Sullivan & Cromwell, Community Group, Image Sept and Sard Verbinnen & Co. Financial advisors are advised by Cleary Gottlieb Steen & Hamilton and Macfarlanes. PSA Group is advised by China International Capital, Mediobanca, Messier Maris & Associes, Morgan Stanley, Perella Weinberg Partners, BonelliErede, Bredin Prat, Cabinet Bompoint, Clifford Chance, Cravath Swaine & Moore, Linklaters, NautaDutilh and Stibbe. Peugeot is advised by Zaoui & Co. Exor is advised by Lazard. Bpifrace is advised by Willkie Farr & Gallagher.
The UK competition watchdog will take full control over the review of a proposed $38bn merger between Virgin Media, a broadband network, and telecoms operator O2 as the companies seek to fast-track the probe when it moves to London, FT reported.
The watchdog said it would fast-track the process unless it received any objections to that decision, and is accepting views on how the deal could affect competition until November 26.
Telefonica is advised by Deloitte, Citigroup, Clifford Chance, and Herbert Smith Freehills. Liberty Global is advised by JP Morgan, LionTree Advisors, Allen & Overy, Ropes & Gray, and Shearman & Sterling.
The Competition and Markets Authority cleared the anticipated acquisition of the UK logistics operations of Kuehne + Nagel by XPO Logistics, an American multinational transportation and contract logistics company, following an investigation.
Further details are to be published by the CMA in due course. The regulators said that the merger inquiry, launched on September 18 to investigate if the acquisition would result in a substantial lessening of competition, had been cleared.
XPO Logistics is advised by JP Morgan, Macfarlanes and Wachtell Lipton Rosen & Katz. Kuehne + Nagel is advised by PricewaterhouseCoopers, KPMG and Hill Dickinson.
Digital Wholesale Solutions, an independent communications, IT and cloud services provider, agreed to acquire Giacom, a cloud services provider, from Livingbridge, a mid-market private equity investor. Financial terms were not disclosed.
"The more time we spent with the team from DWS, the more similarities we saw in our businesses and how we approach the Channel," Mike Wardell, Giacom CEO.
Livingbridge is advised by KPMG, PricewaterhouseCoopers, Alantra and Pinsent Masons.
Snam, an energy infrastructure operator, agreed to acquire a 33% stake in Industrie De Nora, a global innovator in sustainable clean energy and water treatment technologies, from Blackstone Tactical Opportunities, an opportunistic investing platform, for $470m. The acquisition, whose completion is scheduled for the first quarter of 2021 after the relevant antitrust clearances, will be undertaken with own funds.
"The strategic partnership with an Italian company of excellence, global innovator in sustainable technologies and with important prospects for hydrogen development, is a unique opportunity to strengthen Snam's role in the energy transition. The partnership with De Nora will allow us to be a leader in the development of green hydrogen, which is becoming a key feature of the decarbonization agenda in Italy, in Europe and in many countries around the world. Thanks to this transaction and the new energy innovation platform we will be able to increase our exposure to new green technologies while remaining focused on our core business and contributing to a net-zero world," Marco Alvera, Snam CEO.
Blackstone is advised by Lazard and Mediobanca. Snam is advised by Bank of America Merrill Lynch.
Inspecs Group, a designer, manufacturer and distributor of eyewear frames, agreed to acquire Eschenbach, a global eyewear supplier headquartered in Nuremberg, for €95m ($113m).
"We are delighted to have agreed to acquire Eschenbach, Germany's no.1 eyewear company which in turn owns one of the leading eyewear companies in the USA, Tura. As a high-quality business with a strong management team and track record of margin-accretive growth, Eschenbach represents the ideal fit for Inspecs. Moreover, it will enable the Group to penetrate key global markets, broaden our customer reach, strengthen our brand portfolio and capitalize on the compelling structural opportunities that exist in the fragmented global eyewear market," Robin Totterman, Inspecs CEO.
Inspecs is advised by Peel Hunt, Macfarlanes and FTI Consulting.
Eurazeo PME, a subsidiary of Eurazeo that specializes in investing in medium-sized companies, agreed to invest $136m in Altaïr Group, a producer of household and home care products.
The shared ambition of Eurazeo PME and the management team led by Etienne Sacilotto is to accelerate the group's development in Europe by a combination of organic growth and buy-and-build acquisitions, and to actively support the Group in its CSR roadmap.
ORIX, a financial services group, agreed to invest $60m in OurCrowd, a venture investing platform.
"We are excited about investing in OurCrowd, Israel's most active venture investor and one of the world's most innovative venture capital platforms. We intend to be active partners with OurCrowd and help them accelerate their already impressive growth, while bringing the best of Israeli tech to Japan's large industrial and financial sectors," Kiyoshi Habiro, ORIX UK CEO.
Mphasis, an information technology solutions provider, agreed to acquire Datalytyx, a next-gen data engineering and consultancy company. Financial terms were not disclosed.
"Together with Datalytyx and its highly skilled data professionals, we believe Mphasis is distinctively positioned to further fuel our worldwide clients' transformational projects. This acquisition will not only strengthen our next-gen data strategy but will also be a significant milestone in our journey to build capabilities relevant to the digital priorities of our clients," Nitin Rakesh, Mphasis CEO and Executive Director.
Viasat, a global communications company, agreed to acquire the remaining 51% stake in its joint venture with Eutelsat, a European satellite operator, for €140m ($166m).
"The wholesale business adds to Viasat's established retail broadband services business in Europe where Viasat is offering enhanced home internet service in select European countries, including Spain, Norway and Poland," Viasat.
Hg Capital, a software investor, agreed to invest in The Septeo Group, a LegalTech provider supporting professions including notaries, law firms, corporate legal departments and real estate property managers. Financial terms were not disclosed.
"This announcement represents a milestone for Septeo. It has been a huge achievement to get the business to this point and we thank all of our incredible colleagues for their hard work over many years. Hg will actively support Septeo's investment in the development of new innovative solutions, helping us to achieve further productivity and efficiency gains for our customers. This partnership with Hg will also help us continue to pursue our growth strategy, enabling us to bring new talent into the business, strengthen our innovation and continue with targeted acquisitions," Hugues Galambrun, Septeo CEO.
Mediaset denies receiving letter from Vivendi.
Mediaset, an Italian-based mass media company, denied a report that it received a letter from the board of Vivendi, a French media conglomerate. The letter supposedly proposed a deal to settle a war between parties that included a formation of a 50-50 European TV joint venture.
"Mediaset denies having received a letter from the Vivendi board addressed to the group's board of directors, as reported today by a press outlet," Mediaset.
Saudi wealth fund nears raising stake in ACWA before IPO. (FS)
Saudi Arabia's sovereign wealth fund is close to an agreement to raise its holding in ACWA Power International, a developer, investor, co-owner and operator of a portfolio of power generation and desalinated water production plants, Bloomberg reported. The move is announced ahead of ACWA IPO.
The Public Investment Fund is reportedly in advanced stages of talks to boost its stake to more than 40%. Upon completion of the deal, ACWA plans to proceed with its IPO in the first half of 2021. The IPO could reportedly gather about $1bn.
Frasers raises Mulberry stake to 37%, considers offer.
Frasers Group, a British retail group, raised its stake in a luxury fashion company Mulberry and could potentially make an offer for the company. Frasers bought 4.3m shares from Kaupthing, an investment bank, at the price of 150 pence per share.
The acquirer also said that the takeover panel had granted it a waiver from making a mandatory cash offer because Mulberry's biggest shareholder Challice, owns 56% stake.
"Frasers Group is, however, still reserving its right to make a voluntary offer for the company," Frasers.
BT considers Openreach stake sale.
BT Group, a telecommunications company, is "open-minded" about the sale of the stake in its functional division Openreach infrastructure unit as soon as full clarity on the regulation of fibre networks next year is set.
"Would I be open-minded about looking at a minority interest on it, moving that on to someone else? Potentially. But I can't see us doing that until well after we've agreed the regulatory framework, until March, April next year," Philip Jansen, BT CEO.
London goes on charm offensive for $4bn Deliveroo listing.
The London Stock Exchange and government with banking officials have launched a charm offensive to persuade British online food delivery business Deliveroo to list in London early next year, Reutersreported.
Deliveroo hired Goldman Sachs and JP Morgan to work on the listing of 35-40% of the business in the first half of 2021. London and New York are considered main options for the IPO.
"We are all doing what we can to convince Deliveroo to stay in London, and increasingly tech firms are seeing the benefit of listing on their home venue and getting the investor attention they deserve," Reuters.
Centurium Capital-backed CBPO Holdings, a special purpose acquisition company, agreed to acquire China Biologic Products Holdings, a blood plasma-based biopharmaceutical company, for $4.76bn.
After the completion of the transactions, China Biologic Products will be delisted and become a wholly-owned subsidiary of CBPO Holdings. The backers of CBPO Holdings also include CITIC Capital, Hillhouse Capital, V-Sciences Investments and Parfield International. The transaction, which is currently expected to close during the first half of 2021, is subject to customary closing conditions.
China Biologic Products is advised by Duff & Phelps, Davis Polk & Wardwell and Maples Group. CBPO Holdings is advised by Fangda Partners, Harney Westwood & Riegels, Kirkland & Ellis and Wilson Sonsini Goodrich & Rosati.
Yinke Merger, a vehicle owned by Yintech management, completed the merger with Yintech Investment Holdings, a provider of investment and trading services for individual investors in China in a $540m deal.
As a result of the merger, Yintech ceased to be a publicly-traded company and became a wholly-owned subsidiary of Yinke Merger, which was led by Yintech co-founders Wenbin Chen, Ming Yan and Ningfeng Chen.
Yintech was advised by Duff & Phelps, Davis Polk & Wardwell, Harneys, Kirkland & Ellis and Walkers. Yinke was advised by Conyers Dill & Pearman and Skadden Arps Slate Meagher & Flom.
Investment firms Boyu Capital, Matrix Partners China, Sequoia Capital China, Temasek, and WuXi AppTec led a $200m Series A round in D3 Bio, a global biotechnology company focused on developing and commercializing precision medicines.
"Our mission at D3 Bio is to build a global biotechnology company that develops innovative and more efficacious medicines for patients worldwide. The financing and support of our approach by reputable institutional investors give us a great start as we begin our journey to transform drug development to accomplish our mission," George Chen, D3 Bio Co-Founder, Chairman and CEO.
D3 Bio was advised by LaVoieHealthScience.
Oaktree, Varde offer $2bn funding to Vodafone Idea. (FS)
Investors Oaktree Capital and Varde Partners offered $2bn in funding to struggling from fierce competition Vodafone Idea, an Indian telecom operator, Bloomberg reported.
Oaktree backs the consortium that includes firms including Varde Partners for the potential deal. The investor group reportedly made a proposal to provide around $2bn to $2.5bn of capital to Vodafone Idea.
Asiana Airlines' lead creditor called for backing of Korean Air $1.6bn takeover.
Lead creditor bank of Asiana Airlines, a debt-ridden Korean carrier, called for the backing of the takeover offer from an airline and flag carrier of Korean Air amind shareholders' rebuke.
KCGI, an activist fund and largest shareholder of Korean Air's parent company Hanjin Kal, reported it filed for a court injunction to abstain from issuing shares to state-backed Korea Development Bank. Korean Air previously announced it intended to spend $1.6bn to acquire Asiana.
"This is the only way for our national airline, our international aviation business to survive," Lee Dong-gull, KDB Chairman.
KE Holdings pockets $2bn in share sale.
KE Holdings, a Chinese online real estate platform, raised $2.1bn in an offering that prices shares at c. 5% discount to their previous day's close.
KE sold 35.4m American depositary shares at $58 apiece. The offering of shares cames three months after the IPO in New York. Since their $2.4bn IPO in August, KE's value almost tripled.
Goldman Sachs, Morgan Stanley, JP Morgan and China Renaissance Holdings led KE's offering.
Pinduoduo is set to raise $6.1bn.
Pinduoduo, a Chinese e-commerce company, is set to raise $6.1bn to invest in agricultural logistics infrastructure and responsive manufacturing.
The company expects to use cash to strengthen its balance sheet and pursue investments, acquisitions and partnerships.
Pinduoduo is advised by Kirkland & Ellis.
Yatsen raises $617m in US IPO.
Yatsen Holdings, a Chinese cosmetics company, raised $617m in a US IPO despite the threat of being forced out from American exchanges for being domiciled in China.
The company sold its shared at the top of the marketed range, selling 58.7m American depositary shares for $10.5 each. The IPO comes as the regulators in the US opt for delisting of Chinese companies in case auditing standards are not met.
Goldman Sachs, Morgan Stanley and China International Capital are leading the IPO process.
China launches $7.6bn FoF for cultural investment. (FS)
China launched a fund of funds to invest in cultural industry with a target of $7.6bn. $4.5bn for the fund have already been collected.
China culture industry fund will focus on investing in restructuring and mergers and acquisitions of cultural enterprises, promoting the high-quality growth of the cultural industry.
Sector-wise it will invest in information services, integrated media development, and new forms of cultural business. Tourism and film development will be supported, as well.
Qiming Venture Partners closes the $1.2bn fund. (FS)
Qiming Venture Partners, a venture capital firm that specializes in building new companies in China, announced the closure of the $1.2bn Fund VII focused on early-stage Healthcare and TMT investments.
As of today, this is reportedly the largest VC fundraising in 2020, which primarily focuses on China market investments. As in prior funds, the vast majority of Fund VII's capital comes from a prestigious group of endowments, foundations, family offices, and private pensions.
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