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AMERICAS
Nielsen Holdings said that shareholders have voted to approve a $16bn transaction in which the measurement company would be acquired by a private equity group led by Elliott Investment Management and Brookfield Business Partners.
Upon closing, Nielsen will become a private company, and its shares will no longer be traded on the New York Stock Exchange.
Nielsen is advised by Allen & Company, JP Morgan, PJT Partners, Baker McKenzie, Clifford Chance, Corrs Chambers Westgarth, DLA Piper and Wachtell Lipton Rosen & Katz. JP Morgan is advised by Cravath Swaine & Moore and White & Case. Brookfield is advised by Davis Polk & Wardwell and Weil Gotshal and Manges. Evergreen is advised by Bank of America, Barclays, Citigroup, Credit Suisse, HSBC, Mizuho Securities, Gibson Dunn & Crutcher and Herbert Smith Freehills. Debt is provided Ares Capital, Bank of America, Barclays, Citigroup, HSBC, KKR Capital Markets, Mizuho Securities and Nomura.
Zendesk said the proposal made by investor Light Street Capital Management to remain a standalone public company and find a new boss was not "superior" to a $10.2bn takeover offer from Hellman & Friedman and Permira, Reuters reported.
In a letter to Zendesk's board on Monday, Light Street proposed a recapitalization of the business. The plan consists of a $2bn preferred equity investment arranged by Light Street and a $2bn incremental debt facility. And suggested that the software maker issue a $5 billion tender offer at $82.50 per share for shareholders who would like to sell their shares.
Zendesk is advised by Goldman Sachs, Qatalyst Partners, Wachtell Lipton Rosen & Katz and Sard Verbinnen & Co. Financial advisors are advised by Morrison & Foerster and Sullivan & Cromwell. The bidders are advised by Morgan Stanley, Dechert, Fried Frank Harris Shriver & Jacobson, Kirkland & Ellis, Simpson Thacher & Bartlett, Finsbury Glover Hering and Sard Verbinnen & Co. Debt providers are advised by Latham & Watkins.
NortonLifeLock, a firm that sells cybersecurity and identity protection for individual consumers, announced its $8.6bn merger with Avast, a provider of security software to the consumer market as measured by the number of users, is now expected to close on September 12, 2022, following the issuance of the UK Competition and Markets Authority's final report clearing the transaction.
NortonLifeLock is advised by Deloitte, Evercore, Kirkland & Ellis, Macfarlanes and Sard Verbinnen & Co. Debt financing is provided by Bank of America and Wells Fargo Securities. Financial advisors are advised by Ashurst and Paul Weiss Rifkind Wharton & Garrison. Avast is advised by JP Morgan, UBS, White & Case and Finsbury Glover Hering.
A US administrative judge has ruled in favor of Illumina, a developer and manufacturer of integrated systems for the analysis of genetic variation and biological functions, $8bn acquisition of cancer detection test maker Grail, Reuters reported.
"The Bureau of Competition is disappointed with this decision. We are reviewing the opinion and evaluating our options," Holly Vedova, FTC Director of the Bureau of Competition.
Grail was advised by Morgan Stanley, Latham & Watkins, McDonald Hopkins, Proskauer Rose, Ropes & Gray and Sard Verbinnen & Co. Illumina was advised by Goldman Sachs, Cravath Swaine & Moore, Davis Polk & Wardwell and Joele Frank. Goldman Sachs was advised by Freshfields Bruckhaus Deringer. Debt was provided by Goldman Sachs.
A minority shareholder of Turquoise Hill Resources said it does not support Rio Tinto's latest sweetened offer to buy the rest of the Canadian miner for $3.3bn, Reuters reported.
California-based SailingStone Capital Partners, which owns a 2.16% stake in Turquoise Hill, said the cash offer for the stake does not "adequately compensate" minority shareholders for their economic interest in Oyu Tolgoi.
Turquoise Hill is advised by BMO Capital Markets, TD Securities, Blake Cassels & Graydon, Norton Rose Fulbright and Paul Weiss Rifkind Wharton & Garrison. Rio Tinto is advised by Credit Suisse, RBC Capital Markets, Rothschild & Co, McCarthy Tetrault and Sullivan & Cromwell.
One Medical said the US Federal Trade Commission had sought more information from the company and Amazon about the primary care provider's $3.9bn acquisition by the online retailer, WSJ reported.
The request for new information is part of the US anti-trust body's review process, which is usually done to check if a deal has any anti-competitive consequences. The FTC's move to investigate the deal could delay its completion as federal competition investigations often take months to finish. Significant US antitrust probes on average take about 11 months.
One Medical is advised by Morgan Stanley, Cooley and Ropes & Gray. Morgan Stanley is advised by Freshfields Bruckhaus Deringer. Amazon is advised by Paul Weiss Rifkind Wharton & Garrison.
UBS and Wealthfront have mutually agreed to terminate their merger agreement, initially announced January 26, 2022, under which Wealthfront was to be acquired by UBS Americas.
UBS will purchase a $70m note convertible into Wealthfront shares.
Sun Life Financial, a Canadian financial services company, agreed to acquire a 51% stake in Advisors Asset Management, a financial services company offering financial advisory and asset management services, for $214m.
"We're thrilled that AAM will be joining SLC Management. Adding AAM to our platform allows us to extend our set of world class alternative investment capabilities to new clients and expands the roster of investment solutions that AAM can offer to the US financial advisor market," Steve Peacher, Sun Life President.
AAM is advised by Berkshire Global Advisors and Chapman and Cutler. Sun Life is advised by Evercore, Skadden Arps Slate Meagher & Flom and JConnelly.
Marlin Equity Partners-backed Linnworks, a software developer, completed the acquisition of SkuVault, a cloud-based inventory and warehouse management software maker. Financial terms were not disclosed.
"We are very excited for the combination of our local and global talent that will drive significant value to our customers, employees and partners. We look forward to the depth of experience and spirit of innovation that the SkuVault team will bring to the shared company," Callum Campbell, Linnworks CEO.
SkuVault was advised by Raymond James and Wyatt Tarrant & Combs. Linnworks was advised by DC Advisory, Goodwin Procter and Mayer Brown.
Purple Innovation, a mattress manufacturer, completed the acquisition of Intellibed, a mattress manufacturer. Financial terms were not disclosed.
"Intellibed is an excellent fit for Purple. Intellibed has licensed certain aspects of our gel technologies for many years, therefore this acquisition allows us to consolidate our IP under one roof while at the same time enhancing Purple's manufacturing capabilities and financial profile. Additionally, Intellibed's premium market position allows Purple to accelerate its product development schedule by several years and immediately address the more luxury, higher-margin segment of the sleep and wellness industry. We are excited about the combined potential of our two organizations," Rob DeMartini, Purple Innovation CEO.
Intellibed was advised by Harrison Co and Mayer Brown. Purple Innovation was advised by BMO Capital Markets, Dorsey & Whitney and ICR.
IKAV, an international asset management group, agreed to acquire Aera Energy, an oil and gas producer, from ExxonMobil, an international energy and petrochemical company, and Shell, a global group of energy and petrochemical companies. Financial terms were not disclosed.
"In addition to our long-term goal and commitment to renewable energy, we recognize the continued need for oil and gas and for these assets to be operated safely and responsibly to facilitate a smooth and sustainable transformation of our energy supply. We advocate a co-existence between renewable and conventional energy for decades to come. Aera fits our philosophy, and we are excited to be working with its exceptional team, who share our culture and long-term ambitions. Together, we have the expertise required to find innovative solutions to meet California's energy demand as well as its future climate goals," Constantin von Wasserschleben, IKAV Chairman.
IKAV is advised by Citigroup, Truist Securities, Wells Fargo Securities and Haynes and Boone. Shell is advised by JP Morgan.
Builders FirstSource, a supplier of structural building products, completed the acquisition of Trussway, a manufacturer of pre-fabricated roof and floor trusses. Financial terms were not disclosed.
"We are thrilled that Trussway will now be an integral part of Builders FirstSource. Since 1972, Trussway has been a supplier of choice to customers due to its ability to routinely deliver high quality products and services. We are excited to welcome the Trussway team, with its long-standing customer relationships and track record of profitable growth, into the Builders FirstSource family," Dave Flitman, Builders FirstSource President and CEO.
Trussway was advised by Rothschild & Co and Latham & Watkins. Builders FirstSource was advised by Alston & Bird and ICR.
Amorepacific, a personal product's maker, agreed to acquire Tata Harper, a luxury clean beauty brand. Financial terms were not disclosed.
"Tata Harper is a clean beauty brand instilled with the core values of healthy beauty - values that society and consumers are looking for today. Fueled by Amorepacific's top-notch R&D and P&L infrastructure, we expect Tata Harper will be able to significantly expand its footprint in the Western and Asian markets," Jinpyo Lee, Amorepacific Chief Strategy Officer.
Tata Harper is advised by Goldman Sachs and Arnold & Porter Kaye Scholer. Amorepacific is advised by UBS and K&L Gates.
The US Federal Trade Commission has begun a review of Amazon.com's $1.7bn takeover of robot vacuum maker iRobot to decide if the deal violates antitrust law, Reuters reported.
The US anti-trust body's iRobot review is wide-ranging and would include both head-to-head competition and whether the deal would illegally boost Amazon's market share in both the connected device market and the retail market in general.
Amazon is advised by Paul Weiss Rifkind Wharton & Garrison.
Spectris, a manufacturer of precision measurement, completed the acquisition of Dytran Instruments, a designer and manufacturer of piezo-electric and MEMS-based accelerometers and sensors, for $82m.
"Dytran is an excellent addition to HBK, bringing complementary technology and strengthening our sensor offering to customers in the fast-growing accelerometer market. The combination will strengthen HBK's position in the US aerospace, space and defence industries, as well as accelerate Dytran's revenue by leveraging HBK's existing global sales channels. We look forward to welcoming the Dytran team to HBK and providing our customers with a wider portfolio of accelerometers and solutions, helping to enhance their products and development programmes," Andrew Heath, Spectris CEO.
Spectris was advised by Tulchan Communications.
PetroRio, an oil company, agreed to acquire Dommo Energia, an oil and gas company, for $180m.
Dommo's shareholders will receive 0.05 PetroRio shares or 1.85 real per Dommo share. Under the MoU, PetroRio has exclusive negotiating rights for Dommo for six months after the signing.
CVS in advanced talks to buy Signify Health for about $8bn.
Drugstore chain owner CVS Health is in advanced talks to buy home-healthcare company Signify Health for about $8bn.
CVS is close to clinching the deal which could be announced as early as next week, after beating out other potential buyers including Amazon and UnitedHealth Group, who had also been circling Signify for a deal.
There is still no guarantee that CVS will reach a deal for Signify, which has been exploring strategic alternatives since earlier this summer.
I Squared explores a $2bn sale of Inkia Energy. (FS)
I Squared Capital, a private equity firm, is exploring a $2bn sale of Inkia Energy, a Latin American power producer.
The Miami-based infrastructure-investment firm is considering selling the company as a whole or in parts. Inkia could attract energy companies and infrastructure investors, Bloomberg reported.
GM to offer franchise buyouts to US Buick dealers.
Automobile manufacturer General Motors will offer buyouts to US Buick dealers as an alternative for franchise owners who don't want to make investments that will be needed as the brand goes all-electric.
Global Buick chief Duncan Aldred confirmed in an interview that all of Buick's roughly 2k US franchise dealers will be given the opportunity to take a buyout. A dealer who takes a buyout would give up the Buick franchise and no longer sell the brand, although nearly all Buick dealers also sell other GM models.
GM said that Buick would transition to sell exclusively electric vehicles by 2030. That will require substantial investments in charging stations and store upgrades, along with other changes in the way dealers do business, WSJ reported.
Aurora Innovation mulls a sale to Apple or Microsoft.
Aurora Innovation's chief executive officer recently laid out a range of options for the self-driving company to respond to worsening market conditions and partners pushing out timelines, including a possible sale to Apple or Microsoft.
Chris Urmson, who co-founded Aurora after running Google's self-driving car project, also outlined cost cuts and floated measures including taking the company private, spinning off or selling assets and pursuing a small capital raise, Bloomberg reported.
"Despite our best efforts to help our OEM partners meet our original schedule, their timelines have shifted out. We do have increased confidence in their new timelines given the selection and awarding of key suppliers and the attachment of key personnel to the projects," Chris Urmson, Aurora CEO.
FTC wants Zukerberg to seek approval for any future mergers.
The US Federal Trade Commission will continue to pursue a case personally against Meta Platforms Chief Executive Officer Mark Zuckerberg over the acquisition of a virtual reality app, a lawyer for the agency told the FTC's in-house judge.
The agency has asked its in-house court to force both Meta and Zuckerberg to seek approval from the FTC before engaging in any future deals. The trial has been set for January 19, Bloomberg reported.
Chobani withdraws a $10bn IPO after delays.
Chobani, a food company specializing in strained yogurt, said it is withdrawing its previously delayed initial public offering, after having pushed back the listing earlier this year.
Chobani said that it had determined not to pursue the IPO at this time, and that no securities had been sold in connection to it.
Chobani previously had planned to go forward with an IPO in the fall of 2021, and then in January of this year. The company initially targeted a valuation of as much as $7bn to $10bn. In March, Chobani put the planned listing on hold as several executives departed the company, including the company's president and its heads of strategy and corporate affairs. Chobani was planning to wait until at least the second half of 2022 or until 2023 to launch its IPO, WSJ reported.
Ares Management hires Mark Serocold from Blackstone. (FS, People)
Ares Management, a private equity firm, has hired Mark Serocold from Blackstone to run a new investment unit targeting wealthy Europeans.
Serocold, who joins in November, will head the EMEA arm of Ares Wealth Management Solutions, a unit created last October to target wealthy individual investors through private banks and wealth management firms. He will be based in London.
Serocold joins from Blackstone where he was a managing director at the Private Wealth Solutions team, a division tasked with broadening the New York-based manager's fund raising efforts beyond institutional investors, Bloomberg reported.
Copenhagen Infrastructure Partners reach final close on CI Energy Transition Fund I at €3bn hard cap. (FS)
Copenhagen Infrastructure Partners, a private equity firm, has reached final close on its new fund, CI Energy Transition Fund I. The fund was oversubscribed and closed at the hard cap of €3bn. This makes CI ETF I the largest dedicated clean hydrogen fund globally.
CI ETF I achieved commitments from investors across the Nordics (~25% of commitments), Europe (~45%), Asia-Pacific (~20%) and North America (~10%) with approximately a 50/50 split between existing investors in CIP funds and new investors. The fund's investor base comprises approximately 65 institutional investors, primarily pension funds, life insurance companies, sovereign wealth funds, asset managers, and family offices.
"We are very pleased to welcome a prominent group of existing and new institutional investors to CI ETF I and are delighted that investors share our confidence in and appetite for clean energy infrastructure projects and invest alongside CIP in the next phase of the energy transition. Solutions such as Power-to-X will be key for countries and industries to take the next big leap within reaching the commitments of the Paris agreement and achieving energy independence. As an industry pioneer and one of the global market leaders in greenfield renewable infrastructure investments, CIP is uniquely positioned to invest in this segment," Jakob Baruël Poulsen, CIP Managing Partner.
EMEA
Nikon, an optical products company, agreed to acquire SLM Solutions Group, a metal additive manufacturing company, from private equity firms Elliott Advisors and ENA Investment Capital, for $620m.
"By acquiring SLM, Nikon is taking an important step towards our Vision 2030. We are focused on digital manufacturing as a growth driver and will create value through the promising market of metal additive manufacturing. Metal additive manufacturing will revolutionize mass-production by enabling our clients to manufacture highly complex parts, reduce cycle time, carbon emissions, energy costs and waste. Nikon and SLM share the vision that our technology-driven innovation will transform the future of manufacturing. This acquisition will be key to growing our digital manufacturing business," Toshikazu Umatate, Nikon CEO.
Nikon is advised by Morgan Stanley, Morrison & Foerster and FGS Global. SLM is advised by Citigroup, Gleiss Lutz and Sullivan & Cromwell.
SSE Renewables, an energy company, completed the acquisition of South European renewables assets from Siemens Gamesa, an engineering company, for €580m ($626m).
"We are pleased to have successfully completed the transaction with SSE before the end of our fiscal year 2022, as announced in April. With this sale, Siemens Gamesa is optimizing its portfolio of assets and maximizing value. We are confident that SSE is the right partner to develop the excellent portfolio of wind projects built over the years by our South European project development team, that will now also be part of SSE. This agreement will strengthen our relationship with SSE, as it will be beneficial for both companies," Jochen Eickholt, Siemens Gamesa CEO.
SSE was advised by Morgan Stanley and Freshfields Bruckhaus Deringer. Siemens Gamesa was advised by Bank of America and CMS.
Accenture, a professional services company, completed the acquisition of the Netherlands, Belgium and Bulgaria unit of Waterland Private Equity-backed Sentia, a cloud consulting company. Financial terms were not disclosed.
"Accenture Cloud First's priority is to help clients with total enterprise reinvention by building their digital core, optimizing operations and accelerating growth. Adding the Sentia team expands our migration and modernization capabilities, and further equips us to help companies optimize their workloads across the cloud continuum," Karthik Narain, Accenture Cloud First Global Lead.
Accenture was led by Freshfields Bruckhaus Deringer. Sentia was led by Allen & Overy.
Pure Health, an integrated healthcare platform, agreed to acquire a minority stake in Ardent Health Services, a healthcare provider, for $500m.
"This is an exciting opportunity for Pure Health, as we continue to build relationships with leading U.S. healthcare providers to leverage the highest standards and best clinical practices to provide an unrivalled healthcare experience for patients in the UAE. Ardent has a strong track record of delivering outstanding services across the United States, and we look forward to gaining additional knowledge to support our north star of advancing the science of longevity and unlocking time for humanity," Farhan Malik, Pure Health CEO.
Private equity firms SK Capital Partners and Edgewater Capital Partners, agreed to acquire the crystals and detectors business of Saint-Gobain, a business conglomerate, for $214m.
This transaction aims at focusing the Group's High Performance Solutions activities on markets where Saint-Gobain, thanks to its leadership positions and its innovation capabilities, enables its customers to accelerate towards carbon neutrality and circularity. It is part of Saint-Gobain's continued business profile optimization strategy, in line with the "Grow & Impact" plan objectives.
Blackstone-led consortium completed the acquisition of an additional 11.6% stake in Luminor, a bank, from Nordea, a financial services group. Financial terms were not disclosed.
"Our improving performance, solid financial standing and prudent risk management means that Luminor, under the executive leadership of Peter Bosek, is well placed to continue the positive momentum it has shown in recent years. This will allow us to expand our activities with individuals and companies across all three Baltic countries," Nils Melngailis, Luminor Chairman.
Capital Energy to mull a $2bn sale.
Capital Energy, a Spanish renewable energy company, is considering a $2bn sale of its business amid increasing investor appetite in the sector.
Capital Energy is working with an adviser to field preliminary interest from prospective buyers. The assets could attract other companies in the renewable energy sector as well as investment funds. Considerations are at an early stage, and Capital Energy could decide against pursuing a deal. The company has also weighed an initial public offering in the past, Bloomberg reported.
Angola plans to sell stake in Sonangol and Endiama by 2027.
Angola plans to complete the sale of stakes in national oil company Sonangol and diamond firm Endiama within the next five years, according Patricio Vilar, the chairman of the government's asset-management agency.
The two companies were the among the largest of 195 state-owned firms and assets the government initially earmarked for disposal between 2019 and this year. The onset of coronavirus pandemic delayed the process and the number of assets was revised to 178.
Vilar reiterated the government's commitment to ultimately selling 30% of Sonangol, but said the sale could be carried out in several stages, with the terms still under consideration. Sonangol and Endiama are contributing to the privatization program by disposing of some of their own investment holdings, Bloomberg reported.
Volkswagen to discuss Porsche IPO today. (FS)
Volkswagen's leadership will discuss the planned public listing of its Porsche brand when it convenes today.
The company has carried out a feasibility study for an initial public offering and its management board and supervisory board will discuss in various meetings if the IPO "at the end of September/beginning of October 2022 should be pursued." The governance bodies will also decide whether to approve the sale of 25% and one share of the ordinary shares to Porsche Automobil Holding, the main investment vehicle of the Porsche and Piech billionaire owner family.
The German carmaker has been working for months on the plan to list a minority stake in its sportscar brand this year in what could be one of Europe's biggest initial public offerings ever. However, difficult market conditions have brought a standstill to listings generally.
Big-name investors including T Rowe Price Group and Qatar Investment Authority have already indicated interest in subscribing to the IPO in that valuation range. Porsche has also been gauging interest from billionaires including the founder of energy drink maker Red Bull, Dietrich Mateschitz, as well as LVMH Chairman Bernard Arnault, Bloomberg reported.
Shell CEO Ben van Beurden prepares to step down next year. (People)
Shell has shortlisted four candidates to succeed Chief Executive Ben van Beurden who is preparing to step down next year after nearly a decade at the helm of the giant energy firm.
During his tenure van Beurden oversaw Shell's biggest acquisition in decades and steered the company through two major downturns and a pivotal move to slash greenhouse emissions, a task which will only grow in importance for his successor. Shell's board succession committee, headed by Chairman Andrew Mackenzie, has met several times in recent months to draw up plans for van Beurden's departure and interview potential successors to the 64-year-old Dutchman.
The successor shortlist has been narrowed down to Wael Sawan, Shell's head of integrated gas and renewables and Huibert Vigeveno, who heads the company's refining operations of downstream, Business Standard reported.
APAC
Aboitiz Equity Ventures, a Philippine holding company, agreed to acquire a 33% stake in Mactan Cebu International Airport from Megawide, an engineering and infrastructure firm, and GMR Airports, a private airport operator, for $440m.
"We, at Aboitiz InfraCapital, are happy to partner with GMR-Megawide for the continued growth and development of the Mactan-Cebu International Airport. The GMR-Megawide Consortium has done a tremendous job by significantly expanding the airport over the pre-pandemic years — almost tripling passenger traffic in five years. This is quite an accomplishment in setting up a solid foundation for the future," Cosette Canilao, AIC President and CEO.
Aboitiz is advised by Alphaprimus Advisors and Gulapa Law.
Big River's shareholders voted in favor of the proposed scheme of Aura $64m acquisition of the shares in Big River.
Big River will now seek approval of the scheme from the Court at the Second Court Hearing. If the Court approves the Scheme at the Second Court Hearing, it is expected that the scheme will take effect on September 9, 2022.
Warburg Pincus-backed Aseana Insurance, a holding comapny, completed the acquisition of a 62.33% stake in Asuransi Bina Dana Arta, a general insurance firm, from Mapfre, a multinational insurance company, for $60m.
"The purpose of the takeover is to build Aseana's business in Indonesia," ABDA.
Hollysys management to lead take-private deal at $1.8bn.
A consortium led by China's Hollysys Automation Technologies management plans to take the US-listed automation and control system maker private in a deal that would value the firm at $1.8bn.
The management team, led by founder and Chief Executive Officer Wang Changli, has won endorsement for the deal from the municipal government of Beijing, where the company is based.
The consortium took the view that Hollysys, which was listed in New York in 2008, was undervalued in the US market. The team, acting under the local government's guidance, has joined hands with a Beijing-based state firm for the potential deal, Reuters reported.
Yoshihisa Kainuma preps his biggest acquisition yet.
Minebea Mitsumi's chief executive officer - dubbed the "King of Deals" in Japan - seeks his biggest acquisition yet, even as a crumbling yen constrains his search.
The Tokyo-based maker of ball bearings and high-precision components is in the market to buy a company with revenue of 300bn yen ($2.1bn) or more in the next few years, Chief Executive Officer Yoshihisa Kainuma.
Kainuma declined to elaborate further on a timeframe or whether talks are ongoing, but he said separately that the company is keen to buy makers of machine components to beef up its product offerings, Bloomberg reported.
Malaysia expects to complete sale of stakes in Digital Nasional by this month.
Malaysia said it hopes to complete its plan to sell 70% of its stake in 5G agency Digital Nasional Berhad by this month, state news agency Bernama reported, after two mobile operators dropped out of talks on the equity sale this week.
Two of the country's largest wireless carriers – Maxis and U Mobile – declined to take up stakes in DNB, disrupting the government's plan to sign agreements with other operators. The government had wanted six of the country's mobile operators to agree on taking a combined 70% stake in DNB.
The government hoped to eventually complete the equity sale this month, adding that it was also considering selling some DNB shares to foreign players, DealStreetAsia reported.
Credit Suisse will launch China wealth business next year amid rumours of pullback.
Credit Suisse, which has been buffeted by a string of scandals, management changes and global strategy rejigs, is still betting big on China and plans to launch a wealth business there next year.
"In spite of all these rumours flying around that Credit Suisse is pulling back or pulling out of China, China is a long-term play for us. The bank aims to start offering wealth management services in China next year on the back of securing full ownership of its local securities venture, which is likely by the first quarter of next year," Benjamin Cavalli, Credit Suisse Head of Asia Pacific wealth management business.
Alibaba-backed YH Entertainment is said to suspend Hong Kong IPO.
Alibaba-backed YH Entertainment, an artist management company, has pulled its first-time share sale in Hong Kong as investor interest didn't meet its valuation expectations.
YH Entertainment was expected to price its initial public offering of as much as $140m, but decided to suspend the process and wait for better market conditions, Bloomberg reported.
YH Entertainment is advised by China Securities International and China Merchants Securities.
SC Lowy raises $450m to double down on APAC's special situations deals. (FS)
Hong Kong-based SC Lowy, a global banking and asset management group, has held the final closing of its latest direct lending fund at $350m, alongside $100m in a parallel co-investment managed account, to double down on Asia-Pacific's special situations opportunities.
SC Lowy plans to deploy the new capital commitments to the Asia-Pacific region with a focus on private lending, debtor-in-possession and rescue financing, trade claims, non-performing loans and bridge financing. SC Lowy will focus more on markets such as South Korea, Hong Kong, Australia, India and Indonesia, said the American-British law firm, DealStreetAsia reported.
SC Lowy is advised by Hogan Lovells.
Yili Group sets up a $100m PE fund to invest overseas. (FS)
China's dairy producer Yili Group, fully known as Inner Mongolia Yili Industrial Group, has launched a $100m private equity fund to invest overseas, according to the company's filing with the Shanghai Stock Exchange.
Yili Group's fully-owned subsidiary - Hong Kong Jingang Trade Holding - will serve as the fund manager to invest $100m into the fund while YJLC GP, a subsidiary of Hong Kong Jingang Trade Holding, will serve as the limited partner.
The fund will enable Yili, one of the top five dairy products makers in the world in terms of dairy turnover, to back consumer industry-focused companies, as well as to catch up with the latest business model and products arising from the consumer sector, DealStreetAsia reported.
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