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AMERICAS
PX3 Partners-backed Cleanova, a filtering technology company, agreed to acquire Micronics Engineered Filtration, a global provider of customized engineered filtration solutions, from Vance Street Capital, a private equity firm, for $1.3bn, according to press releases.
PX3 Partners is advised by Alvarez & Marsal, Aon, Kearney Solicitors, KPMG, Bank of America, Santander, Weil Gotshal and Manges (led by Gareth Clark and Lewis Blakey), Greenbrook, Debevoise & Plimpton and Phoenix Advantage. Debt financing is provided by Goldman Sachs, Jefferies & Company and Santander, according to press releases.
Genstar Capital, a private equity firm, agreed to acquire a majority stake in First Eagle, an investment management firm, according to press releases. Financial terms were not disclosed.
First Eagle is advised by Bank of America, Jefferies & Company, Morgan Stanley, UBS, Davis Polk & Wardwell (led by Louis L. Goldberg and Evan Rosen) and Simpson Thacher & Bartlett (led by Anthony Vernace, William Allen and Elizabeth Cooper). Genstar Capital is advised by BMO Capital Markets, Barclays, Goldman Sachs, Moelis & Co, Willkie Farr & Gallagher (led by Manuel Miranda and Jeffrey Poss) and FGS Global. Corsair is advised by Prosek Partners (led by Trevor Gibbons), according to press releases and MergerLinks data.
Apollo, an alternative investment manager, and BC Partners, a private equity investment firm, completed the acquisition of a 56% stake in Environmental Services business of GFL Environmental, a waste management services provider, for $4.5bn, according to press releases.
Apollo was advised by Osler Hoskin & Harcourt and Sidley Austin. BC Partners was advised by Kirkland & Ellis (led by Abhishek Kolay) and Osler Hoskin & Harcourt. GFL Environmental was advised by Brown Gibbons Lang & Company, Canaccord Genuity, JP Morgan (led by Anu Aiyengar), Cassels Brock & Blackwell (led by Jeffrey P. Roy), Latham & Watkins (led by Paul Kukish) and Stikeman Elliott, according to press releases and MergerLinks data.
Private equity firms Apax Partners and GIC, agreed to acquire a majority stake in ECI Software Solutions, a provider of industry-specific, cloud-based business management software, from Leonard Green & Partners, a private equity firm. Upon completion of the transaction, the Apax Funds will become a co-control owner of ECI, in partnership with Leonard Green & Partners. Financial terms were not disclosed, according to press releases.
ECI Software Solutions is advised by Jefferies & Company, Moelis & Co and Latham & Watkins. Apax Partners is advised by Barclays, Centerview Partners, Skadden Arps Slate Meagher & Flom (led by Ann Beth Stebbins and Kyle J. Hatton) and Kekst CNC (led by Todd Fogarty), according to press releases and MergerLinks data.
Bain Capital, a private equity firm, completed the acquisition of Frontline Road Safety, a construction services company, from The Sterling Group, a private equity firm, according to press releases. Financial terms were not disclosed.
Frontline Road Safety was advised by Guggenheim Partners, Harris Williams & Co and Stanton PRM (led by Charlyn Lusk). Bain Capital was advised by Stifel, UBS and Kirkland & Ellis (led by Chris Thomas). Sterling was advised by Latham & Watkins (led by Bruce C. Herzog and Scott Miller), according to press releases and MergerLinks data.
Clearlake Capital, a private investment firm, completed the investment in Warburg Pincus-backed ModMed, a specialty-specific healthcare SaaS technology provider, according to press releases. Financial terms were not disclosed.
ModMed was advised by Goldman Sachs, Kirkland & Ellis and Paul Weiss Rifkind Wharton & Garrison. Clearlake Capital was advised by JP Morgan (led by Nick Richitt), Morgan Stanley, Sidley Austin and Lambert & Co (led by Jennifer Hurson), according to press releases and MergerLinks data.
Francisco Partners, a private equity firm, agreed to acquire Quorum Software, a software company, from Thoma Bravo, a private equity firm, according to press releases. Financial terms were not disclosed.
Quorum Software is advised by Citigroup. Francisco Partners is advised by Jefferies & Company, Lincoln International and Sloane & Company (led by TJ White). Thoma Bravo is advised by Citigroup and FGS Global (led by Akash Lodh and Abigail Farr).
Peak Rock Capital, a middle-market private equity firm, completed the acquisition of BrightStar Care, a franchisor of home care services, according to press releases. Finanial terms were not disclosed.
Peak Rock Capital was advised by Lincoln International, McDermott Will & Emery and Kekst CNC (led by Daniel Yunger). BrightStar Care was advised by Boxwood Partners, JP Morgan and Latham & Watkins , according to press releases.
Crestview Partners, a private equity firm, completed the acquisition of Smyth, a full-service provider of pressure sensitive labels, shrink sleeves, in-mold labels, glue-applied labels, and flexible packaging, from Novacap, a private equity firm, according to press releases. Financial terms were not disclosed.
Crestview was advised by Evercore, Gibson Dunn & Crutcher and Kekst CNC (led by Jeffrey Z. Taufield). Novacap was advised by Robert W Baird, Blake Cassels & Graydon and Fox Rothschild, according to press releases.
Aquiline Capital Partners, a private investment firm specializing in financial services and technology, agreed to acquire the family office services business of SEI, a provider of financial technology, operations, and asset management services, for $120m, according to press release.
Aquiline Capital Partners is advised by Morgan Stanley, Ropes & Gray (led by Scott Abramowitz and Sam Levitt) and Apella Advisors (led by Anthony Silverman). SEI is advised by Holland & Knight and Vested, according to press releases and MergerLinks data.
Third Point, an alternative investment firm, completed the acquisition of AS Birch Grove, a diversified alternative credit fund manager, from American Securities, a private equity firm, according to press releases. Financial terms were undisclosed.
AS Birch Grove was advised by GreensLedge and Schulte Roth & Zabel. Third Point was advised by Jefferies & Company and Willkie Farr & Gallagher (led by Russell Leaf and Thomas Sharkey). American Securities was advised by Weil Gotshal and Manges (led by Jonathon Soler and Brian Parness), according to press releases and MergerLinks data.
Blackstone Credit & Insurance, a credit investor, agreed to invest in ITE Management, an alternative asset manager focused on transportation infrastructure, according to press releases. Financial terms were not disclosed.
ITE Management is advised by Goldman Sachs and Weil Gotshal and Manges (led by Alexander Miachika and Brian Parness). Blackstone is advised by Guggenheim Partners and Kirkland & Ellis, according to press releases and MergerLinks data.
GI Partners and TA, private equity firms, completed a majority investment in Egnyte, a software company that sells cloud-based content security, compliance, and collaboration tools for businesses, according to press releases. Financial terms were not disclosed.
GI Partners and TA were advised by Ropes & Gray (led by Eric Issadore). GI Partners was advised by Chris Tofalli Public Relations (led by Chris Tofalli). Egnyte was advised by Qatalyst Partners and Cooley , according to MergerLinks data and press releases.
BlackRock-led investor group, including Bain Capital, Blackstone and Abry Partners, completed the acquisition of Digital Media Solutions, a provider of technology-enabled digital performance advertising solutions connecting consumers and advertisers, according to press releases. Financial terms were not disclosed.
Digital Media Solutions was advised by Houlihan Lokey, Portage Point Partners, Kirkland & Ellis and Joele Frank (led by Aura Reinhard and Aaron Palash) , according to press releases.
Stone Point Capital, an investment firm, completed the investment in Keller Williams, a real estate franchise, according to press releases. Financial terms were not disclosed.
Keller Williams was advised by Citizens M&A and Skadden Arps Slate Meagher & Flom. Stone Point was advised by Kirkland & Ellis (led by David Feirstein, Ravi Agarwal and Patrick Salvo) and Paul Weiss Rifkind Wharton & Garrison, according to press releases and MergerLinks data.
Pacific General, a private investment firm, completed the acquisition of a majority stake in Lenwich, a premium sandwich brand, according to press releases. Financial terms were not disclosed.
Lenwich was advised by Pryor Cashman (led by Ronald B. Kremnitzer). Pacific General was advised by RSM International and Cravath Swaine & Moore (led by Jihyun Chung), according to press releases and MergerLinks data.
Pritzker Private Capital, a private equity firm, agreed to acquire Buckman, a family-owned innovator in specialty solutions for water treatment and industrial processes, according to press releases. Financial terms were not disclosed.
Buckman was advised by Evercore and H/Advisors Abernathy (led by Dan Scorpio). Pritzker Private Capital was advised by JP Morgan, according to press releases.
ASGN, a provider of IT services and professional solutions across the commercial and government sectors, completed the acquisition of TopBloc, a high-growth, tech-enabled Workday consultancy, from BV Investment, a private equity firm, for $340m, according to press releases.
ASGN was advised by Sullivan & Cromwell (led by Patrick S. Brown). BV Investment was advised by Chris Tofalli Public Relations (led by Chris Tofalli), according to press releases and MergerLinks data.
Truelink Capital, a private equity firm, completed the acquisition of R/GA, the creative innovation company, from Interpublic Group, a provider of marketing solutions, according to press releases. Financial terms were not disclosed.
Interpublic Group was advised by Morgan Stanley, according to press releases and MergerLinks data.
Honeywell, an American multinational conglomerate producing commercial and consumer products, agreed to acquire Sundyne, a designer and manufacturer of mission critical flow control equipment, from Warburg Pincus, a private equity firm, for $2.16bn, according to press releases.
Khazanah Nasional Berhad, a Malaysian sovereign wealth fund, led a $111m Series E round in Turing, an AGI infrastructure company, with participation from WestBridge Capital, Sozo Ventures, UpHonest Capital, AltaIR Capital, Amino Capital, Plug and Play, MVP Ventures, Fortius Ventures, Gaingels, and Mastodon Capital Management, according to press releases.
TELEO Capital, a private equity firm, completed the acquisition of SOFTRAX, a provider of a revenue lifecycle management platform, from TELUS, a holding company and conglomerate, according to press releases. Financial terms were not disclosed.
Meta in talks to raise $35bn for data center financing led by Apollo. ( Bloomberg)
Meta is in discussions with Apollo Global Management, to secure $35bn in financing for data center expansion. The funding aims to support Meta’s growing AI infrastructure needs. In January, CEO Mark Zuckerberg announced plans to invest up to $65bn this year to expand AI capabilities.
Apollo is expected to provide a significant portion of the financing. Meta is also investing $10bn in an AI data center in Louisiana, collaborating with Entergy to power the facility with renewable energy.
Bain Capital mulls $10bn sale of Rocket Software. ( Reuters)
Private equity firm Bain Capital is weighing options, including a sale, for Rocket Software that could value the US automation software provider at as much as $10bn, including debt.
Bain's deliberations come as the artificial intelligence boom is forcing large corporations to increase their technology spending to upgrade outdated business software and automate more routine tasks.
Bain has tapped Moelis & Company and RBC Capital Markets to advise Rocket on its sale process, which is expected to launch in the coming weeks.
Private credit lenders in talks to fund $4.5bn for Walgreens buyout. ( Bloomberg)
Private credit lenders are negotiating a $4.5bn debt package to support Sycamore Partners’ potential buyout of Walgreens Boots Alliance, as part of a plan to separate the pharmacy retailer into distinct businesses.
HPS Investment Partners and Ares Management are among the lenders competing to finance what would be one of the largest leveraged buyout debt deals in over a decade.
Occidental divests Colorado assets to NGP Energy Capital for over $900m. ( Bloomberg)
Occidental Petroleum has sold its assets in Colorado's Denver-Julesburg Basin to NGP Energy Capital Management for over $900m. This divestment is part of Occidental's strategy to reduce debt following its $12bn acquisition of CrownRock in August 2024.
The company plans to use the proceeds from this sale, along with other divestitures totaling $1.2bn, to strengthen its balance sheet.
Forge Nano seeks funding at valuation of up to $900m. ( Bloomberg)
Forge Nano, a materials science startup spun out of the University of Colorado Boulder in 2013, is looking to raise new funding at a valuation of up to $900m.
Backed by GM Ventures, Volkswagen, and LG Technology Ventures, the company is working with an adviser to secure investment from new and existing investors. Forge Nano was previously valued at $336m.
Carlyle targets up to $5bn in exits as IPO market rebounds. ( PE Insights)
Carlyle Group is accelerating its exit strategy, aiming to generate up to $5bn from asset sales this year through IPOs and divestments, aligning with its 2024 performance.
The private equity firm expects dealmaking to gain momentum despite a slow start, supported by improving economic conditions and market stability. Carlyle’s private equity Co-Heads, Brian Bernasek and Steve Wise, see positive shifts in the US dealmaking environment, citing clearer interest rate outlooks, stabilizing inflation, and record-high stock market valuations.
Garnett Station Partners closes Fund 5.0 with $1.2bn in committed capital. (Press Release)
Garnett Station Partners has successfully closed its GSP 5.0 Fund, with $1.2bn in committed capital. The fund was significantly oversubscribed and reached its hard cap within four months, attracting commitments from both new and existing investors.
With Fund 5, the firm will continue its investment strategy, focusing on scaling businesses in consumer and business services, health & wellness, automotive, and food & beverage sectors. Garnett Station Partners now manages over $3.5bn in assets.
Coatue hires Blackstone’s Peter Wallace as co-president and head of private investments. ( Bloomberg)
Peter Wallace, a nearly three-decade veteran of Blackstone, is joining Coatue Management as co-president and head of private investments.
Following a garden leave period, he will begin alongside Carlyle Group alumnus Nathan Urquhart, who takes on the newly created role of co-president and head of strategy. Coatue co-founder Philippe Laffont announced the appointments in an investor letter.
EMEA
FCA approves CVC Capital, Nordic Capital and ADIA's £5.4bn acquisition of Hargreaves Lansdown.
FCA approves private equity firms CVC Capital, Nordic Capital and ADIA's £5.4bn acquisition of Hargreaves Lansdown, a financial service company based in Bristol. Completion of the acquisition remains subject to the court sanctioning scheme, according to press release.
Hargreaves Lansdown is advised by Barclays (led by Adrian Beidas and Alisdair Gayne), Deutsche Numis (led by Charles Farquhar and Derek Shakespeare), Fenchurch Advisory Partners (led by Richard Locke), Morgan Stanley (led by Gillian Sheldon), Freshfields Bruckhaus Deringer (led by Stephen Hewes and Claire Wills) and Brunswick Group (led by Nick Cosgrove and Joanna Donne). ADIA is advised by Goldman Sachs (led by Mark Sorrell), Linklaters (led by Christopher Boycott). Goldman Sachs is advised by Ashurst (led by Tom Mercer). CVC is advised by Latham & Watkins (led by Doug Abernethy, Suneel Basson-Bhatoa, and Kem Ihenacho) and FGS Global (led by Guy Lamming and Mike Turner). Nordic Capital is advised by Kirkland & Ellis (led by Keir MacLennan, Dipak Bhundia, David Higgins, Chris Connolly and Victoria Legg). RDV is advised by Gibson Dunn & Crutcher (led by Mark Sperotto and Edward Sopher), according to press releases and MergerLinks data.
BlackRock, an American multinational investment company, completed the acquisition of Preqin, an independent provider of private markets data, for $3.2bn, according to press releases.
Siparex Group, an independent French private equity specialist, agreed to acquire a majority stake in WVT Group, a pan-European hygiene solutions provider, from Sofindev, a Belgian private equity firm. Financial terms were not disclosed, according to press release.
WVT is advised by Roland Berger, Ramboll, Eight Advisory, Rothschild & Co, Garrigues, Lexence, Loschelder and Stibbe. Siparex is advised by Deloitte, Kumulus Partners and Liedekerke Wolters Waelbroeck Kirkpatrick, according to press releases and MergerLinks data.
Novo, Novo Nordisk Foundation's wholly owned holding company, agreed to invest in TA Associates-backed Biocomposites, an international medical devices company that engineers, manufactures and markets leading products for use in infection management in bone and soft tissue, according to press releases. Financial terms were not disclosed.
Biocomposites and TA Associates are advised by Alvarez & Marsal, Jamieson, Jefferies & Company, Goodwin Procter, Squire Patton Boggs and KPMG. Novo is advised by Kirkland & Ellis and Linklaters, according to press releases.
Pollen Street Capital, a UK-based private equity fund, agreed to acquire a 91% stake in OrderYOYO, an online ordering system for takeaways, for DKK860m ($120m), according to press releases.
OrderYOYO is advised by Stifel, Accura Advokatpartnerselskab and Grant Thornton (led by Jesper Skaarup Vestergaard). Pollen Street Capital is advised by Perella Weinberg Partners and Gorrissen Federspiel (led by Michael Wejp-Olsen), according to press releases and MergerLinks data.
Slate, a global alternative investment platform targeting real assets, completed the acquisition of 45 grocery properties located in Germany for €420m ($450m), according to press releases.
Slate was advised by Goodwin Procter, KPMG, Gleeds and REDEFINE Group, according to press releases.
Trive Capital, a Dallas-based private equity firm, completed the acquisition of a majority stake in Independent Forgings & Alloys, a UK-based manufacturer of open and closed-die forgings, from growth capital investor BGF. Financial terms were not disclosed, according to press release.
Independent Forgings was advised by Kroll (led by Dafydd Evans) and Knights. Trive Capital was advised by Willkie Farr & Gallagher (led by Brandon McCoy and David Arnold), according to press releases and MergerLinks data.
Ardian, a private equity firm, agreed to acquire an additional 10% stake in Heathrow airport from, private equity firms Ferrovial and CDPQ. Financial terms were not disclosed, according to press release.
Ardian is advised by RBC Capital Markets and Clifford Chance, according to press releases and MergerLinks data.
Mehiläinen, a medical and health services provider, completed the acquisition of InMedica, a healthcare network, from INVL Baltic Sea Growth Fund, a buyout fund, according to press releases. Financial terms were not disclosed.
InMedica was advised by Jefferies & Company, according to MergerLinks data.
BGF, an investment firm, completed the investment in OCL Vision, a premium ophthalmology group, according to press releases. Financial terms were not disclosed.
OCL Vision was advised by Rothschild & Co, according to press releases and MergerLinks data.
PAI Partners, a private equity firm, agreed to acquire an 80% stake in Motel One, a German hotel chain, for €2.6bn ($2.7bn), according to press releases.
Eurazeo, a French private equity firm, agreed to acquire a majority stake in Mapal Software, a European operational management software provider offering a comprehensive AI-powered SaaS platform, from PSG, a private equity firm, according to press releases. Financial terms were not disclosed.
Global insurers, asset managers prepare final bids for Viridium. ( Bloomberg)
Several leading insurers and asset managers are preparing final bids for Viridium Group, a German life insurance consolidator. The sale, initiated by private equity firm Cinven, is expected to value Viridium at approximately €3bn ($3.1bn).
Potential bidders include Athora, an affiliate of Apollo Global Management; Resolution Life, backed by Blackstone; and investment firm Sixth Street. Additionally, Fortress Investment Group, supported by Mubadala Capital, and BlackRock are considering a joint bid.
Viridium, based near Frankfurt, manages legacy life insurance portfolios with €67bn ($70bn) in assets under management. Cinven, which co-founded Viridium in 2014 with Hannover Re, has engaged Goldman Sachs and Fenchurch Advisory as advisors for the sale process.
Air France-KLM ready to meet Portuguese government's conditions for TAP privatisation. ( Reuters)
Air France-KLM has held positive discussions with the Portuguese government regarding its potential participation in the privatization of flag carrier TAP, CEO Ben Smith said on March 6.
Air France-KLM would move forward with the plan if the timing and conditions align, adding that the group would be committed to preserving TAP’s brand, network, and local jobs. Air France-KLM, Lufthansa, and British Airways owner IAG have all expressed interest in the privatization, which the Portuguese government aims to complete this year.
Saudi startup Ninja seeks pre-IPO funding at over $1bn valuation. ( Bloomberg)
Saudi Arabia-based quick commerce firm Ninja is in talks with investors to raise funds at a valuation exceeding $1bn.
Asset manager Riyad Capital is leading the investment round, which could close within the month.
Roko’s owners seek $500m in Stockholm IPO. ( Bloomberg)
The owners of Swedish investment firm Roko plan to raise SEK5.3bn ($502m) in what could be the Nordic region’s largest initial public offering in over three years.
Shareholders, including Mellby Gard Intressenter and Santhe Dahl Invest, are offering 2.6m shares at SEK2.05 ($0.2) each. Roko will not issue any new shares.
Novo Banco may do its IPO in the second quarter at the earliest. ( Bloomberg)
Novo Banco, the Portuguese lender majority-owned by Lone Star, said its planned initial public offering could take place in the second or third quarter of this year.
CEO Mark Bourke stated that if the capital structure is optimized in time, the IPO could happen in the second quarter. If the process takes longer, the listing may be pushed to the third quarter, following the summer.
CVC raises €4.6bn for longer-term private equity fund. ( Bloomberg)
CVC Capital Partners has raised €4.61bn ($4.8bn) for its latest private equity fund focused on longer-term investments.
CVC Strategic Opportunities III matches the size of its predecessor and extends beyond the typical four-to-five-year investment horizon in private equity. The fund targets defensive sectors, using less leverage in exchange for lower returns.
APAC
Partners Group, a Swiss-based global private equity firm, agreed to invest AUD1.2bn ($755m) in GreenSquareDC, an Australian company providing sustainable, affordable, and scalable AI Data Centre solutions, according to press releases.
GreenSquareDC is advised by Berkeley Advisory, RBC Capital Markets and Norton Rose Fulbright. Partners Group is advised by Alvarez & Marsal and Clifford Chance, according to press releases.
Trial, a Japanese holding company focused on distribution and retail businesses, agreed to acquire Seiyu, a Japanese supermarket chain, from KKR, a private equity firm, and Walmart, an American multinational retail corporation, for $2.5bn, according to press releases.
Seiyu and KKR are advised by UBS. Trial is advised by Citigroup, according to press releases.
BlackRock-TiL Consortium agreed to acquire an 80% stake in Hutchison Ports, a port operator group, from CK Hutchison, multinational conglomerate, for $19bn, according to press releases.
Blackrock is advised by Brunswick Group, according to MergerLinks data.
Private equity firms Partners Group and KKR led a $140m investment in Darwinbox, a global human resource technology platform, with participation from Gravity Holdings, according to press releases.
Darwinbox is advised by Avendus, according to press releases and MergerLinks data.
The Blackstone Group agreed to acquire a 60% stake in CMIC, a contract research organization that provides comprehensive end-to-end services across clinical trial phases and therapeutic areas, according to press releases. Financial terms were not disclosed.
The Blackstone Group is advised by Kekst CNC (led by Minako Otani), according to press releases.
Grab, Southeast Asia's leading superapp, agreed to acquire a majority stake in Everrise Departmental Stores, a supermarket chain in East Malaysia, from Navis Capital Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Everrise is advised by PricewaterhouseCoopers (led by Gregory Bournet) , according to press releases.
A.P. Moller Capital, an infrastructure fund manager, agreed to acquire a 40% stake in AC Logistics, a logistics company offering supply chain, freight forwarding and contract logistics solutions, from Ayala, a Philippine conglomerate, according to press releases. Financial terms were not disclosed.
Seven & i set to sell non-core business shares to Bain for $4.7bn. ( DealStreetAsia)
Bain Capital is nearing a deal to acquire Seven & i’s supermarket business. The two sides are finalizing transaction details, with an announcement expected soon.
Seven & i plans to hold a board meeting to vote on the deal. The transaction could value York, which includes supermarkets, restaurants, and other assets separated from Seven & i’s convenience store business, at over JPY700bn ($4.7bn).
KKR extends a $186m private loan to Australian clinics. ( Bloomberg)
KKR Group has provided an AUD300m ($186m) private credit loan to Family Doctor, a network of general practitioner clinics across Australia. The funding will be used to refinance existing debt and support the company’s expansion.
Founder and owner Dr. Rodney Aziz stated that Family Doctor plans to acquire more GP practices over the next two years, following the purchase of 32 clinics in 2024. The loan aims to facilitate the company’s growth strategy in the healthcare sector.
Advent seeks $300m loan for Ginko China takeover. ( Bloomberg)
Advent International is seeking a $300m equivalent loan to support its acquisition of contact lens maker Ginko International’s China operations.
The leveraged buyout loan, denominated in Chinese yuan, is expected to have a tenure of five to seven years. The proceeds will be used for offshore expenses related to Advent’s acquisition of Ginko’s mainland Chinese business.
Blackstone taps Citigroup to raise $200m for India deal. ( Bloomberg)
Blackstone, one of India’s largest landlords, is working with Citigroup to raise at least $200m to finance its acquisition of South City Mall in Kolkata.
The fundraising effort is part of Blackstone’s strategy to expand its retail property portfolio in India. Discussions are ongoing, and details may still evolve.
Prudential targets $12bn valuation for India JV listing. ( Bloomberg)
Prudential is considering a valuation of $12bn for ICICI Prudential Asset Management in a potential initial public offering. The company may file an initial draft prospectus for the Mumbai IPO as early as May.
Prudential has hired Citigroup to assist with the listing, which could raise $1bn. The company is evaluating a partial divestment of its stake in the asset management business, with plans to return the proceeds to shareholders.
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