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AMERICAS
Microsoft has not offered any remedies to EU antitrust regulators reviewing its proposed $69bn bid for "Call of Duty" maker Activision Blizzard ahead of an expected full-scale EU probe, Reuters reported.
The US software company is betting on the acquisition to help it compete better with leaders Tencent and Sony, with the latter being a critic of the deal.
The European Commission, scheduled to finish its preliminary assessment of the deal by November 8, said its website was up to date. The site showed that Microsoft had not provided concessions. Microsoft said it continues to work with the Commission on the next steps and to address any valid marketplace concerns, such as those voiced by Sony.
Celanese, a global chemical company, completed the acquisition of the mobility & materials unit of DuPont, a global innovation company with technology-based materials and solutions, for $11bn.
"The transaction with Celanese that we are announcing today will create a market-leading portfolio serving the automotive, consumer, and industrial markets with unmatched scale, manufacturing capability, and technical expertise. We are proud of the strength of these industry-leading businesses, which we believe will be even stronger when combined with the highly complementary portfolio of Celanese. We are excited for Celanese to partner with the team, and we are confident that together they will continue to drive industry-defining material science innovation to serve customers and the value chain," Ed Breen, DuPont Executive Chairman and CEO.
Celanese was advised by Bank of America, Baker McKenzie, Gibson Dunn & Crutcher (led by Darius Mehraban), Kirkland & Ellis (led by David Feirstein and Romain Dambre) and FGS Global. Bank of America was advised by Davis Polk & Wardwell and Shearman & Sterling (led by John A. Marzulli). DuPont was advised by Goldman Sachs, Eversheds Sutherland and Skadden Arps Slate Meagher & Flom (led by Brandon Van Dyke).
Cinven, a private equity investment firm, agreed to acquire TaxAct, a developer of tax preparation software and web-based services, from Blucora, a provider of technology-enabled financial services, for $720m. Cinven will bring the business together with the existing portfolio company Drake Software under a single holding company.
"Since investing in Drake in 2021, Cinven has set out to support the company's growth plans, including expanding its presence in the professional tax preparation market, renewing its technology platform and enhancing its product offerings for the benefit of Drake's tax professional customers. The addition of TaxAct's consumer tax preparation platform will further strengthen Drake's capabilities to anticipate and serve the needs of all types of customers as today's tax landscape becomes increasingly sophisticated. This transaction exemplifies Cinven's track record of working with companies to support their growth and capability expansion strategies, creating better products for customers and increasing opportunities for employees," Chris Good, Cinven Partner.
Cinven is advised by Evercore, JP Morgan, Ropes & Gray and Joele Frank (led by Jonathan Keehner and Woomi Yun). Blucora is advised by Centerview Partners, PJT Partners, Haynes and Boone, Sidley Austin and Gagnier Communications (led by Dan Gagnier).
Clearlake Capital and Siris Capital-backed Newfold Digital, a web and commerce technology company, completed the acquisition of MarkMonitor, an enterprise-level provider of domain management solutions, from Clarivate, an information services and analytics company, for $302m.
"As web presence needs continue to grow and evolve, domain management and protection is becoming more important. Companies need reliable partners and solutions that deliver results, and MarkMonitor is well-known for its expertise in serving the domain portfolio needs of some of the most sophisticated digital companies in the world, making it a natural fit for our family of web technology brands," Sharon Rowlands, Newfold Digital CEO.
Newfold Digital was advised by BNP Paribas, Deutsche Bank, JP Morgan, Mizuho Securities, RBC Capital Markets, UBS and Sidley Austin (led by Mehdi Khodadad, Vijay S. Sekhon and Matthew Stoker). Clarivate was advised by Evercore and Blank Rome.
Dessert Holdings, a North America’s premium dessert company, completed the acquisition of Dianne’s Fine Desserts, a provider of premium frozen thaw-and-serve desserts, from Geneva Glen Capital, a Chicago-based private equity firm. Financial terms were not disclosed.
“Dianne’s possesses a distinctive set of product capabilities and customer relationships that are highly complementary with Dessert Holdings. Dianne’s has an exceptional, innovative team that we are thrilled to welcome to the Dessert Holdings family,” Paul Lapadat, Dessert Holdings CEO.
Dianne’s Fine Desserts was advised by RSM International, Lazard and Katten Muchin Rosenman. Dessert Holdings was advised by PricewaterhouseCoopers, William Blair & Co, Ropes & Gray and Stanton PRM (led by Charlyn Lusk).
JAB-backed Independence Pet Group, a full-stack pet insurance platform, completed the acquisition of Crum & Forster Pet Insurance Group, a provider of pet health insurance, and Pethealth, a provider of animal management software, from Fairfax Financial, a company engaged in property and casualty insurance and reinsurance and the associated investment management, for $1.4bn.
"JAB has had an outstanding track record over the past 10 years, and we expect this to continue. While we have sold our pet insurance business to JAB, we will invest $200m in their JCP V to become their partners. We expect JAB to soon become leaders in pet healthcare and pet insurance globally. We wish them much success," Prem Watsa, Fairfax Founder, Chairman and CEO.
JAB was advised by Goldman Sachs, Borden Ladner Gervais (led by Carlos Cerqueira and Donna Spagnolo), Skadden Arps Slate Meagher & Flom (led by Jon Hlafter) and Abernathy MacGregor Group (led by Tom Johnson). Fairfax Financial was led by Morgan Stanley and Shearman & Sterling.
HIG Capital, a private equity and alternative assets investment firm, completed the acquisition of the distribution business of Avient, a global provider of sustainable and specialized material solutions, for $950m.
"As expected, there were multiple buyers interested in acquiring the Distribution business, and it was a competitive process. Ultimately, we selected HIG Capital based on the strength of their proposal, which values the business at approximately 10x LTM EBITDA and includes no financing contingencies. We are also confident that HIG will make an excellent home for the Distribution business and a good partner for Avient as both a supplier and a customer," Robert M. Patterson, Avient Chairman, President and Chief Executive Officer.
Management team completed the acquisition of Pzena Investment Management, an investment management company, for $795m. PZN Class A common stock holders received $9.6 per share in cash, representing a premium of 49%.
"We are excited to begin this new chapter for our firm after 15 years as a public company. I would like to thank the Special Committee for its work in reaching this agreement. We believe the transaction is in the best interest of Pzena's Class A stockholders and will enhance our ability to achieve investment excellence on behalf of our clients," Richard Pzena, Pzena CEO.
Pzena Investment Management was advised by Ardea Partners, CastleOak Securities and Wachtell Lipton Rosen & Katz (led by Andrew Nussbaum and Nicholas G. Demmo). Pzena Investment was advised by JP Morgan and Milbank (led by Scott Golenbock). JP Morgan was advised by Latham & Watkins (led by Jane Summers).
XPO Logistics, an American freight transportation company that primarily provides less-than-truckload and truck brokerage services in 18 countries, completed the spin-off of its high-tech truck brokerage business. Financial terms were not disclosed.
"Our two core businesses of North American less-than-truckload and tech-enabled truck brokerage are industry-leading platforms in their own right, each with a distinct operating model and a high return on invested capital. We believe that by separating these businesses through a spin-off, we can significantly enhance value creation for our customers, employees, and shareholders, as we did with our successful spin-off of GXO last year," Brad Jacobs, XPO Logistics Chairman and CEO.
XPO Logistics was advised by Bank of America, Goldman Sachs, Morgan Stanley, Paul Weiss Rifkind Wharton & Garrison (led by Steven Williams), Wachtell Lipton Rosen & Katz (led by Adam Emmerich and Viktor Sapezhnikov) and Kekst CNC.
Francisco Partners, a global investment firm, completed the investment in TouchBistro, a restaurant management platform transforming the restaurant category, for $110m.
“Our industry leading technology, optimized business model, and uncompromising focus on our customer experience has us well-positioned to accelerate our growth in the vast restaurant and hospitality sector throughout North America and beyond. Francisco Partners shares our enthusiasm about the growth potential for TouchBistro and our customers. In addition to providing us with access to capital, Francisco Partners also has significant domain expertise and industry connections that will enhance and accelerate our growth trajectory and acquisition plans,” Samir Zabaneh, TouchBistro CEO and Chairman.
TouchBistro was advised by RBC Capital Markets, Stikeman Elliott and Boulevard Public Relations. Francisco Partners was advised by Akin Gump Strauss Hauer & Feld and Sloane & Company (led by Whit Clay).
Franklin Templeton, an investment firm, completed the acquisition of Alcentra, a manager of private debt, from BNY Mellon, an investment banking services holding company. Financial terms are not disclosed.
“We’re delighted to announce the acquisition of Alcentra and look forward to welcoming its talented team to our firm. We have been deliberate in building our alternative asset management capabilities over recent years and the acquisition of Alcentra is an important aspect of our alternative asset strategy – the expansion into alternative European credit. Alternative investments represent a significant diversification tool for our clients and an area of increasing importance for both individual and institutional investors. This acquisition expands our long-standing relationship with BNY Mellon, and we are pleased that the structure of the transaction achieves objectives for both Franklin Templeton and BNY Mellon in the context of current market conditions," Jenny Johnson, Franklin Templeton President and CEO.
Franklin Templeton was advised by Morgan Stanley, UBS and Willkie Farr & Gallagher (led by Dave Boston and Danielle Scalzo). BNY Mellon was advised by Ardea Partners and Sullivan & Cromwell (led by Mitchell S. Eitel).
Mars Petcare, a provider of high quality, science-backed nutrition and therapeutic health products, agreed to acquire Champion Petfoods, a manufacturer of specialty pet food products, from investment management firms Bedford Capital and Healthcare of Ontario Pension Plan. Financial terms were not disclosed.
"We are thrilled to welcome Champion Petfoods and its more than 800 talented people to the Mars Petcare family. The Champion Petfoods team has been a pioneer in developing high-quality and premium pet food in the natural category that pet lovers around the world trust. Together, we will be even better positioned to support pet lovers and fulfill our Purpose to create A BETTER WORLD FOR PETS," Ikdeep Singh, Mars Pet Global President.
Champion Petfoods is advised by Morgan Stanley, Bennett Jones and Torys. Mars Pet Global is advised by JP Morgan and Skadden Arps Slate Meagher & Flom.
Johnson & Johnson, a health care company, agreed to acquire Abiomed, a provider of medical technology that provides circulatory support and oxygenation, for $16.6bn.
“The addition of Abiomed is an important step in the execution of our strategic priorities and our vision for the new Johnson & Johnson focused on Pharmaceutical and MedTech. We have committed to enhancing our position in MedTech by entering high-growth segments. The addition of Abiomed provides a strategic platform to advance breakthrough treatments in cardiovascular disease and helps more patients around the world while driving value for our shareholders,” Joaquin Duato, Johnson & Johnson CEO.
Abiomed is advised by Goldman Sachs and Sullivan & Cromwell (led by Matthew G. Hurd and Robert W. Downes). Johnson & Johnson is advised by JP Morgan and Cravath Swaine & Moore.
SEE, a provider of food packaging products, agreed to acquire Liquibox, a producer of bag-in-box packaging and related filling equipment systems, for $1.15bn.
"We look forward to partnering closely with the team at SEE. This will be a new chapter for Liquibox – a chance to accelerate innovation and bring sustainable packaging solutions to more customers and geographies," Ken Swanson, Liquibox President and CEO.
Warburg Pincus-backed Citeline, a provider of specialist intelligence, data, and software for clinical trials, drug development, and regulatory compliance, completed the merger with Hg and Welsh Carson Anderson & Stowe-backed Norstella, an organization that helps life sciences companies navigate the complexities of the drug life cycle, in a $3.9bn deal.
"Accelerating innovation and ensuring that every patient gets the therapy that they need is our North Star. By bringing clinical and commercial intelligence together - along with real-world data - the combined company will be well positioned to deliver on its mission," Mike Gallup, Norstella CEO.
Citeline was advised by Jefferies & Company. Norstella was advised by Deutsche Bank (led by Nick Richitt) and Skadden Arps Slate Meagher & Flom (led by Richard Youle).
Whirlpool, an American multinational manufacturer and marketer of home appliances, completed the acquisition of InSinkErator, a manufacturer of food waste disposers and instant hot water dispensers for home and commercial use, from Emerson Electric, a global technology and engineering company, for $3bn.
"We are excited for the unique opportunity to add InSinkErator to our portfolio of leading brands. The acquisition is a clear accelerator of our ongoing portfolio transformation and aligned with our stated goals of investing in high-growth and high-margin businesses and Win Americas. InSinkErator is not only an iconic brand with a reputation for the highest quality and performance but also a business that is purpose-driven and shares our vision of improving life at home. We look forward to capitalizing on the significant growth opportunities we see for this business," Marc Bitzer, Whirlpool Chairman and CEO.
A federal judge blocked Bertelsmann-backed Penguin Random House, a company that prints and publishes books, from acquiring rival book publisher Simon & Schuster for about $2.2bn, agreeing with the Justice Department that the planned merger would unlawfully lessen competition.
US District Judge Florence Pan accepted the Justice Department's arguments that some writers would likely be harmed if Penguin Random House was allowed to acquire another of the five largest book publishers in the US, WSJ reported.
"The Court finds that the United States has shown that the effect of the proposed merger may be substantially to lessen competition in the market for the US publishing rights to anticipated top-selling books," Florence Pan.
Campari Group, a firm operating in the global spirits industry, agreed to acquire a 70% stake in Wilderness Trail Distillery, a super premium bourbon and rye whiskey brand, for $420m.
"We are thrilled about our partnership with Campari Group. Premium bourbon and rye whiskies and state-of-the-art production facilities coupled with worldwide distribution, first-class marketing, and expertise across multiple spirit categories provide the perfect foundation for the continued success of the Wilderness Trail brand and ensure it will be enjoyed around the world for years to come. This is a win-win situation for both parties, and we are very proud of this partnership and what we can achieve together with our shared vision," Shane Baker and Pat Heist, Wilderness Trail Distillery Co-Founders.
Campari is advised by McDermott Will & Emery. Wilderness Trail Distillery is advised by William Blair & Co and Benesch Friedlander Coplan & Aronoff.
Brenntag-backed Coastal Chemical, a firm serving the upstream, midstream, and downstream segments of the oil and gas industry, agreed to acquire Tech Management from Clearlake-backed Gravity, a provider of energy infrastructure services. Financial terms were not disclosed.
"There is a strategic fit between Brenntag and Tech Management, and this sale allows Gravity to increase its efforts on its core, growth-focused water logistics, and power generation business lines for customers operating primarily in the Permian, the Bakken, and other key basins," José E. Feliciano and Colin Leonard, Clearlake Co-Founder and Managing Partner and Partner and Managing Director.
Clearlake is advised by Lambert & Co (led by Jennifer Hurson). Clearlake and Gravity are advised by PPHB Energy Investment Banking and Vinson & Elkins.
zTrip, a technology-based, North American-wide transportation company, agreed to go public via a SPAC merger with Spree Acquisition 1 in a $251m deal.
"We are very excited to announce the merger with zTrip. zTrip is the largest taxi operator in North America, led by Mr. Bill George, who has over 35 years of experience in the taxi industry. zTrip's unique offering and management skills, together with its EBITDA profitability, put it in a great position in this fragmented industry. By using the public market, zTrip can achieve significant growth in the coming years," Steve Greenfield, Spree Chairman.
zTrip is advised by Stinson. Spree Acquisition 1 is advised by McDermott Will & Emery.
JTC, a global professional services business, completed the acquisition of New York Private Trust, a Delaware non-deposit trust company. Financial terms were not disclosed.
"We are delighted to announce the proposed acquisition of New York Private Trust, subject to final regulatory approvals. NYPTC is a high-quality private client business that will expand our existing US footprint and support our ambitions to create a market-leading US domestic trust business. The NYPTC team have an outstanding reputation for delivering the highest levels of client service and taking an innovative approach across a broad spectrum of asset classes. In anticipation of formal completion, we extend a warm welcome to our new colleagues and clients," Nigel Le Quesne, JTC CEO.
Clariant, a Swiss specialty chemicals maker, completed the acquisition of North American assets of BASF, a German multinational chemical company, for $60m.
"This acquisition fits very well with our growth strategy to grow through sustainability-focused innovations and bolt-on acquisitions. This acquisition will further nicely extend the footprint of our Functional Minerals business in North America and will further improve Clariant's position in renewable fuels purification," Conrad Keijzer, Clariant CEO.
Albertsons says it planned $4bn payout before Kroger deal.
Washington, DC, Attorney General Karl Racine and attorneys general from Arizona, California, Idaho, Illinois and Washington State last week asked Albertsons to hold off on the dividend while they review the pending merger, saying it could be a “massive improper giveaway to certain shareholders” and could put the company into a difficult financial situation should Kroger’s planned takeover of Albertsons be blocked.
Chinese insurer is in talks to sell Four Seasons Jackson Hole. (RE)
Dajia Insurance Group, an insurance services provider, which took over most of the operations of China’s Anbang Insurance Group, is nearing deals to sell luxury hotels in Scottsdale, Arizona, and Jackson Hole, Wyoming.
Braemar Hotels & Resorts, a real estate investment trust company, is acquiring the Four Seasons Resort Scottsdale at Troon North. The property, which sits next to an acclaimed golf course and includes land that can be used to expand the hotel, is changing hands for about $268m, Bloomberg reported.
Apollo Global hires Anchorage Digital as crypto custodian. (FS)
New York-based private-equity firm Apollo Global Management has chosen Anchorage Digital to be its custodian for crypto assets.
Anchorage, which became the first federally chartered crypto bank in the US last year, said it expects to hold a “significant portion” of Apollo’s digital-asset portfolio. Apollo, which has $513bn in assets under management, ventured into the cryptocurrency industry this year, hiring former JP Morgan executive.
Wafra raises $1.5bn to acquire minority stakes in alt asset managers. (FS)
Wafra, an investment firm, has raised $1.5bn for its fourth flagship fund which will look to acquire minority stakes in alternative asset managers, including private equity firms.
Backing for the new fund came from a consortium of institutional investors from across North America, Europe and the Middle East, and part of a joint venture called Capital Constellation, which launched in 2018 and has previous invested about $3bn in Wafra's existing three funds that invest in alt asset managers.
Providence Real Estate announced a $100m fundraise. (FS)
Providence Real Estate, a multifamily owner-operator, announced the final close of its most recent private equity fund, the Providence Multifamily REIT and its affiliated entities. The fund raised approximately $85m in commitments from investors throughout the United States, Europe, South America, and Asia. In addition, the fund has raised over $15m in co-investments.
“We are very pleased with the fundraising outcome for the Providence Multifamily REIT that was conducted during a uniquely challenging period that spanned the entire Covid-19 pandemic and the following inflationary period. While a complicated capital raising environment, investors remained hungry for investment opportunities with fund sponsors and operators who have long track records of profitable multifamily investments throughout a variety of challenging environments," Alan Pollack, Providence CEO.
EMEA
Redwire, a company in critical space infrastructure for the next generation space economy, completed the acquisition of QinetiQ Space, a Belgium-based commercial space business. Financial terms were not disclosed.
“We are thrilled to complete our acquisition of Space NV and close this important financing with Bain Capital and AEI. This is another step toward demonstrating that Redwire is a pure play public space platform that can effectively scale through organic and inorganic growth to achieve operating leverage for the business. Space NV adds significant flight heritage, innovation, profitable topline growth, broader access to addressable markets and a significant backlog. The addition of Space NV and the growth capital from Bain Capital and AEI leave us well positioned for the future,” Peter Cannito, Redwire Chairman and CEO.
Redwire was advised by Jefferies & Company and Kirkland & Ellis. QinetiQ Space was advised by Kroll and Osborne Clarke.
Sandvik, an engineering group, completed the acquisition of the mining part of Schenck Process Group, a measuring and process technology provider. Financial terms were not disclosed.
"SP Mining's proven range of high-capacity screens and feeders will complement the Sandvik product range and enhance our position among key customer groups within mining rock processing. The transaction also gives Sandvik access to a broadened screening media offering, which will add significant potential to our aftermarket business", Anders Svensson, Sandvik Rock Processing Solutions President.
3i, a British multinational private equity, and venture capital company, completed the acquisition of an additional 48% stake in TCR, a ground support equipment supplier company, from DWS, a German asset management company, for £334m ($407m).
"TCR's business model proved to be highly resilient during the Covid-19 pandemic. We look forward to continuing to support management to deliver on the company's global growth potential and are delighted to be acquiring our co-investors share of the business," Richard Laing, 3i Infrastructure Chair.
3i was advised by Latham & Watkins (led by Brendan Moylan). DWS was advised by Morgan Stanley.
Aramis Group, a company for B2C online used car sale, agreed to acquire Cazoo Trading Italy from Cazoo, a British online car retailer. Financial terms were not disclosed.
For Cazoo, this transaction provides the opportunity, in line with its previously announced plans to withdraw from mainland Europe, to quickly exit from the Italian market, contributing to its plan to reach profitability without the need for further external funding.
Credit Suisse is not for sale, Chairman says.
Any bargain hunters hoping to snap up Credit Suisse now that the lender’s revamp has pushed its stock down yet again may find themselves getting short shrift in Zurich, Bloomberg reported.
“We are going to thrive again, so we don’t have any takeover discussions. We want to stay independent," Axel Lehmann, Credit Suisse Chairman.
Dubai raises Empower IPO size by 50% on strong demand.
Dubai increased the size of Emirates Central Cooling Systems’ initial public offering by 50% after drawing strong investor demand, in line with a trend that’s seen the Middle East become a bright spot for listings globally this year.
Shareholders Dubai Electricity & Water Authority and Emirates Power Investment will now sell 1.5bn shares - a 15% stake - in the IPO. The listing will now raise as much as $543m.
APAC
Poseidon Acquisition, an entity formed by Fairfax Financial, a financial holding company, the Washington Family, David Sokol, Atlas Chairman, and Ocean Network Express, a Japanese container transportation, and shipping company, agreed to acquire the remaining 32% stake in Atlas, a global asset manager that owns and operates the businesses in which it invests, for $3.5bn.
"We believe this transaction with Poseidon is an exciting culmination of those efforts for our shareholders. As we look at the industry's trajectory, we believe the financial, operational, and strategic flexibility we will gain as a privately held company with this group of owners and investors will position Atlas, our employees, and customers for greater opportunity. This transaction is a testament to our team's unwavering commitment to customers and consistent execution. I look forward to continuing to work with David and the rest of the Atlas team as we continue our progress, including preparing for the launch of our new vessel fleet, which we expect to be fully delivered by 2024," Bing Chen, Atlas President and CEO.
Atlas is advised by Morgan Stanley, Gibson Dunn & Crutcher, Morris Nichols and Joele Frank (led by Jim Golden and Nicholas Lamplough). Fairfax Financial is advised by Torys. Washington Family is advised by K&L Gates. ONE is advised by Citigroup and Latham & Watkins. Poseidon Acquisition and David Sokol are advised by Honigman Miller Schwartz & Cohn.
CCV-backed Perfect, a beauty tech solutions provider, went public via a SPAC merger with Provident Acquisition in a $1bn deal. Investors in PIPE included Chanel, CyberLink, Shiseido and Snap.
"Perfect's global leadership in AR and AI technology, its proven track record of success in working with the world's leading beauty brands, its high revenue growth and expanding profit margins, and its attractive valuation make it a perfect fit for our business combination. Leveraging our team's expertise in founding and building businesses to large scales and our extensive network in the beauty industry, we are committed to working together with Perfect's highly experienced management team to expand its market reach, develop new verticals, extend market leadership, and deliver superior returns for its shareholders," Michael Aw, Provident CEO.
Perfect was advised by Goldman Sachs, Sullivan & Cromwell (led by Ching-Yang Lin) and ICR (led by Robin Yang). Shiseido was advised by Jones Day (led by David A. Grubman). Provident Acquisition was advised by Barclays, Citigroup, Davis Polk & Wardwell (led by James C. Lin) and Tokyo International Law Office. Financial advisors were advised by Latham & Watkins.
Sixth Street, a global investment firm, and BGH Capital, an Australia and New Zealand-focused private equity firm, agreed to acquire the remaining 79.66% stake in Pushpay, a cloud-based online payment solution provider, for $743m.
"Pushpay will continue to focus on serving its Customers and achieving its mission of being the preferred provider of mission-critical software to the US faith sector. The Company remains focused on investing in its customer service and product suite to accelerate and continue the growth opportunities the management team identifies for the business, which is a broad strategy for which both our Board and Sixth Street / BGH Consortium have indicated ongoing support," Molly Matthews, Pushpay CEO.
Sixth Street and BGH Capital are advised by Willkie Farr & Gallagher. Pushpay is advised by Goldman Sachs, Harmos Horton Lusk and Shearman & Sterling.
Contemporary Amperex Technology, a company that engages in the research, development, manufacturing, and sale of EV battery and energy storage battery systems, agreed to acquire a 24.68% stake in China Molybdenum, a firm engaged in the mining and processing smelting, deep processing, trade, research, and development of molybdenum, tungsten, copper, gold, and other precious and base metals, for $913m.
The move comes as battery producers and new energy vehicle makers rush to secure battery raw materials resources like lithium, cobalt, and nickel amid the rapid development of the new energy sector.
ASSA ABLOY, a company in access solutions, completed the acquisition of D&D Technologies a designer and manufacturer of premium gate hardware. Financial terms were not disclosed.
"I am very pleased to welcome D&D Technologies into the ASSA ABLOY Group. The company will reinforce our current offering within gate hardware and will provide complementary growth opportunities," Nico Delvaux, ASSA ABLOY President and CEO.
Leidos, a technology, engineering, and science solutions and services company, completed the acquisition of the Australian special mission business from Cobham, a British aerospace manufacturing company. Financial terms were not disclosed.
"We are excited and eager to formally welcome Cobham's Special Mission team to the Leidos family. Bringing in the Special Mission business will build on our global airborne ISR capabilities while providing new opportunities for growth. Together with Leidos Australia leadership, I look forward to working with this talented team," Roger Krone, Leidos Chairman and CEO.
China Merchants exploring takeover bid for Bain’s Chindata. (FS)
China Merchants Group is exploring a takeover offer for Chinese data center operator Chindata Group, Bloomberg reported.
The state-owned conglomerate has been studying a potential bid for the Bain Capital-backed business. China Merchants Group has reached out to prospective investors including infrastructure funds about backing a deal.
Telkom exploring deals for $1bn data center unit.
State-owned phone carrier Telkom Indonesia is considering introducing investors to its data center business amid increasing interest for digital infrastructure assets, Bloomberg reported.
The Jakarta-listed telecom giant has held initial talks with prospective investors and could seek a valuation of more than $1bn for the operation in a deal. Options under consideration include selling a minority stake in the data center unit. The company said last year it was planning an initial public offering for the business in 2023.
Ocado enters South Korea with Lotte Shopping deal.
Ocado, the British online supermarket and technology group, has entered the South Korean market through a partnership deal with Lotte Shopping.
The deal will see Ocado and Lotte develop a network of robotic warehouses, or Customer Fulfilment Centres as Ocado calls them, across the South Korean market to expand the retailer’s online shopping business.
CIFI suspends all offshore debt payments, starts restructuring process.
Shanghai-based property developer CIFI has suspended payments on all of its offshore debt after it failed to reach an agreement with creditors to which it owes payments of $414m.
CIFI has engaged Haitong International Securities Company as financial advisor and Linklaters as legal adviser to facilitate a restructuring of its $6.85bn offshore debt, as it is likely to come under continued pressure to generate sufficient cash flows for repayments.
Credit Suisse and CICC picked for Beijing United GDRs.
Chinese e-commerce platform Beijing United Information Technology has selected banks for a sale of global depositary receipts in Switzerland that could raise about $500m, Bloomberg reported.
The Shanghai-listed company is working with China International Capital and Credit Suisse on the potential share sale. A listing could happen as soon as end of this year.
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