Novelis, the world leader in aluminum rolling and recycling, announced that the European Commission had approved its proposed acquisition of Aleris.
The approval is conditioned upon the sale of Aleris' plant in Duffel, Belgium, which produces aluminum for the automotive and specialties markets. Novelis is working expeditiously to market the plant to potential buyers, with the chosen counterparty and the definitive agreement for divestiture subject to European Commission approval.
With this conditional approval in the European Union, as well as a clear path forward for support in the US, Novelis continues to work closely with the Chinese State Administration for Market Regulation to receive its support.
"Today's announcement is another step forward in bringing Novelis and Aleris together, which will benefit our customers, employees, and the aluminum industry as a whole. Overall, this transaction will strengthen our ability to compete against steel in the automotive market, meet growing customer demand for aluminum, achieve our recycling goals, and bolster our sustainability platform worldwide. In addition, it will further enhance our strategic position in Asia and diversify our overall product portfolio."Steve Fisher, Novelis President, and CEO.
Aleris is advised by Deutsche Bank, Moelis & Co, and Fried Frank. Novelis is advised by Goldman Sachs and Latham & Watkins.
Brookfield Business Partners agreed to acquire Teekay Offshore Partners, a leading international midstream service provider. According to the merger agreement, the Brookfield Consortium will acquire by merger all of the outstanding publicly held standard units representing limited partner interests of the partnership not already held by the Brookfield Consortium in exchange for $1.55 in cash per common unit.
Teekay Offshore Partners is a leading international midstream services provider to the offshore oil production industry, primarily focused on the ownership and operation of critical infrastructure assets in offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Teekay Offshore has consolidated assets of approximately $5.2bn, comprised of 58 offshore assets, including floating production, storage, and offloading units, shuttle tankers (including seven new buildings), floating storage and offtake units, long-distance towing and offshore installation vessels, and a group for maintenance and safety. The majority of Teekay Offshore’s fleet is employed on medium-term, stable contracts.
Teekay is advised by Evercore Group and Potter Anderson & Corroon. Brookfield is advised by Kirkland & Ellis.
Blackstone Group completed the acquisition of Vungle, a leading performance marketing platform for in-app video advertisements on mobile devices. Financial terms were not disclosed, but the price is rumored to be about $750m.
Vungle is trusted by publishers of more than 60k mobile apps worldwide, including top brands such as Rovio, Zynga, Pandora, Microsoft, and Scopely, among others. The company serves more than 4bn video views per month over a billion unique devices and is consistently ranked #1 for cross-platform user retention by industry mobile performance indexes. Vungle is headquartered in San Francisco, with offices in London, Berlin, Beijing, Tokyo, Singapore, and Seoul.
"As a best-in-class performance marketing platform, Vungle represents a key growth engine for the mobile app ecosystem. Our investment will help deliver on the company's tremendous growth potential, and we look forward to partnering with management to extend Vungle's strength across mobile gaming and other performance brands." Sachin Bavishi, Blackstone Principal.
Vungle was advised by Goldman Sachs and DLA Piper. Blackstone was advised by Guggenheim Securities and Simpson Thacher & Bartlett.
TELUS agreed to acquire ADT Security Services Canada from ADT, the number one smart home security provider serving residential and business customers, for approximately C$700m ($528m) in cash, subject to certain adjustments. The transaction comprises all of ADT Canada’s operations and assets.
“Opportunities continue to develop for ADT in the areas of smart home integration, the expansion of the home security business into new demographics, and ADT’s growth in commercial security. The sale of our more capital intensive Canadian operations enables us to sharpen our focus on the exciting growth and higher margin opportunities in the US, where we can more efficiently invest our time and resources. Importantly, these emerging opportunities are ideal for leveraging the trusted ADT brand as we continue generating strong free cash flow to drive shareholder value over the long term.” Jim DeVries, ADT President, and CEO.
ADT is advised by RBC Capital Markets, Barclays and Osler, Hoskin & Harcourt.
Brookfield Business Partners, a leading business and industrial services firm, acquires a 45% stake in BrandSafway, a leading provider of infrastructure services from Clayton, Dubilier & Rice, a leading private investment firm. Financial terms were not disclosed.
As a result of the investment, Brookfield and funds managed by CD&R will each own approximately 45% of the company. BrandSafway management will continue to own a minority interest in the business.
“Brookfield has a long history partnering with BrandSafway across our various operating platforms. We are very excited about the opportunity to work with Company leadership and our partners at CD&R to continue growing the business.” Cyrus Madon, Brookfield CEO.
Debevoise & Plimpton is advising Clayton, Dubilier & Rice.
Glacier Bancorp agreed to acquire State Bank, the Lake Havasu City-based holding company for State Bank of Arizona and its divisions, Mohave State Bank and Country Bank. It is estimated that the merger consideration will have a total aggregate value of $135m.
Pending shareholder and regulatory approval, State Bank of Arizona and its affiliated bank divisions will officially be under the Glacier Bancorp umbrella late in the Fourth Quarter of 2019 or early in the First Quarter 2020. This acquisition will see State Bank of Arizona merge into Glacier's current Arizona bank franchise, Foothills Bank. The combined entity will operate as Foothills Bank, Division of Glacier Bank, continuing its over 20 year legacy of providing Arizona communities with personalized, local expertise and exceptional service.
"This partnership is an enormous benefit to our shareholders, a team of professionals, and our communities. We believe this is a natural fit that increases our resources to serve clients with exceptional service and strengthens our commitment to continue building a community banking franchise in Arizona. Further, this provides our shareholders with liquidity and significantly enhances our long-term strategic capabilities." Brian M. Riley, State Bank President, and CEO.
Glacier was advised by Keefe, Bruyette & Woods, Stifel, and Miller Nash Graham & Dunn. State Bank was advised by D.A. Davidson & Co and Hogan Lovells.
Addus HomeCare, a provider of comprehensive home care services, completed the acquisition of Hospice Partners of America, a multi-state provider of hospice services, headquartered in Birmingham, Alabama, for $130m.
Hospice Partners of America currently serves an average daily census of approximately 1k patients through 21 locations across Idaho, Kansas, Missouri, Oregon, Texas, and Virginia, with annualized revenue of around $55m.
"We are very pleased to announce our agreement to purchase Hospice Partners of America, an established provider of hospice services in multiple states. This acquisition is consistent with, and supports our strategy of adding hospice services in markets where we already have a personal care presence." Dirk Allison, Addus President, and Chief Executive Officer.
Citizens Holding, the parent company of The Citizens Bank of Philadelphia, has completed its merger with Charter Bank, effective October 1, 2019. The combined company now has approximately $1.2bn in total assets, with 28 offices spread throughout Mississippi. Financial terms were not disclosed.
Charter has 4 locations throughout the Mississippi Gulf Coast region. Charter had approximately $154m in total assets, roughly $104m in loans, and $128m in total deposits.
"This merger expands our presence on the Mississippi Gulf Coast, and we also believe this merger will benefit both Charter's and our existing clients with expanded locations, services, and products. We look forward to building an even stronger community bank with Charter being a part of the Citizens Bank family," Gregory L. McKee, Citizens President & Chief Executive Officer.
Citizens is advised by Keefe, Bruyette & Woods, Baker, Donelson, Bearman, Caldwell & Berkowitz. Charter is advised by FIG Partners and Butler Snow.
CoStar Group, the leading provider of commercial real estate information, analytics and online marketplaces, announced that it plans to acquire STR for $450m in cash, subject to adjustments in the definitive agreements.
STR was founded in 1985 as Smith Travel Research to provide performance benchmarking and comparative analytics to hotels. Over the past 34 years, STR has grown its data assets, product offerings, and geographic reach to become the gold standard in the global hospitality industry for premium data analytics, performance benchmarking, and market insights.
“The STR team has built an extraordinary company that partners with the hotel industry to create benchmarks and analytics that are the primary tools hotel management, and investors rely on to optimize and improve their assets. STR brings an unrivaled reputation within the global hospitality industry for their data integrity, reliability and strict confidentiality, and we look forward to continuing to build on these core values in the next chapter of STR’s growth.” Andrew C. Florance, CoStar Group Founder, and Chief Executive Officer.
Integrity Marketing Group, the nation's largest independent distributor of life and health insurance products to the Senior Market, agreed to acquire Drennan Insurance Marketing, an insurance marketing organization headquartered in Little Rock, Arkansas. As part of the deal, the Drennan family will become owners of Integrity. Financial terms were not disclosed.
Drennan Insurance Marketing is one of the oldest and most respected insurance brokerage agencies in the Southeast. The company provides a full spectrum of products for the senior market, including Medicare Advantage, Medicare Supplements, final expense, long term care, and annuities.
"Larry and his family have built an enduring legacy through their commitment to service and family values. Drennan Insurance Marketing is highly respected in the Senior Market, and we're thrilled to bring them on board as we further expand Integrity's presence in the region." Bryan W. Adams, Integrity Co-Founder & CEO.
VT Group, a premier technology integrator and C4ISR solutions provider, agreed to acquire DELTA Resources, a rapidly growing firm of 350 highly skilled professionals specializing in naval systems engineering and technical services for the US Navy's most critical shipbuilding and Fleet modernization programs. Financial terms were not disclosed.
"I am immensely proud of the DELTA Resources team, their commitment to our customers, and the business we've built together. This combination is the next chapter in our story. VT Group and DELTA Resources share a common vision, compatible cultures, complementary capabilities, and a customer-focused team of talented professionals." Maria Proestou, DELTA Resources founder and Chief Executive Officer.
WolfPoint Group agreed to acquire Gibbco. Both companies specialize in local sales representation, consulting and marketing services, with a focus on managing their clientele’s business interests at Target, Best Buy, and other major US retailers. Financial terms were not disclosed.
“This major step sustains the rich heritage of Gibbco and strengthens it with WolfPoint’s growing market position. The combined entity will have an improved ability to pursue new market opportunities while continuing to provide outstanding customer and vendor service” Randy Preuss, Gibbco President.
Airbnb goes for direct listing over traditional IPO.
Ahead of the 2020 market debut, Airbnb is planning to use a direct listing rather than a standard IPO, following the footsteps of Slack and Spotify. A direct listing would keep the home-share company from paying millions of dollars in fees to a partnering bank, and not require the issuance of any new shares that would water down the share price.
Airbnb is privately valued at $31bn and would be among the most significant newly public companies of 2020, Bloomberg reported.
The We Company declares the withdrawal of its IPO.
The We Company filed to withdraw its IPO, a week after the SoftBank-backed office-sharing startup removed founder Adam Neumann as its chief executive officer.
The withdrawal of its IPO prospectus formalizes the end of the New York-based company’s pursuit of a near-term listing and allows Neumann’s successors to proceed with the company’s financial turnaround.
The company’s high-yield bond price slipped to a record low after the withdrawal was announced.
Brazil offshore drilling attracts significant players.
The auction of drilling rights off the coast of Brazil, which is planned for November attracts interests from some of the world's largest oil producers.
Chevron, Exxon, Shell, BP, CNODC, CNOOC, Equinor, Galp Energia SGPS’s Petrogal, Petrobras, Petroliam Nasional, Total. Ecopetrol, Wintershall and QPI are among 14 companies registered. Brazil expects to raise as much as BRL106bn ($25bn) in licensing fees from selling the leases.
Drugmakers suppose to settle opioid suits through Purdue Pharma bankruptcy.
Five drugmakers, that face litigation over the opioid crisis - Endo, J&J, Teva Pharmaceutical Industries, Allergan and Mallinckrodt - consider participating in Purdue Pharma bankruptcy to settle their suits.
The mechanism, if successful, would allow the companies to contribute money into a trust set up through the bankruptcy in exchange for a complete release from liability, Reuters reported.
“We have made no decisions around how a potential settlement or separation would be effectuated,” Mallinckrodt said.
Forever 21 declared bankruptcy.
Forever 21, a fast-fashion retailer, declared bankruptcy, joining a growing list of brick-and-mortar companies that have seen sales hit by the rise of competition from online sellers and the changing fashion trends.
The restructuring will allow the company to focus on the profitable core part of its operations and close stores in some international locations, Forever 21 said. It has requested court approval to close up to 178 US stores outside of its major markets.
Advent International, a leading private equity firm, completes the acquisition of Industria Chimica Emiliana, a leading producer of UDCA, an active pharmaceutical ingredient, from Bartoli Family. Financial terms were not disclosed.
Advent, the Bartoli family, and ICE’s management team will work closely together to strengthen the company’s support functions and capabilities further and aid its customers in reaching more patients by developing new pipeline products to treat additional indications.
"UDCA is key to helping millions of people around the world fight diseases. We’re delighted to have Advent on board as we enter our next phase of growth,” Enzo Bartoli, ICE Chairman.
Deutsche Bank, Nomura, AZB & Partners, Freshfields Bruckhaus Deringer, Kirkland & Ellis, Mattos Filho, and Ropes & Gray advised Advent. PwC, BonelliErede, and Studio Ferrarini advised Bartoli Family.
Telenor made mandatory public cash tender offer to acquire all of the issued and outstanding shares in DNA that are not held by DNA or any of its group companies or by the Offeror or any of its group companies for €20.90 ($23.50) per Share.
The initially scheduled offer period of the Tender Offer expired on 26 September 2019. According to the final results of the Initial Offer Period of the Tender Offer, Telenor acquired 40.4% of all the shares in DNA. Now Telenor stakes represent 94.5% of all the shares in DNA. The settlement of the completion trades for the Initial Offer Period is expected to take place on 2 October 2019.
"I am very pleased to announce today's transaction and our entry into Finland, the fastest growing mobile market in Europe. DNA is an exciting addition to Telenor Group and a natural complement to our existing operations in the Nordic region. Not only are we strengthening our footprint in the Nordic region, but we are also gaining a solid position across fixed and mobile in the Finnish market and making room for further value creation." Sigve Brekke, Telenor Group Chief Executive.
Telenor is advised by SEB, Barclays and Dittmar Lawyers.
Radial Capital Partners, a leading private equity firm, acquires the PowerTech business unit of Knorr-Bremse, a leader for braking systems and a leading supplier of other subsystems for rail and commercial vehicles. Financial terms were not disclosed.
The business unit includes three companies in Germany - Knorr-Bremse Powertech, Knorr-Bremse Powertech, and Knorr-Bremse Powertech Verwaltungs - as well as Knorr-Bremse Powertech in the United States and other business activities in Australia, Spain and China.
“In RCP, we have found the ideal owner to focus Powertech on its own core business and attain its full potential outside the Group.” Jürgen Wilder, Knorr-Bremse Member of the Executive Board.
Midsona, which manufactures, distributes, and markets consumer health care products, completed the acquisition of Alimentation Santé, a leader in organic and plant-based food in France and Spain, for €58m ($65m).
Midsona develops and markets strong brands in health and well-being, with products that help people to a healthier and more sustainable life.
“Following the successful expansion of our leading organic and plant-based brands throughout the Nordic region, we are now aiming to become a leader in Europe. The acquisition of Davert last year provided us with an important platform in the DACH region, which we recently complemented by the addition of Eisblümerl. Alimentation Santé is an important platform for further growth in France, Spain, and other southern European markets.”, Peter Åsberg, Midsona CEO.
Midsona was advised by Strata Advisory, Jeantet, and Perez-Llorca. Panzanini France was advised by Rothschild & Co.
Assessio, a Main Capital portfolio company, agreed to acquire HFM Talentindex, a provider of Talent Management and Talent Assessment software. Financial terms were not disclosed.
Next to organic growth in its core markets, Assessio will follow a buy-and-build strategy aimed at achieving strategic combinations that will further improve the product offering and strengthen its geographic positioning as a leading SaaS vendor in the European market.
“This acquisition proves the value-add of our investment approach, leveraging a vast European network of software companies which enables us to identify complementary and strategic combinations. The Assessio Group is now well-positioned to claim the position as the number one player within talent assessment solutions in Europe.” Charly Zwemstra, Main Capital Partners Managing Partner and Assessio Chairman of the Board.
The Harris Computer, a daughter of Constellation Software and mother company of SIVAG, acquired a 100% stake in mquadrat software engineering & consulting. Financial terms were not disclosed.
mquadrat is a leading European software company for digital self-service solutions in the telecommunications sector. The company will continue to operate independently and help in growing shared corporate business development.
"It is great that we, as the Harris group, are now also represented in Austria by mquadrat. mquadrat fits into the portfolio of both the Harris group and the SIVAG very well. I am looking forward to the cooperation, the shared business development, and the opportunity to participate and learn from each other" Bryce Cooper, Harris Computer CEO.
Process Sensing Technologies, a portfolio company of Battery Ventures, agreed to acquire SST Sensing, a global provider of oxygen-measurement and liquid-level sensors. Financial terms were not disclosed.
SST’s products help improve product quality; protect the health and safety of operating personnel and their production environments; and preserve capital equipment and investments by optimizing operating efficiencies.
“SST’s strong technological reputation for oxygen measurement is highly complementary to the other businesses in PST’s portfolio, and the company will broaden PST’s existing oxygen-measurement portfolio to include zirconium oxide and optical-sensing capabilities.” Adam Markin, PST Group CEO.
Aramco approaches Petroliam and Sinopec for critical investments.
Saudi Aramco has approached Asian state oil producers, including Malaysia’s Petroliam Nasional and China’s Sinopec Group about potential cornerstone investments in its IPO, DealStreetAsia reported.
The Gulf energy giant and its advisers have recently been holding talks with potential investors including China’s sovereign wealth fund, China National Petroleum, state-owned entities from the United Arab Emirates and Kuwait, including Abu Dhabi sovereign fund Mubadala Investment, as well as Canadian pension funds.
Aramco is leaning on business partners and friendly governments to help achieve its preferred valuation of $2tr even after oil prices fell more than 25% over the past year. It’s casting a wide net to attract enough demand as it accelerates preparations for the listing, intending to list on the Saudi bourse as soon as November.
FRC to investigate EY on Thomas Cook's failure.
The Financial Reporting Council will look at the role of EY in signing off the last set of accounts before the travel giant Thomas Cook collapsed.
"The investigation will be conducted by the FRC's enforcement division under the audit enforcement procedure. The FRC will keep under close review both the scope of this investigation and the question of whether to open any other investigation concerning Thomas Cook, liaising with other relevant regulators to the fullest extent permissible." FRC.
The move comes after a parliamentary inquiry was launched into the collapse of the company. The regulator said it would examine whether EY had acted correctly in its audit of the failed firm's 2018 figures.
InfraStrata to acquire Harland and Wolff in a £6m rescue deal.
InfraStrata, a UK based energy company, acquires Harland and Wolff for £6m ($7.4m), thereby saving the closure-threatened shipyard that built Titanic. All the workers at the plant are to keep their job while InfraStrata said it planned to increase the size of the workforce by several hundred over the next five years.
"Harland and Wolff is a landmark asset, and its reputation as one of the finest multi-purpose fabrication facilities in Europe is a testament to its highly skilled team in Belfast." John Wood, InfraStrata CEO.
Goldman Sachs hires managing director in its financial sponsors M&A group. (People)
Goldman Sachs has hired Mahir Zaimoglu, managing director in its financial sponsors M&A group. Mr. Zaimoglu is the former head of private equity M&A for EMEA at JP Morgan.
Before holding the position as head of JP Morgan's European coverage of private equity firms, Mr. Zaimoglu was the executive director of UK investment banking coverage for two years and vice president for investment banking and M&A.
John Lewis Partnership and Waitrose restructure and cut jobs.
John Lewis Partnership, an employee-owned UK department store company, unveiled a senior management restructure as part of plans to reduce duplication and consolidate its John Lewis and Waitrose fascias. The partnership’s department store and grocery chains currently have separate operating boards in three different head offices: one for Waitrose, one for John Lewis, and a third used for the partnership.
The John Lewis Partnership said that its consolidation plans would lead to an overall cost saving of £100m ($123m) over time. The changes are subject to formal agreement of the John Lewis Partnership Council, the company’s elected representative body that must be consulted on any business decision that could lead to 12 or more employees losing their jobs.
Norway's sovereign fund to divest stakes in oil explores while keeping refiners.
Norway's $1.1tr sovereign wealth fund will divest its stakes in firms dedicated to oil and gas exploration and production while maintaining ownerships of refiners and other downstream firms.
Norway’s Parliament earlier this year endorsed a plan to cut some oil firms from the fund’s portfolio, but it was left to the government to define the scope of the exclusion. An earlier decision to maintain investments in so-called integrated oil majors, including Shell and ExxonMobil, remained in force and was not part of the latest review, Reuters reported.
Adria Airways declared bankruptcy.
Adria Airways, a Slovenian airline, declared bankruptcy and canceled all flights. Adria has run into financial trouble amid industry overcapacity, cut-throat competition, and high fuel prices.
“Bankruptcy proceedings were initiated by the management of the company because of the company’s insolvency,” Adria reported.
Adria’s collapse was very damaging to Slovenia’s economy and tourism industry, Zdravko Pocivalsek, Slovenia’s Economy Minister said.
Balder acquires Lorensberg from Skandia Fastigheter. (RE)
Fastighets Balder, a real estate development firm, acquires Lorensberg 55:15, which contains 38k sq meters of hotel, retail, and offices along Kungsportsavenyn in central Gothenburg, from Skandia Fastigheter.
The largest tenants are Scandic, Coop, HM, KappAhl, Intersport among others.
Ferretti to announce the IPO period.
Ferretti, an Italian yacht maker, announced that the IPO period for its shares would run from 1-10 October.
The company had been authorized to list its shares in an IPO on the Milan bourse that would value it up to €1.08bn ($1.18bn).
Kathmandu, a retailer of travel and adventure outdoor apparel and equipment, agreed to acquire Rip Curl, a retailer of surfing equipment and apparel, for A$350m ($236m).
The acquisition will significantly diversify Kathmandu’s product offering, with Rip Curl’s summer/beach focus providing a seasonal balance to Kathmandu’s winter/outdoor focus. The acquisition will also diversify Kathmandu’s geographic revenue profile and provide access into new markets.
“This is a fantastic opportunity for Kathmandu to grow and diversify. The acquisition of Rip Curl transforms Kathmandu into a NZ$1bn ($631m) outdoor and action sports company, anchored by two iconic global Australasian brands. The combination of Kathmandu, Oboz and Rip Curl achieves diversification in product, channel, geography and seasonality, and creates a platform for the acceleration of our brands’ global expansion into new channels and markets. Importantly, there is also strong cultural alignment between our brands, underpinned by a shared focus on quality, innovation and sustainability.” Xavier Simonet, Kathmandu CEO.
Kathmandu is advised by Credit Suisse, Chapman Tripp, Gadens, Market Eye, and Deloitte.
Mahindra & Mahindra and Ford Motor agreed to create a JV that will develop, market and distribute Ford brand vehicles in India and Ford brand and Mahindra brand vehicles in high-growth emerging markets around the world. Mahindra and Ford will form a JV, with Mahindra owning a 51% controlling stake and Ford owning a 49% stake.
Ford will transfer its India operations to the joint venture, including its personnel and assembly plants in Chennai and Sanand. Ford will retain the Ford engine plant operations in Sanand as well as the Global Business Services unit, Ford Credit and Ford Smart Mobility. The joint venture is the next step in the strategic alliance forged between Ford and Mahindra in September 2017 and is expected to be operational by mid-2020, subject to regulatory approvals.
“Mahindra and Ford coming together is a testament to the long history of cooperation and mutual respect between the two companies. Our combined strengths - Mahindra’s expertise in value-focused engineering and its successful operating model, and Ford’s technical expertise, global reach and access to future technology - are a potent recipe for success. At its core, the partnership will be driven by the shared values of both companies, which are focused on caring for our customers, associates and our communities,” Anand Mahindra, Mahindra Group Chairman.
QIC Private Capital, a leading private equity firm, and Royal Schiphol Group, a provider of airport support services to acquire a 70% stake in Hobart International Airport, a provider of air travel services from Macquarie Infrastructure and Real Assets and Tasplan Super. Financial terms were not disclosed.
The acquisition involves a transfer of shares worth 50.1% from MIRA managed fund Global Infrastructure Fund III and 19.9% from Tasplan Super. The sale is expected to reach completion by the end of October.
"We look forward to working with QIC and Royal Schiphol Group to continue this important work and maintaining our focus on providing outstanding service to airport users.” Sarah Renner, Hobart Airport CEO.
People's Bank of China has approved PayPal's, a leading payment service provider, acquisition of a 70% stake in GoPay Information Technology, a provider of online payment and services in China. Financial terms were not disclosed.
GoPay has licenses for online and mobile transactions, and mainly provides payment products for industries including e-commerce, cross-border commerce, aviation tourism, and others.
The transaction is expected to close in the fourth quarter of 2019 and is subject to customary closing conditions.
VIG Partners, a leading Korean private equity firm, acquires a majority stake in D.Share, an education service provider for $138m.
The transaction, expected to close in early November, is the first investment made by VIG Partners's latest fourth fund. It is also the first education investment announced by the buyout firm. D.Share currently manages 77 branches nationwide.
Bora Enterprise Group considers finalizing JV with LyondellBasell Industries.
Bora Enterprise Group, a Chinese refiner, has started the construction of a $2.5bn petrochemical plant in northeast China to finalize a planned joint venture with LyondellBasell Industries, Reuters reported.
Bora and LyondellBasell last month signed a preliminary agreement to set up a 50-50 joint venture for petrochemical projects, and are currently in talks to finalize the deal.
“By combining the project management and construction proficiency of Bora with LyondellBasell’s technology and commercial experience, this joint venture will leverage the expertise of both companies.” Veronica Adamcik, LyondellBasell spokeswoman.
Hahn raises $3.2bn for two Korea-focused funds. (FS)
Hahn, founded by former Morgan Stanley banker Scott Hahn, raised $3.2bn for two funds focused on South Korea, the biggest pool of capital ever gathered for the country.
The Seoul-based firm raised $2.7bn for its third buyout fund, and $500m from overseas investors for a co-investment fund, DealStreetAsia reported.
Axiata considers selling a stake in subsidiaries.
Axiata considers offloading stakes to deliver cash to shareholders after a merger with Norway’s Telenor collapsed.
Axiata Group and Telenor in May began talks for a non-cash deal to create Southeast Asia’s largest telecoms operator with 300m subscribers. They quit last month citing unspecified complexities.
Axiata has since received an informal offer from IHS Towers for a stake in its telecoms tower firm edotco Group, Reuters reported. Axiata also wants to sell a stake in 66.4%-owned Indonesian unit PT XL Axiata.
36Kr Holdings files for US IPO.
36Kr Holdings, a Chinese website that tracks startup fundraising in the country, files for a US IPO. The company plans to trade on Nasdaq Global Select Market and have dual classes of shares. Holders of Class A shares will get one vote per share while Class B holders will get 25 votes per share.
The filing comes amid volatility in the US IPO market and Trump administration's discussion on ways to limit US investors' portfolio flow into China, Bloomberg reported.
Credit Suisse and China International Capital are leading the offering.
Youdao to launch IPO on the New York Stock Exchange.
Youdao, an e-learning unit of Chinese internet technology company NetEase, filed for an IPO with the US Securities and Exchange Commission, Reuters reported. The company, that considers listing on the NYSE, fixed a placeholder amount of $300m to indicate the size of the IPO.
Youdao provides online dictionaries, online classrooms, and language courses, with 100m monthly average users in China in the first half of 2019. Its net revenue rose 67.7% to $80m for the six months ended June 30, but its losses doubled to $24m during the same period.
Kiatnakin is exploring strategic options for the business.
Bloomberg reported, Kiatnakin Bank, one of Thailand’s smallest publicly traded lenders, is open to a merger as competition from other banks and technology firms intensifies. The bank plans to expand its wealth management business, while being more cautious with automobile loans, one of its most significant lending areas.
“I’m sure there will come a time when the opportunity for consolidation presents itself with the right partner and price. We’re trying to focus on improving our operation and business such as wealth management so we can add more value when that opportunity comes.” Philip Chen Chong Tan, Kiatnakin President.
Keppel sells Bugis Junction Towers to Village Prop for $396m. (RE)
Keppel REIT, a Singapore-based commercial office real estate business, completes the disposal of Bugis Junction Towers, a 15-story 250k sq ft property, to Village Prop, a local real estate developer, for $396m.
DealStreetAsia reports, Village Prop comprises a consortium of buyers including a fund managed by Angelo Gordon, a US-headquartered global alternative investment manager, and a Singapore-based property investment manager TCRE Partners who is expected to take up a minority stake in the acquisition.
Bugis Junction Towers is part of the Bugis Junction integrated mixed-use development with 250k sq ft net lettable area. The core tenant profile at Bugis Junction Towers includes Enterprise Singapore, InterContinental Hotels Group, and UCommune.
SoftBank to increase its stake in Delhivery to 25.7%.
SoftBank plans to increase its stake to 25.72% in the Indian delivery firm Delhivery through a secondary transaction.
SoftBank currently holds a 22.44% stake in Delhivery as part of the investment of $413m earlier this year.
Petronas plans 2020 Engen listing.
Petronaliam Nasional and its SA partner plan to conduct an IPO in their fuel retailer Engen to fund the upgrade of a refinery in Durban and to expand its network of petrol stations.
The IPO is expected to be in the first half of 2020, and the amount of shares in the company is yet to be decided.
JP Morgan is assisting Petronas with the listing.
RNAM instructs trustees to sell pledged shares of Ram Kapoor in YES Bank.
Reliance Nippon Asset Management directed its trustees to sell the remaining shares pledged by Rana Kapoor, YES Bank, Co-Founder, as collateral. Kapoor has less than a 5% stake in YES Bank, and the same has been pledged with RNAM.
Kapoor and his group entities (YES Capital and Morgan Credit) have been reducing stake in Yes Bank, which is reeling under exposure to stressed assets.
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