Blackstone-backed Change Healthcare, a health care technology company, is considering selling some assets to clear the way for its $12.8bn acquisition by UnitedHealth Group, a health care company, and its affiliate Optum,
Bloomberg reported.
The company is working with advisers on a possible divestiture of ClaimsXten, a payment integrity business. ClaimsXten could be valued at $1bn.
Change Healthcare is advised by Morrow Sodali Global, Barclays, Goldman Sachs, Simpson Thacher & Bartlett and Brunswick Group. Optum is advised by Bank of America and Hogan Lovells. UnitedHealth is advised by Cleary Gottlieb Steen & Hamilton and Sullivan & Cromwell. Blackstone is advised by Ropes & Gray.
PAI Partners, a private equity firm, completed the acquisition of a majority stake in the juice brands, including Tropicana, Naked and others, from PepsiCo, a food, snack, and beverage company, for $3.3bn.
"This joint venture with PAI enables us to realize significant upfront value, whilst providing the focus and resources necessary to drive additional long-term growth for these beloved brands. In addition, it will free us to concentrate on our current portfolio of diverse offerings, including growing our portfolio of healthier snacks, zero-calorie beverages, and products like SodaStream which are focused on being better for people and the planet" Ramon Laguarta, PepsiCo Chairman and CEO.
PAI Partners was advised by JP Morgan, Latham & Watkins, Perez Llorca, Willkie Farr & Gallagher and ICR. PepsiCo was advised by Centerview Partners, Davis Polk & Wardwell, Gibson Dunn & Crutcher and Brunswick Group.
Griffon, a multinational conglomerate headquartered in New York, completed the acquisition of Hunter Fan Company, a provider of residential ceiling, commercial, and industrial fans, from MidOcean Partners, a private equity firm, for $845m.
"We are excited to add Hunter, the leading US brand of residential ceiling fans, to our family of iconic consumer and professional brands including AMES, True Temper, and ClosetMaid. The acquisition of Hunter, along with the expected sale of Griffon's Defense Electronics business, marks a repositioning and strengthening of the Griffon portfolio which will further accelerate our growth, increase shareholder value, and is an effective use of our capital," Ronald J. Kramer, Griffon CEO.
Hunter Fan Company was advised by Piper Sandler, Raymond James and Gibson Dunn & Crutcher. Griffon was advised by Bank of America, Goldman Sachs, Dechert and ICR. Financial advisors were advised by Sullivan & Cromwell. Debt financing was provided by Bank of America.
Enerflex, a worldwide supplier of products and services to the global power generation and gas production industry, agreed to acquire Exterran, a global systems and process company offering solutions in the oil, gas, water and power markets, for $735m.
"We are excited about the ability to create shareholder value through this transaction and improving our product and service offering. The scale and efficiencies this combination brings is the right path for Exterran and brings significant opportunities for accelerated growth in produced water treatment and energy transition products and services," Andrew Way, Exterran President and CEO.
Exterran is advised by Wells Fargo Securities, King & Spalding and McCarthy Tetrault. Enerflex is advised by RBC Capital Markets, Scotiabank, TD Securities, Cravath Swaine & Moore, Davies Ward Phillips & Vineberg and Norton Rose Fulbright.
Brazilian antitrust watchdog CADE recommended the approval of Carrefour's $1.3bn acquisition of Grupo BIG Brasil, the third-biggest food retailer in Brazil, but conditioned the deal to the divestment of some retail units.
The recommendation by the CADE superintendent's office still needs to be endorsed by the watchdog's court.
BIG Brasil is advised by Credit Suisse and Mattos Filho Veiga Filho Marrey Jr. e Quiroga Advogados. Carrefour is advised by Goldman Sachs, Barbosa Mussnich & Aragao, Machado Meyer Sendacz e Opice Advogados, Sullivan & Cromwell and Brunswick Group. Advent is advised by Ropes & Gray.
Hexion Holdings, a chemicals company, announced that its stockholders holding approximately 64.32% of the outstanding shares of common stock of the company delivered written consents approving the proposed acquisition by American Securities, a US private equity firm.
Under and subject to the terms of the definitive merger agreement with affiliates of American Securities, Hexion stockholders will be entitled to receive $30 in cash for each share of common stock they own.
Hexion is advised by Moelis & Co, Morgan Stanley, Davis Polk & Wardwell and Joele Frank. Financial advisors are advised by Debevoise & Plimpton and Alston & Bird. American Securities is advised by Lazard and Kirkland & Ellis.
Chesapeake Energy, an American energy company, agreed to acquire Tug Hill, a privately held, independent oil and gas exploration company, and Chief E&D Holdings, a privately held, independent, oil and natural gas exploration and production company, for $2.5bn.
"We're pleased to announce concurrent, transformative transactions that meet the high bar set by our acquisition non-negotiables and clarify our portfolio, allowing our talented team to focus on our highest rate of return assets. We know the importance of scale and the Chief and Tug Hill assets fit like a glove with our existing position in the northeast Marcellus Shale. The acquisition checks all the boxes: it lengthens our premium inventory, further focuses our capital allocation, provides operational efficiencies, is accretive to free cash flow per share, allows us to grow our base dividend, preserves our balance sheet strength and improves our GHG emissions metrics," Nick Dell'Osso, Chesapeake President and CEO.
Tug Hill is advised by Akin Gump Strauss Hauer & Feld. Chief E&D is advised by JP Morgan and Gibson Dunn & Crutcher. Chesapeake is advised by RBC Capital Markets, Shearman & Sterling and DrivePath.
Wendel, a French investment company, and Gridiron-backed Colibri Group, a provider of online learning solutions, agreed to acquire the financial services segment of Adtalem Global Education, a workforce solutions provider, for $1bn.
"We are enthusiastic about the opportunity to invest in ACAMS, a global leader in training and certifications for financial crime prevention. ACAMS is a successful mission-driven organization aligned with Wendel's values. As a provider of services that ultimately reduce the funding of terrorism and human trafficking (among other nefarious activities), it fits well with Wendel's CSR values. The investment represents a new milestone in our 2021-24 roadmap, and our announced target to accelerate the redeployment of our capital toward companies with higher growth rates," André François-Poncet, Wendel Group CEO.
Wendel is advised by Macquarie Group and Kirkland & Ellis. Colibri is advised by Houlihan Lokey and Finn Dixon & Herling. Adtalem Global Education is advised by Morgan Stanley and Skadden Arps Slate Meagher & Flom.
Durational Capital Management, a private equity firm, completed the acquisition of Casper Sleep, an e-commerce company that sells sleep products, for $308m.
"We are delighted to announce this transaction with Durational Capital Management that creates immediate and substantial value for shareholders, and allows Casper to move forward on strong financial footing. This agreement offers a promising opportunity to realize the highest value for our stockholders while providing Casper with much needed capital to execute on future initiatives to sustain and grow its business," Philip Krim, Casper Co-Founder and CEO.
Casper Sleep was advised by Jefferies & Company, Latham & Watkins and JCIR. Jefferies & Company was advised by Covington & Burling. Durational Capital Management was advised by Kirkland & Ellis and Sard Verbinnen & Co.
Monomoy Capital Partners, a middle-market private investment firm, completed the acquisition of Artesian Spas and Marquis Hot Tubs, two providers of portable hot tubs, swim spas and related accessories. Financial terms were not disclosed.
"Artesian has a stellar brand reputation. We are pleased to be partnering with a company that shares our goal of producing high-quality products with industry-best customer service. Our combined partnership with Monomoy will allow us to continue to scale our two businesses," John Schrenk, Marquis CEO.
Artesian Spas was advised by Piper Sandler and Husch Blackwell. Marquis Hot Tubs was advised by Zachary Scott & Co and Tonkon Torp. Monomoy Capital was advised by Mintz Levin and MiddleM Creative.
New Mountain Capital, a growth-oriented investment firm, agreed to acquire the 3E compliance solutions business of Verisk, a global data analytics provider, for $950m.
"The sale of 3E marks an important step in Verisk's ongoing comprehensive portfolio review to best position Verisk for continued solid growth. These efforts are consistent with our focus on identifying the most value-creating opportunities available to the company and our shareholders, and ensuring we generate strong returns on our invested capital. Today's announcement represents a great outcome for Verisk, our shareholders and the talented 3E team," Scott Stephenson, Verisk Chairman, President and CEO.
New Mountain Capital is advised by Simpson Thacher & Bartlett and Abernathy MacGregor Group. Verisk is advised by Bank of America and Davis Polk & Wardwell.
Stryker, a medical technologies firm, announced that it is commencing a cash tender offer to purchase all outstanding shares of common stock of Vocera Communications, a provider of clinical communication and workflow solutions, for $79.25 per share in cash. The offer is being made pursuant to the previously announced $3.1bn merger agreement.
"This acquisition underscores our commitment and focus on our customer. Vocera will help Stryker significantly accelerate our digital aspirations to improve the lives of caregivers and patients," Kevin Lobo, Stryker Chairman and CEO.
Vocera is advised by Evercore. Evercore is advised by Debevoise & Plimpton. Stryker is advised by Skadden Arps Slate Meagher & Flom.
Clean Harbors, a provider of environmental and industrial services throughout North America, terminated the agreement to acquire the used motor oil and re-refinery assets from Vertex Energy, a specialty refiner of alternative feedstocks and marketer of high-purity petroleum products, for $140m.
"Clean Harbors and Vertex have mutually agreed to terminate the transaction. We can now refocus our energy on other ways to deploy our capital, including continuing to invest in our Safety-Kleen Sustainability Solutions segment," Alan S. McKim, Clean Harbors Chairman and CEO.
Zafin, a SaaS cloud-native product and pricing platform for banks and credit unions, completed the acquisition of FINCAD, a provider of pricing and risk analytics of financial derivatives and fixed income products. Financial terms were not disclosed.
For Zafin, the acquisition is a key milestone in the company's history as they will now be able to offer pricing and advanced analytics solutions to institutions across all segments of banking, including retail, corporate and commercial, and capital markets – a key differentiator in the marketplace. As a result of the transaction, FINCAD will operate as the Capital Markets Group of Zafin under the established FINCAD brand.
FINCAD was advised by Aircover Communications. Zafin was advised by Uproar.
Brighton Park Capital, a growth equity investment firm, completed a $140m funding round in HTEC Group, a global consulting, software engineering and digital product development company.
"Brighton Park's backing is a testament to the hard work of our employees and transformative value we are providing to customers. The firm's deep industry insights, strong relationships and entrepreneurial approach to investing make them an ideal partner. We are proud to be one of the select investments of their flagship fund and are thrilled to have Mark Dzialga and Kevin Magan join our Board," Aleksandar Cabrilo, HTEC Group CEO.
HTEC Group was advised by Nara Communications. Brighton Park was advised by Sard Verbinnen & Co.
Industria Bachoco, a poultry producer and marketer in Mexico, completed the acquisition of RYC Alimentos, a meat processor with production centers mainly in Puebla, for $61m.
"In line with our inorganic growth strategy, this agreement allows us to continue taking solid steps towards consolidation in other proteins, as well as in value-added products. At the same time, with these actions, we reinforce our commitment to contributing to consumer nutrition. We hope to integrate this operation as soon as possible and capture the opportunities that we have identified," Rodolfo Ramos, Bachoco CEO.
RYC Alimentos was advised by Cuatrecasas Goncalves Pereira.
Vista Equity Partners, a global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, completed a $150m investment in OfficeSpace Software, a provider of workplace management software.
"This is a milestone moment for OfficeSpace as we help our clients navigate the future of work. We pride ourselves on going above and beyond to support our customers, and this investment allows us to carry on and evolve the service excellence our clients are accustomed to. We're thrilled to receive support from Vista and continue our partnership with Resurgens, who believe in our vision of creating a better place for everyone, wherever work happens. I'm incredibly proud of our team, and we are ready to build on our strong foundation and continue to bring exceptional value to our customers," David Cocchiara, OfficeSpace CEO.
OfficeSpace was advised by Chirp.
Standard General, a private equity firm, offered to acquire the remaining 79% stake in Bally's, a gaming, betting and interactive entertainment company, for $1.7bn.
"As a result of our long-term involvement with the company and its predecessor, we have a detailed understanding of Bally’s, its business and assets, which will enable us to move quickly to finalize a transaction," Standard General.
Osisko Gold Royalties, a Canada-based precious metal royalty company, agreed to acquire the remaining 75% stake in Tintic Consolidated Metals, one of the highest grade gold mines in the world, for $135m.
TCM began an auction process in late 2020 whereby several major mining companies showed interest in TCM and its properties, and Osisko Development emerged as the ideal company to continue the exploration and development. In a vote of the company's members, the transaction was overwhelmingly approved by a greater than three quarters majority of outstanding shares, with over 99% of shares voted approving the transaction.
WeWork, an American commercial real estate company, agreed to acquire Common Desk, a premier flexible workspace provider based in Dallas, Texas. Financial terms were not disclosed.
"With an eye towards partners most aligned with our priorities, Common Desk presented itself as a sophisticated operator with a compelling approach to providing a top notch member experience without sacrificing strong margins or an exceptional product. On the heels of a strong year for our business, Common Desk's operational expertise and portfolio of first-class space will further bolster our value proposition as we focus on strategic growth," Sandeep Mathrani, WeWork CEO.
Banks prepare $14bn of bonds and loans for Citrix bid. (FS)
Lenders including Bank of America are putting together a financing package that could lead to around $14bn of bonds and loans to fund a potential buyout of software-maker Citrix Systems, in what would be one of the largest private equity deals in over a decade.
Credit Suisse and Goldman Sachs are also expected to lead the debt financing for the bid by Elliott Investment Management and Vista Equity Partners,
Bloomberg reported.
Sezzle confirms merger talks.
Sezzle, a buy now, pay later firm, is in talks to be acquired by Zip, a financial technology company, the companies said, sending shares of Sezzle soaring 23% during the session.
The companies said in separate statements that talks were at an early stage and there was no certainty that a deal would materialise. US-based Sezzle has a market capitalisation of almost $303m, while Zip is valued at $1.38bn. Zip has been actively deal-making over the last year to build scale to compete with rivals including Klarna and Afterpay.
MoneyGram reviews private equity bids. (FS)
Private equity firms Madison Dearborn Partners, Siris Capital Group and Advent International have made competing offers to acquire MoneyGram International, a P2P payments and money transfer company.
The Dallas-based company embarked on a review of its options after Madison Dearborn offered $10.5 per share in cash to acquire it. Advent had also expressed interest last year in taking over the company,
Reuters reported.
Walmart's Mexico unit considers strategic alternatives.
Walmart's Mexico unit said it is considering "strategic alternatives" to its operations in Central America, including a sale or joint venture. Walmart de Mexico, known locally as Walmex, runs about 860 stores in Central America, making up almost a fourth of its footprint.
"We think there can be attractive opportunities for greater growth in El Salvador, Honduras and Nicaragua. These alternatives could include, but are not limited to, potential joint ventures, partnerships or strategic alliances, a sale, or other transactions," Walmart de Mexico.
Justice Antitrust chief says he'll seek to stop deals.
The new head of the Justice Department Antitrust Division, Jonathan Kanter, said the government should seek to stop proposed mergers which pose anticompetitive concerns rather than striking deals for asset sales or other concessions that would allow the transaction to close.
"In my view, when the division concludes that a merger is likely to lessen competition or tend to create a monopoly, in most situations, we should seek a simple injunction to block the transaction," Jonathan Kanter, Head of United States Department of Justice Antitrust Division.
Blackstone hires Kurt Summers in infrastructure push. (People, FS)
Blackstone hired Kurt Summers, former city treasurer of Chicago, to head public-private partnerships, part of a broader push into infrastructure by the private equity giant.
Summers will work on investments alongside local governments. He will also interface with civic and labor organizations and other community groups,
Bloomberg reported.
EMEA
Nvidia, an American multinational technology company, is preparing to abandon the $40bn acquisition of Arm, a British semiconductor and software design company, from SoftBank Group and SoftBank Vision Fund,
Reuters reported.
The company reportedly said that it did not expect the deal to close, while SoftBank was stepping up preparations for an IPO of Arm. Nvidia continues to believe the acquisition "provides an opportunity to accelerate Arm and boost competition and innovation".
Arm is advised by Hogan Lovells. Nvidia is advised by Morgan Stanley, AZB & Partners, Cleary Gottlieb Steen & Hamilton, Latham & Watkins and Brunswick Group. SoftBank is advised by Goldman Sachs, The Raine Group, Zaoui & Co, Morrison & Foerster, Kekst CNC and Sard Verbinnen & Co. Financial advisors are advised by White & Case.
Temasek, a global investor headquartered in Singapore, agreed to acquire Element Materials Technology, a provider of testing, inspection, and certification services, from Bridgepoint, a British private investment company. Financial terms were not disclosed.
"The acquisition of Element by Temasek is a landmark transaction in the TIC sector, and a critical step in the development of the Group. We have grown from 20 locations and 600 colleagues ten years ago, to over 7k talented experts operating across 200 locations, and are ambitious to continue our rapid growth in the sector," Jo Wetz, Element CEO.
Element Materials Technology is advised by Ernst & Young, PricewaterhouseCoopers, Boston Consulting Group, Bank of America, Goldman Sachs, Jamieson, Rothschild & Co, Allen & Overy and DLA Piper.
DNEG, a technology-enabled visual effects and animation company, agreed to go public via merger with Sports Ventures Acquisition, a publicly-traded special purpose acquisition company, in a $1.7bn deal. The deal includes a fully committed $168m common stock PIPE from Sports Ventures, Novator Capital, Fairfax Financial and Arbor Financial.
"As we take the next logical step in our evolution, partnering with Sports Ventures on the road to becoming a publicly-traded company, I would like to thank and celebrate our talented teams across the globe. Every day, they come together to create incredible new worlds for our storytelling partners, raising the bar for every project that we deliver. This transaction creates long-term stability for our teams while also allowing us to exploit the tailwinds in the media and entertainment industry and the explosion in demand for content, which are huge growth drivers for our company. I am excited to take the best of everything that makes our company so successful and to use it as a platform on which to build and innovate further. Leveraging our leading technology stack, DNEG is already making great strides into new growth areas such as gaming and content creation partnerships, and we are perfectly positioned to exploit massive new opportunities in the metaverse and the convergence of all forms of content creation," Namit Malhotra, DNEG Chairman and CEO.
DNEG is advised by Deutsche Bank, Latham & Watkins and ICR. Sports Ventures Acquisition is advised by JP Morgan, Arent Fox and Sidley Austin. Debt financing is provided by Deutsche Bank and NatWest Markets.
PIF-backed Savvy Gaming Group, a games and esports company, agreed to acquire ESL Gaming, a German esports organizer and production company, from Modern Times Group, a strategic acquiror and operator of esports and gaming entertainment companies, for $1.05bn.
"MTG has a long history of identifying successful companies and leveraging talented teams to create shareholder value, including backing them with additional capital. We were in advanced discussions with FACEIT to merge the two businesses and received approaches from parties who shared our vision and who were interested in acquiring or investing in both companies. In response, we embarked on a process to review our options and the transaction announced today is the culmination of that process and represents an exceptional crystallization of value for MTG's shareholders. The merger with FACEIT will also enable the new company to bring gamers a wide range of new services and products. We are convinced that Savvy is the right owner who will continue to invest in the development of ESL FACEIT Group to nurture and entertain players and fans globally," Maria Redin, MTG CEO.
Savvy Gaming Group is advised by Aream & Co and Latham & Watkins. MTG is advised by Ernst & Young, JP Morgan, Morgan Stanley, Gernandt & Danielsson and Norton Rose Fulbright.
JP Morgan agreed to acquire a 49% stake in Viva Wallet, a European cloud-based payments fintech company. Financial terms were not disclosed.
"JP Morgan's strategic investment in Viva Wallet signifies our confidence in their technology and team who already offer a holistic omnichannel merchant acquiring capability across Europe and better serve SMBs," Max Neukirchen, JP Morgan Global Head of Payments & Commerce Solutions.
Viva Wallet is advised by Jefferies & Company and Davis Polk & Wardwell. JP Morgan is advised by JP Morgan, Freshfields Bruckhaus Deringer and Karatzas & Partners.
Inflexion weighs $2.7bn sale of Radius Payment Solutions. (FS)
Inflexion Private Equity Partners is considering options for Radius Payment Solutions, including a sale that could value the UK fuel cards and telematics firm at about $2.7bn,
Bloomberg reported.
The buyout firm is working with Goldman Sachs as it seeks to identify potential suitors for the business. A sale of Radius could attract both strategic and private equity buyers.
GlobalOne Healthcare increases its stake in Alvotech. (FS)
"Alvotech is at the cutting edge of global biopharmaceutical manufacturing, and through our exclusive regional partnership, we will be able to localise manufacturing and analytics, while we continue to explore collaboration opportunities with the UAE Ministry of Health, to transfer biopharmaceutical manufacturing and analytics technology to the region. This is part of GHH strategy to invest in global life sciences and disruptive Healthtech, and to facilitate the transfer of these technologies to the region," Ashraf Radwan, GlobalOne Healthcare CEO.
TPG-led group weighs sale of a stake in APM Monaco. (FS)
A group of investors led by US buyout firm TPG is considering a sale of its minority stake in jewelery maker APM Monaco, after volatile markets derailed plans for an initial public offering.
The investor group has started informally sounding out interest from prospective buyers. A sale of the 30% stake held by TPG and its partners could give the company an enterprise value of about $1.5bn,
Bloomberg reported.
Bain and CRC are among bidders for UniCredit's leasing unit. (FS)
UniCredit is weighing around five non-binding offers for parts of its leasing operations, as CEO Andrea Orcel focuses on businesses that don't tie up much capital.
After inviting around 50 investors to look at the business of which 16 responded, UniCredit received around five non-binding offers to which it is yet to reply. The bidders are private equity firms Bain and Christofferson Robb & Co and two foreign leasing industry players,
Reuters reported.
Helios is in talks with African mobile operators. (FS)
Helios Investment Partners is in talks with African telecom operators and banks about ways the private equity firm can help them cash in on their mobile-money and digital-payments platforms.
Africa’s largest wireless carriers, including MTN Group and Airtel Africa, are among companies exploring how to unlock value from their multi-billion dollar fintech operations. Johannesburg-based MTN is looking to finalize plans to spin off the lucrative unit, while Airtel brought in Mastercard has a minority investor in its mobile-finance division last year.
Chiara Ferragni seeks investors to expand abroad. (FS)
Italian Instagram star Chiara Ferragni has mandated BNP Paribas to find a new investor to help grow her fashion brand internationally,
Reuters reported. Lorenzo Castelli of venture capital Alchimia Investments, which has a 40% stake in Ferragni's company Fenice, said private equity firms, family offices and industrial players were being sounded out for a possible investment.
"We have started the process in the past days and expect to close a deal before the summer. A new investor can help implement the new business plan and move the company to the next stage," Lorenzo Castelli, Alchimia Co-Founder.
ADQ aims to raise $1.1bn in Abu Dhabi Ports share sale. (FS)
Sovereign wealth fund ADQ is seeking to raise as much as $1.1bn by selling shares in Abu Dhabi Ports,
Bloomberg reported.
The listing on Abu Dhabi Securities Exchange is expected to comprise a sale of 1.25bn shares at $0.87 each. ADQ is planning for a listing on February 8, subject to approvals.
CVC-backed DKV Mobility weighs IPO at $3.4bn value. (FS)
CVC-backed DKV Mobility, a fleet-services firm part-owned by CVC Capital Partners, is considering an initial public offering that could value it at more than $3.4bn.
The German company is working with an adviser to evaluate a potential listing in the second half of the year. It has asked banks to pitch for roles on the deal,
Bloomberg reported.
Technoprobe seeks up to $900m from IPO.
Italian microelectronics company Technoprobe and its backers are considering seeking as much as $902m in an initial public offering in Milan.
Technoprobe is currently gauging investor demand for the offering and could start taking orders as soon as February. A listing could value the business at as much as $4.5bn,
Bloomberg reported.
APAC
The deal to combine two REIT companies ESR-REIT and ARA LOGOS has been sweetened. The new offer values ALOG units at about 2% higher than previous,
DealStreetAsia reported.
Previously, ARA Logos unitholders would receive a scheme consideration of $0.7 per ARA Logos unit - comprising $0.07 in cash and 1.6765 new ESR-Reit units, to be issued at $0.38 apiece. ESR-REIT made 2% higher offer for ARA LOGOS.
ESR-REIT is advised by Citigroup, Maybank and WongPartnership. ARA LOGOS is advised by Bank of America, DBS Bank and Citigate Dewe Rogerson.
Hibiscus Petroleum, a company engaged in the exploration and development of oil and gas, completed the acquisition of E&P assets in Malaysia and in Block 46 CN in Vietnam from Repsol, a company that explores and produces crude oil and natural gas, refines petroleum, and transports petroleum products, for $212m.
The transaction supports the broader rationalization of the company's global portfolio, within the framework of its 2021-2025 strategic plan that focuses on the geographic areas with the greatest competitive advantages. Repsol is concentrating its upstream activity on 14 key projects centered around producing basins and executed through lean modular development, prioritizing value over volume.
Repsol was advised by JP Morgan and Freshfields Bruckhaus Deringer. Hibiscus Petroleum was advised by Herbert Smith Freehills.
Abu Dhabi Investment Authority, a sovereign wealth fund, led a $1.8bn funding round in HDGC Capital, a private equity investment manager.
This includes an upfront amount of $1.2bn with an additional $600m committed towards reinvestment of the principal amount, the company said in a statement.
HDGC Capital was advised by AZB & Partners.
CapitaLand, a Singaporean multinational alternative asset management company, agreed to acquire JCube mall from CapitaLand Commercial Trust, a REIT, for $253m.
JCube is located in Jurong Gateway, the commercial core of Jurong Lake District. JLD is envisioned by the Urban Redevelopment Authority to be Singapore's largest business district outside of the central business district, and a key anchor for the country's economic gateway in the west.
Isthara, a co-living brand and Smart Food Court pioneer, completed the acquisition of Letsmobility, a software product engineering company. Financial terms were not disclosed.
"The co-living sector and institutional cafeteria segment are highly fragmented, and customers are usually subject to several difficulties that arise due to the lack of a real-time and efficient technological solutions platform. The acquisition of Letsmobility will address this gap, with their disruptive platform and expertise in delivering effective tech solutions, which will add significant value to Isthara's capabilities and offer a more complete service for the digital transformation of both verticals. We have always placed user convenience at the forefront of our technological innovations, and we are confident that together with Letsmobility's team, we will continue to push the limits on providing superior customer experiences and driving continued innovations in the co-living and food tech sectors. By integrating with Letsmobility's unique platform, we are accelerating the pace towards our vision of a world-class digitally-defined platform that can respond to the evolving needs of our customers," Ligouri Godwin, Isthara Co-Living Executive Director.
Mensa Brands, an e-commerce roll-up start-up, completed the acquisition of a majority stake in TrustBasket, an online garden store. Financial terms were not disclosed.
"As a unique, consumer-centric brand, TrustBasket is an exciting new addition to our digital-first portfolio of brands and marks our first investment in the home gardening space. We believe this partnership has immense potential – together we will cater to the end-to-end needs of new-age gardeners to help them experience the joy of gardening. We have charted out a 5-year strategic plan for the brand and with our expertise in building digital first brands, I am confident that TrustBasket will be a household name, known for its strong community and customer experience," Ananth Narayanan, Mensa Brands Founder and CEO.
Panasonic will invest $700m to make batteries for Tesla.
Panasonic, a consumer electronics corporation, will invest $700m to expand a factory in Japan to produce 4.6k battery cells for Tesla products.
When completed, the factory will be capable of producing about 10 gigawatt-hours per year of the new batteries, enough to power about 150k electric vehicles. That is about 20% of the company’s total battery manufacturing capacity from its factories in Japan, the US, and other countries.
Frasers Logistics to divest Cross Street Exchange. (RE)
Frasers Logistics & Commercial Trust, a real estate investment company, announced that it has entered into a sale and purchase agreement with an unrelated third-party purchaser, for the sale of the leasehold property at 18, 20 and 22 Cross Street, Singapore for a consideration of $603m.
“The divestment of Cross Street Exchange is transacted at an attractive premium over its book value, re-weighting our portfolio towards logistics and industrial properties. The divestment will enhance our portfolio metrics with a higher overall portfolio occupancy rate and longer WALE and will provide FLCT with significant financial strength and flexibility," Robert Wallace, Frasers Logistics CEO.
Chinese property firms step in to rescue cash-strapped developers.
Chinese state-owned property firms are expected to acquire more assets from cash-strapped private developers, as Beijing steps up efforts to stabilise and tighten control over a crisis-hit sector that accounts for a quarter of its economy.
The market has seen over half a dozen deals in recent weeks following easing of rules to issue debt for quality property firms, and initiatives by local governments to facilitate asset disposal for distressed firms. State-owned China Overseas Land & Investment is buying stakes of Shimao Group and Agile Group in a joint venture project for a total of $585m.
Banks push back against China’s plan to curb foreign IPOs.
Global banks are raising concerns to Chinese authorities about a plan to tighten rules on overseas stock listings, saying the draft rules are ambiguous and will expand Beijing’s regulatory reach outside the nation’s borders.
The proposals will also drive up costs and stymie dealmaking, the top lobby group for financial firms in Hong Kong said. It called for more clarity on filing requirements and what constitutes violations,
Bloomberg reported.
Aavishkaar Capital and KfW launch $250m ESG Fund. (FS)
Aavishkaar Capital, a venture capital firm, announced the launch of a $250m ESG First Fund with KfW, an investment and development bank. The fund will focus on investing in Asia and Africa to strengthen the environmental, social, and governance practices of mid-cap businesses and offer them growth capital for expansion.
“Our focus is to help businesses scale by allowing them to participate in the significant growth of consumer demand for ‘socially-conscious products’. We will support our partners to develop stronger ESG standards and share the benefits of our south-south leanings,” Ashish Patel, ESG First Fund Managing Partner.
