AMERICAS
Patient Square Capital, a healthcare investment firm, agreed to acquire Summit BHC, a provider of behavioral health and addiction treatment service, from FFL Partners, an American private equity firm, and Lee Equity Partners, a private equity firm. Financial terms were not disclosed.
"Over a more than dozen year relationship with Summit's leadership team, we've built strong conviction in our alignment with their mission, values and patient-centric approach," Alex Albert, Patient Square Capital Founding Partner.
Patient Square Capital is advised by Kirkland & Ellis, Latham & Watkins, McDermott Will & Emery and Dukas Linden Public Relations. Lee Equity Partners and FFL Partners are advised by Jefferies & Company, Moelis & Co, Bass Berry & Sims, Willkie Farr & Gallagher and Stanton PRM.
Chart Industries, a global manufacturer of equipment, and I Squared Capital, a private equity firm, completed a $171m investment in HTEC Hydrogen Technology & Energy, a provider of the clean hydrogen value chain, integrating technologies, systems, people, and partnerships.
“Our increased investment in HTEC and partnership with ISQ is highly strategic. It capitalizes HTEC well to address near term opportunities where Chart can benefit as a core supply partner, while also providing flexibility to further consolidate our ownership position in a high-growth hydrogen business with significant Canadian presence and customer base. Canada is a high growth market for hydrogen, given the government’s commitments to the clean energy transition, with the hydrogen sector being a meaningful part of that commitment," Jill Evanko, Chart CEO and President.
Chart was advised by Stikeman Elliott and Winston & Strawn. I Squared Capital was advised by Greenhill & Co, Kirkland & Ellis and Stikeman Elliott. HTEC was advised by Fort Capital Partners and Blake Cassels & Graydon.
ASSA ABLOY, a firm that develops, designs, and manufactures a complete range of door opening solutions, agreed to acquire hardware and home improvement division of Spectrum Brands, a consumer product company, for $4.3bn. The transaction is conditional upon regulatory approval and customary closing conditions and is expected to close during the fourth quarter of 2021.
"The acquisition of HHI brings strong, well-known brands and high-quality, innovative products to the residential portfolio for ASSA ABLOY in North America, complementing our current business with a passionate and experienced team. Our technology platform and innovation focus supplements HHI's current offerings, and provides an exciting opportunity for us to deliver superior value to consumers," Lucas Boselli, ASSA ABLOY Executive Vice President and Head of the Americas Division.
ASSA ABLOY is advised by Bank of America, Hogan Lovells and Linklaters. Spectrum is advised by Credit Suisse, RBC Capital Markets and Davis Polk & Wardwell.
Packable, a technology-led e-commerce marketplace enablement platform, agreed to go public via a merger with Highland Transcend Partners I, a special purpose acquisition company, in a $1.55bn deal. The transaction includes a $180m PIPE led by Fidelity Management & Research Company, Lugard Road Capital, Luxor Capital, Park West Asset Management and Morningside.
“While we’ve become a market leader in our industry, there is significant runway ahead of us in multiple avenues: from the continued proliferation of online marketplaces and geographic opportunities to our ability to invest in and grow Digitally Native Brands, while providing new data and technology services, as well as marketing options for our brand partners. Given the breadth of opportunity ahead of us, we felt that this was the perfect time to unveil our new Packable branding, which reflects these new avenues for growth,” Andrew Vagenas, Packable Co-Founder and CEO.
Packable is avised by Bank of America, JP Morgan, Cooley and Sard Verbinnen. Highland Transcend Partners is avised by Goldman Sachs and Davis Polk & Wardwell.
Financial Advisors are advised by Sullivan & Cromwell
Citizens Financial, a provider of full range of commercial banking services, agreed to acquire JMP Group, a full-service investment banking and asset management firm, for $149m.
“The acquisition of JMP represents an attractive opportunity for us to continue to broaden both our capabilities and our customer base in our commercial banking segment. The acquisition further strengthens Citizens’ growing corporate finance and strategic advisory capabilities, with a focus on high growth and compelling industry sectors," Bruce Van Saun, Citizens Chairman and CEO.
Citizens Financial is advised by Sullivan & Cromwell. JMP is advised by JMP Securities, Keefe Bruyette & Woods and Mintz Levin.
OceanSound Partners-backed Netrix, a provider of managed and professional IT services, completed the acquisition of PSC Group, a provider of cloud-focused application development & modernization services. Financial terms were not disclosed.
“PSC supports an attractive base of midsize and enterprise customers and has a strong track record for properly advising them. The PSC team is full of experts that help their customers understand how to best leverage cloud and data intelligence capabilities to accelerate their digital transformation goals, enabling growth and promoting organizational visibility, resilience and flexibility," Rob Dang, Netrix CEO.
Netrix was advised by Macquarie Capital, Skadden Arps Slate Meagher & Flom and Womble Bond Dickinson. PSC was advised by Clingen Callow & McLean.
L Squared, an investment firm, completed the acquisition of Sterling Trading Tech, a provider of a direct trading platform designed for the risk management industry, from LLR Partners, a lower middle-market private equity firm. Financial terms were not disclosed.
“L Squared is excited to begin our partnership with the STT team whom we have found to be passionate about customer service and developing innovative products such as its OMS and risk platforms. The incremental resources our strategic investment provides will allow the team to capitalize on the accelerating adoption of cloud-based solutions and serve larger institutional customers," Sean Barrette, L Squared Partner.
SK E&S, a global clean energy & solution provider, agreed to acquire a majority stake in Key Capture Energy, a developer, owner and operator of energy storage projects in the United States. The transaction is expected to close in the fourth quarter of 2021, subject to customary conditions and terms that were not disclosed. Financial terms were not disclosed.
"SK E&S's investment marks their confidence in our team, our strategy, and in the tremendous potential of the US energy storage market, which is estimated to be a $8.5bn annual market in 2026. We look forward to working responsibly with SK E&S, project by project, to become the US market leader in energy storage," Jeff Bishop, Key Capture Energy Co-Founder and CEO.
Key Capture Energy is advised by Onpeak Capital and Sidley Austin.
Aquiline Capital, a provider of private capital, agreed to acquire a majority stake in Quicken, a personal finance software, from H.I.G. Capital. Financial terms were not disclosed.
"Our team is dedicated to giving our customers the tools they need to confidently take control of their finances. I'm enormously proud of the company we've built together. We look forward to partnering with Aquiline, whose expertise in financial technology will help us continue to deliver on our mission of helping people lead healthier financial lives. We are also grateful for the support and partnership from H.I.G. Capital over the past five years, which allowed us to modernize the business by investing in our family of products and in growing our customer base," Eric Dunn, Quicken CEO.
Aquiline is advised by Greenhill & Co. Quicken is advised by Jefferies & Company.
Farallon Capital, an investment management firm, and Marshall Wace, a hedge fund, led a $102m Series D funding round in InBrace, an orthodontic company. Additional Investors include BlackRock, Endeavour Vision, MVM Partners, RTW Investments, Soleus Capital, Vivo Capital, Novo Ventures and venBio.
"The Series D funding further validates the ability of InBrace to attract new consumers who previously opted out of orthodontic treatment because they didn't have an option that fit their lifestyle. As a company founded by orthodontists, we developed InBrace to help orthodontists elevate the teeth straightening experience," John Pham, InBrace CEO and Co-Founder.
InBrace was advised by Shop PR.
S4 Capital-backed MediaMonks, a creative digital production company producing websites, games, and films, agreed to merge with Cashmere, an award-winning shop and is a lifestyle-marketing company. Financial terms were not disclosed.
“We are delighted to welcome Ted, Seung, Ryan and their colleagues to Media.Monks. Their ability to translate contemporary culture into compelling content and reach diverse audiences is a rare talent and something we want to integrate at the heart of our content practice. It is particularly relevant, given the changes we see taking place around diversity and purpose, not only in the United States, but beyond,” Martin Sorrell, S4 Capital Executive Chairman.
S4 Capital is advised by Powerscourt.
High Street Capital, a Chicago-based private equity firm, completed the acquisition of NeoSystems, a full service strategic outsourcer, IT systems integrator and managed services provider. Financial terms were not disclosed.
"This is a terrific outcome for our company, customers, partners and workforce. With the investment and confidence of High Street Capital, we will be able to expand our services and optimize market opportunities to better drive customer success and meet their increasing appetite for strategic outsourced and managed IT services," Michael Tinsley, NeoSystems President and Co-Founder.
NeoSystems was advised by Ideal PR+.
ADM, an American multinational food processing and commodities trading corporation, agreed to acquire a 75% stake in PetDine, Pedigree Ovens, The Pound Bakery and NutraDine, providers of private label pet treats and supplements, for $600m.
"We’re continuing to advance our growth strategy and transform our company with targeted investments that expand our capabilities in large, high-growth segments, including pet nutrition – a key focus of our growing animal nutrition business,” Vince Macciocchi, ADM President of Nutrition Business.
Global Payments, a provider of electronic transaction processing, information systems, and services, agreed to acquire MineralTree, a developer of a cloud-based automation software, from an investor group led by Great Hill Partners, .406 Ventures and Eight Roads Ventures for $500m. The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in the fourth quarter of 2021.
“The addition of MineralTree’s digitized payables solutions enhances our B2B product suite and expands our opportunity set in one of the largest and most underpenetrated markets in software and payments. We intend to scale our combined B2B initiatives more quickly by leveraging our extensive distribution channels and leading cloud centric technologies globally," Jeff Sloan, Global Payments CEO.
DiscoverIE Group, a firm that designs, manufactures and supplies for electronics applications, completed the acquisition of Beacon EmbeddedWorks, a system on module and embedded solutions company. Financial terms were not disclosed.
""The acquisition of Beacon EmbeddedWorks continues our strategy of building a high quality, high margin international Group, that design and manufacture differentiated and customized electronics. With a clear strategy focused on long-term high quality growth markets, a diversified customer base, and a strong pipeline of acquisition opportunities, the group is well positioned to make further progress on its key priorities," Nick Jeffries, discoverIE CEO.
TCV, a growth equity firm, led a $200m Series E funding round in Aviatrix, a provider of cloud networking and network security. Additional investors included Insight Partners, Tiger Global, CRV, Formation 8, General Catalyst, Greenspring Associates, Ignition, Liberty Global Ventures, Meritech Capital and TrueBridge Capital Partners.
"Aviatrix's ability to quickly deliver enterprise customer value and establish itself as mission-critical in these large organizations is both impressive and indicative of long-term growth," Tim McAdam, TCV General Partner.
Arcline-backed Quantic Electronics, an electronic component company focused on defining and delivering the future of mission-critical electronics, agreed to acquire ECI Transcon Technologies, a manufacturer of custom electromagnetic components. Financial terms were not disclosed.
"ECI has seen significant growth over the last few years, and by leveraging Quantic's complementary products and access to potential customers, the company will be uniquely positioned to continue to build upon its success. We are very excited to welcome ECI to the Quantic family," Kevin Perhamus, Quantic Electronics President and CEO.
Carlyle considers $2bn sale of VXI Global. (FS)
Carlyle, an American multinational private equity, alternative asset management and financial services corporation, is considering a sale of its outsourcing business VXI Global Solutions, Bloomberg reported.
The US-based buyout firm is working with a financial adviser on a potential deal for the company, which could be valued at $1.5bn to $2bn in a sale. Other investment funds and companies in the sector have shown preliminary interest in acquiring VXI.
GeoSouthern is seeking for a $2bn sale. (FS)
GeoSouthern, a US-based natural gas exploration and production company backed by Blackstone’s credit investment arm, is exploring options that include a sale of its acreage for $2bn, Reuters reported. TransUnion is seeking buyers for it healthcare business.
Credit reporting agency TransUnion is seeking a buyer for TransUnion Healthcare, its healthcare revenue-cycle management subsidiary.
Centerview Partners is providing financial advice on the potential carve-out, with a process targeted at both PE-backed strategics and pure play sponsors.
Oshkosh and Terex are among Time Manufacturing's possible bidders.
Oshkosh, an American industrial company, and Terex, a global manufacturer of lifting and material processing products, are among the potential bidders for Time Manufacturing, a manufacturer of material handling machinery, expected to fetch about $1bn, Bloomberg reported.
Time also attracted interest from private equity firms, said the people, who asked not to be identified because the information is private. The company is planned to sold in an auction process by Sterling Group, a private equity owner. Sterling could still decide to keep the business.
Digital World Acquisition announced the closure of its IPO.
Digital World Acquisition, a SPAC, announced the closing of its initial public offering of 25m units at $10 per unit.
Each unit consists of one share of the company's class A common stock and one half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of class A common stock at a price of $11 per share. Only whole warrants are exercisable.
DTRT Health Acquisition announces closing of $230mn IPO.
DTRT Health Acquisition, a special purpose acquisition company, announced the closing of its IPO of 2m units at a price of $10 per unit, including 3m units issued pursuant to the exercise by the underwriters of their over-allotment option in full.
The units are listed on NASDAQ and began trading under the ticker symbol “DTRTU” on September 2, 2021. Each unit consists of one share of class A common stock of the company and one-half of one redeemable warrant with each whole warrant exercisable to purchase one share of class A common stock at a price of $11.5 per share.
DTRT Health Acquisition was advised by Cantor Fitzgerald, Odeon Capital Group and Winston & Strawn.
Alpine's Fund III closed at $2.25bn. (FS)
Alpine Investors, a people-driven private equity firm committed to building enduring software and services companies, announced it has completed fundraising for Alpine Investors VIII with $2.25bn in limited partner capital commitments. With a target of $1.7bn, Fund VIII was oversubscribed and reached its hard cap at close, less than four months after its official launch in May.
“We believe our success is a direct result of building a firm around exceptional people and creating a culture where people can build an exciting career for the long term. We are thrilled to see investors’ enthusiasm for Alpine’s strong outcomes and differentiated approach to building leadership teams,” Graham Weaver, Alpine Founding Partner.
EMEA
Nvidia, an American multinational technology company, sought EU antitrust approval of its $40bn takeover of SoftBank-backed Arm, a British chip designer, with regulators likely to echo worries similar to those voiced by the UK watchdog last months, Reuters reported.
The EU competition enforcer can clear the deal with or without concessions after its preliminary review, or it can follow up with a four-month-long investigation if it has serious concerns.
"We are working through the regulatory process and we look forward to engaging with the European Commission to address any concerns they may have. This transaction will be beneficial to Arm, its licensees, competition, and the industry," Nvidia.
Nvidia is advised by Morgan Stanley, AZB & Partners, Cleary Gottlieb Steen & Hamilton, Latham & Watkins and Brunswick Group. Arm is advised by Hogan Lovells. 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.
BC Partners-backed Davies, a professional services and technology firm, agreed to acquire Asta, a provider of management services. Financial terms were not disclosed.
“Davies’ story of growth, investment in people and technology is one that resonated with the team at Asta. Similarly, the culture at both Davies and Asta focuses on employees, clients and service delivery. Asta’s current and prospective clients will benefit from having access to a broader technology led platform and deeper resource base. Being part of the Davies group will give our employees additional career development opportunities, as well as give them access to a wealth of employee initiatives," Julian Tighe, Asta CEO.
Asta is advised by Deloitte, RPC, Evercore, Wyvern Partners and Debevoise & Plimpton. BC Partners is advised by Linklaters. Davies is advised by TigerRisk Capital Markets, Kirkland & Ellis and FTI Consulting.
888 Holdingsm, a public company which owns several popular gambling brands and websites, agreed to acquire non-US assets of William Hill, a global online gambling company, from Caesars Entertainment, an American casino and hotel company, for $3bn.
"I'd like to personally thank Ulrik and all of the team at William Hill for their professionalism and dedication while they have been part of Caesars and particularly during the sale process. I am delighted that, as we said we would when we announced the offer for William Hill PLC, we have found an owner for the William Hill business outside the US which shares the same objectives, approaches and longer-term ambitions of that business," Tom Reeg, Caesars Entertainment CEO.
Caesars Entertainment is advised by Deutsche Bank and Linklaters. 888 Holdings is advised by JP Morgan, Stifel, Herzog Fox & Neeman, Latham & Watkins and Hudson Sandler.
Lone Star, a private equity firm, agreed to acquire XSYS division from Flint Group, a provider of printing and packaging products. Financial terms were not disclosed.
“The carve-out we are announcing today represents the next logical step for Flint Group and XSYS. It will further enable the XSYS business to advance as a standalone, best in class, full solutions provider to the flexographic and letterpress pre-press industries, with tailor-made solutions developed for each market segment and customer type. We look forward to working with Lone Star, whose experience and track record will be of great benefit as we move XSYS forward in this next phase," Antoine Fady, XSYS CEO.
Lone Star is advised by Perella Weinberg Partners, Weil Gotshal and Manges and Hill+Knowlton Strategies. Flint Group is advised by Goldman Sachs, JP Morgan and Freshfields Bruckhaus Deringer.
Quva, a private investment firm, agreed to acquire a majority stake in ConDoor, a producer of insulated overhead doors, from private equity firms Parcom and Synergia. Financial terms were not disclosed.
“We are excited to welcome Quva as ConDoor’s new partner. In Quva, we have found a long-term shareholder which guarantees the independence of ConDoor and commits to further invest in the future of the company. We would like to thank Parcom and Synergia for the pleasant partnership the past years which was characterized by the right balance of support where necessary and entrepreneurial freedom," Kees-Jan Honig, ConDoor Director.
Parcom and Synergia are advised by ABN Amro, Baker McKenzie, De Brauw Blackstone Westbroek and NautaDutilh.
Zech Group, a strategic management holding, and Gustav Zech Foundation agreed to acquire BAM Deutschland, a company providing construction services. The transaction, which is subject to approval of the competition authorities, is expected to close in October. Financial terms were not disclosed.
"This transaction is a major step forward in delivering our strategy Building a sustainable tomorrow. BAM is focusing on growth markets in the Netherlands, United Kingdom and Ireland, where we have scale and competitive advantage. In other markets we are managing our subsidiaries for value and potential divestment. With Zech Group and Gustav Zech Foundation as the new shareholder, we have found a trusted partner and paved the way for the successful future of the company and its employees," Ruud Joosten, BAM CEO.
BAM is advised by Hengeler Mueller.
Roche Holdings, developer and manufacturer of pharmaceutical and diagnostic products, agreed to acquire TIB Molbiol, a German biotech group. Financial terms were not disclosed.
“At the onset of the COVID-19 pandemic, our collaboration provided the first research-use-only SARS-CoV-2 detection test that was provided in January 2020, only days after the new coronavirus was first sequenced. Together, we can further improve patient outcomes with innovative diagnostic solutions that alleviate healthcare costs,” Thomas Schinecker, Roche Diagnostics CEO.
TIB Molbiol is advised by Hengeler Mueller.
Cinven, a private equity investment firm, agreed to acquire a majority stake in True Potential, an operator of an integrated investment and wealth management technology platform. Financial terms were not disclosed.
“The combination of Cinven’s longstanding track record in both Financial Services and TMT, along with True Potential’s strong management team and integrated business model, will support the company’s future growth. In particular, this transaction will enable continued investment in True Potential’s financial adviser recruitment and its technology platform," Caspar Berendsen, Cinven Partner.
DataArt, a global software engineering firm, agreed to acquire SFL, an Armenia-based software development company. Financial terms were not disclosed.
“We are pleased to welcome SFL to the DataArt family. By uniting our teams in Yerevan, we are creating the strongest IT team in the region, with a unique corporate culture and endless opportunities for career growth. The merger with SFL reinforces our commitment to invest in Armenia, strengthen our team and enhance client service,” Eugene Goland, DataArt President.
JD Sports is considering to acquire Missguided.
JD Sports Fashion is weighing an investment in Missguided, the online women's fashion sensation, that could involve an outright takeover of the business, SkyNews reported.
The talks between the online retailer and its suitors were not yet on the brink of a conclusion, and that different structures were being evaluated by the fashion site.
Aramex is planning to buy MNG Kargo.
ADQ-backed Aramex, a Dubai-listed courier, partly owned by Abu Dhabi state investor ADQ, is in advanced talks to buy Turkish delivery company MNG Kargo, Reuters reported.
The potential deal could be worth as much as $500m, comes as relations between regional rivals the United Arab Emirates and Turkey show signs of improvement.
Bain, Carlyle and more are bidders of Engie's Equans. (FS)
Private equity firms Bain Capital, Carlyle and a consortium of CVC Capital Partners and PAI Partners are among parties that made non-binding bids for Engie's service unit Equans, Bloomberg reported.
The buyout giants are competing with French groups Bouygues, Eiffage and Spie, which aim to expand in the business of providing energy and telecommunications services to companies, and commercial and residential buildings. The deal could be one of the largest corporate carve-outs in Europe this year.
Facebook argued UK antitrust regulatory's request to sell Giphy.
Facebook slammed the UK antitrust regulatory over its provisional call that the tech giant would have to sell all of Giphy to address competition concerns, setting up a bitter fight over the completed deal, Bloomberg reported.
Selling off the company that Facebook bought last year for $400m would be "grossly unreasonable and disproportionate," Facebook argued in a response to the Competition and Markets Authority's concerns published on Wednesday.
EasyJet plans to raise £1bn fund by stock sales and Wizz Air first attempt failed.
EasyJet is planning to raise more than £1bn ($1.38bn) through a share sale, as the British airline prepares to compete for customers amid a tentative return of leisure travel, Bloomberg reported.
The budget airline's plan to raise fresh funding by selling equity as well as debt. However, Wizz Air preliminary offer was rejected unanimously by the board and has been withdrawn as it was conditional, all-stock and had a low premium according to EasyJet.
APAC
Houlihan Lokey, an investment bank serving corporations, offered to acquire GCA, a global investment bank that provides strategic mergers and acquisitions, capital markets, and private funds advisory services, for $599m. On August 2, 2021 Houlihan Lokey ofered $591m.
“The acquisition of GCA will create one of the largest technology advisors in the world, one that more closely matches the size and importance of this sector in today’s global economy. In addition, this combination would significantly expand our presence in Europe and Asia and establish Houlihan Lokey as one of the most geographically diversified investment banking firms among our peer group. We believe our combined organizations will enable us to more effectively serve our clients and position our firm for the future as we continue to grow our suite of products and services around the world," Scott Beiser, Houlihan Lokey CEO.
GCA Corporation is advised by Mitsubishi UFJ Financial Group, Morgan Stanley, Plutus Consulting and Morrison & Foerster. Houlihan Lokey is advised by Daiwa Securities, Houlihan Lokey and Latham & Watkins.
Two holding companies Nogizaka and Aether to acquire 43% stake in ENEOS-backed NIPPO, a provider of construction services, for $1.76bn. ENEOS and GSSPC, an entity established for acquiring and owning the target Company, to jointly make NIPPO go private by way of acquiring all of NIPPO shares.
NIPPO offers ample potential for synergy effects through its leading technical expertise in the pavement and construction businesses, collaboration in the development of recyclable asphalt modifiers, and its paving systems for solar power generation, all of which have potential applications in community services business as described in the long-term vision.
ENEOS is advised by Goldman Sachs and Sullivan & Cromwell.
SBI Holdings, a financial services company group, agreed to acquire Shinsei Bank, a commercial bank headquartered in Tokyo, Japan, for $1bn.
SBI aims to become Japan’s fourth largest banking group and already owns the country’s largest online brokerage, an online bank and an asset manager. It has been taking stakes in smaller lenders to create a nationwide network.
Warburg Pincus, a private equity firm, led a $200m funding round in ADVANCE.AI, a Singapore-headquartered tech startup. Additional investors include GSR Ventures, Temasek Holdings, Gaorong Capital and Pavilon Capital.
"While COVID-19 has accelerated the pace of digitalisation in financial services and digital commerce, it also comes with the increased threat from online financial crime, which is more sophisticated and organised than ever. Combining Dow Jones' AML and compliance data with our eKYC and risk scoring solutions improves the robustness of our one-stop digital identity verification (DIV) platform, which unifies our enterprise fraud and risk management solutions, and protects our enterprise partners from operational and reputational risks," Dong Shou, ADVANCE.AI CEO.
Carlyle plans to sell STP to Djarum. (FS)
Indonesian conglomerate Djarum Group-owned Sarana Menara Nusantara plans to acquire a majority stake in the country’s telecommunication tower operator PT Solusi Tunas Pratama through its subsidiary, according to a stock exchange filing. Following the transaction, global private equity firm Carlyle Group will exit STP.
The deal involves Profesional Telekomunikasi Indonesia, a unit Sarana Menara Nusantara, acquiring a 90% stake in STP by taking over shares from 14 companies for an undisclosed amount.
Renault might end its joint venture with Brilliance.
Renault is in advanced discussions to end its joint venture to build vans with China's state-backed Brilliance, as the French firm overhauls its struggling Chinese operations, Reuters reported.
The tie-up dates back to 2017, when Renault and Brilliance China Automotive Holdings set up manufacturing operations in Shenyang, the provincial capital of Liaoning, and set out to make a push into electric commercial vans in particular. The Chinese market has proved difficult for some foreign producers, however, with sales faltering right before the COVID-19 pandemic, which walloped the industry.
Byju's plans to accelearte its IPO to next year.
Byju's, an Indian startup and online education provider, is in talk to raise between $400m to $600m and then accelerate plans for an IPO next year, Bloomberg reported.
The Bangalore-headquartered company could close the pre-IPO fundraising in a few weeks at a valuation of about $21bn. The fundraising is likely to be split roughly evenly between equity and debt.
LinkDoc looks for fund after pausing US IPO plan.
LinkDoc Technology, a Chinese medical data company, is seeking to raise money in a private fundraising, after suspending plans for a July US share sale, Bloomberg reported.
The firm, which is backed by Alibaba Health Information Technology, is considering raising between $200m and $300m.
Sea targets $6.3bn fundraising.
Sea, a consumer Internet company, aims to raise $6.3bn in the largest equity offering of the year, a deal that will propel a global expansion and acquisitions for Southeast Asia's largest company, Bloomberg reported.
The online gaming and e-commerce firm back by Tencent is offering 11m shares, a stake worth about $3.8bn. It also intends to issue $2.5bn of equity-linked debt. Sea, which has risen more than 70%this year, fell in post-marketing trading in New York.
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