AMERICAS
Gilead Sciences, an American biopharmaceutical company, agreed to acquire Immunomedics, a pharmaceutical company focusing on the development of antibody-drug conjugates for the treatment of cancer, for $21bn.
"This acquisition represents significant progress in Gilead's work to build a strong and diverse oncology portfolio. Trodelvy is an approved, transformational medicine for a form of cancer that is particularly challenging to treat. We will now continue to explore its potential to treat many other types of cancer, both as a monotherapy and in combination with other treatments. We look forward to welcoming the talented Immunomedics team to Gilead so we can continue to advance this important new medicine for the benefit of patients with cancer worldwide," Daniel O'Day, Gilead Sciences Chairman and CEO.
Immunomedics is advised by Bank of America Merrill Lynch, Centerview Partners, Cowen & Company and Wachtell Lipton Rosen & Katz. Gilead Sciences is advised by Lazard, Morgan Stanley and Davis Polk & Wardwell. Bank of America Merrill Lynch is advised by Sullivan & Cromwell.
Investment firm Caledonia agreed to acquire a 34.9% stake in Scientic Games, an American corporation that provides gambling products and services, from MacAndrews & Forbes, an American diversified holding company, for $1bn.
"Scientic Games is well-positioned for future success given our industry leading portfolio of products and technologies, loyal customer base and talented leadership team. We are pleased to have the support of our refreshed Board and new investor base as we continue to execute on our strategy to drive meaningful long-term growth and shareholder value creation," Barry Cottle, Scientic Games President and CEO.
Scientific Games is advised by Citadel Magnus and Joele Frank. Caledonia is advised by Jarden, Macquarie Group, Oaktower Partnership, Greenberg Traurig and Kirkland & Ellis. MacAndrews & Forbes is advised by Deutsche Bank and Wachtell Lipton Rosen & Katz.
Red Ventures, a portfolio of digital brands, agreed to acquire CNET Media Group, a digital media company, from ViacomCBS, an American diversified multinational mass media conglomerate, for $500m.
"Red Ventures believes in the power of premium content from trusted brands that help people make better life decisions. Over the last 25 years CNET Media Group has built a dynamic portfolio of brands with well-earned authority on such topics as consumer tech and gaming that play an increasingly important role in people's lives. Red Ventures is eager to invest in CNET Media Group's growth with more personalized consumer experiences that will reinvigorate CNET Media Group's brands and unlock unprecedented opportunity for all," Ric Elias, Red Ventures CEO.
Red Ventures is advised by Evercore and K&L Gates. ViacomCBS is advised by Citigroup and Shearman & Sterling.
Private equity firm Thomas H. Lee Partners agreed to acquire Insurance Technologies, a provider of sales and regulatory automation solutions for the insurance and financial services industries, from NexPhase Capital, an operationally-focused private equity firm. Financial terms were not disclosed.
"With an unwavering focus towards continuous improvement and an ongoing commitment to delivering high-quality products and service, the InsTech team has established itself as a leading provider of digital sales solutions in the insurance and financial services industries. We are proud of what we have accomplished together over the course of our partnership and are confident that the company is well-positioned for continued success," Joel Killion, NexPhase Partner.
Thomas H. Lee Partners is advised by Oliver Wyman, Houlihan Lockey, Kirkland & Ellis and Sard Verbinnen & Co. NexPhase Capital is advised by William Blair & Co, Lowenstein Sandler and Joele Frank.
Ser Educacional, a network of educational institutions in Brazil, agreed to acquire the Brazilian operations of Laureate Education, an educational company, for $849m.
"This transaction resulted from our exploration of strategic alternatives for each of Laureate's businesses. We are incredibly proud of our Brazilian institutions and their enduring impact on the lives of their students. They demonstrate the best of Laureate's commitment to deliver quality at scale, and we believe each of these institutions is well placed to continue to expand on Laureate's legacy in Brazil," Eilif Serck-Hanssen, Laureate President and CEO.
Laureate Education is advised by Goldman Sachs, Demarest Advogados, Jones Day, Simpson Thacher & Bartlett and Veirano Advogados.
The US truck maker Navistar International rejected the $3.6bn offer by Volkswagen-backed Traton, a truck manufacturer, citing possible transaction on more favorable terms.
Germany's Traton increased its previous offer from 35$ a share to $43 a share to increase its stake from 16.6%. Navistar said the offer lowballs the company's fair price.
Navistar is advised by JP Morgan, PJT Partners, Sullivan & Cromwell and Brunswick Group.
Novacap, a Canadian private equity firm, completed the investment in Optiom, a speciality insurance managing general underwriter. Financial terms were not disclosed.
"We're thrilled to welcome Optiom into our portfolio of companies. We are impressed with the quality of the Optiom business and their track record of profitable growth. Optiom is the first investment of the Novacap Financial Services I fund since its first closing in November 2019. We are the first private equity firm in Canada to launch a fund dedicated to financial services businesses," Marcel Larochelle, Novacap Managing Partner.
Optiom is advised by UBS and Borden Ladner Gervais. Novacap is advised by McCarthy Tetrault.
Verizon, an American telecommunications company, agreed to acquire Tracfone, a pre-paid and value mobile provider in the US, from America Movil, a Mexican telecommunications corporation, for $6.25bn. The agreement also includes up to an additional $650m in future cash consideration related to the achievement of certain performance measures and other commercial arrangements.
"This transaction is aligned with what we do best: providing reliable wireless service alongside a best-in-class customer experience. We are excited about the opportunity to bring Tracfone and its brands into the Verizon family where we can put the full support of Verizon behind this business and provide exciting and compelling products into this attractive segment of the market. We are pursuing this important strategic acquisition from a position of strength given our very strong and prudent financial profile," Hans Vestberg, Verizon Chairman and CEO.
Verizon is advised by Credit Suisse and Debevoise & Plimpton.
BV Investment Partners, a middle-market private equity firm, completed the investment in GlideFast Consulting and Pharicode, two ServiceNow Elite partners. Financial terms were not disclosed.
"GlideFast Consulting and Pharicode have exceptional reputations and teams that are well-positioned to capitalize on the growing, global demand for ServiceNow's solutions. We're excited to partner with the founders of both companies to help accelerate growth," Matt Kinsey, BV Investment Partners Senior Managing Director.
GlideFast Consulting and Pharicode were advised by Transact Capital Partners. BV Investment Partners was advised by Citizens Bank.
Vopak, a global independent tank storage company, and BlackRock, a private equity firm, agreed to acquire US Gulf Coast marine and terminal operations of Dow, an American commodity chemical company, for $620m.
"Today’s announcement is another demonstration of our ongoing commitment to applying a best-owner mindset, supported by rigorous benchmarking and a focus on disciplined capital allocation. The transaction will enable Dow to deploy cash towards value-enhancing opportunities in our core businesses consistent with our capital allocation priorities including ensuring safe and reliable operations and paying down additional debt. Dow is also pleased to further our longstanding relationship with Vopak who is already a key logistics partner at several Dow locations globally," Jim Fitterling, Dow Chairman and CEO.
Dow is advised by Goldman Sachs and Mayer Brown.
Ardian, a private equity firm, and Enel X, the Enel Group's advanced energy services business line, agreed to form a joint venture to manage Enel X's battery storage projects in Canada and support the acceleration of the development of similar projects in the country. Financial terms were not disclosed.
"This investment bolsters Ardian's position as a leading player in the sustainable energy sector across the Americas. This latest partnership, our first in Canada, marks an important step forward as we diversify our sustainable energy portfolio into the rapidly growing battery storage sector. Behind-the-meter battery storage is a compelling component of the sustainable energy ecosystem as it allows users to store electricity when it is least expensive and consume it when costs from the grid are most expensive. We are excited to partner with Enel X on the opportunity to accelerate the joint venture's growth, initially in Canada but longer term across the Americas," Stefano Mion, Ardian Senior Managing Director.
Ardian is advised by The Neibart Group.
Purpose Advisor Solutions, a provider of practice management technology for financial advisory businesses, completed the acquisition of Wealthsimple for Advisors, a wealth management platform for financial planners, investment advisors, portfolio managers and dealers. Financial terms were not disclosed.
“We are excited to continue to help advisors innovate and provide industry-defining experiences for their clients. We have a number of initiatives in progress that will continue to show our combined team’s commitment to helping advisors and PMs differentiate themselves and succeed. We firmly believe in truly integrated tech capabilities that provide full and seamless advisor-client experiences,” J-F Courville, PAS Managing Partner.
Purpose Advisor Solutions was advised by Kaiser Lachance Communications.
Wolters Kluwer, an American Dutch information services company, agreed to acquire XCM Solutions, a cloud-based workflow solutions provider for professional tax and accounting firms, for €136m ($161m).
"Our longstanding business relationship make this combination a natural evolution. Firms are seeking solutions that will allow them to modernize their workflows to remain profitable, to attract talent, and to better meet clients' expectations beyond tax compliance work. With this acquisition and our CCH Axcess Platform, we can even better serve their needs. XCM also offers technology-enabled accounting and tax outsourcing services, which will be a great complement to the services we provide Wolters Kluwer customers today," Jason Marx, Wolters Kluwer Tax & Accounting North America President & CEO.
LCR Capital Partners, a global private investment and advisory services firm, completed the acquisition of Altacircle, a digital marketing consultancy. Financial terms were not disclosed.
"We have been working with Altacircle over the last 12 months and we have changed how we approach marketing and how we use digital tools across the business. John brings a level of marketing sophistication and experience that is truly differentiated in our industry. He also understands how to apply technology and has experience supporting new ventures," Sherman Baldwin, LCR CEO.
Tellus Equipment Solutions, a family-owned authorized John Deere Agriculture and Turf dealer, completed the acquisition of Ag-Pro Texas, a manufacturer of farm machinery and equipment. Financial terms were not disclosed.
“I am very excited to join the Tellus organization and the John Deere family of dealers. Our mission at Tellus will be to partner with our customers to provide industry leading equipment, quality parts and on-time service for an unparalleled customer support experience,” Jeff Donaldson, Tellus Equipment COO.
Revint Solutions, a provider of technology-enabled revenue integrity solutions for healthcare providers, agreed to merge with Triage Consulting Group, a healthcare revenue integrity company. Financial terms were not disclosed.
"By combining our strengths into a single, powerful solution, healthcare providers will benefit from a more effective way to capture all revenue accurately, securely, and reliably,” Lee Rivas, Revint CEO.
Oracle wins bid for TikTok's US operations.
WSJ reported that Oracle, an American multinational computer technology corporation, won the bidding for the US operations of the video-sharing app TikTok, beating out Microsoft in a high-profile deal to salvage a social-media sensation that has been caught in the middle of a geopolitical standoff.
Oracle is set to be announced as TikTok's "trusted tech partner" in the US, and the deal is likely not to be structured as an outright sale.
The move by TikTok's parent company, Beijing-based ByteDance, comes days after the Chinese government threw negotiations into doubt when it issued new export restrictions late last month on the kind of artificial intelligence technology TikTok uses. Moreover, ByteDance decided it won't sell or transfer the algorithm behind the video-sharing app in any sale or divestment.
Merck to invest $3.6bn in Seattle Genetics.
Merck, an American multinational pharmaceutical company, agreed to invest $3.6bn in Seattle Genetics, a biotechnology company focused on developing and commercializing monoclonal antibody-based therapies for the treatment of cancer.
Under the terms of the transaction, Seattle Genetics will receive a $600m upfront payment and Merck will make $1bn equity investment in common stock at a price of $200 per share. In addition, Seattle Genetics is eligible for progress-dependent milestone payments of up to $2.6bn, including $850m in development milestones and $1.75bn in sales milestones.
“These two strategic collaborations will enable us to further diversify Merck’s broad oncology portfolio and pipeline, and to continue our efforts to extend and improve the lives of as many patients with cancer as possible. We look forward to working with the team at Seattle Genetics to advance the clinical program for ladiratuzumab vedotin, which has shown compelling signals of efficacy in early studies, and to bring TUKYSA to even more patients with cancer around the world,” Dr. Roger M. Perlmutter, Merck Research Laboratories President.
GNC cancels auction and pushes forward with the sale to Harbin Pharmaceuticals.
GNC Holdings cancelled its auction and is moving ahead with plans to sell itself to its Chinese sponsor in bankruptcy court despite recent resistance from US political figures,
Bloomberg reported.
The health and wellness company said no other qualified bids emerged by last week's deadline and, as a result, is seeking approval to sell its assets to its largest shareholder and original bidder, Harbin Pharmaceutical Group. A hearing to approve GNC's sale to Harbin will be held September 17 in Delaware bankruptcy court.
Carlyle-backed Atotech revives IPO plans. (FS)
Atotech revived plans for a US IPO, as the Carlyle Group-owned specialty chemicals group looks to capitalize on robust investor appetite for new listings,
Reuters reported. The firm set a placeholder amount of $100m for the IPO, without disclosing the size of the offering.
Carlyle acquired Atotech in 2016 in a deal worth $3.2bn, including debt. The company was looking for a valuation of around $5bn, including debt, in its IPO. Atotech makes specialty chemicals and equipment for printed circuit boards and semiconductors and generates more than a third of its revenues from the smartphone industry.
Bank of America, Citigroup, Credit Suisse and JP Morgan are the lead underwriters to the offering.
Silver Lake-backed GoodRx raise $969m in IPO. (FS)
GoodRx Holdings, which counts private equity firm Silver Lake among its biggest backers, said it would look to raise up to $969m in its US IPO,
Reuters reported. The online prescription drug platform is looking to sell 34.6m shares at between $24-28 per share, it said in a regulatory filing.
The top end of the price range values GoodRx at $10.75bn. GoodRx is the latest company looking to ride on a recovery in investor demand for new stocks, in a year set to be one of the best for companies going public. GoodRx also said Silver Lake agreed to buy $100m worth of the company’s stock through a private placement.
Sequoia-backed Snowflake to raise $3.1bn in biggest 2020 IPO. (FS)
Snowflake, cloud-based data warehouse firm, backed by venture capital firm Sequoia, expects to raise about $3.1bn in its IPO, in what could be the biggest US listing so far in 2020.
The company raised its price range to $100-110 per share from a previous range of $75-85, with the number of shares sold unchanged at 28m,
Reuters reported. The top end of the revised range values the firm at $30.5bn.
JFrog seeks to raise up to $474m in US IPO.
JFrog, a US-Israeli provider of technology that delivers software updates, expects to raise up to $474m in its IPO in the United States. The company said it now expects its IPO price between $39-41 per share, up from between $33-37 per share expected earlier.
Morgan Stanley, JP Morgan and Bank of America are the lead underwriters.
JP Morgan launches private stock trading team. (FS, People)
JP Morgan formed a new team focused on trading shares in larger private companies like SpaceX, Robinhood and Airbnb, according to CNBC. The bank reportedly recruited Andrew Tuthill, a senior VP at trading platform provider Forge Global, to lead the team.
Institutional investors asked JP Morgan to find stock in private companies, while the bank has seen more demand from VC funds, founders and wealth management clients to sell their stakes.
Anthony Pompliano launches a VC fund. (FS)
Anthony Pompliano, of blockchain hedge fund Morgan Creek Digital, launched a rolling VC fund to invest in early-stage tech companies. Pompliano, who also produces a popular podcast and newsletter, will continue his work at Morgan Creek Digital and with its portfolio companies.
Accredited investors are able to invest in the fund through AngelList on a quarterly basis with a $40k minimum annual commitment.
EMEA
NVIDIA, an American multinational technology company, agreed to acquire Arm, a British semiconductor and software design company, from SoftBank Group for $40bn. NVIDIA will pay to SoftBank a total of $21.5bn in NVIDIA common stock and $12bn in cash, which includes $2bn payable at signing, and 44m of new NVIDIA shares issued at closing. Additionally, $5bn in cash or common stock could be paid, subject to specific performance targets achieved by Arm. The transaction does not include Arm’s IoT Services Group.
"Joining forces with a world leader in technology innovation creates new and exciting opportunities for Arm. This is a compelling combination that projects Arm, Cambridge and the UK to the forefront of some of the most exciting technological innovations of our time and is why SoftBank is excited to invest in Arm’s long-term success as a major shareholder in NVIDIA. We look forward to supporting the continued success of the combined business," Masayoshi Son, SoftBank Chairman and CEO.
NVIDIA is advised by Morgan Stanley and Latham & Watkins. SoftBank is advised by Zaoui & Co, Morrison & Foerster and Kekst CNC. Arm is advised by Hogan Lovells.
Bruno Le Maire, the French Finance Minister, said that Foreign Minister Jean-Yves Le Drian was within his rights to intrude into LVMH's attempt to abandon its $16bn takeover of a luxury producer Tiffany, adding Le Drian was protecting French interests.
Last week LVMH reportedly received a letter from Foreign Ministry opting to suspend the acquisition until after January 6, 2021, citing possible US tariffs on French goods.
Tiffany is advised by Centerview Partners, Goldman Sachs, Sullivan & Cromwell and Sard Verbinnen & Co. Financial advisors are advised by Weil Gotshal and Manges. LVMH is advised by Citigroup, JP Morgan, Cleary Gottlieb Steen & Hamilton, Skadden Arps Slate Meagher & Flom, White & Case, Allen & Overy, Brunswick Group, DGM Conseil, Deluxewords, Montfort Communications, Kekst CNC, Publicis Consultants and SEC and Partners.
BC Partners-backed GardaWorld, a Canadian private security firm, based in Montreal, is set to acquire G4S, a British multinational security services company, for $3.8bn. The board of G4S unanimously rejected the proposal, on the basis that it significantly undervalues the company.
"G4S needs an owner, not a manager. GardaWorld has 25 years of experience in the sector and we know how to improve and repurpose this business. As owner-operators, we believe that the combined business's operations will offer a better future for all those who depend on G4S. We will turn G4S around, ensuring it delivers for its customers, its people and the public. The combination of GardaWorld and G4S is an important part of our strategy to create the world's leading security services business. If successful, our commitment to the UK will be for the long-term," Stephan Crétier, GardaWorld Founder, Chairman, President and CEO.
G4S is advised by Citigroup and JP Morgan. GardaWorld is advised by Barclays, Simpson Thacher & Bartlett and Montfort Communications.
EP Global Commerce, a holding company, controlled by Daniel Kretinsky, intends to launch a voluntary public takeover offer for the acquisition of all outstanding non-par value ordinary shares, and all outstanding non-par value preference shares in METRO not directly held by it. The cash offer price per METRO ordinary share equals the higher of €8.48 ($10) and €8.87 ($10.5) per METRO preference share.
By its voluntary public takeover offer, EP Global Commerce aims to increase its investment in METRO above 30% to give itself more flexibility in the future and without having to make a mandatory takeover offer.
"The management board of Metro strongly believes that the offer substantially undervalues the company," Metro.
EP Global Commerce is advised by BNP Paribas, Societe Generale, Credit Suisse and Kirkland & Ellis.
Liontrust, a specialist fund management company, received FCA approval for its $92m acquisition of Architas UK, a multi-manager investment firm.
"The Architas UK investment business is an important strategic acquisition for us to meet the growing demand for investment solutions from advisers and their clients over the next few years. It builds on and complements our existing investment solutions of Multi-Asset portfolios, Sustainable Managed and equity income funds," John Ions, Liontrust Chief Executive.
Liontrust is advised by Panmure Gordon & Co and Simmons & Simmons. AXA is advised by Linklaters.
Infosys, a provider of digital services and consulting, agreed to acquire GuideVision, an enterprise service management consultancy specialized in offering strategic advisory, consulting, implementations, training and support on the ServiceNow platform. Financial terms were not disclosed.
"This acquisition is an important milestone in our journey to build capabilities relevant to the digital priorities of our clients. This move reaffirms our commitment to the growing ServiceNow ecosystem. The combination of scalable and agile nearshore capabilities of GuideVision in Europe, and their unmatched delivery excellence, complements our own effort to help global enterprises navigate their next. We are excited to welcome GuideVision and its leadership team into the Infosys family," Ravi Kumar, Infosys President.
UBS considers a merger with Credit Suisse.
The chairmen of UBS Group and Credit Suisse are exploring a potential merger to create one of Europe's largest banks,
Bloomberg reported.
The project, nicknamed Signal, is being driven by UBS Chairman Axel Weber, who is working on it with his counterpart at Credit Suisse, Urs Rohner. Weber has discussed the idea with Swiss Finance Minister Ueli Maurer, and an agreement could happen by early next year.
Swiss SIX beats Euronext, Deutsche Boerse in war for Borsa Italiana.
Swiss stock exchange operator SIX outbid the largest bourse in continental Europe Euronext and German Deutsche Boerse in pursuit of acquiring Borsa Italiana, Italy's only stock exchange,
Reuters reported.
ADNOC completed a $1bn placement for its distribution business.
Abu Dhabi National Oil Company completed the institutional investors' placement worth $1bn for 10% of ADNOC Distribution, a fuel distributor in the United Arab Emirates.
ADNOC now holds 80% of its distribution business, with 20% listed on the stock exchange. The deal contributes to improved liquidity, ADNOC said.
“This transaction highlights the attractive nature of ADNOC Distribution to investors, and ... demonstrates the high-quality investment opportunities offered by ADNOC,” Sultan Al-Jaber, ADNOC CEO.
Allegro plans $266m Warsaw IPO. (FS)
Allegro, Polish e-commerce platform, plans to raise about PLN1bn ($266m) in an IPO in Warsaw, seeking to take advantage of post-lockdown interest in businesses intersecting technology and retail,
Bloomberg reported.
Along with the new shares, the group’s private-equity owners Cinven, Permira and Mid Europa Partners also plan to sell stock in the IPO. The offering may make Allegro the biggest company on the Warsaw Stock Exchange.
For IPO-starved investors, Allegro has appeal as a play on the continued rapid expansion of e-commerce in Poland, a market of 38m people and one of the European Union’s most resilient economies. While its leading position in the country doesn’t appear at risk, unless Amazon significantly ramps up operations, there are questions over the company’s prospects beyond Polish borders.
APAC
Private equity firm Pacific Equity Partners offered to acquire The Citadel Group, an enterprise software and services company, for $366m.
"The scheme is an attractive transaction which provides an all-cash option for Citadel shareholders. The Citadel board has unanimously concluded that the scheme represents a compelling outcome for our shareholders, customers, suppliers, and staff," Peter Leahy, Citadel Group Chairman.
The Citadel Group is advised by Macquarie Group, Gadens and Market Eye.
Investment companies Tiger Global and TPG Capital, together with ChrysCapital and Footpath Ventures, led a $225m investment round in Dream11, a fantasy sports app.
"The sports sector has high growth potential in India. There is a significant opportunity to enhance the fan experience and we are excited to partner with Dream Sports to leverage technology in ways that will deepen the connection between Indian fans and the sports they love," Akshay Tanna, TPG Managing Director.
Dream11 was advised by Avendus.
Gojek set to buy WePay.
Gojek, a Jakarta based on-demand multi-service platform and digital payment technology group, is reportedly nearing a deal to acquire WePay, a Vietnamese payments startup. Financial terms were not disclosed.
"We are always looking for opportunities to partner with innovative Vietnamese businesses as a means to enhance the experience for users," Gojek spokesperson.
Carlyle considers taking a $2bn stake in retail arm of Reliance Industries. (FS)
Carlyle Group, a private equity firm, is looking to invest up to $2bn in Indian conglomerate Reliance Industries' retail business,
Reuters reported. The deal, if finalized, would be Carlyle's biggest investment in an Indian company and would be its first in the country’s retail sector.
Investor demand for Reliance Industries' retail business is so strong that Carlyle Group and SoftBank Group are among those that have been put onto a waiting list.
SoftBank officials revive talks about taking company private. (FS)
SoftBank Group executives are reviving discussions about taking the technology company private,
Bloomberg reported. The talks are driven by frustrations over the persistent discount in SoftBank’s $115bn equity valuation compared with the value of its individual holdings. A number of fundamental changes to SoftBank’s long-term business strategy also accelerated the talks.
Internal opposition to a management buyout, however, remains strong, because there is strong prestige in Japan attached to being a listed company.
Alibaba considers investing $3bn in Grab.
Alibaba Group is in talks to invest $3bn into Southeast Asian ride-hailing giant Grab Holdings,
Bloomberg reported.
The Chinese e-commerce giant, a sole investor in the round, will spend a portion of the funds to acquire some of the Grab stock held by Uber Technologies. The deal may represent one of Alibaba's biggest bets on Southeast Asia since its first investment in Lazada in 2016.
China's largest corporation has previously had limited forays in ride-hailing, but a potential tie-up with Grab gives it access to data on millions of users in eight countries, a growing delivery fleet as well as a stake in a digital wallet and financial services.
SoftBank to raise $10.4bn in a sale of wireless unit stock. (FS)
SoftBank Group will raise about $10.4bn from selling about a third of its domestic wireless arm, marking Japan’s biggest secondary share sale in a decade,
Bloomberg reported.
The Japanese firm said it will sell SoftBank shares at $176 apiece. Including an over-allotment option, the group will raise about $11.6bn in total from the deal before fees, the largest sale of stock since 2009.
Nomura Holdings and Daiwa Securities Group are leading the distributions. Mizuho Financial, Bank of America and JP Morgan are also coordinators on the deal.
Xiaomi Vice-Chair considers up to $1bn in stake sale.
Xiaomi Vice-Chairman Lin Bin is seeking as much as $1bn from the sale of a stake in the Chinese smartphone maker, capitalizing on a stock surge that sent its shares to all-time highs,
Bloomberg reported.
Lin is selling 350m shares, or 1.5% of the total issued share capital, at $2.9-2.94 each. The smartphone maker’s shares have surged 118% this year and hit a new high of $3.3 earlier this month after the company reported profit more than doubled in the second quarter. Meanwhile, an electric vehicle maker that Xiaomi invested in has risen 27% since it went public in New York.
Shenzhen Capital launches $4bn new materials vehicle. (FS)
Shenzhen Capital, China's state-owned national manufacturing fund and venture capital firm, teamed up to launch a new materials fund with a corpus of CNY27.5bn ($4bn),
DealStreetAsia reported.
Besides Shenzhen Capital and the CNY147.2bn ($22bn) national manufacturing fund, its limited partners include Shenzhen Municipal Government Investment Fund, new economy-focused Kunpeng Capital and Shenzhen's Luohu district investment fund.
The national manufacturing fund will invest as much as CNY22.5bn ($3.3bn) in the fund. Shenzhen Capital's fully-owned subsidiary Shenzhen Hongtu Investment Management will serve as its fund manager.
Ming Yuan launches $800m IPO.
Chinese property software company Ming Yuan Cloud launched an IPO in Hong Kong to raise as much as $798m, a deal term sheet showed, as the city gears up for its second busiest week for equity offerings this year,
Reuters reported.
The company will sell 374m shares at a range of $1.93-2.1 each, which will value it between $3.62-3.98bn.
