EMEA
Sofindev, a private equity firm, agreed to invest in WVT Industries, cleaning products company. Financial terms were not disclosed.
WVT Industries is a fast-growing company specializing in research, development, production, and sales of industrial cleaning products. WVT Industries is also a supplier of cleaning products for private label customers.
"WVT Industries has been able to develop a strong and fairly unique position in a number of industrial cleaning market niches and we are now faced with the challenge of further expanding our range and internationalizing our business including through acquisitions. With the input of Sofindev, we are armed to further strengthen our market position and to develop our platform internationally." Ward Van Thielen, WVT Industries Managing Director.
Sofindev was advised by Deloitte, Argo Law, and Arthur D. Little. WVT Industries was advised by Nielen Schuman, PwC and Stibbe.
Nissan, a Japanese multinational automobile manufacturer, sees no significant downside to partnering with a combined Renault and Fiat Chrysler (FCA), it said in a lukewarm endorsement of the proposed $35bn deal, which would complicate an already uneasy alliance. The leaders of Nissan, Renault and junior partner Mitsubishi gathered at Nissan’s headquarters for a scheduled alliance meeting which was overshadowed by FCA’s proposal this week for a merger-of-equals with Renault.
“Overall, we don’t see any particularly negative aspect” to the planned merger, which was for Renault and FCA to decide, Nissan Chief Executive Hiroto Saikawa said.
Goldman Sachs, Nomura, d'Angelin & Co, Darrois Villey Maillot Brochier and Sullivan & Cromwell are advising Fiat Chrysler Automobiles.
Lutech to acquire DISC.
Lutech, information technology system integration solutions and services provider, agreed to acquire DISC. Financial terms were not disclosed.
DISC, system integrator and software house specializing in the design and development of IT solutions, has been operating since 1984 on the national and international market.
"This important operation contributes to strengthening a Group whose goal is to become one of the main European points of reference in Digital Evolution. Our mission is to help customers simplify their work, achieve their goals and develop their business, and in this mission, the values that guide us are innovation, continuous improvement, the development of people, the teamwork and customer satisfaction." Tullio Pirovano, Lutech CEO.
Langley Holdings, the diverse engineering, and the industrial group have acquired Marelli Motori, the Italian electric motor and generator manufacturer from The Carlyle Group. Financial terms were not disclosed.
The transaction included the full repayment of Marelli Motori's bank debt of €55m ($49m).
Marelli Motori is a leading manufacturer of electric motors and generators. Founded in northern Italy in 1891, the company enjoys worldwide brand recognition in the marine, oil & gas, power generation, co-generation, and other industrial sectors.
Carlyle was advised by Latham & Watkins, DC Advisory and KPMG.
ProSiebenSat.1 is one of Europe's leading television groups with a leadership position in Germany, Austria, and Switzerland. The company has a broad-based shareholder structure and is listed on the Frankfurt Stock Exchange.
Pier Silvio Berlusconi, Mediaset Chief Executive Officer, said, "The friendly acquisition of a stake in ProSiebenSat.1 is a long-term choice, aimed at creating value with an increasingly international outlook. It strengthens our existing industrial relationship. Mediaset is proud to invest in the future of free-to-air European television. And it is with the future precisely in mind, that the Mediaset Group, by becoming a shareholder of ProSiebenSat.1, confirms its esteem for the current management."
Smart Battery Solutions develops, manufactures and sells lithium-ion battery systems in the low voltage segment up to 60 volts. Smart Battery Solutions' product range is used in a variety of mobility applications, including e-bikes, e-scooters, watercraft, and drones.
With Gimv's support, the company aims to continue its strong growth path in the highly dynamic battery market, to increase its workforce, and to expand its production capacity.
"SBS is known by its customers for its agility, flexibility, and a high degree of technical competence to meet even the most complex customer requirements. The company is an excellent fit for our Smart Industries platform, in which we aim to support technology-oriented companies with above-average growth ambitions to develop into market-leading positions in their niches." Ronald Bartel, Gimv Partner.
Through the agreement, Verdane, Canica and the management teams of Komplett Apotek, Bildeler, Blush, and SixBondStreet join forces to develop the companies further. The partners are ready to invest NOK200m ($23m) in the coming years, with an ambition to continue and accelerate the companies' growth in Norway.
"We have been active owners in e-commerce companies for 16 years and have developed extensive experience and best practices in building Nordic e-commerce winners. We have previously invested in Swedish, Danish and German e-commerce companies. Now we are looking forward to utilizing our expertise in the Norwegian market, together with Canica eCom and in close cooperation with the four businesses' management teams," Bjarne Lie, Verdane's Managing Partner.
"This acquisition is the perfect complementary fit to the Crossfin portfolio and further extends our distribution "rails" in the payments landscape. We will continue to invest in complementary businesses to support the team as well as partner with, or invest in, other exciting fintech companies with products and services that can be distributed across our 'rails' and which add value to our customers and their consumers;" Anton Gaylard, Crossfin Co-founder and CEO.
Alpha Insurance is a Belgian composite insurance company authorized by the National Bank of Belgium. Alpha Insurance is a wholly-owned subsidiary of Enstar Group.
In accordance with the approval of the National Bank of Belgium, the portfolio transfer into Monument Assurance Belgium is made effective 31 May 2019, with the policy terms and conditions unchanged.
“The founders and the company’s management have done an outstanding job developing and growing Zengun over the past three years – it has been a successful investment for Segulah Fund V”, says Oskar Oxenstierna, Director, Segulah Advisor AB.
Private equity firm Livingbridge exited Create Fertility, a fertility clinic headquartered in London, specialising in natural, mild and modified IVF, in a management buy-back transaction. Livingbridge's holding was sold to the company's management team, led by majority shareholder and founder Geeta Nargund. The investment by Livingbridge was made in 2013. Financial terms were not disclosed.
Riverside, private equity firm has partnered with ACTINEO, a German InsurTech firm which specialises in bodily injury claims, providing tech-enabled and data-driven services to the insurance industry. Financial terms were not disclosed.
The investment in ACTINEO highlights Riverside’s commitment to investing in software, tech-enabled and data-driven business models. Riverside has invested in more than 25 companies in this space on a global scale and, based on this expertise, ACTINEO will benefit as it continues on its strong growth path.
“We are beyond excited to partner with founder Olav Skowronnek and his impressive management team. Through its market-leading position in Germany and its tech-enabled and data-driven business model, ACTINEO has the potential to become the central hub for bodily injury claims and develop into a key InsurTech platform for all major insurance providers.” Michael Weber Riverside Partner.
Swiss metals trader ArrowMetals acquired AOT Holding, which trades in key energy commodities worldwide, covering crude oil and oil products, renewable fuels, petro chemicals and natural gas, from the Frere family. The transaction is expected to close in a few weeks. Financial terms were not disclosed.
ArrowMetals said the acquisition would create a major new metals and energy trading platform. AOT had an annual turnover of $11bn with over 100 employees, it said. The combined firm will trade oil, refined products, coal, liquefied natural gas, natural gas, base and minor metals, ores, concentrates and ferroalloys.
The offer made by Abu Dhabi’s billionaire Sheikh Khaled bin Zayed Al Nehayan to acquire British football club Newcastle United for £350m ($443m) from Mike Ashley, a British billionaire retail entrepreneur, is facing uncertainty. Despite Sheikh Khaled's announcement that the offer was accepted, other interested parties say that their offers remain in play. Amanda Staveley and former Chelsea and Manchester United chief executive Peter Kenyon are also interested in buying Newcastle.
Moreover, the Premier League, which has to run extensive due diligence on any deal involving a change of control at one of its member clubs, has not received any documentation related to a takeover.
Rémy Cointreau entered into exclusive negotiations with the Brillet family in order to acquire the Maison de Cognac JR Brillet and part of its vineyard estate.
Since the beginning of the Brillet family’s history in the 17th century, Maison JR Brillet has built up a vineyard estate and a stock of eaux-de-vie that enables it to produce high-end products. The acquisition of Maison JR Brillet will represent, for Rémy Cointreau, the opportunity to integrate spirits with genuine development potential into its portfolio and to increase, over time, the value of an inventory of eaux-de-vie and vineyards of the highest quality.
General Atlantic looking to offload its stake in Argus. (FS)
Private equity firm General Atlantic is reportedly looking to offload part of its stake in Argus, an energy information provider. The deal could value the company at around £2bn ($2.5bn) and would reduce General Atlantic’s stake from 50% to 25%.
The new investors are likely to include a number of pension funds or sovereign wealth funds although the process to select them remains ongoing.
Retail investors starting to focus on private markets. (FS)
"The alternative investments that retail investors are expanding into include hedge funds, private equity, venture capital, and private debt. A busy macroeconomic landscape is prompting retail investors to look more closely at their portfolios. They are becoming more risk-averse and using private markets as a diversifier." says Fabrizio Zumbo, Cerulli Associates' associate director of European asset management research.
The hunt for returns that are relatively uncorrelated to mainstream asset classes such as equities and bonds are the most attractive in private markets.
Cerulli thinks that 60/40 split is no longer meets investors' diversification requirements. Private market assets are able to provide a smoothing effect on a portfolio's volatility that allows for long-term returns.
Pathe ponders buying a stake in Luc Besson's EuropaCorp.
France’s historic Pathe cinema company could buy a stake in Luc Besson’s EuropaCorp, a French motion picture company headquartered in Saint-Denis, which has been hit by a series of weak financial results. EuropaCorp confirmed an earlier report of Pathe’s interest in the company.
“The group Pathé has expressed interest in a potential stake acquisition in the capital of the company,” said EuropaCorp.
Helios Investment plans to invest across Africa. (FS)
Helios Investment, private equity firm is believed to be in talks with asset managers and development agencies to create its largest fund for investments in Africa.
Helios is one of the many private equities with a huge focus on African assets. Africa has some of the world's fastest-growing economies. Sub-Saharan Africa is already home to nation recovery leaders such as Rwanda, Ghana, Kenya, Uganda, Ivory Coast, and others who make the top ten.
Schroders has hired a senior private assets distribution head. (FS)
Schroders, asset management company, has hired Peter Arnold, a senior private assets distribution head to improve sales in this key asset class and fulfil the number of specialist for investors globally.
Arnold was most recently the Global Head of International Fund Distribution at Citi, specializing in private debt, real estate, and global infrastructure. Prior to his 18 years at Citi, Arnold worked at JP Morgan, UBS, and Societe Generale.
John Troiano, Schroders Global Head of Distribution, said "Continuing to grow Schroders' Private Assets capability remains a core strategic growth priority as demonstrated by recent acquisitions such as the specialist hotels investment business Algonquin in 2018 and private equity specialist Adveq in 2017. The high-calibre recruitment of Peter further emphasizes this, and his arrival will position us to fulfil our ambitions in this area."
CDP is set to tighten its grip on SIA, payment services group.
CDP, state lender, is set to tighten its grip on payment services group SIA. This action can increase the possibility of a tie-up with SIA’s bigger rival Nexi in the future. CDP plans to raise its stake in SIA to around 83% by acquiring stakes from other shareholders.
The European payments industry has undergone a wave of consolidation in the last years driven by the growth potential of the digital payments market, Reuters reported.
Augmented Reality and Virtual Reality sectors are showing signs of maturity.
Due to Hampleton Partners, corporate finance consultant, analysis, Augmented Reality (AR) and Virtual Reality (VR) sectors are showing signs of maturity, with later-stage funding, valuations and transaction volumes on the up and gaining momentum.
"While the M&A market for AR/VR targets is still in its infancy compared to other technology sectors, thriving investment in later-stage companies indicates that the industry is gradually maturing. Big ticket funding is helping startups grow beyond proof of concept stage and develop a real customer base, which will help attract potential acquirers." Heiko Garrelfs, Hampleton Partners sector principal.
AMERICAS
Vista Equity agreed to acquire Black Mountain, the leading provider of software solutions to credit investors and alternative asset managers. Financial terms were not disclosed.
Vista’s investment in Black Mountain will help drive the software company’s continued growth domestically and internationally, while also providing new capital to invest in the development of Black Mountain’s state of the art platform and tailored solutions for data aggregation, process management, and business reporting.
“We’ve already established ourselves as the market leader in workflow software for credit, structured credit, and alternative asset managers and now we have a partner in Vista who will help us leverage and build upon that leadership position with the financial and intellectual capital to accelerate our growth.” Andy Horowitz, Black Mountain co-CEO.
Black Mountain was advised by Jefferies, and Kramer Levin Naftalis & Frankel. Vista Equity was advised by Kirkland & Ellis and SunTrust Robinson Humphrey.
A few potential buyers are preparing bids for Boost in a sale valuing the offshoot of T-Mobile and Sprint, telecommunication companies, at up to $3bn.
Boost is a wireless telecommunications brand used by two independent companies in Australia and the United States.
The $26bn deal between T-Mobile and Sprint won approval from the US Federal Communications Commission last week after the two carriers offered concessions. It included the sale of Boost to reduce the combined company's market share in the prepaid wireless business, where customers pay for phone service at the beginning of the month and are not required to pass a credit check. The sale process is expected to begin after the Justice Department's review.
Q Link Wireless, federally assisted wireless plans provider, is to bid for Boost with private equity backing and could pay between $1.8bn to $3bn, said Issa Asad Q Link founder and Chief Executive.
Stephen Stokols, FreedomPop CEO, said that an undisclosed private equity group he is speaking with had placed Boost's future value at about $4bn.
Piper Jaffray has signed a definitive agreement to sell the midstream energy business of Advisory Research to Tortoise Capital. It has also entered into a letter of intent to sell the remaining Advisory Research business to a partner group led by Matthew Swaim, managing director and executive committee chairman at Advisory Research.
“The Advisory Research energy infrastructure investment team will continue to bring their deep expertise and strong investment process to existing clients while leveraging Tortoise’s knowledge in investing across the energy value chain. Besides, Tortoise will bring expanded distribution and product capabilities to enhance growth potential.” Deb Schoneman, Piper Jaffray president.
Piper Jaffray was advised by Ardea Partners and Faegre Baker Daniels.
Calera-backed ImageFIRST acquired its largest franchisee ImageFIRST Tampa. (FS)
ImageFIRST, a leading provider of laundry services for the healthcare industry and a portfolio company of Calera Capital, acquired its largest franchisee ImageFIRST Tampa. ImageFIRST Tampa provides medical laundry services across central Florida, including in Tampa and Orlando. Terms of the transaction were not disclosed.
“ImageFIRST Tampa, led by its owners Tim Ryan and J.C. Ryan, has been an exceptional partner to the ImageFIRST corporate organization for over 20 years,” said Jeff Berstein, CEO of ImageFIRST. “The ImageFIRST team and I are excited to continue our partnership with the Ryan family as the Tampa franchise becomes an official part of our corporate organization. We look forward to growing the Florida business together through our ongoing commitment to delivering a truly remarkable customer experience.”
FireEye to acquire Verodin for $250m.
FireEye, the intelligence-led security company, announced the acquisition of Verodin, the leader in validating the effectiveness of cyber security controls. The offer values at $250m in cash and stock, net of acquired net cash and excluding assumed unvested options, based on the closing price of FireEye's common stock on May 24, 2019.
Verodin's Security Instrumentation Platform adds significant new capabilities to the FireEye portfolio by identifying gaps in security effectiveness due to equipment misconfiguration, changes in the IT environment, evolving attacker tactics, and more.
"We believe there is no better way to train people and instrument better security than by continually attacking the environment and adapting security controls to real threats. Finally, organizations will have a reliable and consistent way to quantify cyber risk in a manner understandable to frontline technicians and the Board room." Kevin Mandia, FireEye chief executive officer.
The acquisition will broaden EPTAM's core capabilities, enabling the company to better serve its customers with a one-stop-shop solution for precision plastic and metal components.
Micro Molding is a leading provider of precision plastic injection components primarily to the medical device market with deep expertise in precision injection molding, catheter tipping, finishing, and assembly.
"The acquisition of Micro Molding is the ideal strategic addition for EPTAM. The Company's plastic injection molding capabilities perfectly complement EPTAM's plastic and metal machining capabilities, broadening our one-stop-shop solution for our key blue-chip customers. We are delighted to be partnering with Micro Molding and their team," said Dana Waterman, EPTAM CEO.
Exatech acquired Pennsylvania-based EPIC Extremity.
Exatech, a developer and producer of bone and joint restoration products and biologic solutions for extremities, knees and hips, acquired Pennsylvania-based EPIC Extremity, a designer of screw and plating systems for the foot and ankle market. Financial terms were not disclosed.
“We are thrilled to complete this acquisition to continue the relationship and our commitment to the foot and ankle market,” said Darin Johnson, senior vice president, Exatech. “We are excited to combine these products with the Vantage® Total Ankle System to provide an expanded line of solutions.”
Upland Software, a leader in cloud-based enterprise work management software, acquired Kapost, a leading content operations platform provider for sales and marketing used by more than 100 organizations globally, for $45m. Kapost was backed by Access Venture Partners, Cue Ball Capital, Iron Gate Capital, Salesforce Ventures, Lead Edge Capital and High Country Ventures.
“Kapost brings an established enterprise customer base, experienced team, and sophisticated content operations platform to our sales and marketing solutions,” said Jack McDonald, chairman and CEO of Upland Software. “Moreover, this transaction is immediately accretive to Adjusted EBITDA per share and takes Upland to a $220m annualized revenue run rate. Our acquisition pipeline is robust, and we are actively pursuing additional opportunities to build out our solution suites.”
AGC Partners advised Kapost.
Huron Capital-backed High Street Insurance Partners, a personal insurance platform, acquired KorthaseFlinn Insurance & Financial Services, an independent insurance and financial services firm. Financial terms were not disclosed.
"KF's experienced employees and excellent client service have built the Company a strong reputation in the insurance industry," said Scott Wick, Managing Partner & Chief Executive Officer of High Street. "We are confident that KF's focus on providing tailored risk solutions to its clients and robust customer network will enhance our ability to service new and existing relationships at the highest level."
Abry Partners-backed The Hilb Group, a leading middle market insurance agency, acquired New England-based 360 Corporate Benefit Advisors, an employee benefits consulting firm. Financial terms were not disclosed.
“As we continue to grow, we are seeking partners who will advance our scope of services as a leading national insurance broker,” said Ricky Spiro, THG CEO. “360CBA will further strengthen our employee benefits capabilities with their team of highly-regarded and widely-recognized industry veterans with over 100 years of collective benefits experience. We are excited to welcome the 360CBA team to our growing family.
Frontier to sell telecom assets in four US states for $1.4bn. (FS)
Frontier would sell its telecom assets in four US states for $1.4bn to WaveDivision Capital and Searchlight Capital, private investment firms.
Shares of the company jumped 17.3% to $2.03 in trading before the bell.
Under the deal, Frontier will sell its operations in Washington, Oregon, Idaho and Montana that together served more than 350,000 residential and commercial customers and accounted for $619m in revenue as of March 31, Reuters reported.
“The sale of these properties reduces Frontier’s debt and strengthens liquidity,” Dan McCarthy, Frontier Chief Executive Officer.
Devon Energy exits Canada with $2.8bn deal with Canadian Natural Resources.
Devon Energy, a US oil and gas producer, wants to sell its Canadian assets to Canadian Natural Resources for C$3.8bn ($2.8bn) in cash in an attempt to become a pure-play oil producer.
"The sale of Canada (assets) is an important step in executing Devon's transformation to a US oil growth business." Dave Hanger, Devon Chief Executive Officer.
Devon's Canadian portfolio consists of huge oil assets, principally located in the province of Alberta, and its daily net average production was 113,000 oil-equivalent barrels in the first quarter of 2019.
DEG to invest in DataArt. (FS)
DEG, the German development finance institution, has co-invested with Da Vinci Capital, a CIS-focused private equity fund manager with a strong track record in the IT industry.
DEG is part of KfW, the German state-owned promotional bank. With a presence of around 80 representative offices worldwide, KfW promotes sustainable finance both in its domestic market in Germany and in international markets, including developing and emerging markets.
DEG wants to provide DataArt's guidance in order to support its growth in emerging markets with regards to the implementation of environmental and social best practices.
“DataArt provides bespoke engineering services for complex IT software projects which can only be achieved by experienced IT personnel. DataArt´s footprint in emerging markets was pivotal to DEG´s investment decision. We are excited to partner with a company that capitalizes on the strength of the Ukrainian IT sector and the high-quality skills of local engineers, mitigating brain drain risks in countries like Ukraine.” Dr Tilman Kruse, DEG Head of Corporates & Funds for Europe, Middle East & Central Asia.
Texas Pacific Land Trust investors have filed counter-claims against trustees at the company.
Texas Pacific Land Trust investors have filed counter-claims against two incumbent trustees at the company, accusing them of breaching fiduciary duties by giving themselves sizable raises and buying a private plane before spending millions on a proxy fight, Bloomberg reported.
The group, which includes SoftVest, Horizon Kinetics, and ART-FGT Family, is asking a federal court judge in Dallas to rule that a May 22 shareholder vote was valid and that its nominee, Eric Oliver, won.
Odebrecht unit is preparing a bankruptcy filing. (FS)
Atvos Agroindustrial Participacoes, the sugar and ethanol unit of Brazilian conglomerate Odebrecht, is preparing to file for bankruptcy protection this week, according to a Reuters report. The filing will occur after a Brazilian court agreed to freeze cash held by Atvos at the request of US private equity fund Lone Star.
“As is known in the market, Odebrecht and its subsidiaries are in negotiations with banks and capital markets. It’s a complex operation, but the parties are focused on a satisfactory solution for all,” Odebrecht said.
Cooper-Standard not interested in bidding for Teklas.
CEO of Cooper-Standard, a leading global supplier of systems and components for the automotive industry, said that the company is not interested in buying Turkey’s Teklas Kaucuk, which supplies such carmakers as General Motors and BMW. Cooper-Standard, based outside Detroit, is not interested in expanding in Europe given that region’s uncertainties at the moment.
“We aren’t interested in really spending a lot of cash in Europe,” Chairman and CEO Jeffrey Edwards said. “We’re trying to get right-sized there. We’re trying to make sure that we can survive in Europe as a smaller, more profitable company.”
Brookfield looking to raise $1bn for its new low-income area fund. (FS)
Private equity firm Brookfield Asset Management’s New York-based real estate unit is looking to raise $1bn for a fund that would take advantage of generous new tax breaks in low-income US communities. The fund plans to invest in six projects in designated opportunity zones, including residential developments in Brooklyn and the Bronx, and a shopping center in Connecticut.
Proterra raised $300m for the latest agri fund targeting N America. (FS)
Proterra Investment, a private equity firm, formerly Black River Asset Management, has mopped up $300m in what seems to be the first close for its latest agriculture focused fund Proterra Sustainable Agriculture Fund, DealStreetAsia reported.
Cypress Semiconductor looking at options after receiving takeover interest.
Cypress Semiconductor, an American semiconductor design and manufacturing company, is exploring strategic options, including a potential sale, after receiving takeover interest. The company is currently working with advisers on a possible deal. No final decision has been made and Cypress could opt to remain independent.
Shares of the chipmaker rose nearly 12% on the news.
APAC
Alibaba, a multinational holding company, has invested RMB3.6bn ($520m) in China TransInfo, a public transport software provider.
Alibaba is moving into the smart vehicle market with cloud-based solutions.
Alibaba acquired a 15% stake in the company at RMB16.1 ($2.3) per share from Xia Shudong, China TransInfo’s president, and some affiliated enterprises.
The two parties will work together to accelerate the mass deployment of intelligent public transport solutions and cloud-based services for public security over the next three years, said the company in the announcement.
The acquisition will enable NXP to deliver complete, scalable processing and connectivity solutions to its customers across its focus end markets. NXP expects the purchase to create new revenue opportunities in its target end markets.
Marvell’s connectivity team is a pioneer in providing innovative, secure, and reliable WiFi and Bluetooth combo solutions.
Richard Clemmer, NXP chief executive officer, said: “I am delighted this world-class team with the right set of complementary connectivity technologies is joining NXP, enabling us to deliver on our commitment to provide Secure Connections for the Smarter World.”
Marvell was advised by Credit Suisse and Gibson, Dunn & Crutcher.
Toyota considers investing $550m in Didi Chuxing.
Toyota, a Japanese multinational automotive manufacturer, considers investing ¥60bn ($550m) in Didi Chuxing, Chinese ride-hailing giant.
Japan's top automaker was also looking to set up a new mobility-services company in China, Reuters reported.
"We continue to evaluate our business strategy from a global perspective in areas of Connectivity, Autonomous, Sharing and Electrification to meet the future needs of our customers," Kensuke Ko, Toyota spokesman.
Malaysia in talks on SoftBank's $100bn Vision Fund.
Khazanah Nasional Berhad, Malaysia's sovereign wealth fund, has held talks with SoftBank about a possible investment in the Japanese conglomerate's $100bn Vision Fund, Nikkei Asian Review reported.
Masayoshi Son, SoftBank Chairman, who announced plans for a second fund on a par with Vision Fund, politely turned down the invitation from Mahathir Mohamad, Malaysian Prime Minister, saying he wanted to focus his undivided attention on SoftBank.
Discussions might take more time as Khazanah is very cautious in investing in foreign funds, especially under the new management.
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