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AMERICAS
ONEOK, a midstream service provider, completed the acquisition of Magellan Midstream Partners, a publicly traded partnership that primarily transports, stores and distributes refined petroleum products and crude oil, for $18.8bn.
"This is a significant day for Tulsa and the industry as we bring together the talented ONEOK and Magellan teams and look to the future as one company. Our expanded products platform will present additional opportunities in ONEOK's core businesses and further enhance the resiliency of our company. We are committed to ensuring a smooth transition aimed at delivering on the many benefits of this combination for our customers, employees and shareholders," Pierce H. Norton II, ONEOK President and CEO.
Pipestone Energy's shareholders on September 27 voted in favor of the proposed sale to privately-held larger rival Strathcona Resources in an all-stock deal that would value the combined company at $8.7bn, Reuters reported.
The Canadian company said the proposal has been passed by at least 66.7% votes in favor of the deal. "I think people are going to wake up with a more diversified business on a larger asset scale," Cole Smead, Smead Capital Management CEO and Portfolio Manager, which owns shares in the company and voted in the merger.
Pipestone Energy is advised by BMO Capital Markets, Raymond James and McCarthy Tetrault. Strathcona Resources is advised by ATB Capital, CIBC World Markets, Mizuho Securities, RBC Capital Markets, Scotiabank, TD Securities and Blake Cassels & Graydon. WEF is advised by Stikeman Elliott.
Brookfield Infrastructure, a private equity firm, completed the acquisition of Triton International, a lessor of intermodal freight containers, in a $13.3bn deal.
“Today marks an exciting new chapter for Triton. This transaction provides significant value to our shareholders, and with the support and resources of Brookfield Infrastructure we will be even better positioned to build on our strong foundation as a leader in our industry. Brookfield Infrastructure is an ideal partner for Triton’s next phase of growth,” Brian M. Sondey, Triton CEO.
Triton International was advised by Goldman Sachs, Appleby and Sullivan & Cromwell (led by Scott Miller). Brookfield was advised by Bank of America, MUFG Bank, Mizuho Securities, Torys, Skadden Arps Slate Meagher & Flom (led by Eric Otness and Thomas Greenberg), Torys, Brunswick Group, and Teneo (led by Lisa Friedman).
Gryphon Investors, a private equity firm, agreed to acquire AirX Climate Solutions, a designer, producer, distributor, and servicer of high-end, mission-critical equipment for the specialty heating, from L Catterton, a private equity firm. Financial terms were not disclosed.
"With L Catterton's resources and its operational insights, coupled with ACS' talented and dedicated team, we have successfully grown ACS into a leading platform in the specialty HVAC industry. We are proud of all that ACS has achieved during our partnership with L Catterton, including enhancing our value proposition to better serve our customers' critical needs and becoming a leader in each of our diverse end markets. We are now poised for our next chapter of growth with Gryphon and look forward to building on our strong momentum," Rick Aldridge, AirX Climate Solutions CEO.
AirX Climate Solutions is advised by Nomura and Robert W Baird. Gryphon Investors are advised by Jefferies & Company, William Blair & Co, Kirkland & Ellis, and Lambert & Co (led by Jennifer Hurson and Caroline Luz).
Peoples Financial Services, an independent community bank in eastern Pennsylvania, agreed to merge with FNCB Bancorp, a bank holding company that provides personal, small business and commercial banking solutions, in a $129m deal.
"This strategic merger accelerates our objective of creating a dynamic, top-tier Pennsylvania franchise in order to help our communities become a better place to live and work while offering the best services possible to our customers. Notably, this transaction will create a more diversified and liquid balance sheet, which will enable the combined company to accelerate its organic growth strategy. The close relationship between both management teams and boards of directors will further benefit us in exceeding our customers' expectations as we help them achieve their financial goals. We are looking forward to utilizing our combined management team's mutual financial expertise and strengths to achieve our shared goals and vision to deliver value to our customers and shareholders. I am extremely happy to be working alongside Jerry who is an exceptional leader and long-serving industry veteran," Craig Best, Peoples Financial Services CEO and Director.
FNCB Bancorp is advised by Stephens, Cozen O'Connor, and Stevens & Lee. Peoples Financial Services is advised by Cedar Hill Advisors, D.A. Davidson & Co, and Troutman Pepper.
Trimble and AGCO to form a joint venture in a $2bn deal.
Trimble, a California-based SaaS technology company, and AGCO, a manufacturer and distributor of agricultural equipment and related replacement parts globally, agreed to form a joint venture, in a $2bn deal.
"Farmers today are looking for mixed fleet solutions across their tractors and the implements that they use to most efficiently and sustainably feed the world. We believe a joint venture with AGCO, complemented by the successful mixed fleet approach that they have developed with their Precision Planting business model, can help us better serve farmers and OEMs together. Trimble has a rich history of forming and cultivating joint ventures with industry leaders such as Caterpillar, Nikon and Hilti and we are excited about this opportunity with AGCO and its family of leading brands. We look forward to beginning a new chapter with AGCO to bring precision agriculture to both the factory and to the aftermarket," Rob Painter, Trimble President and CEO.
Trimble is advised by Centerview Partners and Skadden Arps Slate Meagher & Flom (led by Thomas J. Ivey and Amr Razzak). AGCO is advised by Morgan Stanley and Simpson Thacher & Bartlett. Financial advisors were advised by Troutman Pepper.
Sycamore Partners, a private equity firm, agreed to acquire Chico's FAS, a Florida-based fashion company founded in 1983, for $1bn.
"Through this investment, we are gaining additional expertise, financial resources and strategic flexibility to fuel the growth of our company and three powerful brands: Chico's, White House Black Market and Soma. Sycamore Partners has an outstanding record in the retail industry in partnering with management teams to help businesses reach even greater levels of success. They share our commitment to providing solutions, building communities and creating memorable experiences to bring women confidence and joy. We look forward to working with the Sycamore Partners team to unlock Chico's FAS's full potential," Molly Langenstein, Chico's FAS CEO and President.
Chico's FAS is advised by Solomon Partners and Paul Weiss Rifkind Wharton & Garrison (led by Scott Barshay). Sycamore Partners are advised by Kirkland & Ellis and Joele Frank (led by Arielle Rothstein).
Stellantis, a multinational automotive manufacturing corporation formed in 2021 on the basis of a 50-50 cross-border merger between the Italian-American conglomerate Fiat Chrysler Automobiles and the French PSA Group, agreed to invest $90m in Argentina Lithium & Energy, a company focused on acquiring high quality lithium projects in Argentina and advancing them toward production.
"We are delighted to have Stellantis as a partner in the future development of our lithium projects in Argentina. Together, we share a vision to build a sustainable lithium mining operation for the future. We look forward to a strong and successful relationship with Stellantis and we are committed to delivering a sustainable lithium product that will contribute to the electrification of transportation and the protection of our atmosphere," Nikolaos Cacos, Argentina Lithium President & CEO.
Argentina Lithium & Energy is advised by PI Financial, Alfaro Abogados, and Blake Cassels & Graydon.
INEOS, a chemical producer that manufactures petrochemicals, specialty chemicals, and oil products, agreed to acquire Texas City operations from Eastman Chemical Company, a global specialty chemicals company that produces a range of advanced materials, for $490m.
“We are happy to have reached this agreement with INEOS. They have been a strong partner with us at the Texas City site and have extensive experience and a complementary position in the acetyls space. Our Texas City Operations is an attractive site with an incredible team of people, and we are pleased that INEOS plans to further invest in and grow the site. We look forward to working closely with INEOS as we prepare for a seamless transition later this year, and longer-term as operators of our plasticizer assets at the site,” Erwin Dijkman, Eastman Division President.
Aramco, a Saudi Arabian national petroleum and natural gas company, agreed to acquire a minority stake in MidOcean Energy, a provider of investment services designed to create a portfolio of long-term LNG interests, from EIG, a provider of institutional capital to the energy sector globally, for $500m.
"We are pleased to be strengthening our strategic partnership with EIG through this acquisition, which marks Aramco's first international investment in LNG. We anticipate strong demand-led growth for LNG as the world continues on its energy transition journey, with gas being a vital fuel and feedstock in various industries. We believe that gas will be important in meeting the world's rising need for secure, accessible and more sustainable energy," Amin H. Nasser, Aramco President & CEO.
Carso, a construction engineering company, completed the acquisition of a 49.9% stake in Talos Mexico, an energy company, from Talos Energy, an enegy company, for $125m.
"We are thrilled to partner with Grupo Carso. Our relationship dates back to the 2015 offshore lease sales in Mexico. As we accelerate recent momentum and advance Zama toward FID and first production, we are confident that Carso is the right partner at the right time. Carso's investment is a testament to the economic potential of Zama, and the joint venture will also benefit from Carso's critical presence in Mexico and global commercial experience. We are excited about this broad partnership in Mexico," Timothy S. Duncan, Talos President and Chief Executive Officer.
Fidelity Management & Research Company, an American multinational financial services corporation, and OrbiMed, an investment company focused on healthcare, led a $81m Series B round in Evozyne, a biotechnology company that specializes in protein design and molecular scale, with participation from NVentures, Paragon Biosciences and Valor Equity Partners.
"In its first three years, Evozyne proved it could deliver novel, high-performance proteins that solve critical problems in healthcare and sustainability. Our next three years will be tightly focused on maximizing our generative AI platform for drug development and carbon capture, while we develop a portfolio of gene editors and enzymes that modulate immune response," Mike Gamson, Evozyne CEO.
Aterian Investment Partners-backed Kane Infrastructure Services, a full service technology infrastructure company, agreed to acquire NET100, a telecommunications company that provides structured cabling solutions. Financial terms were not disclosed.
"This acquisition represents a continuation of Kane's strategic growth plan to expand nationally. Virginia is a very attractive geography for Kane, and we now have a contiguous operating footprint from New York to South Carolina. Additionally, we are excited to enter the region through a leading organization that we can further invest in to enhance the company's capabilities and expand its service offerings," John Wozniak, Kane CEO.
CoreWeave nears stake sale to Fidelity, others at $7bn valuation. (FS)
CoreWeave, a cloud computing provider that’s among the hottest startups in the artificial intelligence race, is finalizing a minority stake sale that values the company at $7bn, Bloomberg reported.
Fidelity Investments has agreed to buy the largest portion of the roughly $500m of employee-owned shares that have been tendered. JP Morgan Asset Management and Goanna Capital are among institutions in talks to participate. Terms haven’t been finalized and could still change.
QIC explores sale of CampusParc, owner of Ohio State University parking lease. (FS)
Australian investment firm QIC is exploring the sale of CampusParc, which owns a long-term concession for the parking operations at the Ohio State University, Reuters reported.
The firm is working with an adviser to solicit interest in the Columbus, Ohio-based entity, which could be valued at more than $850m, including debt.
Paine Schwartz Partners closes $1.7bn food and agribusiness-focused Fund VI. (FS)
Paine Schwartz Partners, a private equity firm focused on companies operating in the global food and agribusiness sectors, has closed its fourth fund with $1.7bn of total capital commitments.
Paine Schwartz has already deployed approximately 40% of Fund VI, including investments in AgroFresh Solutions, Costa Group, Elemental Enzymes, HGS BioScience, and Monterey Mushrooms. The firm currently has $5.7bn of assets under management and the team comprises over 60 employees and advisors with domain expertise operating on a fully integrated basis.
Mercury Fund raises $160m to invest in early-stage startups across America. (FS)
Mercury Fund, a premier early-stage venture firm focused on investments outside of traditional coastal tech hubs, announced the successful closing of Mercury Fund V, with $160m in capital commitments. The Fund is Mercury’s largest to date and was oversubscribed, exceeding its initial target of $150m. Fund V received significant support from existing investors and new limited partners, including university endowments, foundations, and family offices – many of which are based in the central-US region where Mercury invests.
“We are pleased by the substantial support we received for Fund V from both new and existing investors and thank them for placing their confidence in Mercury.” Blair Garrou, Mercury Fund Co-Founder and Managing Director.
Altriarch launches private credit fund. (FS)
Private credit investment manager Altriarch Asset Management, has launched a new fund that will focus on investments in what the South Carolina-based firm describes as “overlooked segments” within the private credit space.
The new strategy is in response to increased demand for private credit investment opportunities from Altriarch’s network of institutional and accredited investors, including RIAs, foundations, endowments, pension plans and family offices.
Wells Fargo to buy NYC's Neiman Marcus space for $550m. (RE)
Wells Fargo is buying the former Neiman Marcus space at Manhattan's Hudson Yards for roughly $550m and plans to convert it into offices, Bloomberg reported.
The transaction includes about 400k square feet (37k square meters) spanning floors five through seven at 20 Hudson Yards. The bank plans to occupy the space.
EMEA
Bpifrance and Fonds Stratégique de Participations-becked Eutelsat, a satellite operator, completed the merger with OneWeb, a broadband connectivity provider, in a $3.4bn deal.
“This is an historic moment for the satellite industry. We are bringing together two businesses that are at the forefront of delivering integrated, seamless and reliable connectivity to customers worldwide. We will be moving fast to accelerate the growth of the combined business. With the support of strategic shareholders of both entities, we are confident of maximising financial performance and operational excellence, while capitalising on the high-return investment of next generation satellites. I would like to pay tribute to all colleagues who have ensured we can successfully deliver this combination," Dominique D’Hinnin, Eutelsat Chairman.
Jonathan Milner, the founder of UK life sciences company Abcam, has fired the starting gun on a campaign to persuade investors to reject a $5.7bn takeover offer from Danaher.
Milner, who has a 6.1% stake in the Cambridge-based company, has said the $24 a-share offer grossly undervalues Abcam, which sells antibodies used in scientific research, Bloomberg reported.
Silver Lake, a private equity firm, completed the acquisition of Software, a software developer, for $2.4bn.
"The management board welcomes the opportunity of a deepened strategic partnership with Silver Lake, following a thorough analysis of the offer. Silver Lake has already demonstrated strong support for our strategic vision and values. With deep expertise in the integration market, experience in transitioning businesses to SaaS-first models and extensive M&A capabilities, Silver Lake is a valuable long-term partner for Software and our customers. A successful transaction would enable us to accelerate the execution of our strategy, double down on innovation in integration for customers, and provide greater opportunities to attract and develop talent. We would like to thank the foundation and Dr Schnell for the many years of support in contributing to where Software is today,” Sanjay Brahmawar, Software CEO.
Britain's antitrust regulator said on September 28 that Turkish domestic appliances maker Arcelik's proposed purchase of Whirlpool's appliances business in Europe will be referred for a more in-depth probe, Reuters reported.
The deal could reduce choices in the supply of major household appliances and will be referred for a so-called phase-2 investigation unless Arcelik addresses its concerns, the Competition and Markets Authority said in a statement. The deal would include Arcelik and Whirlpool setting up a new entity comprising the two companies' European units.
CVC Capital-backed Teneo, a global CEO advisory firm, agreed to acquire Herter & Co, a debt advisory and financial restructuring firm. Financial terms were not disclosed.
"We are pleased to join the Teneo family. After significant growth and having advised on the largest transactions in the German market, it is time to take the next step and expand our international footprint. I have known the Teneo team for many years and look forward to contributing to the development of the business in the years to come," Marcel Herter, Herter & Co-Founding Partner.
Herter & Co is advised by Orrick Herrington & Sutcliffe. Teneo is advised by Hengeler Mueller (led by Andreas Hoger and Emanuel P. Strehle), Wachtell Lipton Rosen & Katz and William Fry.
Macquarie Group, a private equity firm, offers to acquire Renewi, a waste management firm, in a $775m deal.
"The proposal provides a compelling opportunity for Renewi's shareholders to realise their investment for cash at a very significant premium and at an attractive multiple. Macquarie believes that Renewi's ability to deliver its stated ambition will remain constrained under the current capital structure by the limited near-term operating cash flow and limited leverage capacity. In a challenging macro and cost of capital environment, Macquarie believes the proposal represents an attractive alternative for shareholders, attributing a full and fair valuation for the company's future potential," Macquarie.
Macquarie is advised by Citigroup, Linklaters and Citigate Dewe Rogerson.
Mitsui & Co, a business conglomerate, completed the acquisition of the remaining 70% stake in Nutrinova, a food ingredients business, from Celanese, a chemical and specialty materials company, for $473m.
“We are pleased to have monetized a majority of the Food Ingredients business in a value accretive way and also maintained the demand benefits of raw material integration with the Acetyl Chain. We will immediately deploy transaction proceeds in the third quarter to execute against our deleveraging plan and are on pace to meaningfully exceed the full year objective to reduce net debt by $1bn in 2023," Lori Ryerkerk, Celanese Chairman and CEO.
PGA Tour said its planned merger with Saudi-backed LIV Golf and DP World Tour has garnered unsolicited interest from investors as it continues to finalise an agreement with the Public Investment Fund and the DP World Tour.
The PGA said that while it did not solicit additional investment interest, it has a responsibility to members, sponsors and fans to thoroughly evaluate all potential options, Reuters reported.
"Our focus continues to be on finalizing an agreement with the Public Investment Fund and the DP World Tour, however, our negotiations have resulted in unsolicited interest from other investors," PGA said.
Accel-KKR-backed ToolsGroup, a retail and supply chain planning and optimization software developer, completed the acquisition of Evo Pricing, an artificial intelligence and machine learning solutions provider. Financial terms were not disclosed.
“Together with ToolsGroup, we can shape the vision for the supply chain of the future – one that powers smarter supply chain decisions for human managers through optimal price and inventory calculations. Joining together with ToolsGroup will allow us to extend the impact we can deliver beyond pricing and inventory optimization, to better decision making across the entire value chain," Fabrizio Fantini, Evo Founder and CEO.
Ringier, largest internationally operating Swiss media company, producing over 120 newspapers and magazines, completed the acquisition of the remaining 35% stake in Ringier Axel Springer Schweiz, a Swiss-based publishing joint venture company, from Axel Springer, a German digital publishing house. Financial terms were not disclosed.
"Already today, almost 90 percent of our revenues are generated in the digital business. It is our declared goal to establish Axel Springer as a purely digital media company. Therefore, the sale of our shares in Ringier Axel Springer Schweiz is a logical step for us, whose 20 media brands are in excellent hands with Ringier. We look forward to further cooperation and digital growth for our joint venture in Poland, "Mathias Döpfner, Axel Springer CEO.
Private equity firms Centurium Capital and 6 Dimensions Capital led a $100m Series C round in MitrAssist, a medical devices developer, with participation from Hefei Industry Investment, Haiheng Capital and Anhui Huawen Capital.
The proceeds will be used to facilitate the registration of clinical trials and market access for its mitral valve replacement products and polymer interventional aortic valve replacement products, complete clinical studies of other product candidates in the pipeline, and expand sales.
Warburg Pincus, a private equity firm, led a $100m round in Nord Security, a digital privacy and security tools company, with participation from Novator and Burda Principal Investments.
“Our users' trust allowed us to remain on a sustainable and profitable journey for more than decade. In a saturated cybersecurity market, it is not enough to offer next-gen privacy and security solutions. They also have to be intuitive for both professional and casual internet users. We are grateful that Warburg Pincus shares that trust and our vision for the future of the internet. We will continue to address the needs of our users by bringing market-leading innovative features, informative marketing, and a holistic approach towards consumer and businesses cybersecurity needs. The new financing round, together with our investors' experience and know-how, allow us to be in an even stronger position to make the Nord name synonymous with online privacy and security," Tom Okman, Nord Security Co-CEO and Co-Founder.
Capgemini, a French multinational information technology services and consulting company, completed the acquisition of HDL Design House, an independent provider of silicon design and verification services in Europe. Financial terms were not disclosed.
“As part of our intelligent industry work for clients Capgemini is designing, developing and delivering tomorrow’s products and services that are both smart and connected. With digital now inside everything, semiconductors are at the heart of companies’ business transformations. HDL Design House is a leader in silicon innovation. It will strengthen our team and presence in Eastern Europe to further meet global demand for the latest generation of high-performance and ‘intelligent’ products. I am very happy to welcome them to Capgemini," William Roze, Capgemini CEO of Engineering Group.
Gazprombank, a provider of a full range of commercial banking services for retail and institutional customers, agreed to acquire 14 Russian MEGA shopping centres from Ingka Centers, the parent company of IKEA. Financial terms were not disclosed.
Ingka Centres has been conducting business in Russia for over 20 years. Divestment of the entire Russian portfolio of shopping centres has taken time as it is a sensitive, highly complex and confidential process. This is due to the scale of the portfolio, operational complexity, the regulatory landscape and the importance of MEGA shopping centres to the people and communities.
Germany nears €20bn deal to buy power grid from Tennet.
Germany is nearing a deal to buy its largest power grid from Dutch state-owned operator Tennet within weeks, a move which could help ease the country’s transition to renewable energy.
The parties involved in the transaction came closer on key details at a meeting. The valuation could come in at the lower end of a previously discussed range of €20bn ($21bn) to €30bn ($32bn), Bloomberg reported.
South Africa's SPAR to sell loss-making Polish business.
SPAR Group plans to sell its loss-making business in Poland, the South African grocery retailer and wholesaler, as it reported a 10.6% rise in turnover for the first 47 weeks of its financial year, Reuters reported.
At 1000 GMT, shares in SPAR, which also operates in Switzerland and parts of the United Kingdom, were up 9.8% at 111.59 rand. "Having evaluated and considered all options, the board believes that it is in the best interests of the group and shareholders to engage in a process to dispose of its interests in Poland".
Schott gains after staging Germany’s biggest IPO this year.
Schott Pharma shares surged on their first day of trading after the drug-industry supplier’s €813m ($854m) initial public offering, the biggest in Germany this year, Bloomberg reported.
The stock rose as much as 13% in Frankfurt. Schott, a maker of specialty-glass products owned by the Carl Zeiss Foundation, sold 30.1m shares in its pharma unit. The underwriters for the Schott Pharma IPO were: BNP Paribas, Bank of America, Deutsche Bank, Jefferies, Citigroup, and Commerzbank LBBW.
Oakley Capital closes lower mid-market fund at €750m hard cap. (FS)
Oakley Capital, a pan-European private equity investor, has held the final close of the Origin Fund II at its hard cap of €750m ($790m) after just four months. Origin II received strong demand from institutional investors, including 18 new LPs in Europe, US and Asia.
The strategy aims for Oakley to leverage its heritage in the lower mid-market and capture smaller deals. Since it closed in 2021, Origin I has consistently deployed capital across Oakley’s four core sectors including Technology, Business Services, Consumer and Education.
Apax raises $750m in commitments for first generation credit funds. (FS)
Global private equity advisory firm Apax Partners has raised circa $750m for the first generation of dedicated Apax Credit Funds, which like the firm’s private equity funds will focus on four core sectors – technology, services, healthcare and internet/consumer.
Apax advised funds have invested in credit for over a decade, including advising London listed Apax Global Alpha on its credit investment portfolio. In total, Apax has advised on approximately 90 credit investments since 2013, and total credit capital advised by Apax stands at approximately $1.5bn.
APAC
Private equity firms GIC and Hy24 completed a $115m investment in InterContinental Energy, a company committed to delivering green hydrogen at scale.
"InterContinental Energy values the continued commitment from GIC since becoming our strategic investor in April 2022, which strengthens our ability to deliver on our green hydrogen vision. Hy24, as a new strategic investor, brings unrivalled industrial and financial knowledge in the hydrogen space as well as its critical network of key players across the value chain, to help unlock new opportunities for InterContinental Energy and all our stakeholders," Alex Tancock, InterContinental Energy Chairman and CEO.
InterContinental Energy was advised by Morgan Stanley and Shearman & Sterling (led by Richard Porter and David Clinch). Hy24 was advised by FTI Consulting.
Ignite Thailand, an investor in financial services start-ups, agreed to acquire DirectAsia, a motor vehicle insurance firm, from Hiscox, an Anglo-Bermudan insurance provider. Financial terms were not disclosed.
Hiscox's decision to divest follows the Group's previously announced strategic review of the Business as part of its continued active portfolio management and disciplined focus on key markets where it sees the greatest opportunities to maximise value for shareholders.
Citigroup in talks to sell China onshore retail wealth to HSBC.
Citigroup is in talks to sell its China onshore retail wealth business to HSBC, as the latter continues to build out its presence in the mainland, Bloomberg reported.
Citi’s China retail wealth business has about $4bn of assets and deposits and about 400 staff, which would be transferred to HSBC if the deal goes through. The deal could be announced as early as next month.
UBS invites bidders for Credit Suisse’s China brokerage business.
UBS has reached out to a number of financial firms to gauge their interest in buying the Chinese brokerage venture of Credit Suisse, Bloomberg reported.
The firm sent invitations to bid to companies including Warburg Pincus, Citadel Securities, and a number of local financial groups. One person said that the expectation for the bids is at least CNY1bn ($137m). UBS declined to comment. The plan to sell the operation follows UBS’s acquisition of Credit Suisse, which has led to job cuts and trimming of overlapping businesses. UBS already controls a securities venture in China and can’t hold two licenses in the same business.
Mubadala in talks to buy a part of Temasek's stake in Manipal Hospitals. (FS)
Mubadala is in talks to acquire a stake of less than 10% in India's Manipal Hospitals, in what could be the Abu Dhabi sovereign fund's first investment in the booming Indian healthcare space, DealStreetAsia reported.
The fund is holding talks with Singapore's Temasek, which spent $2bn in April 1 to raise its stake in Manipal to 59% from 18% in the biggest hospital sector deal in India.
Vedanta is preparing to de-merge sprawling operations.
Vedanta is preparing to list a number of its key businesses in a broad restructuring effort that, if successful, could help tycoon Anil Agarwal reduce a multibillion dollar debt load, Bloomberg reported.
The company has informed its lenders of the intended shake-up and could announce the plans in the coming days. Businesses including aluminum, oil and gas, iron ore and steel will be separately listed.
Chilean miner Codelco gets access to books of Australia's Lithium Power.
Codelco will undertake due diligence on Australia's Lithium Power International, the Chilean copper miner said, but added that there is no certainty the discussions will lead to a definitive deal, Reuters reported.
State-owned Codelco has been tasked to lead the initiative to kick-start Chile's lithium industry as demand is set to boom with the uptake of electric vehicles.
‘All of Us Are Dead’ studio eyes public stock offering next year.
The production company behind Netflix teen zombie series All of Us Are Dead is seeking to go public by the second half of next year as it looks to increase production in what has been a hot market for South Korean movies and TV shows, Bloomberg reported.
SLL JoongAng, an affiliate of the JoongAng media group, is considering an initial public offering in Seoul or another market, Chief Executive Officer Jung Kyung-moon said in an interview. He is looking to raise capital and more than double the company’s sales to around KRW2tn ($1.5bn) in 2025 by producing 40 to 50 TV shows a year.
Chinese EV battery parts maker Londian planning US IPO.
Chinese copper foil maker Londian Wason Energy Tech is planning an initial public offering in the US, Bloomberg reported.
The company is working with Citigroup and Goldman Sachs on the listing preparations. Londian is looking to raise about $500m through the IPO and a pre-IPO funding round. Shenzhen-based Londian has benefited from a surge in demand for EV batteries, which its copper wire forms part of. The company supplies the likes of Contemporary Amperex Technology and BYD – the world’s two biggest EV battery makers.
Courier J&T Global wins HKEX nod for $500m IPO.
Courier company J&T Global Express has received approval from the Hong Kong stock exchange for an initial public offering that could raise about $500m, Bloomberg reported.
The company may start gauging investor interest as early as next week. J&T Global filed pre-listing documents with the exchange in June. The underwriters for the J&T Global IPO are Morgan Stanley, Bank of America, and China International Capital.
Ant Consumer Finance Arm to raise $616m for growth.
Ant Group consumer finance affiliate is raising CNY4.5bn ($616m) from investors to revive growth after regulators wrapped up a multi-year crackdown on the Jack Ma-backed financial technology giant, Bloomberg reported.
Ant Group will contribute CNY2.25bn ($253m) to the plan while other investors include Sunny Optical Technology Group and Transfar Zhilian. Chongqing Ant Consumer Finance registered capital will increase to CNY23bn ($2.6bn), pending regulatory approval.
True Light closes China-focused flagship fund at $3.3bn. (FS)
Singapore-based private investment firm True Light Capital, a division of Singapore government-owned investment company Temasek, has held the final closing of its first flagship find with $3.3bn in capital commitments.
The fund, which will invest alongside True Light’s parent company in opportunities linked to Greater China, attracted support from global investors, including sovereign wealth funds, foundations, financial institutions, and family offices.
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