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A large investor in Ritchie Bros is backing the Canadian auction company’s proposed takeover of IAA, giving a boost to a deal that’s been opposed by other shareholders, Bloomberg
Independent Franchise Partners is a “supportive shareholder” on the deal, according to a spokesperson for the London-based investment firm, which owns about 4.8% of Ritchie shares.
The cash-and-stock deal, which values IAA at about $6bn, is being opposed by Ritchie shareholders Janus Henderson and Luxor Capital. Janus released a letter to the Ritchie board saying the acquisition “would introduce a level of unnecessary risk for Ritchie Brothers shareholders.” Eagle Asset Management also plans to vote in favor of the deal. Funds managed by Eagle hold more than 2m Ritchie shares.
IAA is advised by JP Morgan, Blake Cassels & Graydon, Cooley (led by Ian A. Nussbaum
and Jamie Leigh
) and ICR (led by Farah Soi).
JP Morgan is advised by Simpson Thacher & Bartlett (led by Caroline Gottschalk
and Jakob Rendtorff
). Ritchie is advised by Evercore, Goldman Sachs, Guggenheim Partners, RBC Capital Markets, Dorsey & Whitney (led by Michael R. Mills
and Christopher L. Doerksen
), Goodwin Procter (led by Stuart Cable
, Lisa Haddad
and Mark Opper
), McCarthy Tetrault (led by David Frost
and Shea T. Small
), Skadden Arps Slate Meagher & Flom (led by Gregg Noel
) and Joele Frank (led by Daniel Katcher
and Joele Frank
). Financial advisor is advised by Freshfields Bruckhaus Deringer (led by Paul Tiger
Chiquita-backed Fresh Express, a supplier of packaged salads and fresh-cut fruits, agreed to acquire the fresh vegetables division from Dole, a fresh produce provider, for $293m.
"With this transaction, we want to combine our best practices across food safety, the freshness of produce, mechanization, automation, and innovation to offer rapidly expanding choices of safer and healthier produce products to the consumer. This combination will ultimately help drive growth in the entire produce industry and support higher demand for our valued produce grower base in California, Arizona, Colorado, Florida, and across the entire USA," Jose Luis Cutrale Jr., Chiquita Chairman.
Stonepeak, an alternative investment firm specializing in infrastructure and real assets, completed the acquisition of the safety business of Apollo-backed Intrado, a provider of technology-enabled services, for $2.4bn.
"I am pleased that the Safety team will continue to advance their vision as part of the Stonepeak portfolio, benefitting from their experience and success in investing in a wide range of digital infrastructure companies over the past decade. I remain excited about Intrado's future given Digital Workflows, Notified, and Mosaicx are industry leaders in each market they serve," John Shlonsky, Intrado President and CEO.
HomeTrust Bancshares, a holding company of HomeTrust Bank, announced it had received the regulatory approvals, including approval from the Federal Reserve Bank of Richmond and the North Carolina Office of the Commissioner of Banks, necessary to complete the $68m merger of Quantum Capital, a high-performing $660m asset bank.
The closing of the merger of Quantum into HomeTrust is expected to occur on or around February 13, 2023, subject to the satisfaction or waiver of the remaining closing conditions outlined in the merger agreement, while the associated systems conversion is scheduled for mid-March 2023.
Quantum Capital is advised by Piper Sandler and Hunton Andrews Kurth. HomeTrust is advised by Raymond James (led by William Wagner
) and Silver Freedman Taff & Tiernan.
MiddleGround Capital, an operationally focused private equity firm, completed the acquisition of Megatech, a new digital manufacturing platform investment focused on computerized numerical control machining of highly-complex, highly-precise, low volume engineered parts. Financial terms were not disclosed.
“In a world in constant acceleration, Megatech’s mission is to be a leading machining shop, specialized in high precision and complex parts. We’re excited to work with the MiddleGround team to achieve our next leg of growth through organic and inorganic strategies, while continuing to maintain the qualities that have resulted in our success thus far. Our growth to date can be attributed to our employees, equipment, processes and engineering capability along with our ability to provide highly-technical and complex machining capabilities with fast turnaround times,” Jean Blanchet, Megatech CEO.
Megatech was advised by Stifel. MiddleGround Capital was advised by Dukas Linden Public Relations.
AllianceBernstein-backed AB Private Credit Investors, a middle market direct lending platform of AllianceBernstein, led a $205m funding round in Saviynt, a provider of intelligent identity and access governance solutions.
The company will use this funding to meet the market's growing demand for its converged identity platform and accelerate innovation.
"I am thrilled to return to Saviynt. Modern enterprises now realize they require a converged approach to identity security, one that is agile, cloud-based, and will seamlessly scale to manage and mitigate risk. Saviynt anticipated this need when it was founded in 2011. Today, the company is positioned to meet this demand and accelerate our disruption of legacy identity security providers, including SailPoint. The new funding allows us to extend our Enterprise Identity Cloud platform advantage through continued innovation, enhance user experience, expand the platform to support emerging technologies such as OT and IoT, and grow our technology partner ecosystem," Sachin Nayyar, Saviynt Founder and CEO.
Saviynt is advised by fama PR.
Sixth Street, a global investment firm, completed the investment in Logile, a retail labor planning, workforce management, inventory management, and store execution provider. Financial terms were not disclosed.
“Logile offers retailers the most complete platform available to solve the critical pain points associated with store planning and execution, and we believe in Logile’s vision to transform store-level planning and operations. Logile is starting a new chapter in its already successful journey, and we look forward to supporting Purna and his team as they pursue the large opportunity set ahead,” Bo Stanley, Sixth Street Growth Partner and Co-Head.
Logile was advised by Oppenheimer & Co.
Kaho Partners-backed Addtronics, a mission-driven holding company dedicated to acquiring, empowering, and growing leading robotic automation solution providers, completed the acquisition of Missouri Tooling & Automation, a custom robotic automation systems provider. Financial terms were not disclosed.
"We are very excited to partner with Addtronics. This is an important next step for MTA, as it provides our team with additional resources to deliver more value to our customers. We think this transaction will ultimately allow MTA to become a larger and stronger organization. MTA believes in Addtronics' mission to bring manufacturing back to the United States through automation, and we are thrilled to join their family of brands," Bob Archer, MTA President.
Kaho Partners was advised by Holland & Knight.
Crisp, an open-data platform for the retail industry, completed the acquisition of Integral Group, an electronic data interchange platform. Financial terms were not disclosed.
“Crisp and Integral Group serve the same kinds of companies, but offer complementary solutions. Integral Group’s solution helps our customers get their products into stores or retail distribution centers, while Crisp’s solution helps them understand what happens to their products after that point,” Tamas Perlaky, Integral CEO.
WEC Energy Group, an electric and natural gas delivery company, agreed to acquire a 80% stake of Samson I Solar Energy Center, a solar energy generation facility, for $250m.
"The Samson Solar project is an exciting addition to our Infrastructure business and highlights our continued investment in affordable, reliable and clean energy. This project will help one of the world's largest telecommunications companies meet their clean energy needs for years to come," Gale Klappa, executive chairman.
Qatar Investment Authority, a sovereign wealth fund, agreed to invest $150m in Providence-backed North Road, an independent studio that produces the TV series.
"There will be plenty of opportunities. Rather than find an opportunity we don't have money for, we'd rather have enough of a bankroll that we have flexibility," Peter Chernin, North Road Chairman and CEO.
Highlander Partners, a private investment firm, agreed to acquire Black Sage Technologies, a developer of defense technology systems, from Acorn Growth Companies, a middle-market private equity firm. Financial terms were not disclosed.
"The Black Sage executive team is excited to join forces with Highlander and High Point to continue our growth trajectory in the C-UAS, critical infrastructure, and security markets. The need for effective multi-mission C-UAS solutions is increasingly evident, and we believe that Highlander will bring the necessary government and military relationships, industry experience, and long-term financial approach to accelerate our objectives in driving the business forward," Al White, Black Sage CEO.
Ridgemont Equity Partners-backed Northstar Recycling, a company in sustainability-oriented managed waste and recycling solutions, completed the acquisition of Sonoco Sustainability Solutions, an asset-light managed service provider of customized waste diversion programs, from Sonoco, a global packaging company. Financial terms were not disclosed.
“S3 and Northstar have shared the same mission for many years, which is to help develop innovative and executable strategies for companies to reduce their environmental footprints and increase their sustainability efforts by turning material waste into a material resource. S3’s combination with a market leader like Northstar elevates and further substantiates the important work that the S3 team has been pursuing for nearly two decades on behalf of Sonoco’s clients given our mutual commitment to redefining waste streams. Sonoco looks forward to continuing a strategic relationship with Northstar, as we remain committed to the business’ success in partnership with the founders of Northstar and Ridgemont Equity Partners,” Palace Stepps, Sonoco Recycling President.
Komar, a designer and manufacturer of industrial waste and recycling processing systems, completed the acquisition of PTR Baler and Compactor, an equipment manufacturer, technology innovator and national service provider for vertical balers, stationary compactors, self-contained compactors and related equipment. Financial terms were not disclosed.
“PTR has been a leader in the waste processing equipment industry for over 50 years with high-quality products and a customer-focused orientation. Bringing PTR into the Komar family enhances the value and service provided to our customers and optimizes their most challenging waste and recycling applications,” Mark Koenig, Komar President and CEO.
Anthropic expected to raise $300m.
Anthropic, the San Francisco-based AI startup and rival to ChatGPT, is close to adding $300m to its dry powder.
That could bring the company's total valuation to $5bn. Anthropic previously raised $704m across Series A
and Series B funding rounds in 2022.
Stripe in talks for possible funding round led by Thrive Capital. (FS)
Payments startup Stripe is discussing a possible funding round led by Thrive Capital, a venture capital firm founded by Joshua Kushner. A deal would allow some veteran employees of the company to sell their shares even if Stripe does not go public imminently, Bloomberg
Thrive would invest $1bn in Stripe as part of a larger funding round valuing the startup at $55bn to $60bn. That’s significantly lower than the $95bn valuation Stripe received in its most recent funding round in 2021
Structure Therapeutics sets IPO terms.
Structure Therapeutics, a structure-based drug discovery platform developer, has filed proposed terms to raise $125m from the sale of ADS representing underlying common stock in an IPO that could value the company at $522m.
The firm is a clinical-stage biopharma developing new therapeutics for treating severe chronic diseases. GPCR has significant operations in China and Australia. The company is still at a very early stage of development and has attendant risks from its foreign operations in China and Australia.
In an SEC filing, the San Francisco and Shanghai-based biotech confirmed that it would offer almost 9m ADS, representing 27m ordinary shares, priced between $10 and $15 per ADS. Assuming the final price ends up in the middle of that range, the company is expecting a haul of $112m, rising to $129m if underwriters decide to buy up additional ADSs available.
Gemspring Capital announces two funds with $2.1bn in commitments. (FS)
Gemspring Capital Management, a middle market private equity firm, forms Gemspring Capital Fund III at $1.7bn and Gemspring Growth Solutions Fund I at $400m, totaling $2.1bn in aggregate capital commitments. Fund III, Gemspring's third buyout fund, held its first and final close at the hard cap on all institutional limited partner commitments.
The Gemspring team makes substantial investments in all Gemspring funds and was the largest commitment in Fund III.
"We are grateful for the overwhelming support from both existing and new limited partners. With the fresh capital, we are well-positioned for a market environment which will likely yield an abundance of opportunities in line with our value-oriented and transformational growth investment strategy," Bret Wiener, Gemspring Managing Partner.
Gemspring was advised by Kirkland & Ellis.
OpenText, a company that develops and sells enterprise information management software, completed the acquisition of Micro Focus International, a software and information technology, for $6bn.
"We are pleased to announce our firm intention to acquire Micro Focus, and I look forward to welcoming Micro Focus customers, partners and employees to OpenText. Upon completion of the acquisition, OpenText will be one of the world's largest software and cloud businesses with a tremendous marquee customer base, global scale and comprehensive go-to-market. Customers of OpenText and Micro Focus will benefit from a partner that can even more effectively help them accelerate their digital transformation efforts by unlocking the full value of their information assets and core systems," Mark J. Barrenechea, OpenText CEO & CTO.
Micro Focus was advised by Bank of America (led by Kevin Brunner
), Goldman Sachs (led by Nick Harper
), Jefferies & Company (led by Sam Barnett
and Philip Noblet
), Numis Securities (led by Simon Willis
), Cravath Swaine & Moore (led by George Schoen
, Gregory J. Ligelis
and Philip Boeckman
), Slaughter & May (led by Paul Dickson
, Harry Hecht
and David Johnson
), Brunswick Group (led by Sarah West
and Jonathan Glass
) and Datasite. OpenText was advised by Barclays (led by Omar Faruqui
), Allen & Overy (led by Seth Jones
), Cleary Gottlieb Steen & Hamilton (led by James E. Langston
) and Joele Frank (led by Matthew Sherman
). Debt financing was provided by BMO Capital Markets, Barclays, Citigroup and RBC Capital Markets. Debt providers were advised by Borden Ladner Gervais (led by Cameron MacDonald
and Gus Karantzoulis
) and Skadden Arps Slate Meagher & Flom (led by Danielle Li
The Competition and Markets Authority is considering whether it is or may be the case that a €2bn acquisition of the wheel systems of Trelleborg, an engineering group by Yokohama Rubber, a tire company, if carried into effect, will result in the creation of a relevant merger situation. And if so, whether the creation of that situation may be expected to result in substantially lessening competition within any market or markets in the United Kingdom for goods or services.
The CMA announced the launch of its merger inquiry on January 31, 2023, and has a deadline of March 28, 2023, to announce its decision on whether to refer this transaction for an in-depth Phase 2 review.
Yildirim, a global industrial conglomerate based in Turkey, completed the acquisition of the Chromium business of Elementis, a global specialty chemicals company, for $170m.
"Whilst Chromium has been a part of Elementis for many years, our strategic review concluded that the interests of all stakeholders would now be best served by a sale of the business. Our personal care, coatings, and talc businesses are focused on developing advantaged, high-value products to drive revenue growth and margin expansion. Going forward, I'm confident the focused implementation of our Innovation, Growth & Efficiency strategy positions us to deliver on our medium-term financial objectives and generate significant shareholder value," Paul Waterman, Elementis CEO.
The Competition and Markets Authority is considering whether it is or may be the case that the anticipated acquisition by Farfetch, a global platform for the luxury fashion industry, of a 50.7% stake in YOOX Net-a-Porter, an Italian online fashion retailer, from Richemont, a luxury goods holding company, in consideration for the acquisition by Richemont of a minority stake in Farfetch if carried into effect, will result in the creation of a relevant merger situation.
If so, whether the creation of that situation may lead to substantially lessening competition within any market or markets in the United Kingdom for goods or services.
Farfetch is advised by Brunswick Group. Richemont is advised by Cravath Swaine & Moore (led by George A. Stephanakis
) and Slaughter & May.
Flight Centre Travel Group, a travel agency, agreed to acquire Scott Dunn, a luxury travel operator, from Inflexion, a private equity firm, for A$211m ($150m).
"We would like to thank the whole team at Scott Dunn for their commitment to building on the Scott Dunn brand and heritage, reinforcing its position as the leading luxury travel company. In particular, the business has come out of the pandemic in a strong position. It is well placed to continue to grow further in the UK and across the globe," Simon Turner, Inflexion Managing Partner.
Debt financing is provided by Macquarie Group and UBS.
DigitalBridge-backed Pantheon Infrastructure, a closed-ended investment company, agreed to invest $54m in Deutsche Telekom-backed GD Towers, an independent tower and telecommunications infrastructure operator.
"We are pleased to announce this latest transaction in a highly attractive asset that enables us to participate in the robust opportunity in European telecommunications with a high-quality counterparty. We believe the tailwinds in this sector provide attractive growth opportunities which are underpinned by long-term contracted cash flows that provide strong downside protection," Richard Sem, Pantheon Partner at Pantheon.
4iG, a technology company that provides information technology solutions, and Corvinus, a Hungarian state holding, completed the acquisition of the Hungarian unit of Vodafone Group, a British multinational telecommunications company, for HUF660bn ($1.6bn).
"The Hungarian Government has a clear strategy to build a Hungarian-owned national champion in the ICT sector. This combination with 4iG will allow Vodafone Hungary, which has a proud history of success and innovation in the country, to play a major role in the future growth and development of the sector as a much stronger scaled and fully converged operator. The combined entity will increase competition and have greater access to investment to further the digitalization of Hungary," Nick Read, Vodafone CEO.
4iG was advised by JP Morgan.
Total Specific Solutions, a developer of vertical market software, completed the acquisition of Prima Solutions, a software platform developer. Financial terms were not disclosed.
"I am pleased to strengthen our TSS position in the insurance software market with Prima Solutions, our first company dedicated to this market in France. Prima Solutions is considered one of the leaders in the French insurance software domain. They target the main insurance providers and offer them modern cloud solutions. Prima Solutions' focus on helping clients with mission-critical solutions for the management and governance of their core products is well aligned with the way how TSS views the importance of vertical market software. Also, Prima Solutions offers a complete range of products and services to help its clients easily integrate their solutions while staying close to the end user," Dorinda van Oosten, TSS General Manager.
Prima Solutions was advised by Shearman & Sterling (led by Xavier Norlain
Industrialization and Energy Services Company (TAQA), an oil and gas exploration and production company, completed the acquisition of Al Mansoori Petroleum Services (AMPS), a provider of oilfield services. Financial terms were not disclosed.
"I would like to thank our shareholders for their trust in TAQA and their commitment to support this major transaction. This is a big step for TAQA in its journey to realise the ambitious goals of Saudi Arabia's Vision 2030," Eng Ahmed Al Zahrani, TAQA Chairman of the Board.
Brookfield, an alternative asset management company, completed the acquisition of the private equity solutions business from DWS, an asset management firm. Financial terms were not disclosed.
"We are pleased to have delivered a strong outcome for the clients and employees of our private equity solutions business. Brookfield Asset Management is a global player in private equity and a natural home for the PES business. Alternatives remains a priority growth area for DWS, and this transaction allows us to focus on and fund new initiatives in our key areas of strength, including our strong real assets franchise and growing private debt business," Stefan Hoops, DWS CEO.
Tesco, a food retailer, completed the acquisition of Paperchase, a stationery chain. Financial terms were not disclosed.
"The joint administrators can confirm that the intellectual property and brand name owned by the company has been sold to Tesco Stores Limited. Unfortunately, despite a comprehensive sales process, no viable offers were received for the company, or its business and assets, on a going concern basis. However, this sale reflects the interest in the well-known and established brand and will enable the brand to continue in Tesco stores across the UK," Paperchase.
Activist Elliott discloses stake in Germany’s Vantage Towers. (FS)
Elliott Investment Management, the activist investor owned by billionaire Paul Singer, disclosed a stake in Germany’s Vantage Towers, as the tower company’s controlling shareholders work to take the business private, Bloomberg reported.
The investor said it owns 5.6% of the company’s total voting rights as of January 24. Elliott could use the stake to take advantage of a German law that lets investors, under certain conditions, challenge a bidder for a higher offer. Vantage shares jumped to a record high of €33.68 ($36.61) apiece after the statement, above the €32-per-share bid price that Vantage’s minority investors were offered to sell their stakes.
Advil maker Haleon said to study potential deals to bulk up.
Haleon, the consumer health business spun out from British pharmaceutical producer GSK, is in the early stages of studying large potential deals to bulk up its brand portfolio, Bloomberg
London-listed Haleon has been evaluating the merits of possible transactions for the medium- to long-term, including a combination with Sanofi’s $30bn consumer-health arm.
Adenia Partners announces $300m first close for Fund V. (FS)
Adenia Partners, a private markets investment firm committed to responsible investing and a sustainable Africa, is pleased to announce the first close of its fifth flagship fund, Adenia Capital (V), with $300m commitments from investors.
“This successful first closing – against the backdrop of an uncertain macro environment – is testament to our long-established track record of building market leaders in Africa as a committed, responsible investor with an on-the-ground presence across the continent,” Alexis Caude, Adenia Managing Partner.
AE Industrial Partners appoints head of ESG. (FS, People)
AE Industrial Partners, a US-based private equity firm specialising in aerospace, defence and government services, space, power and utility services, and specialty industrial markets, has appointed Jennifer Essigs as head of ESG.
Essigs will spearhead the firm’s increased commitment to supporting ESG initiatives at both the firm and its portfolio companies.
Lotus Technology, a global luxury electric vehicle maker, agreed to go public via a SPAC merger with L Catterton Asia Acquisition in a $5.4bn deal.
"The global EV market is expanding rapidly, with the luxury segment growing at a faster pace than the broader industry. China, the EU, the UK, and the US are expected to fuel the majority of this growth over the next decade as government policies in these regions provide further tailwinds for EV sales. Lotus Tech is well positioned to benefit from these dynamics, as it is a pioneer in the decarbonisation of luxury automobiles, and its management team and R&D experts have demonstrated that they have the ability to lead the energy transition in the Company's target segment and geographies. We look forward to a fruitful partnership with them to extend Lotus Tech's technological and market leadership," Chinta Bhagat, LCAA Co-CEO.
Lotus Technology is advised by Deutsche Bank, Han Kun Law Offices, Skadden Arps Slate Meagher & Flom, and Brunswick Group. LCAA is advised by Credit Suisse, Fangda Partners, and Kirkland & Ellis. Credit Suisse is advised by Shearman & Sterling.
Cheche Technology, an auto insurance search engine operator, agreed to go public via a SPAC merger with Prime Impact Acquisition I in an $841m deal.
"We have great respect for the platform that Lei and his technical team have built and the trusted relationships they have developed throughout the industry over the last eight years. We appreciate Lei's strategy of leveraging their extensive insurance transaction platform to provide scalable SaaS and AI-enable analytic solutions to key stakeholders in the insurance ecosystem. We believe the Cheche Technology transaction platform and suite of SaaS solutions can deliver improvements in efficiency, pricing, and risk management and create significant value for their partners, customers, and stakeholders," Mark Long, Prime Impact Co-Founder, Co-CEO and CFO.
Cheche Technology is advised by Wilson Sonsini Goodrich & Rosati and AUM Media (led by Crocker Coulson
). Prime Impact is advised by Cohen & Company Capital Markets, Goodwin Procter, and Zhong Lun Law Firm.
Canada’s $181bn pension fund pauses private China deals. (FS)
Ontario Teachers' Pension Plan Board, a Canadian fund, has paused direct investing in private assets in China. Geopolitical risk is among the reasons behind the pension fund’s move, Bloomberg.
OTPPB has about $5bn invested in China, equal to about 2% of its portfolio. Direct investments include online education startup Zuoyebang, community group buying company Xingsheng Youxuan, and micro lender CD Finance.
“Our current focus is on listed securities, building value in our existing portfolio, and investing in public and private assets via fund partners, rather than direct private investments,” Dan Madge, OTPPB spokesperson.
Adani pulls off $2.5bn share sale after jump in final bids.
Indian billionaire Gautam Adani pulled off a closely watched $2.5bn equity sale for his flagship company, earning some reprieve after his empire was rocked by allegations of fraud by short seller Hindenburg Research, Bloomberg
The offering by Adani Enterprises was India’s largest follow-on share sale, and was fully subscribed on the final day, aided by a last minute surge in demand.
Vedanta is said to scrap plans to sell mega Indian copper smelter.
Vedanta has shelved the plan to sell its copper smelter in the southern Indian state of Tamil Nadu, which accounted for almost 40% of the metal’s production in the country, and has doubled down on its efforts to restart the plant, Bloomberg
After scrapping the seven-month-old process to offload the 400k tons-a-year Sterlite Copper plant, the company will now work with the local population to restart the factory that was shut on environmental concerns. Vedanta’s petition to lift a local government order to close the plant will be heard by the Supreme Court on February 21.
Japan banks extend deadline for Toshiba bid’s loan decision. (FS)
Top Japanese banks are extending the deadline to issue commitment letters for a loan that backs Japan Industrial Partners-led consortium’s takeover offer for Toshiba, Bloomberg
The lenders are now looking to make a decision on the loans by February 3 as discussions on the loan conditions including financial covenants are still ongoing.
Ardian to open new Abu Dhabi office. (FS)
French private equity firm Ardian is to open a new office in Abu Dhabi – its 16th globally – as part of an initiative to expand partnerships in the region and support portfolio companies expanding into the region.
Last month Adrian, which manages $140bn in assets, announced a new $2.1bn private equity partnership with Mubadala Capital, the Abu Dhabi sovereign wealth fund's asset management arm.
India's Digit Insurance to refile for $440m IPO after regulator flags compliance issues.
Digit Insurance will refile papers for its $440m initial public offering, the company reported, after India’s market regulator raised certain compliance issues with employee stock plans in a private letter, DealStreetAsia
It is the second such setback for Digit’s listing ambitions. The company last valued at $3.5bn by Sequoia Capital, provides general insurance services and is backed by investors such as Canadian billionaire Prem Watsa.
MUFG, Bank Danamon launch $100m fund to invest in Indonesian companies.
MUFG Innovation Partners and MUFG Bank — the subsidiaries of Mitsubishi UFJ Financial Group — have established a $100m fund in collaboration with Indonesia’s Bank Danamon to invest in local companies that can have synergies with the commercial bank, per an announcement, DealStreetAsia
The fund will be MUIP’s third. MUFG Bank will have an 89.9% stake in it, while Danamon will own 10%. MUIP will have 0.1% equity.