Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
Rental homes developer Tricon Residential announces that shareholders voted to approve the statutory plan of arrangement which alternative asset manager Blackstone will acquire all of the outstanding common shares of Tricon for $11.25 per common share in cash.
Tricon intends to seek a final order from the Ontario Superior Court of Justice (Commercial list) to approve the Arrangement on April 5, 2024. Completion of the Transaction remains subject to the satisfaction or waiver of certain customary closing conditions, including the receipt of the Final Order and regulatory approval under the Investment Canada Act.
A group representing major automakers on 29 March urged the White House to oppose any effort by steelmaker Cleveland-Cliffs to buy rival US Steel, warning that a deal could result in anti-competitive pricing for vehicles, Reuters reported.
"A consolidation of the two companies would also place 65 to 90% of steel used in vehicles under the control of a single company," John Bozzella, Alliance for Automotive Innovation CEO.
Royal Bank of Canada, a multinational financial services company, completed the acquisition of HSBC Canada, a commercial bank based in Vancouver, for $9.96bn.
"RBC's acquisition of HSBC Canada expands the depth and breadth of our international banking capabilities and builds our ability to connect Canadians to the global economy. Through this combination, RBC is now exceptionally positioned as the bank of choice for commercial clients with international needs, newcomers to Canada and affluent clients who need global banking and wealth management capabilities," Neil McLaughlin, RBC Group Head of Personal & Commercial Banking.
BUSA Acquisition, a holding company, agreed to acquire BankCard USA Merchant Services, a payment services provider, from Quisitive Technology Solutions, a digital transformation, payment processing, and innovations services and products provider, for $76m.
“Over the past twelve months, Quisitive’s executive leadership team and board of directors have taken decisive actions to focus resources on our core Microsoft cloud and AI business where we have meaningful scale, de-risk the organization, reduce volatility and meaningfully strengthen the balance sheet. The divestiture of PayiQ and the Bankcard payments business allows management to focus on the growing market demand for Microsoft Cloud and AI solutions and services. We will continue to evaluate strategic options available to the Company to further enhance its growth, development, and prosperity in the short and long terms with the goal of maximizing shareholder value," Mike Reinhart, Quisitive CEO.
BUSA Acquisition is advised by Shearman & Sterling and Stikeman Elliott. Debt financing is provided by WhiteHorse Capital. WhiteHorse Capital is advised by McDermott Will & Emery. Quisitive is advised by William Blair & Co, Bass Berry & Sims, Cassels Brock & Blackwell and Gateway Investor Relations.
Flexpoint Ford, a private equity firm specializing in investments in the financial services and healthcare industries, agreed to invest in Aquiline Capital Partners-backed Accuserve Solutions, an independent managed repair services platform. Financial terms were not disclosed.
"This investment in Accuserve marks a significant milestone for our Company. Flexpoint's support will provide the capital and strategic insight needed to continue innovating and developing industry-enhancing solutions for our clients and enable Accuserve to execute on its long-term growth plan. We are grateful for Aquiline's partnership and look forward to this next chapter," Hunter Powell, Accuserve Solutions CEO.
Accuserve Solutions is advised by Jefferies & Company, Waller Helms Advisors and Willkie Farr & Gallagher. Aquiline Capital Partners is advised by Apella Advisors. Flexpoint Ford is advised by Piper Sandler, Kirkland & Ellis and Prosek Partners.
Private equity firms Arsenal Capital Partners and BayPine completed the acquisition of POLYWOOD, a vertically integrated manufacturer of outdoor living products, from Mayfair Capital Partners, a private equity firm. Financial terms were not disclosed.
"POLYWOOD's longstanding track record of growth and industry-leading position are a testament to the differentiated business model and brand the team has built over the past three decades. Given its vertical integration and eye toward innovation, the company's ability to serve its retail partners and consumers is unmatched in the market. We are excited to work with Doug and his leadership team to continue building on the business' momentum," George Abd, Arsenal Operating Partner.
POLYWOOD was advised by Moelis & Co, Piper Sandler and Nelson Mullins Riley & Scarborough. Arsenal Capital was advised by Robert W Baird, Kirkland & Ellis and Prosek Partners.
Home Depot told investors it expects to take on $12.5bn of debt to help fund its planned purchase of building-products distributor SRS Distribution, Bloomberg reported.
The world’s largest hardware store chain plans to fund the acquisition with cash on hand, as well as new commercial paper and unsecured notes, Chief Financial Officer Richard McPhail said during a conference call. The deal is valued at about $18.25bn.
Home Depot is advised by JP Morgan and Weil Gotshal and Manges. SRS Distribution is advised by Jefferies & Company and Goldman Sachs.
Title Resources Group, an insurance underwriter, agreed to acquire Doma, a real estate technology company, from Hudson Structured Capital, an asset manager, for $85m.
"Today’s announcement is a win for Doma’s stockholders and for both companies’ employees and customers. This transaction is an important step in the growth and evolution of Doma, further strengthening us as we deploy our market-tested technology for large mortgage market participants," Max Simkoff, Doma CEO.
Doma is advised by Houlihan Lokey, Davis Polk & Wardwell (led by Alan F. Denenberg), Latham & Watkins and Mayer Brown. Title Resources Group is advised by Willkie Farr & Gallagher.
Vance Street Capital, a Los Angeles-based private equity firm, completed the acquisition of a stake in Keltec Technolab, a company that specializes in designing, developing, and manufacturing of an extensive array of filtration solutions for compressed air solutions across various industries. Financial terms were not disclosed.
"I'm thrilled about this partnership as it empowers us to invest in growth, both organically and through M&A, thereby strengthening our market position as an aftermarket filtration parts provider. This opportunity also allows us to maintain a culture dedicated to surpassing the needs and expectations of our customers. Vance Street's track record of focusing on how to grow an organization, investing in the right people, process and product innovation, is a great fit for our organization," Ed Kaiser, Keltec Technolab CEO.
Keltec Technolab was advised by Signet Capital Advisors and Brennan Manna Diamond. Vance Street Capital was advised by Goodwin Procter. Debt was provided by Apogem Capital.
RHI Magnesita, a supplier of high-grade refractory products, systems and solutions, agreed to acquire Resco Products, a refractory manufacturer, from Balmoral Funds, a private equity firm, for $430m.
"This transaction is a testament to our successful transformation over the past two years, all underpinned by a safety-first culture. Our focus and disciplined execution – coupled with operational improvements to increase manufacturing reliability, uptime and output – have driven significant tangible benefits, including all-time low incident rates, profitability improvement and customer growth. We are confident that RHIM shares our core values, including a deep-rooted commitment to safety, quality and innovation. As we enter this next chapter, joining forces with RHIM will enable us to accelerate this progress and drive our next phase of growth," Mark G. Essig, Resco CEO.
Resco Products is advised by Jefferies & Company, Vedder Price and FGS Global (led by Jenny Gore).
Integrum, an investment firm focused on partnering with technology-enabled services, completed an investment in Program Productions, a provider of live sports production crewing and workforce management. Financial terms were not disclosed.
“We have served as a trusted partner to the live sports production industry for more than three decades. Through the advent of ProCrewz, we have elevated our offering to be the de facto solution for our customers and the preferred platform for industry technicians. Integrum’s long track record of partnering with industry-leading tech-enabled services companies and investing for growth makes them our ideal partner as we look to bring our proven platform and solution to similar markets," Bob Carzoli, Program Productions Chairman.
Integrum Holdings was advised by Simpson Thacher & Bartlett and Prosek Partners.
Oil and natural gas company SilverBow Resources has rejected largest shareholder Kimmeridge Energy Management's latest offer that valued the oil and gas producer at $2.1bn, including debt, in another rebuff of the asset manager's efforts, Reuters reported.
Kimmeridge, in its attempt to acquire the company over the last two years, had unveiled a new offer on March 13 that aimed at combining SilverBow with Kimmeridge's gas-producing assets in South Texas, which the asset manager valued at about $1.4bn, including debt. SilverBow said the latest offer "substantially undervalues" the company and it is vital to conduct due diligence on Kimmeridge Texas Gas to determine the value of the assets.
Vale, a mining company, agreed to acquire a 45% stake in Aliança Energia, an oil and natural gas company, from Cemig GT, a utility services provider, for $545m.
“The acquisition of the stake in Aliança Energia is an important step towards the creation of an energy platform, which will potentially include other assets in Vale’s portfolio. After completion of the acquisition, Vale will seek potential partners for this platform, maintaining its commitment to the decarbonization of its operations using renewable sources and at competitive costs," Vale.
Vale is advised by JP Morgan.
Strategic Risk Solutions, an insurance management firm, agreed to acquire Garnet Captive Insurance Services, an alternative risk consulting and brokerage services provider. Financial terms were not disclosed.
"There has been significant growth in the use of group captives, given their ability to help businesses in the middle market reduce and stabilise the cost of their property and casualty risk. Garnet has some unique features for their group captives, and having Garnet as part of SRS enhances our current services and capabilities for this growing market," Brady Young, SRS CEO.
Strategic Risk Solutions is advised by Simpson Thacher & Bartlett (led by Michael Chao).
KCC, a South Korean chemical and auto parts manufacturer, agreed to acquire Momentive Performance Materials, a global high-performance silicones and specialty solutions company, from SJL Partners, a private equity firm based in Seoul. Financial terms were not disclosed.
"We're excited by the opportunities KCC's 100% ownership position will bring to Momentive and the broader KCC Corporation. We look forward to continuing and expanding our partnership with the exceptional teams at KCC to continue providing specialized products to enable Solutions for a Sustainable World," Sam Conzone, Momentive Performance Materials President and CEO.
Momentive Performance Materials is advised by Pierce Communications (led by Jonathan Pierce).
Riverside-backed OutSolve, a provider of employment solutions, completed the acquisition of Federal Wage and Labor Law Institute, a labour law compliance company. Financial terms were not disclosed.
"FWLLI’s reputation for excellence and commitment to quality service complements our mission to empower businesses with the knowledge and tools needed to thrive in a complex regulatory environment. We are excited to integrate FWLLI’s expertise and resources into our portfolio, further enhancing our ability to serve our clients effectively," Jeremy Mancheski, OutSolve Founder and CEO.
Riverside was advised by Jones Day.
Private equity firms, Grain Management and BlackRock completed an investment in Phoenix Tower International, a wireless communications infrastructure provider. Financial terms were not disclosed.
"We welcome Grain Management and BlackRock as investors in Phoenix Tower International and look forward to leveraging their strong track records in digital infrastructure investing to support our continued expansion. Over the last decade, we've grown exponentially to provide wireless tower infrastructure to communities and countries in need of greater connectivity and we look forward to growing our impact with the support of our new and existing partners," Dagan Kasavana, Phoenix Tower Founder and CEO.
BlackRock was advised by Morgan Stanley.
EPAM Systems, a digital transformation services and product engineering company, completed the acquisition of Vates, software development company. Financial terms were not disclosed.
"We're excited to join forces with EPAM and serve our clients at a greater scale with advanced technologies and services. Together, we combine an unmatched software engineering heritage and creativity to deliver enhanced multidisciplinary engagements to customers in the Americas and worldwide," Mario Barra, Vates Co-Founder.
Vates is advised by Houlihan Lokey.
Southwest Airlines, a major airline operator, completed the acquisition of SAFFiRE Renewables, a scalable, sustainable aviation fuel producer. Financial terms were not disclosed.
“This acquisition marks Southwest’s transition from investor to sole owner of SAFFiRE, expressing our confidence in SAFFiRE’s technology and its potential to advance our sustainability goals as well as the goals of the broader industry. Championing SAF is a key pillar of Southwest’s Nonstop to Net Zero plan and our work toward a more sustainable future for air travel. We look forward to continuing our journey with SAFFiRE as part of our efforts to propel this promising technology forward," Bob Jordan, Southwest Airlines President & CEO.
Southwest Airlines was advised by Vinson & Elkins.
Rexford Industrial Realty, industrial real estate firm in Southern California, completed the acquisition of 48 warehouses in Southern California from Blackstone Property Partners, a real estate core plus fund, Blackstone Real Estate Partners, an investment management and advisory services company, and Blackstone Real Estate Income Trust, a perpetual-life, institutional quality real estate investment platform, for $1bn.
“These strategic investments in exceptionally well-located, high-quality assets within infill Southern California, the nation’s highest-barrier and lowest supply industrial market, represent a significant opportunity to drive accretive cash flow growth, increased operating margins and long-term value creation. With these transactions, we are pleased to further our Blackstone relationship, and look forward to identifying opportunities for future collaboration. Looking forward, our total pipeline comprises approximately $300m of investments under contract or accepted offer, bringing the aggregate year-to-date $1.4bn of investments completed or in the pipeline, to a weighted average 5.0% anticipated initial unlevered cash yield and anticipated 5.7% stabilized unlevered cash yield," Howard Schwimmer and Michael Frankel, Rexford Industrial Realty Co-Chief Executive Officers.
Blue Yonder, a digital supply chain transformations company, agreed to acquire One Network, a provider of intelligent control towers, for $839m.
"Supply chains have become more complex, and as more and more companies reduce risk by diversifying sourcing of products globally, there is an increased demand for the sharing of information and resources across the whole value chain. This, along with increased disruptions and geopolitical risks, have put the pressure on organisations to build more resilient and robust supply chains. Combined with One Network's capabilities, Blue Yonder will establish itself as a leading supply chain solutions company that can offer a unified, end-to-end supply chain ecosystem that is resilient enough to withstand today's challenges, and synthesised with innovative, future-focused technologies," Duncan Angove, Blue Yonder CEO.
IX Acquisition, a SPAC focused on the technology, media and telecommunications industries, to merge with AERKOMM, an innovative satellite technology company providing multi-orbit broadband connectivity solutions, in a $200m deal.
“We are delighted to be collaborating with the IXAQ team, who bring considerable sector and financial experience and expertise. We will benefit from the resources of the IXAQ team, who also have a proven track record in the international technology, media and telecoms sectors," Louis Giordimaina, AERKOMM Chief Executive.
Descartes Systems Group, a company that provides inter-enterprise software for the execution of supply-chain management, especially for delivery-intensive companies, completed the acquisition of OCR Services, a provider of global trade compliance solutions and content, for $90m.
“The OCR team brings a wealth of domain expertise in global trade compliance to Descartes, including experience leveraging artificial intelligence in the content management process. By adding OCR’s solutions and content to our Global Logistics Network, we see an opportunity to bring new functionality and enhanced content to our customers and partners around the world. With our combined solutions and team, we also see an opportunity to further penetrate markets in Europe and Asia," Andrew Roszko, Descartes Systems Group CCO.
EisnerAmper, a global business advisory firm, agreed to acquire Tidwell Group, an Alabama-based tax, assurance and advisory, and real estate consulting firm. Financial terms were not disclosed.
"Combined with Tidwell's nationally recognized real estate group, EisnerAmper will have one of the preeminent real estate practices in the U.S. and beyond. We're excited about the future, and we heartily welcome our new colleagues from Tidwell Group," Christopher Loiacono, EisnerAmper Vice Chair of Services.
Flacks Group is in talks to acquire the paper business of Imerys. (FS)
Flacks Group, a Miami-based American investment company, is in advanced talks to acquire the paper business of Imerys, a mineral specialties group.
These activities employ approximately 900 people in 24 plants in America and Asia, as well as in certain sites in Europe. They generated sales of around $400m in 2023. The completion of the contemplated transaction is subject to the fulfillment of customary conditions for this type of transactions, including regulatory approvals and relevant work council consultations.
Imerys is advised by Morgan Stanley.
Bending Spoons ends pursuit of Vimeo.
Italian mobile-app developer Bending Spoons has dropped its pursuit of video-hosting platform Vimeo after the parties couldn't agree on price , Bloomberg reported.
Talks between two companies ended recently.
A-Rod, Marc Lore won't buy controlling stake in NBA's Timberwolves.
Minnesota Timberwolves minority owners Marc Lore and Alex Rodriguez have failed in their drawn-out attempt to take over the National Basketball Association franchise and its WNBA counterpart Lynx, Bloomberg reported.
The option for the investors to acquire a controlling interest has expired. Lore and Rodriquez had 90 days to close a deal under the terms of their agreement.
Bayer-backed Boundless Bio falls 11% after $100m IPO.
Shares of Boundless Bio, a cancer therapeutics maker that counts Bayer among its largest investors, fell nearly 11% after raising $100m in a US initial public offering, Bloomberg reported.
The San Diego-based company's shares declined to $14.25 each on Thursday, below their IPO price of $16 — the midpoint of a $15 to $17 marketed range.
Rubrik is ready to file IPO next week.
Rubrik, a cloud and data security startup backed by Microsoft, is planning to file as soon as next week for an initial public offering, Bloomberg reported.
Details of the company's plans, including the timing, could still change.
Wellspring closes $975m continuation fund. (FS)
Wellspring Capital Management announced the close of a $975m multi-asset continuation vehicle that has acquired interests in three assets – Supply One, Cadence, and Pentec Health – from Wellspring Capital Partners VI, which closed on $1.45bn in 2018.
The new vehicle will provide more time and additional capital to assist each portfolio company in achieving its growth potential. The $975m continuation fund includes $125m of unfunded capital to drive organic growth initiatives and strategic acquisitions at these companies.
Wellspring Capital was advised by Houlihan Lokey.
Morgan Stanley raises fund to hold World 50 for longer. (FS)
The continuation fund is led by investments from Pantheon with co-lead participation from Blue Owl Strategic Equity and Lexington, with Norwest, Ares Management Funds, AltamarCAM and Churchill also committing to the vehicle.
Morgan Stanley is advised by Robert W Baird and Houlihan Lokey.
Citigroup North America Technology ECM Co-Head Feige has left. (People)
Citigroup's North America co-head of technology and communications equity capital markets Gregor Feige has left the bank to join UBS Group, Bloomberg reported.
His co-head, Josh Li, will become sole head of TMT ECM.
EMEA
Viavi Solutions said that its offer for Spirent Communications represents “certain value” after the UK telecom network testing company received a rival bid from Keysight Technologies, Bloomberg reported.
“Viavi believes that its acquisition represents certain value and notes its limited business overlap with Spirent relative to Keysight. Viavi believes that the proposed combination of Keysight and Spirent would further entrench Keysight’s leading position in many product segments, which would limit customer choice," Viavi Solutions.
Telecom giants Orange and MASMOVIL completed the formation of a joint venture to operate in the Spanish telecoms market, in a €19.6bn ($21.1bn) deal. Orange and MASMOVIL’s shareholders each own a 50% stake of the JV, with equal governance rights in the combined entity.
“Today’s announcement is an important stepping-stone in the deployment of Orange’s long-term strategic plan in Europe. By creating a stronger and more sustainable player, the joint venture launched today will help drive innovation and investment in high-speed broadband and digital services in Spain. This is clearly a positive step forward in our overall vision for a strong and thriving telecoms industry in Europe," Christel Heydemann, Orange CEO.
Orange was advised by BNP Paribas, Ernst & Young, JP Morgan, Lazard, Santander, Societe Generale, Evergreen Legal, Freshfields Bruckhaus Deringer, Gide Loyrette Nouel, Jones Day, Latham & Watkins, Perez Llorca, Simpson Thacher & Bartlett and Linklaters. MASMOVIL was advised by BNP Paribas, Evercore, Goldman Sachs, PricewaterhouseCoopers, Rothschild & Co and Freshfields Bruckhaus Deringer.
Britain's competition regulator said that it has decided not to open an in-depth 'phase 2' investigation into Aviva's acquisition of AIG Life.
"The Competition and Markets Authority has decided, on the information currently available to it, not to refer the above merger to a phase 2 investigation under the provisions of the Enterprise Act 2002," CMA.
Aviva is advised by Evercore, Slaughter & May and Brunswick Group. Corebridge Financial is advised by Skadden Arps Slate Meagher & Flom.
SEFE Securing Energy for Europe, an integrated midstream energy company, agreed to acquire the remaining 50.02% stake in WIGA, a gas pipeline company, from Wintershall Dea, a crude oil and natural gas producer. Financial terms were not disclosed.
"SEFE being the sole shareholder of WIGA would ensure that GASCADE can convert the existing high-performance infrastructure to hydrogen in the future. In this way, we can help drive forward the green energy transformation. Transportation infrastructure is a pivotal part of the future hydrogen value chain,” Egbert Laege, SEFE CEO.
Wintershall Dea is advised by Citigroup.
BCC Research, a Boston-based market research firm, agreed to merge with Futuresource Consulting, a UK-based market research consultancy. Financial terms were not disclosed.
"There are strong synergies between BCC Research and Futuresource Consulting which can now be fully realised. The brands share complementary research offerings and together can provide our clients with a greater depth and breadth of research. Futuresource has leading technology expertise, while BCC's strengths lie in the life sciences. These two distinct industries are increasingly interacting with and informing one another, creating opportunities for more robust and expansive research," Craig Ive, BCC Research and Futuresource Consulting Interim CEO and portfolio manager.
Adnams explores a sale option.
Adnams has confirmed it has called in advisers to explore options to raise funds as the Suffolk-based brewer aims to secure its financial future.
The 152-year-old company, which is based in Southwold in Suffolk, has instructed Alvarez & Marsal to explore a range of options to fund the company’s future growth plans. Options are likely to include private capital from a high net worth investor or family office, as well as potentially the sale of some of Adnams’ freehold assets from its estate of 45 managed inns and properties, The Guardian reported.
Podravka, others to bid for agriculture units.
Fortenova Grupa shortlisted bidders for its agricultural businesses as the largest retailer in the Balkans seeks to raise funds and reduce debt to finance its expansion, Bloomberg reported.
Croatian food producer and drugmaker Podravka Prehrambena Industrija and two other unidentified bidders remained in competition. Fortenova confirmed that it has narrowed the field of bidders, without naming them.
Superdry CEO Dunkerton will not bid for fashion chain.
Superdry CEO and top shareholder Julian Dunkerton will not be making an offer for the company and the struggling British fashion chain said it reached an agreement to extend a loan facility to help its turnaround plans, Reuters reported.
Dunkerton, who holds a 26% stake in the company and is a co-founder, had been in talks with Superdry over several options, including a possible cash offer for the shares he does not already own.
Citi dealmaker Linos Lekkas to retire. (People)
Pantelis "Linos" Lekkas, a veteran Citi dealmaker, is to retire from the bank, Reuters reported.
Lekkas is currently vice chairman, Europe and Middle East, investment banking and also head of corporate banking and investment Banking for Citibank Europe. He will continue working until May 31.
APAC
New Genetron, a China-based holding company, completed the acquisition of Genetron Health, a China-based oncology care firm for $126m.
New Genetron Holding is advised by Duff & Phelps, Davis Polk & Wardwell, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, Jincheng Tongda & Neal, King & Wood Mallesons, Latham & Watkins, Llinks Law Offices, Skadden Arps Slate Meagher & Flom (led by Peter Huang and Haiping Li) and Walkers.
CH-AUTO, an electric vehicle manufacturing and design service company, went public via a SPAC merger with Mountain Crest Acquisition IV, a blank check company, in a $2.7bn deal.
“I am thrilled to see the successful completion of another business combination of the Mountain Crest franchise, and CH Auto, as one of the first EV automakers in China with proven technology breakthroughs and manufacturing expertise, is tackling an important mission to deliver innovation and growth in electric mobility,” Suying Liu, Mountain Crest Chairman, CEO and CFO.
CH-AUTO was advised by China Bridge Capital, Harneys, Junhe and Wilson Sonsini Goodrich & Rosati. Mountain Crest was advised by Loeb & Loeb.
Adani Ports and Special Economic Zone, a ports and logistics company, agreed to acquire a 95% stake in Gopalpur Port, a port operator, from Shapoorji Pallonji Group, a business conglomerate, and OSL, a stevedoring and cargo handling company, in a $370m deal.
“The acquisition of Gopalpur Port will allow us to deliver more integrated and enhanced solutions to our customers. Its location will allow us unprecedented access to the mining hubs of Odisha and neighbouring states and allow us to expand our hinterland logistics footprint. GPL will add to the Adani Group’s pan-India port network, significantly enhance overall cargo volume, and strengthen APSEZ’s integrated logistics approach," Karan Adani, APSEZ Managing Director.
Adani Ports is advised by Cyril Amarchand Mangaldas. Shapoorji Pallonji Group is advised by Deutsche Bank.
Apollo Global Management, a private equity firm, agreed to acquire a majority stake in Panasonic Automotive Systems, an automobile equipment manufacturer, from Panasonic, a business conglomerate, at a $2bn valuation.
"We are excited to partner with Panasonic Automotive to position the business for accelerated growth. This transaction builds on our proven track record of being a strategic partner to Japan’s leading conglomerates and leverages our strong sector and operational expertise. We have enormous respect for Panasonic Automotive’s reputation for quality and innovation and look forward to working with the Company’s talented team to unlock its full potential," Tetsuji Okamoto, Apollo Global Lead Partner.
Apollo is advised by Paul Weiss Rifkind Wharton & Garrison (led by Tong Yu).
PAG Asia Capital, an Asia-focused Alternative Investment firm, and Dalian Wanda Commercial Management, a hotel management brand, agreed to acquire tNewland Commercial Management, a newly formed holding company of Zhuhai Wanda Commercial Management Group, from Dalian Wanda Group, a private property developer, for $8.3bn.
The investment will facilitate corporate governance independent from Newland’s former parent, provide better incentives for its management and support continued operational improvement.
Neoen said to study raising €1bn from Australia stake sale.
French renewable energy developer Neoen is considering selling a 30% stake in its Australian unit to raise more than €1bn ($1.1bn) to fund its growth in the country, Bloomberg reported.
The sale would be part of Neoen’s plan to expand in Australia and elsewhere beyond 2025 without having to resort to a new share sale by the Paris-based parent company.
Renault sells nearly 2.5% stake back to Nissan for $387m.
After a first sale of Nissan shares on December 13, 2023, Renault Group has completed a second transaction on March 28, 2024 and sold to Nissan 100m Nissan shares, representing approximately 2.5% of Nissan’s capital.
It results in a cash inflow of $387m, which improves the Automotive net cash financial position and allows faster deleveraging of the group. This sale will be implemented as part of the share buyback program announced by Nissan on March 27, 2024. Nissan has also announced its decision to cancel all the acquired shares which will be accretive for Nissan’s shareholders.
Capsquare Asia said to be eyeing full exit from Champ Group. (FS)
Indonesia-focused private equity firm Capsquare Asia Partners is eyeing a full exit from Champ Group, an IDX-listed restaurant chain operator it acquired from the now-defunct Abraaj Group in 2014, DealStreetAsia reported.
Capsquare Asia, which has been weighing an exit from the F&B firm since 2019, had reduced its stake from 55.3% to 38.7% in 2022 during the Champ Group’s $25m IPO.
Syngenta pulls China IPO application after three-year wait.
Syngenta Group withdrew its long-delayed application for a $9bn initial public offering in Shanghai, another blow to China’s equity markets after Alibaba Group Holding this week scrapped the listing of its logistics arm, Bloomberg reported.
The Chinese-owned seed and pesticide giant “will look to restart the listing process, either in China or a different global exchange, when the conditions are right. It will also explore alternate sources of funding,” Syngenta.
Zepto-backer Alteria Capital closes venture debt fund at $195m. (FS)
Indian venture debt provider Alteria Capital Advisors, which has backed the likes of Indian startups BharatPe and Dunzo said it has closed the venture debt part of its third fund at an oversubscribed $195m, DealStreetAsia reported.
Fund III adopts a twin-scheme strategy, comprising a venture debt scheme and a shorter duration scheme, aimed at meeting the diverse capital needs of Indian founders. It aims to raise $250-300m in total, with the shorter duration scheme still open for subscription and expected to close by the end of 2024.
|
