Liberty Mutual, an American diversified global insurer, completed the acquisition of State Auto Group, a super-regional insurance holding company headquartered in Columbus, Ohio, for $2.3bn.
"State Auto Group's capabilities and product expertise are an ideal complement to Liberty Mutual's domestic personal lines and small commercial business, and we welcome 2k talented associates to our family. Equally appealing are its values. For almost a century, State Auto has celebrated a culture of caring for people, exceptional service and deep philanthropy, mirroring our purpose to help people embrace today and confidently pursue tomorrow," David Long, Liberty Mutual Chairman and CEO.
State Auto Group was advised by Bank of America, Houlihan Lokey, Keefe Bruyette & Woods, Kirkland & Ellis and Squire Patton Boggs. Financial advisors were advised by Alston & Bird and Sullivan & Cromwell. Liberty Mutual was advised by Goldman Sachs, Waller Helms Advisors and Skadden Arps Slate Meagher & Flom.
Genstar Capital, a private equity firm, completed the investment in Lightspeed Systems, a trusted partner in learning safety and effectiveness. Financial terms were not disclosed.
"For more than two decades, Lightspeed has provided trusted solutions to meet the unique and evolving needs of K-12 schools. Our deep roots in device management and web filtering, combined with significant investments in new products and offerings, including our recent acquisition of CatchOn, have established Lightspeed as the industry-leading digital infrastructure platform. As investments in ed-tech products continue to surge, Lightspeed is well-positioned to help educators and administrators make sense of the immense data on student online activity. With the backing of both Genstar and MDP, we will continue our mission of advancing safety and educational effectiveness," Brian Thomas, Lightspeed Systems President and CEO.
Lightspeed Systems was advised by William Blair & Co, Kirkland & Ellis and KCPR. Genstar Capital was advised by Ropes & Gray and Chris Tofalli Public Relations. MDP was advised by Abernathy MacGregor Group.
Pentair, an American water treatment company, agreed to acquire Manitowoc Ice, a provider of commercial ice makers, from Welbilt, a foodservice equipment company, for $1.6bn.
"We expect this strategic acquisition to be a game-changer for our commercial water solutions platform, establishing a differentiated, total water management offering and expanded network within the foodservice industry," John Stauch, Pentair President and CEO.
Pentair is advised by JP Morgan and Faegre Drinker Biddle & Reath. Welbilt is advised by Goldman Sachs, Alston & Bird and Gibson Dunn & Crutcher.
Southwest Gas, an investor-owned utility based in Las Vegas, is set to demerge Centuri Group, an unregulated utility services platform. Financial terms were not disclosed.
"We are proud of the businesses we have built and are excited by the opportunities for continued value creation made possible by the separation. Just as Riggs Distler opens up new avenues for growth for Centuri, the acquisition of MountainWest provides us with the scale to create value across our regulated operations by sharing best practices, instilling operational excellence and delivering efficiencies, while driving strong, rate-regulated earnings and cash flow. We look forward to this next chapter of growth for both Southwest Gas and Centuri as we seek to maximize value for our stockholders, deliver excellent service to our customers and create new opportunities for employees," John Hester, Southwest Gas President and CEO.
Southwest Gas is advised by Lazard, Cravath Swaine & Moore, Morrison & Foerster, Innisfree M&A and Joele Frank.
Onex-backed WestJet Airlines, a budgeted carrier, agreed to acquire Sunwing Airlines, a low-cost airline. Financial terms are not disclosed.
“This combination brings together Canada’s two original low-cost carriers and positions us to accelerate growth in value-oriented travel, already the fastest growing segment of the airline market,” Alexis von Hoensbroech, WestJet CEO.
Westjet is advised by Barclays, Canaccord Genuity, Morgan Stanley, RBC Capital Markets and Goodmans.
Wheeler REIT, a commercial real estate investment trust, agreed to acquire Cedar Realty Trust, a real estate investment trust company, for $291m.
"We believe this combination of transactions represents the best possible outcome for our common shareholders and we are very pleased with the progress thus far of our dual-track review of strategic alternatives," Bruce Schanzer, Cedar President and CEO.
Cedar is advised by Bank of America, Jones Lang LaSalle, Goodwin Procter and Gasthalter & Co.
Fulton Financial, the bank holding company for Fulton Bank, agreed to acquire Prudential Bancorp, the bank holding company for Prudential Savings Bank, for $142m.
“I have shared with investors Fulton’s desire to be more active in mergers and acquisitions of companies that are a good fit for us – strategically, culturally and geographically. We look forward to working with the Prudential team to bring our mutual community-oriented style of banking, our comprehensive range of products and services, and our talented teams together to help even more customers and communities in Philadelphia achieve financial success. As we do this, we are pleased to increase our financial support, through the Fulton Forward® Foundation, of community organizations that are focused on enhancing diversity, equity and inclusion, building vibrant communities, fostering affordable housing, driving economic development and increasing financial literacy in and around Philadelphia,” E. Philip Wenger, Fulton Chairman, President and CEO.
Fulton is advised by Stephens and Barley Snyder. Prudential is advised by Keefe Bruyette & Woods and Silver Freedman Taff & Tiernan.
Thoma Bravo, a software investment firm, agreed to invest in UserZoom, a provider of user experience insights solutions, at an $800m valuation.
"This investment from Thoma Bravo reinforces the strength of our industry-leading insights solution and our ability to empower businesses by gathering, combining and extracting high-quality, actionable data-driven UX insights that help them quickly build and deliver enhanced digital experiences. In 2021, we made significant strides in expanding our footprint in key industries and geographies, and we are excited to partner with Thoma Bravo to accelerate our growth," Alfonso de la Nuez, UserZoom Co-CEO.
UserZoom is advised by Houlihan Lokey and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian. Thoma Bravo is advised by and DBO Partners and Goodwin Procter.
H.I.G. Capital, a global alternative investment firm, completed the investment in Mobileum, a global provider of telecom analytics solutions. Financial terms were not disclosed.
"We are excited to welcome H.I.G. Capital as a partner as we continue to build the leading global analytics platform for communications service providers. H.I.G. has deep and relevant expertise in the sector with a strong track record. Working together, we intend to further Mobileum's mission to support telecom partners with market-leading solutions and capitalize on the growth in the broader telco software sector, including the significant opportunities presented by 5G and private networks," Bobby Srinivasan, Mobileum CEO.
Mobileum was advised by Jefferies & Company, Lincoln International and Kirkland & Ellis. Audax was advised by Sard Verbinnen & Co.
EssilorLuxottica, a global company in the design, manufacture and distribution of ophthalmic lenses, frames and sunglasses, completed the acquisition of Walman Optical, the US-based lens-finishing labs network. Financial terms were not disclosed.
"Walman is a company we've admired as a longtime partner - they share EssilorLuxottica's customer-first sensibility and our relentless pursuit of higher service standards. They also share our history of employee shareholding, which makes them an ideal cultural fit for our family. Walman has cultivated broad recognition and relationship equity and we will invest in the areas that make them such a great partner to the industry," Francesco Milleri and Paul du Saillant, EssilorLuxottica CEO and Deputy CEO.
Walman Optical was advised by Houlihan Lokey. Houlihan Lokey was advised by Alston & Bird. EssilorLuxottica was advised by Community Group.
TIER Mobility, a shared micromobility provider, agreed to acquire Spin, a shared electric bike and scooter operator, from Ford, an American multinational automobile manufacturer. Financial terms were not disclosed.
"TIER's acquisition of Spin and our entry into the North American market are huge milestones in our mission to Change Mobility for Good. We are excited to support citizens in cities and communities across North America to make the switch from cars to more sustainable urban mobility solutions - a switch that is urgently needed to decarbonize towns and cities across the world. We look forward to delivering this together with Spin who share our values of responsible partnership and sustainable vision," Lawrence Leuschner, TIER Mobility CEO.
TIER Mobility is advised by JP Morgan and White & Case. Ford is advised by Citigroup.
Constellation Software-backed Harris Computer, a software company, agreed to acquire the hospitals and large physician practices business of Allscripts Healthcare Solutions, a healthcare information technology solutions provider, for $700m.
“We have been watching and admiring the hospitals and large physician practices franchise for many years. We believe that we are the perfect forever home for the many talented employees and loyal customers that are the backbone of the franchise. We are excited to begin the next chapter in our Harris story, continuing to serve those who serve us in the communities where we live, by partnering with healthcare professionals to deliver care that improves lives,” Jeff Bender, Harris CEO.
BOND led a $400m Series D round in Veev, the technology-enabled homebuilding company, with participation from LenX, Zeev Ventures, Fifth Wall and JLL Spark Global Ventures.
"Veev reimagined the entire homebuilding process by thinking about the home-as-a-product – the ultimate consumer product. By rethinking every element of the home, including design, materials, and the built environment, and fully integrating the homebuilding process from start to finish, we have managed to produce homes at a quality, speed, value, and sustainability that is unseen in the industry – until now," Amit Haller, Veev CEO.
CalPortland, a major producer of cement, ready mixed concrete, aggregates, concrete products and asphalt in the western United States and Canada, agreed to acquire the West Coast cement and ready mixed concrete operations of Martin Marietta, a building material company, for $250m.
"Consistent with our SOAR (Strategic Operating Analysis and Review) 2025 plan, we continually look for ways to optimize our portfolio and product mix through asset swaps and divestitures. After thoughtful evaluation, we determined that monetization of these operations is the best avenue to maximize value for all stakeholders," Ward Nye, Martin Marietta Chairman, President and CEO.
Martin Marietta is advised by Cravath Swaine & Moore.
ALLETE, an electric services company, agreed to acquire New Energy Equity, a solar developer, for $166m.
"New Energy Equity's strong track record of success, talented and experienced team, robust project pipeline and significant growth potential will support ALLETE's long-term average annual growth objective of 5% to 7%," Bethany Owen, ALLETE Chair, President and CEO.
One Rock Capital Partners, a private equity investment management firm, agreed to acquire Therm-O-Disc, a sensors manufacturer, from Emerson, a technology and engineering company. Financial terms are not disclosed.
"Therm-O-Disc is well-positioned as a leading global manufacturer of branded, essential sensor and safety products. We are excited to collaborate with management to drive innovation, enhance strong operational capabilities and serve Therm-O-Disc's customers, building on the long history as an industry leader," R. Scott Spielvogel, One Rock Managing Partner.
PSP Partners led a $102m Series D funding round in OpenSpace, an AI technology company, with participation from BlackRock, Alpaca, Fischer Homes, Harmonic Growth Partners, Mirae Asset, Sino Group, Alkeon Capital Management, GreenPoint Partners, JLL Spark, Lux Capital, Menlo Ventures, Navitas Capital, Nine Four Ventures and Taronga Ventures.
"Builders have an incredibly important, incredibly difficult job—our goal is to make their lives easier and more efficient. We do so with technology that augments and supports their work. The strong adoption we've seen from the industry shows the desire for this technology, and we're pleased to partner with investors who recognize and support our mission to meet that demand. We're looking forward to continuing to scale our platform to best serve the needs of builders across industries, around the world," Jeevan Kalanithi, OpenSpace CEO and Co-Founder.
Epic Games, an American video game and software developer and publisher, agreed to acquire Bandcamp, an internet music company. Financial terms were not disclosed.
"Bandcamp's mission is to help spread the healing power of music by building a community where artists thrive through the direct support of their fans. In Epic, we've found a partner who believes as deeply as we do that the future of music, and art itself, depends on the creation of equitable and inclusive communities like the one our fans and artists have helped to build. We're excited to work alongside the Epic team to accelerate the realization of our mission and pursue our shared goal of empowering more creators in a fair and open way," Ethan Diamond, Bandcamp CEO.
LumiThera, a commercial-stage medical device company offering photobiomodulation treatment, completed the acquisition of Diopsys, a provider of modern visual electrophysiology medical devices. Financial terms were not disclosed.
"We are excited for the new combined entity and the potential to prevent vision loss. The theranostic company will provide the tools eye care professionals need to diagnose, treat, and monitor patients, providing a solution for multiple ocular diseases with limited treatment options," Joe Fontanetta, Diopsys President.
Ping An, a Chinese holding conglomerate, led a $100m Series E round in Visby Medical, a medical diagnostic company, with participation from Healthcare of Ontario Pension Plan, John Doerr, Cedars Sinai Medical Center, ND Capital, Artiman Ventures, Pitango Venture Capital, Blue Water Life Science Advisors and Nissim Capital.
This financing will enable Visby Medical to scale production capacity from tens to hundreds of thousands of tests per month, further expand the product menu to include Covid + influenza A/B combination testing, antimicrobial resistance panels, and deliver the power of PCR diagnostics to consumers at-home.
Fanatics set to raise $1.5bn. (FS)
Fanatics, an American online retailer of licensed sportswear, sports equipment, and merchandise, is reportedly set to raise $1.5bn at a $27bn valuation.
Investors include Fidelity Management & Research and funds operated by BlackRock and MSD Capital.
Elliott makes bid to acquire Mercury Systems. (FS)
Activist investor Elliott Investment Management has built a sizable position in Mercury Systems and has made an offer to acquire the defense electronics manufacturer, Bloomberg reported.
The size of Elliott’s stake and the price it has offered for Mercury couldn’t be determined. Talks are ongoing and may not result in a transaction.
US activist investors, Icahn cry foul over proposed stock disclosure rule. (FS)
Activist investors including Carl Icahn say a US proposal that would require them to disclose 5% stakes in companies days sooner than current rules could make it unprofitable for them to build the large positions they need for successful campaigns, Reuters reported.
The Securities and Exchange Commission proposed the new rule last month in a push to reduce the information advantages that the $18tn private funds industry has over retail investors.
Ford reorganizes to run EV and engine businesses separately.
Ford Motor will separate its fast-growing electric vehicle operations from its legacy combustion engine business in a historic reorganization of the 118-year-old company, Bloomberg reported.
The new Ford Model e unit will scale up the automaker’s EV offerings and develop software and connected-vehicle technology and services for all of the company. Ford Blue will focus on combustion vehicles, cutting costs and simplifying operations.
Talkdesk prepares for US IPO.
Talkdesk, a maker of cloud-based customer-service software, is preparing for a US IPO, Bloomberg reported.
The San Francisco-based startup has interviewed underwriters and confidentially filed paperwork with the Securities and Exchange Commission regarding an IPO that could occur as soon as this year. Nothing is finalized and it’s possible that the company could delay a listing.
Electric Capital raises $1bn for new crypto funds. (FS)
Crypto venture capital firm Electric Capital announced a combined $1bn raise for the creation of two new funds: a $400m venture fund and a $600m token fund.
The funds will have a wide-ranging focus on decentralized finance, non-fungible tokens, decentralized autonomous organizations, layer 1s and blockchain infrastructure.
PA Capital closes on $673m across two private equity funds. (FS)
PA Capital, a private equity investor in the North American middle-market, held final closes for two of its private equity funds earlier this year. The firm closed its ninth flagship private equity fund, PA Small Company Private Equity Fund IX at $473m, above its $350m target. The firm also closed PA Small Company Co-investment Fund II at its $200m hard cap.
"We are excited to close two successful fundraises and are grateful for the continued support of our LPs. Both funds are demonstrating strong results out of the gate implementing the strategy and process we've refined over the last 20 years," Chris Stringer, PA President.
Altrad Group, an industrial services provider, agreed to acquire Sparrows Group, a global engineering and maintenance specialist. Financial terms were not disclosed.
"This is a hugely exciting time for Sparrows, and we are looking forward to joining Altrad. We are excited about Altrad's strategic vision and ambition, and this transaction will deliver many advantages for our clients and employees as we continue on our diversification and growth trajectory. The shared values between Altrad and Sparrows, especially a commitment to quality and safety, allow us to sustainably support each other's ambitious growth aspirations," Stewart Mitchell, Sparrows CEO.
Sparrows Group is advised by Evercore and Freshfields Bruckhaus Deringer. Altrad is advised by BNP Paribas and Squire Patton Boggs.
Shift4, an American payment processing company, agreed to acquire Finaro, a global cross-border payment provider, for $575m.
"This acquisition underscores our aggressive efforts to deliver a unified commerce experience across the world. This deal clearly shows our ability to support existing transformational and global customers like SpaceX Starlink & St. Jude Children's Research Hospital," Jared Isaacman, Shift4 CEO.
Finaro is advised by SkyParlour. Shift4 is advised by Citigroup.
AWAX Group, an international group of companies exclusively focused on waxes, completed the acquisition of the German wax business of Sasol, a South African energy and chemical company. Financial terms were not disclosed.
"Sasol Wax has the most advanced wax hydrogenation facility in the world. With this acquisition the group will further expand its wax product portfolio and strengthen its technological leadership in the wax market," Giuseppe Ambroggio, AWAX CEO.
Charme Capital Partners, a European mid-market private equity fund, agreed to invest in Prism Healthcare, a provider of specialist healthcare equipment and services. Financial terms were not disclosed.
"We are thrilled to welcome Charme as a new investor in Prism Healthcare to support the Group's continued development. We are confident that Charme is the right partner, with the right skills and experience, to help us realise our ambitious growth objectives. We are excited to embark on a new chapter for Prism Healthcare, whilst continuing to support our customers and their clients in homecare, long term care and the paediatric market by making care easier," Paul Morton, Prism Healthcare CEO.
Charme Capital Partners is advised by Houlihan Lokey.
Koch Ag & Energy Solutions, a global provider of value-added solutions for the agriculture, energy and chemical markets, agreed to acquire a 50% stake in Jorf Fertilizers Company III, which owns and operates an integrated phosphate fertilizer production facility in Jorf Lasfar, Morocco, from OCP, the world's largest phosphate mining and leading global fertilizer group. Financial terms were not disclosed.
"The venture builds on Koch's long-standing relationship with OCP and a shared vision to expand phosphate offerings globally," Scott McGinn, Koch Fertilizer Executive Vice President.
Valtech, a business transformation agency, agreed to acquire Evident, a B2B digital consultancy. Financial terms are not disclosed.
"Evident and Valtech's businesses are fully complementary, from a business and technology perspective. We are delighted to welcome the talented Evident teams to Valtech, with whom we have found mutual values and culture. Partnering with Evident and Valtech's clients, we will continue to be a leading strategic transformation partner, accelerating growth for B2B companies across the region and beyond."
David Gompel, Valtech EVP Europe.
Baring and Junlebao advance in bidding for $2bn Friso. (FS)
Baring Private Equity Asia and a consortium comprising Junlebao Dairy and Sequoia Capital China are among the shortlisted bidders for Royal FrieslandCampina's infant nutrition brand, Bloomberg reported.
Potential suitors for Friso also include buyout firm DCP Capital and strategic rivals China Mengniu Dairy and Inner Mongolia Yili Industrial Group. The sale process is moving into a second round of bidding, and could value the infant formula business at about $2bn.
Macquarie to clinch $1.2bn takeover of motorway services giant Roadchef. (FS)
A former owner of Moto is closing in on a $1.2bn takeover of Roadchef, another of Britain's biggest operators of motorway service stations, SkyNews reported. Macquarie, the Australian financial services giant, has agreed a deal to buy Roadchef from Antin Infrastructure Partners.
The transaction will be one of the largest in the sector for years and will underline investors' appetite to buy such businesses at a time when motorway services areas are attempting to exploit the accelerating transition to electric vehicles.
Billionaire Roman Abramovich says he’s selling Chelsea Football Club.
Roman Abramovich is selling Chelsea Football Club after almost two decades of ownership amid unrelenting scrutiny over his ties to Russia, Bloomberg reported.
The billionaire, who transformed the team’s fortunes since his 2003 purchase, said he’s instructed the board to set up a charitable foundation to receive the net proceeds from the sale.
Ontex’s top investor weighs buyout of diaper maker. (FS)
Groupe Bruxelles Lambert is considering a bid to take diaper maker Ontex Group private, Bloomberg reported.
The Belgian investment firm has held on-and-off talks with potential partners, including private equity firms and owners of similar brands, about a deal to buy out Ontex’s minority shareholders. It’s already Ontex’s biggest investor with a 20% stake.
UniCredit's Banco BPM bid plan stymied by Ukraine crisis.
UniCredit has paused efforts to buy Banco BPM after losing more than a fifth of its value since Russia invaded Ukraine, Reuters reported.
Stock in UniCredit, Italy's second-largest bank, has dropped by more than 20% since February 24, when Ukraine came under attack, with investors worrying about its $15.7bn credit exposure to Russia as of last summer.
UK's Meggitt flags possible write down from Russian aircraft program.
British aircraft parts maker Meggitt flagged a possible "material" write down on a Russian aircraft program in the next 12 months on Thursday amid the Ukraine crisis, after posting a lower annual profit hit by supply disruptions, Reuters reported.
The company, a component supplier for aircraft makers including Boeing and Airbus, has been trying to mitigate supply chain disruptions, curtail lead times and look for alternatives for electronic parts due to pandemic-related hindrances.
UK shuts out Russian companies from insurance market.
Britain will ban Russian companies from the London insurance market, the world's largest commercial and speciality insurance centre, Reuters reported.
Russian companies in the aviation or space industry will be blocked from accessing British-based insurance or reinsurance services directly or indirectly.
Dubai's Shuaa Capital looks to raise $100m from Nasdaq IPO of SPAC. (FS)
Dubai investment bank and asset manager Shuaa Capital has priced the IPO of its SPAC which will be listed on the Nasdaq exchange, DealStreetAsia reported.
The company said 10m units of its SPAC under the name of SHUAA Partners Acquisition 1 was priced at $10 per unit.
London Stock Exchange suspends 28 companies linked to Russia.
The London Stock Exchange has suspended trading for 28 companies linked to Russia after crushing sanctions on the country were put in place following its invasion of neighbouring Ukraine last week, SkyNews reported.
The market said it was "closely monitoring" the impact of the conflict and was "actively engaging" with regulators and authorities over relevant sanctions.
Perfect, a beauty tech solutions provider, agreed to go public via a merger with Provident Acquisition, a publicly-traded special purpose acquisition company, in a $1bn deal. Investors in PIPE included Chanel, CyberLink, Shiseido and Snap.
“Perfect’s global leadership in AR and AI technology, its proven track record of success in working with the world’s leading beauty brands, its high revenue growth and expanding profit margins, and its attractive valuation make it a perfect fit for our business combination. Leveraging our team’s expertise in founding and building businesses to large scales and our extensive network in the beauty industry, we are committed to working together with Perfect’s highly experienced management team to expand its market reach, develop new verticals, extend market leadership, and deliver superior returns for its shareholders.” Michael Aw, Provident CEO.
Perfect is advised by Goldman Sachs, Sullivan & Cromwell and ICR. Provident is advised by Barclays, Davis Polk & Wardwell and Citigroup. Financial advisors are advised by Latham & Watkins.
Globe Telecom, a major provider of telecommunications services in the Philippines, Ayala, one of the largest and most diversified business groups in the Philippines, and ST Telemedia, an active investor in the communications, media and technology space, agreed to form a joint venture in a $350m deal.
"We are excited to support this initiative and leverage our wide relationships to maximize opportunities for the Venture. We believe we have found in STT GDC the right partner to help us scale up and play a major role in the development of the Data Center Industry in the country," Fernando Zobel de Ayala, Ayala President and CEO.
ST Telemedia is advised by Hoffman Agency. Globe Telecom is advised by UBS.
Sanmina, an integrated manufacturing solutions company, and Reliance Industries, an Indian multinational conglomerate company, agreed to form a joint venture in a $220m deal.
"We are excited to partner with Reliance to build the premier integrated manufacturing solutions company in India. This joint venture will service both domestic and export markets and represents a major milestone in the Indian governments "Make in India" initiative," Jure Sola, Sanmina Chairman and CEO.
Sequoia Capital-backed Scaler, an upskilling startup, agreed to acquire AplliedRoots, an online learning platform, for $50m.
The platform said that AppliedRoots acquisition will help it to offer products across data science, artificial intelligence and machine learning.
South Korea's Hyundai Motor plans to invest $16bn in EV push.
South Korea's Hyundai Motor said it planned to invest about $79bn through 2030, including about $16bn towards electric vehicle related business, DealStreetAsia reported.
Hyundai Motor, which together with affiliate Kia is among the world's top 10 biggest automakers by sales, targets to achieve a 7% market share in the global EV market by 2030, with an annual sales target of 1.87m vehicles, the automaker said during a virtual investor day.
Geely-backed Ecarx weighs SPAC merger at $4bn value.
Chinese billionaire Li Shufu is on a fundraising blitz as he pursues ambitious goals for his global automotive empire, Bloomberg reported.
Smart car technology company Ecarx, whose backers include Li and his Zhejiang Geely Holding Group, is considering seeking a US listing via a merger with a blank-check company. A deal could value the business at about $4bn.
India’s UPL draws takeover interest from global rivals.
Indian agrochemical producer UPL is attracting takeover interest from global competitors, Bloomberg reported.
UPL has been speaking with advisers as it evaluates interest from rivals in the crop protection industry.
WeDoctor to cut workforce after delay in going public.
WeDoctor, one of China’s online health-care platforms, is laying off a substantial chunk of its workforce after plans for an IPO were disrupted, Bloomberg reported.
The Tencent Holdings-backed startup has already trimmed back to about 3k employees from about 4k last year. WeDoctor will likely cut more jobs to a total of mid- to low- 2000s. It will also reduce base salaries and shift compensation for some people to performance-related bonuses.
Amazon may file criminal case against Future Retail over store transfer to Reliance.
Amazon.com plans to initiate criminal court proceedings this week against its Indian partner Future Retail for allowing the transfer of assets to a major rival despite a legal prohibition, DealStreetAsia reported.
For more than a year, Amazon and Future group have been in a legal stand-off that has stalled Future's $3.4bn sale of assets to Reliance Industries.
Asia tech-focused SPAC Jeneration Acquisition abandons $300m US IPO.
Jeneration Acquisition, a Hong Kong-based SPAC that targets technology in Asia, has withdrawn its plans to raise $300m in IPO in the US, DealStreetAsia reported.
It had filed in March 2021 to raise $300m by offering 30m units at $10, with each unit containing one share of common stock and one-third of a warrant, exercisable at $11.5. The company increased the warrants per unit from one-quarter in May.
HK-based Cornell Capital closes second fund with $1.7bn capital commitments. (FS)
Hong Kong-based private equity firm Cornell Capital has closed its second fund with $1.7bn in capital commitments. The fund exceeded its target of $1.5bn, DealStreetAsia reported.
The Cornell Capital Partners II fund, which received strong support from a diverse and global group of existing and new limited partners, will continue Cornell Capital's strategy of control investments in high-quality consumer, financial, industrials, and business services companies.
CBC Group surpasses the target for its new fund. (FS)
Healthcare private equity investor CBC Group exceeded its target for a new fund to make middle- and late-stage growth investments and buyouts in China and other parts of Asia, collecting almost $1.59bn for the pool, WSJ reported.
The firm plans to use C-Bridge Healthcare Fund V to make 10 to 14 control equity investments in healthcare services providers, pharmaceutical and medical technology companies in Asia.
Accel India closes $650m Fund VII, to double down on SE Asia across early-stage to growth. (FS)
US venture capital firm Accel plans to double down on Southeast Asia across early and growth-stage opportunities this year, DealStreetAsia reported.
The Silicon Valley venture capital firm, one of the earliest investors in India, has a large portfolio of unicorn startups in the South Asian country. Some of its notable investments include backing Flipkart, which sold a majority stake to Walmart in 2018; Freshworks, which went public last year; top food delivery startup Swiggy; institutional crypto trading and management platform FalconX; used-car marketplace Spinny; online learning platform Vedantu; and business-to-business marketplaces Zetwerk, Infra.Market and Moglix.
New Forests hits first close of latest SE Asia-focused fund at $120m. (FS)
Sydney-headquartered New Forests, a global investment manager of nature-based real assets and natural capital strategies announced the first close of its SE Asia-focused Tropical Asia Forest Fund 2 securing $120m in capital commitments, DealStreetAsia reported.
The fund has secured commitments from Singapore state investor Temasek, Asian Development Bank, the Australian Government, David and Lucile Packard Foundation, Sumitomo Mitsui Trust Bank and TotalEnergies.
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