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AMERICAS
GMT Capital, the second-largest shareholder in oil company Pipestone Energy said it intends to vote against an all-stock deal proposed by larger rival Strathcona Resources as it undervalues the company.
Investment firm GMT Capital, which holds a 13.47% stake in Pipestone, said the buyout deal undervalues Pipestone Energy's common shares. The acquisition requires approval from two-thirds of Pipestone shareholder votes cast at a meeting in September, Reuters reported.
Pipestone Energy is advised by BMO Capital Markets, Raymond James and McCarthy Tetrault. Strathcona is advised by ATB Capital, CIBC World Markets, Mizuho Securities, RBC Capital Markets, Scotiabank, TD Securities and Blake Cassels & Graydon. Waterous Energy Fund is advised by Stikeman Elliott.
Francisco Partners, an investment firm, and H.I.G. Capital, private equity and alternative assets investment firm, agreed to acquire RBmedia, an audiobook publisher, from KKR. Financial terms were not disclosed.
“We look forward to working with Francisco Partners and H.I.G. to capitalize on the numerous tailwinds present in the industry. We welcome Francisco’s media technology expertise and its global presence and are eager to partner with them and H.I.G. on the next chapter of our story,” Tom Maclsaac, RBmedia CEO.
RBmedia is advised by Goldman Sachs, LionTree Advisors, and Simpson Thacher & Bartlett (led by Marni Lerner and Naveed Anwar). Francisco Partners are advised by Kirkland & Ellis and Sloane & Company (led by Whit Clay). H.I.G. is advised by Barclays, Morgan Stanley, RBC Capital Markets, and Latham & Watkins (led by Tana Ryan and Matthew Goulding).
Pfizer $43bn takeover of Seagen faces a European Union review after the companies formally notified the bloc's merger watchdog. The European Commission set October 19 as a deadline to complete its initial probe, Bloomberg reported.
Seagen is a leader in developing a type of medicine called antibody-drug conjugates, which help to deliver cancer-killing drugs so potent they might otherwise be too toxic to use. Seagen's portfolio will double Pfizer's pipeline of early-stage experimental cancer therapies, the company said when it announced the tie-up in March.
Illva Saronno Holding, a manufacturer of alcoholic liquors, completed the acquisition of a majority stake in Sagamore Spirit, a manufacturer of rye whiskeys. Financial terms were not disclosed.
"We are thrilled to announce this transaction, which supports our portfolio strategy to acquire high growth, attractive margin brands, and in this case, broaden our offering into the premium American whiskey segment," Aldino Marzorati, Illva Saronno CEO.
Sagamore Spirit was advised by JP Morgan and Reed Smith. Illva Saronno is advised by KPMG, BonelliErede, Paul Hastings, BerlinRosen and Colangelo & Partners.
Leonard Green & Partners, a private equity firm, completed an investment in Hub International, a full-service global insurance broker and financial services firm. Financial terms were not disclosed.
"We have admired HUB for a long time and are excited to partner with the entire HUB management team, Hellman & Friedman, and Altas to support the next phase of the company's growth. HUB is the premier insurance broker and has all the attributes we look for in investments – a best-in-class management team, a differentiated culture, a long and consistent track record of success, and multiple ways to grow," Adam Levyn, LGP Partner.
Hub International was advised by MarshBerry, Morgan Stanley, Simpson Thacher & Bartlett (led by Naveed Anwar and Atif Azher). LGP was advised by Barclays and Latham & Watkins (led by Eyal N. Orgad and John Giouroukakis). Hellman & Friedman was advised by FGS Global.
Thomvest-backed Structured Alpha, a fund managed by Thomvest, agreed to acquire the remaining shares of Liminal BioSciences, a development-stage biopharmaceutical company focused on discovering and developing novel and distinctive small molecule therapeutics. Financial terms were not disclosed.
"After an extensive process led by a special committee comprised of disinterested and independent directors, we are pleased to have agreed terms on a transaction with SALP that has the full support of the Liminal BioSciences board. The transaction will deliver immediate value and liquidity to our minority shareholders at a substantial premium. Reaching this point is a testament to everything that the entire Liminal BioSciences team has accomplished. We look forward to partnering with SALP to continue to pursue our goal of developing and delivering cutting edge treatment to patients," Bruce Pritchard, Liminal BioSciences CEO.
Structured Alpha is advised by Langstaff & Co and Torys. Liminal BioSciences is advised by BMO Capital Markets, Cooley, and Stikeman Elliott. Financial advisors are advised by White & Case (led by Denise A. Cerasani).
WT Microelectronics, a provider focusing on the global semiconductor distribution industry, agreed to acquire Future Electronics, a manufacturer and distributor of electrical and electro-mechanical products, for $3.8bn.
"We are excited to join WT Microelectronics and believe that this transaction will benefit all our stakeholders. Our two companies share a common culture, driven by a rich entrepreneurial spirit that will empower our talented employees globally. This combination is a great opportunity for WT Microelectronics and Future Electronics to jointly form a world-class industry leader, and allows us to continue our long-term strategic plan to offer the highest level of services to our customers, which we have been doing for the past 55 years," Omar Baig, Future Electronics President, CEO and Chairman.
WT Microelectronics is advised by Citigroup, Osler Hoskin & Harcourt, Skadden Arps Slate Meagher & Flom, and Tsar & Tsai. Future Electronics is advised by Canaccord Genuity and Mintz Levin.
Bernhard Capital-backed Allied Power, a full-service provider of power plant services spanning the entire asset life cycle, completed the acquisition of Dominion Engineering, a provider of innovative equipment, technology, and consulting services. Financial terms were not disclosed.
"We are delighted to welcome DEI and their entire team of nuclear professionals to the Allied family. DEI's ability to make nuclear reactor operation, maintenance, and waste management safer and more cost-effective directly complements the Allied footprint of work in the nuclear power industry. We look forward to growing this footprint by utilizing the deep nuclear industry expertise of DEI," Dean Sack, Allied Power CEO.
Dominion Engineering was advised by Robert W Baird and Greenberg Traurig. Allied Power was advised by Kirkland & Ellis. Bernhard Capital was advised by Joele Frank (led by Ed Trissel).
TPG Growth, a private equity investment firm that focuses on leveraged buyouts and growth capital, agreed to invest $336m in Denodo, a provider of performance and unified access to the range of enterprise, Big Data, cloud and unstructured sources.
“We are excited to welcome TPG as an investor in Denodo, as their deep experience investing in innovative, high-growth companies with disruptive technologies is a perfect fit for our company. This funding is a testament to Denodo’s leadership in the data management market and our further growth potential using the logical-first approach, powered by data virtualization. We look forward to leveraging TPG’s deep experience to continue the rapid expansion of our global market share. We are equally thrilled that HGGC will remain an important investor in Denodo and are thankful for their lasting partnership and ongoing commitment,” Angel Viña, Denodo CEO and Founder.
Element Technical Services, an oil and gas industry company that provides fracturing and coiled tubing services, agreed to acquire Essential Energy Services, a growth-oriented, dividend paying corporation that provides oilfield services to producers in western Canada, for $78m.
“We have successfully led Essential and its predecessor entities through almost two decades of turbulent oilfield service industry and capital markets dynamics. Throughout this long history, we have strived to maximize value for stakeholders of our business. As a part of our normal course of business, and in particular over the past seven years, Essential has actively evaluated and explored numerous opportunities, culminating in this transaction with Element. We believe this transaction provides compelling value for Essential’s shareholders and enhanced product offerings to Essential’s customers,” Garnet Amundson, Essential President and CEO.
Essential Energy Services is advised by Peters & Co and Fasken.
Highview Capital and A&M Capital-backed GS Foods Group, a family of specialized foodservice distribution companies, agreed to acquire Lamm Food Service, a full line foodservice distributor. Financial terms were not disclosed.
“As a family-founded business, we take immense pride in our commitment to delivering exceptional service and high-quality foods to our customers. Joining forces with GS Foods, a national food distributor with a rich history and similar values, we believe will enhance our ability to meet the evolving needs of our customers while preserving the legacy we have built,” Bruce Mattingly, Lamm Food Service CEO.
GS Foods Group is advised by Fiona Hutton & Associates (led by Amanda Haig).
Molson Coors Beverage, a beverage company, completed the acquisition of ZOA Energy, an energy company. Financial terms were not disclosed.
“We founded ZOA Energy to deliver the best quality energy drink formulations to the marketplace. Through innovation and commitment, we’ve created a range of high-quality products that both fuel the daily lives of our customers and taste great. With Molson Coors, a trusted partner that shares our passion for beverages, we can further deliver on that promise to an even wider audience," Dwayne Johnson, ZOA Energy Co-Founder.
ZOA Energy was advised by Morgan Lewis & Bockius (led by Andrew Ray).
Bertram Capital-backed Cogency Global, a provider of corporate compliance and transactional legal support services, completed the acquisition of Tax Guard, a tax monitoring services provider. Financial terms were not disclosed.
“We are thrilled to welcome Tax Guard into the Cogency Global family. Tax Guard’s expertise in tax risk assessment aligns perfectly with our commitment to providing reliable, seamless, and comprehensive compliance solutions. This acquisition allows us to offer even more specialized services to our diverse client base," Bruce Jacobi, Cogency CEO.
Tax Guard was advised by Raymond James (led by Jon Steele).
T. Rowe Price, an American publicly owned global investment management firm, led a $500m Series I round in Databricks, a unified analytics platform that accelerates innovation by unifying data science, engineering, and business, with participation from Andreessen Horowitz, Baillie Gifford, ClearBridge Investments, Counterpoint Global, Fidelity Management & Research Company, Franklin Templeton, GIC, Octahedron Capital, Tiger Global, Capital One Ventures, Ghisallo Capital Management, Ontario Teachers’ Pension Plan, and NVIDIA.
“The commitment from long-term focused strategic and financial partners reflects Databricks’ continued momentum, the rapid customer adoption of the Databricks Lakehouse, and the success customers are seeing from moving to a unified data and AI platform. Databricks and NVIDIA are building transformative AI technology, and we’re excited about the business value and innovation we can bring to our customers,” Ali Ghodsi, Databricks Co-Founder and CEO.
Aramco, a Saudi Arabian national petroleum and natural gas company, agreed to acquire Esmax, a fuel and lubricants market industry firm. Financial terms were not disclosed.
"This agreement is yet another milestone in our strategy to grow Aramco's downstream presence globally and expand our retail, lubricants and trading businesses. We are excited by the opportunities it presents, creating synergies with our extensive trading and manufacturing systems. Moreover, it creates a platform to launch the Aramco brand both in Chile and South America more broadly, unlocking significant potential to capitalize on new markets for our products. Esmax is a well-run business in Chile with more than 100 years of experience with quality assets and growth potential. We are excited to have the outstanding people of Esmax join the Aramco family as we continue to execute on our downstream strategy," Mohammed Y. Al Qahtani, Aramco Downstream President.
J.B. Hunt Transport, a logistics management services and integrated transportation solutions to major corporations, agreed to acquire the brokerage operations from BNSF Railway-backed BNSF Logistics, a North American freight transportation company. Financial terms were not disclosed.
“As we continue to work with BNSF Railway to develop solutions that drive value for customers, we recognized a unique opportunity to combine the companies’ efforts to serve the transportation market with 3PL services and leverage the investments J.B. Hunt has made in our technology platform, J.B. Hunt 360°. This acquisition is another step forward in our mission to create the most efficient transportation network in North America,” John Roberts, J.B. Hunt CEO.
Byron Allen offers Disney $10bn for ABC, cable TV channels.
Media mogul Byron Allen has offered $10bn to the Walt Disney to purchase its ABC television network, in addition to the cable networks FX and National Geographic.
The bid, which Allen's representative confirmed to CBS MoneyWatch, would include ABC's national TV network as well as several regional stations. The offer is "preliminary" and "could change" at any time.
Disney CEO Bob Iger signaled in July that Disney was open to selling some of its television assets as consumers continue to flock to streaming networks, eclipsing traditional television and cable. Since then, the company has been in talks with potential buyers including local broadcaster Nexstar, CBS News reported.
SoftBank explores investing in OpenAI.
Japanese major SoftBank is mulling to make an investment in Sam Altman-run OpenAI after the blockbuster listing of British chip designer Arm owned by Softbank. Masayoshi Son, SoftBank's founder and CEO, is potentially looking to invest tens of billions in AI after completing Arm’s initial public offering.
SoftBank could also look to strike a broad strategic partnership with the ChatGPT maker. SoftBank is also looking at making substantial investments in direct rivals of the ChatGPT maker. Son said in June that his tech investing conglomerate planned to shift its stance to "offence mode" amid excitement over advances in AI, Reuters reported.
Discover Financial Services considers a possible sale of its student-loan arm.
Discover Financial Services, an American financial services company, is exploring the potential sale of its student-loan business as the company seeks to clean up operations in the aftermath of a series of regulatory lapses.
The unit, which includes a $10.2bn portfolio of private student loans, could fetch interest from alternative asset managers or rival student-loan platforms. Deliberations are ongoing and Discover could opt to retain the business.
A sale could free up $2bn to $3bn of capital for Discover, and could attract interest from companies including Navient and SoFi Technologies, Bloomberg reported.
RayzeBio valued at $1bn as upsized IPO prices at top of expected range.
RayzeBio has secured a near-$1bn market valuation, as the California-based radiopharmaceutical company’s upsized initial public offering priced at the top end of the expected range. The company said it offered 17m shares in the IPO, up from previous expectations of 14m shares, to raise $311m. The IPO priced late at $18, compared with previous expectations of a pricing between $16 and $18 a share.
RayzeBio is advised by JP Morgan, Jefferies, Evercore and Truist Securities.
Instacart plans to price IPO shares today.
Grocery delivery business Instacart is preparing to price its initial public offering today after boosting its price range following a strong trading debut by ARM Holdings.
The company had earlier weighed pricing its offering later this week but then settled on today. Instacart said in a filing that it is now seeking to raise as much as $660m by marketing shares at $28 to $30 each, up from a previously indicated range of $26 to $28 per share. It could achieve a fully diluted equity valuation of as much as $9.9bn if the offering prices at the top end of the revised range, Bloomberg reported.
EMEA
Britain's competition regulator cleared auto parts provider LKQ's $2.1bn deal to buy Canada's Uni-Select after LKQ agreed to divest Uni-Select's UK business.
The Competition and Markets Authority said it considers the divestiture of GSF Car Parts as reasonable, and the Uni-Select deal will not be referred to further investigation. The regulator opened its investigation in June as it believed the deal could have raised competition concerns related to supply of car parts and garage equipment to independent garages and workshops in some areas of Britain, Reuters reported.
Uni-Select is advised by RBC Capital Markets, TD Securities, Fasken (led by Marie Josee Neveu and Jean Michel Lapierre), Latham & Watkins (led by Jordan Miller), Linklaters (led by Aisling Zarraga), McCarthy Tetrault (led by Rob Hansen), Stikeman Elliott and NATIONAL Public Relations. LKQ is advised by Bank of America, Wells Fargo Securities, Davies Ward Phillips & Vineberg, Slaughter & May, Wachtell Lipton Rosen & Katz (led by Mark Stagliano). Financial advisors are advised by White & Case. Debt financing is provided by Bank of America and Wells Fargo Securities.
Hitachi has offered to sell assets in France and Germany as well as its core train control technology to gain EU antitrust approval for its €1.7bn ($1.8bn) buy of Thales' GTS railway signalling business, Reuters reported.
The Japanese conglomerate put in its offer to the European Commission on September 14, the same day it requested EU clearance for the deal, an EU regulatory filing showed on September 15. The remedies are similar to those offered to the UK Competition and Markets Authority in June which consisted of the divestment of its UK, French and German mainline signalling business and its core communication-based train control technology to a rival.
Hitachi Rail is advised by Deutsche Bank, Perella Weinberg Partners, Clifford Chance (led by Stefan Simon), and Machado Meyer Sendacz e Opice Advogados (led by Maria Eugenia Novis). Thales is advised by Lazard, August Debouzy, BDGS Associes, Baker McKenzie, and Levy & Salomao Advogados.
Macquarie Group, a private equity firm, led a €2bn ($2.1bn) Series C funding round in Verkor, a manufacturer of low-carbon batteries, targeting the electric mobility markets, with participation from Renault Group, Meridiam, Government of France, EQT, EIT InnoEnergy, Credit Agricole, CMA CGM and Bpifrance.
"We are very proud to secure more than €2bn to concretise our ambition. Together we’ll bring to life a high performance gigafactory, accelerating a responsible energy transition and transport decarbonisation This global financing solidifies our long- term perspectives and with the renewed commitment of our existing partners, we are now on track to becoming one of the leading European battery manufacturers," Benoit Lemaignan, Verkor CEO.
Verkor was advised by Ceres Partners, Jefferies & Company, Santander and Hogan Lovells. Meridiam was advised by Societe Generale and Willkie Farr & Gallagher (led by Gregoire Finance and Amir Jahanguiri).
Pollen Street and Bain Capital-backed Markerstudy, a provider of claims and administration services to intermediaries, agreed to acquire Atlanta Group, a provider of personal lines insurance broker, from The Ardonagh Group, a insurance holding company. Financial terms were not disclosed.
"As existing business partners, we have worked closely with Atlanta for a long time, and so we know first-hand just how exceptional the business and its people are. There are few deals in the market with the potential to be truly transformational for all parties concerned and a combination with Atlanta has been a long-term ambition of ours. The strong alignment in our models and shared values and ambitions simply could not be ignored. I've never been more excited for the future," Kevin Spencer, Markerstudy Group CEO.
The Ardonagh Group is advised by Fenchurch Advisory Partners, Powerscourt (led by Justin Griffiths), and Zuke Communications (led by Elinor Zuke). Markerstudy is advised by Continuum Advisory, Skadden Arps Slate Meagher & Flom, and Certus (led by Ben Welsh).
Excelitas Technologies, a provider of customized optoelectronics and advanced electronic systems to a global customer base of OEMs, agreed to acquire Heraeus Noblelight, manufacturer of infrared and ultraviolet emitters, from Heraeus Group, a holding company that produces precious metals, materials and technologies. Financial terms were not disclosed.
"We see tremendous potential in the union of Heraeus Noblelight’s technology portfolio with our own extensive offering in plasma and LED products. Leveraging our combined investments and expanded offering will drive growth and present innovative integrated solutions to our highly complementary customer and product mix across a variety of unique markets,” Michael Ersoni, Excelitas Technologies EVP Commercial Business.
Excelitas Technologies is advised by SVM PR (led by Jill Anderson).
Novartis shareholders approved the spinoff of generic drugs unit Sandoz, setting up the latest step in the Swiss company’s shift to focus solely on new medicines.
Investors voted 99.7% in favor of a distribution of one share in Sandoz for every five dividend-bearing shares of Novartis. The split is planned for around October 4. Novartis has worked on severing itself from Sandoz for more than a year, part of a long-term move to sharpen its focus on more lucrative, cutting-edge medicines, Bloomberg reported.
Novartis is advised by Brunswick Group.
PSG Equity-backed Zenchef | Formitable Group, a B2B2C SaaS solutions to restaurants and customers, agreed to acquire Resengo, an online restaurant reservation services provider. Financial terms were not disclosed.
"The acquisition of Resengo is a game-changer. With this acquisition, we further our core mission to help restaurants thrive by deepening connections between restaurants and their guests. It is a key step in our vision to build a more resilient restaurant industry with technology that empowers restaurateurs against commission-based third-party software," Xavier Zeitoun, Zenchef | Formitable CEO.
Zenchef | Formitable is advised by Stibbe.
Playtika, a game developer that creates disruptive gaming experiences that reshape the gaming landscape, agreed to acquire Innplay Labs, an operator of a mobile game development studio, from vgames, a venture fund for game entrepreneurs, for $300m.
"The acquisition of Innplay Labs, our second transaction this quarter, represents another strategic expansion of our portfolio with a promising and innovative growth franchise in the Luck Battle genre, and presents another opportunity for us to further utilize our expertise in leveraging LiveOps and proprietary technology to drive sustained, long-term growth. As a fellow Israeli-based company recognized for innovation, Innplay's talented team shares our culture of focus, speed and agility. We are excited to embark on this journey together and to rebrand Animals & Coins alongside Innplay,” Robert Antokol, Playtika CEO.
777 Partners, a controlling investment and private equity firm, agreed to acquire a 94.1% stake in Everton Football Club, a professional football club from Liverpool, from Farhad Moshiri. Financial terms were not disclosed.
"We are truly humbled by the opportunity to become part of the Everton family as custodians of the Club, and consider it a privilege to be able to build on its proud heritage and values. Our primary objective is to work with fans and stakeholders to develop the sporting and commercial infrastructure for the men's and women's teams that will deliver results for future generations of Everton supporters. As part of this, we are committed to partnering with the local community over the long-term, working on important projects such as the development of Bramley-Moore Dock as a world class stadium venue, allowing thousands more Evertonians to attend our home matches and contribute to the economic and cultural regeneration of Merseyside," Josh Wander, 777 Partners Founder and Managing Partner.
Thales chief on the lookout for acquisitions.
Thales has appetite for more acquisitions even after its recent €4bn ($4.2bn) buying spree, its chief executive said, as Europe’s largest defence electronics group seeks to capitalise on a resurgence in military spending and post-coronavirus recovery in civil aviation.
Patrice Caine, who has led Thales since 2014, said the French group could still deploy capital on additional mergers and acquisitions in any of its business segments, although integrating the recent purchases would be the immediate focus, FT reported.
All3Media owners kick off sale process.
The owners of All3Media have formally kicked off a sale process for the British television production company.
Shareholders Liberty Global and Warner Bros Discovery have shared information with prospective buyers of the "Fleabag" and "The Traitors" maker this week following expressions of interest over the summer.
The company could be valued at around $1.24bn. The sale of Britain's largest TV and film production company has been flagged for months. Among those following the sale is ITV. The broadcaster, which is 10% owned by Liberty Global, pulled out of talks to buy All3Media in July, Reuters reported.
Daniel Kretinsky adds the UK’s Telegraph to his shopping list.
Czech billionaire Daniel Kretinsky has entered the auction to acquire the UK’s Telegraph Media Group, joining bidders including Daily Mail and General Trust.
Kretinsky, a lawyer-turned-energy tycoon who has been on a dealmaking spree across Europe, signed a non-disclosure agreement in recent days to join the auction process for the parent company of The Daily Telegraph, Sunday Telegraph and The Spectator magazine.
An auction led by Goldman Sachs, which could fetch more than £500m ($619m), is set to begin in the coming weeks. While Kretinsky is unlikely to seek control of the group, he may support other offers and end up with a minority stake, FT reported.
Mike Ashley to sell Missguided to Shein.
Mike Ashley, the high street billionaire, is in talks to sell the online clothing label Missguided to Shein, the giant Chinese-founded online fashion player.
Sky News reported that the two sides are in detailed negotiations about a deal, which would represent Shein's first acquisition of a British fashion brand.
Shein and Frasers had been in discussions for several weeks about a transaction, and it was unclear how soon it might be announced or whether there was a risk of it falling apart. If completed, it would be a big step - albeit for a modest financial outlay - for Shein, which was founded in China and was valued until recently at more than $100bn.
Societe Generale open to sale of its Equipment Finance unit in strategy review.
Societe Generale is open to a sale of its Equipment Finance business as the French bank's new CEO Slawomir Krupa embarks on a broad strategic revamp.
The bank sees the business as non-core, having sold part of its operations in 2020. But a transaction may not happen soon because difficult market conditions weigh on the unit's valuation.
Krupa, who will present SocGen's new strategic plan on Monday, will try to convince investors he can boost returns while setting achievable goals in a challenging environment marked by slowing economic growth, Reuters reported.
HIG Capital raises $5.5bn for Middle Market LBO Fund IV. (FS)
HIG Capital, a global alternative asset management firm with $58bn of capital under management, has closed the HIG Middle Market LBO Fund IV with aggregate capital commitments of $5.5bn. in addition to co-investment separately managed accounts of $450m, significantly exceeding its original target.
The Fund will build on the team’s deep-rooted track record by primarily making control equity investments in complex situations in US middle market companies with asymmetric risk/reward profiles and a differentiated value proposition.
"We are delighted with the continued support from our investors, reflecting the strong performance of the H.I.G. Middle Market team and its differentiated investment approach. We are confident that our unique platform will continue to set us apart in this space,” Sami Mnaymneh and Tony Tamer, HIG Co-Founders and Co-CEOs.
Chimera launches alternative investment firm with over $50bn in assets. (FS)
Chimera Capital Holding , an Abu Dhabi-based private organisation, has launched an independent alternative investment company, Lunate, with more than $50bn in assets under management, to tap into investment opportunities globally.
The new company, which will be based at the Abu Dhabi Global Market, will target global opportunities across private equity, venture capital, private credit, real assets, public equities, and public credit markets. Lunate will be owned by Chimera Investment and Lunate’s senior management.
With plans to start operations in the fourth quarter, Lunate said it would provide multi-asset class investment solutions for its clients, which include institutional investors, pension funds, family offices and other investment firms.
APAC
Toshiba's largest shareholder Effissimo Capital Management has decided to tender its 9.9% stake in the $15.2bn takeover offer by Japan Industrial Partners.
The offer, which will end on September 20, needs at least two-thirds of shareholders to tender their shares for it to succeed. Singapore-based Effissimo made the decision to tender its stake as a result of dialogue with Toshiba and related parties including the tender offerer. Other major shareholders, Elliott Management and Farallon Capital Management, both have their executives on Toshiba's board which has unanimously approved the JIP takeover, Reuters reported.
Toshiba is advised by JP Morgan, Mizuho Securities, Nomura, Ubs, Morrison & Foerster, Nagashima Ohno & Tsunematsu, Nishimura & Asahi, White & Case and Kekst CNC. JIP is advised by Crosspoint Advisors, Davis Polk & Wardwell, De Brauw Blackstone Westbroek, Hengeler Mueller, Shearman & Sterling, Slaughter & May and TMI Associates.
DL, a financial firm that offers wealth management, capital marketing, real estate investment, and banking services, agreed to acquire the remaining 55% stake in DL Family Office, a one-stop financial services group headquartered in Hong Kong with offices in Shanghai, San Francisco and Singapore, in a $50m deal.
"Three compelling factors underpin our swift move. Firstly, DL Family Office's exceptional track record and esteemed industry reputation significantly bolster and elevate our listed group's standing within the industry. Secondly, the full integration of the family office business into our parent company is expected to yield a substantial increase in our management scale, client base, revenue, and profits. Thirdly, the family office business will seamlessly synergize with our existing securities, asset management, real estate, and research institute divisions, enhancing DL's internal dynamics, reducing communication barriers, and elevating service standards for both family and corporate clients," Andy Chen, DL Group Chairman.
Reliance Retail in talks with Gulf, Singapore funds for $1.5bn investment. (FS)
Reliance Retail is in talks with existing investors including the sovereign wealth funds of Singapore, Abu Dhabi and Saudi Arabia for combined new investments of around $1.5bn.
Reliance Retail is India's largest retailer and is led by Asia's richest person Mukesh Ambani. The talks with investors are part of an internal target to raise $3.5bn which the company wants to close by the end September. QIA announced a $1bn investment and KKR & Co's investment of $250m.
Singapore's GIC, the Abu Dhabi Investment Authority and Saudi Arabia's Public Investment Fund are looking to invest at least $500m each in Reliance Retail at a valuation of $100bn. The final investments or funding plans could still change, Reuters reported.
Trafigura explores strategic options for its metal business.
Commodity trading giant Trafigura Group is exploring a range of potential deals involving its metals business as it grapples with the future of the unit after a series of missteps.
Trafigura, which is competing with Glencore for the title of the world’s biggest metals trader, has held preliminary discussions about the business with several potential partners in the Middle East and Asia.
Discussions include a variety of potential deals, including investments in some of Trafigura’s metals assets, joint ventures on new acquisitions or other forms of regional or global partnerships. Separately, several parties are examining the possibility of a bid for some or all of Trafigura’s metals units, Bloomberg reported.
Pernod Ricard faces India antitrust probe for boosting market share.
India's competition watchdog is investigating Pernod Ricard for allegedly colluding with some retailers in a southern state to hurt competitors.
The Competition Commission Of India has been pursuing the matter actively since early this year after senior members reviewed the case filed by Pernod's Indian rival, Radico Khaitan, and found merit in its allegations, Reuters reported.
Japan Soccer League is ready to support clubs seeking IPOs.
The Japanese professional football league said it intends to provide financial support and guidance to some of the nation’s top-10 soccer clubs to potentially pursue initial public offerings.
J-League is prepared to offer the assistance to those clubs that are competitive, popular and well managed, Corporate Executive Officer Yoshinori Aokage said in an interview. He didn’t elaborate on the potential help that could be provided, Bloomberg reported.
Pocketalk wants to debut on Nasdaq at a $1bn value.
Pocketalk, the creator of Japan’s top voice-and-camera translator device, is aiming for a Nasdaq listing within two years at a $1bn valuation.
It plans to sell another 1 million in 11 countries within three years through a partnership with SoftBank Group’s mobile unit, Bloomberg reported.
Barito Renewables Energy eyes $228m IPO.
Barito Renewables Energy, a unit of Barito Pacific, is aiming to raise $228m through an initial public offering early next month.
The share sale would be equivalent to a 3.35% stake, and the proceeds of the IPO would be used to repay debt and for capital injection, Reuters reported.
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