AMERICAS
Pfizer, an American multinational pharmaceutical corporation headquartered in New York City, offered to acquire Array BioPharma, a US-based, clinical stage, publicly traded pharmaceutical company, for $11.4bn.
Pfizer expects to finance the majority of the transaction with debt and the balance with existing cash. The deal is expected to be dilutive to Pfizer's Adjusted Diluted EPS by $0.04 -$0.05 in 2019, $0.04 -$0.05 in 2020, neutral in 2021, and accretive beginning in 2022, with additional accretion and growth, anticipated after that. Pfizer will provide any appropriate updates to its current 2019 guidance in conjunction with its third quarter 2019 earnings release.
"Today's announcement reinforces our commitment to deploy our capital to bring breakthroughs that change patients' lives while creating shareholder value," said Albert Bourla, chief executive officer of Pfizer. "The proposed acquisition of Array strengthens our innovative biopharmaceutical business, is expected to enhance its long-term growth trajectory, and sets the stage to create a potentially industry-leading franchise for colorectal cancer alongside Pfizer's existing expertise in breast and prostate cancers."
Guggenheim Securities, Morgan Stanley, and Wachtell, Lipton, Rosen & Katz are advising Pfizer. Centerview Partners and Skadden, Arps, Slate, Meagher & Flom are advising Array.
The Williams Companies, an energy company based in Tulsa, and Canada Pension Plan Investment Board formed a $3.8bn joint venture that will include Williams' 100% owned Ohio Valley Midstream system and 100% of Utica East Ohio Midstream system. CPPIB will invest approximately $1.34bn for a 35% ownership stake in the joint venture.
Williams will retain 65% ownership, will operate the combined business, and will consolidate the financial results of the joint venture in Williams' financial statements.
"Closing this transaction is another significant milestone in enhancing our position in the Northeast and accelerating the ongoing strengthening of our balance sheet. We now turn our focus to hitting the ground running with our new partner CPPIB, and look forward to growing our partnership and together, realizing the shared benefits of the combining of assets in the basin," said Alan Armstrong, Williams CEO.
Morgan Stanley and CIBC Capital Markets served as financial advisers to Williams. Gibson Dunn served as legal counsel to Williams. Latham & Watkins advised CPPIB.
Media and telecom entrepreneur Patrick Drahi offered to acquire Sotheby's, one of the world's largest brokers of fine and decorative art, jewelry, real estate, and collectibles, for $3.7bn. The $57 per share price represents a premium of 61% to Sotheby's closing price on June 14, 2019.
Tad Smith, Sotheby's CEO, said: "Patrick Drahi is one of the most well-regarded entrepreneurs in the world, and on behalf of everyone at Sotheby's, I want to welcome him to the family. Known for his commitment to innovation and ingenuity, Patrick founded and leads some of the most successful telecommunications, media and digital companies in the world. He has a long-term view and shares our brand vision for great client service and employing innovation to enhance the value of the company for clients and employees. This acquisition will provide Sotheby's with the opportunity to accelerate the successful program of growth initiatives of the past several years in a more flexible private environment. It positions us very well for our future, and I strongly believe that the company will be in excellent hands for decades to come with Patrick as our owner."
LionTree Advisors and Sullivan & Cromwell are advising Sotheby's. BNP Paribas, Morgan Stanley, Hughes Hubbard & Reed, and Ropes & Gray are advising Patrick Drahi. BNP Paribas is providing debt financing.
Prosperity Bancshares, a leading regional financial holding company, acquires LegacyTexas Financial Group, the holding company for LegacyTexas Bank for $2.1bn.
The merger has been unanimously approved by the Board of Directors of Prosperity and unanimously approved by the independent directors of LegacyTexas and is expected to close during the fourth quarter of 2019. The transaction is subject to certain conditions, including the approval by LegacyTexas stockholders and Prosperity shareholders and customary regulatory approvals.
“I am very excited to announce the merger of LegacyTexas with Prosperity. Through the second largest bank merger in the history of Texas, our combined companies create the second largest bank by deposits headquartered in Texas." David Zalman, Prosperity CEO.
Keefe, Bruyette & Woods and Bracewell advised Prosperity. J.P. Morgan Securities and Shapiro Bieging Barber Otteson advised LegacyTexas.
Crane, a diversified manufacturer of highly engineered industrial products, has submitted a proposal to the Board of Directors of CIRCOR International, to acquire CIRCOR for $45 per share in cash. The proposal represents a 47% premium over yesterday's closing price. This reflects an enterprise value of approximately $1.7bn at a multiple of roughly 13.5x the last 12-month adjusted EBITDA.
The CIRCOR board of directors intends to make its recommendation concerning the tender offer to shareholders within ten business days by making available to shareholders and filing with the Securities and Exchange Commission a solicitation.
"Our proposal provides CIRCOR shareholders with attractive value and certainty compared to the continued uncertainty surrounding CIRCOR's plans to improve operating performance. Based on CIRCOR's history of underperformance and inability to meet its own financial targets, we believe CIRCOR's standalone plan is unlikely to generate value comparable to what we are proposing." Max Mitchell, Crane President, and Chief Executive Officer.
Wells Fargo and Skadden, Arps, Slate, Meagher & Flom are advising Crane.
Keane Group, one of the largest pure-play providers of integrated well completion services in the U.S. and C&J Energy Services, a leading provider of well construction and intervention enter into a definitive merger.
Under the terms of the merger agreement, which has been unanimously approved by the Boards of Directors of both companies and the Special Committee of the Keane Board, C&J shareholders will receive 1.6149 shares of Keane common stock for each share of C&J common stock owned. The merger agreement permits C&J to pay its shareholders a cash dividend of $1.00 per share prior to closing. Upon closing, Keane and C&J shareholders will, in the aggregate, each own 50% of the equity of the combined company on a fully diluted basis. The share exchange is expected to be tax-free.
Morgan Stanley and JP Morgan are advising C&J. Citi and Lazard are advising Keane.
JAB Investors, which invests in consumer-focused industries with attractive long-term dynamics, acquired National Veterinary Associates, one of the largest veterinary and pet care services organizations in the world, from Ares Management and OMERS. Financial terms were not disclosed.
“NVA is a world-class organization led by one of the best teams in the industry,” said David Bell, Partner at JAB Investors. “The company’s core strategic objective to support and invest in veterinarians and animal care teams, combined with its high-performance culture, has created an ecosystem which attracts exceptional people to provide the very highest level of veterinary care. We are excited to partner with the NVA community for the long-term as they continue building a global platform and leading the industry in innovation and quality of service.”
Jefferies advised NVA. William Blair & Co advised the sellers.
Veritas Capital-backed Peraton, a defense and intelligence contractor, acquired Solers, a leading provider of software development and systems integration for space situational awareness, satellite ground systems and operations, cybersecurity engineering, and enterprise cloud-based solutions. Financial terms were not disclosed.
"The acquisition of Solers represents an important step in the execution of our growth strategy and serves as a true force multiplier for Peraton and our customers. By bringing together some of the most proven and innovative space protection and ground operations technologies in the industry, we will be able to significantly enhance our ability to execute on our customers' critical missions," said Stu Shea, Chairman, President and CEO of Peraton. "I'm excited to welcome the talented Solers team to Peraton, strengthening our already robust space portfolio, technical excellence and rapid innovation capabilities."
KippsDeSanto advised Solers. Macquarie Capital advised Peraton.
SoftBank Vision Fund invested $205m in Collective Health, a health technology company. Collective Health will use the new funding to accelerate adoption of its enterprise healthcare platform with employers across the US and deepen strategic partnerships across the industry.
“We’re appreciative of our investors, both new and returning, in their commitment to supporting our mission to fix the deepest rooted problems in healthcare today,” said Ali Diab, Co-founder and CEO of Collective Health. “We’re excited to have the SoftBank Vision Fund lead the round given their proven track record of supporting category-defining companies, and they share our vision for a better healthcare experience. Whether working with more networks or helping facilitate direct relationships between employers and provider systems, we will continue to set the standard for the industry with a focus on the customer, providing the healthcare experience we all deserve.”
RFA Capital, a multi-platform, Canadian-owned investment company, acquired Street Capital Group, a financial services company, for $85m. The all cash consideration of $0.68 per share represents a premium of approximately 36% to the closing price of Street Capital shares on June 14, 2019.
"This transaction creates significant and immediate value for Street Capital shareholders, will meaningfully improve our financial strength during this formative stage as a Schedule I bank, and positions the business for sustainable growth over the long term" said Duncan Hannay, Chief Executive Officer of Street Capital. "We look forward to partnering with RFA Capital, which brings a holistic solution to the business challenges and key risks we face."
BMO, Torys and Goodmans advised Street Capital Group. RBC Capital Markets and Borden Ladner Gervais advised RFA Capital.
Invitae, a leading medical genetics company, to acquire Singular Bio, a privately held company developing single molecule detection technology that enables lower costs and expanded use of high-quality, cell-free, nucleic acid analysis, initially for application in non-invasive prenatal screening, for $55m.
"Since we began, Invitae has invested deeply to harness the power of the most advanced genetic testing technologies in order to deliver expert-level genetic information at scale, and bringing this company into Invitae is the next step in that process," said Sean George, PhD, co-founder and chief executive officer of Invitae. "Singular Bio is building an approach to non-invasive prenatal screening with the potential to achieve the cost savings necessary to provide more women with genetic information to support a healthy pregnancy. We believe this approach could eventually be applied to other areas of genetic testing. The addition of Singular Bio's technology will further strengthen our ability to bring genetic information into mainstream medical care."
Morgan Stanley Capital Partners, the middle market focused private equity team within Morgan Stanley Investment Management, invested in Ovation Fertility, a leading provider of fertility laboratory services. Financial terms were not disclosed.
“We are excited to work with premier fertility services provider, Ovation, and help the company execute its mission to serve individuals and couples across the United States and beyond,” Steve Rodgers, Managing Director of MSCP. “We believe Ovation’s talented management team has developed a best in class approach by acquiring highly attractive laboratories and partnering with industry leading physician groups. We look forward to supporting the company as it enters a new phase of growth.”
Nordic Capital, a leading private equity investor acquires a minority stake in ArisGlobal, a leading medical research company. Financial terms were not disclosed.
“This transaction is representative of our rapid growth in the global life sciences industry, which is further proven by the adoption of our LifeSphere platform by the U.S. FDA. We look forward to partnering with Nordic Capital to leverage our common vision." Deepak Abbhi, ArisGlobal Founder & Chairman.
Accenture, a leading global professional services company, acquired Seattle-based Deja vu Security, a privately held company that specializes in security design and testing of enterprise software platforms and internet of things technologies. Financial terms were not disclosed.
Adam Cecchetti, Deja vu Security’s chief executive officer, said, “Today’s announcement is an exciting new chapter for Deja vu Security and our employees. Accenture’s people-focused culture and innovative mindset are core values that both companies share, and our unique capabilities complement each other perfectly. We are thrilled to be joining such a high-caliber global organization.”
MAI Capital Management, an independent registered investment adviser specializing in comprehensive investment and financial planning, acquired MTX Wealth Management, a full-service financial and investment advisor. Financial terms were not disclosed.
“MTX is founded on building deep and lasting relationships with clients, helping them reach their financial goals and ensuring they have a partner by their side. This is especially important in helping professional athletes navigate the distinct issues they encounter,” says Rick Buoncore, Managing Partner at MAI. “Our firm shares this philosophy and is excited to partner with MTX.”
Arsenal Capital Partners-backed Accumen, a leading healthcare performance partner, acquired Halfpenny Technologies, a Pennsylvania-based leader in data performance through its industry-leading clinical data exchange and business intelligence solutions. Financial terms were not disclosed.
“Joining the Accumen team creates tremendous new opportunities for our team here at Halfpenny Technologies,” said Tim Kowalski, President and Chief Executive Officer of Halfpenny. “Accumen is a trusted partner to hospitals and health systems across the country in the areas of lab, imaging, and outreach services. Together, I believe we will be able to compliment and support end-to-end solutions with our clinical data exchange technology and business intelligence solutions to deliver the business outcomes for our industry.”
Deutsche Bank may close down US operations.
According to a report by Financial Times, Deutsche Bank is preparing to set up a 'bad bank' to sell assets valued up to $56bn after adjusting for risk.
Deutsche’s equity and rates trading businesses outside continental Europe will be severely shrunk or closed entirely as part of the revamp, although the final decision is pending, according to four people briefed on the plan.
Gene-therapy firm UniQure considers divestment options.
UniQure is exploring options including a potential sale amid interest from pharmaceutical companies looking to expand in gene therapy, Bloomberg reported. The shares jumped in early trading.
The biotechnology company is working with advisers as it weighs options including a sale or partnerships. UniQure’s shares have risen more than 151% in New York this year, giving it a market value of about $2.7bn.
John Whittaker would liquidate stakes in Peel Port and Liverpool Airport.
Property tycoon John Whittaker is liquidating stakes in Peel Ports and Liverpool airport as the retail bloodbath sends shockwaves through his empire.
Bearing a loss in the investment in the above industries, John has to sell the stakes and shrink the empire.
EMEA
Alawwal Bank and Saudi British Bank, two major Saudi banks, closed their $5bn merger deal. Alawwal bank shareholders received 0.485 SABB shares for each Alawwal Bank share. This represents a premium of 28.5% to the Alawwal Bank share price as of 14 May 2018. The transaction was first announced in May 2018.
Speaking on the merger, Chair of Saudi British Bank Lubna Olayan said that each of the two banks has a rich history and legacy of playing key roles in Saudi Arabia’s development: “Now our size, enhanced capabilities, and fantastic talent will help us build on that history and legacy to become the bank of choice for a modern Saudi Arabia. We will be the best place to bank and the best place to work in the Kingdom, for a new generation of Saudi men and women and for the new era of development under Vision 2030.”
Cairngorm Capital-backed Parker Building Supplies, an independent builders’ merchant based in the South East of England, acquired Sussex Turnery and Moulding Company, a builders’ merchant and wholesale timber processing and distribution business. Financial terms were not disclosed.
Chris Maityard, Parkers’ Managing Director said, “This marks a key stage in Parkers’ development and takes us one step closer to becoming the market-leading independent builders’ merchant in the South East of England. Stamco is a perfect example of the type of business with which we are keen to partner. It has a compelling product offering, delivered by a skilled and committed workforce, who provide outstanding customer service.”
Edwin Coe and LMDB advised Stamco. CIL Management Consultants, Collins M&A Advisors, JLT Group, PwC, Vail Williams and Gowling WLG advised the buyers. MDW Capital provided debt financing.
German investment company ECM Equity Capital Management acquired a stake in Berlin-based software developer PikeTec. Financial terms were not disclosed.
Florian Kähler, partner and management director of ECM, said: “PikeTec has an impressive technology whose applications are far from exhausted and for which we see extremely interesting growth potential worldwide. Growing beyond the core market and the parent industry is always a critical step for founders. As a growth partner of medium-sized companies, we have successfully supported this process on many occasions and are pleased to accompany PikeTec on this journey with our knowledge and our industrial network.”
Carlsquare, Dittmar Lawyers and BWLS Strunk Stoffersen advised PikeTec. Berylls Strategy Advisors, Ebner Stolz, Willis Tower Watson, Milbank and Intuitus advised ECM.
The Abu Dhabi National Oil Company (ADNOC) has formed a new strategic partnership with OCI. Financial terms were not disclosed.
OCI is a global producer and distributor of natural gas-based fertilizers and industrial chemicals, headquartered in the Netherlands. The partnership will see ADNOC combine its fertilizer business, ADNOC Fertilizers, into OCI’s Middle East and North Africa (MENA) nitrogen fertilizer platform to form a new joint venture.
The JV will become the largest export-focused nitrogen fertilizer platform globally and the largest producer in the MENA region with a production capacity of 5m tons of urea and 1.5m tons of sellable ammonia. Annual revenues for the combined entity are $1.74bn, based on 2018 pro forma figures. ADNOC and OCI will own a 42% and 58% stake in the JV, respectively.
"This partnership creates a first-of-its-kind export platform with best-in-class cash conversion metrics. I believe that this platform has significant potential for future growth and value creation, with the support and under the guidance of its two key shareholders,” Nassef Sawiris, OCI CEO.
ADNOC is advised by Citi and Shearman & Sterling. OCI is advised by JP Morgan and Cleary Gottlieb Steen & Hamilton.
Silverfleet Capital, the leading Pan-European private equity firm, has agreed to the sale of Phase One, a leading technology business specializing in high-end digital imaging software and equipment, to funds managed by Axcel. Financial terms were not disclosed.
Phase One has two divisions: Software Imaging Systems, which provides market-leading raw image processing software to professional and amateur photographers and enterprises under the Capture One brand; and Image Capture Solutions, which supplies ultra-high-end, medium format camera systems for industrial applications, as well as for professional and amateur photographers, and cultural heritage institutions.
“It has been a pleasure to partner with the management team during this period of significant transformation and to support Capture One to become the industry leader in imaging software. We wish Henrik and his team well in the next phase of the Company’s growth.” Rob Knight, Principal at Silverfleet and Board member.
Silverfleet Capital was advised by Mooreland Partners, Travers Smith, Bech-Bruun, Deloitte, McKinsey, and BearingPoint.
Norvestor-backed 4Service, whose line of business includes the retail sale of prepared foods and drinks for on-premise consumption, acquired bRest, a Norwegian catering company. Financial terms were not disclosed.
"The reason for our decision is that we see great advantages in an integrated collaboration with 4Service, which we believe will benefit our customers. 4Service has invested heavily in digitization and development of new service services, and bRest will have access to these resources on the system and IT side, among other things," said Ivar Villa, Managing Director of bRest.
Nordhaven advised bRest.
Sekisui Chemical Group, a leading chemical based industry acquires AIM Aerospace, UK's leading aerospace parts manufacturing company from Liberty Hall Capital Partners for $510m.
Completion of the transaction is expected to occur in the fourth quarter of 2019, subject to customary closing conditions and applicable regulatory reviews.
"We appreciate the support of Liberty Hall in preparing us to reach the next stage of growth. We are excited to join the Sekisui Group, and plan to leverage their strong industrial, material and manufacturing expertise to further enhance our capabilities, as well as utilize their global presence to better serve our current and emerging customer needs." Daniele Cagnatel, AIM Aerospace CEO.
Lincoln International and Gibson Dunn & Crutcher advised Liberty Hall.
PTT Exploration and Production Public Company, a national petroleum exploration and production company based in Thailand, acquired Partex Holding, an oil & gas company, from Calouste Gulbenkian Foundation for $622m.
“Partex has invested in Oman’s largest onshore oil field for more than 80 years. This acquisition is not only a gateway for PTTEP to invest in one of the strategic areas of the Middle East’s oil and gas business, but also allows us to create new business partnership with both national oil companies of Oman and UAE, and world-class oil and gas players as we follow our Expand & Execute strategy”, said Phongsthorn Thavisin, PTTEP President and Chief Executive Officer.
An investment subsidiary of Investindustrial invested €100m ($112m) in Neolith, a pioneer and leader in the sintered stone sector. Neolith has an international commercial footprint distributing its products in more than 80 countries with exports representing more than 80% of total sales.
Jesus Esteve, Chairman of Neolith, said: "We are delighted to be partnering with Investindustrial as we look to grow the company further in the international markets outside Europe. Given Investindustrial’s background and deep knowledge in the high-end design sector and its global reach, we strongly believe it is the right partner to further support the international expansion of the company while strengthening the management team and reinforcing the product development."
Private equity firm Main Capital acquired Sweden-based Assessio, a leader in data driven talent assessment. Financial terms were not disclosed.
Charly Zwemstra, Managing Partner Main Capital Partners, said: “Assessio has successfully transformed its organization towards a SaaS driven business model, and has developed market leading tools and products which is sold in a combined offering with tools as MBTI, Hogan, and 16pf. We see a huge potential for expanding the business. Our purpose in acquiring a majority stake in Assessio is to pave way for further product development and expansion in Europe both organically as well as by acquisitions in regions like the Benelux and DACH.”
OpenGate Capital, a global private equity firm, has sold Omniplast to a group of European investors composed of Reedcapital, Luigi M. Chiaraviglio, and Swiss Merchant. OpenGate acquired Omniplast in 2015 through the firm’s original, pre-fund investment in Ivy Group. Financial terms were not disclosed.
Omniplast has earned a strong reputation and a loyal customer base within the agricultural and greenhouse sector. The business produces and distributes pressure and non-pressure PVC piping systems for the transportation of gases and fluids.
“Omniplast has a tremendous management team that will benefit greatly from the operational resources and entrepreneurial spirit that we will provide. We have a clear path to grow this business organically and through add-on acquisitions.” Renaud Delaage, Reedcapital Partner.
HIG Capital, a leading global private equity investment firm with over €26bn ($29bn) of equity capital under management, has acquired the European Polyurethane Systems Business in a carve-out transaction from Covestro. Financial terms were not disclosed. The deal is subject to clearing by the relevant antitrust authorities with closing anticipated for the second half of 2019.
The European Polyurethane Systems Business operates four systems houses in Germany, Denmark, the Netherlands, and Spain. It employs approximately 250 full-time employees and generates annual sales of approximately €230m ($260m).
“The polyurethane systems business of Covestro is known for providing innovative solutions and market-leading services to clients across Europe. As an independent company, we will build on this position and will continue to strive for product excellence, flexibility, and impeccable customer service. I look forward to working together with the Company’s experienced and successful management team.” Dr. Jörg Schottek, Polyurethane Systems Business CEO.
Tokai Carbon, a market leader in the production and sale of a broad range of high-quality carbon and graphite products acquires COBEX, a global leader in the manufacture of carbon and graphite products from Triton. Financial terms were not disclosed.
“We thank Triton for being a stable investor and good partner. With Triton’s support and thanks to its sector expertise and know-how we have successfully gone to a stand-alone company and were able to foster COBEX’s position as a global market leader at the same time,” said Frank Goede and Andrzej Hotlos, Managing Directors of COBEX. “We welcome Tokai Carbon as a new owner and look forward to a successful future.”
VW Group $2bn Truck IPO corresponds with a new strategy.
According to a report from Bloomberg, VW's $2bn Truck IPO reflects "push to trim" the Empire. Volkswagen's plan to list its truck division later this month will test whether it can pull off a feat that was once unthinkable for the German automotive giant: get smaller.
Huatai UK-China cross border listing may open the floor to more Cross-Border IPOs.
The trading debut of the first listing under the Shanghai-London Stock Connect program may spur more cross-border listings in the UK at the same time as China faces an escalating trade war with the US.
"Huatai Securities’s successful London listing and the establishment of Chinese capital flow quotas for the program may prompt more Chinese A-share listed companies looking to tap into international capital to consider the GDR venue and accelerate plans to list in London" Shane Zhang, co-head of Asia Pacific investment banking at Morgan Stanley, said to Bloomberg. Morgan Stanley is one of the joint global co-ordinators of the offering.
Jamie Oliver's Gatwick restaurants to be taken over by SSP.
Jamie Oliver’s restaurant group has confirmed that its three remaining proprietary UK outlets — all at Gatwick airport, south of London — have been sold, through its administrators, to the transport hub hospitality operator, SSP. Following the collapse of Oliver’s restaurant group last month, when it appointed the financial services company KPMG, Oliver closed 22 restaurants.
Simon Smith, SSP Group CEO, said: “We’re delighted to be expanding our partnership with Jamie Oliver, especially as we already operate 12 Jamie Oliver units in Austria, Finland, France, the Netherlands, Norway and Spain, and have further units planned in Brazil and Bahrain."
Babcock turns down Serco's acquisition offer.
British engineering services group Babcock International Group rejected an offer by Serco Group, an outsourcing giant. The acquisition could have created a company worth $5bn.
Babcock said it had received an "unsolicited and highly preliminary proposal" from Serco on 23 January, regarding a potential all-share tie-up.
"A combination of the two companies had no strategic merit and was not in the best interests of Babcock's shareholders, customers or wider stakeholders," the company said in a statement.
APAC
Brightex Enterprises, a leading distributor of electronic products in Hong Kong, and Ascendent Capital, a private equity firm, offered to take China Automation Group, a China-based company principally engaged in the provision of safety and critical control systems and control valves, for $197m.
China Automation Group has been conducting a strategic review to develop its future business plans and strategies. The plan to delist from HKSE will give it more freedom to implement its long-term growth strategy.
Elstone Capital is advising China Automation Group. Somerley Capital is advising Brightex Enterprises and Ascendent Capital.
Komatsu, a general machine maker presenting business about construction, acquires Immersive Technologies, an Australia based mining workforce optimization company. Financial terms were not disclosed.
Komatsu is planning to close the acquisition on July 1, 2019, on the condition that all necessary procedures for closing are completed. The impact on Komatsu’s consolidated business results is estimated to be minimal.
Fosun considers bid for Bayer Animal Health Arm. (FS)
Fosun International is considering a bid for Bayer’s animal-health business, Bloomberg reported, a move that could mark a return to big-ticket deals for the Chinese conglomerate backed by billionaire Guo Guangchang.
Fosun has held talks with potential advisers and is considering teaming up with private equity firms or other financial investors for a joint offer. Bayer could start the sale process as soon as the next few weeks.
Budweiser APAC Unit starts gauging demand for the Hong Kong IPO.
Budweiser Brewing Company APAC, the Asia Pacific unit of the world’s biggest brewer, starts gauging investor demand Monday for a proposed Hong Kong initial public offering.
The arm of Anheuser-Busch InBev tentatively plans to meet investors through June 28, Bloomberg reported. The offering could raise at least $5 bn.
Alibaba considers a stock split in light of giant listing.
Alibaba Group plans a one-to-eight share split, as the e-commerce giant prepares for a stock sale that could be Hong Kong’s most massive since 2010.
China’s largest company is proposing to increase the number of ordinary shares eight-fold to 32bn, it said in a statement. The proposal will be discussed and put to the vote at its annual general meeting in Hong Kong on July 15. If approved, the split should take place no later than July 2020.
US biotechs line up to list in Korea.
US biotech firms are queuing up to list in South Korea, tempted by the promise of reliable valuations amid a welcoming base of investors.
At least four such companies are seeking listings in the Asian country, according to NH Investment & Securities and Eugene Investment & Securities. That’s a significant number given that there are currently only 20 overseas firms listed in South Korea, according to data compiled by Bloomberg.
Ascendas India Trust acquires IT-SEZ park for $141m. (Real Estate)
Singapore-listed Ascendas India Trust (a-iTrust) has agreed to acquire an upcoming IT-SEZ park in Pune with a total net leasable area up to 1.8m sq ft for Rs 981 crore ($141m). Ascendas Property Fund Trustee, which manages the trust, has entered into a master agreement with Nalanda Shelter and Brickmix Developers to acquire BlueRidge 3, an IT/ITeS exclusive economic zone project at Hinjewadi in Pune.
The project will be developed in two phases comprising two IT office buildings and a cafeteria.
“The proposed acquisition of BlueRidge 3, will strengthen our presence in Hinjewadi, one of Pune’s prominent IT/ITES SEZ micro-markets. BlueRidge 3 is located in close proximity to BlueRidge 2 and would help our tenants to gain economies of scale and cater to their future expansion while offering their employees a work-live-play environment within BlueRidge township which extends over 138 acres.” Sanjeev Dasgupta, Ascendas Property CEO.
Malaysia’s Kenanga unit to launch a fund targeting to invest in global unicorns. (FS)
Kenanga Investors, the asset management subsidiary of Malaysian lender Kenanga Investment Bank, is launching a “unicorn fund” targeting startups with near term visibility of an IPO within 6–24 months or are valued at over $1bn.
KGU1 will be managed by Ericsenz Capital, Singapore-based venture capital and private equity firm which invests in middle-market companies in the technology, healthcare, consumer and energy sector.
Xpeng looking to rise a $600m funding round.
Xpeng Motors, a leading Chinese electric vehicle start-up, would be raising a new funding round evaluating up to $600m, which is comparable to the previous fund of $578m.
The Xpeng president noted that several factors have weighed on investor sentiment,
including the poor performance of publicly listed electric car makers.
China has seen a boom in electric car start-ups, thanks to government support including
subsidies for companies which make such so-called new energy vehicles. Xpeng is one of the companies vying for the pole position in this area.
Ziroom raises $500m fund.
Ziroom, China's first rental housing unicorn has completed the series B round funding with $500m.
The new funding came nearly one and half years after Ziroom raised RMB 4bn ($621m) at a valuation of RMB 20bn in its series A financing round in January 2018, which was led by US private equity firm Warburg Pincus, together with Sequoia Capital China and Tencent.
It is rumored that Zirrom was funded by General Atlantic, Tencent, and Sequoia.
JD.com considers the listing of its logistics unit.
Chinese e-commerce giant JD.com may list its logistics unit in the future, but it currently has no clear plan, Bing Fu, head of planning and development at JD Logistics said.
“Currently we don’t have this plan, but we think maybe in the future it is possible,” he said, referring to an IPO of the logistics unit.
India considers selling control in some weak banks. (FS)
India is considering selling controlling stakes in some of the smaller state-run banks in a bid to raise funds to boost spending on programs for the poor, Bloomberg reported.
The proposal is considered for funding Prime Minister Narendra Modi’s rural housing program. The details are still being worked out and, if approved, it could be included in the budget to be unveiled on July 5.
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