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AMERICAS
Pierre Poilievre, Canada's Conservative party leader, called for the federal government to reject Royal Bank of Canada's $10.1bn offer to buy HSBC's domestic unit. Blocking the deal is a clear step the government could take to address affordability concerns, Reuters reported.
"If the biggest bank in Canada simply buys up a growing smaller player, then there's no hope of ever having more competition in Canadian banking. If you remove HSBC, then you'll be removing downward pressure on lending rates," Pierre Poilievre.
Royal Bank of Canada is advised by Goldman Sachs, RBC Capital Markets, Allen & Overy (led by Duncan Bellamy), Blake Cassels & Graydon, Wachtell Lipton Rosen & Katz (led by Edward Herlihy and Jacob Kling) and Community Group (led by Auro Palomba). HSBC is advised by HSBC, JP Morgan, Linklaters, Sullivan & Cromwell and Brunswick Group.
Banc of California and PacWest Bancorp announced that the Board of Governors of the Federal Reserve System granted its approval of the combination of the two.
"We are very pleased to have received regulatory approval at this time. We appreciate the active engagement and focused efforts of the Federal Reserve and the California DFPI to review and approve this merger which will be beneficial not only for our clients, communities and shareholders, but also for the broader regional banking industry. We are excited to be bringing Banc of California and Pacific Western Bank together and unlock the strength of our combined platform to create a robust, well-capitalized and highly liquid institution. As a leading relationship-focused business bank, we will continue to serve a wide range of clients and deliver exceptional service, increased scale, and expanded product offerings," Jared Wolff, Banc of California Chairman, President and CEO.
Talaris Therapeutics, a biotechnology company, completed the merger with Tourmaline Bio, a late-stage clinical biotechnology company. Financial terms were not disclosed.
"We are thrilled to close this transaction and move Tourmaline into its next phase as a public company, leading an IL-6 renaissance and continuing to accelerate TOUR006 through late-stage clinical trials in TED, ASCVD and other diseases," Sandeep Kulkarni, Tourmaline Managing Director and CEO.
Tourmaline Bio was advised by Guggenheim Partners, Jefferies & Company, Piper Sandler, Truist Securities, Cooley (led by Bill Sorabella) and Meru Advisors (led by Lee M. Stern). Financial advisors were advised by Covington & Burling (led by Brian Rosenzweig). Talaris was advised by Leerink Partners, Goodwin Procter and ICR (led by Chris Brinzey).
Onex, an investment manager, agreed to acquire Accredited, an insurance services provider, from R&Q Insurance, a non-life specialty insurance company, for $465m.
"We are pleased to have the opportunity to establish Accredited as an independent, market-leading program management platform. Accredited has all the ingredients for success as a hybrid carrier, including a talented management team, a well-diversified and high-quality book of business, strong reinsurer relationships and robust underwriting and risk management protocols. It will be well positioned for responsible growth with a strong balance sheet and backing from Onex Partners. Investing in the insurance industry has been a core strength for Onex for many years. We look forward to supporting Accredited's management team in this next phase of growth," Adam Cobourn, Onex Managing Director.
Ellington Financial, a specialty finance company that acquires and manages mortgage-related assets, terminated the merger with Great Ajax, an externally managed real estate investment trust, in a $173m deal.
The termination was approved by both companies' boards of directors after careful consideration of the proposed merger and the progress made towards completing the proposed merger. In addition, Ellington Financial has agreed to pay Great Ajax $16m of which $5m is payable in cash and $11m was paid as consideration for 1.7m shares of Great Ajax common stock, which were purchased at a per share price of $6.6.
Flybondi, a low-cost airline, agreed to go public via a SPAC merger with Integral Acquisition 1, a special purpose acquisition company. Financial terms were not disclosed.
"Flybondi's success is the product of disciplined execution by our team of 1.4k talented professionals. Despite economic and pandemic-related challenges, I believe our team has built a true world-class carrier. The planned listing will provide us the opportunity to showcase this home-grown success on Nasdaq, which hosts many of the world's fastest growing and most innovative companies," Peter Yu, Flybondi Chairman.
Flybondi is advised by DWF, Greenberg Traurig, Marval O'Farrell & Mairal and Prosek Partners. Integral Acquisition 1 is advised by Beccar Varela, Ellenoff Grossman & Schole and Travers Smith.
US pharmaceutical company Pfizer gained unconditional EU antitrust approval on Thursday for its proposed $43bn acquisition of cancer drug maker Seagen.
The European Commission said the deal would not significantly reduce competition in the 27-country European Union nor would it have a negative impact on prices.
Seagen is advised by Centerview Partners (led by Eric Tokat and Alan Hartman), MTS Health Partners and Sullivan & Cromwell (led by Matthew Hurd and Melissa Sawyer). Financial advisors are advised by Skadden Arps Slate Meagher & Flom. Pfizer is advised by Guggenheim Partners, Wachtell Lipton Rosen & Katz and FGS Global (led by Andrew Cole). Baker Bros is advised by Akin Gump Strauss Hauer & Feld (led by Zachary Wittenberg).
European Union antitrust regulators have resumed their investigation into Photoshop maker Adobe's $20bn bid for cloud-based designer platform Figma, setting a February 5 deadline for their decision.
The EU watchdog stopped the clock last month while waiting for requested information from the companies. It has said that the deal may eliminate an important rival to Adobe and allow it to restrict competition in global markets for the supply of interactive product design tools, Reuters reported.
Figma is advised by Qatalyst Partners (led by George Boutros), Cleary Gottlieb Steen & Hamilton, Fenwick & West (led by Ran Ben-Tzur, Kris S. Withrow and Michael Esquivel). Adobe is advised by Allen & Company, Skadden Arps Slate Meagher & Flom, Wachtell Lipton Rosen & Katz and FGS Global. Allen & Company is advised by White & Case.
Spectaire, a provider of cutting-edge solutions for customers to monitor, track and meet emissions targets, went public via a SPAC merger with Perception Capital II, a special purpose acquisition company with a focus on building industrial technology businesses and creating long-term value, in a $203m deal.
"We are excited to begin our journey as a publicly traded company and look forward to working with the Perception team in expanding our business. Spectaire's AireCore unit is more than a new way to measure exhaust. It has the potential to change the way people view strategies for global emissions reduction. By augmenting the shared goal of reducing harmful emissions with real-time in-field data, Spectaire aims to help companies make better decisions, immediately see the impact of their efforts, and gain the benefit of proven emissions reduction. At Spectaire, we believe technology has the power to make the world a better place and there is nothing more important today than helping companies achieve their goals around emissions reductionBrian Semkiw, Spectaire Founder and CEO.
Spectaire was advised by Latham & Watkins (led by Stephen Ranere and Ryan Maierson) and Gateway Group (led by Cody Slach). Perception was advised by Jefferies & Company and Skadden Arps Slate Meagher & Flom (led by Michael Mies). Jefferies was advised by Paul Hastings.
Charlesbank Capital Partners, a private equity firm, agreed to acquire a majority stake in Petra Funds Group, a fund administrator. Financial terms were not disclosed.
"We founded Petra to address a gap in the fund administration market for a high-touch, high-quality and deeply experienced provider of middle and back-office solutions to private investment managers. As the demands on asset managers continue to grow, along with our business, we are continuously expanding Petra's platform and the white-glove services we offer current and prospective clients. We saw Charlesbank as a perfect partner, bringing extensive resources, connectivity, and experience scaling similar businesses," Stephen Coats, Petra Funds Founder and Managing Partner.
Petra Funds Group is advised by PL Advisors, Latham & Watkins and Kekst CNC (led by Daniel Yunger). Charlesbank Capital is advised by Simpson Thacher & Bartlett (led by Marni Lerner and Ben Schaye) and Prosek Partners.
VICI Properties, an experiential real estate investment trust, completed the acquisition of 38 bowling entertainment centers from Bowlero, an owner and operator of bowling entertainment centers, for $433m.
"We are excited to announce our entry into the family entertainment sector, a $15+bn experiential category, with a best-in-class, growth-minded operator. At VICI, we seek to invest in non-commodity real estate centered on experiences benefiting from long-term secular tailwinds, and Bowlero's track record of growth and innovation in a resilient experiential sector aligns well with our investment framework. We are proud to be a key real estate and capital partner for the Bowlero team," John Payne, VICI Properties President & COO.
VICI Properties was advised by JP Morgan, Hogan Lovells and Kramer Levin Naftalis & Frankel. Bowlero was advised by Jones Day (led by Robert Profusek).
White Mountains Insurance Group, a financial services holding company, agreed to acquire a 70% stake in Bamboo Ide8 Insurance Services, a digital insurance distribution platform, for $285m.
"We are pleased to make this investment alongside John and the Bamboo management team. Bamboo is delivering a much-needed insurance alternative to homeowners in California. Bamboo has strong momentum, and we look forward to supporting its continued growth," Chris Delehanty, White Mountains Head of M&A.
Bamboo is advised by Evercore and Willkie Farr & Gallagher. White Mountains is advised by Howden and Cravath Swaine & Moore.
GameSquare, a vertically integrated, international digital media, entertainment and technology company, agreed to acquire FaZe Clan, an esports and entertainment organization.
"The acquisition of one of the biggest names in gaming serves as a perfect illustration of how we have built a powerful infrastructure with expansive scale that we can use to leverage the full spectrum of resources within the GameSquare ecosystem. We are also thrilled to welcome back the founders of FaZe Clan and their fans, one of the most deeply engaged communities born on the internet," Justin Kenna, GameSquare CEO.
FaZe Clan is advised by Current Capital and Sullivan & Triggs. GameSquare is advised by Oak Hills Securities and BakerHostetler.
Sequoia Financial, a wealth manager, agreed to acquire M Capital Advisors, an investment management firm. Financial terms were not disclosed.
"M Capital has demonstrated its investment acumen on behalf of clients for decades, and its exceptional investment management capabilities will further strengthen ours. The leadership team at M Capital shares our commitment to providing service offerings that are built expressly for clients, and we look forward to doing just that as we join forces," Tom Haught, Sequoia Founder and CEO.
M Capital is advised by Bradley Arant Boult Cummings. Sequoia is advised by Benesch Friedlander Coplan & Aronoff.
DP World, a logistics company, completed the acquisition of CFR Rinkens, a specialized logistics service provider. Financial terms were not disclosed.
"We are thrilled to welcome CFR Rinkens into the DP World family as we continue to deliver our strategy to provide innovative end-to-end logistics services to our clients. Our combined capabilities will empower our automotive clients to navigate the challenges presented by the industry's shift to electric vehicles and the emerging green energy revolution," Beat Simon, DP World Global Chief Commercial Officer, Logistics.
CFR Rinkens was advised by Cascadia Capital and Rutan & Tucker.
Bernhard Capital-backed Environmental Systems Group, a comprehensive environmental service solutions provider, completed the acquisition of ELOS Environmental, a provider of environmental consulting services. Financial terms were not disclosed.
"We're delighted to welcome ELOS and their expert team to Environmental Systems Group's growing platform. With the addition of the ELOS team's deep environmental consulting capabilities, we are continuing to build a comprehensive, one-stop-shop for environmental and technology-enabled solutions that help customers across industries navigate an increasingly challenging landscape and provide our staff with exciting opportunities to collaborate on complex projects and broaden their professional growth," Dirk Applegate, Environmental Systems Group CEO.
Bernhard Capital was advised by Joele Frank (led by Ed Trissel).
Masonite International, a global designer, manufacturer, marketer and distributor of interior and exterior doors and door systems, completed the acquisition of Fleetwood, a designer and manufacturer of aluminum-framed glass door and window solutions for luxury homes, for $285m.
"Fleetwood has an outstanding reputation for product leadership, manufacturing excellence and modern designs for luxury residential applications. Their stunning door and window systems create a blend of indoor/outdoor living, showcasing natural light, style, security and energy efficiency, while adding exceptional beauty and flexibility to the home. Our companies share a common focus on improving life and living for homeowners, and we are thrilled to welcome the Fleetwood employees and partners into the Masonite family. This is the second acquisition we have completed in 2023 as part of our Doors That Do More strategy to expand our product portfolio and address new and non-traditional segments of the market with innovative and differentiated door systems," Howard Heckes, Masonite President and CEO.
Apple Hospitality REIT, a publicly traded real estate investment trust, completed the acquisition of Residence Inn by Marriott Seattle South/Renton, an extended-stay, for $56m.
"We are pleased to further diversify and enhance our portfolio with the acquisition of this recently-built, extended-stay hotel in Renton. Renton is well known for its strong business environment that spans aviation, aerospace, manufacturing, technology, life science and medical. Located in close proximity to downtown Seattle and downtown Bellevue, Renton provides easy access to sporting events and to the area's many outdoor activities. The Residence Inn is ideally located near a variety of guest amenities and benefits from the diversity of Renton's business and leisure demand generators. Given the strength of our operating performance and the flexibility of our balance sheet, we are uniquely positioned within the current transaction environment to be acquisitive and to meaningfully enhance long-term shareholder value. We have three additional hotels under contract for purchase and continue to underwrite numerous opportunities," Nelson Knight, Apple Hospitality President of Real Estate and Investments.
JFE Steel eyes stake in Teck's coal business.
Japan's JFE Steel is in talks to buy a stake in the metallurgical coal business of Canada's Teck Resources. Major steelmakers are seeking to diversify their supplies of coking coal due to sanctions on Russia, one of the leading producers.
The previously unreported talks between JFE and Teck have been ongoing since September. The talks are early and may not result in a deal. It was unclear what stake JFE was seeking or what price it was offering.
Teck has been considering splitting its coal and copper businesses since March, but shareholders voted down its original proposal. In April, Teck rebuffed a $22.5bn unsolicited takeover offer for the entire company from Swiss mining and trading firm Glencore, Reuters reported.
Heidelberg Materials is the mystery bidder for Summit Materials.
Heidelberg Materials is the mystery bidder for Summit Materials that could potentially upend the US cement maker's deal for the North American arm of Cementos Argos.
The German company has been working with advisers on its pursuit of Denver-based Summit and made approaches in recent weeks. Summit revealed in a proxy statement that it had rejected two takeover proposals from an unnamed suitor. The latest of these offers was for $38 per share, Bloomberg reported.
Fibra Uno Administracion readies IPO to tap nearshoring demand.
A carve out of Mexican real estate investment trust Fibra Uno Administracion is planning to raise funds via a listing of industrial properties in what could be the biggest Mexican initial public offering in more than five years.
Fibra Next, which will be formed, in part, out of Fibra Uno's portfolio, is expected to provide equity investors a way to play the growing demand for factories, warehouses and industrial parks in Mexico when it comes to market, Bloomberg reported.
Thoma Bravo's Seth Boro quietly bought stake in Ottawa Senators. (FS)
Thoma Bravo managing partner Seth Boro is among a group of investors who last month acquired the Ottawa Senators, a National Hockey League team.
An entity controlled by Canadian entrepreneur Michael Andlauer in June agreed to buy a majority stake in the team, ending a monthslong auction process that drew interest from actor Ryan Reynolds and rapper Snoop Dogg, among others. The NHL's board of governors approved the Andlauer group's transaction in September, enabling transfer of control. At the time, Andlauer thanked his equity partners, without naming them, Bloomberg reported.
TA Realty closes oversubscribed $1.8bn Value-Add fund. (FS)
TA Realty, a provider of real estate investment management services, announced the final close of TA Realty Value-Add Fund XII, which was oversubscribed with total equity commitments of approximately $1.8bn.
"We believe the success of this fundraise is a direct reflection of the trust and confidence our existing and new investment partners have in us to execute our investment strategy. Over time, we have demonstrated that our experience, patience and discipline make us capable of effectively navigating varying market environments with precision. We look forward to prudently deploying this capital into value-add investments that have the potential to deliver attractive risk-adjusted returns," Jim Raisides, TA Realty Managing Partner.
EMEA
The European Commission has granted an unconditional merger clearance regarding Georg Fischer's tender offer for all shares in Uponor. The approval is an important milestone and further enhances the certainty for the completion the tender offer.
The completion of the tender offer is still subject to the fulfilment of certain customary conditions to completion set out in the tender offer document, including the valid acceptance of the tender offer with respect to the shares representing, together with the shares otherwise held by the offeror and any of its subsidiaries, more than 50% of the shares and voting rights in Uponor, or waiver by the offeror of such conditions on or by the date of the offeror's announcement of the final result of the offer.
Next.e.GO, a producer of urban electric vehicles based on disruptive production systems, went public via a SPAC merger with Athena Consumer Acquisition, a blank cheque company, in a $913m deal.
"We are proud to have reached another milestone as Athena Consumer has brought e.GO, the esteemed German electric carmaker, public. We remain resolute in our commitment to fostering innovation, supporting our partner companies, and driving progress to reshape the future, redefine industry standards, and establish e.GO as a prominent global force," Isabelle Freidheim, Athena Chairman of the Board.
Otonomo Technologies, a platform powering the mobility economy, completed the merger Urgent.ly, a provider of digital roadside and mobility assistance technology and services. Financial terms were not disclosed.
"I am thrilled to announce the completion of this transaction, which further strengthens Urgently's unique market position as a leading roadside assistance software provider. This acquisition is the result of the outstanding contributions of our employees and the support of our powerful ecosystem of Customer-Partners and Service Provider professionals. We are committed to leading the transformation to connected mobility and we look forward to continuing to improve proactive and preventative customer experiences," Matt Booth, Urgently CEO.
PATRIZIA, a real assets firm, to acquire Numbat, an EV charging stations services provider, for €140m.
"Supporting the transition to green energy is one of our key long-term investment trends as we address the challenges of climate change. E-mobility has a significant role to play in putting us on the path to net zero and creating smarter, cleaner towns and cities. We are excited to fully leverage our expertise in both renewables and smart city solutions to drive the future value and growth of our partnerships with Numbat and Tegut," Matteo Andreoletti, PATRIZIA Head of Infrastructure.
PATRIZIA is advised by Santander and Allen & Overy.
Graphite Capital, a priavte equity firm, completed an investment in Storal Learning, a children's nursery group. Financial terms were not disclosed.
"The importance of early-years education – both in positively impacting children's development and in increasing parental participation in the workforce – is hard to overstate. We are delighted to be able to play a role in this area and back Sarah, Varun, Ashwin and the Storal team in realising their ambitious plans. As part of our support, we are committing capital to enhance Storal's education provision further and expand its footprint across the UK regions," Tony Saade, Graphite Partner.
Graphite Capital was advised by DC Advisory.
RRJ-led group mulls a €5bn bid for Vodafone’s Spain unit. (FS)
A consortium led by RRJ Capital, the private equity firm run by former Goldman Sachs banker Richard Ong, is considering an offer for Vodafone's Spanish business.
A potential bid by the RRJ group could value the Vodafone unit at about €5bn ($5.3bn). The consortium has lined up financing for a potential deal. A bid for Vodafone's Spain business could pitch RRJ into competition with Zegona Communications, an acquisition vehicle, which last month said it was in talks about a deal to acquire the assets from the UK carrier, Bloomberg reported.
Telegraph, Spectator magazine kick off a £600m sale process.
Telegraph Media Group and The Spectator launched a formal sale process for the businesses.
The Telegraph group could fetch £600m ($726m) from the sale. In June, restructuring group AlixPartners said Bank of Scotland had appointed receivers for the shares of the publisher's owners, who failed to repay loans from the bank. The receivers said they would look for ways to recover the debts for the bank, which is a member of the Lloyds Banking Group.
Goldman Sachs is advising on the sale process. The investment bank was appointed at the end of July to assess the readiness of the titles for a sale, Reuters reported.
Blue Owl weighs acquisition of Hayfin Capital Management. (FS)
Blue Owl Capital, a private equity firm, is weighing an expansion into Europe through a potential acquisition of rival lender Hayfin Capital Management.
A deal would add €30bn ($32bn)in assets under management to Blue Owl, which oversees $150bn across multiple strategies and is already one of the largest private lending firms in the world. Antares Capital is separately weighing purchasing Hayfin.
Hayfin, owned by British Columbia Investment Management as well as management and employees, has been exploring options including a potential sale.
Jazz Pharmaceuticals said to explore options including sale.
Jazz Pharmaceuticals, a biopharmaceutical company, is exploring strategic options including a potential sale. A potential transaction could involve the separation of its oncology and cannabinoid operations.
The company is speaking with advisers to help field interest. Crucially, the firm could pop up on the radars of larger healthcare players thanks to its capabilities in neuroscience and oncology. The company offers treatments for epilepsy and sleep disorders and is also developing treatments for hematologic malignancies and solid tumors.
Portugal to define size of TAP stake for sale once proposals submitted.
Portugal will decide on the size of the stake it will sell in flag carrier TAP once competitors present their proposals, Infrastructure Minister Joao Galamba told a parliamentary committee.
The Portuguese government plans to sell at least 51% of TAP as part of a plan to privatise the struggling state-owned airline. It believes finding a private buyer can ensure the brand name is preserved while boosting the company's performance. Portugal wants prospective bidders to put a value on TAP's strategic routes to the Portuguese-speaking world, including countries such as Brazil, Angola and Mozambique, Reuters reported.
Pfingsten Partners closes oversubscribed fund at $435m. (FS)
Pfingsten Partners, a private equity firm, announced the closing of its sixth investment fund, Pfingsten Fund VI, with total capital commitments of $435m.
"The successful fundraise reflects our consistent, disciplined, operationally focused approach to building value in lower middle market companies. For nearly 35 years Pfingsten has been laser focused on our goal of delivering exceptional results for our investment partners and other stakeholders," Scott Finegan, Pfingsten Senior Managing Director.
Pfingsten was advised by Kirkland & Ellis and Shannon Advisors.
APAC
ARN Media, a media company, and Anchorage Capital Partners, a private equity firm, agreed to acquire Southern Cross Media, a media and entertainment company, for $330m.
"The Board has carefully considered numerous strategic options to continue the company's growth and believe this transaction would be transformative for both sets of shareholders. ARN's regional radio footprint would be almost doubled while we would maintain a focused metro radio network, underpinned by the recognised KIIS and Triple M brands in metro areas. The increased scale supports the potential for future index inclusion and liquidity once the transaction is complete," Hamish McLennan, ARN Media Chairman.
ARN Media is advised by Jefferies & Company, Gilbert + Tobin and Citadel Magnus.
Torrent Pharmaceuticals said to line up at least $5bn funds for Cipla Deal.
Torrent Pharmaceuticals has lined up at least $5bn in funding as the company is seeking to buy a stake in Mumbai-listed drugmaker Cipla.
Torrent has secured commitments from a group of overseas banks for a potential deal. The company has been looking to buy the whole or part of the 33% stake in Cipla that's held by the family shareholder group, Bloomberg reported.
VinFast inks $1bn share sale pact with Yorkville Advisors.
VinFast Auto has agreed to sell as much as $1bn worth of new shares to Yorkville Advisors Global over three years as the Vietnam electric vehicle maker seeks to boost the public float of its US-listed stock.
Under the pact, VinFast can ask the Mountainside, New Jersey-based investment firm to buy its shares at anytime during a period of 36 months. When the automaker requests Yorkville to purchase its stock, shares will be issued at 97.5% of the market price for the three trading days commencing the advance notice date, Bloomberg reported.
"While we are under no obligation to draw on the full amount, the transaction aligns with our goals of opportunistic capital raising while adding liquidity to our shares over time. In addition to existing funding commitments, it provides financial flexibility to fund our growth," David Mansfield, VinFast CFO.
Tata Group is considering topping up another $1bn for Tata Neu.
Tata Group is weighing putting in $1bn of fresh capital into its super app venture as the salt-to-software conglomerate seeks to improve the digital business.
The injection is on top of the $2bn that Tata Group invested in the venture earlier this year. Tata Digital will receive the new funding in the coming year should a deal proceed. The conglomerate has asked the digital unit, which runs its flagship online platform Tata Neu, to streamline its operations and fix glitches in the app to make it more user-friendly.
Tata Group has also urged the super-app venture to explore tapping global sovereign and financial investors for future funding needs. Deliberations are ongoing and details of Tata Group's capital injection into the venture could still change, DealStreetAsia reported.
Kioxia has approached JIC to back Western Digital deal. (FS)
Kioxia Holdings has approached Japan Investment about making a capital infusion to support its merger with Western Digital and strengthen the combined company's financial base.
Kioxia's lenders are working toward submitting a commitment letter as soon as possible to help facilitate the agreement. The banks have signaled the new company's capital is inadequate and called for additional investment to bolster its balance sheet. JIC, a state-backed investment fund established to boost Japan's competitiveness in next-generation industries, is considering the request.
The two companies are seeking to wrap up negotiations this month and want to announce a deal no later than when California-based Western Digital reports earnings on October 30. They are facing opposition however from South Korea's SK Hynix, a competitor in the memory chip business that became an indirect shareholder in Kioxia when a Bain Capital-led consortium bought a controlling stake from Toshiba, Bloomberg reported.
SoftBank fund to sell $123m stake in India's Zomato. (FS)
SoftBank's venture capital fund SVF Growth, Singapore, will sell a 1.1% stake in Indian food delivery firm Zomato for $123m, through an open market transaction.
Bandhan Mutual Fund, Motilal Oswal MF, Axis MF, Max Life Insurance Company, Abu Dhabi Investment Authority, Fidelity Investments, Goldman Sachs, Societe Generale, and Morgan Stanley Asia Singapore, among others were the buyers of shares of Zomato.
Byju Raveendran in talks with private equity firms for Aakash stake sale. (FS)
Byju Raveendran, the founder and CEO of Byju's, is reportedly in initial discussions with private equity firms, including Bain Capital and KKR, to explore the possibility of selling a controlling stake in Aakash Educational Services, a significant asset in Byju's edtech portfolio. Several PEs, such as Carlyle, are also open to supporting Aakash Chaudhry, the former CEO and a member of the family that established AESL, in repurchasing the company.
Most of the funds approached are interested in transactions involving a change in management control, requiring at least 51% of the stake to be sold to them. Byju's spokesperson stated that Think and Learn is not considering any sale of Aakash Educational Services, emphasizing its importance to their growth strategy.
The ongoing discussions are at an early stage and contingent on factors such as valuations, due diligence, shareholder approval, and the consent of hedge fund Davidson Kempner. These talks coincide with reports that Byju's has approached Chaudhry for his potential return to the company in his former role, possibly replacing Abhishek Maheshwari, who left AESL last month. This potential arrangement is linked to finalizing the long-pending stock-swap agreement with Byju's that was initially announced as part of the 2021 acquisition deal.
Mubadala, Inpex among suitors for SapuraOMV. (FS)
Abu Dhabi state fund Mubadala Investment and Japanese oil and gas explorer Inpex are among firms competing to acquire SapuraOMV in a deal expected to be worth about $1.2bn.
The sale of the Malaysian-headquartered oil and gas upstream company could help boost weak global merger and acquisition activity buffeted by headwinds from a slowing world economy, higher interest rates and geopolitical tension.
Indonesian energy company Medco Energi is also vying for SapuraOMV, an equal joint venture of Sapura Energy and Austria's OMV, with bids due this week, DealStreetAsia reported.
Zhipu secures $342m in funding from Alibaba, Tencent. (FS)
Alibaba Group and Tencent Holdings are among the influential Chinese investors that invested $342m in AI startup Zhipu this year, part of a wave of capital flowing into a red-hot arena.
The country's two largest tech firms joined rivals and peers from Ant Group to Xiaomi in backing Beijing Zhipu Huazhang Technology, one of several private firms trying to build domestic rivals to OpenAI's ChatGPT, Bloomberg reported.
Keppel appoints Kevin Chng as new CFO. (People)
Singapore's Keppel, a Singaporean conglomerate, said it has appointed Kevin Chng as its new chief financial officer, effective January 1, 2024.
Chng, who is currently the deputy CFO, will succeed Chan Hon Chew, who will retire by the end of the year, after having served as the company's finance chief for about 10 years.
Chng is actively involved in the company's restructuring plan, announced in May, when it said it would transform itself to become a global asset manager and operator by dropping its conglomerate structure, DealStreetAsia reported.
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