AMERICAS
Equitable Bank, announced that the federal Minister of Finance has approved the previously announced acquisition of Concentra Bank. No further regulatory or shareholder approvals are required in connection with the Acquisition.
"This strategic acquisition increases the competitive strength and scale of Canada's Challenger Bank for the benefit of consumers coast to coast. We are pleased to have achieved this important regulatory milestone and look forward to working diligently with Concentra Bank's customers, employees and credit union partners broadly to fulfill our purpose of enriching people's lives through the creation of new and better financial services than those offered by the traditional players in the industry," Andrew Moor, EQB President and CEO.
Concentra Bank is advised by Morrison Park Advisors, National Bank Financial, Borden Ladner Gervais (led by Gus Karantzoulis) and Torys. EQB is advised by RBC Capital Markets, TD Securities and Bennett Jones. Financial advisors are advised by Fasken.
Safe Harbor Financial went public via a SPAC merger with Northern Lights Acquisition in a $327m deal. (FS)
Safe Harbor Financial, a financial services provider, went public via a SPAC merger with Northern Lights Acquisition, a publicly-traded special purpose acquisition company, in a $327m deal.
"The acquisition by Northern Lights will allow Safe Harbor to advance its efforts to remain the premier cannabis financial services provider. Over the last seven years, our team has pioneered what many consider to be the industry standard cannabis banking platform by establishing strong internal processes and controls, and by complying with rigorous state and federal banking guidelines. Through the SPAC transaction, we believe Safe Harbor will be well-positioned to expand its suite of financial services for our existing and new clients and continue to support the growth of the cannabis industry at a very high level. Our goal is to become a 'one-stop-shop' for cannabis business financial needs," Sundie Seefried, Safe Harbor CEO.
Safe Harbor was advised by David Waller and Donald T. Emmi. Northern Lights Acquisition was advised by Benchmark Investments, Nelson Mullins Riley & Scarborough (led by Nina S. Gordon and Andy Tucker) and KCSA Strategic Communications.
Bluescape Clean Fuels to go public via a SPAC merger with CENAQ Energy in a $280m deal.
Bluescape Clean Fuels, a supplier of gasoline derived from renewable feedstocks, agreed to go public via a SPAC merger with CENAQ Energy, a special purpose acquisition company focused on energy and energy transition, in a $280m deal.
“We are excited to combine with CENAQ to create Verde Clean Fuels. BCF’s product is a proven “drop in” replacement for hydrocarbon-based gasoline and provides significant environmental and economic advantages as compared to traditional gasoline. This combination will not only provide the funding for BCF’s planned growth, but also the opportunity to leverage the capital markets experience and management expertise of CENAQ’s sponsor group, to create a leading provider of renewable gasoline to the North American markets,” Ernest B. Miller, BCF CEO.
Brand Velocity Group, an innovative investment firm, completed the acquisition of SCORE Sports, a designer, manufacturer, and seller of youth team sports uniforms and equipment. Financial terms were not disclosed.
“We’re extremely excited to join SCORE’s team of dedicated employees who every day amplify youth sports participation across the country. Our investors and strategic partners are all fully aligned with SCORE’s mission, and we are especially grateful for the support of our athlete investor group who will play a key role in further building SCORE’s visibility within their respective networks,” Austin Ramos, BVG Founding Partner.
Score Sports was advised by Kurt Salmon Capital and Norton Rose Fulbright. BVG was advised by Sixpoint Partners, Sidley Austin and ICR.
Idera Pharmaceuticals, a pharmaceutical solutions provider, completed the acquisition of Aceragen, a privately-held biotechnology company. Financial terms were not disclosed.
“After a thorough evaluation of strategic alternatives, we and our Board of Directors believe this acquisition represents the highest potential value creation opportunity for Idera’s stockholders. We are excited by the potential for Aceragen’s rare disease portfolio to result in meaningful therapeutic options for patients, and I am looking forward to being part of this new stage of Idera’s journey,” Vincent Milano, Idera Chair of the Board.
Aceragen was advised by Wedbush PacGrow, Fenwick & West (led by Aman Singh and Robert Freedman) and Hutchison. Idera was advised by JMP Securities and Morgan Lewis & Bockius.
Brookfield Renewable completed the acquisition of Scout Clean Energy from Quinbrook for $1bn. (FS)
Brookfield Renewable, pure-play renewable power platforms, completed the acquisition of Scout Clean Energy, a renewable energy developer, from Quinbrook, a specialist investment manager, for $1bn.
“Building Scout from a start-up into the significant and successful business it is today has been a five-year long commitment by the Quinbrook team working in a close partnership with Michael and Scout management. We have endured and overcome many challenges together, which marks this venture a resounding success on many levels. Scout hosts a remarkable collective of professionals, and we are proud of all that we have accomplished together. We have exceeded our plans for investor value creation by sponsoring Scout from its infancy, and now is the right time for us to hand the business on for its next growth chapter. We fully expect Scout to feature prominently in the US renewables landscape in the coming years,” David Scaysbrook, Quinbrook Co-Founder and Managing Partner.
Quinbrook was advised by Bank of America, KeyBanc Capital Markets, Skadden Arps Slate Meagher & Flom (led by Lance T. Brasher) and Sloane & Company.
Financial services firms Stifel and Korea Investment & Securities, agreed to form SF Credit Partners, a joint venture to build on the other’s broad capabilities and regional market expertise. Financial terms were not disclosed.
“We are excited to launch SF Credit Partners with Korea Investment & Securities. This joint venture is an innovative source of additional capital, enabling us to increase commitment capacity and provide enhanced leveraged finance product capabilities and lending solutions to our financial sponsor and corporate clients. This joint venture anchors a broader strategic collaboration with KIS, a unique relationship that will benefit each firm and our respective clients," Ronald J. Kruszewski, Stifel Chairman and CEO.
SF Credit Partners is advised by GreensLedge. KIS is advised by White & Case. Stifel is advised by Keefe Bruyette & Woods and Dechert (led by Kenneth Young).
JF Lehman-backed Entact, a provider of environmental remediation and geotechnical services, completed the acquisition of USA Environment, a provider of environmental remediation and industrial services. Financial terms were not disclosed.
"We are delighted to welcome USA Environment into the ENTACT family. We have known the USA team for many years and have tremendous respect for their high-level performance across the environmental industry. USA Environment enhances our robust suite of services, adds an exceptional team of people, and will further enable us to deliver best-in-class environmental remediation services to our customers," Dean Pisani, ENTACT Chief Executive Officer.
USA Environment was advised by D.A. Davidson & Co and Haynes Boone. Entact was advised by Jones Day.
Enbridge, a multinational pipeline company, completed the acquisition of Tri Global Energy, a renewable project developer, for $270m.
"TGE will enhance Enbridge's renewable platform and accelerate our North American growth strategy. TGE's significant development pipeline, coupled with our renewable capabilities, and existing self-power opportunities, make this a truly synergistic investment that further positions us to grow organically at attractive equity returns. We're excited to be welcoming the TGE team to Enbridge, further strengthening our capabilities as we ramp up our renewable business," Al Monaco, Enbridge President and Chief Executive Officer.
Enbridge was advised by CIBC and Eversheds Sutherland.
Thoma Bravo, a private equity firm, agreed to acquire a majority stake in SMA Technologies, a software developer. Financial terms were not disclosed.
"SMA has been a pioneer in the workload automation space for over four decades and we are thrilled to continue our journey with Thoma Bravo. With Thoma Bravo's operational expertise and financial resources, we will be better positioned to drive global growth while continuing to provide our clients and their employees with seamless solutions to automate processes, applications and workflows," Todd Dauchy, SMA Technologies CEO.
SMA Technologies is advised by Raymond James (led by Bob Flanagan) and Kirkland & Ellis.
Devon Energy, an energy company engaged in hydrocarbon exploration, completed the acquisition of Validus Energy, an advanced power solutions and lifecycle management company, for $1.8bn.
“The Validus acquisition captures a top-tier oil resource with a meaningful runway of highly economic inventory that is complementary to our existing footprint in the Eagle Ford. This accretive transaction also enhances our financially-driven strategy that is designed to deliver per-share financial growth and accelerate the return of capital to our shareholders,” Rick Muncrief, Devon President and CEO.
Validus was advised by RBC Capital Markets.
Brookfield Renewable, a pure-play renewable power platforms, completed the acquisition of Standard Solar, an owner and operator of commercial and community distributed solar for $540m.
“Through this acquisition, which provides additional large-scale access to capital, Standard Solar is poised for massive growth, enabling us to contribute in an even more significant way to the clean energy transition. We’re looking forward to joining the Brookfield Renewable portfolio, one of the world’s largest renewable energy platforms. Our two companies share a mutual passion for renewables and company cultures that recognize and amplify excellence and equity - we are the ideal match,” Scott Wiater, Standard Solar President & CEO.
Brookfield was advised by Brunswick Group.
Bernhard Capital-backed United Utility Services, a utility contractor, completed the acquisition of BHI Power Delivery, a power distribution company, from Westinghouse Electric Company, a nuclear power company. Financial terms were not disclosed.
"This transaction positions us for continued growth in key strategic markets, while solidifying United Utility as one of the leading power transmission and distribution services provider in the industry. We look forward to building on this momentum together and continuing to execute on our long-term growth strategy," Ali Azad, United Utility Services CEO.
Zscaler, a cloud security firm, completed the acquisition of ShiftRight, a security workflow automation firm. Financial terms were not disclosed.
“I am excited to welcome the ShiftRight team into the Zscaler family. The decision to acquire ShiftRight was the logical next step because we saw the immense benefits of their technology during our pre-existing technology partnership. We will now extend the value of Zscaler’s platform with ShiftRight by simplifying IT and security operations through security workflow automation. The integration of ShiftRight’s technology into Zscaler’s cloud platform will help customers establish clear lines of responsibility and provide real-time visibility for their security posture," Jay Chaudhry, Zscaler CEO, Chairman and Founder.
ShiftRight was advised by Covington & Burling (led by Denny Kwon).
Caymus Equity Partners, a private equity firm, completed the acquisition of Seneca Resources, an IT staffing company. Financial terms were not disclosed.
“With the digitization of the global economy and the remarkable growth that the IT staffing industry has experienced as a result, Seneca presented us with an opportunity to leverage our experience and existing relationships in the industry. We could not be more excited to partner with Rob and the Seneca team to continue building the business into the premier IT staffing company in the industry," Blake Cummings, Caymus Equity Principal.
Hero MotoCorp, an Indian multinational motorcycle and scooter manufacturer, ageed to acquire a 6.4% stake in Zero Motorcycles, a bikemaker, for $60m.
“This investment is not a related party transaction. No promoter/ promoter group/ group companies have any interest in the entity in which the investment is being made," Hero MotoCorp.
Baker Tilly, a advisory CPA firm, completed the acquisition of True Partners Consulting, a tax consultancy firm. Financial terms were not disclosed.
“TPC has incredible talent and a market reputation for excellence. Together, we have a shared drive to enhance the client experience through technology. Baker Tilly brings substantial resources and capabilities to TPC’s clients – and greatly expanded opportunities for our team members,” said TPC CEO Tim Costello. “We have always been focused on the future, and we look forward to continuing that focus on a larger scale,” Craig Weaver, Baker Tilly Managing Partner.
Apollo’s $3.9bn Brightspeed LBO debt is finding few takers. (FS)
A group of banks led by Bank of America and Barclays are struggling to attract investors for a roughly $3.9bn debt financing package to help fund a buyout by Apollo Global Management, potentially forcing them to fork over the cash themselves.
In the latest blow for Wall Street lenders since the Citrix Systems debt debacle, neither the $2bn leveraged loan nor the roughly $1.9bn junk bond on this latest transaction are close to deal size as of Wednesday, Bloomberg reported.
Permira and TA Associates among bidders for Rothschild-backed A2Mac1 at $1bn-$1.5bn valuation. (FS)
Private equity firms Permira and TA Associates are among bidders for automotive software company A2Mac1, with an expected valuation at the higher end of a range of $1bn to $1.5bn, Bloomberg reported.
Fellow buyout firms Astorg, Eurazeo and HG are also reportedly interested in the company which is backed by the private equity arm of Rothschild & Co.
RBC names Jason Gurandiano head of US technology banking. (People)
Royal Bank of Canada has named Jason Gurandiano as a head of US technology banking at RBC Capital Markets, elevating one of the firm’s top financial technology bankers, Bloomberg reported.
Gurandiano will help grow the technology business at the Toronto-based firm’s investment banking unit, according to an internal memo. He will continue reporting to Kirk Kaludis, global head of technology banking.
EMEA
Philip Morris International is not considering withdrawing its offer for Swedish Match despite deteriorating global economic conditions and has "options on the table" including holding a majority stake, Reuters reported.
By Swedish law, 90% of Swedish Match shareholders need to approve the offer before October 21, but some have come out against the $17.4bn - bid for one of the world's biggest makers of oral nicotine products.
Swedish Match is advised by Goldman Sachs, SEB Corporate Finance (led by Rikard Schwalbe and Carl Montalvo), KANTER Advokatbyra, Mannheimer Swartling (led by Patrik Marcelius), Sullivan & Cromwell (led by Evan S. Simpson). Financial advisors are advised by Cleary Gottlieb Steen & Hamilton (led by Sebastian Sperber). Philip Morris is advised by Bank of America, Citigroup, Clifford Chance, DLA Piper (led by Tom Heylen and Tracey Renshaw), Davis Polk & Wardwell and Roschier Attorneys (led by Jenny Welander-Wadstrom). Debt financing is provided by Bank of America and Citigroup. Debt providers are advised by Simpson Thacher & Bartlett.
Chequers Capital, a private equity firm, completed the acquisition of Somacis Graphic, a PCB designer, from Green Arrow Capital, a private equity firm. Financial terms were not disclosed.
“We are proud to support the Group as an example of world leading technical excellence on its continued growth path. We believe that the Group, thanks to an exceptional management team and with our support, will be able to consolidate its international presence and continue to gain market share globally by leveraging its technological expertise and product development capabilities," Philippe Guérin, Chequers Capital Managing Director.
Chequers Capital is advised by ERM Group, KPMG, Mediobanca, Roland Berger and Simmons & Simmons. Debt financing is provided by BNL Italia, Banca IFIS and Credit Agricole. Green Arrow Capital is advised by Cassiopea Partners, Jefferies & Company, PricewaterhouseCoopers, goetzpartners, Chiomenti, ECOVIS STLex Studio Legale Tributario and Close to Media.
Capricorn Energy, an independent oil & gas, exploration and production group, has scrapped its merger with rival Tullow Oil in favour of a combination with Israeli natural gas group NewMed Energy, an independent, UK-based oil and gas exploration and production company.
The announcement comes weeks after Tullow said it remained “fully committed” to the $1.4bn merger despite Capricorn, formerly known as Cairn Energy, saying it was seeking alternatives following shareholder opposition to the deal, FT reported .
Capricorn Energy, a British oil and gas exploration and development company, agreed to acquire NewMed Energy, an Iranian oil and gas company, for $620m.
“The board has engaged in a robust and dynamic process to evaluate options for Capricorn and considered a broad range of external factors and market conditions. The combination with NewMed and a cash special dividend represent the delivery of significant value for Capricorn shareholders. We believe this is a compelling transaction which combines near term value realisation with ongoing participation and value creation in a world class gas company," Nicoletta Giadrossi, Capricorn Chairman.
NewMed Energy is advised by JP Morgan, Agmon & Co, Rosenberg Hacohen & Co, Davis Polk & Wardwell and Celicourt. Capricorn Energy is advised by Goldman Sachs (led by Christopher Pilot), Morgan Stanley (led by Andrew Foster), Rothschild & Co (led by James McEwen), Gornitzky & Co, Shepherd & Wedderburn, Slaughter & May and Brunswick Group (led by Patrick Handley).
Crownpeak Holdings, a software holding company, agreed to acquire Attraqt Group, a software services company, for £63m ($67m).
"The combination of Attraqt with Crownpeak now provides the opportunity to combine market-leading digital experience platform capabilities with AI-powered search, merchandising and recommendations for eCommerce. Customers can now realise a unified approach to drive content-driven commerce experiences to all digital channels," Jonah Paransky, Crownpeak CEO.
Attraqt Group is advised by Canaccord Genuity (led by Simon Bridges), Raymond James (led by Junya Iwamoto), Taylor Wessing and Alma PR. Crownpeak Holdings is advised by finnCap (led by Henrik Persson), Kirkland & Ellis and Latham & Watkins.
AURELIUS, an asset management group, agreed to acquire 3 European paper mills from Sappi, a global renewable resource company. Financial terms were not disclosed.
“Sappi has found a trustworthy and experienced partner in AURELIUS. These are strong assets with quality people and exciting prospects. Going forward Sappi’s focus in Europe as regards graphic paper will be on the commercial print, packaging, and speciality paper markets. Within this scope, Sappi will produce flexible packaging, functional paper, and speciality paper with self-adhesives and dye-sublimation”, Steve Binnie, Sappi CEO.
AURELIUS is advised by Jones Day (led by Floris Pierik and Maarten T. de Boorder), Ernst & Young, Lincoln International and Afry.
The UK Competition and Markets Authority cleared Booking Holdings' $1.84bn acquisition of Etraveli Group following a review of the deal.
The regulator said that, based on information currently available, it won't refer the deal for a further in-depth investigation.
Booking is advised by Hengeler Mueller (led by Jens Wenzel). CVC Capital is advised by Freshfields Bruckhaus Deringer (led by Charles Hayes).
Klima Energy Transition, a late-stage venture fund, led a $210m funding round in Enmecc, an energy trading platform, with participation from Chevron Technology Ventures.
“The energy markets are currently characterised by extreme price levels, unprecedented volatility and very low liquidity. This poses huge challenges for market participants. What is needed now, above all, are digital trading options that help participants expand their network of trading partners — and ultimately improve their liquidity. The current energy crisis shows that energy trading must evolve. It must become more digital and promote diversity in market structures. The energy transition can only succeed on the basis of efficient markets that provide economic incentives for decarbonisation,” Jens Hartmann, Enmacc CEO.
Wordline, a payment services provider, agreed to acquire a 40% stake in Online Payment Services, an online Payment Service Provider. Financial terms were not disclosed.
“We are proud to join forces with the European leader in payments, Worldline. We can leverage each other’s strengths to improve the service offering to OPP’s client base, and roll it out to new geographies for new clients. Our team is delighted to join the Worldline family and embark on this incredibly exciting next growth chapter,” Richard
Straver, OPP Founder.
DataArt, a global software engineering firm, completed the acquisition of Lola Tech, a software development agency. Financial terms were not disclosed.
“We have witnessed strong interest in this region from our clients and, together with the Lola Tech team, we will continue to add value and offer customers a premier level of service. The acquisition will drive continued progress in building a more agile, diverse, and global organization. We look forward to serving Lola Tech’s impressive client base, strengthening these relationships, and bringing to bear the full power of our combined capabilities. Romania has a vibrant tech sector and a wealth of exceptional talent. We’re confident that our decision to expand into the country is a significant step forward in our global business,” Eugene Goland, DataArt CEO.
Brookfield, TPG among potential bidders for Mashreq payments unit. (FS)
Brookfield Asset Management and Network International are among potential bidders for UAE lender Mashreqbank’s payments unit, Bloomberg reported.
Buyout firm TPG is also among suitors interested in the unit that could be valued at $500m to $700m.
Porsche rises in landmark trading debut amid market turmoil.
Porsche rose as much as 1.8% as its shares started trading in Frankfurt after strong investor demand buoyed the sports-car maker’s $9.1bn initial public offering that was priced at the top end of the offer range, Bloomberg reported
The share sale - the largest IPO in Europe in over a decade - values Porsche at $75bn. Its parent Volkswagen, which will receive all of the proceeds from the listing, has a market capitalization of about $81bn. The shares rose to $84 at the opening after VW priced the shares at $82.50 apiece.
Porsche was advised by Sullivan & Cromwell.
Germany faces a dilemma of owning Russian assets in Uniper buyout.
Germany risks being left holding $2.1bn of unsellable Russian energy assets when it takes over Uniper at the end of the year, Bloomberg reported.
The Dusseldorf-based utility has so far failed to find a potential buyer for its Russian subsidiary Unipro since putting it up for sale in March. And the odds of a deal are vanishingly small amid Europe’s energy conflict with Russia, which escalated this week after a key natural gas pipeline was damaged in what Germany called an act of sabotage.
Saudi iil driller’s IPO covered within hours in bearish market.
Arabian Drilling, a Saudi Arabian oilfield-services company partly owned by Schlumberger, took only hours to garner enough investor orders to fully cover an initial public offering that could raise as much as $710m, Bloomberg reported.
Arabian Drilling’s IPO is the largest in the kingdom since pharmacy chain Nahdi Medical raised $1.4bn, and joins a steady flow of Gulf companies that are tapping markets amid high oil prices. There have already been 22 listings in Saudi Arabia this year, more than any other full-year total.
Burjeel seeks to strengthen its balance sheet and scale up with IPO.
Healthcare provider Burjeel Holdings aims to strengthen its balance sheet and expand operations with the proceeds from its initial public offering in Abu Dhabi, Bloomberg reported.
Burjeel Hospital is one of Oman's private hospitals. Now offering the 'art of healing' experience with multiple specialities.
PIF-backed Savvy Games Group to invest $37.8bn. (FS)
Saudi Arabia's Savvy Games Group, owned by sovereign wealth fund PIF, will invest $37.8bn in initiatives aimed at making the kingdom a global hub for gaming, Reuters reported.
The investments will include $18.6bn to take several minority stakes in companies that support Savvy's game development agenda and $13.3bn to acquire "a leading game publisher to become a strategic development partner".
Glennmont Partners launches $241m green credit fund. (FS)
Clean energy fund manager Glennmont Partners has launched a $241m green credit fund to invest in clean energy and infrastructure assets, Reuters reported.
Glennmont Partners raises long-term capital to invest in low-carbon power generation projects, such as wind, biomass, solar and small-scale hydropower plants.
New M&G CEO rules out break-up, sees opportunity in volatility. (People)
Andrea Rossi, the investment veteran named as chief executive of M&G on Thursday, has ruled out breaking up one of Britain's best known fund management companies and expects growth despite turbulent markets and a cost of living crisis, Reuters reported.
Rossi, who replaces outgoing CEO John Foley next month, told Reuters the company had "specific strengths" to launch market leading products as he sought to silence critics who argue a $167bn asset management business attached to a $220bn retail and savings division is unwieldy.
APAC
Tim Hortons China, a fast-food restaurant chain, went public via a SPAC merger with Ascendent-backed Silver Crest Acquisition, a blank cheque company, in a $1.7bn deal. Existing shareholders of Tim now own 80% of the combined entity.
“This is a notable milestone for Tims China and, more importantly, a tribute to our 4.5K dedicated professionals across China. The listing and associated funding will allow us to continue growing Tims China as we aim to build a profitable network of 2.7K stores by 2026. We are grateful to our millions of amazing guests, whose support and patronage is a true privilege,” Peter Yu, Tims China Chairman.
Tim Hortons China was advised by Bank of America and ICR. Bank of America was advised by Sullivan & Cromwell (led by Stephen Kotran). Silver Crest Acquisition was advised by Morrison & Foerster (led by Mitchell Presser). Debt financing was provided by Cantor Fitzgerald. Cantor Fitzgerald was advised by Covington & Burling (led by Matthew Gehl).
A consortium of investors, including Indonesia Investment Authority, BlackRock, Allianz Global Investors and Orion Capital Asia, led a $300m funding round in Traveloka, an Indonesian technology company.
“We are delighted to partner with Traveloka in its journey to deliver top-class travel and lifestyle offerings in Southeast Asia to meet the aspirations of the tech savvy population. We look forward to continuing to support Traveloka’s growth in the future,” Ming Eng, Orion Capital Managing Partner.
CK Asset to divest property assets for $2.65bn.
Hong Kong-based investment holding company CK Asset Holdings has agreed to divest property assets for $2.65bn.
The disposal, which is estimated to result in around a $802m gain for CK Asset, followed the company’s March announcement of a $777m sale of a stake in Bluebutton Holdco 5 Broadgate (Jersey), which holds property assets in London. The deal is expected to be completed on March 28 2025, DealStreetAsia reported.
TotalEnergies says it could trim its 20% stake in Adani Green.
TotalEnergies, an energy company, said it could sell a small part of its 20% stake in Adani Green Energy, to cash in on the jump in the valuation of the Indian renewable energy producer.
The French energy giant bought 20% of Adani Green in 2021 for $2bn, building on a series of previous deals with Indian billionaire Gautam Adani. That stake was worth about $10bn at the end of August, Bloomberg reported.
PE firm MBK Partners considers joining JIC’s Toshiba bid. (FS)
MBK Partners is considering joining a consortium led by state-backed investment fund Japan Investment seeking to buy Toshiba, Bloomberg reported.
The North Asia-focused private equity firm has held initial discussions to explore backing JIC’s bid. JIC is also in talks to team up with Bain Capital.
Sun Life, billionaire Cheng eye insurance deal with Hong Kong’s Dah Sing.
Canadian insurers Sun Life Financial and Manulife Financial are among companies considering bids for an insurance partnership with Hong Kong banking group Dah Sing Financial Holdings, Bloomberg reported.
Other firms weighing an offer include closely-held FTLife Insurance. The insurer is owned by an arm of Hong Kong’s New World Development, the billionaire Cheng family’s conglomerate.
CALB raises $1.3bn in Hong Kong IPO.
CALB, a Chinese battery supplier for electric vehicle makers, has raised about $1.3bn after pricing its Hong Kong initial public offering at the bottom of its marketed range, Bloomberg reported.
The Jiangsu-based company has priced the offering at $4.84 per share, according to the terms. The firm marketed about 265.8m shares at $4.84 to $6.5 each.
BYD-backed RoboSense seeks $150m in new round.
RoboSense, a Chinese developer of sensor technologies used in self-driving cars, is raising about $150m in a new funding round to bankroll its product expansion, Bloomberg reported.
The latest round has drawn investors including China Structural Reform Fund and Mirae Asset Securities. A number of existing investors of BYD-backed RoboSense could also participate.
Credit Suisse appoints China joint venture CEO amid global restructuring. (People)
Credit Suisse has named veteran banker Jing Wang head of its Chinese securities joint venture, as the bank presses ahead with plans to expand in the world's second-largest economy while preparing a strategy review for its global business, Reuters reported.
Wang has been named chief executive officer of Credit Suisse Securities (China) effective immediately. Wang recently worked as the bank's head of China onshore wealth management.
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