AMERICAS
Federal Telecommunications Institute, the regulatory body reviewing the claims of Mexican broadcaster Grupo Televisa against the merger of Walt Disney and Twenty-First Century Fox, stated the court ruling would not stall the finalization of the deal.
Grupo Televisa had approached the Mexican court, stating that the merger would create an "illegal concentration" in the Mexican broadcast market. Televisa had filed multiple complaints related to its contention about the deal's impact on competition in the Mexican market.
The IFT approved the acquisition but imposed certain conditions, including the sale of Fox Sports channels, arguing the deal would create a "considerable" accumulation of market power, Reuters reported.
Twenty-First Century Fox was advised by Centerview Partners, Deutsche Bank, Goldman Sachs, Allen & Overy, Allens, Cleary Gottlieb Steen & Hamilton, Hogan Lovells, Simpson Thacher & Bartlett, Skadden Arps Slate Meagher & Flom, and Talwar Thakore & Associates. Walt Disney was advised by Guggenheim Partners, JP Morgan, AZB & Partners, Cleary Gottlieb Steen & Hamilton, Covington & Burling, Cravath Swaine & Moore, Fangda Partners, Herbert Smith Freehills, King & Wood Mallesons, Macfarlanes, Slaughter & May. Debevoise & Plimpton, and Weil Gotshal and Manges. Debt financing was provided by Citigroup and Goldman Sachs.
NXP, a semiconductor company, completed the acquisition of Marvell’s wireless connectivity portfolio in an all-cash, asset transaction valued at $1.8bn. The acquisition will enable NXP to deliver complete, scalable processing and connectivity solutions to its customers across its focus end markets. NXP expects the acquisition to create new revenue opportunities in its target end markets.
“I am delighted this world-class team with the right set of complementary connectivity technologies is joining NXP, enabling us to deliver on our commitment to provide Secure Connections for the Smarter World,” Richard Clemmer, NXP CEO.
NXP was advised by Skadden Arps Slate Meagher & Flom. Marvell was advised by Credit Suisse and Gibson Dunn & Crutcher.
Century Casinos, a gaming company based in Colorado Springs, completed the acquisition of operations of three US casinos, Isle Casino Cape Girardeau, Lady Luck Caruthersville, and Mountaineer Casino, Racetrack and Resort, from Eldorado Resorts for $107m.
"Cape Girardeau, Caruthersville, and Mountaineer are great additions to our portfolio. We look forward to working with the staff and communities to continue the current success at these properties into the future," Erwin Haitzmann and Peter Hoetzinger, Century Casinos Co-CEOs.
Century Casinos was advised by Macquarie Group, Stifel, and Faegre Baker Daniels. Eldorado was advised by Macquarie Group and Milbank.
AEA Investors, a private equity firm, agreed to acquire Univar Solutions' environmental sciences business, a pest management company, for $195m. The transaction is expected to close by the end of 2019 or early 2020, subject to receipt of regulatory approvals and satisfaction of other customary closing conditions.
"Environmental Sciences is already well established as an industry leader in pest management, and we are confident that AEA has the right resources and vision to position the business for long term sustainable growth. We will continue our intense focus on growing the value of our core chemical distribution and ingredient business, and capturing the maximum value from the integration of the legacy Univar and Nexeo Solutions," David Jukes, Univar Solutions President and CEO.
Univar Solutions is advised by Piper Jaffray and Stinson. AEA is advised by Fried Frank Harris Shriver & Jacobson.
AMP Capital completed the acquisition of Expedient, a cloud computing and data center infrastructure as a service provider, from Landmark Media Enterprises, a privately held media company. Financial terms were not disclosed.
"We've been very impressed with Expedient's performance over the years, and we are extremely excited to work with the Expedient management team to enable even more growth and expansion," Simon Ellis, Partner, AMP Head of Americas, Infrastructure Equity.
AMP was advised by Bank Street Group and Simpson Thacher & Bartlett. Landmark Media was advised by Evercore and Willcox & Savage.
Private equity firm CORE Industrial Partners-backed Midwest Composite Technologies is set to acquire ICOMold, a digital manufacturer with an expertise in injection molding. Financial terms were not disclosed.
“On behalf of ICOMold, we’re very excited to join forces with MCT and FATHOM. We look forward to combining with MCT to help drive further growth into the business and expand our service offerings to our customers,” Michael Zhao, ICOMold Founder, and President.
ICOMold is advised by Stifel. CORE is advised by Winston & Strawn and BackBay Communications.
Institutional Shareholder Services recommended shareholders to vote against a plan by the chairman of Canadian retail business group Hudson's Bay, to take the firm private in a $1.3bn all-cash deal, after an offer from Catalyst Capital Group topped the bid.
"There is no legitimate rationale from a governance perspective for recommending shareholders accept a lower offer," ISS.
Hudson's Bay is advised by Centerview Partners, JP Morgan, and Blake Cassels & Graydon.
Apax Partners, a private equity firm, agreed to invest $400m in Verint, a provider of analytic solutions. The investment will be made in the form of convertible preferred stock in two tranches of $200m each. The first tranche is targeted to close in the first quarter ending April 30, 2020. The second tranche is expected shortly after the end of Verint’s next fiscal year ending January 31, 2021.
“Apax Partners has a proven track record of creating value by partnering with leading software companies around the world, including significant experience in both carve-outs and cloud transitions. The investment represents a strong vote of confidence in our strategy and future growth opportunities,” Dan Bodner, Verint CEO.
Verint is advised by Jefferies and Jones Day. Apax is advised by Kirkland & Ellis.
Transportation Insight, a logistics provider, agreed to acquire FreightPros, a licensed freight broker that specializes in LTL. Financial terms were not disclosed.
"The acquisition of FreightPros strengthens Transportation Insight's leadership position in delivering logistics management solutions to North American shippers," Paul Thompson, Transportation Insight Founder, and Chairman.
Transportation Insight is advised by K&L Gates. FreightPros is advised by Kastner Gravelle.
MSouth Equity Partners, a private equity firm, completed the acquisition of Nth Degree, a provider of exhibit management and event services. Financial terms were not disclosed.
"Nth Degree’s customer base, experienced team, and commitment to innovation make it well-positioned to pursue a growth strategy centered on expanding its breadth and depth of services. We look forward to partnering with the management team to help the company grow in alignment with its customers’ global event marketing needs,” Barry Boniface, MSouth Partner.
Nth degree was advised by Houlihan Lokey.
International Wire Group, a manufacturer of wire products, completed the acquisition of Owl Wire and Cable, a manufacturer and supplier of bare and plated copper wires form construction group Marmon Holdings. Financial terms were not disclosed.
"We are thrilled to join the IWG organization. In doing so, the combination of IWG and Owl will bring an unparalleled benefit to the industry, one with the broadest and deepest capabilities to better serve our customers’ needs,” Bob Raiti, Owl President.
International Wire Group was advised by Houlihan Lokey and Mercury.
S&P Global, a provider of financial information services, agreed to acquire 451 Research, a provider of IT services. Financial terms were not disclosed.
451 Research will be operated within S&P Global Market Intelligence, the division that provides data, essential insights, and powerful analytics to help navigate the financial markets.
"451 Research's comprehensive expertise in critical disruptive technologies will enable S&P Global Market Intelligence to further expand our sector relevant and differentiated data offerings while strengthening our ability to help our customers understand the digital transformation that's impacting the market today," Martina Cheung, S&P Global Market Intelligence President.
Aerodyne Group, an AI-driven, drone-based managed solutions provider, is set to acquire a 60% stake in Measure UAS, an aerial intelligence company. Financial terms were not disclosed.
“We are proud to welcome Measure’s drone services team into the Aerodyne family. Measure has established quality processes and a reputation for excellent customer service, giving Aerodyne a strong foothold as we expand into the North American market. By combining our expertise, we have created a business that will be a market leader from day one," Kamarul A Muhamed, Aerodyne Founder and CEO.
Bluestar Alliance, an owner of consumer brands, completed the acquisition of Hurley, a surf apparel and accessories producer, from Nike. Financial terms were not disclosed.
“We have always admired the Hurley brand as it has maintained its leadership role and premium positioning in the surf world. We look forward to building upon the existing Hurley network and expanding to additional countries with the deep relationships that already exist within the Bluestar portfolio of brands. We see Hurley continuing to evolve into a 360-degree lifestyle brand, with action sports playing a key role,” Joey Gabbay, Bluestar Alliance CEO.
Spin Master, a global children's entertainment company, agreed to acquire Orbeez, a toy manufacturer, from Maya Toys. Financial terms were not disclosed.
"We're thrilled with this acquisition, which further strengthens our vibrant and growing Activities business, providing recurring revenue and opportunities for integration into our existing product lines, as well as for further innovation," Anton Rabie, Spin Master's Co-Founder and Co-CEO.
BDC Capital, a private equity firm, agreed to invest in Nemalux, a manufacturer of industrial lighting solutions. Financial terms were not disclosed.
"Working with the team at BDC Capital has been a very positive experience. Nemalux is looking forward to long-term successful cooperation," Samuel Pogosian, Nemalux CEO.
Apollo explores the divestment of Smart & Final's food warehouse stores. (FS)
Apollo Global Management, a private equity firm, is considering a sale of the warehouse store business of Smart & Final Stores, the US food retailer it acquired in June.
Apollo is seeking more than $1bn for the business, including debt, it paid for the entirety of Smart & Final six months ago. The sale would exclude Smart & Final’s discount grocery store business, which is less lucrative.
Apollo is advised by Credit Suisse Group and Deutsche Bank.
Petrobras seeks a sale of Braskem.
The chief executive of Brazilian state-run oil firm Petroleo Brasileiro stated that he wants to sell the company’s stake in petrochemical company Braskem within a year. At the London leg of an international investor roadshow, top Petrobras officials presented plans to sell tens of billions of dollars in assets to reduce a hefty debt load.
“It’s a very long period of time to sell a company. We understood this as a signal of someone who, at the end of the day, doesn’t want to sell anything," Roberto Castello, Petrobas CEO.
SEC rejects NYSE's proposal on US direct listings.
The US Securities and Exchange Commission rejected a proposal by the New York Stock Exchange for a rule change that would allow US direct listings to raise new capital like in an initial public offering. The rejection is a setback for NYSE’s attempts to marry some of the benefits of direct listings with those of IPOs.
“We remain committed to evolving the direct listing product. This sort of action is not unusual in the filing process, and we will continue to work with the SEC on this initiative,” NYSE spokesman.
3M plans a sale of a drug delivery systems unit.
3M, one of the world’s largest industrial conglomerates, is considering a divestment of its drug delivery systems unit, which can fetch $1bn.
The business, which makes products, including asthma inhalers and skin patches, is likely to draw interest from private equity firms. The unit had $300m in sales in the nine months ended September 30, a decline of about 11% from a year earlier, according to 3M’s earnings report in October.
Alexion Pharma to reject Elliott's push for sale. (FS)
Alexion Pharmaceuticals' board of directors unanimously rejected Elliott Management’s push for a “proactive sale” of the entire company because it would not be in the best interest of shareholders.
Alexion has been fighting to maintain its leadership and has embarked on a string of acquisitions to boost its pipeline of rare disease drugs.
Senior to explore the sale of Aerostructure.
Senior, a supplier to Boeing and Daimler, is considering the divestment of its aerostructure unit. Senior is reaching out to buyout firms and aerospace companies and may seek at least $591m.
Senior is advised by Lazard.
Baring Private Equity Asia and Onex to raise $745m in the secondary offering of Clarivate Analytics. (FS)
Onex and Baring Private Equity Asia, aim to raise c. $745m for 43.2m ordinary shares of Clarivate Analytics, the former intellectual property and science business of Thomson Reuters, DealStreetAsia reported.
The offering of the NYSE-listed Clarivate Analytics was announced at $17.25 per share, giving underwriters a 30-day option to purchase up to 6.48m additional ordinary shares from the group.
David Tepper nears deal to add MLS Team.
David Tepper, the owner of the NFL’s Carolina Panthers, is one step closer to adding another sports team to his portfolio. Major League Soccer’s board of governors agreed to move forward on the final steps toward granting the league’s latest expansion team to Charlotte, North Carolina, a bid led by Tepper. The hedge fund titan agreed to pay a roughly $300m expansion fee.
HGGC to target $2.25bn for the fourth fund. (FS)
HGGC, a California-based private equity firm that invests in the middle market, is looking to raise $2.25bn for its fourth fund, according to an SEC filing.
Kaiser Permanente Ventures to close Fund V at $141m. (FS)
Kaiser Permanente Ventures closed its fifth investment fund at $141m, raising the total assets under management to more than $500m.
The fund includes financial commitments from Kaiser Permanente and a diverse group of external strategic investors, including Tufts Health Plan, Henry Ford Health System, and Highmark Ventures.
KPV Fund V will continue KPV's focus, supporting the growth of innovative companies that are addressing some of the most critical unmet needs in the health care system.
EMEA
Austrian sensor specialist AMS succeeded in its second attempt with a $5bn bid for the lighting group Osram, gaining more than 55% of Osram shares. After intensive talks, Osram's management ended its resistance to the much smaller company's approach and entered into a business combination agreement last month.
"We have been successful in achieving the minimum acceptance threshold in our offer for Osram," AMS.
Osram is advised by Lazard, Perella Weinberg Partners, Freshfields Bruckhaus Deringer, Gleiss Lutz, and Hengeler Mueller. AMS is advised by PwC, Bank of America Merrill Lynch, HSBC, UBS, Herbst Kinsky, Linklaters, Allen & Overy, Schellenberg Wittmer, and Brunswick Group. Bain Capital is advised by Credit Suisse, Goldman Sachs, JP Morgan, Macquarie Group, Kirkland & Ellis, Camarco, and FTI Consulting.
China's Dongfeng Motor is in advanced talks to trim its stake in Peugeot owner PSA, in a move that could ease the French carmaker's planned merger with Fiat Chrysler.
Dongfeng has a 12.2% equity stake in the French carmaker and would have about half of that in the combined entity formed by FCA and PSA. Dongfeng, a long-standing partner of PSA, sent banks a request for proposals to explore options for the stake, DealStreetAsia reported.
FCA is advised by Goldman Sachs, d'Angelin & Co, Community Group, Image Sept, Sard Verbinnen & Co. BPIFrance is advised by Willkie Farr & Gallagher. Peugeot is advised by Zaoui & Co. PSA is advised by Messier Maris & Associes, Morgan Stanley, and Perella Weinberg Partners. Exor is advised by Lazard.
Berlin Packaging, a manufacturer and supplier of glass, plastic, and metal containers and a portfolio company of Oak Hill Capital and CPPIB, completed the acquisition of Novio Packaging, a supplier of plastic packaging with expertise in personal care, pharmaceutical, food, and sports nutrition verticals. Financial terms were not disclosed.
"We are excited to become part of the Berlin Packaging family and to embrace our new colleagues. We are proud of what we have built, and we know this new partnership will bring much more opportunity for our customers, suppliers, and employees," Erik Trum and Marck Jansen, Novio Packaging Founders and Managing Directors.
Novio was advised by Roland Berger, Deloitte, Nielen Schuman, and Allen & Overy. Berlin Packaging was advised by Bain & Co, PwC, De Brauw Blackstone Westbroek, Gleiss Lutz, Kromann Reumert, Paul Weiss Rifkind Wharton & Garrison, and Travers Smith.
Phoenix Group, a provider of insurance services, is set to acquire ReAssure Group, a life insurance consolidator in the UK, from Swiss Re, a provider of reinsurance services, for $4.2bn.
The transaction will reinforce Phoenix’s position as Europe’s largest life and pensions consolidator with $432bn of assets under administration and more than 14m policies, giving it an enhanced platform to pursue further growth opportunities. The transaction is expected to close in mid-2020, subject to approvals by Phoenix’s shareholders, regulators, and anti-trust authorities.
"We are pleased to have found a strong buyer for ReAssure Group, delivering on our stated objective of deconsolidating this business. Phoenix is a natural acquirer of ReAssure and has a proven track record of delivering value to both shareholders and customers. We look forward to working with Phoenix and supporting them in achieving their vision of being Europe's Leading Life Consolidator," Christian Mumenthaler, Swiss Re CEO.
Phoenix is advised by JP Morgan, Bank of America Merrill Lynch, Citigroup, HSBC, Skadden Arps Slate Meagher & Flom, and Maitland.
Eddie Stobart's shareholders voted in favor of a 55% stake takeover by private equity firm DBAY Advisors, in a rescue bid.
"The company's shareholders have approved its proposal to provide the liquidity needed to safeguard the immediate future of the business. The business will receive the necessary funding to continue trading through the busy Christmas period," DBAY Advisors.
Eddie Stobart is advised by Berenberg, Cenkos Securities, Rothschild & Co, King & Spalding, and FTI Consulting.
Coca-Cola HBC, the world's third-largest Coca-Cola anchor bottler in terms of volume, completed the acquisition of Lurisia, an Italian premium water and adult sparkling beverages company, for €88m ($97m).
The acquisition of Lurisia complements the existing Coca-Cola HBC beverage portfolio in Italy and is a strong fit for the company's 24/7 total beverage partner strategy. It supports the company's drive to further premiumise its portfolio and offer consumers an authentic Italian brand with strong heritage and well-rooted Italian origins.
Coca-Cola HBC was advised by UBS, Teneo, and V+O Communications.
Ardian is set to acquire a 26% stake in EWE, an innovative service provider active in the business areas of energy. Financial terms were not disclosed.
The closing of the transaction is subject to the approval of the German Federal Cartel Office, which is expected in the first quarter of 2020.
"With Ardian, we will have a strategic growth partner with extensive experience in the pan-European infrastructure sector with thinking just as long-term, prudent, and sustainable as ours. With its entrepreneurial approach to this path, Ardian is the strong partnership we have been looking for," Stefan Dohler, EWE CEO.
Ardian is advised by Charles Barker.
Keppel Infrastructure Holdings, a multi-business company, providing solutions for sustainable urbanization, is set to acquire a 20% stake in MET Group, a Swiss-based energy company with activities in European natural gas, power and oil markets for $59m.
Post completion, the two companies will enter into a strategic partnership to jointly explore investment opportunities focussing on European energy infrastructure assets. The transaction is subject to customary merger clearance, including the approval of the European Commission and Ukraine.
"I am proud and excited to welcome Keppel Infrastructure as an investor and our strategic partner in Europe. With this transaction, we aim to jointly execute MET Group's strategy to be a leading player in the consolidation of the European energy market and to pursue opportunities together," Benjamin Lakatos, MET Group CEO.
ENGIE, a provider of low-carbon energy and services, is set to acquire Renvico, a developer and operator of onshore wind farms, from private equity firm Macquarie Infrastructure and Real Assets. Financial terms were not disclosed.
"We are delighted to have played a role in Renvico’s growth story and to have found a new owner who will oversee its continued development,” Leigh Harrison, MIRA Head.
BVI, a provider of ophthalmic equipments and services, completed the acquisition of Arcadophtha, an ophthalmic company specializing in silicon oils, gases, and perfluorocarbons used in vitreoretinal surgery. Financial terms were not disclosed.
"We are thrilled to partner with BVI and firmly believe that our combined offering of physician-preferred products will continue to contribute to outstanding patient outcomes," Gerard Reboul, Arcadophtha Co-Founder.
Amundi reveals a €500m private equity strategy. (FS)
The private equity arm of Amundi, a French asset management company, launched a €500m ($550m) investment program that targets European small and medium-sized companies operating in France and the western eurozone.
Amundi Private Equity Megatendances II consists of multiple legal structures, including a vehicle for French retail investors, and a private equity fund for sophisticated investors.
3i to explore the sale of telecoms masts operator for £350m.
3i, a UK operator of mobile telecoms towers, considers a sale of Wireless Infrastructure Group, a mobile masts operator, amid soaring demand for access to wireless communications networks.
The prospective sale has emerged during a general election campaign in which the universal provision of high-speed broadband has become a crucial battleground.
3i is advised by Greenhill.
China Merchants interested in a stake in Turkish bridge project.
China Merchants Group is in discussions to acquire a majority stake in a Turkish bridge operator that ailing Italian builder Astaldi is exiting.
The state-owned Chinese conglomerate is in over the stake with Istanbul-based IC Yatirim Holding. Astaldi, which owns 33% of the project, announced that it is selling its portion to IC Yatirim, giving the Turkish firm 100% of the venture, DealStreetAsia reported.
Lion Capital considers divestment of Perricone MD.
Lion Capital, a UK buyout firm, is weighing the sale of Perricone MD, a skincare brand that could bring $200m or more.
Lion Capital is working with an adviser for the possible sale of the anti-aging skincare brand, founded by US celebrity dermatologist Nicholas Perricone.
CVC in discussions to fund new global football tournaments. (FS)
CVC, a private equity firm, is in talks with Fifa, international football's governing body, agreed to acquire the commercial rights to Club World Cup, a tournament that will feature some of the biggest football teams on the planet.
Separately, CVC and other corporate groups have been approached by Spain's Real Madrid, the world's wealthiest football club by revenues, about creating a new club league contest, FT reported.
UBS considers the sale of its fund platform.
UBS Group's asset management unit is thinking of divesting its fund platform. As new head, Suni Harford tries to turn around the underperforming division.
Switzerland's largest bank has been talking to potential buyers for UBS Fondcenter, a provider of fund access. A possible sale could bring about $506m.
Monde Nissin to consider a potential minority stake sale of Quorn Foods.
Monde Nissin, a Philippine food maker, is weighing options of a potential minority stake sale for Quorn Foods, a British producer of meat substitutes.
Monde Nissin is working with an adviser to look for an equity investor in Quorn. The firm could sell at least 20% in Quorn to an investor that would help expand the business.
Liberty House to buy a Belgian facility from Aleris.
Liberty House, a UK-based industrial conglomerate, is in advanced talks to acquire a Duffel-based facility from the aluminum maker Aleris. Financial terms were not disclosed.
The acquisition of Duffel will enable Liberty to transport liquid metal from the Dunkirk site to the Belgian plant directly, leading to cost savings.
APAC
Canada Pension Plan Investment Board agreed to invest $600m in India's sovereign wealth fund National Investment and Infrastructure Fund. The agreement includes a commitment of $150m in the NIIF Master Fund and co-investment rights of up to $450m in future opportunities to invest alongside the NIIF Master Fund.
CPPIB joins Abu Dhabi Investment Authority, AustralianSuper, Ontario Teachers’ Pension Plan, Temasek, Axis Bank, HDFC Group, ICICI Bank and Kotak Mahindra Life Insurance as investors in the NIIF Master Fund, alongside Government of India.
“The opportunity to invest in, and alongside, NIIF complements our existing direct investment strategy in Indian infrastructure. Through this investment in the NIIF Master Fund, we are also able to deploy capital in additional projects and sectors across the country, providing further long-term opportunities for CPPIB to invest in Infrastructure in India,” Scott Lawrence, CPPIB Managing Director, and Head of Infrastructure.
CPPIB is advised by Adfactors PR.
Integrated energy solutions provider Agritrade International and consumer-focused private equity firm Hector Capital are investing up to $100m in Sun Electric, a solar rooftop developer.
The investment marks Agritrade and Hector Capital’s foray into renewable energy. The investment from Agritrade and Hector Capital will help fast track the construction of Sun Electric’s current project pipeline and its regional expansion.
Allcargo Logistics, an integrated logistics solutions provider, is set to acquire Gati, a courier delivery service company. Financial terms were not disclosed.
With the formal completion of this deal in the next two to three months, Allcargo will emerge as India’s largest logistics company by revenue in the private sector with an operational presence across the length and breadth of India.
“With this strategic deal with Allcargo Logistics, we have entered a new era of consolidation in the domestic express logistics space. This collaboration also reiterates our commitment to ensure maximum outreach across untapped markets and provide benchmarked last-mile delivery solutions to our clients,” Bala Aghoramurthy, Gati Deputy Managing Director.
Ayala Healthcare Holdings, a wholly-owned subsidiary of Philippines-listed conglomerate Ayala, completed the acquisition of Healthway Philippines, a medical clinic network in the country, from Hong Kong-based diversified business conglomerate HKR International. Financial terms were not disclosed.
“We at Healthway are very proud to join the AC Health family. Over the years, we have worked hard to establish Healthway as one of the leading and most preferred healthcare providers in the country, and we look forward to becoming even stronger now that we are part of a broader network,” Sidney Hui, Healthway President.
Accor to divest a 5% stake in Huazhu for $451m.
Accor, a European hotel group, is in advanced talks to dispose of a 5% stake in Chinese hotel operator and franchisor Huazhu Group for $451m.
“Accor and Huazhu will continue to develop their successful partnership, and growth dynamic initiated four years ago, which has enabled the openings of 200 economy and midscale hotels in China, mainly under the ibis, Novotel, and Mercure brands,” Accor.
Petrofac to consider divestment of offshore oil assets in Malaysia.
Petrofac, a UK-listed oilfield service provider, is considering a sale of its Malaysian assets for about $300m.
The company has started assessing interest from potential investors on the planned divestment. The assets that are on sale include a stake in an offshore oil field development known as PM304.
Tencent-backed iDreamSky considers acquiring rival gaming firm Leyou. (FS)
iDreamSky Technology is in exclusive talks to acquire rival gaming firm Leyou Technologies for c. $1.4bn, DealStreetAsia reported.
Tencent is among iDreamSky shareholders and is seeking co-investors to help finance the transaction. Potential partners could include private equity firms as well as other gaming companies. The Shenzhen-based firm is working with Credit Suisse Group on the deal.
Temasek-backed Mapletree Investment divests two Japan offices for $355m. (FS, Real Estate)
Mapletree Investment, Singapore-based real estate asset management, completed the sale of two freehold office properties in Greater Tokyo for $355m to Mapletree North Asia Commercial Trust, its north Asia real estate investment trust.
The acquisition gives MNACT a 98.47% stake in the two multi-tenanted office properties, mBay Point Makuhari Building and Omori Prime Building, located in Greater Tokyo. Mapletree Investments Japan Kabushiki Kaisha, another Mapletree subsidiary, will hold the remaining 1.53%, DealStreetAsia reported.
Radhakishan Damani to tap banks for $823m DMart share sale.
Radhakishan Damani, an Indian billionaire, picked Bank of America and Kotak Mahindra Capital for another planned stake sale in Avenue Supermarts, parent of the DMart brand.
Damani selected the banks as he prepares to pare his stake in India’s largest listed retail chain by selling about 5.2% next year. Damani, who sold about 1% earlier this year, has to sell more shares before the end of March to meet a minimum requirement for a public float.
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