Pioneer Natural Resources, a company engaged in hydrocarbon exploration in the Cline Shale, agreed to acquire Parsley Energy, an independent oil and natural gas company, for $7.6bn, including $3.1bn of debt. After closing, existing Pioneer shareholders will own c. 76% and existing Parsley shareholders will own c. 24% of the combined company.
"This transaction creates an unmatched independent energy company by combining two complementary and premier Permian assets, further strengthening Pioneer's leadership position within the upstream energy sector. Parsley's high-quality portfolio in both the Midland and Delaware Basins, when added to Pioneer's peer-leading asset base, will transform the investing landscape by creating a company of unique scale and quality that results in tangible and durable value for investors," Scott D. Sheffield, Pioneer President and CEO.
Parsley Energy is advised by Credit Suisse, Wells Fargo Securities and Vinson & Elkins. Pioneer Natural Resources is advised by Goldman Sachs, Morgan Stanley and Gibson Dunn & Crutcher.
Investment firms Lightyear Capital and Ontario Teachers' Pension Plan Board agreed to acquire Allworth Financial, an independent investment financial advisory firm, from Parthenon Capital, a private equity fund. Financial terms were not disclosed.
"We believe we have identified another outstanding investment opportunity in wealth management and are very excited to partner with the Allworth team. Allworth has the opportunity to become a national brand name for providing financial advice. This investment is consistent not only with our long-term thesis around the growing need for financial advice, particularly in times of uncertainty, but also with our multiple prior successful investments in the space," Mark F. Vassallo, Lightyear Managing Partner.
Allworth Financial and Parthenon Capital are advised by Moelis & Co, Raymond James, Kirkland & Ellis and ThroughCo Communications. Lightyear Capital and OTPPB are advised by Truist Bank, Davis Polk & Wardwell and Torys.
HIG Capital, a global alternative investment firm, agreed to acquire Capstone Logistics, a national provider of outsourced supply chain solutions, from The Jordan Company, a private equity firm. Financial terms were not disclosed.
"Over the past several years, we have grown our national footprint and expanded our service offerings from predominantly inbound logistics to include other inside-the-warehouse services, plus integrated freight brokerage, last-mile and payments services. The Capstone management team is excited to partner again with HIG as we continue to provide our associates with a great place to work and further enhance our integrated supply chain solutions to serve our Partners' evolving needs," Steve Taylor, Capstone CEO.
Capstone Logistics is advised by Credit Suisse, Harris Williams & Co and Kirkland & Ellis. HIGRE Capital is advised by JP Morgan and Ropes & Gray.
Iberdrola-backed Avangrid, a US based diversified energy and utility company that provides clean energy, agreed to acquire PNM Resources, a company that generates, transmits and distributes electricity, for $4.3bn.
"This merger between Avangrid and PNM Resources is a strategic fit and helps us further our growth in both clean energy distribution and transmission, as well as helping to expand our growing leadership position in renewables. Our two companies also share the same values as we both are passionate about our customers, employees, and the communities we serve. In addition, both Avangrid and PNM Resources are leaders in environmental, social and governance issues that impact our stakeholders," Dennis Arriola, Avangrid CEO.
PNM Resources is advised by Evercore and Troutman Pepper. Avangrid is advised by BNP Paribas and Latham & Watkins.
Gas South, a provider of natural gas in competitive markets throughout the southeastern US, agreed to acquire Infinite Energy, which provides retail natural gas service in Georgia, Florida, Ohio and New Jersey. Financial terms were not disclosed.
"The opportunity to acquire Infinite Energy brings together two strong and successful companies with shared geographic footprints, similar 'people first' cultures and complementary core business competencies. We've long admired the work Darin and Rich have done to launch one of the original natural gas providers in Georgia and Florida and build it into an impressive energy retailer that also has a leading wholesale and trading business. We're excited to welcome Infinite Energy's employees and customers to Gas South," Kevin Greiner, Gas South President and CEO.
Gas South is advised by The Wilbert Group. Debt financing is provided by JP Morgan and Truist Bank.
Avista Capital Partners-backed Arcadia Consumer Healthcare, a consumer healthcare company, completed the acquisition of NATURELO, a brand of vitamins, minerals, and supplements. Financial terms were not disclosed.
"Arcadia's acquisition of NATURELO adds valuable scale, product diversity and increased online exposure within a rapidly accelerating VMS market. Arcadia is well-positioned for continued success, working with exciting brands in the consumer healthcare sector to drive significant growth through a commitment to quality and innovation," Rob Girardi, Avista Partner.
Arcadia Consumer Healthcare was advised by Ropes & Gray and Kekst CNC.
Huron, a global professional services firm, agreed to acquire ForceIQ, a certified Salesforce Industries partner. Financial terms were not disclosed.
"Businesses are being forced to rethink how they engage with their customers and reassess how they get work done as a result of the disruption in today's economic environment. This acquisition accelerates Huron's commitment to helping our clients better compete in disruptive and highly competitive markets," James H. Roth, Huron CEO.
Huron is advised by Skadden Arps Slate Meagher & Flom.
Cogeco Communications, a communications corporation, agreed to acquire DERYtelecom, the third largest cable provider in the province of Quebec, for $405m.
"The acquisition of DERYtelecom is a strong strategic fit which will allow Cogeco Connexion to increase its presence in areas that are adjacent to its Quebec footprint and to build on the long history of mutual respect, collaboration and friendship between the two companies. Our proven track-record in the successful integration of regional cable businesses, having acquired five companies in the US and Canada over the past five years alone, demonstrates our commitment to bring superior connectivity to regional and rural communities," Philippe Jetté, Cogeco Communications President and CEO.
A consortium of investors led by Spark Capital, a venture capital firm, with participation from Tectonic Ventures and Boston Seed, completed the $124m investment in Perch, a technology-driven commerce company that acquires and operates top Amazon Marketplace businesses.
"There are millions of entrepreneurs and small businesses selling great products on Amazon's marketplace. At the same time, mre people are shopping online and looking to do their buying from the safety and security of their home. We are excited that this additional investment will allow us to accelerate our ability to acquire and grow leading FBA businesses that have long-term potential," Chris Bell, Perch CEO.
YDX Innovation, a technology company, and Comic Convention Latin America, an e-sports company, agreed to form a Joint Venture that will own the IP and operate the newly created Spartans League. Financial terms were not disclosed.
"We are building the largest Comic Convention tour in the world, bringing several attractions that will reshape this kind of event. The partnership with YDX Innovation is a great asset for our live events, with their expertise in interactive exhibitions and as a partner for the creation of the Spartans League for gaming," Fernando Salame, Comic Convention Latin America President.
SureWerx, a manufacturer of safety products, tools and equipment, completed the acquisition of Geroline, a provider of winter traction aids. Financial terms were not disclosed.
"Adding K1 to our growing world-class portfolio of SureWerx brands continues to propel us towards our goal of becoming the global leader in safety and productivity. As the dominant mid-sole brand, K1 is highly complementary to our Due North portfolio, which enjoys a leadership position in full-coverage ice cleats. Combined, SureWerx now offers the best one-two punch in the slip protection market, bolstered by the fact that K1 is the most demanded ice traction brand by distributors and end-users alike," Chris Baby, SureWerx CEO
Moody's, an American business and financial services company, agreed to acquire Acquire Media, an aggregator and distributor of curated real-time news, multimedia, data, and alerts, from Naviga, a provider of content engagement solutions. Financial terms were not disclosed.
"Acquire Media plays an integral role in the dissemination of real-time news and information. The acquisition bolsters our ability to provide customers with counterparty screening and surveillance, as well as early warning insights to help them make better decisions," Stephen Tulenko, Moody's Analytics President.
Great Hill Partners-backed Versapay, a cloud-based invoice presentment and payment provider helping B2B companies, completed the merger with Solupay, a company specializing in AR automation and integrated B2B payments offerings. Financial terms were not disclosed. The combined company will operate under the Versapay name and under the leadership of Craig O'Neill, current CEO of Versapay.
"This merger accelerates the growth of the Versapay network, further empowering mid-market organizations to digitally transform payables and receivables functions. We look forward to continuing our support for Craig and the combined company as they relentlessly execute on their category-defining vision," Matt Vettel, Great Hill Partners Managing Partner.
Vista-backed Datto raises $594m in IPO. (FS)
Vista Equity Partners-backed Datto Holding, a developer of cloud-based data backup software, raised $594m in an initial public offering priced at the top end of a marketed range. Datto plans to float 22m shares of its common stock at a price to the public of $27 per share. The underwriters have the option to purchase up to an additional 3.3m shares of common stock from Datto at the initial public offering price, less underwriting discounts and commissions.
Datto will receive net proceeds of approximately $549m after deducting underwriting discounts, commissions and estimated offering expenses, and intends to use the net proceeds from the IPO to repay outstanding borrowings under its term loan and revolving credit facilities.
Morgan Stanley, Bank of America Merrill Lynch, Barclays and Credit Suisse are acting as lead book-running managers for the offering. Citigroup, Jefferies, RBC Capital Markets, Evercore, BMO Capital Markets and Macquarie Capital are acting as joint book-running managers, and Mizuho Securities, William Blair, Ramirez & Co, and Siebert Williams Shank are acting as co-managers for the offering.
Root eyes $6.3bn valuation at Nasdaq IPO.
Automobile insurance startup Root plans to raise as much as $604m in its initial public offering on the Nasdaq. The initial public offering price is currently expected to be between $22 and $25 per share. Root intends to list its Class A common stock on the Nasdaq Stock Market under the ticker symbol ROOT.
The offering consists of 22m shares of Class A common stock offered by Root and 2m shares of Class A common stock to be sold by an existing stockholder. Root will not receive any proceeds from the sale of the shares by the selling stockholder.
Goldman Sachs, Morgan Stanley, Barclays and Wells Fargo Securities are the lead underwriters for the offering.
Omers weighs $2.5bn sale of Kenan Advantage Group. (FS)
Omers Private Equity is weighing a sale of Kenan Advantage Group, a provider of bulk transportation that could fetch $2.5bn or more including debt, Bloomberg reported.
The private equity arm of the Canadian pension fund Omers is working with an adviser to solicit interest from potential suitors.
Southeastern Grocers files for US IPO.
Southeastern Grocers, the owner of the Winn-Dixie and Fresco supermarket chains that emerged from bankruptcy two years ago, has filed for an initial public offering, Bloomberg reported.
Southeastern Grocerscer in its filing with the US Securities and Exchange Commission listed an offer size of $100m, a placeholder that will likely change. Existing investors will be selling some of their shares. Southeastern Grocers plans to list its shares on the New York Stock Exchange under the symbol SEGR.
The share sale is being led by Bank of America Merrill Lynch and Goldman Sachs.
Goldman Sachs Merchant Banking Division forms Global Compute. (FS)
The Goldman Sachs Merchant Banking Division partnered with a seasoned management team, led by long-time data centre industry executive Scott Peterson, to form Global Compute Infrastructure, a newly established global data centre infrastructure platform. GS MBD committed to fund up to $500m of equity capital, primarily from its infrastructure fund.
"Goldman Sachs is the perfect partner for us as we pursue global investment opportunities in the data infrastructure space. Our combined global pedigrees and networks, together with GS MBD's access to ample growth capital, will allow the Global Compute platform to not only serve the critical needs of our customers around the world, but also create and unlock value for our partners. Our initial investment in ATM is an ideal illustration of this collaboration. We are extremely enthusiastic about our partnership with Goldman Sachs enabling us to provide creative solutions for our global customers," Scott Peterson, Global Compute CEO.
Goldman Sachs is advised by Davis Polk & Wardwell and Mayer Brown.
Brookfield weighs $3bn life science real estate portfolio sale. (FS, RE)
Brookfield Asset Management, a private equity firm, is exploring a sale of its life-sciences real estate portfolio, and seeking about $3bn.
The Toronto-based alternative asset manager is working with advisers to sell roughly 2.3m sq ft of life-sciences real estate it acquired as part of its 2018 purchase of Forest City Realty Trust, Bloomberg reported.
OGE Energy and CenterPoint weigh sale of Enable Midstream Partners.
Energy companies OGE Energy and CenterPoint Energy are considering a sale of their stake in Enable Midstream Partners, a provider of oil and gas services, putting the whole oil and gas pipeline company on the block, Bloomberg reported.
The power companies are working with advisers for the disposal. While CenterPoint has openly weighed an exit of Enable for years, OGE Energy is now aligned with that strategy. No final decision has been made, and they could opt to hold on to Enable.
Together the companies own all of Enable’s general partner while CenterPoint owns 53.7% of its common units and OGE Energy owns 25.5% of its common units.
AMC Entertainment unveils deal to dispose of 15m shares.
AMC Entertainment Holdings, an American movie theatre chain, said it would raise cash through a share offering and was working to restructure its debt to avoid seeking bankruptcy protection.
The company is looking to dispose of 15m of its Class A common stock. AMC's move to raise fresh capital comes after ratings agency S&P said earlier this month that the company had just six months of cash reserves, Reuters reported.
"In the event, the Company determines that these sources of liquidity will not be available to it or will not allow it to meet its obligations as they become due, it would likely seek an in-court or out-of-court restructuring of its liabilities," AMC.
EMEA
Worldline, a financial services company, announced that it secured 88.64% of the share capital of Ingenico, a France-based company, whose business is to provide the technology involved in secure electronic transactions, as part of its ongoing $8.7bn tender offer. Worldline also confirmed its intention to implement a squeeze-out for the Ingenico's shares and OCEANEs following the reopened offer.
"I am very pleased with this extremely high contribution rate to the tender offer, which demonstrates the strong support of Ingenico's shareholders for our project and the recognized relevance of this combination. We are delighted to now count Ingenico's shareholders among our shareholders," Gilles Grapinet, Worldline Chairman and CEO.
Ingenico is advised by Goldman Sachs, Rothschild & Co and Bredin Prat. Worldline is advised by BNP Paribas, Bank of America Merrill Lynch, Cardinal Partners, Morgan Stanley, Cleary Gottlieb Steen & Hamilton, Latham & Watkins, FinElk and Kairos Consulting.
Bloomberg reported that Huawei Technologies and several other Chinese tech firms raised concerns to local regulators about chipmaker NVIDIA's $40bn deal to buy UK-based chip designer Arm.
The tech firms have been lobbying the State Administration for Market Regulation to either reject the transaction or impose conditions, which will ensure their access to Arm technology.
Arm is advised by Hogan Lovells. NVIDIA is advised by Morgan Stanley, Cleary Gottlieb Steen & Hamilton and Latham & Watkins. SoftBank is advised by Zaoui & Co, Morrison & Foerster, Kekst CNC and Sard Verbinnen & Co.
Tullow Oil, a multinational oil and gas exploration company, received government approval from the Ugandan Minister of Energy and Mineral Development for its $575m sale of Ugandan assets to Total, a French multinational integrated oil and gas company.
With all the government-related conditions to closing having been satisfied, Tullow expects the transaction to close in the coming days after completing certain customary pre-closing steps with Total.
Total is advised by Allen & Overy and Dentons. Tullow Oil is advised by Barclays, JP Morgan, Robey Warshaw, Freshfields Bruckhaus Deringer and Murray Consultants.
Ardian, a private investment house, completed the acquisition of a minority stake in H2 Pharma, a manufacturer and distributor of generic pharmaceuticals. Financial terms were not disclosed.
"The resilience and engagement of H2 Pharma’s management team have steered the company exceptionally well over the past years and we are looking forward to helping them achieve their vision for this next stage of development. Undoubtedly, the company’s competitiveness also comes from its cutting-edge technology, which places it head and shoulders above many of its peers. We see significant potential for strong organic growth and we look forward to helping management realize this by working closely with Henry and his teams," Frédéric Quéru, Ardian Director.
Ardian was advised by McDermott Will & Emery, Headland Consultancy and Deloitte. H2 Pharma was advised by Orsan and Aca Nexia.
Private equity firm Graphite Capital agreed to acquire Ten10, an independent quality engineering and software testing consultancy, from Livingbridge, a mid-market private equity investor. Financial terms were not disclosed.
"During the past five years, we have driven the transformation of Ten10 through M&A and an organic growth strategy, turning it into a leading software quality engineering business that is well-positioned to continue growing and building market share. We wish Chris and the team every success over the coming years," Luke Bray, Livingbridge Associate Director.
Livingbridge is advised by Alantra, Pinsent Masons and Citigate Dewe Rogerson. Debt financing is provided by Shawbrook Bank.
Sanoma, a Finnish media group, agreed to acquire Santillana Spain, a Spanish provider of K-12 learning materials, from Prisa, a Spanish media conglomerate, for $545m.
"With these operations, the group shows that the roadmap set out is the right one and is one that has earned and deserved the trust of creditors. With the sale of Santillana Spain, Prisa's capacity to generate value is evident. What's more, by choosing Sanoma, Santillana will be making a significant contribution to form one of the great European leaders in the Education sector," Manuel Mirat, Prisa CEO.
Prisa is advised by Nomura. Debt financing is provided by Nordea Bank and OP Corporate Bank.
Innova Capital, a global investor with a focus on disruptive innovations, agreed to acquire the Romanian business of PayPoint, a British business offering a system for paying bills, for $61m.
"We have decided to sell the Romanian business to focus on our core UK markets and the delivery of our strategic priorities for future growth in these markets. We believe that Innova is the right owner to take the business forward and we wish PayPoint Romania and Innova well for the future. We will update on the sale in due course," Nick Wiles, PayPoint CEO.
PayPoint is advised by Ernst & Young, Mills & Reeve and Finsbury Glover Hering.
AURELIUS Equity Opportunities, an asset management group with offices in five European countries, agreed to acquire GKN Wheels & Structures, a manufacturer of off-highway wheels, supplying a proven range of high-quality products and systems, from GKN, a multinational automotive and aerospace components company that manufactures and provides driveline systems and vehicle chassis assemblies. Financial terms were not dosclosed.
“This acquisition is another example of AURELIUS’s strength in acquiring non-core divisions of large corporates and successfully executing these complex transactions. As a global market leader with a strong and committed customer base, GKN Wheels & Structures is well-positioned for future growth under AURELIUS’s ownership," Dirk Markus, AURELIUS CEO.
AURELIUS is advised by Rothschild & Co, Goodwin Procter and KPMG.
AOC, a global supplier of resins and speciality materials, agreed to acquire UPR Operations in the Czech Republic from Kaprain, a Czech investment group, and Spolchemie, a European producer of speciality epoxy resins and systems. Financial terms were not disclosed.
"AOC has been delivering quality resins for composites applications for over 50 years, and is recognized for its market leadership in quality and innovation. As a result of this change, AOC can take a stronger ownership of the operations and apply its manufacturing expertise from around the globe. This will also help to strengthen the product portfolio we can offer to the region, including our broad range of speciality resins. At the same time, the products based on recycled PET will become available to more customers across the European continent," Stefan Osterwind, AOC Managing Director EMEA.
AOC is advised by Clifford Chance. Kaprain is advised by Ewing PR.
QTerminals, a Qatari commercial port operating company, agreed to acquire Port Akdeniz, which operates Port Akdeniz-Antalya in Turkey, from Global Ports Holding, an independent cruise port operator, for $140m.
"Port Akdeniz has been an integral part of GPH since 2006, and it has played a pivotal role in the successful development of the Group over the years. However, as GPH continues to pursue growth in the exciting cruise port market, it is now time for the stewardship of Port Akdeniz to pass to an organization that is primarily focused on the Commercial port market," Mehmet Kutman, Global Ports Holding Chairman.
Summit Partners, a private equity investment firm that invests in a broad range of companies headquartered in North America and Europe, completed the $56m investment in LearnUpon, a provider of cloud-based learning management system.
“We believe every learning opportunity should be an experience that advances employee, partner and customer success, and LearnUpon is purpose-built to help organizations of all sizes achieve this goal. Summit brings deep experience scaling SaaS businesses, as well as a number of dedicated growth-focused and technology resources that we believe will help LearnUpon build on the momentum we have established in the market. We are excited for the opportunities that this partnership will bring to our team, customers and partners," Brendan Noud, LearnUpon CEO and Co-Founder.
TA Associates-backed Thinkproject explores an $823m sale. (FS)
TA Associates-backed Thinkproject, a German construction software developer, is exploring a sale which could fetch more than $823m for the company.
Private equity firms such as Cinven, KKR, Permira and TPG are expected to show interest in the company, as may some software groups.
TA Associates is advised by Arma Partners.
Canyon Bicycles draw takeover interests from Carlyle and KKR. (FS)
Canyon Bicycles, a manufacturer of motorcycles, bicycles, and similar equipment and parts, has drawn takeover interest from private equity giants including Carlyle Group and KKR, as investors look to capitalize on renewed enthusiasm for one of Europe’s favourite pastimes, Bloomberg reported.
Canyon has also attracted buyout firms Advent International, Apax Partners, General Atlantic and Permira.
The bike-maker is working with bankers at Robert W. Baird on a sale that could fetch more than $592m for the company. Discussions are ongoing and no final decisions have been made.
Banque Centrale Populaire considers disposing a stake to a lender in East Asia.
Moroccan bank Banque Centrale Populaire is planning to sell a significant stake to a lender in East Asia, Bloomberg reported.
The plan, expected to help the bank boost its capital and growth, is part of a five-year strategy that would start in 2021. A strategic partnership with an East Asian lender would put BCP on a new growth path.
Under the plan, BCP would begin talks next year with lenders from countries including China and Singapore.
Bilfinger is said to attract buyout firms including CD&R. (FS)
Bilfinger, a German industrial services provider, has attracted preliminary takeover interest from private equity firms including Clayton Dubilier & Rice.
The US buyout firm is among those that have sounded out Bilfinger about a potential take-private. Deliberations are in the early stages, and there's no certainty they will lead to a transaction, Bloomberg reported.
Take-privates are also generally difficult in Germany because of takeover laws that protect minority investors. Any interest could also coincide with the sale of Bilfinger's remaining interest in facilities manager Apleona Group.
APAC
Ontario Teachers' Pension Plan Board agreed to invest in Princeton Digital Group, an investor, operator, and developer of data centres with presence in the key digital economies of Asia, in a $360m deal. Warburg Pincus, which has been the largest institutional investor of PDG, is also participating in this new round of fundraising.
"We are delighted to have Ontario Teachers' as an investor in PDG. Their track record of long-term investments combined with deep data centre experience makes them a great partner as we continue to scale our business. We are also heartened by the continued trust and confidence placed by Warburg Pincus in PDG," Rangu Salgame, PDG Chairman and CEO.
SoftBank led a $150m Series B+ round in Dingdang Kuaiyao, a Chinese online-to-offline pharmacy app. The round involved investment from Dingdang Kuaiyao's previous backers including China Merchants Bank's investment arm CMB International, and Sinopharm-CICC Capital.
"The new round of funding will be mainly used to accelerate the company's rollout in China's urban areas, by expanding its service to 10 more cities in mainland China by the end of this year, and covering all of China's first, second, and third-tier cities in 2021," Yang Wenlong, Dingdang Kuaiyao Founder and CEO.
Japanese home furnishings retailer Nitori Holdings is considering launching a hostile takeover bid for do-it-yourself and hardware stores operator Shimachu, rivaling an offer made earlier in the month by DCM Holdings in a deal worth up to $1.6bn, TheJapanTimes reported.
Hoping to sway Shimachu’s shareholders, Nitori may make an offer later this month exceeding $40 per share which DCM is paying in a tender offer through November 16.
GIC and Montana back Ping An's $875m funds for overseas PE investment. (FS)
China's Ping An Insurance announced the closing of two new funds with a total capital commitment of $875m from a group of global investors, anchored by GIC and Switzerland-based Montana Capital Partners. Ping An Overseas Holdings is also a Limited Partner in the Funds alongside other investors.
China Ping An Insurance Overseas Holdings, the main offshore investment and asset management platform of Ping An, has debuted two funds, namely Ping An Global Equity Selection Fund, and the Ping An Global Equity Fund.
Montana Capital was advised by Kirkland & Ellis.
Ant Group receives approval for Shanghai listing from China regulator.
China’s Ant Group has won the final nod from the country’s top securities watchdog for the registration of its Shanghai offering, clearing the last regulatory hurdle for its $35bn dual-listing.
Ant received a letter from the exchange to proceed with the Hong Kong IPO. The firm now needs to complete a registration with Chinese regulators for the Shanghai portion of the sale, Bloomberg reported.
Once it has all the approvals in place, Ant will hold a roadshow of at least 3.5 days to pitch the shares to investors. That may give it enough time to price the offering as soon as next week, ahead of the US election when some expect ballot counting delays to spark prolonged market volatility.
Bharat Petroleum employee trust acquires 2% stake from Treasury.
A newly formed employee trust of Bharat Petroleum spent about $204m to purchase treasury stock of the state-run refiner in a block deal, Bloomberg reported.
Bharat Petroleum sold 43.4m treasury shares at Tuesday’s closing price of $4.7 to the trust. The company’s board has the permission of the government, its largest shareholder, for both options of either selling or canceling remaining treasury shares.
Keppel Capital secures first closing of $295m for its fourth real estate fund. (FS)
Private equity firm Keppel Capital has hit a first close for its $1bn-targeting real estate fund Alpha Asia Macro Trends Fund IV.
The firm has hauled in $295m for the fund so far, with a focus on investing in offices, business parks, logistic facilities, retail and accommodation assets across the Asia-Pacific region, AltAssets reported.
AAMTF IV is expected to have assets under management of up to $2.5bn when fully leveraged and invested. The fund series, which was launched in 2007, focuses on megatrends underpinning long-term growth, which include urbanization, growing middle class and connected cities.
Pro-invest Group closes second hospitality fund at $212m. (FS)
Pro-invest Group, a global investment firm specializing in private equity real estate and real estate asset management, has held the closing of its second Australian Hospitality Opportunity Fund (Fund II) with capital commitments of $212m from a diverse group of institutional investors.
Fund II is the successful successor of Fund I, Pro-invest's debut Australia and New Zealand-focused private equity real estate fund. These two funds follow several successful investment vehicles managed by Pro-invest in numerous geographies.
"We are pleased to have raised such a significant fund, with a diverse group of international and domestic investors, in an otherwise challenging period. We are seeing – and are well positioned to capture – emerging opportunities across dislocated markets. In particular, we anticipate more distressed opportunities arising over the next six to 12 months," Ronald Barrott, Pro-invest Group CEO.
Blackstone looks to double down its investments in India. (FS)
Blackstone Group is in advanced talks to buy L&T Asset Management as the private equity giant looks to double down on its investments in India, its strongest performer, amid depressed valuations because of the coronavirus outbreak, Live mint reported.
If the deal goes through, it will mark the first buyout of an Indian fund manager by a foreign company that doesn’t handle public funds. L&T AMC, with 39 mutual fund schemes, has assets of around $164m as of end-September.
Blackstone has been aggressively pursuing opportunities in India’s financial services space as part of its strategy to benefit from the growth of lending opportunities and investment culture in the country.
Goldman Sachs, Tencent-backed former Chinese tech unicorn Renrenche to dispose of majority assets for $1.3k. (FS)
Goldman Sachs and Tencent-backed Renrenche which had a pre-money valuation of $1.4bn in a financing round just two years ago - has a preliminary plan to sell its majority assets to 58com for $1.3k, Bloomberg reported.
China's online classified ad leader will take over Renrenche's Hong Kong entity, while offering at least $4m in loans to its mainland operations. The parties have yet to finalize the deal and may not proceed with it.
The deal may help bail out the car trading platform, which ran into financing troubles amid the unravelling of China's once-booming sharing economy. The company was unable to pay off $15m in debts. Investors are still looking into other options to resolve Renrenche’s liquidity crisis.
Shouqi Yueche raises Series C funding. (FS)
Ride-hailing platform Shouqi Yueche has raised 'hundreds of millions of US dollars' in its Series C funding round from a group of investors, DealStreetAsia reported. The names of the investors have not been disclosed.
Shouqi Yueche, is one of the largest ride-hailing services provider in China, targetting medium to high-end markets in the country.
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