US medical equipment manufacturer Danaher secured conditional EU approval for its $21bn bid for the biopharma business of General Electric, after agreeing to sell five business to address the competition concerns.
The European Commission said Danaher would sell businesses in the United States, China, France and Britain after it voiced concerns that the deal would have reduced competition and pushed up prices of certain products in some markets, Reuters reported.
Danaher is advised by Barclays, Kirkland & Ellis, and Sard Verbinnen & Co. General Electric is advised by Citigroup, Goldman Sachs, JP Morgan, PJT Partners, Clifford Chance, and Paul Weiss Rifkind Wharton & Garrison.
Blackstone Group-backed Vivint Smart Home agreed to reduce its initial enterprise value to c. $4.1bn in a merger deal with Mosaic Acquisition, a subsidiary of Fortress Investment Group.
In addition to the previously disclosed $125m investment in Vivint, the amendment to the agreement will also see Fortress Investment Group investing up to $50m in the company, Reuters reported.
Vivint is advised by Blackstone Capital Markets, Evercore, JP Morgan, and Simpson Thacher & Bartlett. Fortress is advised by Fried Frank Harris Shriver & Jacobson. Mosaic is advised by Deutsche Bank, Goldman Sachs, Morgan Stanley, RBC Capital Markets, and Paul Weiss Rifkind Wharton & Garrison.
Xperi, a semiconductor devices manufacturer, is set to merge with set-top box maker TiVo to create a leader in consumer and entertainment technology and IP licensing, representing the combined enterprise value of c. $3bn.
The merger agreement provides for a 0.455 fixed exchange ratio, which implies a 15% premium to TiVo’s shareholders based on each of Xperi’s and TiVo’s 90-day volume-weighted average share prices. At close, Xperi shareholders will own approximately 46.5% of the combined business, and TiVo shareholders will own approximately 53.5%.
“Together, we will be able to integrate TiVo’s leading content aggregation, metadata, discovery, and recommendation capabilities with our home, automotive, and mobile technology solutions to help our customers create experiences that excite and delight consumers. Additionally, the combined company will continue to unlock the value of our strategic and sizable patent portfolios by bringing together our deep industry expertise and powerful innovation engines. Through greater scale and diversity, we will deliver attractive and sustainable long-term cash flow and shareholder value," Jon Kirchner, Xperi CEO.
Xperi is advised by Centerview Partners, Sullivan & Cromwell, Skadden Arps Slate Meagher & Flom, and Sard Verbinnen & Co. Tivo is advised by LionTree Advisors and Cooley. Debt financing is provided by Bank of America Merrill Lynch and Royal Bank of Canada.
America Movil, a Mexican telecommunications corporation, completed the acquisition of Nextel Brazil, a provider of wireless telecommunication services in Brazil, from mobile service company NII Holdings. Under the terms of the purchase agreement, America Movil acquired a 70% stake in Nextel Brazil for an aggregate purchase price of $905m.
"The announcement of this transaction marks the culmination of an extensive multi-year process to pursue a strategic path for Nextel Brazil and provides our best opportunity to monetize our remaining operating assets in light of the competitive landscape in Brazil, and long-term need to raise significant capital to fund business operations, debt service and capital expenditures necessary to remain competitive in the future," Dan Freiman, NII Chief Financial Officer.
America Movil was advised by Cleary Gottlieb Steen & Hamilton. NII Holdings was advised by Greenhill & Co, Rothschild & Co, Hogan Lovells, and Jones Day.
Rubicon Project, an American online advertising technology firm, is set to merge with Telaria, a software service provider, to form an independent sell-side advertising platform, in a $375m deal.
“The combination of Rubicon Project and Telaria will establish the world’s largest, independent sell-side advertising platform with scale, capabilities, and solutions unmatched by the competition. We could not be more excited about the future as two individually strong industry leaders with complementary assets and cultures come together to create a market leader," Michael Barrett, Rubicon Project President and CEO.
Telaria is advised by RBC Capital Markets and Cooley. Rubicon Project is advised by LUMA Partners, Needham & Co, and Gibson Dunn & Crutcher.
Apergy, an oilfield equipment provider, agreed to acquire the upstream energy unit of Ecolab, a global provider of water, hygiene and energy technologies, for $4.4bn.
“This transaction is a great development benefiting both Apergy and Ecolab shareholders. It brings together two well-respected companies to create a global leader that provides customers with a full suite of production-optimization solutions, solidifying our position as a focused leader in the production segment, while providing shareholders and employees better long term growth opportunities,” Sivasankaran Somasundaram, Apergy President and Chief Executive Officer.
Apergy is advised by Centerview Partners, Lazard, and Weil Gotshal and Manges. Ecolab is advised by Bank of America Merrill Lynch and Skadden Arps Slate Meagher & Flom.
Crestview Partners, a New York-based private equity firm, agreed to invest $150m in ICM Partners, a talent and literary agency with offices in Los Angeles, New York, Washington D.C., and London.
"We have always dedicated ourselves first and foremost to our clients and are proud to be a singularly focused representation company. As our team strategized about growing the agency to be the best it could for our clients, we believed Crestview, with its strong track record of backing media companies, was the ideal partner for us. We are philosophically aligned and excited to take full advantage of the growth opportunities ahead," Chris Silbermann, ICM Partners Managing Director.
Crestview Partners is advised by Davis Polk & Wardwell. ICM Partners is advised by Lazard, Latham & Watkins, and Sheppard Mullin Richter & Hampton.
Superior Energy, an oilfield services company, agreed to merge with Forbes Energy Services, an oilfield services contractor.
"The combination of Forbes with Superior Energy's US on-shore oilfield services business will provide Forbes stockholders and convertible noteholders with a meaningful equity ownership position in a US land service consolidation vehicle that will have significantly greater balance sheet flexibility and increased free cash flow generation. We share the conviction of Superior Energy that there are exceptional opportunities to reduce corporate costs, improve asset management, and increase free cash flow generation through increased industry consolidation," John Crisp, Forbes Chairman, President and CEO.
Forbes Energy Services is advised by Piper Jaffray, Fried Frank Harris Shriver & Jacobson and Winstead. Superior Energy is advised by Lazard, Latham & Watkins, Simpson Thacher & Bartlett. Solace and Ascribe are advised by Sullivan & Cromwell.
The First Bancshares, a bank holding company, is set to acquire and merge with Southwest Georgia Financial, a provider of banking services, in a $88m deal.
Upon completion of the merger, each SGB shareholder will receive a 1 share of The First Bancshares’s common stock in exchange for each share of SGB common stock equating to $34.5 per share or $88m in total. The closing of the transaction is expected to occur in the second quarter of 2020, is subject to customary conditions, including
regulatory approvals and approval by the shareholders of SGB.
“This partnership brings two complementary banks together and will provide a great opportunity for our employees, customers, and shareholders. “We are looking forward to joining The First’s exceptional team. For over 90 years, we have served the Southwest Georgia markets and could not be more excited to partner with The First to continue our legacy,” DeWitt Drew, SGB President, and CEO.
SGB is advised by Banks Street Partners and Troutman Sanders. The First Bancshares is advised by Keefe Bruyette & Woods and Alston & Bird.
Tosca, an innovator in reusable packaging and supply chain solutions, completed the acquisition of Polymer Logistics, an innovative company specializing in reusable transport packaging and retail merchandising systems. In conjunction with the transaction, funds advised by Apax Partners will commit additional capital to Tosca to fund the acquisition of Polymer. Financial terms were not disclosed.
The acquisition of Polymer will expand Tosca's geographic reach and increase its product portfolio. This will offer customers a stronger value proposition through increased network density, particularly in the US, and an expanded product offering.
"We are excited to support Tosca in this transformational acquisition. At Tosca, we're passionate about lowering supply chain costs for our customers and increasing the adoption of reusable packaging solutions. The enhanced capabilities afforded by Polymer will allow us to be a better partner to our customers and continue to revolutionize the flow of perishables through the supply chain," Eric Frank, Tosca CEO.
Apax was advised by Simpson Thacher & Bartlett and Kekst CNC.
Helen of Troy, a consumer products company, is set to acquire Drybar Products, a provider of hair care products and services, for c. $255m. The acquisition is expected to close by January 31, 2020, subject to customary closing conditions, including regulatory approvals.
“We are delighted to announce that we have entered into an agreement to acquire Drybar Products, which will add a highly-respected and fast-growing brand to our Beauty business, and an 8th Leadership Brand to Helen of Troy’s portfolio," Julien Mininberg, Helen of Troy CEO.
NTT DATA Services, a provider of technology services, is set to acquire NETE, a provider of digital design and transformation services for the US Department of Health and Human Services agencies. Financial terms were not disclosed.
"NETE clients and employees will benefit from access to the vast resources of a top 10 technology and business services provider, including global R&D, infrastructure, and investments in digital transformation and innovation. The depth and breadth of NTT DATA’s commercial experience among healthcare providers, health plans and life sciences, as well as its strong reputation in the public sector, will open the door for additional opportunities for NETE customers," Sandeep Somaiya, NETE Managing Director.
Honeywell, a company that delivers industry-specific solutions that include aerospace products and services, agreed to acquired Rebellion Photonics, a Houston-based provider of innovative, intelligent, visual gas monitoring solutions that maximize safety. Financial terms were not disclosed.
The acquisition will become part of Honeywell’s Safety and Productivity Solutions business, which provides a wide range of gas detection technologies, safety gear, mobility solutions and software to help workers stay safe and productive. Rebellion’s technology will also be deployed through Honeywell’s Performance Materials and Technologies business to help process manufacturing customers improve safety and compliance.
“To rapidly respond to a gas leak and keep their facilities safe, oil and gas, petrochemical and power companies are deploying Rebellion Photonics’ next-generation visual monitoring technology powered by machine learning. This acquisition complements Honeywell’s strong portfolio of process technologies, automation and gas detection solutions and accelerates our transformation to a software-industrial company. Rebellion’s employees share our mission of helping keep workers healthy and safe on the job while reducing the environmental impacts of gas emissions,” John Waldron, Honeywell Safety and Productivity Solutions President and CEO.
NextGen Healthcare, an integrated solutions provider for clinical productivity, completed the acquisition of OTTO Health, a provider of ambulatory-focused technology solutions. Financial terms were not disclosed.
“We look forward to becoming a permanent member of the NextGen Healthcare family so we can collaboratively support provider groups focused on innovation and meeting their value-based care goals,” Sarah Green, OTTO Health President, and CEO.
InterActiveCorp, a media and internet company, is set to spin-off Match Group, which provides internet-based services. Financial terms were not disclosed.
“We’ve grown up tremendously over the last 20 years as part of IAC, from an innovator in a nascent category to a global leader in a fast-growing market with millions of users all over the world. Match Group is in an incredibly strong position as we enter this transaction, and we are ready for the next chapter of the company’s journey,” Mandy Ginsberg, Match Group CEO.
Broadcom considers divesting its RF wireless-chip unit for $10bn.
Broadcom is looking to sell one of its wireless-chip units, a move that would accelerate the company’s shift away from its roots as a semiconductor maker.
Broadcom is working with Credit Suisse Group to find a buyer for its radio-frequency, or RF unit, a segment of its wireless-chip business that makes filters used in cellphones to clarify signals, Wall Street Journal reported.
Värde Partners raised nearly $2.5bn for the 13th flagship fund. (FS)
Global alternative investment firm Värde Partners raised nearly $2.5bn for its 13th flagship vehicle, Värde Fund XIII, exceeding the fund’s target of $2bn.
The fund will invest in a range of credit and credit-related assets globally across liquid traded credit, special situations, real estate, and financial services. The firm’s predecessor fund raised $1.7bn in 2017.
“In this fund, we utilize our deep experience through many market cycles with the flexibility to invest in both private and liquid markets, across capital structures and regions,” George Hicks, Värde Partners, co-founder, and CEO.
Prosus increased the final bid for Just Eat, an online food delivery company, to $10.5 or $7.16bn in cash. Shortly after, Takeaway CEO Jitse Groen responded with a new all-share bid that would leave Takeaway shareholders with a 42.5% stake in the combined company, down from 48%. The Takeaway bid valued Just Eat shares at $12 each based on its closing price.
“This offer is a full offer, and on top of that, we believe it provides Just Eat shareholders with tremendous upside. The all-share combination establishes the largest global platform in online food delivery outside China and allows shareholders of both Just Eat and Takeaway.com to benefit from significant long-term value creation,” Jitse Groen, Takeaway CEO.
Just Eat is advised by Goldman Sachs, UBS, Oakley Advisory, Linklaters and Brunswick Group. Prosus is advised by JP Morgan, Morgan Stanley, Allen & Overy, and Finsbury. BNP Paribas, Citigroup, Deutsche Bank, Investec, JP Morgan, and Morgan Stanley act as debt providers for Prosus. Takeaway is advised by Bank of America Merrill Lynch, Gleacher Shacklock, Lazard, Cravath Swaine & Moore, De Brauw Blackstone Westbroek, NautaDutilh and Slaughter & May.
US chipmaker Nvidia is set to win unconditional EU antitrust approval for its $6.8bn acquisition of Mellanox Technologies, Reutersreported.
Nvidia, known for its powerful gaming graphics chips, is looking to boost its data center and artificial intelligence business via the takeover, its biggest deal, helping it to better compete with rival Intel.
Mellanox is advised by Credit Suisse, JP Morgan, Herzog Fox & Neeman and Latham & Watkins. Nvidia is advised by Goldman Sachs, Jones Day, Yigal Arnon & Co, Sullivan & Cromwell, and Brunswick Group.
China's Dongfeng Motor Group and PSA Group are extending the duration of their joint venture Dongfeng Peugeot Citroen Automobiles, despite the Chinese company reducing its stake in PSA to help smoothen the FCA-PSA merger. Under the deal, the venture could get the rights to PSA’s new brands in China and will benefit from new technologies and intellectual properties.
The announcement comes a day after the companies said Dongfeng would reduce its 12.2% stake in PSA by selling 30.7m shares to the French company, Reuters reported. The sale of Dongfeng’s shares in PSA, worth around $757m, would leave the Chinese group holding around 4.5% of the merged FCA-PSA.
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.
Shareholders in Telecom Italia’s masts business INWIT approved a planned merger with Vodafone’s Italian mobile tower company at an extraordinary meeting, INWIT chairman Piergiorgio Peluso said.
TIM, which owns 60% of INWIT, and Vodafone agreed earlier this year to merge their mobile tower infrastructure and to jointly roll out 5G in Italy.
INWIT is advised by Bank of America Merrill Lynch, Equita SIM, Goldman Sachs, Mediobanca, Allen & Overy and Studio Pedersoli e Associati. TIM is advised by Banca IMI, Bank of America Merrill Lynch, Goldman Sachs and Gianni Origoni Grippo Cappelli & Partners. Vodafone is advised by KPMG, UBS, Linklaters, NCTM.
Ardian is set to acquire Cerelia, a provider of bakery solutions, from private equity firm IK Investment Partners. Financial terms were not disclosed.
"We are excited to partner with Ardian as the team has a strong collaborative approach, a core skill set, and an extensive network. We were also convinced by Ardian’s primary business philosophy, a set of values that we also share," Guillaume Reveilhac, Cerelia Founder and CEO.
Cerelia is advised by Callisto, Gide Loyrette Nouel, and The Silver Company. Ardian is advised by AT Kearney, Accuracy, Lazard, Oddo Corporate Finance, Latham & Watkins, Maitland, The Neibart Group. IK Investment Partners is advised by BNP Paribas, Ernst & Young, Willkie Farr & Gallagher, and CTCom.
Shareholders of Amerisur Resources, a full-cycle independent oil exploration and production company, approved the £242m ($317m) takeover bid by GeoPark, an oil and natural gas exploration and production firm.
Some 82% of shareholders voted in favor of acquisition on Thursday, with 18% rejecting it. Amerisur expects the last day of trading of its shares to be January 15, with shares suspended the day after and then canceled one day later.
Amerisur is advised by Arden Partners, Investec, Stifel, BMO Capital Markets, Ashurst, Rosenblatt Law, and Camarco. GeoPark is advised by Rothschild & Co and Norton Rose Fulbright.
Canada’s Endeavour Mining urged Centamin to seek an extension for a deadline by which it needs to make a firm offer to buy the London-listed miner. Endeavour said it had insufficient time before the current “put up or shut up” deadline of December 31 to complete due diligence and asked Centamin to request the British takeover panel to extend the deadline to January 31, 2020.
“Endeavour will only proceed if it can complete a proper and comprehensive due diligence exercise, including technical analysis and site visits,” Endeavour.
Centamin is advised by BMO Capital Markets and Buchanan. Endeavour is advised by Numis Securities, HSBC, Scotiabank, Linklaters, Brunswick Group, and Vincic Advisors.
PolyOne, a provider of specialized polymer materials, is set to acquire the masterbatches business of Clariant, a specialty chemical company, for $1.6bn.
The proceeds from the intended divestments of Clariant’s non-core businesses will be used to invest in innovations and technological applications within the core Business Areas, to strengthen Clariant’s balance sheet and to return capital to shareholders.
"This will be a truly transformational acquisition for both PolyOne and Clariant customers and employees around the world. Together, we will benefit from the combined ingenuity, passion, and expertise of two global leaders in color design, additive technologies, and sustainable solutions," Robert M. Patterson, PolyOne Chairman, President, and CEO.
Financing for the acquisitions is being provided by Citi, Morgan Stanley, and Wells Fargo. PolyOne is advised by Jones Day.
Arkphire, an IT procurement and services company, agreed to acquire Trilogy Technologies Group, Ireland’s independent ICT managed services provider. Financial terms were not disclosed.
“This development is a positive step for both Arkphire and Trilogy Technologies, which together have a shared ambition to continue to scale both in Ireland and internationally and to respond to the needs of the market with a stronger, more comprehensive IT services offering from our combined resources," Paschal Naylor, Arkphire CEO.
Brookfield agreed to acquire Wireless Infrastructure Group, the independent wireless infrastructure operator headquartered in the UK, from 3i Infrastructure, an international investor focused on private equity, infrastructure and debt management, for c. £387m ($506m).
“This sale arises unexpectedly but in the context of a changing competitive landscape in the UK mobile towers sector where scale is increasing in importance, with a number of potential tower portfolio transactions anticipated to take place next year. In the process of preparing to position WIG for such a transaction, we received a compelling offer from Brookfield Infrastructure which, after careful consideration, we decided to accept. We concluded that it is better for shareholders that we sell our interest in WIG at this attractive price and look to recycle the capital into new opportunities," Phil White, 3i Managing Partner and Head of Infrastructure.
Nordea, one of the largest financial services group in the Nordics, agreed to acquire SG Finans, the equipment finance and factoring activities of Societe Generale, a French bank, for €575m ($634m). The completion of the transaction is subject to the approval of the relevant local antitrust and financial supervisory authorities.
“With this agreement, Societe Generale makes once again a major step in the execution of its refocusing plan and demonstrates its ability to enter into long term partnerships. Societe Generale Equipment Finance is a leading player in equipment finance, and Societe Generale will continue to leverage on SGEF’s ability to accompany its international vendors and clients and support the real economy,” Philippe Heim, Societe Generale Deputy Chief Executive Officer.
Cushman & Wakefield, a real estate services firm, agreed to acquire Réponse, a design and build contractor in France, subject to regulatory approvals. The deal is expected to complete early in 2020. Financial terms were not disclosed.
The strategic acquisition will complement and strengthen Cushman & Wakefield’s business in France, adding an in-house design & build capability alongside its existing services which include Agency, Asset Services, Capital Markets, Development, Hospitality, Occupier Services, and Valuation & Advisory.
“This acquisition expands our service offering in France, allowing us to better support our clients. It is a complementary step as we already advise clients on how best to optimize their workplaces. The addition of Réponse’s highly-regarded team of engineers, architects, designers and project managers provides an in-house Design & Build solution to turn that vision into reality,” Antoine Derville, Cushman & Wakefield Head of France.
Altibox, a provider of Broadband, IPTV and VoIP services, is set to acquire Skagenfiber, a provider of fiber optics cables. Financial terms were not disclosed.
“We are tremendously excited to join forces with Altibox and start the realization of this network asset, the planning of which has been more than two years in the making,” Geir Holmer, Skagenfiber CEO.
La Banque Postale considers bidding for HSBC France retail activities.
The banking arm of French mail operator La Poste is exploring a bid for HSBC France’s retail activities as part of its diversification efforts, Reuters reported.
La Banque Postale is working with Barclays to carry out preliminary work on HSBC’s French retail business ahead of an auction process, which is due to start next year. The move comes just weeks before a complex merger between state-backed La Poste and CNP Assurances is due to close speeding up La Poste’s plans to diversify away from its shrinking mail business.
Northamber considers the acquisition of Audio Visual Materials.
Trade-only IT equipment distributor Northamber is in advanced discussions about the potential acquisition of Audio Visual Materials, an audio visual distributor to integrators and other trade parties.
Northamber said if the acquisition goes ahead, the addition of AVM will assist in enhancing and expanding its specialist AV division, which focuses on driving higher-margin profitable growth for AV and IT resellers in the areas of professional displays, projection, audio, video conferencing, visitor management and room booking systems.
Volkswagen attracts bids for MAN Energy Solutions unit. (FS)
Volkswagen attracted bids from Europe’s Innio, Japan’s Mitsubishi Heavy, and US-based Cummins for its MAN Energy Solutions, which makes diesel engines for ships and power generators, Reuters reported.
Innio, formerly known as Jenbacher and owned by buyout group Advent, as well as the two other bidders made bids last week for the VW unit, which could have a valuation of $1.7-$2.2bn in a potential sale.
Engie-led group to acquire six hydro plants for $2.4bn from Energias de Portugal.
A consortium led by France’s Engie agreed to acquire six hydro power plants in the Douro river basin from EDP-Energias de Portugal for $2.4bn, including debt.
Portugal’s largest utility said it expected the deal to be completed by the second half of 2020. The other members of the consortium, in which Engie has a 40% stake, are Credit Agricole Assurances and Mirova-Natixis Group.
“This transaction aims to optimize our portfolio, decreasing our exposure to concentrated hydro volatility and merchant prices, reinforcing the low business risk profile and improving financial leverage,” EDP.
Toshiba does not feel threatened by Hoya's counter offer for Toshiba chip equipment unit NuFlare, saying that even if its own bid fails it does not expect Hoya to succeed.
Optical products maker Hoya offered $1.4bn - a rare unsolicited bid in Japan, topping Toshiba’s offer. If rejected, it could put NuFlare in the uncomfortable position of having to explain to shareholders why it did not accept a higher offer.
British multinational oil and gas company BP and Indian multinational conglomerate company Reliance Industries agreed to form a joint venture to expand from RIL’s current fuel retailing network of over 1.4k retail sites and 30 aviation fuel stations across India to up to 5.5k retail sites and 45 aviation fuel stations over the next five years. Financial terms were not disclosed.
"We are delighted to expand our partnership with BP, one of the global leaders in the fuel-retailing sector. This partnership is a testimony to the strong ties between BP and Reliance. Our robust partnership in developing gas resources in India has now expanded to fuel retailing and aviation fuels. This transformative partnership will deepen our engagement with the consumers in further enhancing the world-class services across the country," Mukesh D. Ambani, RIL, Chairman and Managing Director.
Reliance Industries is advised by Davis Polk & Wardwell.
The Carlyle Group is set to acquire a minority stake in Anxin Apartment, a provider of corporate housing services. Financial terms were not disclosed.
“Anxin Apartment has established a nationwide platform that provides safe, comfortable, and well-managed housing solutions to corporate employees. We look forward to leveraging Carlyle’s industry expertise and network of portfolio companies to further expand our footprint, expedite our growth plans and enhance our customer relationship management system and branding,” Zao-xia Xu, Anxin Apartment CEO and Founder.
Pacific Equity Partners offered to acquire Village Roadshow, which operates tourist theme parks and resorts along with operating FM radio stations, for $517m. The proposal is subject to a number of conditions, including completion of due diligence and the arrangement of financing.
Chevron, through its subsidiary Chevron Australia Downstream, is set to acquire Puma Energy Holdings, a domestic commercial and retail fuel business of Puma Energy in Australia, for $291m. The acquisition is expected to close in mid-2020, subject to regulatory approvals and the satisfaction of customary closing conditions.
“The acquisition will provide Chevron with a stable market for production volumes from our refining joint ventures in Asia and create a foundation for sustainable earnings growth. It will build on Chevron’s strong history of partnership in Australia and our global experience in fuels and convenience marketing and supply,” Mark Nelson, Chevron Executive vice president for Downstream & Chemicals.
NPS and SK Group to create an $860m fund to invest in Vietnam. (FS)
Korea’s National Pension Service and business juggernaut SK Group reportedly joined forces to form an $860m fund to invest in Vietnam, DealStreet Asia reported.
SKS PE and Stonebridge Capital are understood to have been selected as the general partners of the fund. Stonebridge Capital has previously backed Vietnamese real estate tech startup Propzy.
Ant Financial to acquire a stake in eMonkey. (FS)
China's Ant Financial, a fintech affiliate of e-commerce giant Alibaba Group Holding, quietly acquired a sizable stake in a Vietnamese e-wallet eMonkey, Nasdaqreported.
The move, negotiated over the summer, is not being announced due to concerns that anti-China sentiment in Vietnam could result in possible pushback. The strategic investment, Ant's eight international payments deal, will allow the firm to gain entry to Vietnam's booming market of nearly 100m people, a quarter of who are under 25, and where e-commerce growth is among the highest in the region.
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