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AMERICAS
PTC, a firm that develops and delivers technology solutions, agreed to acquire ServiceMax, a software provider, from Silver Lake, a private equity firm, for $1.5bn.
"ServiceMax and PTC have a longstanding relationship rooted in the common profile of our customers, the natural synergies of our products, and a shared understanding of the importance of product data at different stages of the lifecycle. PTC has a strong and consistent track record of success, and now following the growth and innovation we've achieved during our partnership with Silver Lake, we're excited for the ServiceMax team to strengthen the service offerings of PTC's digital thread and closed-loop PLM portfolio," Neil Barua, ServiceMax CEO.
ServiceMax is advised by Barclays and Ropes & Gray. PTC is advised by Centerview Partners (led by David J. Hess) and Goodwin Procter. Debt financing is provided by Bank of America, Huntington, JP Morgan and TD Securities.
Mobix Labs, an innovative provider of next-generation wireless mmWave 5G and connectivity solutions, agreed to go public via a SPAC merger with Chavant Capital Acquisition in a $276m deal.
"From our initial meeting, we've been very impressed by the company's technology, which leverages a standard CMOS process to attack the 5G mmW infrastructure market with a solution that is optimized for power and performance and at a significant cost benefit. We are excited to partner with James, Fabian, and their team, who bring deep experience in building high-growth platform technology businesses. We believe our combination will accelerate the business on its journey and feel that this is the optimal time to establish an industry-leading 5G connectivity platform," Jiong Ma, Chavant President & CEO.
Mobix Labs is advised by B. Riley Securities, Greenberg Traurig and Blueshirt Group (led by Mike Anderson). B. Riley Securities and Needham & Co are advised by DLA Piper. Chavant Capital Acquisition is advised by Needham & Co and Simpson Thacher & Bartlett.
Morningside Venture, a private equity firm, and J. Wood Capital Advisors, a broker-dealer, completed the acquisition of Stealth BioTherapeutics, a clinical-stage biotechnology company. Financial terms were not disclosed.
Stealth BioTherapeutics is an innovative biopharmaceutical company developing therapies to treat mitochondrial dysfunction associated with mitochondrial genetic diseases and common diseases of aging. The team works with patients and advocacy organizations to better understand their journey with mitochondrial disease and raise awareness of the unmet need our programs seek to address.
Stealth BioTherapeutics was advised by Houlihan Lokey, Walkers, WilmerHale and Kendall Investor Relations. Morningside Venture and J. Wood Capital Advisors were advised by Campbells and Goodwin Procter.
Park Cities, an alternative investment firm, agreed to acquire Elevate, a provider of online credit solutions, for $67m.
"From the beginning, Elevate has strived to be the most trusted and preferred alternative credit provider for the 'New Middle Class'—the more than 100m credit-constrained Americans. I am excited to build on our partnership with Park Cities and continue our work as a leader and innovator in the non-prime market. I look forward to working with the Park Cities leadership team and believe the company will greatly benefit from their expertise and comprehensive understanding of the credit landscape," Jason Harvison, Elevate CEO.
Park Cities is advised by Haynes and Boone, Husch Blackwell and Wick Phillips. Elevate is advised by Morgan Stanley, Morrison & Foerster and Solebury Trout (led by Sloan Bohlen).
Diamondback Energy, an independent oil and natural gas company, agreed to acquire the leasehold interest and related assets of Lario Permian, a wholly owned subsidiary of Lario Oil & Gas Company, a provider of oil and gas exploration services, for $1.55bn.
"Lario is an attractive bolt-on to our existing Martin County position, home to some of the best rock in the Permian Basin. This is a deal that checks all the boxes Diamondback looks for in an acquisition, as it brings over 150 gross locations in the core of the Northern Midland Basin and also provides immediate accretion to all relevant financial metrics, enhancing Diamondback's overall value proposition to our stockholders," Travis Stice, Diamondback Chairman and CEO.
Sentinel Capital, an investment firm, agreed to acquire L2 Brands, a designer, manufacturer, and marketer of custom apparel and headwear, from Dominus Capital, an operationally-focused private equity firm. Financial terms were not disclosed.
"The L2 Brands story is very similar to many other Dominus investments where both organic and acquisition growth are part of the strategy. The resources we brought to L2 Brands enabled it to more than triple its size during our ownership period," Gary Binning, Dominus Capital Founding Managing Partner.
Sentinel Capital is advised by BMO Capital Markets and Broadgate Consultants (led by Roland Tomforde). Dominus Capital is advised by Lincoln International, Robert W Baird and White & Case.
Profile Products, a developer and manufacturer of engineered specialty agriscience materials, agreed to acquire Quick Plug, a producer of stabilized sowing and cutting substrates, from Dümmen Orange, a provider of vegetative-breeding services. Financial terms were not disclosed.
"With the addition of Quick Plug, we are able to not only expand our offerings to current ornamental customers and the controlled environment agriculture market but support food production to ensure food security around the world. We are excited to bring on board a like-minded team that shares our strategic vision of growth through innovative technology to deliver reliable products," Jim Tanner, Profile Products CEO.
Emergent Cold Latin America, a cold storage logistics operator, agreed to acquire a distribution facility in Recife. Financial terms were not disclosed.
“Brazil is the largest Latin American market with high levels of protein production and consumption, and a positive forecast for the coming years. Adding this capacity in Brazil increases our global connectivity for protein companies looking for better access to international markets,” Neal Rider, Emergent Cold LatAm CEO.
Emergent Cold Latin America is advised by 44 Capital and Lefosse Advogados.
SCF Partners, a private equity firm, agreed to invest in Westbrook Energy Group, a manufacturer of pressure control connection products for the downstream, natural gas distribution, LNG, upstream, and general industrial markets. Financial terms were not disclosed.
"This new alliance with SCF will allow the Westbrook family of companies to build upon our proud history of providing the energy and industrial sectors with high-quality products. With support and guidance from the SCF team, our future has never been brighter, and our brand will flourish with new offerings and partnerships providing our customers with an unparalleled source of products," Howard Houston, Westbrook CEO.
Westbrook is advised by Houlihan Lokey.
UPL-backed Advanta Seeds, a provider of sustainable agriculture solutions, and Bunge, an agribusiness and food company, agreed to acquire a 40% stake in SEEDCORP|HO, an integrated seed platform. Financial terms were not disclosed.
"With this transaction, we will further solidify the relationship with our partners during harvest planning. Combined with our technical expertise and market knowledge, we will be able to advise on the adoption of seed varieties that best meet demand, including meeting the demand for more sustainable solutions with a focus on reducing the carbon footprint of the entire growing process," Rossano de Angelis Jr, Bunge Vice President of Agribusiness.
SEEDCORP|HO is advised by Morgan Stanley.
Alpha Growth, a financial services specialist, agreed to acquire Havelet Assignment Company, a Barbados-based financial services company specializing in settlement assignments. Financial terms were not disclosed.
"I have been in the annuity sector for over 20 years and very familiar with the settlement assignment business. It's a consistently growing field, given the amount of civil litigation in the US and awarding of large claims. Havelet is an ideal acquisition for Alpha as it will generate service fees on its own level and opens a channel for Providence to issue annuities and grow its fee-based assets under administration," Jason Sutherland, Alpha Non-Executive Director.
Alpha Growth is advised by Allenby Capital.
Surf Air Mobility, an American electric aviation company, and Tuscan Holdings II, a SPAC, terminate a $1.4bn merger.
Tuscan Holdings II and Surf Air Mobility announced that they had terminated their previously announced agreement and plan of merger, effective immediately, by the mutual agreement of all relevant parties. Both companies' boards approved the termination of directors.
Blockchain Capital, a venture capital and private equity firm, and Dragonfly, a venture capital firm, led a $200m Series C funding round in Matter Labs, a developer of scaling decentralized application, with participation from LightSpeed Venture Partners, Variant and Andreessen Horowitz.
Matter Labs is known for its work on zkSync, an Ethereum scaling solution that drastically reduces the cost of Ethereum transactions. The company will be able to iterate on zkSync for a while.
Neste, an oil refining and marketing company, agreed to acquire used cooking oil collection and aggregation business from Crimson Renewable Energy, an industrial organic chemicals manufacturer. Financial terms were not disclosed.
“I want to thank our SeQuential team for their invaluable efforts and contribution in building a leading UCO collection and aggregation business on the US West Coast. Joining Neste is a great opportunity for that team to develop its UCO business and operations further with a leading manufacturer of renewable fuels,” Harry Simpson, Crimson Renewable Energy President and CEO.
Thrive Healthcare, an investment firm focused on driving better outcomes in behavioral health, completed the acquisition of Harmony Recovery Group, an addiction treatment center. Financial terms were not disclosed.
"The board of directors and all of us here at Thrive Healthcare are proud to launch Harmony Recovery Group as the platform for Thrive Healthcare. Harmony's dedication to excellence in patient care and its program diversity will make them an outstanding asset to the healthcare services sector. I am delighted to be working with Dr. Gilbert and her team throughout the transition and together seeing Harmony Recovery Group flourish as we move forward," Steve Fishman, Thrive Healthcare Chairman.
CVC Capital, Group Black circle Vox Media. (FS)
CVC Capital Partners and Group Black, a media firm, are working on a bid for Vox Media, an independent modern media company, which could be valued at around $1bn.
The bid comes as the media sector is grappling with a tough economic climate and as CVC, the European private equity giant, is eyeing a consolidation move into more media assets across the US. Media company is not looking to sell, but the firms have sent Vox a term sheet.
Hasbro is seeking a buyer for most of EOne.
Hasbro, a global play and entertainment company, which has been weighing options for its Entertainment One media division, has decided to put most of the business up for sale, Bloomberg reported.
Hasbro noted that it will maintain the capability to develop and produce animation, digital shorts, scripted TV and theatrical films for audiences related to core Hasbro IP. Hasbro plans to significantly increase strategic investment in key brands. The firm has appointed JP Morgan and Centerview Partners to steer the process after receiving takeover interest from potential bidders.
Singapore's Temasek writes down entire $275m investment in FTX.
Singapore state investor Temasek is writing down its entire $275m investment in embattled crypto exchange FTX, DealStreetAsia reported.
“In view of FTX’s financial position, we have decided to write down our full investment in FTX, irrespective of the outcome of FTX’s bankruptcy protection filing,” the investor said in a statement. Temasek invested $210m for a minority stake of about 1% in FTX International and $65m for a minority stake of about 1.5% in FTX US from October 2021 and January 2022.
Binance to relaunch bid to buy bankrupt Voyager Digital.
Crypto exchange Binance's US unit is relaunching its bid to buy bankrupt lending platform Voyager Digital, Reuters reported.
The report comes days after crypto exchange FTX, which was set to acquire Voyager's assets after signing a deal in September, filed for bankruptcy following a liquidity crunch. Voyager ended the deal with FTX this week and said it was in active discussions with several alternate bidders.
Canada Pension will sell firms that don’t take ESG seriously. (FS)
The head of Canada’s $400bn pension fund said he’s willing to cut ties with firms that aren’t committed to their net-zero targets, Bloomberg reported.
While the Canada Pension Plan Investment Board doesn’t believe divestment is the right path forward, it will do so if other efforts fail, Chief Executive Officer John Graham said on a panel at the Bloomberg New Economy Forum in Singapore.
GLP Capital Partners announces $1.5bn final closing of self-storage property fund. (FS)
GLP Capital Partners announced the final closing of its North American self-storage real estate fund, GCP SecureSpace Property Partners. The Fund was oversubscribed at its $1.5bn hard cap, making it the largest self-storage fund ever raised. The Fund secured commitments from a diverse group of limited partners including domestic and international institutional investors, including public and corporate pensions, insurance companies, asset management firms, and family offices.
"The closing of our inaugural value-add fund marks a major milestone for GCP US's self-storage platform. We are excited about the SecureSpace brand and operating platform we have built and the premium, scaled portfolio we have assembled in densely populated, high barrier-to-entry markets. The current macroeconomic environment is particularly conducive for well-capitalized platforms with sophisticated operating capabilities like ours, and we believe GSA's coastal-focused strategy positions us to outperform," Daniel Ward, GCP US Head of Asset Management.
Evercore hires TMT specialist Hoyle from rival Lazard. (People)
Evercore has hired rival Lazard’s head of technology, media and telecom investment banking in the UK, Bloomberg reported.
London-based Richard Hoyle has joined Evercore as a senior managing director in its information and media team, according to a statement. A representative for Lazard declined to comment.
EMEA
Digital Virgo to go public via a SPAC merger with Goal Acquisitions in a $513m deal.
Digital Virgo, a French global platform for payment and monetization of digital content and services, agreed to go public via a SPAC merger with Goal Acquisitions in a $513m deal.
"After years of steady growth and profitability, now is the time for us to go public and pursue more rapid growth by satisfying customer demand for a one-destination platform that fulfills their content, commerce, and financial needs. It's also the right moment to bring our offerings to the US market. We've resisted previous pushes to go public, but in Goal Acquisitions Corp., we found exactly the right partner. Their team not only has the experience in building businesses and advising companies but also has the global relationships in sports, media, games, and other areas that will allow us to develop new partnerships leading to more rapid customer acquisition and premier content creation to enhance the platform and grow revenue and profitability," Guillaume Briche, Digital Virgo CEO.
Digital Virgo is advised by Peltier Juvigny Marpeau & Associes and Winston & Strawn (led by Michael J. Blankenship). Goal Acquisitions is advised by JMP Securities and Proskauer Rose. JMP Securities is advised by Latham & Watkins.
UPS completed the acquisition of Bomi Group from ArchiMed. (FS)
UPS, a company that delivers packages and documents throughout the United States and other countries and territories, completed the acquisition of Bomi Group, a healthcare logistics provider, from ArchiMed, a private equity firm. Financial terms were not disclosed.
"We had best-in-class growth and development support from ArchiMed. ArchiMed helped us source, negotiate and close 15 acquisitions over three years, crucially strengthening our business in both Europe and the Americas and expanding our capabilities. In three years, our organic growth moved from high single-digit to high double-digit," Marco Ruini, Bomi Chief Executive.
UPS was advised by JP Morgan and Freshfields Bruckhaus Deringer. Bomi was advised by Morgan Stanley and Simmons & Simmons. ArchiMed was advised by Latham & Watkins (led by Farah O'Brien).
GLD Partners-backed AEC to go public via a SPAC merger with Sagaliam Acquisition in a $379m deal. (FS)
GLD Partners-backed Arabian Entertainment Company, a food, beverage, and entertainment company, agreed to go public via a SPAC merger with Sagaliam Acquisition in a $379m deal.
"We believe AEC has become one of the fastest-growing providers of fast casual dining experiences in Saudi Arabia thanks to its world-class leadership team and the consistent, high-quality service it provides to customers. We are confident in the AEC team, and we believe they are ready to further accelerate their market position through this opportunity to become a public company," Barry Kostiner, Sagaliam CEO and Director.
AEC is advised by King & Spalding. Sagaliam Acquisition is advised by Marshall & Stevens Transaction Advisory Services, Al Akeel & Partners and Mayer Brown.
Apax-backed Lutech to acquire Atos Italia. (FS)
Apax-backed Lutech, an Italian provider of IT services and solutions, agreed to acquire Atos Italia, an Italian subsidiary of Atos, an information technology company. Financial terms were not disclosed.
"This is an important announcement that brings together two major players in the Italian IT market. Today's news is a fundamental step towards achieving our goal, in partnership with Apax, of creating a leading Italian company in the digital transformation space. This transaction brings together two cutting-edge companies, combining our skills and cultures and consolidating our leadership position as an end-to-end player in the digital market," Tullio Pirovano, Lutech Group CEO.
Apax and Lutech are advised by Bain & Co, PCB Partners, PricewaterhouseCoopers and Legance.
FDJ Group, an operator of France's national lottery games, agreed to acquire ZEturf Group, an online information and betting website, for €175m.
“Twelve years after online betting was opened up to competition in France, the tie-up between the ZEturf group and FDJ Group’s online sports betting business marks a new stage in our development, bringing together the strengths of two complementary operators. It’s also an opportunity for our staff to bring their expertise to bear as part of a highly engaged, ambitious group and to benefit from the synergies created by this tie-up,” Emmanuel de Rohan-Chabot, ZEturf group Founder.
FDJ Group is advised by Messier & Associes and Mayer Brown.
Helios Investment to acquire a majority stake in Maroc Datacenter and IXAfrica Data Centre. (FS)
Helios Investment, a private equity investment firm, agreed to acquire a majority stake in Maroc Datacenter, a carrier-neutral data center in Morocco, and IXAfrica Data Centre, a developer and operator of hyperscale-ready data centers in Kenya. Financial terms were not disclosed.
"The acquisition of MDC as a key building block in Helios' broader Moroccan hyperscale DC platform and the strategic investment in IXAfrica are aligned with our criterion of making investments that have the potential to integrate climate-sensitive solutions into our value creation plans. In both Morocco and Kenya, the delivery of essential infrastructure that is critical to economic growth can be done in manner that is climate-sensitive; from focusing on low-carbon sources of power to lower intensity consumption of resources, these data center investments have potential to be blueprints for digital infrastructure's part in reducing carbon intensity on the continent," Babatunde Soyoye, Helios Investment Co-Founder and Managing Partner.
Helios Investment is advised by Debevoise & Plimpton (led by Geoffrey P. Burgess) and Teneo (led by Haya Herbert-Burns).
Noventiq, a digital transformation and cybersecurity solutions and services provider, agreed to acquire Saga New Frontier Group, a Serbian software and digital solutions company. Financial terms were not disclosed.
"We are very proud to welcome Saga's team to Noventiq. Saga's solutions offerings and sophisticated own IP will help Noventiq to not only expand its geographical presence, but also entrench our portfolio capabilities. Saga's fintech solutions are about transforming legacy banks and institutions into digital leaders, and thanks to this transaction, our customers from a wide array of sectors will be able to benefit from Saga's extraordinary technology," Herve Tessler, Noventiq President and COO.
Merck picks Goldman Sachs to launch pigments sale in 2023. (FS)
German diversified group Merck has tapped Goldman Sachs to revive a $1bn sale of its pigments division after previous attempts to sell the business fell through during the pandemic.
The business, known as Surface Solutions, has already drawn interest from Austrian rival Heubach, owned by SK Capital Partners, speaking on condition of anonymity, Reuters reported.
UK blocks Chinese-led buyout of biggest microchip factory over national security.
The UK ordered China’s Wingtech Technology to undo its acquisition of Britain’s biggest microchip factory more than a year after the deal closed, citing national security concerns.
Wingtech’s Dutch subsidiary Nexperia Holding will be forced to sell the 86% of Newport Wafer Fab in Wales it bought in July 2021 in a deal worth about £63m ($75m). It held a small stake before that date, prior to the new UK takeover rules, Bloomberg reported.
South Africa’s PIC won’t sell stake key to platinum takeover battle. (FS)
South Africa’s Public Investment's decided against selling its shares in Royal Bafokeng Platinum, the miner at the center of an increasingly heated takeover battle, Bloomberg reported.
The PIC, Africa’s biggest fund manager, owns almost 9.9% of RBPlat, according to data compiled by Bloomberg. Those shares could help either Impala Platinum or rival Northam Platinum get closer to gaining control of RBPlat.
“PIC, after considering both financial returns for its clients and societal impact of the proposed transaction involving RBPlat, has decided to hold on to its position in RBPlat. The PIC has communicated this decision to both Impala Platinum and Northam Platinum,” PIC spokesperson.
APAC
Blackstone, an American alternative investment management company, agreed to acquire a 52% stake in R Systems, an IT service management company, from Satinder Singh Rekhi, for $359m.
“I am excited that our partnership with Blackstone will take R Systems on the path to its next level of growth. Today, R Systems is a well-known product engineering brand that attracts top-notch talent looking to work on cutting-edge solutions for our global clients. The company’s management team will be excited to welcome Blackstone and benefit from their scale, expertise, and global track record in IT services. Our employees, customers, and partners will gain immensely from this partnership with Blackstone. I am happy for my new role as an advisor to the company under Blackstone’s ownership,” Satinder Singh Rekhi, R Systems CEO.
Blackstone is advised by KPMG, Cyril Amarchand Mangaldas and Simpson Thacher & Bartlett (led by Ian Ho). Satinder Singh Rekhi is advised by BDA Partners (led by Jeff Acton and Manoj Balwani) and AZB & Partners.
Globant, an IT and Software Development company, to acquire eWave, an independent digital transformation agency. Financial terms were not disclosed.
"Today, we welcome eWave's extraordinary team to our family with whom we share the same vision of reinvention to support companies in their digital transformation. eWAVE brings end-to-end capabilities in digital commerce that will allow us to reinforce our studio expertise and expand to new clients in new markets," Martín Migoya, Globant Co-Founder & CEO.
Mubadala, a sovereign investor, completed the acquisition of a minority stake in AirCarbon Exchange, a commodities exchange and trading solutions company. Financial terms were not disclosed.
"We are honoured today to announce Mubadala's investment in ACX. It represents Mubadala's confidence in the growth potential of ACX and validates the hard work the team has committed into developing ACX and our joint commitment going forward to scaling the voluntary carbon market both in region and globally," Thomas McMahon, ACX CEO & Co-Founder.
Saudi Aramco plans to invest in a $7bn project of South Korean affiliate S-Oil.
Saudi Aramco plans to invest in a $7bn project to produce petrochemicals from crude oil at its South Korean affiliate S-Oil’s refining complex in the port city of Ulsan.
The project, named Shaheen, is the Saudi company’s biggest investment in South Korea and will mark the first commercial use of Aramco and Lummus technology to produce chemicals from crude, DealStreetAsia reported.
Sumitomo Realty to invest $3.6bn in Indian office building projects. (RE)
Japan’s Sumitomo Realty & Development will invest JPY500bn ($3.58bn) in office building projects in India, expanding in what is projected to become the world’s most populous nation mere months from now.
The company recently spent JPY35.1bn ($240m) acquiring about 12k square meters of land in the Bandra Kurla Complex, known as BKC, a rapidly developing business and residential district of Mumbai. The plot is one of the largest office building sites in BKC, DealStreetAsia reported.
Tata plans to merge carriers under Air India, Nix Vistara Brand.
Tata Group is considering a plan to integrate its four airline brands under Air India, as the sprawling company prepares to rebuild its faltering aviation empire.
India’s largest conglomerate is also considering scrapping the Vistara brand, which is Singapore Airlines's local affiliate in the South Asian nation. Singapore Airlines is evaluating the size of stake it should take in the combined entity, Bloomberg reported.
Renault considers transferring over half of Nissan stake to match holdings.
Renault may transfer more than half its stake in Nissan Motor to a trust to match the Japanese car maker's holdings in itself.
Renault would transfer a 28% stake it owns in Nissan to a trust and would be left with a 15% stake, equivalent to what Nissan owns in the French automaker. Renault, which currently owns 43% of Nissan, would give up voting rights tied to the transferred shares, Reuters reported.
An $18bn wipeout is harsh reality of five famed India IPOs.
Five of the most-hyped technology initial public offerings in India over the past 16 months have floundered since listing, shedding more than $18bn in value, Bloomberg reported.
Concerns over valuations and rising global rates have taken the biggest toll on the parent of payments firm Paytm. The other victims include delivery startup Zomato, the owner of beauty e-retailer Nykaa, logistics firm Delhivery and the operator of online insurance marketplace Policybazaar.
Fairfax weighing Bangalore airport IPO at $3.7bn value.
Fairfax India is considering an initial public offering for Bangalore International Airport that could value the asset at about INR300bn ($3.7bn), Bloomberg reported.
The Indian arm of Canadian investment group Fairfax Financial is working with an adviser on the potential listing that could take place as soon as next year. Fairfax India holds a majority stake in the owner of Kempegowda International Airport, Bengaluru, located in the southern Indian city also known as Bangalore.
Growatt receives HKEX approval for $1bn Hong Kong IPO.
Growatt Technology, a Chinese solar energy device maker, has received approval from the Hong Kong stock exchange for an initial public offering, Bloomberg reported.
The Shenzhen-based company was given the green light following a hearing with the bourse’s listing committee. Growatt may seek about $1bn through the first time share sale, and could start taking orders as soon as next week.
Liquor maker Zhen Jiu weighs $400m Hong Kong IPO.
Zhen Jiu, a Chinese liquor company, is considering a Hong Kong initial public offering as soon as next year.
The company is working with advisers on the potential listing. Zhen Jiu could raise about $300m to $400m in the IPO, Bloomberg reported.
Singapore firm weighs $146m IPO, ending listing drought.
Legend Logistics is exploring an initial public offering in Singapore to raise as much as SGD200m ($146m), in what would be the largest IPO in the city-state in nearly a year.
The logistics firm is working with financial advisers on the potential first-time share sale. A listing could take place as soon as 2023, Bloomberg reported.
Alibaba says conversion to primary listing in Hong Kong delayed.
Alibaba Group said a planned conversion of its listing in Hong Kong to primary status won’t be completed by the end of 2022 as earlier planned, according to filing with the Hong Kong Stock Exchange, Bloomberg reported.
The company has been preparing for the primary listing in Hong Kong, while closely monitoring market conditions and other factors. It needs to formulate and submit a new employee stock ownership program to shareholders for approval in order to comply with the newly amended rules in Hong Kong before the conversion.
Indonesia's Bank Neo Commerce plans $191m rights issue next year.
Akulaku-backed lender Bank Neo Commerce plans to raise IDR3tn ($191m) via a rights issue next year to support its loan disbursal targets and launch several new products, DealStreetAsia reported.
Tjandra Gunawan, Bank Neo Commerce’s President Director and CEO, said existing investor Alibaba group will participate in the rights issue. However, the Chinese tech giant — through its entities Akulaku and Rockcore Financial Technology — can only increase its ownership in Bank Neo Commerce up to 40%, as foreign entities are allowed to own a maximum of 40% stake in an Indonesian bank.
Edelweiss raises $282m for maiden energy infrastructure investment trust.
Edelweiss Real Assets Managers, a unit of Edelweiss Alternatives has raised $282m (INR23bn) under AnZen India Energy Yield Plus Trust, its maiden energy infrastructure investment trust, DealStreetAsia reported.
The fundraising of AnZen Trust was through private placement and received an encouraging response from a diversified set of institutional and other eligible investors who hold ~26% of the units, the trust would be looking to invest in a diversified portfolio of energy assets including transmission lines and renewable power projects.
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