AMERICAS
The European Commission granted unconditional antitrust clearance for the $43bn merger of AT&T-backed WarnerMedia, a multinational mass media company, and Discovery, a mass media factual television company.
Discovery said it currently anticipates the closing of the WarnerMedia transaction to occur in mid-2022, subject to approval by Discovery stockholders and additional customary closing conditions, including other regulatory approvals.
"Approval from the European Commission is a key milestone toward completing our proposed transaction with AT&T," David Zaslav, Discovery President and CEO.
Discovery is advised by Allen & Company, JP Morgan, Perella Weinberg Partners, RBC Capital Markets, Debevoise & Plimpton, Perez Llorca, Sherman & Howard and Wachtell Lipton Rosen & Katz. Financial advisors are advised by White & Case. AT&T is advised by Goldman Sachs, LionTree Advisors, Fasken and Sullivan & Cromwell. Financial advisors are advised by Fried Frank Harris Shriver & Jacobson and Simpson Thacher & Bartlett. Advance is advised by RBC Capital Markets and Paul Weiss Rifkind Wharton & Garrison. RBC Capital Markets is advised by Alston & Bird.
Crocs, an innovative casual footwear company, agreed to acquire HEYDUDE, a casual footwear brand, for $2.5bn.
"With the acquisition of HEYDUDE, we are thrilled to add another high-growth, highly profitable brand to our portfolio. We believe HEYDUDE's casual, comfortable and lightweight products are aligned to long-term consumer trends and are a perfect fit for Crocs. We intend to leverage our global presence, best-in-class marketing and scale infrastructure to build upon HEYDUDE's strong foundation and create significant shareholder value. We truly admire the business that founder Alessandro Rosano has built and are honored to welcome the HEYDUDE team to Crocs," Andrew Rees, Crocs CEO.
HEYDUDE is advised by LVC Asia Pacific, Chiomenti, Cozen O'Connor, Croon Law, Deacons and Sullivan & Cromwell. Crocs is advised by Citigroup, Bird & Bird and Perkins Coie.
Hyperfine, a provider of technology solutions, and Liminal Sciences, a developer of medical devices, went public via a SPAC merger with HealthCor Catalio Acquisition, a blank check company, in a c.$580m deal. The transaction was supported by an oversubscribed $126m PIPE with participation from institutional investors including HealthCor Management, Catalio Capital Management, Perceptive Advisors, Avidity Partners, Eldridge, accounts managed by ARK Investment Management, Deerfield Management and Bain Capital.
"The combination of Hyperfine, Liminal, and HealthCor Catalio presents an inspiring opportunity to transform the global MR imaging and brain-sensing paradigm. This business combination will empower Hyperfine with the expanded resources, financing, and expert advisory team to substantially broaden MR imaging accessibility and ultimately build a transformational ecosystem across the care continuum," Dave Scott, Hyperfine President and CEO.
Hyperfine was advised by JP Morgan, Mintz Levin and Gilmartin Group. HealthCor Catalio Acquisition was advised by Evercore, Jefferies & Company, Wells Fargo Securities, Kirkland & Ellis and Paul Hastings.
Brightstar Capital Partners, a private equity firm, completed the acquisition of Novae, a trailer manufacturer. Financial terms were not disclosed.
"The more we've built a trusted relationship with Steve, Chris, and their team, the more excited we are about partnering with Novae and building on the Company's impressive success. We look forward to quickly executing on our strategic plan to further scale this growing business," Matthew Allard, Brightstar Partner.
Novae was advised by Fifth Third Bancorp and Faegre Drinker Biddle & Reath. Brightstar Capital Partners was advised by Jefferies & Company, KeyBanc Capital Markets, Nomura, Fredrikson & Byron and Dukas Linden Public Relations.
Quidel, a manufacturer of diagnostic healthcare products, agreed to acquire Ortho Clinical Diagnostics, an in vitro diagnostics company, for $8bn.
“Quidel shares our commitment to customers and passion for the patients we serve. By bringing together Quidel’s point-of-care diagnostics with Ortho’s vast global reach, there is a substantial opportunity to capitalize on the cross-selling opportunities, move into attractive adjacent markets, and accelerate innovative product expansion and the development of molecular technologies. Together, we will continue to advance life-changing diagnostic solutions to improve patient outcomes and deliver economic benefits to the healthcare system," Chris Smith, Chairman and CEO.
Quidel is advised by Citigroup, Perella Weinberg Partners and Gibson Dunn & Crutcher. Ortho Clinical is advised by JP Morgan and Latham & Watkins.
Oportun, a firm engaged in providing financial services, completed the acquisition of Digit, a developer of a mobile application designed to help increase personal savings wisely, for $213m.
"This is a transformational deal that will expand our addressable market, accelerate and diversify revenue growth, and position Oportun for even more future success. In Digit, we are purchasing a proven and scalable neobanking solution that gets us to market 3-5 years earlier than if we were to build it on our own," Raul Vazquez, Oportun CEO.
Digit was advised by Financial Technology Partners and Goodwin Procter. Oportun was advised by JP Morgan and Wilson Sonsini Goodrich & Rosati.
Sycamore Partners, a private equity firm specializing in consumer, distribution, and retail-related investments, completed the acquisition of Digital Room, an e-commerce provider of customized marketing products to small and medium-sized businesses, from H.I.G. Capital, a global alternative investment firm. Financial terms were not disclosed.
"Digital Room has an impressive track record serving the marketing needs of small and medium-sized businesses. We believe the company is well positioned for its next phase of growth, and we look forward to partnering with the Digital Room team as they continue executing on their existing strategy," Stefan Kaluzny, Sycamore Partners Managing Director.
Digital Room was advised by Harris Williams & Co, Robert W Baird and Ropes & Gray. Sycamore Partners was advised by Kirkland & Ellis and Joele Frank.
Brightstar Capital Partners-backed XLerate, a nationwide vehicle auction and remarketing company, agreed to acquire America's Auto Auction, a vehicle auction provider. Financial terms were not disclosed.
"The independent vehicle auction sector is poised for significant growth, as consumer demand expands, and technology continues to enhance the remarketing process. We are thrilled to welcome our talented colleagues at AAA, and appreciate the trust placed in us by Brightstar. Together, we will develop a platform built on lasting relationships and superior service that leverages the best of digital and physical offerings, and further redefines the remarketing industry," Cam Hitchcock, XLerate CEO.
America's Auto Auction is advised by Harris Williams & Co and Katten Muchin Rosenman. XLerate is advised by Jefferies & Company, Kirkland & Ellis and Dukas Linden Public Relations.
Sandvik, a Swedish multinational engineering company, completed the acquisition of GWS Tool Group, a US-based round tools manufacturer, from L Squared, a private equity firm. Financial terms were not disclosed.
"With the acquisition of GWS, we take an important step in our shift to growth strategy where we have a clear ambition for our machining solutions business to increase market share in round tools and to enhance our presence in the North American market," Stefan Widing, Sandvik CEO and President.
GWS Tool was advised by BlackArch Partners and Vedder Price. Sandvik was advised by Freshfields Bruckhaus Deringer.
Scientific Games, an entertainment company offering dynamic games, systems and services, withdrew its offer to acquire the remaining 19% stake in SciPlay, a casino, casual and bingo mobile social games provider. Financial terms were not disclosed.
"In line with our approach to capital management and disciplined M&A we have decided that continuing to pursue this opportunity would not be prudent for our shareholders at this time," Barry Cottle, Scientific Games President and CEO.
Canaccord Genuity Group, an independent, full-service financial services firm, agreed to acquire Sawaya Partners, an independent M&A advisory firm to the consumer sector based in New York. Financial terms were not disclosed.
"Having just celebrated Sawaya Partners' 20th anniversary, we are delighted to begin the next stage in our journey as part of the Canaccord Genuity team. Both businesses share a similar entrepreneurial and collegial culture and a rigorously client-centric approach. This transaction presents a tremendous opportunity to expand our reach, while leveraging CG's extensive global footprint and capital markets capabilities to provide enhanced opportunities for our corporate and sponsor clients," Fuad Sawaya, Sawaya Partners Founder and Managing Partner.
Sawaya Partners is advised by Keefe Bruyette & Woods and Mayer Brown. Canaccord Genuity is advised by Debevoise & Plimpton.
ORIX-backed Specialty Welding and Turnarounds, a provider of highly technical maintenance services to the chemical, refinery, renewable, and industrial markets, agreed to acquire Midwest Cooling Tower Services, a provider of mission-critical cooling tower solutions, from Dorilton Capital, a private investment firm. Financial terms were not disclosed.
"Midwest has been a leading provider of cooling tower services for decades with a strong reputation for excellent inspection and maintenance execution. Along with its critical components inventory and cooling towers rental fleet, the company is well-differentiated as a key player in the industry. With this acquisition, we will now be able to provide high-quality cooling tower services as a core part of our offering. We are excited to extend SWAT's technical capabilities into this attractive market by supporting Midwest's exceptional management and operations team," Marcus Deal, SWAT CEO.
Midwest Cooling Tower Services is advised by Stifel and Jones Day. SWAT is advised by Kirkland & Ellis.
Vista Equity Partners, an investment firm, agreed to invest in Salesloft, a provider of sales engagement platform. Financial terms are not disclosed.
“From day one, Salesloft’s vision has been to help sellers more successfully engage with and serve their buyers. This investment is a huge milestone in Salesloft’s journey to becoming the most loved brand in sales technology. It gives us the resources we need to continue serving our amazing customers, while innovating solutions to solve the complex challenges faced by sellers," Kyle Porter, Salesloft CEO and Founder.
Salesloft is advised by Qatalyst Partners and DLA Piper. Vista is advised by Kirkland & Ellis.
Tenet, a diversified healthcare services company, completed the acquisition of a portfolio of ambulatory surgery centers from SurgCenter Development, a developer of physician-owned ASCs, for $1.1bn.
“We are extremely pleased to announce this transformative transaction and partnership, which builds upon USPI’s position as a premier growth partner and SCD’s track record of developing high-quality centers with leading physicians. By welcoming these centers into our company, USPI will maintain its reach as the largest ambulatory platform for musculoskeletal services, a high-growth service line. We are also creating a pathway for further expansion through a partnership that pairs the expert development and operational capabilities of our two organizations," Saum Sutaria, Tenet Healthcare CEO.
Tenet was advised by Goldman Sachs and Willkie Farr & Gallagher.
Global Founders Capital, a venture capital firm, Tiger, an investment firm, Stripes, a growth equity firm, and Bessemer, a venture capital firm, led a $100m Series E round in Hyperscience, an automation company.
“The rise in unstructured data has created a rapidly growing gap between strategic questions and quick answers along the decision-making process. This infusion of capital will help us support more languages geographically, as well as different types of content and modalities beyond just language, such as voice and images," Peter Brodsky, Hyperscience CEO.
Hyperscience was advised by PAN Communications.
WTS International, a global provider of hospitality and amenity services for commercial, residential and hotel properties, completed the acquisition of Meet Hospitality Services, which provides design and management services for meeting, conference and amenity centers in New York City. Financial terms were not disclosed.
"WTS is in the business of activating spaces for building owners and managers where meetings and conferences are an important building amenity. Commercial real estate owners and building managers are looking for a single company that can manage their meeting and conference facilities along with their other building amenities," Barry Goldstein, WTS CEO.
WTS is advised by Paul Weiss Rifkind Wharton & Garrison.
Holcim Group, a provider of innovative and sustainable building solutions, agreed to acquire Malarkey Roofing Products, a company in the US residential roofing market, for $1.35bn.
"We couldn't be more thrilled. For decades, we've sought a company that agrees with our vision, aligns with our values, and can help us accelerate our growth strategy. Today, we found it in Holcim. Like Malarkey, Holcim has a strong focus on driving the circular economy and leading the transition towards sustainable construction. It's a very exciting time for both brands. To our employees, customers, partners, contractors, and friends, who continue to support our company and mission, thank you! You've witnessed first-hand the market's rapid acceptance of our unique value proposition. With Holcim's knowledge and resources, we can extend that value proposition to even more consumers. We're just getting started," Gregory Malarkey, Malarkey Roofing President.
Sinqia, a Brazilian financial technology provider, completed the acquisition of NewCon, a local developer of software for consortiums, for $75m.
Sinqia said it had decided to focus on the segment during Brazil's interest rate-hike cycle, noting that higher borrowing rates make consortiums more attractive.
SoftBank Group-backed Automation Anywhere, a robotic process automation company, agreed to acquire FortressIQ, a process discovery company. Financial terms are not disclosed.
"The Fortress IQ team are the pioneers of process intelligence, making this a perfect match. Together, Automation Anywhere and FortressIQ will reshape the future of automation, changing the way our customers automate, adapt, and accelerate as they pursue digital transformation initiatives. I'm thrilled to welcome FortressIQ to the Automation Anywhere family once the transaction closes," Mihir Shukla, Automation Anywhere CEO and Co-Founder.
SoftBank Latin America Fund led a $127 Series C round in Alice, a Brazilian healthcare startup, with participation from Kaszek Ventures, ThornTree Capital Partners, Allen & Company, G Squared, Globo Ventures and StepStone.
"This round demonstrates how much the market trusts our vision and the company we are building. This greatly increases our responsibility; we know that; we want that and we are going to the arena to contribute to positive change in the world," Alice.
Blackstone weighs sale of Hotel Brand Motel 6. (FS)
The real estate arm of Blackstone, an American alternative investment management company, is exploring the sale of Motel 6. The deal could value the hotel brand's holding company at $1bn, Bloomberg reported.
The firm is working with advisers and in the early stages of soliciting interest from potential suitors in G6 Hospitality, which owns both Motel 6 and Studio 6
Thompson Street Capital Partners announces first continuation fund in partnership with AlpInvest. (FS)
Thompson Street Capital Partners, a private equity firm based in St. Louis, announced the closing of its first continuation fund capitalized by AlpInvest and a group of limited partners. The transaction closed with a combined enterprise value of approximately $1.2bn and the continuation fund includes substantial additional capital to drive organic growth initiatives and strategic acquisitions at both companies.
"Establishing our first continuation fund represents a significant event for Thompson Street Capital Partners. BCM One and RMS are two of the best-performing portfolio companies in TSCP's twenty-year history and we are excited to continue our partnership with both businesses through this vehicle," Bob Dunn, TSCP Managing Partner.
Crown Capital Investments announces the launch of a $250m fund. (FS)
Crown Capital Investments, an Atlanta-based private equity investment firm, announces the launch of The Crown Capital Fund, an evergreen platform to accommodate growing investor demand arising from Crown Capital's proven track record revitalizing companies in the lower middle market.
"The Crown Capital Fund is a direct result of demand for the highly successful Crown Capital direct investment private equity platform. As our new platform, The Crown Capital Fund now provides scale to the Crown Capital model. It is an exciting evolution in our operations," Chris Graham, Crown Capital Investments Founder.
EMEA
Huayou Cobalt, a supplier of cobalt, agreed to acquire an 87% stake in Prospect Lithium Zimbabwe, which owns the Arcadia lithium mine project near Harare, from Prospect Resources, a battery minerals company, for $378m.
"The entire Prospect team is delighted with this outcome. It is the culmination of a process that gained global traction and generated inbound interest amongst potential partners for the world-class Arcadia Lithium Project," Sam Hosack, Prospect Managing Director and CEO.
Huayou Cobalt is advised by Canaccord Genuity, Jingtian & Gongcheng, MinterEllison, Morgan Lewis & Bockius and Scanlen & Holderness. Prospect Resources is advised by Azure Capital, Vermilion Partners, King & Wood Mallesons and Manokore Attorneys.
Allianz, a German multinational financial services company, and Heimstaden Bostad, a real estate owner and developer, agreed to form a joint venture in an $871m deal.
"We are pleased to partner with Allianz, which is a global and reputable long-term investor with significant experience within the real estate sector. Their substantial investment and long-term commitment show trust and confidence in our platform and operational expertise, and we look forward to building a strong and lasting partnership," Patrik Hall, Heimstaden CEO.
Allianz is advised by Deloitte, PricewaterhouseCoopers, CMS and Vinge. Heimstaden is advised by PricewaterhouseCoopers and DLA Piper.
Flutter, a bookmaking business, completed the acquisition of Sisal Group, an online gaming operator, from CVC Capital Partners, a private equity firm, for $2.2bn.
"Over the last five years, thanks to CVC's support, we have successfully transformed Sisal into a leading digital and international gaming company. Through our commitment to digital innovation, international expansion and safer gambling, we have achieved a leadership position in Italy's online gaming market and developed our global footprint by winning lottery tenders in Morocco and Turkey. We are delighted to join Flutter and are convinced that through its scale and operational capabilities, we will be able to further strengthen our leadership in the markets we operate in. I look forward to working with Peter and the team on the next chapter of Sisal history," Francesco Durante, Sisal CEO.
Flutter was advised by Barclays, Drury Porter Novelli and Finsbury Glover Hering.
PAI Partners, a pre-eminent private equity firm, agreed to invest in Uvesco, a food retailer in the North of Spain with a significant presence in Madrid. Financial terms were not disclosed.
"I am very excited that PAI has chosen to invest in Uvesco, providing us with the support required to continue our growth trajectory. We would like to thank all Uvesco's key stakeholders, including its employees, customers, and suppliers, for their backing in recent years, with the business now ideally placed to expand its differentiated, high quality food retail concept. Our commitment to local and regional products, as well as stable relationships and trust in our suppliers, will continue to be key pillars of our strategy. The Spanish market presents strong growth drivers, and we look forward to working with PAI to capitalise on the many opportunities ahead," José Ramón Fernández de Barrena, Uvesco CEO.
PAI Partners is advised by AZ Capital and Greenbrook.
BDT Capital-backed Culligan International, a provider of water solutions and services, agreed to merge with Waterlogic, an innovative designer, manufacturer, distributor and service provider of drinking water dispensers and accessories. Financial terms were not disclosed.
"For more than eight decades, Culligan has served as a leading provider of water treatment solutions and services for consumers. Our focus has been on driving innovation, delivering the best consumer experience and providing solutions that are both good for people and the planet, while also moving the market forward. Today's announcement represents an important step in our evolution toward those goals as we add Waterlogic's talent, distribution partners and innovative technology to our complementary offerings around the globe. Together with the Waterlogic team, we believe we can drive the future of clean and sustainable drinking water solutions globally and serve a broader group of customers in the $250bn global consumer water market," Scott Clawson, Culligan International CEO.
Culligan is advised by Davis Polk & Wardwell and Brunswick Group.
The Italian Sea Group, a global operator in the luxury yachting industry, agreed to acquire Perini Navi, an Italian shipyard based in Viareggio, Tuscany, for $91m.
"I am very proud of this operation. We wanted to push forward with the investment, but we have approached the auction with absolute determination to acquire all of the asset considering our consolidated competence and the new contracts, in particular in the segment of large sailing yachts. The new production spaces will allow us to increase incoming order for the future in a very dynamic segment, as proven by the two orders for sailing yachts that we signed in December. We are therefore confident to have made the right decision, driven by an incoming order that has exceeded expectations by 50%," Giovanni Costantino, The Italian Sea Group Founder and CEO.
Gaming Innovation Group, a technology company, agreed to acquire Sportnco, a platform provider of turnkey betting, for $105m.
"We are tremendously excited to welcome Sportnco into Gaming Innovation Group product offering. The transaction accelerates our long-term vision to become a global leader in the provision of platform, sportsbook and media services to the iGaming industry. The hugely complimentary regulatory profile and high-quality sportsbook that Sportnco have, rapidly expands both companies short- and long-term addressable market. Herve and the team at Sportnco have built a fantastic company over the last decade, creating a great product and working in a range of competitive regulated markets and have a proven track record of success. We are very excited to combine the two companies' offerings and accelerate our growth potential," Richard Brown, GiG CEO.
Babbel sets sights on acquisitions.
Babbel, a German subscription-based language learning app and e-learning platform, is setting its sights on acquisitions in 2022, Reuters reported.
Babbel also reportedly waits for the right moment to resume its IPO. The company is looking at acquisitions in learning methodologies and business customers, said Arne Schepker, Babbel CEO.
Permira closes second growth opportunities fund at $4bn. (FS)
Permira, a British global investment firm, exceeded its target in closing its second growth opportunities fund at $4bn. It was doubling the size of an earlier fund in the series, Bloomberg reported.
The fund builds on Permira's technology and digital investing strategy. Permira Growth Opportunities II has already partnered with AllTrails, Carta, mParticle and Sysdig.
APAC
Integrated Diagnostics Holdings, a healthcare diagnostics service provider, agreed to acquire a 50% stake in Islamabad Diagnostic Centre, a certified diagnostic centre, from Evercare Group, an integrated healthcare delivery platform, for $72m.
The acquisition will see IDH expand its presence into a highly attractive market in South Asia with a favourable demographic profile, and gain a stake in one of Pakistan's largest, most respected, and fastest growing integrated diagnostics firms.
Integrated Diagnostics Holdings is advised by Ernst & Young, Renaissance Capital, Chima & Ibrahim Advocates and White & Case. Evercare Group is advised by EFG Hermes, Debevoise & Plimpton and RIAA Barker Gillette.
UnionBank of the Philippines, one of the universal banks in the Philippines, agreed to acquire the Philippines consumer banking unit of Citigroup, an American multinational investment bank and financial services corporation, for $1.1bn.
"This transaction represents a positive outcome for our clients, our colleagues and our firm. We are delivering on our renewed strategy, focusing resources in areas where our global network positions us to deliver optimal growth and returns. Citi will continue to serve institutional clients in the Philippines and across Asia Pacific as we have for over a century. We are very pleased with today's announcement, and we will use the capital generated to invest in our strategic priorities," Peter Babej, Citigroup Asia Pacific CEO.
UnionBank is advised by Morgan Stanley, Milbank and Romulo Mabanta Buenaventura Sayoc & de los Angeles. Citigroup is advised by Citigroup, Linklaters and Sycip Salazar Hernandez & Gatmaitan.
Investment companies KKR, Ontario Teachers’ and PSP Investments completed the acquisition of Spark Infrastructure, an Australian investment fund which owns and manages a portfolio of electricity infrastructure assets, for $3.7bn.
“We are excited to invest in Spark Infrastructure, which is a world-class business that plays a critical role in Australian communities. Alongside Ontario Teachers’ and PSP Investments, we look forward to working with the management teams of Spark Infrastructure and its portfolio companies, to support the business’ objectives to improve grid stability and build secure, high-quality and cost-effective electricity infrastructure for customers across the country," Andrew Jennings, KKR Director.
Spark Infrastructure was advised by Goldman Sachs, KPMG, Herbert Smith Freehills and GRACosway. KKR was advised by Citadel Magnus.
Gorilla Technology Group, a provider of edge artificial intelligence, agreed to go public via merger with Global SPAC Partners, a blank check company, in a $708m deal.
"I am honoured to have the opportunity to join the Board of Gorilla as Executive Chairman following the combination. The Gorilla team has developed an outstanding technology platform with remarkably broad applicability. It will aim to capitalize on this foundation by extending Gorilla's international reach and expanding its ecosystem, while continuing to innovate for the future. I look forward to helping to build a global presence for Gorilla and working with its diverse teams to enhance its customers' capabilities and experience. Gorilla's solutions have at their core: security, flexibility and responsiveness. Founded on these watch-words, I believe that Gorilla's commitment to maximizing long-term shareholder value will be achieved by making Gorilla a go-to vendor for Edge AI and by making it an employer of choice for the talented colleagues," Jay Chandan, Global SPAC Partners Chairman.
Gorilla Technology Group is advised by K&L Gates. Global SPAC Partners is advised by Ellenoff Grossman & Schole and Intro-act.
Meituan and Hillhouse Capital led a $157m Series A round in Haomo.AI, a Beijing-based autonomous driving startup, with participation from Qualcomm Ventures, Shoucheng Holdings and JZ Capital.
Haomo will spend the fresh funds on autonomous driving technology R&D and talent pool building.
Haomo.AI was advised by Chuhai Media.
Hailiang Feng, Hailiang Education founder, offered to acquire and privatize Hailiang Education Group, an education and management services provider for primary, middle, and high schools in China, for $5.9bn.
"The company cautions that the Board has just received the proposal and has not made any decisions with respect to the proposal and the proposed transaction. There can be no assurance that the Buyer will make any definitive offer to the company, that any definitive agreement relating to the proposal will be entered into between the company and the buyer, or that the proposed transaction or any other similar transaction will be approved or consummated," Hailiang Education Group.
Lotte Group weighs $1.6bn sale of China theme park.
Lotte Group, a South Korean multinational conglomerate corporation, is considering selling its stalled theme-park project in northeastern China for $1.6bn, Bloomberg reported.
Lotte Group said that the theme park's construction is now halted due to the pandemic, and no decision has been reached on its future.
Tencent hands shareholders $16.4bn windfalls in the form of JD.com stake.
Tencent, a gaming and social media company, will pay out a $16.4bn dividend by distributing most of its stake in JD.com, a Chinese e-commerce company, Reuters reported.
Tencent will transfer $16.4bn worth of its JD.com stake to shareholders, slashing its holding in JD.com to 2.3% from around 17%. Walmart will become the biggest shareholder after this step.
Chinese chip mogul says $9bn rescue turning into a crime.
Zhao Weiguo, Tsinghua Unigroup Chairman, vowed to "fight to the end" a secretive fund's takeover proposal, strengthening an unusually public dispute over the troubled chipmaker's $9bn rescue plan. Tsinghua Unigroup is a Chinese semiconductor manufacturer that supplies digital infrastructure and services to domestic and global markets.
"The proposed deal is an intent to commit a crime. Even if the creditors’ committee approves the deal, I will fight a legal battle until the end," Zhao Weiguo, Tsinghua Unigroup Chairman.
Norway wealth fund divests from Yunnan Baiyao over pangolins. (FS)
Norway's $1.4tn wealth fund divested from Yunnan Baiyao, a Chinese pharmaceutical firm. The decision was made because the company uses and sells body parts from pangolins, an endangered species.
The fund also put Marfrig Global Foods, a beef producer in Brazil, under observation for possible exclusion from its investments for contributing to severe environmental damage, Reuters reported.
SenseTime prices Hong Kong IPO.
SenseTime Group, a Chinese artificial intelligence firm, is set to price its Hong Kong IPO at the bottom of its marketed range, planning to offer 1.5bn shares at HKD$3.85 ($0.49) apiece.
The company will raise about HKD$5.78bn ($741m). The company had marketed the shares from HKD$3.85 ($0.49) to HKD$3.99 ($0.51). The trading debut is set for December 30, 2021, Bloomberg reported.
Vingroup plans a bond issue to raise $1.5bn for automobile unit.
Vingroup, a conglomerate of Vietnam, focusing on technology, industry, real estate development, retail, and services ranging from healthcare to hospitality, plans to raise $1.5bn through the issue of international bonds next year to boost capital for its automobile unit.
The funds will be used to repay loans and for the expansion of VinFast, an automobile unit. VinFast became the country’s first fully-fledged domestic car manufacturer after its gasoline-powered models built under its own badge entered the market in 2019.
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