AMERICAS
Raytheon, a major US defence contractor and industrial corporation, and United Technologies, an American multinational aerospace conglomerate, Connecticut, completed their $121bn merger.
"Raytheon Technologies brings together two companies with combined strengths and capabilities that make us uniquely equipped to support our customers and partners during this unprecedented time. We will also play our part in the war on the Covid-19 pandemic, including doing everything we can to keep our employees around the globe safe and well," Greg Hayes, Raytheon Technologies CEO.
Raytheon was advised by Citigroup, RBC Capital Markets, Shearman & Sterling, Cleary Gottlieb Steen & Hamilton, and Joele Frank. UTC was advised by Evercore, Goldman Sachs, Morgan Stanley, Wachtell Lipton Rosen & Katz, Sullivan & Cromwell, and Maitland.
T-Mobile US sold $19bn of bonds to help it finance the $53bn merger with its rival Sprint. Investors placed about $75bn of orders at the peak for the highly-anticipated bond offering, which started marketing nearly a year ago.
The mobile carrier sold investment-grade, senior secured bonds in five parts. The longest portion of the offering, 30-year security, will yield 3.25% points above Treasuries, after initially price talk around 3.75% points, Bloomberg reported.
Sprint was advised by Centerview Partners, JP Morgan, Mizuho, SMBC, The Raine Group, Morrison & Foerster, Potter Anderson & Corroon, Simpson Thacher & Bartlett, and Skadden Arps Slate Meagher & Flom. SoftBank was advised by Morrison & Foerster and Potter Anderson & Corroon. Deutsche Telecom was advised by Deutsche Bank, Evercore, Goldman Sachs, Morgan Stanley, PJT Partners, Allen & Overy, Hogan Lovells, DLA Piper, Latham & Watkins, Richards Layton and Finger, and Wachtell Lipton Rosen & Katz.
TSG Consumer Partners, a private equity firm, completed the acquisition of a majority stake in Pathway Vet Alliance, a veterinary hospital business, from Morgan Stanley Capital Partners. Financial terms were not disclosed.
"TSG is a leading investor in the consumer and retail space with a proven track record of building world-class brands and businesses. As the pet care industry evolves, TSG’s consumer and branding expertise, paired with our unique value proposition and unmatched network of doctors and staff, positions us to build upon the substantial growth we’ve been able to accomplish in partnership with MSCP. We thank MSCP for their support and look forward to working with TSG to bring the highest quality veterinary care to as many pet families as possible,” Stephen Hadley, Pathway CEO.
Pathway Vet was advised by Jamieson and Jefferies & Company. TSG was advised by Bank of America Merrill Lynch, Guggenheim Partners, William Blair & Co, Ropes & Gray, and Sard Verbinnen & Co. MSCP was advised by Harris Williams & Co and Debevoise & Plimpton.
Private equity firms Pine Island Capital Partners, Bain Capital Credit and Compass Partners Capital completed the acquisition of Precinmac Precision Machining, a diversified manufacturer of high-tolerance precision machined components and assemblies, from GenNx360 Capital Partners, a private equity firm. Financial terms were not disclosed.
“With the support of Pine Island, Bain Capital, and Compass, we are excited to continue to expand the business by assisting high requirements customers who need impeccable quality, additional capacity, and flawless service,” Eric Wisnefsky, Precinmac CEO.
GenNx360 was advised by Alantra, Houlihan Lokey and Winston & Strawn. Pine Island Capital Partners was advised by Paul Hastings. Bain Capital Credit was advised by Davis Polk & Wardwell and Stanton PRM. Compass Partners Capital was advised by Willkie Farr & Gallagher.
ViacomCBS, a global media and entertainment company, completed the acquisition of a 49% stake in Miramax, a film and television studio, from beIN MEDIA GROUP, a media company, for $375m. ViacomCBS made a payment of approximately $150m at closing and will invest $45m annually over the next five years, for a total of $225m, to provide funding for new film and television productions and working capital.
"This represents a major investment in and endorsement of our thriving Miramax business, which has grown in value under BeIN Media Group's ownership and has a fantastic future ahead with major new movies and unexploited premium dramas. We are thrilled to partner with ViacomCBS and Paramount to explore further opportunities around Miramax's iconic IP, and also at the group level, while substantially increasing the scale of our entertainment business," Nasser Al-Khelaifi, BeIN Chairman.
Miramax was advised by Hiltzik Strategies. ViacomCBS was advised by Guggenheim Partners and O’Melveny & Myers. beIN MEDIA GROUP was advised by Moelis & Co and Skadden Arps Slate Meagher & Flom.
Investors Bancorp, the parent company of Investors Bank, completed the acquisition of Gold Coast Bancorp, the parent company of Gold Coast Bank, for $62m.
Each share of Gold Coast Bancorp common stock was converted into the right to receive, at the election of the shareholder, $15.75 in cash, 1.422 shares of Investors Bancorp common stock or a combination of cash and Investors Bancorp common stock, subject to proration to ensure that in the aggregate, 50% of the transaction consideration will be paid in the form of Investors Bancorp common stock.
"We appreciate the support of Investors Bancorp's balance sheet as well as its strong team of banking professionals in these perilous times. The merger will reinforce the efforts begun by Gold Coast Bank over a decade ago. Our customers will continue to be in safe hands with the many tools available with Investors Bancorp allowing for continued excellent service to all of our customers," John Tsunis, Gold Coast Bancorp Chairman and Chief Executive Officer.
Gold Coast Bancorp was advised by Boenning & Scattergood, Keefe Bruyette & Woods, Stifel and Windels Marx Lane & Mittendorf. Investors Bancorp was advised by Lazard and McCarter & English.
Charles Schwab, a bank and stockbroker, completed the acquisition of assets of USAA’s Investment Management Company, a Texas-based Fortune 500 diversified financial services group, for $1.8bn. The companies also agreed to enter into a long-term referral agreement that would make Schwab the exclusive wealth management and brokerage provider for USAA members.
"We could not be more enthusiastic that Mr. Davidson and Mr. Wolff are introducing long-term, generational capital to our partnership, as we embark on this exciting new chapter and challenge ourselves to realize our full potential as an independent, world-class investment manager. While I am pleased to share the news of the company’s restructure, given the state of crisis across the globe, our current focus remains balanced between the health and safety of our employees, tenants and partners and the important work of preserving value for our investors," Len O’Donnell, USAA Real Estate President and CEO.
Charles Schwab was advised by Credit Suisse and Davis Polk & Wardwell. USAA was advised by Goldman Sachs and Simpson Thacher & Bartlett.
Pacific Premier Bancorp, the holding company of Pacific Premier Bank, received the required regulatory approvals from the Board of Governors of the Federal Reserve System and the California Department of Business Oversight for the $1bn acquisition of Opus Bank.
The consummation of the merger remains subject to the approval by Opus’s shareholders, the approval by Pacific Premier Bancorp’s shareholders of the issuance of the shares of Pacific Premier Bancorp’s common stock in connection with the acquisition, and the satisfaction of other closing conditions. Pacific Premier Bancorp expects that the Opus acquisition will close in the second quarter of 2020.
“We are pleased to have received these regulatory approvals for our acquisition of Opus. We look forward to taking the next steps in this important process,” Steve R. Gardner, Pacific Premier Bancorp Chairman, President and CEO.
Opus Bank is advised by Piper Sandler and Sullivan & Cromwell. Pacific Premier Bancorp is advised by D.A. Davidson & Co and Holland & Knight.
The First Bancshares, a bank holding company, completed the acquisition and merged with Southwest Georgia Financial, a provider of banking services, in an $88m deal. Each SGB shareholder received 1 share of First Bancshares’ common stock in exchange for each share of SGB common stock held prior to the merger. As a result of the merger, the combined Company now has approximately $4.5bn in total assets, $3.6bn in total deposits and $3bn in total loans.
"We are pleased to join forces with Southwest Georgia Bank. This combination brings together two strong community banks with a common vision to serve our clients through our local markets and build value for our shareholders. Southwest Georgia Bank brings a rich history of being a trusted financial partner through its well-respected network of community bankers," M. Ray Cole, First Bancshares Vice Chairman, President & CEO.
Southwest Georgia Financial was advised by Banks Street Partners and Troutman Sanders. The First Bancshares was advised by Keefe Bruyette & Woods and Alston & Bird.
Aksia, a specialist research and portfolio advisory firm, completed the acquisition of TorreyCove Capital Partners, a private equity firm. Financial terms were not disclosed.
"The combined firm is going to be a strong player in pan-alternative solutions. There are efficiencies to be gained by covering adjacent alternative verticals including in technology, portfolio advisory, operations and reporting. Aksia clients will be able to benefit from TorreyCove's talented private equity and real assets professionals," James Vos, Aksia CEO.
TorreyCove Capital Partners was advised by Hogan Lovells. Aksia was advised by Orrick Herrington & Sutcliffe and FTI Consulting.
Alleghany Capital, a private equity firm, completed the acquisition of a majority stake in Wilbert Funeral Services, a provider of products and services for the funeral and cemetery industries and precast concrete markets. Financial terms were not disclosed.
"Having worked closely with Wilbert for almost three years, we have developed a deep respect for the entire team. Wilbert has a solid business model with numerous growth opportunities, and Alleghany Capital looks forward to assisting the company, its employees, and its licensees as they continue to build on Wilbert's long and impressive history. Since its founding in 1880, Wilbert has persevered through periods of macro-economic uncertainty, and we are committed to working with the Wilbert team to successfully navigate the current environment," David Van Geyzel, Alleghany Capital President and Chief Executive Officer.
Wilbert Funeral Services was advised by Spencer Fane. Alleghany Capital was advised by Dinan & Company and Willkie Farr & Gallagher.
Legend Biotech, a clinical-stage biopharmaceutical company engaged in the discovery and development of novel cell therapies for oncology, raised $150m in a series A funding round. The investors include Hudson Bay Capital Management, Johnson & Johnson Innovation - JJDC, Lilly Asia Ventures, Vivo Capital and RA Capital Management.
Proceeds from the financing will be used to advance the research and development and commercialization of Legend’s pipeline programs and expansion of manufacturing facilities, enhancement of its research and development platform, as well as general corporate expenses.
Legend was advised by Jefferies & Company and Morgan Stanley.
PMA Financial Network, a premier full-service provider of comprehensive financial and investment advisory services, completed the acquisition of Miles Capital, an independent, institutional, investment adviser. Financial terms were not disclosed.
“We are proud to have closed this transaction within the timeline originally agreed to by all parties, and this is a testament to both the strategic merits of combining these organizations and the dedication to hard work and excellence inherent in the Miles Capital and PMA professionals and culture,” James O. Davis, PMA Chief Executive Officer.
Miles Capital was advised by Godfrey & Kahn. PMA Financial Network was advised by Kirkland & Ellis.
Standard General, the hedge fund competing for the board seats at Tegna, called on the US regional TV station operator to open its books to two bidders, Byron Allen and a consortium led by Najafi Companies and Trinity Broadcasting Network, who are still interested in acquiring the company amid the coronavirus crisis.
"The two remaining bidders for Tegna own other broadcasting assets, so there could be various synergies. Given that we don't know what the synergies are, you have to give people a chance to figure them out," Soohyung Kim, Standard General Founding Partner.
Najafi Companies is advised by Lavidge.
KKR agreed to invest $500m in Kilter Finance, a speciality finance company that provides flexible and innovative financing solutions.
Kilter Finance intends to use the proceeds to make investments into an attractive pipeline of investment opportunities, predominantly in the life, annuity and health insurance sectors.
Neenah, a manufacturer of premium writing, text, cover, speciality and private watermark papers, announced that it had not closed on its $155m agreement to acquire Vectorply, a developer, manufacturer and distributor of composite reinforcement fabrics, on April 1 as initially contemplated.
"Regarding our ongoing business during this challenging time, the health and safety of our employees are paramount, and we've taken actions across our company to protect them, while also carefully managing costs, capital expenditures and working capital. We exited 2019 with a conservative leverage position and our liquidity today is strong. Our primary near-term focus is the health and welfare of our employees and business, and we feel confident in our ability to weather the current crisis," John O'Donnell, Neenah Chief Executive Officer.
Insight Partners raised $9.5bn for its PE fund. (FS)
Insight Partners raised $9.5bn for its newest and most significant private equity fund, despite the economic uncertainty created by the coronavirus pandemic, PE News reported.
Technology-focused Insight began marketing the fund, Insight Partners XI, last fall before the pandemic hit the US. Insight Managing Director Deven Parekh said the pandemic didn't hamper the fundraising process, adding that the firm's priorities remain squarely on its people and investments.
"Right now, our No. 1 focus is the health and welfare of our employees and portfolio companies' employees, and making sure portfolio companies are appropriately capitalized as to what will be challenging economic conditions for an unknown period of time," Deven Parekh.
JCP Partners urges Dine Brands to spin off IHOP. (FS)
JCP Partners, an investment management firm, urged Dine Brands, a food and beverage company, to spin off IHOP, an American multinational pancake house restaurant chain.
The Houston-based investment firm told Dine Brands that its two chains - IHOP and Applebee’s Grill & Bar - do not fit together, and IHOP should be turned into a standalone company.
Dave & Buster in talks with buyout firms over a stake sale. (FS)
Dave & Buster’s Entertainment is in discussions with private equity firms about a potential stake divestment after the coronavirus forced the US restaurant and arcade chain to close its venues, Reuters reported.
Dave & Busters is discussing a form of investment known as private investment in public equity as part of a range of financing options it is exploring. Such a deal could result in a buyout firm owning a significant stake in the Dallas-based company.
Cirque du Soleil in discussions with CDPQ for a lifeline. (FS)
Cirque du Soleil Entertainment Group is in discussions with Caisse de Depot et Placement du Quebec for rescue funding after the coronavirus pandemic stopped the company's shows, Bloomberg reported.
The Montreal-based company is considering options including a capital injection or a loan under a relief fund that Caisse established to aid Quebec companies impacted by Covid-19. Caisse, Canada’s second-largest pension fund, is a minority shareholder in Cirque du Soleil.
ARCH Venture Partners raises $1.46bn for two biotech-focused funds. (FS)
ARCH Venture Partners raised $1.46bn in funding to finance new tech development. The two funds, ARCH Venture Fund X and ARCH Venture Fund X Overage, are the latest in the firm's long line of investment vehicles dedicated to investing in early-stage biotechnology companies.
"ARCH has always been driven to invest in great science to impact human health. There isn't a better illustration of our principles than our all-in battle against Covid-19. The healthcare revolution will be accelerated by the changes that are happening now, and we are excited to continue to invest aggressively in risk-takers doing truly transformational science," Robert Nelsen, ARCH Co-Founder and Managing Director.
Flagship Pioneering closed its $1.1bn health and sustainability fund. (FS)
Flagship Pioneering, a venture capital firm that creates and spins out technology and life sciences companies, closed on its latest $1.1bn fund to help focus on issues such as population health and artificial intelligence. The funds will be used to support the groups that are spun out from Flagship as they start growing.
"The current Covid-19 crisis deeply underscores the essential need for a comprehensive health security initiative to complement our current health care system," Noubar Afeyan, Flagship Founder and CEO.
venBio closed its $394m venture capital fund. (FS)
venBio Partners closed the venBio Global Strategic Fund III, its third life sciences venture capital fund, surpassing its target with c. $394m in commitments.
"We are grateful for the tremendous support we have received from our current investors during this fundraise. We appreciate their ongoing commitment and welcome the broad range of new top-tier investors who have joined them," Robert Adelman, venBio Managing Partner.
TrueBridge Capital Partners raises $190m for its second fund. (FS)
TrueBridge Capital Partners, a venture capital investment firm, closed its second direct investment fund, TrueBridge Direct Fund II, with $190m in commitments, exceeding its fundraising target. The new fund will target top-performing venture and growth-stage technology companies based within the United States, investing alongside the firm's venture capital managers.
"We're grateful for the confidence that our limited partners have placed in us, and we're very excited to offer our investors exposure to some of the most transformative companies in the world," Edwin Poston, TrueBridge Co-Founder and General Partner.
China's Dongfeng Motor Group is reviewing a deal with PSA to cut its stake in the French carmaker after a fall in share prices sparked by the coronavirus pandemic, Reuters reported.
PSA agreed to merge with Italian-American rival Fiat Chrysler Automobiles in December to create the world's fourth-biggest carmaker by sales volume. Dongfeng had agreed to lower its 12.2% stake in PSA by selling 30.7m shares to the French firm to help smooth this process.
"There are possibilities that the stake sale plan will change. We are evaluating the issue. This is closely related to their (PSA’s) merger talks with FCA, so we are also in close talks with them," Dongfeng official.
Fiat Chrysler is advised by Bank of America Merrill Lynch, Barclays, Citigroup, Goldman Sachs, JP Morgan, UBS, d'Angelin & Co, Darrois Villey Maillot Brochier, De Brauw Blackstone Westbroek, Legance, Loyens & Loeff, Sullivan & Cromwell, Cleary Gottlieb Steen & Hamilton, Macfarlanes, Community Group, Image Sept, and Sard Verbinnen & Co. Bpifrance is advised by Willkie Farr & Gallagher. Peugeot Family is advised by Zaoui & Co. PSA Group is advised by Mediobanca, Messier Maris & Associes, Morgan Stanley, Perella Weinberg Partners, Bredin Prat, Cabinet Bompoint, Linklaters, and Stibbe.
Recipharm Group, a Swedish pharmaceutical group, completed the acquisition of Consort Medical, a contract development and pharmaceutical manufacturing company, for $809m.
"I am excited at the prospect of combining Recipharm with Consort which is extremely complementary. In our view, Bespak is already acknowledged as a leading drug-device developer and manufacturer and is a perfect fit for Recipharm's broader pharmaceutical capabilities. The enlarged group will be able to provide finished dose forms in Bespak's key technologies and provide customers with a far more integrated approach. The Aesica business will further expand our capabilities and capacities in both API and finished dose manufacturing whilst providing access to a new customer base," Thomas Eldered, Recipharm Group CEO.
Consort Medical was advised by Investec, Evercore, Allen & Overy and FTI Consulting. Recipharm was advised by Peel Hunt, Lazard, Clifford Chance and Setterwalls Advokatbyra. Lazard was advised by Ashurst.
Saudi Telecom postponed talks to raise debt to fund the acquisition of Vodafone's stake in its Egyptian business because of the coronavirus outbreak. The company is also considering other financing options, Bloomberg reported.
Talks started before the virus rapidly spread and shutdown a swathe of global economies. Work on the acquisition is continuing, and the kingdom's largest telecoms operator may resume negotiations with banks for a loan of more than $2bn once things have settled.
Saudi Telecom agreed in January to buy a 55% stake in Vodafone's Egyptian business as part of expansion outside its home market, for $2.4bn.
Saudi Telecom is advised by Barclays. Vodafone is advised by Goldman Sachs.
Gruppo Mediaset is seeking approval from Germany's competition authority for its recently increased stake in German rival ProSiebenSat.1 Media, Reuters reported.
Controlled by the family of former Italian Prime Minister Silvio Berlusconi, Mediaset recently raised its holding in ProSiebenSat.1 Media to just over 20%, as it presses ahead with plans to create a pan-European TV champion to tackle stiff global competition.
Any antitrust approval could give the Italian broadcaster leeway to increase its stake further up to 25% and clear the way for Gruppo Mediaset to vote at a ProSiebenSat.1 Media shareholder meeting scheduled in June.
Mediaset is advised by Kekst CNC.
Aramco recovers to IPO level as payout pledge survives price war.
Saudi Aramco shares have shaken off the ravages of an oil-price war to regain the company’s $1.7tn valuation achieved in its record-breaking initial public offering, Bloomberg reported.
The stock rose as much as 2.8% on Sunday in Riyadh, trading above the $8.7 IPO level it surrendered a month ago. The slump reflects a dispute over production levels between Saudi Arabia and Russia.
Aramco shares retreated as much as 27% from a peak in December to the low plumbed last month, also dragged down by a decline in global crude oil demand as governments locked down economies to fight the coronavirus.
S Immo and Immofinanz merger back on the table.
Shareholder changes at Immofinanz mean Austrian property rival S Immo would be open to renewing merger talks once the coronavirus crisis is over, Reuters reported.
A tie-up between the two companies has been on and off for years as they look to create a more reliable business and make savings. But they abandoned their latest talks in November after failing to agree on a share exchange ratio.
Voodoo's backers consider stake sale.
Voodoo's backers are exploring the sale of a stake in the French mobile game developer.
Shareholders of Voodoo are working with an adviser as they consider selling part or all of their holdings in the company. A deal could value the Paris-based firm at more than $1.6bn.
Bruin ends the divestment process for Deltatre. (FS)
Bruin Sports Capital, a venture capital and private equity firm, is no longer looking to divest Deltatre, a media and technology company, Bloomberg reported.
The process was cancelled because of uncertainty due to the coronavirus pandemic. Bruin Sports intends to focus on growing the company and doesn’t expect to relaunch an auction.
APAC
Lone Star Funds, a private equity firm succeeds in striking a $1.9bn deal for hotel chain Unizo Holdings, ending a nine-month bidding war among global investors such as Blackstone Group and Fortress Investment Group.
The bid concluded after Lone Star won agreement from Unizo’s top two shareholders, Elliott Management and Ichigo Asset Management, to tender their shares after the fund sweetened its bidding price this month to $55.4 per share.
Unizo was advised by Benedi Consulting, KPMG, ZECOO Partners, Daiwa Securities, Mitsubishi UFJ Financial Group, Davis Polk & Wardwell, Nishimura & Asahi, TMI Associates, Horwath HTL Asia Pacific, Hospitality Capital Management, and Ernst & Young.
L Catterton, a private equity firm, is set to acquire a majority stake in ETVOS, a cosmetic products manufacturer. Financial terms were not disclosed.
“This investment is a testament to the tremendous efforts and hard work of the ETVOS team and we are pleased to partner with L Catterton as we accelerate our growth. We look forward to leveraging L Catterton’s unmatched sector expertise and wide network of industry contacts as we expand our retail footprint, enhance the customer experience, and further expand our high-quality product portfolio,” Hifumi Ogawa, ETVOS Chief Executive Officer.
L Catterton is advised by Joele Frank and Kekst CNC.
Thitikorn, a Thailand-based company engaged in the provision of motorcycle and automobile hire purchase services, is set to acquire a 37% stake in Myanmar Finance International, a microfinance company, from Myanmar Investments International, a UK-based investment company. Financial terms were not disclosed.
“The minimum consideration for this transaction will be calculated based on a pre-agreed formula of 2 times the audited book value of MFIL at closing once these conditions have been satisfied. This sale is expected to lead to a modest uplift in the Net Asset Value of MIL once it completes,” MIL.
MIL is advised by finnCap and Grant Thornton.
Ocean Link Partners, a private equity firm, offered to acquire 58com, China's largest online classifieds marketplace, for $3.5bn.
Ocean Link Partners intends to fund the consideration payable in the transaction primarily with equity capital, additional members that Ocean Link accepts into a consortium of buyers, and possibly debt capital.
58com is advised by Christensen IR.
JP Morgan agreed to acquire the remaining 49% stake in China International Fund Management, its joint venture company with Shanghai International Trust, an investment company, for c. $1bn.
"As we advance our onshore business in this critically important market, we look forward to continuing to meet the evolving needs of Chinese and international investors," Paul Bateman, JP Morgan Asset Management Chairman.
EF Education First suspends $2bn divestment of Chinese unit. (FS)
Travel and education service provider EF Education First's planned divestment of its $2bn Chinese business is in limbo as bidders struggle to assess the impact of the coronavirus outbreak on its operations.
The sale process is on hold as EF Education First works to adapt to a new environment where nearly all learning is moving online.
EF Education First, a closely-held business founded by Swedish billionaire Bertil Hult in 1965, was seeking from $1.5bn to $2bn for the business. Private equity firms including Permira, Warburg Pincus, Hillhouse Capital Management and General Atlantic had shown an interest in the business.
Mahindra abandons SsangYong investment plan due to Covid-19 crisis.
Mahindra and Mahindra, an Indian multinational car manufacturing company, will not invest further in its struggling South Korean unit SsangYong Motor, as automakers try to save cash to ride out the coronavirus crisis, DealStreetAsia reported.
Mahindra asked majority-owned SsangYong Motor to search for other funding options as coronavirus-driven restrictions in India increased a slowdown in demand, with Mahindra posting an 88% plunge in March sales.
"After lengthy deliberation given the current and projected cash flows, the M&M Board took a decision that M&M will not be able to inject any fresh equity into SYMC and has urged SYMC to find alternate sources of funding," Mahindra.
CVC Capital Partners closes its APAC fund at $4.5bn. (FS)
CVC Capital Partners raised $4.5bn for its fifth Asia Pacific fund, CVC Capital Partners Asia Pacific V, DealStreetAsia reported. CVC's Asia Pacific strategy is focused on control and partnership investments in businesses in core consumer and services sectors across Asia.
"Our investors can be confident that our deep experience of Asia's markets and broad local office network puts us in a good position to navigate safely through these volatile times, while our strong capital position gives us the ability to take advantage of attractive investment opportunities as they arise," Sigit Prasetya, CVC Managing Partner and Head of private equity activities in Asia.
Singtel says no certainty of Australian phone tower sale.
Singtel said there was no certainty of a deal to divest its telecom towers in Australia following a media report that the telecom operator was preparing to put the assets estimated $1.2bn on the block, Reuters reported.
"Singtel regularly reviews its options to optimise its assets and operating model. Singtel wishes to emphasise that there is no certainty or assurance that any transaction will occur," Singtel.
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