AMERICAS
ReNew Power, a pure-play renewable energy producer, went public through a merger with RMG Acquisition, a blank check company, in an $8bn deal. Goldman Sachs, CPPIB, ADIA and JERA, who together owned 100% of ReNew, rolled a majority of their equity into the new company.
"Over the next decade, ReNew plans to maintain its track record of market share growth, and contribution to the greening of the Indian power sector, and to help meet the Indian government's ambitious renewable energy targets. Over time, we will expand our capabilities even further, with utility-scale battery storage, and customer focused intelligent energy solutions. ReNew's vision is to enhance its position as a global leader in the clean energy space, to continue leading India's ongoing clean energy transition, and to assist in deepening electrification and decarbonization of the Indian economy," Sumant Sinha, Founder, ReNew Chairman & CEO.
ReNew Power was advised by Goldman Sachs, Morgan Stanley, Cyril Amarchand Mangaldas, Latham & Watkins, Nishith Desai Associates and ICR. RMG was advised by Bank of America, Khaitan & Co, Skadden Arps Slate Meagher & Flom. Financial advisors were advised by Ropes & Gray. CPPIB was advised by AZB & Partners. Goldman Sachs was advised by Cleary Gottlieb Steen & Hamilton.
NovaQuest-backed Azurity Pharmaceuticals, a privately-held, specialty pharmaceutical company, agreed to acquire Arbor Pharmaceuticals, a specialty pharmaceutical company, from investment firms JW Asset Management and KKR. Financial terms were not disclosed.
"On behalf of the Azurity and Arbor teams, I am delighted to announce this agreement and the potential it brings to our combined company. The combination of the two companies, each steeped in rich legacies, will create a one-of-a-kind company leveraging increased scale and diversification, a breadth of dosage forms, integrated capabilities, and expanded market presence to better serve our patients' needs," Amit Patel, Azurity Chairman and CEO.
Arbor Pharmaceuticals is advised by MTS Health Partners and King & Spalding. Azurity is advised by Smith Anderson. KKR is advised by Simpson Thacher & Bartlett. Debt financing is provided by JP Morgan and Truist Bank.
GuideWell, a health solutions company, agreed to acquire Triple-S Management, a health care services company in Puerto Rico, for $900m.
"The transaction expands GuideWell's core insurance operations and positions Florida Blue and Triple-S Management for significant growth and meaningful value creation for the customers and communities we serve," Pat Geraghty, GuideWell President and CEO.
Triple-S Management is advised by Goldman Sachs, Davis Polk & Wardwell and ICR. GuideWall is advised by JP Morgan, Cravath Swaine & Moore and Joele Frank.
Apex Group, an asset management platform, completed the acquisition of BRL Trust Investimentos, a Brazil-based independent fund administrator. Financial terms were not disclosed.
"We continue to see significant opportunity in the Latin American market and with the strategic acquisition of BRL Trust, Apex becomes the largest independent services provider in the Brazilian market. Whether managers are looking to raise, operate and invest funds domestically in Brazil or across international markets, Apex will now be the default choice to service these funds using a coordinated single-source offering," Peter Hughes, Apex Group Founder and CEO.
BRL Trust was advised by Vinci Partners and Souza, Mello e Torres Advogados. Apex was advised by Alvarez & Marsal, Lefosse Advogados and Willkie Farr & Gallagher.
Santander Consumer USA Holdings agreed to be taken private by its majority shareholder Santander Holdings USA for $41.50 per share in cash, representing an equity value of $12.7bn, Reuters reported.
The offer price represents a premium of about 14% to the company's last close on July 1, when the deal was first announced. The transaction has been unanimously approved by the boards of both the companies and is expected to close in the fourth quarter of 2021.
Santander Holdings USA is advised by JP Morgan, Piper Sandler, Covington & Burling, Hughes Hubbard & Reed and Wachtell Lipton Rosen & Katz.
TA Associates, a private equity firm, agreed to acquire a minority stake in PDQ.com, a provider of IT asset management software. Financial terms are not disclosed.
“We started PDQ to make the lives of sysadmins easier. The PDQ team is made up of sysadmins, and we realize how difficult their job can be - particularly for those working at small and medium-sized businesses," Shane Corellian, PDQ Co-Founder.
PDQ is advised by Horizon Partners and Perkins Coie. TA Associates is advised by William Blair, Kirkland & Ellis and BackBay Communications.
Arlington Capital Partners, a private equity firm, agreed to acquire MCR, a provider of cost analysis and engineering and software development. Financial terms were not disclosed.
"MCR has established itself as a preeminent provider of differentiated systems engineering and integration solutions that address critical national security objectives in the space, cyber, and missile defense domains. We are partnering with MCR to increase investment in these core areas, as well as to pursue strategic acquisitions to enhance and broaden the differentiated capabilities that MCR can bring to bear for its customers and to provide additional career opportunities for the company's employees," David Wodlinger, Arlington Partner.
MCR is advised by Houlihan Lokey and Holland & Knight. Arlington is advised by Sheppard Mullin Richter & Hampton.
LANXESS, a specialty chemicals company that develops, manufactures and markets chemical intermediates, additives, specialty chemicals and plastics, agreed to acquire the Microbial Control business unit of International Flavors & Fragrances, an American corporation that produces flavors, fragrances, and cosmetic actives, for $1.3bn.
"Today's announcement is part of a strategic portfolio review and is guided by our commitment to enhance long-term shareholder value. This transaction is driven by the best-owner mindset and allows us to focus on our core businesses as we strengthen our balance sheet and maximize shareholder return. The divestiture also enhances IFF's financial profile, providing growth acceleration and higher margins," Andreas Fibig, IFF Chairman and CEO.
IFF is advised by Bank of America and Cleary Gottlieb Steen & Hamilton.
Audax Private Equity, an alternative investment manager with offices in Boston, New York, and San Francisco, completed the acquisition of Covercraft, a manufacturer of custom vehicle protection products, from Century Park Capital, a Los Angeles-based private equity group. Financial terms were not disclosed.
"The Lichtmann family started Covercraft with a focus on creating the best vehicle protection products possible – and did so with a huge emphasis on integrity and quality. Century Park was an outstanding partner and well-aligned to build on that foundation: opening up the direct-to-consumer channel, expanding into new segments like RV and marine, and further growing the seat cover category. By tapping into the skills and dedication of the people on the Covercraft team, we have added to the legacy of a company that stands for protecting the things that move our customers. I'm terrifically proud of what we've accomplished and look forward to taking the next steps on our future path with our new partners at Audax," Matt Jordan, Covercraft CEO.
Covercraft was advised by Stifel and Winston & Strawn.
Pushpay, a payments and engagement solutions provider, agreed to acquire Resi Media, a video streaming platform, for $150m.
"Digital tools like live streaming enable organizations to reach and engage stakeholders in an efficient and cost-effective way, regardless of geographical location, providing greater audience potential and revenue opportunities. Coming together with Resi Media not only provides our customers access to world-class streaming technology today, but in time will enable Pushpay to deliver a unified solution for digital giving, ministry management, media and more," Molly Matthews, Pushpay CEO.
Pushpay is advised by Uproar.
Sole Source Capital-backed Worldwide Produce, a company produces fresh and distributes dairy, completed the acquisition of Vision Produce, a importer and distributor of fresh produce. Financial terms were not disclosed.
“I’m thrilled that Vision Produce has joined the Worldwide family. The team at Vision brings tremendous experience sourcing and importing quality produce and expertly serving their blue-chip customer base. With a location in Phoenix as well as Los Angeles, Vision’s footprint will allow us to continue to expand our reach and serve customers in this key growth market,” Todd Ferguson, Worldwide Produce CEO.
Sole Source Capital was advised by Mendel Communications.
Exyte, a design, engineering, and delivery of high-tech facilities firm, agreed to acquire Critical Process Systems Group, a group of manufacturing and design companies, from Wynnchurch Capital, a private equity firm. Financial terms were not disclosed.
"CPS is a perfect fit for Exyte. The specialized knowledge and technical capabilities of the team are extremely impressive. We are looking forward to expanding our offering in the services and process equipment area. Our strengthened global footprint will allow us to further enhance our service to existing and new customers in our semiconductor and biopharma and life sciences businesses. The acquisition will serve as a platform for future bolt-on acquisitions," Wolfgang Büchele, Exyte CEO.
Vox Media, an American mass media company based in Washington, agreed to acquire Punch, a cocktail website. Financial terms were not disclosed.
"Today, Punch proudly joins the Vox Media family, alongside Eater, Vox, SB Nation, the Verge, Polygon, New York magazine and its digital brands and more. I can't think of a better partner for Punch's next phase of growth, nor would I have imagined that we'd find a home within the country's premier digital media company huddled over that folding table eight years ago," Talia Baiocchi, Punch Founder.
ManpowerGroup, a workforce solutions company, agreed to acquire ettain group, an IT resourcing and services provider, for $925m.
"We're pleased to be announcing the acquisition of ettain, which accelerates our strategy of diversifying our business mix into higher growth and higher value services, continuing the expansion of our US and global Experis IT resourcing and services business," Jonas Prising, ManpowerGroup Chairman & CEO.
Lithia & Driveway, a provider of personal transportation solutions, completed the acquisition of Rock Honda, a Honda dealer. Financial terms were not disclosed.
"We are excited to reach more consumers in the Southwest region and welcome the Rock Honda team to the Lithia & Driveway family. This high-performing, customer-focused store expands our omni-channel network and introduces a new adjacency with personal insurance products, further complementing our ability to provide consumers transportation solutions wherever, whenever and however they desire," Bryan DeBoer, Lithia & Driveway President and CEO.
CPPIB to invest in Advanced Drainage Systems. (FS)
Canada Pension Plan Investment Board invested $350m in Advanced Drainage Systems, a provider of innovative water management solutions in the stormwater and on-site septic wastewater industries, through the purchase of shares in a secondary transaction, increasing its total ownership stake in the company to 4.6%.
"ADS represents the opportunity to invest in a high-quality operator that is a leader in its field. The company's strong competitive positioning and runway for growth make it a good fit for our investment strategy," Michael Koen, CPP Investments Managing Director, Head of Relationship Investments.
ViacomCBS looks to sell its LA studio. (RE)
ViacomCBS, an American diversified multinational mass media and entertainment conglomerate, is looking to sell a historic Los Angeles movie and television lot as the entertainment company tries to capitalize on the demand for production space, Bloomberg reported.
The CBS Studio Center property, known locally as CBS Radford, is a 40-acre site with 18 sound stages located in the Studio City neighborhood. It is on the market for an undisclosed price.
ForgeRock files IPO as losses shrink.
ForgeRock, a maker of identity-verification software, filed for an initial public offering, disclosing shrinking losses on growing revenue.
The San Francisco-based company listed the size of the offering as $100m, a placeholder that will change when a price range for the share sale is set.
The Jordan Company raises $1.3bn for continuation fund. (FS)
The Jordan Company, a middle-market private equity firm, closed The Resolute II Continuation Fund, which raised about $1.3bn. The capital raised by the continuation fund will be used to buy portfolio companies from a 2007 fund raised by The Jordon, the $3.6bn The Resolute Fund II.
"With the closing of the Fund, we are thrilled to be extending our partnership with the Fund's portfolio companies while also providing existing Resolute II limited partners optionality to receive liquidity based on their individual investment objectives," Rich Caputo, TJC CEO.
EMEA
China Three Gorges, an investment holding company, completed the acquisition of Alcazar Energy, a renewable energy company. Financial terms were not disclosed.
“We are proud of what we have achieved at Alcazar Energy Partners with the support of our investors, lenders and local governments over the past six years. In this short period of time, we have built the MENA region’s leading developer and producer of renewable energy. Our plants have helped develop the renewable energy industry in Jordan and Egypt powering 275k households and saving over 15.6m tons of CO2 whilst also making a strong contribution to economic growth and employment, particularly within the local communities. I am certain that CSAIL will continue to serve our customers in Jordan and Egypt according to the highest industry standards and accelerate the company’s growth journey in the region,” Daniel Calderon, Alcazar Energy Co-Founder and CEO.
CSAIL was advised by Natixis Partners, Vermilion Partners, EFG Hermes and Allen & Overy. Alcazar Energy was advised by Standard Chartered, Freshfields Bruckhaus Deringer and Bracewell.
Deutsche Beteiligungs, a German private equity fund, agreed to acquire a stake in Dantherm Group, which offers heating, cooling, drying, ventilation and air cleaning products and solutions, from Procuritas Capital, a private equity investor focused on investing in and growing Nordic mid-market companies. Financial terms were not disclosed.
"Over the past six years we have transformed Dantherm to become a market-leading provider of climate control products and solutions. In DBAG and DBAG Fund VIII, we have gained a new and strong partner with whom we can fully implement our growth strategy," Bjarke Brøns, Dantherm CEO.
Dantherm and Procuritas are advised by Ernst & Young, DC Advisory, Kromann Reumert and Kepler Communications. DBAG is advised by Charles Barker.
CVC Capital Partners, a private equity firm, completed the acquisition of RiverStone Europe, a run-off insurance services provider, from Fairfax and OMERS, the pension plan for Ontario's municipal employees, for c.$986m, consisting of c.$750m in cash upfront and $235.7m post-closing under a contingent value instrument.
"RiverStone Europe is an industry leader in run-off insurance services, and CVC's scale and vision will give RiverStone Europe, under the continued leadership of Luke and his management team, the opportunity to further grow the business. Nick and Luke are also fully supportive of this transaction, based on their strong beliefs that it was the best way for RiverStone Europe to continue to grow and pursue run-off transactions. We wish Luke and all of the employees at Riverstone Europe much success in the future. Fairfax remains committed to continuing to grow its other European businesses, including its Lloyd's of London activities," Prem Watsa, Fairfax Chairman and CEO.
CVC was advised by Barclays, Clifford Chance and Weil Gotshal and Manges.
FIH Mobile, a subsidiary of Foxconn offering services such as product development and after-sales support, and Stellantis, a Dutch-domiciled multinational automotive manufacturing corporation, agreed to form a joint venture, which will focus on delivering a smart cockpit solution for vehicles that will disrupt current design conventions and foster the development of intelligent connected vehicles. Financial terms were not disclosed.
Mobile Drive, the joint venture, will be equally owned by Stellantis and FIH. The partnership has combined Foxconn's capabilities in ICT industry and smart solutions, with Stellantis' expertise in the automotive sector, ensuring the growth of Mobile Drive.
Stellantis is advised by Stibbe.
WPP, a creative transformation company, completed the acquisition of Satalia, a technology company offering AI solutions for clients. Financial terms were not disclosed.
The acquisition is aligned with WPP's accelerated growth strategy and focused M&A approach to build on existing capabilities in growth areas such as experience, commerce and technology.
SoftBank Vision Fund 2 led a $400m funding round in OPay, a Nigerian mobile payments platform, with participation from Sequoia Capital China, Redpoint China, Source Code Capital, DragonBall Capital and 3W Capital.
"We believe our investment will help the company extend its offering to adjacent markets and replicate its successful business model in Egypt and other countries in the region," Kentaro Matsui, SoftBank Vision Fund 2 Managing Partner.
ADIA looking to invest in CityFibre. (FS)
An investment group that includes Abu Dhabi Investment Authority, Abu Dhabi's sovereign-wealth fund, is close to acquiring a minority stake in Goldman Sachs-backed CityFibre in a deal that would value the UK fiber-optic-broadband provider at more than $2.7bn, WSJ reported.
The investment would be from Abu Dhabi's Mubadala Investment and the investment arm linked to the family behind IKEA. It comes as wholesale broadband network providers like CityFibre and incumbent telecom operators such as AT&T in the US and Britain's BT Group are racing to expand their high-speed networks to reach more customers and support the rollout of superfast 5G wireless services.
Vistra cooperates with AMR Action Fund to form a strategic partnership. (FS)
Vistra was chosen by the AMR Action Fund to provide fund administration and a multi-country, multi-service solution to enable them in their goal to bring two to four new antibiotics to market by the end of the decade.
“AMR is a global issue that could have public health and economic consequences greater than Covid-19. We need to act swiftly and purposefully to address the threat and working with Vistra has enabled us to do that. Their solutions and services have been instrumental in helping us build momentum quickly. We value partnering with those who share in our vision and who help create market conditions that enable sustainable investment in the antibiotic pipeline,” Henry Skinner, AMR Action Fund CEO.
Cilo Cybin plans South Africa IPO.
Cilo Cybin Pharmaceutical is considering an initial public offering in the next 12 months after becoming the first South African company to win the right to grow, process and package cannabis products.
The firm received the required certification from the South African Health Products Regulatory Authority. It will now be able to produce marijuana for sale to consumers around the world.
Axcel closes new fund at the €800m hard cap. (FS)
Axcel Management, a Danish private equity investment company that focuses on medium-sized companies, successfully closed Axcel VI at its hard cap of €800m ($938m), demonstrating strong investor support for its investment focus, value creation and ESG approach.
The fund size of Axcel VI represents an increase of more than 30% compared to its predecessor fund, attracting institutional investors in the Nordics and across Europe.
Lakemore Partners closes the $400m Aquatine IV fund. (FS)
Lakemore Partners, a credit investment firm primarily investing in control CLO equity, successfully closed Aquatine IV at $400m as a result of strong investor demand.
Aquatine IV is Lakemore's fourth CLO fund within the Aquatine platform, which invests in control equity positions in US CLOs, and is currently one of the market's largest dedicated CLO control equity funds. The fund's investors are a diverse group of institutional investors representing private banks, fund of funds, insurance companies, family offices and high net worth individuals, many of whom have invested in previous Lakemore Aquatine funds.
Schroders Capital and CIM hit £192m final close for UK fund. (FS)
Schroders Capital and Civitas Investment Management hit a £192m ($263m) third and final close for their UK-focused Social Supported Housing Fund.
“We are delighted to have raised almost £200m ($274m) for Schroders’ first social impact real estate development strategy. This follows on from the successful IPO of the Schroder BSC Social Impact Trust in the public market at the end of last year. With leverage the Fund will have over £300m ($411m) of capital to invest of which more than £150m ($205m) is already invested or committed to projects," Robin Hubbard, Schroders Head of Real Estate Capital.
Credit Suisse hires investment banking global industrials head. (People)
Credit Suisse Group, a financial services company, hired Emre Gunalp as global co-head of diversified industrials investment banking, Bloomberg reported.
Gunalp will be based in New York and report to Douglas Pierson, head of the global industrials group, Americas. Gunalp will share coverage responsibilities with London-based Greg Dalle, who also serves as co-head of the EMEA industrials & energy group.
APAC
Tencent led a $240m financing round in Kuaikan, a Chinese e-comics platform, with participation from CCB International, One Store and Coatue Management.
The Beijing-based company said that it will invest $155m over the next three years to boost the development of original comics and another $155m to team up with partners for the production of comic-adapted videos and plays.
Tencent was advised by Davis Polk & Wardwell.
D1 Capital Partners, an investment firm, led a $150m Series E round in Zetwerk, an end-to-end manufacturing supply chain solutions provider. Additional investors included Avenir, IIFL, Greenoaks Capital, Lightspeed Venture Partners, Sequoia Capital and Accel Partners.
“We will use the funds towards building new technology, global expansion and strengthening our market leadership across industrial and consumer manufacturing supply chains,” Amrit Acharya, Zetwerk CEO.
D1 Capital was advised by Paul Weiss Rifkind Wharton & Garrison.
Ansteel, a state-owned steel maker, completed the acquisition of a 51% stake of Benxi Steel, a manufacturer and distributor of steel products, for $46bn.
“After the realignment, we will realise resource integration and coordinated development in R&D (research and development), procurement and sales, making a contribution to the revitalisation of Liaoning and northeast China. The total number of employees in Ansteel after the restructuring is about 200k. We promise not to cut staff,” Tan Chengxu, Ansteel Chairman.
Cargill, an American privately held global food corporation, agreed to acquire Aalst, a Singapore-based world-class chocolate manufacturer. Financial terms were not disclosed.
"Singapore and made-in-Singapore products are both highly regarded and reputed for meeting stringent world-class standards. We are proud of Aalst Chocolate's heritage as a Singapore company with a renowned presence of over 18 years in Asia's chocolate industry. Together with Cargill's global expertise and experience, we believe that this new venture will be well-positioned to harness the full potential of exciting synergetic growth possibilities and become an ideal integrated chocolate solution provider for our customers," Richard Lee, Aalst Chocolate Founder and CEO.
Mazda Motor, a Japanese multinational automaker, Changan Automobile, a Chinese state-owned automobile manufacturer, and China FAW, a Chinese state-owned automotive manufacturing company, agreed to form a new joint venture. Financial terms were not disclosed.
With the change in the investment structure, the three companies aim to utilize every strategic and managerial opportunity in the new joint investment company and strive to make its business and management system optimal to adapt to the needs of the expanding Chinese market.
Investment firm BlackRock completed the investment in Jolt Charge, an Australian electric vehicle charging provider. Financial terms were not disclosed.
"The EV charging industry in APAC has tremendous near- and long-term growth potential, which creates exciting investment opportunities for BlackRock's clients. We believe the electrification of transport plays a pivotal role in advancing Australia's energy transition and we look forward to harnessing this through our investment in Jolt," Charlie Reid, BlackRock Managing Director.
US-based VC firms Tribe Capital and Moore Strategic Ventures led a $100m Series C round in Khatabook, the fintech startup that provides a digital ledger app targeted primarily at small businesses, with participation from Alkeon Capital, B Capital Group, Sequoia Capital, Tencent, RTP Ventures, Unilever Ventures and Better Capital.
"Khatabook has successfully built such a network by empowering this seismic shift among MSME businesses to move from paper to digital, literally," Arjun Sethi, Tribe Capital Co-Founder and Partner.
Baidu Capital, a corporate investment platform, led a Series B round in Xiaodu, a voice assistant system, at a $5.1bn valuation.
"We are pleased to see the rapid growth of Xiaodu, leveraging Baidu's AI and large content and services mobile ecosystem, to change the way hardware provides value for consumers. Xiaodu entered the market in 2018 with sub $15 smart speakers and rapidly became the world's largest smart-display provider based on shipments. DuerOS with voice modality and larger screen is growing Internet usage at home and becoming the command center for IoTs, with its fast growth of OEM partnerships. Services revenue surpassed 10% of Xiaodu revenues in the most recent quarter, encompassing membership, advertising and skills store revenue share," Herman Yu, Baidu CSO and CFO.
Blackstone is in talks to buy Interplex for at least $1bn. (FS)
The Blackstone Group is in talks to acquire Interplex, a Singapore-based technological services provider owned by Baring Private Equity Asia, in a deal worth at least $1bn.
Final negotiations could still take weeks and there is no certainty in a deal yet. Blackstone has no exclusivity in the deal, Reuters reported.
ESR and M&G team up to acquire Nagoya warehouse. (RE)
ESR Cayman, a logistics real estate platform, and M&G, a global investment manager, acquired a significant stake in the Singapore-domiciled joint venture, which owns ESR Yatomi Distribution Centre, by M&G on behalf of M&G Asia Property Fund, its APAC core direct real estate fund with $5.9bn in assets under management.
The partial sale by ESR-managed Redwood Japan Logistics Fund II and Redwood Investor values ESR Yatomi DC at well over $200m. ESR, M&G and a continuing JV investor see ESR Yatomi DC as ideally positioned to deliver long-term investment value against the backdrop of secular growth in Japan logistics real estate investment and occupier markets.
India aims to raise $81bn by leasing out infrastructure assets.
India plans to raise $81bn by leasing out state-owned infrastructure assets over the next four years to fund new capital expenditure without pressuring government finances.
The proposal involves handing assets including roads, railways, airports, sports stadiums, power transmission lines and gas pipelines to private operators.
Asia Health Care to rise up to $350m. (FS)
Private equity firm TPG-backed healthcare platform Asia Healthcare Holdings is looking to raise up to $350m from new and existing investors.
The capital lifted will be used to receive new solitary-specialty healthcare firms as in the previous. They have invested and scaled a few these types of businesses, so they have a large amount of knowledge now on jogging and rising these kinds of solitary-speciality chains and they would look to replicate the similar expertise in other equivalent enterprises in the health care sector, Deal Street Asia reported.
Samsung to invest $206bn by 2023 for post-pandemic growth.
Samsung Group will invest $206bn in the next three years to expand its footprint in biopharmaceuticals, artificial intelligence, semiconductors and robotics in the post-pandemic era.
Samsung Electronics, the world's largest memory chip maker, said the group plans to solidify technology and market leadership through mergers and acquisitions. It did not provide a breakdown of the investment figures.
China regulator approves Tencent's purchase of Studio 9 stake.
China's market regulator approved Tencent Holdings' plan to purchase an equity stake in Studio 9, a Chinese animation company. The State Administration for Market Regulation made the announcement on its website.
Tencent, which was already an investor in Studio 9, reported its plan to purchase additional shares from another shareholder to the regulator, Reuters reported.
India considers allowing foreign direct investment in Life Insurance.
India is considering allowing foreign direct investment in Life Insurance, which could enable a single overseas investor to buy a large stake in the firm that’s headed for a mega-IPO.
Any strategic investment would be subject to a cap, though it’s unclear at what level that would be set. Participants at a meeting earlier this month noted a 20% FDI limit on state-run banks, Bloomberg reported.
Ola and Ola Electric have plans to go public next year. (FS)
Ola, a ride-hailing aggregator, plans to go public sometime next year, but a final date for the initial public offering is yet to be decided.
Ola has already received CCI approval for $500m investment from investors including Temasek and Warburg Pincus, meant to fund its IPO.
Didi suspends UK launch plans because of China crackdown on tech firms.
Didi Global, a mobile transportation platform, suspended its plans to launch in Britain and continental Europe, Reuters reported.
Staff working on the planned launches have been told that they face possible redundancy and Didi has stopped hiring in Britain, pulling the launch plans for at least a year.
MDI Ventures and KB Investment hold first close for $150m Centauri Fund. (FS)
MDI Ventures and KB Investment hit the first close of their joint growth-stage venture fund. The fund targeted $150m.
Telkom-backed MDI Ventures has several portfolios in Southeast Asia, including fintech lending firm Kredivo and AI-driven startup Qlue. Meanwhile, KB Investment is a subsidiary of KB Financial Group.
Deutsche Bank hires ICBCI's Ian Long as Asia IB Vice Chair. (People)
Bloomberg reported that Ian Long, head of Asia equity capital markets at ICBC International, has left the bank to join Deutsche Bank.
The Hong Kong-based banker will be vice chairman for investment banking coverage and advisory in Asia at Deutsche Bank. Long had previously worked at the German lender as head of China equity capital markets until he left in June 2014.
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