AMERICAS
A federal appeals court has thrown out two of the Charter/Time Warner Cable broadband-related conditions, the ones "prohibiting Charter from charging programming suppliers for access to its broadband subs" — no charging for interconnects - and the one "requiring New Charter to provide steeply discounted broadband service to needy subscribers," with the court saying it essentially had no choice after the FCC failed to defend them.
Because the FCC did not defend the conditions, imposed by the Tom Wheeler FCC, the court vacated both, but made clear that the other conditions - usage-based pricing and buildout conditions - remained in force. The petitioners had challenged them as well.
Bright House Networks was advised by UBS, Sabin Bermant & Gould, and Sullivan & Cromwell. Time Warner Cable is advised by Allen & Company, Centerview Partners, Citigroup, Morgan Stanley, Latham & Watkins, Paul Weiss Rifkind Wharton & Garrison, and Skadden Arps Slate Meagher & Flom. Charter Communication was advised by Goldman Sachs, LionTree Advisors, Kirkland & Ellis, and Wachtell Lipton Rosen & Katz.
Waterous Energy Fund, a private equity firm, is set to combine its portfolio companies Strath Resources and Cona Resources to create Strathcona Resources, a wholly private equity-owned, oil-weighted producer in North America. Financial terms were not disclosed.
"We believe that the Strath and Cona assets fit perfectly together, with Strath's condensate and natural gas production closely matching Cona's condensate and natural gas operational requirements. Together, Strath and Cona create a premier company with sufficient scale and commodity diversity to withstand the current market volatility and generate substantial free cash flow after sustaining capital expenditures. This transaction fits with WEF's strategy of acquiring companies with trophy properties in special situations and pursuing an action-oriented value creation plan through recapitalising, restructuring and repositioning the businesses," Adam Waterous, WEF CEO.
Cona and Strath are advised by Scotiabank, TD Securities, and Blake Cassels & Graydon. Strath is advised by ATB Capital. Debt financing to Cona and Strath is provided by RBC Capital Markets, Scotiabank, and TD Securities. Waterous Energy is advised by RBC Capital Markets and Stikeman Elliott.
Guardian Capital Group, a capital investment management company, agreed to acquire a 70% stake in Agincourt Capital Management, an investment management firm. Financial terms were not disclosed.
"We're very pleased to partner with the Agincourt principals and to continue to grow our presence in the United States. They have an excellent pedigree, time tested and proven over the more than 20 years they have been in business. It’s clear that our firms share many of the same cultural values and that adding a firm of this quality to Guardian’s group of companies supports our strategic intent. The purpose and execution of this transaction has very strong parallels with Guardian’s acquisition of a majority interest in Salt Lake City-based Alta Capital Management early in 2018," George Mavroudis, Guardian President and CEO.
Agincourt is advised by Cambridge International Partners and Faegre Drinker Biddle & Reath. Guardian Capital is advised by Ernst & Young and Pryor Cashman.
MiddleGround Capital, a private equity firm, completed the acquisition of Manth-Brownell, a manufacturer of precision machined components. Financial terms were not disclosed.
“We’re excited about bringing Manth-Brownell together with Alco. Manth-Brownell’s capabilities are impressive, and we are confident that the combined businesses will be able to provide an even more robust offering to their customers with the same excellent service and reliable delivery they have depended on for many decades,” John Stewart, MiddleGround Partner.
MiddleGround was advised by Moelis & Co.
Miami International Holdings, the parent holding company of the MIAX Exchange Group, agreed to merge with Minneapolis Grain Exchange, a designated contract market and derivatives clearing organization. MIH will acquire MGEX in the combination of cash and common stock following a demutualization of MGEX by its members. Financial terms were not disclosed.
"This strategic combination achieves our goal of diversifying our product and service offerings with attractive benefits to our existing and new member firms while simultaneously creating exciting new revenue drivers. MGEX provides MIH with a well-established futures platform on which to continue our expansion and puts MIH in control of our own product ecosystem, allowing us to list both options and futures on new products that will be exclusive to our exchanges," Thomas P. Gallagher, MIH Chairman and CEO.
MIH is advised by Houlihan Lokey.
Accenture, an Irish-domiciled multinational professional services company, completed the acquisition of CreativeDrive, a global, tech-driven content production company that simplifies, automates and scales the creative asset production process. Financial terms were not disclosed.
"We are thrilled to be joining forces with Accenture to help clients meet their accelerated demand for personalized and compelling content at scale, particularly as many brands today struggle with a fragmented approach. As part of Accenture, we’ll be able to create a holistic experience for brands — from content capture through cross-channel activation — and meet the radically evolving needs of brands today," Myles Peacock, CreativeDrive CEO.
Accenture was advised by Kirkland & Ellis.
Private equity firm Apollo Global agreed to invest $265m in US Wind, an offshore wind energy development company.
“We believe our strategic partnership with Apollo will create significant value for US Wind and the state of Maryland in advancing development of our offshore wind projects. Apollo is a creative and dynamic partner, with global expertise, and together we believe we can make a positive impact on the energy transition in the United States,” Riccardo Toto, US Wind President.
Private equity firm Coatue Management led a $200m Series G funding round in Impossible Foods, a developer of plant-based substitutes for meat, dairy, and fish products. Other investors included XN Capital, Mirae, and Temasek Holdings.
“The use of animals to make food is the most destructive technology on Earth, a leading driver of climate change and the primary cause of a catastrophic global collapse of wildlife populations and biodiversity. Impossible Foods’ mission is to replace that archaic system by making the most delicious, nutritious and sustainable meats in the world, directly from plants," Patrick O. Brown, Impossible Foods CEO and Founder.
Private equity firm Vulcan Capital and IT services provider Human Capital led a $120m Series B funding round in Wildlife Studios, a video game developer.
“Wildlife has shown it has a unique capacity to develop, launch and sustain different titles in diverse genres in a sustainable way, resulting in a growing and lucrative trajectory,” Rafael Costa, Vulcan Capital Partner.
Applied Value Group, a private equity firm, completed the acquisition of Structural Steel of Carolina, a manufacturer of structural steel fabrications and building materials. Financial terms were not disclosed.
"As a family business, we were always looking for ways to guarantee SSC's continued success for future generations. We believe our partnership with Division 5 will create opportunities for our employees and our new, combined company while allowing us to continue providing excellent customer service to customers, new and old," Jim and Mary Brewer, SSC Owners.
Epic Wines & Spirits, a full-service premium spirits wholesaler, agreed to acquire Vehrs Distributing, an independently owned wholesaler of premium wine and craft spirits. Financial terms were not disclosed.
"Recent industry consolidation has opened up a significant gap in the middle space for producers and distributors. We are committed to providing a focused, customer-centric solution with comprehensive coverage on the West Coast. Vehrs' dedication to relationships, service, and execution, as well as their cultural alignment with Epic, makes them the ideal partner for our Pacific Northwest expansion," Justin Sternberg, Epic Wines & Spirits President.
Scale Capital, a private equity firm, agreed to invest in DirecTV Venezuela, a television subscription service provider. Financial terms were not disclosed.
"We are very excited about this launch and we want to thank all parties for their support, in particular the Government of the Bolivarian Republic of Venezuela and the National Telecommunications Commission," Jacopo Bracco, Scale Capital General Director.
Trump forces ByteDance to divest American TikTok operations within 90 days.
President Donald Trump ordered Chinese internet technology company ByteDance to sell its stake in American operations of video app TikTok with 90 days as concerns over national security persevere.
The move adds pressure on the parent company to divest TikTok America. Previously, Trump gave ByteDance 45 days to reach the deal to sell, or else some transactions with TikTok will be barred.
"There is credible evidence that leads me to believe that ByteDance might take action that threatens to impair the national security of the United States," Donald Trump.
SoftBank injects $1.1bn in WeWork. (FS)
Softbank Group, a Japanese multinational conglomerate holding company, injected $1.1bn in struggling commercial real estate company WeWork in the form of senior secured notes, as membership in the second quarter continued its free fall.
The company lost 81k memberships over the second quarter, decreasing their number to 612k from 693k. Revenues in the second quarter, on the other hand, grew 9% YoY reaching $882m.
Berkshire Hathaway unloaded a stake in Occidental Petroleum. (FS)
Warren Buffet's Berkshire Hathaway sold its common stock in Occidental Petroleum, an American company engaged in hydrocarbon exploration, further damaging the oil company's performance.
Regulatory filings of Buffet's company indicate no stake in Oxy, implying he the investment firm started selling its $200m in common stock received as dividend this quarter.
Berkshire Hathaway slashed JP Morgan, Wells Fargo, Goldman stakes. (FS)
Warren Buffet's Berkshire Hathaway in its filing disclosed it sold stakes in major US banks JP Morgan, Wells Fargo and Goldman Sachs. In addition, it purchased $564m worth of stock in Barrick Gold, a mining company that produces gold and copper.
Warren divested more than half of its Wells Fargo shares since 2018 due to various scandals and decreased value. Stake in Wells Fargo was reduced by 26%, while JP Morgan stake was cut by 62%.
BlackRock-led consortium emerges as sole bidder for a section of Mayan Train. (FS)
A BlackRock-led consortium emerged as the only bidder for a 121km section of Mayan Train, a proposed 1.5k-kilometre intercity railway in Mexico that would traverse the Yucatán Peninsula.
The project - costing c. $7bn - is meant for tourists and expects to connect hot spots for travellers and encourage the development of Yucatán Peninsula. August 31 is the date for the announcement of the acquirer.
Brookfield raises $23bn, expects to accelerate the pace of investments. (FS)
Brookfield Asset Management, an alternative asset management company, reported that it raised a record $23bn in the second quarter and intends to push forward with investments.
The company reported that it currently holds $77bn in cash and other capital, including $12bn in debt fund it raised from an American global asset management firm Oaktree Capital Management. Upon closure of the fund, it could be the largest ever fund for distressed debt investing.
Dragoneer Growth prices its $600m IPO. (FS)
Dragoneer Growth Opportunities, a special purpose acquisition company of a growth-oriented public and private investor Dragoneer Investment Group, announced the pricing of its $600m IPO. It will sell 60m units for $10 each.
Each unit will consist of one Class A ordinary share and one-fifth of one redeemable warrant that entitles the holder to acquire one Class A ordinary share for $11.50.
Dragoneer is advised by Citigroup, Goldman Sachs, JP Morgan and Sard Verbinnen & Co.
RedBall Acquisition raised $500m in IPO. (FS)
RedBall Acquisition, a special purpose acquisition company of RedBird Capital, a private investment firm, raised $500m in an IPO. RedBall sold 50m units at $10 each. The company listed on the NYSE under the symbol RBAC.U.
The unit comprises of one ordinary share and one-third of a redeemable warrant, exercisable at $11.50. There is a potential to gather an additional $100m at the closing of acquisition according to a forward purchase agreement.
RedBall Acquisition was advised by Goldman Sachs.
Berkshire Partners started pitching new $6.5bn fund. (FS)
Berkshire Partners, an American private equity firm, started the marketing of its brand new $6.5bn midmarket fund, WSJ reported.
Berkshire Fund X intends to be 18% larger than the 2016 predecessor that closed at $5.5bn.
SpaceX nears $2bn funding deal. (FS)
Space Exploration Technologies, an American aerospace manufacturer and space transportation services provider, is close to concluding the $2bn funding deal as demand spurs, according to Bloomberg.
An existing investor and multinational financial services company Fidelity Investments is reportedly one of the most significant participants in the funding round. SpaceX was initially considering a $1bn raise at $270 per share, valuing the company without new funds at $44bn.
EMEA
Strategic technology and payments partner Global Blue and SPAC Far Point Acquisition, announced their entry into a supplemental letter agreement which would help them facilitate the closing of the pending $2.6bn merger.
The agreement does not ammend the terms of the merger and would not impact the equity ownership, while resulting in less cash consideration at closing for Global Blue’s existing shareholders.
Global Blue is advised by BNP Paribas, Barclays, PJT Partners, Kirkland & Ellis, Niederer Kraft & Frey, Simpson Thacher & Bartlett, and Brunswick Group. Third Point Ventures is advised by BakerHostetler. Ant Financial is advised by Linklaters. Far Point is advised by Bank of America Merrill Lynch, Barclays, Credit Suisse, JP Morgan, PJT Partners, Royal Bank of Canada, Bar & Karrer, Morgan Lewis & Bockius, Wolf Theiss, and Sard Verbinnen & Co. Debt financing to Far Point is provided by BNP Paribas, Bank of America Merrill Lynch, Barclays, Credit Suisse, JP Morgan, Morgan Stanley, and Royal Bank of Canada.
General Atlantic, a private equity firm, agreed to acquire a 21% stake in Gymshark, a fitness apparel brand, for $275m.
“It has been an incredible ride over the last eight years to get to this point, but today signals the next chapter in the Gymshark story. We are nothing without our community, so we will use this new investment partnership to get even closer to them on a truly global scale. I’m incredibly proud of what Gymshark has achieved to date from our roots in Birmingham, but it’s all about looking forward. I firmly believe Gymshark has the potential to be to the UK what Nike is to the US and Adidas is to Germany, and today is a significant step to realising that,” Ben Francis, Gymshark Founder.
Gymshark is advised by PwC, Gateley, and 3 Monkeys Zeno. General Atlantic is advised by RBC Capital Markets, Freshfields Bruckhaus Deringer, and Edelman.
M&G Investment Management, an investment manager in the UK, confirmed it does not want to pursue an offer to acquire UK Mortgages, a listed closed-ended investment fund which invests in a diversified portfolio of UK residential mortgages, due to absence of board engagement and the corresponding access to due diligence.
M&G claims that the immediate rejection of the increased offer did not allow sufficient time for all shareholders to consider the deal and provide feedback to the Board. M&G will recant the statement following specific circumstances.
“We look forward to partnering with both the Aareon management team as well as Aareal Bank. This deal plays to Advent’s strong track record in bank partnerships, DACH regional investing and supporting European software & technology businesses,” Jeff Paduch, Advent Managing Partner.
Advent is advised by Hering Schuppener and Tulchan Communications. Aareal Bank is advised by Arma Partners and Hengeler Mueller.
Honeycomb Investment Trust, an investor in credit assets originated by non-bank lending platforms and other originators of specialist lending assets, sweetened its offer to acquire a British investment trust Pollen Street Secured Lending with the proposal to conduct a $262m share buyback following the completion of the merger.
The buyback will be structured as a tender offer at a price no lower than 10% discount to the NAV per share of the combined group. This way, Honecomb hopes to satisfy certain investors' desire to realize cash.
Honeycomb is advised by Goldman Sachs, Jefferies & Company and Greenbrook.
Thomson Reuters, a multinational media conglomerate, completed the acquisition of CaseLines, a cloud-based court document and evidence management platform. Financial terms were not disclosed.
“In Thomson Reuters we found a strategic buyer that shares our commitment to delivering a step change in the efficient delivery of justice. We have a proven record of enabling the courts’ digital transformation in the UK. We are optimistic that with Thomson Reuters global footprint we will be able to help courts around the world continue to operate effectively and efficiently into the future,” Paul Sachs, CaseLines Founder.
Visma's owners revive a potential $10bn stake sale. (FS)
Owners of Visma, a European supplier of business-critical software, revived the sale of the stake, the value of which could reach more than $10bn, according to Bloomberg. Visma's investors, including a private equity firm Hg could potentially sell 20% via an auction.
Previously, investors were ready to sell 30% of the company's holdings, but coronavirus negatively impacted the $8bn deal, and now they seek higher offers.
Axa considers $177m Greek operations sale to Generali.
Axa, a French multinational insurance firm, is in negotiations to sell is Greek business to Italian insurance company Generali for $177m, in a pursuit of fulfilment of imposed requirements, Bloomberg reported.
Both companies and their advisors hold talks about a deal for the unit providing life and general insurance products. Talks are preliminary, and no agreement has been reached yet.
Playtech investor proposes the acquisition by DraftKings.
Jason Ader, a casino-industry investor, proposed the idea for DraftKings, an American sports betting provider, to acquire a gambling software development company Playtech in an all-stock deal.
DraftKings recently took a hit with major higher than expected loss and tax-related problem, and Mr Ader claims this acquisition could help increase the company's profits. Playtech EBITDA last year amounted to $453m with market value below $2bn. DraftKings is valued at $12bn.
Liberty House gets approval to acquire steelworks assets in France.
Liberty House, an industrial and metals company, received approval for its proposed acquisition of steelworks assets in France after outbidding a Chinese-backed rival.
The deal comprises of two facilities in France together employing 700 people. Liberty said it will provide an additional $74m in financing. Jingye Group, a multi-industry group mainly engaged in steel business, also put those assets in the crosshairs but failed to retrieve the site.
Unibail considers $3.5bn equity raise.
Bloomberg reported that Unibail-Rodamco-Westfield, one of the world's largest mall landlords, is considering a $3.5bn rights offering to recover from damages caused by the pandemic.
The fundraising options matter was reportedly raised with potential advisors, adding that the company could go for a $3.5bn rights offering. The process could kick off in the next couple of months, but the terms of the deal, including size and structure, were not settled.
easyJet considers fundraising as pandemic continues.
easyJet, a British airline, continues to explore funding opportunities after raising $794m from sale and leaseback of aircraft due to extensive damages incurred during the global pandemic.
"EasyJet will continue to review its liquidity position on a regular basis and will continue to assess any further funding opportunities," easyJet.
CureVac raised $213m in IPO.
CureVac, a German biopharmaceutical company, raised $213m in its New York IPO, emerging as the first public company to have progressed on coronavirus vaccine, Reuters reported.
CureVac sold 13.3m shares Thursday for $16 each after marketing them for $14 to $16. The company's post-IPO valuation reaches $2.8bn.
BC Partners gathers $785m for its debut European real estate fund. (FS)
BC Partners gathered $785m for its debut BC Partners European Real Estate I fund, and reportedly intends to reach $827m, according to PE News.
The fund plans to acquire real estate assets in some of Europe's largest cities, including London, Paris, Berlin and Madrid.
Amadeus Capital intends to raise $400m for three funds. (FS)
Amadeus Capital Partners, a UK-based venture capital firm, plans to launch three new funds for technology investments in enterprise software, artificial intelligence and cybersecurity, PE News reported.
The two biggest funds will gather $150m each and the fundraising will begin in the Fall. Funds will reportedly have a heavy focus on companies using AI to tap into new kinds of materials. Amadeus has already had an experience in this arena with its recent exit from ForeScout Technologies, a provider of device visibility and control solutions.
APAC
Centerbridge Partners, a private equity firm, completed a $395m investment in Speedcast International, a provider of remote communications and IT services.
Centerbridge’s proposed $395m equity investment provides the opportunity for Speedcast’s existing secured lenders to participate in the equity commitment on a fully pro-rata basis to support Speedcast’s emergence from its reorganisation under Chapter 11 of the US Bankruptcy Code. During the completion of the Chapter 11 process and under the new ownership structure, Speedcast remains focused on supporting the connectivity needs of its customers and fully intends to continue its global operations uninterrupted.
Speedcast was advised by FTI Consulting, Moelis & Co, Herbert Smith Freehills, Kurtzman Carson Consultants, and Weil Gotshal and Manges. Centerbridge was advised by Berkeley Research Group, Hogan Lovells, Husch Blackwell, and Wachtell Lipton Rosen & Katz.
Differences over the valuation of the refining and petrochemicals business of Reliance Industries are likely to prolong a potential mega-deal between India’s largest private sector company and the world’s top crude oil producer, Saudi Aramco, Livemint reported.
An agreement is yet to be signed between the two companies. Last month, Reliance CEO Mukesh Ambani had informed shareholders at the annual general meeting that due to the unforeseen circumstances in the energy market, the Aramco deal has not progressed as per the original timeline.
“The impact of crude oil prices on Saudi Aramco’s balance sheet is visible. It wants a market to place its crude, but it is not desperate. And, so is not RIL to sell a stake. So, both companies are looking at a commercial deal which is a win-win for both," Amin Nasser, Aramco President and CEO.
Saudi Aramco is advised by Citigroup.
JD, an e-commerce company, agreed to acquire a majority stake in Kuayue Express, an express logistics services provider, for $431m.
"We are pleased to collaborate with Kuayue Express to provide customers with the best services available. Kuayue Express is a reliable delivery services provider and industry leader in express courier services with innovative technology and advanced operations. Collaborating with Kuayue Express advances our integrated supply chain management, technology initiatives and service expansion to third party merchants. We will leverage our respective advantages and the synergy the collaboration creates to enhance the client experience and increase overall supply chain efficiency for JD and society at large,” Zhenhui Wang, JD Logistics CEO.
Institutional investors completed the acquisition of a 14.7% stake in India Grid Trust, an infrastructure investment trust, from Sterlite Power, a power transmission project developer, for $112m.
"Sterlite Power is proud to have played a role in creating India’s first power sector InvIT which has grown over the years with participation from marquee investors. We will now focus on our core business as the developer of power transmission assets. We firmly believe that InvITs will remain a powerful platform to meet the large-scale financing requirements of the Infrastructure sector," Pratik Agarwal, Sterlite Power Managing Director.
IXL Learning, a K-12 personalised learning platform, agreed to acquire 3P Learning, an online education services provider. Financial terms were not disclosed.
With the addition of 3P Learning, IXL aims to broaden its product portfolio and international footprint in the educational technology space.
"3P Learning stands out in a crowded field for its range of exceptional products and deep commitment to delivering real results for learners. We're excited to welcome their talented team to IXL. This agreement is a significant step towards realising IXL's mission to provide the world's best learning experiences to students in the United States and abroad," Paul Mishkin, IXL Learning CEO.
Japanese restaurant chain Ootoya Holdings announced a partnership with online grocery retailer Oisix Ra Daichi, aiming to fend off a hostile bid by its rival and largest shareholder, Colowide. Ootoya and Oisix may eventually discuss a capital alliance as an alternative to Colowide’s plan.
Under the partnership, Ootoya and Oisix plan to jointly sell food, including meal kits, an increasingly popular item among shoppers who want homemade meals but have little time to prepare them, Reuters reported.
Moody's, an integrated risk assessment firm, completed the acquisition of a minority stake in Malaysian Rating, a credit rating agency serving the Malaysian domestic bond and sukuk markets. Financial terms were not disclosed.
“Malaysia’s robust domestic bond market presents an attractive opportunity for Moody’s, and we are excited to build upon our partnership with MARC and its growing portfolio of ratings and services,” Wendy Cheong, Moody’s Managing Director
ByteDance and Reliance talk TikTok India investment.
ByteDance, a Chinese multinational internet technology company, is in early-stage negotiations with Reliance Industries, an Indian multinational conglomerate, about a potential investment in social media app TikTok in India, TechCrunch reported.
Companies began conversations last month and have not come to an agreement yet, but Tik Tok's India business is reportedly worth more than $3bn. The deal could resolve issues BiteDance has with the Indian government.
Evergrande disposes of 28% stake in its property management unit for $3bn ahead of possible IPO.
China Evergrande Group sold 28% of its property management unit for $3bn, bringing in strategic investors ahead of a possible IPO for the unit. The introduction of strategic investors will enhance the corporate profile of the business and support its growth, Reuters reported.
Fourteen investors bought into the deal, including Chan Hoi Wan, also a major shareholder in Chinese Estates Holdings, who purchased 5.4% and Huatai International which bought 4.8%. Sequoia Capital, CITIC Capital and Tencent Holdings also invested in the property management unit.
China approves the merger of Yankuang Group and Shandong Energy to create a new mining giant.
China approved the merger talks of two of its coal miners Yankuang Group and Shandong Energy to create a new coal mining giant.
Creation of the new firm, Shandong Energy Company, is among the latest steps by Beijing to concentrate coal production in large, efficient firms in an effort to better regulate and streamline the industry.
China plans First Capital-Capital Securities merger to combat Wall Street.
China intends to merge financial services firm First Capital Securities with its smaller rival Capital Securities in an attempt to take on Wall Street finance firms.
According to Reuters, as China opened up its borders to foreign giants like Goldman Sachs and Morgan Stanley, it wants to become more competitive to international players inside and outside China to play a fair game.
Beijing owns 23% of First Capital and 91.5% of Capital Securities via several companies, the corporate registry showed.
SoftBank earned $600m from its $10bn stock investments.
SoftBank Group, a Japanese multinational conglomerate holding company, reported it gained $600m off its ambitious large cap stock investments that amounted to $10bn this quarter.
The excess of cash during the pandemic led to the decision to buy stocks for a short period. Financial documents of SoftBank indicate it invested in "highly liquid listed shares", pointing out that it unloaded the majority of those stocks. The company did not disclose its targets.
Ant Group files for IPO.
Ant Group, the FinTech arm of a Chinese multinational technology company Alibaba Group, filed preliminary documents with China for its flotation, paving the way to one of most awaited IPOs.
In July, the group reported about dual listing in Shanghai and Hong Kong, without further disclosing the timetable and the size. In the last funding round, Ant was valued at $150bn and reportedly targets an over $200bn valuation.
First companies to list on ChiNext on August 24.
First companies to float under the new IPO system on ChiNext will list on August 24, according to Shenzhen Stock Exchange. The new system implies the US style of IPO as China continues to reform stock markets.
Twenty-three companies registered for a ChiNext listing on August 24, the ChiNext website shows. Among them, IT solutions provider Tansun Technology, Academy of Environmental Planning and Design, and a manufacturer of cellphone accessories Shenzhen Jame Technology.
JP Morgan poaches Duncan Mann as Head of Financial Sponsor Coverage in Australia. (People)
JP Morgan hired investment banker Duncan Mann as Head of Financial Sponsor Coverage in Australia, from its rival Credit Suisse. In addition to the role, Mr Mann will become a Co-Head of Industrials Coverage. Mr Mann will join the company in November.
During his tenure as investment banker Mr Mann worked ten years at Deutsche Bank in Sydney and Hong Kong concentrating on private equity deals.
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