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AMERICAS
GIC-backed Workspace Property Trust, a commercial real estate agency, completed the acquisition of 53 Class A suburban office buildings from Griffin Realty Trust, a REIT company, for $1.1bn.
“We are thrilled to expand our footprint and double-down on the suburban office segment with the acquisition of this well-maintained portfolio of predominantly blue-chip, single tenant, net lease buildings in high growth suburban markets all across the US,” Thomas Rizk, Workspace Chairman & CEO.
Workspace was advised by McCausland Keen + Buckman, Seyfarth Shaw and ThroughCo Communications. Debt financing was provided by BMO Capital Markets, JP Morgan and Newmark Group. Griffin Realty Trust was advised by Bank of America, Eastdil Secured, Goldman Sachs, DLA Piper, Hogan Lovells, King & Spalding, O'Melveny & Myers and Joele Frank.
HP completed the acquisition of Poly for $3.3bn.
HP, a product, technologies, software provider, completed the acquisition of Poly, a firm that designs and manufactures lightweight communications headsets, telephone headset systems, and other communications endpoints, for $3.3bn.
"The rise of the hybrid office creates a once-in-a-generation opportunity to redefine the way work gets done. Combining HP and Poly creates a leading portfolio of hybrid work solutions across large and growing markets. Poly's strong technology, complementary go-to-market, and talented team will help to drive long-term profitable growth as we continue building a stronger HP," Enrique Lores, HP President and CEO.
Poly was advised by Morgan Stanley, Cooley and Wilson Sonsini Goodrich & Rosati. HP was advised by Foros, Goldman Sachs, Morgan Stanley, Allen & Overy, Davis Polk & Wardwell, Ropes & Gray and Skadden Arps Slate Meagher & Flom. Financial advisors were advised by Sullivan & Cromwell.
Bregal Sagemount-backed Corcentric and North Mountain Merger terminated a $1.2bn merger. (FS)
Bregal Sagemount-backed Corcentric, a provider of payments, accounts payable, and accounts receivable technology, and North Mountain Merger, a SPAC, terminated a $1.2bn merger. PIPE investors included Wellington Management and Millais.
"Corcentric is a leading B2B commerce platform focused on transforming how businesses purchase, pay, and get paid, with a proven track record of growth and strong momentum. We are disappointed that market conditions resulted in the termination of our proposed merger. Corcentric is a unique company with a strong management team, and we wish them continued success," Chuck Bernicker, North Mountain CEO.
Westrock Coffee went public via a SPAC merger with Riverview Acquisition in a $1.09bn deal. (FS)
Westrock Coffee, an operator of a private label coffee company, went public via a SPAC merger with Riverview Acquisition in a $1.09bn deal. R. Brad Martin, NFC Investments, HF Capital and Southeastern Asset Management also participate in the deal.
"The announcement today to go public via this transaction with Riverview represents a truly important milestone in Westrock Coffee's journey. We started Westrock Coffee when we saw the need for coffee farmers in Rwanda to earn a living wage and realized that a new business model for the industry could enable this outcome while being self-sustaining and un- reliant on the vagaries of charity or consumer price premiums. Our mission to positively impact the coffee, tea, flavors, extracts, and ingredients market from crop to cup has proven to be both enormously successful and gratifying," Scott Ford, Westrock Coffee CEO and Co-Founder.
Westrock Coffee was advised by Benchmark Company, Stifel, Telsey Advisory Group, Wells Fargo Securities, Wachtell Lipton Rosen & Katz and ICR. Riverview Acquisition was advised by Cantor Fitzgerald, Stephens and King & Spalding.
Roper Technologies to acquire Frontline Education from Thoma Bravo for $3.7bn. (FS)
Roper Technologies, a diversified technology company, agreed to acquire Frontline Education, a developer of cloud-based educational software, from Thoma Bravo, a private equity firm, for $3.7bn.
"We are deeply appreciative of Thoma Bravo's partnership over the last five years and the countless contributions from our dedicated team members, which have allowed us to deliver an expanded portfolio of mission-critical solutions for our clients. Roper's acquisition of Frontline Education represents the next phase of our journey, as we stay true to our culture and mission of partnering with K-12 schools in their pursuit of excellence," Mark Gruzin, Frontline Education CEO.
Frontline Education is advised by Cooley. Frontline Education and Thoma Bravo is advised by JP Morgan, Jefferies & Company, Macquarie Group and Kirkland & Ellis.
Genstar Capital, a private equity firm, completed the acquisition of Numerix, a capital markets risk management technology provider. Financial terms were not disclosed.
"We are excited to begin the next phase of our future growth with our new partners at Genstar Capital. For over 20 years, we have worked tirelessly to provide the most sophisticated analytic and technology solutions available to capital market participants across the globe. We've always had a clear vision for the organization. Together with Genstar and their long track record in the financial services and software industries, we look forward to expanding our footprint across the entire value chain in the front-to-risk market providing even greater value to our customers," Steven O'Hanlon, Numerix CEO and President.
Genstar Capital was advised by RBC Capital Markets, Willkie Farr & Gallagher and Chris Tofalli Public Relations. Numerix was advised by Jefferies & Company and Davis Polk & Wardwell.
Avance Investment, a private equity firm, completed the acquisition of a minority stake in RIA Advisory, a provider of revenue management solutions. Financial terms were not disclosed.
"Avance's investment in RIA is a testament to the best-in-class revenue management advisory services and products our team of industry pioneers has built over the last five years. Having known the Avance team for many years, we are confident their operational expertise, technology investing expertise and successful track record of investing in founder-led businesses make them the right partner for RIA as we enter our next phase of growth," Saket Pabby, Avance CEO and Founder.
Avance was advised by Guggenheim Partners, Greenberg Traurig and Joele Frank. RIA Advisory was advised by Canaccord Genuity and Jones Day.
SGH completed the acquisition of Stratus Technologies from Siris Capital for $275m. (FS)
SMART Global Holdings, a designer and manufacturer of electronic products, completed the acquisition of Stratus Technologies, a provider of simplified, protected, and autonomous computing solutions, from Siris Capital, a private equity firm, for $275m.
"This transaction builds upon our successful track record of M&A at SGH. The high-availability and fault-tolerant capabilities of Stratus will expand our IPS offerings in Edge, Core, and Cloud, and will enable us to more comprehensively address our combined customers' needs. We look forward to welcoming the Stratus team to SGH," Mark Adams, SGH CEO.
SMART Global was advised by Moelis & Co and Latham & Watkins. Siris Capital was advised by Sidley Austin and Abernathy MacGregor Group.
Kelso & Company to acquire a stake in WilliamsMarston from Align Capital Partners. (FS)
Kelso & Company, a private equity investment firm, agreed to acquire a stake in WilliamsMarston, an accounting advisory and management consulting firm, from Align Capital Partners, a growth-oriented private equity firm. Financial terms were not disclosed.
“Together with WM leadership, we significantly exceeded our investment objectives. The WM team has been an outstanding partner for ACP and our investors, and we are incredibly appreciative of their efforts and accomplishments over the past two years. The Firm has achieved remarkable growth while maintaining its steadfast commitment to its brand, clients and people. All of us at ACP are excited to watch WM’s continued growth and success," Chris Jones, Align Capital Managing Partner.
WilliamsMarston is advised by BellMark Partners, Houlihan Lokey, William Blair & Co and Kirkland & Ellis. Kelso is advised by Jefferies & Company.
Vivani Medical, a developer of implantable visual prosthetics, completed the merger with Nano Precision Medical, a biopharmaceutical business. Financial terms were not disclosed.
“The completion of the merger marks a significant milestone for Vivani as we continue to grow the company with a strong team, sufficient funding, and an attractive group of investors who support our pursuit to develop and commercialize a new portfolio of miniaturized drug implants which can effectively address medication non-adherence, a major challenge in the treatment of chronic disease, including Type II diabetes. We are also committed to identifying a sustainable path forward to bring Second Sight’s Orion Visual Cortical Prosthesis System to individuals who are blind due to a wide range of causes,” Adam Mendelsohn, Nano Precision CEO.
Vivani Medical was advised by ThinkEquity, Venable and RedChip Companies. Nano Precision was advised by Golenbock.
Abacus Life to go public via a SPAC merger with East Resources Acquisition in a $618m deal.
Abacus Life, a buyer of life insurance policies and vertically integrated alternative asset manager specializing in specialty insurance products, agreed to go public via a SPAC merger with East Resources Acquisition in a $618m deal.
“We are thrilled to be partnering with East Resources on this significant milestone. They share our excitement about the opportunity ahead and bring invaluable expertise and knowledge in alternative investments. This transaction is an important milestone and will assist in accelerating the scale of our platform to increase penetration into the growing $233bn potential Annual Life Settlement market," Jay Jackson, Abacus Life CEO.
Abacus Life is advised by Locke Lord. East Resources Acquisition is advised by Aviditi Advisors and Latham & Watkins.
Viston United Swiss-backed 2869889 Ontario failed to acquire Petroteq Energy for $386m.
Viston United Swiss-backed 2869889 Ontario failed to acquire Petroteq Energy, a company that economically produces oil, for $386m.
Viston have withdrawn the offer following an evaluation of recent developments in connection with the offer, including, without limitation, the rejection by the Committee on Foreign Investment in the United States of the joint voluntary notice submitted by the offeror and Petroteq in connection with the offer.
Dechra completed the acquisition of Med-Pharmex for $260m.
Dechra, a global specialist in veterinary pharmaceuticals and related products business, completed the acquisition of Med-Pharmex, a manufacturer of veterinary drugs for the animal health industry, for $260m.
"I am delighted that we have completed the acquisition of Med-Pharmex, a company that I have been in dialogue with for a number of years. The US market is highly consolidated, therefore this is a unique opportunity to add several new products to our portfolio, enter the US FAP market and improve the manufacturing footprint for our North American business," Ian Page, Dechra CEO.
Dechra was advised by Investec and TooleyStreet. Med-Pharmex was advised by Stifel.
SoftBank Latin America Fund completed a $75m investment in GBM. (FS)
SoftBank Latin America Fund, an investment firm, completed a $75m investment in Grupo Bursatil Mexicano, a Mexico-based company engaged in the financial sector.
“For the past 35 years, GBM has been a leader in the investment world. Today, thanks to our investments in technology, we can provide our services to anyone in Mexico through GBM +. In addition, we will continue to invest in offering the best products and services on the market to institutional and corporate clients, as well as creating the best base of external advisers in the country. SoftBank is investing in the companies that are transforming the world and GBM is no exception. We are pleased to partner with them as we advance our mission to democratize investment in Mexico," Pedro de Garay Montero, GBM Co-CEO.
SoftBank was advised by Morrison & Foerster. GBM was advised by Covington & Burling.
Medtronic completed the acquisition of Affera.
Medtronic, a global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions, completed the acquisition of Affera, a medical technology company dedicated to delivering unrivaled innovative solutions to address the rapidly growing demands for cardiac arrhythmia treatment. Financial terms were not disclosed.
"This acquisition marks an important growth milestone for our cardiac ablation portfolio. We're incredibly proud to have led the industry with the introduction of the proven safe and effective cryoablation technology; and now these new additions to our portfolio help support a leap forward in our commitment to build a comprehensive portfolio and help physicians achieve the best outcomes for patients," Rebecca Seidel, Medtronic President.
Affera was advised by Latham & Watkins.
Buckley Ventures, Standard Crypto, and Paradigm Ventures led a $200m investment in Limit Break. (FS)
Venture capital firms, Buckley Ventures, Standard Crypto, and Paradigm Ventures led a $200m investment in Limit Break, a firm operating in the gaming industry, with participation from FTX, Coinbase Ventures, Anthos Capital, SV Angel, and Shervin Pishevar.
"We have the perfect partners, perfect investors, and perfect team in place to bring the gaming industry into a new era," Gabriel Leydon, Limit Break Co-Founder.
Kerry Group to acquire the B2B powdered cheese business of Kraft Heinz for $108m.
Kerry Group, a global taste & nutrition company, agreed to acquire the B2B powdered cheese business of Kraft Heinz, a food and beverage manufacturer, for $108m.
The transaction involves the divestiture of Kraft Heinz’s B2B powdered cheese products, which are sold through the company’s ingredients business. The divestiture of the B2B powdered cheese business reflects the company's ongoing and active portfolio optimization.
PassioHR completed the acquisition of smarthr.
PassioHR, a professional employer organization, completed the acquisition of smarthr, a provider of human resource services. Financial terms were not disclosed.
"smarthr has gained a solid reputation for service and value in the PEO/HRO space in Idaho over the last four years. We are very excited to bring smarthr and their clients into our family of companies," Roger Hays, PassioHR President & CEO.
Accenture, a professional services company, completed the acquisition of Eclipse Automation, a provider of customized manufacturing automation and robotics solutions. Financial terms were not disclosed.
“Technology, data and AI are fundamentally transforming every part of a company. This includes engineering and manufacturing, our clients’ next digital frontier. With Eclipse Automation, we will combine advanced automation capabilities with our deep digital expertise. This will position Accenture better than ever to help our clients reimagine their products and how they make them," Aaron Saint, Accenture North America lead.
Henry Schein, a provider of health care solutions, completed the acquisition of Midway Dental Supply, a full-service dental distributor. Financial terms were not disclosed.
“Over the past 35 years, Midway Dental has earned an excellent reputation within the industry, grounded by a strong commitment to customer service and industry leadership that is aligned with Henry Schein’s values-based culture and high-touch, full-service business model. Midway Dental’s vision to establish a nationwide footprint aligns with Henry Schein’s commitment to provide the products and services customers can rely on to work more efficiently and deliver high-quality patient care more effectively," Stanley M. Bergman, Henry Schein Chairman and CEO.
Wolfgramm Capital, a private equity real estate firm, agreed to acquire Shreveport Residence Inn by Marriott, an exclusive hotel. Financial terms are not disclosed.
"We are excited to acquire a Residence Inn branded hotel and look forward to elevating this hotel through our firm's hotel management arm: Wolfgramm Properties. The Residence Inn brand's stellar reputation sets the standard in hospitality, and we will work to exceed expectations for our guests," Koloa Wolfgramm, Co-Founder and COO.
First Solar to invest $1.2bn in US Plants, spurred by climate law.
The biggest US solar-panel maker said it plans to spend as much as $1.2bn to boost manufacturing capacity at home by around 75%—the latest in a surge of domestic clean-energy investments spurred by the recently passed climate and healthcare legislation, WSJ reported.
On Tuesday, First Solar said it would invest up to $1bn in a new factory in the southeastern US that will eventually be able to make 3.5GW of panels each year and $185m in expansions the company now plans at factories in Ohio.
Amazon seller Packable to shut down in bankruptcy after SPAC deal sinks.
About a year ago, online retailer Packable was preparing to go public through a special purpose acquisition company. With the SPAC market having evaporated and the economy now sputtering, Packable is laying off staff and preparing to liquidate.
Packable is the parent company of Pharmapacks, an online seller of health, personal care and beauty products. Pharmapacks was founded in 2010 as a single brick-and-mortar pharmacy in the Bronx, New York, before it turned to the internet and established a big home on Amazon.
Blackstone establishes corporate private equity West Coast presence in San Francisco. (FS)
Blackstone announced its Corporate Private Equity business is expanding its North America footprint through a new team based in San Francisco – building on the firm’s existing strong presence in its San Francisco office across its other business units.
Sachin Bavishi, a Senior Managing Director, will relocate to San Francisco to lead and establish Blackstone Private Equity’s West Coast presence, along with other existing and new team members.
Brazil soccer clubs poised for gold rush to reduce gap to Europe's elite.
A new law allowing soccer clubs in Brazil to seek outside investment is attracting hundreds of millions of dollars to a country renowned as football's biggest source of talent, a change that could see Brazilian teams rival Europe's top tier.
The surge of fresh, mostly foreign, cash coincides with an agreement last May by Brazil's largest clubs to create a league modeled on Britain's Premier League that will centralize talks to sell transmission rights and marketing contracts, Reuters reported.
Credit Suisse hires Shak Thakur for technology banking. (People)
Credit Suisse hired Shak Thakur as a managing director for its technology investment banking business. Thakur, based in San Francisco, will report to Brian Gudofsky, global head of the technology group, Bloomberg reported.
Thakur was most recently a vice president at telecommunications networking equipment and software company Ciena. Prior to that, he was an investment banker for more than a decade, working with companies including including VMware and Arista Networks.
EMEA
Neurocrine, a research-based pharmaceutical company, agreed to acquire Diurnal, a specialty pharmaceutical company, for $56m.
"The Board of Diurnal is delighted to announce this recommended offer for Diurnal. Diurnal and Neurocrine are highly complementary businesses, and we believe that Neurocrine's financial and operational resources will substantially accelerate the development of a leading franchise in diseases of cortisol deficiency, benefiting physicians and patients globally. We believe that the acquisition is compelling for Diurnal's shareholders given the risks associated with achieving Diurnal's vision of creating a profitable business, in particular the ongoing commercial roll out of Diurnal's products in Europe and the execution of key clinical studies, in addition to the substantial shareholder dilution that is likely to result from accessing the capital required to deliver this vision," Anders Härfstrand, Diurnal Non-Executive Chairman.
Diurnal is advised by Panmure Gordon & Co, Torreya Capital, Eversheds Sutherland and FTI Consulting. Neurocrine is advised by Smith Square Partners and Cooley.
AURELIUS, a private equity firm, agreed to acquire the offset solutions division of Agfa-Gevaert Group, a provider of analogue and digital imaging products, software, and systems, for $92m.
"The expected sale of the Offset Solutions division is a major step in our ongoing transformation process. It will enable us to increase our focus on our growth businesses, which is crucial to our future success in our markets. After having examined all options, we believe that the proposed transaction is the best possible solution for all stakeholders: the employees working in the division, the customers in the offset industry and our shareholders," Pascal Juéry, Agfa-Gevaert CEO
AURELIUS is advised by DC Advisory, Baker McKenzie and KPMG. Agfa-Gevaert is advised by BNP Paribas and Linklaters.
Taylor Maritime, an internally managed investment company, offered to acquire the remaining 74% stake in Grindrod Shipping, a logistics company, for $493m.
The proposed transaction represents an exciting opportunity to combine Grindrod's operations with TMI to create a significant owner of handysize up to ultramax dry cargo ships. The complementary nature of the companies' fleets and enhanced operational scale in the geared dry-bulk sector will create meaningful additional value for shareholders and customers that both companies serve.
Taylor Maritime is advised by Jefferies & Company, Evercore, Rand Merchant Bank and Montfort Communications.
Oakley Capital, a mid-market private equity investor, agreed to invest £70m in Phenna Group, a firm focused on the testing, inspection, certification, and compliance services. Inflexion exits the investment.
"We were attracted to Oakley's deep expertise in M&A execution and integration, as well as their strong track record in helping businesses to internationalise at scale. As we look to the future, we're excited to be working with them and together delivering on our mission to grow Phenna into a leading global TICC player," Paul Barry, Phenna Group Founder and CEO.
Oakley Capital is advised by Liberum Capital and Greenbrook.
Snowflake, a cloud data warehousing company, agreed to acquire Applica, an AI platform for document understanding. Financial terms were not disclosed.
With this acquisition, Snowflake's customers will be able to more easily leverage unstructured data in the Snowflake Data Cloud. Closing of the acquisition is subject to customary closing conditions.
Applica is advised by Centerview Partners.
Gilde Healthcare, a venture capital firm, agreed to acquire Sanquin Reagents, a firm that produces and sells blood group and immune reagents, materials needed for diagnostic research and drug development, from Sanquin Health Solutions, a healthcare services provider. Financial terms were not disclosed.
"We are proud of our history and the strong market position we have built. It is our ambition to become the most innovative developer and manufacturer of hematology and immune reagents. The collaboration with Gilde Healthcare enables us to attract new talent and expand our network," Harry Bos, Sanquin Reagents Managing Director.
Fund manager Jupiter in talks to sell 10% stake in £2.5bn Starling Bank. (FS)
Jupiter Fund Management is in talks to sell its entire stake in Starling Bank months after the digital lender's valuation passed £2.5bn, Sky News reported.
Jupiter, which owns close to 10% of Starling's equity in its UK Mid Cap Fund and elsewhere across its funds portfolio, has instructed bankers at Citigroup to find buyers for the holding.
New York Yankees and LA fund to join investors in AC Milan. (FS)
The New York Yankees baseball franchise and a Los Angeles investment fund are preparing to announce an investment in Italian football club AC Milan alongside US private equity group RedBird, which is closing in on the €1.2bn acquisition of Italy’s football champions.
RedBird is set to announce the entry of its new partners as early as Wednesday when it is expected to officially take control of the club from its current owner, US hedge fund Elliott Management.
Bank of Cyprus approached by Lone Star. (FS)
The government is faced with a race against time to ensure it has the legal power to prevent the possible takeover of the Bank of Cyprus by the US private equity firm Lone Star which it views as “a serious threat”.
“This is a private equity firm that wants to buy a systemic bank, with a wealth of assets, on the cheap, for a quick return, and this could pose a serious threat to the economy,” a top official at the finance ministry told the Cyprus Mail. Bank of Cyprus has a whopping 45% share of the Cyprus banking market.
Joules' rescue talks with Next stumble after latest profit alert.
The struggling fashion chain Joules' hopes of securing a lifeline from the high street behemoth Next have hit a stumbling block days after it issued a fresh profits alert, Sky News reported.
Two companies are not close to agreeing the terms of an investment from Next more than three weeks after confirming they were in discussions.
Asda eyes deeper push into convenience with £450m Co-op fuel retail swoop.
Asda is preparing to accelerate a long-awaited move into Britain’s convenience store market with a £450m swoop on the Co-op Group’s petrol forecourt business, Sky News reported.
Asda is the leading contender to buy the mutual's fuel retailing arm, which includes a sizeable convenience operation.
DTCP holds second close of Digital Infrastructure Vehicle II at about €1bn. (FS)
DTCP has held the second closing of its Digital Infrastructure Vehicle II with around €1bn of capital commitments. The Fund was launched in June 2021 and has raised additional capital from new, leading international investors, including BlackRock and abrdn, as well as a sovereign wealth fund from the Middle East and various German insurance companies.
The fund will continue to raise significant capital until its final closing in 2023.
Swiss Life Asset Managers launches second international renewable energy infrastructure fund. (FS)
Swiss Life Asset Managers has launched its second dedicated international renewable energy fund, Fontavis ESG Renewable Infrastructure Fund II, the successor to the first international fund, Fontavis ESG Renewable Infrastructure Fund Europe.
The newly launched fund Swiss Life's fourth renewable energy fund and the second which invests globally.
APAC
ACCSCIENT, a portfolio of globally based companies that provide services, solutions, and talent, completed the acquisition of Vyom Group, a provider of consulting and implementation services. Financial terms were not disclosed.
"The addition of Vyom Group and DxShpera to the ACCSCIENT family strengthens our digital business capabilities while also expanding our global reach beyond our established foothold in the Americas. As a combined entity, we can expand how we support our clients and partners throughout the entire digital ecosystem with both services and technology solutions," Andre Wu, ACCSCIENT Senior Partner.
Vyom Group was advised by Palanca Capital and DSK Legal. ACCSCIENT was advised by Focus Investment Banking and LegaLogic.
TPG and Norwest Venture Partners, two investment firms, led a $110m Series D round in Earlysalary, a consumer lending fintech, with participation from Piramal Capital & Housing Finance.
“We believe in a customer-first approach to providing credit to young middle-income Indians and we are thankful for the trust millions of Indians have put in us. As our customers’ aspirations and credit needs grow, we will focus to continue to retain their trust and grow with them. The funding will not only help us in expanding our cash business but also build an array of capabilities to efficiently serve a larger segment of customers. We are confident in our ability to keep innovating and achieving 10x large growth in our customer base," Akshay Mehrotra, Earlysalary Co-founder and CEO.
Earlysalar was advised by Unitus Capital. Norwest Venture Partners was advised by Shardul Amarchand Mangaldas & Co.
PAG, an Asia-focused alternative investment firm, agreed to acquire Huis Ten Bosch Theme Park from HIS Co, a provider of transportation, logistics, and hospitality services, for $721m.
"This is an exciting opportunity for us to accelerate the growth of one of the most iconic theme parks in Japan. We appreciate the trust that H.I.S. has placed in us. This deal is good for the sellers, for PAG's investors, and most importantly for HTB and its customers and fans. We are thankful for the support from our customers, partners, and local communities, and we look forward to contributing more to the local economy," Koichi Ito, PAG Managing Director and Co-Head of Japan.
PAG is advised by FTI Consulting.
Adani, an Indian multinational conglomerate, and New Delhi Television, an Indian news media company, had asked the market regulator to check if any regulatory restrictions prohibit the news network's founders from selling a 55% stake to the conglomerate.
Adani has tried to execute the takeover plan by acquiring a little-known Indian company more than a decade ago in exchange for warrants that allowed it to buy a stake in the news group at any time. Adani Group said it had exercised those rights last week, which NDTV said was done without its consent, Reuters reported.
NDTV said it had asked the regulator if a previous prohibition on the founders in an insider trading case restricted them from selling the stake. In a separate statement, Adani said it had also written to SEBI seeking clarity to "avoid confusion in the minds of public shareholders of NDTV that has arisen".
LDA Capital, a private equity firm, completed a $100m investment in The Lightnet Group, a developer of a financial platform designed to provide a banking services network to increase the efficiency of existing money transfer operators and financial institutions.
The funds will be utilized to facilitate web 3.0 payment and blockchain ledger-based remittance services focused across Asia Pacific and globally around the world.
"Lightnet's next generation financial infrastructure, along with Velo Labs' disruptive technology, will be the future rails for dynamic and regulated markets providing financial mobility and inclusivity across Asia," Warren P. Baker III, LDA Capital Managing Partner, and Co-Founder.
FranConnect completed the acquisition of World Manager.
FranConnect, a povider of franchise management solutions, completed the acquisition of World Manager, a provider of learning management and front-line employee engagement solutions. Financial terms were not disclosed.
"We are thrilled to welcome the World Manager's world-class family of brands and employees to the FranConnect community. World Manager's learning management and engagement platform adds a highly strategic capability to FranConnect's operations solutions, extending our reach from managing the relationship between the brand and franchisee to supporting the needs of multi-location ownership groups and their employees. We can now provide end-to-end visibility of drivers of growth and performance across all types of multi-locations businesses," Gabby Wong, FranConnect CEO.
Temasek to lead $100m funding for crypto landlord Animoca. (FS)
Singapore state investor Temasek is joining a $100m funding for Animoca Brands, betting on one of crypto’s most prolific investment houses even after a $2tn market meltdown, Bloomberg reported.
Temasek will lead the financing through convertible bond. It adds to a funding round first announced by Animoca in January, when the Hong Kong startup raised $359m from backers including George Soros and the Winklevoss twins. Now valued at $6bn, Animoca raised another $75m in the same round earlier this summer.
Woodside in talks to sell stake in Scarborough gas field.
Woodside Energy is in talks with 'high quality' companies looking to buy a stake in its $5.7bn Scarborough gas project, but won't sell unless it gets the right price, Chief Executive Meg O'Neill said on Tuesday.
The company has been looking to sell down its holding in its biggest growth project on and off for more than 18 months. It now owns 100% following its takeover of BHP Group's oil and gas business, Reuters reported.
Calb seeks nod for $2bn Hong Kong IPO this week.
Calb, a Chinese battery supplier for electric vehicle makers, is planning to seek Hong Kong stock exchange approval for its initial public offering in the city as soon as this week, Bloomberg reported.
The Jiangsu-based company could be scheduled for a listing hearing on Thursday. Calb could raise as much as $2bn in the IPO if it fully exercises its over-allotment option.
Thailand’s top IPO adviser targets region’s firms for listings.
Thailand’s leading arranger of initial public offerings since 2021 is targeting companies from neighboring Vietnam and Cambodia for listing on the Bangkok bourse to counter a slump in domestic stock sales, Bloomberg reported.
Kiatnakin Phatra Bank is working with several Southeast Asian firms to tap investors through the Stock Exchange of Thailand, said Anuwat Ruamsuke, head of investment banking and capital markets. While businesses are keen on IPOs and cross-border listing, some regulators in the region are less helpful, he said, without specifying company names or countries.
Dubai school operator Taaleem Holdings pushes ahead with IPO.
Dubai school operator Taaleem Holdings shareholders have approved the sale of shares in an initial public offering, joining a steady stream of Gulf firms tapping equity markets, Bloomberg reported.
Shareholders on Monday approved the conversion of Taaleem from a private joint stock company into a public entity through the IPO. A book-building process will follow.
SG's Vickers Venture Partners closes Fund VI below target at $260m. (FS)
Singapore-based Vickers Venture Partners has closed its sixth fund at $260m, roughly half its original target of $500m, DealStreetAsia reported.
“We decided to close the fund at about $260m as we had raised about $140m through our special purpose acquisition company and another $115m or so of co-investments, totalling slightly above $500m,” Vickers spokesperson.
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