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AMERICAS
Billionaire investor John Paulson's hedge fund urged Callon Petroleum to drop its proposed $3.2bn acquisition of Carrizo Oil & Gas, and instead consider selling itself. Paulson & Co funds, which hold about a 9.5% stake in Callon, said in a letter to the company's board that adding Carrizo's "inferior Eagle Ford assets will permanently reduce the attractiveness of Callon to potential acquirers."
Callon offered Carrizo shareholders 2.05 shares for each Carrizo share held, or about $13.12 per Carrizo share based on Callon's closing share price on July 12, representing a 25% premium.
Lazard, RBC Capital Markets, and Baker Botts are advising Carrizo. JP Morgan and Kirkland & Ellis are advising Callon. JP Morgan and Bank of America Merrill Lynch are the debt providers for Callon.
Stewart Information Services announced the mutual termination of its merger agreement with Fidelity National Financial after not obtaining the necessary approval by the US Federal Trade Commission. In light of the FTC’s decision, the Stewart Board has determined that leveraging the company’s strong brand, financial position, and valued employees to grow the organization as a standalone entity will create the most significant shareholder value. In connection with the termination of the merger agreement, Fidelity has agreed to pay a $50m reverse termination fee to Stewart that was contemplated by the merger agreement.
“While we were disappointed with the FTC’s decision regarding Stewart’s combination with Fidelity, we are well-positioned to execute on a standalone strategic plan built around growth and profitability. The actions we have taken today are designed to enhance our strength, focus our company on the opportunities before us, and build a leadership team with the best mix of experience and expertise to drive value creation. To further support the new direction, we will be actively reviewing the Board’s makeup to ensure the appropriate mix of diversity as well as operational and growth-oriented experience." Thomas Apel, Stewart Information Services, Chairman of the Board.
This purchase expands Wells’ current portfolio to five distinct brands and provides consumers even more access to their favorite products.
“We’re thrilled to join the Wells family. As Halo Top continues to mature, Wells’ expertise in everything from operations to managing brands, to making ice cream products for over a century will help Halo Top become an even better product and a stronger brand. On top of that, Wells simply does things the right way – something that has been at the forefront for us when looking at potential acquirers.” Justin Woolverton, Founder & CEO, Halo Top.
UBS Investment Bank and McDermott Will & Emery advised Wells. JP Morgan, Barclays, and LKP Global Law advised Halo Top.
Tailwind Capital, a middle-market private equity firm investing in targeted sectors within healthcare, business services, and industrial services, invested in Ventiv Technology, a leading global software provider of Integrated Risk Management solutions for enterprises and government entities. Financial terms were not disclosed.
“We are proud of what we have achieved in the last few years with the launch of our next-generation IRM software and Analytics Cloud. We believe with Tailwind’s growth approach and industry expertise, Ventiv is well-positioned to deliver great value to our clients,” Bill Diaz, CEO of Ventiv.
Tailwind Capital is advised by Harris Williams & Co and Davis Polk & Wardwell.
Windjammer Capital Investors acquired Hilco Vision, a designer, manufacturer and distributor of eyewear and eye care accessories, supplies and equipment, from Blue Point Capital. Financial terms were not disclosed.
"We are grateful to have had the opportunity to partner with Ross Brownlee and the excellent team at Hilco. Through their good work we were able to successfully execute against all the key-value creation strategies and significantly enhance the competitive position and growth profile for Hilco," said John LeMay, a partner with Blue Point.
Houlihan Lokey and BakerHostetler advised Blue Point Capital and Hilco Vision. Kirkland & Ellis advised Windjammer Capital.
Tenex Capital Management invested in Wolf Home Products, a provider of branded kitchen and bath cabinetry, vanities, and accent tiles, as well as high-performance outdoor living and specialty building products. Financial terms were not disclosed.
"Wolf has established a well-deserved reputation for consistent, courteous, and reliable service at industry-leading turnaround times. We believe our core values of leadership, integrity, quality, innovation, and profitability for all parties will continue to deliver success for our customers, our suppliers, and our employees. We think this partnership with Tenex is another step towards living those values." Craig Danielson, Wolf Home Products CEO & President.
Fidus Partners advised Wolf.
JLL Partners acquired Heads Up Technologies, a portfolio company of affiliates of Luther King Capital Management. Financial terms were not disclosed.
Heads Up designs, engineers and manufactures complex, proprietary cockpit, cabin, and aircraft electrical components and systems to the business and commercial aviation markets. Heads Up have established itself as a trusted partner in the business aviation segment through longstanding relationships with leading OEMs.
"Our customers and employees will both benefit as JLL and Heads Up combine to create new and innovative solutions for the business and commercial aviation markets. Mesirow Financial's advice throughout the process resulted in a successful outcome for all parties involved." Rob Harshaw, president, and CEO of Heads Up.
Mesirow advised Luther King Capital Management.
EVO Payments, a leading global provider of payment technology integrations and acquiring solutions, agreed to acquire Delego Software, a provider of best-in-class integrated payment solutions for merchants leveraging SAP’s ERP solutions. Financial terms were not disclosed.
“Delego brings us additional integrations and product capabilities, enhancing our B2B offering on a worldwide basis. We look forward to leveraging Delego’s secure cloud-based solutions as part of our B2B payments offering as this underpenetrated market continues to experience significant growth.” Brendan Tansill, EVO’s President, the Americas.
Golding & Company served as an advisor to Delego.
Northland Power acquired a 99% interest in the Colombian regulated utility Empresa de Energía de Boyacá from Brookfield Infrastructure for COP2.6tn ($1.05bn), including existing debt, and subject to certain purchase price adjustments following receipt of final approval of EBSA's tariff by the Colombian energy and utility regulator.
"The acquisition builds on our presence in Latin America and gives us an entry point into Colombia, a target market with a stable economy, growing middle class, the strict rule of law and ease and transparency of doing business. We are thrilled to be acquiring this high-quality regulated Colombian utility. EBSA operates in a stable regulatory framework offering an inflation-protected perpetual cash flow profile and serves as a platform for future growth." Mike Crawley, Northland's President, and Chief Executive Officer.
Shopify, the leading multi-channel commerce platform, acquired 6 River Systems, a leading provider of collaborative warehouse fulfillment solutions. Under the terms of the agreement, which has been approved by 6 River Systems’ stockholders, Shopify will acquire all of 6 River Systems’ outstanding securities in a transaction valued at approximately $450m, consisting of approximately 60% in cash and 40% in Shopify Class A Subordinate Voting Shares.
"Shopify is taking on fulfillment the same way we've approached other commerce challenges, by bringing together the best technology to help everyone compete. With 6 River Systems, we will bring technology and operational efficiencies to companies of all sizes around the world." Tobi Lütke, Shopify CEO.
McDonald's agreed to acquire Apprente, an early stage leader in voice-based, conversational technology. Financial terms were not disclosed.
"Building our technology infrastructure and digital capabilities are fundamental to our Velocity Growth Plan and enable us to meet rising expectations from our customers while making it simpler and even more enjoyable for crew members to serve guests," Steve Easterbrook, President and Chief Executive Officer, McDonald's. "Apprente's gifted team and the technology they have developed will form McD Tech Labs, a new group integrated in our Global Technology team that will take our culture of innovation one step further."
Quanta Services completed the acquisition of The Hallen Construction, a leading and sizeable gas utility contractor serving vital strategic markets in the northeast United States. Financial terms were not disclosed.
Hallen has strong customer relationships with leading utilities in its markets, primarily providing gas distribution and transmission services and, to a lesser extent, underground electric distribution and transmission services. Over the past several years, Hallen has achieved stable organic revenue and profit growth by leveraging its operational excellence and working collaboratively with its customers.
"Hallen represents a sizeable expansion into key northeast markets characterized by aged infrastructure and mandatory multi-decade modernization programs that are in their early stages, which we believe improves our long-term visibility and provides attractive multi-year growth opportunities and accretive returns for our stockholders." Duke Austin, President, and Chief Executive Officer.
US Bank has acquired talech, a Palo Alto-based software company that helps small and medium-sized businesses simplify operations and make better decisions through an integrated point-of-sale system. Financial terms were not disclosed.
This acquisition is one of the many ways US Bank is increasing its digital expertise to provide value when and where customers interact with technology.
"Small businesses are a focal point for us as we transform how US Bank engages with customers and how our customers interact with their money, making it easy for them to make decisions at the moment they come into contact with our technology," Derek White, a chief digital officer at US Bank.
Western Digital acquired Kazan Networks, a provider of industry-leading NVMe-over-Fabric ASIC and adapter products for next-generation data center architectures. Financial terms were not disclosed.
"Kazan Networks is a proven innovator in high-performance networking and NVMe-oF, with industry-leading solutions to connect storage subsystems to an Ethernet fabric. The addition of Kazan Networks will further expand Western Digital’s leadership in disaggregated data infrastructure and accelerate the advancement of new, CDI-ready NVMe-oF platforms optimized for our customers’ next-generation hyper-scale workloads. We are pleased to welcome the Kazan Networks’ talented team to our organization.” Phil Bullinger, Senior Vice President, and General Manager, Western Digital's Data Center Systems business.
Susquehanna, a middle-market investment firm and member of the Susquehanna International Group of Companies, invested in McNally Industries, a precision systems manufacturer to defense and industrial markets based in Grantsburg, Wisconsin. Financial terms were not disclosed.
McNally has an established history supporting various US Department of Defense customers with missions across land, air, and sea. Supported programs include Ground Combat Vehicles, including Bradley, Paladin, and the Army's new Armored Multi-Purpose Vehicle, Army Rotary Wing Aircraft, including Blackhawk, Apache and Chinook, the Navy's fleet of DDG-51 destroyers as well as the Army's 120mm, 81mm and 60mm Mortar Weapons Systems.
"We are excited to partner with McNally's management team during the next phase of the Company's growth. The Company's impressive manufacturing operations coupled with its advanced engineering and design capabilities, serve as clear differentiators at a time when the industry is demanding more from its suppliers." Kyle Squillario, Director at SPC.
Revint Solutions, the leader in revenue recovery solutions and pioneer of the industry’s leading revenue integrity platform for healthcare providers, agreed to acquire Washington & West. Financial terms were not disclosed.
“Revint stood out to us as an ideal partner for the next phase of Washington & West’s growth. They understand our customer-centric approach, and we believe that their broader platform can help our clients to maximize savings while maintaining the level of service that our customers have come to expect. Our team is excited and confident that the business will continue to grow and thrive under Roger’s leadership at Revint.” Tracy Wade, co-founder of Washington & West.
Sentinel Real Estate, the California-based commercial real estate development company, announced a merger with Paragon International, a construction consulting firm, to form Commercial Real Estate Development Enterprises. Financial terms were not disclosed.
“We are excited to have merged two successful commercial real estate companies to create a powerful combination of services for our clients and to enhance and support our developments. With the merger and addition of Rob Cord, we now offer a wider breadth of services and a larger roster of experienced team members to successfully lead clients and our developments through the entire life cycle of an asset.” Colby Durnin, CREDE, CEO.
Baxter International, a leading global medical products company, acquired Cheetah Medical, a leading provider of non-invasive hemodynamic monitoring technologies. The transaction consists of an upfront cash consideration of $190m, with potential for an additional $40m based on clinical and commercial milestones.
"The robust capabilities and innovative monitoring technologies we will gain with the acquisition of Cheetah Medical will be additional strategic growth drivers as we work to eliminate preventable harm and enable personalized therapy for hospitalized patients around the world,” David Ferguson, general manager, Medication Delivery, Baxter.
HEICO, which designs, manufactures, and sells aerospace products and services through its subsidiaries, acquired TTT-Cubed, the leading designer and manufacturer of cutting edge RF Sources, Detectors, and Controllers for a specific wide range of aerospace and defense applications. Financial terms were not disclosed.
“TTT continues HEICO’s strategy of buying the best-in-class, niche electronic components companies which are known for having excellent talent serving a demanding customer base. We are highly impressed with the TTT team and the custom, application-specific, product offering they have developed. TTT built an outstanding reputation for innovation and customer satisfaction. We welcome TTT to the HEICO family.” Laurans A. Mendelson, HEICO’s Chairman, and Chief Executive Officer.
Global technology leader CenturyLink agreed to acquire Streamroot, a leading provider of disruptive technology, to improve video and static content delivery within bandwidth-constrained areas. Financial terms were not disclosed.
"Streamroot and CenturyLink share a vision to improve the user experience with rich media content by utilizing edge computing and data science," said Pierre-Louis Theron, CEO of Streamroot. "We believe joining forces with CenturyLink will accelerate our ability to innovate for the benefit of our customers, internet users, and network operators across the globe."
Repsol in talks to buy Exxon assets in the Gulf of Mexico.
Spanish oil giant Repsol is in advanced talks to acquire some deepwater assets in the US Gulf of Mexico from Exxon Mobil for about $1bn, Reuters reported.
The deal would be a boon to Exxon’s plans to accelerate asset sales, as it seeks to raise cash to return to shareholders and fund significant projects. Suppressed oil prices have weighed on the appetite of oil majors to buy such assets.
The transaction would require approval from partners in the assets, who may have preferential rights to buy them.
Essar Oil UK aims to lift the share of US oil refining to 40%.
Essar Oil UK aims to lift processing of US oil at its 200k barrels per day Stanlow refinery by March to 40% from 35% currently, Reuters reported.
Essar Oil UK also is in talks with some parties to sell a majority stake in its Stanlow Oil Terminal infrastructure business as it seeks to leverage its portfolio of assets.
SoftBank pushes WeWork to postpone its contentious IPO.
Executives of WeWork and its largest investor, SoftBank, are discussing whether to shelve plans for an initial public offering of the money-losing co-working company, Bloomberg reported.
SoftBank is pressing WeWork to postpone the stock offering after investors expressed serious concerns about the business and its corporate governance. WeWork, which owns or leases office space and then rents it to companies typically needing short-term space, had planned to hold a roadshow to promote the offering as soon as this week.
Riverside appoints new managing partner. (People)
The Riverside Company, a global private equity firm focused on the smaller end of the middle market, has appointed Sean Ozbolt Managing Partner. Ozbolt will lead Riverside’s new initiative focused on value investing.
We are thrilled to have Sean join our team of more than 300 Riversiders across the world. Sean’s depth of experience and reputation precede him, and we believe his strategic approach, cultural attributes, and turnaround track record make him a perfect fit for the firm at this point in our development as well as the economic cycle.” Stewart Kohl, Riverside, Co-CEO.
Samsara raises $100m in the last funding round, reaching a $3.6bn valuation. (FS)
Sensor data platform Samsara confirmed that it had closed a new round of funding from existing investors Andreessen Horowitz and General Catalyst that values the startup at $3.6bn. Samsara supports the transportation, logistics, construction, food production, energy and manufacturing industries with its internet-connected sensor systems, which helps businesses collect data and derive insights to improve the efficiency of physical operations.
“Our growth comes from bringing transformational new technologies to solve the problems of operational businesses, a massive segment of the economy that has long been underserved by the technology industry. Today, the advent of inexpensive sensors, high-bandwidth wireless connectivity, smartphones, and cloud computing enable these businesses to reap the benefits of 21st-century technology fully.” Kiren Sekar, Samsara’s vice president of marketing and products.
EMEA
Sanderson Asset Management, Cobham’s 11th-largest shareholder, said it was “inclined to vote against” the offer from buyout firm Advent International.
“We have privately communicated our position to the board along with our desire to see the current management team continue their good work in the event a better offer does not materialize,” the asset manager wrote in a letter addressed to Cobham’s founding family, which has urged shareholders to vote against the takeover.
Bank of America Merrill Lynch, JP Morgan, Rothschild & Co, Allen & Overy, MHP Communications advised Cobham. GSO Capital Partners, Citigroup, Credit Suisse, Goldman Sachs, Linklaters, Weil Gotshal and Manges, White & Case and Finsbury advised Advent International.
Sunrise Communications faces calls for its chairman and another board member to be removed, it said, as the Swiss telecommunications company fights to save its planned $6.4bn takeover of Liberty Global's Swiss assets.
Funds group Axxion requested the removal of Chairman Peter Kurer and board member Jesper Ovesen be put on the agenda of the upcoming extraordinary general shareholders meeting, whose date still must be set. Sunrise said it would review Axxion's proposal.
PwC, Deutsche Bank, Morgan Stanley, UBS, Latham & Watkins, Meyerlustenberger Lachenal, Slaughter & May, Deloitte, NautaDutilh, and Lenz & Staehelin are advising Sunrise. Credit Suisse, JP Morgan, Lion Tree Advisors, and Shearman & Sterling are advising Liberty Global.
The Riverside Company sold RE Panels, the European leader in panels for overhead doors, to THI Investments, which provides investment services. Financial terms were not disclosed.
“It’s been a pleasure working with the EPCO and Tecsedo teams. Partnering with such experienced professionals, we were able to expand the group’s geographic reach, product portfolio, and customer base to become the undisputed leader in their field.” Karsten Langer, Riverside, Managing Partner.
Rothschild & Co, Allen & Overy, WalderWyss, Advocatenkantoor Parmentier, Deloitte, and Munich Strategy advised Riverside.
The Oasis and Warehouse Group, which designs, produces and retails women’s clothing and fashion accessories and operates own retail outlets channels in the United Kingdom and Europe and franchisees in Europe, the Middle East, the Far East, and South America, acquires The Idle Man, a British online menswear fashion brand. Financial terms were not disclosed.
“We are delighted to welcome Oliver and the team at The Idle Man to the Group. This is an exciting acquisition for us. We can bring scale to The Idle Man’s proposition as well as infrastructure support, and the brand allows us to tap into the growing demand for fashionable menswear through a credible and well-established brand. The Idle Man’s team will bring invaluable expertise to the Group, and I am looking forward to working with them.” Hash Ladha, Oasis and Warehouse Group, CEO.
Newgate Communications advised Oasis and Warehouse Group.
Galliford Try has reached preliminary agreement on high-level terms to combine its Linden Homes and Galliford Try Partnerships businesses with Bovis Homes. The proposed Bovis consideration is valued to be worth £1.1bn ($1.3bn), with a cash element of £300m ($370m) and a further transfer of a £100m ($123m) private debt placing to Bovis. The remainder of the offer is a £675m ($832m) share issue of new Bovis shares to existing Galliford Try shareholders on a pro-rata basis.
These steps combine to give the standalone Galliford Try a well-capitalized construction group, which together with the recent restructure and focus on its core operations, see the business in a strong position for the future.
"The transaction is an exciting opportunity to create two strategically focused businesses. The significant cash element within the consideration provides a firm foundation for our newly reorganized Construction business to flourish as an independent company. The strong balance sheet and excellent fit between the combining businesses will be a superb platform for both private housebuilding and partnerships, creating a unique and well-positioned housing provider." Graham Prothero, Chief Executive of Galliford Try.
Remondis Group acquired Reym industrial cleaning business from Renewi, for an enterprise value £57m ($70m). Renewi put Reym up for sale late last year to focus on recycling. Reym fits well with Remondis Maintenance & Services' existing activities in the Netherlands, and the Transaction is expected to benefit both Reym's customers and its employees. Renewi and Remondis Maintenance & Services have agreed on long-term contracts to provide the market with Total Care services and the treatment of Reym's waste streams by Renewi.
"We are pleased to announce the successful sale of Reym. Together with the previously announced sale of Renewi's Canadian business, the sale of Reym will simplify the Group, strengthen its balance sheet, and sharpen the focus on core Benelux recycling operations. We have agreed on long-term contracts to ensure continued customer service and waste inflows to ATM. This disposal, combined with the previously announced sale of our Canadian business, will result in total cash proceeds of up to €115m ($130m)." Otto de Bont, Chief Executive Officer at Renewi.
MarketStar, a Wasatch Group company, has acquired Product2Market, a leading European inside sales and sales development agency, that enables growth organizations to drive revenues. Financial terms were not disclosed.
The acquisition pairs two leading sales acceleration companies, MarketStar and Product2Market, to form the global leader in outsourced sales solutions.
“We are thrilled to become part of MarketStar. MarketStar has a 30-year track record of outstanding results for their clients. They attract and work with prestigious technology clients from around the world. We really believe this acquisition will enable our strategy to build a company that will be the global leader in sales services to high growth industries.” Anthony Byrne, Managing Director, MarketStar European Office.
Rocket Software, a global technology leader that develops enterprise modernization and optimization solutions for Fortune 500 companies and government agencies, acquired RSD. Financial terms were not disclosed.
RSD was established in 1973 and provides software solutions that help major banking, government, and retail organizations organize vital business records and optimize their mainframe environments.
“The RSD and Rocket teams share the same passion for doing what’s right for customers and partners. As a result, we’re both focused on helping organizations enhance their IBM Z environments with open technology to power their hybrid cloud IT strategies. The addition of RSD solutions to the Rocket product portfolio will accelerate innovation and the move to open technology on Z, cementing the mainframe’s role as the leading platform for major organizations that depend on modern, open, and secure computing.” Andy Youniss, Chief Executive Officer at Rocket Software.
Amprion is looking at funding options as grid investments rise. (FS)
German high-voltage power transmission network Amprion, whose owners include RWE and Munich Re, is evaluating options to bring in fresh funds, Reuters reported.
Options include issuing hybrid bonds, debt, or raising capital. Amprion is one of Germany’s four power transmission system operators, which also include TenneT Elia’s 50Hertz and EnBW’s TransnetBW.
Cyrus Kapadia to become Lazard's new head of investment banking in the UK. (People)
Lazard has named a new head of its business in the UK following the elevation of William Rucker, one of London's best-known dealmakers, to the role of chair in the country.
The independent advisory specialist said in a statement that Cyrus Kapadia would succeed Rucker as head of investment banking in the UK.
UK's Sage Group considers the sale of its payment processing unit.
British software company Sage Group is evaluating a possible sale of Sage Pay, the company’s payment processing unit, Reuters reported.
Arabtec surges amid talks to combine with Abu Dhabi’s Trojan.
Arabtec shares soared in Dubai after the company started talks to merge with Abu Dhabi-based Trojan.
The stock advanced as much as 13%, the steepest intraday gain since July 2017. The entities began a study to combine their construction businesses potentially and may merge after technical, financial and legal reviews, Bloomberg reported.
George Soros in talks about selling stake in Hyperoptic.
Billionaire investor George Soros is holding discussions about selling his stake in British ultrafast broadband venture Hyperoptic in a deal that is expected to value the company at more than £500m ($608m).
The full fiber internet service provider, which has been backed by Soros’s Quantum Strategic Partners investment vehicle since 2013, has hired bankers at LionTree to oversee a partial or full sale of the business, Telegraph reported.
Hyperoptic’s search for a new backer comes as the company looks to scale its operations just months after it appointed new finance chief Peter White.
Darnitsa might be worth more than $700m.
Shareholders of the pharmaceuticals company Darnitsa are ready to consider an offer to sell the business, but only if a potential buyer offers more than $700m.
“If we manage to fulfill all the plans, we have created for ourselves inside the company, and if the country’s economy doesn’t let us down, I would be ready to talk about a sum of more than $500 – $600m. But for that me, my team, my company – we all have to do a colossal amount of work.” Glib Zagoriy, Darnitsa, co-owner.
Darnitsa shareholders have set a goal to turn the Ukrainian company into a world pharma player. To make that happen, Darnitsa has been leading negotiations, searching for potential partners on the international pharmaceuticals market. Moreover, the company has launched a process of digitalization for the vital cycle of medical agents and is transferring to the electronic document flow. Darnitsa also allocates 10% of its gross income to the research and development.
Fintech provider Sonovate raises over £110m. (FS)
Finance and tech provider Sonovate has secured £110m ($135m) in debt and equity finance. This latest round of investment led by Global Founders Capital, the investment vehicle of Rocket Internet, and supported by Dawn Capital.
As traditional lending has been uncertain for SMEs since the 2008 financial crisis, Sonovate reduces this complexity and provides upfront funding against unpaid invoices.
This latest capital into Sonovate will enable the company to advance its core product offering and reach new international markets, including Germany, the Netherlands, and America.
APAC
Australia's antitrust regulator has hurt competition by blocking the A$15bn ($10bn) merger between the nation's third- and fourth-largest telecoms providers, Vodafone and TPG said in court as their legal appeal got underway.
The Australian Competition and Consumer Commission opposed in May the combination of TPG Telecom and the local joint venture of Britain's Vodafone Group on the grounds it would eliminate a potential fourth mobile network competitor.
Warburg Pincus, US-based investment fund, agreed to invest $250m in Converge ICT Solutions. The fresh funds would help Converge roll out infrastructure as it aims to capture 30% of the country’s broadband market in the coming years.
“This partnership marks our first significant investment in the Philippines,” Saurabh Agarwal, Warburg Pincus, Managing director.
UBS advised Converge ICT Solutions.
SK Siltron, the semiconductor wafer unit of SK Group, agreed to acquire DuPont's wafer business in a bid to strengthen its presence in the market for $450m.
The acquisition of DuPont's SiC unit will give SK Siltron a stable wafer supply and also create synergy within the group.
"The acquisition clearly shows our strong willingness to nurture semiconductor business and create significant synergy within the group, including SK Innovation's EV battery business, due to the wafer boom," an SK Siltron official.
Cerberus Capital Management, a global leader in alternative investing, agreed to acquire Axsesstoday, a provider of equipment finance solutions to small and medium businesses in Australia. Financial terms were not disclosed.
“Axsesstoday is a recognized specialist lender for commercial equipment for businesses across Australia. We look forward to leveraging our industry expertise, operating experience, and financial resources to expand the Company’s platform. Together with the Axsesstoday team, we are confident we will be able to strengthen the Company, capitalize on growth opportunities, and meet the equipment financing needs of customers.” Lee Millstein, President, Cerberus Global Investments.
Event Capital, a live events intellectual property firm, has acquired an 80% stake in Indian Games Expo, which organizes gaming-focused exhibitions around India. Financial terms were not disclosed.
“The gaming industry is an exciting space with inexplicable potential. This space has grown exponentially over the past couple of years, with India becoming the 2nd largest in-game downloads and game sessions. Event Capital’s entry into this segment is a logical progression for us, given our expertise in creating live event experiences. Being one of the strongest IPs in India in the gaming industry, IGX has managed to create a dedicated and strong community in itself. With a major acquisition in IGX, we plan on creating consumer experiences that can nurture and further grow this industry by leaps and bounds and take this IP to the next level. We also intend to boost this community with customized offerings.” Deepak Choudhary, Founder & Director, Event Capital.
NEXON, a global leader in online games, made a strategic investment in Wonder Holdings, a holding company that owns game development studios Wonder People and A Storm, as well as e-commerce platform WEMAKEPRICE. Financial terms were not disclosed.
“Wonder Holdings has delivered solid results by continuously challenging in a wide variety of new areas, including games and e-commerce, which aligns with Nexon’s vision. I’m very excited to see the synergy generated through the strategic partnership. Min Hur’s deep passion and insights for games business will promote further growth for Nexon’s business.” Junghun Lee, President, and CEO of NEXON Korea.
CK Hutchison mulls Indonesian telecom deal with Axiata.
CK Hutchison is weighing a combination of its Indonesian telecommunications business with that of Malaysia’s Axiata Group, Bloomberg reported.
CK Hutchison, the ports-to-telecoms arm of retired billionaire Li Ka-Shing's businesses, informally explored a combination of its Indonesian wireless company with the Malaysian carrier's Indonesian unit, PT XL Axiata.
Thailand’s Absolute Clean Energy mulls IPO.
Thailand-based Absolute Clean Energy plans to launch its IPO on the Stock Exchange of Thailand, DealStreetAsia reported.
The company, owned by Songmetta family, has appointed Trinity Securities as the financial advisor and underwriter for its IPO process.
In the IPO process, ACE plans to sell 1.8bn of shares amounting to 16.6% of its total registered capital, at 5.5bn baht ($180m). ACE will use a part of the IPO proceeds to finance nine power plant projects that are in the pipeline.
SG’s Sinarmas Land sets up China subsidiary.
Singapore-headquartered property company Sinarmas Land is establishing a wholly-owned subsidiary, Chengdu Sinarmas New Century Investment, in China.
Chengdu Sinarmas New Century Investment in China has a registered share capital of $50m. Sinarmas Land plans to strengthen its presence in China, thereby investing in more property projects.
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