Wolverine World Wide, a footwear manufacturer, completed the acquisition of Sweaty Betty, an activewear brand, from L Catterton for $410m.
"The acquisition of Sweaty Betty complements our strategic shift over the last several years from a traditional footwear wholesaler into a consumer-obsessed, digital-focused growth company. It also gives us a leadership position in the growing women's activewear category," Blake W. Krueger, Wolverine Chairman and CEO.
Sweaty Betty was advised by Goldman Sachs, Raymond James and Pinsent Masons. L Catterton was advised by Gibson Dunn & Crutcher and Joele Frank. Wolverine World Wide was advised by Rothschild & Co, Baker McKenzie and Honigman Miller Schwartz & Cohn.
PAI Partners, a private equity firm, agreed to acquire a majority stake in the juice brands, including Tropicana, Naked and others, from PepsiCo, a food, snack, and beverage company, for $3.3bn. PepsiCo will retain a 39% stake in the newly created joint venture.
"This joint venture with PAI enables us to realize significant upfront value, whilst providing the focus and resources necessary to drive additional long-term growth for these beloved brands. In addition, it will free us to concentrate on our current portfolio of diverse offerings, including growing our portfolio of healthier snacks, zero-calorie beverages, and products like SodaStream which are focused on being better for people and the planet," Ramon Laguarta, PepsiCo Chairman and CEO.
PAI Partners is advised by JP Morgan, Latham & Watkins, Willkie Farr & Gallagher and ICR. PepsiCo is advised by Centerview Partners, Davis Polk & Wardwell and Gibson Dunn & Crutcher.
Sanofi, a French multinational pharmaceutical company, agreed to acquire Translate Bio, an mRNA therapeutics company, for $3.2bn. The transaction is expected to complete in the third quarter of 2021.
"Translate Bio adds an mRNA technology platform and strong capabilities to our research, further advancing our ability to explore the promise of this technology to develop both best-in-class vaccines and therapeutics. A fully owned platform allows us to develop additional opportunities in the fast-evolving mRNA space. We will also be able to accelerate our existing partnered programs already under development. Our goal is to unlock the potential of mRNA in other strategic areas such as immunology, oncology, and rare diseases in addition to vaccines," Paul Hudson, Sanofi CEO.
Translate Bio is advised by Centerview Partners, Evercore, MTS Health Partners, Paul Weiss Rifkind Wharton & Garrison and Joele Frank. Sanofi is advised by Morgan Stanley and Weil Gotshal and Manges.
HollyFrontier, an independent petroleum refiner, agreed to acquire the branded marketing business, renewable diesel business, and two refiners from Sinclair, a holding company, for $1.8bn, and Holly Energy Partners, a petroleum company, agreed to acquire the integrated crude and refined products pipelines and terminal assets from Sinclair for $758m.
"HollyFrontier was formed through a transformational merger that facilitated a decade of significant stockholder returns along with growth and diversification into lubricants and renewables. We believe these transactions with Sinclair represent a similar inflection point, marking the beginning of our next chapter as HF Sinclair. With this accretive transaction, we are adding an integrated marketing business with an iconic brand while building on the strength of our expanded refining network, increasing our scale and accelerating the growth of our renewables business. Together, with Sinclair and the dedicated employees who make it successful, we will be positioned to further build this business, capture synergies, and generate cash that will facilitate both capital return to stockholders and further investment in the business," Mike Jennings, HollyFrontier and HEP CEO.
HollyFrontier is advised by Citigroup, Morgan Lewis & Bockius and Wachtell Lipton Rosen & Katz. HEP is advised by Bank of America, Bracewell, Morris Nichols and Wachtell Lipton Rosen & Katz. Sinclair is advised by Joele Frank.
TA Associates, through Trulli Bidco, a subsidiary, agreed to acquire Smiths Medical, a global manufacturer of specialty medical devices, from Smiths Group, a British multinational diversified engineering company, for $2.3bn. Completion and receipt of the initial cash proceeds are expected by the end of calendar year 2021, subject to approval by Smiths' shareholders and receipt of other customary regulatory approvals.
"Smiths Medical has an excellent product portfolio with leading positions in its key franchises of infusion systems, vascular access and vital care. Its well-established brands are trusted globally, and we are excited to be working with the management team to build on this strong platform for growth. We see many opportunities for expansion and will invest in technology to build the company's capabilities and reinforce its leading product portfolio," Birker Bahnsen, TA Associates Managing Director.
Smiths Group is advised by Gleacher Shacklock, Goldman Sachs, JP Morgan, Freshfields Bruckhaus Deringer, White & Case and FTI Consulting.
Two investment firms FS Investments and High Bluff agreed to acquire Church's Chicken, an owner and operator of fried chicken restaurants, from FFL Partners, an American private equity firm. Financial terms were not disclosed.
“At a time when the entire restaurant industry has faced unprecedented challenges, Church’s has stood out as a notable bright spot, having emerged from the pandemic with considerable tailwinds that strongly position the brand for tremendous growth geographically as well as in the overall chicken category,” Anand Gowda, High Bluff Capital Partners Founder.
FS Investments is advised by Orrick Herrington & Sutcliffe. High Bluff is advised by Moelis & Co, Dentons, Paul Weiss Rifkind Wharton & Garrison and LAK Public Relations.
L Brands, an American fashion retailer, completed the spin off of Bath & Body Works, a retailer of personal products, and Victoria’s Secret, a lingerie, clothing, and beauty retailer. The companies will be separated into two independent, public companies.
The spin-off enables each company to maximize management focus and financial flexibility to thrive in an evolving retail environment and deliver profitable growth.
“Both Bath & Body Works and Victoria’s Secret are leaders in their respective markets, and, as separate businesses, each will be ideally positioned to benefit from a sharpened focus on pursuing growth strategies best suited to each company’s customer base and strategic objectives," Sarah Nash, L Brands Chair of the Board.
L Brands was advised by Goldman Sachs, JP Morgan, Davis Polk & Wardwell and Wachtell Lipton Rosen & Katz.
Bridgestone, a firm that designs, produces, and sells automobile tires, agreed to acquire Azuga, a developer of connected vehicle, fleet and telematics software and tools, from Sumeru Equity, a technology-focused private equity firm, and Danlaw, a hardware and software engineering services company, for $391m.
"Azuga is revolutionizing the way that fleets do business in the US with class-leading software and a rapid innovation process that will further advance Bridgestone's vision to be a sustainable solutions company. We are working toward providing the most sustainable and intelligent solutions for safer and more efficient mobility, and Azuga will help us accelerate their development and deployment to our customers," Paolo Ferrari, Bridgestone Global Chief Solutions Business Officer.
Bridgestone is advised by PJT Partners and Hogan Lovells. Azuga is advised by Barclays and Gibson Dunn & Crutcher.
Enlight, a global renewables IPP and developer, completed the acquisition of a 90% stake in Clēnera, a privately-held renewable energy company headquartered in Boise, Idaho, for $390m.
"Clēnera's culture, diversified portfolio and market leadership in the western US created a differentiated value proposition for Enlight, and a unique US partnership opportunity. The acquisition is a major step in establishing Enlight's position as a global leader in renewable energy development and operation. Clēnera's outstanding track record and market leadership will allow the unified companies to continue their rapid and profitable growth path," Gilad Yavetz, Enlight CEO.
Enlight was advised by Nomura, Orrick Herrington & Sutcliffe and Scherf Communications. Clēnera was advised by DLA Piper.
Ridgemont Equity, a middle-market buyout and growth equity investor, agreed to invest in Sparus Holdings, a provider of end-to-end outsourced field and professional services for utility and industrial customers. Financial terms were not disclosed.
“Ridgemont’s Environmental, Power & Infrastructure team is focused on investing in differentiated outsourced services platforms that address the increasing needs of our country’s aging infrastructure to operate in a safe, reliable, and compliant manner. Sparus’ core service offerings and technical talent are critical for its utility customers to maintain and upgrade their assets to ensure grid efficiency and reliability, facilitate the ongoing energy transition, and minimize environmental impacts. We are excited about the growth strategy we’ve developed with Sparus’ management team to expand the company’s scope of services for existing and new customers," Ryan Jack, Ridgemont Principal.
Ridgemont is advised by Citizens Bank and Alston & Bird. Debt financing is provided by Citizens Bank, Oaktree Capital Management and PNC Erieview Capital. Sparus is advised by Harris Williams & Co and Troutman Pepper.
Carlyle completed an investment in Abrigo, a technology provider of compliance, risk, and lending solutions for financial institutions. Financial terms were not disclosed.
The strategic growth investment from Carlyle in partnership with Accel-KKR will enable Abrigo to further accelerate sales growth, deepen its strong customer relationships, and pursue significant and transformational M&A.
"We are excited to tap into Carlyle's global scale, industry expertise and diverse perspectives to continue our journey to become the technology partner of choice for financial institutions. The next chapter for Abrigo will be even bigger, faster and bolder, and we are thrilled to partner with Carlyle and Accel-KKR to continue building the company that everyone wants to join and no one wants to leave," Wayne Roberts, Abrigo CEO.
Abrigo was advised by Goldman Sachs, Raymond James and Kirkland & Ellis. Carlyle was advised by Alston & Bird.
Kohlberg-backed Area Wide Protective, a provider of critical safety services, completed the acquisition of Statewide Safety Systems, a provider of traffic control and safety products and services, from Sterling Partners, a diversified investment management platform. Financial terms were not disclosed.
“Sterling’s investment in Statewide is one of the best representations of our strengths and strategy – investing in sectors of expertise, partnering with exceptional management teams, and executing on internal initiatives to accelerate growth,” Steven Taslitz, Sterling Partners Co-Founder and Chairman.
Sterling Partners was advised by Stifel, McGuireWoods and Finn Partners. Area Wide was advised by Houlihan Lokey.
Delicato Family Wines, a wine company, completed the acquisition of Francis Ford Coppola Winery, a wine company. Financial terms were not disclosed.
"This is an exciting and significant expansion for Delicato Family Wines as we bring Francis Ford Coppola Winery and their brands under our portfolio. We look forward to leveraging Francis Ford Coppola's creativity and fine wine capabilities that have appealed to consumers, distributors, and retailers globally, further bolstering our portfolio strategy," Chris Indelicato, Delicato CEO.
Delicato was advised by Deutsche Bank and Winston & Strawn. Francis Ford was advised by JP Morgan and Nixon Peabody.
Sole Source Capital, an industrial-focused private equity firm, completed the acquisition of I.D. Images, a manufacturer of converted label products. Financial terms were not disclosed.
“We selected product identification labels late last year as a thematic beneficiary of supply chain digitization, e-commerce and rising traceability requirements in the food and healthcare sector. We are excited to partner with IDI to provide significant capital and integration expertise as the company executes its buy-and-build strategy within this highly fragmented industry," David Fredston, Sole Source Capital Founder and CEO.
Sole Source was advised by KeyBanc Capital Markets and Mendel Communications. I.D. Images was advised by Citizens Bank.
Upstream Rehabilitation, an operator of a chain of outpatient rehabilitation centers, completed the acquisition of Results Physiotherapy, a provider of outpatient physical therapy services, from Sterling Partners, a diversified investment management platform. Financial terms were not disclosed.
“With Sterling’s constant support, resources, industry expertise, and connections, we not only achieved our vision of growth with them, we’ve been set up to continue to successfully scale and expand with our new partner who brings additional strengths and capabilities to our patient base and corporate infrastructure," Michael Martin, Results Physiotherapy CEO.
Sterling Partners was advised by Finn Partners. Results Physiotherapy was advised by Houlihan Lokey. Upstream Rehabilitation was advised by Winston & Strawn.
Sky Harbour, a developer of private aviation infrastructure focused on building, leasing and managing business aviation hangars, agreed to go public via a SPAC merger with Boston Omaha-backed Yellowstone Acquisition in a $777m deal.
“Sky Harbour is pleased to be entering into this partnership with Yellowstone and the Boston Omaha team to capitalize on the strategic progress the company has made in the last twelve months. Adam Peterson’s and Alex Rozek’s experience in the infrastructure space, together with the funding provided by this transaction, will help the company to meet the demand for its offering across the country and achieve its growth objectives,” Tal Keinan, SHG Chairman and CEO.
Sky Harbour is advised by Morrison & Foerster. Yellowstone Acquisition is advised by Gennari Aronson.
Allen Media, an American media and entertainment company, completed the acquisition of Quincy Media divestiture stations from Gray Television, an owner of local television stations and digital assets, for $380m.
"We are thrilled to facilitate the transfer of these fine Quincy television stations to Byron Allen and Allen Media Group, who we are confident will continue the strong commitments to journalism and localism that have distinguished these stations under Quincy’s outstanding stewardship," Hilton H. Howell, Gray Executive Chairman and CEO.
Allen Media was advised by RBC Capital Markets. Gray Television was advised by Wells Fargo Securities.
Roivant Sciences, a healthcare company, completed a $200m investment in Immunovant, a clinical-stage biopharmaceutical company.
“Roivant and Immunovant explored a range of possible transactions over the past few months, including a potential acquisition by Roivant of the minority interest in Immunovant, and ultimately agreed on this significant investment in order to support a robust development plan for IMVT-1401 and increase our stake in the company. We are incredibly excited about the prospects for IMVT-1401, and we are eager to support Immunovant through this investment. We look forward to continuing to work closely with Dr. Salzmann and the Immunovant management team to help develop IMVT-1401 to maximize benefit for patients with high levels of unmet medical need," Matt Gline, Roivant Sciences CEO.
Immunovant was advised by Centerview Partners and Wachtell Lipton Rosen & Katz.
Advanced Diabetes Supply, an operator of an online platform designed for providing diabetes testing supplies, agreed to acquire US Medical Supply, a provider of mail-order medical supplies, from H.I.G. Capital, a private equity and alternative assets investment firm. Financial terms were not disclosed.
“Together, ADS and US MED will benefit from having broader in-network payor coverage, bicoastal presence, more warehouse locations, complementary partner relationships, streamlined workflows and systems, and the ability to learn from each other’s strengths," Mark Howard, ADS Co-Founder and CEO.
Marvell Technology, a provider of infrastructure semiconductor solutions, agreed to acquire Innovium, a provider of networking solutions for cloud and edge data centers, for $1.1bn. The transaction is expected to close by the end of calendar 2021, subject to the satisfaction of customary closing conditions, including approval by Innovium's shareholders and applicable regulatory approvals.
"Our acquisition of Innovium and its complementary offerings further extends Marvell's leadership in the cloud, and I am excited that Innovium has secured significant share at a marquee cloud customer. Innovium has established itself as a strong cloud data center merchant switch silicon provider with a proven platform, and we look forward to working with their talented team who have a strong track record in the industry for delivering multiple generations of highly successful products," Matt Murphy, Marvell President and CEO.
Qatar sovereign fund discloses a 4.69% stake in Quantumscape. (FS)
Sovereign wealth fund Qatar Investment Authority holds a 4.69% stake in Quantumscape, which is developing batteries for electric cars, Reuters reported.
QIA was an early investor in the company before its IPO and had a stake of 6.5% as of November last year. QIA’s stake in Quantumscape is worth around $446m at the company’s current market value of $9.5bn.
Bausch Health plans IPO for medical aesthetics business to cut debt.
Bausch Health, a global company that develops, manufactures and markets a range of pharmaceutical, medical device and over-the-counter products, primarily in the therapeutic areas of eye health, gastroenterology and dermatology, plans to pursue an IPO of its medical aesthetics business Solta Medical, as the company looks to cut debt further and hasten the spin-off of eye care unit Bausch + Lomb, Reuters reported.
The Canadian drugmaker, previously known as Valeant Pharmaceuticals, has been shedding non-core assets to pay down debt, which piled up due to aggressive deal-making under former CEO Mike Pearson.
Bausch said in March it would sell its entire stake in Egypt’s Amoun Pharmaceutical and last year announced plans to spin off Bausch + Lomb.
Bausch Health is advised by Davis Polk & Wardwell and Osler Hoskin & Harcourt.
Carlyle Aviation, a commercial aviation investment and servicing arm of Carlyle, completed the acquisition of Fly Leasing, an aircraft leasing investment company, from BBAM, Fly's manager and servicer, for $2.4bn.
"This transaction represents strong value for FLY shareholders at a time when airlines are facing an extremely difficult environment and smaller aircraft lessors are disadvantaged in the debt markets. After a thorough review and evaluation of its options, FLY's Board of Directors enthusiastically recommends this transaction to its shareholders," Colm Barrington, FLY CEO.
Carlyle Aviation was advised by RBC Capital Markets, Milbank and Wakefield Quin. RBC Capital Markets was advised by Cleary Gottlieb Steen & Hamilton. Fly Leasing was advised by Goldman Sachs, Clifford Chance, Conyers Dill & Pearman and Gibson Dunn & Crutcher. BBAM was advised by Kirkland & Ellis.
Hellman & Friedman completed the acquisition of Cordis, a medical device business of Cardinal Health, a healthcare services and products company, for $1bn.
"Cardinal Health and H&F have a shared passion for delivering high-quality medical products to customers and we are excited about the future for the Cordis business under H&F's ownership," Mike Kaufmann, Cardinal Health CEO.
Hellman & Friedman was advised by UBS, Kirkland & Ellis and Finsbury Glover Hering. Debt financing was provided by Deutsche Bank and UBS. Cardinal Health was advised by JP Morgan, Jones Day and Skadden Arps Slate Meagher & Flom.
Tempur Sealy, an American manufacturer of mattresses and bedding products, completed the acquisition of Dreams, a specialty bed retailer in the United Kingdom, from Sun Capital Partners, a private equity firm, for $475m.
"Dreams has created a strong retailer brand and business model, known for its outstanding products and customer service. We have worked with Dreams for many years and they are one of the most talented retailers we service. They have consistently demonstrated best-in-class web marketing, customer service and sales capabilities. This acquisition better positions both organizations to service customers and bring innovative products to market. We look forward to welcoming the entire Dreams organization to the Tempur Sealy family," Scott Thompson, Tempur Sealy Chairman and CEO.
Tempur Sealy was advised by Cleary Gottlieb Steen & Hamilton. Dreams was advised by Travers Smith. Sun Capital Partners was advised by Rothschild & Co and Kirkland & Ellis.
Enel, an Italian multinational manufacturer and distributor of electricity and gas, agreed to acquire ERG Hydro, a portfolio of 527 MW hydro plants, from ERG, an Italian energy company, for €1bn. The transaction is expected to be completed at the beginning of 2022.
"By acquiring these strategic assets we are consolidating our role as a leader in the energy transition in Italy, and we are taking an important step towards the achievement of the Group's decarbonization targets," Salvatore Bernabei, Enel Green Power CEO and Head of Global Power Generation.
Cementos Molins, a company manufacturing and selling of gray cement and white cement, agreed to acquire Calucem, a developer, manufacturer, and distributor of calcium aluminate cement, from Ambienta, a private equity investment firm, for $178m.
“I would like to express my sincere gratitude to all colleagues in Calucem. Over the last years the company has shown tremendous growth, whilst adding new products and always focusing on more sustainable solutions for all stakeholders. We are excited to continue this development as part of Cementos Molins, sharing their values, and together creating more value for our customers," Yuri Bouwhuis, Calucem CEO.
Carlyle-backed Rigaku, an international manufacturer and distributor of scientific, analytical and industrial instrumentation, agreed to acquire MILabs, a medical imaging device manufacturer. Financial terms were not disclosed.
“Through this acquisition of MILabs, we expect synergies with Rigaku’s core X-ray related business, which will promote the company’s new initiative to expand into the life sciences field. We are confident that MILabs' unique products will significantly accelerate life sciences research related to pre-clinical imaging at universities, hospitals, and pharmaceutical companies," Toshiyuki Ikeda, Rigaku President and CEO.
Rigaku is advised by DLA Piper.
Italy's Treasury under attack over Monte dei Paschi deal.
Italy’s Treasury is under fire from ruling parties seeking guarantees for Monte dei Paschi’s employees and Siena’s local economy, after the ministry entered exclusive talks to sell the ailing Tuscan bank to UniCredit, Reuters reported.
Italy owns 64% of Monte dei Paschi, after a $6.4bn 2017 bailout. It has committed to returning the world’s oldest bank to private hands by mid-2022, but its capital needs of $2.9bn have made finding a solution more urgent.
UniCredit started talks last week on buying “selected parts” of MPS, a day before a Europe-wide banking health check showed a prolonged economic shock would wipe out the state-owned lender’s capital.
Rolls-Royce to sell Norwegian engine unit to Langley Holdings.
Rolls-Royce, one of the oldest firms in Europe manufacturing planes and luxury cars, is in advanced talks to sell its Norwegian maritime engine-maker Bergen to UK-based engineering group Langley Holdings, Reuters reported.
Rolls-Royce is aiming to raise $2.78bn from disposals by 2022 as part of plans to repair finances which have been battered by the pandemic.
Bergen is a small part of the asset sale plan, a previous attempted sale valued it at $178m, but any deal will reassure investors that the program remains on track.
Banking Circle seeks funding at a $5.9bn valuation.
Banking Circle, a financial technology startup, is seeking to raise new funding at a valuation of around $5.9bn, Bloomberg reported.
The company, led by Anders la Cour and Laust Bertelsen, is working with advisers to solicit interest from investors for a roughly $500m funding round.
Banking Circle, founded in 2013, is a fully-licensed bank and facilitates cross-border payments in 25 currencies. Stripe, Paysafe, Alibaba Group Holding and First Data are among its customers.
Zurich nears deal for Deutsche Bank’s Italian advisers unit.
Zurich Insurance Group is nearing a deal to buy Deutsche Bank Italian financial promoters network, Bloomberg reported.
Zurich has emerged as the leading candidate to buy DB Financial Advisors in a deal that would value the asset at about $415m. No final decision has been made and discussions could still fall through.
MTN Nigeria to invest $1.5bn to expand broadband over three years.
MTN Nigeria, a provider of telecommunications solutions, plans to invest $1.5bn over the next three years to expand broadband access in Africa’s most populous country, Reuters reported.
“Operationally, our mobile subscribers closed H1 at 69m, down 9.9% from December 2020. This was due to the regulatory restrictions on new SIM sales and activations, which was lifted on 19 April 2021,” Karl Toriola, MTN Nigeria CEO.
Toriola said the telecoms company was boosting its 4G coverage and providing home broadband as part of a rural connectivity program. MTN said it plans to connect around 1k rural communities to its network this year and extra 2k communities next year.
FinAccel, the parent of Kredivo, an AI-enabled digital consumer credit platform, agreed to go public via a SPAC merger with VPC Impact Acquisition Holdings II in a $2.5bn deal. The transaction includes a $120m PIPE from Marshall Wace, Corbin Capital, SV Investment, Palantir Technologies, Maso Capital, Victory Park Capital, and a $55m investment from NAVER and Square Peg. The business combination is expected to close no later than the first quarter of 2022.
"Since our initial investment in 2020, we continue to be impressed by Kredivo's rapid growth and strong credit metrics and unit economics. The company has created an impressive platform that enables it to expand into new markets. Its world-class management team has a proven ability to not only execute on its strategy, but also revolutionize fintech across Southeast Asia," Gordon Watson, VPCB Co-CEO and VPC Partner.
FinAccel is advised by Goldman Sachs, Cooley and Clarity PR. VPCB is advised by Citigroup, Jefferies & Company, White & Case and Edelman.
Houlihan Lokey, an investment bank serving corporations, offered to acquire GCA, a global investment bank that provides strategic mergers and acquisitions, capital markets and private funds advisory services, for $591m.
“The acquisition of GCA will create one of the largest technology advisors in the world, one that more closely matches the size and importance of this sector in today’s global economy. In addition, this combination would significantly expand our presence in Europe and Asia and establish Houlihan Lokey as one of the most geographically diversified investment banking firms among our peer group. We believe our combined organizations will enable us to more effectively serve our clients and position our firm for the future as we continue to grow our suite of products and services around the world," Scott Beiser, Houlihan Lokey CEO.
Houlihan Lokey is advised by Daiwa Securities and Latham & Watkins. GCA is advised by Mitsubishi UFJ Financial Group, Morgan Stanley, Plutus Consulting and Morrison & Foerster.
Sequoia Capital China, a venture capital firm, led a $232m Series F funding round in Yuanxin Technology, an internet technology company. Additional investors include Qiming Venture Partners, B Capital Group, Hel Ved Capital Management, Orbimed, United Overseas Bank, E Fund Management, Ab Initio Capital, Bank of China, INCE Capital, CITIC Securities, Kunling Capital and Index Capital.
The new financing comes as Yuanxin is weighing a Hong Kong IPO that could raise at least $500m. Yuanxin Technology uses internet technology to create an intelligent system that connects doctors, patients, medicines, and insurance. The specialist is currently making efforts to accelerate its digital medical insurance mechanism by bridging brick-and-mortal hospitals and internet insurances.
Temasek, an investment company, led a $440m Series H funding round in Unacademy, an Indian online learning platform. Additional investors include SoftBank Vision Fund 2, Mirae Asset, General Atlantic, Tiger Global, Deepinder Goyal and Ritesh Agarwal.
The new investment comes at a time when Indian startups are raising record capital and a handful of mature firms are beginning to explore the public markets.
JD Logistics, a provider of logistics services for e-commerce industry, Meituan, a web based shopping platform, and PAG, an alternative investment firm, led a $270m Series B funding round in Inceptio Technology, an autonomous driving truck technology and operating company. Other investors include Deppon Express, IDG Capital, CMB International, SDIC, Mirae Asset, Eight Roads, Broad Vision Funds, GLP Hidden Hill Capital, CATL, NIO Capital and Eastern Bell Capital.
The Series B will allow Inceptio Technology to accelerate the development of its self-developed full-stack autonomous driving system "Xuanyuan", and speed up its deployment in electrification.
Tiger Global, an investment firm, led a $125m Series D funding round in Infra.Market, a tech-enabled one-stop store for all category of construction materials and products.
The startup plans to deploy the fresh fund to expand to new markets and also expand into new categories. It’s also looking to acquire younger firms, the startup said.
“We are delighted to double-down on our investment in Infra.Market. The team has demonstrated exceptional growth and continues to disrupt the construction materials industry. Over the past year, Infra.Market has become the go-to partner, especially during the pandemic when the traditional supply chains were disrupted,” Scott Shleifer, Tiger Global Partner.
Huarong plans to sell stake in Ant’s consumer finance unit. (FS)
China Huarong Asset Management is planning to sell its stake in Ant Group's consumer finance unit, part of the bad-debt manager’s accelerating push to exit non-core businesses. Huarong is moving to dispose of its 4.99% stake in Chongqing Ant Consumer Finance, Bloomberg reported.
Ant may buy Huarong’s stake, which was valued at $62m initially, and then coordinate with other shareholders to increase the unit’s capital.
Huarong said it hasn’t held any business operation discussions with Ant recently.
Traveloka in talks to raise up to $400m for a SPAC deal. (FS)
Traveloka, an Indonesian website for booking airline tickets and accommodation, is in talks with potential investors to raise as much as $400m as part of its plan to go public through merging with a blank-check company backed by billionaires Richard Li and Peter Thiel, Bloomberg reported.
The fundraising, a so-called private investment in public equity, would be part of a deal to merge Traveloka with Bridgetown Holdings as soon as this year.
The merger is set to value the combined entity at about $5bn. The PIPE amount discussed is about $200m to $400m and could still change.
Li Auto seeks $1.9bn in Hong Kong listing.
Li Auto, an electric vehicle maker, is looking to raise as much as $1.9bn in its Hong Kong listing, pushing ahead with its offering even as investors continue to reel from China’s clampdown on business. The Beijing-based firm is offering 100m shares for as much as $19 each, Bloomberg reported.
The offering is being split into 10m shares for Hong Kong retailers and the rest for international investors, whose shares could be priced higher.
Li Auto is following in the footsteps of larger rival XPeng, which raised $1.8bn in a dual primary listing in the city in June. US-traded Chinese companies are pivoting to so-called homecoming listings in Hong Kong as a way to hedge against the risk of being delisted from American exchanges as well as broadening their investor base.
Wilmar International targets a $605m IPO for its Indian JV Adani Wilmar.
Wilmar International, a Singaporean agribusiness, said it was pursuing a listing of its joint venture Adani Wilmar in India through an IPO worth up to $605m, DealStreetAsia reported.
Adani Wilmar, a 50-50 joint venture between the company and Indian conglomerate Adani Group, is expected to list on the BSE and the National Stock Exchange.
PAG closes second growth fund at $525m. (FS)
PAG, a Hong Kong-based, Asia-focused private equity firm, announced the final close of PAG Growth II, its second growth-focused PE fund, with total capital commitments of $525m, DealStreetAsia reported.
The capital commitments in the final close exceeded the $500m target set for the fund. The firm closed Growth Fund I at $350m in 2018.
Among the fund's investors are the Asian Development Bank, which proposed a $50m commitment, and Germany's DEG, a unit of state development bank KfW, which committed $30m.
Headline Asia closes fourth fund at over $100m. (FS)
Headline Asia, formerly Infinity Ventures, a Tokyo-based early-stage venture capital firm, announced the close of its fourth fund with over $100m in capital commitments, DealStreetAsia reported.
A number of previous institutional investors returned for Fund 4, including the National Development Fund of Taiwan, Abico Group and Otto Group of Germany. GREE Ventures, Tokyo-listed social media firm Mixi and Kotaro Chiba also invested in the fund.
Headline Asia's fourth fund targets early-stage internet, e-commerce and fintech companies in North Asia. It aims to invest in 40 companies per fund, with ticket sizes of $1-5m.
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