AMERICAS
American diamond firm Tiffany & Co is likely to reject the $14.5bn takeover bid by LVMH Group, taking into account the interests of the company and its shareholders. Its senior executives believe the company should command a similar earnings multiple to other so-called true luxury acquisitions - notably Bulgari, Bloomberg reported.
Centerview Partners, Goldman Sachs, and Sullivan & Cromwell are advising Tiffany. Citigroup, DGM Conseil, Deluxewords, Kekst CNC, Montfort Communications, Publicis Consultants, and SEC and Partners are advising LVMH.
Prosperity Bancshares, a regional financial holding company, completed the merger with LegacyTexas Financial Group, the holding company for LegacyTexas Bank, for $2.1bn.
Immediately after the merger, LegacyTexas Bank was merged into Prosperity Bank. LegacyTexas' business will operate as Prosperity Bank dba LegacyTexas Bank until systems conversion, which is scheduled for early June 2020. Upon conversion, the combined bank will operate as Prosperity Bank.
“This merger creates one of the largest Texas-based banks by deposits and makes Prosperity Bank a dominant player in the vibrant markets of Houston and Dallas/Fort Worth. We look forward to the opportunities we have as a combined organization," David Zalman, Prosperity CEO.
JP Morgan and Shapiro Bieging Barber Otteson advised LegacyTexas. Keefe Bruyette & Woods and Bracewell advised Prosperity. Simpson Thacher & Bartlett advised JP Morgan.
US Ecology, a North American provider of environmental services to commercial and government entities, completed the $966m merger with NRC Group Holdings, a global provider of a wide range of environmental, compliance and waste management services, in an all-stock transaction. US Ecology stockholders own approximately 70% of the combined company, and NRCG stockholders own approximately 30% on a fully diluted basis.
“We believe the combination creates a true leader in industrial waste management and environmental services that will harness the experience and expertise of each organization to enhance our competitive position, create cross-selling opportunities and operational efficiencies, and provide compelling long-term value to both our customers and stockholders.” Jeffrey R. Feeler, US Ecology CEO.
Bank of America Merrill Lynch, Houlihan Lokey, Dechert, and Darrow Associates advised US Ecology. Evercore, Jones Day, and Gateway Investor Relations advised NRC Group. Bank of America Merrill Lynch and Wells Fargo Securities provided debt financing to NRC Group.
NGL Energy Partners, which owns and operates a vertically integrated energy business, completed the acquisition of Hillstone Environmental Partners, which provides water pipeline and disposal infrastructure solutions, from Golden Gate Capital for $600m.
“We are proud to have partnered with Jay and his team to establish Hillstone as an industry-leading provider of comprehensive water infrastructure solutions to the oil and gas industry. In just four years, the company experienced impressive organic growth and structured a high-quality asset base that includes long-term contracts with investment-grade E&P companies.” Dave Thomas, Golden Gate Capital Managing Director.
Barclays, Hunton Andrews Kurth, and Winston & Strawn advised NGL Energy. Jefferies & Company and Barclays provided debt financing to NGL. Jefferies & Company, Tudor, Pickering, Holt & Co, Kirkland & Ellis, Nob Hill, and Sard Verbinnen & Co advised Golden Gate and Hillstone.
Google, the search engine giant, is set to acquire Fitbit, a manufacturer of fitness tracking devices, for $2.1bn in cash. Google offers $7.35 a share for the smartwatch maker which represents a 71% premium to its previous close. The transaction is expected to close in 2020, subject to customary closing conditions, including approval by Fitbit’s stockholders and regulatory approvals.
"Fitbit has been a true pioneer in the industry and has created terrific products, experiences, and a vibrant community of users. We're looking forward to working with the incredible talent at Fitbit and bringing together the best hardware, software, and AI to build wearables to help even more people around the world." Rick Osterloh, Google Senior Vice President.
The Labour Party raised concerns over the data of millions of users being released due to the acquisition. "This would give Google highly sensitive personal health data on millions of people, and that should worry us all. The CMA should halt and investigate this merger immediately." Tom Watson, Labour Party Deputy Leader.
Qatalyst Partners and Fenwick & West are advising Fitbit. Cleary Gottlieb Steen & Hamilton is advising Google.
Private equity firm Harvest Partners completed the acquisition of Yellowstone Landscape, the second-largest commercial landscaping company in the United States, from CIVC Partners. Financial terms were not disclosed.
"We have been pursuing commercial landscaping services as a priority sector for several years and believe Yellowstone is a premier competitor in the industry. Customers value Yellowstone's professionalism, commitment to service excellence, and scale, and we are excited to be partners with the company through its next phase of growth," Stephen Carlson, Harvest Partner.
Harris Williams & Co, Moore & Van Allen, and Kirkland & Ellis advised Yellowstone. Piper Jaffray, William Blair & Co, Ropes & Gray, and Blicksilver Public Relations advised Harvest Partners.
One Rock Capital Partners, a private equity firm, completed the acquisition of CentroMotion, a manufacturer of motion, actuation and control systems, from Enerpac Tool Group, a manufacturer of high force industrial tools and related services. Financial terms were not released.
“CentroMotion serves a leading base of on- and off-highway OEM customers worldwide, and we look forward to bringing more products and more value to those customers as we scale CentroMotion’s family of leading brands.” Tony W. Lee, One Rock Managing Partner.
Gasthalter & Co advised One Rock Capital. Debevoise & Plimpton and Latham & Watkins advised Enerpac Tool Group.
Cona Resources, an oil and natural gas company, is set to acquire Pengrowth Energy, an oil and gas exploration company, for $740m. The proposed transaction is to be completed by way of plan of arrangement under the Business Corporations Act.
"Pengrowth’s Board of Directors has determined that the best available alternative for the Company and its stakeholders is to pursue and support a consensual sale transaction that, in addition to repaying the Secured Debt, would also provide some measure of value for our shareholders and other stakeholders." Peter Sametz, Pengrowth President and CEO.
Perella Weinberg Partners and Tudor Pickering Holt are advising Pengrowth.
Eurazeo, a global investment company, agreed to acquire a minority stake in Herschel Supply, a design-driven global lifestyle brand, for $60m.
“Herschel has established a strong, authentic brand that has enabled them to design, market, and sell timeless and high-quality accessories, addressing the needs of today’s modern, multi-tasking consumer. Herschel reimagined the backpack and in doing so changed the category forever, but that was just the beginning. We are thrilled to partner with Herschel management, ACG and HOOPP to leverage the company’s powerful
customer engagement and accelerate growth across categories, channels and geographies,” Adrianne Shapira, Eurazeo Managing Director.
Eurazeo is advised by Edelman.
Liberty Utilities, a subsidiary of Algonquin Power & Utilities, a diversified utility distribution firm, completed the acquisition of Enbridge St. Lawrence Gas, a gas distributor and a subsidiary of utility firm Enbridge, for $70m.
Enbridge St. Lawrence Gas is a regulated utility that provides natural gas to over 16k customers in 23 communities across northern New York State and operates approximately 688 miles of natural gas distribution pipeline.
"We are pleased to welcome the employees and customers of St. Lawrence Gas to the Liberty Utilities family. St. Lawrence Gas represents a new avenue for future investment as we look forward to serving the area with clean, affordable natural gas for their homes and businesses." Ian Robertson, APUC CEO.
Nestle Waters North America, a distributor of bottled water, completed the acquisition of Watchung Spring Water, one of Nestle's largest distributors of bottled water in the US. Financial terms were not disclosed.
As part of the transaction, NWNA will acquire the Watchung service and assume the lease for the building in which Watchung operated.
"We have worked with Nestlé Waters for nearly 70 years and have always valued our relationship. We are excited to take the next step and be able to offer our customers new ownership who can provide excellent service and even greater beverages delivered directly to homes and businesses." Andrew Berliner, Watchung President, and Owner.
Rentokil Initial, a British business services group, agreed to acquire Florida Pest Control, a pest control services provider for commercial and residential customers. Financial terms were not disclosed.
"Florida Pest Control is a high-quality business with a great reputation for service delivery. Both companies have shared values focused on supporting colleagues and providing a great service for customers, and I'd like to welcome our new colleagues to Rentokil Initial. This acquisition is very much in line with our strategy to acquire pest control businesses that build customer density and add to our scale in key local markets. It will make a strong contribution towards our North American revenue and margin targets," Andy Ransom, Rentokil Initial CEO.
Ascendas REIT to acquire business parks from CapitaLand for $1.2bn. (RE)
Ascendas Real Estate Investment Trust is set to acquire 30 business parks in the US and Singapore from CapitaLand for $1.2bn. The deal marks Ascendas REIT’s entry into the US, where it is buying 28 business parks located in Raleigh, Portland, and San Diego. It plans to fund the acquisition mainly through a $958m rights issue and loan facilities.
DBS Bank and JP Morgan are the joint lead managers and underwriters for the rights issue.
Authentic Brands Group completed the acquisition of intellectual property of Barneys New York.
Authentic Brands Group, a brand management company, completed the acquisition of the intellectual property of Barneys New York, an American chain of luxury department stores.
As part of its plan to monetise Barneys’ intellectual property, ABG will close remaining stores and sell off the inventory. In addition to storewide sales, the retailer will offer private sales events to its most loyal customers.
Qatar wealth fund to acquire St. Regis New York from Marriott for $310m. (RE)
Qatar Investment Authority, a Qatar wealth fund, agreed to acquire St. Regis New York, a luxury hotel, from Marriott International, a multinational diversified hospitality company, for $310m. Marriott will continue to operate the hotel under a long-term contract with QIA.
The purchase gives Qatar Investment Authority another trophy asset to add to an expanding portfolio across the globe. The fund has been boosting its investments in the US, including stakes in retail properties in Manhattan.
Turning Point considers new options for the vaping distribution unit.
Turning Point, an independent provider of smokeless products, smoking products, and NewGen products, considers new options for its vaping distribution business within intense regulatory backlash in this industry.
Turning Point, which has a market capitalization of about $400m, declared the expected future returns from the business might no longer justify the required investment in it going forward.
California governor threatens state takeover of PG&E.
Gavin Newsom, a California governor, is threatening a state takeover of PG&E unless the company exits bankruptcy and dramatically improves the safety of its electric grid before the next wildfire season.
Vista and Bain consider selling Vertafore. (FS)
Vista Equity Partners and Bain Capital consider selling Vertafore, an insurance software maker, which could be worth up to $5bn, Bloomberg reported. The private equity firms plan to start a sale process for the company in early 2020.
Biodesix completed the acquisition of Oncimmune assets in the US.
Biodesix, a developer of blood-based diagnostic solutions for lung cancer, completed the acquisition of Oncimmune's laboratory and incidental pulmonary nodule malignancy tests in the US. Financial terms were not disclosed.
Oncimmune Holdings is a UK-based cancer diagnosis company. The company is engaged in developing and commercializing its EarlyCDT platform technology.
"The completion of the acquisition of Oncimmune in the US is emblematic of our continued growth in providing support across the continuum of patient lung care. Oncimmune shares this commitment, and we are proud to continue our partnership. We are both dedicated to robust science and quality while putting the individual patient experience first.” David Brunel, Biodesix CEO.
EMEA
Reuters reported that AbbVie is in advanced talks with several parties interested in buying two assets, which it intends to divest to proceed with the $63bn takeover bid for Allergan. The company said it had notified the US antitrust watchdog of its intention to divest its experimental inflammatory bowel disease therapy, Brazikumab, and its treatment for a type of pancreatic disease, Zenpep.
The deal, which combines two of the world’s biggest pharmaceutical companies, had attracted the US Federal Trade Commission’s scrutiny following a request by a dozen advocacy groups and unions seeking to block the purchase.
Evercore, JP Morgan, Arthur Cox, Slaughter & May, Wachtell Lipton Rosen & Katz, Weil Gotshal and Manges, and Sard Verbinnen & Co are advising Allergan. Morgan Stanley, PJT Partners, Kirkland & Ellis, Matheson, McCann FitzGerald, and Abernathy MacGregor Group are advising AbbVie.
US President Donald Trump's administration will look into the proposed $50bn merger of Fiat Chrysler and PSA group to create the world's fourth-largest automaker, Reuters reported.
“We will obviously look at it very, very carefully. We will welcome a good deal. We hope it will get more production in the United States, more factories and workers, and employment in the US. And concerning the Chinese angle, we will take a careful look at it." Larry Kudlow, White House economic adviser.
Community Group, Image Sept, and Sard Verbinnen & Co are advising Fiat Chrysler.
BBA Aviation, a provider of global aviation support and aftermarket services, completed the sale of Ontic, a provider of high-quality, OEM-licensed parts for legacy aerospace platforms, to CVC Capital Partners, for an enterprise value of $1.36bn.
The Ontic disposal will allow BBA to focus on its core Signature business, the global FBO operator and service provider for the B&GA market.
"Ontic is a growing, highly resilient business and a leading player in what we believe to be a very attractive market. We see multiple opportunities to develop the business further and look forward to working closely with Ontic's excellent management team to take the company to the next level."James Mahoney, CVC Capital Partners Senior Managing Director.
Nomura and Freshfields Bruckhaus Deringer advised CVC Capital. JP Morgan, Lazard, Jones Day, Slaughter & May, and Tulchan Communications advised BBA Aviation.
Blackstone Group completed the acquisition of the Europe Distribution business of CRH, an international group of diversified building materials businesses, for €1.64bn ($1.8bn).
"The transaction announced today demonstrates the continued execution of CRH's strategy of creating value for our shareholders through active portfolio management, the efficient allocation of capital, and creating a simpler and more focused Group going forward. We wish our colleagues in Europe Distribution every success as they enter this new phase of their development," Albert Manifold, CRH CEO.
Lazard and Clifford Chance advised Blackstone. De Brauw Blackstone Westbroek and Powerscourt advised CRH.
Sherpa Capital, a mid-market focused private equity firm, completed an investment in Ferreira, a producer of tailor-made carpets for the luxury furniture and decor sector. Financial terms were not disclosed.
The acquisition has been made from the founding family, who will remain minority shareholders and continue to be involved in the management of the business.
"The arrival of Sherpa Capital to our company reinforces our international growth project and further consolidates our position as the European leader in the manufacturing of luxury carpets. We believe that the experience and support of Sherpa Capital are a great tool to reach the objectives of our Business Plan and to position Ferreira de Sá as one of the main luxury suppliers at a global level.” Fernanda Barbosa, Ferreira CEO.
CS Asociados and Ernst & Young advised Ferreira. Deloitte and Cuatrecasas advised Sherpa Capital.
Tatneft, a integrated oil and gas company from Russia, completed the acquisition of the fuel retail business consisting of 75 fuel stations and a terminal in St. Petersburg region from Neste Corporation. Financial terms were not disclosed.
An agreement on the sale by Neste Corporation of its Russian fuel retail business consisting of 75 fuel stations in North-West Russia and a terminal in Saint Petersburg to PJSC Tatneft was signed in July of 2019. The transaction was approved by the Russian competition authorities on 4 October and closed on 31 October 2019.
"The acquisition of Neste's retail business in North-Western Russia, which is one of the highest priority regions for Tatneft, is a significant contribution to the achievement of our strategic goals, including the marketing of approximately 50% of our own produced fuels domestically." Nail Maganov, Tatneft General Director.
Norton Rose Fulbright advised Tatneft. Citigroup, Borenius, and Macfarlanes advised Neste.
Schroders, a British asset management firm, completed the acquisition of a majority stake in BlueOrchard Finance, a Swiss impact investor. Financial terms were not disclosed.
Schroders’ partnership with BlueOrchard supports the expansion of its sustainability capabilities. While partnering with Schroders enables BlueOrchard to drive innovation and growth further and increase its impact across emerging and frontier markets.
"Schroders has a long-term and strong commitment to sustainability, and we are confident that this partnership will further enable BlueOrchard to bring impact investing into the mainstream market." Patrick Scheurie, BlueOrchard CEO.
Deloitte advised BlueOrchard. Homburger and Linklaters advised Schroders.
Arsenal Capital Partners completed the acquisition of the Healthcare Packaging business of Clariant, a specialty chemical company, for CHF308m ($314m).
The company will be rebranded as Airnov Healthcare Packaging. Clariant’s Healthcare Packaging business offers products used to protect pharmaceutical products from moisture and oxygen.
“Clariant was an excellent owner in continuing to elevate the business’s strategic importance to its markets. We hope to continue the same leadership as owners of Airnov, leveraging both our capabilities and leading franchises in advanced materials and healthcare.” Tim Zappala, Arsenal Senior Partner.
Ernst & Young advised Clariant.
Timken, a manufacturer of engineered bearings and power transmission products, completed the acquisition of BEKA Lubrication, a global supplier of automatic lubrication systems, for $165m.
This acquisition positions Timken as the world's second-largest producer of industrial automatic lubrication systems, which extend equipment life and improve reliability over manual lubrication methods.
"The acquisition of BEKA expands our global leadership in the highly attractive automatic lubrication systems market sector, increases our geographic scale and market coverage in Europe and Asia, and will create new opportunities to serve wind and other industrial end markets more fully. We expect to realize significant synergies, margin expansion, and revenue growth opportunities through the combined Groeneveld-BEKA business." Richard G. Kyle, Timken president, and CEO.
Jones Day advised Timken.
Stifel Nicolaus Europe, a full-service middle-market investment bank based in London, completed the acquisition of Mainfirst Bank. Terms of the transaction were not disclosed.
The combined entity will employ more than 400 professionals, operating out of nine offices.
"Today is a remarkable day for our firm. Not only is joining Stifel a good cultural fit, but it also enables us to expand further into corporate finance and become even more relevant to clients with greater capabilities to serve both sides of the balance sheet." Ebrahim Attarzadeh, MainFirst CEO and Head of Equities.
Keefe Bruyette & Woods advised Stifel.
Britain's junior business minister Nadhim Zahawi welcomes Spirit Aerosystem's acquisition of Bombardier's aerostructures business for $500m.
With this transaction, Spirit will acquire Bombardier’s aerostructures activities and aftermarket services operations in Belfast, UK; Casablanca, Morocco; and its aerostructures maintenance, repair, and overhaul facility in Dallas. The deal is expected to close in the first half of 2020.
“I’m pleased that Spirit AeroSystems is boosting its investment in the UK, this will be great news for Short Brothers and its highly skilled and dedicated workforce, at one of the most important aerospace facilities in the country. I look forward to seeing this successful and ambitious business continue to go from strength to strength.” Nadhim Zahawi, UK junior business minister.
Inflexion Private Equity, a mid-market focused private equity firm, is set to acquire Goals Soccer Centres, a football pitch operator. Financial terms were not disclosed.
The investment is being made by Inflexion Enterprise Fund IV, Inflexion’s dedicated lower mid‐market fund. Goals Soccer Centres has been acquired weeks after its shares were delisted following a corruption scandal in which its founders were accused of fraud.
"We are delighted to be returning to the business we founded over thirty years ago. We look forward to partnering with Inflexion as we grow the company further and continue to provide first-class football facilities to a loyal customer base." Barry and Ian McDermott, Goals Founders.
TA Associates-backed thinkproject, a software provider for construction intelligence, completed the acquisition of Conclude, a provider of software-as-a-service for engineering and construction projects. Financial terms were not disclosed.
The acquisition broadens thinkproject’s customer base, as well as offering additional capabilities to owner-operators and general contractors within the group’s product portfolio.
“We are delighted to become integrated within thinkproject. Conclude will benefit from the experience and structures of thinkproject’s international business. Our joining forces has created a strong and even stronger solution for digital transformation, which will further support our customers both in Germany and worldwide.” Peter Kaul, Conclude Founder & Managing Director.
TDR Capital-backed Algeco Group, a business service company, specializing in modular space, is set to acquire BUKO Huisvesting and BUKO Bouw & Winkels, providers of temporary and semi-permanent buildings and services for the government in the Netherlands. Financial terms were not disclosed.
The transaction will significantly strengthen Algeco's position in the Dutch modular space market, increasing the size of its fleet from 3k to more than 15k units.
"This acquisition is an important step forward for Algeco Group since it materially strengthens our position and presence in the Dutch and European markets. I welcome BUKO Huisvesting, BUKO Bouw & Winkels and their employees to the Group; I am confident that customers will benefit from Algeco's industry-leading range of value-added products and services." Mike Smith, Algeco Chairman.
Ardian-backed Celli Group, an Italian beverage dispensers manufacturer, completed the acquisition of MF Refrigeration, a producer of refrigerated cooling equipment for the beverage industry. Financial terms were not disclosed.
“I have known MF and the Filmer family for many years and I am extremely satisfied and honored of the fact that they have chosen to join the Celli Group in the United Kingdom, to create an organization of market leadership, capable of offering to all our customers the most complete range of products for beer dispensing." Nigel Farrar, Celli UK Managing Director.
Morgan Group Holdings, a diversified business holding firm completed the acquisition of G.research, a provider of data and intelligence services from its parent company Associated Capital Group.
Under the terms of the transaction, Morgan issued 50m shares of Morgan’s common stock to the Associated Capital Group. As a result of the transaction, AC holds approximately 83% of Morgan’s outstanding common shares.
Hornblower Cruises & Events, a provider of water-based dining, sightseeing, private charter, and transportation experiences, completed the acquisition of City Cruises, UK's biggest tour boat operator. Financial terms were not disclosed.
"We are incredibly excited to acquire City Cruises, which we believe to be the best leisure cruise operator in Europe today. We have long had the ambition to enter the European market, and it makes perfect sense to start our journey in one of the most iconic cities in the world," Terry MacRae, Hornblower CEO.
Saudi Arabia approves Aramco's $2tn IPO.
Saudi Arabia's Capital Market Authority approved Saudi Aramco's application for an IPO on the Riyadh stock exchange as the company said it recorded a $68bn profit for the first nine months of the year.
Aramco is expected to reach as close to $2tn IPO valuation. The company didn’t disclose the terms of IPO, but Reuters reported that the oil company could offer 1% to 2% of its shares on the local bourse, raising as much as $20bn-$40bn.
“Today marks a significant milestone in the history of the Company and important progress towards delivering Saudi Vision 2030, the Kingdom’s blueprint for sustained economic diversification and growth," Yasir Al-Rumayyan, Aramco Chairman.
Carlyle considers a €2.5bn bid for Arriva. (FS)
The Carlyle Group considers a €2.5bn ($2.8bn) bid for Arriva, a multinational public transport company.
Deutsche Bahn, Arriva's owner and the German state-owned transport group, has been deliberating whether to sell or float the company for several months.
Africa Oil considers a $1.5bn acquisition of Nigerian oil fields.
Africa Oil will conclude the $1.5bn acquisition of Nigerian oil fields alone after Vitol and Delonex Energy pulled out of the deal to buy half of Petrobras Oil and Gas. The deal will go ahead under the previously agreed terms. The company has agreed a $250m loan facility with BTG Pactual and will fund the rest with available cash.
“We remain committed to completing this acquisition and look forward to working with Petrobras and all stakeholders to accomplish that goal,” Keith Hill, Africa Oil Chief Executive.
Barclays started the sale of the Ritz Hotel. (RE)
The billionaire Barclays brothers have started the sale process of London’s landmark Ritz hotel, which could be worth up to $1bn.
The hotel will be offered to a handful of global investors, together with a building next door on Arlington Street that could pave the way for an extension of about 50 rooms.
Spartan Advisors and Jones Lang LaSalle are advising the sale.
EP Global to raise its stake in Metro to 29.99%. (FS)
EP Global Commerce controlled by Daniel Kretinsky and his Slovak partner Patrik Tkac will raise its stake in German wholesaler Metro following a failed takeover bid.
The closing of the deal is expected on the 6th of November 2019. EP Global Commerce said it had exercised a call option to buy shares from German family-owned investment group Haniel and raise its stake to 29.99% from 17.52%, just below the threshold that would trigger a full takeover bid, Reuters reported.
Thomson Reuters rebuffs suitors for Reuters News. (FS)
Thomson Reuters rebuffs takeover interests in its news wire Reuters News, betting instead on a dealmaking media executive to turn round the 168-year-old business, FT reported.
KKR-backed German media business Axel Springer and a group of individuals including former Reuters editor-in-chief and ITN boss Mark Wood were among the interested buyers.
Fosun acquired the Thomas Cook brand for £11m.
Fosun, a Chinese international conglomerate and investment company, acquired the Thomas Cook brand for £11m ($14m). The company purchased the rights to use the name from Thomas Cook's liquidators and can now use it and its website to market holidays. The deal also includes the collapsed travel firm's own-brand hotels, Casa Cook and Cook's Club, BBC reported.
"The acquisition of the Thomas Cook brand will enable the group to expand its tourism business building on the extensive brand awareness of Thomas Cook and the robust growth momentum of Chinese outbound tourism," Qian Jiannong, Fosun Chairman.
WeWork considers its London expansion. (FS)
WeWork's new management considers its expansion plans in London following a bailout by Softbank Group and is reassessing whether to proceed with about 28 potential office deals in its second-largest market.
"London has always been a fantastic market for us and we continue to see strong demand here. We now have 48 buildings open across the capital and have announced a further 11," a WeWork spokeswoman.
Taste Holdings to exit the food business.
Taste Holdings, an owner of Starbucks and Domino's Pizza franchises in South Africa, leaves its food business and had already sold its 13 stores of the coffee chainfor $464k.
Taste Holdings said that it was also in discussions on the sale of Domino's, restaurant chain Maxi's and The Fish & Chips, as part of a new strategy to become a solely luxury retail group.
Safaricom considers Ethiopia expansion.
Safaricom, a Kenyan mobile network operator, considers bidding for one of two Ethiopian telecoms licenses next year in partnership with South Africa's Vodacom.
"It is the biggest prize left in Africa from a telecommunications point of view," said Michael Joseph, Safaricom's CEO, referring to Ethiopia's huge protected market and population of more than 100m.
Martin Sorrell to rise his S4 stake.
Martin Sorrell, an executive chairman of S4, acquired 9m S4 Capital shares for £12.7m ($16.4m), taking his holding up to 55.4m shares.
China Investment considers selling stake in Tank & Rast. (FS)
China Investment, a sovereign wealth fund, considers selling a minority stake in Autobahn Tank & Rast, a German highway rest-stop chain. The company reviews options including a sale of part or all of its 15% stake that could value Tank & Rast at about €5bn ($5.6bn) to €6bn ($6.7bn), Deal Street Asia reported.
Deutsche Bank appoints Fabrizio Campelli as CTO. (People)
Deutsche Bank promoted Fabrizio Campelli, who was the bank's global head of wealth management, to CTO in order to implement the most significant reorganization in the bank's history, including its plans to cut 18k jobs worldwide. The costs of Deutsche's turnaround plan are estimated at $7.4bn.
Philippe Pillonel, Swiss Investment banking Chairman to leave UBS. (People)
Philippe Pillonel, UBS’s Swiss investment banking unit chairman, is leaving the company following the appointment of Martin Kesselring as UBS’s head of investment banking in Switzerland, FN reported.
The bank is shedding top-level bankers following a reorganization of its capital markets teams announced in September, amid a wider cost-saving push across the investment bank.
GVC Holdings to appoint a new chairman. (People)
Former Playtech and Willam Hill director Barry Gibson is set to be the chairman of the gambling group GVC Holdings. The appointment of Barry Gibson is expected to be announced early this week.
Gibson will replace Lee Feldman, who infuriated GVC shareholders in March when he and Kenny Alexander, GVC CEO sold £20m ($26m) worth of shares which drove GVC's price down 20% in a single day.
Amgen, an American multinational biopharmaceutical company, agreed to acquire a 20.5% stake in BeiGene, a global, commercial-stage, research-based biotechnology company focused on molecularly-targeted and immuno-oncology cancer therapeutics, for $2.7bn.
"This strategic collaboration with BeiGene will enable Amgen to serve significantly more patients by expanding our presence in the world's most populous country. Cancer is a leading cause of death in China and will only become a more pressing public health issue as the Chinese population ages. With its extensive commercial and clinical capabilities within China and a commitment to global quality standards, BeiGene is the ideal strategic collaborator as we seek to make a meaningful difference in the lives of millions of cancer patients in China and around the world," Robert A. Bradway, Amgen chairman, and CEO.
Morgan Stanley, Goodwin Procter, Mintz Levin, and Skadden Arps Slate Meagher & Flom are advising Beigene. Goldman Sachs and Latham & Watkins are advising Amgen.
Master Ad, a Thai out-of-home media provider, agreed to acquire a 50% stake in Hello LED, a billboards provider in Bangkok’s central business district and other provinces, for $64m.
The investment in Hello LED will help improve Maco’s economies of scale and allow it to become the largest owner of outdoor advertising media in the country.
Grant Thornton is advising Master Ad.
Paidy, a fintech startup that enables Japanese consumers to shop online without using a credit card, raised $143m in a series C funding round. The investors include PayPal Ventures, Soros Capital Management, JS Capital Management, and Tybourne Capital Management.
The round comprises both equity in ‘Series C extension’ and debt financing. While $83m has been raised as part of ‘Series C Extension’, the remaining $60m has flown into the company as part of debt financing.
M17, a Taipei-based social networking entertainment group, is set to acquire MeMe Live, a live streaming platform that focuses on Asia-Pacific markets. Financial terms were not disclosed.
As a result of this acquisition, M17's market share of the live streaming industry in Developed Asia will exceed 60% upon the integration of both companies' platform resources, content creators, and users. The acquisition will be completed upon the approval of M17 Group's board directors and shareholders.
"MeMe Live is very excited to join M17 Group. As the entertainment streaming industry consolidates around a few large players, M17 Group was the obvious and preferred partner for us." Junnan Liang, MeMe Live CEO.
Qoo10, a Southeast Asian e-commerce platform, acquired ShopClues, an online marketplace. The transaction is rumored to have valued ShopClues at $70-100m, altough financial terms were not disclosed.
“This partnership presents new strategic opportunities for both companies, as it opens up cross border opportunities for consumers and sellers across Asia,” ShopClues statement.
Alibaba considers reducing the $10bn Hong Kong share sale.
Alibaba Group Holding is deciding between reducing a $10bn Hong Kong share sale in November or delaying the deal till next year as global uncertainty mounts. The company has already handed in all its documents and made a confidential filing.
Carlyle Group closed the first round of its fourth Japan buyout fund at $1.9bn. (FS)
The Carlyle Group reached the first close for its fourth Japan buyout fund. The company disclosed that its total private equity fundraising in the third quarter equaled $1.9bn.
The $222bn investor started fundraising for Carlyle Japan Partners Fund IV in July 2019. While its filing said it was raising an indefinite amount for the fund, Deal Street Asia had reported that Carlyle was seeking $1.85bn for its Fund IV.
Yes Bank secures a $1.2bn bidding offer from a global investor.
Deal Street Asia reported that private sector lender Yes Bank today informed stock exchanges that it had received a binding offer from a global investor for an investment of $1.2bn in the bank through fresh issuance of equity shares. The name of the investor was not disclosed.
Yes Bank said that it continues to be in advanced discussions with other global and domestic investors for fundraising. Yes Bank had earlier this year raised around $270m through a qualified institutional placement.
Facebook India joins SAIF Partners. (FS)
Facebook India enters in collaboration with SAIF Partners, a venture capital fund, in a bid to strengthen its commitment to enable the growth of small and medium businesses and entrepreneurship in the country.
The partnership is a part of Facebook’s VC Brand Incubator Program, which is launched to build the ecosystem for SMB growth in the country by providing growing businesses with timely skilling and guidance.
Vodafone Group denies rumors of exiting India.
Vodafone Group denied rumors of it exiting its India operations and said that it was supportive of the local management and was also actively engaging with the Indian government.
“Vodafone is aware of the unfounded and baseless rumors circulating in some of the Indian media that we have decided to exit the market. We would like to categorically state that this is not true and is malicious," Vodafone Group.
Thailand’s $30bn pension fund reduces risk exposure. (FS)
Thailand’s $30bn Government Pension Fund is decreasing exposure to riskier assets in revised asset allocation for the medium to long term.
The plan involves bolstering exposure to Thai defensive stocks, including those offering higher dividends, as a cushion against any downturn or market volatility.
Aspirant closed the third fund at $463m. (FS)
Aspirant Group, a Japan-based private equity firm, closed AG III Series Funds, its third fund, at $463m, according to a statement.
"AG III Series Funds will continue to pursue investment opportunities in the mid-cap buyout space and support companies with good growth potential to achieve operational improvement and growth acceleration," Aspirant.
Monument Group advised Aspirant.
ESR shares to rise over 7% at IPO. (FS)
Industrial property investor ESR Cayman's shares rose more than 7% on their debut in Hong Kong, after raising $1.6bn in a re-launched IPO. The share price climbed from $2.14 to $2.30.
The company said it would spend $404m of the IPO proceeds to repay debt, and $162m to develop some existing logistic properties and increase its current co-investments.
Hitoshi Kawaguchi to leave Nissan. (People)
Hitoshi Kawaguchi, Nissan's senior executive in charge of communications and government affairs, is leaving the company. He was a crucial player in the secret Nissan investigation that led to the arrest of former Chairman Carlos Ghosn.
Nissan directors blamed Mr. Kawaguchi, in his role leading communications, for not stopping leaks to the Japanese press in recent months.
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