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AMERICAS
Elon Musk accuses Twitter of security lapses in court filing.
Billionaire Elon Musk accused Twitter of fraud by concealing serious flaws in the social media company's data security, which the entrepreneur said should allow him to end his $44bn deal for the company, Reuters reported.
Musk, the world's richest person, amended his previously filed lawsuit by adopting allegations by a Twitter whistleblower, who told Congress on Tuesday of meddling on the influential social media platform by foreign agents.
Twitter is advised by Allen & Company, Goldman Sachs, JP Morgan, Simpson Thacher & Bartlett, Wachtell Lipton Rosen & Katz (led by Leo E. Strine), Wilson Sonsini Goodrich & Rosati (led by Katharine A. Martin) and Joele Frank. Financial advisors are advised by Sullivan & Cromwell. Elon Musk is advised by Bank of America, Barclays, Morgan Stanley, McDermott Will & Emery, Quinn Emanuel, Skadden Arps Slate Meagher & Flom (led by Mike Ringler) and Sard Verbinnen & Co. Debt financing is provided by BNP Paribas, Bank of America, Barclays, Mitsubishi UFJ Financial Group, Mizuho Securities, Morgan Stanley and Societe Generale. Debt providors are advised by Davis Polk & Wardwell.
Senator Elizabeth Warren urged federal airline regulators to block JetBlue Airways’s proposed merger with Spirit Airlines by invoking a rarely used authority from the 1950s to argue that the $7.6bn deal isn’t “consistent with the public interest.”
In a letter to Transportation Department Secretary Pete Buttigieg, Warren, a Massachusetts Democrat, said the agency could use its authority over airline certification transfers to stop the merger. She contends that the elimination of Spirit, a low-cost carrier, would likely lead to higher airline ticket prices, particularly in places where Spirit and JetBlue overlap, Bloomberg reported.
“DOT has the statutory authority to block mergers that it determines are inconsistent with the public interest at the agency level without having to go to court - a significant advantage over DOJ - and you have an enormous opportunity to protect consumers nationwide by using this authority aggressively,” Senator Warren.
Britain's antitrust watchdog said it would launch an in-depth probe into Xbox maker Microsoft's $69bn purchase of "Call of Duty" maker Activision Blizzard after the tech giant failed to offer remedies to soothe competition concerns.
The deal, announced in January, will require approval in the United States as well as other major jurisdictions including the European Union and China, Reuters reported.
Activision is advised by Allen & Company, Morgan Stanley, Skadden Arps Slate Meagher & Flom (led by Kenton King), Brunswick Group and Sard Verbinnen & Co. Financial advisors are advised by White & Case (led by Denise A. Cerasani). Microsoft is advised by Goldman Sachs (led by Sam Britton), Osler Hoskin & Harcourt, Sidley Austin, Simpson Thacher & Bartlett (led by William Allen, Anthony Vernace and Alan Klein), Weil Gotshal and Manges (led by Mike Moiseyev) and Assembly Media.
France's two biggest private broadcasters, M6 Group and TF1, gave up their merger plan to fend off the rise of US streaming platforms, saying antitrust requests made the deal irrelevant, Reuters reported.
"The transaction could have created major competitive risks, particularly in the television advertising and television service distribution markets," French competition authority.
Syros, a firm engaged in the development of medicines that control the expression of genes, completed the merger with TYME, an emerging biotechnology company, in a $60m deal.
“Following an extensive review of numerous strategic alternatives, it was clear that the proposed merger with Syros was the best option for our shareholders. The team at Syros shares our unwavering commitment to develop medicines that make a profound difference in patients’ lives. Syros has a robust pipeline with its lead program in Phase 3, an experienced management and board, and now is well capitalized to execute on its clinical endeavors. Additionally, Syros will continue our work of evaluating the best path forward for the SM–88 program," Richie Cunningham, TYME CEO.
Tyme Technologies was advised by Moelis & Co, Faegre Drinker Biddle & Reath and In-Site Communications. Moelis & Co was advised by Alston & Bird. Syros was advised by Piper Sandler, WilmerHale and Stern IR. Piper Sandler was advised by Latham & Watkins (led by Robert Katz and Charles Ruck).
Veritas Capital, a private equity fund, agreed to acquire Sequa, a business managing jet engine repair and metal coating manufacturing from Carlyle, an investment company. Financial terms were not disclosed.
“Chromalloy has emerged as an industry leader by leveraging technology and innovation to drive a highly unique value proposition for customers. We are thrilled to partner with Brian and the entire Chromalloy team, who have a proven track record of delivering differentiated solutions to the global engine ecosystem. Together, we are excited to continue investing in distinctive technology and deepening Chromalloy’s relationships with both existing and new customers," Ramzi Musallam, Veritas Chief Executive Officer and Managing Partner.
Sequa is advised by Bank of America, Evercore and Latham & Watkins. Veritas Capital is advised by Covington & Burling, Gibson Dunn & Crutcher and FGS Global.
Deutsche Bahn-backed DB Schenker, a logistics service provider, completed the acquisition of USA Truck, a trucking and logistics services provider, for $435m.
"We are very excited to grow our North America operations in terms of both market share and geographical footprint. This is part of a bold ambition that we will become – together – the premier North American transportation solutions provider," Jochen Thewes, DB Schenker CEO.
USA Truck was advised by Evercore, Scudder Law Firm and Abernathy MacGregor Group (led by Tom Johnson). Evercore was advised by Cravath Swaine & Moore (led by Andrew C. Elken). DB Schenker was advised by Morgan Stanley and Latham & Watkins (led by Robert Katz and Tobias Larisch).
Wealth management firms Karp Capital Management and Corsair Capital, agreed to invest in Miracle Mile Advisors, an investment advisory firm. Financial terms were not disclosed.
"Miracle Mile and Karp Capital coming together is a unique partnership. We share a strong cultural alignment and dedication to providing clients with highly customized, fiduciary advice. Our focus on providing wealth management services to the automotive, RV, and powersports spaces complement Miracle Mile’s broad foundation in advanced financial planning and wealth advisory services,” Peter Karp, Karp Capital Founder.
Miracle Mile is advised by Raymond James (led by Elizabeth Bloomer Nesvold), WilmerHale and Prosek Partners. Corsair Capital is advised by Ardea Partners, Waller Helms Advisors and Simpson Thacher & Bartlett (led by Sebastian Tiller). Karp Capital is advised by Venable.
Intuitive Machines, a diversified space exploration, infrastructure, and services company, agreed to go public via a SPAC merger with Inflection Point Acquisition, a blank cheque company, in an $815m deal.
"As the United States plans its return to the Moon after a 50-year absence, Intuitive Machines is excited to play a critical role in providing technologies and services to establish long-term lunar infrastructure and commerce. What’s different this time is that the US government has astutely chosen to utilize partnerships with the private sector to accomplish its goals more quickly and more cost-effectively,” Kam Ghaffarian, Intuitive Machines Co-Founder and Chairman.
Intuitive Machines is advised by JP Morgan and Latham & Watkins. Cantor Fitzgerald is advised by DLA Piper. Inflection Point Acquisition is advised by Cantor Fitzgerald and White & Case.
Lavoro, an agricultural inputs retailer in Latin America, agreed to go public via a SPAC merger with TPB Acquisition Corporation I, a special purpose acquisition company. Financial terms were not disclosed.
“We have already driven significant year-over-year growth and delivered meaningful value to farmers – and we think the next steps in our journey will have even greater positive impact. TPB shares our vision for the future of agriculture as sustainable and technology-forward, thanks to emerging digital, genomic, and biological solutions. TPB’s world-class ag-tech expertise can enhance Lavoro’s solutions portfolio; together, we can expand Lavoro’s lead position in sustainable agriculture,” Ruy Cunha, Lavoro Chief Executive Officer.
Lavoro is advised by Davis Polk & Wardwell. TPB Acquisition Corporation I is advised by Barclays, Cooley and FGS Global. Barclays is advised by White & Case.
Private equity firms Goldman Sachs Asset Management and Cleanhill Partners completed the acquisition of a minority stake in EPC Power, a smart inverter manufacturer. Financial terms were not disclosed.
“EPC Power is extremely proud of the strong reputation and track record we’ve built by focusing on product innovation and forging deep relationships with our customers. As the world becomes more reliant on renewable energy, inverters need to continue to get smarter. Goldman Sachs and Cleanhill Partners support this vision and are committed to investing in EPC Power and our people to capitalize on this exciting market opportunity and to positively impact the U.S. energy transition," Devin Dilley, EPC Power Co-Founder and CEO.
EPC Power was advised by William Blair & Co, Foley & Lardner and Gabriel Marketing (led by Michael Tebo). Goldman Sachs AM was advised by Kirkland & Ellis and Vinson & Elkins (led by Peter C. Marshall).
LLR Partners, a private equity firm, completed the acquisition of Stratix, provider of managed mobility services, from Tailwind Capital, an investment company. Financial terms were not disclosed.
“MMS services are increasingly mission-critical to large enterprises, and Stratix has earned its leadership position. Every day, Stratix helps make enterprise mobility more convenient, simple and cost-effective for organizations, and we are truly Customer-Obsessed. I’m grateful for the partnership we have had with Tailwind - our business is thriving, and we are eager to now join forces with LLR as we continue our rapid growth,” Louis Alterman, Stratix CEO.
Stratix was advised by Guggenheim Partners and SVB Securities. Tailwind Capital was advised by FGS Global and Davis Polk & Wardwell (led by William J. Chudd).
WindRose Health Investors, a healthcare private equity firm, completed an investment in Third Wave Recovery Systems, a provider of rebate administration services for hospitals, long-term care facilities, and select specialty physician groups. Financial terms were not disclosed.
"The acquisition of SRX cements TWRx as the premier platform within the rebate and prescription drug management space. We believe that the Company will continue to build upon its existing service offering to create further value for its clients. We are excited to partner with Dr. Moskow, Ed, and the rest of the TWRx team as they solidify TWRx as the highest quality rebate management company in the industry," Alex Buzik, WindRose Partner.
Third Wave was advised by Mintz Levin. WindRose Health was advised by McDermott Will & Emery and Lambert & Co.
DLP Bancshares, a bank holding company, completed the acquisition of Northern Florida Bank, a commercial bank. Financial terms were not disclosed.
“Community State Bank is a tremendous asset to its community, and we have plans to honor its rich history of quality and client service while at the same time contributing additional capital to position the bank for growth. We are excited to welcome all the employees of the bank to our DLP family while installing an exceptional Board of Directors to oversee the bank’s future success,” Don Wenner, DLP Bancshares Investor.
DLP Bancshares was advised by The Kafafian Group, Ballard Spahr (led by Scott A. Coleman) and DLP Capital.
A consortium of investors including HPS Investment Partners, Atlantic Park Strategic Capital Fund and Morgan Stanley Tactical Value, agreed to acquire a 40% stake in OneTeam Partners, a sports commercialization firm, from RedBird Capital, a private equity firm. Financial terms were not disclosed.
“We are excited to partner with OneTeam to help drive continued growth in one of the most innovative and efficient licensing and marketing platforms in professional and college sports. The strong alignment among HPS, OneTeam and the Players Associations in our collective goal of maximizing the value of athletes’ rights through this platform, provides a strong foundation for a successful long-term partnership," Scot French, HPS Managing Director.
OneTeam Partners is advised by PJT Partners, Simpson Thacher & Bartlett (led by Patrick J. Naughton) and Weil Gotshal and Manges (led by Ryan Taylor).
General Atlantic, an investment company, completed the acquisition of a 15% stake in Kahoot, an edtech company, from Softbank, a private equity fund. Financial terms were not disclosed.
“We are very grateful to SoftBank for their partnership over the past two years. As Kahoot! continues to pursue its mission to improve lifelong learning by building a leading global learning and engagement platform, we are thrilled to add a partner of General Atlantic’s caliber. The team at GA brings deep experience in scaling global education technology and software businesses and positioning market leaders for long-term success, and we look forward to our next phase of momentum in empowering the learning ecosystem around the world,” Eilert Hanoa, Kahoot CEO.
General Atlantic was advised by JP Morgan and Wikborg Rein.
Investment holding companies Perfin Space X and Grafito Fundo de Investimento em Participações Multiestratégia, agreed to acquire Pampa Sul Thermoelectric Plant, a thermoelectric power generator, from Engie Brasil, an energy company, for $86m.
"This disposal is very positive for ENGIE’s plans of directing its efforts and investments towards renewable energy projects and transmission infrastructure. Following the conclusion of the operation, we shall have taken a further step forward in our strategy, ENGIE consolidating its position as the largest clean energy company in the Brazilian electricity sector, totaling 8k MW of proprietary installed capacity derived from renewable sources," Eduardo Sattamini, Engie Brasil Chief Executive and Investor Relations Officer.
Engie Brasil is advised by Morgan Stanley.
Pexco, a North American specialty plastics manufacturer, completed the acquisition of Performance Plastics, a company which designs & manufactures injection molded high-performance plastics parts for aerospace/defense, medical, and energy. Fiancial terms were not disclosed.
“We are thrilled to bring our expertise to the Pexco family. Our focus on engineering quality and strong work ethic are a great cultural fit, and we look forward to collaborating with the fluoropolymer and other high performance polymer experts under the Pexco umbrella,” Chris Lawson, Performance Plastics COO.
Ares Management raises $3.7bn of Sports, Media and Entertainment Capital. (FS)
Ares Management, a private equity firm, announced today that it has raised $3.7bn of dedicated capital focused exclusively on investing in sports leagues, sports teams and sports-related franchises, as well as media and entertainment companies.
Ares Sports, Media and Entertainment Finance, Ares’ inaugural fund focused on the sector, includes total equity commitments of nearly $2.2bn. Including anticipated leverage and related transaction vehicles, the total available capital for SME is expected to be $3.7bn. The Fund was oversubscribed relative to its initial target of $1.5bn.
“We are grateful to our investors for their overwhelming support for our inaugural sports, media and entertainment fund. We have witnessed significant demand for new and original content among fans, streaming platforms and networks and this has driven sports related businesses to require flexible and scalable capital to help fuel this secular growth," Mark Affolter, Ares Partner and Co-Head of US Direct Lending.
Resurgens Technology Partners closes its $500m software-focused Fund II. (FS)
Resurgens Technology Partners, a tech-focused private equity firm, today announced it has completed fundraising for Resurgens Technology Partners II with greater than $500m in total capital commitments. Fund II was oversubscribed and reached its revised hard cap at close.
“We are thankful for the support from our existing and new limited partners. This closing represents an exciting chapter for Resurgens and will enable us to continue to invest behind our team and capabilities, building on our strong position in the evolving and dynamic lower middle-market software sector," Fred Sturgis, Resurgens Managing Director.
Resurgens was advised by Sparring Partners, Proskauer Rose and MiddleM Creative.
HCAP Partners announces the final close of its new $353m SBIC Fund. (FS)
HCAP Partners, a California-based private equity firm, announced the final close of its second SBIC fund, HCAP Partners V. The Fund was oversubscribed with total commitments of $353m including anticipated leverage from the SBA, exceeding the initial fundraising target by over 40%.
More than twice the size of its predecessor fund, HCAP Partners V had strong support from a diverse investor base of existing limited partners from previous funds and new limited partners, including highly regarded foundations, financial institutions, and family offices. The firm is currently deploying capital from its new Fund with a focus on investments in the healthcare, software, and services industries.
"We are grateful for the confidence placed in us by both our returning and new investors. This backing is a reflection of the strong team we have built and all of their hard work supporting the success of our portfolio companies. The new funding enables HCAP to continue providing creative and flexible deal structures to growth-stage companies. As a leading impact investor, we are excited about expanding our portfolio and providing not only capital solutions but also our expertise to companies in our target markets," Tim Bubnack, HCAP Partners Managing Partner.
EMEA
Prologis, a logistics real estate firm, completed the acquisition of the logistics facilites of MARK-backed Crossbay, a pan-European last-mile logistics platform, for $1.6bn.
“This acquisition underscores our ongoing ability to provide our customers with quality urban logistics locations and opportunities beyond the real estate near highly populated areas that serve their growth needs,” Ben Bannatyne, Prologis President.
Prologis was advised by JLL Corporate Finance and Clifford Chance. Mark was advised by CBRE Group, Eastdil Secured and Jones Day.
ACS Group to acquire a 14.46% stake in Hochtief from Atlantia for $577m.
ACS Group, a civil and engineering construction company, agreed to acquire a 14.46% stake in Hochtief, a German construction company, from Atlantia, an Italian holding company active in the infrastructure sector, for $577m.
The sale of the stake forms part of Atlantia’s strategy of rationalizing the investment portfolio and selling off non-core investments.
Atlantia is advised by Citigroup.
The Access Group, a software developer, agreed to acquire Pay360, a payment technology services provider, from Capita, a business process outsourcing and professional services company, for £150m ($171m).
“We are pleased to have agreed the sale of Pay360 to Access. We announced our intention to sell Pay360 during our half year results, as part of our strategy to simplify and strengthen Capita. The sale is a great opportunity for the new owners to help Pay360 realise its full potential, and our colleagues at Pay360 will also benefit from the focus that this change of ownership will bring. Capita will utilise the cash proceeds of the sale to benefit our digital offerings for clients and further reduce net debt. The Pay360 senior management team and employees will remain with the business as they transfer to new ownership," Jon Lewis, Capita CEO.
Capita is advised by Barclays.
Hapag-Lloyd, a shipping and container transportation company, agreed to acquire a 49% stake in Spinelli Group, a logistics and shipping company from ICON Infrastructure, a private equity firm. Financial terms were not disclosed.
“We see it as a complementary service from our side and together we have the common interest to have a really good product ready for our customers. Investments in strategic assets along the supply chain are a key part of Hapag-Lloyd’s Strategy 2023," Juan Pablo Richards, Hapag-Lloyd Senior Managing Director.
ICON Infrastructure is advised by Citigroup.
Enverus, an energy SaaS company, completed the acquisition of RatedPower, a SaaS company developing solutions that automate and optimize the feasibility study, analysis, design and engineering of solar power plants and electrical infrastructure. Financial terms were not disclosed.
"Much like our start decades ago, RatedPower is a trailblazer in digitalization, automation and efficiency, but in the rapidly growing solar market. Our common denominator is truth in data, strategic planning and optimizing efficiencies. As of today, we have taken a major leap forward in adding to our solar planning capabilities enabling us to strategically advise customers where and how to design their plants to maximize production," Jeff Hughes, Enverus CEO.
Lufthansa Technik’s $8bn sale draws interest from financial investors.
Lufthansa's plan to sell a stake in its aircraft maintenance business Lufthansa Technik has drawn more interest from financial investors than rival engineering firms.
Lufthansa was more likely to opt for a stake sale of around 20-30% than the alternative of launching an initial public offering.
In a best case scenario, the board could then have a list of non-binding offers in January of next year. The board is aiming for a valuation of between $6bn and $8bn including debt, Reuters reported.
Germany working on takeover of Uniper, VNG and SEFE.
Germany is in advanced talks to take over Uniper and two other large gas importers in a historic step to avoid a collapse of its energy market. That move would dilute the stakes of Uniper’s remaining outside shareholders. The exact specifics have yet to be agreed but a conclusion could be reached in the coming days.
State ownership of Uniper, VNG and Securing Energy for Europe, formerly Gazprom Germania, is the main solution under discussion. The government is considering buying Fortum's controlling stake in Uniper for a nominal price and would then inject billions of euros into the company through a capital increase.
The three companies are central pillars of Germany’s energy infrastructure, bringing gas from all over the world to fire Europe’s power stations, run factories and heat homes. Their physical assets help store and transport energy, while their teams of traders buy and sell billions of euros of contracts each year to keep the continent’s economy afloat and societies stable, Bloomberg reported.
Credit Suisse’s SPG unit draws interest from Apollo and BNP. (FS)
Apollo Global Management and BNP Paribas are among investors showing interest in acquiring at least part of Credit Suisse securitized products group.
The Zurich-based firm is exploring deals to sell the entire business, while potential investors may pitch to acquire specific portfolios or risk classes. Credit Suisse previously said that it’s looking for third party funds for the unit, which is profitable but uses a lot of capital.
The bank is still considering other options for the business and no final decisions have been made. Executives have said they’d like to keep some of the revenues, rather than an overall sale, Bloomberg reported.
Credit Suisse considers rebranding investment bank First Boston.
Credit Suisse is considering reviving the First Boston brand name as the Swiss lender seeks ways to boost the fortunes of its beleaguered investment bank.
Executives recently floated the idea internally of bringing back the storied First Boston brand, which it retired about 17 years ago. Under one proposal, the Swiss lender would rename the US investment banking operations.
If pursued, a rebranding would heighten speculation that Credit Suisse could eventually spin off or separate its investment banking unit, Bloomberg reported.
Aegon shelves sale of Transamerica business in Asia.
Dutch multinational life insurance company Aegon’s plan to divest its Transamerica business in Asia has stalled amid valuation concerns.
The unit, which offers a range of insurance and savings products to high-net-worth clients in Hong Kong, Singapore and elsewhere, attracted interest from other insurers and investment funds. A sale has been put on hold after bids didn’t match Aegon’s expectations.
The Netherlands-based Aegon had been working with a financial adviser to find a buyer for the Transamerica business in Asia. It was seeking to raise at least $700m in any sale, Bloomberg reported.
Starboard Value builds a 9% stake in Wix. (FS)
Starboard Value, an activist hedge fund, has built a 9% stake in website development platform Wix.
Starboard had been building the stake, and spoke to Wix about how it can improve operations. Wix has been struggling with losses since the fourth quarter of 2021 amid a slowdown in e-commerce driven by rampant inflation and people making fewer purchases online in the wake of the Covid-19 pandemic. It has adopted a three-year cost-cutting program in a bid to boost its ailing stock price.
Starboard supports Wix's bid to become profitable and believes the company has a significant opportunity to improve its margins and grow further. The fund has been discussing its ideas with Wix's management and is not seeking board seats at this time, Reuters reported.
Silver Lake becomes Manchester City's second-largest shareholder. (FS)
Silver Lake increased its stake in the parent company of Manchester City FC, becoming the football club’s second largest shareholder in the process.
The private equity firm added about 4.1% to its existing holding in City Football Group, which is controlled by UAE deputy prime minister Sheikh Mansour Bin Zayed Al Nahyan. The stake was acquired from Chinese investor CMC Football Holdings at some point between early 2020 and January 2022.
Dubai increases Salik IPO size to $1bn on strong demand.
Dubai boosted the size of its road-toll operator’s initial public offering by 25% to $1bn on stronger-than-expected demand, underscoring continued interest in Middle Eastern listings despite lower oil prices and a weak global backdrop.
The government will now sell 1.87bn shares in Salik, representing a 24.9% stake in the company. The initial plan had been to sell a 20% stake. The offer price remains unchanged at $0.54 per share. The institutional tranche of the IPO will increase to 1.72bn shares, representing 92.2% of the deal, while retail investors will get 146m shares. The cornerstone investor tranche remains unchanged.
The increase in size comes after investors snapped up all shares on offer within hours of the IPO opening on Tuesday. Middle Eastern listings have a been a bright spot in an otherwise slow market for share sales globally, as inflation fears and volatility have weighed on investors’ confidence, Bloomberg reported.
APAC
Adani Group, an Indian multinational conglomerate, completed the acquisition of the India business of Holcim, a building solutions provider, for $10.5bn.
"Our move into the cement business is yet another validation of our belief in our nation's growth story. Not only is India expected to remain one of the world's largest demand-driven economies for several decades, India also continues to be the world's second largest cement market and yet has less than half of the global average per capita cement consumption. We believe that we will be able to build a uniquely integrated and differentiated business model and set ourselves up for significant capacity expansion," Gautam Adani, Adani Group Chairman.
Adani Group was advised by Barclays, Deutsche Bank, ICICI Bank, Standard Chartered Bank, Cyril Amarchand Mangaldas (led by Cyril Shroff, Paridhi Adani and Anchal Dhir) and Latham & Watkins (led by Sam Newhouse and Rajiv Gupta). Debt financing was provided by BNP Paribas, Barclays, Citigroup, Deutsche Bank, Emirates NBD Capital, First Abu Dhabi Bank, ING Bank, Intesa SanPaolo, Mitsubishi UFJ Financial Group, Mizuho Securities, Qatar National Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corp. Financial advisors were advised by Allen & Overy and Talwar Thakore & Associates. Holcim was advised by BNP Paribas, JP Morgan, Perella Weinberg Partners, AZB & Partners (led by Ashwath Rau and Kashish Bhatia) and Freshfields Bruckhaus Deringer (led by Rob Cant).
Hailiang Education International completed the merger with Hailiang Education, a provider of educational services in China, in a $369m deal.
The per ADS merger consideration represents a premium of 24.98%. The company's board of directors acting upon the unanimous recommendation of a special committee of independent directors established by the board. The Special Committee negotiated the terms of the merger agreement with the assistance of its financial and legal advisors.
Hailiang Education International was advised by Duff & Phelps, Conyers Dill & Pearman, Hunter Taubman Fischer & Li, Orrick Herrington & Sutcliffe and VCL Law.
Australian business group BHP Group is considering raising its $5.6bn offer for OZ Minerals, as the world’s top miner seeks to boost its exposure to metals needed for the green-energy transition.
BHP may increase its $16.7 per share bid for OZ Minerals as soon as this month. It wasn’t immediately clear by how much BHP would increase its offer, or whether OZ Minerals would agree to any renewed proposal from BHP, Bloomberg reported.
OZ Minerals is advised by Greenhill & Co, Macquarie Group and Gilbert + Tobin. BHP Group is advised by Citigroup.
Billionaire Venture, an investment company, and DBS Bank, a consumer bank formed a joint venture, to invest in Indian startups.
“The newly formed joint venture will earmark about $200m in collaboration with DBS Bank to extend capital for about 150+ startups in Tamil Nadu, Karnataka and Maharashtra initially. Plans are also underway to expand to the northern part of the country at a later date,” Subhash Sukumar, Billionaire Venture Board Member.
ByteDance to buy back $3bn in shares after IPO stalls.
ByteDance, a Chinese internet technology company, is offering to buy back as much as $3bn of its own shares from investors at a valuation of about $300bn, giving existing backers a way to cash out after plans for an initial public offering stalled.
ByteDance, informed shareholders of the plan. The offered price per share of just under $177 gave the company an implied valuation of $300bn, the company wrote in the memo. It also said that it was extending its existing stock incentive plan for another 10 years, Bloomberg reported.
Warburg eyes a 30% stake in Vistaar for $150m. (FS)
Warburg Pincus, a private equity firm, is in talks to invest around $150m in Indian small-business lender Vistaar Finance.
Warburg‘s discussions with Vistaar are for a 30% stake in the shadow lender. Deal talks are at an advanced stage and will value Vistaar at roughly $450m.
Kotak Mahindra Capital is advising Vistaar on the talks for the private equity deal.
Patanjali Group aims for a $62.7bn valuation in an upcoming IPO.
Patanjali Group, which is run by the yoga guru Ramdev, is aiming for a combined market value of $62.7bn by listing four more companies on Indian exchanges over the next five years.
Patanjali food-to-wellness group will float initial public offerings for Patanjali Ayurved, Patanjali Wellness, Patanjali Medicine and Patanjali Lifestyle, Bloomberg reported.
Invesco raises $5.4bn in China investments in first half. (FS)
US asset manager Invesco's Chinese joint venture withstood a volatile first half and attracted $5.4bn from local investors.
Invesco's 49% owned China joint venture, Invesco Great Wall Fund Management, managed to raise $5.4bn from Chinese investors in the first six months of this year, mostly into its fixed-income funds against a sluggish fundraising market.
Invesco Great Wall in March launched a fund advisory business and has partnered with seven fund distributors, including Ant Fund and Tiantian Fund, two of China's largest non-banking fund sales agencies, Reuters reported.
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