AMERICAS
US FTC seeks additional information on Walmart and Vizio's $2.3bn deal.
The US Federal Trade Commission has asked for more information from Vizio and Walmart regarding their proposed $2.3bn deal, Reuters reported.
US lawmakers have sought increased scrutiny from the FTC on many multi-billion dollar deals that might risk higher prices and affect consumers. Walmart had proposed to buy Vizio for $11.50 per share in cash in February in another bet on the retailer's fast-growing US advertising business, Walmart Connect, and gaining access to Vizio's SmartCast operating system, which streams ad-supported content on its devices.
VIZIO is advised by Wilson Sonsini Goodrich & Rosati (led by Rezwan Pavri, Mark Bass, Martin W. Korman, Douglas K. Schnell, Remi Korenblit and Ross Tanaka), JP Morgan (led by Bryan Beller) and FGS Global (led by Kelsey Markovich and Leah Polito). Walmart is advised by Evercore and Hogan Lovells (led by Jane Ross, Katherine Keeley and Richard Climan). Evercore is advised by Sullivan & Cromwell (led by Stephen M. Kotran and Lee C. Parnes).
Haveli Investments completed the $150m investment in Blend Labs. (FS)
Haveli Investments, a technology-focused private equity firm, completed the $150m investment in Blend Labs, a provider of cloud banking services.
“This partnership with Haveli reflects confidence in Blend’s continued journey to transform financial services and is an important show of faith in our growth strategy. We look forward to working with Haveli to advance our goal of driving innovation in the space and delivering lasting value for our customers and shareholders,” Nima Ghamsari, Blend Labs Co-Founder and Head.
Blend was advised by Financial Technology Partners and Wilson Sonsini Goodrich & Rosati. Haveli Investments was advised by Jefferies & Company, Bailey Duquette PC and Reevemark (led by Pam Greene).
The Simply Good Foods to acquire Only What You Need for $280m.
The Simply Good Foods, a developer, marketer and seller of branded nutritional foods and snacking products, to acquire Only What You Need, a protein shake brand, for $280m.
“The acquisition of Only What You Need is strategically compelling as it brings a third, complementary brand to Simply Good Foods and further enhances our presence in the fast-growing RTD shake segment,” Geoff Tanner, Simply Good Foods President and CEO.
Only What You Need is advised by Houlihan Lokey and Greenberg Traurig. Simply Good Foods is advised by Centerview Partners and Fried Frank Harris Shriver & Jacobson.
The Riverside Company to acquire The Townsend Group from Aon. (FS)
The Riverside Company, a company that offers private equity investment services, agreed to acquire The Townsend Group, a provider of global real estate and real asset investment advisory services, from Aon, a professional services provider. Financial terms were not disclosed.
“Townsend has always been an innovator and we have grown our business through thoughtful collaboration with our clients and an integrated team approach, with a senior team averaging 20 years of working together. This new partnership ensures continuity and exciting growth opportunities for our clients and further development opportunities for our colleagues. We are grateful for the continued support of our clients globally and the next initiatives for growth supported by our partners at Riverside, and we appreciate and look forward to maintaining our long-standing relationship with Aon,” Anthony Frammartino, The Townsend Group President.
The Riverside Company is advised by Berkshire Global Advisors and Jones Day. Aon is advised by Moelis & Co and Kirkland & Ellis.
Zuora to acquire Togai.
Zuora, a provider of cloud-based software that helps companies launch, manage, and transform into a subscription business, agreed to acquire Togai, a pricing infrastructure to meter your product and implement UBP model with minimal engineering effort. Financial terms were not disclosed.
“Developers spend months building internal metering and rating systems, which can quickly evolve into a dedicated team of engineers as companies realize that building a usage-based billing system is not a one-time effort. Togai makes it possible to go live in hours with an out-of-the-box, flexible solution to model any type of pricing and reliably scale. Combining Zuora and Togai is the right decision to bring together deep metering and rating with the scale of Zuora’s end-to-end monetization technology,” Abhishek Rajagopal, Togai CEO and Co-Founder.
Togai is advised by QED Corporate Advisors and Argus Partners. Zuora is advised by Foros and Freshfields Bruckhaus Deringer.
Norwest Equity Partners completed the acquisition of MDC Interior Solutions. (FS)
Norwest Equity Partners, a private equity firm, completed the acquisition of MDC Interior Solutions, a commercial interior wallcoverings and design solutions company. Financial terms were not disclosed.
“MDC is thrilled to partner with NEP for our next phase of growth, given our shared alignment with Midwest roots and entrepreneurial cultures. For over 50 years, we’ve made thoughtful decisions to build and grow our company to where we are today. We are excited to work with the NEP team and leverage their resources to support our growth plan and to continue expanding our end markets and diversifying our portfolio," Gary Rothschild, MDC CEO.
MDC Interior Solutions was advised by William Blair & Co. Norwest Equity Partners was advised by Antares Capital, BMO Capital Markets, Jones Day and Edelman.
WindRose Health Investors completed a majority investment in SubjectWell. (FS)
WindRose Health Investors, a private equity firm, completed a majority investment in SubjectWell, a healthcare services provider. Financial terms were not disclosed.
"We are thrilled to be partnering with WindRose as SubjectWell looks ahead to this next growth chapter. WindRose selects companies whose operational excellence is a key building block, and their team is aligned with SubjectWell's vision. Together, we can continue to enhance our proprietary technology, machine learning algorithms, medical records integration and in-house medical engagement center, all fundamental to ensuring that eligible patients – who are desperately needed by the healthcare industry – get access to the care they desire," Fred Martin, SubjectWell CEO.
SubjectWell was advised by Silicon Legal Strategy. WindRose Health was advised by McDermott Will & Emery.
Coatue and Sequoia Capital led a $175m Series D round in Island. (FS)
Coatue and Sequoia Capital led a $175m Series D round in Island, a company that develops enterprise browsers that enhances security and worker productivity, with participation from Insight Partners, Cyberstarts, Stripes, Cisco Investments, Capital One Ventures, and Georgian.
“We believe Island has built a product that meets the needs of CIOs, CISOs and end users all at the same time – and has delivered tremendous ROI across multiple verticals. Island’s continued customer traction demonstrates that the team has potential to execute, grow and innovate at scale. Coatue is excited to join Island on their journey as they seek to redefine the enterprise browser,” David Schneider, Coatue General Partner.
Island is advised by Big Valley (led by Andy Shane).
Deloitte completed the acquisition of Gryphon Scientific.
Deloitte, a company that provides audit and assurance, consulting, financial advisory, risk advisory, tax and related services, completed the acquisition of Gryphon Scientific, a company specializing in biosafety, biosecurity, and all-hazards preparedness and response, with experience in using artificial intelligence to enhance security and safety. Financial terms were not disclosed.
"The addition of Gryphon's leadership and key professionals to the Deloitte team represents a significant enhancement to Deloitte's data analytics and advanced technology capabilities. Our federal health practice is excited to lead the way for US government and public services to push the boundaries and bring our clients to the forefront of AI-enabled, mission-driven work. This enhances the types of data-driven technology and scientific experience that we can offer to federal agencies and strengthens our ability to support government leaders in their efforts to safeguard the security of our nation and the health and safety of our people," Beth Meagher, Deloitte Principal.
Mobile Communications America completed the acquisition of LightSpeed Technologies.
Mobile Communications America, a provider of wireless communication solutions that enhance the safety, security, and operating efficiency of workplaces, completed the acquisition of LightSpeed Technologies, a provider of broadband fixed networks, IP/MPLS routing & optical network communication systems. Financial terms were not disclosed.
"We are thrilled to welcome the LightSpeed team to the MCA family. Their technical proficiency and customer reputation in the Optical, Routing & Broadband Fixed Networks space is phenomenal. That combined with their service-first values, makes LightSpeed an excellent and strategic fit for MCA's Data Division," Vince Foody, Mobile Communications America CEO.
SXNY to acquire Saxony Partners.
SXNY, a holding company, agreed to acquire Saxony Partners, an information technology company providing real estate industry knowledge and content management solutions. Financial terms were not disclosed.
"This acquisition presents a great opportunity for the company and our team. I'm really excited about the growth potential this unlocks. Saxony's core mission stays the same. We are in a service industry where client relationships and results matter. We are committed to investing in expanding our capabilities and growing both sides of our business," Derek Thornhill, Saxony Partners CEO.
Top Glencore shareholders favor keeping coal over spinoff.
Several of Glencore’s largest shareholders believe that the company should retain its coal assets throwing a proposed spinoff into doubt, Bloomberg reported.
Glencore, the world’s largest shipper of thermal coal with a market capitalization of about $73bn, had said it intended to spin the business off within two years of closing a deal to buy the steelmaking coal assets of Teck Resources.
Ontario Teachers’ Pension prepares to sell stake in oil producer Aspenleaf. (FS)
Ontario Teachers' Pension Plan is in talks to sell its stake in Canadian oil and gas producer Aspenleaf Energy, Bloomberg reported.
The pension fund’s stake is worth around $200m, with the entire company valued at about $800m. A sale might close as early as May.
JP Morgan looks to fend off Goldman and other private credit for $1bn. (FS)
JP Morgan's leveraged finance desk and Goldman Sachs Group’s private credit team are among the firms in discussions to lead a $1.05bn financing for metal and hardware producer ASC Engineered Solutions, Bloomberg reported.
Apollo Global Management and Oaktree Capital Management are also in the mix. The fresh cash would be used to refinance the syndicated debt the company took on in 2019 that JP Morgan arranged.
Impossible Foods CEO says company will raise cash with or without IPO.
Impossible Foods, which makes meat alternatives from soy, is targeting a "liquidity event" that could include a public offering in the next two to three years, as alternative meats fight to win back fickle consumers, Reuters reported.
CEO said the food manufacturer was also considering a sale to another company or a capital raise in the same time period. "I don't want to be pigeonholed into an IPO," Peter McGuinness, Impossible Foods CEO.
BTG Pactual Timberland Investment Group raises $1.24bn for core Latin America timberland strategy, exceeding target size.
The BTG Pactual Timberland Investment Group announced today that it has finalized fundraising for BTF II, with equity commitments, including co-investments, totaling $1.24bn, exceeding its target size.
BTF II focuses on mature timberland assets in well-established markets in Chile, Uruguay and Brazil and has already deployed a significant amount of its committed capital into five investments, diversified across geography, climatic zones, species, and end-markets.
Paramount replaces CEO with trio as it talks merger with Skydance. (People)
Paramount Global replaced CEO Bob Bakish with a trio of executives, the company announced on April 29 in the middle of talks with David Ellison's Skydance Media about a possible merger, Reuters reported.
The owner of the Paramount+ streaming service, the Paramount Pictures movie studio and cable networks including MTV, BET and Showtime announced the change just ahead of reporting better-than-expected earnings for the quarter ended in March.
EMEA
SES to acquire Intelsat for €2.8bn.
SES, a satellite operator with a fleet of more than 50 geostationary satellites, agreed to acquire Intelsat, a company that operates a globalized network that delivers satellite broadband services, for €2.8bn ($3.1bn).
"Over the past two years, the Intelsat team has executed a remarkable strategic reset. We have reversed a 10-year negative trend to return to growth, established a new and game-changing technology roadmap, and focused on productivity and execution to deliver competitive capabilities. The team today is providing our customers with network performance at five 9s and is more dedicated than ever to customer engagement and delivering on our commitments. This strategic pivot sets the foundation for Intelsat's next chapter. By combining our financial strength and world-class team with that of SES, we create a more competitive, growth-oriented solutions provider in an industry going through disruptive change. The combined company will be positioned to meet customers' needs around the world and exceed their expectations," David Wajsgras, Intelsat CEO.
Intelsat is advised by PJT Partners, Elvinger Hoss Prussen, and Skadden Arps Slate Meagher & Flom. SES is advised by Guggenheim Partners, Morgan Stanley, Deutsche Bank, Arendt & Medernach, Freshfields Bruckhaus Deringer, Gibson Dunn & Crutcher, and Hogan Lovells. Debt financing is provided by Morgan Stanley and Deutsche Bank.
Reinold Geiger to acquire the remaining 27.36% stake in L'Occitane International for €1.7bn.
Reinold Geiger offered to acquire the remaining 27.36% stake in L'Occitane International, a natural cosmetics and well-being products manufacturer and retailer, for €1.7bn ($1.8bn).
"Our family has always taken a responsible, long-term view when it comes to developing our company. The cosmetics sector is undergoing profound changes, and our company has significantly transformed into a geographically balanced multi-brand group, marked by strategic acquisitions such as ELEMIS, Sol de Janeiro, and, most recently, Dr. Vranjes Firenze. The transaction we are launching today will enable us to focus on rebuilding the foundation for the long-term sustainable growth of our company," Reinold Geiger, L'Occitane International Chairman and Director.
L'Occitane International is advised by Somerley Capital. Reinold Geiger is advised by JP Morgan, Credit Agricole, Corporate Finance International, Arendt & Medernach, and Skadden Arps Slate Meagher & Flom. Debt financing is provided by Blackstone, Credit Agricole, and Goldman Sachs.
Clayton Dubilier & Rice-backed Motor Fuel Group completed the acquisition of 337 Morrisons petrol forecourts from Wm Morrison Supermarkets for £2.5bn. (FS)
Clayton Dubilier & Rice-backed Motor Fuel Group, the UK's largest independent forecourt operator, completed the acquisition of 337 Morrisons petrol forecourts from Wm Morrison Supermarkets, the fifth largest supermarket chain in the United Kingdom, for £2.5bn ($2.5bn).
"As the needs of the customer continue to evolve, Morrisons and MFG's partnership will see us combine our respective expertise and resources to deliver the best value for customers at the pump, in our convenience stores and in our supermarkets. It means Morrisons customers will continue to see a competitive and attractive forecourt offering, including expanded access to EV charging, while also benefitting from greater focus on investment in Morrisons' core food business. We are delighted to have such a strong partner in MFG and look forward to the opportunities a combined MFG and Morrisons forecourt offering will provide," Rami Baitiéh, Morrisons CEO.
Clayton Dubilier was advised by Freshfields Bruckhaus Deringer. Motor Fuel Group was advised by Citigroup and RBC Capital Markets. Morrisons was advised by Deloitte, HSBC, Rabobank, Eversheds Sutherland and Kirkland & Ellis.
EMERAM completed an investment in CoCoNet. (FS)
EMERAM, a private equity firm, completed an investment in CoCoNet, a corporate banking software provider. Financial terms were not disclosed.
“I am immensely proud of what the CoCoNet team has achieved and with EMERAM we have found an experienced and long-term oriented investor who will be a strong partner to help us capitalize on opportunities in our next growth phase, while continuing to provide excellent customer service to our existing customers. As we embark on this exciting phase of expansion, we would like to express our gratitude to the former shareholders," Björn Hassing, CoCoNet Co-CEO.
CoCoNet was advised by ARTHOS Corporate Finance and Orth Kluth Rechtsanwalte. EMERAM was advised by Telescope Advisory Partners, Alvarez & Marsal, Clearwater International, Noerr and FGS Global.
Infranode and Lyse to acquire Sandefjord Bredbånd for $92m.
Telecommunications companies Infranode and Lyse to acquire Sandefjord Bredbånd, an internet services provider, for $92m.
“Our investment is driven by our ambition to continue to provide Altibox’s market leading broadband, TV and entertainment products to our long-standing customers. By acquiring a stake in Sandefjord Bredbånd, we commit to continue to improve the local fiber network and to provide the best customer experiences," Eirik Børve Monsen, Lyse Executive Vice President.
Sandefjord Bredbånd is advised by SEB Corporate Finance and Simonsen Vogt Wiig.
Wren House to acquire a minority stake in Petit Forestier Group. (FS)
Wren House, a private equity firm, agreed to acquire a minority stake in Petit Forestier Group, a sustainable refrigeration rental company. Financial terms were not disclosed.
“For our family-owned group, this agreement marks a new step in our ambition to become the world leader of sustainable refrigerated rentals. I would like to thank Sofina for these incredible 17 years of trusted partnership. With Wren House, we have found a long-term partner who will support us in our development while respecting our heritage, the entrepreneurial spirit of the Forestier family, our passion for service and the creation of value for our customers," Léonard Forestier, Petit Forestier CEO.
Wren House is advised by Credit Agricole and Brunswick Group.
Hitachi completed the acquisition of MA micro automation from MAX Automation for €72m.
Hitachi, a Japanese multinational conglomerate, completed the acquisition of MA micro automation, a provider of robotic and automation technology, from MAX Automation, a provider of high-tech solutions in system and machine engineering, for €72m ($77m).
"We are very pleased to welcome MA micro automation to the Hitachi Group. The team is based in Europe, providing robotic SI to global medical device manufacturing customers with its high technological capabilities and will join forces with JR Automation and Hitachi Automation to strengthen our global competitiveness. Hitachi aims to enhance its ability to provide value to customers and grow alongside them by leveraging its strengths in both OT, IT, including robotic SI, and "Total Seamless Solution" through Lumada*3's customer co-creation framework," Kazunobu Morita, Hitachi Vice President and Executive Officer.
MAX Automation was advised by Hengeler Mueller.
TDR Capital and I Squared Capital to acquire Applus Services in a $1.77bn deal. (FS)
Private equity firms TDR Capital and I Squared Capital, offered to acquire Applus Services, an industrial testing company, in a $1.77bn deal.
"TDR focuses on investing our capital and know-how in businesses with long-term secular growth opportunities like Applus. We see an opportunity to accelerate Applus's development as a global leader in the TIC industry with strong positions across its highly attractive segments. This is an excellent outcome for the public market investors who backed Applus. We now believe that the business should be better for all stakeholders without the constraints and short-term focus imposed by the public market," Gary Lindsay, TDR Capital Managing Partner.
Hologic to acquire Endomagnetics for $310m.
Hologic, a United States medical technology company primarily focused on women's health, agreed to acquire Endomagnetics, a medical device manufacturer, for $310m.
“Endomag’s suite of solutions complements our existing breast surgery portfolio and will provide surgeons and radiologists with an expanded range of options to meet the individual needs of more patients undergoing critical breast cancer procedures. With a global footprint and a similar commitment to women’s health, we are excited about the potential of welcoming the Endomag team and our future opportunities together to increase access to these technologies and better serve patients across the breast health continuum of care,” Erik Anderson, Hologic President.
The Riverside Company completed the acquisition of Arbeidsmiljø og Energiteknikk from RA Service. (FS)
The Riverside Company, a private equity investment firm, completed the acquisition of Arbeidsmiljø og Energiteknikk, a provider of tailored disinfection services and wholesaler of third-party consumables & cleaning equipment, from RA Service, an investment company. Financial terms were not disclosed.
"It is with great enthusiasm that we join forces with Dastex, whose reputation for excellence and deep industry expertise is highly regarded. This strategic alliance represents a significant leap forward for AET, as it allows us to further enrich our offerings and expand our reach within the cleanroom and broader healthcare space. The entire AET team is committed to excellence, ensuring that we continue to deliver the high-quality products, excellent service and rapid delivery that our customers have come to expect. We extend our heartfelt gratitude to our dedicated team, loyal customers and trusted suppliers. Together, we are poised for a thrilling new chapter in our journey," Barbro Reiersø, AET CEO.
BBVA and Sabadell to explore possible merger.
Spanish lender BBVA and smaller rival Sabadell said that they had started negotiations to explore a possible merger, triggering a rise of more than 7% in Sabadell's shares, Reuters reported.
BBVA said it had conveyed to the chair of the board of directors of Banco Sabadell the interest of BBVA's board of directors "in initiating negotiations to explore a potential merger transaction between the two entities".
Everton in talks with restructuring experts after the takeover gets delayed. (FS)
Everton FC has held talks with restructuring advisers after Miami-based 777 Partners struggled to complete its takeover, Bloomberg reported.
The Liverpool-based football club is facing the risk of administration if it fails to deal with its heavy debt burden and keep funding day-to-day activities.
RedBird IMI kicks off sale of Telegraph after UK backlash. (FS)
After a bruising few months, UAE-backed investor RedBird IMI is withdrawing from its attempt to acquire the Telegraph newspaper and Spectator magazine, and will look to sell on its rights to the British outlets, Bloomberg reported.
The auction for the options over the media assets begins April 30 and bidders have already approached the group with expressions of interest. RedBird IMI said it would focus on securing the best possible value for the assets, “which remain highly attractive.”
UBS won double digit market shares in CS takeover.
UBS Group’s shares in certain markets in Switzerland increased by double digits through the takeover of Credit Suisse, Bloomberg reported.
The Competition Commission has reviewed different banks’ presence in markets including retail banking, private banking, corporate banking and asset management. “Less competitive pressure can influence prices, selection, quality and innovation. ComCo may scrutinize this in the future,” Competition Commission.
HSBC’s CEO steps down after more than four years. (People)
Chief Executive Noel Quinn unexpectedly said he would retire, leaving one of the world’s largest banks without a clear successor as it navigates geopolitical tensions between the West and China, WSJ reported.
Noel Quinn steered the banking heavyweight through a tumultuous period and sharpened its focus on Asia.
UK rainmaker Ian Hart to rejoin UBS from takeover panel. (People)
Veteran UK dealmaker Ian Hart is set to rejoin UBS Group as Co-Chairman of UK Global Banking after spending three years as director general of the UK’s takeover panel, Bloomberg reported.
Hart will report to Ros L’Esperance and will be primarily focused on UK clients and transactions. He will rejoin the Swiss lender in July.
Allen & Overy’s UK financial services regulatory head resigns ahead of Shearman & Sterling merger. (People)
Magic Circle law firm A&O is set to merge with New York-headquartered Shearman & Sterling on 1 May in the most significant legal merger in decades.
A&O’s UK head of financial services regulatory Damian Carolan has resigned from the firm ahead of the merger going live.
APAC
Manipal Education and Medical Group led a $216m investment round in PharmEasy. (FS)
Manipal Education and Medical Group, an education and healthcare group, led a $216m investment round in PharmEasy, an pharmacy platform, with participation from Prosus, Temasek, 360 One Portfolios, CDPQ, WSSS Investments, Goldman Sachs, and Evolution Debt Capital.
MEMG led the round with $95m, while Prosus, Temasek, and 360 One Portfolios pumped in $26m, $22m, and $26m, respectively. CDPQ, WSSS Investments, Goldman Sachs, and Evolution Debt Capital cumulatively participated with $47m in the new round.
Tata Group to acquire an additional 10% stake in Tata Play from Temasek for $100m. (FS)
Tata Group, a business conglomerate, agreed to acquire an additional 10% stake in Tata Play, a TV services provider, from Temasek, a private equity firm, for $100m.
Tata Play has informed the Ministry of Information and Broadcasting about the change in shareholding, complying with regulations governing direct-to-home companies.
Fullerton Health stake sale said to value firm near $1bn. (FS)
Singapore’s Fullerton Health has agreed to sell a majority stake to Far East Drug in a deal that values the company at close to $1bn. Far East Drug, which is also based in Singapore and runs pharmaceutical businesses in Southeast Asia, will overtake private equity firm RRJ Capital as Fullerton Health’s biggest shareholder after subscribing for new stock, Bloomberg reported.
Fullerton Health announced the agreement in a statement April 30, without providing financial details. It expects the transaction to be completed in the second quarter. RRJ Capital supports the deal and remains committed to the company’s growth.
Vanke to exit non-core business, divest assets for liquidity.
China Vanke will exit non-core operations and divest assets as the developer seeks to boost liquidity amid the sector’s unprecedented downturn, Bloomberg reported.
The company will “trim down” and adjust its model for raising money. It will also exit all businesses except for the three main operations, which focus on property development, real estate management services and rentals.
Chinese state-backed firm weighs buying a major stake in GLP China. (FS)
Chinese state-owned investment company Guangdong Holdings is considering making a potential bid for the China operations of logistics firm GLP, Bloomberg reported.
The Guangdong local government-backed company is working with advisers to conduct due diligence on GLP’s China assets as it studies possibilities, including buying a controlling stake in GLP China Holdings.
Blackstone in talks to buy Dulwich Schools in Singapore and Seoul. (FS)
Blackstone is nearing a deal to buy some of Dulwich College International’s Asian assets for about $600m, underscoring the continued appetite of buyout firms in the education sector, Bloomberg reported.
The deal will include acquiring the schools in Singapore and South Korea from Education in Motion. It doesn’t plan to include the ones in China.
China state firm to sell 20 Shanghai office towers in a downturn.
A major state-owned landlord in Shanghai is offering to sell most of its office buildings for at least 30bn yuan ($4.1bn), Bloomberg reported.
Shanghai Lujiazui Finance & Trade Zone Development, owned by the state assets supervisor of Shanghai’s Pudong district, offered to sell about 20 office buildings in the financial hub in March 2024. The office assets, which include the iconic DBS Bank Tower, are offered individually instead of as a portfolio.
China regulator tightens scrutiny on ex-employees' investment in pre-IPO firms.
China's securities regulator said on April 26 that it would tighten scrutiny on its former employees' investments in pre-IPO companies, a move that signals the regulator's commitment to maintain market integrity, DealStreetAsia reported.
The China Securities Regulatory Commission's draft rules also expanded the scope of the regulation to relatives of its former employees.
Indian PE firm ChrysCapital closes $700m fund to retain stake in NSE. (FS)
Private equity firm ChrysCapital said it has closed its continuation fund at $700m and acquired a stake in the National Stock Exchange, a move which will let India's homegrown firm hold onto its stake in India's leading stock exchange, DealStreetAsia reported.
The stake in NSE originally belonged to ChrysCapital VI, when it first bought a 5% stake in the company in 2016."The transaction provided Fund VI investors an opportunity to monetise the performance on a highly successful investment while allowing continuation fund investors the opportunity to invest in India's leading stock exchange and the world's largest derivatives exchange," ChrysCapital.
IvyCap marks final close of third fund at $250m. (FS)
Venture capital firm IvyCap Ventues, which has backed startups such as Purplle, Clovia, BlueStone among others, has marked the final close of its third fund at Rs2.1k ($251m), more than two years after it announced the first close.
The fund 'IvyCap Ventures Trust Fund 3', launched in 2022, has received commitments from including IIT Alumni Trust, and family offices, with about 60% of capital coming from its limited partners in the first and second funds.
