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AMERICAS
Walgreens Boots Alliance completed the acquisition of a 55% stake in CareCentrix for $330m.
Walgreens Boots Alliance, a company specializing in retail pharmacy, completed the acquisition of a 55% stake in CareCentrix, a company specializing in health-at-home solutions, for $330m.
"In support of the launch of Walgreens Health, we continue to make strategic investments in pharmacy and healthcare solutions that can improve care coordination and health outcomes, while lowering overall costs. CareCentrix's suite of home care solutions will advance our capabilities in this important segment for healthcare delivery, to help address the needs of people living with complex or chronic conditions in the home," Roz Brewer, Walgreens Boots Alliance CEO.
Walgreens Boots was advised by Sidley Austin and Weil Gotshal and Manges. CareCentrix was advised by Citigroup, Cleary Gottlieb Steen & Hamilton and Crosscut Strategies.
Ocean Biomedical to go public via a SPAC merger with Aesther Healthcare Acquisition in a $345m deal.
Ocean Biomedical, a biopharmaceutical company, agreed to go public via a SPAC merger with Aesther Healthcare Acquisition in a $345m deal.
"The world is on the cusp of a new era in biomedicine, and we are excited to be teaming up with a biopharma company that has both cutting-edge science and an innovative business model. We think that combination will result in positive valuations and long term growth, as we continually focus on identifying and accelerating promising discoveries," Suren Ajjarapu, Aesther Chairman and CEO.
Ocean Biomedical is advised by Deloitte and Dykema. Aesther Healthcare Acquisition is advised by Malone Bailey, EF Hutton and Nelson Mullins Riley & Scarborough.
VH Global Sustainable to acquire Mascarenhas Hydro Electric Facility from EDP Energias do Brasil for $242m. (FS)
VH Global Sustainable, an infrastructure opportunistic fund, agreed to acquire Mascarenhas Hydro Electric Facility, a 198MW hydro power provider in Brazil, from EDP Energias do Brasil, a firm engaged in the generation, distribution and sale of electric energy, for $242m.
"The acquisition of Mascarenhas marks our first investment in hydro power and provides us with a highly reliable source of power generation backed by long term secure PPAs. The preconditions to enabling more penetration of wind and solar power capacity in the Brazilian energy mix are well established and strongly underpinned by government policies and the significant contribution of hydro power. Hydro power generation is one of the oldest and most proven power generation sources, complementing more intermittent renewable sources such as wind and solar and ultimately facilitates the presence of such energy sources in the energy mix," Eduardo Monteiro, Victory Hill Co-CIO.
VH Global is advised by Alvarium, Numis Securities, G10 Capital and Edelman.
First Commonwealth Financial to merge with Centric Financial in a $144m deal.
First Commonwealth Financial, a financial holding company, agreed to merge with Centric Financial, a banking service provider, in a $144m deal.
"We are genuinely excited about the opportunities that our combined organizations can create. We have long admired the job that Centric's CEO, Patti Husic, and the Centric team have done creating an extraordinary culture, growing their organization and serving their clients. This extension of our physical presence into Harrisburg and Metro Philadelphia allows us to deepen our existing relationships in these markets and improve the financial lives of these businesses and their communities," T. Michael "Mike" Price, First Commonwealth President and CEO.
First Commonwealth Financial is advised by Keefe Bruyette & Woods and Squire Patton Boggs. Centric Financial is advised by Stephens and Stevens & Lee.
The Sage Group completed the acquisition of Lockstep.
The Sage Group, a British multinational enterprise software company that offers payroll, HR, and financial services, completed the acquisition of Lockstep, a provider of cloud-native technology that automates accounting workflows between companies. Financial terms were not disclosed.
"The acquisition of Lockstep represents an important milestone in our growth strategy. Its complementary portfolio of products, resources, and know-how accelerates our ambition to be the trusted network for SMBs. Working together we will continue to knock down the barriers that limit CFOs and accounting teams by streamlining their workflows, improving productivity and efficiency, and enabling them to focus on more valuable, human work," Aaron Harris, Sage CTO.
The Sage Group was advised by JP Morgan, Skadden Arps Slate Meagher & Flom and FGS Global. Lockstep was advised by Pipit Communications.
Palistar Capital-backed Harmoni Towers to acquire Parallel Infrastructure from Apollo Global. (FS)
Palistar Capital-backed Harmoni Towers, a provider of telecommunication services, agreed to acquire Parallel Infrastructure, an operator of a telecommunications platform intended to provide critical telecommunications infrastructure, from Apollo Global, a private equity firm. Financial terms were not disclosed.
"This transaction is a major milestone in Harmoni's continued growth and evolution. It enables us to even better serve our carrier customers with an enhanced and fully scaled base of installed towers across the country, as well as provide one of the largest and most robust tower building platforms in the United States. Parallel is a world-class organization and we could not be more excited about this acquisition," Lawrence Gleason, Harmoni Towers CEO.
Harmoni Towers is advised by Kirkland & Ellis and ASC Advisors. Parallel Infrastructure is advised by Weil Gotshal and Manges.
Blue Point Capital Partners to acquire a majority stake in Water Lilies. (FS)
Blue Point Capital Partners, a private equity firm, agreed to acquire a majority stake in Water Lilies, a producer of frozen Asian appetizers and entrees intended to deliver quality food products to its customers Financial terms were not disclosed.
"When evaluating partners to support Water Lilies in our next phase of growth, Blue Point's extensive value-add resources, experience in the food and beverage space and sensitivity to maintaining our strong culture made them a clear choice," Peter Lee, Water Lilies CEO.
Blue Point is advised by Stout Capital, BakerHostetler and MiddleM Creative.
Kain Capital, a growth-focused private equity fund, completed the investment in MY DR NOW, a healthcare company. Financial terms were not disclosed.
“Partnering with Kain Capital is critical to our strategic multi-year effort to expand our footprint in Arizona and across the country. MY DR NOW’s unique and proven omni-channel model allows for convenience which is more conducive to consumer lifestyle expectations, while driving improved outcomes at a lower cost. We were very careful in selecting a partner that understood the MY DR NOW vision while providing access to resources which allows our clinicians and executive team to focus on providing high quality care,” Payam Zamani, MY DR NOW CEO.
Kain Capital was advised by Orrick Herrington & Sutcliffe. MY DR NOW was advised by McGuireWoods.
Bain Capital Life Sciences, a private equity firm, led a $100m Series C funding round in JenaValve, a clinical-stage medical device company, with participation from Andera Partners, Valiance Advisors, Gimv, Cormorant Asset Managers, Pictet Alternative Advisors, Qatar Investment Authority and Innovatus Capital Partners.
“JenaValve is committed to becoming the first and only FDA-approved transfemoral transcatheter valve system indicated for symptomatic, severe aortic regurgitation, addressing an estimated multi-billion-dollar US market opportunity. This financing provides sufficient capital for us to conclude our ALIGN-AR clinical trial and prepare for a commercial launch in the US,” John Kilcoyne, JenaValve CEO.
JenaValve was advised by Gilmartin Group.
SouthWest Water to merge with the water and wastewater businesses of BCI-backed Corix.
SouthWest Water, an operator and manager of water and wastewater systems, agreed to merge with the water and wastewater businesses of British Columbia Investment-backed Corix, a provider of sustainable water, wastewater and energy utility infrastructure solutions. Financial terms were not disclosed.
"As one company, SouthWest Water and Corix's regulated utilities will have deeper resources and capabilities to invest in the sector for the long term. The infrastructure improvements we can make together as a combined company will ensure best-in-class service and high-quality water and wastewater services that are safe, reliable and sustainable. This is an exciting path forward as we build on our leadership in operating and investing in water and wastewater services, bringing long-term benefits for our customers, vital solutions to our communities and new career opportunities for our employees as part of a larger, stronger and more resilient organization," Rob MacLean, SouthWest Water President and CEO.
BCI is advised by RBC Capital Markets.
BenefitMall to acquire Mutual Med.
BenefitMall, a provider of next-generation broker services, agreed to acquire Mutual Med, an insurance company providing aggregation protection and union plans. Financial terms were not disclosed.
"Mutual Med's strong reputation and dedication to providing brokers with expert guidance and competitive benefits offerings make it a great addition to BenefitMall. We enthusiastically welcome president and CEO Todd Vershaw, COO and CFO Rob Edel, and the rest of the Mutual Med team as we expand our mission to offer brokers the fastest, easiest, most trusted benefits selling experience," Scott Kirksey, BenefitMall CEO.
BenefitMall is advised by Jones Day.
Clearlake Capital-backed Discovery Education completed the acquisition of Pivot Interactives. (FS)
Clearlake Capital-backed Discovery Education, an ed-tech company, completed the acquisition of Pivot Interactives, a web-based learning platform. Financial terms were not disclosed.
"Discovery Education empowers teachers and inspires students worldwide through digital content delivered on our platform. Unlike other digital interactives on the market, Pivot Interactives explores concepts using real-life experiments, not animations, allowing teachers to include phenomena-based learning at any stage of the learning cycle. Through our acquisition of Pivot Interactives, Discovery Education is now better positioned to broaden our impact by providing our partner school systems access to phenomena-based, active learning tools," Scott Kinney, Discovery Education CEO.
Clearlake Capital was advised by Lambert & Co.
Montecito Medical, a real estate opportunistic fund, completed the acquisition of medical office properties. Financial terms were not disclosed.
“We are pleased to have been selected as the buyer of these prime assets, which are part of a master-planned community focused on populations that are the largest consumers of healthcare services. We are especially pleased to begin a relationship with CHRISTUS Ochsner Health and with a respected orthopedic practice that is the area’s leading provider in its specialty,” Bryan Brown, Montecito Medical Senior VP.
Vendor was advised by Colliers International.
Accel, a private equity company, led a $238m Series E funding round in SeatGeek, a mobile-focused ticket platform, with participation from Wellington Management, Ryan Smith and Arctos Sports Partners.
“As a tech company purpose-built to reinvent the live entertainment experience, this new capital enables us to deepen our support for our customers because what we all want, and deserve, is to shake up this antiquated industry for the better. The pandemic has fundamentally reshaped the way people think about how they want to spend quality time outside of their homes, and we’re proud to have SeatGeek continue to play an important part in ensuring their live event experiences are memorable and life-changing,” Jack Groetzinger, SeatGeek CEO.
Koito Manufacturing to invest $100m in Cepton.
Koito Manufacturing, a firm producing and marketing automotive lighting equipment, agreed to invest $100m in Cepton, a provider of lidar-based solutions for a range of markets such as automotive, smart cities, smart spaces and smart industrial applications.
"I am extremely grateful for Koito's ongoing support as a key strategic investor and technology and manufacturing partner, and am excited to have the opportunity to explore Koito's proposed investment. From receiving our ADAS series production design win to becoming a publicly traded company, Koito has been with us throughout our journey, and I look forward to achieving many more milestones together in the years to come, Jun Pei, Cepton Co-Founder and CEO.
Vontier completed the acquisition of Invenco for $80m.
Vontier, a global industrial technology company, completed the acquisition of Invenco, a global provider of open platform retailing and payment hardware and software solutions, for $80m.
"We are excited to acquire industry leader Invenco and expand our software enabled workflow solutions and subscription business. Invenco's disruptive edge computing technology roadmap and modular solutions offer extensibility across other retailing verticals and accelerates our digital strategy, better positioning us to serve our customers' growing demand for digitally agile software systems," Mark D. Morelli, Vontier President and CEO.
Ex-PayPal COO says he emailed Musk bankers about Twitter deal.
Onetime PayPal chief operating officer David O. Sacks said he exchanged a few emails with investment bankers about possibly investing in his old friend Elon Musk’s Twitter acquisition but never became involved in the proposed deal, Bloomberg reported.
Sacks provided more detail about his contacts aimed at shooting down a subpoena served on him by Twitter. The social media company has cast a wide net seeking information from people and firms that expressed interest in backing Musk’s $44bn bid before the billionaire reversed course, triggering a legal fight in Delaware.
Netflix appoints two Snap executives to lead its advertising push. (People)
Netflix has hired two Snap executives to lead its work building out an ad-supported tier of its service, as the streaming giant looks for new ways to generate revenue and attract more cost-conscious users, WSJ reported.
Jeremi Gorman, Snap’s chief business officer, is joining Netflix as president of worldwide advertising in September, while Peter Naylor, vice president of sales for the Americas at Snap, will serve as Netflix’s vice president of ad sales.
Newsight Imaging, a manufacturer of complementary metal-oxide-semiconductor image sensor chips, agreed to go public via a SPAC merger with Vision Sensing Acquisition in a $380m deal.
"Newsight has built a strong foundation for its technology, and with their expected exceptional growth rate, we anticipate they can produce very substantial returns to our investors. We believe our business combination will fuel rapid growth, with a significant focus on strategic alliances with top global leaders in the automotive, medical, Metaverse and many other sectors," George Sobek, VSAC CEO.
Newsight Imaging is advised by Siena Capital, Ellenoff Grossman & Schole and Gross Law Firm. VSAC is advised by BDO, Exponentia Capital, ARC Group, EF Hutton, Goldfarb Seligman & Co, Nelson Mullins Riley & Scarborough and MZ Group.
RedBird Capital Partners, a private equity firm, completed the acquisition of AC Milan, a football club, from Elliott Management, a private equity firm, for €1.2bn ($1.28bn).
"We are honoured to be a part of AC Milan's illustrious history and are excited to play a role in the Club's next chapter as it returns to its rightful place at the very top of Italian, European and world football. I want to thank Gordon Singer and the entire Elliott team for the tremendous work they have done over the last four years in rebuilding Milan and returning it to its rightful place at the top of Serie A. RedBird's investment philosophy and track record in team ownership has shown that football clubs can be successful on the pitch and sustainable off it - we are looking forward to a long term partnership with the club, its management team and Milanisti around the world to keep propelling Milan in the years to come," Gerry Cardinale, RedBird Founder and Managing Partner.
RedBird Capital was advised by Bank of America, Gibson Dunn & Crutcher, Legance, Gagnier Communications, Milltown Partners, Principal Communications Group and Verini & Associati. AC Milan was advised by JP Morgan. Elliott Management was advised by Davis Polk & Wardwell.
The Competition and Markets Authority has opened a consultation on undertakings proposed by Bouygues, a diversified services group, and Engie-backed Equans, a customized solutions provider improving technical equipment and processes, to address competition concerns over Bouygues' acquisition of Equans.
On 19 July 2022, the CMA announced that it would refer the acquisition for an in-depth investigation unless the parties offered acceptable undertakings to address the CMA's concerns. To address the CMA's concerns, the Parties have offered to appoint an independent third-party expert to assess each of their bids to supply high-speed OCS in the UK and determine which of the two tenders is most economically advantageous for the customer, and then withdraw the less financially beneficial bid.
On 2 August 2022, the CMA announced that it would look in detail at these undertakings. The CMA has until 28 September 2022 to consider whether to accept the undertakings or a modified version. As part of this process, the CMA is now consulting publicly on whether the proposals are sufficient to address the CMA's competition concerns.
Bouygues is advised by JP Morgan, Darrois Villey Maillot Brochier and Slaughter & May. Engie is advised by Citigroup, Credit Suisse, Rothschild & Co, Herbert Smith Freehills and White & Case.
Oakley Capital, a private equity firm, completed the acquisition of CTS Group, a provider of on-site testing and laboratory services to the construction industry, from Palatine, a private equity firm. Financial terms were not disclosed.
"Our time under Palatine ownership proved highly successful for CTS through both organic growth and acquisitions and the opportunity to continue that as part of a larger, successful and ambitious group as Phenna is fantastic news for the whole business," Phil Coles, CTS Group CEO.
Oakley Capital was advised by PricewaterhouseCoopers, Boston Consulting Group, DC Advisory, Kirkland & Ellis, KPMG and Simpson Thacher & Bartlett. Palatine was advised by Clearwater International, Browne Jacobson and Deloitte.
Energy Capital Partners, a private quity firm, has been granted an extension to the deadline for tabling an offer to take over the UK waste management group Biffa.
Two months ago, Biffa confirmed it received a £1.36bn takeover proposal from ECP. Biffa announced the extension to the deadline given for the possible offer from ECP. The company told investors that ECP requested an additional 28-day extension.
"There can be no certainty either that an offer will be made nor as to the terms of any offer, if made," ECP.
Biffa is advised by HSBC, Numis Securities, Rothschild & Co and Houston PR. ECP is advised by Barclays.
Premier Foods, a British food manufacturer, completed the acquisition of The Spice Tailor, a premium, authentic Indian and South East Asian meal kits and accompaniments brand, for £72m.
"We have greatly admired The Spice Tailor business for some time and we're very much looking forward to it joining our existing stable of strong brands. The acquisition is well aligned to our growth strategy and we see a clear opportunity to build on the excellent track record of The Spice Tailor, by leveraging the elements of our proven branded growth model. This acquisition represents a highly complementary geographical fit, and we see significant potential to expand The Spice Tailor's distribution in all our target markets. We see this as another important milestone for us following the Group's strong performance over recent years and The Spice Tailor is an important addition to accelerate our future growth plans," Alex Whitehouse, Premier Foods CEO.
Premier Foods was advised by Arrowpoint Advisory, Rothschild & Co and Headland Consultancy.
Ironveld, an Iron ore company, completed the acquisition of Ferrochrome Furnaces, a ferrochrome beneficiation plant operator. Financial terms were not disclosed.
Ferrochrome Furnaces will provide Ironveld with an existing smelting facility and the opportunity to commence mining and processing in the short term. Ironveld intends to change the name of FCF to Bokone Smelting in due course to reflect the regional heritage of its operations, given that 'Bokone' translates as 'North' in the Tswana and Sepedi languages.
Ironveld was advised by Turner Pope, finnCap and BlytheRay.
Asda, an operator of a supermarket chain, agreed to acquire the 132 sites from The Co-operative Group, an owner and operator of retail stores, for £600m.
"We have always been clear in our ambition to grow Asda and are hugely excited to create this new and distinct part of our business, giving us the opportunity to bring Asda value in fuel and groceries to even more customers and communities across the UK. We see convenience as a significant growth opportunity for the business. This acquisition accelerates our strategy in this area and forms part of our long-term ambition to become the UK's second largest supermarket," Mohsin Issa, Asda Co-Owner.
The Co-operative Group is advised by Rothschild & Co and Addleshaw Goddard.
Billington, a company focused on its structural steel & engineering activities, agreed to acquire the agricultural supplies division of Carr's, an agriculture and engineering group, for $52m.
"The agricultural supplies division, trading as Carr's Billington Agriculture, has been a key part of the Group's growth and development over the past 20 years. Following the strategic review, the Board is confident that now is the right time for a single owner and management team to take the business forward. This transaction represents a compelling and immediate realisation of value for all of our shareholders, streamlines the business and provides the Board with a clear strategic direction for driving future growth. We look forward to updating on further progress in due course," Peter Page, Carr's Executive Chairman.
Carr's is advised by Investec and Powerscourt.
Strikwerda Investments, an investment company, to acquire Eshgro, an online workplace solutions provider, from Holland Capital, an independent private equity firm. Financial terms were not disclosed.
“We are ready for the next phase, so the focus is on the growth and scalability of our platform. The growth capital enables Eshgro to grow internationally and also to serve the largest value added resellers and managed service providers in the market. We brought Holland Capital on board to make an active contribution to the further development and growth of Eshgro. Through their years of experience with relevant companies, they offer significant strategic and commercial added value,“ Anton Loeffen, Eshgro CEO.
Strikwerda Investments is advised by Total Specific Hosting.
AMF, an insurance company, GIC, a private equity firm, and Schaeffler, a provider of components and system solutions for both vehicles with drive trains, led a €190m Series B funding round in H2 Green Steel, a producer of green steel, which involves the use of less carbon dioxide emissions compared to traditional steelmaking, with participation from Altor, Swedbank Robur, Vargas, Kingspan, FAM, Marcegaglia, IMAS Foundation, Cristina Stenbeck and Daniel Ek.
"This financing milestone is a real statement of confidence in H2 Green Steel. Despite the uncertainty in global markets, a venture like ours, with both a strong business case and a strong sustainable purpose, is clearly attractive to investors. This financing round has allowed us to combine leading industrial companies and global financial institutions, with investors with a strong Swedish participation, creating the investor-base that will set us up for success," Henrik Henriksson, H2 Green Steel CEO.
NetEase, a Chinese Internet technology company, completed the acquisition of Quantic Dream, a French video game developer. Financial terms were not disclosed.
"Today marks an important milestone for our studio after a quarter century of complete independence. NetEase Games values our creative freedom and the drive and passion of our uniquely diverse team. We will now be able to accelerate the vision we share as a group, of creating landmark titles that touch people on an emotional level. We have highly differentiated games in the making and I truly believe that the best is yet to come from Quantic Dream. I am particularly proud that our employees, who were offered a significant share of our capital over the past years, will fully benefit from this acquisition. It is a testimony to our continued commitment to reward all those who have made Quantic Dream the successful studio it is today," David Cage, Quantic Dream CEO.
Asacha Media Group, a multinational IP creation and production business, agreed to acquire SRAB Films, a motion pictures and film company. Financial terms were not disclosed.
This acquisition will accelerate AMG's development as an independent European production studio dedicated to scripted content. The acquisition of SRAB fits AMG's strategy to produce premium and innovative content dedicated to streamers, TV broadcasters and movie theaters throughout Europe and the UK, while promoting a new generation of talents. The deal is consistent with Asacha's entrepreneurial and partnership approach, as Toufik Ayadi and Christophe Barral simultaneously become shareholders of AMG.
Stirling Square cancels Outcomes First Group sale process.
Stirling Square Capital, a pan-European private equity firm, has halted the sale of Outcomes First Group, a UK-based provider of residential services for children in care and adults, after almost nine months of trying to get a deal over the line.
The private equity firm, which had appointed Moelis & Co and JP Morgan to run an auction earlier in the year, was working on a deal to sell the education part of the business to Onex.
JO Steel to invest $865m in Saudi Arabia.
UK-based JO Steel Holdings, a steel-manufacturing holding company, has secured a $692m credit facility from a consortium of banks and financial institutions led by Saudi British Bank, to establish an integrated billet manufacturing plant within Ras Al-Khair Industrial City in the Kingdom of Saudi Arabia. The company will provide $173m in equity to be raised through convertible warrants.
The proposed steel mill, to be located north of Jubail on the eastern coast of Saudi Arabia, will have an annual production capacity of approximately 1.8m tons and is expected to go into commercial production in Q1 2025.
Italy picks Certares-led bid for exclusive ITA Airways talks. (FS)
Italy has picked a group led by US private equity fund Certares, backed by Air France-KLM and Delta Air Lines, for exclusive talks on buying a majority stake in ITA Airways, Reuters reported.
The offer, details of which were not made public, would leave the Treasury with "at least" a 40% stake in ITA and the right to appoint the company's chairman and exercise a veto on certain "strategic choices".
Europe’s energy crisis dampening corporate deals for clean power.
Europe’s energy crisis and supply-chain bottlenecks have contributed to a sharp slowdown in the amount of solar and wind power that corporations have agreed to buy worldwide, Bloomberg reported.
Private enterprises and public institutions announced 14.8 gigawatts of new power-purchase agreements with clean-energy facilities in the first seven months of this year. That’s 24% below 2021 levels through July, making the year poised to see the first annual decline since 2016.
Austria grants credit line to Vienna utility squeezed by power price surge.
Austria's government on Wednesday granted a €2bn ($2bn) credit line to the City of Vienna for the power firm it owns, Wien Energie, after the company asked for help covering its futures margins because of surging market prices, Reuters reported.
A leap in prices following Russia's invasion of Ukraine has increased the amount companies must hold in their accounts to keep trading power futures.
EQT raises $15bn for new fund, defying market headwinds. (FS)
Swedish private equity firm EQT has raised €15bn ($15bn) so far for its new flagship fund despite wider economic and fundraising headwinds, Bloomberg reported.
The buyout firm has received commitments for about 70% of the fund’s maximum cap of €21.5bn ($21.5bn) by the first close. EQT expects to “materially” conclude active fundraising this year, with a final close planned for 2023.
Stafford Capital Partners announces the final close of the fourth fund at €731m. (FS)
Stafford Capital Partners, an international private markets investment and advisory group, announces the close of Stafford Infrastructure Secondaries Fund IV. The closing marks the largest fund in Stafford's history, with the fund receiving €731m in commitments from 33 investors across 13 countries.
Alongside these commitments, Stafford raised an additional £100m managed account for geographically focussed infrastructure secondary transactions. With 13 closed transactions and a further three in exclusivity, Stafford expects to have committed 75% of capital commitments to the fund in Q4 2022. Following the closing of this fund, Stafford now has $1.7bn in infrastructure assets under management.
Saipem appoints energy industry veteran Puliti as CEO. (People)
Saipem has promoted Alessandro Puliti to the post of chief executive to replace Francesco Caio who has resigned with immediate effect, the Italian energy services company, Reuters reported.
Before joining Saipem in February this year, Puliti spent three decades first at Agip and then its parent energy giant Eni, including as chief operating officer for natural resources and chief upstream officer.
APAC
Silicon Motion approves a $3.8bn deal with MaxLinear.
MaxLinear, a provider of radio frequency, analog, and mixed-signal integrated circuits, and Silicon Motion Technology, a provider of NAND flash controllers for solid-state storage devices, announced that at Silicon Motion's extraordinary general meeting, shareholders approved a $3.8bn merger.
The remaining requirements for the closure of the transaction are customary closing conditions, including approval from the State Administration for Market Regulation of the People's Republic of China.
Silicon Motion is advised by Goldman Sachs, K&L Gates and Latham & Watkins. Goldman Sachs is advised by Paul Hastings. MaxLinear is advised by BMO Capital Markets, Wilson Sonsini Goodrich & Rosati and Abernathy MacGregor Group. BMO Capital Markets is advised by White & Case. Debt financing is provided by Wells Fargo Securities.
A $1.5bn merger between Sony and Zee can hurt competition. (FS)
A $1.5bn merger between the Indian sunsidiary of Sony Pictures and Invesco-backed Zee Entertainment, an Indian media conglomerate, to create a $10bn TV enterprise will potentially hurt competition by having "unparalleled bargaining power", the country's antitrust watchdog found in an initial review.
In the notice of The Competition Commission of India on August 3 to the two companies stated the watchdog is of the view that a further investigation is merited. The CCI's findings will delay regulatory approval of the deal and could force the companies to propose changes to its structure, three Indian lawyers familiar with the process said. If that still fails to satisfy the CCI, it could lead to a prolonged approval and investigation process, Reuters reported.
Sony is advised by KPMG, Morgan Stanley and Shardul Amarchand Mangaldas & Co. Zee is advised by Boston Consulting Group, JP Morgan, KPMG, Trilegal and Brunswick Group. Invesco is advised by Jefferies & Company.
Generali completed the acquisition of a majority stakes in AXA Affin Life and AXA Affin General from AXA and Affin for $311m.
Generali, an Italian insurance company, completed the acquisition of a 70% stake in AXA Affin Life, a life insurance company, and a 53% stake in AXA Affin General, a full line insurance company, from AXA, an insurance firm, and Affin, a financial holding company, for $311m.
The acquisitions positions Generali as the second P&C insurer by market share and help with entering the country's life insurance segment.
"The transactions are fully aligned with Generali's strategy to strengthen its leadership position in high potential markets, like Malaysia, which represents a very attractive opportunity as it is home to a growing middle-class population and with an insurance penetration rate that is still relatively low compared to other more mature markets in the Asian region," Jaime Anchústegui Melgarejo, Generali Group CEO.
Generali was advised by HSBC and Wong & Partners. Affin was advised by Nomura and Linklaters. AXA was advised by Morgan Stanley.
Alibaba, a provider of online and mobile commerce businesses, completed a $912m investment in Lazada, a developer of an online shopping and selling marketplace.
This investment is on top of a recent cash injection of $378m in May, bringing the total investment made by Alibaba into the Southeast Asian e-commerce firm to $1.3bn since the beginning of 2022. Lazada is majority owned by Alibaba.
Toyota to put additional billions of dollars into EV batteries.
Toyota Motor laid out plans for spending $5.6bn on electric-vehicle battery capacity, as it moves to catch up after expressing doubts about how quickly the world should shift toward EVs, WSJ reported.
Toyota said it planned to spend about $2.5bn on scaling up production at a plant it is building in North Carolina. Another roughly $3bn will be invested in plants in Japan as well as a facility operated by Prime Planet Energy & Solutions, a joint venture of Toyota and Panasonic.
Indonesia’s Indosat is said to consider selling mobile towers.
Indosat is considering selling some telecommunications towers, as the Indonesian carrier continues to offload assets amid rising demand for digital infrastructure, Bloomberg reported.
The portfolio includes about 1.8k sites. A transaction by the Jakarta-based company, which rebranded as Indosat Ooredoo Hutchison after a recent merger, could raise about $250m.
Australia’s big wave of takeovers start with minority stakes.
The biggest deals are increasingly starting small in Australia, as suitors raid companies’ shares in order to pressure boards, fend off rival bids and maybe just eke out an investment gain.
At least six of the 20 largest takeover proposals in the country in the last six months totaling A$21.4bn ($14.8bn) have come with the suitor acquiring a minority stake in its target during the period, Bloomberg reported.
Grab-Singtel's GXS Bank rolls out in Singapore, two years after securing digibank licence.
Grab and Singtel’s GXS Bank launched its digibanking services in Singapore, nearly two years after securing a full digibank licence from the Monetary Authority of Singapore, DealStreetAsia reported.
GXS Bank’s first financial product is the GXS Savings Account, aimed at Singapore’s “underbanked” population, which is 2 out of every 5 adults, said Charles Wong, GXS Singapore CEO.
JD.com, Yum China among Chinese firms chosen for US audit inspection.
US regulators have chosen e-commerce major JD.com and KFC operator Yum China among other US-listed Chinese companies for audit inspection starting next month, Reuters reported.
Both have been notified that they are in the first batch of Chinese firms to be inspected in Hong Kong by the Public Company Accounting Oversight Board, the US audit watchdog.
HDFC seeks to raise up to $1.25bn, in talks with Axis and ICICI banks.
India’s largest mortgage lender, HDFC, is aiming to raise up to $1.25bn by selling bonds to local investors, as higher residential sales is boosting demand for home loans, ET reported.
The home financier is in advanced talks with investors including Axis Bank and ICICI Bank. The plan is to raise at least $627m crore, with an option to retain up to INR10k crore in case of higher demand for the bonds.
ByteDance stock option offering price lowered amid slowing growth.
TikTok owner ByteDance is launching a new stock option granting programme for its employees that lowers its prices by 20% from the 2021 plan, as the Chinese company tries to retain talent amid slowing revenue growth, Reuters reported.
The decision, which a ByteDance executive said was also aimed at attracting new talent, comes as the unlisted company was valued at around $300bn recently, equalling roughly $170 per share, in the private equity secondary market.
China sets up mega-fund to invest $2.9bn in ultra-HD video sector. (FS)
Three state-backed investment groups in southern China have joined forces in the launch of an RMB-denominated mega-fund to invest up to RMB20bn ($2.9bn) in the country’s ultra-high-definition video industry.
Guangzhou Development District Investment Group, a Chinese state capital investor with about RMB45bn ($6.5bn) in total assets, co-established and launched the RMB20bn mega-fund at a signing ceremony, DealStreetAsia reported.
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