Beachbody, a worldwide provider of health and fitness, is set to merge with Forest Road Acquisition, a special acquisition company, and Myx Fitness, an at-home connected fitness platform, in a $2.9bn deal. Additional investors include Fidelity Management & Research Company and Fertitta Capital.
“We have seen incredible digital growth in recent years, which was further fueled in 2020 by a structural and lasting shift in how people embrace health and fitness. With the acquisition of Myx, cutting edge technology meets best-in-class streaming content -- and we will continue to redefine the at-home fitness experience as we pair the integrated hardware, science-based heart rate coaching and personalized smart recommendations behind Myx with Beachbody and Openfit’s best-in-class content libraries, track record of content innovation and vast network," Carl Daikeler, Beachbody Co-Founder, CEO and Chairman.
Forest Road is advised by Greenhill & Co, Guggenheim Partners, Robert W Baird, Ellenoff Grossman & Schole and Kirkland & Ellis. Beachbody is advised by Bank of America Merrill Lynch, Cantor Fitzgerald, Credit Suisse, The Raine Group, Cozen O'Connor, Latham & Watkins and ICR. Financial advisors are advised by Paul Weiss Rifkind Wharton & Garrison. Myx Fitness is advised by Greenberg Traurig.
Atlas Crest, a special acquisition company, is set to merge with Archer, an aerospace company building an all-electric vertical takeoff and landing aircraft, in a $3.8bn deal. Additional investors include United Airlines, Ken Moelis and Mubadala Capital.
Archer is chasing an electric air-mobility market that could be valued at $1.5tn by 2040. The transaction announcement includes PIPE financing of at least $500m from investors.
Archer is advised by Barclays, Moelis & Co, Cooley and LaunchSquad. Atlas Crest is advised by Cantor Fitzgerald, Duff & Phelps and Kirkland & Ellis.
FG New America Acquisition agreed to merge with Opportunity Financial, a financial technology platform, in an $800m deal. Upon closing, the combined company's common stock is expected to trade on the New York Stock Exchange.
"I am extremely proud of the success and growth OppFi has experienced since its inception. More importantly, we help customers access a better financial path with the superior experience they deserve. This is an exciting stage in the company's evolution, which we believe will enable us to further expand our mission and be the financial destination for the tens of millions of everyday consumers that need access more than ever," Todd Schwartz, OppFi Founder and Executive Chairman.
OppFi is advised by Moelis & Co and DLA Piper. FG New America Acquisition is advised by Needham & Co, Northland Capital Partners, Piper Sandler, ThinkEquity and White & Case.
Casdin Capital and Corvex Management-backed CM Life Sciences, a special purpose acquisition company, agreed to merge with Sema4, an AI- and machine learning-driven patient-centered genomic and clinical data intelligence company, in a $2bn deal.
Financing includes a fully committed PIPE of $350m from growth and life science investors including Casdin Capital, Corvex Management, Fidelity Management & Research Company, Counterpoint Global, Perceptive Advisors, SoftBank, T. Rowe Price, Viking Global Investors, Blackrock and Deerfield Management.
"We exist in a remarkable period of time as the life sciences and broad healthcare industries undergo a technology-driven data revolution. The disruptive promise in combining these genomic and clinical data sets, at the patient level, is profound but takes a team of experts, the right business model, and lots of growth capital. We therefore could not be more excited to lend our partnership and fill the balance sheet for the foremost leader in the field, Eric Schadt and the expert team he’s assembled at Sema4. With an early start, unique business strategy and more than 150 leading data scientists, this is the premier company in one of the biggest, winner-take-most markets in life sciences," Eli Casdin, Casdin Capital Founder and CIO.
Sema4 is advised by Goldman Sachs, JP Morgan and Fenwick & West. CM Life Sciences is advised by Cowen & Company, Jefferies & Company and White & Case.
Tyler Technologies, a provider of integrated software and technology services, agreed to acquire NIC, a government solutions and payments company, for $2.3bn.
“The combined vision, strength, and resources of our companies will accelerate our collective ability to provide innovative, efficient, transparent services to local, state, and federal governments. With this transaction, we are pleased to be able to deliver immediate, premium cash value to our stockholders and we look forward to NIC’s continued success as part of Tyler," Harry Herington, NIC CEO and Chairman of the Board.
Tyler Technologies is advised by Goldman Sachs and Munck Wilson Mandala. Goldman Sachs is advised by Sullivan & Cromwell. NIC is advised by Cowen & Company and Shearman & Sterling.
Sagewind Capital-backed QuantiTech, a provider of highly technical engineering services, agreed to merge with Millennium Engineering and Integration Company, which provides world-class systems engineering and integration capability in the space, defense, cyber, intelligence, and aviation. Financial terms were not disclosed.
"We are extremely excited to combine MEI and QuantiTech. This combination brings together two companies with an extraordinary depth of talent and expertise in high-end engineering. By strengthening our capabilities in the missile defense, space, and intel markets, we will be even better positioned to continue serving the important missions of the US Government," Randy Cash, QuantiTech Chairman.
Millennium Engineering and Integration Company is advised by KippsDeSanto & Co and Miles & Stockbridge. QuantiTech is advised by RBC Capital Markets, Paul Weiss Rifkind Wharton & Garrison and Kekst CNC.
Apollo Global Management agreed to invest $470m in US Acute Care Solutions, a provider of emergency medicine, hospitalist and observation services.
"USACS was founded as a partnership that prioritized physician ownership because we believe this leads to the best patient experiences and hospital partnerships. Since creating USACS in 2015, we've worked hard to deliver on this mission, creating the largest majority physician-owned platform bringing high-quality care to more patients across the country. Now at this key inflection point for our business, we are excited to work with Apollo to access their full network of resources, capital markets expertise and capital support while increasing physician ownership. We also want to thank WCAS for being great partners to USACS, helping to establish and position the company for long-term success," Dominic Bagnoli, USACS Executive Chairman.
Apollo is advised by Ernst & Young, Moelis & Co, McDermott Will & Emery and Paul Weiss Rifkind Wharton & Garrison.
Moody's, a global risk assessment firm, agreed to acquire Cortera, a provider of North American credit data and workflow solutions. Financial terms were not disclosed.
"Cortera plays an important role in helping businesses understand each other. Our customers will be able to leverage Cortera's extensive information on small businesses with Moody's proprietary analytic tools to make better decisions," Stephen Tulenko, Moody's Analytics President.
Cortera is advised by Raymond James and Morris Manning & Martin. Moody's is advised by Paul Hastings.
CNO Financial Group, a financial services holding company, completed the acquisition of DirectPath, a provider of year-round, technology-driven employee benefits management services to employers and employees. Financial terms were not disclosed.
"We are excited to join CNO and be part of a larger organization that shares our dedication to guiding employees to make better healthcare decisions. Together with CNO, we will go to market with an integrated solution to help businesses drive improved employee acquisition and retention, increase benefits engagement, and deliver cost savings for employers and employees," Michael Byers, DirectPath Chairman and CEO.
DirectPath was advised by Waller Helms Advisors. CNO Financial Group was advised by RBC Capital Markets.
Sixth Street, a global investment firm, agreed to invest $100m in HighBar Partners, a Menlo Park-based private equity investor.
"We are thrilled to partner with Sixth Street, as this transaction provides HighBar with a significant opportunity to deliver strategic transformation, sustained product differentiation, and innovation across our Fund III portfolio with the support of a leading investor in this market segment," John H. Kim, HighBar Managing Partner.
HighBar Partners is advised by Kirkland & Ellis. Sixth Street is advised by Simpson Thacher & Bartlett.
Eagle Creek Renewable Energy, which owns and operates 86 hydroelectric facilities in the United States, agreed to acquire the 48-megawatt hydroelectric Racine Hydro Plant from American Electric Power, a major investor-owned electric utility. Financial terms were not disclosed.
"The sale of Racine Plant is part of our ongoing strategic evaluation of our generating assets as we focus on our regulated business operations and invest in the infrastructure and energy innovations that bring value to our customers. We continue to add new emission-free energy both in our regulated states and through contracted renewable projects that fit with our overall strategy and portfolio," Nicholas K. Akins, AEP Chairman, President and CEO.
AEP is advised by Scotiabank and Porter Wright Morris & Arthur.
Target Global, an international venture capital firm headquartered in Berlin, led a $150m funding round in Branded Group, a global digital consumer products platform, with participation from Declaration Partners, Tiger Global, Kreos Capital, Lurra Capital, Regah Ventures, Kima Ventures, and Vine Ventures.
"Covid-19 has been a massive accelerator of consumers' continuing shift to online shopping. We see fundamental changes in consumer behavior and purchase decision-making opening an opportunity to build a new type of consumer products leader with a digital-first mindset. Target Global has been a proud co-founder and investor in Branded. We are excited to jointly realize this unique opportunity, while becoming a home for some of the most talented sellers and entrepreneurs seeking to take their brands to the next level. I am excited to work with Pierre and Michael to realize Branded's full potential," Ben Kaminski, Target Global Partner.
Enlightened Hospitality Investments, 32 Equity and the Partnership Fund for New York City led a $100m funding round in Clear, the secure identity company. Additional investors include Liberty Media, LionTree Partners, Michael Jordan's family office, Jim Murren, Safely LV, BOND, Durable Capital Partners, General Atlantic and Revolution Growth.
"With this new investment and our committed partners, we are ready to double down and make this vision possible at a time when it's more important than ever to be able to come together safely," CLEAR, Caryn Seidman-Becker CEO and Founder.
EnCap-backed Grayson Mill Energy, an exploration and production company, agreed to acquire US onshore assets from Equinor, an energy company, for $900m.
“Equinor is optimising its oil and gas portfolio to strengthen profitability and make it more robust for the future. By divesting our Bakken position we are realising proceeds that can be deployed towards more competitive assets in our portfolio, enabling us to deliver increased value creation for our shareholders. Over the past few years, we have improved the safety, cost efficiency and CO2 intensity of the Bakken assets significantly and I am confident Grayson Mill Energy will continue on this path,” Anders Opedal, Equinor President and CEO.
US plan to force the sale of TikTok’s American operations to Oracle, an American multinational computer technology corporation, and Walmart, an American multinational retail corporation, has been shelved indefinitely, as President Biden undertakes a broad review of his predecessor’s efforts to address potential security risks from Chinese tech companies, WSJ reported.
Discussions between representatives of ByteDance and US national security officials have continued. Those discussions have centered on data security and ways to prevent the information TikTok collects on American users from being accessed by the Chinese government.
WPP, a creative transformation company, completed the acquisition of DTI Digital, a Brazilian digital innovation and software engineering company. Financial terms were not disclosed.
"Our clients are looking for fully integrated solutions that combine creativity with cutting-edge technology to help them adapt and respond to the rapidly shifting business environment. I am delighted to welcome DTI Digital to WPP and look forward to working together to deliver transformative results for our clients," Mark Read, WPP CEO.
Brookfield Asset Management completed a $125m investment in Armis, an agentless device security platform. Georgian Partners co-invested alongside Brookfield.
"Armis is an industry leader that offers the most comprehensive and effective security solutions for agentless devices. Brookfield underwent a thorough yearlong industry evaluation, and it was clear that Armis was the only platform able to serve and scale globally across the vast industries in which we operate whether it be infrastructure, real estate, renewables, healthcare or telecom. We are very excited at the opportunity to partner with Armis at this juncture in their growth trajectory," Josh Raffaelli, Brookfield Managing Partner.
Wells Fargo to keep its private-label credit card unit.
Wells Fargo, an American multinational financial services company, opted to keep its private-label credit card unit after reaching out to potential buyers last year.
The unit strikes agreements with retailers, allowing customers to buy merchandise on credit. Even after Wells Fargo had started to reach out to possible bidders, the lender hadn’t made a final decision on a sale.
SoftBank to make a $900m investment in Pacific Biosciences. (FS)
WSJ reported that SoftBank plans to put $900m into gene-sequencing company Pacific Biosciences of California, as the Japanese technology conglomerate ramps up a new public-equity investing effort.
PacBio, as it is known, produces next-generation DNA-sequencing systems used to research diseases and develop treatments. The investment, in the form of convertible debt, is designed to help accelerate the commercialization of the company's technology.
Colin Kaepernick and Najafi Companies aim to raise $250m for SPAC. (FS)
Mission Advancement, a blank-check firm backed by former NFL quarterback Colin Kaepernick and private investment firm Najafi Companies, intends to raise c.$250m in its IPO.
The company will target consumer businesses with an enterprise value of more than $1bn, which can generate a positive social impact.
Cantor and Moelis & Co are lead underwriters on the offering.
Rocket Internet co-founder aims to raise $250m for tech SPAC.
Rocket Internet's Oliver Samwer, CEO and Co-Founder, along with board member Soheil Mirpour, and Donald Stalter, former GFC's Head of North America, are creating a special-purpose acquisition company that intends to look for a technology deal outside of the US. The blank-check company will sell shares on the New York Stock Exchange.
Rocket Internet Growth Opportunities will look for targets in enterprise software, artificial intelligence, health and financial technology, e-commerce and other marketplaces.
Amazon-backed Rivian aims for IPO this year.
Amazon- and Ford-backed Rivian Automotive, an electric-vehicle startup, is considering going public as soon as September at a valuation of c.$50bn or more.
The company’s timeline for an IPO and its potential value might change, and a listing could happen later in the year or even slip to 2022.
Bardin Hill raises $600m for its Opportunistic Credit fund. (FS)
Bardin Hill Investment Partners, an investment management firm, successfully closed the Bardin Hill Opportunistic Credit Fund, and a parallel side-car vehicle with total commitments of c.$600m. The firm’s flagship closed-end strategy received significant backing from new institutional investors globally and existing Bardin Hill clients.
“The considerable support for the strategy from new investors as well as long-time clients is a testament to their confidence in Bardin Hill’s disciplined, collaborative approach to credit investing, and to our differentiated strategy of sourcing compelling, less-trafficked opportunities across capital structures," Jason Dillow, Bardin Hill CEO and CIO.
Panoramic Ventures launches a $300m fund. (FS)
Panoramic Ventures, a venture capital firm formed by Paul Judge and BIP Capital, launched a new fund with a target of $300m. Panoramic's core mission is to fund companies in the Southeast, Midwest, and other regions across the country where high-potential companies are often overlooked.
"Our intent at Panoramic is to take a wider-view approach to investing in order to give more entrepreneurs access to both capital and expertise to help build leading tech companies, regardless of geographic location," Mark Buffington, Panoramic Ventures Managing Partners.
Allied Universal, a provider of security products and services, extended for a second time its deadline for shareholders of G4S, a multinational security services company, to accept its buyout offer.
G4S shareholders now have until March 6, 2021 to accept Allied’s offer of $0.34 per share.
G4S is advised by Citigroup, Goldman Sachs, JP Morgan, Lazard, Herbert Smith Freehills, Linklaters and Brunswick Group. Allied Universal is advised by Credit Suisse, Moelis & Co, Morgan Stanley, AZB & Partners, Cleary Gottlieb Steen & Hamilton, Freshfields Bruckhaus Deringer, Kirkland & Ellis, Sullivan & Cromwell and Teneo. GardaWorld is advised by Bank of America Merrill Lynch, Barclays, Jefferies, UBS, Simpson Thacher & Bartlett, and Montfort Communications. Financial advisors are advised by Ashurst. BC Partners is advised by Kirkland & Ellis.
EU antitrust regulators suspended investigation into Aon’s $30bn offer for Willis Towers Watson while waiting for the US insurance broker to provide data required for the case, Reuters reported.
“This procedure in merger investigations is activated if the parties fail to provide, in a timely fashion, an important piece of information that the Commission has requested from them. Once the missing information is supplied by the parties, the clock is re-started and the deadline for the Commission’s decision is then adjusted accordingly,” EU competition spokeswoman.
Willis Towers is advised by Bank of America Merrill Lynch, Goldman Sachs, Herbert Smith Freehills, Matheson, Skadden Arps Slate Meagher & Flom and Weil Gotshal and Manges. Financial advisors are advised by Cleary Gottlieb Steen & Hamilton. Aon is advised by Credit Suisse, Morgan Stanley, Arthur Cox, Freshfields Bruckhaus Deringer, Latham & Watkins, FTI Consulting and Joele Frank. Financial advisors are advised by Cravath Swaine & Moore.
Silver Lake, a private equity firm, and Nestlé, a manufacturer of pet food, treats, and litter for cats and dogs, led a $4.2bn investment in IVC Evidensia, a veterinary services provider. EQT will remain its largest shareholder.
“This is a great expression of confidence in the company and our staff should be proud of what we have collectively achieved. We need to continue to do what we do best: caring for animals, people and the environment, and leading the way in bringing new standards of animal care and staff wellbeing to the sector globally. This additional investment will support us in continuing to deliver exceptional care to our 4m pets and their owners across the 12 countries we already operate in," Stephen Clarke, IVC Evidensia CEO.
Silver Lake is advised by JP Morgan, Numis Securities, Latham & Watkins and Edelman. IVC Evidensia is advised by Brunswick Group. EQT is advised by Goldman Sachs and Jefferies.
Permira-backed Quotient Sciences, the drug development and manufacturing accelerator, completed the acquisition of Arcinova, a multiservice contract development and manufacturing organization, from investment firm BGF. Financial terms were not disclosed.
"Since inception, we set out to build a unique organization that accelerates the development of new medicines for patients in need. We are delighted to move on to the next stage with Quotient as the perfect partner for Arcinova. Deep science, agility, flexibility and the drive for customer service excellence are the cornerstones of both businesses. I look forward to working with the Quotient team and Permira to deliver even greater value for our customers," Ian Shott, Arcinova Co-Founder and Executive Chairman.
Arcinova was advised by KPMG and Womble Bond Dickinson. Quotient Sciences was advised by PricewaterhouseCoopers, RBC Capital Markets, Latham & Watkins and SCORR Marketing. BGF was advised by Weightmans.
Green Street, a provider of actionable commercial real estate intelligence, completed the acquisition of React News, a London-based subscription provider of commercial property news. Financial terms were not disclosed.
"This acquisition accelerates our goal of providing exclusive and differentiated news in Europe to extend Green Street's US News product and strengthen our existing Pan-European public/private market research and data and analytics business. React News has built an incredible offering that drives real estate action through timely insights, and it fits naturally under the Green Street umbrella. We are excited to bring together our talented teams and expand our esteemed bench of highly experienced journalists," Jeffry Stuek, Green Street CEO.
React News is advised by KPMG and Waterfront Solicitors. Green Street is advised by Kirkland & Ellis, Walker Morris and Ernst & Young.
Private equity firm Great Hill Partners agreed to acquire Notonthehighstreet, an online marketplace for unique lifestyle products and thoughtful gifts. Financial terms were not disclosed.
"Since its founding, Notonthehighstreet has become the leading UK destination for unique products and gifts, with a stellar group of small business partners and an extremely loyal customer base. We are excited to work with Claire and Notonthehighstreet's talented team, leveraging Great Hill's experience in helping scale leading digital marketplace companies," Peter Garran, Great Hill Partner.
Notonthehighstreet is advised by Evercore. Great Hill is advised by Arma Partners.
Tencent, a Chinese multinational technology conglomerate holding company, completed the investment in Bohemia Interactive, a games developer in Czechia. Financial terms were not disclosed.
"We are pleased to deepen our relationship with Tencent, one of the most significant internet companies in the world. We look forward to working on our current and future generations of games with the support of a strong partner that has known us for many years and understands our unique approach to online games," Marek Španěl, Bohemia Interactive CEO.
Permira led a $180m Series D round in Nexthink, a provider of digital employee experience management software, with participation from Highland Europe and Index Ventures.
"Nexthink has seen outstanding growth in recent years. With the move to remote and hybrid digital workplaces, digital experience is everything in the enterprise and it is a critical component to employee satisfaction. With this latest round, Nexthink is poised to reimagine the role of IT for the world's largest brands and give them the platform they need to deliver the best experiences at work," Bruce Chizen, Permira Senior Advisor.
Tenable, a software company, agreed to acquire Alsid, which provides information security services, for $98m.
"Tightly controlling the privileges of accounts in Active Directory is as foundational to reducing risk to the business as the basic blocking and tackling of deploying security updates. As we've seen with the flurry of hacks, ranging from the sophisticated SolarWinds compromise all the way down to common ransomware attacks, attackers go after the Active Directory infrastructure to increase access and establish persistence. We’re impressed with the insights that Alsid brings to enterprise customers and look forward to working with the Alsid team to add this critical element to Cyber Exposure and risk management," Amit Yoran, Tenable Chairman and CEO.
Siemens to put ITS up for sale.
Siemens, a German multinational conglomerate, is planning to put Intelligent Traffic Systems, its traffic light technology and equipment unit, up for sale as it proceeds to streamline its operations and drop non-core businesses, Reuters reported.
The company is expected to launch the sale of the unit in the summer, which could value ITS at $604m-$725m. Siemens may appoint an investment bank to manage the sale or organize the deal itself.
Saudi Aramco plans a $10bn loan for pipeline business buyers. (FS)
Saudi Aramco, a petroleum and natural gas company, is considering a financing package of c.$10bn that it could offer to buyers of its pipeline business unit, as the company seeks to secure value from its assets in a time of lower oil prices, Reuters reported.
Aramco is in talks with banks to provide "staple financing", a financing package provided by the seller that buyers can use to back their purchase. Investors including BlackRock, KKR and Brookfield Asset Management are also in talks with lenders on possible financing.
Piraeus Bank considers raising $1.2bn in March.
Piraeus Bank, Greece's third-largest bank, is preparing for a $1.2bn capital increase next month to reduce the state's stake and represent a step toward normalization for the rescued lender.
The head of Greece's bank recapitalization fund, which currently holds a 61.3% stake, stated that Piraeus would issue a prospectus this month and tap the market within the first quarter.
Standard plans to raise Angolan stake after partner jailed.
Standard Bank Group, a provider of banking and financial services, plans to buy shares it doesn’t already own in its Angolan unit after an investor in the business was detained and his shares seized by authorities, Bloomberg reported.
“Over the last two years, we have increased our stake in our subsidiaries in Kenya and in Nigeria. If the opportunity arises in Angola as well, we will do so,” Sola David-Borha, Standard Bank’s African division CEO.
Authorities seized Carlos Sao Vicente's assets, Standard Bank’s 49% partner in the Luanda-based division, in September amid accusations of fraud. The action is linked to President Joao Lourenco's moves to crack down on alleged graft under his predecessor’s rule.
Private equity giants clash for $1.2bn of AIB's overdue mortgages. (FS)
Apollo and Lone Star, two private equity giants, are the final bidders competing to acquire a portfolio of overdue home loans of AIB, an Irish commercial bank, that were initially worth c. $1.2bn.
AIB was set the portfolio early last year but postponed the deal as it redirected resources to manage the impact of the Covid-19 shock on borrowers. The transaction was revived late last year. The winner is expected to be selected within weeks.
SF Holding, a Chinese multinational delivery services and logistics company, agreed to acquire a 51% stake in Kerry Logistics, a listed company engaged in third-party logistics, freight services, warehouse operations, and supply chain solutions, for $2.3bn.
"The deal demonstrated the Kuok family's vote of confidence to SF Holding and to myself. While Kerry Group gave us the control of the company, we'll still jointly manage Kerry Logistics together in the future," Dick Wong, SF Holding Chairman.
Kerry Logistics is advised by Citigroup. SF Holding is advised by JP Morgan.
Match Group, a provider of dating products available globally, agreed to acquire Hyperconnect, a technology company that provides video and AI-powered social discovery products, for $1.7bn. The transaction is expected to close in Q2 2021 pending customary regulatory approvals.
"As the social discovery space continues to expand, the timing couldn't be better to partner with a global operating expert like Match Group. Match and Hyperconnect draw from a common philosophy: utilize technology and know-how to drive meaningful connections through trusted brands that users love. Hyperconnect is proof that technology can create global opportunities – even for a small start-up from South Korea – and we're thrilled to have found a partner that values this thinking," Sam Ahn, Hyperconnect CEO.
The Carlyle Group, a global private equity firm, withdrew its bid to acquire Japan Asia Group, an energy and environment firm, in a $459m deal, as City Index Eleventh, a Japanese activist fund, beat its offer.
“The bid did not attract minimum shares needed to succeed so we are going to cancel the bid,” The Caryle Group.
Great Wall Motor, a Chinese automobile manufacturer, led a $350m Series C3 round in Horizon Robotics, an auto smart chip startup.
"GWM has industry-leading technological innovation strength, especially in the field of automobile intelligence, and Horizon Robotics has strong strength in such fields as artificial intelligence chips, visual perception and multi-modal interaction. Both sides are intended via this cooperation to build an extensive and in-depth cooperative relationship, and are committed to promoting the ecological construction of intelligent vehicles and jointly building future-oriented intelligent vehicle products," Yu Kai, Horizon Robotics Founder and CEO.
Tate & Lyle, a global provider of food and beverage ingredients and solutions, completed the acquisition of an 85% stake in Chaodee Modified Starch, a tapioca modified food starch manufacturer located in Thailand. Financial terms were not disclosed.
"We are delighted to announce this investment to expand our tapioca offering and grow our texturant portfolio. CMS brings new tapioca capabilities, raw material sourcing expertise and additional production capacity to Tate & Lyle, and expands our presence in the higher growth Asia Pacific region," Nick Hampton, Tate & Lyle CEO.
HNA plans to claw back $17bn in misused funds.
Three listed units of HNA Group, an indebted Chinese conglomerate, plan to recover at least $17bn of misused funds, undisclosed debt guarantees and questionable investments by its major shareholders and their affiliates.
Flagship Hainan Airlines Holding will ask its parent to repay part of its debt while two other group firms are paring the stake held by their controlling shareholders. The carrier will transfer interest-bearing obligations of at least $11.2bn to HNA and HNA Aviation Group, holding them responsible for the wrongdoings. The majority of its creditors endorsed the plan, Bloomberg reported.
CJ Logistics considers a $1.1bn divestment of its unit to FountainVest. (FS)
CJ Logistics, a logistics services provider, is considering a $1.1bn divestment of CJ Rokin Logistics Supply Chain, its Chinese unit, to FountainVest Partners, a private equity firm.
Negotiations on the Shanghai-based unit's final terms are advanced and an announcement could come as soon as in the next few days. FountainVest is considering bringing in co-investors to take minority stakes in the company.
Blackstone aims to acquire Warburg's Embassy Industrial Parks for $700m. (FS)
Blackstone Group intends to acquire Embassy Industrial Parks, India's largest landlord, from Warburg Pincus and Embassy Group, a real estate development firm, at an enterprise valuation of $700m, which would be the largest ever logistics and warehousing deal in India.
With this complete buyout transaction, Blackstone will become the country's largest warehousing space landlord with over 40m sq ft logistic parks in assets.
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