AMERICAS
Post Capital-backed EC Waste, a fully integrated solid waste services provider in Puerto Rico, completed the acquisition of the Puerto Rico unit of Republic Services, a provider of non-hazardous solid waste collection. Financial terms were not disclosed.
"The acquisition of Republic Services of Puerto Rico enhances EC Waste's existing capabilities with the addition of two landfills, a transfer station and two hauling operations. The combined business operates four landfills, three transfer stations and four hauling operations, expanding EC Waste's position as a leading provider in Puerto Rico," Randy Jensen, EC Waste President and CEO.
EC Waste was advised by Civil & Environmental Consultants, Plante Moran, Adsuar Muniz Goyco Seda & Perez-Ochoa, Pietrantoni Mendez & Alvarez, Winston & Strawn, Marketcom PR and Deloitte. Debt financing was provided by Banco Popular de Puerto Rico. Republic Services was advised by Rothschild & Co.
Social Capital Hedosophia Holdings, a special purpose acquisition company, agreed to merge with Opendoor, a real estate company, in a $4.8bn deal. The transaction, which has been unanimously approved by the Boards of Directors of Opendoor and SCH, is subject to approval by SCH's shareholders and other customary closing conditions.
"We founded Opendoor to make it simple and instant to buy and sell a home, to delight customers and make their lives less stressful, and to build an iconic, once in a generation company. This is one of many milestones towards our mission and will help us accelerate the path towards building the digital one-stop-shop to move. I am grateful for the continued support from my teammates and shareholders and most thankful for the tens of thousands – and I hope soon to be hundreds of thousands – of families, couples and individuals that trust Opendoor with the largest financial decision of their life. We are energized by the opportunity to make our online, streamlined experience available to millions of homeowners every day," Eric Wu, Opendoor Founder and CEO.
Opendoor is advised by Citigroup, Latham & Watkins and Blueshirt Group. Social Capital Hedosophia is advised by Connaught, Credit Suisse, Skadden Arps Slate Meagher & Flom, Finsbury and Gasthalter & Co.
Novus Therapeutics, a clinical-stage biotechnology company, completed the acquisition of Anelixis Therapeutics, a privately-held clinical-stage biotechnology company. Financial terms were not disclosed.
"We are excited about AT-1501 and the potential to develop and commercialize the next generation anti-CD40L antibody, a well-validated target with broad therapeutic possibilities. After exploring a range of strategic options to maximize shareholder value, we believe this acquisition represents the greatest value creation opportunity for Novus stockholders, and we are confident that we have the management and scientific leadership team to fully realize this opportunity for patients in need of new treatment options," Keith A. Katkin, Novus Chairman of the Board of Directors.
Anelixis Therapeutics was advised by Goodwin Procter. Novus Therapeutics was advised by Ladenburg Thalmann, Noble Capital, SVB Leerink, Gibson Dunn & Crutcher and Verge Scientific Communications.
Investment management firms Cannae Holdings and Senator Group raised their offer for CoreLogic, a global property data and analytics-driven solutions provider, to $7.1bn.
CoreLogic's Board of Directors will review the revised proposal from Senator/Cannae, which reflects a proposed $1 per share increase and a request for due diligence.
CoreLogic is advised by Sard Verbinnen & Co. Senator Group is advised by Cadwalader Wickersham & Taft. Cannae Holdings is advised byTrasimene Capital, Weil Gotshal and Manges and Sloane & Company.
Osceola Capital-backed Industry Services Company, a provider of industrial maintenance services, completed the acquisition of Guy Nielson Company, a provider of industrial and refractory maintenance services. Financial terms were not disclosed.
"Our team is excited to partner with Osceola to execute on our long-term growth plan. We are at an exciting inflexion point in our company's history, and we believe Osceola's long track record of executing on aggressive organic and acquisition growth strategies alongside their management partners made them the ideal partner for us," Shawn Hunter, Industry Services CEO.
Industry Services Company was advised by Founders Advisors and Hand Arendall. Osceola Capital was advised by DLA Piper and Chris Tofalli.
Wren House, an infrastructure investment management company, agreed to acquire i3 Broadband, a provider of fibre optic internet, HD TV and voice services, from Seaport Capital, a private equity firm, and Countrywide Broadband, a broadband acquisition and management firm. Financial terms were not disclosed.
"i3 is committed to providing local communities with access to the most reliable, high-speed broadband connectivity available. These services are more critical than ever, allowing residents to easily e-learn and work-from-home, and communities to grow. Wren House's investment will allow us to expand our network and enhance our services, all while remaining committed to our customer-first culture. We are excited to have Wren House as our partner in this next chapter of i3's growth, and Sam Valencia, Executive Vice President and CFO, and I are pleased to be major investors in this new venture," Dan Kennedy, i3 Broadband CEO.
i3 Broadband is advised by Lazard and Thompson Coburn. Wren House is advised by Rothschild & Co and Sullivan & Cromwell.
Sixth Street, through its growth investing arm, Sixth Street Growth, completed a $50m investment in MDLIVE, a telemedicine company.
"The pandemic has accelerated the rapid disruptive transformation of virtual healthcare delivery. With this $50m crossover investment and the healthcare leadership of Sixth Street, MDLIVE will be able to fulfill its Caring Vision of Cost Containment, Convenient, Contagion-free healthcare delivery. As the demand for MDLIVE's offerings has reached all-time highs, we remain focused on the expansion of a single, proven technology platform with the flexibility to integrate with devices and the capacity to leverage AI and ingest vast volumes of data necessary for proactive and preemptive care," Charles Jones, MDLIVE Chairman and CEO.
MDLIVE was advised by Bank of America Merrill Lynch and Russo Partners.
Steve Cohen, an American billionaire hedge fund manager, agreed to acquire the New York Mets, a Major League Baseball team based in the New York City borough of Queens, for $2.4bn.
"I am excited to have reached an agreement with the Wilpon and Katz families to purchase the New York Mets," Steve Cohen.
Sterling Equites is advised by Davis Polk & Wardwell.
Private equity firms GI Partners and Charlesbank Capital Partners agreed to invest in American Residential Services, a provider of residential heating, ventilation, air conditioning and plumbing services. Financial terms were not disclosed.
"We have great appreciation for the business that the team has built and have been impressed by the growth and resiliency evidenced by the company to date. We are very excited to partner with management and Charlesbank to accelerate positive change and execute on the significant opportunities ahead," Hoon Cho, GI Partners Managing Director.
GI Partners is advised by Chris Tofalli.
Peak Rock Capital, a middle-market private equity firm, completed the acquisition of Paragon Healthcare, a provider of ambulatory and home infusion services. Financial terms were not disclosed.
"The Paragon team has an impressive track record of rapidly growing its infusion services to patients across multiple, low-cost settings of care. We are excited to partner with Paragon management and employees in supporting the company's continued strong growth in high-quality patient care through organic initiatives and strategic acquisitions," Spencer Moore, Peak Rock Managing Director.
Peak Rock Capital was advised by Kekst CNC.
Accel-KKR-backed Pinc, a software platform, completed the acquisition of Shipper TMS, a supply chain optimization software business, from Wabtec, a supplier of freight car and locomotive products. Financial terms were not disclosed.
"The combined business will serve as a foundation for a Supply Chain Execution platform focused on comprehensive transportation management software solutions for shippers. The platform will prioritize offerings that serve the origin and termination points in the supply chain with a specific focus on rail, truck, and terminal yard management. Combined with real-time visibility, electronic documentation, analytics, billing, rating and carrier management functionalities, the platform is well-positioned to solve multiple transportation challenges in the supply chain industry," Accel-KKR.
Accel-KKR was advised by Kekst CNC.
Cowen, an American multinational independent investment bank and financial services company, agreed to acquire MHT Partners, an investment bank focused on representing innovative companies in growing markets. Financial terms were not disclosed.
"The client-focus, collegial approach, honesty and integrity for which the MHT team has built a strong reputation, seamlessly align with Cowen's culture and values. Many of us at Cowen already know the MHT team well and we are excited to join forces with our new colleagues, as we work together to provide unique and thoughtful ideas to our financial sponsor and family office clients," Parker Weil, Cowen Vice Chair of Investment Banking and Head of Strategic Capital.
Cowen is advised by Gagnier Communications.
Westmount Energy, an energy investment company, completed the acquisition of a 12.7% stake in JHI Associates, an oil and gas exploration company. Financial terms were not disclosed.
This investment is consistent with Westmount's strategy of seeking exposure to opportunities in the prolific Guyana-Suriname Basin.
Westmount Energy was advised by Cenkos Securities.
Artemis Capital Partners, a Boston-based private equity firm, completed the acquisition of Omega Optical, a manufacturer of precision optical filters and coatings. Financial terms were not disclosed.
"With the strategic support of Artemis, we gain critical additional resources to build on Omega's legacy here in Brattleboro. We will continue to pursue further job growth and employee development and be an active member of both the local community and the greater Vermont economy. Artemis's understanding of our core markets, technology and value proposition allowed us to quickly align on the key priorities for Omega's next phase of growth. Our customers and channel partners can count on a seamless transition and an unwavering focus on quality, delivery, and exceptional application expertise," Thomas Smith, Omega Chief Executive Officer.
Qiigo, a digital marketing and customer loyalty solutions provider, agreed to merge with Listen360, a software company. Financial terms were not disclosed.
"We believe that authentic, human connection fuels successful, longstanding businesses; the ones that are capable of weathering the world's many storms, much like what we've experienced this year. Every touchpoint and interaction matters more now than it ever has before. Qiigo and Listen360 have come together to help local businesses connect with their consumers on a much deeper and broader scale - from the very initial impression their brand makes to the everlasting one it leaves," Jay Kuhlman, Listen360 and Qiigo President.
Highlander Partners, a middle-market private equity firm, agreed to acquire Hilo Nutrition, a food, beverage, health and wellness company. Financial terms were not disclosed.
"We are very excited to partner with Eric and Andy to drive the Hilo brand. We believe the company has significant growth opportunities, which will be amplified by increased consumer awareness, product innovation, and expanded distribution. This acquisition underscores Highlander's desire to invest in high quality branded companies. In particular, Highlander has a significant track record in the health and wellness industry, which we are confident can be applied to Hilo. We will continue to pursue emerging consumer facing businesses with strong growth potential, outstanding products and excellent brand equity," Jeff L. Hull, Highlander Partners President and CEO.
Private equity firm Skyline Global Partners completed the investment in Midwestern BioAg, a sustainable and innovative biological agriculture company. Financial terms were not disclosed.
"As an active investor in sustainable food/agriculture and Agtech, we were excited to partner with Michael Birger and the rest of the team as part of our commitment to Midwestern BioAg Holdings. We firmly believe in the vision and opportunities that lie ahead for outcome-based crop production," Sachin Gupta, Skyline Global Partner.
Highlander Partners-backed Bettera Brands, a gummy vitamins manufacturer, agreed to acquire Nutravail, a developer and manufacturer of health and wellness food products. Financial terms were not disclosed.
"Nutravail has found the ideal partner in Bettera Brands. We are completely like-minded in our approach to working closely and collaboratively with our customers through the complexities of formulation, and in our commitment to service and quality. We look forward to sharing our product set with Bettera's customers and introducing Bettera's extensive capabilities to ours," Richard O'Neil, Nutravail CEO.
Thrive Capital, a private equity firm, led a $185m Series D funding round in Airtable, a cloud collaboration service company, valuing the company at $2.5bn. Benchmark, Coatue Management, CRV, Caffeinated Capital and D1 Capital Partners also participated in the round.
"We didn't need the money. Once Covid hit, we wanted to seize the opportunity and not have to worry about what the economy is going to look like if there's a second wave. We are building for the long term without being distracted by broader market fluctuations," Howie Liu, Airtable Co-Founder and CEO.
Walmart still wants to acquire TikTok.
Walmart is pressing ahead with its goal to invest in TikTok as Oracle took the lead in a partnership with the Chinese video-sharing app. Oracle beat Microsoft in the battle for the US arm of TikTok with a deal structured as a partnership rather than an outright sale to try to navigate geopolitical tensions between Beijing and Washington.
Walmart had teamed up with Microsoft on the unsuccessful bid. ByteDance, TikTok's Chinese owner, had been in talks to divest the US business of TikTok, its hugely popular short-video app, to Oracle or a consortium led by Microsoft after US President Donald Trump ordered the sale last month and said he might otherwise shut it down.
Steven Mnuchin, US Treasury secretary, said the Committee on Foreign Investment - a government inter-agency panel that can block deals on national security grounds - would review the agreement this week to see if it protected the private data of American users of the app.
Kraft Heinz nears deal to sell part of cheese business to Lactalis.
WSJ reported that Kraft Heinz, an American food company, is nearing a deal to sell a big chunk of its cheese business to France’s Groupe Lactalis for about $3.2bn as the struggling US company seeks to jump-start growth in its other businesses. The deal is expected to be announced this week. The transaction involves Kraft Heinz’s natural-cheese business and consists of a mix of brands in the US and Canada and the company’s cheese business outside of North America.
Kraft Heinz has struggled in recent years with consumers defecting to foods that seem trendier or healthier and the pressure to revive sales has tempered its ability to improve profitability. That is reflected in a stock that has lost more than half its value and now gives the company a market capitalization of about $40bn, not much more than its debt load of nearly $30bn. Some proceeds from the sale are earmarked for debt reduction.
Blackstone in talks to acquire 40 parks from Summit Communities for $550m. (FS, RE)
Blackstone Group is pouring more cash into mobile-home parks, a corner of the commercial real estate market that is holding up in the pandemic. The alternative asset manager is in exclusive talks to acquire roughly 40 parks, the majority of which located in Florida, from Summit Communities for about $550m,
Bloomberg reported.
Real estate investment trust Sun Communities was among the bidders for the Summit portfolio. Blackstone is set to make the investment through a vehicle known as Blackstone Real Estate Income Trust, or BREIT, and plans to spend money upgrading the properties.
Town Sports International files for bankruptcy and considers sale.
Town Sports International, the owner of New York Sports Clubs, filed for Chapter 11 bankruptcy and plans to sell itself after the coronavirus pandemic forced its gyms to close and caused revenue to dry up,
Reuters reported.
As of March 31, Town Sports operated 185 fitness centres, including 99 New York Sports Clubs, with about 580k members. The company's brands also include gyms in Boston, Philadelphia and Washington D.C. named for those cities, as well as Lucille Roberts and Total Woman Gym and Spa. Assets and liabilities totalled between $500m and $1bn.
Mapletree Industrial to acquire US data centre for more than $200m.
Singapore-listed Mapletree Industrial Trust entered a deal to acquire a data centre in Virginia for between $200-262m, subject to conditions,
DealStreetAsia reported. The deal aligns with the trust's strategy to acquire data centres outside Singapore.
"There has been strong leasing demand for data centre space from content, social media, e-payment, software-as-a-service and other information technology firms during the pandemic," Mapletree Industrial Trust.
Palantir is worth around $25bn ahead of US IPO.
Palantir Technologies, a US data analytics company, could be worth around $25bn ahead of a much-awaited public debut, a regulatory filing indicated.
Palantir, co-founded in 2003 by billionaire Peter Thiel, is among this year most anticipated public listings, with speculation about how much it is worth and whether investors see it as a lucrative software provider or a less-glamorous consulting business,
Reuters reported. Palantir was valued at about $20bn in its most recent fundraising round in 2015. Last September, Palantir was seeking a valuation of $26bn during private fundraising talks.
Panasonic invests $150m in Conductive Ventures II. (FS)
Panasonic launched Conductive Ventures II, with a commitment $150m, a 50% increase from the first fund. Headquartered in California, the new fund will invest in expansion stage enterprise software and hardware technology companies in the areas including artificial intelligence, financial technology, digital health, future of work, commerce, autonomous vehicle technologies and advanced manufacturing, among others.
The first fund invested in companies such as Ambiq Micro, Blueshift, CSC Generation, Desktop Metal, Gen G, Jackpocket, Proterra, Self, Sprinklr, Survata and Versatile. Despite the young vintage of Fund I, one of its first investments, Desktop Metal, has announced its intention to go public.
"Uncertainty is rife in today's global economy. We're committed to helping expansion stage companies build on their foundation, leverage their talent and innovation, and weather the storm to bring to market ideas and technologies that will have a positive impact on their respective industries and - collectively - on the economy," Carey Lai, Conductive Ventures Managing Director.
EMEA
PSA, a manufacturer of automobiles and motorcycles, and Fiat Chrysler, an automobile company, restructured the terms of their planned merger to conserve cash, and also stepped up the promised levels of cost-cutting during the pandemic,
Reuters reported.
The two companies, which are set to merge into Stellantis, stated in a joint statement that FCA would cut to $3.4bn the cash portion of a $6.5bn special dividend its shareholders will receive under the terms of the accord they signed last year.
PSA will, in turn, postpone the planned spinoff of its 46% stake in parts maker Faurecia until after the merger's closing and extend it to all shareholders of the new group.
Fiat Chrysler is advised by Bank of America Merrill Lynch, Barclays, Citigroup, Goldman Sachs, JP Morgan, UBS, D'Angelo & Co, Darrois Villey Maillot Brochier, De Brauw Blackstone Westbroek, Legance, Loyens & Loeff, Sullivan & Cromwell, Community Group, Image Sept and Sard Verbinnen & Co. Financial advisers of Fiat Chrysler are advised by Cleary Gottlieb Steen & Hamilton and Macfarlanes. PSA is advised by Mediobanca, Messier Maris & Associes, Morgan Stanley, Perella Weinberg Partners, Bredin Prat, Cabinet Bompoint, Linklaters and Stibbe. Peugeot is advised by Zaoui & Co. Bpifrance is advised by Willkie Farr & Gallagher. Exor is advised by Lazard.
Britain's competition regulator is investigating whether a deal between outsourcing firms Mitie Group and Interserve for the latter's facilities business could reduce competition in the sector. The Competition and Markets Authority is inviting interested parties to offer their comments before September 29 on the agreement.
"The transaction was voluntarily referred to the CMA for clearance, and we are working closely with the CMA to progress the process," Mitie spokesperson.
Mitie is advised by Barclays, Evercore, JP Morgan, Jefferies & Company, Santander and Linklaters. Interserve is advised by Lazard, Slaughter & May and Tulchan Communications.
Next, a British multinational clothing, footwear and home products retailer, and Victoria's Secret UK, a lingerie, clothing, and beauty retailer, agreed to form a joint venture. Under the terms of the agreement, Next will own 51% of the joint venture, while Victoria's Secret will own 49%. Financial terms were not disclosed.
"Next is very pleased at the prospect of working in partnership to expand the Victoria's Secret brand in the UK and Ireland both in stores and online," Lord Simon Wolfson, Next CEO.
Next is advised by Edelman and Rowbell PR.
Silver Lake led a $650m funding round in Klarna, a global payments and shopping service, valuing the company at $10.6bn. The round also included GIC, BlackRock, HMI Capital, Merian Chrysalis, TCV, Northzone and Bonnier. The funding will help Klarna further invest in its unique shopping offering, continue to grow its global presence, and accelerate its strong momentum across all markets.
"We are at a true inflection point in both retail and finance. The shift to online retail is now truly supercharged and there is a very tangible change in the behaviour of consumers who are now actively seeking services which offer convenience, flexibility and control in how they pay and an overall superior shopping experience. Klarna's unique proposition, consumer preference and global retailer network will prove an excellent platform for further growth. The Klarna team is honoured to welcome such world class investors to support our mission to become the world's favourite way to shop," Sebastian Siemiatkowski, Klarna Co-Founder and CEO.
Klarna was advised by Numis Securities.
Investment companies Jeito Capital, EcoR1 Capital and Syncona led a $110m Series A round in Neogene Therapeutics, a pre-clinical stage biotechnology company, with support from Neogene's strategic seed investors Vida Ventures, TPG and Two River.
"We are extremely pleased to have made our first investment according to plan and in such a high-quality company. Neogene's approach perfectly aligns with Jeito's mission to support new and established entrepreneurs aspiring to help patients in need by pioneering novel, ground-breaking medicines that rethink traditional approaches. With the depth of experience of Neogene's leadership team, the quality of its science, and its strong new and existing investor base we believe that Neogene has significant potential to transform cancer treatment for patients around the world," Rafaèle Tordjman, Jeito Founder and CEO.
Jeito Capital was advised by Consilium Strategic Communications.
Temasek agreed to acquire a majority stake in Rivulis, a provider of smart micro and drip irrigation solutions. Financial terms were not disclosed.
"We are thrilled to welcome Temasek to our register as our largest shareholder. They are a forward-looking, generational investor focused on investments addressing global sustainability challenges. As we all know, micro irrigation is a transformative technology, which offers the only viable solution to water scarcity and to the resulting global food constraints. Temasek's investment in Rivulis should be welcomed by our employees, our business partners and the growers, who are our customers," Richard Klapholz, Rivulis CEO.
Private equity firm Apax Partners is set to invest in Groupe Crystal, a French investment and asset management consultancy. Financial terms were not disclosed.
The investment will allow Groupe Crystal to accelerate its development, three years after the acquisition of Expert & Finance.
Caixabank considers acquiring Bankia for $4.75bn.
Spain's Caixabank is considering a bid for Bankia that could value the state-controlled lender at around $4.75bn,
Reuters reported. Caixabank is considering offering a premium of between 15% and just above 20% over Bankia's average share price in the last three months.
The deal would create Spain's biggest domestic bank, with more than $711bn in assets. Spain holds a 61.8% stake in Bankia. Banks across Europe are struggling to cope with record-low interest rates and the economic downturn sparked by the Covid-19 pandemic.
Saudi Telecom weighs IPO for the internet-services unit.
Saudi Telecom plans to spin off its internet-services unit through an IPO on the local stock exchange late next year, in a listing that could value the business at about $2.7bn,
Bloomberg reported.
Saudi Telecom is considering selling as much as 30% of the unit, Solutions by STC, although no final decisions have been made and the company may still decide against selling shares. The final valuation could be higher depending on how much profit it makes over the rest of this year and investor demand for the shares.
Greenfield Partners raised $150m for its fund. (FS)
Greenfield Partners, a Tel Aviv, Israel-based investment firm, closed a $150m fund. The firm will continue its strategy of supporting early growth stage Israeli and Israel-related technology and tech-enabled businesses.
Initially established in 2016 by TPG Growth as an investment platform for early growth stage Israeli and Israel-related technology investments, Greenfield Partners is now an independent firm. The team – led by co-managing partners Yuda Doron and Shay Grinfeld – applies operating experience with the support of a global network to help strengthen and grow its portfolio companies.
APAC
Directors of gold exploration and development company Cardinal Resources who collectively hold about 6.07% of the company's shares accepted the takeover offer from Shandong Gold Mining, a state-owned Chinese gold mining company. Shandong's bid is part of a back-and-forth bidding war with Moscow-based gold miner Nord Gold.
The Shandong offer remains subject to a number of standard market conditions for a transaction of this nature, including, primarily, 50.1% minimum acceptance by Cardinal shareholders.
Cardinal is advised by BMO Capital Markets, Canaccord Genuity, Hartleys, Maxit Capital, Bennett Jones, HopgoodGanim Lawyers and Cannings Purple. Nord Gold is advised by Bacchus Capital and DLA Piper. Shandong is advised by King & Wood Mallesons.
Vital Materials, a global materials technology company, agreed to acquire the ceramic target business of Samsung Corning Advanced Glass, a joint venture between Samsung Display and Corning. Financial terms were not disclosed.
"We are very pleased to have executed a definitive agreement for the acquisition of SCG's ceramic target business. The combination of the two companies will extend the market reach for all parties and opens new high-growth markets for the combined company. Vital will continue to grow and invest to extend downstream capabilities to support our customers with innovative solutions for today's fast-changing technologies," Olivier Bracher, Vital Vice President.
Samsung Corning Advanced Glass is advised by Citigroup.
Private equity firm Bain Capital offered to acquire Kirindo, a Japanese pharmacy chain store operator, for $374m.
The private equity firm is looking to buy 9.66m shares at a price which represents a 39% premium to the September 9 closing price. The deal is aimed at delisting Kirindo.
India considers sweetening Air India sale offer by dropping $3.3bn debt condition.
India is proposing to drop a condition that the winning bidder for Air India will have to take on $3.3bn of aircraft debt, as the government struggles to sell the loss-making carrier kept afloat by taxpayer-funded bailouts,
DealStreetAsia reported. Prime Minister Narendra Modi's administration is being advised to drop the rule on concerns it would deter buyers.
A renewed attempt to sell Air India, which has not made money since 2007, has been hurt by the pandemic, forcing the government to keep extending a deadline to bid. The offer, announced in January, was sweetened to pass on only the debt related to plane purchases to the new owner. The airline had $8.4bn in total debt at the end of March, 2019 and posted a loss of $1.2bn that year - its highest ever.
Tencent and Sequoia Capital acquire $516m worth of shares in China Evergrande New Energy Vehicle Group. (FS)
China Evergrande New Energy Vehicle Group said investors including Tencent Holdings and Sequoia Capital will buy $516m worth of company shares in a share sale.
The electric vehicle unit of property developer China Evergrande said its controlling shareholder plans to sell 176.6m existing shares, or about 2% of the share capital, to not less than six third-party investors. The shares will be sold at 19.96% discount to Monday's close. Yunfeng Fund and Didi Chuxing are also among the investors who will buy shares of China Evergrande New Energy Vehicle Group.
EverSource considers the acquisition of Azure Power's solar rooftop portfolio for $112m. (FS)
EverSource Capital, an investment firm, plans to buy out the entire 167MW solar rooftop portfolio of NYSE-listed Azure Power Global, an independent power producer, for around $112m,
DealStreetAsia reported.
The sales process for International Finance and Canadian pension fund Caisse de dépôt et placement du Québec backed one of India's largest solar rooftop portfolio is being run by KPMG.
Keppel REIT to buy the Sydney office park for $224m. (RE)
Singapore-listed Keppel REIT is acquiring Sydney commercial property Pinnacle Office Park for $224m, in a deal that will be wholly funded with Australian-dollar-denominated debt. The property includes three office buildings in the Macquarie Park area, which is the second-largest office market in New South Wales.
"The expansion into the Grade A metropolitan office space strengthens our portfolio as it complements our prime CBD offering. In the wake of Covid-19, we believe demand in Australia for quality and well-networked metropolitan locations, such as Macquarie Park, will increase as more companies seek cost-effective solutions or adopt a hub-and-spoke business model for office locations," Paul Tham, Keppel REIT CEO.
IWH considers Malaysia's biggest IPO since 2012.
Iskandar Waterfront Holdings hired banks to help prepare for an IPO in Kuala Lumpur to raise about $1.2bn, in what would be the biggest first-time share sale in the Southeast Asian nation since 2012,
DealStreetAsia reported.
The property firm is working with Bank of China, CIMB Group Holdings, Citic CLSA and Industrial & Commercial Bank of China on the planned IPO, Executive Vice Chairman Lim Kang Hoo said. The developer plans to submit an application to the Malaysian regulator in two months, adding that the potential share sale values IWH at more than $5bn.
Autohome considers $1bn Hong Kong second listing.
Autohome, a Chinese online car-sales website, is planning a second listing in Hong Kong that could raise about $1bn,
Bloomberg reported.
New York-listed Autohome, which counts Ping An Insurance Group, as its largest shareholder, is working with advisers on the Hong Kong share sale. An offering could happen as soon as early next year. US-listed Chinese firms are eyeing share sales in the city to hedge against further deterioration in Sino-US relations and to expand their investor bases.
