AMERICAS
Genworth Financial and China Oceanwide announced that the New York State Department of Financial Services reapproved the proposed acquisition of control by Oceanwide of Genworth's New York-domiciled insurance company, Genworth Life Insurance Company of New York. NYDFS' original approval expired in March 2019.
In connection with the NYDFS' reapproval, Genworth agreed, among other things, to contribute $100m to GLICNY at the closing of the Oceanwide transaction. Genworth and Oceanwide communicated the terms of the agreement with the NYDFS to Genworth's other domiciliary insurance regulators, and believe that these terms are acceptable to them as well.
Genworth is advised by Goldman Sachs, Lazard, Richards Layton and Finger, Weil Gotshal and Manges and Willkie Farr & Gallagher. Oceanwide is advised by Citigroup, Willis Capital Markets & Advisory, Potter Anderson & Corroon and Sullivan & Cromwell.
Diamond Eagle announced that it called the special meeting of its stockholders for April 9, 2020, to, among other things, approve the proposed $3.3bn merger between Diamond Eagle, DraftKings, a digital sports entertainment and gaming company, and SBTech, an international provider of sports betting and gaming technologies.
The closing of the deal is subject to approval by Diamond Eagle's stockholders and the satisfaction of other customary closing conditions and is expected to close as soon as practicable following the special meeting.
DraftKings is advised by The Raine Group and Sullivan & Cromwell. Diamond Eagle is advised by Credit Suisse, Goldman Sachs, Winston & Strawn and Priority PR. SBTech is advised by Stifel, Herzog Fox & Neeman and Skadden Arps Slate Meagher & Flom.
ENMAX, a vertically integrated utility that generates and distributes electricity, natural gas, renewable energy, and value-added services to customers in Alberta, completed the acquisition of Maine operations of Emera, a publicly-traded energy utility company, for $1.3bn, including debt.
"We are pleased to have completed this acquisition, as it reflects our strategy to grow ENMAX's regulated utility business in North America, leveraging our expertise in the provision of safe, reliable, regulated transmission and distribution electricity services. ENMAX has made significant, long term commitments to Emera Maine's employees, customers, and Maine communities, and we look forward to delivering on our commitments and moving forward together," Gianna Manes, ENMAX President, and CEO.
Emera was advised by RBC Capital Markets, Skadden Arps Slate Meagher & Flom and Verrill Dana. ENMAX was advised by CIBC World Markets, Bernstein Shur Sawyer & Nelson, Blake Cassels & Graydon and Bracewell.
Ping An led a $146m funding round for iCapital Network, a financial services company that features a financial technology platform that provides modular alternative investment solutions.
Ping An was joined by new investors Goldman Sachs, Affiliated Managers Group, Hamilton Lane and WestCap. Additional commitments came from existing investors BlackRock, UBS Financial Services, Blackstone and BNY Mellon.
"We are honoured to have the support of a distinguished group of strategic investors, and a world-class team completely focused on supporting the success of our clients. The asset and wealth management industries have embraced the need for an independent, automated, transparent approach to alternatives. The future we believe in and the future we are building is one where all parties win," Lawrence Calcano, iCapital Network CEO.
iCapital Network was advised by PJT Partners and Cleary Gottlieb Steen & Hamilton.
Medical Marijuana-backed AXIM Biotechnologies, a researcher, developer, and producer of cannabinoid-based pharmaceutical and nutraceutical products, completed the acquisition of Sapphire Biotech, an oncology research and development company. Financial terms were not disclosed.
"Sapphire Biotech has already proven itself to have great potential in just the one year since its founding. We look forward to bringing them into our family of companies and helping them further their efforts in the field of oncology. It is very exciting to announce that Sapphire Biotech has both a diagnostic application as well as a promising oncology treatment in their arsenal. This acquisition marks a transformation of AXIM while aligning with the therapeutic cannabinoid analog space," Stuart Titus, Medical Marijuana CEO.
Medical Marijuana was advised by CMW Media.
Murray Energy lenders to acquire miner for $1.2bn of debt. (FS)
Murray Energy lenders will swap $1.2bn of debt for ownership of the bankrupt coal miner after no other suitors emerged before a bid deadline.
With no other bids, the auction scheduled for this week is cancelled. A hearing on the sale and Murray’s bankruptcy plan, which are subject to court approval, is slated for June 2. Court papers previously showed the lender group-buying Murray included Silver Point Capital, Bain Capital Credit and Eaton Vance Management.
Foresite targets $705m for fifth healthcare fund. (FS)
Healthcare-focused Foresite Capital, formed by entrepreneur James Tannanbaum collected about $400m for its fifth pool. The fund is targetting $705m and could secure as much as $750m, making it Foresite's largest fund yet.
New Hampshire commits $150m to private equity. (FS)
New Hampshire Retirement System, Concord, made two new private equity commitments totalling $150m. The $9.6bn pension fund committed $75m each to Coller International Partners VIII, a secondary private equity fund managed by Coller Capital, and HarbourVest International Private Equity IX Partnership, a buyout fund of funds focused outside the US managed by HarbourVest Partners.
NHRS previously committed $50m to Coller International Partners VII in April 2015 and $50m to HarbourVest International Private Equity VIII Partnership in December 2016.
Prudential considers other options besides minority IPO for Jackson. (FS)
Prudential said it was actively evaluating other options to its US business Jackson along with preparations for a minority public offering, due to continued market turmoil on the coronavirus outbreak.
"Our business continues to be financially resilient," Prudential said in a statement as businesses and organizations globally suffer disruptions as governments move to stymie the spread of coronavirus.
Prudential had announced plans earlier this month to float a minority stake in Jackson amid demands from rebel investor Third Point for a full break-up.
EMEA
EU antitrust regulators set a new deadline of July 24 to decide whether to clear Ray-Ban maker EssilorLuxottica's $7.8bn bid for GrandVision, a Dutch opticians group, Reuters reported.
The European Commission continued its investigation into the case on March 18 after a two-week hold while waiting for data from the companies. The EU competition watchdog is looking into the impact of the deal in Italy and Britain and at whether rivals can compete with the companies.
GrandVision is advised by ING Bank, Bredin Prat, and De Brauw Blackstone Westbroek. EssilorLuxottica is advised by BNP Paribas, Citigroup, Goldman Sachs, BonelliErede, Latham & Watkins, Stibbe, Sullivan & Cromwell, Hogan Lovells, Brunswick Group, and Community Group. HAL Holding is advised by NautaDutilh. Debt financing is provided by Credit Agricole and HSBC.
Reuters reported that the Spanish government authorized the takeover bid of BME, a Madrid stock market operator, by Swiss rival SIX.
The Economy Ministry said the proposed acquisition would be sent now to the Spanish stock market regulator for approval. BME shareholders will have the final say on the bid.
BME is advised by Morgan Stanley, Garrigues and Latham & Watkins. SIX Group is advised by Alantra, Credit Suisse, Linklaters, Brunswick Group, and Estudio de Comunicacion.
Britain's Media Secretary Oliver Dowden said the Daily Mail publisher's acquisition of The I would likely not decrease competition neither reduce the range of views in newspapers, therefore he would not refer the deal to an in-depth probe.
Daily Mail and General Trust is advised by Teneo.
Computacenter, a European company that provides computer services to public- and private-sector customers, is set to acquire French domestic operations of BT Group, a British multinational telecommunications holding company. Financial terms were not disclosed.
"With this agreement, we are close to reaching another milestone in the execution of our strategy to make BT Global a more agile business focused on the growing requirements of our multinational customers. I believe this agreement will prove a key step forward for our customers, for our people and for BT. It also offers a positive future for our domestic customers and the people who support them," Bas Burger, BT CEO.
Computacenter is advised by Tulchan Communications.
Cazoo, an online car retailer, raised $116m in a DMG Ventures-led funding round. This funding round was also backed by General Catalyst, CNP, Mubadala Capital, Octopus Ventures, Eight Roads Ventures and Stride.VC.
“This new round of funding is a strong signal from investors of the scale of the opportunity. Our mission is to deliver the best experience for car buyers across the UK by delivering better selection, value, convenience and quality,” Alex Chesterman, Cazoo Founder & CEO.
RoundShield Partners closes fourth fund at £670m. (FS)
PE News reported that London-headquartered RoundShield Partners closed its fourth fund at its hard cap of £670m ($776m), surpassing its predecessor which had raised £500m ($579m) in 2018.
The European Special Opportunities fund was more than two times oversubscribed and closed within three months of launch, the firm said in a statement.
RoundShield was advised by Sidley Austin.
Nestle considers strategic options for L'Oreal stake.
Food giant Nestle said in its annual report it was continuously monitoring returns and strategic options for its stake in French cosmetics firm L'Oreal. Nestle holds a 23.3% stake in L'Oreal.
Piaggio Aerospace postpones deadline for bids for the company.
Italy's Piaggio Aerospace said it postponed the deadline to submit expressions of interest for the company to May 4, due to the coronavirus outbreak.
The private jet maker, which sought protection from creditors in late 2018, launched a call for international bidders at the end of February and expressions of interest were due by April 3.
APAC
58com, China's largest online classifieds marketplace, agreed to acquire online used car auction business of Uxin, which provides Internet-based services, for $105m.
"The purchase of Uxin's B2B used car auction platform marks another important step in the roll-out of our new "all in service" strategy. Uxin's auction business directly complements our used car business. We are already a leading B2C player in the industry that generates significant consumer traffic to used car dealers in China. With the addition of Uxin's B2B auction platform, we can expand the options we can offer dealers. Once the deal is closed, both teams will quickly join forces and provide more diversified services and integrated solutions to our customers and build a more effective used car trading ecosystem," Michael Jinbo Yao, 58com Chairman and CEO.
58com is advised by Christensen IR.
Hindustan Unilever, a British-Dutch manufacturing company headquartered in Mumbai, India, agreed to acquire VWash, an intimate hygiene brand, from Glenmark Pharmaceuticals, a pharmaceutical company. Financial terms were not disclosed.
"The acquisition of VWash gives us an entry into the currently underpenetrated and rapidly growing female intimate hygiene segment. The brand has a leadership position and fits well into the white spaces in our Beauty & Personal Care business. We look forward to completing the acquisition and strongly believe HUL is well-positioned to further scale up this business, given the strength of our market development and distribution capabilities," Sanjiv Mehta, HUL Chairman & Managing Director.
SoftBank considers selling $14bn worth of Alibaba shares. (FS)
SoftBank Group plans to sell about $14bn of shares in Chinese Alibaba Group as part of an effort to raise $41bn to shore up businesses battered by the coronavirus pandemic, Bloomberg reported.
The Japanese conglomerate is considering raising the remainder of the money by selling a stake in SoftBank, its domestic telecommunications arm, as well as part of Sprint following its merger with T-Mobile US. The Alibaba stake sale could range from $12bn to as much as $15bn.
Facebook considers taking multibillion-dollar stake in Reliance Jio.
Facebook is seeking to buy a multibillion-dollar stake in Reliance Jio, whose cut-price mobile internet service has attracted 370m Indians in just three years, Financial Times reported.
Facebook was close to signing a preliminary deal for a 10% share in the heavily indebted Jio although the timetable of a deal has been affected by the global lockdowns caused by the coronavirus outbreak. If it proceeds, the deal would give Facebook a key foothold in the Indian market, where its WhatsApp chat service has 400m users and is about to launch a payments service.
Since launching Jio in 2016, Mukesh Ambani’s Reliance has emerged as the only Indian company capable of competing with US tech groups in the fast-growing Indian market, expanding from mobile telecoms into everything from home broadband to e-commerce.
Carlyle raised $2.3bn for its Japan fund. (FS)
The Carlyle Group raised JPY258bn ($2.3bn) for its biggest Japan fund to date, aiming to pick up businesses shed by conglomerates as well as companies where elderly owners have no obvious successors.
It is the US buyout firm’s fourth Japan fund and is more than twice the size of the third, which raised JPY120bn ($1.08bn).
“More conglomerates are expected to become serious about selling their non-core businesses over the next several years, and that will be our opportunity, which is why we doubled the size,” Kazuhiro Yamada, Carlyle Japan representative.
The new fund, which matures in 2026, will likely split its money equally between deals resulting from corporate asset sales and succession deals.
KKR seeks over $750m to back tech startups in Asia. (FS)
Private equity major KKR & Co is looking to raise at least $750m for its first Asia-focused TMT fund, DealStreetAsia reported.
The new fund will allow KKR to make early bets on technology startups.
Toyota and NTT team up on developing smart city platforms.
Toyota Motor, an automaker, and Nippon Telegraph and Telephone, a telecommunications company, agreed to work together on developing smart cities and will invest $1.8bn in each other to cement the relationship, Reuters reported.
The two companies will develop a data platform which will compile and analyze information from homes, vehicles, and public institutions, which will be used to create new services focusing on transportation, health, and energy usage. Under the agreement, Toyota will take a 2.07% stake in NTT, while NTT will take a 0.9% stake in Toyota.
SoftBank nears a deal to invest in Didi's self-driving unit. (FS)
SoftBank Group is close to finalizing a deal to lead a $300m investment in the autonomous driving unit of Didi Chuxing, DealStreetAsia reported.
SoftBank said it plans to raise as much as $41bn to buy back shares and reduce debt, in an unprecedented move to restore investor confidence as a financial market rout pummels its stocks and its portfolio companies.
Jakpro mulls sale stake in Kebon Jeruk-Ulujami toll road. (FS)
Indonesian developer PT Jakarta Propertindo is said to review a stake sale plan of PT Marga Lingkar Jakarta, owner and operator of Kebon Jeruk-Ulujami toll road concession, DealStreetAsia reported.
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