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AMERICAS
Shareholders of US carrier Spirit Airlines voted in favor of JetBlue Airways' $7.6bn takeover offer, moving the companies closer to creating the nation's fifth-largest carrier.
A majority of Spirit's shareholders supported the deal. However, the carrier said in a special shareholder meeting would reveal the full results of the vote later in a regulatory filing with the US Securities and Exchange Commission. Spirit and JetBlue expect to conclude the regulatory process and close the deal by the first half of 2024.
JetBlue and Spirit face an uphill struggle getting US regulators to approve their combination after Spirit discussed the possibility of the deal being blocked when it resisted the bid earlier, Reuters reported.
Vista Equity Partners, a global investment firm focused exclusively on enterprise software, data, and technology-enabled businesses, completed the acquisition of Avalara, a provider of tax compliance automation for businesses of all sizes, for $8.4bn. Mubadala Investment, a sovereign wealth fund, participates as a co-investor alongside Vista Equity Partners.
"For nearly two decades, Avalara has ambitiously pursued its vision to automate global compliance, making tax less taxing for businesses and governments around the world. As a leader in this category, we believe our continued investment in innovation and experience is exciting for our customers, partners, and employees. We are pleased to partner with Vista and will benefit from their expertise in enterprise software as we build and improve upon our cloud compliance platform," Scott McFarlane, Avalara CEO.
Avalara was advised by Goldman Sachs, Perkins Coie and Simpson Thacher & Bartlett (led by Mario Ponce). Goldman Sachs was advised by Cravath Swaine & Moore (led by Gregory J. Ligelis and Keith Hallam). Mubadala Investment was advised by White & Case. Vista Equity Partners was advised by Bank of America and Kirkland & Ellis (led by Sarkis Jebejian, Jonathan Davis, Joshua Ayal and Ari Levi). Debt financing was provided by Apollo Global Management, Blue Owl and HPS Investment Partners.
Valeas Capital, a venture capital firm, agreed to invest $200m in Sequoia Financial, a financial planning and wealth management services provider.
"We are delighted to welcome Valeas as a long-term strategic capital partner. The Valeas investment is further validation of Sequoia's talented team, significant growth potential, and strategic vision. It is part of our DNA to invest in our business and team ahead of the curve to achieve superior outcomes for our clients. Valeas, Kudu, and our employee-owner base provide a robust capital structure for the future," Tom Haught, Sequoia Founder and CEO.
Amgen, a biotechnology company, completed the acquisition of ChemoCentryx, a biopharmaceutical company focused on orally administered therapeutics to treat autoimmune diseases, for $3.7bn.
"The acquisition of ChemoCentryx represents a compelling opportunity for Amgen to add to our decades-long leadership in inflammation and nephrology with TAVNEOS, a transformative, first-in-class treatment for ANCA-associated vasculitis. We are excited to join in the TAVNEOS launch and help many more patients with this serious and sometimes life-threatening disease for which there remains significant unmet medical need. We also look forward to welcoming the highly skilled team from ChemoCentryx that shares our passion for serving patients suffering from serious diseases," Robert A. Bradway, Amgen Chairman and CEO.
Northern Oil and Gas, a non-operated working interest franchise in the premier shale basins across the US, agreed to acquire a 36.7% stake in the Mascot Project from Midland-Petro DC Partners, a private oil and gas company, for $330m.
"With this transaction, we showcase NOG's expanding capabilities. Beyond just a consolidator of non-operated interests, NOG is proving itself to be an adept and preferred partner for the development of high-quality assets. This transaction carries a clear and strong development plan that should deliver substantial returns for our investors. Mr. Arrington and his team have dedicated over five years to developing this project, and we would like to thank him and his stellar operating team for the opportunity to help see it through," Nick O'Grady, NOG CEO.
NOG is advised by Citigroup and Kirkland & Ellis (led by David Castro, Rahul Vashi and Alia Heintz). Midland-Petro DC Partners is advised by Petrie Partners Securities and Hunton Andrews Kurth.
Bain Capital, a private investment firm, completed the acquisition of a 40% stake in CitiusTech, a provider of healthcare technology services, solutions and platforms, from Baring Private Equity Asia, a private equity firm. Financial terms were not disclosed.
“We are thrilled that Bain Capital is joining BPEA EQT as an investor in CitiusTech, creating a partnership with two of the world’s leading investment firms. Both firms have significant track records scaling healthcare and technology businesses, and we couldn’t have picked two better partners to further support our growth ambitions. CitiusTech has more than doubled its revenues since our partnership with BPEA EQT in 2019. The investment from Bain Capital will help us continue to scale and innovate, to better serve existing and new customers, and enable healthcare organizations to become more care-efficient, personalized, and data-driven," Bhaskar Sambasivan, CitiusTech CEO.
Bain Capital was advised by AZB & Partners and Stanton PRM (led by Charlyn Lusk). BPEA was advised by Citigroup, J. Sagar Associates (led by Vikram Raghani) and JP Morgan.
Stout, a global investment bank and advisory firm, to acquire The Claro Group, a strategic and financial consulting firm. Financial terms were not disclosed.
"Joining Stout is Claro's next step to offering an even more robust suite of services and creative solutions to our clients. Stout's commitment to providing best-in-class service and strong emphasis on culture align well with Claro's core values. We are very excited to be a part of the Stout team and look forward to being a part of its continued growth," John Cadarette, The Claro Group Chairman.
The Claro Group is advised by American Discovery Capital and Brownstein Hyatt Farber Schreck. Stout is advised by Winston & Strawn.
Incline Equity Partners, a private equity firm, agreed to acquire iWave, a provider of a web research tool and fundraising services, from Sverica Capital Management, a growth-oriented private equity firm. Financial terms were not disclosed.
"We are incredibly impressed with the iWave platform and team. The company's trusted brand and scalable solution differentiate them in the market and provide an excellent foundation for continued growth and innovation. We plan to make significant investments in iWave to better serve existing clients and accelerate the pace of new client wins. Additionally, we feel there is significant opportunity to expand into adjacent workstreams across the donor relationship lifecycle through strategic acquisitions," Joseph Choorapuzha, Incline Partner.
iWave is advised by Shea & Co and Choate Hall & Stewart.
Ayala Pharmaceuticals, a clinical-stage oncology company, agreed to merge with Advaxis, a biotechnology company. Ayala stockholders will own approximately 62.5% of the combined company's outstanding common stock and Advaxis stockholders will own approximately 37.5%. Financial terms were not disclosed.
"We are pleased to announce the proposed merger with Advaxis, which is expected to provide our pipeline and AL102 with additional financial resources as well as additional infrastructure in the US The two companies have a shared mission to develop innovative therapies to improve the lives of patients with cancer and I believe we have found a good partner to advance our pipeline and create value for our stakeholders," Roni Mamluk, Ayala President and CEO.
Ayala Pharmaceuticals and Advaxis are advised by LifeSci Public Relations. Advaxis is advised by Morgan Lewis & Bockius (led by Robert Dickey).
Marriott International, an American multinational diversified hospitality company, agreed to acquire the brand portfolio from City Express, a firm engaged in the ownership, operation, and management of hotels, for $100m.
"This transaction with Hoteles City Express is a strategic win for Marriott and our customers, associates and owners, and franchisees. We're excited to enter a new lodging category – the popular, affordable midscale segment where we see significant potential. With City Express by Marriott, we will be providing our customers with more choice through a new, approachable, moderate-priced offering, increasing opportunity for owners and franchisees as well as associates," Anthony Capuano, Marriott International CEO.
City Express is advised by Morgan Stanley.
MSD Partners, a long-term-oriented investment firm, agreed to merge with BDT & Company, a merchant bank. Financial terms were not disclosed.
"MSD and BDT are remarkably complementary firms. We share similar cultures and approaches to investing, and we are both focused on serving strategic investors who seek to consistently compound capital over the long term. As we were looking to expand MSD's ability to provide superior solutions to our investment partners, we saw a perfect match in BDT's capabilities and global investor base. I've had the pleasure of knowing Byron for nearly three decades, and I look forward to working alongside him to realize the potential of our combined firm for the benefit of our clients," Gregg Lemkau, MSD CEO.
JP Morgan, a financial holding company, completed the investment in Sightline Payments, a fintech specializing in payments technology for the regulated gaming industry. Financial terms were not disclosed.
"A gaming patron's money should be safe, secure, and should follow that patron effortlessly through their digital and brick & mortar lifecycle. We are confident that a strategic relationship with JP Morgan Payments will allow us to deliver a unique mobile user experience for those gaming industry patrons and power the digital transformation for gaming operators," Sightline, Omer Sattar Co-Founder and Co-CEO.
Sightline Payments was advised by The Herald Group.
Insight Partners, a venture capital and private equity firm, led a $125m Series A funding round in Jasper, a developer of content writing platform, with participation from Coatue, Bessemer Venture Partners, IVP, Foundation Capital, Founders Circle Capital and HubSpot Ventures.
"Generative AI represents a major breakthrough in creative potential, but it's still inaccessible and intimidating to many. Jasper is working to bring AI to the masses and teach people how to leverage it responsibly so that businesses and individuals can better convey their ideas. We're grateful to our investors for believing in that potential as firmly as we do," Dave Rogenmoser, Jasper Co-Founder and CEO.
SK, a company that is engaged in various industries including energy, chemicals, information technology, and semiconductors, and Potentum Partners, a private equity investor, led a $100m Series D funding round in Swift Navigation, a developer of a global positioning system technology, with participation from New Enterprise Associates, Eclipse Ventures, EPIQ Capital, FM Capital, OVN Capital, TELUS Ventures, TWM Venture, Buckley Ventures and Schox Venture Capital.
"We have an amazing group of investors behind us and are honored to see the many customers who are using Swift technology at such incredible scale as they build the future of transportation and automation. Thank you to our loyal partners and investors at NEA, Eclipse, and EPIQ and we welcome the support of our new investors to help us deliver precise positioning across the world," Timothy Harris, Swift CEO.
KKR, an American global investment company, completed the investment in SkinSpirit, a skin care clinic. Financial terms were not disclosed.
“A shared growth mindset is at the heart of our Company. With KKR’s strong support, SkinSpirit will continue to grow with an eye toward offering best-in-class services to our clients across the country and providing our renowned teams with advanced learning and development, industry-wide leadership opportunities, and continuous improvement through unique initiatives such as our employee advisory boards,” Lynn Heublein, SkinSpirit CEO and Co-Founder.
Navvis, a healthcare transformation company, agreed to merge with Esse Health, a healthcare services provider. Financial terms were not disclosed.
“We continue to invest and grow in the St. Louis and Southern Illinois communities and have a mission to bring our innovative care approach to other physicians. The combination with Navvis provides us access to the capabilities and scale necessary to realize this mission. We evaluated many strategic options to further our mission. Combining with Navvis opens tremendous opportunities for us at the national level as we advance our longstanding commitment to the communities we serve, our colleagues, and the medical profession at large,” David Kearney, Esse Health CEO.
Cathie Wood buys shares of Nurix Therapeutics for two weeks.
Cathie Wood, an investor and the founder, CEO and CIO of Ark Invest, has been buying shares of Nurix Therapeutics, a small and relatively little-known biopharmaceutical company, every trading day since October 10.
Wood’s Ark Genomic Revolution ETF has purchased more than 840m shares in the San Francisco-based company, which has a market capitalization of $518m, over the last eight sessions, Bloomberg reported.
AT&T is in talks with investors on fiber build-out.
AT&T, a telecommunications holding company, is in discussions to create a joint venture that would invest billions of dollars on fiber-optic network expansion, Bloomberg reported.
The company is working with Morgan Stanley to help bring in an infrastructure partner to the venture, which is expected to be valued at $10bn to $15bn.
Steve Ballmer commits $400m to Black-led venture capital and private equity. (FS)
Steve Ballmer, a billionaire owner of the Los Angeles Clippers NBA team and former CEO of Microsoft, is investing $400m to support Black-owned businesses.
Ballmer, along with wife Connie Ballmer, will partner with established private equity firms and investment banks to help address the systemic racial inequities that have hindered investment into these businesses in the past, WSJ reported.
“Our goal is to feed that need for venture start-up capital that is missing in the African American community. This is an incredible opportunity to invest in an undercapitalized market. We hope it will signal to other investors the value in giving Black investment managers access to capital," Steve Ballmer.
Banks saddled with $30bn in unwanted debt in risk exodus.
The world’s biggest banks have already had to use about $30bn of their own cash this year to fund loans for acquisitions and buyouts that they weren’t able to offload to investors.
The lenders have been forced to fund at least 15 deals in the US and Europe as inflation and fears of a recession sap investor appetite for risky corporate debt. The total tally could nearly double over the coming months as more deals are scheduled to close, Bloomberg reported.
Blackstone's earnings fall 16% on sharp drop in asset sales. (FS)
Blackstone, the world's largest alternative asset manager, said its third-quarter distributable earnings fell 16% year-on-year, owing to a sharp drop in asset sales amid a downturn in the market.
Distributable earnings - the cash used to pay dividends to shareholders - fell to $1.4bn from $1.6bn a year earlier. That resulted in distributable earnings per share of $1.06, down from $1.28 a year ago, but slightly above the average analyst estimate of 99 cents, Reuters reported.
Bregal Sagemount closed its fourth PE fund at the hard cap of $2.5bn. (FS)
Bregal Sagemount, a leading growth-focused private equity firm, announced today it has held the final closing for Bregal Sagemount Fund IV at the hard cap of $2.5bn, 66% larger than its prior fund.
“We are extremely grateful and humbled by the continued confidence and support from our existing investors and are excited to welcome a select number of new thought-leading institutional investors to the Sagemount family. Despite macro headwinds, this support showcases the confidence our investor group has expressed in Sagemount’s ability to partner with market leading entrepreneurs to generate attractive investments across market cycles," Gene Yoon, Bregal Sagemount Founder and Managing Partner.
Seven Point closes a $120m continuation fund. (FS)
Seven Point Equity Partners has closed a continuation fund that allowed some investors to exit their stakes in The RiteScreen Company.
Seven Point raised about $120m for RS7 Continuation Fund from existing LPs as well as new investors led by Timber Bay Partners.
Meta Executive behind Instagram and WhatsApp acquisitions leaves. (People)
Amin Zoufonoun, a Meta Platforms executive, who was instrumental in the acquisitions of Instagram, WhatsApp and Oculus said he is leaving the social media giant.
The company’s vice president of corporate development, will be taking a break after almost 12 years, he said in a post on Meta’s Facebook. “Strategic technology deal work is pretty intense,” Amin Zoufonoun.
EMEA
Philip Morris, a Swiss-American multinational cigarette and tobacco manufacturing company, raised its offer for Swedish Match, an international tobacco company, by 9.4% and has agreed to pay $2.7bn to regain the US rights for its IQOS heated tobacco products from Altria.
Philip Morris said it now offers $10.34 for each Swedish Match share. The total value of that deal, though in dollar terms, is roughly unchanged from the original offer because the appreciation in the US currency against the Swedish krona made it easier for the company to raise its bid.
Philip Morris also said inflation, volatility in equity markets, and changes in interest rates played a role in determining the new offer price, WSJ reported.
Philip Morris is advised by Bank of America, Citigroup, Clifford Chance, DLA Piper (led by Tom Heylen, Tracey Renshaw and Stasia Kelly), Davis Polk & Wardwell and Roschier Attorneys. Debt financing is provided by Bank of America and Citigroup. Debt providers are advised by Simpson Thacher & Bartlett (led by Bill Sheehan). Swedish Match is advised by Goldman Sachs, SEB Corporate Finance (led by Carl Montalvo and Rikard Schwalbe), KANTER Advokatbyra, Mannheimer Swartling (led by Patrik Marcelius) and Sullivan & Cromwell (led by Evan S. Simpson). Financial advisors are advised by Cleary Gottlieb Steen & Hamilton (led by Sebastian Sperber).
Alfasigma, an Italian pharmaceutical company focused on prescription drugs, over-the-counter and nutraceutical products, completed the acquisition of Sofar, an Italian pharmaceutical company. Financial terms were not disclosed.
"Our tradition of innovation and the success of the company today materialize by becoming part of an already established group such as Alfasigma. This operation once again consolidates the value of Made in Italy in the pharmaceutical sector and, at the same time, creates an important opportunity for growth and internationalization, confirming the work carried out by our company in over half a century of history," Andrea Biffi, SOFAR CEO.
Alfasigma was advised by Chiomenti (led by Luca Liistro) and Foglia & Partners (led by Matteo Carfagnini). Sofar was advised by Credit Suisse and Lexsential.
AbbVie, an American publicly traded biopharmaceutical company, agreed to acquire DJS Antibodies, a biotechnology company, for $255m.
"We are excited to bring the innovative science behind DJS-002 and the talented team at DJS to AbbVie. This acquisition will deliver new capabilities to enhance our current antibody research activities, an opportunity to strengthen our immunology portfolio, and provide a strong foothold for expanded research efforts in the dynamic bioscience hub in Oxford, UK," Jonathon Sedgwick, AbbVie Vice President.
DJS Antibodies is advised by Centerview Partners (led by E. Eric Tokat), Cooley and Goodwin Procter.
Lamb Weston, a supplier of frozen potato, sweet potato, appetizer and vegetable products, agreed to acquire the remaining 50% stake in Lamb-Weston/Meijer joint venture, a producer of potato products, from Meijer Frozen Foods, a family-owned grocery chain, for €700m.
"We're proud of the business we've built together to create a market leader in Europe. We remain confident in the long-term outlook for Lamb Weston and the global frozen potato category. By holding an investment in common stock of Lamb Weston after the transaction closes, we sustain our strong belief in a bright future for the business," Kees Meijer, Meijer Frozen Foods CEO.
Mobile telecommunications company Zain Saudi Arabia had transferred ownership of its unit Zain Business to the Public Investment Fund, a sovereign wealth fund, paving the way for selling the company's towers infrastructure.
PIF has changed the unit's name to the Golden Lattice Investment Company, which will become the holding company in charge of selling Zain's towers infrastructure units.
The sale of 8k tower assets to a PIF-led consortium was approved in February, with the deal valued at just over $800m. Under the agreement, all the units need to be transferred to GLI within 18 months from the financial completion, by which time at least 3k sites should already be transferred over, Reuters reported.
Zain Saudi Arabia is advised by Citigroup.
The banking technology and expertise business of NatWest, a commercial banking firm, agreed to merge with the technological and operational business and cloud platform of Vodeno, a cloud-based core banking platform, in a £115m deal. The new UK entity will be 82% majority owned by NatWest, with Vodeno the remaining minority interest.
"Consumers require high quality and accessible banking products that are end-to-end digital, and Banking-as-a-Service is making this possible. Our fully API-based platform offers a comprehensive suite of BaaS products that enable brands to 'embed' financial services directly into their ecosystems to create seamless customer journeys. We are excited to combine our technology with NatWest Group to offer the next generation of financial services," Wojciech Sobieraj, Vodeno CEO of Poland.
NatWest is advised by UBS.
Athora Netherlands, an insurer in the Dutch market, agreed to acquire the premium pension institution of Willis Towers Watson, a global advisory, insurance brokerage, and solutions company. Financial terms were not disclosed.
"The merger with WTW's PPI, one of the highest-rated pension providers in the Netherlands, gives an extra boost to the growth and strength of our defined contribution proposition and fits with our ambition to be the leading pension provider in the Netherlands. With its modern customer portals and dynamic lifecycles combined with Zwitserleven PPI's high-quality, sustainable products and excellent returns, we are building a powerful combination that will allow us to offer employers a modern, flexible and sustainable pension scheme, well positioned for the new pension agreement," Jan de Pooter, Athora Netherlands CEO.
Igor Borovikov, Softline's founder and Chairman of the Board of Directors, completed the acquisition of the Russian business of Softline, a company that provides IT solutions and services, for $1.
"Together, we have built a great company with a very strong track record for growth, and this provides a solid foundation for the next chapter for both independent organizations that will be leaders in their markets, Softline Russia and Softline Global. During this time of unprecedented change in our history, we have demonstrated an unwavering focus on delivering tangible value for our customers while driving strong business results in line with our commitment to shareholders. It is an honor for me to lead Softline during this extremely important business period in our history, and I am confident that both companies will continue their progress with investments, growth and strategic initiatives to strengthen their leadership," Sergey Chernovolenko, Softline CEO.
Softline was advised by Pagefield.
Cordis, a firm engaged in the development and manufacturing of interventional cardiovascular and endovascular technologies, agreed to acquire MedAlliance, a Swiss-based medical technology company, for $1.14bn.
"Nearly twenty years ago, Cordis introduced CYPHE, the first drug-eluting stent, transforming cardiovascular treatment for patients around the world. Today, we are furthering that legacy of innovation and market disruption with MedAlliance and the first MicroReservoir sirolimus drug-eluting balloon, SELUTION," Shar Matin, Cordis CEO.
Shell among bidders for PE-backed Nature Energy. (FS)
Shell is among a number of companies joining a second bidding round to acquire Danish biogas producer Nature Energy, as energy firms race to boost low-carbon businesses, Reuters reported.
The sale is due to close by the end of this year and could value Nature Energy at around $2bn. It comes amid growing interest in biogas, which is produced from agricultural and other biological waste and could replace some of the fossil fuels that keep the world's major economies running.
Geely’s Li Shufu eyes bigger Aston Martin stake.
Chinese billionaire Li Shufu is considering boosting his stake in Aston Martin Lagonda Global, a luxury vehicles company, over time to foster collaboration with the struggling luxury carmaker, Bloomberg reported.
EQT and Tillman are lining up rival bids for a stake in TDF. (FS)
EQT and Tillman Infrastructure are eying to buy Brookfield's 45% stake in French towers firm TDF, a business worth about $6.8bn excluding debt, Reuters reported.
The two investment firms are carrying out due diligence on the company and are expected to submit rival bids in November to replace Brookfield as TDF's single largest investor.
Link explores the sale of unit tied to Woodford collapse.
Australia’s Link Administration, a provider of administration services to the financial services sector, is exploring a sale of the UK-based unit that administered a now-collapsed fund run by former star money manager Neil Woodford.
The Sydney-based company “intends to commence a process to explore divestment options for the Link Fund Solutions business, which includes Link Fund Solutions." It has appointed Macquarie Capital and UBS Securities Australia for the process, Bloomberg reported.
Uniper needs more state billions to keep buying gas.
The German government needs to pump tens of billions of euros of additional funding into Uniper to weather a European gas crisis after a previous scheme to help the stricken gas importer was scrapped, Reuters reported.
Chancellor Olaf Scholz agreed to nationalize Uniper in September, committing $28.4bn to prop up Germany's largest gas importer and prevent what it feared could be a Lehman style collapse of energy firms.
His ruling coalition had planned to supplement that support with funds raised through a gas levy that was subsequently scrapped, meaning the government will now have to commit additional funding separately. Additional funding could be up to $39bn.
APAC
AUM Biosciences, a biotechnology company, to go public via a SPAC merger with Mountain Crest Acquisition V, a publicly traded special purpose acquisition company, in a $400m deal.
“AUM is a unique and compelling investment opportunity, with its clinical-stage diversified pipeline of precision therapeutic candidates and global strategic partnerships with industry heavyweights, pointing to significant future growth potential and allowing the company to have a greater US footprint. I am thrilled to be partnering with Mr. Doshi and his exceptional team to bring their vision to fruition,” Suying Liu, Mountain Crest Chairman, CEO and CFO.
AUM Biosciences is advised by Global Fund, DLA Piper, Finn Partners (led by Glenn Silver) and Westwicke. Mountain Crest is advised by Loeb & Loeb.
Super Apps, a developer of a social commerce platform, agreed to go public via a SPAC merger with Technology & Telecommunication Acquisition in a $1.1bn deal.
"We are excited to enter the public markets through our business combination with TETE. The proceeds from the business combination, combined with our leadership team's significant fintech industry experience, will allow Super Apps to accelerate growth in revenue through the expansion of its workforce, including sales and marketing headcount. We believe this transaction will enable us to continue investing in our technology infrastructure and deliver on our aspirations to be the unrivaled payment systems provider in the ASEAN market," Loo See Yuen, Super Apps CEO.
TETE is advised by ARC Group and Loeb & Loeb.
GoTo is in talks with Alibaba and SoftBank for a $1bn stake sale.
Indonesia’s largest tech company GoTo Group is in talks with its major owners for a controlled sale of roughly $1bn of their stakes, aiming to avoid a potential stock crash when a lock-up on their holdings ends next month, Bloomberg reported.
The ride-hailing and e-commerce provider is gauging the interest of early backers including Alibaba Group and SoftBank Group for a managed sale of some of their shares to new investors. The plan is part of an effort to prevent a potential drop in GoTo stock price that could occur if many investors sell shares when a lock-up period expires on November 30.
India's SEBI clears govt proposal to turn Vodafone Idea dues into equity.
India's capital market regulator approved the government's proposal to convert dues of over $1.92bn by telecom operator Vodafone Idea to equity, Reuters reported.
Last year, India had approved a rescue package for debt-strapped telecom companies that allowed them to convert interest on deferred adjusted gross revenue owed to the government into equity. Among the country's three major telecom players, including Bharti Airtel and Reliance Industries' Jio, the government package was seen as a bailout for Vodafone Idea, which was on the verge of bankruptcy.
Warburg Pincus is investing $350m to set up an insurance platform Oona. (FS)
Warburg Pincus is investing $350m to set up a Southeast Asian digital
general insurance platform called Oona Insurance, marking the US-based private equity firm's largest investment in the insurance sector in Asia.
Warburg Pincus is partnering with Abhishek Bhatia, a former group chief officer of Asian insurance company FWD Group's new business models unit, to set up the new business.
"With consistently rising incomes and accelerating digital adoption, we believe Oona is well positioned to capture the tremendous growth opportunity for digital insurance across Southeast Asia," Saurabh Agarwal, Warburg Pincus Managing Director.
EQT sees near-record deals in Japan. (FS)
Reuters reported that Sweden-based private equity firm EQT has a near-record number of Japanese deals in the pipeline despite market turbulence, helped by the country’s relatively stable financing environment and a flow of corporate shake-ups.
EQT’s robust deal-making activity in Japan puts the world’s third-biggest economy in the private equity limelight at a time when higher borrowing costs have suppressed buyouts in the United States and Europe after a record 2021.
“The deal flow right now has been as high as last year, when (private equity) markets hit record highs,” Tetsuro Onitsuka, EQT Asia Private Equity Partner.
Saudi Aramco to push ahead with IPO of energy-trading unit.
Aramco is pushing ahead with plans for an initial public offering of its energy-trading business, which would rank as one of the largest share sales this year, Bloomberg reported.
The world’s largest oil company is working with advisers for a listing in Riyadh for the end of the year or early 2023. Aramco is in the process of adding more banks to the IPO, which could value the unit at more than $30bn.
VinaCapital Ventures looks to launch second $100m fund next year. (FS)
VinaCapital Ventures, the VC arm of Vietnam-based asset manager VinaCapital, plans to launch its second $100m fund, which will focus on providing growth capital, next year.
Trung Hong, partner at VinaCapital Ventures, said during the firm's investor conference recently that the new vehicle will look at writing cheque sizes of up to $10m at the Series A+ and Series B stages, DealStreetAsia reported.
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