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AMERICAS
US District Judge Adrienne Nelson on March 11 set August 26 as the start of a hearing on the Federal Trade Commission's bid for a preliminary injunction to block supermarket chain Kroger's $24.6bn deal to buy smaller rival Albertsons, Reuters reported.
The FTC sued last month to block the deal that would create a supermarket empire with more than 4k stores, saying it would boost grocery prices for millions of Americans. The tie-up has drawn tough scrutiny from lawmakers and consumer groups worried about higher grocery prices, job losses and store closures.
Albertsons is advised by Credit Suisse, Goldman Sachs (led by Timothy Ingrassia), Debevoise & Plimpton (led by Ted Hassi), Fried Frank Harris Shriver & Jacobson (led by Philip Richter), Jenner & Block (led by Alexander May, Edward L. Prokop and Kevin T. Collins), Wachtell Lipton Rosen & Katz (led by Zachary Podolsky and Adam Emmerich), White & Case (led by George Paul), Alston & Bird (led by Stuart Rogers), Cravath Swaine & Moore (led by Robert I. Townsend and Sanjay Murti), Davis Polk & Wardwell (led by Phillip R. Mills and Cheryl Chan) and Brunswick Group. Kroger is advised by Citigroup (led by Brian Anton and David Finkelstein), Wells Fargo Securities, Arnold & Porter Kaye Scholer, Weil Gotshal and Manges (led by Michael J. Aiello) and Joele Frank (led by Tim Lynch). Cerberus Capital Management is advised by Dechert (led by Eric Siegel and Mark Thierfelder) and FGS Global (led by Andrew Cole).
Campbell Soup Company, a manufacturer of branded convenience food products, completed the acquisition of Sovos Brands, a food and beverage company, from Advent International for $2.7bn.
“We’re thrilled to add the most compelling growth story in the food industry and welcome the talented employees who have built a nearly $1bn portfolio. This acquisition fits perfectly with and accelerates our strategy of focusing on one geography, two divisions and select key categories that we know well. Our focused strategy has enabled us to deliver strong results over the last five years, enhance our brands and capabilities, and generate strong cash flow to lower debt. With all this progress, I am confident in our readiness to execute and integrate this important acquisition. The Sovos Brands portfolio strengthens and diversifies our Meals & Beverages division and paired with our faster-growing and differentiated Snacks division, makes Campbell one of the most dependable, growth-oriented names in food,” Mark Clouse, Campbell President and CEO.
Stonepeak, an investment firm, completed the acquisition of Textainer, a company that focuses on purchasing, leasing, and resale of marine cargo containers, for $7.4bn.
“Today we embark on Textainer’s exciting next chapter with a renewed commitment to delivering high quality equipment and best-in-class service to our customers worldwide. Over the years, we have established Textainer as our customers’ “first call” for containers, and we look forward to continuing to earn our customers’ trust while growing with them. We’re pleased to have found a great partner in Stonepeak, whose industry expertise and resources position us well to achieve our long-term goals,” Olivier Ghesquiere, Textainer President and CEO.
Stonepeak was advised by Deutsche Bank, Simpson Thacher & Bartlett (led by Brian Chisling) and FGS Global (led by Julie Rudnick). Textainer was advised by Bank of America (led by Loli Wu), O'Melveny & Myers and Joele Frank (led by Tim Lynch and Jamie Moser). Financial advisors were advised by Cleary Gottlieb Steen & Hamilton (led by Paul Shim).
Vinci Partners Investments, a private equity firm, agreed to merge with Compass, an asset management firm, in a $165m deal. The transaction will have a total upfront consideration of 11,783,384 shares of VINP Class A common stock, and a cash consideration of $31m, in the form of VINP Class C redeemable common stock.
"We are thrilled to partner with a leader in alternative investments in Brazil and are excited about the future opportunities for our combined platform alongside Vinci," Jaime Martí, Compass Partner and CEO.
Compass is advised by Morgan Stanley and Skadden Arps Slate Meagher & Flom. Vinci Partners is advised by Goldman Sachs, Carey Abogados, Simpson Thacher & Bartlett, Danthi Comunicações and Joele Frank.
Major League Baseball’s ownership committee has approved the purchase of a controlling stake in the Baltimore Orioles by Carlyle Group co-founder David Rubenstein and a consortium of investors in a deal that values the team at $1.73bn, Bloomberg reported.
Rubenstein, who will be the so-called control person of the team, is pursuing the purchase from the Angelos family alongside several co-investors. They include Ares Management co-founder Michael Arougheti; Mitchell Goldstein and Michael Smith, co-heads of Ares Credit Group; Orioles legend and Hall of Famer Cal Ripken Jr.; former Baltimore Mayor Kurt Schmoke; and former New York City Mayor Michael Bloomberg.
Baltimore Orioles is advised by Goldman Sachs and Jones Day (led by Robert Profusek). David Rubenstein is advised by BDT & MSD Partners and Wachtell Lipton Rosen & Katz (led by Eric Feinstein). Angelos Family is advised by PJT Partners and Hogan Lovells.
KKR, a global investment firm, agreed to acquire mdf commerce, a provider of digital commerce technologies, for CAD255m ($167m).
"After a comprehensive strategic review process, we are pleased to have reached an agreement with KKR that provides immediate liquidity and certainty of value at an attractive premium to our shareholders," Pierre Chadi, mdf commerce Chairman.
mdf commerce is advised by Desjardins, Scotiabank, Foley & Lardner and McCarthy Tetrault. KKR is advised by Dechert and Stikeman Elliott.
Battery Ventures, a global, technology-focused investment firm, agreed to acquire TrueContext, a software company, for $150m.
“TrueContext welcomes our new partner Battery Ventures as we continue our journey of delivering best-in-class workflows to field technicians. We are excited to work with Battery to accelerate the next chapter of our continued growth in the Field Intelligence space,” Alvaro Pombo, TrueContext Co-CEO and Founder.
Battery Ventures is advised by CIBC World Markets, Cooley and Osler Hoskin & Harcourt. TrueContext is advised by Canaccord Genuity, Blake Cassels & Graydon and LaBarge Weinstein.
Hudson Bay-backed Liberty Strategic Capital led a $1bn investment round in New York Community Bancorp, a bank holding company, with participation from Reverence Capital Partners, Citadel Global Equities, other institutional investors and certain members of the company's management. Liberty will invest $450m, Hudson Bay will invest $250m, and Reverence will invest $200m as part of the transaction.
"The completion of this major equity raise demonstrates the confidence these strategic investors have expressed in the turnaround currently underway at the company and allows us to execute on our strategy from a position of strength. Our company enters this next phase with an enhanced balance sheet and liquidity position." Sandro DiNello, NYCB Executive Chairman, President and CEO.
NYCB was advised by Jefferies & Company and Skadden Arps Slate Meagher & Flom (led by Christopher Barlow). Jefferies was advised by Latham & Watkins. Liberty Strategic Capital was advised by Sullivan & Cromwell. Hudson Bay was advised by Schulte Roth & Zabel.
Pritzker-backed ProAmpac, a flexible packaging company, agreed to acquire Gelpac, a premier producer of multiwall paper and poly-woven packaging products, from Namakor, W Investissements and CDPQ. Financial terms were not disclosed.
“Gelpac shares ProAmpac’s commitment to serve customers across the US and Canada with high-performance, sustainability-focused flexible packaging solutions. Gelpac’s talented management team has a 20-year track record of working together to build this strong business, and I am delighted to welcome them to the ProAmpac family,” Greg Tucker, ProAmpac Founder, Vice Chairman and CEO.
ProAmpac is advised by Kirkland & Ellis, McMillan, and H/Advisors Abernathy (led by Dan Scorpio). Gelpac is advised by Mesirow Financial, Bradley Arant Boult Cummings, and Fasken.
Frazier Healthcare Partners, a healthcare-focused investment firm, completed the acquisition of RevSpring, a provider of end-to-end communication and payment solutions servicing healthcare and financial services companies, from GTCR, a private equity firm. Financial terms were not disclosed.
“We are excited about RevSpring’s next chapter of growth in partnership with Frazier. We are proud of the growth and the significant momentum we’ve experienced to date. Partnering with a firm of Frazier’s reputation positions us well to continue to invest in leading solutions that deliver strong outcomes and ROI for our clients,” Scott MacKenzie, RevSpring CEO.
RevSpring was advised by Morgan Stanley, TripleTree and Kirkland & Ellis. Frazier Healthcare was advised by William Blair & Co and Goodwin Procter.
Arsenal Capital Partners, a private equity firm specializing in building market-leading, technology-rich healthcare companies, agreed to acquire the Enabling Services segment assets of Fortrea, a global contract research organization. Financial terms were not disclosed.
"Today marks a significant milestone in Fortrea's ongoing journey, as we sharpen our focus on organically growing as a pure-play CRO, with added financial flexibility," Tom Pike, Fortrea Chairman and CEO.
Fortrea is advised by Barclays, Smith Anderson and Prosek Partners (led by Kate Dillon). Arsenal Capital Partners is advised by Sidley Austin and Prosek Partners (led by Jackie Schofield).
Patient Square Capital, a healthcare investment firm, agreed to acquire NanoString Technologies, a provider of life science tools for discovery and translational research for $220m.
“This agreement with Patient Square provides continuity for our scientific customers and employees, and represents an important step in our financial restructuring. We believe that Patient Square is committed to continuing NanoString’s mission to Map the Universe of Biology and is prepared to invest in our market-leading product roadmap,” Brad Gray, NanoString Technologies President & CEO.
NanoString Technologies is advised by Willkie Farr & Gallagher, AlixPartners and Perella Weinberg Partners. Patient Square Capital is advised by Kirkland & Ellis and Greenhill & Co.
MiddleGround Capital, a private equity firm based in Lexington, agreed to merge with Starrett, a manufacturer of precision tools, cutting equipment, and metrology systems, in a $119m deal.
“We are pleased to reach this agreement with MiddleGround, which provides a meaningful premium cash value to our shareholders. Following comprehensive outreach to potential parties, our Board of Directors determined that MiddleGround is the right partner for Starrett because of its deep knowledge within the manufacturing industry. As a private company, the Company will have additional financial and operational flexibility to continue providing industry-leading service and products to our customers across our markets and maintaining Starrett’s proud tradition among its employees, communities and other stakeholders,” Douglas A. Starrett, Starrett Chairman of the Board of Directors, CEO and President.
Starrett is advised by Lincoln International and Ropes & Gray. MiddleGround Capital is advised by William Blair & Co, Dechert and Dukas Linden Public Relations (led by Doug Allen).
BlackRock TCP Capital and BlackRock Capital Investment announce shareholder approval of merger.
BlackRock TCP Capital and BlackRock Capital Investment announced that the shareholders of each business development company have voted to approve the necessary proposals related to the merger of TCPC and BCIC.
"We thank shareholders of both BDCs for their overwhelming support for the merger. We are excited about the opportunity ahead to leverage the combined company's scale to further our strategy of investing in attractive middle market companies that we believe will drive sustainable growth and value for our shareholders," Rajneesh Vig, BlackRock TCP Capital Chairman and CEO.
TCPC is advised by Houlihan Lokey (led by Charles Hibbs) and Dechert (led by Harry S. Pangas and Eric Siegel). Houlihan Lokey is advised by Skadden Arps Slate Meagher & Flom (led by David Hepp). BCIC is advised by Keefe Bruyette & Woods (led by Allen Laufenberg) and Vedder Price.
Dai-ichi Life, a publicly traded life insurance group in Japan, agreed to acquire a 19.9% stake in Canyon, a $24bn global alternative investment manager. Financial terms were not disclosed.
"After over three decades in a rapidly evolving alternative investment landscape, Canyon was one of the few remaining independent credit firms. It was important to us to maintain that independence until we could identify a strategic partner that could bring skills, capital, and competitive edges of its own to further enhance Canyon's position for the next several decades. Dai-ichi is an innovative firm with a history of savvy product development and successful investments in and partnerships with Japanese and non-Japanese companies alike. It is also a large institutional asset owner whose capital deployment goals are synergistic with Canyon's product development initiatives. This transaction will enable us to double down on our alignment with current and future LPs, provide our LPs with a broader array of solutions and deal flow by tapping into Dai-ichi's capital, increase our competitiveness relative to peers that have long enjoyed the benefits of external GP capital, and continue attracting top tier talent for decades to come. We're excited to lead the firm through its next stage of evolution over the next five years and set up Canyon's next generation leaders with an incredibly well-capitalized platform that is on its front foot," Josh Friedman and Mitch Julis, Canyon Co-Founders.
Canyon is advised by Ardea Partners, Goldman Sachs, Paul Weiss Rifkind Wharton & Garrison, and Prosek Partners (led by Kristin Cole). Dai-ichi Life is advised by Bank of America and Skadden Arps Slate Meagher & Flom.
Elevance Health, a health insurance provider, completed the acquisition of Paragon Healthcare, a company specializing in life-saving and life-giving infusible and injectable therapies from Peak Rock Capital, a private equity firm. Financial terms were not disclosed.
“The acquisition of Paragon Healthcare will deepen our capabilities around providing affordable, convenient access to specialty medications and best-in-class services for our members living with chronic and complex illnesses,” Pete Haytaian, Elevance Health Executive Vice President.
Paragon Healthcare was advised by JP Morgan, Jefferies & Company and
Kirkland & Ellis. Peak Rock Capital was advised by Kekst CNC (led by Daniel Yunger).
Court Square Capital Partners, a private equity firm, completed an investment in Velosio, a provider of digital transformation services. Financial terms were not disclosed.
“As a cloud services company, we create bespoke and valuable solutions for mid-market and emerging enterprise companies. Our goal is to be a trusted guide and go-to cloud applications partner for our clients. We see the partnership with Court Square as an exciting step in the evolution of Velosio given their deep sector expertise in IT services and track record of collaborating with management to drive growth," Bob Knott, Velosio CEO.
Velosio was advised by Guggenheim Partners. Court Square Capital was advised by Robert W Baird, Dechert and Edelman.
Novacap to acquire INdigital.
Novacap, a private equity firm, agreed to acquire INdigital, a company develops and operates of Next Generation 9-1-1 services. Financial terms were not disclosed.
"Novacap is proud to partner with INdigital, a leader in the essential field of Next Generation 9-1-1 services, underscoring our commitment to mission-critical technologies that enhance public safety. Their superior technological solutions and strong market positioning align perfectly with our investment philosophy. Our objective is to drive their expansion and unlock the untapped potential within the NG911 space, leveraging our expertise to deliver enhanced value to our stakeholders and improve emergency response capabilities across North America," François Laflamme, Novacap Senior Partner.
INdigital is advised by Houlihan Lokey and Dentons. Novacap is advised by Foley & Lardner.
MPE Partners, a private equity firm, completed an investment in Webster Industries, a manufacturer of engineered class chain, engineered class sprockets, and vibratory equipment for material handling and power transmission applications. Financial terms were not disclosed.
"MPE's cultural fit, experience with ESOPs, and successful history of providing strategic and operational resources to help accelerate growth made them the preferred partner for Webster," Andrew Felter, Webster Industries President and CEO.
MPE Partners was advised by Jones Day. Debt financing was provided by Apogem Capital and Fidelity Direct Lending.
A group of investors, including Revolution Growth, Eli Lilly & Company, Jeff Skoll, and EPIQ Capital Group, led a $111m Series A round in Zephyr AI, a healthcare technology company committed to developing fast and explainable AI solutions to democratize precision medicine.
“The US has the highest rate of avoidable cancer and cardiometabolic-related deaths among any high-income country. We must do better. At Zephyr AI, we are harnessing the power of AI to extract novel insights to better define patient stratification and response predictions as well as improve federation of real-world data. With our world-class team, and the support of this investor group, we are deploying one of the largest clinicogenomic datasets that has unprecedented breadth across disease states and data partners. Collectively, we are now well positioned to support our mission of democratizing precision medicine, enhancing both the speed and success of clinical trials,” Grant Verstandig, Zephyr AI Co-Founder and Executive Chairman.
Zephyr AI was advised by Cooley and SBS Comms (led by Randall Woods).
Starwood Capital Entities to go public via a SPAC merger with Jaws Mustang Acquisition.
Starwood Capital Entities, an investment affiliate of Starwood Capital, agreed to go public via a SPAC merger with Jaws Mustang Acquisition, a special-purpose acquisition company. Financial terms were not disclosed.
Under the terms of the LOI, the combined public company would become the direct or indirect owner of the Starwood Capital Entities' interests in ten properties.
Jaws Mustang is advised by Santander. Starwood Capital is advised by H/Advisors Abernathy (led by Tom Johnson).
Meiser, a manufacturing company that offers a wide selection of grating, profile planking, staircases, and GRP systems, and DUTCO, a conglomerate specialized in trading, manufacturing & logistics, construction, hospitality, energy and real estate, agreed to acquire IKG, a North American manufacturer and fabricator of metal grating and access infrastructure products, from KPS Capital, a private equity firm. Financial terms were not disclosed.
"Our partnership with KPS was extraordinary. KPS recognized IKG's strength and potential from the start and supported IKG's growth objectives. Working in partnership with KPS, we invested significantly in our people and operations, focusing on employee engagement, manufacturing excellence and providing best-in-class product quality and support to our customer base. We are grateful to KPS for providing our team with the expertise, capital and resources to grow IKG. We thank our customers, suppliers and employees for their contributions to our success. We look forward to the opportunities that MEISER and DUTCO will bring to help us further elevate the offering to our customers," Chad McClendon, IKG CEO.
BlackRock, agreed to acquire the remaining stake in SpiderRock Advisors, an asset management firm. Financial terms were not disclosed.
“By giving BlackRock more SMA capabilities, this acquisition will enable us to meet growing demand from wealth managers for personalized, tax-efficient portfolios. We look forward to fully integrating SRA’s team and capabilities into our U.S. Wealth Advisory business and to further expanding our offerings in SMA solutions,” Joe DeVico, BlackRock Co-Head of Wealth Advisory business.
SpiderRock Advisors is advised by Jones Day. BlackRock is advised by Kramer Levin Naftalis & Frankel.
Stonepeak, an alternative investment firm, agreed to acquire 4 US onshore wind farms from Ørsted, a Danish power producer, for $300m.
“The need for efficient infrastructure with the power to further the energy transition continues to grow, and onshore wind continues to play a major role in helping to meet that demand. Ørsted’s US onshore assets are young and have been built with trusted technology, which gives us confidence in their potential to make a meaningful and positive long-term impact on the communities they serve. We look forward to partnering closely with Ørsted on this highly contracted, geographically diverse portfolio,” Anthony Borreca, Stonepeak Senior Managing Director.
Monroe Capital, a premier boutique asset management firm, completed the $250m investment in Second Avenue, a Seattle-based provider of management, strategy, and capital for early stage companies.
"We have been extremely impressed with Mike Rothman, who has decades of experience building and leading companies, and his ability to attract a seasoned management team and utilize technology to enable growth at scale. We believe Monroe’s long-term investment can strategically enhance Second Avenue as one of the largest and more importantly efficiently managed SFR platforms in North America," Ted Koenig, Monroe Chairman and CEO.
Monroe Capital was advised by BackBay Communications.
Hilton Worldwide, a hospitality company that owns luxury and full-service hotels and resorts, agreed to acquire Graduate Hotels, a collection of hotels that reside in dynamic university-anchored towns in the US, from AJ Capital, a private equity firm focusing on hospitality and real estate investments, for $210m.
"Adding Graduate Hotels to our portfolio of award-winning brands accelerates our expansion in the lifestyle space by pairing an existing much-loved brand with the power of Hilton's strong commercial engine to drive growth. We have long had a high bar for adding brands to our portfolio, whether organically or through acquisition, and Graduate will be another driver of growth for us, presenting a unique opportunity to serve more guests in more sought-after destinations. With thousands of colleges and universities around the world, we believe the addressable market for the Graduate brand is 400-500 hotels globally," Chris Nassetta, Hilton President and CEO.
AJ Capital is advised by Deutsche Bank.
Peak Rock Capital, a middle-market private investment firm, completed the acquisition of California Custom Fruits & Flavors, a food ingredient processor and flavor manufacturer. Financial terms were not disclosed.
"After an exhaustive search, it became clear that Peak Rock is the right partner as we begin our next growth phase. Peak Rock truly appreciates our extraordinary culture, customers, and growth opportunities. Peak Rock brings a partnership mentality that will benefit our customers, suppliers, team members, and the entire organization," Mike Mulhausen, California Custom Fruits & Flavors CEO.
Peak Rock Capital was advised by Kekst CNC (led by Daniel Yunger).
Linden Capital Partners, a Chicago-based private equity firm, completed the acquisition of Alcresta Therapeutics, a provider of novel enzyme-based products designed to address challenges faced by patients living with gastrointestinal disorders and rare diseases. Financial terms were not disclosed.
"I am very excited to join the Alcresta team to support the continuing growth of the company. Alcresta's rapid progress has made a meaningful difference for patients living with rare diseases that struggle with fat malabsorption. Linden feels very fortunate to partner with Alcresta as it prepares for new levels of momentum and success in the years ahead," Ron Labrum, Linden Operating Partner.
Astorg considers sale of IP software firm Anaqua.
Private equity firm Astorg is considering a sale of its US-based intellectual property software firm Anaqua, the company could be worth as much as $3bn, Reuters reported.
Astorg is in the process of appointing financial advisers to gauge buyer interest in Anaqua, which offers software that manages patents, trademarks and contracts for law firms and corporations.
Advent International is weighing $1bn sale of CAES.
Advent International is weighing a sale of CAES that could value the aerospace and defense technology company at more than $1bn, Bloomberg reported.
The private equity firm is working with an adviser as it explores a range of strategic options for Arlington, Virginia-based CAES.
Buyout firm HIG seeks $655m of private debt for USA DeBusk deal.
Buyout firm HIG Capital is seeking $655m of debt financing to help fund its potential purchase of mechanical and industrial cleaning company USA DeBusk, Bloomberg reported.
Goldman Sachs Group’s asset management division and Sixth Street Partners are leading the financing, which includes a $435m term loan, $160m delayed draw term loan and a $60m revolver.
Private-credit firms lure largest Latin American asset manager.
Vinci Partners Investments, the largest asset manager in Latin America, is looking to acquire private-credit firms to gain scale in a business that’s expanding globally, Bloomberg reported.
“There is a gigantic opportunity for private credit in Latin America, a place where credit is still very much concentrated in the biggest banks. We are just beginning to see disintermediation in the region,” where there is only a “small presence of big regional asset-management players,” Alessandro Horta, Vinci CEO.
Arkhouse says in talks with Macy's for due diligence amid push for higher bid.
Macy's investor Arkhouse Management said that the US department store was in talks with the investment firm for opening its books for due diligence on the prospects of a higher offer, Reuters reported.
Arkhouse disclosed its move in a regulatory, saying this was in response to a letter from Macy's on March 11 that called the latest offer as "less than compelling" and that the board was "not prepared to transact at this price level".
Shasta Ventures is pursuing strip sale in liquidity hunt.
Shasta Ventures is pursuing a so-called strip sale — the sale of a slice of fund investments — in an effort to provide its investors with liquidity, Bloomberg reported.
The early-stage venture-capital firm is working with Jefferies Financial Group to solicit interest from potential buyers for some of its holdings. Details of the portfolio-company stakes that Shasta is attempting to unload couldn’t immediately be learned.
Apollo reaches out to Paramount about deal.
Private equity firm Apollo Global Management in recent days has reached out to a special committee formed by multinational mass media and entertainment conglomerate Paramount Global about a possible takeover or asset purchase, Axios reported.
Apollo is said to be evaluating a deal only with Paramount, whose major assets include Paramount Pictures, broadcaster CBS, a slew of Viacom cable networks, and streaming services Paramount+ and PlutoTV. It is also possible that Apollo could wind up bidding only on select assets.
Blank-cheque company aims to buy failed US banks.
Blank-cheque companies have raised money to buy businesses ranging from pilotless helicopters to Donald Trump’s social media platform. A group of Wall Street veterans is now setting its sights on a new target: failed banks.
Porticoes Capital will seek to take over banks closed by the Federal Deposit Insurance, the US regulator. The firm’s sponsors aim to attract hundreds of millions of dollars from investors, FT reported.
Blackwells questions Disney on ValueAct pension fund role.
Alternative investment manager Blackwells Capital contends that entertainment giant Walt Disney should have disclosed that investment company ValueAct Capital Management was managing some of its pension fund assets, stirring tensions between the two activist investment firms as they pursue different agendas at the entertainment giant, Bloomberg reported.
New York-based Blackwells told Disney shareholders in a letter that the company's board failed to properly disclose that ValueAct or its affiliates had overseen more than $350m of its pension assets.
Reddit, investors seek up to $748m in planned IPO.
Reddit and its investors are seeking to raise as much as $748m in what would be one of the biggest initial public offerings so far this year, Bloomberg reported.
The social media platform and some of its current shareholders plan a sale of 22m shares for $31 to $34 each. The company was seeking a valuation of as much as $6.5bn in the listing.
Vista Equity seeks to tap banks for Solera IPO.
Private equity firm Vista Equity Partners is seeking to hire investment banks for a US initial public offering of Solera, a provider of software to the automotive and insurance industries, Reuters reported.
Vista, which acquired Solera for $6.5bn in 2016, is interviewing banks as it seeks to hire IPO underwriters.
Stonepeak raises $3.3bn for its first Asia-dedicated infrastructure fund.
Stonepeak, a New York-headquartered alternative investment firm said it has raised $3.3bn for its Stonepeak Asia Infrastructure Fund, its first fund dedicated to Asia.
The firm said it exceeded its $3bn target after receiving robust demand from new investors and existing investors in other Stonepeak funds. The Fund seeks to construct a diversified portfolio of infrastructure assets predominantly within the communications, transport and logistics, and energy sectors. Its geographic mandate spans the Asia-Pacific region, including both developed and high-growth countries. To date, the Fund has made six investments spanning each of its target sectors.
“The strong demand for this fund underscores Asia’s compelling long-term economic and demographic tailwinds, and is a resounding acknowledgement by our partners, including many of the world’s most sophisticated investors, that Stonepeak’s team is well positioned to capitalize on the associated investment opportunities," Hajir Naghdy, Stonepeak Senior Managing Director and Head of Asia and the Middle East.
Stonepeak was advised by Simpson Thacher & Bartlett.
GoldenTree closes $1.35bn private credit fund.
GoldenTree Asset Management, a global asset management firm with over $53bn in AUM, has held the closing of its new private credit fund with capital commitments of $1.35bn, surpassing its original target of $800m to $1bn.
The fund has a global investor base that includes public and corporate pensions, sovereign funds, foundations, insurance companies, family offices and RIAs across the US, Europe, Asia and the Middle East.
Peruvian healthcare firm Auna targets up to $1.1bn valuation in US IPO.
Peruvian healthcare and insurance provider Auna said that it aims for a valuation of up to $1.1bn in its US initial public offering. The company, which operates in 3 Latin American countries and is controlled by private equity firm Enfoca, plans to raise up to $450m by selling about 30m class A shares priced between $13 and $15 each, Reuters reported.
Despite an uneven recovery so far in the year, the US IPO market is expected to rebound in 2024 as bets of a soft landing for the US economy rise, following two weak years driven by geopolitical pressures and the Federal Reserve's quantitative tightening to get a hold on inflation.
HarbourView Equity Partners secures close to $500m in debt financing from KKR and other investors to expand music investment opportunities.
HarbourView Equity Partners, an industry-leading alternative asset management company focused on investment opportunities in the sports, media and entertainment space, has secured approximately $500m in debt financing through a private securitization backed by its diversified catalog of music royalties. Insurance vehicles and accounts managed by KKR, a leading global investment firm, led the financing and investment accounts advised by Kuvare Asset Management also participated in the transaction.
“We are grateful to KKR for working with us to deliver a flexible and innovative financing structure that will support HarbourView in expanding its reach,” Sherrese Clarke Soares, HarbourView Founder and CEO.
EMEA
Canada Pension Plan Investment Board, a private equity firm, has entered into an agreement to join KKR for the acquisition of NetCo, the most extensive telecoms network in Italy, from Telecom Italia. CPPIB has committed to acquire a 17.5% interest in NetCo for up to €2bn ($2.18bn), as part of a transaction which values the business at an enterprise value of approximately €18.8bn ($20.5bn).
“NetCo will provide critical end-to-end data connectivity services that support the functioning of the Italian economy. Our investment alongside these key partners with a shared long-term vision will help deliver high-quality digital infrastructure across Italy as well as generating long-term risk-adjusted returns for the fund. We are optimistic that NetCo can represent the first of several infrastructure investments in Italy for CPP Investments," James Bryce, CPPIB Managing Director, Global Head of Infrastructure.
KKR is advised by Citigroup, Colombo & Associati, JP Morgan, Morgan Stanley, UBS, Freshfields Bruckhaus Deringer, Gianni Origoni Grippo Cappelli & Partners and Community Group. TIM is advised by Equita SIM, Goldman Sachs, LionTree Advisors, Mediobanca, UniCredit, Vitale & Co, Clifford Chance, Gatti Pavesi Bianchi Ludovici, Studio Carbonetti and Community Group. Finacial advisors to TIM are advised by Sullivan & Cromwell. Vivendi is advised by Chiomenti.
Näder, the management and investment holding company of the Näder family, agreed to acquire a 20% stake in Ottobock, a prosthetic and orthotic medical devices, serving people with mobility challenges around the world, from EQT Partners, a private equity firm. Financial terms were not disclosed.
"Through the partnership with EQT, we have further professionalized Ottobock in recent years and developed its IPO readiness. Today, we benefit from a strong foundation for the next growth phase of our company. The collaboration with EQT was characterized by a high level of mutual respect and trust. And it was very successful: in 2023, we achieved the highest sales volume and the best results in the company's history. We will now continue our successful strategy as a purely family-owned company in the legal form of an SE & Co. KGaA, owned by my family and led by our CEO Oliver Jakobi and his strong management team," Hans Georg Näder, Ottobock Owner and Chairman.
EQT Partners is advised by Boston Consulting Group, JP Morgan, KPMG, and Hengeler Mueller (led by Daniel Moritz and Hans-Jorg Ziegenhain). Ottobock and Näder are advised by DC Advisory, Deutsche Bank, Goldman Sachs, Freshfields Bruckhaus Deringer, and Lilja & Co.
Molten Ventures, a venture capital firm, completed the acquisition of Forward Partners, an early stage venture capital firm, for $52m.
“The acquisition of Forward Partners will enable us to diversify the blend of maturity of our assets and provide a broader pipeline for follow-on investment. It follows soon after our acquisition of a stake in Seedcamp III, which also diversified asset maturity but with the addition of exposure to high-quality assets with nearer term visibility on realisation opportunities. This ongoing expansion of the platform helps position the business to capture opportunities at attractive valuations in what is increasingly a buyers’ market for venture capital,” Martin Davis, Molten Ventures CEO.
Private equity firm Apax Partners abandoned its takeover of Kin and Carta, an international digital transformation consultancy company, after the target agreed to a competing bid from BC Partners-backed Valtech. Apax said it would not be returning with an increased offer, and the timeframe for it to return with a higher bid expired on Friday.
"Having spent time with the Valtech management team, I am excited about the increased scale and scope of the combined Valtech and Kin and Carta businesses and Valtech's commitment to Kin and Carta's B Corp re-certification. I believe the combination will further accelerate the career growth of our people and bring more to the clients we serve," Kelly Manthey, Kin and Carta CEO.
AstraZeneca, a pharmaceutical company, agreed to acquire Amolyt Pharma, a global, clinical-stage biopharmaceutical company, from Sofinnova Partners, a European life sciences venture capital firm, and EQT Life Sciences, a healthcare investor, for $1.05bn.
"Congratulations to the Amolyt team on its proposed acquisition by AstraZeneca. Leading Amolyt’s Series C financing round in January 2023 was an honor. This milestone demonstrates Sofinnova's investment thesis in action, showcasing our commitment to supporting innovative European companies during their critical growth stage. In Amolyt's case, it exemplifies our commitment to supporting a company developing groundbreaking solutions in a later stage of development for rare disease patients,” Cédric Moreau, Sofinnova Partner.
Pollen Street Capital, an independent, alternative investment management company, agreed to acquire Mattioli Woods, a provider of wealth management and employee benefit services, for £432m ($550m).
Pollen Street believes the acquisition will provide Mattioli Woods and its management team the flexibility to take longer-term decisions to maximise the growth potential of the business, continuing to invest in capabilities and client propositions, while also providing strategic support to develop new growth areas and operational expertise to drive greater efficiency.
KKR, a global investment firm, and Viessmann, a manufacturer of heating and refrigeration systems, agreed to acquire Encavis, a producer of electricity from renewable energy sources, for $3bn.
"Unlocking the full potential of renewable energy requires expertise as well as substantial long-term capital. We are pleased that KKR's strategic investment will provide Encavis with the necessary long-term financial resources at a pivotal time for the Company and position it to seize emerging opportunities and solidify its strength in the clean energy landscape. Furthermore, it also contributes to fostering a more energy-independent Europe," Vincent Policard, KKR Partner and Co-Head of European Infrastructure.
Encavis is advised by Lazard, Goldman Sachs, Freshfields Bruckhaus Deringer (led by Christoph H. Seibt). KKR is advised by PJT Partners, Latham & Watkins and Hengeler Mueller.
Quilvest Capital Partners, a private equity firm, completed an investment in Acuiti Labs, a SAP consulting services provider. Financial terms were not disclosed.
“We are thrilled to welcome Quilvest as our strategic partner, poised to support our company in its next phase of growth. Leveraging their professional expertise and extensive network, coupled with Acuiti Labs’s strong positioning and talented management team, we are looking forward to further success," Manoj Harbhajanka, Acuiti Labs CEO.
Acuiti Labs was advised by Houlihan Lokey, Capital Law and KPMG. Quilvest Capital was advised by Fried Frank Harris Shriver & Jacobson and Greenbrook.
abrdn Property Income Trust, a REIT company, to merge with Custodian Property Income REIT, a real estate investment company. Financial terms were not disclosed.
"We welcome the API Board's decision to maintain its recommendation for the all-share merger with CREI. The Recommended Merger will benefit shareholders of both companies by creating a well-positioned REIT of enhanced scale, with the opportunity to participate in the returns from the two complementary portfolios, as well as a fully covered and sustainable dividend," David MacLellan, Custodian Property Income REIT Chairman.
Macquarie, a private equity firm, completed the acquisition of a 20% stake in the gas transmission and metering business of National Grid, an electricity and gas utility company, at a £9.6bn ($12.2bn) valuation.
“This additional investment underlines our commitment to National Gas and the critical role it plays in the UK’s energy system. We have been working closely with the National Gas team since January as they have continued to meet the energy needs of millions of households and businesses. We are pleased to continue our strong relationship with National Grid, and aspire to acquire the Remaining Interest in due course," Martin Bradley, Macquarie European Head of Infrastructure.
Advanced Medical Solutions Group, an advanced wound care and wound closure products manufacturer, agreed to acquire Peters Surgical, a medical devices manufacturer, from Eurazeo, a French private equity firm, for €141m ($154m).
"Peters Surgical is an ideal fit for AMS in terms of its complementary expertise, global reach and potential for synergies with AMS's existing portfolio. As well as broadening our portfolio, AMS will benefit from the shared capabilities of the two companies, including direct sales channels, distribution networks, and manufacturing locations. We're thrilled to have secured such a transformational deal which aligns perfectly with our acquisition strategy," Chris Meredith, Advanced Medical Solutions Group CEO.
Crane NXT, an industrial technology company, agreed to acquire OpSec Security Group, a company providing anti-counterfeiting technologies and services, from Investcorp Technology Partners, a global manager of alternative investment products, for $270m.
“OpSec is an excellent fit with our portfolio of technologies that secure, detect, and authenticate our customers’ most valuable assets. The authentication and brand protection markets are large and growing, bolstered by secular mega trends, including the continuous rise of counterfeiting and proliferation of online marketplaces, as well as digital media and piracy. OpSec is a global leader in these markets with its proprietary technology, broad suite of solutions, and integrated offering. This acquisition will enable us to leverage our complementary expertise in anticounterfeiting technology and drive growth and sustainable value creation as a trusted partner to clients,” Aaron W. Saak, Crane NXT President and CEO.
OpSec Security Group is advised by Proskauer Rose. Crane NXT is advised by Robert W Baird and Davis Polk & Wardwell.
Elliott, an investment management company, withdrew its offer to acquire Currys, a multinational electrical and telecommunications retailer for £757m ($963m).
Elliott said "following multiple attempts to engage with Currys' board, all of which were rejected," it did not have the necessary information to make a third bid.
ArcelorMittal, a multinational steel manufacturing corporation, agreed to acquire a 28.4% stake in Vallourec, a global company in premium tubular solutions primarily serving the energy markets, from Apollo Global Management, an alternative investment manager, for €955m ($1bn).
"Vallourec is a quality, high added-value tubular business, with established positions of strength in the attractive Brazilian and US markets. As a producer of premium tubular solutions, it has a critical role to play in the energy transition, producing vital products for hydrogen, CCS and geothermal applications, for which demand is expected to grow. It also has a comparatively low carbon footprint with ambitious improvement targets. We look forward to being part of the company's future," Aditya Mittal, ArcelorMittal CEO.
ArcelorMittal is advised by Teneo (led by Zoe Watt).
I Squared Capital, an independent global infrastructure investment manager, agreed to acquire the remaining 55% stake in Rubis Terminal, a petroleum products storing company, from Rubis Group, a petroleum storage and distribution firm, for €375m ($410m).
“With facilities at the heart of some of the most important trading hubs in Europe, Rubis Terminal plays a critical role in supporting the energy transition and ensuring security of supply. This transaction underscores I Squared’s confidence in Rubis Terminal’s transition strategy and our commitment to its continued growth,” Mohamed El Gazzar, I Squared Capital Senior Partner.
Style Capital, a Milan-based private equity fund, agreed to acquire a 50.2% stake in Autry, a classic American brand of sneakers and shoes, from Quadrivio & Pambianco, an Italian private equity fund, for €300m ($328m).
Established in Dallas in 1982, initially focusing on running, tennis, and basketball shoes, the brand experienced success before fading into obscurity. Refunded in 2019 by Italian entrepreneurs Marco Doro, Alberto Raengo, and Gino Zarelli, it has since experienced a resurgence with offerings for women, men, and children.
Quadrivio & Pambianco is advised by JP Morgan.
SPIE, a provider of multi-technical services in the areas of energy and communications, agreed to acquire a 92% stake in ICG Group, a turnkey service provider for telecommunication infrastructure, from HIG Capital, a private equity firm. Financial terms were not disclosed.
"The acquisition of ICG Group enables SPIE to further strengthen its position as a leading player in the deployment of fibre networks and mobile telecommunication infrastructure in Germany, which are very strategic and rapidly growing markets. With its high growth perspectives and very strong level of profitability, we are convinced that the combination of ICG Group with SPIE will be highly value creative," Gauthier Louette, SPIE Chairman and CEO.
SPIE is advised by Image Sept and Latham & Watkins (led by Ingo Strauss).
HIG Capital, a private equity firm, agreed to acquire Spheros, a developer and manufacturer of thermal management solutions for a wide range of passenger buses and coaches both conventional and electric, from Valeo, a French global automotive supplier. Financial terms were not disclosed.
“We have been impressed by Spheros’ track record of continuous growth, and we see significant potential in leveraging its worldwide leadership position to support a transition towards clean and sustainable mobility solutions. We believe HIG is the ideal partner to support the management team in the next phase of its growth,” Tobias Borkowski, HIG Capital Managing Director.
Nidec, KPS compete for Siemens' $3bn Innomotics unit.
Japan's Nidec and US-based private equity firm KPS Capital Partners are competing to acquire Siemens's Innomotics large motors business, Reuters reported.
The sale of the motors and drives business could fetch German engineering group about €3bn ($3.28bn).
Nordic Capital considers sale of regulatory tech firm Regnology.
Nordic Capital is weighing a sale of German regulatory software firm Regnology, in a deal which could value the business at up to €3bn ($3.27bn), Reuters reported.
The private equity firm is speaking with investment banks about its options for Regnology and could launch an auction as early as the second half of this year. The timing of the sale process may slip into next year, the fourth person cautioned.
Blackstone-Thomson Reuters launch sale of $2bn LSEG stake.
An investor consortium including Blackstone and Thomson Reuters, the parent company of Reuters News, is selling £1.7bn ($2.18bn) worth of shares in the London Stock Exchange Group to trim its joint stake.
Investment banks managing the sale of 23m LSEG shares had orders for all the stock in the offering. Separately, the bourse operator plans to buy back up to £750m ($964m) of stock from the Blackstone-Thomson Reuters consortium by April 2024, Reuters reported.
Partners considers a $2bn sale of German renewables firm VSB.
Partners Group is exploring options, including a sale, for German renewable energy company VSB Group. A sale of VSB could reach a valuation of up to $2bn including debt.
The Swiss private equity firm has been interviewing financial advisers in the last few weeks. The possible sale coincides with a drop in renewable asset values, although interest in the sector remains high as the European Union requires 42.5% of the bloc's energy to be renewable by 2030. If a sale goes ahead, VSB is likely to attract interest from infrastructure funds and utilities, Reuters reported.
Warner Music plans a $1.8bn bid to buy Believe.
Warner Music Group said it planned to make a bid of at least $18 per share for Believe, valuing the French digital music company at $1.8bn and topping an earlier takeover bid from a consortium.
The US music label's potential offer tops the $16 per share bid from a consortium made up of Believe's largest shareholders that valued the company at around $1.65bn. The consortium's offer was also backed by the company's board of directors.
"As opposed to the purely financial transaction contemplated by the consortium formed by EQT Group, TCV, and Denis Ladegaillerie. WMG would provide Believe with strategic support and financial stability to help the development and growth of the company, including by accelerating its expansion into new geographies," Warner.
Hg said to kick off $1bn sale of Trackunit.
Buyout firm Hg is kicking off a sale of Danish telematics firm Trackunit, Bloomberg reported.
Hg is working with an adviser as it starts gauging interest in the company from potential bidders. Trackunit, which focuses on the off-highway vehicle market, could be valued at as much as $1bn in any transaction.
Corran Capital secures £80m for clean energy investments.
Corran Capital, a private equity firm, has secured £80m ($102m) for its second fund, Corran II, dedicated to investments in clean energy and climate-focused companies throughout the UK.
Investors in Corran II include US fund Lexington Partners, Strathclyde Pension Fund’s direct impact fund and SSE.
The investment in Vital Energi comes as new government zoning regulations are introduced requiring new and existing buildings and developments to connect to low-carbon heat networks where available. This is expected to drive significant private investment into the sector.
Corran Capital was advised by Evercore and Dickson Minto.
Murdoch's News eyes joint Telegraph bid with rivals.
Rupert Murdoch's News and the owner of the Daily Mail have held talks about a potential joint takeover of the Telegraph alongside the UAE-backed investment fund RedBird IMI, Reuters reported.
A joint bid by the three would result in a smaller stake for Redbird IMI. The Abu Dhabi-backed buyout of the paper, which voices opinions within the governing Conservative Party, has provoked fears of foreign influence in news reporting which opponents say could threaten Britain's democracy.
Liontrust Asset Management says it is not in talks to buy smaller rival Artemis.
UK's Liontrust Asset Management said it was not in talks to buy smaller rival Artemis in response to a report about a potential takeover, Reuters reported.
Liontrust recently held early-stage discussions with Artemis about a potential tie-up.
Aareal Bank owners hire advisers to sell property lender's tech arm.
The owners of Aareal Bank have lined up advisers to sell its tech unit as the German property lender navigates a global crunch in commercial real estate, Reuters reported.
The shareholders, led by Advent International and Centerbridge Partners, recently chose Arma Partners to gauge interest in the division, known as Aareon. They may tap another investment bank as well.
Saudi wealth fund eyes bond sales, IPOs to finance spending ambitions.
Saudi Arabia's sovereign wealth fund is considering plans to accelerate debt sales or obtain bank loans as it hunts for new sources of cash to help pay for Crown Prince Mohammed bin Salman's trillion-dollar economic transformation project, Bloomberg reported.
The Public Investment Fund could also line up equity offerings in its portfolio companies as part of the push. The moves come as the fund's cash reserves have dropped to $15bn as of September — the lowest level since 2020, the earliest year for which data is available.
Dubai's Parkin gets $71bn in demand for $429m IPO.
Parkin PJSC received $71bn of orders for its $429m Dubai initial public offering, underscoring the continued strong demand for share sales in the Persian Gulf, Bloomberg reported.
The IPO of the city's parking business was 165 times covered. The final price was set at $0.57 per share, the top of a marketed range, valuing Parkin at $1.7bn. The Dubai Investment Fund sold 750m shares, or a 25% stake, in the IPO.
Inflexion closes minority fund at record £1.75bn.
European mid-market private equity firm Inflexion has closed the Inflexion Partnership Capital Fund III at its £1.75bn ($2.24bn) hard cap, making it the largest dedicated minority fund in Europe and 75% larger than its £1bn predecessor fund.
According to a press release, the fund’s strategy targets minority equity investments into high-growth, high-margin businesses looking to accelerate growth and has covered 24 investments to date, with eight exits generating realised returns of 3.9× gross multiple and 45% gross IRR.
Actis said to raise $800m in the new infrastructure fund's first close.
The London-based firm is aiming for a year-end final close for Actis Long Life Infrastructure Fund 2. Actis is aiming for about $1.5bn for the latest pool, up from the $1.23bn raised by its predecessor.
Partners Group launches two evergreen funds for clients in Europe and Asia.
Swiss investment firm Partners Group has introduced a couple of semi-liquid vehicles in Europe and Asia to shore up its retail client base, DealStreetAsia reported.
Partners Group LIFE will target established assets in the energy transition, healthcare, and education sectors; while the Next Generation Infrastructure fund will invest in global value-add and core-plus infrastructure that are capital-intensive businesses with contracted or regulated cash flows.
APAC
A Japanese plastic recycling company is gearing up to go public in the US through a SPAC merger this month, even as many IPO hopefuls are delaying or scrapping such plans, Bloomberg reported.
Kawasaki-based Jeplan plans to merge with special purpose acquisition company AP Acquisition to debut on the New York Stock Exchange in coming weeks. If the deal moves forward, it would value Jeplan at around $300m and the merged entity at an estimated $429m, assuming no additional equity financing or redemptions by AP Acquisition’s investors.
Jeplan is advised by Greenberg Traurig. AP Acquisition is advised by Kirkland & Ellis (led by Joseph Raymond Casey and Jesse Sheley), Maples Group and Mori Hamada & Matsumoto.
Private equity firms Advent International and Multiples Private Equity, agreed to invest $230m in Svatantra Microfin, a financial and non-financial solutions provider to rural entrepreneurs.
“This investment by Advent and Multiples marks a momentous occasion for us. My team and I are grateful to have investors on board who share our vision. This transformative era for Svatantra, propels us towards our goal of becoming the foremost and most impactful microfinance institution, creating a conducive environment for entrepreneurs who fuel India’s growth story," Ananya Birla, Svatantra Chairperson.
Advent is advised by Adfactors PR. Multiples is advised by Cyril Amarchand Mangaldas.
OKX Ventures, an investment company, completed the investment in DeBox, a decentralized social networking platform for Web3 communities and Decentralized Autonomous Organizations. Financial terms were not disclosed.
"We are motivated to invest in DeBox because of its potential to transform social use cases within the Web3 space, making it easier to onboard the next billion users. DeBox leads its community with a DAO format, enabling seamless wallet access and engagement through unique NFT avatars based on animal characters and DID names. DeBox enhances its user experience with interactive DApps, fostering the sharing of ideas, content management, and providing trading or staking options," Dora Yue, OKX Ventures Founder.
AG&P Pratham, Think Gas set for $1.1bn merger.
Global infrastructure investor I-Squared Capital-backed city gas distribution companies in India - AG&P Pratham and Think Gas Distribution - are set to merge, The Economic Times reported.
The combined entity will be valued at over $1.1bn, acquiring the heft that will help it compete with rivals. It will be a stock-for-stock merger - a share of one company for each of the other.
GDS confirms investor talks on potential deals outside China.
Chinese data centre developer and operator GDS said it had been in discussions with several private equity investors on investing in its operations outside the country, DealStreetAsia reported.
The Hong Kong-listed company made the comment in a stock exchange filing after public sources reported that Hillhouse, Boyu Capital and CDH Investments are in advanced talks to invest in GDS' data center business outside China. The report added that an agreement on a total investment of $500m to $600m may be reached as soon as the coming weeks.
KKR to invest $400m more in Philippines telecom towers business.
Private equity giant KKR will invest approximately $400m to further develop and acquire telecom towers in the Philippines, DealStreetAsia reported.
The investment will be coursed through Pinnacle Towers, the largest independent telecom tower operator in the country. Pinnacle's subsidiary, Frontier Towers, is backed by KKR.
SingTel looking to sell significant Optus stake to Brookfield.
Singapore Telecommunications (SingTel) is looking to sell a significant stake in its wholly owned Australian unit Optus to Canadian private equity giant Brookfield, Reuters reported.
Southeast Asia's largest telco operator is in advanced talks with Brookfield over the stake sale.
Vishal Mega Mart mulls $1bn IPO.
Indian budget supermarket chain Vishal Mega Mart is planning a $1bn initial public offering that would value the budget supermarket chain at up to $5bn with some of the proceeds earmarked to add stores, DealStreetAsia reported.
Switzerland's Partners Group and India's Kedaara Capital, which together have a majority stake in Vishal Mega Mart, will each sell shares in the offering.
Intel-backed Horizon picks banks for $500m Hong Kong IPO.
Horizon Robotics, a Chinese provider of autonomous driving computing solutions, has picked banks to help arrange its Hong Kong initial public offering this year that may raise about $500m, Bloomberg reported.
The Intel-backed firm is working with China Securities International, Goldman Sachs and Morgan Stanley on the first-time share sale. The company may file its preliminary prospectus in the coming weeks.
Chinese solar inverter maker Sungrow’s $2.6bn new energy unit targets local IPO.
A new energy subsidiary of Chinese publicly listed solar inverters developer Sungrow Power Supply has roped in its first external investors at a pre-money valuation of CNY19bn ($2.6bn), as the unit moves towards an onshore IPO, DealStreetAsia reported.
Sungrow New Energy Development, whose businesses cover the design and production of power generation systems and equipment used in new energy power plants, is raising CNY347m ($48m) in its first external financing from two state capital investors in eastern China.
India's A91 Partners on track to raising its largest fund at $700-750m.
A91 Partners, led by former Sequoia Capital executives VT Bharadwaj, Gautam Mago, and Abhay Pandey, is in the process of raising its largest fund at $700-750m, DealStreetAsia reported.
The fund, which has backed companies including Blue Tokai Coffee, Atomberg, Digit Insurance, HealthKart, and Paper Boat, launched its maiden fund of $350m in 2019 from which it has made 14 investments. A91 Partners is currently investing from its second fund, which has a total corpus of $550m. It was raised in 2021-22.
Former Sequoia India firm launches new fund for early ventures.
Peak XV Partners, formerly part of Sequoia Capital, is creating a new fund that will take stakes in global seed and early venture funds, and make other investments that fall outside the purview of its existing portfolios, Bloomberg reported.
The Peak XV Anchor Fund will be backed by an internal pool of capital. Formerly known as Sequoia India & Southeast Asia, the venture-capital firm rebranded as Peak XV Partners last year and is now fully independent.
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