Sumitomo to acquire 30% stake in Quebrada Blanca copper mine from Teck Resources for $1.2bn.
Sumitomo Corp and Sumitomo Metal Mining will acquire a 30% stake in Quebrada Blanca copper mine expansion from Teck Resources for $1.2bn. Once the deal is completed, Teck will own 60% of the Quebrada Blanca project and Chilean state agency ENAMI will hold the remaining 10%.
"This partnership significantly de-risks Teck's investment in the project, enhances our project economics and preserves our ability to continue to return capital to shareholders and reduce bonds currently outstanding," said Teck's Chief Executive, Don Lindsay.
Sumitomo was advised by Royal Bank of Canada.
ARA Asset Management to acquire 38 hotels under the Hyatt brand from Lone Star Funds. (FS)
IPE Real Assets estimates that the portfolio was sold for over $700m. In September 2014, Hyatt's affiliates agreed to sell 38 hotels to a company organised by Lone Star Funds for approximately $590m.
"Expanding into the US hospitality sector adds on to ARA's diversified suite of products and services in the public and private markets," said John Lim, Group CEO, ARA.
Martin Sorell's S4 Capital to acquire MightyHive for $150m.
Martin Sorrell's S4 Capital, agreed to buy San Francisco-based programmatic ad firm MightyHive for an enterprise value of $150m. Purchase will be partly funderd by issue of new S4 Capital shares worth £74m ($94m).
Sorrell said the deal marked an important second strategic step for his new company. "The peanut has now morphed into a coconut, and is growing and ripening," he said. Adding MightyHive's programmatic capabilities to MediaMonk's creative offer would enable S4 to offer clients fully integrated purely digital marketing, he said.
The new capital raising is led by Stanhope Capital, which will be a long-term strategic partner, S4 said. Daniel Pinto, Stanhope Capital's founder and chief executive, will join the board.
TPG Growth acquired Q-Centrix from Sterling Partners. (FS)
TPG Growth closed its acquisition of Q-Centrix, a leading provider of outsourced quality data management solutions for hospital and healthcare providers. TPG Growth acquired the company from Sterling Partners. Terms of the transaction were not disclosed.
"Q-Centrix is providing a comprehensive, best-in-class solution for managing and optimizing the vast amount of complex data available to health systems today. We look forward to working closely with Milton and the rest of the team to enhance operations, drive additional revenue streams, and improve clinical quality and patient safety." said Matthew Hobart, Partner at TPG Growth.
Q-Centrix and Sterling Partners were advised by Houlihan Lokey and McDermott Will & Emery. TPG Growth was advised by Gibson, Dunn & Crutcher. Varagon Capital Partners provided debt financing for the transaction.
Landec Corp, a fresh food supplier to retailers like Walmart acquired guacamole company Yucatan Foods for approximately $80m. Acquisition will strengthen Landec's position in the natural foods market. Yucatan, which processes and markets two guacamole brands Yucatan and Cabo Fresh, has annual revenue of $55m to $60m.
"Not only will Yucatan Foods deliver incremental revenues and profits to Landec, but the guacamole business is a higher gross margin business," said Landec Chief Executive Molly Hemmeter.
Nasdaq acquired Quandl, a leading provider of alternative and core financial data. The company offers a global database of alternative, financial and public data, including information on capital markets, energy, shipping, healthcare, education, demography, economics and society. Nasdaq plans to combine Quandl with its existing Analytics Hub business within Global Information Services. Financial terms were not disclosed.
"Quandl's leadership, user community, and team of data scientists combined with Nasdaq's alternative data group and global reach, will help our diverse client base derive a broad array of new investing opportunities." said Bjorn Sibbern, Executive Vice President and Head of Nasdaq's Global Information Services.
Apollo emerges as the leading bidder for Arconic. (FS)
Apollo Global Management is the leading bidder to take aerospace manufacturer Arconic as rumoured by people close to the transaction. Another bidding group comprises buyout firms Blackstone Group, Carlyle Group, Onex Corp and Canada Pension Plan Investment Board.
Ace Hardware and Centerbridge are eyeing an offer for bankrupt Sears Holdings' home services division. (FS)
Retailer Ace Hardware and Centerbridge Partners are jointly eyeing an offer for bankrupt Sears Holdings Corp's home services division. Bid would compete with an expected bid from Chairman Eddie Lamper.
Brazil antitrust regulator raises concerns over Disney-Fox deal.
Brazil's antitrust regulator Cade said that a deal by Walt Disney to buy Twenty-First Century Fox's entertainment assets raised concerns about undermining competition in the cable television market.
A Cade report prepared to inform a subsequent ruling by the regulator said the deal would result in "a significant increase in concentration in the market of sports channels on cable TV and a high probability that Disney could control the market."
Twenty-First Century Fox Inc was advised by Allen & Overy, Cleary, Gottlieb, Steen & Hamilton, Hogan Lovells, Simpson, Thacher & Bartlett and Skadden, Arps, Slate, Meagher & Flom. The Walt Disney Company was advised by Covington & Burling, Cravath, Swaine & Moore, Herbert Smith Freehills and Macfarlanes.
APAC
KKR & Co invested up to S$500m in V3 Group. (FS)
KKR & Co invested up to S$500m ($366.3m) for a "significant stake" in the Singapore-based specialty retailer and massage chairs manufacturer, V3 Group. The investment values V3 at S$1.7bn ($970.7m).
V3, the owner of the TWG Tea brand, said the investment would start the expansion of the brand in Japan and the United States. Besides, it would expand its massage chair brand in China.
Evercore was the financial adviser to V3.
L Catterton Asia invested in Will's Group, one of China's biggest private gym operators. L Catterton is backed by luxury giant LVMH. Will's, founded in 1996, operates more than 130 fitness clubs serving almost 400,000 members in 12 Chinese cities. Financial terms were not disclosed.
Exxon Mobile and Chevron seeks to sell stakes in giant Azeri oil field and pipeline.
U.S. oil and gas company Chevron has decided to launch the sale of its 9.57% stake in Azerbaijan's largest oil field as well as the 8.9% stake in Baku-Tbilisi-Ceyhan (BTC) pipeline. Exxon Mobil is also seeking to sell its 6.8 % stake in the oil field. Exxon is hoping to raise to $2bn from the sale.
Macquarie Group mandated to sell BGC.
BGC, one of Australia's biggest privately owned companies hired Macquarie Group to find a buyer for the business, in a possible deal that local media said would be worth about A$2bn ($1.5bn).
"Macquarie Capital has been appointed as corporate advisor and will provide strategic advice on the planning of the group of companies' ... strategy across the sales process and future negotiations" said BGC spokeswoman.
Jet Airways nears funding deal with Etihad.
Indian carrier Jet Airways is close to finalizing a deal under which shareholder Etihad Airways will inject new funds.
Jet founder and majority shareholder Naresh Goyal has assured the airline's pilot union that the funding, which will likely result in route restructuring and more flights to Abu Dhabi, could take place as early as mid-December.
