Stephen Smith, Centerbridge Partners, and Ontario Teachers' Pension Plan-backed Duo Bank of Canada, a Toronto-based financial services provider, completed the acquisition of Fairstone Financial Holdings, a provider of credit solutions, from private equity firms J.C. Flowers and Varde Partners. Financial terms were not disclosed.
"We're very pleased to be joining forces with a Canadian financial services institution that shares our customer-focused commitment and community-driven approach to helping everyday Canadians access financial solutions that fit their needs. We look forward to enhancing the complementary growth potential of both businesses," Scott Wood, Fairstone President, and CEO.
OTPPB was advised by Osler Hoskin & Harcourt. Centerbridge was advised by Willkie Farr & Gallagher. Duo Bank of Canada was advised by CIBC World Markets, RBC Capital Markets, Freshfields Bruckhaus Deringer, Torys and Kekst CNC. Varde Partners was advised by Barclays, Citigroup, National Bank Financial and Stikeman Elliott.
Agnico Eagle Mines, a Candaian gold mining firm, agreed to acquire TMAC Resources, an explorer and miner of gold, for $225m.
"Our employees showed great focus that delivered outstanding results. The Nunavut communities showed great patience. Sprott Lending provided accommodation and support. The acquisition being completed by Agnico Eagle is a great outcome for all stakeholders. Agnico Eagle is one of the strongest gold producers internationally, a Canadian champion and has been operating in Nunavut for more than a decade with a great track record with communities, employees and the environment," Jason Neal, TMAC President and Chief Executive Officer.
TMAC is advised by BMO Capital Markets, Blair Franklin Capital Partners, CIBC World Markets, Cassels Brock & Blackwell, Stikeman Elliott and Longview Communications. Financaial advisors are advised by Torys. Agnico Eagle Mines is advised by First Asia Group, Trinity Advisors and Davies Ward Phillips & Vineberg.
SVB Financial, a commercial bank that serves emerging growth and middle-market growth companies, agreed to acquire Boston Private, a provider of wealth management, trust and banking services, for $900m.
"Together, SVB and Boston Private will be well-positioned to grow and scale our business, leveraging SVB's deep client relationships and broad reach across the innovation economy to capture a greater share of the wealth management market. We look forward to working together to support our clients as they pursue the goals they have for their businesses, families and legacies," Anthony DeChellis, Boston Private CEO.
SVB Financial is advised by Goldman Sachs, Sullivan & Cromwell and Prosek Partners. Boston Private is advised by Morgan Stanley and Wachtell Lipton Rosen & Katz.
Smith+Nephew, the global medical technology business, completed the acquisition of the Extremity Orthopaedics business of Integra LifeSciences, a global medical technology company, for $240m.
"We are excited to secure this established global business in the rapidly growing extremities segment. Its portfolio, specialised sales channel and product pipeline all strengthen our business and we look forward to welcoming our new colleagues to Smith+Nephew," Skip Kiil, Smith+Nephew Global Orthopaedics President.
Smith+Nephew was advised by Morgan Stanley, Jones Day and Brunswick Group. Integra LifeSciences was advised by Piper Sandler and Morgan Lewis & Bockius.
Hightower Advisors, a wealth management firm that provides investment, financial and retirement planning services to individuals, foundations and family offices, completed the acquisition of Bel Air Investment Advisors, a wealth management advisory firm, providing financial advisory, asset and investment management services to exclusively high net worth individuals, families, trusts and foundations, from Fiera Capital, an independent investment management firm. The transaction is expected to close in the first quarter of 2021. Financial terms were not disclosed.
"We are honored to be welcoming Bel Air to Hightower and look forward to collaborating with the team and providing access to our strategic consulting services, which focus on organic growth and talent development, as well as offering additional scale through our middle- and back-office capabilities," Bob Oros, Hightower CEO.
Bel Air Investment Advisors was advised by The Pollack Group. Hightower Advisors was advised by JConnelly. Fiera Capital was advised by Davis Polk, RBC Capital Markets and Stifel.
JLL Partners, an American private equity firm focused on leveraged buyout transactions and leveraged recapitalisations of middle-market companies, completed the acquisition of Jonathan Engineered Solutions, a manufacturer and distributor of metal products, from Levine Leichtman Capital Partners, a private equity and venture capital firm that specialises in acquisitions, recapitalisations and refinancing. Financial terms were not disclosed.
"The JES investment has been very successful for LLCP, our partners and the Company's management team. Since our initial investment in 2016, we are proud to have enhanced the value of JES by investing in a best-in-class management team, driving growth and diversification organically and through acquisitions, expanding the product suite and implementing operational improvements. JES has an exciting future, and we wish the team continued success," Micah Levin, LLCP Senior Managing Director.
JLL Partners was advised by Houlihan Lokey. Levine Leichtman Capital Partners was advised by Kekst CNC. Jonathan Engineered Solutions was advised by Harris Williams & Co, Stifel and Kirkland & Ellis.
Anvil and Smith-Cooper International completed the acquisition of ABZ and Quadrant valve brands from Forum Energy Technologies.
Anvil and Smith-Cooper International, a global provider of pipe connection, support system, fire protection, fabrication, and flow control products and services, completed the acquisition of ABZ and Quadrant valve brands from Forum Energy Technologies, a global oilfield products company. Financial terms were not disclosed.
“This important transaction significantly improves our liquidity and financial flexibility, and continues the improvements made to Forum’s capital structure during 2020. Pro-forma for the sale proceeds, our net debt would be reduced by over one-third from the $308m level at September 30, 2020. In 2021 we will remain focused on further improving our financial position and continuing quarterly positive free cash flow," Cris Gaut, Forum Chairman and Chief Executive Officer.
Anvil was advised by BlackArch Partners, JP Morgan and Dechert. Smith-Cooper was advised by Barclays and Davis Polk & Wardwell.
Neuberger Berman, an investment firm, and Qatar Investment Authority, a sovereign wealth fund of the State of Qatar, completed the $270m investment in Apax-backed Paycor, a provider of SaaS payroll and human capital management software. Additional investors include ClearBridge Investments, Franklin Templeton, Leumi Partners, and Teca Partners.
“The partnership of these new investors with Paycor speaks to the momentum we have achieved as a leader in HCM and the opportunities we see ahead. This allows Paycor to accelerate our strategy of serving our customers with industry-leading technology and expertise," Raul Villar, Paycor CEO.
Paycor was advised by JP Morgan, Kirkland & Ellis and Offleash. Apax Partners was advised by Kekst CNC.
Fifth Third Bancorp, a diversified financial services company, completed the acquisition of Hammond Hanlon Camp, a strategic advisory and investment banking firm. The transaction is subject to regulatory approval and is expected to close in the fourth quarter of 2020. Financial terms were not disclosed.
"As Fifth Third continues to seek opportunities to build upon the strength of its healthcare team, the addition of H2C further deepens the value we provide to the industry. The healthcare industry is complex and dynamic. Given its concentrated expertise and its client-focused culture, we believe H2C is a great strategic fit for Fifth Third and its existing healthcare team," Kevin Lavender, Fifth Third Bancorp Executive Vice President and Head of Commercial Banking.
Fifth Third Bancorp was advised by Alston & Bird. Hammond Hanlon Camp was advised by Houlihan Lokey and Winston & Strawn.
CORE Industrial Partners-backed Incodema, a company manufacturing sheet metalwork products, completed the acquisition of Mark Two Engineering, a medical device contract manufacturing provider. Financial terms were not disclosed.
“Mark Two Engineering brings naturally complementary capabilities to us including CNC milling, CNC turning, and CNC grinding. We are also pleased that Mark Two Engineering’s continuous dedication to quality has led to a solid foothold in the medical device and components arena, a strategic end market that we are working to expand," Carey Chen, Incodema CEO.
CORE Industrial Partners was advised by Winston & Strawn and BackBay Communications. Mark Two Engineering was advised by K-2 Ventures.
Sykes Enterprises, a full life cycle provider of global customer engagement services, completed the acquisition of The Penny Hoarder, an independent personal finance digital media company, for $103m.
“This acquisition marks a significant milestone and validation of hard work from The Penny Hoarder team. We’re excited to have found a partner in SYKES who believes in our mission of helping consumers make better financial decisions. The financial services industry is changing rapidly and consumers need an ally in navigating this new economy more than ever. Our partnership will give us a leg up in meeting these challenges while providing more opportunities for our employees and advertisers. We couldn’t be more thrilled to join the team,” Kyle Taylor, The Penny Hoarder Founder and Chief Executive Officer.
Sykes Enterprises was advised by Shumaker Loop & Kendrick. The Penny Hoarder was advised by JEGI | CLARITY.
DCC, an international sales, marketing, distribution and business support services group, completed the acquisition of United Propane Gas, which markets, sells and delivers liquefied petroleum gas and related products and services, for $145m.
"Since our initial entry into the US LPG market in April 2018 we have now committed approximately $445m of acquisition capital in building DCC Propane into the sixth largest business in the market. Building a business of scale in the US LPG market provides DCC with a strong platform to provide our customers with their energy needs now and into the future. Following the acquisition of UPG we have a business of real scale with a presence in 21 states, employing over 800 people and serving the energy needs of over 230k customers. Notwithstanding this growth, the opportunity for further expansion remains significant and UPG will further enhance our platform for development in the large, highly fragmented, and growing LPG market in the US," Donal Murphy, DCC Chief Executive.
Thompson Street Capital Partners, a private equity firm, completed the acquisition of GovSpend, a provider of government intelligence solutions to thousands of government vendors and agencies. Financial terms were not disclosed.
“We are pleased and excited to have TSCP as a partner to help catalyze further growth in the business, both organically and via M&A. This transaction is an important milestone for govtech companies as further evidence of the space maturing in just the past decade. We are thrilled to continue to help our government procurement customers deliver on their mission while removing friction for government vendors to sell their goods and services," Jeff Rubenstein, GovSpend Founder and CEO.
Thompson Street was advised by Weil Gotshal and Manges.
Windjammer-backed Hermetic Solutions, a company that designs, produces, and supplies electrical components, completed the acquisition of Cristek Interconnects, a manufacturer and supplier of interconnect products. Financial terms were not disclosed.
“Joining with HSG ensures Cristek is well positioned to deliver the products, performance and personalized support that our Warfighter customers rely upon. I want to thank Keith Barclay and the team at Windjammer Capital for their embrace of Cristek’s team members, each of whom remain integral to our continued success. I look forward to working with the team of professionals at HSG to further increase our collective value proposition as well as develop our new interconnect platform," Cristi Cristich, Cristek Founder and President.
Hermetic Solutions was advised by Kirkland & Ellis.
Troon, aprofessional golf club management company, completed the acquisition of Indigo Golf Partners, a management company with 170 golf courses. Financial terms were not disclosed.
“Leaving the industry better than we found it has been a guiding principle of Indigo Golf Partners, and Bob Morris and I hope to have achieved that in our over 30-year history in the industry. Troon aligns with our commitment to quality service and has a complementary course portfolio making it the right company for us to join. We are confident in growth ahead for Indigo and appreciate the dedication and commitment of all team members and partners who have made our great company what it is today," Peter Hill, Indigo Golf Partners Founder.
Indigo Golf Partners was advised by Houlihan Lokey.
Envision Building Products, a provider of decking and railing products, agreed to acquire Fairway Architectural Railing Solutions, a manufacturer of glass balusters, composite decks and round aluminum balusters. Financial terms were not disclosed.
“We believe this is the right partnership to meet the evolving needs of our customers while furthering our ability to create best-in-class outdoor products and achieve our vision in becoming the undisputed market share leader of non-wood railing in the US market. We are excited by Fairway’s opportunities under Envision’s ownership, and we look forward to this dynamic new chapter and the exponential new growth opportunities it brings," Greg Burkholder, Fairway Architectural Railing Solutions CEO.
Envision is advised by Skadden Arps Slate Meagher & Flom.
Cathcart Rail-backed Appalachian Railcar Services, a rail services organization, completed the acquisition of Amarillo railcar repair facility from Progress Rail, a provider of rail and transit products and services. Financial terms were not disclosed.
"ARS will be ready to deliver unparalleled quality, value, and service to its customers, with a continued focus on safety. We have been investing in our assets and people and will continue to invest in the ARS network to match our customers' expectations. Our greatest assets are our team members and our customers and, as such, Cathcart is excited to continue its strategy for growth in an effort to provide additional opportunities for both," said Cathcart Chief Executive Officer Scott Driggers," Scott Driggers, Cathcart CEO.
Financing was provided by Star America Infrastructure Partners.
General Catalyst, an American venture capital firm, and T. Rowe Price, an American publicly owned global investment management firm, led a $167m Series D financing round of Color Genomics, a provider of health care software solutions. Viking Global also participated in a round.
"We are building the rails for a national technology-based public health infrastructure. The inability to deliver basic healthcare services during the biggest health crisis of our lifetime is a direct consequence of the lack of a public health delivery model. Public health does not only mean a government-funded model. A modern public health infrastructure should enable all of the stakeholders in the health of large populations – including governments, employers, and schools – to support the essential health needs of the people they serve. By investing in the technology that ensures easy and affordable access to healthcare, we're creating the infrastructure that will serve us for decades to come," Othman Laraki, Color CEO.
Cox Automotive, a provider of vehicle remarketing, digital marketing, and software solutions, completed the acquisition of Dickinson Fleet Services, a mobile maintenance provider for medium and heavy-duty trucks and trailers in North America. Financial terms were not disclosed.
"Cox Automotive is building a fleet optimization marketplace designed to manage every fleet asset's complete lifecycle, and the acquisition of Dickinson Fleet Services both strengthens and diversifies Pivet's growing portfolio. The mobile repair segment will only become more significant over time, and the seamless integration of Dickinson's capabilities provides a considerable leap forward on our path to making Pivet the industry's most comprehensive fleet services resource," Joe George, Cox Automotive President.
Mondelez, a food and beverage company, agreed to acquire the remaining stake in Hu Master, a provider of food catering services, for $250m.
Mondelez which took a minority stake in Hu Master in 2019, is planning to acquire the rest in a transaction that values Hu at around $340m. Hu Master makes a popular chocolate bar based on the paleolithic diet that Is vegan and free of soy and refined sugar.
Amazon, Berkshire, JP Morgan healthcare joint venture to close business next month. (FS)
The joint venture of Amazon, Berkshire Hathaway, and JP Morgan Chase will cease to exist at the end of February, three years after the companies came together hoping to clamp down escalating healthcare cost, Reuters reported.
The inception of Haven had jolted the shares of several healthcare companies that feared that Amazon might disrupt traditional insurance and drug benefit businesses.
The not-for-profit venture was meant to address high costs in the world's most expensive healthcare system and to initially focus on "transparent" healthcare for the US employees of the three companies. But the joint venture faced hurdles last year when its Chief Executive Officer Atul Gawande, a Harvard surgeon, and author, stepped down to take the role of chairman.
IBM names ex-Goldman Sachs Group president as its new vice-chairman. (People)
Gary Cohn, the former economic adviser to US President Donald Trump and ex-Goldman Sachs Group president, has been named as vice-chairman of International Business Machines.
He will be part of IBM's executive leadership team and will work in the areas of business development, client services, public advocacy, and client relationship management.
Cohn last year raised $720m in an IPO for a new blank-check acquisition company and has investments across the cybersecurity, blockchain infrastructure, regulatory technology, and medical technology sectors.
Blackstone-backed Patria Investments prepares to go for IPO. (FS)
Patria Investments, a Latin America-focused investor that has been partially owned by Blackstone for the past decade, plans a public offering for a private equity firm.
Patria has filed to go public on the Nasdaq, a move that comes a little more than 10 years after Blackstone acquired a 40% stake in the Brazilian firm for a reported $200m. Since that 2010 deal, Patria has grown its assets under management from $3.6bn to $12.7bn, with $7.2bn of that current AUM in its private equity strategy. In addition to buyouts, the 32-year-old firm also invests in infrastructure, real estate and credit.
Oak Hill Capital raised $3.8bn for its OHCP V fund. (FS)
Oak Hill Capital has closed Oak Hill Capital Partners V, a $3.8bn private equity fund. OHCP V was significantly oversubscribed, surpassing its target of $3bn and exceeding Oak Hill Capital Partners IV by over 40%. OHCP V also represents the largest amount of third-party capital that Oak Hill has raised in its 35-year history.
Oak Hill will continue to target control-oriented private equity investments of $100-400m in middle-market companies primarily in North America, focused across the following sectors: Services, Industrials, Media & Communications, and Consumer.
"We are grateful for our Limited Partners' confidence, trust, and conviction in our team and investment strategy. We are especially pleased to note that over 90% of OHCP IV's interests re-upped into OHCP V. We appreciate the continued support from our existing investor base and are pleased to welcome our new investors to the Oak Hill family," Tyler Wolfram, Oak Hill Capital CEO & Managing Partner.
Madrona raised $505m for two funds. (FS)
Madrona Venture Group, Seattle-based private equity, has closed a pair of funds on a combined $505m. The VC firm raised $345m for Venture Fund 8, which will seek out seed-stage and Series A investments.
Madrona also raised $160m for Acceleration Fund 2, which will be used to invest in companies at the Series B and C stages. Madrona was an early backer of Amazon and Smartsheet and Snowflake, which went public in September.
Peter Thiel-backed second SPAC Bridgetown 2 seeks $200m in US IPO. (FS)
Billionaires Peter Thiel and Richard Li have once again teamed up to launch a second blank check company seeking to raise $200m in the US IPO.
Bridgetown 2 Holdings, the SPAC formed by Thiel's Thiel Capital and Li's Pacific Century, targets new economy technology, financial services, and media companies in Southeast Asia.
The filing lodged at the US Securities and Exchange Commission comes barely three months after the two billionaire's first SPAC – Bridgetown Holdings – raised $595m in a US IPO in October, making it the biggest SPAC focused on Southeast Asia.
LDC-backed Linley & Simpson, a real estate brokerage, completed the merger with MML Capital-backed Lomond Capital, a holder and owner of securities of companies, in a £100m ($136m) deal.
”LDC has been a great supporter of our strategy to grow through acquisition. This transaction is a continuation of our approach to building our business while retaining our successful local approach. We’re excited about the opportunities in each of the Lomond regions and I’m looking forward to working closely with Stuart, the Lomond team and LDC to help grow the new group,” Will Linley, Linley & Simpson Co-Founder and Managing Director.
Lomond Capital was advised by Dow Schofield Watts, Deloitte and Dickson Minto. LDC was advised by Clearwater International and Womble Bond Dickinson. Linley & Simpson was advised by TLP Capital and Freeths.
Lloyds Development Capital completed the investment in Omniplex, an eLearning solutions provider, has secured investment from mid-market private equity investor LDC to support its growth strategy. Financial terms were not disclosed.
“Omniplex offers organisations a market-leading all in one digital learning solution. Partnering with LDC gives us an opportunity to further consolidate our position by investing in our services and people. This is the next step in our journey to expand globally and truly transform learning in the workplace,” Matthew Lloyd, Omniplex CEO.
LDC was advised by KPMG, PMSI Strategy, DWF and BDO. was advised by Signia Corporate Finance and TLT.
Mondi Group, a manufacturer and distributor of packaging and paper products, agreed to acquire a 90% stake in Olmuksan International Paper, a producer of corrugated cardboard cases and boxes for industrial and agricultural products, from International Paper, a producer and distributor of paper products, for $81m. The transaction is expected to close in the first half of 2021, subject to certain closing conditions and regulatory approvals.
“We are excited by this unique opportunity to significantly strengthen our position in the fast-growing Turkish corrugated market and expand our offering to existing and new customers in the region," Andrew King, Mondi CEO.
Inflexion Private Equity agreed to acquire a minority stake in Digital Wholesale Solutions, a digital infrastructure provider, from Daisy Group, a Lancashire, England-based communication and IT services provider. The deal is likely to complete over January and still requires regulatory approval. Financial terms were not disclosed.
Matt Riley, the founder who led the company when it was a listed business, returned as chief executive after the process faltered. He bought out minority shareholders after Ares, the US asset manager, agreed to provide £1bn ($1.3bn) in debt financing in 2019.
Building Materials Europe, a building materials store in the Netherlands, agreed to acquire Saint-Gobain Building Distribution the Netherlands from Saint-Gobain, which designs, manufactures and distributes materials and solutions for the construction, mobility, healthcare and other industrial application markets, for €150m ($183m). The transaction is subject to approval by the European competition authority and to information and consultation of the employee representatives of the relevant Dutch entities. The transaction is intended to be finalized by the end of the year 2021.
This divestment is part of Saint-Gobain's continued portfolio optimization strategy to enhance the Group's growth and profitability profile.
Venture capital firms Index Ventures and General Catalyst are set to invest $100m in Bloom & Wild, an online florist. Funding round would include participation from some of Bloom & Wild's existing shareholders.
The investment would value Bloom & Wild at roughly $500m, putting it on track to become UK-based tech unicorn in the coming years.
LafargeHolcim in talks to acquire the Firestone Building Products unit.
LafargeHolcim, the world’s largest cement maker, is in advanced talks to acquire Bridgestone's Firestone Building Products unit, Bloomberg reported.
The Swiss company could reach an agreement as soon as this week. Negotiations could still be delayed or fall apart. Firestone Building Products was expected to fetch more than $2.5bn. The Bridgestone unit, part of the Japanese industrial conglomerate's North American division, makes roofing systems for commercial markets.
Next not looking to acquire a majority stake in Arcadia.
Next, a British retailer, said it was part of a consortium bidding for some of the brands owned by stricken rival Arcadia, but it would not take a majority stake in a deal.
"We are part of a consortium that is bidding for some of those brands. We are not looking at taking a majority stake," Simon Wolfson, Next Chief Executive.
Topshop and Topman owner Arcadia went into administration in November, putting over 13k jobs at risk and becoming Britain's biggest corporate casualty of the Covid-19 pandemic so far.
Credit Agricole invests €100m in the Ace Capital Partners fund. (FS)
Credit Agricole Group is investing €100m ($122m) alongside the French government, four major players in the GIFAS (French aerospace industries association) – Airbus, Dassault, Safran, and Thales – and Tikehau Capital, in a move to provide significant support to the aeronautical investment fund created to bolster the capital of strategic French companies in this sector weakened by the current health and economic crisis, prepare for the post-crisis environment, assist them in their development, and contribute to the reinforcement of the sector.
"The investment by more than 20 Credit Agricole regional banks reaffirms our long-lasting support for the aeronautics sector in all regions. It will help to sustain and transform this French sector of excellence," Nicolas Langevin, Crédit Agricole Toulouse CEO.
Cheplapharm, a manufacturer of pharmaceutical products, completed the acquisition of a portfolio of select prescription products from Takeda Pharmaceutical, a pharmaceutical company, for $562m.
“These divestments represent another important milestone in our portfolio simplification and optimization strategy as we position Takeda for continued success across our five key business areas: Gastroenterology (GI), Rare Diseases, Plasma-Derived Therapies, Oncology and Neuroscience. We are pleased to have found a partner in Cheplapharm who shares our commitment to patient care and has the experience and resources to continue investing in these important products well into the future for the benefit of patients," Giles Platford, Takeda President.
The family office of the Nintendo founder is backing plans by senior executives at Japan Systems to take the software company private, countering a takeover offer from a Hong Kong-based investment firm the Yamauchi No. 10 Family Office, which manages more than $972m in assets, plans to spend billions of yen to support the management buyout, Bloomberg reported.
Japan Systems’s management team, led by President Tomohiro Kawada, is trying to fend off a tender offer from private equity firm The Longreach Group. In December, US-based DXC Technology, which owns the majority of Japan Systems stocks, signed an agreement to sell all of its shares to the Hong Kong-based company.
Executives at Japan Systems are considering paying $5.95 for each Japan Systems share. The Longreach Group offer, which is valid until February 15, was for $5.71 per share. The stock closed unchanged at $5.69 in Tokyo.
Trustbridge, a mission-driven growth equity firm, is set to invest $500m in Tencent-backed DXY, a Chinese healthtech firm. Additional investors include Tencent Investment and Hillhouse Capital-backed GL Ventures.
DXY operates an online platform for hospitals, physicians, medical researchers, patients, pharmaceutical companies, and insurance providers to access and share medical information, medical data collection & management solutions, and other medical services. DXY plans to advance its partnership with doctors, medical institutions, and other related professionals and parties to explore new medical and healthcare offerings.
"The firm will strengthen collaboration with doctors and corporate users to provide professional know-how and reliable products upon the completion of the new financing," Li Tiantian, DXY Founder and Chairman.
Tencent led the $279m Series C round in Enflame, a Shanghai-based AI cloud computing startup. Additional investors include Yun He Capital, YTI Capital, CITIC Private Equity Funds Management, CICC Capital, Primavera Capital, Redpoint Ventures China, and SummitView Capital.
“Traditional data centers are not directly related to AI, while now data centers are increasingly introducing AI acceleration platforms. We expect the penetration rate of AI technology to jump to 25% to 30% from the current 5%, with a very large market size in the future,” Zhao Lidong, Enflame CEO.
Plutus, a venture capital firm, completed the acquisition of Nazara, a company providing computer programming services, from WestBridge, a private equity firm, for $68m.
“We are excited to onboard Plutus as a long-term investor in Nazara. Creating value for all our stakeholders, including our investors, has always been very important for us and I am glad that we have been able to deliver a great return to WestBridge who backed us early on in 2005," Nitish Mittersain, Nazara Technologies Founder and Managing Director.
Twitter, an American microblogging and social networking service, agreed to acquire Breaker, a mobile video entertainment startup company. Financial terms were not disclosed.
“Here at Breaker, we’re truly passionate about audio communication and we’re inspired by the ways Twitter is facilitating public conversations for people around the world,” Erik Berli, Breaker CEO.
Gojek and Tokopedia are in advanced $18bn merger talks.
Gojek, an Indonesian ride-hailing and payment firm, and Tokopedia, an e-commerce leader, are in advanced talks to seal an $18bn merger ahead of potential stock market listings in Jakarta and the US, Reuters reported.
The talks come as the decade-old startups seek profitability by offering a bouquet of services as varied as grocery shopping and hairdressing appointments under a single platform.
The pair have also been benefiting from virus-busting stay-home policies, which have stoked demand for food delivery and e-payments in the archipelago’s fast-growing e-commerce market.
Global Switch's Chinese Owners explore $10.9bn divestment.
The Chinese owners of Global Switch Holdings are exploring options, including a sale that could value the London-based data center operator at £8bn ($10.9bn) or more, Bloomberg reported.
Global Switch, controlled by Chinese steelmaker Jiangsu Shagang Group and backed by Avic Trust, is working with advisers to solicit interest from prospective suitors.
The potential sale of Global Switch follows an aborted Hong Kong IPO in 2019. In August of that year, Shagang bought another 24% stake in a £1.8bn ($2.5bn) deal from British billionaire brothers David and Simon Reuben, who had begun to whittle down their ownership in 2016. Shagang then became the largest shareholder.
Mekong Capital closes the fifth fund at $246m. (FS)
Mekong Capital, a Vietnam-based private equity firm, has closed its fifth investment vehicle, Mekong Enterprise Fund IV at $246m, more than double that of its predecessor fund, DealStreetAsia reported.
Fund manager was planning to close its fifth fund at a hard cap of $250m. The vehicle, in which the World Bank's International Finance has committed $60m in capital, had an initial target of $200m. Mekong Capital has had three other funds in the Mekong Enterprise Fund series besides the Vietnam Azalea Fund, a 2007-vintage, pre-IPO fund.
"During 2020, many businesses such as resorts and high-end restaurants have grown their customer base with Vietnamese consumers, which I think is a great opportunity for them because local Vietnamese customers typically come in bigger groups, are more likely to be repeat visitors, and represent a bigger market opportunity," Chris Freund, Mekong Capital Founding Partner.
Brookfield, Bain Capital, Carlyle, Permira have initiated due diligence for buying a controlling stake in Blackstone-backed tech firm Mphasis.
Blackstone is looking to cash out of its largest investment in the country till date. The investors are expected to submit the final binding offers next month, though a specific date has not yet been finalized. Blackstone’s 56.16% stake alone would be valued at $2.2bn based on the company’s current market value.
Morgan Stanley has been appointed by Blackstone for sale.
Blackstone appoints Eiichi Hasegawa as senior advisor to the Japan team. (FS, People)
Blackstone, a global asset manager, has appointed Eiichi Hasegawa as a senior advisor to its Japan team. Hasegawa, who previously served as senior advisor to former Japanese prime minister Shinzo Abe, DealStreetAsia reported. Hasegawa will advise Blackstone on Japan's economic climate, investments, and capital raising.
"His extensive networks will add significant value to building out our efforts, communicating with our limited partners, and contributing to our portfolio company operations," Stephen A. Schwarzman, Blackstone chairman and CEO.
TPG-backed Nykaa E-Retail plans $3bn IPO. (FS)
Nykaa E-Retail, an Indian online cosmetic retailer, is planning an IPO as soon as this year that could value the Indian online cosmetic retailer at a minimum $3bn, Bloomberg reported.
The startup founded by Falguni Nayar, a former investment banker, is working with advisers to prepare for the share sale in Mumbai. Nykaa is leaning toward a domestic listing, though an overseas share sale is also under consideration.
Founded in 2012, Nykaa’s platform lists more than 1.2k brands ranging from makeup, skincare to health supplements and hair dryers, according to its website, which logs 55m monthly visits. It has six warehouses across India and receives over 13m orders each month.
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