AMERICAS
T-Mobile US, a publicly listed subsidiary of Deutsche Telekom, and Sprint, a publicly listed subsidiary of Softbank Group, together with Deutsche Telekom and Softbank, completed the merger of the two companies in an all-stock transaction.
The combined company is named T-Mobile. Under the terms of the transaction, Sprint shareholders received a fixed exchange ratio of 0.10256 T-Mobile shares for each Sprint share or the equivalent of approximately 9.75 Sprint shares for each T-Mobile share. As previously announced, per a separate arrangement, SoftBank surrendered approximately 48.8m T-Mobile shares acquired in the merger to New T-Mobile immediately following the closing of the transaction, making SoftBank’s effective ratio 11.31 Sprint shares per T-Mobile share.
“With this powerful network, the New T-Mobile will deliver real choice and value to wireless and home broadband customers and double down on all the things customers have always loved about the Un-carrier. I want to thank Marcelo Claure and the entire Sprint leadership team for their hard work to get us to this huge day! We did it!... and I’m looking forward to welcoming Sprint employees into Team Magenta, and to working with you now as a member of our Board of Directors,” Mike Sievert, T-Mobile President and CEO.
Sprint was advised by Centerview Partners, JP Morgan, Mizuho, SMBC, The Raine Group, Morrison & Foerster, Potter Anderson & Corroon, Simpson Thacher & Bartlett, and Skadden Arps Slate Meagher & Flom. SoftBank was advised by Morrison & Foerster and Potter Anderson & Corroon. Deutsche Telecom was advised by Deutsche Bank, Evercore, Goldman Sachs, Morgan Stanley, PJT Partners, Allen & Overy, Hogan Lovells, DLA Piper, Latham & Watkins, Richards Layton and Finger, and Wachtell Lipton Rosen & Katz.
The UK Competition and Market Authority cleared Flutter Entertainment's $12.3bn merger with Stars Group, the owner of PokerStars. The decision cleares doubts over the deal being held up because of the outsize market share.
The Competition and Market Authority said that although PaddyPower, Betfair and Sky Betting and Gaming, which is owned by Stars, were among the main online betting brands in the UK "they are among a number of close competitors" to which customers could "easily switch".
The Stars Group is advised by BMO Capital Markets, Barclays, Moelis & Co, A&L Goodbody, Blake Cassels & Graydon, Gilbert + Tobin, Jones Day, Osler Hoskin & Harcourt, and Slaughter & May. Flutter is advised by Goldman Sachs, Goodbody, PJT Partners, Arthur Cox, Blank Rome, Clayton Utz, Freshfields Bruckhaus Deringer, Stikeman Elliott, Drury Porter Novelli, and Finsbury.
Stone Canyon Industries, a private equity firm, completed the acquisition of Kissner Group, a producer and supplier of salt, for $2bn.
"We are pleased to welcome Kissner's employees and management team to SCIH. We look forward to applying our long-term growth-oriented business model to the success created by the Kissner team. This acquisition represents another important step in our plan to build a diversified industrial conglomerate," James Fordyce, SCIH Co-CEO.
Kissner Group was advised by Harris Williams & Co. SCIH was advised by BMO Capital Markets, Morgan Stanley, Gibson Dunn & Crutcher and Torys. Sellers were advised by Davis Polk & Wardwell, Bennett Jones and Finn Dixon & Herling. Debt financing was provided by Morgan Stanley, Bank of America Merrill Lynch, BMO Capital Markets, Goldman Sachs, KKR Capital Markets and Citizens Bank.
Virginia State Corporation Commission, Bureau of Insurance reapproved the proposed $2.7bn acquisition of control by Oceanwide of Genworth's insurance companies domiciled in Virginia. The parties expect that Oceanwide's existing financing arrangement for debt funding of up to $1.8bn through Hony Capital will be extended through June 30, 2020.
"As I have said many times since we signed the merger agreement in 2016, Oceanwide remains fully committed to the Genworth transaction. I believe the long-term value of Genworth to the Oceanwide family of companies remains very compelling. However, in light of the impact of the coronavirus pandemic on global financial markets, it makes sense to extend the merger agreement to June 30, 2020," Lu Zhiqiang, Oceanwide Chairman.
Genworth is advised by Goldman Sachs, Lazard, Richards Layton and Finger, Weil Gotshal and Manges and Willkie Farr & Gallagher. Oceanwide is advised by Citigroup, Willis Capital Markets & Advisory, Potter Anderson & Corroon and Sullivan & Cromwell.
Danaher, a global science and technology innovator, completed the acquisition of the biopharma business of General Electric, an American multinational conglomerate, for $21bn.
"Completing the sale of BioPharma represents a critical milestone on our multi-year transformation, fortifying our considerable sources to de-risk our balance sheet and continue to solidify our financial position. I am proud of the teams for completing this transaction amidst a great deal of global change," H. Lawrence Culp, GE Chairman and CEO.
Danaher was advised by Barclays, Kirkland & Ellis, and Sard Verbinnen & Co. General Electric was advised by Citigroup, Goldman Sachs, JP Morgan, PJT Partners, Clifford Chance, and Paul Weiss Rifkind Wharton & Garrison.
Synthomer, a United Kingdom-based speciality chemical company, completed the acquisition of OMNOVA Solutions, a global manufacturer of emulsion polymers, speciality chemicals, and functional and decorative surfaces, for $824m.
"OMNOVA complements Synthomer culturally, geographically and by market, while Synthomer's financial position provides for a very strong combined company that will be well positioned to accelerate growth. This transaction presents increased opportunities for the business and its employees to leverage the combined scale, grow more quickly and profitably, and enhance product innovation in ways that will benefit customers and employees," Anne Noonan, OMNOVA Chief Executive Officer.
OMNOVA was advised by Morgan Stanley and Jones Day. Synthomer was advised by Canaccord Genuity, Citigroup, Barclays, HSBC, Valence Group, Cravath Swaine & Moore, Herbert Smith Freehills, and Teneo.
Columbia Financial, an investment holding company, completed the acquisition of Roselle Bank, a full-service bank. Financial terms were not disclosed.
"With the addition of Roselle Bank, Columbia Bank is now serving 12 counties across the State of New Jersey. The combination advances our strategic growth plan and allows us to deliver enhanced products, digital services and lending capabilities to new markets. Our bank recently completed a successful systems conversion from its prior acquisition of Atlantic Stewardship Bank. With one successful conversion behind us, we look forward to welcoming the new customers and employees of Roselle Bank. Together, we are making community banking better," Thomas J. Kemly, Columbia Bank President and CEO.
Roselle Bank was advised by Sandler O'Neill + Partners and Luse Gorman. Columbia Financial was advised by Boenning & Scattergood and Kilpatrick Townsend.
HGGC, a middle-market private equity firm, completed the acquisition of PCF Insurance, a full-service insurance brokerage firm that provides complete risk management and employee benefits solutions, from BHMS Investments, a private investment firm. Financial terms were not disclosed.
"PCF's mix of diversified customers, blue-chip carriers, scalable financial profile, and strong leadership have fueled its fast growth in the attractive insurance brokerage space. Our proven ability to partner with portfolio companies to help them scale and drive strategic acquisitions will support PCF in building on its existing success, which includes growing more than 17x since 2017," Steve Young, HGGC Co-Founder and President.
PCF was advised by Sica Fletcher and TAG Financial Institutions Group. HGGC was advised by Waller Helms Advisors and Stanton PRM.
BankPlus, a commercial bank in Mississippi, completed the acquisition of State Capital, a banking service provider, for $137m. Based upon financial data as of December 31, 2019, the combined company has approximately $4.1bn in assets, deposits of $3.6bn and gross loans of $3bn.
"We are excited to welcome State Bank’s clients, shareholders and team members to the BankPlus family. This merger represents two of Mississippi’s oldest banks coming together with a shared banking philosophy, developed over generations of serving communities and businesses," William A. Ray, BankPlus President and CEO.
State Capital was advised by Stephens and Adams and Reese. BankPlus was advised by Keefe Bruyette & Woods and Jones Walker.
Reliant, the parent company for Reliant Bank, completed the acquisition of First Advantage, the parent company for First Advantage Bank, for $123m. Based on December 31, 2019 financial data, the combined company had total consolidated assets of approximately $2.9bn, deposits of approximately $2.4bn, and gross loans of approximately $2.2bn.
“We are pleased to announce the completion of the First Advantage acquisition and excited about its potential to accelerate our future growth opportunities. First Advantage Bank brings a strong lending team with offices in our existing markets of Davidson County and Williamson County. The acquisition will also provide loan portfolio diversification for Reliant with the addition of a specialized lending team focused on manufactured housing, primarily in the Southeastern United States,” DeVan Ard, Jr., Reliant Chairman, President, and Chief Executive Officer.
First Advantage Bancorp was advised by Raymond James and Kilpatrick Townsend. Reliant Bancorp was advised by Piper Jaffray and Butler Snow.
Bertelsmann, one of the world's largest media companies, completed the acquisition of the remaining 25% stake in Penguin Random House, a consumer book publishing company, from Pearson, a British-owned education publishing and assessment service, for $675m.
"As our venture with Bertelsmann comes to an end, we wish our colleagues and authors in Penguin Random House every future success. While we are experiencing unprecedented times as a result of Covid-19, we are taking all precautionary measures to protect our business. Our balance sheet is strong, our net debt is relatively low, and we have good liquidity. Furthermore, the growing interest in online learning puts us in a strong position given our global leadership and investment in this area," John Fallon, Pearson Chief Executive.
Bertelsmann was advised by Davis Polk & Wardwell. Pearson was advised by Citigroup and Brunswick Group.
Mizuho Leasing, which provides finance, operating, automobile, real estate and other services, completed the acquisition of a 50% stake in PLM Trailer Leasing, which offers the largest selection of multi-temp, single-temp, and eco-friendly electric trailers, from Marubeni, a trading company with business divisions in iron and steel, information technology, utility and infrastructure, energy, food and others sectors, for $145m.
"We are thrilled to continue our partnership with Marubeni America Corporation and welcome Mizuho Leasing. This partnership strengthens PLM's position as an industry leader, providing refrigerated fleet management and leasing solutions to the supply chain," Keith Shipp, PLM President and CEO.
Graphic Packaging Holding, a provider of packaging solutions to food, beverage, foodservice, and other consumer products companies, completed the acquisition of Consumer Packaging Group business from Greif, a packaging and container services provider, for $85m.
"Given our industrial focus, we were not the rightful owner of the CPG business. The sale helps us de-lever our balance sheet, optimize our capital allocation plans and refocuses our business on our core industrial franchise and strategic growth priorities in Intermediate Bulk Container production and reconditioning and containerboard integration," Pete Watson, Greif President and Chief Executive Officer.
Shimadzu Medical Systems USA, a global provider of medical diagnostic imaging equipment including conventional, interventional and digital X-Ray systems, completed the integration of Core Medical Imaging, an X-ray equipment supplier. Financial terms were not disclosed.
Shimadzu believes that this new business investment will help them strengthen and expand their direct involvement in the North American healthcare market and contribute to better personal health with premium medical systems and unique technologies.
University Games, a San Francisco-based game and puzzle company, agreed to acquire Maranda Games, a manufacturer of outdoor recreation games. Financial terms were not disclosed.
"University Games is the perfect partner to bring our games to more people. The broad distribution University Games already has in the speciality, mass and online game & toy markets complements our distribution built on 16 years in the outdoor and sporting goods markets," Mark Fuchs, Maranda Games Co-Founder.
Apple completed the acquisition of Dark Sky, a mobile weather services provider. Financial terms were not disclosed.
"Our goal has always been to provide the world with the best weather information possible, to help as many people as we can stay dry and safe, and to do so in a way that respects your privacy. There is no better place to accomplish these goals than at Apple. We're thrilled to have the opportunity to reach far more people, with far more impact, than we ever could alone. To our customers, family and friends, we are grateful for your support over the past eight years. We look forward to continuing to build great products, so stay tuned," Dark Sky.
Ontario Teachers’ fund prepares for a shakeup in private markets. (FS)
Private assets were one reason Ontario Teachers’ Pension Plan underperformed in 2019. Now the fund is preparing for the fallout from the turmoil in public markets in 2020, Bloomberg reported.
The $147bn pension fund delivered a 10.4% return last year, lagging its 12.2% benchmark. The failure to beat the hurdle tends to happen when public equities have exceptional returns.
“When dislocations happen at such a rapid pace, there’s usually a time lag until they started to feed through private assets, particularly when it comes to valuation,” Ziad Hindo, Ontario Teachers’ fund CIO.
Kurita Water Industries merges its US subsidiaries.
Kurita Water Industries, a global provider of water treatment products and services, completed the merger of its consolidated subsidiaries in the United States, including US Water Services, Kurita America, Fremont Industries and Global Water Services Holding. The newly combined company will be known as Kurita America.
"The integration of these companies represents an unprecedented opportunity to leverage and expand the collective strengths of our legacy brands with Kurita's worldwide global leadership. Kurita's industry-leading technologies and capabilities will enable us to deliver more powerful and impactful integrated solutions for our customers," LaMarr Barnes, Kurita America CEO.
Austrian sensor maker AMS completed a $1.8bn rights issue which it needs to help finance its $5bn takeover of German lighting group Osram.
AMS said that 62% of the new shares had been sold to investors, meaning that the underwriting banks organizing the sale had to take up the remainder. They managed to sell an 8% stake at the issue price of $9.5 a share but had to take a 30% or c. $550m holding onto their books since the demand for the sensor maker's share sale was so low, Reuters reported.
Osram is advised by Lazard, Perella Weinberg Partners, Freshfields Bruckhaus Deringer, Gleiss Lutz, Hengeler Mueller, Sullivan & Cromwell, and Finsbury. AMS is advised by PwC, Bank of America Merrill Lynch, HSBC, UBS, Herbst Kinsky, Linklaters, Schellenberg Wittmer, Allen & Overy, and Brunswick Group.
Monaco Telecom, the incumbent telecoms operator in the Principality of Monaco, completed the acquisition of Vodafone Malta from Vodafone, a mobile telecommunications company providing a range of services, for €250m ($278m).
"We are very pleased to conclude this acquisition and to have been able to obtain all the necessary authorizations in Malta. We are conscious of the special responsibility of telecommunication services in the global crisis that we are experiencing and our ambition is to bring all our quality know-how and innovation to the service of individuals and companies from Malta," Martin Péronnet, Monaco Telecom Managing Director.
Vodafone was advised by Akira Partners and Norton Rose Fulbright.
Heska, which manufactures, sells, and markets veterinary diagnostic and specialty products, completed the acquisition of scil animal care business of Covetrus, a global company in animal-health technology and services, for $110m.
"The companies that invest in their people and capabilities during difficult times like these will be positioned for above market performance when uncertainty begins to recede. Heska intends to be one of these companies. With today's acquisition, Heska gains phenomenal assets that we very much want to own over the next several quarters and, more to the point, decades. I believe very strongly that this combination will drive significant value creation for all stakeholders," Kevin Wilson, Heska's CEO.
Heska was advised by Piper Sandler. Covetrus was advised by Stifel.
L'Oreal, a French personal care company, completed the acquisition of Mugler and Azzaro fragrance & fashion divisions from Clarins Groupe. Financial terms were not disclosed.
"We look forward to welcoming the Mugler and Azzaro teams to the L'Oreal family, and to accompanying them, especially in this difficult time," Cyril Chapuy, L'Oreal Luxe President.
L'Oreal was advised by Clifford Chance. Clarins was advised by Rothschild & Co.
Nestlé Purina PetCare, a pet food manufacturer, completed the acquisition of natural pet food brand Lily’s Kitchen from private equity investor L Catterton. Financial terms were not disclosed.
"We very much respect the powerful brand, strong ethical values and impressive sales growth their experienced management team has achieved. Natural foods represent an exciting and rapidly expanding part of the pet care market, and this move reflects our desire to act on consumer trends and invest in high-growth categories. Lily's Kitchen is an excellent fit with our existing brand portfolio, and we look forward to supporting their continued growth with Purina's own world-leading pet care expertise, insight and global resources," Bernard Meunier, Nestlé Purina PetCare CEO.
Lily's Kitchen was advised by Houlihan Lokey.
American Regent, a US manufacturer of pharmaceuticals for human and veterinary use with manufacturing, agreed to acquire the French active pharmaceutical ingredient manufacturing facility of Daiichi Sankyo, a global pharmaceutical company. Financial terms were not disclosed.
"We now have the ability to directly collaborate with colleagues in France. This vital connection will allow us to more quickly mobilize production resources in getting Adequan to veterinarians and, ultimately, patients. Additionally, this acquisition provides the opportunity to explore other products for manufacture, so American Regent can continue to find innovative ways of responding to customer needs," Joel Steckler, American Regent's Vice President of Animal Health.
The coronavirus pandemic hampers global M&A by 28%.
M&A activity dropped by 28% in the first quarter to its lowest level since 2016 as the disastrous economic consequences of the coronavirus pandemic spread out in March, leading to a sluggish start to the year for dealmakers.
US deal activity slipped by half to $252bn in the first three months from a year ago, driving global volumes down to $698bn from $964bn in the first quarter of 2019, Reuters reported. Asia deal volumes plummeted 17% year-on-year to $142.9bn. Europe volumes doubled to $232bn due to several huge deals before the crisis.
"We have seen the number of deals announced globally drop 43% year-over-year in the last two weeks," Patrick Ramsey, Bank of America Global M&A Head.
EQT, Bridgepoint delays sale processes amid market turmoil. (FS)
European private equity firms are putting plans to divest portfolio companies on ice, as the market rout and weak business performance keep bidders away.
EQT is deferring the sale of software maker IFS. It collected initial bids earlier this month from buyout funds valuing the business at more than $3.3bn, Bloomberg reported.
Bridgepoint is also postponing the sale of Iberian agrochemical business Rovensa. A sale of Rovensa was initially expected to fetch more than $1.3bn. While several private-equity suitors were asked to make final bids last week, they decided against submitting binding offers as market conditions continued to deteriorate. Bridgepoint now plans to invite bids in May, when there should be more clarity on how the epidemic will impact the company’s performance.
Brembo acquired a minority stake in Pirelli.
Italy’s Brembo, which make brakes for Ferrari, Tesla, BMW and Mercedes as well as several Formula 1 teams, has taken a small “long-term” stake in tire maker Pirelli.
Brembo decided to buy the 2.43% stake, held both directly and indirectly through its Nuova FourB parent company, with “a non-speculative, long-term approach” and it had made the move “autonomously”.
Shares in Pirelli are trading close to their lowest level since the tiremaker went public again in 2017, two years after a delisting that followed a takeover by ChemChina.
Norwegian Air former CEO cuts stake to under 5%.
The founder and the former chairman of Norwegian Air reduced their shared stake to 4.64% from 9.99% a week ago. Bjoern Kjos and Bjoern Kise, who are no longer involved in the management of Norwegian, have gradually cut the stake in the company, which is seeking government aid in a bid to overcome the coronavirus crisis.
Their investment firm HBK Holding now owns 7.58m shares, down from 16.36m on March 24 and 19.6m in mid-February.
MTN to move ahead on Nigeria stock sale amid market turmoil.
MTN Group will push on with a plan to reduce its majority stake in the wireless carrier’s Nigerian business, though turmoil caused by the coronavirus may require the sale to be done in smaller chunks than anticipated.
The impact of the pandemic on international financial markets does not change the importance of selling part of the 79% shareholding to local investors, Chief Financial Officer Ralph Mupita said in an interview. However, the rest of a three-to-five year plan to dispose of $1.4bn of assets will probably take a back seat for now.
“In Nigeria we still want to do part of our retail offer, even if it is a smaller part of the total planned sale. We are applying our minds to doing this at the moment,” Ralph Mupita, MTN Chief Financial Officer.
Solstad Offshore and its creditors agree on a draft restructuring plan.
Solstad Offshore, Norway's offshore service vessels supplier, and its creditors agreed on a draft restructuring plan, which includes converting $962m of debt into equity.
"We are entering a period where global offshore activity is likely to be reduced with the impact of the Covid-19 virus and drop in the oil price. A successful implementation of the restructuring will enable the company to better meet the challenges of the current markets and position the company well for the coming years," Lars Peder, Solstad CEO.
Jupiter’s flagship bond fund shrinks by €1.7bn in virus-scared markets. (FS)
One of Jupiter's largest bond funds saw assets fall by €1.7bn ($1.9bn) in March amid the onset of the coronavirus pandemic, reversing an otherwise steady run of asset gathering for the flagship vehicle, FN reported.
Jupiter's Dynamic Bond fund — one of the biggest fixed income vehicles in Europe — recorded net outflows of €1.3bn ($1.4bn) to March 30 as the Covid-19 crisis caused investors to flee bond products.
Unilever completed the acquisition of the Health Food Drinks portfolio of GlaxoSmithKline in India, Bangladesh and 20 other predominantly Asian markets for $5.2bn. Unilever also completed the related acquisition of Horlicks brands rights and other Consumer Healthcare nutrition assets from GSK in other predominantly Asian markets. Bangladesh closing is expected to follow later this quarter, subject to local procedures.
"We are delighted to be acquiring the GSK Health Food Drinks portfolio. The iconic Horlicks brand has a deep heritage, credibility and resonance around the world. The acquisition is transformative for our Foods and Refreshment business allowing us to enter the Health Foods Drinks category, further strengthening our position in health and wellness." Nitin Paranjpe, Unilever Food & Refreshment President.
Unilever was advised by Ernst & Young, Bank of America Merrill Lynch, Ernst & Young, HSBC, Baker McKenzie, and Cyril Amarchand Mangaldas. GSK was advised by Grant Thornton, Axis Capital, Ernst & Young, Greenhill & Co, Morgan Stanley, Nova Dhruva Capital, AZB & Partners, and Slaughter & May.
Asahi Group holdings won conditional approval from Australia's competition regulators for the $11.3bn acquisition of Carlton & United Breweries from Anheuser-Bush InBev. Australia's Competition and Consumer Commission approved the deal after Asahi gave a court-enforcement undertaking to sell AB InBev's Stella Arotis and Beck's beer brands and the Strongbow, Bonamy's and Little Green cider brands.
"Without the sale of five beer and cider brands including Strongbow and Stella Artois, the combined Asahi-CUB company would have accounted for two-thirds of cider sales in Australia, and owned the two largest cider brands, Somersby and Strongbow," Rod Sims, ACCC Chair.
Asahi is advised by Ernst & Young, PwC, Nomura, Rothschild & Co, and Allen & Overy. AB InBev is advised by Lazard, Freshfields Bruckhaus Deringer, Gilbert + Tobin, and Gladstone Place Partners. Debt financing is provided by Sumitomo Mitsui Banking Corp.
Catalina, a Bermuda-based group, which acquires and manages non-life insurance and reinsurance companies and portfolios in run-off, completed the acquisition of Asia Capital Reinsurance Group, a reinsurance business, from Temasek. Financial terms were not disclosed.
"This is a significant transaction for Catalina, as it gives us a strong platform from which to grow our Asian business and increase exposure to a significant and growing run off market. I am pleased with the integration of ACR to date, and look forward to executing similar Asia-based transactions in due course," Chris Fagan, Catalina Chairman and Chief Executive.
Catalina was advised by Instinctif Partners.
Toyota and Panasonic formed Prime Planet Energy & Solutions, a joint venture specializing in automotive prismatic batteries. Toyota has a 51% stake and Panasonic has a 49% stake in Prime Planet Energy & Solutions. Financial terms were not disclosed.
The joint venture announced by Toyota and Panasonic will develop highly competitive, cost-effective batteries that are safe and feature excellent quality and performance (in terms of capacity, output, durability, etc.), enabling use with peace of mind by all customers. Furthermore, the joint venture will supply batteries not only to Toyota but also, broadly and stably, to all customers.
Singtel to sell $1.2bn telecom tower assets in Australia.
Regional telecommunication giant Singtel is planning to sell the $1.2bn+ telecom tower portfolio owned by its Australian subsidiary Optus, DealStreetAsia reported.
Bank of America has been mandated to handle the sale, with an auction expected in the first half of the year, subject to disruptions from the Covid-19 outbreak. The deal is expected to include a long-term contract for Optus to continue to use the towers.
“After spending heavy capex in Australia in fiscal years 2015-18 to improve its 4G network and rollout regional coverage to better match Telstra, the tower sale proceeds could help to pare debt and fund Optus’s 5G network rollout, without further burdening the balance sheet,” Singtel.
KKR's sale of Goodpack is set aside due to the market downturn. (FS)
KKR & Co suspended a plan to sell Singapore-based Goodpack, a provider of shipping containers and logistics services, following the coronavirus outbreak, Reuters reported.
KKR acquired Goodpack for about $985m in 2014 and removed it from Singapore Exchange. Certain changes were made with respect to senior management. They branched out into new markets such as food and chemicals and set up offices in Europe and the US.
Before the crisis, KKR received bids from more than 12 prospective buyers, valuing the deal at around $2bn.
SML Group narrows buyout bidders. (FS)
SML Group, a closely held garment label maker for fashion brands and retailers globally, narrowed the field of bidders as it moves ahead with a potential sale of the business, DealStreetAsia reported.
Buyout firms Affinity Equity Partners and FountainVest Partners are among bidders that have been selected to continue in the process. Cornell Capital and Platinum Equity have also proceeded into the next round of bidding.
Farasis seeks to raise $479m in STAR board listing. (FS)
Chinese electric vehicle battery maker Farasis Energy received regulatory approval to raise around $479m in an initial public offering on China’s Nasdaq-like STAR board, DealStreetAsia reported.
Farasis, which said last year that it planned a share market listing, is expected to be valued at around $4.2bn after the IPO. Farasis, whose main products are nickel-cobalt-manganese batteries for electric vehicles, aimed to list in the second quarter this year.
GIC appoints Glenn Hutchins to its International Advisory Board. (FS, People)
Singapore’s sovereign wealth fund GIC appointed Glenn Hutchins, Chairman of North Island and co-founder of Silver Lake, to its International Advisory Board with effect from April 1, 2020.
In this role, Hutchins will be an advisor to the Investment Strategies Committee and a member of the Investment Board. Hutchins is a director of AT&T and of Virtu Financial; co-chairman of the Brookings Institution and CARE; on the Executive Committee of the Boston Celtics Basketball Team and the Obama Foundation; and a board member of the Federal Reserve Bank of New York, the New York Presbyterian Hospital and the Center for American Progress, DealStreetAsia reported.
KKR taps Hidekazu Harada to lead Tokyo private equity team. (FS, People)
KKR named Hidekazu Harada as managing director of its Tokyo private equity team, effective immediately. Harada was previously at Bank of America-Merrill Lynch as a board member and co-head of investment banking in Japan.
His portfolio at BofA-ML including financial sponsors, TMT, mergers and acquisitions, management buyouts and leveraged finance. Prior to that, he spent four years at Daiwa Securities SMBC’s Tokyo and London offices where he focused on mergers & acquisitions.
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