We're excited to partner up with @PE_Insights for their 11 Private Equity Conferences. 450+ private equity executives gathering for exclusive networking opportunities to find clients, deals, and fundraise — use exclusive promotional code "Mergerlinks_PEI" for a 15% discount.
T-Mobile US and Sprint agreed on new merger terms that would reduce the stake of major Sprint shareholder SoftBank while leaving the offer to other shareholders unchanged. T-Mobile owners will receive about 11 shares of Sprint for each of their stock. That’s an increase from a ratio of 9.75 previously and is more favorable for T-Mobile’s German owner Deutsche Telekom. The equity value of the amended deal is about $37bn compared with the original agreement of $26.5bn.
Under the revised deal, SoftBank will hold about 24% of the combined entity, down from 27% under the earlier terms. T-Mobile's parent Deutsche Telekom will hold about 43% of the combined entity, up from the 42% that the German group would have held, Reuters reported.
Sprint is 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 is advised by Morrison & Foerster. Deutsche Telecom is 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 Securities and Exchange Commission launched an investigation into Altria's investment in e-cigarette start-up Juul Labs. Regulators are examining whether the tobacco company sufficiently disclosed to shareholders the risks when it invested $12.8bn for a 35% stake in Juul. Altria's stake valued the start-up at $38bn, WSJ reported.
Juul was advised by Goldman Sachs, Cleary Gottlieb Steen & Hamilton, Pillsbury Winthrop Shaw Pittman, Skadden Arps Slate Meagher & Flom, Sard Verbinnen & Co, and Tulchan Communications. Altira Group was advised by JP Morgan, Perella Weinberg Partners, Hunton Andrews Kurth, Wachtell Lipton Rosen & Katz, Simpson Thacher & Bartlett, and Abernathy MacGregor Group. Debt financing was provided by JP Morgan.
Xerox Holdings said it would continue to pursue HP's acquisition, even after the PC maker said it would implement a poison pill plan to shield itself against a takeover offer from the US printer maker, Reuters reported.
On a separate announcement, activist investor Carl Icahn raised the idea of HP acquiring Xerox for $45 a share in a phone call with HP CEO Enrique Lores in November. Icahn, who owns about 11% of Xerox and 4.3% of HP, continues to push publicly for a tie-up.
"Despite the HP board's intention to deny shareholders the chance to choose for themselves, we will press ahead with our previously announced tender offer and electing our slate of highly qualified director candidates," Xerox.
HP is advised by Goldman Sachs and Wachtell Lipton Rosen & Katz. Xerox is advised by Citigroup, King & Spalding, Simpson Thacher & Bartlett, and Willkie Farr & Gallagher. Debt financing is provided by Bank of America Merrill Lynch, Citigroup, and Mizuho Securities.
Cleveland-Cliffs and AK Steel Holding received all of the necessary regulatory approvals from Mexican Competition Commission for the $3bn acquisition of AK Steel by Cleveland-Cliffs.
The transaction is currently scheduled to close on March 13. It remains subject to adoption by Cleveland-Cliffs' and AK Steel's stockholders of the merger agreement.
AK Steel is advised by Goldman Sachs and Weil Gotshal and Manges. Cleveland-Cliffs is advised by Credit Suisse, Moelis & Co, Jones Day, Squire Patton Boggs, and Alston & Bird. Debt financing is provided by Credit Suisse.
Kyocera, a Japanese multinational ceramics and electronics manufacturer, is set to acquire the remaining 28% stake in AVX, a manufacturer, supplier, and reseller of a broad line of electronic components, for c. $1bn.
Following the completion of the transaction, AVX will become a wholly-owned subsidiary of Kyocera. The $21.75 offer price represents a 44.6% premium over the closing price on November 26, 2019. The transaction is subject to customary closing conditions and is not subject to any financing condition.
Kyocera is advised by Daiwa Securities, DC Advisory, Nagashima Ohno & Tsunematsu, and Davis Polk & Wardwell. AVX is advised by Centerview Partners, Alston & Bird and Wachtell Lipton Rosen & Katz.
ProAssurance, a specialty insurance provider, is set to acquire NORCAL Group, a health care insurance brokerage services, for $450m. The combination of these companies is expected to create the nation's third-largest specialty writer of liability insurance for healthcare professionals and facilities.
"We are thrilled to be partnering with ProAssurance. Combining with ProAssurance brings tremendous strategic value to NORCAL through increased financial strength, access to new and innovative products for policyholders, and the increased scale of our core services and data analytics," Scott Diener, NORCAL President and CEO.
NORCAL Group is advised by Waller Helms Advisors, Mayer Brown and McDermott Will & Emery. ProAssurance is advised by Goldman Sachs, Burr & Forman and Sidley Austin.
Great Hill Partners, a growth-oriented private equity firm, completed the acquisition of VersaPay, a fintech company, for $95m. VersaPay shareholders received a cash consideration of $2.04 for each VersaPay share. The consideration represented a 47.5% premium to the closing price of the VersaPay shares.
"As a privately owned company backed by a strong partner like Great Hill, VersaPay will be positioned to invest strategically and focus on long-term growth. We are excited about this next stage of our journey and our partnership with Great Hill as we work together to become the clear leader in our markets," Craig O'Neill, VersaPay CEO.
VersaPay was advised by INFOR Financial, Arnold & Porter Kaye Scholer, and Cassels Brock & Blackwell. Great Hill was advised by Alston & Bird, and Blake Cassels & Graydon.
Two real estate investment trusts, Pacific Oak Strategic Opportunity REIT and Pacific Oak Strategic Opportunity REIT II, agreed to merge, creating a combined company with c. $2.6bn in gross real estate and real estate-related assets. Financial terms were not disclosed.
The transaction is expected to close in the second half of 2020, subject to certain closing conditions, including the approval of the merger by POSOR II stockholders. The combined company after the merger will retain the name “Pacific Oak Strategic Opportunity REIT.”
Pacific Oak Strategic Opportunity REIT II is advised by SunTrust Robinson Humphrey and Rogers & Hardin. Pacific Oak Strategic Opportunity REIT is advised by Houlihan Lokey, DLA Piper, and Morrison & Foerster.
Gordon Pointe, a publicly traded special purpose acquisition company, and HOF Village, a sports and entertainment destination adjacent to the Pro Football Hall of Fame, arranged a date for the special meeting of its stockholders.
At the special meeting, stockholders will be asked to approve the business combination contemplated by the previously announced agreement and plan of merger, dated as of September 16, 2019.
The completion of the business combination remains subject to other customary closing conditions, including receipt of approval from the company's stockholders. The business combination is expected to close by the end of March 2020.
HOF Village is advised by Ladenburg Thalmann and Hunton Andrews Kurth. Gordon Pointe is advised by B. Riley FBR and Pillsbury Winthrop Shaw Pittman.
Morgan Stanley will receive a $375m breakup fee if E*Trade Financial walks away from the deal, which is the biggest acquisition by a major Wall Street bank since the 2007-2009 financial crisis.
Morgan Stanley's $13bn takeover of brokerage E*Trade Financial reflects a more relaxed regulatory mood in Washington, Reuters reported. However, it is still a gamble in an election year that will see Democrats continue to shine a spotlight on Wall Street excesses.
E*Trade is advised by JP Morgan and Skadden Arps Slate Meagher & Flom. Morgan Stanley is advised by Davis Polk & Wardwell.
Piper Sandler Companies, an American multinational independent investment bank and financial services company, agreed to acquire The Valence Group, a global investment bank that offers M&A advisory services to companies and financial sponsors with deep expertise in chemicals, materials and related sectors. Financial terms were not disclosed.
"The Valence Group offers tailored, differentiated and best-in-class M&A advisory services to clients across the chemicals industry. We believe there are significant opportunities to partner with The Valence Group team to increase the overall scale of the business and drive towards our goal of $1bn in annual investment banking revenue over the next several years," James Baker, Piper Sandler global co-head of investment banking.
The Valence Group is advised by Houlihan Lokey and Dentons. Piper Sandler Companies is advised by Piper Sandler and Sullivan & Cromwell.
Wipro Digital, a digital business unit of Wipro, completed the acquisition of Rational Interaction, a full-service digital customer experience company. Financial terms were not disclosed.
The acquisition will scale Wipro Digital's offering for Chief Marketing Officers, connecting Rational Interaction's ability to map and orchestrate the customer journey with Wipro Digital's ability to design and build experiences at a global scale.
"This acquisition comes at a time when companies increasingly compete solely on CX, and the market for CX spending is growing exponentially. Discovering, refining, and optimizing the customer experience from first impression through repeat sale requires best-in-class talent, unique marketing technologies and methodologies, and the ability to scale and demonstrate payback quickly. Together, Wipro and Rational Interaction are a perfect combination for CMOs," Rajan Kohli, Wipro President, and Wipro Digital Head.
Rational Interaction was advised by CG Petsky Prunier. Wipro Digital was advised by Ruder Finn.
Huntsman, a publicly-traded global manufacturer and marketer of differentiated and specialty chemicals, completed the acquisition of Icynene-Lapolla, a North American manufacturer and distributor of spray polyurethane foam insulation systems, from FFL Partners for $350m.
"I am excited about the opportunities that lie ahead, now that Icynene-Lapolla is joining our high-growth MDI urethanes insulation business. Together with Demilec, our existing SPF business, we will create a world-leading SPF platform, providing highly innovative, energy-saving solutions for residential and commercial property owners alike," Tony Hankins, Huntsman's Polyurethanes division President.
Icynene-Lapolla was advised by Willkie Farr & Gallagher.
Profile Products, a provider of environmentally friendly soil, water and vegetation management solutions, completed the acquisition of HydroStraw's erosion control and seed businesses. Financial terms were not disclosed.
The transaction includes all HydroStraw erosion control and seed product lines, as well as the company's Rockford, Washington, production plant/distribution center, and employees.
"The strategic, operational location will support Profile's ability in the western United States to further develop fiber manufacturing and rolled erosion control product technologies while increasing production capabilities as we continue to expand our business," Jim Tanner, Profile Products President, and CEO.
Wealth Enhancement Group, an independent wealth management firm, agreed to acquire JOYN Advisors, a registered investment adviser based in Atlanta. Financial terms were not disclosed.
"JOYN has developed an outstanding team of financial professionals and innovative solutions that will benefit from our capabilities at Wealth Enhancement Group, while also augmenting our own national presence. We are eager to support JOYN as they work to improve the financial lives of their clients and embrace our team-based, client-centered culture. We look forward to seeing this team catalyze the expansion of our presence in the Atlanta metro area in the near future," Jeff Dekko, Wealth Enhancement Group Chief Executive Officer.
Wealth Enhancement Group is advised by Haven Tower Group.
Bluefin Acquisitions, a private investment company, offered to acquire BlueLinx, a wholesale distributor of building and industrial products, for $24.50 in cash per share, at a company valuation of $230m.
The tender offer is subject to customary conditions to closing, including a condition that the number of shares validly tendered before the expiration of the proposal represents at least one share more than 50% of all shares then outstanding.
Bluefin Acquisitions is advised by Morrow Sodali Global.
BW Terminals, an independent developer and operator of agricultural, petroleum, and chemical liquid terminal storage facilities, agreed to merge with Contanda, a provider of storage and logistics services. Financial terms were not disclosed.
"Both Contanda and BW Terminals have a reputation for exceptional service enabled by dedicated employees. By bringing Contanda and BW Terminals together, we are entering a new chapter of growth and success. I look forward to leading this combined organization, and I firmly believe that the combination will further enhance our customer service offering and create a leading platform in the industry," Michael Suder, BW Terminals CEO.
Ride-hailing service provider Lyft is set to acquire Halo Cars, a digital advertising firm. Financial terms were not disclosed.
Lyft seems primarily interested in acquiring the team from the company. The company is expected to join Lyft’s media division.
Intuit considers acquiring Credit Karma for $7bn.
Intuit is nearing a deal to acquire Credit Karma, a personal-finance portal, for about $7bn in cash and stock, in a move that would push the bookkeeping-software giant further into consumer finance, WSJ reported.
The maker of TurboTax could announce a deal to acquire privately-held Credit Karma this week, assuming talks don’t fall apart. Credit Karma was valued at c. $4bn in a private share sale about two years ago.
eBay advances in the divestment of its classified-ads business. (FS)
eBay is advancing in a potential sale of its classified-ads business, which could be worth c. $10bn, WSJ reported.
Private-equity firms, including TPG and Blackstone Group and strategic bidders, including Naspers and German publishing company Axel Springer, have recently expressed interest in the business. The company has also started reaching out to other potential buyers.
CDPQ considers divesting a third of its malls portfolio. (FS, RE)
Caisse de Depot et Placement du Quebec, Canada's second-biggest pension manager, is planning to divest a third of the shopping centers it owns in its home market as e-commerce finally starts to bite the country's retailers, Bloomberg reported.
CDPQ will search for an array of solutions for its 25 Canadian malls after their problems contributed to a 2.7% decline in the value of its real estate portfolio in 2019. Besides a sale, the Caisse's real-estate unit, Ivanhoe Cambridge, will consider transforming malls with everything from residential housing to logistics space.
"Canada had been relatively protected, but global trends are accelerating and are hitting us too. When you have 25 shopping centers, it's a big amount, even if it changes just a little bit, it has a great impact immediately in terms of figures," Nathalie Palladitcheff, Ivanhoe's President.
Walmart considers divesting Vudu to NBCUniversal.
Walmart is in discussions to sell Vudu to Comcast's NBCUniversal, which could use the online-video platform to bolster its soon-to-launch Peacock service, Bloomberg reported.
"We've built Vudu into an incredibly strong business, with an install base of more than 100m devices across America," Walmart.
HighTower Advisors' owner seeks to cash out. (FS)
The private equity owner of HighTower Advisors is exploring ways to exit one of the largest registered investment advisers in the United States, including a potential divestment of the company, Reuters reported.
Thomas H. Lee Partners is consulting with advisers about a partial or full divestment of its majority stake in HighTower, which would value the entire company at c. $2bn, including debt.
New Mountain Capital considers selling OneDigital. (FS)
New Mountain Capital, a private equity firm, is exploring the divestment of OneDigital, an employee benefits and insurance broker, which could value the company at c. $2bn, including debt, Reuters reported.
A deal would mark the latest example of a buyout firm exiting its investment in an insurance brokerage.
Sears obtains a new financial lifeline as losses continue. (FS)
Sears, a US department store operator, reached a deal for a fresh financial lifeline of c. $100m from Brigade Capital Management, a hedge fund, as it tries to stabilize after bankruptcy, Reuters reported.
Sears reached an agreement with Brigade for the $100m financing in recent weeks.
Promotora Ideal plans $1.4bn stock offering in Mexico. (FS)
Billionaire Carlos Slim's construction company Promotora del Desarrollo de America Latina is planning the largest public stock offering Mexico has seen in almost two years, Bloomberg reported. Promotora Ideal will divest $1.4bn worth of shares in a Fibra E, a Mexican REIT-like structure that invests in infrastructure projects.
The sale is led by two Canadian funds owned by Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan, who bought a stake in Promotora Ideal's parent company. The funds will retain small stakes in the Fibra E, and Promotora Ideal will administer the Fibra E after it is issued.
Fox considers acquiring Tubi.
Fox is considering acquiring Tubi, an advertiser-supported streaming service that carries reruns of television shows and movies, WSJ reported.
The companies are discussing a deal that could be valued at north of $500m.
Saudi Aramco is set to gain an unconditional EU antitrust approval for its $69bn acquisition of a 70% stake in petrochemical group Saudi Basic Industries.
Competition watchdogs in India and several other countries have already given the green light without demanding concessions.
SBIC is advised by Citigroup. Aramco is advised by JP Morgan, Morgan Stanley, White & Case, Brunswick Group, and Kekst CNC. Public Investment Fund is advised by Bank of America Merrill Lynch, Goldman Sachs, HSBC, M. Klein and Company, AS&H, and Clifford Chance.
Freshwater Group, an energy sector recruitment business, is set to acquire a 20% stake in Daejan Holdings, a real estate holding and service company, at a £1.3bn ($1.7bn) valuation.
"On behalf of the Freshwater Group, of which Centremanor is a member, I am pleased to present an offer which provides shareholders of Daejan with a meaningful premium in cash for their investment at a level which is significantly above the all-time high share price. I would like to take this opportunity of thanking shareholders for their loyal support over many years and to say that I hope they will feel that their confidence has been rewarded,” Benzion Freshwater, Freshwater Chairman.
Daejan is advised by N+1 Singer, Lazard, and Bryan Cave Leighton Paisner. Freshwater is advised by Rothschild & Co and Herbert Smith Freehills.
The CAR investor group, which owns about 18% in Unione di Banche Italiane called the $5.3bn takeover bid from Intesa Sanpaolo unacceptable and hostile after Intesa CEO Carlo Messina said he wouldn't sweeten the offer, Bloomberg reported.
"Intesa's offer appears hostile, unsolicited, and not consistent with UBI's implicit value, so it is not acceptable," the CAR investor group.
HSBC targets globally mobile with a $1.4tn wealth business.
HSBC considers heavily investing in its newly combined retail and private banking business as it targets internationally-minded customers in markets such as China, the United States, and Singapore.
The strategy is to expand in the three major markets where HSBC has the scale, specifically Britain, Hong Kong, and Mexico, focusing respectively on mortgages, wealth, insurance products, and unsecured lending.
HSBC will also target wealthier customers who travel or often invest overseas in more than ten markets such as China, where its share is smaller.
Sawiris considers buying a 51% stake in Shalateen mining company.
Egyptian billionaire Naguib Sawiris announced that he was holding discussions to acquire a 51% stake in the state-owned Shalateen mining company, Reuters reported.
Sawiris chairs La Mancha, a private gold mining group, and said that he intended to invest in gold and copper mining in Egypt if investment conditions improved.
Egypt, in January, published new regulations that eliminate the need for mining companies to form joint ventures with the government and to limit state royalties to a maximum of 20%.
Elliott Management takes a 3% stake in NN Group. (FS)
Elliott Management, an activist hedge fund, acquired a stake in Dutch insurer NN Group, as it continues to build its presence in Europe, FT reported.
Elliott announced that it holds a 3% position in NN, the largest listed insurance company in the Netherlands. It is co-ordinating with Dieter Wemmer, a veteran of the insurance industry and the former chief financial officer of Allianz, who has also bought a stake in NN.
"Elliott and Mr. Wemmer have engaged in a constructive dialogue with NN Group's management and look forward to continued private engagement," NN Group.
Philips selects Goldman and JP Morgan for appliance unit sale.
Royal Philips has chosen Goldman Sachs and JP Morgan for the divestment of its home appliance business, which could fetch $3bn, Bloomberg reported.
The sale process is set to kick off around mid-2020. The business is likely to draw interest from Asian buyers, including Chinese appliance makers, and private equity firms.
Jingye tries to secure the British Steel rescue deal.
Chinese conglomerate Jingye sent a letter to the French finance ministry to persuade Paris of the plan's merits, FT reported.
Jingye has time until the end of February to complete its takeover of the company. If the deal is not done, the manufacturer may be broken up and sold off in parts by the UK's official receiver, which is overseeing the sale.
Ivi.ru hires Goldman to examine potential deals.
Ivi.ru, Russia's largest streaming platform, hired Goldman Sachs Group to examine options to fund the firm's growth.
"These could be private placement, strategic alliances, or an IPO. We need funding to produce our own content and keep growing faster than the market," Oleg Tumanov, Ivi's Founder and CEO.
Chinese group among bidders for Portugal's Brisa stake.
A Chinese group led by China State Construction Engineering is among bidders for Portuguese highway operator Brisa, in what could be one of the largest European infrastructure deals this year, Bloomberg reported.
The state-owned company created a consortium with CNIC, a Chinese investment fund, and China-Portuguese-Speaking Countries Cooperation Development Fund. More investors could join the Chinese group, which is working with an adviser on the deal.
KKR bids for Telecom Italia grid stake as spinoff rekindled. (FS)
KKR & Cois interested in a minority stake in Telecom Italia landline network. The move could allow the ex-phone monopoly to achieve the long-planned spinoff of part of its grid, Bloomberg reported.
KKR may buy as much as 49% of the landline's "secondary network" of copper and fiber lines that run from street cabinets to premises. The US investment firm valued the whole of this network at $7.6bn to $8.2bn.
Ardian-led consortium poised to grab INWIT tower group stake. (FS)
A consortium led by Ardian, a French private equity group, is the frontrunner to acquire a 25% stake in Italy’s biggest mobile towers group INWIT, Reuters reported.
Hammerson to exit out-of-town retail parks with a $516m asset sale. (FS, RE)
Hammerson stated it would exit out-of-town retail locations by divesting seven of them to private equity Orion for $516m amid store closures on the UK High Street and rise of online stores, Reuters reported.
The company has been trimming debt and fixing its balance sheet by divesting some of its portfolio to focus on its flagship sites, premium outlets, and city quarters across Europe.
"Against a challenged retail and investment backdrop, we have exited the retail parks sector," David Atkins, Hammerson Chief Executive Officer.
Aeroports de Paris, an airport operator based in Paris, is set to acquire a 49% stake in GMR Airports, an operator of airports for $1.5bn. The operation will unfold in two phases: a first phase will be realized within the coming days for a 24.99% stake. The second phase, for 24.01%, is subject to certain regulatory conditions, notably obtaining the customary regulatory approvals for that type of project.
"The partnership with Groupe ADP is in line with GMR's business direction to become a global airport developer and operator. We have been on a journey of defining airports of the future with key focus on passenger experience by leveraging enhanced technology and offering superior amenities. With Groupe ADP, GMR will have smoother access to global markets, opening up newer avenues of business growth," GM Rao, GMR Group Chairman.
Keppel, through its subsidiary Kapler, completed the acquisition of The9's Chinese subsidiaries, including China The9 Interactive and The9 Computer Technology Consulting, for $70m.
“Keppel Land China will continue our strategy to grow our commercial portfolio in China, with a focus on first-tier cities such as Shanghai. Close on the heels of our acquisition of Shangdi Neo in Beijing in early September, we are pleased to secure another commercial property situated in one of China’s technology innovation hubs. We are confident that it will meet the strong demand of high-tech enterprises in the fast-developing Zhangjiang business park,” Ben Lee, Keppel Land China President.
GIC and EWD consider offloading over 40% stake in Shanghai developer. (FS)
GIC, Singapore's sovereign wealth fund, and Edward Wong Development, a Hong Kong-based real estate company, are planning to offload significant stakes in Shanghai-based Chongbang Group, DealStreetAsia reported.
The duo is offering an aggregate of over 40% of the ownership shares in Chongbang Group.
GIC and EWD are advised by Bank of America Merrill Lynch.
Chinese companies in a $10bn share sale rush after funding rules loosened.
Listed Chinese companies are queuing up to issue shares and plan to raise more than $10bn after fundraising rules were loosened to help ease cash strains caused by the coronavirus, DealStreetAsia reported.
More than 50 companies, including Bank of Ningbo and battery maker Yinghe Technology, published new or revised plans to raise $10.4bn through private placements.
The new rules allow companies to divest shares worth up to 30% of their share capital via private placements compared with 20% previously. The number of investors allowed to participate in such placements was lifted to 35 from 10.
Hinduja and Cerberus to partner to bid for Yes Bank stake. (FS)
Hinduja Group is partnering with Cerberus Capital Management, a private equity firm, to potentially pick up a stake in Yes Bank, Bloomberg reported.
Representatives of Cerberus and the UK-based Hinduja group, run by brothers Gopichand Hinduja and Ashok Hinduja, met Reserve Bank of India officials earlier this month regarding the bid.
The Indian lender has been struggling to raise capital for the past few months, amid concerns about the quality of its assets and its exposure to the stressed shadow banking sector. Firms including JC Flowers, Tilden Park Capital Management, Oak Hill Advisors, and Silver Point Capital have submitted non-binding expressions of interest.
Mitsubishi Materials sells its stake in New Hope.
Japan's Mitsubishi Materials sold its stake in New Hope, an Australian coal producer, for $104m, cashing out after more than 30 years, as part of a realignment of its shareholding portfolio, DealStreetAsia reported.
New Hope is one of Mitsubishi's providers of thermal coal as a fuel for its cement plants and will continue to do so even after the share sale. The sale was not based on any specific policy on thermal coal.
Lanxum to raise $218m in private share sales.
Lanxum, a Shenzhen-listed company that provides education and security management solutions in China, is raising up to $218m through a private placement to finance the research and development of its Chinese-language education products, DealStreetAsia reported. The company will offer no more than 127m shares for $1.71 apiece.
The private placement was supported by a group of individual and institutional investors in China, including Shanghai Ivy Asset Management, and AEGON-Industrial Fund Management, an affiliate of Shanghai-listed Industrial Securities.
PremjiInvest-backed Shubham Housing to raise $143m. (FS)
PremjiInvest-backed Shubham Housing Development Finance plans to raise funds for growth capital and help its early backers exit, DealStreetAsia reported
Helion Ventures, Elevar Equity Mauritius, and Motilal Oswal Financial Services, existing private equity investors, together hold nearly 43%, while PremjiInvest holds c. 45% stake and is the single largest private equity investor in the affordable housing finance firm. The remaining stake is held by promoters Sanjay Chaturvedi and Rupa Basu, along with its employees.
Axis Bank considers acquiring a 20% stake in Max Life.
Axis Bank considers acquiring more than 20% stake in Max Life Insurance through a new issue of equity, DealStreetAsia reported.
The deal is aimed at building a strategic and long-term partnership with Axis Bank, which is also Max Life's largest source of revenue at 54%. Max Life added that the deal with Axis Bank would eliminate the uncertainty about a bancassurance partner for the insurer.
Japan to limit foreign ownership in 12 sectors.
Japan is finalizing a plan that will tighten scrutiny of foreign investment in 12 key sectors, DealStreetAsiareported. The industries would include sectors like defense, nuclear power, aerospace, utilities, gas, cybersecurity, and telecommunications.
Under the plan, foreign investors purchasing a stake of 1% or more in individual Japanese companies will be subject to pre-screening, as against 10% now.
Megvii to refile for Hong Kong IPO.
Megvii Technology, a Chinese artificial intelligence company, which is on a US blacklist, plans to refile for a Hong Kong IPO after its current application lapses on Tuesday, DealStreetAsia reported.
Megvii‘s application will end next week six months after it was filed partly because of the impact of the coronavirus epidemic, which has disrupted business activity in China.
Connect the World of Dealmakers
Expand your network of fellow Dealmakers by inviting your colleagues and coworkers.