AMERICAS
WESCO International, a provider of electrical, industrial, and communication MRO and OEM products, confirmed that it submitted a revised proposal to acquire Anixter for $4.5bn in cash and stock. In the revised proposal WESCO offers $70 cash, plus a fixed exchange ratio of 0.2397 shares of WESCO common stock and $15.89 of a newly created class of WESCO perpetual preferred stock.
"WESCO's proposal to acquire Anixter provides significant immediate value to Anixter's stockholders along with the opportunity for both companies' stockholders to benefit in the upside of this transformative combination. We are pleased that the Anixter board has determined that our latest proposal represents a Superior Company Proposal and look forward to executing a merger agreement," John J. Engel, WESCO Chairman, President, and CEO.
Anixter is advised by Centerview Partners, Wells Fargo Securities, and Sidley Austin. WESCO is advised by Barclays and Wachtell Lipton Rosen & Katz. Clayton, Dubilier & Rice is advised by Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank, JP Morgan, and Debevoise & Plimpton. Debt financing to Clayton, Dubilier & Rice is provided by Bank of America Merrill Lynch, Credit Suisse, Deutsche, and JP Morgan. Debt financing to WESCO is provided by Barclays.
HP said that Xerox securing financing for its $33.5bn takeover offer for the personal computer maker is not a basis for a discussion and reiterated that the proposal still undervalues the company, Reuters reported. The US-based printer maker said it secured $24bn in financing for the proposal, a deal that HP is opposing.
“Your letter dated January 6, 2020 regarding financing does not address the key issue – that Xerox’s proposal significantly undervalues HP – and is not a basis for discussion,” HP.
Xerox had offered HP shareholders $22 per share, involving $17 in cash and 0.137 Xerox share for each HP share, according to a November 5, 2019 letter.
HP is advised by Goldman Sachs and Wachtell Lipton Rosen & Katz. Xerox is advised by Citigroup, King & Spalding, and Willkie Farr & Gallagher. Debt financing is provided by Bank of America Merrill Lynch, Citigroup, and Mizuho Securities.
The European Union’s antitrust regulators resumed their probe into Boeing’s deal to buy the commercial arm of Brazil’s Embraer, Reuters reported. The EU’s deadline for a decision is now April 30. The investigation was suspended until January 6.
Last month, the EU regulators looking into the $4.2bn tie-up asked for more than 1.5m pages of information and data on over 20 years of sales campaigns, which Boeing has now provided.
Embraer Commercial Aviation is advised by Pinheiro Neto. Boeing is advised by Simpson Thacher & Bartlett. Embraer is advised by Citigroup, Barbosa Mussnich & Aragao, Skadden Arps Slate Meagher & Flom, and Cleary Gottlieb Steen & Hamilton.
ABCS, a joint venture between Antares and Bain Capital, and Macquarie Capital announced the closing of a $355m senior secured unitranche credit facility in acquisition financing to Crisis Prevention Institute to support its acquisition by Wendel on December 23, 2019. Antares, Bain Capital Credit, and Macquarie Capital Principal Finance served as joint lead arrangers on the facility.
“The speed and flexibility of the ABCS offering coupled with Antares’ long-term relationship with CPI, along with Macquarie Capital Principal Finance’s nimbleness and meaningful commitment, made this an optimal financing solution for CPI,” Adam Reinmann, Wendel North America CEO.
CPI is advised by Raymond James, Harris Williams, and Willkie Farr & Gallagher. Wendel is advised by Skadden Arps Slate Meagher & Flom. Debt financing is provided by Antares Capital, Bain Capital and Macquarie Group.
Private equity firm Arcline Investment Management-backed Integrated Polymer Solutions, a designer and engineer of elastomeric components and tools for the defense market, is set to acquire Icon Aerospace Technology, a manufacturer of polymer components for aerospace and defense market. Financial terms were not disclosed.
"This acquisition broadens IPS' design and manufacturing capabilities and will allow us to deliver new, innovative solutions to our customers. We're excited to partner with Icon's management team and are committed to investing in Icon's manufacturing capabilities to better serve their existing customers," Rich McManus, IPS CEO.
IPS is advised by Houlihan Lokey and Joele Frank.
Mercer Global Advisors, an asset management service provider, is set to acquire CCP, a wealth management firm, for $140m.
"We are delighted to join forces with the CCP team and look forward to serving their clients with expanded wealth management services for years to come," Dave Welling, Mercer CEO.
Mercer is advised by Chris Tofalli.
Curtiss-Wright, an American-based global diversified product manufacturer and service provider, completed the acquisition of 901D Holdings, a designer and manufacturer of mission-critical integrated electronic systems, subsystems, and ruggedized shipboard enclosure solutions, from private equity firm Graycliff Partners for $132m.
"We enjoyed a highly effective partnership with our management team led by CEO Frank Duvergne and with the original founders of 901D. We are confident that the business will continue to grow and thrive as part of the Curtiss-Wright organization,” Steve Hindmarch, Graycliff Managing Partner.
901D was advised by Lincoln International.
Arsenal Capital Partners-backed Seal For Life, a coating solutions company, completed the acquisition of four polyurethane coating service providers, Flame Control Coatings, Highland International, LifeLast, and US Coatings. Financial terms were not disclosed.
"We are adding unique liquid coating technologies that are complementary to our existing portfolio of products, enabling the company to be a one-stop solution to our customers. This an exciting milestone for the company and its employees," Dirk Totte, Seal For Life President.
Arsenal was advised by Prosek Partners.
Bunzl, a British multinational distribution and outsourcing company headquartered in London, agreed to acquire Joshen Paper & Packaging, a Cleveland, OH based distributor of janitorial, sanitation, packaging and office supply products. Financial terms were not disclosed.
"The purchase of Joshen has increased our presence in the grocery sector and further enhanced our operations in the US. We are pleased to welcome their employees to Bunzl," Frank van Zanten, Bunzl Chief Executive Officer.
Bunzl is advised by Tulchan Communications.
Medical Marijuana-backed AXIM Biotechnologies, a researcher, developer, and producer of cannabinoid-based pharmaceutical and nutraceutical products, is set to acquire Sapphire Biotech, an oncology research and development company. Financial terms were not disclosed.
"AXIM has been a leader in cannabinoid research and development for many years now, and we're very excited to witness AXIM's shared success with Sapphire Biotech to now become a leader in oncology research and development as well," Stuart Titus, Medical Marijuana CEO.
Medical Marijuana is advised by Cmw Media.
Imperial Dade, a distributor of disposable food and janitorial supplies, is set to acquire American Paper & Plastics, a distributor of foodservice and janitorial products. Financial terms were not disclosed.
“Imperial Dade’s commitment to customer service aligns well with our own philosophy and values. I am excited for the opportunity to partner with Bob and Jason to further grow our business and better serve our customers as part of the Imperial Dade platform," Daniel Emrani, APP CEO.
Private equity firm Rockwood Equity Partners-backed BJG Electronics Group, a supplier of interconnect, electromechanical and cable & wire products, completed the acquisition of Whitmor/Wirenetics, a provider of high-performance wires and cables, and Intro, a supplier of electrical connectors, contacts, tools, and accessories. Financial terms were not disclosed.
“The addition of Whitmor/Wirenetics allows BJG to provide customers across the country with exceptional value and best-in-class solutions through expanded inventory, infrastructure, and geographic reach. The Intro acquisition fills a gap in BJG’s line card around commercial aviation with its highly regarded RMS connector line and establishes a beachhead that will allow BJG to serve the MRO marketplace," Rick Flora, BJG CEO.
Private equity firm GenNx360 Capital Partners-backed Miller Environmental Group, a provider of environmental and emergency response services, completed the acquisition of Environmental Products & Services of Vermont, a provider of emergency response, remediation, and environmental services. Financial terms were not disclosed.
"This acquisition will immediately transform our business and will increase our ability to serve clients across the US. We look forward to providing best-in-class environmental services and emergency response solutions to MEG and EP&S customers across the country," Jerry Coogan, MEG President and CEO.
Advantage Communications, a global BPO contact center, agreed to acquire a majority stake in First Kontact, a Mexican contact center. Financial terms were not disclosed.
“ACI and First Kontact have both been in pursuit of a common mission, centered on empowering our teams and delivering world-class service to clients. This acquisition is a key part of our growth strategy to employ more people in the markets we service, and reinvent the Contact Center with high-standards of operational excellence, innovative technologies such as artificial intelligence, and omnichannel communications,” Gregory Hough, Advantage Communications President, and CEO.
Meredith, a media company, agreed to acquire SwearBy, a digital platform for word of mouth recommendations designed to crowdsource and share products. Financial terms were not disclosed.
"With its trusted content and enormous audiences, Meredith is a wonderful home for SwearBy. Meredith understands that women are the biggest word of mouth agents; they share real and compelling recommendations with their friends and family all the time, influencing shopping habits and moving product. It's thrilling to know that SwearBy will continue to tap into what consumers think and feel on a much larger scale," Kate Foster Lengyel, SwearBy Founder.
True North Advisors, a wealth management firm, completed the acquisition of Peak Development, a provider of the technology platform for marketing business brokerages and advisors. Financial terms were not disclosed.
"Today's acquisition will allow BBIC member brokerages to increase their enterprise value and to offer more effective service to buyers and sellers of businesses. We are acquiring a powerful lead-generation and business-development engine that will benefit the BBIC's members and create an ecosystem of growth and innovation," Brian Slipka, True North Managing Partner.
Bain Capital looks to raise $7bn for new equities fund. (FS)
Bain Capital is looking to raise as much as $7bn for a new equities fund, Bloomberg reported, the latest move by an alternative asset manager to broaden its investment offerings.
Josh Ross, who started running the Boston-based firm's public equities group in 2017, is overseeing the new fund along with the firm's $1.3bn in a global hedge fund.
Voya Financial explores sale to insurance groups. (FS)
Voya Financial is exploring a sale that could value the US retirement and insurance plan provider at $10bn or more, FT reported.
The company held talks with interested companies late last year, including insurer AIG, asset manager Principal Financial Group, and life insurance and retirement plan provider Prudential Financial.
Tumbleweed to acquire Ladder Creek helium plant and gathering system.
Tumbleweed Midstream acquired DCP Midstream’s Ladder Creek Helium Plant and Gathering System, located west of Cheyenne Wells in Colorado, US. Financial terms were not disclosed.
“The acquisition of the Ladder Creek Helium Plant and Gathering System represents a significant opportunity for Tumbleweed Midstream. The US is the world’s largest helium producer. At the same time, the world supply of helium is suffering from a multiyear shortfall," Durell Johnson, Tumbleweed CEO.
Equinix completed the $175m acquisition of three data centers in Mexico.
Equinix, the global interconnection and data center company, completed the acquisition of three data centers from Axtel that serve the Mexico City and Monterrey metro areas of Mexico. The $175m all-cash transaction brings Equinix's data center and interconnection services to two new metros, as businesses increasingly seek to move their IT operations and latency-sensitive data to the digital edge, closer to where content is created and consumed.
"We live in a digital age where everything and everyone are increasingly connected. The growing amount of data, combined with advances in mobile communications, is increasing the need for users to have continuous access to information and content. For Totalplay Empresarial, it is essential to provide the best possible experience for our customers. Equinix is a trusted partner in delivering our services in the United States and Colombia, providing unique interconnection services. Now with its expansion to Mexico, we look forward to extending our operations further on Equinix's global platform," Héctor Nava Cortinas, Totalplay Empresarial CEO.
EMEA
Dutch food ordering company Takeaway.com said its shareholders approved plans for the company’s proposed £5.9bn ($7.7bn) acquisition of British peer Just Eat. Takeaway is vying with rival Prosus to buy Just Eat. Takeaway said on December 19 that it has assurances from 46% of Just Eat shareholders that they will tender their shares to its all-share offer.
Just Eat is advised by Goldman Sachs, UBS, Oakley Advisory, Linklaters, and Brunswick Group. Prosus is advised by JP Morgan, Morgan Stanley, Allen & Overy, and Finsbury. Takeaway is advised by Bank of America Merrill Lynch, Gleacher Shacklock, Lazard, Cravath Swaine & Moore, De Brauw Blackstone Westbroek, NautaDutilh, and Slaughter & May. Debt financing is provided by BNP Paribas, Citigroup, Deutsche Bank, Investec, JP Morgan, and Morgan Stanley.
Insight Partners, a private equity firm, is set to acquire Veeam Software, an information technology company that develops backup, disaster recovery and intelligent data management software, for $5bn. The acquisition is expected to close during the first quarter of 2020.
"Veeam has one of the highest caliber global workforces of any technology company, and we believe this acquisition will allow us to scale our team and technology at an unrivaled pace," William H. Largent, Veeam CEO.
Veeam is advised by Ropes & Gray. Insight is advised by Goldman Sachs, JP Morgan, Morgan Stanley, and Willkie Farr & Gallagher. Debt Financing is provided by Antares Capital, Ares Management, Bank of America Merrill Lynch, Goldman Sachs, Golub Capital, JP Morgan, and Morgan Stanley.
GHO Capital, a private equity firm, agreed to acquire Ardena, a specialist contract development and manufacturing organization focused on early phase drug development, from Mentha Capital. Financial terms were not disclosed.
“Ardena has grown from a Ghent-based business to become a leading early-stage, multi-service CDMO in Western Europe. After successfully completing and integrating four acquisitions, the company is now ready for a new growth phase. We had a fantastic journey with the Ardena team, and we are confident that GHO Capital is the right partner to support their ambitions going forward,” Gijs Botman, Mentha Capital Partner.
Ardena is advised by Delphi Partners, LEK Consulting, William Blair & Co, CorporateWise, DeBreij, Ellex Valiunas, Schoups-Advocaten, and Van Doorne. GHO Capital is advised by ERM, Alvarez & Marsal, Aon Securities, CIL Management Consultants, Deloitte, Ernst & Young, Matrix Global Services,Saola Healthcare Partners, Loyens & Loeff, Sidley Austin, and Instinctif Partners.
CM.com, a mobile services company based in the Netherlands, agreed to go public through a merger with Dutch Star Companies ONE, a special purpose acquisition company listed on Euronext Amsterdam. The business combination agreement values CM.com at a post-business combination equity value of $267m.
"As a platform company, our market is typically global and we see many opportunities to scale our business. Over the past months we have been looking at the possibility to obtain a listing and this agreement not only secures access to the capital markets, but also provides substantial growth capital for our strategy acceleration and business expansion," Jeroen van Glabbeek, CM.com CEO and co-founder.
CM.com is advised by ABN Amro, Jefferies & Company, De Brauw Blackstone Westbroek, and CFF Communications. Dutch Star Companies ONE is advised by Arpentus, Oaklins, Allen & Overy, and Bickerton.
TA Associates, a private equity firm, completed the acquisition of a minority stake in Netrisk, an online insurance brokerage firm in Hungary, from Polish private equity firm MCI Capital, for $61m.
"MCI is looking forward to continuing our active involvement with Netrisk and working closely with TA Associates to significantly increase the scale of Netrisk's operations. We believe that TA is the right partner to help realize the goal of building Netrisk into a true regional leader," Krzysztof Konopiński, MCI Partner.
Netrisk was advised by Target Communications. TA Associates was advised by BackBay Communications. MCI Capital was advised by Point of View.
Oerlikon, which provides metal coating services, is set to acquire D-Coat, a German diamond coating technology company. Financial terms were not disclosed.
“We intend to leverage the synergies from our combined technological power and expertise to create the best diamond coating solutions and services for tooling customers in the aerospace, automotive, die and mold, and other industries. D-Coat will be our fourth and biggest Customer Centre for diamond coatings, in addition to the centers in the USA and Korea, and will expand the portfolio of our Centre of Competence for Diamond Coatings in Luxembourg. In total, D-Coat is our 113th global Customer Centre,” Dr. Wolfgang Kalss, Oerlikon Balzers Head of business line cutting tools.
Livingbridge and Vitruvian, two private equity investment firms, are set to reinvest in Sykes Holiday Cottages, whose line of business includes renting rooms, with or without board, on a fee basis. Financial terms were not disclosed.
“Sykes Holiday Cottages is a fantastic business, which has succeeded in driving the use of digital technology to deliver outstanding service to property owners and customers. We are therefore delighted to be continuing our partnership with the business for the next growth chapter,” Adam Holloway, Livingbridge Partner.
Ecolab, a water, food safety and hygiene technology and services company, agreed to acquire CID Lines, a global provider of livestock biosecurity and hygiene solutions. Financial terms were not disclosed.
“CID Lines’ strong product portfolio, range of applications and regulatory expertise for farming environments give Ecolab a foothold in the growing livestock and poultry biosecurity segment as well as opportunities to leverage our global presence to drive expansion, particularly in Asia where this segment is rapidly developing,” Nick Alfano, Ecolab Executive Vice President, and General Manager of Global Food & Beverage.
Westinghouse Electric Company, a nuclear energy company, is set to acquire Inspection Consultants, a provider of inspection services. Financial terms were not disclosed.
"We welcome the highly skilled employee base from InCon to our team, as their expertise further strengthens Westinghouse's operating plant inspection services capabilities and enhances the company's ability to respond to emergent inspection and repair needs across Europe," Tarik Choho, Westinghouse President.
Boats Group, an operator of online marketplaces for boats and yachts is set to acquire Annonces du Bateau, a boat sales marketplace in France, from CarBoat Media, an operator of the car, motorbike and boat classifieds. Financial terms were not disclosed.
"We are very pleased to announce this agreement with Boats Group. We are confident that our customers will experience best-in-class service and benefit from the technology investments and expanded market opportunities that Boats Group offers," Francois Couffy, CarBoat Media CEO.
Gulf Capital considers buying Middle East clinics for $100m. (FS)
Gulf Capital is poised to buy three fertility clinics in the Middle East from IVIRMA Global in a deal worth about $100m, underscoring growing interest in the region's health-care sector. The transaction will include about 100 of IVIRMA's employees at the facilities in Abu Dhabi, Dubai, and Muscat.
The deal will be completed within "the next few days, although the final transition of some staff members will take place gradually throughout this year," Gulf Capital, spokeswoman.
Norsk Rikstoto considers merging with Norsk Tipping.
Norwegian horse racing monopoly Norsk Rikstoto could potentially merge with Norsk Tipping to jointly run the country's horse racing betting monopoly.
"Based on our meetings with Norsk Rikstoto and Norsk Tipping, our assessment is that Norsk Rikstoto and equestrian sports are closely linked, and that the established competence in Rikstoto is important for continuing to operate horse racing successfully," Norwegian government.
First Abu Dhabi Bank to auction Al Jaber's Dubai Shangri-La hotel.
First Abu Dhabi Bank started an auction process for a Dubai hotel operated by Shangri-La and owned by indebted construction group Al Jaber with a starting price of $191m, Reuters reported.
Al Jaber, best known as a contractor but with interests across a range of sectors, has struggled since a construction downturn in the United Arab Emirates after the global financial crisis.
The auction by First Abu Dhabi Bank, which is the main lender for the Shangri-La hotel, marks a first step by creditors to recover funds after delays to a restructuring agreement for $1.6bn of debt last year.
Orange considers MidEast and Africa operations IPO.
France’s biggest telecoms group Orange is bringing its operations in the Middle East and Africa into a single entity, paving the way for a potential listing of the operations that could raise cash to invest in overseas expansion.
The Middle East and Africa, where Orange has a presence in 18 countries, is the company’s fastest-growing market, generating annual sales of about €5bn ($5.6bn).
“Orange has decided to bring together all our regional activities in a single company, OMEA (Orange Middle-East and Africa), to create a separate entity and provide the Group with various options for growth,” Orange.
Calisen considers London IPO. (FS)
Calisen Group, which supplies smart meters to British households, plans to list its shares in London in a test of investor appetite after a tough year for flotations.
Owned by private equity firm KKR, the company is targeting a valuation of $1.7-1.95bn in a potential listing on the London Stock Exchange, Reuters reported.
“We have spoken to a few investors before launching, and that has given us confidence in this process,” Bert Pijls, Calisen CEO.
Congo looking to sell Gertler’s oil blocks on Ugandan border.
The Democratic Republic of Congo is forming a plan to take back two oil blocks from sanctioned Israeli billionaire Dan Gertler and sell them to another company. The Congolese government talked to Tullow Oil about purchasing a stake in the Lake Albert licenses along the country’s border with Uganda, Bloomberg reported. Total and Eni also showed some interest.
The blocks could be a natural fit for Tullow and Total, which already share rights to adjoining areas on the Ugandan side of the lake where more than a billion barrels of oil have been discovered.
Credit Suisse to acquire Fortum's 500MW wind portfolio.
Credit Suisse Energy Infrastructure Partners agreed to acquire an 80% stake in Finnish utility firm Fortum’s wind portfolio across Norway, Finland, and Sweden, accounting for approximately 500MW of operational and construction projects.
The portfolio consists of three operational wind farms: 32MW and 50MW Norwegian wind farms Nygårdsfjellet and Ånstadblåheia respectively along with the 76MW Solberg wind farm in Sweden, as well as two wind farms currently under construction; the 90MW Kalax project in Finland and 97MW Sørfjord project in Norway. In addition, Fortum and CSEIP signed an exclusivity agreement on a new 154MW project in Sävar, Sweden, with the ambition to build it at a later stage.
Rothschild & Co raised €1bn for FASO V. (FS)
Rothschild & Co completed the fundraising for Five Arrows Secondary Opportunities V (FASO V) at €1bn ($1.1bn), which is now the 16th fund raised above its expected target by the company’s Merchant Banking business over the last 10 years.
The fund was oversubscribed, receiving total capital commitments of €1bn ($1.1bn), materially above the initial target of €700m ($782m). Investors in the fund represent a globally diversified group of institutions, corporations, international family offices, and entrepreneurs. Rothschild & Co, the partners and senior staff of the firm, and the fund’s investment executives have also made a substantial commitment to FASO V.
“We are delighted with the success of the FASO V fundraising and are grateful for the support of both our existing investor base as well as our new investors. I am confident that under the leadership of Mireille Klitting, we will continue to develop our secondaries business and work hard to generate the returns our investors expect from us,” Marc-Olivier Laurent, Rothschild & Co Merchant Banking business Executive Chairman.
Medical Properties Trust completes £1.5bn investment in 30 hospitals in the United Kingdom.
Medical Properties Trust, a self-advised real estate investment trust formed in 2003 to acquire and develop net-leased hospital facilities, completed the previously announced acquisition of the real estate interests in 30 UK hospitals.
International Airlines Group CEO Wille Walsh to step down. (People)
Willie Walsh will step down from the IAG Cheif Executive officer role on March 26, 2020, and will retire on June 30, 2020. Meanwhile, Luis Gallego, currently Iberia's chief executive, will succeed him in the position of CEO of the group.
“It has been a privilege to have been instrumental in the creation and development of IAG. I have had the pleasure of working with many exceptional people over the past 15 years at British Airways and at IAG. Luis has been a core member of the team and has shown true leadership over the years and I have no doubt he will be a great CEO of IAG,“ Willie Walsh, IAG CEO.
APAC
ZEDRA, which provides management consulting and administration services, agreed to acquire BNP Paribas Singapore Trust, which provides securities services. Financial terms were not disclosed.
“This latest deal will bring additional scale and expertise to our already fast-growing Singapore office. The Asian markets are very important for ZEDRA and globally continue to represent one of the most productive sources of new high-quality clients. I am delighted to welcome the staff and clients of BNP Paribas Singapore Trust Corporation Limited to the ZEDRA group,” Ivo Hemelraad, Zedra CEO.
ZEDRA is advised by nacelle.
SoftBank considers selling a stake in Indian renewable energy venture. (FS)
SoftBank Group is in talks to sell a majority stake in its renewable energy joint venture in India as it looks to raise cash after facing setbacks to its global investments. SoftBank’s Indian renewable energy business is a joint venture with India’s Bharti Enterprises and Taiwan’s Foxconn Technology Group.
The Japanese technology giant has been in talks with sovereign wealth and pension funds from the Far East and Gulf regions, as well as some Silicon Valley technology giants. It is considering options including a sale of its entire 70% stake or a majority stake in the renewable energy venture, Reuters reported.
“As part of business strategy, we review all options to raise external capital, including strategic investments, from time to time. There is absolutely no plan to exit from the business,” Raman Nanda, SoftBank Energy CEO.
PTT is not interested in bidding for Tesco's Asian business.
Thailand’s state-owned energy firm PTT said that neither it nor its retail unit was interested in bidding for Tesco's assets in Asia.
Tesco, which has 1.9k stores in Thailand and 74 in Malaysia, said last month that it had begun a review of its Asian operations after receiving approaches for the businesses.
The Fenix Group considers selling a majority stake sale in City’super.
The Fenix Group is exploring the sale of a majority stake in the operator of high-end supermarket chain City’super, in a deal that could fetch $300-400m, Bloomberg reported.
The Hong Kong-based company is working with a financial adviser to gauge interest in its stake in City Super Group from potential buyers. City Super Group, founded in 1996, has 21 stores in Hong Kong, seven in Shanghai, and seven in Taiwan across its three brands.
|
