AMERICAS
Lovell Minnick, a private equity firm focused on investments in the global financial services industry, including related technology and business services companies, has completed a significant minority investment in oneZero Financial Systems, a leading provider of software and technology solutions to the rapidly growing foreign exchange trading industry. Financial terms were not disclosed.
"The convergence of the retail and institutional FX markets is rapidly increasing as global market participants seek sophisticated, highly-scalable trading solutions and reliable IT infrastructure with ultra-low latency, unparalleled pricing data, and high transactional capacity. oneZero continues to develop next-generation wholesale technology and business intelligence solutions for market participants with unmatched speed, efficiency, and risk management support." Steve Pierson, Lovell Minnick Managing Partner.
oneZero Financial was advised by Broadhaven, Gunderson Dettmer Stough Villeneuve Franklin and Hachigian. Lovell Minnick was advised by Morgan Lewis and Bockius.
The partnership will enable MackeyRMS to accelerate investment in its market-leading software, expand its global presence and enhance the overall customer service experience.
"We are joining forces with Resurgens at an exciting time for the markets we serve. Client demand has shown that sophisticated managers are increasingly recognizing the need for more powerful research platforms. Given Resurgens' deep global operating experience, we believe they're the ideal partner to help scale our business and arm modern investors with the tools to make more informed investment decisions." Chris Mackey, MackeyRMS CEO.
Mackey RMS was advised by Morgan Partners.
"As we outlined during the recent Paris Air Show, we are working hard to ensure that we provide new profit potential for airlines and set a new standard for passenger experience. This transaction represents one of the most important steps in our strategic journey to build a strong, global aviation capability. It augments these efforts by securing a world-class and complementary set of aviation-related functions including maintenance, repair, and overhaul, engineering, and customer support." Seiji Izumisawa, MHI President & CEO.
Morrison & Foerster is advising Mitsubishi.
Kaman sold its Distribution Segment to Littlejohn & Co for $700m. (FS)
Kaman, an American aerospace company, sold its Distribution Segment to Littlejohn & Co, a Greenwich, Connecticut-based investment firm, for $700m. Following the completion of the transaction, Kaman will continue to design and manufacture critical components, structures, and systems for commercial and military customers.
"For Kaman, this transaction represents an important milestone in our portfolio transformation and the culmination of a thorough strategic review undertaken by our Board of Directors," said Neal J. Keating, Chairman, President, and CEO of Kaman. "Our strengthened balance sheet will better position the Company to invest in and build our higher margin, higher growth aerospace, and engineered products businesses to enhance shareholder value."
Gibson Dunn & Crutcher advised Littlejohn. JP Morgan, Robert W Baird, and K&L Gates advised Kaman. Antares, BMO, and Jefferies & Company provided debt financing.
Visa, an American multinational financial services corporation, agreed to acquire the token services and ticketing businesses Bell and Ecebs from Rambus, a premier silicon IP and chip provider. Financial terms were not disclosed.
"Facilitating safer, more secure digital transactions is core to Visa's brand promise and central to growing electronic payments for everyone, everywhere. As the way people and businesses pay and get paid continues to evolve, the addition of Rambus' technology will allow us to deliver greater security beyond the card to support more transactions, payments systems and participants," said TS Anil, SVP, global head of payment products and platforms, Visa. "Going forward, we will apply these expanded capabilities, expertise, and scale to help further all forms of global commerce."
Extreme Networks to acquire Aerohive Networks for $210m.
Extreme Networks, a software-driven networking company, offered to acquire Aerohive Networks, a pioneer in cloud-managed networking, for $210m. Accounting for Aerohive's net cash balance of $62m at the end of March, the deal is equivalent to an enterprise value of $210m.
The acquisition of Aerohive will add critical cloud management and edge capabilities to Extreme's portfolio of end-to-end, edge to cloud networking solutions. It will provide a stable subscription revenue stream and strengthen Extreme's position in wireless LAN at a critical technology transition to Wi-Fi 6. Extreme expects the acquisition to be accretive to non-GAAP earnings per share starting in the fiscal year 2020.
Latham & Watkins is advising Extreme Networks. Evercore and Wilson Sonsini Goodrich & Rosati are advising Aerohive Networks.
"This is the third portfolio company realization in the last twelve months based on the I Squared Capital platform approach, with a total of over $2.8bn in realized enterprise value," Sadek Wahba, I Squared Capital Chairman and Managing Partner.
I Squared Capital was advised by Centerview Partners, Sidley Austin, Troutman Sanders, and Davis Polk & Wardwell.
"We are thrilled to add Noise Barriers to the Sound Seal portfolio of companies," said Joe Lupone, CEO of Sound Seal. "With this acquisition, Sound Seal is able to expand our product portfolio and overall reach into the noise control market through the addition of established brands and sales channel partners. This is in direct alignment with our core objective, which is to continue to strengthen and develop our presence in the noise control space, therefore allowing us the opportunity to better serve the acoustical market and the needs of its influencers."
"We are excited to partner with an industry veteran such as Jeff and fully support his vision to launch and build BIG Language Solutions," says Anthony Hauser, Principal at MSouth. "We believe the company is well positioned to capitalize on increasing demand for translation, interpretation, and related language services, particularly for high-value content within regulated verticals."
Secure-24 Intermediate to acquire Symmetry.
Secure-24 Intermediate, a critical application hosting, comprehensive managed IT, and cloud services provider, agreed to acquire Symmetry, a complex SAP implementations manager. Financial terms were not disclosed.
"The acquisition of Symmetry allows us to strengthen the comprehensive managed services we provide to our customers, while opening doors to new opportunities. With the combined expertise of both companies and Symmetry's extensive portfolio of managed SAP services we are now in a position to deliver greater value to our customers around the world." Mike BeDell, Secure-24 Chief Executive Officer.
Mach waived financing condition for its $393m acquisition of Transat.
Groupe Mach, a real estate developer in Montreal, Canada, deposited an amended version of its proposal to buy Transat, the third-largest Canadian airline. The Company removed conditions related to financing from the Government of Quebec and the execution of support and voting agreements with the Fonds de solidarité FTQ and the Caisse de dépôt et placement du Québec.
Vincent Chiara, President & CEO of Mach, stated: "We are excited about the potential synergies between our companies in which the leading integrated international tourism model of Transat could be combined with Mach's vast experience in overseeing the construction, ownership and management of complex real estate development projects in a cost-effective manner and its on-going initiatives at modernizing the leisure travel experience."
AerSale to acquire Qwest Air Parts.
AerSale, a global supplier of aircraft, engines, used serviceable material, and maintenance, repair, and overhaul services, has agreed to acquire Qwest Air Parts, aircraft parts distributor. Financial terms were not disclosed.
"As a proven leader in aircraft parts distribution, Qwest is an optimal partner to help further expand our large inventory of high-demand USM, which we cost-efficiently source through fleet acquisitions and part-out of our retiring lease portfolio assets. Our customers can now look forward to evening more expertise and added value from our integrated aircraft, engine, and component solutions." Nicolas Finazzo, AerSale Executive Chairman.
Rising gold prices could result in more mergers.
Intraday gold spot prices soared to $1.9k per ounce on Tuesday in Canada, higher than any previous closing price, according to a Financial Post report. Despite that many Canadian gold companies were trading down. This could attract more investors to the sector, making it easier for some companies to raise funds for their projects and even unlock a wave of mergers and acquisitions.
"When you sit in front of a board of directors, and you're pitching M&A, the board is in a better mood to support an acquisition when there's positive sentiment in the market," said Jason Neal, chief executive of TMAC Resources, a Canadian-based mining company which holds a 100% interest in the Hope Bay Property. "When things are going downhill, and you're getting squeezed, everybody has a bunker mentality."
Northern Trust to transfer private equity blockchain technology platform to Broadridge. (FS)
Northern Trust, a financial services company, headquartered in Chicago, agreed to transfer its distributed ledger technology platform for private equity asset servicing to Broadridge, a public United States-based corporate services company, in what the companies say is a significant step towards delivering an industry-wide PE blockchain solution.
"The alternatives/PE marketplace is expanding rapidly, and the technology needs of this evolving marketplace are underserved," said Eric Bernstein, Broadridge's head of asset management solutions. "Broadridge's unique position as a network enabler and successful record in utilizing blockchain technology will allow us to help transform the private equity industry. This is another example of Broadridge's commitment to driving the innovation roadmap for the financial services industry and has the potential to be a real game changer."
Arlington Capital Partners closed its latest fund at $1.7bn. (FS)
Arlington Capital Partners, a US private equity investment firm focused on government-regulated sectors, closed its latest fund, Arlington Capital Partners V with total capital commitments of approximately $1.7bn.
Fund V will continue Arlington's strategy of targeting high-growth government-related sectors including aerospace and defence, government services and technology, healthcare, and business services and software. Since April 2018, Arlington has successfully realised on seven portfolio companies, invested in five new platforms and closed on seven new strategic add-on acquisitions.
Detroit-based StockX closed its Series C funding round at $110m. (FS)
StockX, which provides real-time, credible pricing complete with live bids and asks, as well as timestamped transactions, closed its $110m Series C funding round from investment firms DST Global, General Atlantic, and GGV Capital. The Company also announced the appointment of Scott Cutler as CEO. Cutler succeeds co-founder Josh Luber, who will continue to serve on the executive leadership team and board of directors. The raise, in which current investors GV and Battery Ventures also participated, represents the largest in Michigan VC history to date and values StockX at over $1bn.
"GGV Capital has long seen the value of investing in e-commerce disruptors, and StockX is no exception. It is more than a marketplace; the platform's unique model is truly changing the way consumers engage in the purchasing process and has global growth potential," said Hans Tung, managing partner at GGV Capital, who also joined StockX's board of directors as part of the transaction. "StockX has already seen incredible growth internationally but what we are most excited about is the opportunity to continue to scale the company globally and provide unprecedented access to consumer goods for users across the world."
The Riverside Company closed its Asia-Pacific fund at A$147.5m. (FS)
The Riverside Company, a global private equity firm focused on making control and non-control investments in firms with enterprise values of under $200m, announced the first close of its new Asia-Pacific vehicle – Riverside Australia Fund III – at A$147.5 m ($103m).
Hamilton Lane closes the fourth global co-investment fund at $1.7bn. (FS)
Hamilton Lane, a US-based alternative investment management firm, closed its co-investment fund Hamilton Lane Co-Investment Fund IV at $1.7 bn.
The fund's strategy is to provide direct equity capital into buyout and growth transactions alongside leading general partners, as well as unique diversification across enterprise value, geography, and industry.
EMEA
The Jochnick family, which already owns 31% of Oriflame, made a $969m offer in May to remaining shareholders, representing a 35% premium at the time. Walnut Bidco, a company owned by family members, said in a statement on Wednesday that all conditions for completion of the offer, which values Oriflame at $1.4bn, had been fulfilled and declared it unconditional.
Oriflame was advised by Carnegie, Morgan Stanley, Vinge and Walder Wyss. Walnut Bidco was advised by Goldman Sachs, SEB Corporate Finance, Bar & Karrer, Latham & Watkins and Roschier Attorneys.
TDR Capital to acquire BCA Marketplace for £1.9bn. (FS)
TDR Capital, a leading British private equity firm, has agreed to acquire BCA Marketplace, a used vehicle marketplace, for £1.9bn ($2.4bn). The offer price represents a premium of approximately 25% to BCA's closing share price of 195 pence per share on 19 June 2019. TDR Capital's offer comes nearly a year after the group rejected a takeover proposal from Apax Partners, which BCA said undervalued the Company.
Commenting on the offer, TDR Capital said: "BCA is a high-quality business that operates in a market that is changing rapidly, driven by evolving customer demands and digital disruption. TDR has a strong track record of investing in businesses and partnering with management to develop and grow their operations. We are highly supportive of BCA management and believe that with the right investment and support, BCA can continue to grow and evolve its market-leading automotive aftermarket services offering for the benefit of its customers, employees and partners."
Goldman Sachs, Jefferies & Co, Kinmont, Bryan Cave Leighton Paisner, Buchanan and Square1 Consulting are advising BCA. Bank of America Merrill Lynch, HSBC, Linklaters and Tulchan Communications are advising TDR Capital.
JF Hillebrand has acquired 3W Logistik.
JF Hillebrand, the world's leading logistics provider to the beverage industry, has acquired 3W Logistik, a German transport operator. Financial terms were not disclosed.
The reason for the deal was to enable the Company to expand its European wine transport services. Both companies work within the wine, beer and spirit sectors with JF Hillebrand specializing in containerized freight and 3W Logistik focused on intra-europe groupage services and road freight.
"3W's services are very complementary to the services JF Hillebrand offers today and we serve the same customer base. Both Andreas Walsleben, founder and co-owner of 3W and I are very excited to join our efforts, offering both employees and customers new opportunities." Tilo Raab, JF Hillebrand Germany managing director.
ADFG and SHUAA agreed to merge.
ADFG, an investment group, and SHUAA, a market leader in regional investment banking and capital markets, have agreed to merge.
The combined customer base will benefit from an unmatched product suite across the financial services value chain. With this unique full-service offering, the combined entity will be able to deepen existing client relationships through a regional distribution network across some of the most active and relevant geographies in the region and internationally. Thus, the combination of ADFG and SHUAA will bring customers a pan-regional, one-stop financial services platform.
"The combined business will benefit from considerable synergies, an expansive distribution network and a deep pool of talent. All of this will help drive the business performance and create real and long-term sustainable value for shareholders of both companies." Fawad Tariq Khan, SHUAA CEO.
ADFG was advised by JP Morgan, KPMG, PwC and Herbert Smith Freehills. Shuaa was advised by Deloitte, KPMG, UBS and Linklaters.
Viessmann has agreed to acquire IAC Vestcold.
Viessmann, a heating, industrial, and refrigeration systems manufacturer has agreed to acquire IAC Vestcold, a well-established refrigeration installation, air-conditioning and ventilation technology provider. Financial terms were not disclosed.
"We are delighted that our long-term cooperation has resulted in joining our skills and competencies in commercial refrigeration for the benefit of our customers. Together we will be able to offer even more comprehensive turnkey solutions for their needs and develop our product and service offering further. This acquisition is a continuation of our strategy in becoming a full refrigeration solutions provider in sustainable refrigeration for the benefit of the future generations" Frank Winters, Viessmann, Refrigeration Solution CEO.
The Transaction supports the Company's mobile-centric strategy to develop a lean high-capacity wireless network. As Play gears up for the future 5G roll-out, evolution of urban transmission backhaul to high capacity of fiber connectivity is a necessity, while 3S fiber network has ideal footprint complementary to Play's radio network. On the one hand, it secures long-term cost control, and on the other hand high speed, low latency and adequate service quality. The Transaction also secures benefits from time-to-market and capital expenditure perspectives as compared to greenfield build scenario.
"Abas is an important strategic milestone for Forterro, as it marks our eighth European ERP software acquisition, and our initial entry into the German market, Europe's largest manufacturing economy," said Jeff Tognoni, CEO of Forterro. "With the acquisition of abas, we gain a strong product and brand, a large and loyal customer base, and a talented team of product and market experts—all qualities that abas shares with Forterro's existing businesses. We are extremely excited to begin working more closely with the abas team to elevate abas' status as an international leader in manufacturing ERP."
Board Advisors and Friedrich Graf von Westphalen advised abas Software.
Wilfred Rottier, founder, and CEO of Robin Mobile: "Robin Mobile and Nuts Groep share the same DNA. I am positive this acquisition is a very good development for both customers and staff of Robin Mobile. As a result of the planned expansion of services, Robin Mobile will be able to even better serve its customers as a part of Nuts Groep."
Through this acquisition, ROCA supports the modernization of infrastructure in Romania, reconfirming the mission of the platform to contribute to the development of the national economy. By the end of this year, ROCA aims to obtain the necessary certifications for exports to Germany and Austria, with international expansion planned for 2020 in these external markets.
"We are glad to have an experienced investor alongside and we are convinced that ROCA will become the strong partner we need in our work. We believe that the expertise and tools offered by ROCA will contribute to the success of our projects and will help us reach the next level of development." Gavril Muresan, Electroplast CEO.
"The proceeds from B&W's sale of Loibl will be used to reduce debt, provide working capital and strengthen the Company's liquidity and overall financial position, as well as help us focus on our core businesses. I would like to thank Loibl's employees and management team for the many contributions they have made to B&W and wish them the best with their new parent company." Kenneth Young, B&W Chief Executive Officer.
Deutsche Invest Mittelstand was advised by ACXIT Capital Partners.
The combination will allow Allfunds to accelerate and expand its investment into the development of new services and solutions to the benefit of the funds eco-system, comprising of asset managers, fund distributors and other intermediaries.
"With the combination of InvestLab and Allfunds we are creating a stronger player in the platform and wealth technology space. Credit Suisse is one of the most esteemed wealth management brands in the world and their cooperation with Allfunds is testament to Allfunds' attractive proposition in the sector. We are truly excited to welcome the InvestLab team to Allfunds. With this combination, we continue our global growth and commitment to enhance our service offering to fund houses and distributors by offering the most innovative technology, digital solutions, and data analytics available in the market." Juan Alcaraz, Allfunds CEO.
The deal will provide new growth impulses based on the strong existing studio business. As a result, MMC strengthens its market position as a leading service provider for moving image production. In the future, existing business operations will be expanded in the field of external transmission and the production location in Cologne will be strengthened by innovative production technologies.
"We look forward to giving MMC, after an intensive and highly successful re-positioning, a proven growth expert who will use Crosscast to strategically develop the MMC from Day One onwards." Novum partner Beatrice Dreyfus says: "We are convinced of the stable market position and the strong management team. We look forward to supporting the Company on its growth path in the new constellation. "Dr. Michael Schumann, Dubag Partners.
"We want PKN Orlen to take over the capital of the Lotos Group as soon as possible. Should the decision of the European Commission be negative, it will not stop our work on merging companies. In this case, after some time, we will probably repeat the merger request "- said Orlen President Daniel Obajtek.
Elysian Capital agreed to acquire Aspirations Care. (FS)
Elysian Capital, an investment company, agreed to acquire Aspirations Care, a specialist provider of supported living services for adults with learning disabilities from August Equity, a private equity company. Financial terms were not disclosed.
"Aspirations has built a reputation of providing high quality care to those with complex needs - and, most importantly, doing so in a caring and personal way. We are very pleased to have the opportunity to work alongside the business to continue to develop its care offering, in a managed, organic manner." Edward Brett, Elysian Capital Partner.
Ryanair amended the terms of a €700m share buyback.
Ryanair, an Irish low-cost airline, amended the terms of a €700m ($795m) share buyback to allow block repurchases. The move has been done in order to remain majority EU-owned after Brexit.
Ryanair triggered contingency plans in March to restrict the voting rights of British shareholders if the UK leaves the European Union without a deal on future relations or quits both the EU customs union and single market in a "hard" Brexit scenario, Reuters reported.
Earth Capital exited its investment in Inval Green Energy. (FS)
Earth Capital, a global investment group focused on sustainable and impact investments, exited its investment in Inval Green Energy, a 94 MW Pomerania wind farm project based in Poland. The asset is managed by sub-manager Barcelona-based SI Capital.
Gordon Power, Co-Founder and Chief Investment Officer of Earth Capital, said: "Our investment strategy for the Nobel Sustainability Fund® is to allocate to a mixture of development infrastructure assets and growth clean technology businesses. This strategy enables fund investors to see early cash flows by realising development infrastructure assets and thus reducing the J curve drag often associated with PE growth funds."
Banca Monte dei Paschi to sell $1.3bn of bad loans. (FS)
Cerberus Capital Management, Bank of America and Illimity Bank, banks are close to buying bad loans for €1.1bn ($1.3bn) from Banca Monte dei Paschi di Siena, an Italian bank.
A package of non-performing loans backed by real estate has a gross book value of about €500m ($569m). Bank of America is wrapping up talks to buy about €130m ($148) of secured bad loans and Illimity is discussing the purchase of more than €500m ($569m) of unsecured corporate loans, Bloomberg reported.
Neil Woodford looking to sell shares in Atom Bank and Oxford Nanopore. (FS)
Britain's best-known fund manager Neil Woodford is looking to sell his stakes in Atom Bank, a digital financial company, and Oxford Nanopore, a UK-based company which is developing and selling nanopore sequencing products. The move, which is expected to be finalised within days, represents a crucial step in Neil Woodford's efforts to carve out a viable future for the business he founded in 2014.
PJT Partners is rumored to be advising on the sale.
Israel Aerospace thinks that a merger with Rafael is inevitable.
Israel Aerospace Industries is eager to merge but Rafael Advanced Systems, an Israeli government defense company, is unenthusiastic about putting its "healthy head into a sickbed."
"There is no logic in two government companies competing with each other in the missiles sector; the situation requires them to merge," Harel Locker, IAI chairperson.
Syntaxis looking to sell its stake in eSky. (FS)
Syntaxis Capital, a leading provider of growth credit for mid- to lower mid-market companies, is looking to divest its 40% stake in eSky, which operates as an internet air ticket seller. Syntaxis acquired its stake in 2014. The deal could be valued at approximately PLN100m ($27m).
EQT considers selling GB Railfreight. (FS)
Private equity firm EQT Partners considers selling its British rail transport company GB Railfreight. No final decisions have been made, and EQT could decide against a sale. The firm is currently gauging interest in the London-based rail freight business, which it bought in 2016 for $205m.
Jim Ratcliffe enquired about buying Manchester United.
Britain's richest man, Jim Ratclife, who founded the Ineos chemicals group in 1998, enquired over the possibility of purchasing Manchester United from the Glazer Family but was put off by the asking price. Mr. Ratcliffe previously bought FC Lausanne-Sport of Switzerland in November 2017. It's unknown if Ratcliffe's interest in United remains, or if the fee demanded by the Glazers has seen him look at other options. The current social protests against United's owners could push the family into selling should they continue for more than the usual outrage.
Deutsche Telekom closes fund and gets SK Telecom support for VC arm. (FS)
Deutsche Telekom's venture capital arm is closing its second fund after raising $350m to invest in software service companies that are powering digital transformation. SK Telecom of Korea and Zeiss, an optics company have joined Deutsche Telekom, HarbourVest, Neuberger Bermann and others in backing the fund.
SK Telecom's $30m investment is part of a wider agreement with Deutsche Telekom to set up a joint venture to develop technologies and services for next-generation 5G mobile networks.
APAC
Larsen & Toubro, one of the largest Indian multi-national firms and leading construction company, acquired a controlling 51% stake in Mindtree, a multinational information technology and outsourcing company for $1.5bn.
Private equity investors, including Advent International, KKR and Baring Asia also made offers for Mindtree but were outbid by L&T.
Larsen and Tourbo was advised by Axis Capital, Citigroup, KPMG, AZB & Partners and Baker McKenzie.
Adani Power, a private thermal power producer, has agreed to acquire controlling equity stake and restructure debt in GCEL, power plant owner from GMR Group. Financial terms were not disclosed.
Successful acquisition of GCEL and KWPCL will consolidate APL's position as India's leading private sector thermal power producer with combined thermal power capacity of 12.410 MW. Further, this reaffirms APL's credentials in development and operation of greenfield projects, and also successfully turning around brownfield acquisitions.
Accenture, a leading global professional services company, has agreed to acquire BCT Solutions, a technology consultancy that specialises in Command and Control, Cybersecurity, Cyber Defence services and expertise, supporting the delivery of Defence, National Security and Public Safety mission-support capabilities. Financial terms were not disclosed.
"BCT will complement Accenture's Defence, National Security and Public Safety capabilities in Australia, extending the reach and scale of our business to transform bold ideas into breakthrough outcomes for our public sector client. BCT's impressive experience and capabilities will enable us to enhance the services we provide to government agencies in Australia — ultimately helping improve the lives of citizens." Catherine Garner, Accenture's Health & Public Service practice in Australia and New Zealand.
Nayifat reschedules IPO roadshow.
Nayifat Finance Company, a non-bank financial institution, rescheduled a road show and book building process for its public offering that was originally planned for June 24.
"The rescheduling is in the interest of selecting the next suitable window for the IPO," the firm's statement said.
CBC said to mull IPO for Everest. (FS)
CBC Group, a Singapore-based private equity firm, is exploring an initial public offering for Everest Medicines, its biopharmaceutical portfolio company. Dealstreetasia reported that the potential share sale of Everest Medicines could raise $200m to $300m.
XVC seeks $265m for second venture fund. (FS)
XVC, a Beijing-based venture capital firm, has filed to raise $265m towards a second venture fund, XVC Fund II.
Archer Capital plans to raise $208m for sixth fund. (FS)
Archer Capital, a private equity firm, has revived its plans to raise a sixth fund – Archer Capital Fund 6 – with a target of A$300m ($208m).
Archer Capital Fund 6 is spearheaded by Peter Gold and Ben Frewin, and firm founder Peter Wiggs will join the pair on a three-person investment committee, Dealstreetasia reported.
"Archer Capital considers an active partnership with management throughout the lifecycle of an investment as an essential foundation for success. We acquire companies in equity partnership with management – either the incumbent management team or a buy-in team," the firm said.
Didi to expand partnership with GAC Group.
Reuters reported that Chinese ride-hailing giant Didi Chuxing will expand its partnership with Guangzhou Automobile Group, a Chinese automobile maker headquartered in Guangzhou, to areas such as ride-hailing operations and autonomous driving. The firms will work on fleet expansion and management, development of new mobility products, and collaboration on smart driving, including autonomous driving technology, Didi said in a statement.
Didi has also invested in OnTime, a mobility platform newly-launched by GAC Group and will support the Company with its data capabilities and operational expertise.
Walmart is re-listing Seiyu after competing with bigger local rivals.
Walmart, multinational retail corporation is re-listing Seiyu, a Japanese supermarket chain after competing for a decade with bigger local rivals.
After the listing, Walmart will remain as a major stakeholder. Seiyu also announced a mid-term business plan to offer lower prices, better products and grow e-commerce sales.
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