AMERICAS
Governor in Council issued an order under the Investment Canada Act directing Shandong Gold Mining not to implement the plan of arrangement. The transaction between TMAC and Shandong will not proceed.
“We will continue to build on these improvements while considering options to manage our balance sheet. We continue to believe that the Hope Bay gold belt holds substantial value with long life production potential that presents a significant development opportunity. We have developed and are currently evaluating mining and processing plant alternative scenarios with the objectives of reducing capital expenditures and financing requirements compared with the 2020 PFS, while maximizing value,” Jason Neal, TMAC President and CEO.
Stagwell, a media group, agreed to combine MDC Partners, a marketing and communications network. Financial terms were not disclosed.
The combined company looks to create the transformative marketing company today's marketplace demands. Together, the companies will significantly expand their range of best-in-class capabilities, depth of expertise, and geographic footprint to deliver expanded value to clients, and meaningfully accelerate the combined company's growth.
"Together, they unleash precisely the right talent and technology to create a transformative marketing services company offering scaled Creative Performance. MDC is celebrated for bringing award-winning creative firepower to the world's leading and most ambitious companies, and Stagwell has been built with deep and sophisticated technology at its core," Mark Penn, MDC Partners Chairman and CEO, and The Stagwell Group Managing Partner.
Stagwell is advised by JP Morgan, Freshfields Bruckhaus Deringer, and McCarthy Tetrault. MDC Partners is advised by Canaccord Genuity, Moelis & Co, Cleary Gottlieb Steen & Hamilton, DLA Piper, Fasken, Kingsdale Advisors, and Sloane & Company.
Ayr Strategies, an expanding vertically integrated, US multi-state cannabis operator, agreed to acquire Liberty Health Sciences, a manufacturer and distributor of medical cannabis, for c.$372m.
"With the support from Ayr, Liberty dispensary openings across the state will accelerate and product expansion will be enhanced. Shareholders will benefit not only from the strong growth in the Florida market, but also from the growth in other key states. Our employees will have exposure to new opportunities and career paths. We are delighted to become part of the AYR family of companies," George Gremse, Liberty Interim Chief Executive Officer and Director.
Liberty is advised by Nauth, Miller Thomson, Greenspoon Marder, Cormark Securities and ATB Capital. Ayr is advised by Stikeman Elliott, Dorsey & Whitney and Canaccord Genuity.
Caisse de dépôt et placement du Québec, an institutional investor that manages several public and parapublic pension plans and insurance programs, completed the $200m investment in Zevia, a company specialised in the manufacturing of soft drinks and carbonated waters.
“Zevia’s line of zero sugar, naturally sweetened beverages has resonated with shoppers across the US and Canada, and we’re excited to partner with CDPQ to accelerate our growth. Zevia is focused on making the world a better place through sustainable, affordable products that taste great and feature simple, plant-based ingredients – and we look forward to partnering with CDPQ, an investor which sees ESG matters as an opportunity to generate sustainable growth that benefits everyone," Paddy Spence, Zevia CEO.
CDPQ is advised by Goldman Sachs, Bank of America Merrill Lynch and Paul Weiss Rifkind Wharton & Garrison. Zevia is advised by Wellvest Capital, Hogan Lovells and Percepture.
Colonnade Acquisition, a special purpose acquisition company, is set to merge with Ouster, a provider of high-resolution digital lidar sensors for the industrial automation, smart infrastructure, robotics, and automotive industries, in a $1.6bn deal
“Ouster is powering the vision for an autonomous future where lidar-powered solutions are ubiquitous and built into every part of the industrial economy. We have established a strong business with a disruptive digital lidar technology, a diversified customer base, and global manufacturing and supply chain capabilities that are scaling toward high volume production. We believe the combination with Colonnade will enable us to further accelerate the adoption of our proven technology across multiple end markets and realize a safer, smarter, more efficient future," Angus Pacala, Ouster Co-Founder and CEO.
Ouster is advised by Citigroup, Latham & Watkins and Sloane & Company. Colonnade Acquisition is advised by BTIG, Barclays, White & Case and ICR.
Centerbridge Partners-backed American Bath Group, a manufacturer of showers, bathtubs, and related accessories, completed the acquisition of DreamLine, a provider of branded premium glass shower doors, enclosures, and accessorie, from Morgenthaler Private Equity, a private equity firm.
"DreamLine is excited to become part of American Bath Group's comprehensive line of bathware products and brands. We look forward to contributing to the rapid growth and continued market leadership at American Bath Group," Chris Yankowich, DreamLine CEO.
ABG was advised by RBC Capital Markets, Vinson & Elkins and Kekst CNC. MPE was advised by Lincoln International and Jones Day.
American Securities, a US private equity firm, agreed to acquire an interior products business of Beacon Roofing Supply, a distributor of commercial and residential roofing products, for $850m.
“After undertaking a thorough analysis, we determined that a divestiture of Interior Products is in the best interests of our shareholders, as well as our Interiors customers and associates. This transaction will substantially accelerate our efforts to improve our balance sheet, reduce net leverage and provide the financial flexibility to pursue strategic growth initiatives in our core exteriors business to drive shareholder value. We are excited about our start to fiscal 2021, especially the growth we are seeing in residential roofing sales. The Interior Products divestiture will allow us to focus entirely on driving growth and profitability in our core exteriors business,” Julian Francis, Beacon President and Chief Executive Officer.
American Securities is advised by Weil Gotshal and Manges. Beacon Roofing Supply is advised by Goldman Sachs, Potter Anderson & Corroon and Sidley Austin.
Peloton, an interactive fitness platform, agreed to acquire Precor, a commercial fitness equipment provider, from FountainVest Partners-backed Amer Sports, a Finnish sporting goods company, for $420m.
"Precor is driven to create personalized health and fitness experiences that help people live the lives they desire. That passion has led us to create highly customizable solutions running on the fitness industry's largest commercial network. The Precor team is excited to combine our manufacturing expertise and more than 40 years of equipment innovations with Peloton's award winning workout experiences to help commercial customers succeed and keep exercisers moving," Rob Barker, President Precor.
Peloton is advised by Fenwick & West. Amer Sports is advised by Citigroup and Kirkland & Ellis.
Raytheon, a defense contractor company, completed the acquisition of Blue Canyon Technologies, a provider of small satellites and spacecraft systems. Financial terms were not disclosed.
"The space market is rapidly expanding and our customers need comprehensive solutions faster than ever before. What makes Blue Canyon Technologies the right fit for our business is its agile, innovative culture and expertise in small satellite systems and technologies. This acquisition enables us to deliver a broader range of solutions to support our customers' space missions – from sensing subsystems to mission systems integration and from launch and range support to on-orbit operations," Roy Azevedo, Raytheon Intelligence & Space President.
Blue Canyon Technologies was advised by Jefferies & Company, Hutchinson Black and Cook and King & Spalding.
Lindsay Goldberg, a private investment firm, agreed to invest in Pike, a provider of infrastructure solutions to utilities in the United States. Financial terms were not disclosed.
“As Pike looks at the opportunities ahead, the addition of Lindsay Goldberg to our shareholder group provides access to substantial resources to further accelerate our significant growth and strategic initiatives,” Eric Pike, Pike Chairman and CEO.
Pike is advised by Morgan Stanley and Gasthalter & Co. Lindsay Goldberg is advised by Cravath Swaine & Moore.
Moog, a worldwide designer, manufacturer, and integrator of precision control components and systems, agreed to acquire Genesys Aerosystems, a provider of integrated avionics systems for military, special-mission, and civil operators, from McNally Capital, a family-owned private equity firm. Financial terms were not disclosed.
“The sale of Genesys is a further proof point of our ability to create value for our investors and management teams through a full transaction lifecycle. It is also a testament to our track record of successfully bringing family capital and industry expertise to founder-owned businesses,” Ward McNally, McNally Capital Managing Partner and Founder.
Genesys Aerosystems is advised by Stephens and Ropes & Gray.
Honeywell, a Fortune 100 technology company, agreed to acquire Sparta Systems, a provider of enterprise quality management software, from New Mountain Capital, a private equity firm, for $1.3bn. The acquisition is expected to close by the end of the first quarter of 2021 and is subject to certain regulatory approvals and other customary closing conditions.
"Since we partnered with Sparta in 2017, the company launched its TrackWise Digital platform – the only AI-enabled QMS solution, expanded its SaaS customer base by two-and-a-half times, and significantly invested in product development and R&D. We are excited to watch Sparta continue to thrive within the Honeywell organization," Pete Masucci, New Mountain Capital Managing Director.
New Mountain Capital is advised by Willkie Farr & Gallagher. Honeywell is advised by Skadden Arps Slate Meagher & Flom.
An investment consortium completed the $225m Series E financing round in Creditas Financial Solutions, a financial technology company that operates a digital platform offering secured consumer loans. New investors in the funding round include LGT Lightstone, Tarsadia Capital, Wellington Management, e.ventures and an affiliate of Advent International, Sunley House Capital. Previous investors including SoftBank Vision Fund, SoftBank Latin America Fund, VEF, Kaszek Ventures and Amadeus Capital Partners also participated in the round, which values Creditas at $1.75bn.
“The journey since our investment in the Series A has been absolutely extraordinary. The team has executed on its vision, and Creditas has evolved into an asset-light ecosystem that resolves key financial needs of its customers throughout their lifetimes,” Nicolas Szekasy, Kaszek Ventures Managing Partner.
Creditas is advised by Simpson Thacher & Bartlett.
Morgan Stanley Capital Partners, a middle-market private equity platform, completed the investment in AWT Labels & Packaging, a provider of labels and packaging solutions. Financial terms were not disclosed.
"With MSCP’s support, expertise, deep industry knowledge and network in packaging, we plan to expand our current capabilities and geographic footprint while continuing to provide the highest quality products to our customers," Michelle Zeller, AWT Labels & Packaging President.
Morgan Stanley Capital Partners is advised by Jones Day.
Quanta, a cutting-edge technology platform that applies advances in quantum biology, agreed to acquire a 51% stake in Medolife, a pharmaceutical company. Financial terms were not disclosed.
"We are extremely pleased to announce this monumental moment in the story of Quanta, with this acquisition of 51% of Medolife Rx. Dr. Mikaelian is a true pioneer in the space, and we believe that together we will be able to take this technology to heights we could not have reached alone," Phil Sands, Quanta CEO.
MGM Holdings is evaluating a $5.5bn sale.
Metro-Goldwyn-Mayer Studios, a US movie studio, is exploring a sale, Reuters reported. The movie studio behind the "James Bond" franchise has hired investment banks Morgan Stanley and LionTree and started a formal sale process.
The company has a market value of around $5.5bn, based on privately traded shares and including debt.
Kingspan and Standard Industries drop plans to acquire Bridgestone Firestone Building Products unit. (FS)
Kingspan Group and Standard Industries, two of the final suitors for Bridgestone's Firestone Building Products unit, have dropped out of the bidding, Bloomberg reported.
The companies decided against submitting offers by Monday's deadline. Firestone Building Products was expected to fetch more than $2.5bn. The Bridgestone unit, part of the Japanese industrial conglomerate’s North American division, makes roofing systems for commercial markets.
Clearlake-backed Janus International to merge with SPAC. (FS)
Clearlake Capital-backed Janus International, a metal windows and doors maker, is merging with Juniper Industrial Holdings, a blank-check company, Reuters reported.
The combined entity will be valued at $1.9 bn including debt, and will list on the NYSE after close of the deal.
Juniper will fund the deal by $348m and an additional $250m will come from investors that include Baron Capital, Fidelity Management & Research, and members of Juniper’s board including Dave Cote, former chairman and CEO of Honeywell.
Washington State Investment Board committed up to $150m to Luminate Capital Partners III. (FS)
Washington State Investment Board, which oversees $152.6bn, including $117.8bn in defined benefit plan assets, approved the commitment of up to $150m to the Luminate Capital Partners III, a software-focused middle-market buyout fund.
As of September 30, 2020, the board's actual allocation to private equity was 22.4%.
Snoop Dogg's-backed Casa Verde Capital raised $100m. (FS)
Casa Verde Capital, the investment fund co-founded by cannabis connoisseur Snoop Dogg, has closed on $100m for its second investment fund.
The fund has managed to raise more cash just as the market for cannabis-related products seems poised for another period of expansion. There is no indication of the target for the new venture capital fund, but with the latest fundraising, Casa Verde more than doubles the size of its initial investment vehicle.
Adams Street Partners raised $823m for the 2020 Global Fund. (FS)
Adams Street Partners, a private markets investment management firm with $42bn of assets under management, has successfully held the final closing of the Adams Street 2020 Global Fund Program with approximately $823m in committed capital.
The global fund program saw strong worldwide demand, with commitments coming from new and existing investors spanning North America, Europe, the Middle East, and Asia. Backers included a broad set of public and corporate pension plans, high net worth individuals, foundations, and endowments.
"Needless to say, 2020 has presented unprecedented challenges across the entire investment landscape. We are humbled by the confidence and trust that our clients continue to place in us during these unusual times," Jeff Diehl, Adams Street Managing Partner and Head of Investments.
JP Morgan hires a Citigroup veteran to lead the digital commercial payments business. (People)
JP Morgan had hired Citigroup veteran Lisa Davis to oversee various digital products businesses, the US bank's latest appointment to bolster its commercial payments business.
Before joining JP Morgan, Davis spent 22 years at Citigroup, where she headed the bank's startup incubator within its institutional clients group. JPMorgan also said in April it was hiring the head of cryptocurrency trading platform Bakkt, Mike Blandina, as its new head of wholesale payments technology.
Josh Kushner-backed Oscar Health filed confidentially for IPO.
Oscar, the health insurance startup co-founded by Josh Kushner, has filed confidentially for an IPO, Bloomberg reported. The New York-based company, led by Chief Executive Officer Mario Schlosser, had submitted its draft registration for an IPO to the US Securities and Exchange Commission.
Mulberry Health, which does business as Oscar, has not determined the size or price range of the offering. Kushner, managing partner and co-founder of the venture firm Thrive Capital, is the brother of Jared Kushner, son-in-law and senior adviser to US President Donald Trump.
Oscar raised $140m this month in a funding round led by Tiger Global Management. That followed a $225m round in June that included Thrive Capital. Other investors in one or both of the rounds included Dragoneer, Baillie Gifford, Coatue, Founders Fund, Khosla Ventures, Lakestar, Reinvent, Alphabet, and General Catalyst.
EMEA
CapVest, a mid-market private equity firm, agreed to acquire Inspired Pet Nutrition, a pet food manufacturer, from L Catterton, a private equity firm that invests in all major consumer segments. Financial terms were not disclosed.
"By utilizing their extensive strategic, operational, and industry expertise, we have laid a strong foundation to expand our business and quadrupled Harringtons' market share under L Catterton's ownership. In addition, we have made great strides on our sustainability journey, with IPN becoming the UK's first carbon-negative pet food manufacturer of scale. We are excited to continue our strong track record of growth through our partnership with CapVest as we work to realize our vision of becoming one of the largest manufacturers of branded pet food across the UK and Europe," Richard Page, IPN Chairman.
Inspired Pet Nutrition is advised by Harris Williams & Co and DLA Piper. CapVest is advised by ReputationInc, Rabobank, Lincoln International, KPMG, Kirkland & Ellis, and CIL Management Consultants. Deft financing is provided by Rothschild & Co. L Catterton is advised by Joele Frank.
Applegreen, a company that operates service stations, reached an agreement on the terms of a cash offer by B&J Holdings and Blackstone, a private equity group, which has been unanimously recommended by the Independent Applegreen Board.
The acquisition represents a premium of 48.2% and values the entire issued and to be issued share capital of Applegreen at approximately €480m ($586m) on a fully diluted basis.
"We are honoured to partner with Applegreen's visionary founders, Bob Etchingham and Joe Barrett, to continue to build Applegreen's industry-leading portfolio of roadside retail outlets in Europe and the United States. We look forward to supporting Applegreen as its team continues to innovate and expand internationally," Sebastien Sherman, Blackstone Senior Managing Director.
Applegreen is advised by Goodbody, Shore Capital & Corporate, Drury Porter Novelli and MHP Communications. B&J Holdings is advised by Goldman Sachs. Goldman Sachs is advised by Ashurst and Mason Hayes & Curran.
Huntsman Gay Global Capital, a middle-market private equity firm, agreed to acquire Specialist Risk Group, an insurance broker, from Pollen Street Capital, a private equity firm. Financial terms were not disclosed.
“We are delighted to partner with HGGC, a firm that is completely aligned with our values as a culture and people-driven company. We share a common ethos and expansive ambition, and I am tremendously excited for the next chapter of the SRG story. I would like to thank the team at Pollen Street for their support of the business through this foundational stage of SRG’s history," Warren Downey, SRG CEO.
HGGC is advised by Evercore and Kirkland & Ellis. Pollen Street Capital is advised by Macquarie Group and Proskauer Rose.
Vodafone, a British multinational telecommunications conglomerate, launched $2.6bn tender offer for a 17% stake in Kabel Deutschland, a cable operator.
Vodafone to pay to the minority shareholders of KDG an annually recurring net compensation of $3.87 per KDG share in cash. Vodafone also agreed to purchase such minority shareholders' KDG shares for $103.17 per share in cash.
Vodafone is advised by DE Shaw, Elliott Advisors and UBS O’Connor.
Viaro Energy-backed RockRose Energy, an investment company, agreed to acquire SSE's gas exploration and production assets for £120m ($160m).
"We have said for some time that gas exploration and production assets are inconsistent with our future ambitions and vision to be a leading energy company in a net-zero world. This sale clearly comes at a difficult time for the E&P sector, and the economy as a whole, but we believe it is the right move for our shareholders as we focus our resources on our core low-carbon businesses," Gregor Alexander, SEE Finance Director.
SSE is advised by Bank of America Merrill Lynch and CMS.
Van Lanschot Kempen, a provider of private and merchant banking, asset management, announces that its regulators have issued a declaration of no objection for its takeover and proposed integration of Hof Hoorneman Bankiers, an investment management company. The takeover, announced on 18 August 2020, is expected to complete in January 2021.
The takeover will increase Van Lanschot Kempen’s client assets within Van Lanschot Private Banking and Evi. It also offers scope for significant economies of scale and further growth, as Hof Hoorneman Bankiers clients will be gaining access to a broader offering of products and services.
Hof Hoorneman is advised by Loyens & Loeff. Van Lanschot Kempen is advised by KPMG.
Sykes Enterprises, a full life cycle provider of global customer engagement services, agreed to acquire The Penny Hoarder, an independent personal finance digital media company. Financial terms were not disclosed.
“This acquisition marks a significant milestone and validation of hard work from The Penny Hoarder team. We’re excited to have found a partner in SYKES who believes in our mission of helping consumers make better financial decisions. The financial services industry is changing rapidly and consumers need an ally in navigating this new economy more than ever. Our partnership will give us a leg up in meeting these challenges while providing more opportunities for our employees and advertisers. We couldn’t be more thrilled to join the team,” Kyle Taylor, The Penny Hoarder Founder and Chief Executive Officer.
The Penny Hoarder is advised by JEGI. Sykes Enterprises is advised by Shumaker Loop & Kendrick.
Kennedy Wilson, a global real estate investment company, and GIC, Singapore’s sovereign wealth fund, agreed to create a joint venture and manage urban logistics properties in the UK, with the potential to expand into Ireland and Spain. Kennedy Wilson will be responsible for the sourcing, acquisition and management of the assets. Kennedy Wilson will have a 20% ownership and GIC will have an 80% ownership in the joint venture.
“We have witnessed the rapid growth of urban logistics properties driven by strong demand from businesses looking to grow their distribution networks with limited supply of space across major cities in our target markets. Over the last five years, we have significantly grown our footprint in this asset class. We are thrilled to partner with a preeminent global long-term investor like GIC to further capitalize on the exciting opportunities in this sector and to build out a premier urban logistics portfolio,” Mary Ricks, Kennedy Wilson President.
GIC is advised by FTI Consulting and Kirkland & Ellis. Kennedy Wilson is advised by Goodwin Procter.
Beatport, an American electronic music-oriented online music store, agreed to acquire Loopmasters, a music production software and digital tools provider. Financial terms were not disclosed.
“Matt Pelling (Loopmasters’ CEO) and the entire Loopmasters team are world-class people who have built amazing products for the producer community that simply belong in our ecosystem. The phenomenal growth of Plugin Boutique, the leading global seller of virtual instrument plug-ins, and the recent launch of Loopcloud, an innovative subscription service for the samples market, are a testament to the talent of their team, and we couldn’t be happier to welcome them to the Beatport family,” Robb McDaniels, Beatport CEO.
Beatport is advised by Houlihan Lokey.
IBM, a provider of computer solutions, agreed to acquire Nordcloud, a European provider of cloud implementation, application transformation and managed services. Financial terms were not disclosed. The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2021.
“IBM’s acquisition of Nordcloud adds the kind of deep expertise that will drive our clients’ digital transformations as well as support the further adoption of IBM’s hybrid cloud platform. Nordcloud’s cloud-native tools, methodologies and talent send a strong signal that IBM is committed to deliver our clients’ successful journey to cloud," John Granger, IBM Senior Vice President and COO.
Nordcloud is advised by Latham & Watkins.
Blackstone, a private equity firm, agreed to acquire Signature Aviation, a provider of air transport support services, for $4.3bn.
Blackstone will pay $5.17 per share for Signature Aviation, representing a 44% premium. A majority shareholder vote will be required to proceed, as well as approval from market regulators such as the Financial Conduct Authority.
A consortium of investors completed the acquisition of Swissport from HNA Group for $2.3bn. Investors include Strategic Value Partners, Apollo Global Management, TowerBrook Capital Partners, Ares Management, Cross Ocean Partners and King Street Capital.
“Together we have every intention to take Swissport to the next level and I look forward to partnering with Christoph Mueller and the Swissport management team in driving the commercial agenda and operational transformation of the company," David Siegel, Swissport CEO.
Skanska to divest $669m majority stake in US project. (FS, RE)
Skanska, a Swedish builder, is selling a 95% stake in office property 2+U in Seattle, Washington, to Hana Alternative Asset Management and Hana Financial Group, South Korea's investment management firms, for about $669m.
Skanska, the Nordic region's largest builder and one of the biggest in the United States, said the transaction for the 65k sq m office tower in Seattle's central business district would be recorded in the fourth quarter by Skanska USA Commercial Development.
10x Future Technologies considers $100m funding.
10x Future Technologies, the banking technology group, founded by a former Barclays chief executive, is plotting a $100m fundraising next year as a springboard to the further expansion of its international operations, Sky News reported. Antony Jenkins' 10x Future Technologies has hired Lazard to oversee a Series C funding round in 2021.
The capital-raise will be the first for 10x since a £32m ($43m) equity injection in the first half of last year. Mr Jenkins established the company in 2016 to help major banks manage their accelerating transition to digital services.
He has attracted investment from Nationwide and JP Morgan, which plans to launch a consumer banking app in the UK next year. 10x's other shareholders include the Chinese insurer Ping An and Oliver Wyman, the management consultancy.
QPE raised £185m hard cap for its debut fund. (FS)
Queen's Park Equity has held a final close of its debut fund, Queen's Park Equity Partners I. The Fund was oversubscribed and closed at its hard cap of £185m ($250m) of third-party institutional commitments, exceeding the £150m ($202m) target.
QPE was founded in 2020 by Jose Rodriguez, Jonny Kay, and Ed Goddard. The firm is focused on providing capital and expertise to high-quality businesses within the Education, Health & Pharma, and Tech Services sectors with EBITDA of up to £5m ($6.7m) and an ambition to accelerate their growth.
"We are delighted with the support we have received from our blue-chip institutional investor base and the QPE Ambassador Network. Our dedicated sector focus and a consistent partnership-based approach to value creation has enabled us to achieve our hard cap during a challenging fundraising environment," Jonny Kay and Jose Rodriguez, QPE Managing Partners.
QPE was advised by Sidley Austin.
APAC
Australia’s antitrust regulator rejected an attempt by Google that sought to address competition concerns over $2.1bn acquisition of Fitbit, a fitness tracker maker, Reuters reported
The development comes as Google remains in disputes with the Australian government over some issues, including proposed laws that could force Google and Facebook to pay for news sourced from local media outlets.
“While we are aware that the European Commission recently accepted a similar undertaking from Google, we are not satisfied that a long-term behavioural undertaking of this type in such a complex and dynamic industry could be effectively monitored and enforced in Australia,” Rod Sims ACCC Chair.
The ACCC said it would continue its investigation and set a new decision date of March 25, 2021.
Fitbit is advised by Qatalyst Partners, Fenwick & West, Cooley and Sard Verbinnen & Co. Google is advised by Lazard and Cleary Gottlieb Steen & Hamilton.
Shanghai Wanye Enterprises agreed to acquire Compart, headquartered in Singapore with primary operations in China and Malaysia, is a supplier of high-precision, machined metal components including valves, fittings, sensors, and related components for a range of industries, from Platinum Equity, a Los Angeles-based global private equity firm focused on acquiring businesses that can benefit from the firm's operational expertise, for approximately $398m.
"We have committed substantial financial and operational resources to our investment strategy in Asia and Compart's success further extends our track record of creating value in the region. We have a lot of experience transacting in Asia, with a dedicated team on the ground supported by our global network," Jacob Kotzubei, Platinum Equity Partner.
Platinum Equity Partners is advised by BDA Partners and Clifford Chance.
CDC, an investment firm, completed the acquisition of a minority stake in TVS Industrial and Logistics Parks, a joint venture between TVS Supply Chain Solutions and Ravi Swaminathan Associate that provides warehousing services. Financial terms were not disclosed.
“This type of business-enabling infrastructure plays a vital role in economic development by connecting regions, enabling economies of scale, and reducing the cost of goods for consumers. Our investment will create 3k construction jobs and support the creation of a further 500 jobs during warehouse operations, Srini Nagarajan, CDC Managing Director and Fead of Asia.
Sequoia China, a private equity firm, led a $515m Series E round in Lalamove, a company thatoffers last-mile logistics solutions through its app. Other investors include Hillhouse Capital and Shunwei Capital.
Known as Huolala in China, the Hong Kong-based company offers last-mile logistics solutions through its app. In addition to the two markets, Lalamove has operations in Indonesia, Malaysia, Singapore, Thailand, Vietnam, India, and the Philippines.
The company plans to use the new funds to further expand its business, diversify its business layout, and bolster its logistics data intelligence.
Google, a multinational technology company that specializes in Internet-related services and products, and Mithril Capital, a provider of investment management services, completed the $145m investment in Glance, a company that delivers AI-driven personalized content in multiple languages including English, Hindi, Tamil, Telugu and Bahasa on the lock screen of Android smartphones.
“Glance is a great example of innovation solving for mobile-first and mobile-only consumption, serving content across many of India’s local languages. Still too many Indians have trouble finding content to read or services they can use confidently, in their own language. And this significantly limits the value of the internet for them, particularly at a time like this when the internet is the lifeline of so many people. This investment underlines our strong belief in working with India’s innovative startups towards the shared goal of building a truly inclusive digital economy that will benefit everyone," Caesar Sengupta, Google VP.
ByteDance considers acquiring a stake in CMGE.
ByteDance, a Chinese internet technology company, is in talks to buy a stake in CMGE Technology Group, mobile games publisher, in a move to strengthen its next pillar of growth, Reuters reported.
The owner of the short video app TikTok plans to buy part or all of the 27.6% CMGE stake held by Fairview Ridge Investment, controlled by CMGE chairman Xiao Jian and vice-chairman Sin Hendrick. ByteDance is looking to offer HK$4 ($0.52) to HK$5 ($0.64) per share to purchase the stake, said another person. The range represents a premium of 30% to 62% above the stock's Monday close.
The deal would come as the gaming industry continues to benefit from Covid-19 pandemic countermeasures, which have forced people to stay at home, boosting game downloads.
SMFG considers buying a bank in Indonesia. (FS)
Sumitomo Mitsui Financial Group, Japan's second-largest lender, is eager to buy a commercial bank in Indonesia after a defeat last year in vying for mid-sized lender PT Bank Permata.
Japanese banks have been struggling with ultra-low interest rates at home, with SMFG seeking opportunities outside Japan, particularly in Southeast Asia. Indonesia, where SMFG last year completed the purchase of PT Bank Tabungan Pensiunan Nasional, is a crucial market for the Japanese lender. However, it lost out late last year to Thailand's Bangkok Bank in bidding for Permata, which had a strong client base of small-to-mid-sized enterprises and middle-income retail customers.
"That was painful. I thought we could win. We will consider the next target if there is something like Permata, as our banking platform in Indonesia is incomplete. I'm considering something that could complement (the brokerage arm) SMBC Nikko Securities to strengthen business such as equity capital markets, although we cannot do it right now," Jun Ohta, SMFG CEO.
India invites bids to acquire an entire stake in Shipping Corporation of India.
India is seeking bids for the strategic sale of the state-run Shipping Corporation of India, the nation's largest shipping company, as the government speeds up asset sales to help bridge the budget gap.
The government plans to sell about 296.9m shares, its entire stake of 63.75%, Bloomberg reported. Investors can submit bids individually or as part of a consortium. The deadline is March 1, 2021.
Prime Minister Narendra Modi's administration is relying on non-tax revenues as the coronavirus-induced lockdowns threatens to push the economy into a historic contraction. The government seeks to raise a record $28.5bn from asset sales in the current fiscal year to March.
The department has appointed RBSA Capital Advisors to manage the strategic disinvestment.
WealthNavi debuted on the Tokyo Stock Exchange in one of the biggest Japanese IPOs this year.
WealthNavi, a Japanese robo-advisor, debuted on the Tokyo Stock Exchange Tuesday in one of the biggest IPOs on the bourse this year. The wealth management platform ended its first trading session 68% higher than its IPO price. The firm raised JPY17.9bn ($173m). With a market value of JPY52bn ($503m), it is among the largest of the nearly 100 listings in Tokyo in 2020, despite being just five years old.
WealthNavi is banking on providing an inexpensive asset management platform with a low entry barrier in a market where retail investment is growing. Authorities have been promoting personal investment to make up for feared shortfalls in pension funds, with vast numbers of the population set to retire over the coming decades.
Actis, Brookfield considers acquiring Mahindra's EPC, solar assets in deal valued at $500m. (FS)
Actis and Brookfield Asset Management, private equity firms, among others, are eyeing Mahindra Susten’s engineering, procurement, and construction business, besides its under-construction 600MW solar assets, DealStreetAsia reported. The deal is valued at around $500m.
The sale of Mahindra Susten's assets and the EPC business is being handled by EY. This is in addition to the sale of the 600MW operational solar projects, which is being handled by Rothschild. This sale process has seen interest from the likes of the National Investment and Infrastructure Fund and the Canada Pension Plan Investment Board.
Mahindra Susten, which builds and sells solar power projects, offers diversified services in the renewable energy and cleantech space. Earlier this year, it had sold around 160MW of solar projects to CLP India. Its portfolio comprises 1.5kMW of solar power projects.
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