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AMERICAS
Reuters reported that the US Justice Department filed a lawsuit aimed at stopping proposed by Novelis $2.6bn purchase of Aleris because of concern over higher prices for aluminum sheet used to make cars.
The deal would combine two of the four major North American producers of aluminum to make automobile bodies and would give Novelis up to 60% of projected domestic capacity.
Goldman Sachs and Latham & Watkins advise Novelis. Deutsche Bank, Moelis and Fried Frank Harris Shriver & Jacobson advise Aleris Corporation.
TPG Capital agreed to acquire CollabNet VersionOne, a software firm headquartered in Alpharetta, GA, from private equity firm Vector Capital. Financial terms were not disclosed.
“We have studied software delivery and DevOps space for several years. Space is highly fragmented with several smaller vendors addressing the low end of the market,” said Nehal Raj and Art Heidrich of TPG. “As large companies across industries continue to prioritize in-house software development and digital transformation initiatives, we see a compelling opportunity to build an integrated DevOps company focused on larger enterprises. CollabNet’s strong product footprint and commitment to enterprise customers make the company the right starting point from which to build and consolidate. We look forward to working together with management to create a leading, enterprise-focused DevOps platform.”
KeyBanc Capital Markets and Sidley Austin advised CollabNet VersionOne. Barclays, RBC Capital Markets and Ropes & Gray advised TPG Capital.
Providence Equity Partners, a premier private equity firm that specializes in the media, communications, education, and information industries, acquires TimeClock Plus, an industry-leading workforce management software provider. Financial terms were not disclosed.
"I am proud of the tremendous growth we have achieved over the last 30 years and our deep commitment to developing innovative solutions that help organizations optimally manage their employee timekeeping processes. Providence's investment in our company is a strong endorsement of our best-in-class technology solutions, a highly talented team, and future growth prospects." Jorge Ellis, TimeClock Plus Founder.
Wells Fargo Securities and Jackson Walker advised Timeclock Plus. Weil Gotshal and Manges and Sard Verbinnen & Co advised Providence Equity Partners.
Prudential Financial agreed to acquire Assurance IQ, a fast-growing direct-to-consumer platform that transforms the buying experience for individuals seeking personalized health and financial wellness solutions, for $2.3bn, plus an additional earnout of up to $1.1bn in cash and equity, contingent upon Assurance achieving multi-year growth objectives.
“Assurance was founded to protect and improve the personal and financial health of every individual. Prudential’s shared vision, coupled with the strength of its offering and capabilities, make it the ideal partner with which to begin our next chapter. We are excited to create an ecosystem that reaches more people and new markets with a more expansive suite of products to drive our combined growth.” Michael Rowell, co-founder, and CEO of Assurance.
FTP Securities advised Assurance IQ. JP Morgan Securities advised Prudential Financial.
DFW Capital-backed Sev1Tech, a leading provider in IT modernization, cybersecurity, and cloud services, agreed to acquire Engineering Solutions and Products, a premier provider of C4ISR-focused solutions supporting the US Army’s vital warfare priorities. Financial terms were not disclosed.
“We have a great team of experts dedicated to supporting our customer’s missions and a proven ability to deliver results,” said Doug Fouser, former ESP CEO. “We are confident that this acquisition will ensure the continued success of our business moving forward. Sev1Tech’s corporate culture, variety of service offerings, and emphasis on providing excellent customer service provide the ESP team with the right blend of growth and opportunity for the future.”
Houlihan Lokey advised Engineering Solutions and Products.
Palo Alto Networks, the global cybersecurity leader, agreed to acquire Zingbox, an IoT security company, for $75m in cash. The proposed acquisition is expected to close during Palo Alto Networks fiscal first quarter of 2020, subject to the satisfaction of customary closing conditions.
"The proliferation of IoT devices in enterprises has left customers facing an enormous gap in protection against cybersecurity attacks. With the proposed acquisition of Zingbox, we will provide a first-of-its-kind subscription for our Next-Generation Firewall and Cortex platforms that gives customers the ability to gain control, visibility, and security of their connected devices at scale." – Nikesh Arora, chairman, and CEO, Palo Alto Networks.
Morrison & Foerster advised Palo Alto Networks.
Stryker, a leader in point-of-care imaging technology, agreed to acquire Mobius Imaging, a developer of a portable computed axial tomography scanner designed to offer advanced healthcare imaging, and Cardan Robotics, subsidiary of Mobius, for $370m.
The acquisition provides Stryker’s Spine division with immediate entry into the intra-operative imaging segment and aligns with Stryker’s implant and navigation offerings.
"This acquisition brings expertise in advanced imaging and robotics as well as a robust product pipeline that adds to Stryker’s portfolio and will allow the Spine division to provide more complete procedural solutions, including sales, service, and support. We look forward to working together to advance Stryker’s mission to make healthcare better and accelerate our pursuit of category leadership in Neurotechnology, Orthopaedics, and Spine." Spencer Stiles, Stryker Group President, Orthopaedics and Spine.
Cloudera, the enterprise data cloud company, has agreed to acquire certain assets of Arcadia Data, which provides software solutions. Financial terms were not disclosed.
“Arcadia Data and Cloudera have many joint customers, and integrating our technology into Cloudera’s platform will make it even easier for enterprises to receive the insights they need to drive intelligent business decisions. Our joint expertise with Cloudera will benefit customers and foster enhanced innovation, as end-users will be able to act on data insights more quickly than ever before.” Sushil Thomas, Arcadia Data CEO.
Microsoft acquired Movere, an innovative technology provider in the cloud migration space. Financial terms were not disclosed.
"We’re committed to providing our customers with a comprehensive experience for migrating existing applications and infrastructure to Azure, which include the right tools, processes, and programs. As part of that ongoing investment, we’re excited to welcome the leadership, talent, technology, and deep expertise Movere has built-in enabling customers’ journey to the cloud over the last 11 years." Jeremy Winter, Azure Microsoft Partner Director.
ParTech, a wholly-owned subsidiary of PAR Technology, acquired the assets of 3M’s Drive-Thru Communications Systems business. 3M is a technology leader in drive-thru communications for restaurants with a comprehensive offering of wireless headsets for order taking in the drive-thru that includes the XT-1 and G5 headset systems. Financial terms were not disclosed.
“The wireless headset communication portfolio is an attractive bolt-on, that effectively leverages our current infrastructure with minimal incremental investment. This portfolio will increase our footprint and wallet share in the restaurant, that in turn will accelerate stronger lead generation for our Brink POS® cloud offering. Also, we believe this acquisition will be financially accretive day 1, well before any synergies are instituted, and diversifies our core business from the cyclicality of our traditional POS buying cycle.” Savneet Singh, CEO & President, PAR Technology.
Chegg acquired Thinkful, an online learning platform that offers professional courses directly to students across America, for $80m. Thinkful offers high-quality, online, outcomes-focused curricula, coupled with live experts, to give learners highly sought-after technology skills such as engineering, data science, data analytics, and product design.
"With the anticipated addition of Thinkful to our platform, Chegg will continue to expand our offerings and make it easier for students to accelerate their path from learning to earning. Students are increasingly looking to improve their professional opportunities by learning the most relevant job skills, either while in school or soon after. Adding Thinkful courses to our suite of Chegg Learning Services will enable us to empower students to obtain in-demand, high-quality job skills, for the fastest-growing job categories, with affordable prices. Thinkful has achieved strong revenue growth of greater than 30% year-over-year because it has focused on going directly to students and helping them gain the most valuable skills for today's workforce." Dan Rosensweig, Chegg CEO.
Global aerospace and defense industry expert Pattonair has expanded its portfolio with the acquisition of aircraft spares company Adams Aviation. Financial terms were not disclosed.
Both Pattonair and Croydon-based Adams have nearly 50 years of experience in each of their respective industries, with Adams developing into a successful airframe, avionic parts and accessories distributor in Europe.
“At Pattonair, we have a strong history in the aerospace industry, and we are delighted to be further strengthening our position in the market. This deal presents us with new opportunities for growth, with Adams currently working with over 130 different product manufacturers across Europe." Wayne Hollinshead, Pattonair CEO.
Kabbage, an online financial technology company based in Atlanta, agreed to acquire Radius Intelligence, a leading small-business data platform. Financial terms were not disclosed.
"Data has always been our competitive advantage, and Radius strengthens it by adding millions of new and verified small business insights to our platform," said Kabbage CEO Rob Frohwein. "These new technology and data-analysis capabilities further differentiate us from other SMB-focused FinTech companies as we dramatically expand our product set and service platform to address the unique cash flow needs of small businesses."
SunSystem Technology, a solar operations and maintenance and asset management company, agreed to acquire Power Overhaul, a New Jersey-based operations and maintenance provider. Financial terms were not disclosed.
"The reputation of Power Overhaul's quality and geographic coverage made it a good fit for SST and its partners," says Derek Chase, CEO of SunSystem Technology.
Mercer Advisors, a national Registered Investment Adviser, acquired Sage Future Financial, a respected wealth management RIA located in Albuquerque, New Mexico. Financial terms were not disclosed.
The addition of Sage augments Mercer Advisors' already strong presence in the Southwest with three offices in Texas, and another in Arizona. More importantly, it marks Mercer Advisors' entrance to the coveted New Mexico territory. The Sage acquisition brings the firm's total offices to 44 and increases Mercer Advisors' total AUM to over $16.5bn.
Augeo, a leader in employee and customer loyalty and engagement solutions, agreed to acquire Minneapolis-based MotivAction, a human capital management company. Financial terms were not disclosed.
“We are thrilled to bring together our cultures, teams, and solutions,” said David Kristal, Augeo CEO. “Like Augeo, MotivAction has an amazing tenure of talented and committed people across all facets of the business. This attribute alone will contribute to accelerated growth and ingenuity in the coming years. Both companies are on aggressive growth trajectories, driven by the simple philosophy of taking extraordinary care of our clients; this remains our foremost priority. Similarly, with today’s need for realtime interaction and focus on supporting engagement objectives across the full enterprise, we believe we now have the most comprehensive and impactful solution in the engagement space.”
Parrish & Heimbecker buys Louis Dreyfus locations to expand its footprint in Canada.
Canadian grain company Parrish & Heimbecker said it had acquired 10 locations of Louis Dreyfus, as part of a plan to grow its grain supply chain across the country.
The deal will help the Winnipeg, Canada-based firm expand its grain and crop input business in new geographies, across Manitoba, Saskatchewan, Alberta and British Columbia, and provide farmers access to grain trading, handling and merchandising.
"Providing farmers with increased variety and more powerful combinations of crop input solutions is more important than ever as we look to drive yields and overall performance," John Heimbecker, chief executive officer of P&H.
EMEA
German utility E.ON said it would seek to squeeze out minority shareholders in takeover target Innogy as soon as it secures European antitrust approval for the deal, Reuters reported.
The deal is part of a bigger asset swap with Innogy’s parent RWE and will more than double E.ON’s customers in Germany to nearly 14m.
Deutsche Bank, Goldman Sachs, Lazard, Hengeler Mueller, and Finsbury Hering Schuppene GPG advised Innogy. BNP, PWP, Allen & Overy and Linklaters advised E.ON. Bank of America Merrill Lynch, Citigroup, Rothschild & Co and Freshfields Bruckhaus Deringer advised RWE.
The family of the founder of Cobham, the aerospace and defense group, has taken its fight to block a £4bn ($4.8bn) takeover by private equity group Advent International direct to investors, urging them to vote against the deal, FT reported.
Nadine Cobham, whose late husband Michael Cobham ran the company and was the son of the founder Alan Cobham, has written to the top 15 investors arguing the offer “significantly undervalues the turnround of a recapitalized business.”
This echoes concerns already raised by one of Cobham’s biggest shareholders Silchester International, which has urged the board to seek better offers. Silchester holds 12% of the stock.
Bank of America Merrill Lynch, JP Morgan, Rothschild & Co, Allen & Overy, MHP Communications advised Cobham. GSO Capital Partners, Citigroup, Credit Suisse, Goldman Sachs, Linklaters, Weil Gotshal and Manges, White & Case and Finsbury advised Advent International.
NetEnt, a premium supplier of digitally distributed gaming systems used by some of the world's most successful online gaming operators, acquired casino software provider Red Tiger, a leading casino games developer, for £200m ($243m). The transaction will be completed imminently and is expected to be accretive to NetEnt's EPS in 2020.
Gavin Hamilton, CEO of Red Tiger, comments: "This is an exciting new stage of the Red Tiger story and we are delighted to become part of the NetEnt group. Accessing NetEnt's unparalleled distribution network and geographic footprint will unlock new opportunities for Red Tiger and will further accelerate our growth. At Red Tiger, we'll remain focused as always on driving further innovation, and we are looking forward to working with NetEnt on how to leverage our combined capabilities to create new products that wow our customers."
Lazard and Cirio advised NetEnt. Danske Bank and Nordea Bank provided debt financing.
The Dutch market regulator claimed it would not allow the proposed €130m ($145m) acquisition by postal service company PostNL of its main rival Sandd because it would create a monopoly, Reuters reported.
“The proposed acquisition of Sandd by PostNL would create a monopoly in postal delivery. People, companies, and governments will pay more for mail delivery.” Martijn Snoep, ACM chairman.
Hellman & Friedman and Blackstone sold their 6% stake in Scout24, a German online classifieds company. The stake was initially acquired as a part of the failed takeover of Scout24. Financial terms were not disclosed.
Norconsult, which provides engineering and design consultancy services, agreed to acquire KHS Arkitekter, an architectural consulting company. Financial terms were not disclosed.
The acquisition means that Norconsult gained control over around 220 consultants serving the construction sector in Denmark. The two enterprises already have an excellent working relationship based on several joint projects.
“For us, it is a natural step in our continued development to become part of a larger enterprise. In the future, we will be in a position to be able to supply broader and even better services for our customers, in an industry where the trend is turning against having a single point of contact." Jess Sørensen, KHS CEO.
Arthur J. Gallagher & Co acquired three Brentford, UK-based insurance intermediaries — Rentguard, Home & Travel and RGA Underwriting - collectively referred to as RGA Group. Financial terms were not disclosed.
RGA Group specializes in coverages for private and professional landlords and real estate portfolio owners, as well as offering broader property owner insurance coverages to individuals and businesses. Group CEO James Castell and his associates will continue to operate from their current location under the direction of Gareth Birch, head of Gallagher's UK SME & Personal Lines Division.
"RGA Group's expertise in developing and delivering effective risk solutions across the property owners' insurance market broadens our international specialist capabilities. I want to extend a warm welcome to James and his associates as they join our growing global team." J. Patrick Gallagher, Jr., Chairman, President, and CEO.
OpenGov, the leader in enterprise cloud solutions for government, expands its market-leading platform with the acquisition of ViewPoint. Financial terms were not disclosed.
ViewPoint Cloud—the industry's fastest-growing and only multi-tenant SaaS software for permitting and licensing—will be integrated into The OpenGov Cloud™, broadening OpenGov's reach and impact on the public sector.
"Governments deserve innovative and trusted technology to power how they operate and drive value to the residents they serve. Not only are OpenGov and ViewPoint among the fastest-growing GovTech companies, but we are also each the only multi-tenant cloud platforms of scale in our respective categories. I could not be more excited for our collective future and to bring this incredible software to every government that wants to take advantage of it." Zac Bookman, OpenGov CEO.
Mediafly, a provider of sales enablement technology, acquired iPresent, a UK-based pioneer of sales enablement. Financial terms were not disclosed.
“There is a huge opportunity for sales teams out there. We’re at a point in time where everyone is at least thinking about sales enablement, but for too many, it feels like an expensive, enterprise decision with a lot of risks. It’s our vision to deliver a platform accessible to all by eliminating the roadblocks to get started,” Carson Conant, CEO, and founder, Mediafly.
IRIS Software Group acquired Innervision, a global provider of lease accounting software, lease management consultancy, and services. Financial terms were not disclosed.
The deal is the next step in IRIS Software Group’s strategy to lead with compliance-driven software expertise in domestic and international markets and is its fourth acquisition during 2019.
“Innervision has an enviable reputation within lease accounting software and the leasing market, particularly for organizations struggling with the complexity and frequency of the new lease accounting standards. Combined with our compliance heritage, cloud competence, and international capability, this addition to the Group sits perfectly within our portfolio.” Kevin Dady, Executive Chairman of IRIS Software Group.
Havas Group acquired a 51% stake in Buzzman, the most awarded French independent advertising agency, a move that will further reinforce the Group's creative excellence and bring on board a highly talented, groundbreaking team. Financial terms were not disclosed.
"Georges was one of the earliest advertising pioneers to seize on the amazing opportunities that digital has to offer. He made all the right decisions and took a bold step at just the right moment, launching a startup that has since become a creative force to be reckoned with, in France and beyond. This deal ties in perfectly with our determination to position Havas at the convergence of communications and entertainment since becoming part of Vivendi.” Yannick Bolloré, Chairman and CEO Havas Group.
Volpi Capital, a specialist European lower mid-market private equity firm, announces its sixth deal with the management buyout of Asolvi, a European leader in field service management solutions, from Viking Venture. Financial terms were not disclosed.
Asolvi provides service management software for small and medium-sized enterprises (SMEs) in a range of field service industries including printing and copying; alarm, fire and security; and vending machines.
"The business perfectly aligns to our investment thesis of backing businesses harnessing technologies to improve productivity and efficiency within B2B value chains. Having already expanded successfully into multiple geographies, we see great potential to internationalize Asolvi into Benelux, Germany, and the UK further and look forward to supporting management to strengthen the business’ geographic footprint. Viking represents a great partner for Volpi, and we very much look forward to working with them.” Marco Sodi, Volpi Capital.
Sovereign Capital Partners portfolio company, Bristow & Sutor, the nationwide judicial services and debt recovery group, acquired Credit Style. Financial terms were not disclosed.
Bristow & Sutor group today fully-employs a team of over 450 staff who support the collection of commercial and local authority debt types. The expanded Group will manage c.1.9m cases per annum. The acquisition of Credit Style broadens Bristow & Sutor’s services into broader debt recovery, including in-house legal services and pre-legal collection services; this will enable the Group to provide more customers with an end-to-end service.
“This is a tremendous development for Bristow & Sutor. Credit Style is a highly-regarded business which has invested heavily in technology to enhance its service offering and further diversifies the Group’s service offering. We look forward to continuing to work with Bristow & Sutor’s management team to further grow the business organically and via acquisition.” Jeremy Morgan, Partner, Sovereign Capital Partners.
Komax, the wire processing machines manufacturer, acquires Exmore and extends its technology leadership. Financial terms were not disclosed.
Exmore has extensive experience in the development of customer-specific solutions for processing sensor cables. By acquiring Exmore, Komax is strengthening its position in this increasingly important market. With the advent of autonomous vehicles, the number of sensor cables will continue to increase, thus driving the demand for solutions for automated processing.
“I’m delighted that the acquisition by Komax will enable my employees to continue working in a Group that accords top priority to innovation. No doubt joining forces will make us even stronger.” Matijas Meyer, CEO of the Komax Group.
Innova Capital Fund VI holds final close at €271m. (FS)
Innova Capital, a private equity firm operating in Central and Eastern Europe, has held the final close of Innova VI at €271m ($297m).
Over 60% of the committed capital came from prior fund participants, with remaining commitments provided by new investors. The fund has received backing from institutional and commercial players from Europe and North America.
KKR considers buying 50% Controp stake from Aeronautics. (FS)
Aeronautics is currently in advanced negotiations to sell its 50% holding in Controp to US investment company KKR for $110m. Talks between the parties at a lower valuation for Controp were reported in early 2019, and as far as is known continued in a low-keyed manner ever since.
Controp develops and manufactures advanced electro-optic systems for military uses and border defense. The company makes and markets sophisticated precision motion control and observation systems for real-time day and night photography.
KKR considers IPO or sale of defense supplier Hensoldt. (FS)
KKR is initiating preparations for a stock market flotation or sale of German defense supplier Hensoldt in a potential €2bn ($2.2bn) deal, Reuters reported.
The buyout group has in recent weeks listened to bankers present exit options, including a listing of 20-30% on the stock exchange or a sale to a defense group or private equity investor next year, they said, adding that KKR is expected to mandate soon an advisor to help organize the deal.
Vulture fund Hilco considers buying Links. (FS)
Hilco Capital, which owns Homebase and specializes in buying distressed retailers, is among the bidders for Links, Sky News reported.
Hilco is the current owner of Homebase, which recently bought the bathrooms retailer Bathstore out of administration.
French glassware maker Verallia starts the IPO process. (FS)
French glass bottle maker Verallia said it had begun the process for an initial public offering in Paris, setting the stage for the most significant new listing in the country this year. Verallia, controlled since 2015 by US investment company Apollo, said the French stock market regulator had approved its IPO registration document.
"The IPO will enable the company to increase its visibility among its customers and partners and provide it with greater flexibility to seize future growth opportunities," Michel Giannuzzi, Verallia's CEO.
Russia's Sistema has no intention to sell Detsky Mir. (FS)
Russian business conglomerate Sistema has no plans to sell its stake in children's retailer Detsky Mir, Sistema Chairman Vladimir Yevtushenkov said.
The comment comes a day after the head of Russia's RDIF sovereign wealth fund said RDIF and its Chinese partners planned to sell their stake in Detsky Mir if Sistema did.
Thyssenkrupp starts a sales process for the prized elevator unit.
Thyssenkrupp has started a structured process to look for potential buyers of all or parts of its elevator unit, its most profitable division.
Letters asking for expressions of interest for the unit, valued anywhere between €12-17bn ($13-$19bn), were sent out to private equity and strategic investors, Reuters reported.
3G Capital sells $3bn shares in Burger King owner. (FS)
Brazilian private equity firm 3G Capital Partners sold shares in Restaurant Brands International for $3bn in the past month, regulatory filings showed.
An affiliate of 3G Capital Partners is selling about 40m shares, reducing its stake in the Burger King and Tim Hortons owner to 32% from 41%.
Swiss firms Selecta, SoftwareONE considers IPO launches.
Swiss firms Selecta and SoftwareONE are expected to both launch initial public offerings this month to raise at least CHF1bn ($1bn) each, Reuters reported.
Selecta, an operator of vending machines, is expected to announce its intention to float later this month, with the company planned to target a valuation of CHF3bn ($3bn).
Groupe Casino's CEO partners with Daniel Kretinsky and Patrik Tkac.
Groupe Casino's CEO Jean-Charles Naouri received a lifeline in his efforts to keep control of the French retailer from Daniel Kretinsky and Patrik Tkac, a pair of eastern European investors who bought a stake and endorsed his strategy. Daniel Kretinsky and Patrik Tkac acquired 4.6% of Groupe Casino, turning their attention to the troubled retailer after their effort to take over German wholesaler METRO was rebuffed.
The two said in a statement Thursday that they believe the company to be "the distribution group best positioned on the French market and one of the European leaders best equipped to address the sector's profound transformations."
NVM Private Equity invested £2m in Duke & Dexter. (FS)
NVM Private Equity made a £2m ($2.4m) investment in Duke & Dexter, an award-winning footwear label, to continue disrupting the men's footwear market and build its global community of fans.
Ishaan Chilkoti, Investment Manager at NVM, added: "We believe D+D is an exciting premium footwear business that has found a niche in a large, global market. In a short space of time and with limited funding, the team has developed a high-quality product and a recognizable brand with a clear appeal to the younger consumer. NVM's investment will enable the D+D team to invest into key growth areas, build the team and drive further expansion. We're looking forward to helping them in the next phase of their journey."
APAC
KKR, a global investment firm, acquired EuroKids International, an Indian education services provider. Financial terms were not disclosed.
“We are excited to build on our momentum and position our business for its next phase of growth alongside a firm of KKR’s caliber. Our mission is to provide Pre-School and K-12 students with a holistic educational foundation that will instill in them a love for learning that will continue throughout their academic career and give them the tools to succeed long-term. We are thrilled to receive investment and support from KKR which shares our vision, ambition, and passion for education.” Prajodh Rajan, EuroKids, Co-Founder & Group CEO.
Avendus and Nishith Desai Associates advised EuroKids. Barclays, EY, Cyril Amarchand Mangaldas and Simpson Thacher & Bartlett advised KKR. Pioneer advised Gaja Capital.
The Quadrant Growth Fund agreed to acquire Love To Dream, a leading designer of innovative baby swaddles and sleepwear. Financial terms were not disclosed.
“Our purpose is to help sleep-deprived parents around the world achieve simpler, longer, and safer sleep for their children. We are thrilled to have Quadrant on board as partners to help us and our International Distribution Partners achieve this goal.” Hana-Lia Krawchuk, Love To Dream, CEO, and founder.
Quadrant was advised by PWC Corporate Finance, Gilbert + Tobin and LEK. Love To Dream was advised by Novo Capital, Deloitte, Hamilton Locke, and KPMG Tax.
QIC, a government owned investment company owned by the Queensland Government, agreed to acquire Sea Swift, a privately-owned, integrated marine transport and logistics provider headquartered in Cairns, Australia, from CHAMP Ventures. Financial terms were not disclosed.
With this acquisition, Sea Swift joins a high quality portfolio including the Port of Melbourne, the Powering Australian Renewables Fund, Lochard Energy (which owns and operates the Iona Gas Plant), Boston-based MasParc and most recently Brussels Airport.
Daiwa Securities, a Japanese holding company, acquired a 5% stake in Credit Saison, a consumer credit company. Financial terms were not disclosed.
Through cooperation, mutual utilization of client networks, and the promotion of open innovation, the two companies can develop and provide next-generation comprehensive financial services which meet the diversified needs of the current market. Besides, a long-term partnership will enable both parties to collaborate and create the future of finance.
SalesEasy raised $120m in Tencent-led funding round. (FS)
Sales Easy announced an Series E financing round of $120m led by Tencent, which is the most significant financing in the current domestic CRM track.
Previously, SalesEasy had received investment from Sequoia Capital, Jingwei China, and other institutions.
Gojek to raise $2bn before 2019's end.
Gojek is on track to raise $2bn in its ongoing funding round before the end of the year, accelerating capital-raising to drive expansion into mobile payments and food delivery.
The ride-hailing giant has now handled about $1.5bn of transactions outside of Indonesia, thanks to a budding expansion into the rest of Southeast Asia, President Andre Soelistyo said. Backed by Google and Tencent Holdings, Gojek has rapidly grown an international business from scratch after setting up shop in countries like Singapore and Vietnam just nine months prior, he said.
AXA and Affin consider options for Malaysian Insurance Business.
French insurer AXA and Affin Bank are exploring options including a potential sale of their life and general insurance business in Malaysia that could fetch about $650m, Bloomberg reported.
Kuala Lumpur-based Affin Bank and AXA are working with advisers on the potential deal. The financial firms are seeking around $500m on AXA Affin General Insurance, while they are looking to raise as much as $150m from AXA Affin Life Insurance in a transaction.
PPB denies talks to acquire MSM from FGV.
PPB Group has denied it was in discussion with FGV Holdings to acquire a stake in the planter’s sugar manufacturing subsidiary MSM Malaysia Holdings.
“I think it’s best to check with them (FGV), but I can confirm that PPB is not in discussion with FGV,” Lim Soon Huat, PPB group MD.
ISS Global considers selling Indonesian parking management business to local peer CentrePark.
ISS Global, a multinational facility services provider, is understood to be selling its parking management business in Indonesia to local peer CentrePark Citra Corpora, DealStreetAsia reported.
Bajaj Finance picked banks for $1bn share sale. (FS)
Indian shadow lender Bajaj Finance has picked banks including Nomura Holdings and Kotak Mahindra Bank to arrange a share sale of about $1bn, Bloomberg reported.
The financier has also selected JM Financial for the proposed offering and may add more arrangers later. The company plans to sell the shares by December. Bajaj Finance may raise equity capital, subject to board and shareholder approval, and Managing Director Rajeev Jain had told investors in July, without providing further details.
Aditya Birla Capital to raise $292m from Advent, PremjiInvest, promoters. (FS)
Aditya Birla Capital had secured the board's approval to raise about $292m through preferential allotment to US-based private equity firm Advent International, homegrown investor PremjiInvest, and promoter group entities.
ABCL has entered into definitive share subscription agreements with Jomei Investments, an affiliate of Advent International, and PI Opportunities Fund, a member of Premji Invest, it said in a regulatory filing.
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