AMERICAS
NortonLifeLock, a firm that sells cybersecurity and identity protection for individual consumers, and Avast, a provider of security software to the consumer market as measured by the number of users, $8.6bn merger deal will face an in-depth probe by the Competition and Markets Authority after it raised competition concerns in the cybersecurity market, marking another tech deal to face scrutiny by UK's antitrust agency, Bloomberg reported.
The CMA confirmed it took the expected decision after NorthonLifeLock opted against offering commitments at this stage. The parties had until Wednesday to offer undertakings that it may accept to mitigate competition concerns.
Avast is advised by JP Morgan, UBS, White & Case, Finsbury Glover Hering. NortonLifeLock is advised by Deloitte, Evercore, Kirkland & Ellis, Macfarlanes and Sard Verbinnen & Co. Evercore are advised by Paul Weiss Rifkind Wharton & Garrison and Ashurst. Debt financing is provided by Bank of America and Wells Fargo Securities.
Wind Point and Oaktree-backed STG Logistics, a provider of facilities-based containerized logistics services, completed the acquisition of the intermodal division of XPO Logistics, a provider of container transportation services, for $710m.
"I could not be more excited about this game-changing acquisition. We are combining STG's leading position in facility-based container logistics with XPO Intermodal's leading position in container transport, creating a platform with unparalleled capabilities. Once combined, the STG network will be able to handle a container from the instant it's ready at a port or customer facility to the moment each individual shipment arrives at its final destination, all the while providing customers full visibility and a single source of accountability," Paul Svindland, STG CEO.
STG was advised by Deutsche Bank, Harris Williams & Co, KPMG, PricewaterhouseCoopers and McCarter & English. Debt financing were provided by Antares Capital, Citizens Bank, Deutsche Bank, Mitsubishi UFJ Financial Group and Stifel. Wind Point and Oaktree were advised by Kirkland & Ellis. XPO was advised by Raymond James and Wachtell Lipton Rosen & Katz.
Citizens Financial Group and Investors Bancorp announced regulatory approval from the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency to complete the previously announced acquisition of Investors.
“We are pleased to have received regulatory approval to complete the acquisition of Investors, which closely follows the acquisition of HSBC’s East Coast branches. The addition of these two businesses strengthens our franchise across the Northeast, significantly adding to our growth potential. We have been carefully planning for a successful integration to ensure that we continue to provide excellent customer service while making a strong entrance into the New York City metro and New Jersey regions,” Bruce Van Saun, Citizens Chairman and CEO.
Citizens Financial Group is advised by Morgan Stanley and Sullivan & Cromwell. Morgan Stanley is advised by Debevoise & Plimpton. Investors Bancorp is advised by Keefe Bruyette & Woods, Lazard, Piper Sandler and Luse Gorman.
Taurus Investment Holdings, a private equity real estate firm, and Aegon Asset Management, the asset management arm of Aegon, agreed to form a joint venture to focus on ESG-centric venture to acquire value-add multifamily assets and considerably reduce the energy consumption and carbon output of those assets. Financial terms were not disclosed.
“Taurus and Aegon AM have made a commitment to building a business that delivers returns to our investors, while also positively impacting both society and the environment, so it only makes sense to partner for this substantial decarbonization venture," Peter A. Merrigan, Taurus CEO.
Taurus is advised by Evercore.
Netcore Cloud, a marketing technology SaaS company, completed the acquisiton of a majority stake in Unbxd, an e-commerce product discovery platform, for $100m.
“Today, I can confidently state that very few MarTech players offer capabilities as strong as ours. Together, we believe we can unlock significant value creation for our customers. Buckle up and join us for the ride as we transform the future of the digital commerce experience,“ Kalpit Jain Netcore Cloud CEO.
MarketCast, a provider of marketing research services, completed the acquisition of Phoenix Marketing International, a research and analytics provider. Financial terms were not disclosed.
"The acquisition of Phoenix supports MarketCast's vision of creating the most tech and data-forward research business on the planet, where primary research is combined with big data to determine what fans watch, buy, and listen to most, and why they choose to watch, buy, and listen. We see tremendous opportunity to bring these two businesses together, combining our unique media research and big data expertise to innovate new ad effectiveness solutions," John Batter, MarketCast CEO.
Citigroup's Mexican unit to define sale terms in April.
Citigroup's retail unit in Mexico, known as Citibanamex, has said it hopes to define the terms of its sale in April, amid signs of intensifying interest in the bank, expected by analysts to fetch between $4bn and $8bn.
Citi country head Manuel Romo told reporters that the unit would open its "data room" next month to those it thinks meet the necessary requirements to launch a bid for the bank, which Citi chief executive Jane Fraser announced for sale in January, Reuters reported.
PE-backed Caerus explores a $2.5bn sale. (FS)
Caerus Oil and Gas, an oil and gas company, is exploring a sale that could value the private equity-owned natural gas producer at more than $2.5bn, including debt. The company received an acquisition offer at the end of last year and plans to launch a sale process in the coming weeks.
Caerus is owned by investment firms Oaktree Capital Management, Anschutz Investment Company and Old Ironsides Energy. The Denver-based company owns exploration and production assets, pipelines and mineral rights, all centered on the Piceance basin of Colorado and the Uinta basin of Utah.
This commodity price backdrop has encouraged private equity firms to seek exits from long-held energy investments, Reuters reported.
ConocoPhillips plans sale of Texas, Oklahoma gas assets.
ConocoPhillips, a shale oil producer, is working with an adviser to sell its gas-producing assets in the Anadarko Basin of North Texas and Western Oklahoma.
The planned sale, which includes both operated and non-operated leaseholds and royalty interests in the STACK and SCOOP formations of Oklahoma, comes as ConocoPhillips tries to raise cash by offloading non-core land after a buying spree made it the top producer by volume in the top US oilfield.
The Anadarko assets operated by ConocoPhillips could fetch the company around $200m, while the non-operated assets are likely to be valued at about $100m, Reuters reported.
Gulfport Energy discusses merger with Ascent Resources.
Gulfport Energy, a natural gas exploration company, has discussed merging with rival oil and gas explorer Ascent Resources.
Gulfport and Ascent have discussed a transaction that would value the combined company at about $8bn. Ascent management would run the company under one structure they’ve discussed, Bloomberg reported.
Blackstone Mortgage Trust to raise $300m via convertible senior notes offering.
Blackstone Mortgage Trust, a real estate finance company, today announced the pricing of an underwritten public offering of $300m aggregate principal amount of its 5.50% convertible senior notes due 2027. The offering is expected to close on March 29, 2022 and is subject to customary closing conditions. The offering will generate gross proceeds of approximately $300m, or $345m if the underwriters exercise their option to purchase additional notes solely to cover over-allotments in full.
The company intends to use the net proceeds from the offering for general corporate purposes, which may include the repayment of debt, including a portion of the $403m outstanding aggregate principal amount of the company's 4.375% convertible senior notes due 2022, and supporting the origination of additional commercial mortgage loans and other target assets and investments.
Blackstone Mortgage Trust is advised by Citigroup, Bank of Americas, Barclays, JP Morgan, Morgan Stanley and Wells Fargo Securities.
RF Acquisition to raise $100m in an IPO.
RF Acquisition, a special purposes acquisition vehice, announced the pricing of its $100m IPO and its units are expected to begin trading on the Nasdaq under the symbol "RFACU".
The new SPAC intends to search globally for target companies within the Southeast Asian new economy sector or elsewhere. RF Acquisition is led by Tse Meng Ng, the company's Chief Executive Officer and Chairman of the board of directors, and Han Hsiung Lim, the company's Chief Financial Officer. The company's independent directors include Benjamin Waisbren, Simon Eng Hock Ong, and Vincent Hui Yang. The company's advisors include Chandra Tjan and Stephen Lee.
EMEA
Brookfield-backed Benedict Real Estate Bidco, a subsidiary of Brookfield real estate private funds, agreed to acquire Hibernia REIT, an Irish real estate investment trust, for $1.2bn.
"We have built a strong relationship with Hibernia REIT's management team and are excited to partner with them in the next phase of the Company's development by combining Brookfield's global real estate expertise with Hibernia REIT's established operating platform and portfolio of high-quality standing and development assets in Dublin's most strategic submarkets. We look forward to supporting Hibernia REIT as they continue to create value by capturing demand from top global tenants for modern, sustainable buildings with best-in-class amenities and wellness credentials in prime locations," Brad Hyler, Brookfield Managing Partner and Head of European Real Estate.
Hibernia REIT is advised by Credit Suisse, Goodbody, A&L Goodbody and Murray Consultants. Benedict Real Estate Bidco is advised by Eastdil Secured, Goldman Sachs, JP Morgan, Societe Generale, Arthur Cox and Kirkland & Ellis.
DigitalBridge, a digital infrastructure REIT, agreed to acquire the mobile telecommunications tower business of Telenet Group Holding, a provider of entertainment and telecommunications services, for $820m.
“Telenet’s tower business is a high-quality digital infrastructure asset with stable, predictable cashflows, high cash conversion, and long-term contracts. This transaction is the latest example of DigitalBridge’s commitment to working with leading telecom and technology companies globally to help them unlock embedded value in their networks via creative solutions built on long-standing relationships and a proven track record of successfully operating assets. We see significant headroom for growth in the Belgian telecom market through the enhancement of mobile penetration and data usage, and we look forward to meeting and exceeding Telenet’s increased coverage needs,” Marc Ganzi, DigitalBridge President and CEO.
DigitalBridge is advised by Ernst & Young, PricewaterhouseCoopers, Latham & Watkins, Stibbe and Joele Frank. Telenet is advised by PMP Conseil, Deloitte, Goldman Sachs and Allen & Overy.
Helios Towers, a UK-based telecommunications company, completed the acquisition of the passive infrastructure operating companies in Madagascar and Malawi of Airtel Africa Group, a provider of telecommunications and mobile money services, for $124m.
"We are delighted to announce these acquisitions which, alongside the previously announced entry into Senegal, means we will deliver on our 2025 ambition to increase our operational presence to at least eight markets well ahead of schedule and represents a significant step towards our target of 12k+ sites," Kash Pandya, Helios Towers CEO.
Helios Towers was advised by AZB & Partners, Vinson & Elkins and FTI Consulting. Airtel Africa was advised by JP Morgan and Hudson Sandler.
SALIC, an investment company, agreed to acquire a 35.4% stake in Olam Agri, a food, feed and fibre agri-business, from Olam Group, a food and agri-business company, for $1.24bn.
“SALIC’s investment in Olam Agri is aligned with its strategy and the Kingdom of Saudi Arabia’s Vision 2030 objective for food security. SALIC’s key strategic objective is to contribute to global and domestic food security through long-term strategic investments in the local and international markets. Olam has demonstrated continuous financial growth as well as increasing global food security contribution with a strong presence in grains and diversified products. Our partnership with Olam will expand SALIC’s international footprint and increase access to strategic commodities. SALIC will leverage its international investments and local portfolio companies to strengthen its position across the agri-food value chain as a global food security player,” Sulaiman AlRumaih, SALIC CEO.
SALIC is advised by Goldman Sachs. Olam Group is advised by Credit Suisse and Rothschild & Co.
Pan-European Infrastructure III-backed Inframobility UK Bidco to acquire a 17% stake in Stagecoach, a public transport company, from Columbia Threadneedle Investments, an asset management firm, for £98.4m($130m).
PEIF III is advised by Morgan Stanley, Freshfields Bruckhaus Deringer and Finsbury Glover Hering.
The Yokohama Rubber, a tire company, agreed to acquire the wheel systems of Trelleborg, an engineering group, for €2bn($2.2bn).
"Trelleborg becomes more profitable, less cyclical, and its sustainability profile improves. Today’s transaction clearly visualizes the shareholder value embedded in the Group. We further strengthen our capacity to accelerate growth, both organically and through acquisitions, as well as returning additional capital to shareholders. Further information on the use of proceeds will follow in due course. The transaction also prompts a review of our financial targets to be communicated at a later stage," Peter Nilsson, Trelleborg President and CEO.
Trelleborg is advised by Barclays and Mitsubishi UFJ Financial Group.
SS&C Technologies, a firm that develops financial software solutions, completed the acquisition of Hubwise Holdings, a regulated UK B2B investment platform. Financial terms were not disclosed.
"We are pleased to announce the completion of this strategic acquisition for SS&C. The partnership demonstrates our commitment to the global wealth marketplace across the full spectrum of self-serve and adviser-driven propositions," Bill Stone, SS&C Chairman and CEO.
SS&C was advised by Davis Polk & Wardwell and PAN Communications.
Acrisure, an insurance brokerage firm, agreed to acquire Volante Global, an insurance underwriter, from Nephila, an investment manager. Financial terms were not disclosed.
“Volante is an important strategic component of Acrisure’s ambitious MGA strategy and accelerates our value chain compression initiative. n particular, we value Volante for being highly skilled underwriters in an entrepreneurial culture given it’s a founder-led company under Talbir Bains," Greg Williams, Acrisure Co-Founder, CEO and President.
Volante Global is advised by Willkie Farr & Gallagher.
TowerBrook Capital Partners, a private equity firm, agreed to acquire Group GSF, a cleaning services provider. Financial terms were bot disclosed.
“We are strongly convinced that GSF is well positioned strategically within its sector and are therefore enthusiastic about the idea of working on the development of a partnership, and actively supporting the group and its management team on its future development plans," Jean Rollier, TowerBrook Managing Director.
TowerBrook Capital is advised by Rothschild & Co.
Private equity firms Bayside Private Equity and Metis Private Equity, agreed to acquire the Windsor business of Diageo, an alcoholic beverage manufacturer. Financial terms were not disclosed.
“Windsor is an important addition to our investment portfolio and allows us to participate in the dynamic Korean beverage alcohol market. We are confident that we can build on the innovation of Windsor and unlock further potential. We will work closely with Diageo to ensure a smooth transition over the next few months," Bum Jun Kim, Bayside CEO.
Diageo is advised by Morgan Stanley.
Pamplona to liquidate funds linked to LetterOne. (FS)
Buyout firm Pamplona Capital Management said it would liquidate every fund where Mikhail Fridman's investment group LetterOne had any interest as it seeks to sever ties with the sanctioned Russian tycoon.
LetterOne is one of Pamplona's limited partners and was set up almost a decade ago by Fridman and Petr Aven. The pair stepped down from LetterOne in early March following Russia's invasion of Ukraine but Pamplona decided to part ways with the firm to safeguard its portfolio companies from the fallout of the war.
The buyout firm, which has offices in London and New York, said it would wind down three funds linked to LetterOne, adding the decision had been approved by its board and would be effective on March 25, Reuters reported.
Todd Boehly-led group advances in bid for Chelsea.
A consortium comprising investors Todd Boehly, Hansjorg Wyss and Jonathan Goldstein has been shortlisted in the auction for English Premier League club Chelsea.
Chelsea was put up for sale by Russian billionaire Roman Abramovich following Russia's invasion of Ukraine, stating proceeds would go to charity. He was sanctioned by Britain this month, so the winning bidder for Chelsea would need to be greenlighted by the government, Reuters reported.
Brookfield in early stages of considering offer for HomeServe. (FS)
Brookfield Asset Management said that one of its private infrastructure funds was in the early stages of considering a possible offer for home repair services provider HomeServe.
Brookfield said it would either announce a firm intention to make an offer for the London-listed firm or walk away from it by April 21. HomeServe said in a separate statement it had not received an approach from Brookfield, Reuters reported.
Elementis explores the sale of its chromium unit.
British chemicals group Elementis is considering options for its chromium unit, including a potential sale.
Proceeds from the potential sale could help the London-listed company invest in its coatings and personal care businesses. The London-listed firm is discussing options for the business with potential advisers.
QIA shifts focus from trophies to tech companies. (FS)
The Qatar Investment Authority is trimming stakes in listed trophy assets and turning to closely-held technology companies in growth markets in a major strategy shift for one of the world's largest sovereign wealth funds.
The QIA became known for its penchant for so-called trophy assets; it took a stake in Swiss lender Credit Suisse and splashed out on other big-ticket investments, including London Stock Exchange Group and the iconic Harrods department store in London's upmarket Knightsbridge neighborhood. Another force behind the recent change in strategy is Qatar's efforts to bolster food security, Bloomberg reported.
InPost is drawing takeover interest from buyout firms. (FS)
InPost, the Polish operator of self-service lockers for e-commerce, is attracting potential takeover interest from private equity firms after its share price plunged since going public over a year ago.
Several buyout firms such as CVC Capital Partners and Hellman & Friedman have studied the feasibility of deal. Considerations are preliminary and there’s no certainty anyone will pursue bids.
InPost is drawing interest after its shares lost about two-thirds of their value since the company’s Amsterdam initial public offering in January last year, valuing the company at $2.9bn. A deal would need the support of private equity firm Advent International, which still owns 46% of the business and is seen as key to any team-up or divestment, the people said. The company’s owners could see takeover approaches now as opportunistic, given the slump in the InPost share price contrasts with rising demand for e-commerce services, Bloomberg reported.
TotalEnergies doesn't plan to divest Russian assets.
TotalEnergies, a French multinational integrated oil and gas company, doesn’t plan to divest its Russian assets amid the war in Ukraine, as doing so would essentially mean handing them over to President Vladimir Putin’s regime, Chief Executive Officer Patrick Pouyanne said.
“For me it’s a question of accountability and the responsibility of the offshore stakeholders. Do I give them for free to Mr. Putin? Because this is what it means ‘leaving today’ and giving my shares," Patrick Pouyanne, TotalEnergies CEO.
The French energy major earlier this week said it will no longer sign or renew contracts to buy oil and petroleum products from Russia, with the aim to halt all purchases by the end of 2022 at the latest, and has begun “gradual suspension” of Russian operations, Bloomberg reported.
CVC said to bid for a stake in the Telecom Italia Enterprise unit. (FS)
CVC Capital Partners, a private equity firm, made a non-binding offer for a 49% stake in telephone network operator Telecom Italia’s new enterprise services unit.
The unit, which is being set up, will be part of Telecom Italia’s ServCo division, and includes the iconic Olivetti brand, cloud computing and data center unit Noovle, cybersecurity division Telsy and others businesses.
CVC has asked for eight weeks to carry out due diligence on the unit, and has guaranteed to keep its current 6.5k staff. The private equity firm’s non-binding offer comes as Chief Executive Officer Pietro Labriola pursues plans to extract value from Telecom Italia by dividing the business, Bloomberg reported.
Goldman Sachs poised to lead the $60bn IPO of SoftBank-backed Arm.
SoftBank Group is planning to pick Goldman Sachs as the lead underwriter on the initial public offering of Arm that could value the British chip designing company at as much as $60bn.
The IPO preparations come after SoftBank's deal to sell Arm to Nvidia for $40bn collapsed last month because of objections from US and European antitrust regulators. SoftBank has said it will now likely list Arm on Nasdaq by March 2023.
SoftBank interviewed investment banks for Arm's IPO in the last few weeks and asked them to commit to providing a credit line as part of their commitments, Reuters reported.
DEWA to consider increasing IPO size on high demand. (FS)
Dubai's main power and water company may increase the number of shares on offer in the city's biggest new stock sale in 15 years. Dubai Electricity & Water Authority - DEWA is seeking approval to offer more than the 3.25bn shares it initially planned to sell.
It wasn't immediately clear how much the more the utility would sell, but the increase could be substantial as demand was significantly higher than the number of shares on offer. The IPO drew in six investors, including wealth funds Emirates Investment Authority and Abu Dhabi's ADQ who agreed to subscribe for shares worth as much as $1.3bn at the offer price.
The listing, which will make Dubai Electricity & Water Authority - DEWA the biggest company on the emirate's bourse, marks the first step in Dubai's plan to reinvigorate its capital markets. The top end of the IPO price range would value the company at $34bn, catapulting it into a list of the top 20 biggest listed utilities, Bloomberg reported.
Ferretti guides Hong Kong IPO price near bottom of range.
Ferretti, the Italian luxury yacht builder whose backers include the Ferrari family, is telling prospective investors it plans to price its Hong Kong initial public offering near the bottom of a marketed range. China International Capital is the sole sponsor of Ferretti's IPO.
The company is poised to price the deal at $2.9 apiece. The company would raise about $244m. Ferretti's first-time share sale comes as Hong Kong is witnessing a drought of sizable listings, owing to concerns ranging from China's regulatory crackdown to market volatility sparked by higher interest rates and Russia's invasion of Ukraine.
Ferretti had previously targeted a market value of as much as $1.2bn in its attempt three years ago to list in its home country. The firm cited weak markets as the reason for withdrawing its listing, Bloomberg reported.
APAC
Alpha Wave, an investment firm, led a $200m Series A funding round in Oxyzo Financial Services, a tech-enabled smart financing solution provider, with participation from Tiger Global, Norwest Venture Partners, Matrix Partners and Creation Investments.
“We have been delighted with our early investment in Ofbusiness and feel privileged to get an opportunity to partner with them once again, this time co-leading a $200m round to fund Oxyzo, the SME Fintech business. We are impressed with how the Oxyzo team has built a high growth business with robust corporate governance and are even more excited with their vision to build this into India’s most profitable, tech-driven, B2B SME fintech player. We are proud to congratulate Ruchi on becoming the first female founder in India of a profitable, fintech unicorn,” Niren Shah, Norwest Venture Managing Director and Head of India.
Oxyzo is advised by J. Sagar Associates.
Insight Partners, a venture capital and private equity firm, led a $100m funding round in FanCraze, a digital collectibles company, with participation from B Capital, Mirae Asset Financial Group, Tiger Global, Coatue Management, Sequoia Capital India, Courtside Ventures, and Cristiano Ronaldo.
“NFTs are fast becoming a movement and are enabling a direct relationship between all types of IP owners and their fans. NFTs represent culture and FanCraze is building an experience that would enable fans to collect cricket NFTs, engage with play-to-earn games and utilities, and own digital land,” Anshum Bhambri, FanCraze CEO.
Samsung Electronics shares worth $1.1bn sold in a block deal.
Samsung Electronics shares worth about $1.1bn were sold in a block deal, which some analysts attributed to the Samsung conglomerate's controlling family raising cash to meet a big tax bill.
About 19.9m Samsung shares were sold by Kookmin Bank at $56 per share, a discount of 2.4% to Wednesday's closing price of $58. The tax code allows payment in instalments, with one-sixth of the total to be paid first, and the remainder over five years with an annual interest rate. Even in instalments, analysts expect over $1.64bn to be due annually, Reuters reported.
JD Logistics seeks to raise $1.1bn from new shares.
JD Logistics is looking to raise $1.1bn from a $700m share placement with its parent company JD.Com plus a $400m primary capital raising.
The company is selling the new shares in a range of $2.6 to $2.7 each. The shares are being sold at a 8% to 11.7% discount to the stock’s closing price of $2.9.
JD.com will subscribe for $700m new shares in the placement which will be at the same price as the general capital raising.
Malaysia’s four telecoms firms to explore equity stake offer in Digital Nasional.
Malaysia’s four major telecoms firms will explore the government’s offer of an equity stake of up to 70% in the state 5G agency Digital Nasional, DealStreetAsia reported.
Axiata Group’s Celcom, DiGi, Maxis and U-Mobile said they “look forward to an approach that is typical of any major mergers and acquisitions process”.
Weibo to evaluate options after delisting risk in US.
Weibo said on Thursday it will consider evaluating options after the Chinese social media platform was added to US securities regulator’s list of companies facing the risk of being delisted.
Washington has long demanded complete access to the books of US-listed companies, but Beijing, citing national security concerns, bars foreign inspection of working papers from local accounting firms.
Earlier this month, China’s securities regulator said it had made “positive progress” with US counterparts on securities supervision, after US-listed Chinese stocks tumbled as the first Chinese firms to be potentially de-listed were named, DealStreetAsia reported.
Hong Kong SPAC rush attracts Olympic champions to sofa moguls.
Hong Kong is finally joining the SPAC bandwagon, and a slew of influential personalities have lined up to lend credibility to the city’s inaugural offerings - from an Olympic medalist to political power brokers and a sofa tycoon.
Gymnast-turned-businessman Li Ning, who launched one of China’s top sportswear brands after retiring from competition, was one of the first to file and will be looking for a consumer lifestyle deal. Chinese drug developer I-Mab formed a special purpose acquisition company to hunt for the next hot health-care innovation.
But it’s serial dealmaker Eugene Wong who’s assembled the most wide-ranging team for his SPAC, hoping to tap their connections to find good targets in the tech and biotech space. He’s working with his uncle Jason, known as “the godfather of SPACs in Asia.” Furniture maker Royale Home Holdings and a cigarette package printing magnate are among the partners they’ve roped in for Ace Eight Acquisition, Bloomberg reported.
Blackstone-backed PAG files for a $2bn IPO. (FS)
Blackstone-backed PAG, a private equity firm, has applied for an initial public offering that's set to be one of the largest Hong Kong listings this year.
Goldman Sachs and Morgan Stanley are joint sponsors of the planned share sale. UBS is acting as a financial adviser.
The offering could raise as much as $2bn. PAG is considering seeking a market capitalization of about $10bn to $15bn, Bloomberg reported.
GoTo raises about $1.1bn in IPO priced near mid-range. (FS)
GoTo Group, an Indonesian startup giant, raised about $1.1bn in one of the world's largest initial public offerings announced since the Russian invasion of Ukraine, pricing the deal near the middle of the range.
The Jakarta-based company priced the IPO near the middle of the range announced earlier, at 338 rupiah ($0.022) a share. That's just above the middle of the 316 rupiah ($0.020) to 346 rupiah (0.024) range announced earlier.
GoTo's listing bucks a global trend of companies scrapping or delaying IPOs due to the ensuing market volatility in the wake of the Ukraine war. It is the second-largest deal announced this month, surpassed only by Dubai Electricity & Water Authority's $2.2bn offering.
Mercedes-backed ProLogium weighs 2022 IPO.
Mercedes Benz-backed ProLogium Technology, a solid-state battery developer, is weighing an initial public offering either later this year or next, Chief Executive Officer Vincent Yang said.
The Taiwanese company is considering listing in the US or Europe and may also raise funds in a separate round before any IPO, Yang said in an interview.
"We have a very clear plan to go public. We have a clear milestone and goal, and how much money we need to raise," Vincent Yang, ProLogium CEO.
Temasek mulls joining Mohalla funding round at $5bn value. (FS)
Mohalla Tech, the startup behind social media platform ShareChat and short-video app Moj, is seeking to raise fresh funds at a valuation of $5bn.
The Bangalore-based firm is in advanced talks with Singapore state investor Temasek Holdings and Indian digital media group Times Internet for the series H round. Alphabet's Google is also weighing participating in the fundraising. The company could raise at least $200m.
Toss plans to raise $1bn for SE Asia expansion.
Viva Republica, the operator of South Korea’s largest fintech startup Toss, is planning to raise up to $1bn from international investors in the second quarter of this year to expand in Southeast Asia.
The funds will help it take on superapps Grab and GoTo in the region, as it works towards an initial public offering. The firm aims to list in South Korea, Hong Kong, the US, or two of the destinations, DealStreetAsia reported.
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