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AMERICAS
Kroger released the full list of stores, distribution centers and plants it plans to divest to secure regulatory approval for the proposed merger with Albertsons, Bloomberg reported.
The companies have started notifying staff at affected locations, Chief Executive Officer Rodney McMullen wrote in a memo to employees on July 9. Impacted workers will become employees of C&S Wholesale Grocers after the transaction closes, and will remain as Kroger and Albertsons staff until then. C&S has committed to transferring pay and health plans and assuming all collective bargaining agreements.
Albertsons is advised by Credit Suisse, Goldman Sachs (led by Timothy Ingrassia), Debevoise & Plimpton (led by Ted Hassi), Fried Frank Harris Shriver & Jacobson (led by Philip Richter), Jenner & Block (led by Alexander May, Edward L. Prokop and Kevin T. Collins), Wachtell Lipton Rosen & Katz (led by Zachary Podolsky and Adam Emmerich), White & Case (led by George Paul) and Brunswick Group. Financial advisors are advised by Alston & Bird (led by Stuart Rogers), Cravath Swaine & Moore (led by Robert I. Townsend) and Davis Polk & Wardwell (led by Phillip R. Mills and Cheryl Chan). Kroger is advised by Citigroup (led by Brian Anton and David Finkelstein), Wells Fargo Securities, Arnold & Porter Kaye Scholer, Weil Gotshal and Manges (led by Michael J. Aiello) and Joele Frank (led by Tim Lynch). Cerberus Capital is advised by Dechert (led by Eric Siegel and Mark Thierfelder), FGS Global (led by Andrew Cole). Schottenstein Stores is advised by Wachtell Lipton Rosen & Katz (led by Adam Emmerich).
Prosperity Life, an insurance agency that provides a wide range of life, health, property, and casualty insurance products and services, completed the merger with National Western Life, a stock life insurance company, in a $1.9bn deal.
"National Western's insurance franchises, products and capabilities will be a great addition to Prosperity. This acquisition represents a significant milestone in the continued expansion of our insurance business. We welcome National Western to Prosperity and look forward to the opportunities ahead as a combined business," Nicholas von Moltke, Prosperity President and CEO.
National Western was advised by Goldman Sachs and Sidley Austin (led by Mark Metts and Amanda M. Todd). Goldman Sachs was advised by Skadden Arps Slate Meagher & Flom (led by Todd Freed). Prosperity Life was advised by Citigroup, Debevoise & Plimpton (led by Kevin M. Schmidt and David Grosgold), Faegre Drinker Biddle & Reath, Kutak Rock, Norton Rose Fulbright and Prosek Partners (led by Aiden Woglom).
Goldman Sachs Alternatives, an investor in alternatives globally, agreed to acquire a majority stake in TAIT, a live entertainment experiences provider, from Providence Equity Partners, a private equity investment firm. Financial terms were not disclosed.
"Since its inception, TAIT has partnered with clients across the globe to bring visionary concepts to reality and create extraordinary live experiences. As we look to our future – where the digital and physical worlds seamlessly merge into bespoke, individually tailored events, we are thrilled to partner with Goldman Sachs. This collaboration will unlock new opportunities and reinforce TAIT's position as an industry leader in delivering culture-defining experiences. Goldman Sachs' network and expertise will enable us to grow our global footprint and offerings, empowering the company to better serve clients, drive innovation, and pioneer new technology," Adam Davis, TAIT Chief Executive Officer.
TAIT was advised by Evercore, Jefferies & Company, Weil Gotshal and Manges (led by Ramona Nee) and KWT Global (led by Alice Murphy). Goldman Sachs was advised by PJT Partners, Goldman Sachs and Simpson Thacher & Bartlett (led by Katherine Krause). Providence was advised by FGS Global.
Victory Capital, an investment management firm, completed the acquisition of Amundi US, a company that offers a broad range of fixed income, equity and multi-asset investment solutions. Financial terms were not disclosed.
“This strategic relationship accelerates the globalization of our firm through a new global distribution channel. The transaction’s structure is carefully designed to closely align our common interests," David Brown, Victory Capital Chairman and Chief Executive Officer.
Victory Capital was advised by Bank of America, PJT Partners, Willkie Farr & Gallagher (led by Dave Boston). PJT Partners was advised by Ropes & Gray. Amundi was advised by Ardea Partners, Dechert and Cleary Gottlieb Steen & Hamilton.
Saltchuk Resources, a family of transportation and distribution companies, completed the acquisition of Overseas Shipholding Group, a provider of liquid bulk transportation services in the energy industry for crude oil and petroleum products, for $950m.
"With OSG, Saltchuk now numbers more than 8.5k people who share one thing in common: every day we strive to safely, responsibly, and reliably perform our services. As with our other businesses, OSG will remain standalone and independently managed. We look forward to working alongside the OSG team as we move forward together," Mark Tabbutt, Saltchuk Chairman.
Overseas Shipholding Group was advised by Evercore, Fried Frank Harris Shriver & Jacobson (led by Philip Richter) and Kekst CNC (led by Todd Fogarty). Evercore was advised by Gibson Dunn & Crutcher (led by Dan Alterbaum) Saltchuk was advised by BDT & MSD Partners and K&L Gates.
TA Associates, a private equity firm, agreed to acquire association & events division from Community Brands, a provider of cloud-based software, services and payment solutions. Financial terms were not disclosed.
“We are thrilled to be partnering with Mike Henricks, Mike Mayoras and all of the talented team members at Momentive Software to further accelerate the company’s market leadership. We have been impressed with Momentive’s strong business foundation and with its highly knowledgeable and experienced team that has a passion for supporting customers who are important pillars in their communities. We see a tremendous opportunity for growth and look forward to supporting the new Momentive and uncovering opportunities that fuel product innovation and increase the value Momentive can deliver to its more than 39k customers across 30 countries. In recognition of the passion Momentive Software employees have towards the causes they enable, TA will be offering employee ownership at all level," Hythem El-Nazer, TA Managing Director.
SAIGroup, an enterprise AI investment firm, completed the acquisition of Get Well, a digital patient engagement company. Financial terms were not disclosed.
"As part of SAIGroup, Get Well's mission to enable the best patient experience will undergo a rapid transformation with AI to a full precision care platform for hospitals and ambulatory centers. This strategic investment underscores SAIGroup's commitment to innovative AI-driven solutions in healthcare and highlights our confidence in Get Well as a leader in the digital patient engagement space," Romesh Wadhwani , SAIGroup Founder and CEO.
Get Well was advised by Cain Brothers and DLA Piper. SAIGroup was advised by McDermott Will & Emery. Debt financing was provided by Oxford Finance.
FFL Partners, a private equity firm, completed the acquisition of a minority stake in Medicus IT, a healthcare-focused IT managed services provider, from 424 Capital, a private equity firm. Financial terms were not disclosed.
“As a growing private equity firm that solely specializes in Healthcare and Tech-Enabled Services investments, we couldn’t be more excited to partner with Medicus IT. Medicus IT understands the opportunities and challenges that come with running a healthcare practice. The Company’s differentiated managed IT, compliance, and cybersecurity offerings allow healthcare providers to deliver positive patient outcomes at scale across any EMR/EHR system those practices choose to use," Jonathon Bunt, FFL Partners Partner.
Medicus IT was advised by Robert W Baird and Whiteman Osterman & Hannah. FFL Partners was advised by Kirkland & Ellis and Stanton PRM (led by Kelly Holman).
Level Equity-backed Upshop, a provider of a SaaS platform designed to streamline forecasting, ordering, production, and inventory optimization processes for food retailers, completed the merger with Invafresh, a platform for fresh grocery shopping. Financial terms were not disclosed.
"We do not settle for better; we strive for the best from our platform, our people, and our partnerships with food retailers. The impact our technology has on retailers' supply chains means millions of families will have access to the freshest and healthiest food, every day," Shamus Hines, Upshop CEO.
Invafresh was advised by Robert W Baird (led by Rhett Braunschweig) and Davis Polk & Wardwell. Upshop was advised by William Blair & Co and Goodwin Procter.
Aviva, a British multinational insurance company, agreed to acquire Probitas, an underwriting syndicate, for £249m ($315m).
"This acquisition is another step in our strategy to invest in Aviva's future profitable growth. Aviva's presence in the Lloyd's market opens up new opportunities to accelerate growth in our capital-light General Insurance business," Amanda Blanc, Aviva CEO.
Probitas was advised by Norton Rose Fulbright (led by Matthew Foster). Aviva was advised by Evercore and Brunswick Group. Saudi was advised by Willkie Farr & Gallagher (led by Tim Baumgartner).
Vivo Infusion, a provider of accessible, affordable, and safe community-based infusion and injection care, completed the acquisition of Infusion Associates, a provider of ambulatory infusion services, from Boyne Capital, a private equity firm. Financial terms were not disclosed.
"Boyne has been a valuable partner to Infusion Associates, taking a hands-on and collaborative approach to help us establish the team, systems and capabilities that have been foundational to our success. Together we have positioned the Company for continued growth as part of the Vivo Infusion platform, and I am grateful to Boyne for their support. I would also like to thank the amazing Infusion Associates team that has helped us continuously reach greater heights while maintaining a best-in-class patient experience every step of the way," Chuck Jett, Infusion Associates CEO.
Infusion Associates was advised by TripleTree and DLA Piper. Vivo Infusion was advised by Houlihan Lokey.
Blackstone Infrastructure, an active investor across sectors, including energy infrastructure, agreed to acquire a 30.2% stake in Tallgrass Energy, an energy infrastructure company, from Enagás, an energy company and European transmission system operator, for $1.1bn.
"With the rotation of the stake in Tallgrass Energy, Enagás strengthens its balance sheet to undertake with guarantees the execution of the investment plan in renewable hydrogen infrastructure, included in the European Union’s list of Projects of Common Interest and complying with the mandate of the Royal Decree-law 8/2023 that designates Enagás as provisional manager of the Hydrogen Backbone Network," Enagás.
Enagás is advised by Societe Generale and Barclays.
Solaris Oilfield Infrastructure, a specialized equipment for oil and natural gas operators manufacturer, agreed to acquire Mobile Energy Rentals, a provider of distributed power solutions, for $200m.
"We are excited to welcome the MER team to Solaris and expand our mobile infrastructure solutions offering. MER's solutions complement our all-electric offering and provide access to new end-market opportunities, including oil and gas production, midstream and downstream activities as well as various C&I applications. As we evaluate the 'electrification of everything' and computing power growth needs, we believe reliable power access will become a growing challenge that larger scale, distributed power generation assets are well-positioned to address. Together with MER, we will continue to build on the ten plus years of innovation and leading service quality delivery across our business lines," Bill Zartler, Solaris Chairman and CEO.
Solaris is advised by Vinson & Elkins (led by Mike Marek). Mobile Energy Rentals is advised by Skadden Arps Slate Meagher & Flom (led by Eric Otness).
Honeywell, a conglomerate corporation, agreed to acquire liquefied natural gas process technology and equipment business from Air Products, a corporation whose principal business is selling gases and chemicals for industrial use, for $1.8bn.
"While the world continues to build the renewables-based energy infrastructure of the future, natural gas is a critical lower-emission and affordable transition fuel that will help meet ever-increasing and dynamic global energy demands," Vimal Kapur, Honeywell Chairman and CEO.
Arcline-backed Signia Aerospace, a provider of high-performance systems and specialized components, agreed to acquire the Goodrich Hoist & Winch business, a provider of rescue hoists and cargo winches, of Collins Aerospace, a supplier of aerospace and defense products. Financial terms were not disclosed.
"Goodrich Hoist & Winch is a leader in helicopter rescue equipment and will be an excellent addition to our Signia Mission Systems business segment. Combined, the complementary products designed and manufactured by our companies play a significant role in multiple critical airborne missions, including rescue and disaster relief operations across the globe," Norman Jordan, Signia Aerospace CEO.
Signia Aerospace is advised by Moelis & Co.
PSG-backed ThreatConnect, a threat intelligence operations and cyber risk quantification solutions provider, completed the acquisition of Polarity, a company that streamlines security analyst workflow. Financial terms were not disclosed.
“Our customers need a friction-free way to bring high-fidelity intelligence to the teams that are fighting a daily battle against adversaries. Combining our Threat Intelligence Operations Platform with Polarity’s ability to present relevant data wherever analysts are working speeds actions and decision-making, which gives them a new advantage in this fight," Balaji Yelamanchili, ThreatConnect CEO.
PSG was advised by Weil Gotshal and Manges (led by David Gail).
Illumina, a DNA sequencing and array-based technologies company, completed the acquisition of Fluent BioSciences, a developer of an emerging and highly differentiated single-cell technology. Financial terms were not disclosed.
"The addition of Fluent BioSciences to Illumina will provide significant and new capabilities to our customers in a key growth area and advances our multiomics growth strategy. Single-cell research opens doors to new areas of discovery, and Fluent's innovative, accessible, and flexible single-cell method will accelerate our ability to deliver full multiomics solutions for our customers," Steven Barnard, Illumina Chief Technology Officer.
Fluent BioSciences was advised by Citigroup.
Lightspeed Venture Partners, a venture capital firm, Coatue, SoftBank and Bezos Expeditions, three investment firms, led a $300m Series A round in Skild AI, a startup that develops software to power various robots, with participation from Felicis Ventures, Sequoia, Menlo Ventures, General Catalyst, CRV, Amazon, SV Angel and Carnegie Mellon University.
"The large-scale model we are building demonstrates unparalleled generalization and emergent capabilities across robots and tasks, providing significant potential for automation within real-world environments. We believe Skild AI represents a step change in how robotics will be scaled, and has the potential to change the entire physical economy," Deepak Pathak, Skild AI CEO and Co-Founder.
Marsh McLennan Agency, a business insurance, employee health & benefits, retirement, and private client insurance solutions provider, agreed to acquire The Horton Group, a full-service insurance brokerage. Financial terms were not disclosed.
"We have been impressed by the Horton team and their capabilities for many years and are thrilled to welcome them to Marsh McLennan Agency. From their industry specialties to breadth of expertise, they share our passion for bringing clients a strategic approach to risk management," Tony Chimino, Marsh McLennan Agency CEO of Midwest region.
House of Raeford Farms, a poultry producer, agreed to acquire the Georgia Poultry Complex from Tyson Foods, a food company. Financial terms were not disclosed.
Tyson Foods' decision to sell the complex is part of its continued efforts to optimize its plant network, and the company will continue to service customer orders from other production locations. House of Raeford Farms intends to continue poultry processing at the complex utilizing the existing workforce and grower network.
Yokohama said to hold talks for Goodyear's OTR tire business.
Yokohama Rubber is in advanced talks to buy Goodyear Tire & Rubber's off-the-road tire business for at least $1bn, Bloomberg reported.
The Japanese company has emerged as the likeliest buyer for Goodyear's OTR business after other suitors dropped out. A transaction could value the assets at $1bn to $1.5bn.
StanChart crypto unit in talks to buy Alan Howard-backed firm. (FS)
Standard Chartered's crypto subsidiary Zodia Markets is in talks to acquire part of a digital-asset business backed by billionaire hedge fund manager Alan Howard, Bloomberg reported.
Zodia Markets is nearing an agreement to buy Jersey-based Elwood Capital Management, which offers over-the-counter trading and settlement services. The deal is expected to be completed this month.
Billionaire investor Ackman kicks off fundraising for new US fund. (FS)
Hedge fund manager Bill Ackman kicked off fundraising for a new US-listed closed-end fund on July 9, an effort that could bring in as much as $20bn, more than double his assets under management, some of that from retail investors, Reuters reported.
Index Ventures announces $2.3bn in new funds at a historical inflection point for startups. (FS)
Index Ventures, a leading global venture capital firm, announced a $2.3bn in new funds to forge relationships with exceptional entrepreneurs who are creating transformative, category-defining businesses.
Combined with Index's existing $300m Origin seed fund, Index is deploying $2.6bn in capital to back founders from seed to IPO. This brings Index's total capital raised since its founding to $15bn.
Truelink Capital closes oversubscribed inaugural fund. (FS)
Truelink Capital Management, a Los Angeles-based middle market private equity firm, is pleased to announce the final close of its first fund, Truelink Capital I. The Fund closed with aggregate third-party LP commitments of $875m, exceeding its target of $600m and its original hard cap of $750m.
Truelink's General Partner and related parties also invested heavily in the Fund. The Fund received strong support from a diverse group of global investors including pension plans, foundations, insurance companies, financial institutions, family offices and consultants.
Blackstone hires Citi's Tyler Dickson for key credit job. (FS, People)
Blackstone has hired Tyler Dickson, former global head of investment banking at Citigroup, to lead client relations for its credit and insurance unit as the private equity giant continues to expand its lending business, Bloomberg reported.
The new global role will oversee the credit team that maintains relationships with the insurance companies, pensions, sovereign wealth funds, and asset managers that use Blackstone to invest their money.
BofA taps UBS's top insurance investment banker George Matsuzaka. (People)
Bank of America has hired UBS Group's global head of insurance investment banking George Matsuzaka, Bloomberg reported.
New York-based Matsuzaka is set to join the Charlotte-based lender in October as co-head of global insurance investment banking.
3M finance chief Patolawala leaving for ADM. (People)
3M's top finance executive, Monish Patolawala, is leaving the conglomerate to become financial chief of grain trader Archer Daniels Midland, WSJ reported.
3M on Julu 10 said Patolawala has resigned as president and chief financial officer, effective July 31, and that it has launched a succession process.
EMEA
The Canada Pension Plan Investment Board, an investment management organization, completed the acquisition of a minority stake in team.blue, a digital enabler for companies and entrepreneurs, from HG, a private equity firm. Financial terms were not disclosed.
"This is a truly significant moment for our team and the many entrepreneurs who have joined us over the years. We are delighted to welcome CPP Investments, a leading global institutional investor with values that closely align with our own. CPP Investment's approach as a long-term patient capital investor is perfectly suited to our vision for sustained growth. Alongside our existing shareholders, CPP Investments recognises the growth ahead, underpinned by our plan to provide increasingly relevant online tools for businesses. We thank Hg for their continued support and warmly welcome CPP Investments as we pursue our ambitious growth plans together," Jonas Dhaenens, team.blue Founder and President, Claudio Corbetta, team.blue CEO, and Dawn Marriott, team.blue Executive Chair.
team.blue was advised by Arma Partners, Bain Capital, Deloitte, Ernst & Young, Harris Williams & Co, KPMG, Linklaters (led by Alex Woodward and Ben Suen), Macfarlanes, Norbruis Clement Advocaten and BearingPoint. CPP Investments was advised by OC&C Strategy Consultants, JP Morgan, KPMG and Kirkland & Ellis. HG was advised by Brunswick Group (led by Azadeh Varzi).
Thermo Fisher Scientific, a supplier of analytical instruments, life sciences solutions, specialty diagnostics, laboratory, pharmaceutical and biotechnology services, completed the acquisition of Olink, a company dedicated to accelerating proteomics together with the scientific community, from Summa Equity, a private equity firm, for $3.1bn.
"We are excited to welcome Olink colleagues to Thermo Fisher. Protein research is key to advancing our understanding of human biology and delivering on the promise of precision medicine. Olink's proven and transformative solutions for proteomics are highly complementary to our leading mass spectrometry and life sciences offerings. By expanding our capabilities in the high-growth proteomics market, we will enable scientists and researchers around the globe to meaningfully accelerate discovery and scientific breakthroughs while delivering significant value to our shareholders," Marc N. Casper, Thermo Fisher Chairman, President and CEO.
American Industrial Partners, an industrials investor, completed the acquisition of a 60% stake in feed ingredients business from Aker BioMarine, a biotech innovator and Antarctic krill-harvesting company. Financial terms were not disclosed.
"We are eager to join forces with AIP, leveraging their maritime expertise and growing aquaculture presence to accelerate our growth trajectory. This partnership positions us to more rapidly advance the aquaculture, animal health and sustainability benefits of krill globally," Webjørn Barstad, Aker BioMarine CEO.
AIP was advised by Baker Botts, Ropes & Gray (led by Victoria McGrath), Wikborg Rein and Prosek Partners. Aker BioMarine was advised by Arctic Capital, Carnegie Investment Bank and Rabobank.
British homebuilder Crest Nicholson said on July 10 it may recommend to its shareholders a sweetened £720m ($922m) all-share takeover deal from bigger rival Bellway if the latter comes up with a firm offer, Reuters reported.
If the deal goes through, the combined group will be worth around £4bn, joining the likes of FTSE 100 heavyweights Barratt, Berkeley, Vistry, Taylor Wimpey and Persimmon in terms of market capitalisation.
IBM, a multinational technology company, completed the acquisition of SiXworks, a consultancy serving the UK defence sector and specialising in digital transformation in highly secure environments, from Chiltern Capital, a private equity firm, for $150m.
"The acquisition deepens IBM Consulting’s ability to serve clients in the UK defence sector with additional highly specialist industry and technical domain skills across digital, cyber and defence cloud solutions," IBM.
Chiltern Capital was advised by Rothschild & Co.
AMD, a global semiconductor company, agreed to acquire Silo AI, a private AI lab, for $665m.
"Across every industry, enterprises are looking for fast and effective ways to develop and deploy AI solutions for their unique business needs. Silo AI's team of trusted AI experts and proven experience developing leadership AI models and solutions, including state-of-the-art LLMs built on AMD platforms, will further accelerate our AI strategy and advance the build-out and rapid implementation of AI solutions for our global customers," Vamsi Boppana, AMD Senior Vice President of Artificial Intelligence Group.
Saudi Arabia's haul from Aramco share sale finalized at $12.35bn.
Saudi Arabia raised $1bn more than previously expected from the sale of a stake in oil producer Aramco after a so-called stabilization period of the company's shares ended, Bloomberg reported.
The government netted a total of $12.35bn from the secondary offering. It sold a 0.64% stake in Aramco at $7.3 a share last month, with an additional 154m shares available for stabilizing manager Merrill Lynch to buy back and return to the state if the stock dropped below the offer price.
Swiss retailer Migros taps banks for $1bn asset sale.
Switzerland's grocery retailer Migros-Genossenschaft-Bund has selected investment banks for the potential sale of its cosmetics operations and travel platform, which could fetch a total valuation of about $1bn, Bloomberg reported.
Alantra Partners is working with Migros to sound out potential suitors for Mibelle Group, which makes cosmetic products for the retailer as well as white label products for other European personal care companies. The business, which also owns South Korean skincare brand Dr. G, could be valued at more than $557m.
Angola to sell stake in Standard Bank unit it seized from Tycoon.
Angola plans to sell a minority stake in Standard Bank de Angola that was controlled by a former insurance tycoon who is serving a nine-year prison term, Bloomberg reported.
The Angolan government seized a stake of 49% in Standard Bank Angola in 2020 from Carlos Sao Vicente, who was convicted for crimes including embezzlement and tax fraud.
CK Hutchison reviews options for European telco assets.
Hong Kong conglomerate CK Hutchison is reviewing options for its European telco unit with a view to reducing its holdings in the overall business, Reuters reported.
In reviewing its options as recently as this year, the ports-to-telecoms conglomerate has discussed a potential spin-off with a view to IPO its European telecoms assets, a sale of the unit as a bloc, or continuing being open to selling controlling stakes in some countries.
Liverpool FC owner Fenway in talks to buy French football club.
French football team FC Girondins De Bordeaux is in discussions with Fenway Sports Group, the American owner of Liverpool FC, about a possible takeover, Bloomberg reported.
Bordeaux is considering a proposal to sell a majority stake of its capital to FSG. The six-time French champions have been struggling financially, and without new funding risk being relegated by DNCG, the French football regulator.
HSBC reshapes investment banking to look more like rivals.
HSBC is revamping parts of its investment bank in a move that will make it look more like rivals such as Citigroup, Bloomberg reported.
Executives in HSBC's global banking business will winnow its existing sector teams into five larger groups. The move will allow bankers to work more efficiently and boost its focus on sectors involving innovation and sustainability.
Shein pledges to invest in UK and Europe ahead of potential IPO.
Fast fashion retailer Shein said it would invest €250m ($271m) over five years in the UK and Europe as the company battles criticism of its model based around flying cheap clothes and accessories from factories in China direct to shoppers worldwide, Reuters reported.
Shein, which is preparing for a possible London listing, already sources some clothes from factories in Turkey, although the vast majority of its products are made by around 5.4k suppliers mainly in Guangzhou, China.
Cosan's Lubricant unit Moove files confidentially for US IPO.
Moove Lubricants, a unit of Brazil conglomerate Cosan, has filed confidentially for an initial public offering, Bloomberg reported.
The company has filed a draft registration statement with the US Securities and Exchange Commission, Cosan said in a Brazil regulatory filing. The amount of shares to be offered and the price range is yet to be determined.
HIG Capital raises $1.3bn for Europe Realty Fund III. (FS)
HIG Capital, a global alternative investment firm with $64bn of capital under management, is pleased to announce the final close of HIG Europe Realty Partners III. The Fund closed with aggregate capital commitments of approximately $1.3bn, significantly above the predecessor's fund size.
HIG Europe Realty Partners primarily targets value-add investments in the middle market real estate segment in Europe. To date, the Fund has made over ten investments across various geographies in Europe.
APAC
Yes Bank's $5bn stake said to attract lenders from the Middle East, Japan.
First Abu Dhabi Bank is among potential suitors for a roughly $5bn stake in India's Yes Bank, Bloomberg reported.
The Middle Eastern lender is weighing a bid for as much as a 51% stake in Yes Bank. The stake sale has also drawn preliminary interest from Japan, including Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group, although it remains unclear how strong their appetite for a deal is and whether they will proceed.
India's Emcure Pharma jumps 35% in debut trade at $223m valuation. (FS)
Indian drugmaker Emcure Pharmaceuticals' shares rose 34.9% in debut trade on July 10, beating analysts' estimates and valuing the company at $223m, as its strong presence in women's healthcare and HIV treatments drew investors, DealStreetAsia reported.
In an IPO market where over 100 companies raised more than $4.6bn so far this year, Bain Capital-backed Emcure is the first drugmaker to go public in 2024.
China's Cirrus Aircraft raises $192m in Hong Kong IPO.
Chinese-owned Cirrus Aircraft has priced its shares at $3.52 each to raise $192m in its Hong Kong initial public offering, DealStreetAsia reported.
The US-based small aircraft manufacturer sold 54.87m shares in the deal in a price range of $3.5 to $3.6 a piece.
Anthem Biosciences considers $400m IPO in India. (FS)
Anthem Biosciences, a Bengaluru-based contract drug researcher and manufacturer, is considering an initial public offering in India that could raise about $400m, Bloomberg reported.
The company, in which Indian private equity firm True North bought a minority stake in 2021, could seek a valuation of as much as $3bn to $4bn in an IPO. Anthem Biosciences would issue new shares, while some of its existing investors may sell down as part of the offering.
S Korea's biggest PE firm Hahn closes fourth fund at $3.4bn, exceeds target. (FS)
South Korea's largest private equity firm Hahn surpassed its target to hit the final close of its fourth flagship at $3.4bn, marking the biggest fund in Asia targeting one country this year, DealStreetAsia reported.
Hahn & Co fund, which had targeted to raise $3.2bn, also includes a co-investment sum of $140m.
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