Thoma Bravo, a software investment firm, and Sunstone Partners, a private equity firm, completed the acquisition of UserTesting, a video-based human insight company, for $1.3bn.
"We believe the combination of UserTesting and UserZoom will unlock tremendous value for our customers by further integrating and expanding the suite of research methods, testing types, and measurement options available—all while making the voice of the customer and human insight more accessible across an organization and easily integrated into their processes and workflows," Andy MacMillan, UserTesting CEO.
UserTesting was advised by Morgan Stanley, Fenwick & West (led by David Michaels), FGS Global (led by John Christiansen and Joe Berg), and Sapphire Investor Relations. Morgan Stanley was advised by Cooley (led by Jamie Leigh and Ben Beerle). Thoma Bravo was advised by Kirkland & Ellis (led by Aisha P. Lavinier). Sunstone Partners was advised by Goodwin Procter. Thoma Bravo and Sunstone Partners were advised by Jefferies & Company.
Industrial Growth Partners-backed APCT, a manufacturer of high-reliability printed circuit boards, agreed to acquire Advanced Circuits, a manufacturer of printed circuit boards serving automotive, consumer electronics, and aerospace industries, from Compass Diversified, an operator of middle-market businesses, for $220m.
"We partnered with John and Jeff Yacoub and the Advanced Circuits management team over sixteen years ago. They have been exceptional partners and friends over that period, and we are proud to have supported them as they built a true industry leader at Advanced Circuits. Our permanent capital structure and the longer holding period it afforded CODI in this partnership helped create significant value for our shareholders. APCT represents the right partner for the company in the next step of its journey, and we wish them success," Elias Sabo, Compass Diversified CEO.
Compass Diversified is advised by Jefferies & Company, Ropes & Gray, Gateway Investor Relations (led by Cody Slach), and The IGB Group. APCT is advised by Kirkland & Ellis.
AeroClean Technologies, an air hygiene technology company, completed the merger with Molekule, a provider of premium air purifiers. Financial terms were not disclosed.
"Our complementary operations and cultures and our shared commitment to customer satisfaction will provide us with an enhanced ability to serve our clients and to create value for stockholders. We believe the combined company will be able to generate significant organic revenue growth, particularly in the B2B channel, as we begin the roll out our SaaS IAQ solutions. In addition, we expect to be well-positioned to pursue additional strategic acquisitions," Amin Khoury, AeroClean Chairman of the Board.
InTandem Capital Partners, a private equity firm, completed the investment in HouseWorks, a private-pay home care company. Financial terms were not disclosed.
“We are thrilled to be partnering with InTandem Capital and their experienced team. We searched to find a partner who is aligned with our mission to deliver the highest quality of care and has a passion for achieving a meaningful impact in patients’ lives each and every day—and we found that in InTandem Capital. The Firm brings a wealth of industry expertise that will enable us to drive innovation and continue our growth strategy,” Mike Trigilio, HouseWorks CEO.
HouseWorks was advised by SVB Securities and Mintz Levin. InTandem Capital Partners was advised by Edgemont Partners, Goodwin Procter and FGS Global (led by Robin Weinberg).
Veritas Capital-backed Epiq Solutions, a provider of software-defined radio and turnkey radio frequency solutions, completed the acquisition of Xiphos Systems, a provider of high-performance, space-focused computing solutions. Financial terms were not disclosed.
"This transaction brings together two highly complementary, mission-focused businesses with proven track records of delivering uniquely capable small form factor sensing, processing, and communication solutions across a breadth of deployment domains. Xiphos is a leader in control and hybrid, image, and signal processing with a heritage brand that customers trust and respect. We are thrilled to join forces with the talented team at Xiphos to build upon our differentiated capability and expand our cutting-edge terrestrial solutions into space environments," John Orlando, Epiq CEO.
Epiq Solutions was advised by Latham & Watkins. Veritas Capital was advised by FGS Global. Xiphos was advised by Philpott Ball & Werner and Blake Cassels & Graydon.
Webster Financial, an American commercial bank based in Stamford, Connecticut, completed the acquisition of StoneCastle Insured Sweep, a technology-enabled deposit management platform, from StoneCastle Partners, a provider of banking and associated technologies. Financial terms were not disclosed.
"The acquisition complements our strategy to build a bank with diverse funding capabilities and technology-enabled businesses. interLINK is a unique deposit channel that provides a scalable source of liquidity for the company," John Ciulla, Webster Financial President and CEO.
Triton Pacific-backed Unio Health Partners, a physician services platform, agreed to acquire inSite Digestive Health Care, a physician services provider. Financial terms were not disclosed.
"In less than two years, we have partnered with five leading physician practices across California, not only adding considerable scale and density but also forging a sophisticated, fully integrated management services organization. We are focused on bringing together elite groups with diverse capabilities, augmenting them with new resources, and sharing best practices across the platform. The inSite physicians have built an impressive group and will be invaluable contributors to Unio's growth," Marshal Salomon, Unio CEO.
inSite Digestive Health Care is advised by Coker Capital and Katten Muchin Rosenman. Triton Pacific and Unio Health Partners are advised by Robert W Baird (led by Jason Porter and Andrew Nicholson) and DLA Piper.
1-800-FLOWERS, a provider of gifts, agreed to acquire Things Remembered, an operator of personalized gift retail store chains across the United States. Financial terms were not disclosed.
"The expansion of our personalized gifting platform with the addition of the Things Remembered brand and product offerings further solidifies our leadership position in the growing market for personalized gifts. The addition of Things Remembered is very complementary to Personalization Mall® and meaningfully grows the number and expands the variety of personalized products we can offer to our customers to help celebrate every occasion with personalized masterpieces. This addition is a perfect example of how our e-Commerce platform was built for rapid growth as we seamlessly incorporate complementary brands into our platform," Chris McCann, 1-800-FLOWERS CEO.
One Equity Partners, an investment firm, completed the acquisition of a majority stake in Mythics, an IT services provider, from Emergent, a public sector-focused IT services firm. Financial terms were not disclosed.
"We are excited to partner with the founders and management team of MEG to help accelerate the company's growth and enable MEG to enhance its position with transformational acquisitions. As a key provider of cloud-based solutions to federal and SLED customers, we expect MEG to be an important participant in the public sector's shift to next generation technologies," Carlo Padovano, One Equity Partners Managing Director.
Nomura Strategic Ventures, an investment firm, agreed to invest in Percent, a loan marketplace. Financial terms were not disclosed.
“Our strategic initiatives will help unlock the potential of the platform that we have built thus far and help realize our long term vision to modernize private credit markets. Prior to Percent, transaction parties relied on antiquated systems and disjointed processes to manage the lifecycle of a private credit deal,” Nelson Chu, Percent Founder and CEO.
Central National Gottesman, a pulp, paper, tissue, packaging, wood products, and metals industries distributor, agreed to acquire S.P. Richards, a business products wholesaler. Financial terms were not disclosed.
"S.P Richards is a leader in this market space, and we are excited about its national distribution capabilities. We believe we can grow the business over time in a way that will benefit our customers, suppliers, and employees, and we are thrilled to welcome our new SPR colleagues to the CNG family," Andrew Wallach, CNG President and CEO.
Stripe cuts valuation 11% to $63bn.
Stripe has reduced its internal valuation by about 11%, at least the third time since June that the US payments startup has lowered its own view of its share price.
The internal price is used for new stock-based compensation, and could help set expectations ahead of an IPO. The latest cut reduces the share price to $24.71, implying a valuation of about $63bn. That follows a cut in October, when the price was lowered from $29 to $27.73, Bloombergreported.
Field, who is also Figma’s chief executive officer, met periodically since the startup’s founding in 2012 with Adobe executives to discuss strategic partnerships or a potential acquisition. He cut off merger discussions with Adobe, the top maker of software for creative design professionals, in 2020 and 2021, tweeting in January 2021, “our goal is to be Figma not Adobe.”
Subway is exploring a sale that could value the company at over $10bn.
Subway, a sandwich chain, has retained advisers to explore selling the closely held company. The process, which is in the early stages, is expected to attract potential corporate buyers and private-equity firms and could value Subway at more than $10bn, WSJreported.
"As a privately held company, we don't comment on ownership structure and business plans. We continue to be focused on moving the brand forward with our transformational journey to help our franchisees be successful and profitable," Subway.
Subway, known for its foot-long sandwiches and quick-service restaurants, has been owned by its two founding families for over five decades. Subway's approximately 21k US locations did $9.4bn in sales in 2021, up 13% from the year prior as the chain recovered from the pandemic and operational improvements boosted sales. The company had around 37k stores worldwide as of 2021 and was the biggest restaurant chain by US locations.
KKR commits additional $1.15bn to aircraft leasing. (FS)
KR is making an additional $1.15bn commitment to expand its global portfolio of leased commercial aircraft in partnership with Altavair. The investment will come from KKR’s credit and infrastructure funds.
KKR has deployed and committed $1.7bn of capital into aircraft deals since forming a partnership with Altavair and acquiring an interest in the company in 2018. The partnership has acquired more than 90 commercial and freighter aircraft through a variety of transactions, including lessor trades, airline direct used and new delivery sale leasebacks, structured transactions and passenger-to-freight conversions, and has successfully leased more than 75% of the portfolio to tier-one airlines and operators around the world.
Univar Solutions draws interest from Apollo, Platinum. (FS)
US chemical distributor Univar Solutions has attracted interest from potential bidders including Apollo Global Management and Platinum Equity.
The private equity firms have been studying the business. Suitors are holdings talks with Univar management, Bloombergreported.
Tiger Woods-backed SPAC throws in the towel as industry crumbles.
Sports & Health Tech Acquisition, the blank-check firm backed by professional golfer Tiger Woods, dropped its plans for a $150m IPO, Bloombergreported.
The special purpose acquisition company asked to withdraw its registration for an IPO filing with the US Securities and Exchange Commission. The firm was planning to seek a merger target in the sports or health tech sectors with an enterprise value of $600m to $1bn.
XP-backed Faros is said in talks to buy Brazil hedge fund stake.
Faros, a Brazilian independent financial adviser backed by XP, is in advanced talks to acquire a stake in a hedge fund firm launched by former executives at HSBC in Brazil, Bloombergreported.
Faros, which has more than BRL34bn ($6.5bn) under custody, is seeking to purchase a significant but minority stake in the Sao Paulo-based hedge fund manager Persevera Asset Management. Final details on the transaction are still being discussed and the deal could still fall apart.
Blue Owl Capital closed a $12.9bn fund. (FS)
Blue Owl Capital, a direct lending and capital solutions provider, announced the final closing of Dyal Capital Partners V with $12.9bn of committed capital. Fund V closed on December 30 and was almost $4bn larger than the team's previous fund, Dyal Capital Partners IV.
Fund V's objective is to provide passive, minority equity capital primarily for building GP balance sheets that enable leading firms to invest more capital alongside their investors. Fund V expects to invest in approximately 20 private equity firms diversified by asset class, strategy, and geography.
"The strong investor support for Fund V underscores the attractiveness that a GP Capital Solutions investment can provide to investors during times of economic uncertainty. With over $2tn of dry powder across the private equity industry and a leading group of GPs already in the Fund V portfolio, we are incredibly optimistic that we will drive value for both our investors and the general partners," Michael Rees, Blue Owl Co-Founder and Co-President.
Blue Owl Capital was advised by Fried Frank Harris Shriver & Jacobson.
Brazilian retailer Americanas chief executive and chief financial officer resigned after the discovery of around $3.88bn in accounting inconsistencies, Reutersreported.
Lojas Americanas CEO Sergio Rial departed less than two weeks after taking the job, when he replaced Miguel Gutierrez. Joao Guerra, a long-time Americanas executive not involved with accounting or financial management, will take over as CEO on an interim basis.
Blackstone appoints global head of private credit strategies. (FS, People)
Blackstone has promoted Brad Marshall, senior managing director, to the new role of global head of private credit strategies, after nearly two decades with the firm.
The report cites Blackstone spokesperson Kate Holderness as confirming the appointment along with the addition of Jonathan Bock who has joined as co-CEO of the firm's two business development companies, Blackstone Private Credit Fund and the Blackstone Secured Lending Fund.
Entain, a sports betting, gaming, and interactive entertainment group, completed the acquisition of BetCity.nl, an online sports betting and gaming operator, from Sports Entertainment Media, a sports and entertainment business, for $893m.
"We are delighted that BetCity is joining Entain and are excited by the significant opportunities in the newly regulated Dutch market. This acquisition will provide customers with an even better experience as we combine BetCity's local expertise and brand alongside Entain's market-leading, customer-focused platform. This transaction further underpins our growth strategy of operating in attractive regulated markets. We look forward to working with Melvin and the BetCity team," Jette Nygaard-Andersen, Entain CEO.
BetCity.nl was advised by KPMG, HVK Consulting, Partis Capital, and Proskauer Rose (led by Tony Downes). Entain was advised by BDO (led by Ian Cooper), Clifford Chance (led by Melissa Fogarty), Freshfields Bruckhaus Deringer, and Powerscourt.
Supermarket Income REIT, a real estate investment trust, completed the acquisition of an additional 25.5% stake in Sainsbury's properties from British Airways Pension Trustees, a provider of the airways pension scheme and the new airways pension scheme, for £196m.
The acquisition is expected to be attractive versus SUPR's target property returns and accretive to the company's expected return from the SRP Portfolio. The acquisition of BAPTL's beneficial interest also gives the company a 51.0% stake in this strategically important transaction with Sainsbury's.
Carlyle, a global investment firm, agreed to acquire a majority stake in Groupe Lacour, a French software provider for the automotive after-sales value chain. Financial terms were not disclosed.
"Lacour has a range of outstanding software products and deep customer relationships, and we believe it is well-positioned to capture this growth opportunity in France and across Europe. With Carlyle's experience in the automotive sector and in software and our track record of growing and internationalizing high-quality, independent European businesses, we believe the opportunity to partner with Angelo Maida and the team in a primary deal of this nature is perfectly suited to CETP's expertise," Cyril Bourdarot, Carlyle Managing Director.
Apex Group, a global financial services provider, completed the acquisition of Pacific Fund Systems, an international fund administration software business, from Pollen Street, a private equity firm. Financial terms were not disclosed.
"Through a combination of partnerships with award-winning technology providers, as well as our own market-leading platforms, we deliver high-quality solutions to asset managers globally. PFS-PAXUS is a proven global technology solution for the funds industry that enables our clients and third parties to automate all fund administration components on a single platform. Bringing PFS-PAXUS into the Group will help us to continue exceeding client expectations by delivering a single-source solution which improves administrative efficiencies, implements essential controls, and manages our clients' operational risk," Peter Hughes, Apex Group Founder and CEO.
Apex Group was advised by Alvarez & Marsal, Deutsche Bank and Kirkland & Ellis (led by Chris Connolly and David Higgins). Pacific Fund Systems was advised by Arma Partners and Proskauer Rose.
FSN Capital, a Northern European private equity investment firm, and Verdane, a specialist growth equity investment firm, agreed to invest €135m in Polytech, a wind turbines company.
“As wind turbines are growing bigger and more complex, there is a need for more sophisticated solutions to enhance and protect these assets. Through strategic partnerships, we support our customers in ensuring that their wind turbines withstand a lifetime of more than 35 years with optimized energy production in a harsh environment. The partnership between FSN and Verdane reinforces our ambitions of being on the forefront of technology development and further international growth within the wind industry,” Mads Kirkegaard, Polytech CEO.
Wordline, a payment services provider, completed the acquisition of a 40% stake in Online Payment Services, an online Payment Service Provider. Financial terms were not disclosed.
"We are proud to join forces with the European leader in payments, Worldline. We can leverage each other's strengths to improve the service offering to OPP's client base and roll it out to new geographies for new clients. Our team is delighted to join the Worldline family and embark on this incredibly exciting next growth chapter," Richard Straver, OPP Founder.
Online Payment Services was advised by Emendo Capital. Wordline was advised by KPMG and De Brauw Blackstone Westbroek (led by Bernard Spoor).
Golden Matrix Group, a developer, licensor, and global operator of online gaming and eCommerce platforms, agreed to acquire MeridianBet Group, a sports betting and gaming group, for $300m.
"We believe that this acquisition will provide us entry into a well-established and highly scalable B2C vertical in new markets outside of our core markets. MeridianBet Group appealed to us with its proven business model that emphasizes organic growth, resilience to external economic factors, and exceptional products and technology. We are pleased to be on the path to completing this acquisition and look forward to strengthening and growing our position in the global online betting and gaming industry, expanding into new regulated markets, and maintaining our ongoing drive to scale the business as a whole at a rapid growth rate," Brian Goodman, Golden Matrix CEO.
Golden Matrix Group is advised by Loev Law Firm. MeridianBet is advised by Howard & Howard.
Korian, a European care and support services group, completed the acquisition of Grupo 5, a mental health and brain damage rehabilitation manager, from Corpfin Capital, a private equity and venture capital firm. Financial terms were not disclosed.
"This acquisition allows the group to significantly reinforce its presence in Spain through the integration of a recognized network dedicated to specialized care and mental health, very complementary to the activities we have developed in geriatrics and in mental health. It is in line with the Group's strategy of developing proximity healthcare services to meet the growing needs of care in relation to chronic diseases," Sophie Boissard, Korian CEO.
Korian was advised by Brunswick Group. Corpfin Capital was advised by AZ Capital.
Aioi Nissay Dowa, an automobile insurance provider, and ENEOS Innovation Partners, a corporate venture capital firm, led a $140m Series C funding round in Oxbotica, a provider of autonomous vehicle software, with participation from bp ventures, BGF, Halma, Hostplus, Kiko Ventures, Ocado Group, Tencent, and ZF.
"This landmark investment from world-class investors is a tremendous validation of our strategy to apply self-driving technology where there is persistent and urgent demand—in supply chains, industrial sectors, and in decongesting our cities. We share a common purpose with our investors as well as our growing number of customers and partners to make the Earth move more safely, more sustainably, and more efficiently. We're invigorated by their confidence and are moving quickly to accelerate the benefits of autonomy for everyone," Gavin Jackson, Oxbotica CEO.
Bain & Company, an American management consultancy firm, completed the acquisition of Enterprise Blueprints, a provider of enterprise and solution architecture consulting services. Financial terms were not disclosed.
"Our work in enterprise technology helps clients solve complex, high-stakes problems and deliver superior business value. Enterprise Blueprints' deep expertise in architecture will add to Bain's end-to-end enterprise technology capabilities," Stephen Phillips, Bain Head of Global ET Practice.
American Express, an American multinational financial services corporation, agreed to acquire Nipendo, a company used by global businesses to automate and streamline business-to-business payment processes. Financial terms were not disclosed.
"Our extensive direct relationships with both buyers and suppliers puts us in a unique position to transform the way companies pay for goods and services. We are taking the friction out of B2B payments, paving the way for faster, more efficient, and transparent transactions. With Nipendo, we will strengthen our expertise and capabilities in the space, and their innovative platform will give business customers common ground to connect and transact on the Amex network," Anna Marrs, American Express President.
Fosun weighs sale of Belgian diamond-grading firm IGI.
Fosun International is weighing a sale of International Gemological Institute in a deal that could value the diamond-grading firm at about €200m ($215m).
The Chinese conglomerate is working with Deutsche Bank on the potential divestment of the Antwerp, Belgium-based institution, Bloombergreported.
EQT weighs options for Open Systems including partial sale. (FS)
EQT Partners is weighing options including a partial sale for Swiss cybersecurity networking and detection business Open Systems.
The Sweden-based sponsor has asked Bank of America to prepare a sale process for Open Systems’ larger secure access service edge network division with the expectation it will retain the response.
Top Credit Suisse shareholder cuts stake.
One of Credit Suisse's large shareholders, Harris Associates, has reduced its stake in the bank by roughly half to about 5%, as the Swiss bank struggles to regain the confidence of investors.
Harris has been one of Credit Suisse's longest standing shareholders and remained loyal despite a string of scandals at the group. It had disclosed a stake of about 10% in the bank last August, Reutersreported.
DER Touristik in advanced talks to take over rival FTI.
Germany's tour operator DER Touristik, a unit of retail group REWE, is in advanced negotiations regarding a takeover of Munich-based rival FTI.
A precondition for the deal would be a massive cut of FTI's debt, which amounted to around €1bn ($1.1bn), Reutersreported.
SE Asian e-commerce major Shopee to close its Polish operations.
Southeast Asia’s largest e-commerce firm Shopee will close its Polish operations from the end of Friday, Shopee Polska announced on its website, DealStreetAsiareported.
“The fact itself is perhaps not a big surprise, since Shopee has already withdrawn from some of its markets, and a few months ago it cut some of its jobs in Poland, so the expectations were rather that they will leave the Polish market as well,” Lukasz Wachelko, Wood&Co analyst.
Saudi developer Umm Al Qura picks banks for IPO.
Saudi property developer Umm Al Qura for Development & Construction is working with banks including Lazard on its planned Riyadh initial public offering.
Umm Al Qura has picked Al Bilad Capital and GIB Capital to work on the IPO while Lazard is advising it. An IPO of the company could raise a few hundred million dollars, Bloombergreported.
Venom Foundation and Iceberg Capital launch $1bn venture fund to invest in web3. (FS)
Venom Foundation, a layer-1 blockchain licensed and regulated by the Abu Dhabi Global Market, and investment manager Iceberg Capital have partnered to launch a $1bn venture fund, the two firms announced.
The $1bn vehicle, Venom Ventures Fund, is a blockchain-agnostic fund that will invest in pre-seed to Series A rounds for web3 protocols and decentralized applications that focus on trends like payments, asset management, DeFi, banking services and GameFi.
Bain Capital, an American private investment firm, completed the acquisition of a minority stake in EcoCeres, an innovative biomass utilization company, for $400m.
“Our partnership with a blue-chip investor like Bain Capital is yet another strong vote of confidence in our leadership in the critically important decarbonization sector. It is my heartfelt belief that both Bain Capital and Kerogen Capital have made their wise decisions to invest in EcoCeres – the innovative advanced bio-refinery platform. A good start means half success, I look forward to a strongly bonded and long-term win-win partnership to serve our common goal for a better and sustainable future,” Philip Siu, EcoCeres Co-founder and CEO.
Bain Capital was advised by TrailRunner (led by Trudy Wang).
MultiMetaVerse, an animation and entertainment company, agreed to acquire a majority stake in Taomee, an entertainment and media company, from Orient TM Ruibo, an entertainment company. Financial terms were not disclosed.
"We are extremely excited to work with Taomee, a standout company in China's entertainment industry. Taomee has been creating and developing original, compelling IP brands for over 16 years and has accumulated a large and loyal following across China, particularly among the younger generations. As we explored this transaction, we discovered that MMV and Taomee have much in common in terms of both their business models and company culture, making the two companies a natural fit for collaboration," Yiran Xu, MMV Chairman and CEO.
Bangchak, a Thailand-based energy company, agreed to acquire a 65.99% stake in Esso Thailand, a firm engaged in the refining and marketing petroleum products, from ExxonMobil, an international petroleum and petrochemical company, for $1.1bn.
"As we execute our strategy, ExxonMobil is focusing its investments on global production facilities to meet the world's demand for lower-emissions fuels and high-performance products while divesting assets where others see the potential for greater value. We appreciate the talent and determination of our colleagues in Thailand who have safely provided reliable product supply to the Thailand and Greater Mekong markets for more than 125 years, and we thank them for their dedicated service," Karen McKee, ExxonMobil Product Solutions President.
PAG, an investment firm, and Mapletree Investments, a global real estate development, investment, capital, and property management company, agreed to acquire Goldin Financial Global Centre, an office building featuring spacious interiors and flexible floor plans, for $713m.
"We are very pleased to be partnering with Mapletree on this major acquisition. GFGC is an iconic building in Hong Kong's CBD2 and represents very good value at a significant discount to replacement cost. This transaction further expands PAG Real Assets' footprint in Hong Kong, where we see the ongoing post-Covid recovery creating attractive opportunities for us and our investors," J-P Toppino, PAG President.
ESR Group, Asia-focused real estate services and investment company, completed the acquisition of a stake in BW Industrial, a developer of institutional-grade industrial and logistics properties in Vietnam, for $450m.
"ESR's strategic investment in BW marks a significant milestone for our business in Southeast Asia. Underpinned by strong growth fundamentals, including rapid urbanization and a fast-rising consumer class e-commerce, Vietnam is witnessing robust demand for logistics and industrial space with limited and exponential growth of available modern space. As we continue to extend ESR's leading New Economy footprint in Vietnam will be an important and valuable market as it offers a fast and dynamic growing economy, scale, velocity of development, and strong institutional investor interest," Jeffrey Shen and Stuart Gibson, ESR Co-Founders and Co-CEOs.
JC Flowers aims to build on $1.4bn India bad loans buy. (FS)
JC Flowers will continue to hunt for deals in India after the private equity firm recently pulled off its biggest deal in the country by buying a portfolio of bad loans, Bloombergreported.
“India seems like it’s in a nice spot,” Chris Flowers, Chief Executive Officer of the New York-based firm, said in an interview. JC Flowers, which invests purely in financial services companies, is looking for other opportunities in the sector apart from non-performing assets, he added.
Alibaba is selling a Paytm stake worth $125m.
China's Alibaba Group, a provider of e-commerce and technology infrastructure services, sold a 3.1% stake in Paytm, an Indian digital payments firm, worth $125m through a block deal, Reuters reported.
Alibaba, which held a 6.26% stake in Paytm as of end-September, sold the stake at $6.56 apiece.
Alibaba was advised by Morgan Stanley.
Billionaire urges overhaul of collapsed $20bn Australia-Asia solar project.
Iron ore magnate Andrew Forrest called for an overhaul of a $20bn plus project to send solar power from Australia to Singapore, which collapsed after he and tech billionaire Mike Cannon-Brookes split over funding plans.
Singapore-based Sun Cable, largely owned by Forrest’s private firm Squadron Energy and Cannon-Brookes’ private firm Grok, appointed voluntary administrators after raising AUD210m ($145m) for the Australia–Asia PowerLink project, DealStreetAsiareported.
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