AMERICAS
The Delaware Chancery Court granted Tiffany's motion to expedite its lawsuit against LVMH. Tiffany's lawsuit seeks, among other things, an order requiring LVMH to abide by its contractual obligation under the November 24, 2019 merger agreement to complete its acquisition of Tiffany on the previously agreed terms. The Court set a January 5, 2021 date to begin a four-day trial.
"We appreciate the Court's ruling today to expedite the process. Despite LVMH's ongoing efforts to avoid paying the agreed-upon price for Tiffany, a trial on January 5, 2021, will hopefully lead to a ruling prior to the expiration of US antitrust clearance on February 3, 2021, and enable us to protect our company and our shareholders. We will demonstrate to the Court that LVMH is in clear breach of its obligations under a valid and binding agreement and that their claim of a Material Adverse Effect is completely baseless. Tiffany has acted in good faith in full compliance with the merger agreement and will continue to do so," Roger Farah, Tiffany Chairman.
Tiffany is advised by Centerview Partners, Goldman Sachs, Sullivan & Cromwell and Sard Verbinnen & Co. Financial advisors of Tiffany are advised by Weil Gotshal and Manges. LVMH is advised by Citigroup, JP Morgan, Cleary Gottlieb Steen & Hamilton, Skadden Arps Slate Meagher & Flom, White & Case, Allen & Overy, Brunswick Group, DGM Conseil, Deluxewords, Montfort Communications, Publicis Consultants and SEC and Partners.
Thoma Bravo, a private equity firm focused on the software and technology-enabled services sectors, completed the acquisition of Majesco, a provider of cloud insurance software solutions for insurance business transformation, for $729m.
"We are pleased to complete our acquisition of Majesco and work closely with their talented team as we build upon Majesco's position as a leading driver of digital transformation within the insurance industry. Majesco's journey in helping insurance companies get to the cloud faster is impressive and we intend to leverage our own operational experience to enhance its capabilities and support the continued growth of the business," A.J. Rohde, Thoma Bravo Partner.
Majesco was advised by Nomura, Khaitan & Co and Sheppard Mullin Richter & Hampton. Nomura was advised by Sidley Austin. Thoma Bravo was advised by Kirkland & Ellis and Trilegal.
Flushing Financial, the parent holding company for Flushing Bank, received remaining regulatory approvals for its $111m acquisition of Empire Bancorp, the parent holding company for Empire National Bank.
"We believe the combination of these two strong community banks will further lever the significant investments both entities have made in people, processes and technology and positively impact our earnings potential," Douglas C. Manditch, Empire President and CEO.
Empire Bancorp is advised by Sandler O'Neill + Partners and Fenimore Kay Harrison & Ford. Flushing Financial is advised by Deutsche Bank and Arnold & Porter Kaye Scholer.
Private equity firm Odyssey Investment Partners agreed to acquire ProPharma Group, a provider of regulatory and compliance services to pharmaceutical, biotechnology and medical device customers, from Linden Capital Partners. Financial terms were not disclosed.
"ProPharma Group represents a compelling opportunity to invest in a growing business with attractive demand characteristics given its critical role in helping customers comply with regulatory and safety requirements. Dawn and the management team have done an outstanding job of establishing a comprehensive offering of services in a large, growing and fragmented industry. We have identified numerous organic and inorganic opportunities to build on ProPharma Group's leadership position by expanding its four business verticals and expect to capitalize on these in the coming years," Jeffrey McKibben, Odyssey Senior Managing Principal.
Odyssey Investment Partners is advised by Jefferies & Company, Latham & Watkins, Smith Anderson and Kekst CNC.
Diploma, the international group supplying specialized technical products and services, agreed to acquire Windy City Wire, a value-add distributor of premium quality, low voltage wire and cable in the US, for $465m.
"The acquisition of WCW is an exceptional opportunity for Diploma. As a high-quality wire and cable distribution business with a strong management team and an impressive value-add customer proposition, WCW is a perfect fit with our business model. Furthermore, it accelerates our strategy of focussing our growth in our key markets in a product area we know well, providing a scalable platform for our Controls sector in the US. The business has an excellent performance track record and is positioned well in high structural growth end segments to deliver exciting growth in the future," Johnny Thomson, Diploma CEO.
Diploma is advised by Barclays, Numis Securities and Tulchan Communications.
Compass Diversified, an investment and holding company, agreed to acquire Boa Technology, an inventor of an alternative to shoelaces, for $454m. The deal is expected to close by early November.
"It really fits every metric that we look for. They own all the intellectual property in the space, and there are no competitors," Elias Sabo, Compass Diversified CEO.
Boa is advised by Harris Williams & Co. Compass Diversified is advised by Joele Frank and The IGB Group.
Palladium Equity Partners, a middle-market private equity firm, completed the investment in Trachte USA, a provider of engineered buildings, hardware and related solutions. Financial terms were not disclosed.
"We have been proactively seeking an investment in the Power and Utility space, and believe that Trachte is an ideal growth platform to execute this strategy. Trachte provides a highly engineered, total solution to its customers. The company's design engineering, project management and related value-added services and reputation for quality make it the provider of choice for leading utilities and equipment OEMs," Caleb Clark, Palladium Partner.
Trachte USA was advised by Stephens and Mintz Levin. Palladium Equity Partners was advised by Stifel and Greenberg Traurig.
The Carlyle Group agreed to invest in Victory Innovations, a maker of high-tech electrostatic sprayers used to disinfect offices, aeroplanes, schools and other businesses. Financial terms were not disclosed.
"As more and more businesses grasp the need to not just clean surfaces, but disinfect them, we see tremendous growth opportunity for Victory. Their highly effective technologies are more cost-effective, use less disinfectant and operate faster than alternative disinfecting methods. We look forward to working alongside the co-founders and the entire Victory team as we support their continued expansion," Vipul Amin, The Carlyle Group Managing Director.
Victory Innovations is advised by Akhia Communications. The Carlyle Group is advised by Latham & Watkins.
Group 42, an AI and cloud computing company, and bp ventures, a venture capital, led a $133m Series C round in Beyond Limits, an industrial and enterprise-grade AI technology company.
"Today we are seeing unprecedented, world-wide demand for systems that go beyond the limitations of conventional AI. Our cognitive software has the ability to understand situations and place problems in real-world contexts as well as to learn over time. We're excited to help more customers by applying our unique and powerful AI approach to solve some of the toughest problems facing industries and the world today," AJ Abdallat, Beyond Limits CEO and Founder.
Beyond Limits was advised by Lewis.
China is unlikely to approve the deal Oracle and Walmart struck with ByteDance over the future of video-streaming app TikTok,
Reuters reported.
The US majors have said they would buy into a new mainly US-owned company, TikTok Global, with a board of directors comprised mainly of Americans, as the parties work to pacify the administration of US President Donald Trump, which had planned to ban TikTok in the United States on security grounds.
General Atlantic and SoftBank completed a $108m investment in Acesso Digital, a developer of facial recognition and identification technology.
"The value of digitally-native, flexible solutions has only increased as companies continue to adapt to the digital era. This funding will allow us to further expand our participation in this trend and refine our leadership position in key existing and new markets, including telemedicine, e-commerce, and telecommunications. We are grateful to be partnering with two of the largest global technology investors – General Atlantic and the SoftBank Latin America Fund – and look forward to working with our new strategic partners to further scale the business," Diego Martins, Acesso Digital Founder and CEO.
PagerDuty, a digital operations management company, agreed to acquire Rundeck, a provider of DevOps automation, for $100m, of which 60% in cash and 40% in PagerDuty common stock. The acquisition is subject to certain customary closing conditions and is expected to close in October 2020.
"Rundeck's impressive track record in providing scaled automation for DevOps teams in the world's largest companies, along with their easy to use, practitioner focused offering make them a highly complementary extension for PagerDuty. Together we can now automate unpredictable, emergent work for people and machines, from detection and diagnosis to recovery, remediation and learning, providing the most robust real-time incident response platform in the market. Our 13.3k customers trust us to ensure their digital services remain always on, and now we are ensuring they can do this faster, and more efficiently," Jennifer Tejada, PagerDuty CEO.
Integrity Marketing, an independent distributor of life and health insurance products, completed the acquisition of Insurance Administrative Solutions, a business process outsourcing company. Financial terms were not disclosed.
"We have extraordinary synergies that will make an unprecedented impact on the industry. Insurance Administrative Solutions is the best in the business at their craft, and Integrity recruits and supports agents selling and distributing more product than anyone else in the country. By working together as partners, we now have end-to-end capabilities to help carriers go to market quicker and more effectively. It's truly a turnkey solution for carriers that cannot be found anywhere else," Bryan W. Adams, Integrity Co-Founder and CEO.
One Equity Partners-backed Computer Design & Integration, an IT solution provider, completed the acquisition of P5 Solutions, a transformative consulting company. Financial terms were not disclosed.
"The demand for holistic and seamless digital experiences is at an all-time high. This investment positions us to better serve our growing client base and continue offering high-quality intelligent and automated user experiences across the ServiceNow platform. We are excited to have P5 join the CDI family and look forward to accelerating our combined growth for the benefit of all of our clients," Vince Collado, CDI Executive Vice President of Digital Transformation Strategy.
Private equity firm H.I.G. Capital completed the investment in Construction Forms, a manufacturer of engineered, abrasion-resistant piping systems and accessories for concrete, mining, power generation, and other industrial applications. Financial terms were not disclosed.
"Con Forms has built a strong, global brand with a well-earned reputation for quality and performance. We look forward to working closely with the Con Forms management team as they lead the organization and pursue continuing organic and inorganic growth," Todd Ofenloch, H.I.G. Managing Director.
Axiell, a provider of software solutions, completed the acquisition of CultureConnect, a technology company. Financial terms were not disclosed.
"I am thrilled we have acquired CultureConnect, now part of Axiell's expanding ecosystem. Together we can offer our customers around the world the market-leading solution for museums seeking to transform their collections into story-driven interactive experiences for visitors, virtual audiences, and distance learners alike. Our customers can trust we will meet their growing and evolving demands for technology and the expectations of modern audiences," Joel Sommerfeldt, Axiell Group CEO.
Blackstone set to acquire Precision Medicine Buyout for $2.3bn. (FS)
The Blackstone Group is nearing a deal to buy Precision Medicine Group, a company which works with pharmaceutical and life sciences companies on clinical trials and to commercialize new products, for about $2.3bn,
Bloomberg reported.
The firm is set to buy a majority stake in the group from existing backers Berkshire Partners and TPG. No deal has been finalized, and Blackstone may choose not to go ahead with the transaction.
Trian Fund Management takes stake in Comcast. (FS)
WSJ reported that Trian Fund Management, a hedge fund known for pushing big companies to make operational and other changes, launched an activist campaign against Comcast in a bet that the cable-TV and entertainment giant's stock is undervalued.
Trian accumulated about 20m shares in Comcast, for a roughly $900m stake or about 0.4% of the company. Comcast's market value is about $200bn.
Quibi explores strategic options, including a possible sale.
Streaming service Quibi is exploring several strategic options including a possible sale,
WSJ reported, as the company founded by Hollywood mogul Jeffrey Katzenberg struggles to sign up subscribers in a competitive online-video marketplace.
Quibi, which launched its short-form, mobile-focused video service in April, is also considering raising more money or going public through a merger with a special-purpose acquisition company, or SPAC—essentially a blank-check company that helps fund deals. Quibi is working with advisers to review its options.
Aaptiv exploring a potential sale.
New York-based fitness startup Aaptiv is exploring options including a sale. The company hired an adviser after fielding inbound interest.
Companies that make fitness products, technology and apparel have attracted institutional investors during the pandemic, in part because they've captured consumer spending at a time when gyms have lost their appeal due to virus concerns, with some closures leading to bankruptcies.
AMCI Acquisition set to acquire fuel cell technology company.
AMCI Acquisition entered into a non-binding letter of intent with an undisclosed innovation-driven, high-growth, fuel cell technology company for an initial business combination.
"The target is a highly innovative player in the rapidly expanding next generation fuel technology space. We expect that this a next-generation allow us to drive significant value creation by participating in such an exciting and high demand sector," William Hunter, AMCI Acquisition CEO.
Jonathan Litt is against a plan to split Apartment Investment & Management. (FS)
Jonathan Litt, an activist investor, came out against Apartment Investment & Management's plans to split into two public entities and said he would call a special meeting if the real estate company won't let shareholders vote on the move,
Bloomberg reported.
"What seems clear to us is that the proposed spinoff is not the result of an informed evaluation of all available opportunities to maximize shareholder value, particularly given the extraordinary appetite by private institutional investors for high-quality apartments," Jonathan Litt.
Root Insurance picks Goldman Sachs to lead IPO.
Root Insurance hired Goldman Sachs Group to lead preparations for an IPO that could value the provider of auto insurance through mobile apps at around $6bn,
Reuters reported.
The listing would make Root the latest technology-powered insurance provider to go public. In May, insurance comparison website SelectQuote raised $360m in its IPO, followed in July by SoftBank Group-backed insurance provider Lemonade, which raised $319m. The respective offerings valued the companies at $3.25bn and $1.6bn.
Bentley Systems raised its IPO valuation to $5.5bn.
Bentley Systems, a software development company, revised its targeted price range for its upcoming IPO, which could value the company at about $5.49bn,
Reuters reported.
The company plans to sell 10.75m shares in the IPO at a target range of $19-$21 per share. It had earlier expected it to be priced between $17-$19 per share. Bentley expects to raise up to $226m from the IPO.
Goldman Sachs, Bank of America Merrill Lynch and RBC Capital Markets are among the underwriters for the IPO.
Freshly plans 2021 US IPO.
Freshly, a startup that delivers ready-made meals, is planning to go public as soon as 2021,
Bloomberg reported. The company, which counts packaged-food giant Nestle among its backers, interviewed potential advisers to help with a listing and is targeting a valuation of more than $1bn. It may also explore other options, including a sale or going public by merging with a SPAC.
Freshly, which offers weekly subscription plans of four to 12 meals priced from $8.49 to $11.49 each, sells more than one million dishes per week. Nestle was the lead investor in Freshly's $77m funding round in 2017.
IDG Capital seeks to raise $550m for a venture fund. (FS)
IDG Capital, a venture capital firm that focuses on Chinese businesses, is seeking to raise up to $550m for a new VC fund,
Caixin reported.
The filing for IDG Capital Project Fund IV comes as the investment firm, which has offices in Beijing, Hong Kong, New York, and London, is raising $688m for another fund, IDG China Venture Capital Fund VI, which was launched in March of this year. The filing was signed by Quan Zhou, IDG's managing partner since 1995.
Seaside targets $125m for its debut fund. (FS)
Seaside Equity Partners,a growth-oriented private equity firm, established a $125m target for its first private equity fund.
Seaside is a growth-focused investor that backs services companies in the western US. The firm is led by managing directors Andrew Thompson and Bill Shen, who were previously MDs at Wafra and Encore Consumer Capital, respectively.
EMEA
French utility Veolia said it was open to discussions about the price it is offering to acquire Engie's stake in water and waste management group Suez. Veolia last month offered to pay $3.5bn for a 29.9% stake in Suez owned by Engie, with a view to subsequently taking full control of Suez by buying up more shares.
Suez also said it would hand back more than $1.2bn to its shareholders by the middle of next year.
Veolia is advised by Citigroup, Messier Maris & Associes, Perella Weinberg Partners, Cleary Gottlieb Steen & Hamilton, Flichy Grange Avocats, Gide Loyrette Nouel, Hogan Lovells, Patrice Gassenbach, Peltier Juvigny Marpeau & Associes and Xavier Boucobza.
EU antitrust regulators will decide by October 26 whether to clear French telecoms operator Iliad's $4.1bn bid for Polish mobile group Play,
Reuters reported.
The deal would make Iliad, controlled by French tycoon Xavier Niel, Europe's sixth-largest mobile operator, marking its continued expansion outside France. The Commission can either clear the deal with or without concessions, or it can open a four-month investigation if it has serious concerns.
Play is advised by JP Morgan and White & Case. Iliad is advised by Lazard, Bredin Prat, Santander and Societe Generale.
The UK Competition and Markets Authority launched a merger investigation into the planned acquisition of NetEnt, a supplier of digitally distributed gaming systems, by Evolution Gaming, a Swedish company that provides technology behind online casinos.
The purpose of the CMA's investigation is to consider whether the deal could result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.
NetEnt is advised by Lazard and Vinge. Evolution Gaming is advised by SEB Corporate Finance, Gernandt & Danielsson and Fogel & Partners.
Private equity firm Permira agreed to acquire Neuraxpharm, a European speciality pharmaceutical company focused on the treatment of the central nervous system, from funds advised by Apax Partners. Financial terms were not disclosed.
"We are very excited to join forces with Neuraxpharm. The team led by CEO Dr Jörg-Thomas Dierks has built one of the most relevant European players in the CNS field. With our longstanding global track-record in successfully transforming market leaders and our proven expertise in the healthcare sector, the Permira funds will back Neuraxpharm to reach the next level of growth. Our joint goal is to create the leading European CNS speciality platform with further acquisitions and strong organic growth. This transaction also marks an excellent start for our strengthened DACH healthcare team, led by Florian Kreuzer who joined Permira a year ago," Jörg Rockenhäuser, Permira Head of DACH.
Apax Partners is advised by Jefferies & Company, PricewaterhouseCoopers, Linklaters and Greenbrook.
Private equity firm PAI Partners reach an agreement with Apax Partners to acquire a majority stake in Amplitude Surgical, a French provider of surgical technology for lower-limb orthopaedics, for $63m. Following this acquisition, PAI Partners will hold a total of 25m Amplitude Surgical shares, or 52.3% of the share capital.
"We are delighted to have the opportunity to accompany Amplitude Surgical as its majority shareholder, and would like to thank Apax Partners, Olivier Jallabert and the entire Management team for putting their trust in us. It is a great opportunity for us to invest in such a prestigious group and with such a talented management team," Stefano Drago, PAI Partner.
Amplitude Surgical is advised by NewCap. PAI Partners is advised by Rothschild & Co and Willkie Farr & Gallagher.
Clearlake- and SkyKnight-backed symplr, a global healthcare governance, risk, and compliance software-as-a-service platform, completed the acquisition of ComplyTrack, a risk and compliance software platform, from Wolters Kluwer, a global provider of professional information and software solutions. Financial terms were not disclosed.
"ComplyTrack's compliance and risk management solutions have a long track record of excellence. They fit nicely with the rest of our portfolio and provide our customers with another solution to help manage their GRC-related challenges. With the investment and support from Clearlake and SkyKnight, we are well-positioned to continue executing our growth strategy and help providers and payers meet regulatory compliance requirements and achieve their desired outcomes," Rick Pleczko, symplr CEO.
symplr was advised by Healthcare Growth Partners, Sidley Austin and Lambert & Co.
Roche, a Swiss multinational healthcare company, completed the acquisition of Inflazome, an Ireland-based biotechnology company, for €380m ($448m).
"We are delighted to close this deal with Roche, an outstanding pharmaceutical company with a broad commitment to multiple indications. With Inflazome now part of the Roche organization, Inflazome's pioneering molecules are well-positioned to be developed quickly and effectively so they can help patients suffering from debilitating diseases," Matt Cooper, Inflazome CEO.
Inflazome is advised by FTI Consulting.
TPG Capital-backed Integrated Media Company, a platform dedicated to the new media ecosystem, agreed to acquire a majority stake in Goal, a digital soccer brand, from DAZN Group, a British sports media company. Financial terms were not disclosed.
"There are four billion soccer fans on earth. Their passion transcends borders and limits though the media serving them does not. Goal has long been an innately global platform for the soccer fan, with a strong journalistic tradition and a brand that's synonymous with the sport. We see a significant opportunity to expand the platform's reach and engagement through new content verticals, products, and experiences. We're excited to partner with DAZN to serve all constituents in the soccer," Ori Winitzer, IMC Managing Director.
IMC is advised by Ropes & Gray.
Investment company 3i Group agreed to invest £60m ($77m) in A-Z Gartenhaus, which offers garden houses, sheds, carports, terraces, saunas and other, often bulky, garden and home-related products.
"For us, GartenHaus is a highly attractive investment opportunity. It is a niche market player with strong digital capabilities which is benefitting from the shift to online. We see GartenHaus as a nucleus to establish the online champion for home and garden projects across Europe. The key focus is to expand the product range into adjacent categories, as well as to internationalize the business by expanding into neighbouring countries such as the UK, France, Scandinavia and the Netherlands which have fragmented markets and similar product trends," Peter Wirtz, 3i Partner.
Agilitas-backed Learning Curve Group, a UK training and education specialist, completed the acquisition of Acorn Training Consultants, a provider of professional training for young people. Financial terms were not disclosed.
"We are delighted that Acorn will become part of LCG as we continue to grow as one of the UK's biggest training providers. The acquisition represents a perfect fit as both organizations share similar learner-centred values, and it presents new, exciting opportunities to our learners and employer partners by adding to our combined breadth of provision. With youth unemployment being at an all-time high due to the impact of Covid-19, this acquisition will allow us to support even more young people into work. I'm excited by the opportunities ahead and look forward to welcoming our new learners to the LCG family," Brenda McLeish, Learning Curve Group CEO.
Exxon attracts bidders for UK oil and gas fields. (FS)
Exxon Mobil's UK North Sea assets attracted suitors from state-owned companies to private equity-backed firms as the US oil giant seeks to exit the aging region altogether,
Bloomberg reported.
China Petroleum & Chemical, Kuwait Foreign Petroleum Exploration and the UK's EnQuest are among bidders. Exxon started the sale in July following delays caused by the spread of the coronavirus and slumping oil prices.
Allegro plans to raise $2.1bn in IPO in Warsaw. (FS)
Allegro, a Polish e-commerce platform, plans to raise as much as $2.1bn in an IPO in Warsaw that's expected to be one of the country's biggest-ever listings.
Allegro's private equity owners Cinven, Permira and Mid Europa Partners are offering more than $1.86bn of existing shares, while the company is selling $260m of new stock. In all, about 187.8m shares are being marketed at $9.3-$11.4 each.
Ghana plans $500m London listing of Agyapa Royalties.
Ghana, Africa's largest gold producer, is planning an up to $500m listing of its gold royalty fund in London in October, though the deal could still run into political opposition,
Reuters reported.
Agyapa Royalties, a government-backed fund that holds equity interests including mining royalties in the state's gold assets, hired Bank of America and JP Morgan to pursue an IPO on the London Stock Exchange this year. Ghana wants to take advantage of the precious metal's strong performance this year to raise $400m-$500m from the IPO. The fund's shares will also be listed on the Ghanaian Stock Exchange.
Reech Corporations Group launches Odysseus Investments. (FS)
Reech Corporations Group, an investment company, driving long-term value in real estate, technology and finance, launched a new growth investor – Odysseus Investments. The business will be headed up by Adam Battersby, formerly Head of Global Principal Investments at Bank of America Merrill Lynch,
PrivateEquityWire reported.
"Odysseus Investments represents a vital arm of Reech Corporations Group and empowers us to drive the long-term structural shifts that we envisage in the finance and technology sectors. Adam's pioneering approach and asset builder mentality, displayed throughout his career, matches our ambition to scale and grow rapidly in the next few years. We're delighted to bring him onboard to help truly transform the industry and bring in long term value to any portfolio," Christophe Reech, Reech Corporations Group Chairman & CEO.
APAC
Shanghai state-owned investor group, including SAIC Motor, Baidu and Susquehanna International Group, led a $1.5bn Series D round in WM Motor, a Chinese electric vehicle startup. State-owned investment institutions from Anhui, Jiangsu, Hubei and Hunan as well as strategic investors including Yangtze River Industry Fund, SDIC, Guangzhou Finance Holdings Group, Sino IC Leasing, Tsinghua Unigroup, Hongta Group, Agile, and Yingke Capital all participated in the round.
With the accumulated funding, WM Motor will strengthen its investment in intelligent technology research and development, brand building, digital marketing and channel expansion.
Beaglee, a local internet content provider, agreed to acquire Bunkasha Publishing, a Japanese media group focused on manga comics, from Nippon Sangyo Suishin Kiko, a private equity firm, for $51m.
By making the company a subsidiary, Beaglee hopes to strengthen the ability to create works and aim for further growth by providing the data, know-how and networks cultivated in "Manga Kingdom" and other areas.
Josh Buckley and Sequoia Capital led a $100m Series A round in Playco, a new mobile gaming startup, with participation from Sozo Ventures, Raymond Tonsing's Caffeinated Capital, Keisuke Honda's KSK Angel Fund, Taizo Son's Mistletoe Singapore, Digital Garage, Will Smith's Dreamers, Makers Fund and others.
Playco will put its capital towards building partnerships with the largest social and messaging companies globally and to assemble a world-class team.
GDS Holding to acquire a major data center in Beijing from CITIC for $561m. (FS, RE)
GDS Holding, a developer and operator of high-performance data centers, offered to acquire a major data center in Beijing from CITIC, an alternative asset manager, for $561m. This transaction is subject to entry into definitive agreements as well as the completion of certain conditions precedent to the closing of the transaction.
"We are very excited to further expand and strengthen our position in Beijing with this acquisition. BJ14 is a rare opportunity in urban Beijing with large-scale and high-quality capacity and first-class customer profile. Shunyi District is a highly sought-after location by major internet companies and home to an increasing number of world-renowned hyperscalers. We will continue to pursue such acquisition opportunities with strategic value in a disciplined way, and further expand our market share," William Huang, GDS Chairman and Chief Executive Officer.
Tata offers to acquire the Mistry family stake.
Tata Group, India's biggest conglomerate, is open to buying out the stake held by its largest minority shareholder - the billionaire Mistry family, as part of a proposal to help end a years-long legal dispute between the two parties.
A lawyer representing Tata Sons informed the Supreme Court of the offer to purchase the 18% stake owned by the cash-strapped Shapoorji Pallonji Group if the latter needed to raise money for paying a maturing debt. The SP Group instead wants to borrow funds using the shares as collateral, a move Tata considers as potentially risky because the securities may end up falling in the hands of unfriendly investors.
Zhonggu considers $218m in Shanghai IPO.
Shanghai Zhonggu Logistics, a container logistics solution provider, is planning to raise $218m in an IPO on the main board of the Shanghai Stock Exchange.
The company, which kicked off its subscription exercise on September 16, offered up to 67m common shares at $3.28 apiece. Its shares have been oversubscribed 7.5k times. Zhonggu plans to use the IPO proceeds to purchase containers and container ships. Beijing-based investment bank China International Capital is the lead underwriter for the deal.
Sequoia Capital China is set to raise $2.2bn for new yuan fund. (FS)
Sequoia Capital China is raising at least $2.2bn in a new yuan-denominated fund, building a war chest as the world's second-largest economy recovers from a virus-induced slump,
Reuters reported.
The fund, Sequoia China's sixth, is likely to be the largest of its kind for the company and is expected to focus on sectors ranging from industrial technology, healthcare and consumer to media. The early investor in top Chinese technology firms such as Alibaba Group reached the first close of the fundraising late last year. The Chinese investment arm of Silicon Valley venture capital firm Sequoia Capital looks to fully close the fundraising in the coming weeks, and the final fund size would be about $2.64bn.
