AMERICAS
Pretium Partners, an alternative investment management firm, offered to acquire Deephaven Mortgage, a mortgage lender in Charlotte, North Carolina, from Varde Partners. Financial terms were not disclosed.
Donald Mullen, Founder and Chief Executive Officer of Pretium, said: “We are excited to be acquiring one of the most established leaders in the Non-QM market and we expect the business to benefit from working closely with Pretium’s existing single-family rental and mortgage credit businesses. Deephaven is a synergistic, natural extension of Pretium’s existing strategies in single-family rentals and mortgage credit, within our residential credit ecosystem.”
Wells Fargo and Mayer Brown advised Deephaven Mortgage and Varde Partners. Nomura and Sidley Austin advised Pretium Partners.
Intertrust, a leading global provider of expert administrative services to corporate, fund, capital markets, and private wealth clients acquires Viteos Midco Holdings, a provider of leading-edge technology solutions for U.S. funds, from PPC Enterprises, 22C Capital and Viteos management for $330m.
The deal completed on June 17 is expected to deliver mid-single-digit EPS accretion in the first full year of ownership and double-digit EPS accretion by 2021, including phased synergies.
"Today, I am thrilled to announce the acquisition of Viteos. This is a significant leap forward for Intertrust, which will accelerate our strategy in every way." Stephanie Miller, Intertrust CEO.
Deutsche Bank and Simpson Thacher & Bartlett are advising Intertrust.
Century Casinos, a gaming company based in Colorado Springs, acquired operations of three US casinos, Isle Casino Cape Girardeau, Lady Luck Caruthersville and Mountaineer Casino, Racetrack and Resort, from Eldorado Resorts for $107m.
"This transaction further highlights our commitment to enhancing shareholder value," Erwin Haitzmann, Co-Chief Executive Officer of Century Casinos remarked. "Cape Girardeau, Caruthersville, and Mountaineer expand the strategic diversity of Century Casinos with attractive assets in strong, stable markets. The expected increase to our free cash flow will allow us to remain well positioned to reduce leverage and evaluate additional strategic growth opportunities."
Stifel and Faegre Baker Daniels are advising Century Casinos.
High Road Capital-backed Banner Solutions, a leading value-added wholesale distributor of door hardware, electronic access control and security products, completed the acquisition of Berg Wholesale, a leading wholesale distributor of door hardware, bath hardware, and security products for the residential and multi-family housing markets. The deal was closed on May 31. Financial terms were not disclosed.
“With the acquisition of Berg Wholesale, Banner Solutions further expands its geographic reach and customer base, and adds new capabilities to service the multi-family market,” said Scott Rubino, Principal, High Road Capital Partners.
Monroe Capital provided debt financing. Jones Day advised High Road Capital.
HBC Investments, a growth capital provider, and Barcas Investments, a Houston, Texas-based midstream company, acquired Getka Energy from EnCap Flatrock Midstream, a venture capital firm based in San Antonio. Getka Energy is a crude oil logistics provider focused on storage, blending and terminal solutions. Financial terms were not disclosed.
"Getka is grateful to EnCap Flatrock Midstream for its early-stage support," said Getka CEO Dariusz Cichocki. "We look forward to continuing to grow our business as we work with the teams at HBC and Barcas under a new partnership to expand our footprint in the Mid-Continent."
Bank of Dallas provided debt financing.
Merit Medical Systems, a leading manufacturer and marketer of proprietary disposable devices, acquired Brightwater Medical, which develops medical devices for interventional radiologists, for $50m. The transaction consists of a $35m upfront payment and potential earn-out payments of up to $15m based on receipt of CE mark approval and achievement of future sales targets.
“The ConvertX® system is designed to reduce multiple visits to the hospital, saving patients the risk and discomfort of a second interventional procedure while allowing additional utilization of facilities,” said Fred P. Lampropoulos, Chairman and CEO of Merit Medical. “The ConvertX® system complements Merit’s Resolve™ drainage catheter portfolio and potentially drives pull-through of other Merit products such as InQwire™ guide wires, Advocate™ PTA balloons and other vascular products.”
Accel-KKR, a leading Silicon Valley based technology-focused investment firm, made a strategic equity investment in Cendyn, the leading provider of hotel CRM and hotel sales platforms for the hospitality industry. Financial terms were not disclosed.
"The investment provided by Accel-KKR will allow Cendyn to grow and flourish as a leading technology provider and partner to our customers and the hospitality industry," said Tim Sullivan, President at Cendyn. "We will continue to focus on driving value for our customers by delivering the service and support they need today while investing in innovation around Cendyn's product portfolio."
MeatEater, an outdoor lifestyle media, and commerce company acquired First Lite, a hunting technical apparel and gear company. Financial terms were not disclosed.
“While apparel and gear brands routinely work with respected influencers to drive awareness and conversion, our situation is unique in that we’re an influencer-led company acquiring a respected, established gear brand,” said Kevin Sloan, MeatEater CEO. “When you look at the amount of time we at MeatEater spend in the woods and mountains producing content, it makes perfect sense: we will highlight First Lite to our growing audience, and we’re in a great position to field test and influence design and development of best-in-class products that help that audience get the most out of their own experiences outdoors.”
RateGain, a leading provider of SaaS products, which help travel, and hospitality companies acquires BCV, a leading provider of technology-enabled social media solutions for the hospitality industry. Financial terms were not disclosed.
This acquisition will further help RateGain unlock revenue across hotel chains, airlines, car rentals, OTAs, cruise lines, package providers, TMCs, and vacation rentals. This comprehensive Guest Experience Cloud platform combines the power of BCV’s social media listening, analytics, creative and engagement capabilities with RateGain’s AI-driven cognitive revenue management and smart distribution solutions.
“We couldn’t be more excited to be a part of the global RateGain family. This deal will also increase our ability to bring ‘deep learning’ powered applications for the travel and hospitality industry in the near future." Benji Greenberg, BCV Co-founder.
Bright Mountain Media, a digital media holding company, acquires Inform, a provider of data-driven technology solutions for the syndication and monetization of contextually relevant, personalized premium video content. Financial terms were not disclosed.
Inform seeks to solve the industry’s supply challenge for premium video by creating new video streams and impression opportunities across the most desirable online publishing destinations in the United States. The deal is expected to be closed by the 10th of August 2019.
“Recognizing the long history of Inform, the quality of its technology and the value of its digital audience makes this acquisition, if consummated, a unique opportunity for Bright Mountain." Kip Speyer, Bright Mountain Media CEO.
Veoneer, the world’s largest pure-play company, acquired Nissin Kogyo's interests in US VNBS operations. Nissin Kogyo is Veoneer's joint venture partner in Veoneer Nissin Brake Systems. Financial terms were not disclosed.
The VNBS operations in Japan and China will remain a part of the joint venture, with Veoneer owning 51% and Nissin Kogyo owning 49% of the joint venture.
Genius Financial Group, a major financial services firm in the Saguenay Lac-St-Jean region and Lussier Dale Parizeau, the largest insurance broker in Quebec merge to become a major player in the region. Financial terms were not disclosed.
As a result of this consolidation, Lussier Dale Parizeau will have more than 800 employees, including 500 brokers, adjusters, actuaries and lawyers, in 29 branches serving more than 160,000 clients. The firm now has a total premium volume of $475m in both life and health and general insurance. The Saguenay-Lac-Saint-Jean region now has 130 employees across 8 branches.
“This grouping will allow us to consolidate our presence in the Saguenay-Lac-Saint-Jean region and become a major player in life and health insurance in this region, as we already are in property and casualty insurance,” André Lussier, Lussier Dale Parizeau President.
Komatsu, a Japanese multinational corporation that manufactures construction, mining, forestry, and military equipment, acquired Ontario-based Timberock International, a specialty business that has developed world-class drilling and bolting technologies by focusing on differentiation through innovation and customer-oriented service. Financial terms were not disclosed.
“Timberock’s history of customer driven product innovation and focus on service makes them a great complement to our existing business,” said Josh Wagner, vice president of Komatsu Mining hard rock solutions. “This acquisition expands our range of offerings for drilling and bolting products, and provides exciting product development and synergy opportunities.”
Adams Street raises over $2b for secondary investments. (FS)
Adams Street Partners raised funds worth over $2bn to be invested in secondary investments, including those within the Global Secondary fund 6.
The program received strong demand from institutional investors worldwide, with commitments from both new and existing investors in the United States, Europe, and Asia. The diverse array of investors included public and corporate pension plans, insurance companies, foundations, endowments, family offices, and high net worth individuals.
“We are thrilled to receive strong support from a range of institutional investors, underscoring the confidence in our distinct strategy and approach to secondary market investing,” says Jeff Akers, Adams Street Partner.
Beyond Meat closes at a record high.
After closing at a record high Monday, the buying spree in Beyond Meat shares doesn't appear to be over. The stock rose as much as 19% in early trading Tuesday, briefly surpassing $200.
This added almost 600% to the stock price since it's IPO. That has cost short sellers $560m in mark-to-market losses since the IPO, including $97.5 million in this session alone.
Enterprise Products considers sale of Texas oil terminal stake.
Reuters reported that US pipeline operator Enterprise Products Partners is looking to sell its 50% stake in a recently-completed South Texas crude export terminal. Enterprise is weighing an exit from the joint venture with terminal operator Plains All American
Pipeline after proposing to build its own offshore port near Houston. There are at least eight proposed deepwater oil ports on the US Gulf Coast seeking to handle rising shale exports.
RBC Capital Markets is advising Enterprise Products on the sale.
News Corporation might sell the News America Marketing Unit.
News Corporation is evaluating options for its News America Marketing business. A sale is possible. This would leave the Wall Street Journal and New York Post more focused on media.
The Marketing Unit has been affected by declining circulation.
Ceasars' board discontent on the price set by Carl Icahn. (FS)
Activist investor Carl Icahn and the Board of Caesars Entertainment might be at odds over the price at which the casino operator should be sold to rival Eldorado Resorts.
Icahn, who is currently Caesars’ largest shareholder with a 28.5% stake in the company, thinks the company’s board demands too much for the casino operator in its ongoing combination talks with Eldorado.
Caesars’ mountain of net debt currently amounts to more than $18bn. Eldorado is likely to make an offer of $12 a share. A price of $11.50 a share for Caesars would mean that the combined business would carry debt equal to 5.4 times its Ebitdar.
EMEA
Tieto, a leading Finnish IT firm, acquires EVRY, a leading Nordic Tech and consulting company for $1.5bn.
The aim is to build a joint venture to set up TietoEVRY, a Nordic digital consultancy offering software, cloud solutions, robotics, and other services. The combined value is estimated to be $3.4bn.
"During the last few years, EVRY has taken important steps and become a preferred partner for digital transformation to our customers. EVRY and Tieto share strong Nordic values promoting openness, trust, and diversity. I believe that the new company will attract the right competence, customers and partners," Per Hove, EVRY CEO.
Bank of America Merrill Lynch, Nordea Bank, Roschier Attorneys, Advokatfirmaet Haavind, Cleary Gottlieb Steen & Hamilton, and Advokatfirman Lindahl are advising Tieto. ABG Sundal Collier, Advokatfirmaet Schjodt, and Hannes Snellman Attorneys are advising EVRY.
Careem, Middle-east's leading ride-hailing business, and Uber will remain as separate entities until the $3.1bn acquisition completes in the first quarter of 2020.
After the acquisition, Careem will be a wholly owned subsidiary of Uber, But the Careem brand and app will remain intact.
Morrison & Foerster advised Uber. Jefferies advised Careem. Hogan Lovells advised Kingdom Holding Company.
Auctus Capital Partners, H2 Equity Partners and Sherpa Capital, three leading private equity firms, enter a joint venture named Optimum Alliance.
The objective of the Optimum Alliance is to create a platform of independent – high performing - firms that can share best-practices, investment experiences, cooperate on deal situations as and when appropriate and allow co-investment.
Portfolio companies of Optimum Alliance members benefit from "local access" to the extensive networks of the Alliance' members. Many of our portfolio companies have extensive export operations or are looking to expand cross-border. Facilitating this and supporting our management teams has been one of the key drivers for the establishment of the Optimum Alliance.
Avia Solutions Group, a global multipurpose aviation holding, agreed to acquire Chapman Freeborn, a worldwide market leader for aircraft charter solutions. Financial terms were not disclosed.
The addition of Chapman Freeborn’s worldwide businesses will bolster current business lines portfolio of Avia Solutions Group - a global holding company with 42 subsidiaries engaged in aircraft maintenance, pilot training, ground handling and fuelling, aviation IT solutions and business aviation.
Ardenton Capital, a private business investment corporation, acquires Food Innovation Baking Group, a manufacturer of specialist products for the home baking and retail market. Financial terms were not disclosed.
The new partnership will allow the business to pursue additional complementary acquisitions and unlock further organic growth.
“Ardenton shared our vision for the future expansion of the group. Their company ethos and personal approach made them the ideal choice. We are confident that their wealth of experience and ambition match our own. The partnership with Ardenton will enable the company to pursue new opportunities for innovation, acquisition, and growth.” Food Innovations Commercial Director.
IK Investment Partners, a leading private equity group acquires LAP, one of the world's leading suppliers of systems that increase quality and efficiency through laser projection, laser measurement, and other processes. Financial terms were not disclosed.
LAP represents the IK VIII Fund’s third mid-cap acquisition this year, and the 14th acquisition announced by the Fund.
“We were truly impressed of what LAP’s management team has achieved in the past few years. Together we will continue to build on the strong market position, expand the promising QA software offering, and enter new application areas. IK is well-positioned to support LAP thanks to our experience in medical technology through our acquisitions of KLINGEL medical metal in 2018 and Marle in 2016,” Anders Petersson, IK Partner.
Quarton, CODEX partners, Ebner Stolz, Caption, and Renzenbrink & Partner are advising IK Investment Partners. William Blair and Milbank are advising LAP group.
Rolls-Royce, a British multinational engineering company, agreed to acquire the Electric Aircraft business of Siemens, a German multinational conglomerate company. Financial terms were not disclosed.
Rob Watson, Director - Rolls-Royce Electrical, said: "Electrification is set to have as dramatic an impact on aviation as the replacement of piston engines by gas turbines. We are at the dawn of the third era of aviation, which will bring a new class of quieter and cleaner air transport to the skies. We have already made significant strides in realising our strategy of 'championing electrification' and this move will accelerate our ambitions in aerospace by adding vital skills and technology to our portfolio. It brings us increased scale and additional expertise as we develop a product range of hybrid power and propulsion systems. I look forward to welcoming our new colleagues into Rolls-Royce and working with them to pioneer new technologies and solutions."
DHI Telecom, a US commercial Internet service provider, acquired France-based Travel WiFi, which provides travelers to France, Europe and beyond with rentals of high-quality, pocket-sized WiFi with free pickup at Paris area airports and retail locations. Travel WiFi will be organized under Tep Wireless, a subsidiary of DHI Telecom. Financial terms were not disclosed.
Simone Rigoni, CEO of Tep Wireless, said: “We’re impressed with Travel WiFi’s nearly identical business model to ours and their outstanding success in France.”
Sopra Steria Group, a European leader in digital transformation, sold its Recruitment Business to Resource Solutions Group, a recruitment company based in Bristol. Financial terms were not disclosed.
Sopra Steria Group’s strategic priorities in the United Kingdom are now focused on scaling up its digital and consulting offering, and on strengthening its foothold in the private sector, particularly in financial services.
Preato Capital, a privately owned investment company, acquires a 51.79% stake in Yleiselektroniikka, a significant component and production equipment suppliers for demanding electronics and communications applications in Finland for $13m.
The cash consideration to be offered in the Takeover Bid will be $9.7 per share. The cash consideration includes a premium of 14.47% compared to the closing price of Yleiselektroniikka’s share as of 13 June 2019 on the Helsinki Stock Exchange.
Preato Capital will carry out the mandatory takeover bid in accordance with the Finnish Securities Markets Act. Preato Capital aims to develop Yleiselektroniikka and to keep it as a listed company. Preato Capital will propose to the Company’s Board of Directors the convocation of an Extraordinary General Meeting to decide on changes in the composition of the Company’s Board of Directors in accordance with the new ownership structure.
Castren & Snellman, and Taaleri Kapitaali are advising Preato Capital.
Private equity firm Gimv acquired a majority stake in Alro Group, a specialist in industrial coating of car and truck parts, in a family succession context. Financial terms were not disclosed.
Christophe Van Quickenborne, Partner in Gimv’s Smart Industries team, says: “Alro fits our Smart Industries investment focus on advanced manufacturing companies. From past experience in automotive investments, we know how important it is for companies – as partners of choice – to be able to offer their OEM customers far-reaching flexibility and product differentiation. Together with management, we share the ambition to continue to capitalize on Alro’s strengths in capturing additional attractive growth opportunities. To this end, Alro Group can rely on its data-driven focus, strong engineering capacities, and advanced flexibility and customer orientation.”
Halo Labs, a cannabis extraction company, to acquire Bophelo Bioscience & Wellness, the holder of one of a limited number of licenses issued in Lesotho for the production of medicinal cannabis products, for $18.4m.
The transaction is expected to strengthen the company’s position in Lesotho, Africa, a country quickly becoming the continent’s export gateway to the global cannabis market. Lesotho is the first African country to grant medical marijuana licenses for cultivation and patient use and is making strides toward becoming the worldwide export hub for cannabis. Halo’s planned acquisition of Bophelo brings together two socially-minded companies on a shared mission to better the communities in Lesotho.
CV-CNF, the oldest union of producers of champagne, acquired champagne house Henri Abelé, a long term official champagne supplier to the royal courts of Europe. Financial terms were not disclosed.
“Our decision to buy this jewel, which is part of our local wine heritage, opens a new chapter for the Centre Vinicole – Champagne Nicolas Feuillatte in the history of our Appellation,” said Christophe Juarez, CV-CNF CEO.
Qatar Air to acquire stakes in six airlines.
Qatar Airways may announce a stake in a sixth overseas carrier shortly. The name of the airlines is not revealed yet.
The deal will add to Qatar's Air's interests in British Airways owner IAG, South American carrier Latam Airlines Group, Cathay Pacific Airways, China Southern Airlines, and Air Italy.
"We are buying stakes in successful airlines, and we will continue to do so. Soon you will hear about another investment." Akbar Al Baker, Qatar Airways CEO.
Government Employees Pension Fund ponders cutting stake in Naspers.
Government Employees Pension Fund, Africa's largest pension fund, is considering whether to reduce its $16.5bn stake in Naspers, a broad-based multinational internet and media group headquartered in South Africa. The fund currently holds a 16% stake in Africa's biggest company. The stake cut is reportedly caused by Naspers growing reliance on China.
"Naspers success is dependent on the Chinese government," said Tahir Maepa, deputy general manager for members affairs of the Public Servants Association, whose 240k-members make it the biggest labor union representing contributors to the GEPF. "It's a huge risk, not only for the PIC, it's a risk for the South African economy and the JSE," he said, adding that the GEPF should "definitely" cut its stake.
Warburg Pincus-backed Avaloq considers IPO or sale. (FS)
Swiss banking software company Avaloq, backed by Warburg Pincus, is considering either an initial public offering in the next two to four years or a potential trade sale, according to a Reuters report. The company seeks to raise EBITDA as a percentage of sales to 25% from around 17% now.
"We want to go in that direction in the next two to four years," the firm's Chief Executive Juerg Hunziger said.
Qatar's sovereign wealth fund hunts for deals.
According to Financial Times, Qatar’s sovereign wealth fund has signaled an ambition to reclaim its position as one of the oil-rich Gulf region’s most acquisitive investors, putting companies on notice as it hunts for new deals.
The Qatar Investment Authority is ramping up its investment plans in North America and Asia, and creating a unit to scour for opportunities in emerging markets in Latin America, Africa, and Asia to snap up stakes in companies directly.
Inovie not interested in looking for investors.
Inovie, the first French independent biotechnology group owned by biologists, said that it is not interested in opening its capital to investors. The group, which is the third biggest French medical analysis company behind Cerba and Biogroup, is currently held by 360 biologists.
Groupe Pautric acquired three concessions from Jean-Michel Martin.
Car distributor Groupe Pautric headed by Francis Pautric entered the Belgian market with the acquisition of two BMW concessions and a Mini site belonging to the Jean-Michel Martin group. This is the first acquisition outside France for the Pautric, the largest distributor of BMW and Mini in France. Financial terms were not disclosed.
France-based Parisot filed for bankruptcy.
Parisot, a French furniture manufacturer, filed for bankruptcy following a decline in the furniture market. The firm has experienced severe operational difficulties for the past couple of years.
"Parisot SAS intends to use the period of judicial recovery to study the solutions to build a solid project and maintain employment," said the firm in a statement.
MTS is in advanced talks to invest in Gett.
MTS is looking into getting more involved in the online taxi market by investing in the existing taxi service Gett(formerly GetTaxi).
MTS is looking for new growth points in different directions: last year it entered the market of tickets and e-sports, buying Ticketland, Ponominalu and Gambit Esports, analyst Renaissance Capital reminds Alexander Vengranovich. MTS also negotiated the purchase of ivi online cinema.
APAC
New Century Group, a Hong Kong-based investment holding company, acquired a 60% stake in ETC Finance, a licensed money lender in Hong Kong, for HK$458m ($58m) in cash.
The acquisition was caused by the belief of the Board of New Century Group, which considers that the demand of mortgage loans from money lenders will remain strong and sustainable.
Clime Capital, an investment company, offered to acquire CBG Capital, an Australian private equity firm for A$26m ($18m). The offer represents a 10.5% premium to CBG's latest stock price.
The offer was expected to provide significant benefits to CBG’s shareholders by giving them exposure to higher yielding securities, a reduced pro-forma management expense ration arising from economies of scale, and an increase in liquidity of shares arising from the larger capital and shareholder base, among others.
Shaw & Partners and Watson Mangioni Lawyers are advising Clime Capital. Maddocks is advising CBG.
Cool Japan Fund, a private equity fund, invested in East Meets West Fine Wines, one of Greater China’s leading premium wine importers. Financial terms were not disclosed.
“The key point for us is the trust CJF has in our business model and our management team. The combination of EMW’s market knowledge, strong distribution network, and CJF’s financing, digital marketing, lifestyle and sake & spirits expertise gives us new opportunities and creates synergies. This partnership makes us an even stronger player in the market and creates exciting opportunities for our employees, our customers, and our supplier-partners.” said Edouard Duval, Chief Executive Officer of EMW.
Mitsubishi, a Japanese multinational automotive manufacturer, invested in Singapore-based Akribis Systems, a manufacturer of linear servo motors and linear stages. Financial terms were not disclosed.
Mitsubishi Electric, by integrating its servo systems and other industrial automation products with Akribis' product lineup, aims to meet increasing needs for high specification, high precision manufacturing of products utilizing critical new technologies such as 5G to meet the demand generated by IoT related business.
Arthur J. Gallagher & Co, a global insurance brokerage, risk management and consulting services firm, acquired P2 Group, which helps employers proactively manage occupational health and reduce the risk of worker injuries and WorkCover claims. Financial terms were not disclosed.
"P2 Group is a highly specialized consulting firm that expands our retail brokerage division's Workplace Risk Practice's footprint and services into the Victorian market and offers us additional cross-selling opportunities," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "I am very pleased to welcome Jim, Paul and their team to Gallagher."
Metro Pacific to sell the hospital unit stake for $2bn.
Metro Pacific Investment is preparing to dispose off its stake in the hospital unit that would evaluate $2bn.
It is working with Bank of America to gauge interest from potential investors, which could include buyout firms and regional health-care companies.
Metro Pacific is separately working with UBS Group on preparations for a possible IPO of the business as part of a so-called dual track process.
Chinese banks demand $2.1bn from Reliance.
According to a report on Deal Street Asia, Chinese lenders, including China Development Bank, Industrial and Commercial Bank of China and Exim Bank of China, have demanded at least $2.1bn from embattled Indian tycoon Anil Ambani’s Reliance Communications, that slid into bankruptcy earlier this year.
India’s bankruptcy court is hearing lenders, and the former Indian billionaire’s telecom firm as it attempts to find buyers for the company’s assets and pay the debt. Investment bank VTB Capital of Russia has also featured in the list with a claim of INR 5.11bn ($73m) while Standard Chartered Bank (London), Deutsche Bank (Hong Kong), DBS Bank and Emirates NBD Bank are among other foreign institutions in the financial creditors' chart.
GIC would invest $1bn in Indian road assets. (FS)
GIC, a leading wealth fund, would create an investment platform to invest $1bn in Indian road assets. This vehicle would acquire the operations of roads in an ambition to expand its presence in India's infrastructure sector.
GIC recently invested in India’s airports' sector as part of a consortium led by the Tata Group. In March, GMR Group announced that Tata Group, GIC, and Hong Kong-based SSG Capital Management would co-invest ₹8,000cr(1.1bn) in its airports business in a ratio of 44:33:22.
Tencent leads $160m funding in Zhenkunhang. (FS)
Chinese internet giant Tencent Holdings is leading a $160m Series D funding round in Zhenkunhang, a Shanghai-based online B2B trading and procurement services platform.
According to a report by Deal Street Asia, the investment was also joined by Matrix Partners China, supply chain-focused Eastern Bell Capital, growth-stage investment fund Genesis Capital, and Legend Capital, an investment unit of Legend Holdings. This funding round took the total capital raised to nearly RMB 3bn ($433.18m).
Catalys Pacific aims to raise $100m healthcare fund.
Catalys Pacific, a new Japanese venture capital firm, launches it's first $100m healthcare fund.
Catalys has already secured $80m in capital commitments for the fund. Its limited partners include prominent life science corporations such as Chugai Pharmaceutical, Eisai, SoftBank Group, Takeda Pharmaceutical, and Celgene Corporation.
“We are excited to take this first step to catalyze the creation of companies designed to advance life science innovation for patients worldwide.” BT Slingsby, Catalys Pacific Founder.
The local Chinese government supports Japan Display's plant construction.
A Chinese- Taiwanese consortium formed to invest in Japan Displays stated that the Chinese provincial government would support the proposed $6bn worth OLED manufacturing plant.
This announcement comes a day after Taiwanese screen maker TPK Holdings pulled out of the consortium.
Intel Capital-backed Indiamart would launch IPO. (FS)
IndiaMART InterMESH, which operates Indiamart.com, one of the largest online listing platforms for small and medium businesses in India, is set to test the IPO market.
The company is planning to launch its IPO on the 24th of June to raise around ₹600-650cr($86-93m). Indiamart’s IPO will also see three of its private equity and venture capital investors make a partial exit from the company. Investors selling shares through the IPO include Intel Capital, Amadeus Capital Partners, and Accion.
Alternative Media Group considers going for IPO.
According to a report by Deal Street Asia, Indonesia-based advertising services company Alternative Media Group (AMG), which is wholly owned by a local family affiliated to Indonesia’s conglomerate Sinar Mas Group, is open to private equity investment and is, at the same time, laying the groundwork to list on the Indonesia Stock Exchange.
Consolidated Pastoral Company sold Ucharonidge Station to Cleveland Agriculture.
Consolidated Pastoral Company, a large, privately owned, Australian agrifood business, sold Ucharonidge Station, a pastoral lease that operates as a cattle station, to Cleveland Agriculture. This follows the sale of Nockatunga Station to Cleveland Agriculture announced in October 2018. Financial terms were not disclosed.
Commenting on the announcement, Troy Setter, Chief Executive of CPC, said:
“Cleveland are a logical owner of Ucharonidge which has historically provided growing cattle to Nockatunga. Ucharonidge is a good strategic fit for their business and importantly, Malcolm and his team share our vision for investment in land development and precision pastoral management."
Alibaba puts CFO in charge of investments.
Alibaba Group, a Chinese multinational conglomerate holding company specializing in e-commerce, retail, Internet and technology, announced that the firm's CFO Maggie Wu will oversee Alibaba's strategic investments unit, taking over that responsibility from Executive Vice-Chairman Joe Tsai who will support Wu in her expanded role. The change comes as Alibaba invests in new business lines such as cloud computing as a boom in its core e-commerce has peaked and revenue growth slows.
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