AMERICAS
Apollo Global Management, an alternative investment manager, agreed to acquire Great Canadian Gaming, a company that operates a number of casinos in British Columbia and Canada, for $2.5bn.
“Great Canadian is a leader in the gaming and entertainment industry and, based on our experience and knowledge of the space, we see opportunities to work with their talented team to drive additional growth and value. With an industry-leading portfolio of assets and established presence in the best geographic markets across Canada, we are excited to help bring an enhanced experience to more guests across Canada," Alex van Hoek, Apollo Partner.
Apollo Global is advised by Barclays, Deutsche Bank, Macquarie Group, Akin Gump Strauss Hauer & Feld, Osler Hoskin & Harcourt, Paul Weiss Rifkind Wharton & Garrison and Crestview Partners. Great Canadian Gaming is advised by CIBC World Markets, Scotiabank, McMillan and Blake Cassels & Graydon.
Private equity firms TPG Capital and TA Associates agreed to acquire a majority stake in Planview, a global enterprise software company headquartered in Austin, for $1.6bn. Planview's existing majority shareholder, Thoma Bravo, will retain a minority interest in the company.
"We have followed Planview for over a decade and have been impressed by the company's strong growth under Greg Gilmore's leadership. We believe that Planview's comprehensive portfolio and work management solutions provide continued market opportunities as they are uniquely positioned to help organizations effectively navigate and accelerate strategy to delivery. We look forward to partnering with the Planview management team during the company's next growth phase, and are pleased to be investing alongside TPG and Thoma Bravo," Ashu Agrawal, TA Associates Managing Director.
Planview and Thoma Bravo are advised by JP Morgan and Kirkland & Ellis. TPG and TA Associates are advised by Barclays, Deutsche Bank, Jefferies & Company, UBS, Goodwin Procter, Ropes & Gray and BackBay Communications. Debt Financing is provided by UBS and Detusche Bank.
SmartStop Self Storage REIT, a self-managed REIT, agreed to acquire Strategic Storage Trust IV, a public non-traded REIT that focuses on the acquisition of stabilized and growth self-storage properties, for $370m.
"We are excited to announce this transaction and look forward to combining the high-quality assets in the SST IV portfolio with SmartStop's existing portfolio and operational platform. With this merger, the combined company will be better positioned to recognize expense efficiencies, reduce borrowing costs, and aggregate size and scale for the future. Since all of the SST IV portfolio is already branded as SmartStop® Self Storage, there will be total continuity of operations throughout the process," Michael S. McClure, SmartStop CEO.
Strategic Storage Trust IV is advised by KeyBanc Capital Markets and Bass Berry & Sims. SmartStop Self Storage REIT is advised by Robert A. Stanger & Co, Nelson Mullins Riley & Scarborough, Venable and FTI Consulting.
Medical technologies firm Stryker intends to complete its $5.4bn acquisition of Wright Medical Group, a global medical device company, by effectuating the mergers described in the tender offer statement on Schedule TO filed with the US Securities and Exchange Commission on December 13, 2019, as amended.
The previously announced cash tender offer for all outstanding ordinary shares of Wright Medical by Stryker expired at 5:00 p.m., Eastern Time, on November 10, 2020. American Stock Transfer & Trust Company, the depositary for the tender offer, preliminarily advised Stryker that as of the expiration time, approximately 124.9m Wright Medical ordinary shares, representing approximately 96% of the outstanding Wright Medical ordinary shares, were validly tendered pursuant to the tender offer and not properly withdrawn. Stryker intends to accept for payment all shares that were validly tendered pursuant to the tender offer and not properly withdrawn, and intends to effectuate the mergers promptly thereafter.
Wright Medical Group is advised by Guggenheim Partners, JP Morgan, Ropes & Gray and Stibbe. Financial advisors are advised by Latham & Watkins. Stryker is advised by Houthoff and Skadden Arps Slate Meagher & Flom.
NexPoint Advisors, an investment adviser, completed the acquisition of Jernigan Capital, a real estate investment trust that provides debt and equity capital to self-storage entrepreneurs, for $900m. JCAP will change its corporate name to NexPoint Storage Partners and will do business under that corporate name going forward.
"We believe this transaction with NexPoint validates the quality of the portfolio of self-storage properties and the corporate platform we have built and accomplishes the goal of maximizing value for our stockholders during a very difficult time for all of us. We are certain today's announcement is in the best interests of all of JCAP’s stakeholders," John Good, JCAP CEO and Chairman.
NexPoint was advised by KeyBanc Capital Markets, Raymond James, Wick Phillips and Winston & Strawn. Jernigan Capital was advised by Jefferies & Company and King & Spalding. Financial advisors were advised by Latham & Watkins.
ION Investment, a financial data and software provider, agreed to sell Broadway’s business that supplies technology to trade bonds, including UK government debt in order to satisfy the UK's competition watchdog and secure the acquisition of the rest of the company, FT reported.
UK's CMA said the acquisition raises issues around the supply of fixed income electronic trading systems. In response to these concerns, ION offered to sell Broadway’s FI business including the underlying software and the brand to a buyer consortium led by Broadway’s CEO. This has been approved by the CMA.
ION was advised by UBS and Paul Hastings. Broadway was advised by Broadhaven Capital Partners, Morgan Lewis & Bockius and Articulate Communications.
J. Knipper and Company, one of the largest suppliers of end-to-end pharmaceutical healthcare marketing services and solutions in the US, completed the acquisition of Eagle Pharmacy, a full-service, direct-to-patient pharmacy based in Lakeland, Florida. Financial terms were not disclosed.
"Eagle Pharmacy has earned an outstanding reputation in the pharmaceutical industry. Eagle's drug manufacturer programs are supported by its home delivery pharmacy that has consistently demonstrated unparalleled patient safety and delivery of high-level service to patients, physicians and manufacturers. We are delighted to join J. Knipper and Company and are excited by the opportunity to leverage our combined expertise so that patients and prescribers can have a streamlined alternative to traditional pharmacy channels with transparent timelines and a host of online patient services," Stacy Huss, Eagle Pharmacy President.
Eagle Pharmacy was advised by BakerHostetler, P&M Corporate Finance. J. Knipper and Company was advised by Bass Berry & Sims and Finn Partners.
Raytheon, a defence contractor company, agreed to acquire Blue Canyon Technologies, a provider of small satellites and spacecraft systems. Financial terms were not disclosed.
"The space market is rapidly expanding and our customers need comprehensive solutions faster than ever before. What makes Blue Canyon Technologies the right fit for our business is its agile, innovative culture and expertise in small satellite systems and technologies. This acquisition enables us to deliver a broader range of solutions to support our customers' space missions – from sensing subsystems to mission systems integration and from launch and range support to on-orbit operations," Roy Azevedo, Raytheon Intelligence & Space President.
Blue Canyon is advised by Jefferies & Company, Hutchinson Black and Cook, and King & Spalding.
Private equity firm Bain Capital agreed to invest in HST Pathways and Casetabs, two providers of cloud-based software. The companies will merge and be majority-owned by Bain Capital. Financial terms were not disclosed.
"The investment structure and partnership with Casetabs opens up new growth and synergies to create additional benefits for customers. We already share over 400 customers which will provide a strong foundation to build further success in the market place. The combined talent of both companies will broaden and deepen our ability to deliver new products and continue to be a customer-centric services organization. Together, we continue to be thought leaders in the ASC market and introduce innovations that help our customers be successful today and in the future. This investment is a reflection of our commitment and confidence in our ability to grow together with Casetabs as leaders in the health information technology space," Tom Hui, HST Founder and CEO.
Bain Capital is advised by Stanton PRM.
CI Financial, an investment management firm, agreed to acquire The Roosevelt Investment Group, a New York-based registered investment advisor. Financial terms were not disclosed.
"We are excited to enter the New York market and thrilled to partner with Roosevelt, a firm whose deep roots in the region trace back to the family of President Theodore Roosevelt. Roosevelt has an extensive legacy of serving some of the most prominent families and individuals in New York – and beyond – and we are excited to provide them with the resources needed to continue to grow," Kurt MacAlpine, CI CEO.
CI Financial is advised by Gregory FCA.
Charlesbank Capital Partners and GTCR-backed Park Place Technologies, a provider of organizations around the globe with post-warranty maintenance and support solutions, completed the acquisition of Curvature, an IT support, products, and services company. Financial terms were not disclosed.
"Park Place and Curvature were both pioneers in this industry. With the addition of Curvature, our infrastructure support and services offerings are stronger, smarter and further reaching than ever before. In an environment where infrastructures rarely rely on equipment from a single supplier, and where budgets and resources are tighter than ever before, we have created a new tier of TPM (third-party maintenance) that positions us as a more compelling option versus the OEM," Chris Adams, Park Place President and CEO.
Investment companies TPG Capital and Canada Pension Plan Investment Board agreed to invest $500m in Viking Cruises, a cruise line providing river, ocean, and expedition cruises.
"We are excited to deepen our partnership with Tor and the entire Viking team. Viking is truly a special company that continues to set the standard for the industry. We know that Viking's guests are eager to get back to safely exploring the world in comfort, and are confident that the company will continue to deliver a differentiated experience for its guests in the years to come," Paul Hackwell, TPG Capital Partner.
Velocity Clinical Research, a North Carolina-based clinical research site company, completed the acquisition of eStudySite, a provider of medical research and development services. Financial terms were not disclosed.
"Velocity has been aggressively expanding both its site portfolio and therapeutic ability since we launched three years ago. This acquisition is strategic for two reasons. Firstly, these sites are important for recruiting volunteers from minority communities and secondly, we anticipate a resurgence in the infectious disease area," Paul Evans, Velocity Clinical Research CEO and President.
L Catterton led a $200m Series D round in Better.com, a digital-first homeownership company, with participation from Activant Capital, Ally Financial, American Express Ventures, Ping An Global Voyager Fund, and 9Yards Capital.
"Better was founded to help eliminate unnecessary barriers to home financing. We're committed to working tirelessly for our customers, growing our team and building out our technology to provide them the best possible experience when pursuing homeownership," Vishal Garg, Better.com CEO and Founder.
Dragoneer Investment Group led a $100m Series C round in Carbon Health, a technology-enabled healthcare provider, with participation from Brookfield Technology Partners, DCVC, and Builders VC.
"A striking one in five counties in the United States is a healthcare desert, and this year the Covid-19 pandemic exposed the profound effects of these disparities and weaknesses in our healthcare system. Our mission is to solve these problems — and with help from this investment, we can accelerate our plans to deliver accessible preventative and chronic illness care to close the healthcare gap in this country," Eren Bali, Carbon Health Co-Founder and CEO.
Madison Dearborn Partners to sell Specialty Building Products for $1.1bn. (FS)
Madison Dearborn Partners, a buyout firm, is considering a sale of Specialty Building Products, a home improvement products retailer, that could value the business at about $1.1bn, including debt.
The Chicago-based private equity firm is working with an adviser on an auction process for the business, Bloomberg reported. Specialty, based in Duluth, Georgia, is expected to attract interest from peers and other private equity firms.
A sale of Specialty would be the latest in a wave of deals in the building products space as sellers capitalize on consumers’ increased interest in home improvements during the Covid-19 pandemic.
CVC explores a $750m sale of Kount. (FS)
Private equity firm CVC Capital Partners is exploring a sale of its majority stake in digital fraud prevention company Kount in a deal that could value $750m, including debts.
The deal would come as the Covid-19 pandemic keeps many consumers at home and forces them to carry out more of their business and shopping online, boosting demand for cybersecurity offerings that protect personal information, Reuters reported.
CVC is working with an investment bank on an auction for Kount, which is at its early stages.
GTCR raises $7.5bn for its largest fund yet. (FS)
Private equity manager GTCR closed its latest large buyout fund, GTCR Fund XIII, at $7.5bn. GTCR Fund XIII, which focuses on financial services, growth business services, health care, media and communications and technology sectors, had a target of $6.75bn and was quickly oversubscribed, culminating in a closing less than five months after the initial launch in June 2020.
GTCR Fund XIII is the largest investment fund in the firm's history and will enable the firm's experienced investment team and CEO partners to continue to pursue attractive platform and add-on investment opportunities across a wide range of transaction values.
GTCR was advised by Kirkland & Ellis.
Sumeru Equity Partners raised $720m for its latest fund. (FS)
Sumeru Equity Partners, a technology-focused growth capital firm, announced the closing of Sumeru Equity Partners Fund III with $720m of total capital commitments, significantly above its $600m target and over 70% above its predecessor fund.
The new fund will continue SEP’s strategy of investing in enterprise technology companies through a growth focused partnership model built upon value-added operating skills, a deep understanding of technology trends and access to attractive investment opportunities.
“We’re thrilled to have been oversubscribed and to welcome prominent new investors in North America and Europe including pension plans, insurance companies, endowments and family offices alongside existing long-term limited partners," Kyle Ryland, SEP Managing Partner.
LACERA approves $280m in commitments to Centerbridge and GGV Capital. (FS)
Pension fund Los Angeles County Employees' Retirement Association approved $280m worth of commitments to private equity funds.
The commitments comprise of $150m to Centerbridge Capital Partners Fund IV and $130m to GGV Capital VIII, including parallel vehicles GGV Capital VIII Plus and GGV Discovery III. The pension fund has a 10% target allocation to private equity that currently stands at 11.5%.
American Airlines proposes sale of 38.5m shares.
American Airlines Group announced a proposed underwritten public offering of 38.5m shares of its common stock. The airline is looking to boost its liquidity amid the continued slump in ticket sales caused by the coronavirus pandemic.
American Airlines stated the sale’s net proceeds will be used for general corporate purposes and to enhance the airline’s liquidity position.
Sole bookrunner Bank of America Merrill Lynch has priced the offering at $13 per share, representing a discount of 1.5% to the airline’s closing price.
Airbnb said to delay IPO filing to distance it from election.
Airbnb’s long-awaited filing for an initial public offering has slipped to next week, Bloomberg reported. The company, which had earlier intended to file this week, decided on a delay to keep it from being overshadowed by the fallout from the US election.
The home-share giant’s public filing with the US Securities and Exchange Commission could come as soon as November 16. Airbnb could still adjust its plans again. The timing isn’t an indication of market responses or regulatory hurdles.
EMEA
London Stock Exchange Group's rivals are set to warn EU regulators that the company’s promises to offer them access to data fails to resolve antitrust concerns over LSE’s $27bn takeover of Refinitiv, Bloomberg reported.
At least two competitors will tell the EU that LSE’s current concessions won’t curb its increased power over interest rate derivatives and information services.
The rivals will also raise concerns that LSE may not be subject to Europe’s MiFID II markets rules after Brexit, handing it an unfair advantage.
Refinitiv is advised by Canson Capital Partners, Evercore, Jefferies & Company, Corrs Chambers Westgarth, Osler Hoskin & Harcourt, Simpson Thacher & Bartlett and Eterna Partners. LSE is advised by RBC Capital Markets, Oliver Wyman, Barclays, Goldman Sachs, Morgan Stanley, Robey Warshaw, Blake Cassels & Graydon, Freshfields Bruckhaus Deringer and Teneo. Financial advisors are advised by Herbert Smith Freehills.
Private equity firms Tikehau Capital and IDIA agreed to invest €150m ($178m) in Amarenco Group, an independent renewable energy producer.
"This new capital commitment will contribute to Amarenco's ambitions to have more than 1GW of projects under construction in the coming months and 3GW by 2023 in Europe, APAC and Middle East. We have no doubt that the entrepreneurial spirit of Tikehau Capital and its international network will contribute to the achievement of our goals. We are happy to welcome Pierre Devillard and Pierre Abadie from the private equity team of Tikehau Capital to our board," Olivier Carré, Nick Howard, John Mullins and Alain Desvigne, Amarenco Co-Founders.
Amarenco Group is advised by CJA Avocats, Atfis, KPMG, Herbert Smith Freehills and Stephen Walker. Tikehau Capital and IDIA are advised by Sirsa, Eight Advisory, A&L Goodbody, Gide Loyrette Nouel, Paul Hastings, Prosek Partners, Eight Advisory and DNV GL.
The Competition and Markets Authority opened a consultation on undertakings proposed by Breedon Group, an AIM-listed British construction materials company, to address competition concerns over its acquisition of certain assets of Cemex, a Mexican multinational building materials company.
The CMA has until January 5, 2021 to consider whether to accept the undertakings, or a modified version of them. As part of this process, the CMA is now consulting publicly on whether the proposals are sufficient to address its competition concerns. Before reaching a final decision, the CMA is therefore inviting interested parties to make their views known. The deadline for responses is November 25, 2020.
Breedon Group was advised by Cenkos Securities, Numis Securities, Moelis & Co and Teneo. CEMEX was advised by HSBC and Slaughter & May.
Private equity firm Bridgepoint completed the investment in Diagnostiskt Centrum Hud, a provider of medical dermatology services in Sweden. Financial terms were not disclosed.
"We are excited to partner with Bridgepoint in the next stage of our expansion and further build the best dermatology provider across the Nordics together with our colleagues," Philip Jerlmyr, DCH CEO.
Diagnostiskt Centrum Hud was advised by Grant Thornton and AG Advocat. Bridgepoint was advised by Roland Berger, KPMG and Vinge.
Applus+, an engineering services company, completed the acquisition of Besikta Bilprovning, a car inspection market, from private equity firm Volati for $119m.
"It is pleasing to report that we have completed the sale of Besikta Bilprovning to Applus+ – a transaction that benefits both Volati and Besikta Bilprovning. Through the transaction, we realize significant value and create additional opportunities for Volati to continue to develop the company at a rapid pace, both through investments in existing operations and new acquisitions. Besikta Bilprovning, in turn, gets a leading industrial owner in Applus+ who has all the right prerequisites to help the company to develop successfully," Mårten Andersson, Volati CEO.
Volati was advised by Access Partners and Gernandt & Danielsson.
IVP and Tiger Global led a $125m Series B round in Hopin, a virtual events provider, with participation from Coatue, DFJ Growth, Accel, Northzone, Salesforce Ventures, and Seedcamp.
"Hopin is the fastest-growing company we have seen at this stage and has meaningfully exceeded its plan since our last investment in June. We have been fortunate to invest in early hypergrowth companies like Slack, Snap, and Twitter. Hopin is one of those rare companies with a similar growth trajectory — they have built an extremely customer-centric organization, with an ambitious innovative roadmap that they have the ability to scale quickly — a sure recipe for success," Jules Maltz, IVP General Partner.
Hopin is advised by The Outcast Agency.
ADQ, an Abu Dhabi-based holding company, agreed to acquire a 45% stake in Louis Dreyfus, a merchant and processor of agricultural goods. Financial terms were not disclosed.
“The transaction announced today constitutes a milestone in a decade-long strategy envisioned by the Supervisory Board, which started with the consolidation of LDC’s parent company’s shareholding. We are delighted to welcome ADQ to our shareholder group as long-term partners and investors, with a common vision for LDC’s future, and experience that will bring further value to the business and support the Group’s ambitions," Margarita Louis-Dreyfus, LDCH Chairperson of the Supervisory Board.
Louis Dreyfus is advised by Clifford Chance.
Accuindex, a Forex and CFD broker, completed the acquisition of the Cyprus operations of Ruizean, an Australia-based group of companies specialising in financial services. Financial terms were not disclosed.
"This new addition to Accuindex's operations reflects the strength of the strategic position we have built in the industry. Europe is a key market for us and having the CySEC regulation and a local office gives us a significant presence in the continent. Our aim is to accommodate the needs of our clients and provide a safe and regulated ecosystem for trading of financial assets internationally," Samer Mourched, Accuindex Chief Operating Officer.
Accuindex was advised by Your Mind Media.
Private equity firm Innova Capital agreed to invest in Bielenda Kosmetyki, one of the biggest domestic producers of facial care cosmetics in Poland. Financial terms were not disclosed.
"Cooperation with one of the most respected and fastest-growing Polish cosmetics companies – Bielenda Kosmetyki – in the takeover of the Soraya and Dermika brands is very satisfying for us. All of Bielenda Group's brands have great prospects, and this transaction cements Bielenda's position as one of the true leaders on the Polish cosmetic market," Leszek Muzyczyszyn, Innova Capital Senior Partner.
Investment companies Elbrus Capital and Winter Capital completed the investment in Banki.ru, Russia's largest financial marketplace. Financial terms were not disclosed.
"We are pleased with the terms of the deal, as well as the fact that we have sold our stake to this particular consortium of investors; we do care about who will own the company that we have given 16 years of our lives. We understand that the new investors share our values of providing customers with as complete and accurate information as possible. We are confident that Banki.ru will become a successful investment for them," Philip Ilin-Adaev, Banki.ru Co-Founder.
SoftBank Vision Fund 2 led a $250m Series C round in Tier Mobility, a European micro-mobility company, with participation from Mubadala Capital, Northzone, Goodwater Capital, White Star Capital, Novator and RTP Global.
"Micro-mobility fills a large gap left by traditional urban car usage and presents a viable alternative to legacy transit systems. TIER has a proven track record in establishing long-standing partnerships with cities and regulators, combined with a technology-led approach to develop leading customer propositions. We are pleased to support Lawrence and his team in building on this success," Yanni Pipilis, SoftBank Managing Partner.
Dubai considers sale of airport cooling system business.
Dubai is seeking a buyer for the cooling system operations of its biggest airport as Gulf Arab states lean on asset sales and debt to shore up their finances. The entire business is valued at around $750m, Bloomberg reported.
The company is looking to offer a controlling stake and is approaching local and international district cooling specialists, as well as global infrastructure players. Talks are at an early stage, and there is no guarantee a deal will be reached.
A deal would generate much-needed revenue for Dubai. Similar to other governments in the Gulf, the emirate is trying to contain the damage caused by the coronavirus pandemic amid a broader economic downturn linked to low oil prices. The government entity overseeing the main airport’s infrastructure has hired Standard Chartered as an adviser on the transaction.
Macquarie in exclusive talks to acquire Ital Gas Storage. (FS)
Private equity firm Macquarie is in exclusive talks to buy Italy’s independent gas storage facility for more than $1.2bn but will need government clearance before clinching any deal, Reuters reported.
Ital Gas Storage, 92.5% owned by Morgan Stanley Infrastructure Partners, will have a capacity of around 1bn cubic metres, when fully operational and is part of a sector considered strategic by Rome.
Rome is preparing a decree enacting special vetting power to protect strategic assets, including gas storage, from unwanted foreign buyers.
Credit Suisse considers M&A, particularly in wealth management.
Credit Suisse is open for acquisitions, especially in its core wealth management business, Reuters reported.
“Consolidation is needed and will happen. Our strategy is principally based on organic growth, not inorganic growth, but we also are always open and opportunistic to look at acquisition opportunities, especially in private banking,” Thomas Gottstein, Credit Suisse Chief Executive.
Kuwait's pension fund cuts stock in a shift to infrastructure. (FS)
Kuwait’s $124bn pension fund PIFSS is reducing its allocation to stocks in favor of alternatives like infrastructure and private equity, as it seeks to boost returns and cut a massive cash pile, Bloomberg reported.
The new plan, developed with US-based consultancy Mercer, will start next year and will entail increasing infrastructure investments to 10% of its portfolio from 5%, as well as fine-tuning some of the other allocations.
The move comes as pension and sovereign wealth funds around the world rotate into alternative assets to bolster yields in the low interest-rate environment. Investors are also looking for a hedge against volatile stock markets that have soared to record highs. Funds from Gulf states have been chasing overseas investments to reduce reliance on their oil-dependent home markets.
Texas Teachers commits $400m into EQT, Actis infrastructure funds. (FS)
Private equity investor Teacher Retirement System of Texas has made $400m worth of new infrastructure commitments to two funds. Texas Teachers put $250m into the EQT Infrastructure V fund and $150m to the Actis Energy 5 fund.
EQT has set a $14.7bn target for the global value-add Fund V with a $17.7bn card cap and the fund manager is expected to hold an initial close in the current quarter.
The Actis 5 fund, which targets a $4bn fundraiser, has so far raised more than $2.9bn. The fund targets low-carbon energy infrastructure assets in Africa, Asia and Latin America.
Marex Spectron explores a London IPO.
Marex Spectron, which is one of the biggest dealers on the London Metal Exchange, appointed Goldman Sachs and JP Morgan to act as global co-ordinators on an initial public offering, Sky News reported.
A float would crystallise windfalls for JRJ Group, Marex Spectron's controlling shareholder, as well as minority investors including Trilantic Europe.
APAC
Amazon asked India’s market regulator to investigate Future Retail, an operator of supermarkets and high-end food stores, for insider trading, as it seeks to prevent its business partner from becoming part of rival Reliance’s empire, Reuters reported.
The US giant has been pressing the Securities and Exchange Board of India to review Reliance’s August deal to buy retail, logistics and other assets from Future Group for $3.4bn including debt.
It remains to be seen whether Indian courts and regulators will side with Amazon or Future Retail. Future Retail has asked a New Delhi court for an order to restrain Amazon from approaching Indian regulators to block its deal with Reliance.
Reliance is advised by Cyril Amarchand Mangaldas, Khaitan & Co, and Shardul Amarchand Mangaldas & Co.
Venture capital firm Legend Capital led a $227m Series B funding round in RecBio, a Chinese biotech company. Additional investors include Lyfe Capital, Sequoia Capital, Vertex Ventures, HT Capital, Co-Stone Asset Management, Yuanbio Venture Capital, Qingsong Capital, and China Everbright.
RecBio will use the capital injection to build a base for the industrialization of its major products and to conduct clinic tests of the 9-valent HPV vaccine and recombinant Covid vaccine. The startup is also looking to further develop its product and expand its business to the global market.
Private equity firm Qiming Venture Partners led a $106m Series D funding round in Asieris Pharmaceuticals, a developer of biotechnology products. Additional investors include YF Capital, CICC Capital, C&D, Gopher Asset Management, Hengxu Capital, IN Capital, V-Capital, Homsun Capital, IFSC, Triwise Capital, and Haoshuo Zhier Fund.
“Apart from advancing competitive capacity, we are ready for drug commercialisation and manufacturing base construction. We also plan for new drugs listing toward soon-to-be done clinical trials or applications,” Kevin Pan, Asieris Founder and Chairman.
Alibaba and Tencent shed almost $290bn of market value in 2 days.
Chinese technology giants from Alibaba Group Holding to Tencent Holdings shed almost $290bn of market value over two days of frantic selling, as investors scrambled to assess the fallout from Beijing’s broadest attempt to rein in its most powerful private-sector firms, Bloomberg reported.
Technology shares tumbled for a second day after Beijing issued regulations designed to curb the growing influence of internet-sector leaders including JD, Meituan and Xiaomi. Xi Jinping’s government is increasingly curtailing the influence of the private corporations that’ve become the country’s main driver of growth.
Beijing unveiled regulations to root out monopolistic practices in the internet industry, pivoting away from a mostly hands-off approach while dealing a blow to businesses at the heart of the world’s No. 2 economy.
Yingke PE raised $1.5bn for the new RMB fund. (FS)
Yingke PE, a Shanghai-based private equity and asset management firm, raised RMB10bn ($1.5bn) for its new RMB-denominated fund — its third in 2020. The latest fund, which launched on August 15 this year, will focus on biomedicine and technology innovation, DealStreetAsia reported.
The new fundraising brings the sum raised by Yingke this year to RMB16bn ($2.4bn). The PE fund had closed an RMB fund with a corpus of RMB2bn ($302m) in July this year. In June, it collected RMB4bn ($605m) for another fund. Around 90% of the fresh capital raised is from existing limited partners. Yingke has nearly RMB50bn ($7.6bn) in assets under management.
Yingke plans to file for its IPO in Hong Kong in the middle of 2021.
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