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AMERICAS
Baupost and Cross Rapids-backed CAM Industrial, an industrial equipment & supplies provider, completed the acquisition of the maintenance and turnaround business in North America from Worley, a provider of professional project and asset services in the energy, chemicals, and resources sectors, for $125m.
"We thank our employees for their dedication and our customers for their business and support. Under our new name, CAM Industrial, our team will continue to be focused on safely and reliably operating our business, without interruption. We are very excited about this transaction and the growth prospects ahead," Mick Kaefer, CAM Industrial President.
Cross Rapids was advised by Greenberg Traurig. Worley was advised by UBS and Reed Smith.
Accenture, a global professional services company, offered to acquire Green Domus, a sustainability consultancy. Financial terms were not disclosed.
"Green Domus' approach to measuring carbon emissions data and Accenture's suite of advanced sustainability services, such as our net zero transition solutions, will support our clients in building resilient futures. These services will continue to transform industries and build a path forward for unlocking growth and adopting more sustainable business models," Matthew Govier, Accenture LATAM Sustainability Services Lead.
Static Media, a digital media company, completed the acquisition of Food Republic, an online food and cooking platform. Financial terms were not disclosed.
"We are thrilled to have Food Republic join the Static Media family and welcome the opportunity to elevate this exceptional food brand to new heights. Our commitment to providing our audience with unique and engaging content remains unwavering. With this acquisition, we strengthen our foothold in the culinary landscape, fostering an enriched experience for all," Reggie Renner, Static Media CEO and Co-Founder.
CPP Investments discloses over $3.7bn in Asia commitments in FY2023. (FS)
Canada's largest pension fund, Canada Pension Plan Investment Board, committed over $3.77bn to direct and indirect investments in Asia in the fiscal ended March 31, 2023.
The pension fund spent over $2.5bn on primary and secondary investments in regional companies. During the year, it also earmarked over $1.2bn for capital commitments to Asia-focused funds.
Aviation firm Surf Air is working with Morgan Stanley on direct listing.
Surf Air Mobility, an electric aviation and regional air travel company, is working with Morgan Stanley and is set to move ahead with its plans to go public through a direct listing. The company plans to file publicly for the listing as soon as next week and begin trading this summer.
KKR to launch flexible private credit fund. (FS)
KKR is looking to launch a new euro-denominated direct lending fund that will give investors more flexibility in depositing and withdrawing their cash than typical closed-ended funds.
The new fund, which will primarily provides unitranche loans to European private equity-owned businesses, has a permanent capital structure, meaning investors can put in and withdraw cash on an ongoing basis. With more mainstream private debt funds, investors can have their capital locked up for as long as 10 years.
EMEA
Abiogen Pharma, a company in the field of osteoarticular and bone metabolism diseases, completed the acquisition of a 97.09% stake in EffRx Pharmaceuticals, a company that develops and markets prescription drugs targeted in particular to musculoskeletal and rare pathologies. Financial terms were not disclosed.
"Besides strengthening our position in Italy, the acquisition of a majority interest in EffRx is in line with our growth model, serves as a launching pad for our international expansion and confirms our mission and commitment to bone health and rare diseases," Massimo Di Martino, Abiogen Pharma Chairman and CEO.
German football rejects €1.85bn private equity media rights sale. (FS)
Deutsche Fussball Liga, Germany's professional football body, failed in its bid to secure backing from clubs for the sale of a stake in its media rights to private equity suitors including CVC Capital Partners, Blackstone Group, and Advent International.
DFL needed the backing of two-thirds of the 36 Bundesliga clubs at a meeting on Wednesday to proceed with the sale of a 12.5% stake in a subsidiary holding Bundesliga broadcast rights for as much as €1.85bn ($2bn). Only 20 of clubs voted in favor of the plan with a host of clubs including FC St Pauli, FC Köln and FC Augsburg, all having expressed concerns in the run-up to the vote.
Swedish landlord SBB weighs breakup after property slump.
The embattled company at the center of Sweden’s property crisis is considering breaking itself up after its shares collapsed amid mounting concerns around the firm’s $8bn debt pile.
SBB has initiated a strategic review that could result in a sale of the company, business segments, or specific assets, as well as other strategic transactions. Selling new shares is not in the scope of the review.
Boeing looks to sell at least 150 737 Max jets to Riyadh Air. (FS)
Boeing is working on a deal to sell at least 150 737 Max jetliners to Saudi Arabian startup Riyadh Air. The new carrier, wholly owned by Saudi Arabia's Public Investment Fund, is looking for about 300 to 400 single-aisle jets in total.
Boeing previously won another order by state-owned airline Saudia and Riyadh Air for a combined 78 Boeing 787 Dreamliners, the fifth-largest commercial order by value in the plane maker's history.
Verso Wealth hires new chief ahead of acquisition spree. (People)
Verso Wealth has appointed a former banker as chief executive as it seeks acquisitions in a rapidly consolidating independent financial adviser market.
The Sussex-based group, with assets of more than £1.8bn ($2.2bn), has hired Alan Mathewson to lead the business and oversee the integration of the five financial services firms it bought last year. Mathewson was previously a senior adviser to private equity firm Bridgepoint. Prior to this, he was chief executive of UK wealth manager Brown Shipley. He also worked for two decades at Santander.
“As we grow, I need to make sure we have the right people in the team to manage the growth effectively. From a regulatory perspective, it is critical we can demonstrate the appropriate skillset and oversight. I do expect to further strengthen the team,” Graham Coxell, Verso Chairmen.
APAC
Warburg Pincus, a global private equity firm, completed the acquisition of a 90% stake in Vistaar Finance, an Indian small-business lender, for $250m.
"We believe micro-enterprises in semi-urban and rural India are underserved by formal sources of credit and we believe Vistaar has the potential to fulfil that need gap and be a driver for broad-based growth in those regions and communities. Warburg Pincus has a deep history in partnering with exceptional teams, particularly within financial services and looks forward to a similarly exciting future at Vistaar," Narendra Ostawal, Warburg Pincus Managing Director.
MoneyHero Group, a financial products platform in Greater Southeast Asia, agreed to go public via merger with Bridgetown Holdings, a special purpose acquisition company formed as a collaboration between Pacific Century Group and Thiel Capital, in a $200m deal.
"MoneyHero is empowering financial service providers in the Greater Southeast Asia region to transform the way they connect with consumers—and consumers in turn are benefiting from a trusted and transparent online platform offering access to a wide variety of financial products. This business model promises significant growth potential given the demographic evolution across Greater Southeast Asia. With continued strong leadership by the management team and fresh funding from this transaction, we believe MoneyHero is poised to penetrate deeper in the Greater Southeast Asia market and to become a household online platform for retail financial offerings in the region," Matt Danzeisen, Bridgetown Chairman.
Tsinghua, a Chinese information technology and communications company under the Tsinghua University, agreed to acquire the remaining 49% stake in New H3C Technologies, a China-based joint venture, from Hewlett Packard, a multinational information technology company, for $3.5bn.
Hewlett Packard is one step closer to pulling out from its China-based information technology equipment joint venture New H3C Technologies, after Chinese partner Tsinghua Unisplendour announced a plan to acquire its remaining 49% stake in the unit.
SAIC Motor, a Chinese state-owned automaker, agreed to invest $382m in QingTao, a solid-state lithium-ion battery maker.
The proposed investment, subject to the approval of QingTao's existing shareholders, will boost SAIC Motor's stake in the firm to about 15.29% from the current 4.2%.
Sparkedge Capital, an investment company, completed a $145m investment in Fox ESS, China's new energy firm.
Fox ESS focuses on energy storage solutions and is backed by Chinese nickel producer Tsingshan Group.
Indonesia Investment Authority, the sovereign wealth fund of Indonesia, ESR Group, a real asset manager, and MC Urban Development Indonesia, a real estate developer, agreed to form a joint venture. Financial terms were not disclosed.
"Today marks a significant milestone for INA as we venture into the real estate asset class with a strong focus on Indonesia's modern warehouse facilities. We recognize the immense potential of the logistics market, spurred by the robust growth of the e-commerce, 3PL, and automotive industries in our region. Our strategic partnership with ESR and MCUDI not only aims to meet the evolving needs of the logistics industry but also reflects INA's commitment to sustainable development and economic growth. By harnessing our collective expertise, we are poised to create a significant impact on Indonesia's warehousing landscape and contribute to the country's economic progression," Ridha Wirakusumah, INA CEO.
GF Securities plans to buy $140m Value Partners stake. (FS)
GF Securities plans to buy a 20% stake in Value Partners from the biggest shareholders and founders, as part of a push by the mainland Chinese brokerage to expand overseas.
The Guangzhou-based brokerage is nearing an agreement to buy the stake from shareholders including Cheah Cheng Hye and V-Nee Yeh for about $141m. The deal is subject to board approval later this week.
Cheah and Yeh currently hold 25% and 16% of Value Partners, respectively, and will both retain a smaller share in the Hong Kong-based and listed firm. It posted a loss of $70m last year as its assets under management tumbled to $6.1bn from $10bn in 2021. The purchase price represents more than a 35% premium to the last close of Value Partners, which has tumbled over 35% since late January.
Ambani-backed EV maker is said to weigh raising $85m. (FS)
Altigreen Propulsion Labs is considering raising about INR7bn ($85m) in a new funding round as the Indian electric cargo vehicle maker looks to ramp up its production and invest in new models.
Deliberations are at an early stage and details of the fundraising could still change. Altigreen CEO Amitabh Saran confirmed that the company is in the midst of fundraising and targets to wrap it up by July.
The firm raised around INR3bn ($29m) in a Series A round last year that was led by Sixth Sense Ventures. Ambani’s Reliance New Energy, Xponentia Capital, Momentum Venture and Accurant International also participated.
Japan's SoftBank cuts borrowing from Mizuho. (FS)
SoftBank Group cut borrowing from its main bank Mizuho Financial Group by 25% in the year ended March to JPY608.5bn ($4.5bn). The tech investing conglomerate also cut borrowing from lenders, including JP Morgan Chase and Goldman Sachs.
SoftBank has been moving to shore up its balance sheet after recording loss at its Vision Fund investing arm due to falling tech valuations.
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