Twitter’s board unanimously recommended that shareholders approve Elon Musk’s bid to take the social media company private in a $44bn deal, eight days before they are scheduled to vote and as the billionaire entrepreneur seems to be seeking to back out or renegotiate his offer, Bloomberg reported.
Musk has floated the idea of trying to lower his initial offer of $54.2 a share, saying a deal at a lower price wouldn’t be “out of the question.”
The billionaire entrepreneur is raising doubts about Twitter’s publicly disclosed data on the percentage of spam and fake accounts on its social-media service. Elon Musk said his $44bn bid for Twitter can’t move forward until the company is more precise about how many of its accounts are fake.
“Yesterday, Twitter’s CEO publicly refused to show proof of
Twitter is advised by Allen & Company, Goldman Sachs, JP Morgan, Simpson Thacher & Bartlett, Wilson Sonsini Goodrich & Rosati and Joele Frank. Financial advisors are advised by Sullivan & Cromwell. Elon Musk is advised by Bank of America, Barclays, Morgan Stanley, McDermott Will & Emery, Skadden Arps Slate Meagher & Flom. Debt financing is provided by BNP Paribas, Bank of America, Barclays, Mitsubishi UFJ Financial Group, Mizuho Securities, Morgan Stanley and Societe Generale.
Emerson, an American multinational corporation, completed the merger with AspenTech, an asset optimization software developer, in an $11bn deal. Emerson owns 55% of new AspenTech and AspenTech shareholders own the remaining 45%.
"I am excited to announce the close of our transaction with AspenTech, which accelerates Emerson’s software strategy and creates an enhanced, high-performance, leading industrial software company with immediate scale and relevancy in a fast-paced, evolving market. Today marks a significant milestone for Emerson and is a testament to our commitment to continue building a higher growth, more diversified portfolio. Together with new AspenTech, we expect to realize significant revenue and cost synergies, while having the platform and flexibility to strategically deploy capital for growth through continued investment and M&A," Lal Karsanbhai, Emerson President and CEO.
Emerson was advised by Centerview Partners, Goldman Sachs, Davis Polk & Wardwell and Joele Frank. Financial advisors were advised by Sullivan & Cromwell. AspenTech was advised by JP Morgan, Skadden Arps Slate Meagher & Flom, ICR and Sard Verbinnen & Co.
Ortho Clinical Diagnostics, an in vitro diagnostics company, announced that based on a preliminary vote count by its proxy solicitor, Ortho shareholders have voted to approve the $8bn combination of the company with Quidel, a manufacturer of diagnostic healthcare products.
The closing of the transactions contemplated by the BCA is subject to the sanction of the combination by the High Court of Justice of England and Wales and satisfaction of other closing conditions and is expected to occur on May 27, 2022.
“We are pleased with our shareholders’ vote of confidence in the transformational combination of these companies and the potential to establish a global diagnostics leader with a broad portfolio spanning the diagnostics continuum, allowing the new company to leverage call points in complementary markets,” Chris Smith, Ortho Chairman and CEO.
Ortho Clinical Diagnostics is advised by JP Morgan and Latham & Watkins. JP Morgan is advised by Cravath Swaine & Moore. Quidel is advised by Citigroup, Perella Weinberg Partners and Gibson Dunn & Crutcher.
Aries I Acquisition, a SPAC, announces extension of deadline to complete business combination with Infinite Assets, a Metaverse infrastructure platform that enables brands to create, monetize and drive consumer engagement with digital content, from May 21, 2022 to August 21, 2022.
In connection with the extension, Aries Acquisition Partners, the company's sponsor, will deposit an aggregate of $1m into Aries' trust account prior to May 21, 2022, on behalf of the Company.
Infinite Assets is advised by Exos and Reed Smith. Aries I Acquisition is advised by Solomon Partners, Winston & Strawn and Edelman. Solomon Partners is advised by Morrison & Foerster.
TA Associates, a private equity firm, agreed to invest in LeadsOnline, a provider of data, technology and intelligence tools. Financial terms were not disclosed.
“LeadsOnline has established itself as a modern intelligence solution for law enforcement and government agencies. We have followed the company’s evolution closely and were drawn to its unique data, differentiated technology, deep customer relationships and talented, committed management team. We believe LeadsOnline is well-positioned for accelerated growth and are excited to invest in the company’s future," Michael Berk, TA Managing Director.
TA is advised by Deloitte and Kirkland & Ellis. LeadsOnline is advised by Founders Advisors and Morris Manning & Martin.
Emergent BioSolutions, a provider of public health products to government and healthcare providers, agreed to acquire TEMBEXA, a medical countermeasure for smallpox, from Chimerix, a biopharmaceutical company, for $338m.
“Emergent is an ideal partner to maximize the long-term potential of TEMBEXA to ensure pandemic preparedness in the event of a smallpox recurrence. This transaction significantly enhances Chimerix’s balance sheet and allows us to focus and invest in our development pipeline. We also continue to participate in the longer-term economics of TEMBEXA through US milestones and double-digit royalties from US and international revenues," Mike Sherman, Chimerix CEO.
Chimerix is advised by Centerview Partners, Cooley and Stern IR.
Thoma Bravo, a private equity firm, led a $100m Series D funding round in Imply Data, a provider of software solutions, with participation from OMERS Growth Equity, Bessemer Venture Funds, Andreessen Horowitz and Khosla Ventures.
“We’re excited to lead Imply’s Series D. FJ and his team are at the cusp of a market evolution in analytics, opening up a whole new world of analytics use cases and economic value. It was clear from the beginning of our relationship that we would enjoy a strong partnership with management, and they very much appreciated the level of experience we bring to the table as software-specialist investors over the last 20 years," Robert (Tre) Sayle, Thoma Bravo Partner.
Imply Data was advised by Touchdown PR. Thoma Bravo was advised by Finsbury Glover Hering.
Beauty Industry Group, an operator of hair extensions, lash enhancement and other beauty and lifestyle businesses completed the acquisition of BELLAMI Hair, a manufacturer of hair extensions and hair care products. This transaction is supported by existing BIG investors, including L Catterton and HGGC. Financial terms were not disclosed.
"The brand has a remarkable runway for growth, and we look forward to working with the team to equip BELLAMI with the product innovation, data insights and analytics, performance marketing expertise, and supply chain focus that BIG has cultivated through our ongoing brand building efforts. Our partnership with BELLAMI represents an important step towards creating a complete hair solutions company that tells the story of how hair products can solve problems for women around the world," Derrick Porter, Beauty Industry Group CEO.
BELLAMI is advised by Harris Williams & Co and Rogers & Cowan.
TriArtisan, a private equity firm, completed the acquisition of the remaining stake in EnergySolutions, a processor of low level waste, from ECP, a private equity firm. Financial terms were not disclosed.
“We are very pleased to increase our investment in EnergySolutions in support of Ken and his management team. Our incremental investment is intended to provide the Company long term stability of ownership and reflects our belief that EnergySolutions is uniquely positioned to take advantage of the rapidly growing nuclear utility, commercial and government waste management and decommissioning markets,” Gerald Cromack, TriArtisan Co-Founding Partner.
TriArtisan was advised by Ropes & Gray. EnergySolutions was advised by Latham & Watkins.
Clearlake Capital-backed Cornerstone OnDemand, a cloud-based people development software provider and learning technology company, completed the acquisition of EdCast, a platform for end-to-end employee and talent experience journeys spanning learning, skilling and career mobility. Financial terms were not disclosed.
"We are thrilled at the prospect of bringing such an incredible team of learning experts together to revolutionize the learning market. Today’s fragmented HR technology landscape is ripe for reinvention as organizations seek new ways to unify people and business in areas most critical to growth - workforce engagement, talent retention, skills transformation, and career mobility. Cornerstone and EdCast have the potential to deliver a next-generation learning and talent infrastructure, rapidly innovate a connected people growth experience, and create a new blueprint for the way organizations and their people grow and thrive, together," Himanshu Palsule, Cornerstone OnDemand CEO.
Vista Credit Partners, a strategic investor and financing partner, completed a $215m investment in Updater, a technology platform powering the relocation industry.
"Updater provides a best-in-class platform that is redefining the relocation experience, providing a win-win model for both consumers and businesses. VCP looks to partner with founders of companies that have a strong market position and a mission-critical product suite, both of which we found in Updater, by providing non-dilutive capital solutions. We look forward to partnering with David and the entire Updater team as they continue to innovate and transform the market," David Flannery, Vista Credit Partners President.
Vertica Capital, a software investor, led a $200m investment in Pathlock, a provider of access governance solutions for business applications.
"The combined company, Pathlock, will now offer the most robust library of productized controls for business applications on the market today," Vitaly Vorobeychik, Vertica Capital Partners Managing Director.
Helix Energy Solutions, an offshore energy services company, agreed to acquire Alliance group of companies, a company that provides services in support of the upstream and midstream industries in the Gulf of Mexico shelf, for $120m.
"Based on a number of markets and regulatory drivers and our current expectations, we fully believe that the offshore oil and gas decommissioning market will grow significantly in the near term. This acquisition complements Helix's present deepwater abandonment offerings by adding shelf and facility abandonment capabilities, and significantly enhances our position as a full-field abandonment services provider, both in the Gulf of Mexico and globally. We also see possibilities to expand our opportunities within our existing late-life production business. We are thrilled at the prospect of adding Alliance to the Helix family, and we believe this acquisition is a meaningful step in Helix's responsible participation in this age of Energy Transition," Owen Kratz, Helix President and CEO.
Insight Partners, a venture capital and private equity firm, led a $100m funding round in Unit, a financial-technology startup, with participation from Accel, Better Tomorrow Ventures, Flourish Ventures, Moving Capital and Stepstone.
Proceeds will be used in part to hire staff and accelerate product development. Unit has plans to launch business credit cards and other products such as cash advance, early wage access and invoice factoring.
S4Capital, a technology-led digital advertising and marketing services company, agreed to acquire TheoremOne, an engineering and innovation firm. Financial terms were not disclosed.
"With the intersection of Marketing, Sales, and Information Technology continuing to be a key topic for brands and all C-suite executives, we at S4Capital are building a genuinely integrated offer for our clients comprising best-in-class technology services combined with content and data&digital media expertise. We are delighted to welcome Brady, Will, David, and their colleagues – their vision and ambition will no doubt be a great fit for us," Martin Sorrell, S4Capital Executive Chairman.
Global Infrastructure Solutions, an engineering and construction company, agreed to merge with GEI Consultants, a geotechnical, environmental, water resources, and ecological science and engineering firm. Financial terms were not disclosed.
"The merger with GEI advances GISI's Global Engineering and Consulting Platform, and complements the services and successful growth of GISI's other operating companies." Rick added, "GEI has distinguished itself with a series of award-winning projects with its staff receiving recognition for its reputation of professional excellence and contributions from many industry and community organizations," Rick Newman, GISI President and CEO.
Gemspring Capital, a private equity firm, completed the acquisition of GoldenSource, a provider of enterprise data management and master data management solutions to financial services companies. Financial terms were not disclosed.
"For over three decades, GoldenSource's products and data model have provided the 'source of truth' underlying critical decisions made by the Company's financial services customers. Given increased regulatory reporting requirements and the proliferation and expanding cost of new data sources, we see increased demand for GoldenSource's offerings going forward. We believe there is significant opportunity to build upon GoldenSource's product leadership to address market needs, both organically through increased R&D as well as through strategic acquisitions, and are excited to partner with the GoldenSource team to grow the business," Aron Grossman, Gemspring Managing Director.
Apolo eyes $1.25bn Mexican soccer investment.
Apollo Global Management is planning to offer Liga MX a roughly $1.25bn investment in exchange for a share of the Mexican soccer league’s international media revenue.
The private equity giant is seeking 20% of the profits from the league’s non-Mexican media rights over the next 50 years, according to a 20-page deck that was reviewed by Sportico. It’s a bet that Liga MX, which is by far the most-watched soccer league in the US, has a lot of commercial growth in its future beyond Mexico.
Tiger Global raised stakes in some tech names battered by year's rout. (FS)
Investment firm Tiger Global, which has lost billions of dollars in this year's technology stock meltdown, increased its stakes during the first quarter in several companies that have been especially hard hit by the selloff, Reuters reported.
Tiger Global boosted its holding in consumer internet company Sea by 18% to own 13.5m shares on March 31. Sea's stock price has tumbled nearly 69% since January.
Morgan Stanley Infrastructure Partners in talks for WideOpenWest. (FS)
Morgan Stanley’s infrastructure investment arm is in talks to acquire WideOpenWest, a provider of broadband and other cable services. The stock rose as much as 18%, Bloomberg reported.
Morgan Stanley Infrastructure Partners is in exclusive talks with WideOpenWest, which does business as Wow!. A transaction hasn’t been finalized, and it’s possible talks end without a deal.
Dyal Capital in talks for a stake in DivcoWest. (FS)
Blue Owl Capital-backed Dyal Capital, a capital provider to institutional private equity and hedge fund managers, is in talks to acquire a minority stake in DivcoWest, a real estate investment firm, Bloomberg reported.
A transaction hasn’t been finalized. It’s possible the discussions will end without a deal. DivcoWest’s portfolio includes office, industrial and multifamily properties in states including Texas, Washington and North Carolina.
Ballistic Ventures announces $300m debut fund to fuel entrepreneurs in global cybersecurity fight. (FS)
Ballistic Ventures, a new venture capital firm dedicated exclusively to funding and incubating entrepreneurs and innovations in cybersecurity, announced a debut fund that’s expected to close at $300m. The fund is already being deployed in early-stage funding rounds for cybersecurity innovators including Concentric AI, Nudge Security, Pangea and Veza.
“Through launching and scaling powerhouse companies like Fortify and Mandiant, our partners have changed the very trajectory of the industry. For us, the cybersecurity fight is real and personal – and the need for revolutionary solutions has never been more urgent. Entrepreneurs today are dealing with ever-changing adversaries who have the power to collapse the underpinnings of civil society. No one understands this industry and investment landscape better than we do – and no one is better equipped to cultivate the groundbreaking ideas and entrepreneurs that will carry on the good fight into the future,” Ted Schlein, Ballistic Ventures Partner
Good Growth Capital announces over-subscribed third fund. (FS)
Good Growth Capital, a women-led early stage venture capital firm with three unicorns in first fund, has announced the successful raise of its oversubscribed third fund at over $100m. The majority women- and minority-owned firm is known for investing early in complex technologies that are yielding top returns. Good Growth Capital’s first fund, a 2017 vintage, is tracking to earn top-decile returns.
The firm also reports a double-bottom line as an impact investor, focusing on investing for the highest possible return while investing in companies that meet pressing societal needs. This new fund makes Good Growth Capital the largest venture capital fund in South Carolina history and one of the largest early-stage funds in the Southeast.
AXA IM, a provider of alternative investments, and Swiss Life Asset Managers, an investment management firm, agreed to acquire lyntia Networks, a Spanish fibre business, from Antin Infrastructure Partners, a private equity firm, for €2bn.
“This investment guarantees the long-term support of experienced telecom investors that will bring value to our customers and contribute to the development of the gigabit society in Spain through expertise in dark fibre, lit fibre and edge data centres. I would like to thank Antin for its fantastic support in helping grow lyntia’s network and business in Spain, and welcome our new shareholders, AXA IM Alts and Swiss Life Asset Managers, to continue developing this exciting project," José Antonio López, lyntia Networks CEO.
AXA IM and Swiss Life Asset Managers are advised by DC Advisory, Rothschild & Co, Gibson Dunn & Crutcher and Uria Menendez. AXA IM is advised by FTI Consulting. Antin is advised by Deutsche Bank, Santander, UBS and Herbert Smith Freehills.
KKR & Co agreed to acquire ContourGlobal, a firm that develops, acquires, owns and operates wholesale power generation businesses, for $2.14bn.
"ContourGlobal is an outstanding business with a strong portfolio of assets. The management team of ContourGlobal and our employees have delivered an excellent track record of developing and operating the portfolio, and notwithstanding the strong prospects for the business, the Board of ContourGlobal believes that the offer provides an opportunity for all shareholders to crystallise their investment in ContourGlobal at an attractive price. The Board of ContourGlobal welcomes KKR's intention to provide capital and operational expertise to support ContourGlobal's strategy, including accelerating investments in the energy transition," Craig A. Huff, ContourGlobal Chairman of the Board.
ContourGlobal is advised by Evercore, Goldman Sachs, Slaughter & May and Brunswick Group. KKR is advised by JP Morgan, Simpson Thacher & Bartlett and Finsbury Glover Hering.
EQT-backed Exeter, a real estate investment management firm, agreed to acquire six student accommodation assets from Watkin Jones, a provider of development and construction services, and Tide Construction, a development and contracting company. Financial terms were not disclosed.
"These transactions mark a significant milestone for EQT Exeter's expansion in the European student housing sector, bringing the total number student beds in operation or in development to 5.2k and adding a new country to our European footprint. By selecting the best locations in undersupplied markets coupled with an unwavering focus on tenant experience, we expect these assets to be highly attractive to students by providing an environment where they can thrive both educationally and socially," Russell Petrie, Exeter Head of Student Housing – Europe.
Exeter is advised by Arcadis, Capita, Harris Associates, DLA Piper and Taylor Wessing.
Petronas Chemicals, a firm that manufactures and sells a variety of petrochemicals, agreed to acquire Perstorp, a specialty chemicals company, from PAI Partners, a pre-eminent private equity firm, for $2.4bn.
"Under the leadership of Jan Secher and the whole of Perstorp’s fantastic management team, the company has transformed over the past years, becoming a leading-edge precursor in sustainable and innovative specialty chemistry. As a team, we are extremely proud of the achievements to date and also to have supported the significant investments which have laid the foundations of the current and future profitable growth trajectory. We see a bright future in Perstorp, in particular within the Petronas Chemicals Group, and wish the team every success in their next chapter of growth," Fabrice Fouletier, PAI Partner.
PAI is advised by Bank of America, Goldman Sachs, Willkie Farr & Gallagher and Greenbrook.
Insight Partners, Bessemer Venture Partners, Verizon Ventures, Pitango, Tencent and SOMV Momentum led a $100m Series D funding round in Optibus, a developer of an AI-enabled SaaS platform for planning and running mass transportation.
"Optibus is proud to be the first unicorn dedicated to public transportation, which is at the core of a healthy and equitable society. By putting powerful technology in the hands of industry professionals, Optibus helps to increase transportation equity and ridership while reducing emissions and costs. Our investors and employees see the double promise of Optibus to generate both social good and ROI, and we are thrilled to lead the industry’s digital transformation,” Amos Haggiag, Optibus CEO and Co-Founder.
Ampersand-backed Alliance Pharma, a bioanalytical CRO, agreed to acquire the drug development solutions business from LGC Group, a provider of scientific testing and specialist analytical and diagnostic laboratory services. KKR will invest in the combined business alongside Ampersand Capital. Financial terms were not disclosed.
"I am proud of the scientific and commercial achievements delivered by the DDS business over the years, supporting customers in their mission to develop new medicines and products to improve the quality of life. I am confident that as part of the Alliance organisation, the DDS team will be well positioned for on-going success as part of a global business focused on bioanalytical and materials sciences activities," Euan O'Sullivan, LGC President and CEO.
Flink, a quick commerce company, agreed to acquire Cajoo, a quick commerce pioneer in France, from Carrefour, an operator of supermarkets, hypermarkets, cash and carries stores, and e-commerce websites. Financial terms were not disclosed.
"Cajoo has done an amazing job in leading the quick commerce revolution in France and building a loyal customer base. We are happy to join forces under the Flink brand to create the #1 player in quick commerce in France. At the same time, we feel privileged to enter an exclusive partnership with Carrefour to offer the best assortment at competitive prices to our customers," Oliver Merkel, Flink Co-Founder.
Saudi Aramco weighs IPO of trading unit amid oil boom.
Saudi Aramco is considering an IPO of its trading arm amid a boom in oil prices in what could be one of the world’s biggest listings this year, Bloomberg reported.
Aramco trading could fetch a valuation of tens of billions of dollars, it could be potentially worth more than $30bn. The world's biggest oil producer could potentially sell a 30% stake.
GreenTree Hospitality Group, a hospitality management group, agreed to acquire Da Niang Dumplings and an 83.9% stake in Bellagio, two restaurant chain businesses in China, from GreenTree Inns Hotel for $59m.
"This transaction will enable GHG to enter the large and fast-growing food service industry in China, further diversifying our business and bringing complementary services, resources, and revenue streams to our company. We believe that Da Niang Dumplings and Bellagio are well-positioned to benefit from the increasing consumer demand for service of quality food and leverage upon our unique ecosystem, highly effective and scalable franchise management system and hotel network to provide quality services to the public. We see a lot of synergies between our team and the highly experienced teams of Da Niang Dumplings and Bellagio," Alex Xu, GreenTree Hospitality CEO.
GHG is advised by Ernst & Young, Kroll, Beijing Zhonglun W&D Law Firm, Simpson Thacher & Bartlett and Christensen IR.
Prosus Ventures, a venture capital, and Westbridge, a private equity firm, led a $100m Series B funding round in Fashinza, an AI-driven B2B marketplace and real-time global supply chain platform, with participation from Accel, Elevation, ADQ, Naval Ravikant, Jeff Fagnan, Jake Zeller and Nitesh Banta.
"The issues of the fashion industry supply chain have faced some unique challenges in the past few years that have also made the sector ripe for disruption. The Fashinza team has responded with agility, evolving to offer tech-based solutions beyond the traditional channels. We are confident about the team's capability as they look to scale further, and are delighted to partner with their mission," Ashutosh Sharma, Prosus Ventures Head of Investments.
PAG, an Asia-focused Alternative Investment firm, agreed to acquire the project development and operations platforms in Japan from First Solar, a firm that designs and manufactures solar photovoltaic panels, modules, and systems. Financial terms were not disclosed.
The project development platform being acquired is one of Japan’s largest solar pipelines and includes 293 MWDC of projects under construction and expected to commence operations in the next two years, as well as additional assets in development.
“We are incredibly excited to join PAG who, like us, sees tremendous opportunity for renewables to address the need for energy independence and the transition to carbon neutrality in Japan and beyond,” James Buford, First Solar CEO Japan.
Adani Group, a commodity trading business, agreed to acquire a 49% stake in Quintillion Business Media, a digital journalism and media company. Financial terms were not disclosed.
"The SHA and SPA record the terms of agreement with respect to the acquisition of 49% equity shares of QBML by AMG Media and the inter se rights and obligations and other matters in connection therewith," Adani.
Adani Group is advised by Cyril Amarchand Mangaldas.
Multiples, a private equity firm, Times Group, a media conglomerate, QRG Invest, Nishant Agarwal and Mallika Srinivasan agreed to acquire a 9.3% stake in BDR Pharmaceuticals, a pharmaceutical company, for $91m.
"It is our pleasure to partner Multiples, as our first PE investor. Multiples is an active investor in the pharmaceuticals sector and have a strong track record of partnering with visionary entrepreneurs and management teams in helping them in their transformation journeys,” Dharmesh Shah, BDR Pharmaceuticals Chairman and Managing Director.
Australia's Brambles ends $14bn takeover talks with CVC Capital. (FS)
Australia's Brambles said European private-equity firm CVC Capital Partners has ended preliminary talks with the company over a potential $14bn takeover offer, Reuters reported.
The development comes a day after the Australian logistics firm confirmed it was evaluating the offer, which would have been one of the biggest private-equity-backed takeovers in the country. It had not put a number on the deal.
Iraq balks at greater Chinese control of its oilfields.
Iraq's oil ministry thwarted three prospective deals last year that would have handed Chinese firms more control over its oilfields and led to an exodus of international oil majors that Baghdad wants to invest in its creaking economy.
Since the start of 2021, plans by Russia's Lukoil and US oil major Exxon Mobil to sell stakes in major fields to Chinese state-backed firms have hit the buffers after interventions from Iraq's oil ministry, Reuters reported.
SE Asia may see down-rounds in late-stage funding over valuation mismatch.
Southeast Asia's tech sector is exposed to see valuation resets over the next 6-12 months, which could eventually lead to down-rounds in later stage funding, after many new-economy companies raised money at eye-popping valuations, DealStreetAsia reported.
Take Indonesia's delivery firm J&T. In November last year, it was said to have raised $2.5bn in a funding round at a valuation of $20bn, compared with a reported $6bn valuation seven months earlier. Vietnam-based e-wallet MoMo also confirmed in December 2021 that its Mizuho-led Series E round brought the company's valuation to over $2bn while it was understood that the pre-money valuation was below the unicorn level.
Nomura aims to nearly double core pretax income in 3years riding on advisory services. (FS)
Nomura Holdings said it is targeting an up to 90% jump in core pretax income in three years as Japan's biggest brokerage and investment bank plans to beef up advisory services in pursuit of revenue less vulnerable to market swings, DealStreetAsia reported.
"We will work to expand businesses with stable revenue amid extremely high market volatility," Kentaro Okuda, Nomura CEO.
Global market volatility likely to cast a shadow on LIC's listing debut.
Life Insurance Corporation of India is likely to see a lacklustre debut when it lists on Indian stock exchange despite the $2.7bn IPO being oversubscribed, DealStreetAsia reported.
India priced LIC's record-breaking IPO last week at $12.2, the top of the indicated range. The government has raised around $2.7bn from selling a 3.5% stake in LIC.
Weststar Group weighs $300m helicopter unit IPO.
The Weststar Group is considering an IPO of its helicopter services unit in Kuala Lumpur to raise at least $300m, Bloomberg reported.
The conglomerate, controlled by Malaysian businessman Syed Azman Syed Ibrahim, has held initial talks with advisers on the listing of Weststar Aviation Services, which could happen as soon as next year. Weststar Group is also looking to sell a stake of as much as 20% in the helicopter unit in a funding round before the IPO, seeking a valuation of nearly $2bn including debt.
Indonesia's Merah Putih fund secures first close at $300m.
Indonesia's Merah Putih fund, set up by the government in partnership with the venture capital arms of some state-owned enterprises, has secured its first close at $300m, DealStreetAsia reported.
The fundraising milestone comes less than six months after government launched the vehicle in December last year.
Fidelity-backed Eight Roads Ventures launches $250m India healthcare fund.
Eight Roads Ventures, backed by global investment firm Fidelity, has launched a $250m fund to invest in healthcare and life sciences startups in India, DealStreetAsia reported.
The firm intends to deploy the fund to make minority investments in 15 to 20 companies. It will look at both smaller ticket-sized investments as well as those going up to $40m. It currently has a protfolio of 25 companies across the health and life sciences sectors.
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