AMERICAS
Tritium, an engineering and manufacturing company that specializes in sustainable energy applications, went public via a SPAC merger with Decarbonization Plus Acquisition II, a special purposes acquisition company, in a $1.2bn deal.
“Our transaction with DCRN is transformative for the acceleration of electrification. We expect the capital raised through the transaction, together with anticipated additional funding, to support Tritium’s business operations and to help strengthen our products and services to our customers, and continue to advance the e-mobility industry. The goal in our industry is to reduce global emissions and this transaction will support our mission to electrify transportation," Jane Hunter, Tritium CEO.
Tritium was advised by Ernst & Young, Credit Suisse, Morgan Stanley, Allens, Corrs Chambers Westgarth, King & Wood Mallesons, Latham & Watkins and ICR. Decarbonization Plus Acquisition II was advised by Citigroup, JP Morgan, Clifford Chance, Vinson & Elkins and Kekst CNC. Ilwella was advised by Herbert Smith Freehills.
Summit Hotel Properties, a publicly traded real estate investment trust, and GIC, an investment firm, completed the acquisition of a 27-hotel portfolio from NewcrestImage, a privately-owned hotel development, construction, and management firm, for $822m.
"We at NewcrestImage are extremely honored and proud to craft this transaction with the outstanding team at Summit Hotel Properties. NewcrestImage has assembled a collection of high-quality distinctive Marriott, Hilton, Hyatt, and IHG hotel properties throughout the Sun Belt region, which will be a great addition to Summit's portfolio. As we will become one of Summit's largest shareholders, we have confidence in Summit as one of the industry's leading owners with a highly regarded public platform. We believe the two portfolios create an excellent combination of hotels that have tremendous growth potential and are well-positioned to create long-term shareholder value as the lodging recovery continues," Mehul Patel, NewcrestImage Managing Partner and CEO.
Summit Hotel Properties was advised by Bank of America and Hunton Andrews Kurth. Debt financing was provided by Bank of America and Wells Fargo Securities. Newcrestimage was advised by Colven & Tran, Goodwin Procter, Haynes and Boone and Munsch Hardt Kopf & Harr.
Court Square Capital Partners, a private equity firm, completed the acquisition of a majority stake in GoEngineer, a provider of engineering software solutions. Financial terms were not disclosed.
“We are pleased to have a partner that will enable us to accelerate our investments in engineering, sales and services capabilities to further expand our leadership in 3D design, PLM software and additive manufacturing technologies,” Ken Coburn, GoEngineer Founder and CEO.
GoEngineer was advised by Lazard and Jones Day. Court Square Capital was advised by William Blair & Co, Dechert and Edelman. Debt financing was provided by Churchill Asset Management.
Western & Southern Financial Group, a diversified financial services businesses, completed the acquisition of Fabric Technologies, a fully digital life insurance platform. Financial terms were not disclosed.
"This highly innovative company and its entrepreneurial spirit are an excellent fit for Western & Southern, which has always been dedicated to offering tailored and straightforward financial solutions for our clients. Together, we continue our common mission of providing financial security to the middle market using a unique, fully-digital experience," John F. Barrett, Western & Southern Financial Group Chairman, President and CEO.
Fabric Technologies was advised by Perella Weinberg Partners, Goodwin Procter and Dotted Line Communications. Western & Southern Financial Group was advised by Goldman Sachs and Willkie Farr & Gallagher.
A&M Capital Partners, a private equity firm, completed the acquisition of a majority stake in P2P Staffing, a staffing and recruiting firm. Financial terms were not disclosed.
“We are very excited about this partnership because it signifies the beginning of a new chapter in P2P history. A&M Capital Partners has the experience and resources that make them the ideal partner as we take our growth strategies to the next level and accelerate our company’s evolution," Jay Bevilacqua, P2P Staffing CEO.
P2P Staffing was advised by Citizens Capital Markets and Alston & Bird. A&M Capital was advised by Houlihan Lokey and Kirkland & Ellis.
Berkshire Partners-backed Tango, a provider of cloud-based store lifecycle management and integrated workplace management software, completed the acquisition of AgilQuest, a provider of a flexible and hybrid workplace scheduling software. Financial terms were not disclosed.
“Doing so improves employee productivity, satisfaction, and retention while delivering bottom-line results through higher space utilization and lower occupancy costs. AgilQuest’s complementary solution provides a strategic extension of Tango’s reservations and resource scheduling capabilities, and collectively delivers an unmatched solution needed by companies of all sizes to address the requirements of a flexible work environment. We are delighted to welcome AgilQuest to the Tango family,” Pranav Tyagi, Tango President and CEO.
AgilQuest was advised by Vaquero Capital. Tango Analytics was advised by Ropes & Gray and Tier One Partners.
Journey Medical, a pharmaceutical company, agreed to acquire the molecule stabilizing technology of VYNE Therapeutics, a pharmaceutical company, for $475m.
“This transaction is a key component of our strategy to focus our future efforts and resources on the development of our immuno-inflammatory pipeline assets. We believe that Journey’s growing dermatology portfolio and extensive commercial expertise provide significant opportunity for the topical minocycline franchise moving forward," David Domzalski, VYNE CEO.
VYNE Therapeutics was advised by Guggenheim Partners, Skadden Arps Slate Meagher & Flom and LifeSci Public Relations.
The Riverside Company-backed Modern Campus, an engagement platform for higher education institutions, completed the acquisition of Signal Vine, a software developer. Financial terms were not disclosed.
“The addition of Signal Vine to the Modern Campus platform will enable institutions to drive measurable gains in enrollment and retention while collecting actionable insights to make an impact with students. The acquisition extends Modern Campus’ learning partners to more than 1.7k colleges and universities across North America and enables each institution to serve their students with a massively personalized experience throughout the learner-to-earner journey," Loren Schlachet, Riverside Managing Partner.
Signal Vine was advised by Lightning Partners. The Riverside Company was advised by Jones Day.
SiriusXM, an audio entertainment company, completed the acquisition of Cloud Cover Media, a music for business service, and employs business management, music programming, licensing, and software development teams. Financial terms were not disclosed.
"SiriusXM and Pandora have always offered a unique blend of great content and great technology. The addition of Cloud Cover Music to our commercial music portfolio is expected to help propel us forward and contribute to the growth of our business," Joe Verbrugge, SiriusXM Executive Vice President.
Cloud Cover Media was advised by Alkali Partners. SiriusXM was advised by Weil Gotshal and Manges.
San Francisco Equity Partners-backed SV Labs, a contract manufacturer of beauty and personal care products, agreed to acquire Diversified Manufacturing Corporation, a full-service contract manufacturer that develops, formulates and manufactures beauty and personal care products for well-known consumer brands. Financial terms were not disclosed.
“We see a significant growth opportunity in combining SV Labs’ existing capabilities with DMC’s to expand our offerings, increase our capacity, and continue delivering excellent service and quality to our customers. The addition of a major facility in the Midwest will enable us to serve our customers’ needs even faster and more efficiently than before,” Graham Orriss, SV Labs CEO.
San Francisco Equity Partners is advised by Morrison & Foerster and Blueshirt Group.
High Road Capital Partners-backed Exponential Power, a provider in stored power solutions utilized by industry leaders in energy services, utilities, industrial, telecom, data center, motive power, and material-handling markets, completed the acquisition of MaeTec Power, a provider of a service in the telecom and broadband industries across the United States. Financial terms were not disclosed.
“Exponential Power is an impressive company, and we look forward to our future successes,” he added. Exponential Power was formed in January 2021 through the merger of Storage Battery Systems, Nolan Power Group, Quality Standby Services and Summit Power Systems, and since then, the company has been on a path of exponential growth. MaeTec is Exponential Power’s third acquisition in the past four months. “The strength of our combined legacies brings tremendous value to our customers,” Mark Miller, MaeTec President.
High Road Capital Partners was advised by Jones Day.
Private equity firms B Capital Group and D1 Capital Partners, led a $248m Series F round in Highspot, a natively-built sales enablement platform. Additional investors included ICONIQ Growth, Madrona Venture Group, Salesforce Ventures, Sapphire Ventures, and Tiger Global Management.
"Transforming the way millions of people work is more than a phrase, it's our goal every day. To deliver a product millions of people love, we must continuously cultivate a workplace that energizes, inspires and supports our people to be their full selves and do their best work. Our focus has driven spectacular growth and the best part is, we're just getting started," Robert Wahbe, Highspot CEO.
D1 Capital Partners was advised by Paul Weiss Rifkind Wharton & Garrison.
D1 Capital Partners, a private equity firm, led a $100m Series C round in Foxtrot, a delivery services provider. Additional investors include Monogram, Imaginary, Almanac, Wittington, Fifth Wall and Beliade.
"With this new round of funding, we'll continue to accelerate the expansion of our brick and mortar presence, enter new and emerging markets and double down on new store formats that answer consumer demand for immersive programming and highly curated assortment. Our investments in technology will enhance our retail experience and drive omnichannel growth. We look forward to bringing Foxtrot to new neighborhoods, and highlighting the small makers that make our industry so exciting," Mike LaVitola, Foxtrot Co-Founder and CEO.
D1 Capital Partners was advised by Paul Weiss Rifkind Wharton & Garrison.
The Riverside Company-backed Buildout, a designer and developer of end-to-end solutions for commercial real estate listing, completed the acquisition of ProspectNow, a provider of AI-powered real estate property and owner intelligence. Financial terms were not disclosed.
“Not only are their markets and solutions complementary, but the ProspectNow and Buildout teams also share a vision and passion for delivering a world-class, full-lifecycle CRE broker deal-acceleration platform,” Loren Schlachet, Riverside Managing Partner.
The Riverside Company was advised by Jones Day.
The Toro Company, a worldwide provider of innovative solutions for the outdoor environment, completed the acquisition of Intimidator Group, a designer and manufacturer of Spartan Mowers, for $400m.
“Spartan’s product lineup complements our innovative Exmark and Toro branded equipment and provides unique opportunities to further leverage technology and design, procurement and manufacturing efficiencies. We are confident the combined efforts of our teams will help advance our strategic priorities while providing unparalleled products, technologies and service to our customers. This move also reinforces our commitment to disciplined capital deployment, including prudent investments in our business, strategic acquisitions, dividend growth and share repurchases, all of which position us to deliver compelling shareholder returns long-term,” Richard M. Olson, The Toro Company Chairman and CEO.
Friendly Group, a home services company, agreed to acquire Day & Night, a heating, ventilation, and air conditioning (HVAC) and plumbing services company. Financial terms were not disclosed.
"Day and Night's relationships with their customers and community are some of the best I have ever seen, and the people and culture behind that is the reason for the strength of this brand. We can't wait to build on that legacy with Mike and his leadership team," Joe Bergman, Friendly Group CEO.
Mars, a consumer products giant, agreed to acquire Nom Nom, a direct-to-consumer pet-food brand. Financial terms were not disclosed.
“Nom Nom is a science-forward technology company improving the lives of pets through fresh food for cats and dogs. We are confident that this acquisition will bring synergies to keep supporting their success in the fresh category while complementing our existing portfolio,” Grant F. Reid, Mars CEO.
Elliott and Vista in advanced talks to acquire Citrix at a $12bn valuation. (FS)
Elliott Investment Management and Vista Equity Partners are in advanced talks to buy software-maker Citrix Systems, in a $12bn deal.
Elliott and Vista have tapped banks to finance their offer. A deal could be announced within a few weeks, though talks could still end without an agreement,
Bloomberg reported.
Citrix has been exploring options including a potential sale. Those considerations came as Elliott took a 10% stake in Citrix.
Office Depot parent delays spin-off after new offer for consumer business.
ODP said it had decided to delay its previously announced plans to split into two public companies to mull over sale offers for its consumer business, sending its shares up 10%,
Reuters reported.
One of the offers, which first came in June from USR Parent, the parent of Staples and a portfolio company of private equity firm Sycamore Partners, had quoted $1bn in cash for the division.
The company said it still remains in talks with Sycamore, which reiterated its interested in November in the unit that includes the Office Depot and OfficeMax retail store businesses, while evaluating the regulatory risk of a potential deal.
Centricus Asset Management is in talks to acquire Imagine Entertainment for $600m. (FS)
Centricus Asset Management, a private equity firm, is in talks to acquire Imagine Entertainment, a film and TV producer, for $600m.
While the two parties are engaged in discussions, no final agreements have been reached, and the talks could still fall apart,
Bloomberg reported.
Wag Labs is in talks to go public via a SPAC merger with CHW Acquisition in a $350m deal.
Wag Labs, a dog-walking startup, is in talks to go public via a SPAC merger with CHW Acquisition, a special purposes acquisition company, in a $350m deal.
CHW Acquisition is in discussions to raise funds for a private investment in public equity, to support the transaction with Wag. The transaction value is based on a multiple of projected revenue of about $42m in 2022 and $71m in 2023. Terms aren’t finalized and it’s possible talks could collapse,
Bloomberg reported.
Citigroup sees sales process for Mexican unit starting in the spring.
Citigroup expects to start the sales process for its consumer, small-business and middle-market banking units in Mexico in the spring.
Banco Santander is among firms exploring bids for Citigroup’s retail-banking operations in Mexico, which could also draw interest from Grupo Financiero Banorte and Bank of Nova Scotia. The decision to exit retail banking in the country came on the heels of Fraser’s move to end similar operations in 13 markets across Asia and Europe. Mexico will be the last market Citigroup opts to depart,
Bloomberg reported.
"The bank has already begun to separate those businesses from the institutional offerings it plans to keep. Citigroup intends to maintain a locally licensed bank in Mexico. These are terrific, these are scaled, these are great franchises. This is a jewel for someone. It’s just not for us," Jane Fraser, Citigroup CEO.
Braskem announces share offering, as Petrobras and Novonor divest their stakes.
Brazilian petrochemical producer Braskem filed with the Securities and Exchange Commission for a share offering in which Petrobras and Novonor will sell their stakes in the petrochemical company.
The offering consists of two installments, in Brazil and in the United States, according to the filing. Petrobras and Novonor will sell 154.9m class A preferred shares in Braskem, which may be represented by American depositary shares, totaling around $1.45bn,
Reuters reported.
Goldman Sachs' Petershill nears deal for Arsenal Capital stake. (FS)
Petershill Partners, the London-listed subsidiary of Goldman Sachs Group's asset management division, is nearing a deal to acquire a stake in private equity firm Arsenal Capital Partners.
Petershill, which acquires minority stakes in alternative asset managers, has prevailed in an auction process to invest in Arsenal Capital. The size of the stake and the valuation being discussed could not be confirmed. It is not clear what Arsenal Capital will do with the proceeds and if its founders will use the opportunity to sell down part of their stakes,
Reuters reported.
Petershill said earlier this week it had completed fundraising for its fourth flagship fund after amassing $5bn from investors. The firm's previous investments in private equity fund managers include Accel-KKR, Francisco Partners and Riverstone Holdings.
Brazil's Rede D'or and Bueno family bid for UnitedHealth's Amil.
Brazilian hospital chain Rede D'or and the Bueno family are competing for the purchase of healthcare plan operator Amil, which is controlled by UnitedHealth Group,
Reuters reported.
Brazil's major healthcare groups have already been sounded about a potential interest in Amil, but, so far, Rede D'Or and the Bueno family, which also controls healthcare company Diagnosticos da America, are the frontrunners.
Houghton Mifflin Harcourt is exploring a sale.
Houghton Mifflin Harcourt, a publisher of education materials and research, is exploring a potential sale.
The Boston-based company is working with an adviser. Private equity firms are exploring bids for the company. No final decision has been made and the company could opt to remain independent,
Bloomberg reported.
Permira and Hellman & Friedman-backed Genesys taps investment banks for its $30bn IPO this year. (FS)
Permira and Hellman & Friedman-backed Genesys, a call-center tech provider, have selected underwriters for an initial public offering that could value the company at $30bn.
Permira and Hellman & Friedman are working with Goldman Sachs, JP Morgan and Morgan Stanley, among other underwriters for a US listing of the company this year,
Bloomberg reported.
Patrick Drahi-backed Sotheby’s selects banks for its $5bn IPO.
Patrick Drahi-backed Sotheby’s, an auction house, has selected Goldman Sachs and Morgan Stanley, to work on a potential US listing. Sotheby’s could appoint more banks to work on the IPO in the coming weeks.
An initial public offering could take place later this year and the company may seek a value of about $5bn, excluding debt. Deliberations are ongoing and the eventual timing and valuation of any listing will depend on investor appetite and market conditions,
Bloomberg reported.
Tiger Woods-backed Sports & Health Tech Acquisition files to raise $150m in an IPO.
Tiger Woods-backed Sports & Health Tech Acquisition, a special purpose acquisition company, has filed to raise $150m in an IPO.
Sports & Health Tech Acquisition said in its filing with the US Securities and Exchange Commission that it plans to seek a merger target in the sports or health technology sectors with an enterprise value of $600m to $1bn,
Bloomberg reported.
RBC Capital Markets is acting as the sole bookrunner for the listing. Sports & Health Tech Acquisition plans to list its units on the Nasdaq Global Market under the symbol LDSPU.
EMEA
Mimecast, the email security provider that announced a deal to go private last month, has rejected a higher offer from Thoma Bravo-backed Proofpoint due to antitrust risks,
Reuters reported.
Proofpoint offered $92.50 cash per share on December 31, weeks after private equity firm Permira signed a $5.8bn deal to buy Mimecast with a 30-day go-shop period during which Mimecast can talk with other parties.
Mimecast is advised by Citigroup, Goodwin Procter and Joele Frank. Financial advisors are advised by White & Case. Permira Advisers is advised by Bank of America, JP Morgan, Qatalyst Partners, RBC Capital Markets, Fried Frank Harris Shriver & Jacobson and Sard Verbinnen & Co. Debt financing is provided by Ares Management and Blackstone. Debt providers are advised by Willkie Farr & Gallagher.
Aareal Bank, a German property lender, long-running feud with activists is coming to a head this week, as shareholders face a deadline on whether to support a $2bn private equity buyout,
Bloomberg reported.
Aareal Bank investors have until January 19 to accept the offer of $33 per share from Advent International and Centerbridge Partners. The buyers argue the bid provides a chance to exit at an attractive premium, while dissident shareholders say it undervalues the company’s prospects.
Aareal Bank is advised by Deutsche Bank, Perella Weinberg Partners, Freshfields Bruckhaus Deringer and Latham & Watkins. Centerbridge Partners is advised by Gibson Dunn & Crutcher. Advent International is advised by Goldman Sachs, Gibson Dunn & Crutcher and Sullivan & Cromwell. Financial advisors are advised by White & Case.
Germany's approval of chipmaker Siltronic's sale to Taiwan's GlobalWafers, a key requirement for the deal, is still outstanding less than three weeks before a deadline expires,
Reuters reported.
Germany's Federal Ministry for Economic Affairs and Climate Action must approve the $5bn sale, agreed about a year ago, by January 31. Otherwise the transaction will collapse.
Siltronic is advised by Credit Suisse and Hengeler Mueller. Globalwafers is advised by Nomura, Linklaters, White & Case and Brunswick Group.
Diligent, a modern governance company providing SaaS solutions across governance, risk, compliance and ESG, completed the acquisition of Insightia, a SaaS provider of expert insights and intelligent analytics for listed companies. Financial terms were not disclosed.
“From our regular interactions with board members, business leaders and investors, we understand that having access to the most comprehensive and relevant data facilitates better guidance and confident decision-making. That is why we are so pleased to bring onboard Insightia’s deep experience and market-leading intelligent analytics, particularly against the backdrop of a marketplace where shareholder engagement is rapidly evolving. Current and future clients can look forward to even more insights on the issues that matter most so that they can continue to build successful, equitable and sustainable organizations,” Brian Stafford, Diligent CEO.
Insightia was advised by Taylor Wessing. Diligent was advised by District Capital Partners, Willkie Farr & Gallagher and Cognito.
New Stratus Energy, an oil and gas company, completed the acquisition of a 35% stake in Ecuador block of Repsol, an energy and petrochemical company, for $200m.
"The sale is an important step in the announced process of asset portfolio rotation that will allow the Repsol to concentrate on assets in fewer regions and maintain flexibility as the strategic business focus," Repsol.
Repsol was advised by JP Morgan and Latham & Watkins.
Waterland Private Equity, a private equity firm, completed the acquisition of a majority stake in Duvenbeck Group, a logistics company. Financial terms were not disclosed.
“Duvenbeck has always been hugely proud of its distinctive corporate culture. It was important to us that a new shareholder would understand, share and actively live up to our corporate values. During our discussions with Waterland, the chemistry felt good right from the start. We are confident that we have found an ideal long-term companion in Waterland," Christian Schweckhorst, Duvenbeck Managing Director.
Waterland Private Equity was advised by Hengeler Mueller.
Deutsche Beteiligungs, a public investment firm, agreed to acquire a majority stake in in-tech, a technology company for engineering services and software. Financial terms were not disclosed.
“We are working towards the goal that in future all cars will be autonomous, electrical and connected, and we are developing smart mobility solutions for tomorrow – for example, for the digital train, carsharing, or electric mobility. With DBAG and DBAG Fund VIII, we can benefit from new strategic opportunities to continue our company's dynamic development – this will also lead to a further expansion of our national and international sites and, as a result, to more jobs,” Christian Wagner, in-tech Managing Partners.
Deutsche Beteiligungs is advised by Shearman & Sterling.
Cementos Molins-backed Precon, a provider of cement production services, completed the acquisition of Pretersa, a company in full expansion, dedicated to the design, manufacture and assembly of precast concrete infrastructures, from Kartesia, a private equity firm. Financial terms were not disclosed.
"With this acquisition, Cementos Molins strengthens its business in Spain and unlocks significant synergies with the existing operations. I warmly welcome the Pretersa Prenavisa team, their deep knowledge and experience in the sector, its high-quality precast product range, and its excellent service- and customer-oriented organisation will allow us to develop new market opportunities and achieve a further step forward in our strategy of profitable and sustainable growth," Julio Rodriguez, Cementos Molins CEO.
Kartesia was advised by DC Advisory.
Consumer goods giant Unilever said it had approached Glaxosmithkline about buying the pharmaceutical group's consumer goods arm, after that a $68.4bn bid it made had been rebuffed,
Reuters reported.
Unilever, which has been under fire from some investors for the group's underperforming share price, confirmed the approach about a potential acquisition of the business in a statement.
Sixth Street Partners in final talks to buy stake in Eni's power unit for $1.4bn. (FS)
Sixth Street Partners, a private equity firm, has emerged as the leading bidder for the power generation unit of Italian energy group Eni and is in advanced talks to buy a minority stake in the business,
Reuters reported.
Eni, advised by JPMorgan, is looking to sell a stake of up to 49% in Enipower in a deal that could value the business at up to $1.4bn. The sale is expected to be wrapped up by the end of the first quarter.
Spain to weigh Air Europa stake in a revised deal with IAG.
Spain is considering taking a direct stake in Air Europa as part of a revised plan to rescue the troubled airline after the collapse of its proposed sale to IAG.
Under a new structure under discussion, state-backed coronavirus bailout loans could be converted into a government holding of about 40% in the carrier.
IAG, the owner of British Airways and Spanish flag-carrier Iberia, would also likely acquire a stake, leaving the Hidalgo family, Air Europa’s current owners, with a small holding. The talks are ongoing and there’s no guarantee an agrement will be reached,
Bloomberg reported.
John Textor to seek Portugal football alternatives if Benfica talks fail.
John Textor, an American business tycoon, will target Portugal for his next European soccer investment, regardless of whether his negotiations to buy a stake in Lisbon-based SL Benfica succeed.
Textor is in talks with Benfica shareholder Antonio dos Santos to acquire 16% of the historic club. Previously he had been seeking as much as 25% of Benfica stock,
Bloomberg reported.
“It has been a long courtship to see if this might work for them and I hope it will. If it’s not Benfica, I am committed to invest in Portugal," John Textor.
DEWA set to court wealth funds for its $25bn IPO investor talks.
Dubai Electricity & Water Authority, Dubai’s main utility will hold its first meetings with select top investors as soon as this week to drum up interest for what will likely be among the city’s largest listings,
Bloomberg reported.
Bankers and officials at DEWA plan to meet investors including sovereign and pension funds. The meeting, scheduled for the second half of this week, will be the first of a series of planned engagements with investors and analysts ahead of the planned listing. The IPO, which could value the utility at as much as $25bn, may happen by April.
DEWA has chosen Citigroup, HSBC and Emirates NBD Bank to lead the offering.
Salik selects Moelis for its Dubai IPO.
Salik, Dubai’s road-toll collection system, has picked Moelis as its financial adviser for its local stock exchange listing.
Salik could add additional banks before the listing. It isn't clear yet what valuation Salik will seek.
The emirate’s deputy ruler in November announced plans for the initial public offering of Salik as part of a broader plan to list 10 state entities. The goal is to revive Dubai’s moribund stock market and close the gap with exchanges in rival financial centers Abu Dhabi and Riyadh,
Bloomberg reported.
APAC
ENEOS, a Japanese petroleum and metals conglomerate, completed the acquisition of Japan Renewable Energy, a renewable energy power generation company, from private equity firms Goldman Sachs Asset Management and GIC, for $1.8bn.
“We are proud to have led the creation of JRE and built the company into one of the leading renewable energy producers in Japan. We thank JRE’s management team and employees for their amazing performance and achievements and wish them continued success," Philippe Camu, Goldman Sachs Global Co-Head of the Infrastructure.
ENEOS was advised by JP Morgan and White & Case. Goldman Sachs Asset Management was advised by Latham & Watkins.
United Overseas Bank, a Singaporean multinational banking organisation, agreed to acquire Southeast Asian consumer business of Citigroup, an American multinational investment bank and financial services corporation, for $3.7bn.
"From the integration standpoint, acquiring from a single, reputable seller with a uniform franchise will reduce complexity. One bank, one platform, one model," Wee Ee Cheong, United Overseas Bank deputy Chairman and CEO.
United Overseas Bank is advised by Credit Suisse and Allen & Overy. Citigroup is advised by Citigroup.
China Cinda Asset Management, a Chinese merchant bank and asset management company, failed to acquire 20% stake in consumer finance unit of Ant Group, an owner of digital payment platform Alipay, for $943m.
"After further prudent commercial consideration and negotiation with (Chongqing Ant Consumer Finance), the company proposed not to participate in the share subscription," Zhang Weidong, China Cinda Asset Management CEO and President.
Hero Motocorp, an Indian two-wheeler vehicle maker, agreed to invest $56m in Ather Energy, an electric vehicle start-up.
"We were one of the early investors in Ather Energy and have continued to expand our association over the years. We are excited to see the growth of Ather Energy in recent years. Our aim is to expand the Hero MotoCorp brand promise and make EV ownership a convenient, hassle-free, and rewarding experience for customers across the world," Swadesh Srivastava, Hero MotoCorp Head of Emerging Mobility Business Unit.
Ant-backed Akulaku mulls SPAC merger at $2bn value.
Akulaku, an Indonesian online lender backed by Jack Ma’s Ant Group, is considering a US listing via a merger with a blank-check company that could value the combined entity at about $2bn,
Bloomberg reported.
The fintech startup is working with advisers on a potential deal and is in early talks with Catcha Investment, the SPAC set up by internet entrepreneur Patrick Grove. A merger with a blank-check company could take place as soon as this year.
Hitachi in talk to sell about 50% of its stake in construction unit for $1.6bn.
Hitachi is in talks to sell about half of its stake in Hitachi Construction Machinery to trading company Itochu International in a sale worth about $1.6bn.
Hitachi currently owns a 51.5% stake in the construction company. The sale would represent a final tranche of Hitachi's decade-long business portfolio overhaul, in which it sold chip-making equipment manufacturer Hitachi Kokusai Electric and chemicals maker Hitachi Chemical in recent years,
Reuters reported.
Kirin weighs $1bn stake sale in China Resources joint venture.
Kirin Holdings, Japan’s second-largest beverage company by market value, is considering selling its 40% stake in a joint venture with state-owned China Resources Holdings.
The Tokyo-based company is in discussions with the Chinese conglomerate and reviewing potential buyers for its stake in China Resources C’estbon Beverage (China), which could fetch about $1bn.
The asset could get new Chinese investors as part of a mixed-ownership program the government is encouraging. Deliberations are ongoing and details such as timing and the size of the deal could still change,
Bloomberg reported.
LIC to open India's biggest IPO issue by mid-March.
Life Insurance Corporation, India's largest insurer, could publish key details of its mammoth initial public offering this month and begin issuing public shares by mid-March.
LIC's listing is set to be India's biggest ever IPO, with the government aiming to raise up to $12.2bn from selling a stake. The commerce and industry ministry has also made some amendments in the foreign direct investment policy to ensure maximum participation in this IPO from other countries as well. As of now, a 20 per cent foreign direct investment limit has been proposed for this IPO and the Department for Promotion of Industry and Internal Trade is likely to bring a proposal to the cabinet soon.
LG Energy raises $10.7bn in South Korea's biggest IPO.
LG Energy Solution, a battery maker, priced shares to raise $10.7bn in South Korea’s biggest initial public offering. The offering was 2,023 times subscribed by institutional investors.
The shares were priced at the top of the marketed range. The deal values the battery maker at about $59bn, ranking it the third-biggest company on the benchmark Kospi, behind chipmakers Samsung Electronics and SK Hynix,
Bloomberg reported.
Xi’an Giant Biogene said to pick CICC and Goldman Sachs for its $1bn Hong Kong IPO.
Xi’an Giant Biogene Technology, a cosmetics firm, has selected banks for an initial public offering in Hong Kong that could take place as soon as this year.
Xi’an Giant Biogene is working with China International Capital and Goldman Sachs on the proposed share sale that could raise as much as $1bn. Considerations are ongoing and details of the offering such as the fundraising amount and timing could still change.
Alibaba-backed Freshippo considers funding at a $10bn valuation.
Alibaba Group-backed Freshippo, a grocery chain, is considering raising funds at a proposed valuation of $10bn.
Freshippo is working with an adviser on an exclusive list of potential strategic and financial investors that will be invited to join the funding round, which is likely to kick off next month.
The separate fundraising suggests the prospect that Alibaba may consider spinning off the chain as a separate business, unlocking some of the value in a brand that once formed the centerpiece of its burgeoning physical retail operation. Alibaba has yet to decide on the size of Freshippo’s planned fundraising, though China’s e-commerce leader will retain a major stake in its new retail arm after the funding round,
Bloomberg reported.
China's NewBorn Town to set up $100m fund to privatise US-listed LGBTQ dating app.
Chinese social media firm NewBorn Town is planning to set up a $100m fund with an aim to privatise Nasdaq-listed BlueCity Holdings - the operator of Blued, the country's biggest LGBTQ dating app. The move will also help to up NewBorn Town's stake in the global social networking and mobile gaming market,
DealStreetAsia reported.
Hong Kong-listed NewBorn Town will launch the fund along with its largest shareholder Spriver Tech, and wholly-owned subsidiary of Spriver, the firm announced in a regulatory filing. Spriver is wholly owned by Liu Chunhe, NewBorn Town Founder, CEO and Chairman.
