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AMERICAS
US Steel shareholders voted in favor of the proposed $14.9bn acquisition by Japan's Nippon Steel, moving the merger closer to completion while the deal faces regulatory scrutiny and political opposition, Reuters reported.
Nippon's proposal to buy US Steel has been opposed by several US lawmakers on national security grounds, with President Joe Biden expected to voice concerns over the buyout in the coming days. The deal has also drawn criticism from the powerful United Steelworkers union.
An Exxon Mobil arbitration case that could block the sale of Hess to Chevron could drag on until year-end, Reuters reported.
The filing signals any closing of its $53bn sale to Chevron could fall into next year, at least six months later than a prior goal of finalising the deal by mid-2024.
Exxon and CNOOC filed cases before the International Chamber of Commerce last month, seeking to claim a right to a first refusal over any sale of Hess's 30% stake in the giant Stabroek offshore oil block, home of the largest oil discovery in nearly a decade.
SageSure, a leader in catastrophe-exposed property insurance, agreed to acquire the managing general agent business of GeoVera, a residential insurance products provider. Financial terms were not disclosed.
"We are excited to enter into an agreement that solidifies SageSure as one of the leading underwriters of catastrophe-exposed property risk in the US. This transaction is a rare opportunity to create significant value for employees and investors of both companies. The addition of Nesrin Basoz and the GeoVera MGA team will ensure continuity in GeoVera's product offerings and a seamless experience for GeoVera distributors and policyholders," Terrence McLean, SageSure President and CEO.
SageSure is advised by Howden, Willkie Farr & Gallagher and Walker Sands Communications. Debt financing is provided by Ares Management. GeoVera is advised by Kirkland & Ellis.
LCNB, a financial holding company, completed the acquisition of Eagle Financial, a bank. Financial terms were not disclosed.
"We are excited to complete the Eagle transaction following the November 2023 acquisition of Cincinnati Federal. As a result of these two transactions, LCNB has created a premier community banking institution across attractive Southwestern Ohio and Northern Kentucky markets. We are proud to bring LCNB's community-focused financial products and resources, including trust and wealth management solutions, to more customers in the greater Cincinnati region. Eagle operated from three locations, had approximately $137m in deposits and approximately $141m in total loans. On behalf of everyone at the Bank, I want to welcome Eagle's customers, employees, and shareholders to LCNB," Eric Meilstrup, LCNB President and CEO.
Eagle Financial was advised by Janney Montgomery Scott and Luse Gorman. LCNB was advised by Hovde Group, Dinsmore & Shohl and SM Berger & Company (led by Andrew M. Berger).
World Insurance Associates, an insurance brokerage, completed the acquisition of InterWeb Insurance, a commercial insurance provider. Financial terms were not disclosed.
"On behalf of the World family, I would like to extend a warm welcome to InterWeb. They have decades of experience in the insurance industry and are known for providing innovative, specific solutions to their customers. They will be a terrific addition to World," Rich Eknoian, World Insurance Associates CEO and Co-Founder.
InterWeb Insurance was advised by Sica Fletcher and Satin and Lee. World Insurance Associates was advised by TAG Consulting Services and Giordano Halleran & Ciesla.
Manulife Investment Management, a private equity firm, led a $520m investment round in Nexamp, an independent renewable energy provider, with participation from Diamond Generating Corporation and Generate Capital.
"This landmark financing comes at a pivotal moment in the evolution of America's energy economy, and underscores the indispensable role of community solar in democratising access to clean, affordable energy solutions for every American. This unprecedented investment reflects swelling confidence in the ability of independent renewable energy providers to reimagine outmoded infrastructure and reshape our grid. Nexamp is committed to deep collaboration with communities across the nation in building a more sustainable future for us all," Zaid Ashai, Nexamp CEO.
Nexamp was advised by Bank of America. Manulife was advised by Jefferies & Company.
NextPlat, a global e-commerce provider, agreed to acquire the remaining stake in Progressive Care, a health services organization. Financial terms were not disclosed.
"In consultation with the board, we believe that the long-term value of Progressive Care can best be realized through a combination with NextPlat, thereby making it a wholly owned subsidiary. As a result of this business combination, we expect to quickly realize an array of valuable synergies from additional top-line growth to improved bottom-line profitability. Progressive Care's continued success provides us with great confidence it is ability to contribute positively to the value of NextPlat as we seek to further expand our access into the large personalized healthcare services marketplace," Charles M. Fernandez, NextPlat Executive Chairman and CEO.
NextPlat is advised by ArentFox Schiff. Progressive Care is advised by Lucosky Brookman.
Halle Capital-backed True Environmental, a platform focused on building a consulting and engineering organization for environmental end markets, agreed completed the acquisition of Triton Environmental, a full-service environmental consulting firm,. Financial terms were not disclosed.
"Triton has established an excellent company that focuses on engaging its employees and providing exceptional client service to both private and public sectors in the Northeast region. We are excited to collaborate with Triton's management, including Chris, Carver, Paul Simonetta, Steve Benben, and Rob MacDuff and the rest of Triton's team, to consistently deliver top-notch solutions that address their clients' intricate environmental problems," Jim Stamatis, True Environmental, CEO.
Halle Capital was advised by Prosek Partners (led by Mike Geller).
Peak Rock Capital-backed Amtech, an industrial software solutions provider to the packaging industry, completed the acquisition of Label Traxx, a business management software provider for the label printing and flexible packaging segments of the packaging industry. Financial terms were not disclosed.
"Together, Amtech and Label Traxx form a highly differentiated, premier software platform within the packaging industry. The combined company will offer best-in-class, end-to-end solutions to meet our customers' packaging and labeling needs across the world, while optimizing their operations at both the enterprise and plant-level," Chuck Schneider, Amtech CEO.
The Riverside Company, a private equity firm, completed the acquisition of Kaseware, a provider of investigation management software. Financial terms were not disclosed.
"The Riverside team and their investment philosophy are a perfect fit as we look to further expand and innovate our product. We were pleased to find an investor that shares our vision for driving innovation across the public safety and security industries," Dorian Deligeorges, Kaseware Co-Founder & CEO.
The Riverside Company was advised by Jones Day.
Graham Partners, a private equity firm, completed the acquisition of a majority stake in E Tech Group, an automation system integrators. Financial terms were not disclosed.
"The E Tech Group is on a mission to disrupt and reshape the world of industrial automation. This new investment will advance our ability to provide distinctive automation solutions, elevating efficiency and productivity while redefining how manufacturing is done in North America," Matt Wise, E Tech Group CEO.
E Tech Group is advised by Robert W Baird.
Billy Reid, the namesake line of fashion designer Billy Reid, agreed to acquire the direct to consumer business from Knot Standard, a custom clothing company. Financial terms were not disclosed.
"We're excited to build upon our already existing partnership with Knot Standard and begin working directly with their eight locations. We were initially attracted to the product quality, similar customer and unique business model, all of which complement the Billy Reid business and will create a stronger consumer offering than each brand could have achieved alone," Jeff Zens, Billy Reid CEO.
Big 7 Ventures, a private equity firm, completed the acquisition of Bowtex, a manufacturer of survey stakes and other specialty grading products. Financial terms were not disclosed.
"Bowtex LP's exceptional product line, commitment to quality, and strong customer relationships make it an ideal fit for our investment portfolio. We are excited to partner with the Bowtex LP team and look forward to supporting their continued success and growth," Kurt Winter, Big 7 Ventures CEO.
Brookfield is in talks to buy a majority stake in Castlelake. (FS)
Brookfield Asset Management is in advanced talks to buy a majority stake in private-credit manager Castlelake.
The potential deal would see Brookfield invest more than $1.5bn in the Minneapolis-based firm, which manages around $22bn. The talks are advanced but could still fall apart. As part of the deal, Brookfield would be entitled to receive 51% of fee-related earnings and a much smaller share of carried interest, Bloomberg reported.
Dish Network fields financing offers from private credit firms.
Dish Network, the satellite-TV provider saddled with more than $20bn in debt and losing customers, has received financing offers from private credit firms, Bloomberg reported.
Dish has fielded at least one proposal of more than $1bn for financing that would be linked to a so-called unrestricted subsidiary, or a unit that’s free to incur debt. Among options on the table would be debt that is collateralized by Dish’s wireless spectrum.
Generac eyes power deals with $1bn to spend.
Generac, the biggest US supplier of backup power generators, is considering acquisitions to boost its product offerings as electricity costs soar to meet booming demand, Bloomberg reported.
“Utility bills are going to become one of your biggest monthly expenses. Managing power usage will be very important as costs rise,” Aaron Jagdfeld, Generac Holdings CEO.
Power prices are surging in parts of the country as utilities race to fortify grids vulnerable to wildfires and try to satisfy booming electric demand from data centers, artificial intelligence, electric vehicles and industrial facilities. Jagdfeld expects power prices to double over the next two decades.
Salesforce in advanced talks to buy Informatica.
American cloud-based software company Salesforce is in advanced talks to acquire business software maker Informatica, Reuters reported.
A deal could be announced soon.The price of the deal being discussed is below Informatica's current stock price of $38.48.
Hedge fund Barington urges Paramount to scrap talks with Skydance. (FS)
Some Paramount Global investors are speaking out about a possible merger with Skydance Media, calling on the US media conglomerate to look at other options and to treat shareholders equitably if this deal should be inked. Skydance has been conducting exclusive talks with Paramount Global.
Hedge fund Barington Capital urged Paramount Global to scrap its exclusive merger talks with Skydance Media, arguing all shareholders would benefit if the company looked at other potential bidders. The New York-based hedge fund, which owns 325k shares in Paramount, has joined a chorus of increasingly disgruntled investors who say they are fearful of being cheated in a potential deal that is widely seen as favoring the company's controlling shareholder, Shari Redstone, Reuters reported.
Clearlake renews pursuit of Blackbaud. (FS)
Clearlake Capital Group is exploring a renewed effort to take Blackbaud private, roughly a year after its last approach was rebuffed by the cloud software provider.
The investment firm is talking to potential advisers about making a fresh offer to Blackbaud's board. Clearlake already owns about 18.9% of Blackbaud's outstanding stock.
While Clearlake has not yet approached Blackbaud with a proposal, the firm has reached out to banks and direct lenders about financing packages that could support a potential takeover of the company. Deliberations are still at an early stage and there's no certainty Clearlake will decide to pursue a transaction, Bloomberg reported.
KKR Co-CEOs predict revival in global IPO and takeover activity. (FS)
KKR, one of the pioneers of the $15tn private capital industry, is hastening plans to sell large investments or take them public after higher interest rates caused a two-year slowdown in takeovers and initial public offerings, Financial Times reported.
Scott Nuttall and Joseph Bae, co-chief executives of the New York-based group, said they were seeing an improvement in activity to take portfolio companies public. KKR was also holding talks with large corporations and other private equity buyers about potential asset sales.
Safety firm UL Solutions jumps 25% after $946m IPO.
UL Solutions shares climbed nearly 25% after the safety testing and inspection company’s expanded initial public offering raised $946m, as the nascent recovery in listings continues to grow, Bloomberg reported.
The Northbrook, Illinois-based firm’s shares closed at $34.94 each in New York trading on Friday 12th of April after selling for $28 in the IPO. UL Standards & Engagement, a nonprofit that was the company’s sole stockholder, increased the size of the IPO on Thursday to 33.8m shares. UL Solutions has a market value of about $7.2bn.
Omers Private Equity explores IPO of transport and logistics firm Kenan. (FS)
Omers Private Equity is exploring an initial public offering of Kenan Advantage Group, one of North America’s biggest tank truck transporter and logistics providers, Bloomberg reported.
Omers is discussing a US listing in which the North Canton, Ohio-based company may raise about $400m. Kenan could be valued at about $3.5bn in an IPO.
Lone View raises $850m for inaugural fund. (FS)
Lone View Capital, an LA-based private equity firm investing in the technology sector, has held final close of its inaugural fund, Lone View Capital Fund I with total committed capital of $850m, bringing the firm’s AUM to approximately $1.1bn.
Fund I was backed by university endowments, sovereign wealth funds, charitable foundations, pension funds, asset managers, insurance companies and family offices.
Lone View was advised by Kirkland & Ellis.
Compass Group closes second oversubscribed fund in two years. (FS)
US private equity firm Compass Group Equity Partners has closed Compass Group Fund III and hit its hard cap of $408m, the firm’s second oversubscribed fundraising in two years.
The fund attracted “strong carryover” from investors in the firm’s previous fund, which closed in April 2022, having secured support from insurance companies, endowments, registered investment advisors, and foundations.Since its first investment in 2015, Compass Group has invested in 14 portfolio companies, more than 230 bolt-ons and has completed four exits.
Compass Group was advised by McGuireWoods and Aqueduct Capital Group.
Jefferies hires senior JPMorgan health-care banker Philip Ross. (People)
Jefferies Financial Group has hired veteran health-care banker Philip Ross from JP Morgan, Bloomberg reported.
Ross, who has worked at JPMorgan for more than 25 years, is joining Jefferies as a vice chairman of the firm and global chairman of health-care investment banking. Ross was most recently global chairman for health care in JPMorgan’s investment banking group. He will start at Jefferies after a standard period of leave.
SoftBank-backed Unicorn Rappi hires CFO to get ready for IPO. (FS, People)
Rappi , one of Latin America’s most valuable startups, hired its first chief financial officer to prepare the SoftBank-backed delivery service for a future public listing, Bloomberg reported.
Tiago Azevedo joined Rappi’s C-suite, based in Sao Paulo, following stints as finance chief for the Brazil divisions of MercadoLibre and The Hershey Company.
EMEA
Bending Spoons, a technology company, agreed to acquire Hopin, a software company. Financial terms were not disclosed.
"We admire what the StreamYard team has built and look forward to leveraging our know-how and technologies to help its solutions reach new heights going forward," Luca Ferrari, Bending Spoons Co-Founder and CEO.
Hopin is advised by Goodwin Procter and LionTree Advisors. Bending Spoons is advised by KPMG and Willkie Farr & Gallagher (led by Anna Martini G. Pereira).
Motel One, a German budget hotel chain, completed the acquisition of the remaining 35% stake in One Hotels & Resorts, a hotel chain operator, from Proprium Capital Partners, a private equity firm, for €1.25bn ($1.33bn).
"We are proud to have been a long-term partner to Dieter Müller and the Motel One team on its impressive growth journey for more than 15 years. Motel One has delivered outstanding profitable growth since inception by combining a unique design-led hotel concept, a disciplined and cash generative business model and an entrepreneurial culture. While the sale of our stake in Motel One will generate very attractive returns for our investors, we leave Motel One very well positioned with an enormous potential for future growth. The investment in Motel One exemplifies Proprium's commitment to platform investing, aimed at delivering outsized private equity returns within the real estate industry," Philipp Westermann, Proprium Partner & Head of Europe.
One Hotels & Resorts was advised by Hengeler Mueller. Proprium Capital Partners was advised by Morgan Stanley and Freshfields Bruckhaus Deringer.
Groupe BPCE, a major French banking group, agreed to acquire a majority stake in Societe Generale Equipment Finance, an international equipment and vendor finance specialist, from Societe Generale, a multinational financial services company, in a €1.1bn ($1.17bn) deal.
"During the presentation of the Group's strategy in September 2023, we affirmed Societe Generale's ambition to be a rock-solid and sustainable top tier European bank. We announced that the Group would take strategic decisions to simplify its business portfolio and shape a more integrated, competitive and synergetic business model. The signing of the Memorandum of Understanding with Groupe BPCE for the sale of SGEF's activities illustrates the strategic roadmap's execution that creates value for all our stakeholders," Slawomir Krupa, Societe Generale CEO.
Groupe BPCE is advised by Rothschild & Co. Societe Generale is advised by Morgan Stanley.
CREDITAS Group, a financial services firm, agreed to acquire GGE, a producer and distributor of electricity, from Infracapital, an investor in essential core infrastructure assets. Financial terms were not disclosed.
"The management team has been instrumental in the transformation of GGE over the nine years of Infracapital's ownership. We would like to thank them for their dedication and the fantastic EBITDA growth that has been achieved. The business is in great shape and is now strongly positioned as a key player in the Slovakian energy market. We wish the new owners every success in the future," Mark Chladek, Infracapital Head of Brownfield.
Infracapital is advised by DC Advisory and Teneo.
Mutares, a private equity firm, agreed to acquire the Polish high voltage business of Eltel, a Nordic service provider for critical infrastructure that enables renewable energy and high-performing communication networks. Financial terms were not disclosed.
"We are satisfied to find a new owner in Mutares, who can continue to develop the Polish business. The transaction creates value for us and our shareholders by minimising complexity and risks associated with project business outside Nordics. The Eltel Group Management team will focus on executing on our new strategy by developing new service offerings and broadening our customer base in our core markets," Håkan Dahlström, Eltel President and CEO.
Eltel is advised by DC Advisory.
Ascend Elements, a manufacturer of advanced battery materials, and Elemental Strategic Metals, a recycling powerhouse, agreed to form AE Elemental, an electric vehicle battery recycling joint venture. Financial terms were not disclosed.
"The AE Elemental JV is a significant milestone for Ascend Elements, representing our first commercial-scale battery recycling facility in Europe. We're pleased to be working closely with Elemental Strategic Metals. Expanding into Europe will allow us to better service our customers locally and help the industry comply with new EU rules requiring recycled material in new batteries. This is a perfect time to expand our operations," Mike O'Kronley, Ascend Elements CEO.
Ascend Elements is advised by Gessel.
Nalka Invest and Kirk Kapital, two investment firms, agreed to acquire Norstat, a data collectors for market research and insight, from Triton, a private equity firm. Financial terms were not disclosed.
"Norstat is truly a leading company within its market, that we have followed over time. We are impressed by the team and its position as the go-to provider of high-quality data and insights in Europe. The deal is pending regulatory approval, but we are looking forward to our future cooperation with Norstat and to contribute to the company's development. We are also glad to partner with Kirk Kapital as a large minority shareholder, a strong partner sharing our values and long-term perspective on business development," Martin Lagerblad, Nalka Invest Managing Director.
Triton is advised by William Blair & Co.
Cisco, a multinational digital communications technology conglomerate corporation, completed the acquisition of Isovalent, a software company. Financial terms were not disclosed.
"Together with Isovalent, Cisco will build on the open source power of Cilium to create a truly unique multicloud security and networking capability to help customers simplify and accelerate their digital transformation journeys," Jeetu Patel, Cisco Executive Vice President and General Manager of Security and Collaboration.
Essential Pharma, an international specialty pharma group, completed the acquisition of Renaissance Pharma, a clinical stage pharmaceutical company. Financial terms were not disclosed.
"Essential Pharma is the right partner to take Hu14.18 forward. Having worked alongside Emma at EUSA Pharma, a company specialising in oncology and rare disease, I know that she and the Essential Pharma team have the experience and expertise to bring this important product to market and make it available for children with high-risk neuroblastoma," Lee Morley, Renaissance Pharma Chairman.
Renaissance Pharma was advised by Rothschild & Co.
Fortress Investment Group, a private equity firm, completed the acquisition of Poundstretcher, a British variety store chain. Financial terms were not disclosed.
"Poundstretcher is an exciting business in a critical part of the UK retail sector, and we recognise its importance to consumers across the country. We have long believed in the UK, and the consumer sector, as evidenced by our investments. We have a demonstrated history of investing in sponsored companies to drive growth, increase profitability and job creation – our plans for Poundstretcher are no different," Ahsan Aijaz, Fortress Co-Head of Private Equity.
Crown Crest Group was advised by Rothschild & Co.
Blackstone agreed to acquire a 50.7% stake in Winthrop Technologies, a turnkey data centre delivery provider. Financial terms were not disclosed.
"The partnership with Blackstone marks a new era of growth for Winthrop Technologies. This is an investment in the company's leadership, and our team at all levels, who have achieved our strong current market position and will continue to drive Winthrop Technologies into its next phase. Together with Managing Director Bernard Keane, and our senior management team, we look forward to working with the Blackstone team to showcase our best-in-class delivery," Anne Dooley, Winthrop Technologies CEO.
Winthrop Technologies was advised by Rothschild & Co.
Saham Group, a commercial company, agreed to acquire a 57.67% stake in Société Générale Maroc, a commercial bank, and La Marocaine Vie, a personal insurance company, for €745m ($793m).
"Societe Generale is pursuing the implementation of its strategic roadmap through this divestment project. Over the last decades, Societe Generale has built a solid and recognised bank in Morocco serving more than one million clients. We are convinced the quality of Saham Group's proposed project will offer new development prospects for these activities and will create value for customers and employees. Societe Generale is fully committed to support the transition and is pleased to enter into a long-term partnership with Saham Group," Slawomir Krupa, Societe Generale CEO.
Platinum is said to consider €6bn sale of Spain’s Urbaser. (FS)
Investment firm Platinum Equity is considering a potential sale of Urbaser in a deal that could value the Spanish waste-management company at €6bn ($6.4bn) or more including debt, Bloomberg reported.
The US firm, led by billionaire Tom Gores, is in the early stages of discussing its options with advisers and potential buyers. A sale process is likely to kick off as early as the second half of the year and draw interest from large infrastructure funds and other financial investors.
Blackstone, CVC consider bids for Superstruct festivals firm. (FS)
Blackstone and CVC Capital Partners are among a list of potential bidders for European festivals organiser Superstruct Entertainment.
Superstruct, which runs events including electronic music festival Sonar in Spain and Mysteryland in the Netherlands, could be valued at as much as $1.9bn in a sale.
Private equity owner Providence is working with advisers at LionTree and HSBC to gauge interest and is set to launch a formal auction process over the next month. Providence has been planning the sale since last summer as live music festivals rebounded after the end of Covid-19 lockdowns, which has encouraged investment, Reuters reported.
TA explores sale of €1bn French tech company Orisha. (FS)
Private equity firm TA Associates is exploring options for French software company Orisha including a sale that may value the business at more than €1bn ($1.1bn), Bloomberg reported.
TA is working with JP Morgan to gauge interest in the company.
LetterOne might acquire office building in central London for $125m. (FS)
LetterOne International Investment Group, founded by Russian entrepreneurs Mikhail Fridman, Peter Aven and Alexey Kuzmichev, will acquire an office building in central London for £100m ($125m), FT reported.
It is said to be house number 20 Grafton Stith Street in the prestigious London district of Mayfair. In a modern six-storey office building, 1.6k sq. meters can be rented for offices and shops. It is now belong to the heirs of the German banker Wilhelm von Fink.
MFE welcomes ProSieben's decision to divest non-core businesses.
Italy's MFE - MediaForEurope welcomed the decision by Germany's ProSiebenSat.1 Media, opens new tab to sell some of its non-core businesses.
The media company, controlled by the family of late Italian premier Silvio Berlusconi, urged ProSieben's management to commit to further non-core asset sales.
MFE, which holds nearly 30% of ProSieben, wants the company to shed both its e-commerce and dating businesses in order to focus on television, in a split that could eventually lead it to make a buyout approach for ProSieben's TV business, Reuters reported.
UAE's ADNOC recently eyed BP as takeover target.
The United Arab Emirates' state-owned oil company recently considered buying Britain's BP but the deliberations did not progress beyond preliminary discussions, Reuters reported.
Abu Dhabi National Oil Company ultimately decided BP would not be the right fit for its strategy. Political considerations also weighed on the potential move.
Norway wealth fund will not invest in private equity. (FS)
Norway's $1.6tn sovereign wealth fund, the world's largest, should not be allowed to include private equity investments in its portfolio at this time, in a setback for the fund's management, Reuters reported.
Norway's central bank, which runs the fund via an asset management unit, last year recommended allocating up to 5% of assets to private equity investments, currently corresponding to about $80bn.
APAC
Australia construction materials company Boral recommended that investors accept an up to $981m takeover offer from its largest shareholder Seven Group after negotiating an increase in the cash component of the deal, Reuters reported.
Seven Group, controlled by billionaire Kerry Stokes and his family, has lifted its stake in the building products maker to 78.8% from 71.6% since first making an attempt in February to acquire full control of the company.
The deal on offer now comprises 0.1116 Seven Group shares and $1.1 per share in cash and dividends for the stake it does not own in Boral.
Steppe Gold, a precious metals company, agreed to acquire Boroo Gold, a gold producer. Financial terms were not disclosed.
"We are very pleased to announce the agreement to acquire Boroo Gold. This transaction accelerates our path to a multi-asset Mongolia-focused mining group and, importantly, immediately provides strong cash flow to support our growth plans, further improved with the recent strong gold prices. In connection with the completion of this transaction we expect to finish 2024 with a run rate of around 90k oz in gold production, moving to over 150,k oz in 2026 on a pro forma basis. We have also decided to divest the Tres Cruces Project to further improve our liquidity and sharpen our focus on Mongolia," Bataa Tumur-Ochir, Steppe Gold Chairman and CEO.
Boroo Gold is advised by Cormark Securities and Stikeman Elliott. Steppe Gold is advised by Sequeira Partners, Fasken and Payet Rey Cauvi Perez Abogados.
HSBC, a banking and financial services institution, HITE Hedge, an investment management company, and Goodman Group, an industrial real estate and digital infrastructure specialist, led a $110m Series B round in Windrose Technology, an electric heavy-duty truck developer.
"as a young entrepreneur in my early thirties, I'm deeply respectful of the enormity of our vision of bringing zero-emission long-haul trucks to China, Europe, the US, and other parts of the world. My Stanford education has fostered the entrepreneurial spirit in me, but I also recognize that Windrose can only achieve our goal of revolutionizing the global trucking industry by standing on the shoulder of giants, and I'm truly grateful to be supported by world-class investors, customers, and partners," Wen Han, Windrose Founder, Chairman and CEO.
MUFG to buy stake in India's HDFC Bank unit HDB Financial.
Japan's Mitsubishi UFJ Financial Group, the world's second-largest bank holding company, is in advanced negotiations to buy a 20% stake in HDB Financial Services, a non-banking subsidiary of HDFC Bank, at a $9-10bn valuation, the Economic Times reported
Once finalised, the $2bn investment will be among the largest financial services sector deals involving lenders of the two countries.
GQG, SBI funds eye investments in Vodafone Idea $2.16bn share sale. (FS)
Investment firm GQG Partners and State Bank of India Mutual Fund are considering investing up to $800m in total in a $2.16bn share offering of Indian telecom firm Vodafone Idea, Reuters reported.
US-based GQG, run by India-born executive Rajiv Jain, plans to invest about $500m, while SBI Mutual Fund is considering an investment of $200m to $300m in the follow-on public offering.
Korea’s CJ said to revive sale of $2bn animal feed assets.
South Korea’s CJ CheilJedang is considering reviving a sale of its animal feed business in what would be at least a second attempt in recent years, Bloomberg reported.
The Seoul-based company, part of conglomerate CJ Group, is working with advisers as it evaluates a potential sale of CJ Feed&Care. A transaction may value the business at about $2bn.
Macquarie, Canada Pension are among bidders on India road assets. (FS)
Macquarie Group and an investment trust backed by the Canada Pension Plan Investment Board are among short-listed bidders to buy road assets from India’s quasi-sovereign infrastructure fund, Bloomberg reported.
The deal could be worth about $300m to $500m. The assets, with an enterprise value of $1bn, are part of the National Investment & Infrastructure Fund’s roads platform known as Athaang Infrastructure. Athaang’s portfolio consists of five stretches of highways, including toll roads, running a combined 230km across India.
China drafts rules on tighter stock trading, listing regulations.
China's securities regulator issued draft rules on April 12th to strengthen the supervision of company listings, delistings and computer-driven programme trading, in a move to improve the stock market and protect investors' interests, Reuters reported.
The China Securities Regulatory Commission will raise the bar for initial public offerings, force unqualified companies to delist, and strengthen the oversight of high-frequency trading. Chinese authorities are stepping up efforts to revive investor confidence in the world's second-biggest stock market. The blue-chip index has rebounded from five-year lows hit in February but is still struggling to stand on its feet.
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