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Vista Equity Partners and Evergreen Coast Capital, two investment firms, completed the acquisition of Citrix Systems, a cloud computing company, for $16.5bn.
"The combined company is well positioned for long-term success, leveraging the individual strengths of both Citrix and TIBCO, each established industry leader. We are pleased to partner with all our valued employees and partners to realize the immense potential of the combined company going forward," David Kerko, Elliott Head of North American Private Equity and Isaac Kim, Evergreen Senior Managing Director.
Citrix was advised by Qatalyst Partners, Goodwin Procter(led by Lisa Haddad
and Stuart Cable
) and Joele Frank. Qatalyst Partners was advised by Wilson Sonsini Goodrich & Rosati (led by Martin W. Korman
and Douglas K. Schnell
). Evergreen was advised by Bank of America, Barclays, Citigroup, Credit Suisse, Goldman Sachs, Lazard, Mizuho Securities, Morgan Stanley, AZB & Partners (led by Ashwath Rau
Debevoise & Plimpton (led by Ryan T. Rafferty
and Jeffrey Ross
Gibson Dunn & Crutcher (led by Richard Birns
) and Kinstellar (led by Jan Juroska
). Financial advisors were advised by Davis Polk & Wardwell. Vista was advised by Kirkland & Ellis (led by David Klein
) and Machado Meyer Sendacz e Opice Advogados (led by Maria Eugenia Novis
EU antitrust regulators will decide by November 8 whether to clear Microsoft's proposed $69bn acquisition of video game holding company Activision Blizzard, Reuters
"The European Commission's review of the deal is progressing in line with the expected regulatory schedule and process, and we remain confident that the acquisition will close in fiscal year 2023," Microsoft.
Algonquin, a diverse portfolio of renewable power generation and sustainable infrastructure assets, entered into an amendment to the stock purchase agreement to which Liberty agreed to acquire Kentucky Power, a state rate-regulated electricity generation, distribution and transmission utility, and AEP Kentucky Transmission from American Electric Power, a public utility holding company, for $2.6bn, $0.2bn less than the original purchase price.
"We look forward to welcoming the employees of Kentucky Power into the Algonquin-Liberty family. We are excited about the Kentucky Power acquisition and adding to our regulated footprint in the United States, as well as leveraging our operational experience for the customers and communities of Kentucky," Arun Banskota, AQN President and CEO.
Algonquin is advised by CIBC World Markets, Morgan Stanley, Gibson Dunn & Crutcher, Simpson Thacher & Bartlett (led by Eli Hunt
) and Liberty Media (led by Stephanie Bose
). Debt is provided by Scotiabank and CIBC World Markets. American Electric Power is advised by Barclays, Goldman Sachs and Morgan Lewis & Bockius (led by John Klauberg
Chemicals maker DuPont has received all regulatory approvals for its $5.2bn buyout of high performance electronics manufacturer Rogers, except from China.
DuPont and Rogers said they were continuing discussions with the State Administration for Market Regulation of China to close the deal as soon as possible, Reuters
Olympus Partners, a private equity firm, agreed to acquire EyeSouth Partners, an eye care management services organization, from Shore Capital, a private equity firm. Financial terms were not disclosed.
"We are thrilled to partner with Rex, the rest of the management team, and the exceptional doctors and clinicians at EyeSouth. They have built the leading medically focused national platform in ophthalmology. We look forward to supporting the organization's further expansion as they continue their mission of providing the highest quality eyecare to patients across the US," Griffin Barstis, Olympus Principal.
Flacks Group, a global investment firm, completed the acquisition of Kelly-Moore Paint, a manufacturer and retailer of premium paints and coatings. Financial terms were not disclosed.
"Kelly-Moore Paints is a true legacy brand that resonates across multiple generations. Since 1946, the company's high-quality products have exemplified American manufacturing and its exceptional service has earned the company a loyal customer base. We see this transaction as a platform with the potential for bolt-on acquisitions in the small and mid-size paint spaces," Charles Gassenheimer, Flacks Group Managing Director.
Kelly-Moore was advised by Deutsche Bank, Houlihan Lokey and Shartsis Friese. Flacks was advised by Nomura and Berger Singerman.
Northern Oil and Gas, an independent energy company, agreed to acquire the Delaware Basin non-operated interests of Alpha Energy Partners, an oil and natural gas company, for $180m.
"NOG continues to execute on creating shareholder value as a proven, reliable and disciplined consolidator of working interests. These assets are squarely in our core focus area and are poised to deliver substantial growth over the coming years, while delivering significant cash flow to bolster shareholder returns," Nick O'Grady, NOG CEO.
NOG is advised by Citigroup and Kirkland & Ellis (led by Rahul D. Vashi
and David Castro
). Alpha Energy is advised by Perella Weinberg Partners and Holland & Knight.
RealPage, a provider of software and data analytics to the real estate industry, agreed to acquire Knock CRM, a provider of leading customer relationship management and front office technology. Financial terms were not disclosed.
"Acquiring Knock accelerates our strategy to deliver a next-generation front office platform that supports centralized leasing. Today's market conditions are driving property owners and operators to rethink operations to drive efficiency. Together with Knock, RealPage will meet our customers' needs with a connected platform that enables an AI-driven virtual operating model," Dana Jones, RealPage CEO.
Knock CRM is advised by Raymond James (led by Brendan Ryan
), Fenwick & West and Lindsey Henn. RealPage is advised by Kirkland & Ellis.
Blue Sea Capital, a private equity firm, completed the acquisition of ProSource Supply, a plumbing supplies provider, from CID Capital, a private equity firm. Financial terms were not disclosed.
"We are incredibly proud of our customer-focused culture at ProSource and are excited to partner with Blue Sea for our next phase of growth. Blue Sea will help us accelerate our growth, both organically and through acquisitions, to further expand our presence throughout the Southeast while providing our customers with the same exceptional product availability and customer service to which they are accustomed. We would like to thank CID Capital for their unwavering commitment to our business and partnership orientation. It has been a pleasure to work with CID," Drew Roberts, ProSource CEO.
RWE Renewables, an international provider of renewable energy, agreed to acquire Con Edison Clean Energy Businesses, a renewable energy company, from Consolidated Edison, an investor-owned energy-delivery company, for $6.8bn.
"The acquisition of Con Edison Clean Energy Businesses is a major boost for RWE's green expansion in the United States, one of the most attractive and fastest growing markets for renewable energy. The unique combination of complementary portfolios in onshore wind, solar and batteries creates one of the leading renewable companies in the US market. The combined development pipeline, one of the largest in the US, provides tremendous opportunities for sustainable and value accretive growth, backed by a strong financial position. I am very pleased to welcome about 500 new colleagues. Together, we will form a powerful RWE team, strongly committed to contribute to the global energy transition," Markus Krebber, RWE CEO.
Con Edison is advised by Barclays and Latham & Watkins.
Arthur J. Gallagher, a global insurance brokerage, risk management and consulting services firm, agreed to acquire M&T Insurance Agency, a retail insurance agency, from M&T Bank, a financial holding company. Financial terms were not disclosed.
"M&T Insurance Agency has a long record of client-focused offerings and expertise, and this will help us expand our footprint in the New York region. We look forward to welcoming John, Bart, Zachary and their associates to Gallagher," J. Patrick Gallagher, Arthur J. Gallagher Chairman, President and CEO.
M&T Bank is advised by Piper Sandler and Hodgson Russ.
Coastal Medical Transportation Systems, a 24/7 non-emergency transportation service, agreed to acquire the Massachusetts medical transportation business of Transformative Healthcare, a provider of mobile healthcare services and logistics management solutions. Financial terms were not disclosed.
"The Coastal family is excited to welcome Fallon and LifeLine Ambulance Service's valued employees and medical transportation customers into our organization. This acquisition has afforded us an opportunity to not only expand our services portfolio, but also the scale of our capabilities in order to close gaps in care delivery across the region. With this strategic move, we believe we are in an even stronger position to support our mission. We are committed to providing great care, a superior work environment and innovative technology and equipment, which — when combined — provide a more efficient and effective operation and as a result, a higher-quality provider and patient experience," Alex Theoharidis, CMTS Founder and CEO.
Swiss Re, a provider of reinsurance, insurance and other forms of insurance-based risk transfer and solutions, completed the acquisition of a minority stake in Verily, a life science research organization, from Granular Insurance, a provider of precision risk solutions to self-funded employer. Financial terms were not disclosed.
"We are pleased to broaden our strategic relationship with Verily. Our positive experience collaborating with Verily over the last two years has given us confidence in expanding the relationship towards potential new areas of innovation in the life and health space," Christian Mumenthaler, Swiss Re CEO.
Rosewood Private Investments, a private equity firm, agreed to acquire The Southern Co, a petroleum equipment distributor. Financial terms were not disclosed.
"The Southern Co. nicely complements AMPET and PECO, and the Scott family should be very proud of the company they've built. We look forward to partnering with Eric, Jason, and their entire team for the next stage of the company's journey. This addition to the StationServ family of companies allows us to extend our reach and broaden our service offerings for both existing and new customers," G.T. Barden, RPI Managing Director.
Veritas Capital considers selling or taking public $7bn Guidehouse. (FS)
Veritas Capital, a private equity firm, is considering selling or taking public Guidehouse early next year in a deal that could value the consulting firm at about $7bn.
A sale of Guidehouse would likely draw interest from other private equity firms and consultants. Veritas is working with advisers to consider options, Bloomberg
EnCap Investments is considering an asset sale worth $6bn. (FS)
Private equity firm EnCap Investments is planning a sale of two bundles of oil and gas assets in Texas that could fetch more than $6bn.
The company is looking to sell positions in the Delaware Basin, which are made of up of Advance Energy Partners and Ameredev II, and the Midland Basin, which includes assets from Black Swan Oil & Gas, Piedra Resources and Petrolegacy Energy.
The assets, which are being sold by different advisers, are expected to attract large corporate buyers, Bloomberg
Warburg Pincus is exploring a $1.5bn sale of Wencor. (FS)
Warburg Pincus, a private equity firm, is exploring a sale of Wencor Group, which designs, repairs and distributes after-market replacement components for airlines.
The private equity firm is working with an adviser to solicit interest in the Peachtree City, Georgia-based company. Any transaction could value Wencor at about $1.5bn, Bloomberg
Irenic Capital pushes Barnes Group to explore strategic options. (FS)
Irenic Capital Management, a private equity firm, is pushing aerospace manufacturer Barnes Group, to make board changes and explore a strategic review, including a sale of all or part of the company.
Irenic, taking its first position since it was founded by alums of larger activist funds, has told management it believes the company could fetch as much as $60 per share in a sale.
Irenic believes that Barnes' aerospace unit alone is worth more than its current market value. It has raised concerns about the company's capital allocation, operating performance, executive compensation and failure to hit financial targets, Bloomberg
Goldman's Petershill, Hunter Point nears SLR Capital stake deal. (FS)
Goldman Sachs's Petershill unit and Hunter Point Capital near a deal to acquire a minority stake in credit-focused asset manager SLR Capital Partners.
The transaction involving Petershill and Bennett Goodman's Hunter Point, which each specialize in the business of buying general partner stakes, Bloomberg
Equistone Partners, a private equity firm, completed the acquisition of a majority stake in SF Filter, a distributor of mobile and industrial filters. Financial terms were not disclosed.
"We felt it was vital to find a reliable partner who not only offers the necessary financial capacity but can support us in our future growth by bringing years of experience in helping scale companies. We have found just such a partner in Equistone," Daniel Infanger, SF Filter CEO.
Equistone Partners is advised by Boston Consulting Group, Howden, Alvarez & Marsal, Enqcor, Houlihan Lokey, Aigner Buzanich, Bar & Karrer (led by Christoph Neeracher
and Philippe Seiler
), E+H Rechtsanwälte, Latham & Watkins, Schindler, Wardynski & Partners, Flick Gocke Schaumburg, IWK Communication Partner. SF Filter is avised by Robert W Baird (led by Thomas Fetzer
Maersk Drilling, a drilling services provider, completed the merger with Noble, an offshore drilling contractor for the oil and gas industry, in a $3.4bn deal.
"This combination carries strong industry logic. With the combination we are creating a differentiated provider of offshore drilling services, which will be able to enhance the customer experience through increased scale, global reach, and industry-leading innovation. The combination will create value for all shareholders and will offer investors a unique opportunity to benefit from the market recovery, a robust financial position and strong free cash flow potential, all paving the way for the potential return of capital to shareholders," Claus V. Hemmingsen, Maersk Drilling Chairperson.
Investment firms Energy Infrastructure Partners and Crédit Agricole Assurances, completed the acquisition of a 25% stake in Repsol Renovables, the renewable energy investment division of Repsol, an energy firm, for $1.15bn.
"Fully in line with Crédit Agricole Group's commitments in favor of the climate, Crédit Agricole Assurances is actively contributing to a low-carbon economy through its investments in the energy transition. This investment alongside Repsol and EIP is a new step, contributing to reach our objective of 14 GW of installed capacity by 2025," Philippe Dumont, Crédit Agricole CEO.
Endeavor, an entertainment, sports and content company, completed the acquisition of OpenBet, a provider of integrated gaming and betting software products, from Scientific Games, a provider of gambling products and services, for $800m.
"The addition of OpenBet to our sports betting portfolio will enable us to further capitalize on the massive tailwinds in the fast-evolving sports betting ecosystem and lead the way in defining the future of sports betting entertainment. In combination with our IMG ARENA sports data and content business, we'll look to create and unlock meaningful value for our rights holder and sportsbook customers, helping deliver the most compelling offerings for sports fans globally," Ariel Emanuel, Endeavor CEO.
Spirax-Sarco Engineering, the thermal energy management and niche pumping specialist, completed the acquisition of Vulcanic, a European industrial electric heating group, from Qualium, a French private equity company, for €262m ($230m).
"We are looking forward to welcoming colleagues from Vulcanic into our Group. We have been following Vulcanic for some time and believe the acquisition represents an excellent opportunity to broaden our addressable market and further deploy our industry leading technologies in Europe. Vulcanic's existing strength and scale in Europe - with further investment by our Group - will provide a fantastic platform for growth, especially for our recently launched portfolio of TargetZero solutions, which electrify heat generation for industrial processes to support our customers' decarbonisation objectives," Nicholas Anderson, Spirax-Sarco Engineering CEO.
Marks and Spencer, a major British multinational retailer, completed the acquisition of Gist, a principal contract logistics provider, from BOC-backed Storeshield for £255m ($306m).
"Today's completion marks a step forward in our multi-year programme, which will transform our entire supply chain. We have been open about the limitations of our legacy contract with Gist and through this decisive acquisition we have removed that impediment to our growth. We can now take full control of our food supply chain for the first time in M&S history and invest in a fit for the future logistics network," Stuart Machin, Marks and Spencer CEO.
Marks and Spencer was advised by Rothschild & Co and Allen & Overy (led by Richard Browne
Eurowag, a payment processing company, agreed to acquire a majority stake in JITpay, a logistics payment processing firm. Financial terms were not disclosed.
"Together, JITpay and Eurowag want to build a comprehensive digital ecosystem for small and medium-sized transport companies. In the medium term, we will jointly create a new, digital industry standard for companies in the logistics sector. By entering into this strategic partnership, we are focusing on the systematic expansion of our market position in Europe," Daniel Steinke, JITpay Founder and CEO.
Eurowag is advised by Rothschild & Co and Instinctif Partners (led by Tim McCall
ArchiMed, a private equity firm, completed an investment in PlasmidFactory, a gene and cell therapy specialist. Financial terms were not disclosed.
"ArchiMed will act as our key catalyst for rapid and efficient expansion in a highly complex domain that few generalist investors, or a few healthcare investors, understand." Schleef and his management team will remain in place, with the former rolling over a substantial portion of his proceeds in the group," Martin Schleef, PlasmidFactory Founder and CEO.
Allianz X, the digital investment unit of Allianz, agreed to acquire simplesurance, a platform for simple access to insurance. Financial terms were not disclosed.
"Embedded insurance is a core element when it comes to offering customers not just policies, but comfort and convenience too. With simplesurance, we bet on one of the pioneers of this market at an early stage and, together with its strong management team, built a technology leader in this segment," Carsten Middendorf, Allianz X CIO.
simplesurance is advised by Sullivan & Cromwell (led by Carsten Berrar
Solenis, a specialty chemicals manufacturer, agreed to acquire the paper process chemical business of Kolb Distribution, a manufacturer of paper process chemicals and other specialty chemicals. Financial terms were not disclosed.
"Kolb's outstanding reputation is built on their customer-centric and high-quality service business model. We are excited to welcome the Kolb team and their excellent product portfolio as we continue to strive toward being the best-in-class provider of paper process chemicals," John Panichella, Solenis CEO.
Geely Automobile, a Chinese automotive group, completed the acquisition of a 7.6% stake in Aston Martin, a British luxury car maker. Financial terms were not disclosed.
"We are delighted to announce our investment in Aston Martin and believe that with our well-established track record and technology offerings, Geely Holding can contribute to Aston Martin's future success. We look forward to exploring potential opportunities to engage and collaborate with Aston Martin as it continues to execute its strategy to achieve long term, sustainable growth and increased profitability," Daniel Donghui Li, Geely CEO.
ReneSola, a solar project developer and operator, completed the acquisition of Project Branston, a 50 MWp operational solar farm, from P&T Global Renewable Energy. Financial terms were not disclosed.
"We are extremely excited to commence our asset-light, IPP business in Europe with the acquisition of Project Branston. This fully operational solar farm will be profitable on day one and provides stable cash flows and helps diversify risks from project sales. We anticipate the acquisition to further strengthen our market position in the Europe and will be accretive to our shareholders. This will be a new chapter of our company to enter into IPP business in Europe and contribute to energy alleviation of Europe energy crisis," Yumin Liu, ReneSola Power CEO.
Russian President Vladimir Putin issued a decree authorizing Italian utility Enel to sell a 56.43% stake in its Russian entity to oil company Lukoil and the Gazprombank-Frezia investment fund for $144m, Reuters
"Enel learned about the approval of the sale of its stake in Enel Russia to PJSC Lukoil and Gazprom-Frezia fund and informs that it will proceed with the transaction in the coming days," Enel.
Atos rejects bid interest valued at $4.1bn for Evidian arm. (FS)
French technology consultancy company Atos, said it had rejected expressions of interest in its Evidian unit from rival onepoint and UK private equity fund ICG.
Atos said onepoint and ICG had sent an unsolicited letter of intent related to the potential acquisition of the Evidian business for an indicative enterprise value of $4.1bn, Reuters
"Following the thorough examination of this preliminary and non-binding mark of interest, and upon the recommendation of its ad hoc committee, the board of directors has convened and unanimously concluded that it is not in the interest of the company and its stakeholders. The board of directors has therefore decided not to proceed," Atos.
Generali explores deal with Guggenheim. (FS)
Assicurazioni Generali, a financial services firm, is exploring a deal with US investment firm Guggenheim Partners to bolster its asset management business.
Italy's biggest insurer has held informal talks on options ranging from a full acquisition of Guggenheim's asset management business to a partnership or strategic investment. Generali has considered selling its Banca Generali unit to Mediobanca among options to help finance a potential deal.
The considerations are at an early stage, talks have been on-and-off again and may not lead to a transaction. Generali could also end up pursuing another asset management target in the US, Bloomberg
Elliott increases stake in Swedish Match. (FS)
Hedge fund Elliott Investment Management continued to increase its stake in Swedish Match and has emerged as the biggest single shareholder in the Swedish smokeless tobacco company, further threatening the takeover bid from Philip Morris International
Regulatory filings showed for the second day in a row on Friday that Elliott had upped its stake in Swedish Match and now holds 7.25% of the votes. Earlier this month, Bloomberg reported that some of the world's largest hedge funds had built holdings in Swedish Match with the aim of forcing PMI to sweeten its offer, Bloomberg
MTN seeks clarity on Telkom deal.
South African multinational mobile telecommunications company MTN Group, which is talks to buy telecom group Telkom, is questioning a proposal from another telecoms company that's asked Telkom to acquire it.
MTN, which is still formalizing its own offer for Telkom, said separately that it's waiting for a detailed response from the partly state-owned operator. The deal to combine MTN and Telkom would result in the country's biggest mobile-phone operator by number of subscribers, Bloomberg
Intel's Mobileye files for a $30bn IPO.
Intel is pressing ahead with its plans to publicly list shares in its Mobileye self-driving-car unit, giving a boost to the IPO market that has been under pressure this year from turmoil in the stock market.
Intel expects the IPO to value Mobileye at as much as $30bn, less than originally hoped. Mobileye will continue to be controlled by Intel after the IPO.
Intel previously said that it would use some funds from the Mobileye listing to build more chip factories as it embarks on a capital-intensive process to become a foundry for other chipmakers.
Burjeel seeks $368m in Abu Dhabi IPO.
Healthcare provider Burjeel Holdings is seeking as much as $368m from its initial public offering in Abu Dhabi, joining a steady flow of Gulf companies tapping the capital markets.
Burjeel set the price range for its IPO at $0.54 to $0.66 per share, implying a market value of up to $3.3bn. The IPO opens on Friday and runs until October 4 for both retail and institutional investors.
Investor demand for listings in the Gulf has been strong, with the region emerging as a bright spot in a quiet IPO market globally. Still, the outlook is darkening with oil falling almost 40% since June on fears that a global economic slowdown caused by central banks' aggressive policy tightening will hurt energy consumption, Bloomberg
Luc Remont proposed as new boss of EDF. (People)
French President Emmanuel Macron has proposed Luc Remont as EDF's next chief executive and chairman, said the Elysee presidential office, as France works on a full nationalisation of the struggling energy company.
Remont, currently a top executive at Schneider Electric, is set to steer the nuclear energy giant through its full nationalisation as it faces headwinds linked to outages at many of its reactors.
He will now be heard by lawmakers in France's lower and upper chambers of parliament who still need to clear his nomination. Reports have said the French government was divided on whether or not to split up the roles of chief executive and chairman, Reuters
Japan's Hitachi Transport System had been informed by KKR & Co that the private equity firm's $6bn tender offer for it would be delayed from the initially planned end-September start, Reuters
KKR would now aim for a mid-November start pending regulatory approval and other processes.
Asia Innovations Group, a mobile social company, agreed to go public via a SPAC merge with Magnum Opus Acquisition, a special purpose acquisition company, in a $2.5bn deal.
"Emerging markets from Africa to Asia to South America are currently undergoing a transformation powered by the spread of advanced mobile technology, fast-growing economies, young populations, and rapidly improving infrastructure. ASIG has built a unique, well-diversified global business in the core verticals of social, games, e-commerce, and payments, on an integrated platform with strong synergies that will amplify growth in future years. The proposed merger will combine the best of macro growth in emerging markets and the benefits of being a publicly listed company in the US to transform ASIG into a global mobile powerhouse," Andy Tian, ASIG CEO.
ASIG is advised by Evercore, Incentrum Group, The Jones Group, XCap Partners and Kirkland & Ellis. Magnum Opus is advised by White & Case. ASIG and Magnum Opus are advised by Maples Group.
YS Biopharma, a biopharmaceutical company, agreed to go public via a SPAC merge with Summit Healthcare Acquisition, a blank check company, in an $834m deal.
"YS Biopharma has always been the trailblazer and at the forefront in developing new technology and products for vaccine and immunological therapeutics. This transaction will fuel our strategy for future business expansion and execution and allow shareholders to participate in significant upside potential created by the partnership with Summit," Yi Zhang, YS Biopharma Founder and Chairman.
YS Biopharma is advised by Jingtian & Gongcheng, Maples Group and Wilson Sonsini Goodrich & Rosati. Summit is advised by Cooley and Ogier.
Zoetis, an animal health company, completed the acquisition of Jurox, a provider and manufacturer of livestock and companion animal products. Financial terms were not disclosed.
"We are grateful to the O'Brien family for entrusting the future of this family-owned business to Zoetis. Jurox's portfolio plays to the strengths of our core business and will be a complementary fit with the solutions we deliver to veterinary professionals, livestock producers and pet owners around the world. With Zoetis' global sales and regulatory expertise in more than 45 markets, we look forward to expanding the impact and reach of the entire Jurox portfolio," Kristin Peck, Zoetis CEO.
Toshiba receives multiple in-depth proposals in the second round.
Toshiba said it had received multiple in-depth written indications of interest from potential partners in a second bidding round for strategic alternatives.
Toshiba, which is exploring going private and other options, in July selected Bain Capital, CVC Capital Partners, Brookfield Asset Management and a consortium involving Japan Industrial Partners and state-backed Japan Investment to proceed to a second bidding round, Reuters
"The written indications of interest included some that were legally binding and they varied in their degree of completeness. Toshiba would engage with the bidders over the coming months but did not anticipate providing any further official updates on the bidding process," Toshiba.
HSBC kicks off investor talks for Indonesian business IPO.
HSBC Holdings, a financial services holding company, has started briefing investors on a potential initial public offering of its Indonesian business.
Executives at HSBC Indonesia have met with a group of fund managers in Singapore since last week to discuss details of the potential IPO, ahead of an official roadshow. The timeline of the roadshow is not yet known.
The size of the deal has yet to be determined, and will be dependent on market conditions, Reuters
Indian startups revive IPO plans. (FS)
A wave of Indian startups are reviving plans to go public as the nation's stock markets outperform many of their overseas peers. But analysts warn that the kind of euphoria that greeted some listings last year is likely to make way for a more sober reception this time around.
SoftBank-backed hotel startup Oyo and travel firm Ixigo, supported by Singapore's GIC, are among the companies expected to head back to the market. Both revised offer documents with Indian regulators earlier this month, resuscitating plans for initial public offerings that had been put on hold after Russia's invasion of Ukraine sent shock waves through the global economy, DealStreetAsia
INA draws $20bn in co-investments. (FS)
Indonesia Investment Authority, Indonesia's sovereign wealth fund has garnered more than $20bn of co-investments from funds including Singapore's GIC and Abu Dhabi Investment Authority, and is actively looking at infrastructure assets, Reuters
Indonesia's youthful population, abundant natural resources and its position as the region's largest economy is attractive to investors but poor infrastructure, red tape and corruption have hindered investments.
Tata Group's Air India weighs raising $1bn for expansion. (FS)
Air India, the flag carrier airline of India, is considering raising at least $1bn in a funding round that could value the carrier at around $5bn.
The carrier, controlled by India's oldest conglomerate Tata Group, is in discussions with potential investors including private equity funds and sovereign wealth funds. Air India is working with financial advisers on the fundraising, which could be completed in the next few months.
Deliberations are ongoing and details of the funding round including size and timeline could still change, Bloomberg
Dongfeng seeks $703m in funds for Voyah.
Dongfeng Motor Group, a carmaker, is considering raising about $703m in fresh funds for its high-end electric vehicle brand Voyah Automobile Technology.
Dongfeng could seek a valuation of more than $2.8bn in the funding round. Dongfeng is working with an adviser to sound out potential investors, including an investment arm of Bank of China and state-owned China Chengtong Holdings Group.
Discussions with investors are ongoing and details such as the unit's valuation and the proposed funding size could still change. Dongfeng plans to seek external funding for the luxury EV brand, Bloomberg
Elev8 to launch $200m India-focused growth-stage fund. (FS)
Elev8 Venture Partners, a venture capital firm backed by Venture Catalysts, has announced the launch of its $200m India-focused fund to invest in growth-stage, technology-driven companies.
Elev8 said the sector-agnostic fund will invest in Series B and C rounds in startups based out of India with a ticket size of $5-15m. It has received an alternative investment fund category II license from the Securities and Exchange Board of India.
The fund will be led by Navin Honagudi and continue to be backed by Venture Catalysts, one of India's top early-stage platforms. This will be the fourth fund backed by Venture Catalysts, DealStreetAsia