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AMERICAS
Apax Partners, a British private equity firm, completed the acquisition of WGSN, a trend forecasting company, from Ascential, a British business-to-business media business specialising in exhibitions & festivals and information services, for $848m.
"We are delighted that our colleagues and friends at WGSN can now take an important step under new ownership and embark on the next chapter of their growth. The sale of WGSN completes the execution of the Strategic Review announced in 2023 and highlights our ongoing commitment to deliver value for shareholders. Ascential is now a focussed events-led business, with two of the world's leading event brands supporting our customers to lead their industries and achieve growth. We are more excited than ever about our prospects and confident in our credentials as a high quality, independent UK-listed business," Philip Thomas, Ascential Chief Executive.
Forward Air, an asset-light provider of transportation services, completed the acquisition of Omni Logistics, a logistics and supply chain management company, from Ridgemont Equity and EVE Partners, two private equity firms, for $2.1bn.
"This is an exciting day for Forward and we are pleased to welcome the Omni team to the Forward family. Together, we are now uniquely positioned to be the premier provider of choice in high-quality freight transportation to a larger customer base with an expanded domestic footprint," Tom Schmitt, Forward Air Chairman and CEO.
Vista Equity Partners, a global investment firm, completed the acquisition of EngageSmart, a provider of vertically tailored customer engagement software and integrated payments solutions, for $4bn.
"EngageSmart's success is based upon the company's demonstrated track record of innovation and product leadership. "With our transaction now complete, we are eager to leverage our resources and value creation expertise to support the company's next phase of growth. We look forward to partnering with their team to build on EngageSmart's strong momentum and bolster its position as a leader in the vertical software and payments space," Michael Fosnaugh, Vista Senior Managing Director.
Francisco Partners, a global investment firm, completed the acquisition of certain assets of The Weather Company, a weather forecasting and information technology company, from IBM, a provider of global hybrid cloud and AI, and consulting expertise. Financial terms were not disclosed.
"Amid the growing volatility of weather, The Weather Company's unique set of consumer, media, and industry-specific products provide mission critical, data-driven weather insights to individuals and businesses around the world. We are excited to partner with the management team to grow The Weather Company's robust portfolio of technology offerings and deliver a great product experience for its customers," Alan Ni, Francisco Partners Partner.
Francisco Partners was advised by Sloane & Company and Kirkland & Ellis (led by Sean Kramer and Michele M. Cumpston). IBM was advised by Paul Weiss Rifkind Wharton & Garrison and Lazard.
Trilantic, a private equity firm, agreed to invest in SOFIE Biosciences, a radiopharmacy and contract development and manufacturing organization. Financial terms were not disclosed.
The investment is being made in partnership with SOFIE’s founding team, who will retain a meaningful equity stake and continue to lead the business.
SOFIE Biosciences is advised by Solomon Partners and Paul Weiss Rifkind Wharton & Garrison (led by Jeffrey Marell). Trilantic is advised by William Blair & Co and Kirkland & Ellis.
Summit Partners, a private equity firm, completed the acquisition of CollisionRight, a collision repair operator, from CenterOak Partners, a private equity firm. Financial terms were not disclosed.
“During CenterOak’s investment, CollisionRight grew revenue six-fold and became the sixth largest collision repair operator in the US. We have a history of developing investment themes and partnering with founders and talented executives to provide first time institutional capital. Alongside management, we invested in the team, operating systems, and growth, and have built a scaled provider with a market leading service offering,” Jason Sutherland, CenterOak Partners Managing Partner.
CollisionRight was advised by Jefferies & Company, Stifel and Gibson Dunn & Crutcher. CenterOak Partners was advised by BackBay Communications (led by Jeremy Milner).
Enpro, an industrial technology company, completed the acquisition of Advanced Micro Instruments, a provider of highly-engineered, application-specific analyzers and sensing technologies that monitor critical parameters to maintain infrastructure integrity, from McNally Capital, a private equity firm, for $210m.
“Acquiring AMI, an industry leader, will build on our strategy to invest in products and technologies that safeguard critical environments in key secular growth markets. AMI’s innovative analyzer and sensor solutions will add to our existing portfolio of critical process technologies in the Sealing Technologies segment, and this acquisition will be an important step forward in expanding our capabilities into compositional analysis. We look forward to welcoming the talented AMI team to the Enpro family of companies and capitalizing on our combined capabilities," Eric Vaillancourt, Enpro President and CEO.
Advanced Micro Instruments was advised by William Blair & Co and Ropes & Gray (led by Timothy Castelli). Enpro was advised by Joele Frank (led by Daniel Katcher).
Black Diamond Capital Management, a privately held alternative asset management firm, agreed to acquire protective solutions business of Sonoco Products, an American provider of diversified consumer packaging, for $80m.
"We believe this divestiture builds on our previously articulated strategy to divest non-core assets and to refocus our efforts on core businesses to achieve greater scale, profitability, and market leadership. I personally would like to thank the entire Protective Solutions team for their years of delivering quality products and outstanding customer service on behalf of Sonoco. We know their knowledge, experience, and leadership will be greatly valued by their new owner and wish the entire team much continued success in the future," Howard Coker, Sonoco President and CEO.
Black Diamond Capital Management is advised by Greenberg Traurig. Sonoco Products is advised by Raymond James and Jones Day (led by Mary Alexander Myers and Darcy White).
Core & Main, a specialized distributor of water, wastewater, storm drainage and fire protection products, and related services, agreed to acquire Dana Kepner, a distributor of water, wastewater, storm drainage, and geotextile products, from Littlejohn & Co, a private investment firm. Financial terms were not disclosed.
"The team at Dana Kepner recognizes the importance of providing local expertise to its customers in the waterworks industry. Like the Core & Main team, they add value by serving as knowledgeable and trusted advisors to municipalities and contractors. We are excited about this opportunity to extend our geographic reach, expand the range of products and services that we offer, and add key talent into our organization," Steve LeClair, Core & Main CEO.
Littlejohn & Co is advised by Houlihan Lokey, Gasthalter & Co (led by Nathaniel Garnick) and Sheppard Mullin Richter & Hampton.
Clayton, Dubilier & Rice, an American private equity company, completed the acquisition of a minority stake in Foundation Building Materials, a specialty building products distributor, from American Securities, an American private equity firm. Financial terms were not disclosed.
“We are pleased to welcome CD&R as an investment partner alongside American Securities. CD&R has a longstanding track record of investing in and growing market-leading building products distribution companies like ours with an approach to value creation that is very much aligned with FBM’s guiding values and operating principles. American Securities has been a trusted partner to FBM, and shares in the broader FBM team’s excitement to have CD&R on board as we deepen our commitments to our FBM colleagues and customers and continue to build a successful business over the long-term,” Ruben Mendoza, Foundation Building Materials President and CEO.
Clayton, Dubilier & Rice was advised by Debevoise & Plimpton (led by Christopher Anthony and Uri Herzberg). Foundation Building Materials was advised by RBC Capital Markets. American Securities was advised by Weil Gotshal and Manges.
Arsenal Capital Partners, a private equity firm that specializes in investments in industrial and healthcare companies, completed the investment in Polycorp, a manufacturer of engineered elastomer solutions. Financial terms were not disclosed.
"The transaction with Arsenal will accelerate Polycorp's strategic growth initiatives and enable additional investment in our manufacturing and R&D capabilities, human capital, and strategic acquisitions," Peter Snucins, Polycorp Founder.
Polycorp was advised by William Blair & Co. Arsenal Capital was advised by Harris Williams & Co and Prosek Partners.
Educational Testing Service, an educational testing and assessment organization, completed the acquisition of PSI, a global provider of assessment content and talent consulting solutions, from Waud Capital, a private equity firm. Financial terms were not disclosed.
"PSI is thrilled to be joining forces with ETS and believes the fit and potential between the organizations is hugely exciting for our employees, customers, and partners. I am grateful for the incredibly warm welcome Amit Sevak and his team have given us," Janet Garcia, PSI CEO.
PSI was advised by Macquarie Capital, Kirkland & Ellis. ETS was advised by Jones Day.
Ryder, a provider of supply chain, dedicated transportation, and fleet management solutions, completed the acquisition of Cardinal Logistics, a logistics provider offering fleet outsourcing, transportation management, last-mile services and integrated transportation IT solutions, from HIG Capital, a private equity firm. Financial terms were not disclosed.
“We’ve come full circle, back to where we started, and that was purposeful. We chose Ryder to continue our legacy because of the company culture. We experienced firsthand Ryder’s people-first, customer-centric culture, and that had an impact on us as we built our own company,” Tom Hostetler, Cardinal CEO.
Cardinal Logistics was advised by William Blair & Co and McDermott Will & Emery. Ryder was advised by Greenberg Traurig.
CDPQ, a pension fund, and SMBC Aviation, an aircraft leasing company, agreed to form Maple Aircraft, an aircraft financing and leasing platform, in a $1.5bn deal.
“Building on CDPQ’s experience in the aircraft financing industry, through this new platform, we will continue to provide flexible financing solutions for airlines to meet their future fleet requirements. We’re delighted to partner with SMBC Aviation Capital, an industry leader with a successful track record, who has demonstrated their commitment to sustainable aviation, to find the best opportunities in the commercial aircraft industry and to achieve attractive risk-adjusted returns over the long term,” Marc Cormier, CDPQ Executive Vice-President and Head of Fixed Income.
FTV Capital, a private equity firm, led a $150m funding in Kore.ai, a chatbots platform, with participation from NVIDIA, Vistara Growth, Sweetwater, NextEquity, Nicola and Beedie.
"We have been working with advanced AI for a decade now – our deep technology expertise and market understanding put us in a prime position to take advantage of the momentum and to do AI right in order to meet growing customer needs. Sitting above the infrastructure layer and LLM chaos, our open approach grants businesses freedom of choice with built-in guardrails for effective AI implementation. As we look to enhance our Gen AI-powered innovations and drive wider adoption across a variety of market segments, we are pleased to have the backing of FTV Capital, a firm that has significant experience in our space and invaluable connections across the enterprise to augment our exciting growth trajectory," Raj Koneru, Kore.ai Founder and CEO.
Kore.ai was advised by Fusion PR.
Ansys, an American multinational company, agreed to acquire a minority stake in Humanetics, a high-tech global industrial technology group, from Bridgepoint, a global private equity firm. Financial terms were not disclosed.
"Humanetics' mission is to protect humans in mission critical environments, by providing engineers with data that is used to drive innovation and improve control. Combining our safety and sensor expertise with Ansys' simulation capabilities is an opportunity to add value to our customers and save more lives. Ansys' partnership will jointly enable us to further unleash new levels of innovation in the human safety ecosystem. We remain committed to working with all our existing and future partners to drive innovation in the industry," Christopher O'Connor, Humanetics CEO and President.
A group of investors, including Hanwha Impact, CPP Investments, Rivas Capital, NGS Super, State of Michigan Retirement System, Flagship Pioneering, and RCM Private Markets, led a $103m funding in Inari Agriculture, a biotechnology research company.
“This fundraise comes at an exciting time for the company, helping to further advance our cutting-edge technologies and enter the commercialization phase – bringing our breakthrough products into the hands of seed customers,” Ponsi Trivisvavet, Inari CEO.
Hong Kong billionaire Richard Li seeks to sell $157bn asset manager PineBridge.
Hong Kong investment firm Pacific Century Group, founded by billionaire Richard Li, is seeking to sell its majority stake in asset manager PineBridge Investments, DealStreetAsia reported.
PCG has hired JP Morgan to run the sales process and has held preliminary discussions with a number of financial institutions.
Bain-backed Zelis weighs sale, IPO at $15bn-plus valuation.
The private equity owners of Zelis are weighing options for the health-care technology company, including a possible sale. Zelis could be valued at $15bn or more in any deal, Bloomberg reported.
Bain Capital and Parthenon Capital have been speaking with potential advisers about exploring a sale or initial public offering of US-based Zelis. They’re also open to bringing in new investors to Zelis in a private transaction as well.
Bain Capital plans to invest $7bn in India, boost hiring.
Bain Capital has earmarked $7bn to invest in India over the next three to five years as the country’s relatively steady politics and economic growth lift its attractiveness for overseas money managers, Bloomberg reported.
The Boston-based firm also plans to increase its team of 25 private equity and special situations investment professionals by 15% to 20% over the next two or three years, said Pavninder Singh, partner and a member of the Asian Pacific private equity team. Singh said that amount of capital would mark a substantial boost to the prior seven or eight years it took to deploy his firm’s first $7bn in the country.
EnCap eyes $5bn sale of shale producer Grayson Mill.
Private equity firm EnCap Investments is exploring a sale of Grayson Mill Energy that could value the Bakken shale-focused oil and gas producer at around $5bn, inclusive of debt, Reuters reported.
EnCap has tapped investment bank Jefferies Financial Group to run a sale of Grayson Mill. The process will kick off later in 2024, subject to market conditions.
Amazon's abandoned acquisition leaves iRobot in Carlyle debt straightjacket.
The collapse of iRobot's $1.4bn sale to Amazon will test the cash-strapped robot vacuum cleaner maker's ability to repay a $200m loan it took from private equity firm Carlyle Group last year, Reuters reported.
The Roomba vacuum maker said on January 29 it would lay off 31% of its roughly 1.1k employees and cut costs to save $150m or more, as the deal's demise in the hands of European antitrust regulators left it confronting plunging revenue and soaring losses.
Cabot Properties closes its largest fund ever at $1.57bn.
Cabot Properties, a leading investor, developer and operator of logistics properties throughout the United States, Europe and Asia Pacific, today announced the final closing of Value Fund VII on $1.57bn of equity commitments, above its initial target of $1.5bn.
Fund VII represents Cabot’s largest fund to date, demonstrating the growth of Cabot’s industrial platform and the demand among institutions for access to the sector, which is supported by historically strong fundamentals. Investors in the fund comprise a diverse mix of global institutions including endowments, foundations, public and corporate pensions, asset managers, and family offices, among others.
EMEA
Var Energi, a Norwegian oil and gas company, completed the acquisition of the Norwegian oil and gas assets of Neptune Energy, an oil and gas company, from CIC, a sovereign wealth fund, for $2.27bn.
“Vår Energi is one of the fastest growing E&P companies in the world and is on track to nearly double production by end-2025. The acquisition of Neptune Norway is an important step to this end. Neptune Norway’s complementary assets and highly skilled organisation are a perfect fit to Vår Energi. We will work as one strong team, a company committed to delivering high value barrels from one of the most attractive oil and gas regions in the world with low cost and low emissions. The transaction is cash generative from day one supporting attractive and predictable dividends going forward,” Nick Walker, Vår Energi CEO.
Bridgepoint, a fund focused on investing in mid-market growth businesses, completed an investment in Kerv, a next-generation cloud and digital transformation services provider. Financial terms were not disclosed.
"The investment from BDC represents a significant milestone in our short history. Kerv has quickly established itself as a significant player in the UK digital services market with our sector-leading organic growth. This success is underpinned by our relentless focus on employee engagement and customer experience. In BDC, we have found the best possible partner to help write the next chapter for Kerv, in terms of shared values, sector experience and a scale that matches our ambition," Alastair Mills, Kerv Group Group Executive Chairman.
Kerv was advised by Ernst & Young, Altman Solon, Houlihan Lokey, Jamieson, Pinsent Masons and Intechnica. Bridgepoint was advised by Deloitte, Marsh, McKinsey & Company, Anthesis, Lincoln International, Ropes & Gray (led by Helen Croke and Angela Becker), Deloitte and Analysys Mason. Debt financing was proivded by Apera Capital.
Trilantic Europe, a European private equity firm, agreed to acquire a 60% stake in AEROCOMPACT Group, a supplier of solar mounting solutions specializing in the development, production and distribution of substructures for mounting photovoltaic modules. Financial terms were not disclosed.
"Our strong growth trajectory since the company was founded around ten years ago shows that there is enormous potential in our products and engineering services. The entry of Trilantic Europe opens up the opportunity to accelerate our growth plan to expand our international market presence and seek potential acquisitions even further. Thanks to the international reach of our new shareholder Trilantic Europe, both in the renewable energy sector and in the capital market, we can pursue this goal with full vigor. We are very pleased about this extremely positive milestone for our company," Mathias Muther, AEROCOMPACT Founder.
AEROCOMPACT Group is advised by Turnkey Finance, William Blair & Co and Clavis Kommunikationsberatung (led by Dieter Bitschnau). Trilantic is advised by Lazard and Citigate Dewe Rogerson (led by Agnes Riousse).
Nesma & Partners, a contracting company in the Middle East, completed the acquisition of Kent, a global energy services provider, from Bluewater, a private equity firm. Financial terms were not disclosed.
"We are delighted to have completed the acquisition of Kent. This now marks a new chapter for both our companies. We are looking forward to supporting the Kent business to not only continue but supercharge its current trajectory of success,” Samer Abdul Samad, Nesma & Partners CEO.
KKR-backed IVI RMA, a clinic that specializes in human reproduction, developing reproductive medicine, and GED Capital, an independent private equity group, completed the acquisition of Eugin Group, a fertility center group that provides customized solutions and services for assisted reproduction, from Fresenius, a global health care group, for €500m ($541.5m).
“We are thrilled to add Eugin’s operations in the US and Canada to the IVI RMA group. Our ethos of compassionate, personalized care will help ensure we deliver a world-class patient experience and successful outcomes for more patients. We are pleased to have partnered with GED in this creative transaction. We’re confident that our shared vision and complementary strengths make this partnership greater than the sum of its parts, allowing IVI RMA to continue its growth in North America and GED to invest behind a leading platform in Europe and Latin America,” Javier Sanchez Prieto, IVI RMA CEO.
GED Capital was advised by Evercore (led by Juan Pedro Perez Cozar) and King & Wood Mallesons. Fresenius was advised by Lazard and Freshfields Bruckhaus Deringer.
Kingswood Capital Management, a private equity firm, agreed to acquire the emulsifier business of Corbion, a global ingredient solutions provider, for $362m.
"Corbion takes immense pride in its heritage as a pioneer and leader in the emulsifier industry, and we appreciate the dedicated employees and loyal customers who contributed to this successful chapter in our history," Andy Muller, Corbion President of Sustainable Food Solutions.
Kingswood Capital is advised by Configure Partners and Kirkland & Ellis. Corbion is advised by Lazard and Stinson.
McWin, a private investment firm, completed the acquisition of Sticks'n'Sushi, a Copenhagen-based restaurant and take-away group, from Maj Invest, an independent asset management company, for €80m ($87m).
"The restaurant sector is remarkably resilient in terms of customer demand. People continue to go out to eat regardless of the cycle, and as long as we are not actually in a physical lockdown, people will return to restaurants," Harry Goss, McWin Partner.
Maaden, an investment firm, completed the acquisition of a 23.9% stake in Polymetal, an Anglo-Russian precious mining company, from ICT, an industrial-technology solutions provider. Financial terms were not disclosed.
“We welcome our new significant shareholders led by Mercury Investments International LLC and we look forward to our engagement with our new Omani investors. We are pleased that the shareholder has confirmed its full support of Polymetal’s strategy, which includes de-risking the Company’s business by disposing its Russian operation and further developing its asset base in Kazakhstan and the wider region,” Vitaly Nesis, Polymetal Group CEO.
Advent looks at options for UK parcel delivery firm Evri.
Private equity group Advent International is considering options, including a potential sale, for its British parcel delivery service Evri, Reuters reported.
Advent holds a 75% stake in Evri and is working with advisers on its options for the business, which could be valued at around £2bn ($2.55bn) including debt.
Activist Clearway buys stake in Italy TV tower firm RAI Way.
Activist investor Clearway Capital has acquired a minority stake in Italy’s RAI Way, with the aim of brokering a long-discussed merger of the state-backed TV tower operator with a local rival, Bloomberg reported.
Clearway plans to press RAI Way’s board to merge with Milan-based EI Towers. EI Towers is controlled by infrastructure fund F2i, with the Berlusconi family’s MFE-MediaForEurope holding the rest.
Italy, KKR agree terms of bid for TIM's unit Sparkle.
Italy's Treasury and KKR have agreed the terms of the bid to be presented by KKR for Telecom Italia's submarine cable unit Sparkle, Reuters reported.
The offer is part of the broader agreement between private equity fund KKR and Prime Minister Giorgia Meloni's government to jointly take over TIM's fixed access infrastructure.
Monument Re owners sound out private equity for insurance group sale.
Monument Re's shareholders have launched a sale process that could see a private equity group take control of the company, Reuters reported.
US insurer Enstar Group, Monument Re Chairman Jonathan Yates and Caspar Berendsen, former financial services head at private equity firm Cinven, are expected to sell shares to a new majority investor, which will also inject fresh capital into the business.
Norway wealth fund posts record $213bn profit, driven by tech stocks.
Norway's $1.6tn sovereign wealth fund, the world's largest, reported a record profit of $213bn in 2023, driven by strong returns on its investments in technology stocks. The result compared with a record loss in 2022 of $157bn, Reuters reported.
"Despite high inflation and geopolitical turmoil, the equity market in 2023 was very strong, compared to a weak year in 2022. Technology stocks in particular performed very well," Nicolai Tangen, NBIM CEO.
Britain grants long-term market access for EU investment funds.
Britain said it would grant long-term market access for EU based investment and money market funds used by UK investors, and without new costly requirements such as mandatory valuation assessments.
Funds listed in Dublin and Luxembourg are widely used by UK investors, but asset managers worried that obtaining long-term post-Brexit access to Britain could come with burdensome new requirements, such as having to re-assess the value of assets in their funds, Reuters reported.
Carlyle mulls a $1bn sale of tech services firm HSO.
Carlyle Group is considering a sale of HSO, in a deal that could value the Dutch technology services firm at about $1bn, Bloomberg reported.
The buyout firm has talked to potential advisers to evaluate exit options. A formal sale process could start later this year, with other private equity firms as the most likely suitors.
Ex-Deutsche Bank executive seeks $800m for two Asia funds.
Templewater, an alternative investment firm co-founded by a former Deutsche Bank banker, is seeking as much as $800m for two funds in Asia, in what it calls a “challenging” market with fundraising close to a decade low, Bloomberg reported.
The new funds will target mid-sized firms in Asia and clean energy technology companies. The $1.7bn asset manager has started raising $400m to $500m for its second private equity fund, doubling its previous pool, and is seeking $300m for a decarbonization fund.
APAC
CapitaLand Investment, a real estate investment and management firm, and AIA, a Hong Kong-based multinational insurance and finance corporation, agreed to form a $333m joint venture, to recapitalise Grade A office building in Beijing.
"Despite a challenging fundraising and operating environment, we have successfully brought in AIA as a joint venture partner in Capital Square Beijing as part of our disciplined capital management. CLI's joint venture with AIA demonstrates the trust that capital partners have in our on-the-ground expertise to unlock value from our assets and deliver strong returns. This is the second time we are partnering with AIA in China, following their investment in one of our RMB funds in 2022," Puah Tze Shyang, CapitaLand Investment CEO.
KT, Korea’s premier datacenter corporation, led a $124m Series B round in Rebellions, a pioneering AI chipmaker, with participation from Pavilion Capital, Korea Development Bank, Korelya Capital and DG Daiwa Ventures.
The new capital from the investment will empower Rebellions to attract more talents and accelerate the development of Rebel, the company’s next-generation AI chip designed for running Large Language Models with Samsung Electronics.
Temasek-backed STT GDC shortlists PE firms for $1bn funding.
Several private equity firms have been picked to submit binding bids to take part in a potential $1bn funding round in a Singaporean digital infrastructure provider backed by state-owned investor Temasek, Bloomberg reported.
Apollo Global Management, Blackstone and Stonepeak Partners are among those shortlisted for the fundraising by STT Telemedia Global Data Centres. A consortium of KKR and Singapore Telecommunications has also been selected. Binding bids are due in early April.
Chinese spacetech firm raises $933m to build satellite constellation.
Shanghai municipal government-backed Shanghai Spacecom Satellite Technology has raised CNY6.7bn ($933m) for the construction of a low-orbit satellite constellation, DealStreetAsia reported.
The Series A capital raise was led by a fund set up by the National Manufacturing Transformation and Upgrading Fund. NMTUF's backers include China's finance ministry and state-owned companies such as China Tobacco.
Mindray plans $927m deal to control APT Medical.
Chinese medical device company Shenzhen Mindray Bio-Medical Electronics said it planned a CNY6.65bn ($927m) deal to gain control of APT Medical to expand in cardiovascular disease-related businesses, Reuters reported.
A wholly owned unit of Mindray will buy a 21.12% stake in APT Medical from current shareholders, including funds linked to venture investment firm Qiming Venture.
Aeon in exclusive talks to buy Tsuruha stake from Oasis.
Japanese retail giant Aeon has entered into exclusive talks with Oasis Management to acquire shares the Hong Kong-based activist investor holds in drugstore chain Tsuruha, Reuters reported.
Details of how many shares it will acquire and how much it will pay per share will be subject to negotiations, said Aeon. Oasis and Aeon each have about a 13% holding in Tsuruha.
China to merge three major asset managers into China Investment.
China plans to merge three of the nation's biggest bad debt managers into sovereign wealth fund China Investment, as part of a plan to reform financial institutions, Reuters reported.
Three asset management companies - China Cinda Asset Management, China Orient Asset Management and China Great Wall Asset Management - will be incorporated into CIC.
Blackstone's Aadhar Housing Finance targets $600m India IPO.
Blackstone-owned Indian home loans provider Aadhar Housing Finance is targeting a $600m-650m initial public offering at a valuation of up to $3bn, Reuters reported.
Private equity group Blackstone acquired Aadhar for about $300m in 2019 as it bet on growing demand for affordable housing and financing in India. The IPO attempt is Aadhar's second shot at a listing after a $1bn IPO plan in 2022 was called off amid market volatility that followed the Russia-Ukraine war.
KKR closes $6.4bn Asia Pacific Infrastructure Investors II Fund.
KKR, a leading global investment firm, today announced the final close of KKR Asia Pacific Infrastructure Investors II SCSp, a $6.4bn fund focused on infrastructure-related investments across Asia Pacific.
At close, the Fund is the largest pan-regional infrastructure fund to have been raised for Asia Pacific. This closely follows KKR’s inaugural Asia Pacific-dedicated infrastructure fund, KKR Asia Pacific Infrastructure Investors SCSp, which closed at $3.9bn in 2021 as the largest Asia-dedicated pan-regional fund at the time.
GLP Capital Partners mops up $1.4bn for its China Income Fund XIl.
Asset manager GLP Capital Partners had partnered with a global institutional investor in raising CNY10bn ($1.4bn) for its China Income Fund XII, which would own 25 logistics and business parks in China, DealStreetAsia reported.
The fund was injected with 25 logistics and business park assets from GLP's balance sheet, with a total leasable area of over 2.2m square metres (23.7m square feet).
InnoVen Capital reaches first close of latest $250m China fund.
Venture debt firm InnoVen Capital has reached a first close of $130m for its second China fund, which has a target of $250m, DealStreetAsia reported.
The USD and RMB InnoVen China Fund II is aiming for a close a year from now in early 2025.
Australia’s sovereign wealth fund appoints Combet as new chair. (People)
Australia’s government appointed Greg Combet to chair the nation’s sovereign wealth fund, ending a months-long process to replace incumbent Peter Costello, Bloomberg reported.
The former federal Labor government minister and previous chair of IFM Investors was appointed for a five-year term, Treasurer Jim Chalmers. Chalmers said he planned to work with Combet in considering the future role of the investment giant, which oversees more than AUD270bn ($178bn) across seven funds.
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