AMERICAS
Broadcom’s $69bn deal for VMware, an innovator in enterprise software, will move forward after a rival bidder failed to emerge to break up the deal for the cloud-computing company during its so-called “go-shop” period, Bloomberg reported.
VMware, which had 40 days to solicit rival offers, may disclose the outcome of that effort, although its plans haven’t been finalized. The expiration of the go-shop gets Broadcom past at least one hurdle to the biggest-ever takeover by a semiconductor maker. The clause helped Broadcom secure a merger agreement with the company.
Broadcom is advised by Bank of America, Barclays, Citigroup, Credit Suisse, Morgan Stanley, Wells Fargo Securities, Cleary Gottlieb Steen & Hamilton, O'Melveny & Myers, Wachtell Lipton Rosen & Katz and Joele Frank. VMware is advised by Goldman Sachs, JP Morgan, Gibson Dunn & Crutcher and Sard Verbinnen & Co. Financial advisors are advised by Debevoise & Plimpton and Sullivan & Cromwell.
Rogers Communications said two days of negotiations with Canada's competition commissioner have failed to break the impasse over its proposed takeover of Shaw Communications. The sides held talks with a mediator present, but it "did not result in a resolution of the Commissioner's objections" to the $15.5bn deal, Bloomberg reported.
Rogers Communications is advised by Bank of America, Barclays, Cravath Swaine & Moore, Goodmans and Torys. Financial advisors are advised by Davis Polk & Wardwell, Latham & Watkins and McCarthy Tetrault. Shaw Communications is advised by CIBC World Markets, TD Securities, Burnet Duckworth & Palmer, Davies Ward Phillips & Vineberg, Dentons and Wachtell Lipton Rosen & Katz. Financial advisors are advised by Osler Hoskin & Harcourt.
Vectrus, a provider of critical mission support for our customers' toughest operational challenges, completed the merger with Vertex, a firm engaged in the aviation maintenance, worldwide contractor logistics support, systems engineering and integration and specialized onsite mission execution, in a $2.1bn deal. Vertex shareholders own approximately 62% of the combined company, while Vectrus shareholders own approximately 38%.
"The combination of Vectrus and Vertex will create a stronger, more diversified company and one of the leading providers of critical mission solutions and support to defense clients globally. This highly strategic transaction builds on both companies' accomplishments over the last several years and significantly accelerates our ability to deliver converged solutions while providing enhanced value for our shareholders and other stakeholders," Chuck Prow, Vectrus CEO.
Vertex was advised by Evercore, RBC Capital Markets, Baker Botts, Jones Day, Ropes & Gray and Fairmont Consulting. Vectrus was advised by Ernst & Young, Goldman Sachs, Covington & Burling, Skadden Arps Slate Meagher & Flom, Joele Frank and Wolf Den Associates.
The UK antitrust regulator opened an investigation into Microsoft planned $69bn purchase of Activision Blizzard, an American video game holding company, joining other regulators in scrutinizing the deal, Bloomberg reported.
The Competition and Markets Authority said it will consider whether the deal will harm competition and lead to higher prices or reduced choice. It said it will work with counterparts around the world.
Microsoft is advised by Goldman Sachs, Simpson Thacher & Bartlett, Weil Gotshal and Manges and Assembly Media. Activision Blizzard is advised by Allen & Company, Morgan Stanley, Skadden Arps Slate Meagher & Flom and Sard Verbinnen & Co. Financial advisors are advised by White & Case.
Paper Excellence-backed Domtar, a global diversified manufacturer of pulp and specialty, printing, writing, and packaging papers, agreed to acquire Resolute, a firm engaged in the forest products industry, for $2.7bn.
"With this transaction, Resolute will accelerate its growth as it gains access to more tools, capital and opportunities to pursue our ambitions with the combined resources of the Paper Excellence Group. This is good for employees and the communities where Resolute operates because we will continue to grow in a manner consistent with our core values of accountability, caring and trust that we hold dear. Together, we will form a stronger and more resilient, diversified forest products company, positioned to compete on a truly global scale, with a shared commitment to being a trusted business partner, dedicated to sustainability and to caring for its people and communities," Remi G. Lalonde, Resolute President and CEO.
Paper Excellence is advised by Barclays, Latham & Watkins, McCarthy Tetrault and McMillan. Debt financing for Domtar is provided by BMO Capital Markets, Barclays and CoBank ACB. Resolute is advised by CIBC, Paul Weiss Rifkind Wharton & Garrison and Stikeman Elliott.
Vista Outdoor to acquire Fox Racing from Altamont Capital Partners for $590m. (FS)
Vista Outdoor, an American designer, manufacturer, and marketer of outdoor sports and recreation products, agreed to acquire Fox Racing, an American extreme sports, protective equipment and lifestyle clothing brand, from Altamont Capital Partners, a private equity firm, for $590m.
"Altamont has been proud to partner with the Fox Racing team to build upon the legacy and leadership of the brand. Altamont believes in making purposeful, long-term investments that allow us to build strong businesses through collaborative work with our partners. We are grateful for the leadership of CEO Jeff McGuane and all the efforts of the entire Fox Racing family. We are proud of what we accomplished together over the course of our partnership," Keoni Schwartz, Altamont Capital Partners Co-Founder and Managing Director.
FOX Racing is advised by Robert W Baird and Ropes & Gray. Vista Outdoor is advised by Morgan Stanley and Reed Smith. Atamont is advised by Narrative Strategies. Debt Financing is provided by JP Morgan and Capital One. Debt providers are advised by Cravath Swaine & Moore LLP.
Ring Energy, an oil and gas exploration and production company, agreed to acquire the Permian Basin assets from Warburg Pincus-backed Stronghold Energy II, an operator of an oil and gas exploration and production company, for $465m.
“Once we complete the transaction, we will have materially increased our inventory of high rate-of-return drilling, recompletion and workover projects, and fully expect to increase our activity across our expanded footprint. The combination of lower operating costs and a substantially expanded inventory of high-margin, capital efficient development opportunities is expected to increase free cash flow and our ability to rapidly pay down debt. This will allow us to expand even further through potential acquisitions or enhance stockholder returns through other potential return of capital opportunities," Paul D. McKinney, Ring Energy Chairman and CEO.
Ring Energy is advised by Mizuho Securities, Raymond James, Truist Bank, Jones & Keller and Al Petrie Advisors. Stronghold is advised by Piper Sandler and Kirkland & Ellis.
SCF Partners, a provider of equity capital, completed the investment in TD Williamson, a firm operating in the pipeline maintenance and integrity industry. Financial terms were not disclosed.
“This partnership uniquely positions TDW’s market-leading brand and technology with SCF’s deep financial and strategic expertise, to create a strong, growth focused company for the future. I look forward to leveraging what makes TDW unique today and seizing new opportunities that the partnership with SCF will bring," Robert McGrew, TDW President and CEO.
SCF Partners was advised by Vinson & Elkins. TD Williamson was advised by Raymond James, Allen & Overy, Baker Botts and Crowe BGK.
Cencosud, a South American retailer, completed the acquisition of a 67% stake in The Fresh Market, a premium specialty retailer competing in the food retail industry in the US, from Apollo Global Management, an investment firm, for $1.1bn.
"The Fresh Market is one of the best supermarkets in the USA. Widely recognized by market specialists and customers alike for its customer-centric culture, excellence in fresh produce and memorable shopping experience in its stores. This unique value proposition is a result of the successful strategy executed and the commitment of a team of highly experienced executives led by Jason and Andy. We are very pleased to make our first investment in the American market through a partnership of the prestige of Apollo Global Management with extensive experience in the retail market. Our team is very excited to start working together to accelerate the growth and value of the company," Matias Videla, Cencosud CEO.
Cencosud was advised by JP Morgan and Milbank. The Fresh Market was advised by Credit Suisse and Simpson Thacher & Bartlett.
ASGN, a IT and professional service provider, completed the acquisition of GlideFast Consulting, an Elite ServiceNow Partner and leading IT consulting, implementation, and development company, from BV Investment Partners, a private equity firm, for $350m.
"We partnered with the founders of GlideFast because we shared their vision that the company could build upon its presence in the ServiceNow ecosystem and help companies optimize their investments in the ServiceNow platform. We're extremely proud of what the team, led by Mike Lombardo, has accomplished over such a short time horizon and look forward to seeing the business continue to expand and innovate in partnership with ASGN," Matt Kinsey, BV Investment Managing Partner.
ASGN was advised by Sullivan & Cromwell and Addo Investor Relations. BV Investment was advised by Ropes & Gray and Chris Tofalli Public Relations.
First Trust Capital, a venture capital firm, agreed to acquire Veriti Management, an investment advisory firm. Financial terms were not disclosed.
“Customization through direct indexing empowers the advisor to deliver personalized and tax-advantaged solutions that better align with the investment objectives, values and interests of their clients. We are delighted to begin this partnership with the Veriti team and look forward to working together to service the advisor community," Ryan Issakainen, First Trust Senior Vice President.
First Trust Capital is advised by Chapman and Cutler. Veriti Management is advised by Berkshire Global Advisors, Nixon Peabody and StreetCred PR.
Piper Sandler, an investment bank, agreed to acquire DBO Partners, an investment banking firm. Financial terms were not disclosed.
“The DBO team has built an exceptional practice advising leading global companies on their most important transactions. The addition of DBO significantly increases our presence and capabilities in the technology sector and is an important step towards building a leading technology investment banking practice,” Michael Dillahunt, Piper Sandler Global Co-Head of Investment Banking and Capital Markets.
Piper Sandler is advised by Sullivan & Cromwell. DBO Partners is advised by Keefe Bruyette & Woods and Wachtell Lipton Rosen & Katz.
Kelso-backed One80 Intermediaries, a specialty insurance broker, agreed to acquire SelmanCo, a third-party administrator and broker offering life, supplemental health and related products and services to associations, credit unions, banks, employers and insurance companies. Financial terms were not disclosed.
“One80 Intermediaries is excited to further expand our presence in the affinity market. We have been impressed with the SelmanCo’s market leading administrative services in the employee benefit space, as well as the company’s supplemental health insurance offerings provided to retired members of the United States Armed Forces and their families,” Matthew F. Power, One80 Intermediaries President.
One80 is advised by Ropes & Gray. SelmanCo is advised by Dowling Hales and Jones Day.
Mill Rock Capital-backed Tandym Group, a national recruitment, contract staffing, consulting, and workforce solutions company, completed the acquisition of Metro Systems, a technology staffing firm. Financial terms were not disclosed.
"We're very excited to welcome the Metro Systems team to Tandym. By combining our current service offerings with Metro Systems' expertise, our total solution is significantly bolstered to serve our client and candidate partners with an even broader array of services. Metro Systems has carried out a 17-year legacy of commitment to client success and unparalleled service that aligns perfectly with Tandym's mission," Larry Dolinko, Tandym CEO.
Tandym was advised by Alvarez & Marsal, Lake Partners Strategy Consultants and White & Case.
URUS, a holding company with cooperative and private ownership, agreed to acquire Trans Ova Genetics, an animal reproductive technologies company, from Precigen, a biotechnology company, for $180m.
"We believe this transaction will support Precigen's mission as a premier cell and gene therapy company laser focused on the rapid development of our top clinical assets to maximize shareholder value and potentially improve the way devastating diseases like cancer are treated. I am proud of Precigen management and the Trans Ova team for successfully leading the financial turnaround of Trans Ova operations to maximize the value of this asset over the last two years. We expect to have the capacity to pay the convertible notes upon maturity and to focus on fast regulatory paths for our healthcare portfolio," Helen Sabzevari, Precigen President and CEO.
Precigen is advised by Rabo Securities USA and Davis Polk & Wardwell.
Eclipse Ventures, Stata Venture, Fontinalis Partners, D1 Capital, Standard Investments, Atlas Innovate, Boston Seed Capital, Industry Ventures and Simkins Family led a $355m funding round in VulcanForms, an operator of an engineering company.
“We’ve recognized a game-changing opportunity when additive manufacturing technology is scaled for industrial production and is seamlessly integrated with automated machining and robotics. VulcanForms has built the physical infrastructure and digital workflows to deliver this full-stack manufacturing solution at unprecedented speed, precision, quality, and scale," Martin C. Feldmann, VulcanForms Co-Founder, President & CEO.
Hawkeye Systems, a technology holding company, agreed to acquire Blue Gold International, an owner and operator of long-life gold mines which it is developing into high quality and sustainable producers of gold. Financial terms were not disclosed.
"We are pleased to be reentering the equity capital markets with a primary listing in the US through this transaction with Hawkeye. We actively seek to leverage the equity capital markets at a time of increasing interest in gold, a combination that we believe will also create a strong platform for us to fully develop the proven sulfide resource and the significant unexplored strike," Dan Owiredu, Blue Gold Chief Executive Officer.
Amazon will take stake in Grubhub.
Just Eat Takeaway.com's shares jumped the most in almost four years after Amazon.com agreed to take a stake in its Grubhub business. The stake is part of a partnership where Amazon will offer US Prime users a one-year membership to the food delivery service, the Dutch company said in a statement, Bloomberg reported.
The deal is a vital boost for Just Eat Takeaway, which has seen its share price crash more than 65% this year hitting a record low. The company also faces internal turmoil after it launched an investigation into its chief operating officer’s personal conduct and its chairman stepped down in May.
Apollo and Blackstone seek buyers for Ridgeback. (FS)
Apollo Global and the credit arm of Blackstone Group are looking to sell Canadian oil and gas producer Ridgeback Resources for more than $765m, Reuters reported.
Two investment banks have been hired to manage the sale of Ridgeback, one of Canada's largest private oil producers. They added no deal for Ridgebackwas guaranteed and the company's assets could be sold in multiple transactions.
Ben & Jerry's sues parent Unilever to block sale of Israeli business.
Ben & Jerry's sued its parent Unilever, a consumer goods retailer, to block the sale of its Israeli business to a local licensee, saying it was inconsistent with its values to sell its ice cream in the occupied West Bank, Reuters reported.
The complaint filed in the US District Court in Manhattan said the sale announced on June 29 threatened to undermine the integrity of the Ben & Jerry's brand, which Ben & Jerry's board retained independence to protect when Unilever acquired the company in 2000.
Z Capital weighs stake sale at $1bn-plus valuation. (FS)
Z Capital Group, an investment firm focused on private equity and credit wagers, is exploring strategic options, including the sale of a minority stake, Bloomberg reported.
Z Capital is in preliminary talks with potential investors on a stake sale that could value the firm at $1bn or more. The New York-based firm is working with an adviser to solicit interest, and may use proceeds to seed new funds and expand employee ownership.
One Medical considers options after getting takeover interest.
1Life Healthcare, the parent of One Medical clinics, is considering options after attracting takeover interest, Bloomberg reported.
The company, which offers concierge medical care, has drawn preliminary interest from companies, including CVS Health, a provider of health care and retail pharmacy services. Shares of 1Life closed up 25%, the biggest one-day jump since its initial public offering in 2020.
Silverton Partners collects $248m to invest in Texas and beyond. (FS)
Silverton Partners, an early-stage investor, has raised $248m across two funds, the largest pool of capital in the firm's history.
The sum of the latest vehicles, a $177m seventh flagship fund and a $71m second opportunity fund, represents a 72% step-up in size from the $144m the firm raised at the start of the pandemic in April 2020.
EMEA
Equistone Europe, a London-based independent investment firm, completed the investment in Talon Outdoor, a provider of marketing and outdoor advertising services. Mayfair Equity fully exits Talon. Financial terms were not disclosed.
“We are thrilled to be welcoming Equistone and excited to be working closely with the team to support Talon’s next phase of growth. Now in our tenth year, Talon is established as a market leading OOH agency and we thank Mayfair for being a huge part of this journey. We are particularly excited for the opportunities the new Equistone partnership will create for Talon’s clients across the globe," Barry Cupples, Talon CEO.
Equistone was advised by KPMG, PricewaterhouseCoopers, OC&C Strategy Consultants, Raymond James, Travers Smith and Hawthorn Advisors. Talon Outdoor was advised by PricewaterhouseCoopers, GP Bullhound, Highstead, RSM International, CMS, Goodwin Procter and Propeller Group. Mayfair Equity was advised by The One Nine Three Group.
Schweitzer-Mauduit International, a product engineering and manufacturing company, completed the merger with Neenah, a manufacturer of papers and specialty products. Financial terms are not disclosed.
“The combination with Neenah is a continuation of our strategic intent to solve our customers’ most complex design challenges. We are excited by the numerous benefits of this merger, including the significantly broadened customer base, product lines and technical expertise. At the same time, combining the talented teams, cultures and well-run operations of Neenah and SWM will enhance our position as a world-class leader across our end-markets, poised to drive long-term growth and attractive returns. We look forward to working with the Neenah team to unlock the tremendous value of this compelling combination for all stakeholders,” Jeff Kramer, SWM CEO.
Neenah was advised by Perella Weinberg Partners, Bryan Cave Leighton Paisner and Cravath Swaine & Moore. Financial advisors were advised Simpson Thacher & Bartlett. SWM was advised by JP Morgan, King & Spalding and Joele Frank.
Charterhouse Capital, a private equity firm, agreed to acquire a majority stake in Amtivo, a provider of accredited certification to companies in 27 countries, from August Equity, a private equity firm. Financial terms were not disclosed.
“Amtivo is one of the most exciting and distinctive businesses in the certification space, and benefits from an attractive market, highly effective operating model and an exceptional management team. We look forward to working with Mike and the team to support Amtivo’s continued growth during the next several years," James Cocker, Charterhouse Partner.
August Equity is advised by PricewaterhouseCoopers, OC&C Strategy Consultants, Liberty Corporate Finance, Rothschild & Co, DLA Piper, KPMG and Crosslake Technologies. Charterhouse is advised by Greenbrook.
Delivery Hero, a local delivery platform, completed the acquisition of an additional 39.4% stake in Glovo, a multi-category delivery platform, for €800m.
"The Delivery Hero team has admired and supported Glovo for many years. They have been frontrunners in the industry by offering a multi-vertical service from the start. Their product focus and fast execution have given them a leading position in 16 out of 25 markets, despite having launched a number of years later than their peers. We will continue to invest in Glovo’s team and product, and see many opportunities to further enhance their operations with our resources and expertise," Niklas Östberg, Delivery Hero Co-Founder and CEO.
Delivery Hero was advised by JP Morgan and Cuatrecasas Goncalves Pereira. Glovo was advised by Morgan Stanley, Latham & Watkins and Uria Menendez.
Coats Group, an industrial thread manufacturer, agreed to acquire Texon, a footwear solutions provider, from Navis Capital, a private equity firm, for $237m.
"The acquisition of Texon will strengthen our existing presence in the highly attractive athleisure footwear market. The business is complementary to Coats and provides attractive future commercial opportunities as we work together leveraging our combined expertise and knowledge to succeed with our customers. We recognise and share Texon's focus on sustainability and innovation and believe that this acquisition strengthens our ability to fulfil these shared ambitions," Rajiv Sharma, Coats CEO.
Coats Group is advised by Lazard and FTI Consulting. Navis Capital is advised by BDA Partners and William Blair & Co.
Trafigura, a global supplier of commodities, agreed to acquire Ecobat Resources Stolberg, a firm that owns the Stolberg multi-metals processing plant in Germany. Financial terms were not disclosed.
“The sale of ERS is consistent with our strategy to concentrate on our core business of battery recycling and represents a significant step in the rationalization of our portfolio,” Marcus Randolph, Ecobat CEO.
Ecobat is advised by Rothschild & Co, White & Case and Edelman.
Brown & Brown, a provider of a range of insurance and reinsurance products and services, completed the acquisition of Global Risk Partners, an operator of independent insurance intermediary company, from Searchlight, a private equity firm. Financial terms were not disclosed.
"We believe that aligning companies with common values will lead to shared success. Mike Bruce and the team at GRP are like-minded individuals that have a disciplined focus on doing what is best for their customers, teammates and carrier partners. GRP's position as an industry leader in the UK, their experience in international markets and generation of new market segments will allow us to further expand our international footprint and broaden the scope of our global capabilities," J. Powell Brown, Brown & Brown President and CEO.
Global Risk Partners was advised by Evercore. Searchlight was advised by Willkie Farr & Gallagher.
Insight Partners-backed AMCS, a global supplier of integrated cloud-based software and vehicle technology for the environmental, utilities, waste, recycling and resource industries, completed the acquisition of Quentic, a solution provider of Software as a service for EHSQ and ESG management. Financial terms were not disclosed.
"We have built Quentic on the values of making a meaningful contribution to people, society and the environment. Therefore, we are excited to have found a partner in AMCS who fully aligns with our mission to digitally empower companies across the globe to manage people, business and environmental processes sustainably at all levels. Together with AMCS, the Quentic management team will continue to shape the future," Markus Becker, Quentic CEO.
Quentic was advised by William Blair & Co. Insight Partners was advised by Willkie Farr & Gallagher.
JAB Holding-backed Pinnacle Pet Group, a pan-European, fully integrated pet insurance & health services platform, agreed to acquire Veterfina, a pet insurance business. Financial terms were not disclosed.
“We are thrilled to welcome Veterfina and its whole team to the Pinnacle Pet Group. Our ambition is to create the leading pet insurance platform globally, with the group benefiting from the knowledge and capabilities from each addition," Dirk Beeckman, PPG CEO.
JAB Holding is advised by The One Nine Three Group.
Potanin is a major obstacle to the $60bn Rusal, Nornickel merger.
Russian businessman Vladimir Potanin is likely to be the most significant barrier to a potential $60bn merger between Russia's largest metals producers Nornickel and Rusal, Reuters reported.
Potanin has said a tie-up could strengthen the companies' defences against any sanctions the West might impose on them, and in an interview with Russian media said he would not step down as CEO.
Germany prepares to take a possible Uniper stake.
Germany is preparing for the possibility of taking a stake in Uniper, the country's largest buyer of Russian gas, knocking the energy firm's share price, Reuters reported.
Chancellor Olaf Scholz's government, which has warned that utilities could face a Lehman Brothers-style collapse due to soaring energy prices, has agreed with legislation allowing Berlin to take stakes in energy firms that run into financial trouble.
Volkswagen CEO eyes 'big moves' in China to gain thousands of coders.
Volkswagen is planning major investments in China to employ several thousand software engineers and catch up with local rivals when it comes to equipping cars with the latest digital technology, Bloomberg reported.
Keeping up with offerings from Chinese manufacturers is becoming a challenge for Western automakers. The likes of XPeng, Nio and BYD are equipping their vehicles with karaoke microphones and sophisticated cameras for singing and streaming, while also providing connectivity to features such as in-car payment and social media.
ANZ Bank weighs reviving Indonesia's Panin Bank stake sale.
Australia and New Zealand Banking Group, a provider of banking and financial products and services, is weighing reviving a stake sale in PT Bank Pan Indonesia, a provider of banking services, Bloomberg reported.
ANZ has started preliminary talks with interested parties, including other banks and tycoons in Indonesia. Shares of Panin Bank have more than doubled so far this year, giving the lender a valuation of about $2.6bn. ANZ's 38.8% stake in the Indonesian bank is worth about $1bn based on Tuesday's closing price.
HSBC is in talks to sell its Russian unit to Expobank.
HSBC Holdings is talking about selling its Russia unit to the local lender Expobank. The talks on a deal are at an advanced stage.
London-based HSBC exited retail banking in Russia several years ago and now primarily serves corporate clients. The unit's total assets stood at $1.4bn as of June 2021, when it employed 249 people, Bloomberg reported.
APAC
Kuwait Finance House agreed to buy Bahrain’s Ahli United Bank for about $11.6bn, a deal almost four years in the making and one that ranks among the banking sector’s biggest this year.
The combination, a rare cross-border deal in the Middle East, will create the Gulf’s seventh-largest lender with $11.5bn in assets. Under the revised terms, Kuwait Finance House will offer one share for every 2.695 shares of Ahli United, the Bahraini lender said. That implies an offer price of $1.04 per share, Bloomberg reported.
Ahli United Bank is advised by Citigroup and Linklaters. Financial advisors are advised by Cleary Gottlieb Steen & Hamilton.
LDA Capital, a private equity firm, completed a $100m investment in Rubix, a company which provides blockchain solutions.
“We’re thrilled with this partnership and are so glad that LDA Capital recognizes the value of the blockchain for building community and expanding innovation as the web evolves. Rubix is, first and foremost, a community; this investment will allow us to grow that community and expand our green blockchain as a shared platform upon which partners can build any number of solutions. Our unique architecture makes Web 3 and even Web 5 accessible and attainable for anyone leaning into decentralization,” KC Reddy, Rubix Founder & Chief Architect.
Rubix was advised by Antenna Group.
ESR Group Limited, APAC's largest real asset manager, announced the upsize of its second development joint venture in Korea with APG and Canada Pension Plan Investment Board.
"Institutional investment in the Korean logistics sector remains very strong as investors continue to rebalance their allocations towards logistics assets against the backdrop of e-commerce acceleration. The upsize of ESR-KS II reflects the collective confidence of our capital partners in ESR's ability to capitalise on this secular opportunity. We will continue to build on our capital management and development strengths to identify quality opportunities and create value for our investors and stakeholders," Thomas Nam, ESR-Kendall Square CEO.
MUFG is said to mull the sale of stake in Hong Kong's Dah Sing.
Mitsubishi UFJ Financial Group is mulling a sale of its stake in Hong Kong's Dah Sing Financial Holdings, a financial services group in Hong Kong, Bloomberg reported.
Japan's biggest lender has wanted to offload the holding for some time and conducted several reviews, MUFG holds about 10% of Dah Sing, after paring back its stake in 2019. It said at the time that it will continue to review its existing investments, including the remaining shares in Dah Sing.
PAG launches renewables platform to invest over $1bn in Asia. (FS)
APAC-focused alternative investment firm PAG has launched PAG Renewables, a wholly-owned platform that will invest over $1bn in renewable energy in Asia over the next several years.
"At PAG, sustainability is a core tenet of our investment philosophy and the transition to domestically-produced, clean energy in APAC will require an investment of trillions over the next decade. Investing in that transition is not only the right thing to do but a tremendous opportunity for PAG Renewables," J-P Toppino, PAG President.
Tianqi Lithium raises $1.7bn in year's biggest Hong Kong listing.
Tianqi Lithium, a provider of lithium products, raised about $1.7bn after pricing its Hong Kong second listing at the top of a marketed range, in the Asian financial hub's largest share sale this year, Bloomberg reported.
The Shenzhen-listed supplier of the key material used in batteries sold 164.1m shares at HKD82 ($10.45) apiece. Tianqi Lithium had marketed the shares at HKD69 ($8.79) to HKD82 ($10.45) each.
Sequoia China raises $9bn amid hopes crackdown is easing.
Sequoia Capital China has raised a total of nearly $9bn for four new funds amid investor hopes that the authorities are easing a regulatory crackdown on the tech sector, Reuters reported.
The latest fundraising by Sequoia China, which originally targeted at least $8bn and was 50% oversubscribed, underscores how global investors are counting on leading investment managers to cut deals in China's new economy industries following the unprecedented crackdown.
Axilor Ventures launches a $100m second fund to tap early-stage bets in India. (FS)
Axilor Ventures, an early stage investment firm, has launched its second fund, Axilor Technology Fund II, targeting to raise $100m as it continues to focus on seed funding opportunities in India.
Axilor, which started as a technology incubator programme in 2014, moved to early-stage investing in 2018 with the launch of its first fund. The first fund has invested in 54 startups, of which 21 startups have already raised their Series A round and beyond.
Vision Plus Capital looks to raise two USD funds. (FS)
Vision Plus Capital, a Chinese venture capital firm created by Eddie Wu Alibaba co-founder, is in the market raising two US dollar funds despite most of its peers having put on hold their USD fundraising plans amid rising difficulties for domestic businesses to pursue a US listing.
The dual-currency fund manager is looking to raise capital for Vision Plus Capital Growth Fund II and Vision Plus Capital Fund IV. The filings, both of which were signed by the firm's deputy finance director Tina Wang, show that Vision Plus Capital has yet to secure any capital commitments for the vehicles.
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