Sibanye-Stillwater, a multinational precious metals mining company, agreed to acquire Atlantic Nickel and Mineração Vale Verde, two Brazilian battery metals-focused firms, from Appian Capital, the investment advisor to long-term value-focused private equity funds that invest solely in mining and mining-related companies, for $1bn.
"These exits – the fourth and fifth from Appian this year – further underline the strength of our unique operating model, with our ability to identify, acquire and develop projects effectively. Sibanye will be a great custodian for this asset base, and with our ongoing exposure I am confident that Atlantic Nickel and MVV will continue to deliver long-term value as well as taking care of its local communities and stakeholders. The transaction also highlights the strong and growing demand for decarbonisation commodities. Appian's portfolio is ideally positioned for its next phase of growth with a major focus on the metals driving the critical global energy transition," Michael W. Scherb, Appian Founder and CEO.
Sibanye-Stillwater is advised by Moelis & Co, Cliffe Dekker Hofmeyr, Clifford Chance and Machado Meyer Sendacz e Opice Advogados. Appian Capital is advised by BMO Capital Markets, Citigroup, RBC Capital Markets, Standard Chartered Bank, McCarthy Tetrault, Finsbury Glover Hering and Ernst & Young.
Amentum, a premier global government and private-sector partner, agreed to acquire Pacific Architects and Engineers, an American defense and government services contractor, for $1.9bn.
"By achieving an approximately 70% premium over PAE's closing price on October 22, 2021, PAE's Board believes this transaction will deliver significant value for PAE's shareholders. This is a historic milestone in PAE's legacy of service to the US Government spanning over 66 years. I want to commend Interim President and CEO Charlie Peiffer and the rest of the PAE management team for their outstanding work in getting the transaction to this point given many competing demands," Marshall Heinberg, PAE Chairman of the Board of Directors.
Pacific Architects and Engineers is advised by Morgan Stanley, Raymond James, Goodwin Procter, Morgan Lewis & Bockius and Nichols Liu. Amentum is advised by Arnold & Porter Kaye Scholer and Cravath Swaine & Moore.
Clearlake Capital Group-backed nThrive, a healthcare providing company, agreed to acquire healthcare business from TransUnion, an American consumer credit reporting agency, for $1.74bn.
“The transaction will also allow TransUnion Healthcare to benefit from ownership whose priorities and expertise are solely focused on healthcare revenue cycle management,” Chris Cartwright, TransUnion CEO.
nThrive is advised by Sidley Austin. Debt financing is provided by BMO Capital Markets, Barclays, Credit Suisse, Deutsche Bank, Golub Capital, JP Morgan and Jefferies & Company. Clearlake Capital Group is advised by Lambert & Co. TransUnion is advised by Centerview Partners and Latham & Watkins.
Wellspring Capital Management, a private equity firm headquartered in New York, agreed to acquire Caring Brands International, a franchisor of home healthcare services, from Levine Leichtman Capital Partners, an established middle-market private equity firm. Financial terms were not disclosed.
"We have been strong advocates of high-quality home-based care providers that enable seniors, individuals with medically complex care needs, and others with disabilities to live independently in their homes. CBI and their franchisees and operators have developed a stellar reputation of empowering individuals to live life on their own terms and we are excited to partner with Jennifer and team to continue to grow that mission," Naishadh Lalwani, Wellspring Partner.
Caring Brands is advised by Lincoln International and Kirkland & Ellis. Wellspring is advised by Houlihan Lokey and McDermott Will & Emery. LLCP is advised by Gasthalter & Co. Debt financing is provided by AEA Investors, Adams Street Partners, BlackRock and Madison Capital.
Crestwood Equity Partners, an oil and gas pipeline operator, agreed to acquire Oasis Petroleum, an oil and gas exploration company, for $1.8bn.
"I am very excited to announce the strategic combination with Oasis Midstream, which has strong industrial logic and perfectly aligns with our stated strategy of consolidating high quality midstream assets in our core operating areas. This transaction enhances our competitive position in the Williston and Delaware Basins, enables Crestwood to capture substantial operational, commercial, and capacity synergies as we integrate the Oasis Midstream assets into our existing operations, and substantially expands the long-term contract acreage and inventory dedications of our gathering and processing portfolio. Importantly, we are completing this transaction during a period when macro oil and gas fundamentals are exceptionally supportive of upstream development and there is increasing demand for midstream infrastructure and services," Robert G. Phillips, Crestwood Equity Partners Chairman, President and CEO.
Oasis Petroleum is advised by Jefferies & Company, Morgan Stanley, Tudor Pickering Holt, Richards Layton and Finger and Vinson & Elkins. Crestwood Equity Partners is advised by Intrepid Advisors, JP Morgan and Baker Botts.
KKR & Co agreed to acquire the thermal business of Clearway Energy, one of the largest renewable energy owners in the US, for $1.9bn.
"First, I want to thank my colleagues at Clearway Community Energy for their steadfast commitment to safely providing sustainable energy across their customer base while contributing to the success of the Company since our IPO in 2013. This divestiture will provide Clearway with an unprecedented degree of financial flexibility and will eliminate any need to issue new equity to fund our committed investments, while also providing capital to fund future growth objectives and further enhance shareholder value. Considering our sponsor’s robust development pipeline, the Company is now in one of the best positions in its history to deliver long term CAFD per share growth and economic value," Christopher Sotos, Clearway Energy President and CEO.
KKR is advised by Morgan Stanley and Kirkland & Ellis. Clearway Energy is advised by Bank of America, TD Securities and Gibson Dunn & Crutcher.
Dana, an American supplier of axles, driveshafts and transmissions, terminated the deal to acquire the majority stake in automotive business of Modine Manufacturing, a diversified thermal management technology and solutions provider. Financial terms were not disclosed.
Both companies had been actively engaged in the regulatory review process in Germany for many months and have decided that it is no longer in the best interest of either party to pursue the transaction further.
Norwest Equity Partners, a private equity firm in Minneapolis, completed the acquisition of Coretelligent, a provider of computer support and services in Westwood, Massachusetts, from Veronis Suhler Stevenson, a private investment firm. Financial terms were not disclosed.
"It is with the utmost gratitude we thank VSS for their continued support for a successful partnership over the past five years. Their support has helped us build a robust, best-in-class offering in the fragmented MSP market," Kevin J. Routhier, Coretelligent President and CEO.
Coretelligent was advised by Drake Star Partners. Norwest Equity Partners was advised by Winston & Strawn. VSS was advised by Ropes & Gray. Debt financing was provided by Alliance Bernstein.
Husqvarna Group, a Swedish manufacturer of outdoor power products including chainsaws, trimmers, brushcutters, cultivators, garden tractors, and mowers, agreed to acquire Orbit Irrigation, a provider of watering equipment, from Platinum Equity, a private equity firm, for $480m.
"Orbit's success is the result of a strong partnership with the company's leadership team and a lot of hard work by dedicated employees at every level of the organization. We deployed the full range of Platinum's M&A and operational toolkit in service of transforming the company into an industry leader, and we are proud of everything the company has accomplished," Jacob Kotzubei, Platinum Equity Partner.
Platinum Equity is advised by Moelis & Co, William Blair & Co and Gibson Dunn & Crutcher.
Great Hill Partners, a private equity firm that invests in high-growth, disruptive companies, agreed to invest in Clearwave, one of the fastest-growing SaaS platforms in digital patient engagement, from Frontier Growth, a software private equity firm. Financial terms were not disclosed.
“The Company has tremendous potential to capitalize on the opportunities ahead amid significant tailwinds in the patient-engagement space, and we look forward to helping strengthen its position at the forefront of consumer-focused healthcare. Healthcare continues to be a strategic area of focus for Great Hill and this transaction further builds on our strong track record of partnering with innovative companies in the space,” Rafael Cofiño, Great Hill Partners Managing Director.
Clearwave is advised by William Blair & Co. Great Hill Partners is advised by Goodwin Procter and Sard Verbinnen & Co.
Reliance Worldwide, an Australian-owned publicly listed company which designs, manufactures and supplies water flow and control products and solutions, agreed to acquire EZ-FLO International, a manufacturer and distributor of plumbing supplies, for $325m.
“The acquisition of EZ-FLO is strongly aligned with RWC’s strategy of adding complementary products that broaden the depth of solutions offered to end-users and expand our market presence in aligned sectors. Together, we manufacture some of the most trusted brands in the industry, including SharkBite, HoldRite, John Guest, Speedfit, Cash Acme. With EZ-FLO and EASTMAN, the number one brand in the US appliance connector market, we will be positioned as a leader in supporting all those who service Major Appliance installations," Heath Sharp, RWC Group CEO.
EZ-FLO is advised by Bank of America. Reliance Worldwide is advised by GRACosway.
FTV Capital and True Wind-backed Sysnet Global Solutions, a provider of cyber security and compliance solutions, completed the acquisition of SecureTrust, a provider of Payment Card Industry compliance, from Trustwave, a cybersecurity brand. Financial terms were not disclosed.
"We are very excited to have the SecureTrust team join Sysnet Global Solutions. The Sysnet brand has long been synonymous with trusted solutions in the managed security and compliance market. By integrating talent and technology from pioneering brands, such as SecureTrust, into our portfolio, we can deliver the innovation that our clients need to stay ahead of the curve along with the peace of mind that comes with working with a well-established authority in the space, no matter their size or requirements," Bob McCullen, Sysnet CEO.
Sysnet was advised by Willkie Farr & Gallagher. Trustwave was advised by Jones Day.
Compass Diversified-backed Marucci Sports, a designer and manufacturer of baseball and softball equipment and apparel, completed the acquisition of Lizard Skins, a designer and seller of branded grip products, protective equipment, bags and apparel for use in baseball, cycling, hockey, Esports and lacrosse. Financial terms were not disclosed.
"Adding Lizard Skins' outstanding products to the Marucci family is a terrific opportunity to enhance our offerings. With its exciting brand, innovative designs, and leading technology, Lizard Skins has earned the trust of top athletes, and its strong presence both inside and outside the diamond sports market makes this an exciting partnership. We look forward to welcoming Brian and his team aboard," Kurt Ainsworth, Marucci CEO.
Compass Diversified was advised by Joele Frank and The IGB Group.
TransUnion, an American consumer credit reporting agency, agreed to acquire Sontiq, a provider of digital identity protection and security, for $638m.
"As online commerce rapidly accelerates, TransUnion has calibrated its business to address consumer and customer challenges relating to identity. Augmenting our Consumer Interactive business with Sontiq’s identity and cyber protection services will advance our work to enable consumers and businesses to transact with greater certainty," Chris Cartwright, TransUnion President and CEO.
TransUnion is advised by JP Morgan. Sontiq is advised by Jefferies & Company.
Concentric, a machinery industry company, agreed to acquire Engineered Machined Products, a US producer of electric and mechanical water and oil pumps, electric fans, thermal management systems and precision machined component, for $147m.
"This is a landmark transaction, and a step change in Concentric’s electrification strategy as we dramatically increase our capacity, technological know-how and product portfolio to accelerate our growth in electrical products. We are now on track to beat our ambitious target of having 20% of group sales stemming from electrical products by 2025," David Woolley, Concentric CEO.
Concentric is advised by Brunswick Group.
Sentinel Capital Partners, a private equity firm that invests in promising midmarket companies, agreed to acquire Controlled Products, a manufacturer and distributor of premium synthetic turf products for landscape, sports, commercial, and specialty applications. Financial terms were not disclosed.
"With its talented management team, exceptional product quality, and best-in-class marketing capabilities, Controlled Products is well-positioned to capitalize on the strong secular trends in the synthetic turf industry," Eric Bommer, Sentinel Capital Partner.
Sentinel Capital Partners is advised by Broadgate Consultants.
West Fraser, a diversified wood products company, agreed to acquire an oriented strand board mill from Georgia Pacific, an American pulp and paper company, for $280m.
"We look forward to acquiring and upgrading the Allendale mill to make it another component of West Fraser's low-cost production portfolio. Further, the additional production capability will provide greater operational flexibility across our OSB mill portfolio to meet demand growth for our engineered wood products, including for our specialty and value-added products. We have the leadership, people and know-how to execute on the capital and upgrade plan for this mill and expect to be ready for a restart within nine months of the acquisition closing based on current demand conditions," Ray Ferris, West Fraser President and CEO.
Chekhub, an app-based operations management company, agreed to acquire Horizonline Technologies, a Florida-based firm specializing in mission-critical facility operations. Financial terms were not disclosed.
"The addition of Horizonline will be a vital component of the Chekhub platform that will allow our customers to incorporate powerful CMMS functionality into our operations management platform. We see a benefit in combining the companies to increase our speed to market within mission-critical facilities to help solve operational challenges. Darryl has done a tremendous job building Horizonline into a successful company and we look forward to him joining the Chekhub executive team and learning from his experience," Jon Trout, Chekhub Founder and CEO.
T. Rowe Price and Fidelity led a $200m Series B round in ABL Space Systems, a maker of low-cost small satellite launch vehicles.
The funding will be used to scale production of the RS1 launch vehicle and to conduct research and development of future systems.
BlackRock led a $145m Series E round in GrubMarket, with participation from Liberty Street Funds, Japan Post Capital, Walleye Capital, Celtic House Asia Partners, INP Capital, Pegasus Tech Ventures, RIVC and Gaingels.
"GrubMarket is transforming the $1tn food distribution industry with unprecedented speed by implementing advanced digital solutions and operational discipline. The company's scale, growth, and profitability are extraordinarily impressive. Pegasus is delighted and honored to be a part of GrubMarket's exciting journey ahead," Bill Reichert, Pegasus Tech Ventures Partner.
Glencore, a British–Swiss multinational commodity trading and mining company, agreed to acquire the liquefied natural gas business of Cheniere Energy, an international energy company. Financial terms were not disclosed.
"This SPA further builds upon Cheniere's commercial momentum, marking another important milestone in contracting our LNG capacity ahead of an FID (final investment decision) of Corpus Christi Stage 3, which we expect to occur next year," Jack Fusco, Cheniere CEO.
Just Eat Takeaway rebuffs call to sell Grubhub.
Just Eat Takeway.com has insisted it has a "clear impovement plan" for Grubhub after coming under renewed pressure from an activist investor to sell or spin off the US food delivery business by the end of 2021, FT
PayPal says it is currently not pursuing Pinterest acquisition.
PayPal said it is not pursuing an acquisition of Pinterest at this time, after several media reported last week that it was in talks to buy the digital pinboard site for as much as $45bn, Reuters
The latest development, which dashed the prospect of Pinterest getting access to PayPal's massive user base, sent the social media platform's share price down over 12%. PayPal had offered $70 per share, mostly in stock, for Pinterest.
Brazil hopes to privatize Petrobras by share sale.
The Brazilian government is studying the possibility of privatizing state-run oil company Petrobras via a share sale, according to Fernando Bezerra, the head of the government in the Senate.
He said it was unclear if any bill paving the way for such a move would be introduced to Congress this year. The government’s current priority is privatizing the federal mail service, or Correios.
US FTC restricts deals for companies pursuing aniticompetitive mergers.
The US Federal Trade Commission is restoring its practice of requiring companies that previously pursued an anticompetitive deal to get prior approval for certain future transactions, even very small ones.
The FTC had already put this policy in place for dialysis company DaVita following the company’s purchase of the University of Utah Health’s dialysis clinics, Reuters
UBS competes with Wall Street with its new digital wealth bank.
UBS Group is starting a digital wealth manager in the US to grab a bigger share of the country’s market for retirement savings and stock options, in a move that will pit it against the top Wall Street banks on their home turf, Bloomberg
The new digital bank will service affluent customers with between $250k and $2m in assets, a group UBS hasn’t previously targeted in a meaningful way. While the bank plans to build the business organically, it’s open to acquisitions to accelerate the strategy.
Sonendo launches a $125m IPO.
Sonendo, a dental technology company and developer of the GentleWave® System, announced that it has launched the roadshow for its initial public offering of shares of its common stock.
Sonendo is offering 7.8m shares of its common stock. In addition, Sonendo expects to grant the underwriters a 30-day option to purchase up to an additional 1.2m shares of its common stock. The initial public offering price is expected to be between $15 and $17 per share. The shares are expected to trade on the New York Stock Exchange under the symbol “SONX.”
Sweetgreen's revenue surged before IPO.
Tennis star Naomi Osaka-backed Sweetgreen's quarterly revenue surged by nearly three-fourths, according to an initial public offering filing made by the salad chain.
Plant-based food companies have shot to prominence in recent years on interest from millennials and generation Z consumers who are willing to spend more on healthy and environment-friendly options. Sweetgreen, which had confidentially filed for a listing on the New York Stock Exchange in June, reported revenue of $96m in the quarter to September 26. Its net loss narrowed to $37m, from $87m a year earlier.
Vonovia, a real estate company, completed the acquisition of Deutsche Wohnen, a German property company, for €30.1bn ($35bn).
"We can now focus our combined efforts to address the major social and societal challenges in the housing market. We have demonstrated many times that managing a larger number of homes enables us to achieve significant benefits for all stakeholders. We will uphold our responsibility to work together with policy-makers on concrete solutions for affordable and climate-friendly housing," Rolf Buch, Vonovia CEO.
Deutsche Wohnen was advised by Deutsche Bank, Goldman Sachs, JP Morgan, Perella Weinberg Partners, UBS, Victoria Partners, Hengeler Mueller and Sullivan & Cromwell. Financial advisors were advised by Gleiss Lutz and Skadden Arps Slate Meagher & Flom. Vonovia was advised by Bank of America, Morgan Stanley, Perella Weinberg Partners, Societe Generale, Freshfields Bruckhaus Deringer and Kekst CNC. Debt financing was provided by Bank of America, Morgan Stanley and Societe Generale. Debt providers were advised by Hengeler Mueller.
CTP, a real estate company, offered to acquire Deutsche Industrie REIT, a real estate investment trust company, for €800m ($930m).
"CTP is quickly delivering on the pan-European active growth strategy we outlined during our IPO earlier this year. Through our proposed acquisition of Deutsche Industrie REIT-AG, we create a meaningful entry into the German logistics and industrial real estate market," Remon Vos, CTP Founder and CEO.
Deutsche Industrie REIT is advised by Victoria Partners and Noerr. CTP is advised by Kempen, De Brauw Blackstone Westbroek, Sullivan & Cromwell, Bellier Financial and Flick Gocke Schaumburg.
GHO Capital, the European specialist investor in global healthcare, agreed to invest in Sanner Group, a global supplier of high-quality active packaging solutions and components for the Pharmaceutical, Diagnostic, Nutraceutical and MedTech industries. Financial terms were not disclosed.
“Backed by more than 120 years of industry experience, Sanner is a recognised market leader with a standout reputation for innovation, quality and reliability. With our support, management are well placed to realise the shared ambition to accelerate Sanner’s growth, investing in both existing facilities and operations as well as leveraging our US expertise to identify growth opportunities,” GHO Capital Partners.
Sanner Group is advised by Solid Trust and Rittershaus. GHO Capital is advised by Roland Berger, ERM Group, Deloitte, Willkie Farr & Gallagher and Instinctif Partners.
Schroders, a British multinational asset management company, agreed to acquire the solutions division of River and Mercantile Group, a management consulting company, for £230m ($317m).
"This acquisition further enhances our ability to meet the increasingly complex needs of pension fund clients and is consistent with our growth strategy. The business brings with it a well-respected team, with a strong track record of success and is a good cultural fit with Schroders. We see significant opportunities from this partnership," Peter Harrison, Schroders CEO.
Schroders is advised by Brunswick Group. River and Mercantile Group is advised by Fenchurch Advisory Partners, Lazard and Montfort Communications.
DraftKings, an American daily fantasy sports contest and sports betting operator, terminated the $22.4bn deal to acquire Entain, an international sports betting and gambling company.
“After several discussions with Entain leadership, DraftKings has decided that it will not make a firm offer for Entain at this time. Based on our vertically-integrated technology stack, best-in-class product and technology capabilities and leading brand, we are highly confident in our ability to maintain a leadership position and achieve our long-term growth plans in the rapidly growing North America market,” Jason Robins, DraftKings CEO, Co-Founder and Chairman of the Board.
Partners Group, a global private markets firm, agreed to acquire a minority stake in Breitling, a Swiss watchmaker, from CVC Capital Partners, a private equity and investment advisory firm. Financial terms were not disclosed.
"We are delighted to welcome Partners Group as an investor, and Alfred Gantner as a Board member. With CVC and Partners Group we have a strong alliance to accomplish our ambitious targets to realize our immense potential to become one of the undisputed leaders in the Swiss Watch Industry," Georges Kern, Breitling CEO.
CVC Capital Partners is advised by Rothschild & Co and Bar & Karrer.
Coatue Management, a global investment manager focused on public and private companies, and Catalio Capital Management, a venture capital investment company specialised in breakthrough biomedical technology companies, led a $165m Series C financing round in DNA Script, a pioneer in Enzymatic DNA Synthesis and DNA printing on demand. Additional investors included Fidelity Management and Research, Columbia Threadneedle Investments, Arrowmark Partners, Farallon Capital, Moore Strategic Ventures, Casdin Capital, LSP, Illumina Ventures, Bpifrance Large Venture Fund, Danaher Life Sciences, Agilent Technologies, M Ventures, Kurma Partners and Alexandria Venture Investments.
“As we have seen with the success of COVID mRNA vaccines, we believe the next wave of life sciences will be an engineering and technology-based approach. We think DNA Script has changed the landscape with SYNTAX by replacing chemical processes with a plug-and-play technology that custom prints DNA on your lab bench,” Aaron Weiner, Coatue Management Managing Director and Head of Healthcare.
DNA Script was advised by Alize RP and Seismic.
SoftBank Vision Fund 2 and Mubadala Capital led a $200m Series D round in TIER Mobility, Europe’s micro-mobility firm, with participation from RTP Global, Novator, White Star Capital, Northzone, Speedinvest, M&G Investments and Mountain Partners.
"Lawrence, Matthias and Alex's passion for change can be felt across the organization - from TIER's hub in Dubai to their HQ in Berlin. They have quickly emerged as not only a leader in the European micro-mobility space, but one whose commitment to sustainability sets them apart from their competitors. We are proud to have been part of their journey and look forward to remaining a partner to Lawrence and his team for years to come," Amer Alaily, Mubadala Capital Director.
Adler reaches deal to sell real estate assets for $1.1bn. (RE)
Adler Group, a multi-profile real estate firm, reached a deal to sell its real estate assets for more than $1.1bn, Bloomberg
reported. Adler didn’t name the buyer of the assets, only saying the purchase is being done by “a leading alternative investment firm” in a statement on Tuesday. The assets are mostly located in eastern Germany.
"The sale may lead to a significant reduction in Adler’s leverage and return capital to its bondholders," Adler Group.
IKEA buys former Topshop flagship store in central London for $520m. (RE)
IKEA, the furniture brand, agreed to buy the iconic former flagship store of British fashion chain Topshop in central London from the administrators of bankrupt owner Arcadia Group, part of its push to open inner-city outlets, Reuters
Krister Mattsson, head of the investment arm of Ingka Group which owns most IKEA stores, stated that three floors of the seven-storey building on Oxford Street, which it is buying for $520m, would be turned into an IKEA store due to open in the summer or autumn of 2023.
“This is a very good fit into our strategy. This is a meeting place - it’s one of the best spots for visitation in Europe, with amazing numbers of people passing by every week,” Krister Mattsson, Ingka Investment Managing Director.
Vibendi looks for Spanish Government approval for buying stake in Prisa.
French media group Vivendi asked the Spanish government for the authorization to buy up to 29.9% in media company Prisa, Reuters
reported. Vivendi built its stake in Prisa by first acquiring a 7.89% stake from HSBC for €52m ($60m).
The Spanish government last year passed a law submitting foreign firms intending to buy significant stakes in Spanish listed companies to an authorisation.
Novartis plans to spin off or sell its Sandoz generic-drug unit.
Novartis may spin off or sell its Sandoz generic-drug unit after it consistently failed to meet expectations, with US sales plummeting this year amid the Covid-19 pandemic, Bloomberg
The Swiss pharma giant gave itself until the end of next year to decide what to do with the business, which has suffered from price erosion and tough competition. The move comes more than two years after Novartis started making the generics unit more independent, splitting off manufacturing and support functions.
Volvo Cars reduces IPO size to an $18bn valuation.
Volvo Cars shrank its initial public offering, pricing it at the bottom of a previously announced range and valuing the Geely-owned business at just over $18bn, Reuters
Volvo Cars, which had previously said its IPO would be priced within a range of $6.2 to $7.4 per share, was now opting for $6.2. At the current price, Volvo Cars would be valued at just over $18bn, well below the $23bn it had expected at the top of the IPO pricing range.
Delimobil targers $900m valuation in US IPO.
Russian car-sharing company Delimobil will look to raise as much as $240m in a US initial public offering at a valuation of more than $900m, Reuters
The company plans to sell 20m American Depositary Shares priced between $10 and $12 apiece. Each ADS represents two ordinary shares.