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AMERICAS
WEF-backed Strathcona Resources, a private oil and gas producer, completed the acquisition of Pipestone Energy, an oil exploration company, for $8.7bn.
"The acquisition of Pipestone by Strathcona reflects the successful culmination of growing and delineating our asset base over the past four years. This all-share transaction delivers shareholders ongoing exposure to one of the largest, well diversified, upstream producers in North America, which has the capacity to grow its production meaningfully over the next decade," Dustin Hoffman, Pipestone COO and interim CEO.
Pipestone Energy was advised by BMO Capital Markets, Raymond James, and McCarthy Tetrault (led by Alyson Goldman and Michael J. Bennett). Strathcona Resources was advised by ATB Capital, CIBC World Markets, Mizuho Securities, RBC Capital Markets, Scotiabank, TD Securities, and Blake Cassels & Graydon. WEF was advised by Stikeman Elliott.
Standard BioTools, an analytical laboratory instrument manufacturing company, agreed to merge with SomaLogic, a protein biomarker discovery and clinical diagnostics company, in a $1bn deal.
“This transaction brings together two organizations with mutual visions and values to create a multi-omics leader with the financial strength to self-fund growth investments and accelerate research insights. We look forward to partnering with the team at Standard BioTools to better serve the needs of translational and clinical pharmaceutical research, while delivering significant value for our shareholders,” Adam Taich, SomaLogic Interim CEO.
SomaLogic is advised by Perella Weinberg Partners, TD Cowen, Fenwick & West and Gilmartin Group. Standard BioTools is advised by Centerview Partners, Mintz Levin, CapComm Partners and Collected Strategies.
Civitas Resources, an independent, domestic oil and gas producer, agreed to acquire the Midland Basin assets from Vitol-backed Vencer Energy, an oil and gas company that invests in and operates large producing assets, for $2.1bn.
"This was a unique opportunity to capture high-quality oil assets at a very attractive price. In recent months, we have created a quality, scaled position in the heart of the Permian Basin. We continue to advance our strategic pillars by adding premium inventory, increasing Free Cash Flow, and delivering the industry's best cash returns to shareholders. Upon closing, our portfolio will be balanced between the Permian and DJ basins, which reduces operational risk and makes us a stronger and more sustainable enterprise," Chris Doyle, Civitas President & CEO.
Civitas Resources is advised by Bank of America, JP Morgan, RBC Capital Markets, Kirkland & Ellis, and DrivePath. Vencer Energy is advised by Latham & Watkins.
Bolt Threads, a material solutions company, agreed to go public via a SPAC merger with Golden Arrow Merger, a blank check company, in a $250m deal.
“This is a transformative partnership and deal with Golden Arrow and its sponsor, which incorporates four firms with several decades of experience in capital markets and investing in public and private companies, who are also investing up to $10m, consisting of up to $8m in our PIPE transaction and $2m in an interim bridge financing,” Dan Widmaier, Bolt Threads Co-Founder and CEO.
Bolt Threads is advised by BTIG, Latham & Watkins and Allison+Partners. Financial advisors are advised by Ellenoff Grossman & Schole. Golden Arrow Merger is advised by Greenberg Traurig and Arex Capital.
Nauticus Robotics, an ocean robots and autonomy software company, agreed to acquire 3D at Depth, a laser technology company, for $34m.
“The future of subsea services lies in autonomy, data gathering, and analytics. LiDAR has long since been core to terrestrial autonomy and by adding 3D’s capabilities to the Nauticus Fleet, we enhance autonomous vehicles in the offshore market. This acquisition increases the value of Nauticus’ fleet services and positions the Company to capitalize on data acquisition and analytics for subsea operations,” Nicolaus Radford, Nauticus Founder and CEO.
3D at Depth is advised by Sparkstone Capital Advisors, BoyarMiller and Hutchinson Black and Cook. Nauticus Robotics is advised by Mast Capital Advisors, Winston & Strawn (led by Michael J. Blankenship) and Gateway Investor Relations.
Vista Equity Partners, a private equity and venture capital firm, agreed to invest in Pamlico Capital-backed TRG Screen, a developer of data analytics software intended to monitor and manage subscription spending and usage. Financial terms were not disclosed.
"This investment from Vista comes following the tremendous success TRG Screen has achieved in providing our customers with leading subscription spend and usage management capabilities; it will also further accelerate our software and managed service offerings in response to the market's demand for best-in-class solutions," Leigh Walters, TRG Screen CEO.
SK Capital, a private investment firm, completed the acquisition of Milestone Environmental Services, a national provider of oilfield waste solutions with an engineered waste disposal process that is environmentally focused, from Amberjack Capital Partners, a private equity company. Financial terms were not disclosed.
"SK Capital's industry and operating expertise and track record of successfully partnering with management teams to execute transformational strategies make it an ideal partner for Milestone at this phase of our journey. I am grateful to work with the premier management team in our industry, and we look forward to partnering with SK Capital to realize the shared vision we have for the Company," Gabriel Rio, Milestone President and CEO.
SK Capital was advised by Houlihan Lokey, Latham & Watkins, and BackBay Communications (led by Jeremy Milner). Debt financing was provided by Cerberus Business Finance. Milestone Environmental Services was advised by Goldman Sachs and White & Case.
Cooper Consumer Health, an independent over-the-counter drug manufacturer, agreed to acquire OTC business of Viatris, an American global pharmaceutical and healthcare company. Financial terms were not disclosed.
“It is an exciting strategic move for Cooper CH, creating a truly pan-European pure-play leader in consumer healthcare. The Viatris OTC Portfolio is very complementary with Cooper CH both from a geography and categories perspective. Cooper CH’s portfolio will expand to cover new, large and important consumer healthcare categories, such as feminine hygiene, antiseptics, cholesterol reduction, and others. We are looking forward to working jointly with our Cooper CH teams and the teams that will join us from Viatris and embark on our exciting journey,” Bart Meermans, Cooper Consumer Health CEO.
Oaktree Capital Management, a private equity company, agreed to acquire Consolidated Chassis Management, a transportation company that provides consolidated chassis management services, from OCEMA, an association of major US and foreign flag international ocean common carriers. Financial terms were not disclosed.
"We are enthusiastic about the prospects of our new partnership with the Oaktree Transportation Infrastructure team, who bring deep understanding and experience in the US maritime and intermodal sectors. With Oaktree's backing, CCM will be very well-positioned to carry out the innovative vision of the Ports and OCEMA to create the largest truly interoperable chassis utility in the country," Mike Wilson, CCM CEO.
Consolidated Chassis Management is advised by BSY Associates (led by Lisa Aurichio). OCEMA is advised by InterPro Advisory and Strategic Rail Capital.
Genstar Capital, a private equity firm, agreed to invest in Cetera Financial Group, a privately-held, independent broker-dealer and investment adviser to families. Financial terms were not disclosed.
"We could not be prouder to partner with Cetera and this management team. The Company has exceeded expectations since our initial investment in 2018, and we expect Cetera to continue this growth path as a scale player in the wealth management market. Cetera's position in the ecosystem enables it to benefit from continued tailwinds," Tony Salewski, Genstar Capital Managing Partner.
Cetera Financial Group is advised by Moelis & Co, Morgan Stanley, and Willkie Farr & Gallagher.
Persistence Capital Partners, a private equity firm, agreed to acquire the remaining stake in Neighbourly Pharmacy, a community pharmacies network, for $455.5m.
"PCP believes that taking Neighbourly private is the best way to unlock its full potential and create long-term value for all stakeholders. As a private company, Neighbourly will have more flexibility and resources to pursue its strategic vision to advance the role that independent pharmacies can play in Canada. We are confident that this proposed transaction will benefit Neighbourly's customers, patients, employees, and partners, as well as provide a fair and attractive return to its public shareholders," Stuart M. Elman, Persistence Capital Partners Managing Partner.
Neighbourly Pharmacy is advised by TD Securities and McCarthy Tetrault.
Sun Life, a provider of wealth management, financial security, and stability to its customer base, completed the acquisition of Dialogue Health Technologies, a virtual healthcare and wellness platform, providing affordable, on-demand access to quality care, for $268m.
"We have a strong relationship with Sun Life and our company values are closely aligned. We both care deeply about health and well-being and want to improve access to safe and quality care for everyone. As a company backed by Sun Life, Dialogue will have the resources and flexibility to continue to deliver on its mission by leveraging the respective strengths of both organizations, and we look forward to introducing more innovative digital solutions to empower people on their health journey. This is an exciting new chapter as we look to grow together and shape the future of healthcare in Canada and other markets," Cherif Habib, Dialogue CEO.
Sun Life was advised by RBC Capital Markets and Torys.
Nippon Life Insurance, a provider of insurance and asset management services, completed the $1bn investment in Blackstone-backed Resolution Life, a global life and annuity insurance consolidation business.
“I am honoured to have the continued partnership of Nippon Life, an institution I admire and respect. There is a strong foundation of shared values, clarity of vision and breadth of capabilities across our organisations," Clive Cowdery, Resolution Life Founder and Executive Chairman.
Nippon Life Insurance was advised by JP Morgan.
Aditi Consulting, a firm that stays abreast of offering technological solutions, project management and digital transformation, agreed to acquire Resolvit, a provider of full-cycle consulting services to support businesses in overcoming critical technology, talent and project management challenges. Financial terms were not disclosed.
"Resolvit is eager to be weaved into the Aditi fabric of quality execution at an accelerated pace across three continents. The depth and reach of the combined entities will benefit our global customers with new creative solutions and quantifiable results," Mark Scofield, Resolvit CEO.
Aditi Consulting is advised by Fairmount Partners.
US LBM, a building materials company that provides lumber and building materials, completed the acquisition of Manning Building Supplies, a firm that provides building materials products and truss manufacturing services. Financial terms were not disclosed.
"We are thrilled to partner with the team at Manning Building Supplies, who are well known for providing exceptional service, products and solutions to Florida builders. With Manning and Raymond Building Supply, US LBM has a robust network of distribution and manufacturing locations throughout Florida, serving all of the state's top housing markets, including the Miami, Tampa, Orlando, Jacksonville and Sarasota metro areas," L.T. Gibson, US LBM President and CEO.
Manning Building Supplies was advised by JIAN Group.
Fortescue, an integrated green technology, energy and metals company, Fifth Wall, a venture capital firm, and Energy Impact Partners, a collaborative strategic investment firm, led a $380m Series C round in Electric Hydrogen, a deep decarbonization company, with participation from bp Ventures, Oman Investment Authority, Temasek, Microsoft’s Climate Innovation Fund, the United Airlines Sustainable Flight Fund, New Legacy, Kajima Ventures, Fatima Holdings USA, Climate Pledge Fund, Equinor Ventures, Mitsubishi Heavy Industries, Rio Tinto, Breakthrough Energy Ventures, Capricorn Partners, Prelude Ventures, and S2G Ventures.
“Fortescue is committed and focused on supporting the creation of green technology to help heavy industry decarbonize and producing green hydrogen at scale globally is integral to that. Electric Hydrogen, just like Fortescue, is working at the speed and scale necessary to help deliver green-hydrogen projects around the world,” Mark Hutchinson, Fortescue Energy CEO.
Essential Utilities, a publicly traded water, wastewater and natural gas provider in the US, agreed to acquire Greenville Water System, a public water utility that primarily focuses on providing safe, pristine drinking water to the people within the region, for $18m.
"We have a long-established working relationship with the Greenville Water Authority, as well as the expertise and technical resources to manage the system's future needs. We look forward to expanding in the region and providing clean, safe, reliable water and wastewater services to the residents of Greenville and surrounding communities," Chris Franklin, Essential Chairman and CEO.
Great Day Improvements, a direct-to-consumer home remodeling company, agreed to acquire K-Designers, a construction company that provides remodeling and construction services. Financial terms were not disclosed.
"Great Day Improvements is built on a foundation of entrepreneurial spirit, and this spirit continues to drive our growth. K-Designers has helped homeowners bring their remodeling dreams to life for 45 years and shares our values and business model, making it a perfect fit within our long-term growth plans. We're committed to providing first-class home improvement solutions, and our shared commitment to quality and service excellence makes this partnership truly special," Michael Hoy, Great Day Improvements CEO.
Millennium in talks to invest billions with rival Schonfeld. (FS)
Izzy Englander’s Millennium Management is in discussions to invest billions of dollars with Schonfeld Strategic Advisers in a rare partnership deal between two industry heavyweights, Bloomberg reported.
Schonfeld, with about $13bn of assets under management, would handle money for Millennium, which oversees about $60bn. Investors have been turning to multistrategy hedge fund firms like Millennium, Citadel, and Schonfeld in recent years in the hope that their traders will help them deliver consistent returns in increasingly volatile markets. Armed with billions of new money, they are locked in a battle for talent to continue their return to power.
BP explores $1bn US pipelines stake sale.
BP is exploring the sale of a 49% stake in its US oil and gas pipeline network in the Gulf of Mexico, hoping to raise as much as $1bn, Reuters reported.
The potential divestment would help BP meet its targets to reduce debt and maintain its dividend. While it boosted its shareholder payout by 10% in second-quarter earnings in August, BP's net debt stood at $23.7bn. BP has placed its stakes in US Gulf of Mexico pipelines in a new company in which it will hold a 51% position and sell the rest.
Enaex chases North American deals as mine-blasting demand grows.
Chilean industrial conglomerate Sigdo Koppers said it is scouring the market for acquisition targets in North America to grow its share of mining explosives as deteriorating ore grades push up demand for blasting, Bloomberg reported.
The group’s Santiago-listed explosives unit, Enaex, has built up a large presence in Chile, Brazil and South Africa, and is now looking to expand its small share of the US market and set up shop in Canada, with acquisitions of established local firms an attractive option in what is a highly regulated industry. The company is also looking to grab more market share in Peru and Australia, challenging leaders Orica and Dyno Nobel.
Blackstone funds legal action over soured Bain Capital deal. (FS)
Blackstone is paying for a law firm known for high-stakes litigation to investigate whether it can recoup losses of more than €200m on a loan to rival buyout shop Bain Capital.
The $1tn US firm is footing the bill for Pallas Partners to assess whether Blackstone can bring claims against Bain Capital and other parties over the 2020 collapse of Italian tyremaker Fintyre, FT reported.
Brookfield raises $12bn for flagship global private equity fund. (FS)
Brookfield Asset Management has held the final closing of its latest flagship global private equity fund, Brookfield Capital Partners VI, with $12bn in capital commitments making it the firm’s largest PE fund to date.
BCP VI are a diverse group of institutional investors, including public and private pension plans, sovereign wealth funds, financial institutions, endowments and foundations, and family offices. Brookfield’s General Partners’ commitment to the fund meanwhile, totals $3.5bn.
Leonid Capital Partners oversubscribes private credit Fund I, exceeds $240m in capital available to support national security investments. (FS)
Leonid Capital Partners, an alternative investment management firm focused on private credit with the US National Security market, is pleased to announce the oversubscription and upcoming final closing of Leonid Opportunities Fund I. The oversubscribed fund is closing with approximately $240m of capital commitments, including an investment from Victory Park Capital. Broadly exceeding its initial target, LEONID received strong support from both new and existing institutional investors.
“We are incredibly grateful for the strong support of existing partners and new relationships in exceeding our target raise, particularly given the challenging fundraising environment over the past year. We look forward to building upon these partnerships as we work diligently to deliver outstanding results for our clients.” James Parker, LEONID Co-Founder.
EMEA
Hitachi’s proposed €1.7bn ($1.8bn) purchase of Thales rail-signal business won regulatory approval from the UK’s competition watchdog after the Japanese firm offered to divest parts of its European unit, Bloomberg reported.
Hitachi’s offer to sell its existing mainline signaling business in the UK, France, and Germany, was sufficient in addressing previous concerns over the deal, the Competition and Markets Authority.
Hitachi is advised by Deutsche Bank, Perella Weinberg Partners, Clifford Chance and Machado Meyer Sendacz e Opice Advogados (led by Maria Eugenia Novis). Thales is advised by Lazard, August Debouzy, BDGS Associes, Baker McKenzie and Levy & Salomao Advogados.
AUO, an electronics corporation, agreed to acquire Behr-Hella Thermocontrol, a climate control and thermal management company, from MAHLE and HELLA for €600m ($634m).
"BHTC is a well-positioned, future-oriented company. However, after consideration of all the framework conditions, we have jointly reached the conclusion that BHTC has greater growth opportunities under a new owner than in the current shareholder structures. With our divestment from the joint venture, we are also continuing our established portfolio management. In this context, we are strengthening our focus and resource allocation on our core business groups Lighting, Electronics, and Lifecycle Solutions," Michel Favre, HELLA CEO.
Dawn Capital, an early-stage venture fund, led a $60m round in Brite Payments, a fintech company., with participation from Headline and Incore.
“We see account-to-account payments gaining momentum across Europe, but merchants are still struggling to realise the full potential for their businesses. That’s why we’ve built a complete instant A2A payments and payouts offering that can be plugged into any checkout, while eliminating operational hassles such as settlement accounts, reconciliation or FX. 2022 was our breakthrough year, and with this funding round, we’re ready to accelerate our growth and bring Brite to more markets and checkouts across Europe,” Lena Hackelöer, Brite Payments Founder & CEO.
Castlelake, Air France-KLM, Lind Invest, and the government of Denmark to invest $475m in SAS, a Sweden-based airlines holding company.
“This is an important day for SAS and for Air France-KLM. We are pleased to be part of the winning bidding consortium selected by the board of SAS. Air France-KLM looks forward to establishing strong commercial ties with SAS. With its well-established position in Scandinavia and strong brand, SAS offers tremendous potential to Air France-KLM. This cooperation will allow Air France-KLM to enhance its position in the Nordics and improve connectivity for Scandinavian and European travelers. We look forward to being a part of this new chapter in SAS’ history and thank the board of SAS for their trust,” Benjamin Smith, Air France-KLM CEO.
Ingersoll Rand, an industrial manufacturer, completed the acquisition of Oxywise, a specialist in the turnkey supply, support, and maintenance of PSA oxygen and nitrogen generators for the healthcare sector, and Fraserwoods, a provider of services, repair and return, and remanufacturing of blowers and pumps to key original equipment manufacturers in the vacuum truck market, for $26m.
"These acquisitions strengthen our company's core capabilities and provide opportunities to grow our exposure in high-growth, sustainable end markets. We are excited to welcome the expertise and quality that Oxywise and Fraserwoods are known for in their respective markets," Vicente Reynal, Ingersoll Rand Chairman and CEO.
Dalata Hotel Group, an owner and operator of a chain of hotels, completed the acquisition of American Hotel Exploitatie, a hotel operating company, from Zien Group, a company created to hold owned and operated hospitality businesses. Financial terms were not disclosed.
"We are delighted to have secured our first Clayton hotel in Amsterdam. The American Hotel has a renowned reputation in the city and we will continue to protect and enhance that with our Clayton brand. I offer an especially warm welcome to the hotel staff today, as they join the wider Dalata family," Dermot Crowley, Dalata CEO.
Dubai party hotel operator Five plans IPO in the city in 2025.
FIVE, which operates luxury hotels in Dubai and Switzerland synonymous with partying, is considering an initial public offering on the local bourse in about two years, Bloomberg reported.
“Our long-term goal is to do an IPO. This year is definitely out, we would be looking at it in 2025. We would look at possibly London as well, but I think the way the Dubai capital markets are growing, it might just be a Dubai listing,” Kabir Mulchandani, FIVE Chairman and Founder.
Carlyle founders, billionaire Dangote back new African PE fund. (FS)
A team spun out of Carlyle Group said they’ve got backing from the founders of the US private equity firm as well as Nigerian billionaire Aliko Dangote for a new Africa-focused fund.
Carlyle co-founders David Rubenstein and Bill Conway are among investors in the Alterra Capital Partners fund, Partner Genevieve Sangudi said. The PE firm plans to raise as much as $500m in the coming months and has garnered $140m in its first closing, Bloomberg reported.
Blue Earth Capital closes Credit Strategies fund above $100m target. (FS)
Blue Earth Capital, a specialist global impact investor, has closed its dedicated credit impact fund, BlueEarth Credit Strategies II, above target with $108m of capital commitments, bringing the firm’s total AUM to over $1bn.
BlueEarth’s investment strategies span private credit, private equity, and funds and co-investments. BlueEarth Credit Strategies II will invest across impact sectors and growth markets with a diversified credit investment strategy. The fund has a strong geographical coverage across three continents (Africa, Asia, and the Americas) and allocates capital across the credit spectrum in industries including financial inclusion, agribusiness, affordable housing, energy access, and healthcare.
LeapFrog to hold final close of $1bn growth-stage fund in early 2024. (FS)
Global impact fund manager LeapFrog said it will hold the final close of its fourth, flagship growth equity fund in end-February next year, DealStreetAsia reported.
The fund, dubbed Emerging Consumer Fund IV is targeting to raise $1bn and has already raised a "significant share" from investors such as Hong Kong insurer AlA and Singapore's Temasek. This would be the investment firm's largest corpus raised to date.
IQ-EQ names new Group Chief Financial Officer. (FS, People)
IQ-EQ, a global investor services group has appointed Brian McArthur-Muscroft as its new Group Chief Financial Officer. He will be responsible for the financial management of IQ-EQ and will contribute to strategic decision-making.
IQ-EQ employs a global workforce of 5k+ people across 25 jurisdictions and have assets under administration exceeding $750bn. The firm works with 11 of the world’s top 15 private equity firms.
APAC
North American Construction, an independent heavy equipment and mining contractor, completed the acquisition of MacKellar, a provider of heavy earthworks solutions to the mining and civil sectors, for $395m.
“NACG has built a strong relationship with MacKellar over the past two-plus years. Given the operational and cultural similarities that our companies share, this acquisition is a rare and attractive opportunity. Over the years, we have worked extremely hard to be part of the solution to help lower the operating costs of our customers through safe, efficient operation and maintenance of our equipment fleet. We are excited about partnering with MacKellar to serve our expanded customer base with the same innovations at a time when commodity producers are striving to maximize production and efficiency. I want to welcome the MacKellar team to the NACG family. We are extremely proud to be sharing in what we believe will be a bright future together," Joe Lambert, NACG CEO.
North American Construction was advised by National Bank Financial, Corrs Chambers Westgarth and Fasken (led by Gordon Raman).
Sezar Group, a real estate development company, completed the acquisition of Mondi Syktyvkar, a packaging paper manufacturing facility in Syktyvkar, Russia, from Mondi, a pulp and paper company, for $826m.
"Mondi is pleased to confirm closing has been accelerated and the sale has now completed. Mondi has therefore concluded its exit from Russia," Mondi.
Iron ore tycoon muscles in on Albemarle's Lithium takeover.
Gina Rinehart's Hancock Prospecting now owns 14.67% of Liontown, the target of the Albemarle bid, according to an ASX filing late October 3 — closing in on the 15% level that is generally considered to be an effective blocking minority stake. Her holding stood at just under 8% on September 12.
Temasek hires Goldman Sachs for Singapore Power's 40% stake sale in Aussie energy firm Jemena.
Temasek has hired Goldman Sachs to find a buyer for its unit Singapore Power's 40% stake in Australian gas and electricity distributor Jemena, Reuters reported.
Local media late last month reported that the sale of the stake owned by Singapore Power could be worth up to A$6bn ($3.79bn), valuing Jemena up to A$15bn ($9.47bn). Jemena operates electricity and gas distribution infrastructure across Australia and is the biggest gas distributor in New South Wales, delivering gas to more than 1.5m customers each year.
IHC raises stake in Gautam Adani's flagship to just over 5%.
An Abu Dhabi firm controlled by a key member of the emirate's royal family increased its shareholding in Gautam Adani's flagship conglomerate to a little over 5%, days after selling stakes in two other companies owned by the Indian billionaire as part of a portfolio rejig, Bloomberg reported.
IHC, through its units, bought an additional 0.06% stake in Adani to take its total shareholding to 5.04%. IHC's Green Vitality and Green Enterprises Investment owned 4.55% of Adani Enterprises for the quarter ending June. The firm had previously invested almost $2bn in three Adani companies in 2022.
Malaysia’s LTAT weighs keeping control of Boustead palm unit in KLK deal.
Kuala Lumpur Kepong is in talks with Malaysia’s military pension fund to rework a deal announced in August for the oil palm planter to buy a stake in rival Boustead Plantations, Bloomberg reported.
Lembaga Tabung Angkatan Tentera, the indirect owner of a majority of Boustead Plantations’ shares, and KLK are discussing a deal structure that would let the pension fund retain control of the company. The existing transaction, which hasn’t been completed, is set to trigger a mandatory offer for the remaining minority shares, potentially giving KLK a controlling stake.
Australia's Westpac fails to sell pacific banking business.
Australian lender Westpac said it had cancelled the sale of its Fiji and Papua New Guinea businesses, ending a years-long process that was beset by regulatory problems, Reuters reported.
The company has been trying to leave the pacific for years, with its A$420m ($264.77m) divestment deal with Kina Securities back in 2021 being blocked by a Papua New Guinea regulator.
Beer-serving robots drive record demand for Korea’s biggest IPO.
Doosan Robotics is poised to make its market debut after raising KRW421bn ($310m) in South Korea’s biggest initial public offering of the year.
The Suwon-based company, the country’s largest maker of what are known as collaborative robots, priced shares at KRW26k ($19.1) apiece, at the top of the marketed range. Retail investors offered to buy as much as KRW33tn ($24.2bn) of the stock, a record for the year, Bloomberg reported.
KKR opens a new India office with plans to hire 150 people.
KKR expanded in India with a new office to support its investment operations and service the firm’s clients.
The alternative asset manager plans to hire 150 staff by early next year for the new office in Gurugram, just south of New Delhi. It’s seeking to recruit in the areas of finance, operations, human capital, and technology, Bloomberg reported.
India, Japan launch $600m fund to back sustainability projects.
India's quasi-sovereign wealth fund, the National Investment and Infrastructure Fund, and the Japan Bank for International launched a $600m fund to invest in sustainability projects.
JBIC will contribute 51% of that figure, and India the rest. The India-Japan Fund will target investment in sustainable projects in areas such as renewable energy, e-mobility, and waste management, the NIIF, launched in 2015 as India's first state-backed fund, DealStreetAsia reported.
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