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AMERICAS
Yamana Gold is at the center of a takeover battle after two Canadian mining companies teamed up on an unsolicited $4.8bn offer to break up an earlier $6.7bn merger agreement with South Africa's Gold Fields, Bloomberg reported.
Pan American Silver and Agnico Eagle Mines announced a cash-and-stock deal valued at $5.02 a share. The proposed transaction would see Pan American acquire Yamana, while Agnico Eagle would buy Yamana's Canadian assets.
Yamana is advised by Canaccord Genuity, Scotiabank, Stifel (led by Matt Gaasenbeek, Egizio Bianchini, Michael Barman and Pierre Laliberte), Cassels Brock & Blackwell (led by Mark T. Bennett, Jamie Litchen and Andrea Fitzgerald), Paul Weiss Rifkind Wharton & Garrison (led by Adam M. Givertz) and FTI Consulting (led by Sara Powell and Ben Brewerton). Agnico is advised by Maxit Capital, Trinity Advisors Corporation and Davies Ward Phillips & Vineberg. Pan American is advised by BMO Capital Markets, GenCap Mining Advisory, National Bank Financial, Borden Ladner Gervais and Skadden Arps Slate Meagher & Flom (led by June Dipchand and Ryan Dzierniejko). Gold Fields is advised by Bank of America (led by Benjamin Davies), JP Morgan, Fasken (led by Brian Graves), Linklaters (led by Mike Bienenfeld), Webber Wentzel (led by Jesse Watson) and Brunswick Group (led by Jonathan Doorley).
Werfen, a developer, manufacturer and distributor of Specialized Diagnostic instruments, related reagents, automation work cells, and data management solutions, agreed to acquire Immucor, a provider of transfusion and transplantation diagnostic products, from TPG, an alternative asset management firm, for $2bn.
"As a global leader in the research, development, manufacturing and distribution of innovative, Specialized Diagnostics solutions for hospitals and clinical laboratories, Immucor is a natural fit with our existing business model. We highly value Immucor's commitment to enhancing care for all patients in need of a transfusion or transplant. This fits squarely with our long-term vision and strategy, aligns with our focus, and complements Werfen's values," Marc Rubiralta, Werfen President.
Immucor is advised by Evercore and Ropes & Gray (led by Michael Roh and James Davis). Werfen is advised by Barclays and Milbank. Debt is provided by BBVA, BNP Paribas, Caixabank and HSBC.
HIG Capital, a private equity firm, completed the acquisition of Celerion Holdings, a provider of outsourced clinical research services to the pharmaceutical industry. Financial terms were not disclosed.
“We are excited to enter into this new chapter of growth with HIG. Celerion is one of the most experienced and successful CROs globally, with expertise in early stage drug development solutions that has resulted in strong growth since the Company’s inception. We look forward to partnering with HIG, who brings significant experience and resources in the pharmaceutical sector, and continuing to provide industry leading customer service," Susan Thornton, Celerion CEO.
Celerion Holdings was advised by Harris Williams & Co, Lazard and Winston & Strawn. HIG Capital was advised by Rothschild & Co, Homburger (led by Andreas Müller) and McDermott Will & Emery.
Kimbell Royalty Partners, an owner of oil and gas mineral and royalty interests, agreed to acquire the mineral and royalty interest of Hatch Royalty, an acquirer and manager of oil and gas minerals and royalties, for $290m.
"Providing our unitholders with exposure to the top-tier Delaware Basin, the purchase of the acquired assets represents Kimbell's largest transaction since 2018. This acquisition uniquely fits Kimbell's acquisition strategy with an optimal balance of currently accretive cash flow combined with significant remaining proven drilling inventory. We have known and respected James Murchison for over a decade and the Hatch team has clearly demonstrated a skilled investment approach. We would like to thank the Hatch and Kimbell teams, and advisors, for working diligently to consummate this mutually beneficial transaction," Bob Ravnaas, Kimbell Chairman and CEO.
Nordson, a manufacturer of dispensing equipment for consumer and industrial adhesives, sealants and coatings, completed the acquisition of CyberOptics, a developer and manufacturer of high-precision 3D sensing technology solutions, for $380m.
“This is a compelling transaction that delivers substantial and immediate cash value to our shareholders and expands options for our customers going forward. We believe the combination has strong strategic logic and creates the right partnership to meet the evolving needs of our customers and growth opportunities for our employees,” Subodh Kulkarni, CyberOptics President and CEO.
CyberOptics was advised by Barclays and Stinson. Barclays was advised by Sullivan & Cromwell (led by Stephen Kotran). Nordson was advised by Morgan Stanley and Jones Day (led by James P. Dougherty and Erin Mare).
Lithium Americas, a mining company, agreed to spin off into two independent firms Lithium International and Lithium Americas (NewCo). Financial terms were not disclosed.
“Following a comprehensive review of the merits of separating Lithium Americas into two public entities, we have reinforced our beliefs that separating the North American and Argentine businesses will facilitate unlocking the full potential of their significant asset base to deliver maximum value to our shareholders and other stakeholders. Upon completion of the Separation, Lithium Americas shareholders will retain ownership in two leading lithium businesses – one of the largest known lithium developments in North America, which is central to the US domestic supply chain, and a near-term producing portfolio with significant growth from two high-quality projects in Argentina," Jonathan Evans, Lithium Americas CEO.
Lithium Americas is advised by BMO Capital Markets, Cassels Brock & Blackwell, McCarthy Tetrault and Weil Gotshal and Manges.
Wings Financial Credit Union, a credit union, agreed to acquire Settlers bank, a provider of commercial, treasury, mortgage and private banking services. Financial terms were not disclosed.
"We're excited about the opportunity to introduce our services to the Wisconsin market. We've been exploring opportunities to expand into Wisconsin and this transaction was a great fit for both Settlers bank and Wings," Frank Weidner, Wings Financial CU President and CEO.
Settlers bank is advised by Oak Ridge Financial and Boardman & Clark. Wings Financial is advised by Raymond James and Honigman Miller Schwartz & Cohn.
Palistar Capital-backed Harmoni Towers, a provider of telecommunication services, completed the acquisition of Parallel Infrastructure, an operator of a telecommunications platform intended to provide critical telecommunications infrastructure, from Apollo Global, a private equity firm. Financial terms were not disclosed.
"We are excited to close on this transaction in partnership with the Parallel team as we seek to grow and enhance the solutions we provide to clients," Lawrence Gleason, Harmoni CEO.
Parallel Infrastructure was advised by Weil Gotshal and Manges (led by Gareth Clark). Harmoni was advised by Kirkland & Ellis (led by John D. Pitts and Roald Nashi) and ASC Advisors.
Thoma Bravo, a private equity firm, Sanabil Investments, a financial investment company, and Costanoa Ventures, a venture capital firm, led a $123m Series E funding round in Alation, an enterprise data intelligence solutions provider, with participation from Databricks Ventures, Dell Technologies Capital, Hewlett Packard Enterprise, Icon Ventures, Queensland Investment Corporation, Riverwood Capital, Salesforce Ventures, Sapphire Ventures, and Union Grove.
"As companies continue their digital transformations, capturing and interpreting high-quality data is critical for decision-making and delivering stakeholder value Data intelligence is a high-growth market and Satyen and his talented team has built a leading platform trusted by enterprises worldwide. We're excited to lead Alation's Series E round and support the company as it continues its impressive business growth, product innovation, and market leadership," Robert Sayle, Thoma Bravo Partner.
Alation was advised by O'Melveny & Myers (led by Paul Sieben).
The Riverside Company-backed SureWerx, a global provider of safety products, tools and equipment, completed the acquisition of Oberon, a designer and manufacturer of Arc Flash personal protective equipment. Financial terms were not disclosed.
“Acquiring Oberon adds a highly technical, complementary product line to the SureWerx PPE offering, enhancing its value proposition to distributors and end customers alike. The add-on is consistent with our strategy of building a portfolio of category-leading, technical safety products," Brad Roberts, Riverside Co-Chief Investment Officer.
The Riverside Company was advised by Jones Day (led by Lisa Lathrop).
Freeman Spogli-backed Kamps, a pallet organization, completed the acquisition of Realm Companies, a pallet, crate, and mulch manufacturer, pallet recycler, and warehousing logistics company, from Great Range Capital, a private equity firm. Financial terms were not disclosed.
"We are excited to bring both companies into the Kamps family. With a current location in Des Moines, IA, the addition of Realm and WestWind will significantly bolster our product and service capabilities in the Midwest. The additional products and services we have gained will also allow us to now support our valuable customer base with even more critical supply chain services – delivered the Kamps way," Mitchell Kamps, Kamps President.
Realm Companies was advised by BlackArch Partners
Fox gains rights to acquire an 18.6% stake in FanDuel.
An arbitrator has ruled that Fox has the option to buy a stake in sports-betting operator FanDuel Group from parent company Flutter for about $3.7bn, settling a more than yearlong dispute over one of the biggest brands in US online gambling.
Fox filed a lawsuit with Judicial Arbitration and Mediation Services in April 2021 against Flutter arguing that the gambling giant was demanding too high a price for an option to buy an 18.6% stake in FanDuel. Fox said in a statement it isn’t obligated to exercise the option, and it has until December 2030 to take the stake. The ruling, Fox says, includes a built-in 5% annual price increase. Flutter said the increase would bring the option price to $4.1bn as of November 4, WSJ reported.
“This optionality over a meaningful equity stake in the market leading US online sports betting operation confirms the tremendous value FOX has created as a first mover media partner in the US sports betting landscape,” Fox.
Duke kicks off a $4bn sale process for its renewable energy unit.
Duke Energy kicked off a sale process for its commercial renewable-energy business in what would be one of the US’s biggest clean-power deals ever.
The unit has a book value of $3bn, Chief Financial Officer Brian Savoy said. Duke is aiming to close the sale in the second quarter of 2023.
Previously Duke said the assets its was selling had a book value of $4bn. But that included $1bn in tax assets, which are not part of the sale, Bloomberg reported.
Guyana to auction 14 offshore blocks using revamped royalty scheme.
The Guyanese government has unveiled plans to offer 14 offshore exploration blocks to investors in a bid round scheduled to take place next year, and has introduced new fiscal terms in an attempt to raise more money from the oil sector.
Guyana had initially aimed to stage the competitive bid round this year, but Vice President Bharrat Jagdeo said extensive preparatory work had to be completed in a fast-moving global situation.
Jagdeo said potential bidders will be provided with terms and conditions before the auction is formally launched. A new profit-sharing agreement that will cover future oil production agreements is under development and will be finalized before the auction ends, he said. It will include a 50/50 split of oil profits and tack on a 10% royalty rate and a 10% corporate tax rate.
Sumeru Equity Partners closes oversubscribed Fund IV at hard cap of $1.3bn. (FS)
Sumeru Equity Partners, a private equity firm, announced the closing of Sumeru Equity Partners Fund IV at the hard cap with $1.3bn in total capital commitments. The total amount raised significantly exceeded Sumeru’s $1bn target and is nearly double its predecessor fund.
"We are grateful to our existing and new investors for their commitments in closing our largest fund to date. Sumeru has a history of supporting innovation and we are proud to have the confidence of a terrific group of like-minded investors in our new fund,” Kyle Ryland, Sumeru Managing Partner.
Sumeru was advised by Lazard, Kirkland & Ellis and The Blueshirt Group.
Wells Fargo hires Brian Gudofsky from Credit Suisse to run TMT investment banking. (People)
Wells Fargo, an American multinational financial services company, has hired Brian Gudofsky from Credit Suisse to run technology, media and telecommunications investment banking, Bloomberg reported.
Gudofsky, a financial technology dealmaker, spent more than 23 years at Credit Suisse, where he was most recently head of global technology. David Wah, Credit Suisse’s global head of banking, will pick up Gudofsky’s coverage area. The move comes as Credit Suisse - reeling from scandals and losses - announced a major restructuring. The Zurich-based lender, which has been losing senior talent for months, plans to spin out its capital markets, advisory, and leveraged finance teams into a revived US-focused First Boston entity, while cutting back some riskier businesses.
Domain Capital Group announces new $700m fund for entertainment acquisitions. (FS)
Domain Capital Group, a private equity firm, announced the closing of more than $700m of equity commitments for an entertainment fund and co-investment vehicle focused on film, television and music, with an allocation for other related investment opportunities. Thus far, the fund has deployed more than $170m across the three media.
“We believe in the long-term value of these assets and are purposeful about each investment and its connection to the creator as well as our broader portfolio. We consider this a structurally creative and flexible approach to achieve our investment goals while also meeting the needs of our transaction partners," Pete Chiappetta, Domain Capital Group Managing Director.
Domain Capital Group was advised by Keel Harbour Capital and Sheppard Mullin.
L Catterton launches impact investing platform. (FS)
L Catterton, a private equity firm, announced the establishment of its impact investing platform. The Impact Fund will partner with the next generation of mission-driven consumer companies, harnessing the firm’s demonstrated ability to build leading and category-defining brands. It seeks to deliver both attractive risk-adjusted returns and significant progress against some of the world’s most pressing social and environmental challenges.
The Impact Fund platform will leverage L Catterton’s extensive resources and capabilities to invest and grow consumer companies whose missions include making the economy cleaner, healthier, and more equitable. The Fund will focus on businesses that mitigate climate change, reduce waste, and preserve nature; eliminate disparities in health, wellness, and nutrition; and create a more inclusive economy by expanding access to the financial system and improving education and workforce development.
“As consumer-focused investors above all else, we have seen a revolution in consumer demand based on sustainability and impact. This is hitting a tipping point as younger generations lead a structural, long-term shift towards brands anchored on these values. With our distinctive insights and operations-centric approach to value creation, we are poised to identify the most attractive investment opportunities amidst this shift and partner with strong companies in advantaged categories to accelerate growth," Scott Dahnke, L Catterton Global Co-CEO.
EMEA
Node4, a cloud-led digital transformation managed services provider, agreed to acquire Tisski, a Microsoft Business applications partner focused on delivering enterprise cloud solutions. Financial terms were not disclosed.
"Tisski has built a superb reputation over the past 12 years as a trusted technology provider across an extensive list of public sector enterprise customers supporting their delivery of critical public services. We're delighted to welcome Anna and her excellent team to the Node4 group and look forward to working closely together to bring further success to the business," Andrew Gilbert, Node4 CEO.
Tisski is advised by PricewaterhouseCoopers and Browne Jacobson. Node4 is advised by Ernst & Young, Pinsent Masons and Touchdown PR.
CPP Investments, an investment management organization, and Hamilton Pyramid Europe, a hotel management and co-investment platform, completed the acquisition of the W Rome, a luxury hotel, from King Street Capital Management, an alternative investment firm, and Omnam Investment, a real estate investor and developer. Financial terms were not disclosed.
"Rome has historically been a top destination globally for both leisure and business travel, and we believe this will continue to be the case for decades to come. The acquisition of the W Rome positions our joint venture with Hamilton – Pyramid Europe well to capitalize on the continued strength of Rome as a travel destination," Andrea Orlandi, CPP Investments Managing Director and Head of Real Estate Europe.
King Street Capital was advised by DLA Piper and Prosek Partners.
StoneX Group, a financial services company, completed the acquisition of Cotton Distributors, a cotton merchant. Financial terms were not disclosed.
"Joining StoneX will provide CDI’s customers with access to an expanded global network of trading and hedging services, backed by a well-established brand. CDI is proud to be joining the StoneX Group. We are excited for this new era for our company, and for our customers who will continue to receive the same level of quality service,” Laurent Peyre, CDI CEO.
KKR vies with Cellnex for $14bn Vodafone tower unit. (FS)
KKR is seen as the party to beat as it competes with Spanish wireless telecommunications infrastructure and services company Cellnex Telecom in the final race for a stake in Vodafone Group’s towers unit.
The private equity firm, which has teamed up with Global Infrastructure Partners, is in pole position as Vodafone evaluates the binding offers it received last week for a stake in Frankfurt-listed Vantage Towers.
Cellnex is bidding together with Singapore sovereign wealth fund GIC. Cellnex is seeking to buy a majority stake that would give it operational control.
Vodafone, which owns 82% of the tower business, could aim to reach an agreement by the time of its November 15 half-year results announcement. The company continues to study the bids and hasn’t yet picked a winner, Bloomberg reported.
Lukoil rejects Crossbridge Energy Partners' offer to acquire its Sicily refinery.
Russian oil producer Lukoil has declined an offer to sell its refinery in Sicily, Italy, to US private equity firm Crossbridge Energy Partners, after it questioned the firm's ability to pay for the deal.
Commodities trading giant Vitol was willing to offer credit to Crossbridge to fund the deal at a rate better than the US fund could get from a traditional lender as it stood to benefit from supplying crude to the Italian refinery.
Lukoil's ISAB refinery in Sicily accounts for around 20% of Italian refining capacity. ISAB has been forced to rely solely on Russian oil after creditor banks halted financing and stopped providing guarantees needed to buy oil from alternative suppliers, Reuters reported.
National World plots takeover of Reach.
National World, the owner of the Scotsman and Yorkshire Post has revealed it is plotting a surprise takeover of much larger rival Reach, the parent company of the Mirror and Express titles and hundreds of regional newspapers including the Manchester Evening News.
National World, which is listed on the London Stock Exchange and run by the former boss of the Mirror newspaper group David Montgomery, has said that it is in the early stages of a potential offer for Reach, The Guardian reported.
“National World confirms that it is at the early stages of exploring a possible offer for the entire issued and to be issued share capital of Reach. National World has not yet approached the board of directors of Reach with regard to the possible offer, " National World.
Helios-backed Axxela and Access LNG to merge with Onyx Acquisition I. (FS)
Africa-focused private equity firm Helios Investment Partners is in talks to merge two of its portfolio companies with blank-check firm Onyx Acquisition.
The transaction features Helios-backed Axxela and Access LNG. The deal values the combined entity at more than $1bn, and aims to create a platform to invest in energy transition infrastructure in Africa, including flare-gas capture and liquefaction, Bloomberg reported.
Renault to target $10bn valuation for its EV business.
Renault is aiming for a roughly €10bn ($10bn) valuation for the electric-vehicle business the French carmaker is carving out as a standalone entity.
The company is preparing the EV and software entity for a potential initial public offering on the Euronext Paris exchange sometime next year.
The carveout of the entity, dubbed Ampere, is part of an overhaul that Chief Executive Officer Luca de Meo will present to investors this week. The split of the EV business from Renault’s traditional combustion-engine operations comes as the maker of Zoe and Clio cars seeks to navigate a difficult transition to electric vehicles as a possible recession looms in Europe.
Ampere’s carveout has been at the heart of talks between Renault and Japanese partner Nissan Motor as the two companies seek to reshape a two-decade-old alliance. Nissan may invest $500m to $750m for a stake of about 15% in Ampere but the agreement hinges on a wider deal that would see Renault lower its own 43% stake in Nissan to about 15% over time to rebalance the alliance, Bloomberg reported.
Dubai raises Empower's IPO size to 20% on strong investor demand.
Dubai has increased the size of the stake being sold through an initial public offering in Emirates Central Cooling Systems Corporation (Empower) to 20%, citing strong investor demand and oversubscription of shares.
The selling shareholders, Dubai Electricity and Water Authority and Emirates Power Investment, increased the size from the previous 15% and will now together sell 2bn shares, up from 1.5bn earlier. Dewa and Emirates Power Investment will own 56% and 24% of Empower’s existing share capital, respectively, following the offering.
Empower is advised by Citigroup, Emirates NBD, Merrill Lynch International, EFG Hermes and Moelis & Co.
Lazard hires Christian Kames as Germany Co-Head.
Lazard has recruited the top dealmaker for German-speaking countries at rival JP Morgan Chase for its second high-profile hire in the region this year.
Christian Kames will join Lazard in the first quarter next year as co-head of its financial advisory business in Germany, Austria and Switzerland alongside Marcus Schenck, who joined from Perella Weinberg Partners in March, Bloomberg reported.
APAC
Fosun Pharma, a healthcare group in China, terminated the $158m acquisition of a 60% stake in OncoCare, a service provider of cancer treatment centers.
Since the deal involved "a series of preliminary factors" that both parties could not fulfill before the due date on October 30, the two parties decided to terminate the transaction.
Mixed Ownership Reform Fund, a national fund that sets out to support mixed-ownership reforms of state-owned enterprises, led a $206m Sereis D funding round in WeLion, a solid-state lithium battery developer, with participation from CSC Financial, SDIC Chuangyi Industry Fund Management, China Merchants Capital, Hermitage Capital, DYEE Capital, Hidden Hill Capital, Yunhe Partners, Huzhou Jingkai Investment Development Group and Zibo Jingneng.
"Leading enterprises in the industry will achieve large-scale mass production in the short term and ship to many strategic customers. Welion New Energy's planning and layout in the field of solid-state batteries is in line with my country's 'dual-carbon strategy', 'new Energy Vehicle Development Plan', 'New Energy Storage Development Implementation Plan' and other strategic goals, the mixed-ownership reform fund is willing to support Weilan New Energy for a long time, and promote the development of carbon neutrality, new energy vehicles and energy storage and other related industries and fields," Mixed Ownership Reform Fund.
MoneySmart, a financial portal, agreed to merge with Asia-Pacific Strategic Investments, a real estate developer, in a $162m deal.
MoneySmart will hold over 75% of the combined entity upon completion of the merger, while APS will relinquish and dispose of its real estate business.
Public Investment Fund, the sovereign wealth fund of Saudi Arabia, and Foxconn, an electronics contract manufacturer, agreed to form a joint venture. Financial terms were not disclosed.
"Ceer is the first Saudi automotive brand to produce electric vehicles in Saudi Arabia, and will design, manufacture and sell a range of vehicles for consumers in Saudi Arabia and the MENA (Middle East and North Africa) region, including sedans and sports utility vehicles," PIF.
Toshiba’s preferred bidder said it will miss the finance deadline.
A consortium evaluating a bid for Toshiba is set to skip the November 7 deadline to secure funding for what could be Asia’s biggest deal this year.
Four banks including Sumitomo Mitsui Banking who were considering issuing loan commitment letters to the consortium led by Japan Industrial Partners have decided not to proceed before the deadline set by Toshiba. Lenders have not been able to make binding commitments as potential offering groups have not finalized details such as the decision on the formation of their equity partners.
The consortium of JIP, which is the preferred bidder, has considered acquiring Toshiba with a valuation of around $16.2bn and is looking for around $9.4bn from banks, Bloomberg reported.
KKR, Temasek mulls a $1bn acquisition of TPG-backed Care Hospitals. (FS)
KKR, Singapore's Temasek Holdings, and India's hospital chain operator Max Healthcare Institute are vying to buy TPG-backed chain of Care Hospitals in a deal worth over $1bn.
Private equity investors Blackstone and CVC Capital Partners were also in the race to acquire the hospital chain.
Investor interest in Indian healthcare companies has been rising, with increasing non-Covid-19 patient admissions and a rebound in elective procedures that were kept on hold for the last two years amid the pandemic, Reuters reported.
Metro in advanced talks over sale of Indian division.
Germany's Metro, a retailer, is exploring strategic options for its Indian unit and is in advanced discussions over a deal, the division could be valued at $490m in a sale.
Indian retailer Reliance is well-positioned to buy the business. The deal could happen before the end of the year but that no final decision has been made, Reuters reported.
Berkshire trims stake in China's BYD shares worth $71m.
Berkshire Hathaway, the investment firm owned by Warren Buffett, has sold 3m Hong Kong-listed shares of electric vehicle maker BYD for $71m.
The sale lowered Berkshire's holdings in BYD's total issued H shares to 17.92% from 18.22%, Reuters reported.
Kuala Lumpur Kepong eyes bigger stake in Synthomer.
Malaysian plantation giant Kuala Lumpur Kepong is considering raising its stake in British chemicals company Synthomer as it looks to further expand its specialty chemicals business globally.
Kuala Lumpur Kepong is talking with at least one financial adviser to explore potentially boosting its 26.3% stake in Synthomer. The stake purchase could comprise primary and secondary shares. It is not immediately clear whether it will acquire a controlling stake.
A larger stake could further expand Kuala Lumpur Kepong's specialty chemicals business and raise the earnings contribution from Synthomer, Reuters reported.
Reliance in talks to acquire a 49% stake in Naturals.
Reliance Retail, a unit of Indian oil-to-chemicals conglomerate Reliance Industries, is set to enter the salon business and is in talks to buy a 49% stake in Naturals Salon & Spa.
The existing promoters of Naturals Salon-parent, Groom India Salons & Spa, could continue running operations and Reliance's funds would help expand its network of 700 salons in 20 states by four- to five-fold, Reuters reported.
Hillhouse, Sequoia-backed Jiangxiaobai closes $137m investment round. (FS)
Jiangji Distillery, a unit of Hillhouse, Sequoia-backed Chongqing Jiangxiaobai Liquor, has secured a strategic investment of $137m from a state-owned investment platform to build the largest light-aroma baijiu production base in southwestern China.
Jiangxiaobai raised the fresh capital from a platform owned by the local government in Jiangjin District in southwestern China’s Chongqing City, DealStreetAsia reported.
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