AMERICAS
Woodward, an independent designer, manufacturer, and service provider of control systems, agreed to merge with Hexcel, an American public industrial materials company, in a $6.4bn deal. Under the terms of the agreement approved by the Boards of Directors of both companies, Hexcel shareholders will receive a fixed exchange ratio of 0.625 shares of Woodward common stock for each share of Hexcel common stock.
"Our two companies are each independently working toward addressing the sustainability and efficiency needs of our customers. This merger accelerates our technology investments and creates greater benefits and growth opportunities than either company could have achieved alone. Both Woodward and Hexcel have attractive growth trajectories, with strong aftermarket positions and increased composite penetration driving our respective outlooks," Tom Gendron, Woodward Chairman, Chief Executive Officer and President.
Hexcel is advised by Goldman Sachs and Wachtell Lipton Rosen & Katz. Woodward is advised by JP Morgan and Wilson Sonsini Goodrich & Rosati.
WESCO, a provider of electrical, industrial, and communications maintenance, and Anixter, a global distributor of network & security solutions, electrical & electronic solutions and utility power solutions, approved their $4.5bn merger.
Anixter's prior agreement to be acquired by Clayton, Dubilier & Rice has been terminated. WESCO stockholders will own 84%, and Anixter stockholders 16%, of the combined company. WESCO and Anixter currently anticipate completing the transaction during the second or third quarter of 2020.
"This is the result of a very thorough process to determine the value of our company. It's also a recognition of the enormous value created by our talented people, Anixter's deep industry relationships, innovative technology solutions, and global reach. Looking ahead, the combination with WESCO will allow the combined company to build on our complementary capabilities and create new ways to serve customers and partners," Bill Galvin, Anixter President and Chief Executive Officer.
Anixter is advised by Centerview Partners, Wells Fargo Securities, and Sidley Austin. WESCO is advised by Barclays and Wachtell Lipton Rosen & Katz.
Cott, an American beverage and food service company, agreed to acquire Primo Water, a single-source provider of multi-gallon purified bottled water, self-service refill water and water dispensers, for $775m.
"This combination of two highly recognized water companies creates compelling value for all stakeholders, including our customers, employees, shareholders and suppliers. The newly created company will have approximately $2bn in combined water sales and a presence in 21 countries worldwide. We are excited about the opportunity to provide sustainable hydration solutions to more people than either company could have done alone," Billy D. Prim, Primo interim CEO and Executive Chairman.
Primo Water is advised by Goldman Sachs, K&L Gates and ICR. Cott is advised by Deutsche Bank, Drinker Biddle & Reath and Goodmans. Debt financing is provided by Deutsche Bank.
Gemphire Therapeutics, a clinical-stage biopharmaceutical company focused on developing therapies for the treatment of dyslipidemia as well as nonalcoholic fatty liver disease, and NeuroBo Pharmaceuticals, a privately-held clinical-stage biotechnology company focused on novel, disease-modifying therapies for neurodegenerative diseases, completed their merger. Financial terms were not disclosed.
"We are excited about the opportunities and resources that will become available to NeuroBo and its therapeutic pipeline as a result of the merger. As we move towards developing both NB-01 and NB-02, we believe that having shares publicly traded on Nasdaq will provide greater opportunity to advance our therapeutic pipeline and corporate strategy," John L. Brooks III, NeuroBo Pharmaceuticals President and Chief Executive Officer.
NeuroBo was advised by Consilium Partners, Mintz Levin and Racepoint Global. Gemphire Therapeutics was advised by Ladenburg Thalmann, Honigman Miller Schwartz & Cohn and LifeSci Public Relations.
Teladoc Health, a multinational telemedicine and virtual health care company, agreed to acquire InTouch Health, a telehealth services company that offers health care providers solutions, for $600m.
"Today marks a bold leap forward in Teladoc Health's mission to transform how high-quality healthcare is accessed and experienced, making virtual care available for patients with even the most critical care needs. Bringing these companies together will make Teladoc Health the clear virtual care leader across every front door of healthcare, further accelerating the adoption and impact of virtual care for millions of people around the world," Jason Gorevic, Teladoc Health CEO.
InTouch Health is advised by JP Morgan and Wilson Sonsini Goodrich & Rosati. Teladoc is advised by Lazard, Latham & Watkins and Weber Shandwick.
R1 RCM, a provider of technology-enabled revenue cycle management services, agreed to acquire SCI Solutions, a provider of SaaS-based scheduling and patient access solutions, for $190m.
"Patient scheduling is a critical component of the revenue cycle process, and yet is too often a major pain point for referring providers and health systems. With SCI's capabilities integrated into our leading revenue cycle solution, we believe that R1 offers our customers the broadest and deepest tech-enabled patient intake solution available. We look forward to welcoming the SCI team to R1," Joe Flanagan, R1 President and CEO.
SCI Solutions is advised by Ziegler and Fenwick & West. R1 RCM is advised by Centerview Partners, MTS Health Partners and Honigman Miller Schwartz & Cohn.
Health care investors NovaQuest, TripleTree Capital and Frist Cressey completed the investment in InformedDNA, a provider of genetics services. Financial terms were not disclosed.
“Nearly a third of all genetic tests are ordered in error, negatively impacting patients, payers and providers. This investment will allow our organization to bring its technology-enabled genetic expertise to the people and companies that need it most to help enable better decision-making, improve outcomes, and lower costs,” David Nixon, InformedDNA CEO.
InformedDNA was advised by Robert W Baird, Foley & Lardner and MERGE Atlanta. Investors were advised by Bass Berry & Sims. NovaQuest was advised by BackBay Communications.
ACNB, the parent financial holding company of ACNB Bank, a Pennsylvania state-chartered FDIC insured community bank, completed the acquisition of Frederick County Bancorp, a one-bank holding company, for $60m.
"We are excited to welcome FCBI as ACNB Corporation expands its presence in the Maryland market. Frederick is a growing, vibrant market for community banking, which is at the core of ACNB Corporation's success for more than 160 years. Strategically, this acquisition is intended to complement our operations branded as NWSB Bank in Carroll County, Maryland, with profitable growth opportunities adjacent to our current footprint, while contributing to the Corporation's established tradition of enhancing long-term shareholder value. We certainly look forward to sharing our commitment to community banking with customers and other stakeholders in the Frederick County market," James P. Helt, ACNB President & Chief Executive Officer.
Frederick County Bancorp was advised by Sandler O'Neill + Partners and Buckley Sandler. ACNB was advised by Boenning & Scattergood and Bybel Rutledge.
Apollo Global Management agreed to acquire a majority stake in Transportation Partners & Logistics, a provider of logistics, transportation, and supply chain management solutions serving renewable energy and industrial markets. Financial terms were not disclosed.
"We are excited to join forces with Takkion and Apollo. The combination is a highly strategic decision that brings together the unique strengths of the great company that we have built, and the deep resources of Takkion and Apollo to deliver best-in-class logistics and supply chain services to our customers across North America," Jim Orr, TP&L president.
Apollo is advised by Vinson & Elkins and Rubenstein Associates. Transportation Partners & Logistics is advised by Stifel and Scudder Law Firm.
US educational software firm Instructure stated that a certain activist investor was trying to derail its $2bn acquisition by private equity firm Thoma Bravo. Instructure said the investor was “perpetuating a false and misleading narrative about the Board’s deliberations, intentions and strategic transactions process”, despite pushing for a sale earlier, according to a Reuters report.
Instructure is advised by JP Morgan and Cooley. Thoma Bravo is advised by Kirkland & Ellis.
Cerberus-backed Kellermeyer Bergensons Services, a provider of technology-enabled, integrated facility management services, agreed to acquire Hospitality Staffing Solutions, a provider of outsourced housekeeping and related services to the hospitality sector in the United States. HSS was previously owned by Littlejohn Capital in partnership with Caymus Equity Partners. Financial terms were not disclosed.
"This combination represents a significant step forward for both KBS and HSS. HSS is already the market leader in hospitality services, and joining forces with KBS further enhances its service offering, scale, and technology capabilities. Together, KBS and HSS can offer hospitality customers an unparalleled suite of high-quality, tech-enabled solutions tailored to their business needs," Mark Minasian, KBS Chief Executive Officer.
HSS is advised by BB&T Capital Markets and Morrison & Cohen. Littlejohn Capital is advised by Chris Tofalli.
Inphi, a provider of high-speed data movement, and Synopsys, an American electronic design automation company, completed the acquisition of eSilicon, a fabless semiconductor company, for $216m.
"I am delighted with these transactions from Inphi and Synopsys, two extraordinary companies in their markets. Our engineering talent, IP and customer relationships in networking, data-center and cloud, telecom 5G infrastructure and AI will help enhance their respective offerings. I thank all our customers, employees, partners and investors for the unwavering support and commitment they have provided eSilicon over the years," Jack Harding, eSilicon President and CEO.
eSilicon was advised by NVC PR.
Samsung Electronics completed the acquisition of TeleWorld Solutions, a network services provider. Financial terms were not disclosed.
“The acquisition of TWS will enable us to meet mobile carriers’ growing needs for improving their 4G and 5G networks, and eventually create new opportunities to enhance our service capabilities to our customers. Samsung will continue to drive innovation in communications technology, while providing optimization services for network deployments that accelerate US 5G network expansion,” Paul Kyungwhoon Cheun, Samsung Electronics Executive Vice President and Head of Networks Business.
Samsung was advised by Allison+Partners.
W2O, an independent provider of analytics-driven, digital-first marketing and communications to the healthcare sector, agreed to acquire 21GRAMS, a rapidly growing, strategic and creative marketing, advertising and patient/medical education agency dedicated to making healthcare more human. Financial terms were not disclosed.
“Together, we will combine our experienced, results-oriented teams, integrating the best in proprietary data and analytics, creative content, and omnichannel activation to create a next-generation entity that’s equal parts technology and science – providing clients with a level of expertise that compares more to Netflix or Google than any network that currently exists. Simply put, we are joining together to be the first at ‘what’s next’ in health,” Jim Weiss, W2O Founder and CEO.
21GRAMS is advised by Excel Partners.
ManifestSeven, California’s first integrated omnichannel platform for legal cannabis, agreed to acquire Lady Chatterley Health, a San Francisco-based legal cannabis delivery service focused on high-end women’s products. Financial terms were not disclosed.
“M7’s acquisition of Lady Chatterley Health is an enormous growth opportunity in a critical market, allowing us to directly service more than 640k residents over the age of 21, as well as the tens of millions of visitors who come to San Francisco every year. Delivery is a cornerstone of our range of services, and this highly-scalable asset further expands our reach across California,” Pierre Rouleau, ManifestSeven Chief Operating Officer.
ManifestSeven is advised by FTI Consulting.
Goldman Sachs' Merchant Banking Division agreed to acquire Aptos, a provider of retail technology solutions, from private equity firm Apax Partners. Financial terms were not disclosed.
"Aptos is looking forward to the next stage in our growth and maturation journey in partnering with Goldman Sachs, a group that brings a wealth of enterprise software expertise, commercial relationships and vast global resources/ We are also grateful for the strong partnership and strategic support Apax has provided over the past four and a half years," Noel Goggin, Aptos CEO.
Brookfield Renewable Partners, a renewable energy-focused arm of private equity firm Brookfield, is set to acquire the remaining 38% stake in TerraForm Power, an operator of renewable power portfolio of solar and wind assets, for $3.9bn.
The proposed transaction would strengthen Brookfield Renewable’s position as one of the largest publicly-traded, globally-diversified, multi-technology, pure-play renewable power platforms with $50bn in total power assets.
“We believe this transaction will create significant value for investors in both companies through a simplified corporate structure and continued sponsorship from Brookfield Asset Management,” Sachin Shah, Brookfield Renewable Partners CEO.
LexisNexis Risk Solutions, a global data and analytics company, agreed to acquire ID Analytics, a provider of credit and fraud risk solutions for enterprises, from NortonLifeLock, a provider of consumer cyber safety, for $375m.
“ID Analytics is widely recognized in the fraud and identity and credit risk space for its differentiated contributory data assets and advanced analytics capabilities. Combined with our strengths of verifying and authenticating physical and digital identities, our customers will benefit from an even more comprehensive approach to detecting and preventing fraud and managing risk,” Rick Trainor, LexisNexis Risk Solutions CEO.
Private equity firm Denham Capital agreed to invest in Ceiba Energy, an owner and developer of power generation assets in Latin America, in a $250m deal.
“This partnership with Ceiba Energy brings to Denham an unparalleled combination of Latin American power experience. Ceiba has exceptional local and cross-border relationships, strong ties with lenders, a substantial target pipeline, and a strong track record in execution. They share our vision for sustainable growth and value creation and will complement Denham’s strong investment track record in Latin America. With this new venture, we are poised to remain power sector leaders in the region,” Saurabh Anand, Denham Managing Director in International Power Team.
Elanco sells rights to Capstar to PetIQ for $95m.
Elanco Animal Health, a global animal health company, agreed to sell rights to Capstar, an oral tablet that kills fleas in dogs and cats, to PetIQ, a pet medication and wellness company, for $95m.
"We're pleased with the continued progress on a number of fronts to move the acquisition of Bayer's animal health business toward completion. PetIQ's vast distribution network and retail presence make it a natural choice to take Capstar into the future. As a current distributor for Capstar, PetIQ is well prepared to take over this product and ensure pet owners have continued access to this fast-acting flea control product," Jeff Simmons, Elanco president and CEO.
Elanco is advised by Goldman Sachs, Covington & Burling and Paul, Weiss, Rifkind, Wharton & Garrison.
Baillie Gifford considered selling Tesla stake in 2019. (FS)
Major Tesla shareholder Baillie Gifford, an Edinburgh-based fund-management company, considered selling its 10% stake the automaker last year after a series of setbacks, The Times reported.
Baillie Gifford commissioned a special internal assessment known as a "Devil's Advocate" review to help decide whether it should curb its bet on the automaker. Ultimately, the review concluded that while the case for retaining Tesla shares was "debatable," the case against it was not so strong that it was necessary to sell.
Nuveen to combine private equity and junior capital group with Churchill Asset Management. (FS)
Nuveen combined its private equity and junior capital group with Churchill Asset Management, its middle-market senior loan and unitranche financing business, to create a direct access platform with over $21bn in committed capital.
“The combination of these two highly complementary businesses – backed by the scale, capital and resources of Nuveen – creates one of the largest, most differentiated middle market private capital investment platforms in the United States, allowing us to be a premier one-stop capital provider of choice to private equity firms and institutional investors. Our experienced investment teams and deep relationships in the sponsor community are an excellent fit,” Ken Kencel, Churchill President and CEO.
Beltone to dispose of stake in Auerbach.
Egyptian investment bank Beltone Financial Holding is exploring a sale of a 60% stake in New York-based brokerage Auerbach Grayson & Company to help stem losses.
“Although it (Auerbach) helps us with a presence in more than 120 markets, the losses that come from it are big. We have a plan to deal with it that will be finalized before March,” Ibrahim Karam, Beltone CEO.
PE funds globally raised c. $600bn in 2019.
Private equity funds globally raised $595bn in 2019, less than what they raised in the preceding two years, DealStreetAsia reported.
However, the fundraising in 2019 was the third-highest ever, only surpassed by 2017 and 2018, when PE funds generated $628bn each. The number of funds that raised their targeted corpus from their investors, however, fell for the third straight year, from 2.3k in 2017 to 1.8k in 2018 and 1.3k in 2019, indicating that investors are only willing to back select funds and showing an increasing average ticket size of a fund.
EMEA
The Peugeot family, which will own a 6.2% stake in the new carmaker resulting from PSA and Fiat Chrysler’s $50bn merger, aims to increase its holding as soon as possible.
Under the terms of the deal, the Peugeot family can increase its shareholding by up to 2.5% only by acquiring shares from French state investment bank Bpifrance Participations and China’s Dongfeng Motors. Jean-Philippe Peugeot, who heads the family’s Etablissements Peugeot Freres holding company, said that raising the stake was a major objective.
Fiat Chrysler is advised by Bank of America Merrill Lynch, Barclays, Citigroup, Goldman Sachs, JP Morgan, UBS, d'Angelin & Co, Darrois Villey Maillot Brochier, De Brauw Blackstone Westbroek, Legance, Loyens & Loeff, Sullivan & Cromwell, Cleary Gottlieb Steen & Hamilton, Macfarlanes, Community Group, Image Sept, and Sard Verbinnen & Co. BPIFrance is advised by Willkie Farr & Gallagher. Peugeot Family is advised by Zaoui & Co. PSA Group is advised by Mediobanca, Messier Maris & Associes, Morgan Stanley, Perella Weinberg Partners, Bredin Prat, Cabinet Bompoint, Linklaters, and Stibbe. EXOR is advised by Lazard.
The London Stock Exchange Group is set to file its $27bn deal to buy Refinitiv, the data and trading group, with EU antitrust authorities within weeks following protracted discussions with Brussels over the scope of its investigation into the merger, FT reported.
The companies have said they do not expect to make any disposals to satisfy EU antitrust concerns. The LSE expects the deal to close in the second half of this year.
Refinitiv is advised by Canson Capital Partners, Evercore, Jefferies & Company, Allen & Overy, Corrs Chambers Westgarth, Osler Hoskin & Harcourt, Simpson Thacher & Bartlett, and Eterna Partners. LSEG is advised by RBC Capital Markets, Oliver Wyman, Barclays, Goldman Sachs, Morgan Stanley, Robey Warshaw, Blake Cassels & Graydon, Freshfields Bruckhaus Deringer, Herbert Smith Freehills, and Teneo. CPPIB is advised by Weil Gotshal and Manges. Thomson Reuters is advised by Allen & Overy.
AKKA Technologies, a French manufacturing and engineering consulting company in the field of automotive technology, launched a $416m tender offer for Data Respons, a full-service, independent technology company.
"The proposed acquisition of Data Respons by AKKA, gives our team an increased potential for development and the two companies are definitively a good strategic match. We share the same values as well as a passion for innovation, as do AKKA. This transaction will create value for our customers and is an outstanding opportunity to showcase the talent of our fantastic employees, which is the heart, soul and value of our company," Kenneth Ragnvaldsen, Data Respons CEO.
AKKA is advised by JP Morgan, DNB Bank, Thommessen and FTI Consulting.
Nielsen, an American information, data and measurement firm, completed the acquisition of Precima, a SaaS-based provider of powerful retail and customer data applications and analytics, from Alliance Data Systems, a publicly-traded provider of loyalty and marketing services. Financial terms were not disclosed.
"Nielsen is a natural home for Precima to execute our shared vision of advancing collaboration and growth for the industry. We are proud to be joining the Nielsen Global Connect family to bring Nielsen's innovative technology to life for Nielsen's global clients," Brian Ross, Precima President.
Nielsen was advised by Allen & Overy and De Brauw Blackstone Westbroek. Alliance Data Systems was advised by Latham & Watkins.
Horizon Capital-backed Sabio Group, which delivers solutions and services that seamlessly combine digital and human interactions to support customer experiences, completed its acquisition of Team vision, a specialist provider of contact centre and CX solutions. Financial terms were not disclosed.
"By combining Team vision with our existing business in Spain, we have established an independent CX leader with critical mass in Enterprise and CCaaS technologies. This is an exciting move for Sabio Group which supports our ongoing objective to combine our own technology with that of our partners, bringing the very latest in AI powered, self-service and channel agnostic customer engagement solutions to our clients," Jonathan Gale, Sabio Group CEO.
Sabio Group was advised by Comma Communications.
INTL FCStone, a provider of execution, risk management and advisory services, agreed to acquire GIROXX, which provides online payment and foreign exchange hedging services. Financial terms were not disclosed.
"Our objective is to offer SME's the ability to hedge all parts of their production processes and to allow these corporates to have access to a digital payments and hedging platform. We are clearly one of the first in this market segment to offer such a comprehensive offering a"d we are excited aboFCStone'spportunity," Carsten Hils, INTL FCStone's Global Payments Division Global Head.
INTL FCStone is advised by M Group Strategic Communications.
IK Investment Partners agreed to acquire a majority stake in Acture Groep, a provider of specialised outsourced services to Dutch corporates and temporary staffing agencies to manage cases of illness or disability in their workforces. Financial terms were not disclosed.
“Acture Groep is an impressive collection of products and brands with a track record of success in supporting Dutch employers with the complex task of managing compliance and social security legislation. We believe that the Company and its entrepreneurial leadership team is well-positioned for future growth and look forward to supporting Acture Groep as it embarks on the next phase of its strategy,” Sander van Vreumingen, IK Partner.
Russian telecoms giant Rostelecom completed the acquisition of DataLine, a data storage company. Financial terms were not disclosed.
"The acquisition of DataLine strengthens Rostelecom's competitive position, making a significant contribution to its leadership in the growing market of cloud solutions and large-scale infrastructure and product ecosystems, which is currently growing at 2-digit growth rates. The acquisition will support Rostelecom's efforts to expand the range and increase flexibility of services through its growing portfolio," Mikhail Oseevskiy, Rostelecom President.
APCOA PARKING Sweden, a parking services in Sweden, completed the acquisition of XPERT Parkering, a Swedish parking operator. Financial terms were not disclosed.
"This acquisition combines the strengths of two well-matched companies and brings together two strong management teams with complementary skills and capabilities.
Therefore, this acquisition is a further step towards expanding our position as a leading European provider of parking and mobility services," Philippe Op de Beeck, APCOA PARKING CEO.
Saudi healthcare firm to start IPO in the wake of Aramco listing.
Dr. Sulaiman Al Habib Medical Group, one of Saudi Arabia’s largest private healthcare operators, plans an initial public offering next month. The healthcare firm appointed Jadwa Investment and Riyad Capital as advisers.
The hospital operator in September received approval from Saudi Arabia’s market regulator to sell a stake representing about 15% of its share capital. The deal will be the first IPO to come to the local market after Saudi Aramco.
Sackler-owned Mundipharma explores strategic options.
Mundipharma International, a pharmaceutical company, owned by the billionaire Sackler family, is exploring a sale of its business unit. Deutsche Bank is assisting Mundipharma to look for potential bidders for the deal, which could be valued at $3bn - $5bn.
While the company prefers to sell the entire business to a single buyer, it’s open to potential piecemeal deals depending on the offers, Bloomberg reported.
APAC
Leo Ou Chen, chairman of Jumei, offered to acquire Jumei International, a fashion and lifestyle solutions provider in China, for $135m. The price represents a premium of approximately 15% over the closing price of the Company's ADSs on January 10, 2020.
"I believe that the acquisition will provide value to the company's shareholders. I recognize, of course, that the Board will evaluate the proposed acquisition independently before it can make its determination whether to endorse it. In this regard, I believe it would be in the best interests of the company for the Board to establish a special committee of independent directors to consider and evaluate this Proposal and the Acquisition," Leo Ou Chen.
Jumei is advised by Christiansen IR.
Morgan Stanley eyes a 20% stake in Centrum Housing Finance. (FS)
A private equity fund managed by Morgan Stanley emerged as the frontrunner, among a couple of other PE funds, to acquire a 20% stake in Centrum Group’s housing finance subsidiary.
Centrum group had been in talks with a couple of other PE funds, including New York Life-backed Jacob Ballas. The transaction is expected to value the Mumbai-based financial services firm at $141m to $170m.
CCI orders an anti-trust probe against Amazon, Flipkart.
India’s antitrust body ordered an investigation into alleged competition law violations by Amazon.com and Walmart’s Flipkart, the latest setback for US-based e-commerce giants operating in the country.
The Competition Commission of India said it was ordering a broader probe following a review of allegations that Amazon and Flipkart were promoting some “preferred sellers” and, in turn, hitting the business of other smaller sellers, Reuters reported.
CCI asked the Director-General to investigate the alleged predatory practices of Amazon and Flipkart after being approached by the Delhi Vyapar Mahasangh. The DG has 60 days to submit the report.
CCI to get more control over regulations of tech gaints' M&As.
Global mergers and acquisitions among technology giants that could disturb the competition landscape in India may soon require clearance from the Competition Commission of India. The change will bring mega-deals such as the 2014 acquisition of WhatsApp by Facebook within the ambit of CCI, DealStreetAsia reported.
The government is likely to insert an enabling provision in the Competition Act to provide for this. The change will incorporate deal size, which is currently not among the criteria for vetting global M&A deals with relevance to the Indian market, in CCI’s merger regulations.
Individual firms involved in M&As have to seek CCI clearance now if their combined assets in India are worth over $141m or their revenue is over $424m. Deals involving firms having combined global assets of $500m or sales of $1.5bn need CCI’s approval if they have assets worth at least $71m or sales worth $212m in India.
SoftBank-backed Coupang prepares for IPO as soon as 2021. (FS)
SoftBank-backed South Korean e-commerce giant Coupang is preparing for an initial public offering as soon as 2021. The Seoul-based company, valued at $9bn in late 2018, has begun working on tax structuring, among other changes as it eyes a public listing next year.
Coupang CEO Bom Kim mulled an IPO a few years ago but opted instead to expand the business with a nationwide fast delivery network.
Blackstone is nearing a deal to acquire a stake in Allcargo's unit for $54m. (FS)
Blackstone Group is in advanced talks to acquire a stake in the warehousing unit of India's Allcargo Logistics, a third-party logistics company, for $54m.
The US private equity firm could further raise its stake over the coming months based on the achievement of pre-agreed performance milestones, which could leave Allcargo with a minority interest.
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