PIPEs
Grab completes SPAC merger, sees volatile trading debut
Southeast Asia ride-hailing platform turned super app Grab experienced a tumultuous first day of trading on NASDAQ following the completion of its merger with a US-listed special purpose acquisition company (SPAC) at an enterprise valuation of $30.4 billion.
Affinity invests $360m in Towngas China
Affinity Equity Partners has invested HK$2.8 billion ($360 million) in a China-focused affiliate of Hong Kong & China Gas (Towngas) to support the company’s transformation from a piped gas provider into a smart energy solutions business.
Ribbit Capital backs Indonesia's Bank Jago
Global financial technology investor Ribbit Capital has thrown its weight behind Bank Jago, an Indonesia-based digital lender established by local private equity firm Northstar Group.
CBC-led consortium buys Bain's stake in Korean botox maker
A consortium led by Asia healthcare-focused private equity firm CBC Group has agreed to acquire a 46.9% interest in Hugel, a South Korean manufacturer of botox and other health-related pharmaceuticals, for KRW1.7 trillion ($1.5 billion).
Deal focus: IMM sees structural change in home decor
Having agreed to provide a succession solution to the founder of Korean furniture retailer and interior designer Hanssem, IMM Private Equity wants to harness growth through demographics and differentiation
China's Qiming targets listed healthcare businesses
Qiming Venture Partners is mobilizing its newly launched public equities unit – and $500 million fund – to participate as an anchor investor in Hong Kong IPOs by Chinese healthcare companies.
China: A controversial ESOP
An employee stock ownership plan introduced alongside Hillhouse Capital’s 2019 investment in Gree Electric Appliances has raised questions about enrichment and alignment
Joy, Nio Capital invest $315m in China online used car dealer
Joy Capital and Nio Capital will invest $315 million in China-based online used car dealer Uxin, throwing their support behind the company’s pivot from a marketplace to an inventory-holding retailer.
Advent exits Crompton Greaves' India appliances business
Advent International has offloaded its final 5.4% holding in Crompton Greaves’ India-listed household appliances business, ending a gradual exit after a failed takeover.
Carlyle commits $439m to India's PNB Housing Finance
The Carlyle Group has agreed to invest up to INR31.8 billion ($439 million) in India-listed PNB Housing Finance, which would give it a majority interest in the company and trigger an open offer for an additional stake.
Deal focus: Hahn embarks on Korea dairy turnaround
Beleaguered by a string of scandals and unable to turn the tide of negative publicity, the family owner of Namyang Dairy Products opted to sell to private equity. His first call was to Hahn & Company
Advantage backs Japan coffeeshop chain
Advantage Partners has agreed to invest about JPY7 billion ($64.6 billion) in Tokyo-listed coffeeshop and bakery chain Saint Marc.
GP profile: Samena Capital
Conservative yet contrarian, Samena Capital has carved its own path prioritizing patience, trust, and transparency. A younger generation of leadership is guiding entry into a new digital landscape
Blackstone to cement control of India's Mphasis
The Blackstone Group is set to lift its controlling position in India-listed IT services provider Mphasis to 75% as part of a deal worth up to $2.8 billion.
Baring Asia invests $100m in Hutchison China MediTech
Baring Private Equity Asia has invested $100 million in Hutchison China MediTech (HutchMed), a US and London-listed drug discovery business that has two fully commercialized oncology products in China.
IMM set for $222m exit from Korea's Taihan Electric Wire
IMM Private Equity has agreed to sell its 40% stake in Taihan Electric Wire, a Korea-based manufacturer of high-voltage cables to Hoban Construction for KRW251.8 billion ($222 million).
Novo Tellus backs Singapore semiconductor industry supplier
Novo Tellus Capital Partners has invested S$23.6 million ($17.7 million) in Grand Venture Technology, a Singapore-listed provider of testing, assembly, and engineering services for semiconductor manufacturing.
Silver Lake joins $3.3b investment in China's TAL Education
Silver Lake has led a $2.3 billion investment in TAL Education Group, a US-listed Chinese after-school education provider, via a convertible notes issue.
MBK credit fund to join PE fund on CAR investor roster
MBK Partners has agreed to subscribe to $175 million in convertible bonds issued by China Auto Rental (CAR). It follows a large commitment and a take-private offer by MBK last month.
MBK invests $228m in China Auto Rental
MBK Partners has agreed to invest HK$1.8 billion ($228.3 million) in Hong Kong-listed China Auto Rental (CAR), taking a 20.9% stake.
PE & Asian banks: Once-in-a-decade opportunity
GPs like targeting banks during downturns, investing in stronger players at discount valuations and backing them to come out the other side with increased market share. Will it be more of the same with COVID-19?
PAG poised to invest in Australian airline
PAG Asia Capital is in exclusive negotiations over a A$150 million ($109 million) investment in Regional Express Holdings (Rex), an Australian airline that emerged following the collapse of Ansett Airlines.
Deal focus: Affinity, Baring leverage market dislocation
Seeing Korean banks trading at discounted valuations and believing in the long-term health of the industry, some private equity investors have taken the opportunity to buy in the public markets
GPs join $516m investment in Evergrande's EV unit
Evergrande New Energy Vehicle (NEV), a subsidiary of Chinese real estate developer Evergrande Group, has raised HK$4 billion ($516 million) from investors including Tencent Holdings, Sequoia Capital China, Yunfeng Capital, and Didi Chuxing.
