Exits
SPAC target Prenetics sinks on US debut
Hong Kong-based genomic and diagnostic testing business Prenetics slumped on its NASDAQ debut, unable to withstand struggling public markets public markets and weak investor appetite for businesses that merge with US-listed special purpose acquisition...
Vodafone New Zealand buys out PE partner in retail JV
Millennium Corp, a specialist technology, media, and telecom (TMT) investor operating in New Zealand and the Pacific region, has exited its 50% stake in Vodafone New Zealand’s retail stores.
TPG, Temasek invest $136m in India's Dr Agarwal’s
TPG Growth and Temasek Holdings have invested a combined INR 10.5bn (USD 136m) in Indian eyecare chain Dr. Agarwal’s Eye Hospital, setting up an exit for ADV Partners.
Tiga SPAC to merge with San Vicente-owned Grindr
Grindr, a LGBTQ+ dating app acquired by an investor group after its Chinese owner violated foreign investment regulations, has agreed to merge with a special purpose acquisition company (SPAC) sponsored by Singapore-based Tiga Investments.
Bain sells Australia childcare business for $320m
Bain Capital has sold Australia-based daycare provider Only About Children (OAC) to US strategic investor Bright Horizons Family Solutions for AUD 450m (USD 320m).
Actis sells India renewables platform to Shell for $1.55b
Actis has sold Indian renewables platform Sprng Energy, including its flagship solar business Solenergi Power, to Shell Overseas investment for USD 1.55bn.
China delivery player Gogox files for Hong Kong IPO
Gogox, a last-mile logistics company formed through the merger of Hong Kong's GoGoVan and an affiliate of mainland China-based 58.com, has filed to list in Hong Kong
Fund focus: Openspace begins growth story
Openspace Ventures has raised USD 200m for a fund that will primarily do follow-on rounds for existing portfolio companies. There is plenty of activity, but uncertainty lurks in the background
MSPEA buys control of Singapore-listed APAC Realty
Morgan Stanley Private Equity Asia (MSPEA) as agreed to buy Northstar Group’s majority stake in APAC Realty, a Singapore-listed real estate services company in Asia, for SGD 129.5m (USD 94.2m).
Amazon buys VC-backed Indian social commerce player
GlowRoad, an India-based social commerce start-up that has received several rounds of VC funding, has been acquired by Amazon for an undisclosed sum.
1Q analysis: Monetising managers
Baring Asia and PAG underline the value of their management entities; exits slump amid uncertainty; BGH Capital, renminbi GPs shore up fundraising; investment fails to extend the late 2021 flourish
Indonesia's GoTo raises $1.1b, gains 13% on debut
Indonesia-based ride-hailing service turned super app GoTo, which has numerous private equity backers, gained 13% on debut following an IDR 15.8trn (USD 1.1bn) offering on the Indonesia Stock Exchange (IDX).
Taiwan's Gogoro trades up on NASDAQ following SPAC merger
Gogoro, a Taiwan-based start-up that has developed a battery-swapping technology for scooters, gained 10% on its NASDAQ trading debut following the completion of a merger with a special purpose acquisition company (SPAC) backed by the former CIO of Morgan...
CPE sells New Zealand shipping business to Morgan Stanley
Australian middle-market private equity firm CPE Capital has sold StraitNZ, a ferry and logistics operator that runs services across the Cook Strait between New Zealand’s North and South Islands, to Morgan Stanley Infrastructure Partners (MSIP).
Carlyle sells Japan construction materials supplier to Lone Star
The Carlyle Group has sold Senqcia Corporation, a Japanese construction materials supplier formerly known as Hitachi Metals Techno, to Lone Star Funds for an undisclosed sum.
Bain buys minority stake in India's IIFL Wealth
Bain Capital has paid INR 33.8bn (USD 484m) for a 24.98% stake in India’s IIFL Wealth Management, taking out positions held by General Atlantic and Fairfax India Holdings.
Deal focus: Jade Invest rides pest control M&A boom
Having offered a blueprint for pest control consolidation globally in Anticimex, EQT wants to repeat the trick in China with Guardian Hygiene Service. It meant a 3.3x return for previous owner Jade Invest
Investment becomes Tencent's main profit driver in 2021
Investment accounted for the bulk of Tencent Holdings' annual profit for the first time in 2021 as the Chinese technology giant saw earnings from its core business contract in the second half of the year.
Quadrant secures $217m Australia IT services exit after two-year hold
Quadrant Private Equity has sold Australian IT enterprise services business Arq Group to NCS Group, a SingTel Group-owned IT and communications engineering player, for AUD 290m (USD 217m).
PAG files for Hong Kong IPO
PAG, which has seen its assets under management (AUM) across private equity, credit, and real assets grow 6x to more than USD 50bn in the past decade, has become the first large-cap Asian manager to file for an IPO.
India's EverSource acquires local EV fleet operator
India’s EverSource Capital has acquired a majority stake in Lithium Urban Technologies, a local electric vehicle (EV) fleet and charging infrastructure operator, for an undisclosed sum.
EQT buys China pest control business
EQT Private Equity Asia has acquired majority stake in Guardian Hygiene Service, China’s largest domestic pest control company, for an undisclosed sum. It facilitates a full exit for Jade Invest.
Primavera SPAC to merge with Fosun-owned fashion platform
A special purpose acquisition company (SPAC) with ties to China-based private equity firm Primavera Capital Group has agreed to merge with global luxury fashion platform Lanvin Group at a pro forma enterprise valuation of USD 1.5bn.
India's Reliance buys VC-backed Clovia
Clovia, an India-based lingerie and sleepwear retailer backed by several VC investors, has been acquired by Reliance Retail Ventures (RRVL) at an approximate valuation of USD 140m.
