M&A
Gopher, Perfect World launch $300m China media M&A fund
Gopher Asset Management, the PE arm of Noah Holdings, has teamed up with Chinese movies-to-gaming company Perfect World to launch a media and culture M&A fund that has a target of RMB2 billion ($300 million).
Alibaba acquires VC-backed Chinese app platform Wandoujia
Alibaba Group has bought China-based Android mobile app platform Wandoujia - which has several VC and PE investors, including DCM Ventures and Goldman Sachs - for an undisclosed sum.
American dreams: China targets US semiconductor assets
Chinese interest in semiconductor assets has again put the Committee on Foreign Investment in the US under the spotlight. Not all deals get through, but corporate China is generally braver and better informed
China Everbright, IDG launch $3b M&A fund
China Everbright (CEL) and IDG Capital Partners have launched a joint M&A investment fund of at least RMB20 billion ($3 billion) in size that will support the growth of companies in China and overseas.
Altius to be sold to Canada’s Pavilion Financial
Canadian investment services firm Pavilion Financial has agreed to acquire Altius Associates, a PE advisor and fund manager with a presence across Asia Pacific, Europe and North America.
Baring-owned Vistra acquires Indian professional services group
Vistra, a Hong Kong-based corporate services provider owned by Baring Private Equity Asia, has acquired Indian professional services group Ujwal Management Services.
Rocket-backed frontier markets e-commerce platforms to merge
Two Asian frontier markets e-commerce platforms created by Rocket Internet – Daraz and Kaymu – have agreed to merge.
China vacation rental site Tujia acquires VC-backed peer Mayi
VC-backed Chinese vacation-rental website Tujia.com has agreed to take control of its industry peer Mayi.com, which has also received venture investment, for an undisclosed sum.
Chinese consortium in $2.75b deal for NXP Semiconductors unit
NXP Semiconductors, a Dutch chip maker listed in the US, has agreed to sell its standard products business to Chinese state-owned private equity firm Jianguang Asset Management (JAC Capital) and Wise Road Capital for $2.75 billion.
China’s Chenhui Capital, Lancy Group launch Sino-Korean fund
Chinese GP Chenhui Venture Partners have teamed up with one of its LP – Shenzhen-listed company Lancy Group – to create a Sino-South Korea PE fund that will invest in consumer and technology companies.
VC-backed KFit to acquire Groupon Indonesia
Malaysia-based gym membership app KFit, which is supported by Sequoia Capital and Venturra Capital, has agreed to acquire Groupon’s Indonesia business.
China’s Everbright, Baofeng buy control of MP & Silva
Two Chinese companies – Everbright Securities and entertainment specialist Beijing Baofeng Technology – have acquired a 65% stake in Italy-based sports media rights firm MP & Silva (MPS).
Chinese manufacturer buys PE-owned Thermal Dynamics
China Zhejiang Yinlun Machinery, a Shenzhen-listed manufacturer of heat exchangers, has acquired US-based counterpart Thermal Dynamics International (TDL) for $56.65 million, facilitating a full exit to US private equity backer Evergreen Pacific Partners.
Ares to buy American Capital in $3.4b deal
American Capital, which has a presence in Asia through its energy and infrastructure investment business, will be acquired by Ares Capital Corporation (ACC) in a deal worth $3.43 billion.
India's Religare sells stake in Landmark Partners
Indian financial services provider Religare Enterprises has sold its stake in Landmark Partners, a US private equity firm specializing in secondary funds.
India's Religare sells stake in Northgate Capital
Religare Enterprises has sold its majority stake in Northgate Capital, a fund-of-funds and direct investment group, to US-based asset manager The Capital Partnership.
VC-backed Dada Nexus merges with JD’s O2O business
Dada Nexus, a China-based crowdsourcing delivery platform backed by several VC investors, has agreed to merge with JD Daojia, the online-to-offline (O2O) business unit of e-commerce giant JD.com.
Quadrant-owned UPG buys Sydney restaurant chain
Urban Purveyor Group (UPG), an Australia-based restaurant chain owned by Quadrant Private Equity, has completed the bolt-on acquisition of Fratelli Fresh, an Italian-style café business with locations throughout Sydney.
China and CFIUS: Regulatory risks
With Chinese outbound M&A at record levels, prospective buyers of assets in the US must be careful in assessing the possibility of regulators obstructing their deals
TCL, Tsinghua Unigroup launch $1.5b China M&A fund
Chinese electronics manufacturer TCL Group has partnered with Tsinghua Unigroup, an investment arm of Tsinghua University, to launch an industry M&A fund with a target of RMB10 billion ($1.53 billion).
China’s 58 Daojia merges with VC-backed beauty app
58 Daojia, a PE-backed Chinese online-to-offline (O2O) local services platform, has merged with Dudumeijia.com, a manicure-booking app that counts Sequoia Capital and Source Code Capital among its investors.
India's VC-backed Oyo Rooms acquires rival Zo Rooms
Oyo Rooms, an India-based budget hotel booking app backed by SoftBank Corp. and other VCs, has acquired industry rival Zo Rooms, which counts Tiger Global Management as an investor.
Chinese container maker buys Switzerland’s SIGG from Riverside
Zhejiang Haers Vacuum Containers, a Chinese stainless vacuum container manufacturer, has agreed to pay The Riverside Company CHF16.1 million ($16.6 million) in cash for Swiss bottle maker SIGG.
PE-backed e-Shang boosts Asia footprint through merger
China-based warehousing operator e-Shang, which was founded by two local entrepreneurs in conjunction with Warburg Pincus, has agreed to merge with Asian counterpart Redwood Group as it builds scale towards a public market listing.