M&A
China buyouts: Responsible owners
From privatizations to succession planning to corporate carve-outs, China-focused GPs are seeing an increasing number of control buyout opportunities. But are they positioned to take full advantage?
Chinese fund abandons Xcerra deal, cites CFIUS problems
Sino IC Capital, a technology-focused PE fund manager backed by the Chinese government, has become the latest investor to fall foul of US regulators following the termination of its acquisition of semiconductor and electronics manufacturer Xcerra.
Chinese dating app Momo buys VC-backed Tantan
Chinese mobile dating app operator Momo, which has been listed on NASDAQ since 2014, has agreed to buy 100% of VC-backed industry peer Tantan in a cash and stock deal.
CFCG launches $200m education sector fund
Hong Kong-listed education sector investor China First Capital Group (CFCG) has launched a $200 million fund that will establish and acquire preschools in China.
China’s Toutiao acquires VC-backed selfie app Faceu
Chinese private equity-backed online content platform Toutiao has acquired Faceu, a camera app that has received funding from IDG Capital and Lightspeed China Partners.
Chinese PE firm to acquire Spain’s Imagina Media
Orient Hontai Capital, a PE unit of China’s Orient Securities, has agreed to buy a 53.5% stake in Imagina Media Audiovisual, part of Spain-based Mediapro Group. The transaction values Imagina at EUR1.9 billion ($2.35 billion).
CITIC Capital-backed Harbin Pharma buys 40% stake in GNC
China’s Harbin Pharmaceutical Group, which is controlled by CITIC Capital, has agreed to acquire a 40% stake in GNC Holdings for $300 million, becoming the largest shareholder in the US-based nutritional supplements retailer.
Warburg Pincus establishes Vietnam infrastructure platform
Warburg Pincus and industrial conglomerate Becamex IDC have agreed to set up a $200 million platform to develop institutional-grade infrastructure and logistics properties in Vietnam.
TPG acquires China hotel assets
TPG Capital, along with Chinese hotel manager China Lodging Group, has acquired two Beijing hotels for RMB1.2 billion ($186 million).
Singapore IP fund invests $30m in fintech acquisition platform
Southeast Asia-focused financial technology platform Tryb Group has received a $30 million investment from The Makara Innovation Fund (MIF), a Singapore government-backed vehicle that focuses on intellectual property-driven businesses.
China’s Bianlifeng acquires VC-backed Lingwa
Bianlifeng, a Chinese PE-backed cashier-free convenience store operator, has acquired a controlling stake in its peer Lingwa. Financial terms were not disclosed.
Oaktree-backed Australian surf brands to merge
Australian surfwear brand Billabong International has agreed to an acquisition by industry peer Boardriders, which owns the Quiksilver brand. Both companies are backed by Oaktree Capital Management.
China semiconductor fund agrees to invest $400m in local chip maker
State-backed private equity investor China Integrated Circuit Industry Investment Fund (IC Fund) has agreed to buy an approximately 19% stake in domestic computer chip maker Hua Hong Semiconductor for $400 million.
Crescent sells Australia's GroundProbe to Orica
Australia's Crescent Capital Partners has sold domestic mining services technology supplier GroundProbe to explosives and blasting equipment company Orica for A$205 million ($157 million).
Hony-backed healthcare platform acquires TCM hospital
Hospital Corporation of China (HCC), a buyout platform established by Hony Capital, has acquired a 70% stake in Jiande Hexu Enterprise Management, owner of a traditional Chinese medicine (TCM) hospital and other healthcare businesses, for RMB483 million...
PE-backed Billabong gets $150m buyout offer
Australian surfwear brand Billabong International has received a A$198 million ($150 million) non-binding buyout offer from Boardriders, owner of the Quiksilver brand. Both companies are backed by Oaktree Capital Management.
China truck logistics players Huochebang, Yunmanman agree merger
Rival Chinese online truck logistics platforms Huochebang and Yunmanman – both of which have received substantial private equity and venture funding – have agreed to merge.
China's Orient Hontai fails to secure AppLovin buyout, switches to debt deal
US-based mobile marketing platform AppLovin has terminated a planned $1.4 billion acquisition by Orient Hontai Capital, a PE unit of China’s Orient Securities, after a long delay in the regulatory approval process. It has opted for a debt-based deal...
India's VC-backed HomeLane buys Capricoast
Indian interior design company HomeLane, which is backed by Aarin Capital and Sequoia Capital, has bought Accel Partners-backed online furniture marketplace Capricoast.
China's Bytedance to acquire VC-backed Musical.ly
Beijing Bytedance Technology, the parent company of Chinese news aggregator Toutiao, has agreed to acquire Musical.ly, a VC-backed short video social networking platform.
India's KKR-backed Avendus buys domestic peer Zodius
Avendus Capital, an Indian financial services firm owned by KKR, has bought technology-focused venture capital firm Zodius Capital.
J-Star acquires Forpets in latest pet bolt-on
Japan’s J-Star has acquired 100% of domestic veterinary services company Forpets as a bolt-on of existing portfolio company JVCC. It is JVCC’s third such transaction this year.
China M&A: Common ground
Chinese outbound M&A is stigmatized at the moment due to concerns about regulatory barriers both foreign and domestic, but buyers and sellers can reach mutually beneficial compromises
China's VC-backed Xing Bian Li acquires industry peer
Shanghai-based Xing Bian Li, a VC-backed new retail company that integrates online and offline channels, has acquired industry counterpart 51 Snackbar.