SoftBank picks Nomura, Goldman, three others to lead mobile unit’s IPO, says source: Reuters

SoftBank Group Corp has chosen five investment banks, including units of Nomura Holdings Inc and Goldman Sachs, as lead underwriters for the mammoth initial public offering of its mobile-phone unit, a person with direct knowledge of the matter said on Friday. The other institutions are Mizuho Financial Group Inc, Deutsche Bank AG and the SMBC Nikko Securities Inc unit of Sumitomo Mitsui Financial Group Inc, the source told Reuters, on condition of anonymity as the deal is not public. Media representatives for SoftBank and the financial institutions declined to comment. Bloomberg News reported Friday that the Japanese investment and technology firm aims to sell around 3 trillion yen ($27 billion) of shares, the biggest IPO ever, listing on the Tokyo Stock Exchange in December. An IPO of that scale would be the biggest ever, topping the $25 billion worth of shares sold by China’s Alibaba in New York
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Ukraine’s Allseeds plans overseas listing, says CEO: Reuters

Allseeds, which operates one of Ukraine’s largest multi seed oil extraction plants, plans to list its business overseas in the next four years, its chief executive told Reuters. Ukraine is the world’s largest sunflower oil exporter and among the leading exporters of wheat, corn and barley. Allseeds would become the first Ukrainian company since 2012 to hold an overseas Initial Public Offering (IPO) and the first agribusiness since 2011. “Our plan is to hold an IPO in the next four years. We are considering Singapore, Hong Kong, Toronto. The company’s structures are ready for the IPO,” Viacheslav Petryshche said in an interview. FMO, the Dutch development bank, and private equity firm Diligent Capital Partners, jointly own 16 percent of Allseeds. “Allseeds has an ambitious expansion strategy of becoming an agri-processing and logistics hub which would require over $200 million of investment over the upcoming years,” Dan Pasko, DCP’s Co-Managing
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Edenred has made bid approach for Ingenico, no talks yet: Reuters

PARIS (Reuters) – French payment service company Ingenico (INGC.PA) has received two separate expressions of interest from French bank Natixis and Paris-based Edenred (EDEN.PA), a source close to the matter said on Thursday. Ingenico said earlier on Thursday it had been approached by several bidders and Natixis later confirmed it was one of them. “Natixis and Edenred both sent letters expressing interest in Ingenico at the beginning of the summer”, the source told Reuters. “Ingenico is having conversations with Natixis but hasn’t started talking to Edenred”, he said. A second source said that he expected a bidding war for Ingenico between Natixis and Edenred, adding the latter is preparing a firm offer.  

SoftBank upping bet on loss-making WeWork with possible majority stake, says source: Reuters

Japan’s SoftBank Group Corp (9984.T) is in discussions to buy a majority stake in U.S. shared office space provider WeWork Cos, a source said, potentially doubling down on one of its biggest bets on a loss-making startup. A deal would signal a shift for SoftBank, which runs the world’s biggest private equity fund and has concentrated its ownership of late-stage startups in minority stakes, as it seeks attractive targets for its huge pool of capital. SoftBank shares fell 5.4 percent and suffered their biggest one-day drop in nearly two years on Wednesday partly on concerns about the prospects of eight-year-old WeWork whose outlook is tied closely to the ups and downs of the real estate market. Recent technology sector weakness also weighed on SoftBank’s shares, traders said. The source told Reuters that pricing and other details of the WeWork investment have yet to be firmed up,
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SoftBank upping bet on loss-making WeWork with possible majority stake: Reuters

SAN FRANCISCO/NEW YORK (Reuters) – Japan’s SoftBank Group Corp (9984.T) is in discussions to buy a majority stake in U.S. shared office space provider WeWork Cos, a source said, potentially doubling down on one of its biggest bets on a loss-making startup. A deal would signal a shift for SoftBank, which runs the world’s biggest private equity fund and has concentrated its ownership of late-stage startups in minority stakes, as it seeks attractive targets for its huge pool of capital. SoftBank shares fell 5.4 percent and suffered their biggest one-day drop in nearly two years on Wednesday partly on concerns about the prospects of eight-year-old WeWork whose outlook is tied closely to the ups and downs of the real estate market. Recent technology sector weakness also weighed on SoftBank’s shares, traders said. The source told Reuters that pricing and other details of the WeWork
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Bain Capital Specialty Finance files for IPO, to list on NYSE: Reuters

Global asset manager Bain Capital’s specialty finance arm on Tuesday filed for an initial public offering, seeking to list on the New York stock exchange under the symbol “BCSF”. The company set a placeholder amount of $100 million to indicate the size of the IPO. The amount of money a company says it plans to raise in its first IPO filing is used to calculate registration fees. The final size of the IPO could be different. Bain Capital Specialty Finance reported total investment income of about $40 million for the six months ended June 30, nearly six times what it had earned a year ago, over the same period. The company focuses on lending to middle market companies which have annual core earnings (EBITDA) between $10 million and $150 million. From the day it commenced operations, in October 2016 to June 30, 2018, it has invested around $1.37
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Stada, buyout funds in race for Bristol-Myers’ French business, say sources: Reuters

German generic drugmaker Stada (STAGn.DE) is vying with a group of European buyout funds for control of Bristol-Myers Squibb’s (BMY.N) French over-the-counter drugs business, sources told Reuters. The business, known as Upsa, was put up for sale over the summer. Bidders were asked to submit their offers ahead of a deadline of Oct. 5, the sources said. Investment banks were hired to launch an auction in the second half of the year. The deal is potentially worth about 1 billion euros ($1.15 billion) and comes amid a wave of consolidation in the consumer health sector as big drugmakers are increasingly focusing on their strongest areas. Private equity funds are attracted by high growth in the over-the-counter drug business, where demand is being driven by aging populations and health-conscious consumers. Upsa, which makes Dafalgan and Efferalgan painkillers, has also received indicative bids from BC Partners, CVC Capital
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Britain’s RPC gives rival suitors Apollo and Bain more time to bid: Reuters

Plastic packaging maker RPC Group (RPC.L) said on Monday that it had given two private equity firms that are considering rival takeover offers more time to make bids. The London-listed company said in a statement that talks with both Apollo Global Management and Bain Capital were ongoing and that the competing suitors now had until Nov. 5 to make firm offers or walk away from RPC. Under British rules, the pair had faced a deadline of 5 p.m. London time (1600 GMT) on Monday to declare their intentions towards RPC, which has a market value of about 3.2 billion pounds ($4.2 billion). In a separate statement, RPC said it had generated first-half revenues from continuing operations of 1.9 billion pounds, which was ahead of the same period a year earlier and included organic growth of about 3 percent. “The group’s margins and operating profitability levels
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Saudi crown prince says sovereign wealth fund will surpass $600 billion target by 2020: Reuters

Saudi Arabia’s Crown Prince Mohammed bin Salman said the kingdom’s main sovereign wealth fund (PIF) will surpass its target of increasing its assets to $600 billion by 2020, as part of a plan to reduce the economy’s dependence on oil. “We are now above $300 billion, we’re getting close to $400 billion. Our target in 2020 is around $600 billion. I believe we will surpass that target in 2020,” the prince said in a Bloomberg interview published on Friday. He added that the fund, with more than 50 percent of its investments located in Saudi Arabia, will be investing in more places next year. The fund would invest another $45 billion in Softbank Vision fund, the world’s largest private equity fund, backed by Japan’s Softbank Group and the PIF, which invests in technology sectors such as artificial intelligence and robotics. “We have a huge benefit from the first one. We
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H&M buys $20 million stake in Swedish fintech firm Klarna: Reuters

Fashion chain H&M (HMb.ST) is acquiring a small stake in Klarna in what will be the Swedish online payments services firm’s largest partnership so far. H&M is paying around $20 million for a stake of less than 1 percent, a Klarna spokeswoman said, confirming a Financial Times report on Monday. Klarna’s digital platform would be used across all H&M channels and will further integrate the fashion chain’s digital and physical stores, the two companies said in a joint statement. It will be Klarna’s largest partnership following similar deals with UK retailer Asos (ASOS.L) and furniture giant IKEA [IKEA.UL], the Klarna spokeswoman said. The partnership spans across 14 European countries including Britain and Sweden, she said. The FT said the deal had the scope to expand to the United States and Asia and would simplify H&M’s returns and delivery processes as well as combining its in-store, online and
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Century-old Thai energy drinks maker Osotspa to give bourse an IPO boost: Reuters

Energy drinks maker Osotspa Pcl (OSP.BK) on Friday priced the initial public offering of its shares at the high end of the proposed range, valuing the century-old company at 75 billion baht ($2.29 billion) in the largest corporate listing in Thailand this year. Osotspa priced shares at the top end of its 22 baht-25 baht price range and will use proceeds of 12.7 billion baht to pay debt and build a new factory in Myanmar, its second largest market after Thailand, its president Wannipa Bhakdibutr said. The 127-year-old company, best known for the M150 and Shark energy brands, will also give Thai listings a boost in a slow year for new floats. So far this year, total listings added only 23 billion baht to market capitalization at IPO price, compared with 426 billion for 2017, exchange data showed. “IPOs like this are valuable because not many companies
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Online furniture retailer Westwing to price IPO in upper half of range: Reuters

Westwing, the “home and living” company backed by Germany’s Rocket Internet, is expected to price its initial public offering in the upper half of its indicative price range, one of the bookrunners organizing the flotation said on Friday. The bank advised investors to expect an offer price of 26 to 29 euros a share, compared with an initial range of 23 to 29 euros. It added that the books were covered throughout the revised price range. Citing strong demand, Westwing has already brought forward the listing date by two days to Oct. 9. The company, founded by former Elle journalist Delia Fischer, is seeking to raise up to 147 million euros ($169 million), giving it a market capitalization of up to 597 million euros, as it taps into the desires of aspirational consumers – mainly women – with its online shopping club concept.

McKesson’s Change Healthcare hires IPO underwriters, say sources: Reuters

Change Healthcare LLC, a healthcare technology company majority-owned by U.S. drug wholesaler McKesson Corp (MCK.N), has hired underwriters for an initial public offering that could value it at as much as $12 billion, including debt, people familiar with the matter said on Wednesday. The move comes after McKesson Chief Executive John Hammergren said in January that he intended to take Change Healthcare public. Hammergren added that he expected this to be a “short-term” decision, but declined to say whether it would happen in 2018 or 2019. Tapping underwriters shows that McKesson is gearing up for the IPO, which the sources said is expected to take place in the first half of 2019. Change Healthcare has hired investment banks Goldman Sachs Group Inc (GS.N), Barclays Plc (BARC.L) and JPMorgan Chase & Co (JPM.N) to lead the IPO, the sources said. McKesson, Change Healthcare and JPMorgan did
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KKR, Tencent to invest $175 million for minority stake in Philippine fintech firm: Reuters

Private equity firm KKR & Co Inc and Chinese tech giant Tencent Holdings Ltd are acquiring a minority stake in the financial technology arm of Philippines’ PLDT Inc, the companies said on Thursday. Philippine consumers, given the proliferation of smartphones, are increasingly subscribing to digital services like e-payments and online shopping. In a statement, PLDT said KKR and Tencent will turn into minority shareholders in Voyager Innovations Inc by separately acquiring a total of up to $175 million worth of new shares. The deal is the largest investment to date in a Philippine technology company, said PLDT, which will retain a majority stake in Voyager. Last year, Jack Ma’s Ant Financial Services Group invested in Globe Fintech Innovations Inc, the main Philippine competitor of Voyager. Voyager provides digital and financial services to millions of Filipinos through its e-wallet, digital payments and remittance units. “With the global expertise and fresh
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Smiths Group to buy aircraft engine parts maker United Flexible in $345 million deal: Reuters

Smiths Group (SMIN.L) said on Thursday it would buy United Flexible Inc, a U.S.-based maker of parts for aircraft engines, from private equity firm Arlington Capital Partners for an enterprise value of $345 million. United Flexible, which has operations in the United States and Europe, makes products that are used in Airbus (AIR.PA) A320neo aircraft and United Technologies’ (UTX.N) Pratt & Whitney PW1000G and F135 engines. The deal comes after the British engineering group’s talks with U.S.-based ICU Medical Inc (ICUI.O) over a possible 7 billion pounds-plus merger of their healthcare businesses fell through last month. Smiths Group expects to fund the deal from existing cash and bank facilities, and said that United Flexible would be integrated into its Flex-Tek division, which provides heating components to the aerospace, construction and medical industries. United Flexible is expected to generate sales of $157 million
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Customer management software firm Glassbox raises $25 million: Reuters

TEL AVIV (Reuters) – Glassbox, an Israeli provider of customer management technology, said on Thursday it raised $25 million in a round of financing led by Updata Partners, a software-focused growth equity firm based in Washington. Ibex Investors, CEIIF, the venture arm of CreditEase, and Gefen Capital also participated in the funding, which takes its total capital raised to $32.5 million. The investment will help Glassbox grow globally while accelerating product development efforts related to its automatic insight capabilities. Glassbox’s platform enables companies to optimize digital customer experiences across web, mobile web and mobile apps and provides automatic insights. Tel Aviv-based Glassbox was founded in 2010 and also has offices in London and New York.

Altice Europe shares rise on report of bid interest in fiber asset: Reuters

Shares in Altice Europe (ATCA.AS) rose sharply on Wednesday after Bloomberg News reported that private equity firms had expressed an interest in acquiring its fiber asset. Altice Europe shares were up 8.5 percent by 0935 GMT. Altice Europe declined to comment on the report. Bloomberg News reported that KKR (KKR.N), Allianz’s (ALVG.DE) private equity arm, Ontario Municipal Employees Retirement System and Macquarie Group Ltd were among bidders for a stake in Altice Europe’s French fiber-to-the-home venture. The bids are for a 40 to 60 percent stake and currently value the asset at 1.5 billion-3 billion euros ($1.7-$3.5 billion), added the report. Altice Europe has embarked upon an asset-selling program in order to cut its debts.

Brazilian credit card processor Stone files for Nasdaq IPO: Reuters

Brazilian credit card processor StoneCo Ltd filed on Monday for an initial public offering (IPO) on New York’s Nasdaq, as competition speeds up among payment companies in Brazil and the economy recovers from a harsh recession. In January, Reuters reported that Stone was planning an IPO in the U.S. by the second half of the year, following its rival PagSeguro Digital Ltd, which listed its shares on the New York Stock Exchange. StoneCo and its shareholders intend to sell an undisclosed amount of shares in the offering, according to a securities filing. Shareholders include the company’s founders André Street and Eduardo Pontes, and Brazilian investment firm 3G Capital Inc’s founders Jorge Paulo Lemann, Marcel Telles and Carlos Alberto Sicupira. Madrone Capital Partners, a U.S.-based investment firm that manages part of the fortune of the Walton family, the majority owners of Wal-Mart Stores Inc (WMT.N), also
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Australia’s Latitude Financial defers $1.5 billion IPO amid inquiry rap for sector: Reuters

Australia’s Latitude Financial said it has deferred a planned IPO due to market conditions and a change in leadership at the mortgage lender, while a national inquiry into financial sector misconduct clouds the outlook for the industry. Latitude, partly owned by Deutsche Bank (DBKGn.DE) and U.S. private equity firm KKR & Co (KKR.N), is one of the largest non-bank lenders in Australia, offering low-document home loans and credit cards. Sources have said it aimed to raise about A$2 billion ($1.45 billion) in the initial public offering (IPO) this year. Australia’s financial sector has been rocked by months of revelations of wrongdoing stemming from a government-ordered public inquiry, called the Royal Commission. That has driven down share prices, trashed the reputations of some of the country’s biggest companies and is expected to bring in painful reforms. Melbourne-based Latitude said in a statement on Monday that Ahmed Fahour
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