BHP calls off $320 million deal to sell Chile’s Cerro Colorado: Reuters

BHP (BHP.AX) BLT.L said on Wednesday a deal to sell its Cerro Colorado copper mine in Chile to private equity fund EMR Capital had been called off because of problems with financing. The Anglo-Australian company, the world’s biggest listed miner, said in June it had agreed to sell the mine in a cash deal worth as much as $320 million, depending on copper price performance. Cerro Colorado is one of three mines operated by BHP in Chile. “The decision to call off the deal was agreed upon by both parties after it became clear that financing conditions would not be met within the agreed upon timeline,” a spokeswoman for BHP told Reuters on Wednesday. She offered no further details. EMR could not immediately be reached for comment. While BHP expects copper to be in high demand for both the traditional economy and for electric vehicles, its preference is
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Chinese startup Luckin Coffee’s valuation doubles to $2.2 billion: Reuters

Luckin Coffee, an up-and-coming coffee chain with ambitions to challenge Starbucks Corp in China, said on Wednesday it has raised $200 million in its latest funding round, increasing the company’s valuation to $2.2 billion. The fundraising was led by investors including Singapore sovereign wealth fund GIC [GIC.UL] and China International Capital Corp Ltd, Luckin said in a statement. Reuters had reported in November that the coffee chain was targeting a valuation of $1.5 billion to $2 billion in a new round of funding and was in early-stage talks with investment banks about an overseas initial public offering. The firm’s supercharged growth plan has been built on cheap delivery, online ordering and big discounts, making it a thorn in the side of larger U.S. chain Starbucks. In July, Luckin raised $200 million from investors including GIC, bringing its valuation to $1 billion. That made it one
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Vista Equity hires banks for Ping Identity IPO, say sources: Reuters

Buyout firm Vista Equity Partners has hired investment banks to prepare its identity software maker Ping Identity for an initial public offering that could value it at between $2 billion and $3 billion, including debt, people familiar with the matter said. While the appointment of IPO underwriters typically signifies a stock market debut in the coming months, Ping Identity may not launch its IPO until late 2019 or even 2020, because it wants to build on its financial performance, the sources said on Tuesday. Vista Equity will also consider any acquisition offers it receives for Ping Identity, even as it is focused on preparing to become a publicly traded company, the sources added. Goldman Sachs Group Inc (GS.N) will lead Ping Identity’s IPO syndicate, the sources said. The sources asked not to be identified because the matter is confidential. Vista Equity and Goldman Sachs declined to comment. Ping Identity
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Vista Equity hires banks for Ping Identity IPO, say sources: Reuters

Buyout firm Vista Equity Partners has hired investment banks to prepare its identity software maker Ping Identity for an initial public offering that could value it at between $2 billion and $3 billion, including debt, people familiar with the matter said. While the appointment of IPO underwriters typically signifies a stock market debut in the coming months, Ping Identity may not launch its IPO until late 2019 or even 2020, because it wants to build on its financial performance, the sources said on Tuesday. Vista Equity will also consider any acquisition offers it receives for Ping Identity, even as it is focused on preparing to become a publicly traded company, the sources added. Goldman Sachs Group Inc (GS.N) will lead Ping Identity’s IPO syndicate, the sources said. The sources asked not to be identified because the matter is confidential. Vista Equity and Goldman Sachs declined to comment. Ping Identity
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China’s Tencent Music raises nearly $1.1 billion in U.S. IPO: Reuters

China-based music streaming company Tencent Music Entertainment Group (TME.N) said it raised close to $1.1 billion in its U.S. initial public offering (IPO) after pricing its shares at the bottom of its targeted range. The music arm of gaming and social network giant Tencent Holdings Ltd (0700.HK) priced its American Depositary Receipts (ADRs) at $13 per share, at the low end of its indicated $13 to $15 per share range, it said in a filing with the Hong Kong stock exchange. The IPO values Tencent Music at $21.3 billion and shows how companies are defying a bout of market volatility with flotations. Tencent Music sold 41 million ADRs, while existing shareholders sold a further 40.9 million, the filing said. Tencent Music’s IPO tops off a bumper year for U.S. listings by Chinese companies, with $7.9 billion raised before Tencent Music’s debut, Refinitiv
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China biotech Junshi Biosciences seeks up to $414 million in Hong Kong IPO: Reuters

Chinese biotech company Shanghai Junshi Biosciences is seeking up to $414 million in a Hong Kong initial public offering (IPO), making it the latest company to take advantage of new listing rules to attract early-stage drug developers. Hong Kong’s new rules allow biotech firms with no revenue or profit to list on the city’s stock market, a change designed to lure start-ups away from other financial centers such as New York. The new regulations were introduced in April. Junshi Biosciences is selling 158.9 million shares at a price range of HKD19.38-HKD20.38 ($2.48-$2.61), according to a term sheet seen by Reuters. The company could raise as much as $476 million if a greenshoe, or over-allotment option – is exercised within the first month of trading. Junshi Biosciences did not respond to a request to comment outside regular business hours. The performance of shares listed under the
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CVC seeks to buy back Sweden’s Ahlsell, valuing firm at $2.7 billion: Reuters

CVC Capital Partners​ has launched a bid for Sweden’s Ahlsell (AHSL.ST) just two years after listing it, valuing the construction products and tools distributor at about 24 billion Swedish crowns ($2.65 billion). The private equity firm, already Ahlsell’s biggest shareholder with a 25 percent stake, said on Tuesday it was offering 55 crowns per share in cash, a premium of 32.5 percent to Ahlsell’s closing price on Monday. CVC, which is making the bid through Quimper AB, a CVC-backed entity, said it would not increase its offer. Ahlsell said it would give an opinion on the bid no later than two weeks before the expiry of the acceptance period. Its shares jumped 31 percent in early trading. CVC bought Ahlsell in 2012 and listed it two years ago, but – prior to Tuesday’s jump – it had been trading below the IPO price. “Our experience and history
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China’s AI start-up Megvii raising $500 million at $3.5 billion valuation, say sources: Reuters

Chinese artificial intelligence provider Megvii Inc, commonly known as Face++, is targeting to raise $500 million in a new funding round that pegs the current valuation of the firm at $3.5 billion, people with knowledge of the matter said. Bank of China Group Investment Ltd, the state bank’s private equity (PE) arm, is looking to lead the fundraising with $200 million, two of the people told Reuters, declining to be named as the information is confidential. Terms of the fundraising have not been finalised, the people added. Beijing-based Megvii declined to comment. Bank of China’s PE arm did not respond to a request for comment. Megvii’s latest fundraising comes amid Beijing’s plans to build a ubiquitous closed-circuit television (CCTV) surveillance network and become an international leader in AI, a technology that is increasingly becoming key to various sectors. Chinese and some foreign investors are pouring money into
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Uber makes confidential filing for long-awaited IPO: Reuters

NEW YORK/SAN FRANCISCO, (Reuters) – Uber Technologies Inc has filed paperwork for an initial public offering, according to three people with knowledge of the matter, taking a step closer to a key milestone for one of the most closely watched and controversial companies in Silicon Valley. The ride-hailing company filed the confidential paperwork on Thursday, one of the sources said, in lock-step with its smaller U.S. rival, Lyft Inc, which also announced on Thursday it had filed for an IPO. The simultaneous filings extend the protracted battle between Uber and Lyft, which as fierce rivals have often rolled out identical services and matched each other’s prices. Uber is eager to beat Lyft to Wall Street, according to sources familiar with the matter, a sign of the company’s entrenched competitiveness. Its filing sets the stage for one of the biggest technology listings ever. Uber’s valuation in its most recent
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China’s Fosun Tourism raises $428 million in Club Med HK IPO, say sources: Reuters

China’s Fosun Tourism Group has raised $428 million in its Club Med holiday business initial public offering (IPO), pricing shares at the bottom of a marketed range, people close to the deal said. Fosun Tourism, part of conglomerate Fosun International Ltd , sold 214.2 million shares at HK$15.60 ($2.00) each, the people said, the bottom of an indicative range of HK$15.60 to HK$20.00.

SoftBank mobile services disrupted ahead of bumper IPO, shares drop: Reuters

SoftBank Group Corp’s mobile phone services were disrupted in some parts of Japan on Thursday, ahead of an initial public offering (IPO) of its domestic telecoms unit later this month that will potentially raise $21 billion. Some customers at Japan’s third-largest telco have been unable to make calls or use the internet in the hours following the onset of connection problems at 0439 GMT. The network issues, which stemmed from problems at exchanges for high-speed wireless LTE network, are on the way to resolution, a SoftBank spokeswoman told Reuters. SoftBank has 40 million mobile users. Shares of the group fell as much as 6 percent after news of the disruption, pressured by a broader market sell-off following the arrest of the global CFO of Huawei Technologies. The two companies have partnered on 5G trials. Shares of SoftBank Group’s telco unit, SoftBank Corp, are set to debut on the Tokyo
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Baring Private Equity Asia to buy Japan’s Pioneer for $900 million: Reuters

Baring Private Equity Asia will buy cash-strapped Japanese electronics firm Pioneer Corp (6773.T) for $900 million, in a two-stage investment that marks the latest attempt by the country’s car navigation system makers to survive. The buyout firm is providing cash that is much needed by Pioneer, which had 50 billion yen ($443 million) of interest-bearing debt as of end-March and which will need further investment to be competitive. Car navigation system makers are trying to keep up with a shift by carmakers into new technologies such as autonomous driving, connected cars and electric vehicles. Pioneer will issue new shares worth 77 billion yen to Baring, and the private equity firm will later buy 25 billion yen of shares from existing shareholders, both groups said on Friday. Pioneer, which posted a net loss of 7.1 billion yen in the year ended in March, flagged to investors in August that
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China’s ByteDance to raise about $1.45 billion for its venture fund: The Information

Beijing ByteDance Technology Co, one of the world’s most valuable startups, is in talks to raise about $1.45 billion (9.97 billion yuan) to invest in artificial intelligence and media content, The Information website reported on Friday. ByteDance, owner of news aggregator Jinri Toutiao, is in talks with investors including major Chinese government-led funds and state-owned investment banks, the website reported. This comes after ByteDance faced mounting scrutiny from China’s internet censors earlier in the year, with Toutiao temporarily taken off app stores for a cleanup in April while a separate app for jokes was permanently shut. Building closer relationships with state-backed investors could be beneficial for ByteDance, whose apps in China have run afoul of the country’s regulators, the Information said. Reuters reported in August ByteDance aimed to raise about $3 billion in a funding round, valuing the company as high as $75 billion. ByteDance said it
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Israeli medical cannabis firm InterCure plans Nasdaq listing: Reuters

Israel’s InterCure (INCR.TA), which recently entered the medical cannabis market, plans to list on Nasdaq by mid-2019, its controlling shareholder, Alex Rabinovitch, said on Thursday. InterCure, a holding company of small medical firms that bought medical cannabis developer Canndoc in September, is in the process of hiring bankers, preparing a prospectus and meeting with potential investors, Rabinovitch told Reuters. “We consider ourselves a pharma grade cannabis leader and the major market for pharma players is Nasdaq,” Rabinovitch said, declining to say how InterCure will raise. InterCure, whose chairman is former Israeli Prime Minister Ehud Barak, is already traded in Tel Aviv with a market capitalization of 437 million shekels ($117 million) after its shares have risen 1300 percent so far this year to 5.30 shekels. Last month, the company raised 45 million shekels ($12.1 million) in a private funding round led by Rabinovitch and joined by
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Ride-hailing firm Lyft Inc files for IPO: Reuters

Ride-hailing company Lyft Inc beat bigger rival Uber Technologies UBER.UL in filing for an initial public offering that will test investor appetite for high-profile but loss-making technology companies. The company, which was last valued at about $15 billion, did not specify the number of shares it was selling or the price range for the offering in a confidential filing with the SEC. The IPO is slated for the first half of 2019, sources have told Reuters. Uber is expected to pursue an IPO next year that could value it at about $120 billion, while home-renting company Airbnb Inc, valued at $31 billion, is also expected to list itself in 2019. High-profile tech unicorns dominated the U.S. IPO landscape this year. Dropbox Inc DBXC.O was valued at nearly $13 billion in its March debut, while music streaming giant Spotify (SPOT.N) went public in April with a $26.
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Blackstone plans IPO of U.S. benefits manager Alight: Reuters

(Reuters) – Private equity firm Blackstone Group LP (BX.N) is readying an initial public offering (IPO) of Alight Solutions LLC, a U.S. provider of healthcare and retirement benefits services that could be valued at more than $7 billion, including debt, according to people familiar with the matter. The IPO could come in the first half of 2019, the four sources said, almost two years after Blackstone acquired Alight from insurance broker Aon Plc (AON.N), in a deal that valued it up to $4.8 billion. It would allow Blackstone to turn a profit by gradually selling its Alight stake in the stock market. Blackstone has hired Bank of America Corp (BAC.N), JPMorgan Chase & Co (JPM.N) and Morgan Stanley (MS.N) to underwrite Alight’s IPO, the sources said. Blackstone will also consider any acquisition offers it may receive for Alight, even as it is
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TheStreet sells B2B business units to Euromoney for $87.3 million: Reuters

(Reuters) – Financial news provider TheStreet Inc (TST.O) on Thursday said it will sell its B2B business units, The Deal and BoardEx, to London-based Euromoney Institutional Investor Plc (ERM.L) for $87.3 million, as it explores wider options for the company. TheStreet was co-founded in 1996 by Jim Cramer, a commentator on CNBC and the host of its Mad Money show. Chief Executive Officer David Callaway will resign from the company after the completion of the transaction, it said in a statement. Chief Financial Officer Eric Lundberg will assume the additional role of CEO, the company said. Margaret de Luna, currently the president of its consumer business, will assume the role of president and chief operating officer. “I have full confidence in Eric and Margaret’s ability to manage the consumer business on a standalone basis and I look forward to continuing
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Fidelity, Nasdaq Ventures invest in cryptocurrency exchange ErisX: Reuters

New cryptocurrency exchange ErisX said Tuesday it raised a total of $27.5 million from investors including Fidelity Investments and Nasdaq Ventures. ErisX says it will offer investors the ability to trade the cryptocurrencies bitcoin, litecoin and ether on spot and futures markets starting next year, subject to regulatory approval. Cryptocurrencies are virtual tokens that can be used as forms of payments on a variety of online applications. They can also be traded on dedicated online exchanges. Nasdaq and Fidelity confirmed they invested in ErisX, but declined to comment further. Fidelity said this was a corporate investment and not related to its mutual funds. The investments will be used to hire staff and “build out our infrastructure and secure the appropriate steps are taken to develop a regulated market for digital assets,” ErisX Chief Executive Officer Thomas Chippas said in a statement. The Chicago-based company closed on a first round
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New Zealand’s Trade Me Group gets $1.8 billion buyout offer from U.S. private equity firm: Reuters

New Zealand’s e-commerce leader Trade Me Group (TME.NZ) on Wednesday received a NZ$2.56 billion ($1.77 billion) takeover offer from a U.S.-based private equity firm, a higher bid than one from a London-based counterpart last month. California-based Hellman & Friedman offered NZ$6.45 per share to buy all shares of Trade Me, the company said in a statement on the New Zealand stock exchange. This offer is at a 6.6 percent premium to Trade Me’s closing price on Tuesday and 0.8 percent higher than the NZ$6.40 per share takeover bid from London-based private equity group Apax Partners received last month. Trade Me has informed Apax Partners, which is currently conducting due diligence, of the competing proposal. “The Board has decided that it is in the interests of Trade Me and consistent with its fiduciary obligations to also engage with Hellman & Friedman on
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GSK slides after buying cancer firm Tesaro for hefty $5.1 billion: Reuters

GlaxoSmithKline has agreed to buy U.S. cancer specialist Tesaro for $5.1 billion, a costly investment to rebuild the pharmaceuticals business by new Chief Executive Emma Walmsley that unnerved investors. GSK has lagged rivals in recent years in producing multibillion-dollar blockbusters and it largely sat out a spate of dealmaking by rival drugmakers under previous CEO Andrew Witty. That is a situation Walmsley wants to change. Britain’s biggest drugmaker is paying $75 a share for Tesaro, an 110 percent premium to the 30-day average price. It is also taking on Tesaro’s debt. News of the lofty valuation and the fact that buying Tesaro will take years to pay off sent GSK shares down 8 percent on Monday, their biggest daily fall in 10 years. Boston-based Tesaro has long been seen as a potential takeover target, with other suggested acquirers in the past including Switzerland’s Roche. The definitive agreement to
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