Private Equity
4 min read · 17 July 2018
Private equity firm KKR & Co (KKR.N) said on Monday it will acquire a minority stake in AppLovin Corp for $400 million, just months after the U.S. mobile marketing firm was forced by Washington to scrap a deal to be acquired by a Chinese buyout firm, Reuters reported.
2 min read · 17 July 2018
Shares of Callidus Capital Corp, owned by Canadian private equity firm Catalyst Capital Group, slumped nearly 29 percent on Friday after the Canadian specialty lender eliminated its dividend payments to support business growth, Reuters reported. Callidus closed a new loan for about $125 million, signaling a resumption of growth its loan portfolio, the company said. In March, Reuters published an investigation that raised questions about how Catalyst values the companies in its portfolios, including Callidus, a core holding across its private equity funds.
1 min read · 16 July 2018
Canada Pension Plan Investment Board (CPPIB) has agreed to invest in China’s rental housing sector with local property developer Longfor Group, with an initial targeted investment of US$817 million, Reuters reported. The companies will invest in China across major cities—Tier 1 and core Tier 2—via developments, acquisition and master-lease of commercial assets to be converted into rental housing, CPPIB said in a statement. CPPIB and Longfor first started collaborating in 2014 with investments in retail malls and mixed-use projects.
2 min read · 12 July 2018
Canada’s Canopy Growth Corp is buying Toyko Smoke cannabis owner Hiku Brands Co Ltd for $269.2 million, the latest deal in a fast-consolidating sector ahead of legal recreational marijuana sales, Reuters reported. West Kelowna, British Columbia-based Hiku owns cannabis lifestyle brands such as Tokyo Smoke, DOJA and Van der Pop. The equity value of the deal is based on 140.95 million outstanding Hiku shares, according to Thomson Reuters. Before becoming part of Hiku in 2017, Tokyo Smoke was backed by Aphria Inc, Green Acre Capital, Globalive Capital and other investors.
2 min read · 11 July 2018
Canadian coffee and doughnut chain Tim Hortons is pushing into China with plans to open 1,500 outlets in the world’s second largest economy over the next 10 years, Reuters reported. Restaurant Brands International Inc, which owns Tim Hortons as well as Burger King chains, said its Chinese restaurants will be opened under a master franchise joint venture with U.S. private equity firm Cartesian Capital Group. “China’s population and vibrant economy represent an excellent growth opportunity for Tim Hortons in the coming years,” President Alex Macedo said in a statement.
3 min read · 11 July 2018
Australian retirement village owner Gateway Lifestyle Group has rejected Hometown America’s revised takeover bid offering A$695 million (US$514 million) in cash, saying it was not in the best interest of the company and its shareholders, Reuters reported. The revised offer had come after Gateway agreed to grant an exclusive due diligence to Canada’s Brookfield Asset Management, which made a non-binding A$2.30-a-share offer for Gateway on June 21, trumping an earlier offer from Hometown.
1 min read · 10 July 2018
Canada Pension Plan Investment Board (CPPIB) and Silicon Valley-based investor TCV are buying a stake in Sportradar, valuing the Swiss sports data group at 2.1 billion euros (US$2.5 billion), including debt, Reuters reported. Founder and Chief Executive Carsten Koerl will retain his majority stake in Sportradar, while CPPIB and TCV are buying a 37 percent stake from buyout group EQT as well additional shares from other minority investors. CPPIB and TCV won out in the auction against buyout groups KKR and Blackstone Group, sources said.
2 min read · 09 July 2018
Xiaomi Corp made a weak debut in Hong Kong on Monday, with the Chinese smartphone maker’s shares sliding as much as 6 percent on valuation concerns, in an ominous sign for its technology sector peers lining up listings in the city, Reuters reported.
3 min read · 09 July 2018
Rising pricing is creating a more challenging environment for large US buyout loans that were underwritten earlier this year, including a US$13.5bn loan and bond financing for Thomson Reuters Finance and Risk (F&R) unit and an US$8.05bn financing for physician services provider Envision Healthcare.
4 min read · 06 July 2018
