NeuroPace Inc said on Tuesday it raised $74 million in equity funding as the medical device maker looks to rapidly expand commercialization of its device to treat epileptic seizures.
1 min read · 24 October 2017
Canadian department store operator Hudson’s Bay Co agreed to sell its Lord & Taylor building for US$850 million to SoftBank-backed WeWork Cos and shrink the flagship store on New York’s Fifth Avenue to a quarter of its current size, Reuters reported. HBC also reaffirmed a commitment to its European operations despite opposition from activist investor Jonathan Litt, who is considering seeking the removal of some directors. The company also said U.S. private equity firm Rhône Capital will invest US$500 million in HBC, with the transactions reducing its debt by $1.6 billion and increasing liquidity by $1.1 billion.
3 min read · 24 October 2017
Logos India, a joint venture between Macquarie-backed Logos Property Group and Singapore’s Assetz Property Group, will invest up to $800 million in India’s logistics sector, the company said in a statement on Tuesday.
1 min read · 24 October 2017
Commerzbank is working with two investment banks to prepare itself for the event of a takeover bid from a European rival, Reuters reported.
2 min read · 24 October 2017
Toshiba Corp (6502.T) said it is considering various measures in case the $18 billion sale of its chip unit does not close by the end of the financial year and leaves the embattled conglomerate short of funds needed to ensure it stays listed, Reuters reported.
3 min read · 24 October 2017
British broadcast and mobile masts company Arqiva plans to raise around 1.5 billion pounds (US$2 billion) in the biggest initial public offering in London so far in 2017, Reuters reported. After 2.6 billion pounds worth of debt held by shareholders is converted into equity, Arqiva’s implied enterprise value, which includes debt, could be around 6 billion pounds, a source said. The listing of at least 25 percent of Arqiva is expected to be the largest in terms of proceeds in London so far this year, although its shareholders, including Canada Pension Plan Investment Board and Macquarie Infrastructure Fund, only intend to sell shares through an over-allotment option of up to 15 percent.
2 min read · 23 October 2017
Canadian steel maker Stelco Holdings Inc expects its initial public offering to be priced between C$16 to C$18 per share, raising about C$200 million ($158 million) at the mid-point, Reuters reported.
1 min read · 23 October 2017
Standard Chartered Private Equity has sold its stake in a Botswana retail and consumer goods company Kamoso Distribution to a consortium led by Investec Asset Management Private Equity, RMB Ventures, local partners and senior management, Reuters reported.
1 min read · 23 October 2017
Canadian steelmaker Stelco Holdings Inc expects its initial public offering to be priced between $16 to $18 per share, raising about $200 million (US$158 million) at the mid-point, Reuters reported. The company, owned by U.S. private equity firm Bedrock Industries, plans to offer between 11.11 million and 12.50 million of common shares. Stelco, which is emerging from its second bankruptcy in 13 years, will list on the Toronto Stock Exchange under the symbol “STLC”.
1 min read · 23 October 2017
Activist investor Jonathan Litt, who is pushing for change at Hudson’s Bay Co, said this week he is considering seeking the removal of several directors at a special shareholder meeting following the abrupt departure of its chief executive officer, Reuters reported. The exit of HBC CEO Gerald Storch, announced last week by the company, underscored the board’s attempt to “buy time and placate investors to address underperformance and undervaluation,” Litt, the founder of U.S. hedge fund Land & Buildings Investment Management, said in a statement. Land & Buildings holds about 5 percent of the shares of HBC, which owns the Saks Fifth Avenue and Lord & Taylor retail chains. The hedge fund has been pushing the Canadian retailer to take action to extract value from its substantial real estate holdings to boost the share price and consider other options, including the sale of Saks.
2 min read · 23 October 2017
