4 Apr, 2022
General Atlantic in talks for Shein funding round; Actis exits Echoenergia
By Joyce Guevarra and Kiran Shahid
* China's Shein is in talks with investors including General Atlantic Service Co. LP about a funding round that could value the online-only fast-fashion company at nearly $100 billion, Bloomberg News reported. The expected valuation surpasses the combined worth of high-street retailers Zara and H&M, the report said.
* Private equity firm Actis LLP sold Brazilian independent renewable energy platform Echoenergia Participações SA to listed utilities company Equatorial Energia SA.
➤ Improving views on gas utility business could spur more M&A – investment bankers
Private funds and the market are increasingly seeing longevity in the gas distribution business, while multi-utilities have limited options to further simplify their businesses beyond selling gas utilities, investment bankers said at a March 30 symposium.
➤ Power companies, investors see plenty of pathways to finance energy transition
"We're living the challenges that I think the country is going to face as we try to transition and balance affordability for electricity along with reliability and emissions," Vistra CEO Curtis Morgan said March 30.
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DEALS
* Singapore-headquartered private equity fund ACA Group is acquiring a majority stake in bitFlyer Holdings Inc., which operates one of Japan's largest cryptocurrency exchanges, Nikkei Asia reported April 2, without citing sources. The agreement was reached with a coalition of bitFlyer shareholders, and the stake is estimated to be worth up to ¥45 billion.
* Clearlake Capital Group LP and TA Associates Management LP are exploring options including a sale of a minority stake in Precisely Software Inc., which could fetch more than $7.5 billion, Bloomberg News reported, citing people with knowledge of the matter. The firms are working with an adviser to solicit interest from potential buyers, the report said.
* Antares Capital, Intermediate Capital Group PLC, The Carlyle Group Inc. and Barings Global Private Finance led a roughly $1.69 billion recapitalization of Olympus Partners portfolio company Tank Holdings Corp., a manufacturer of polyethylene tank and container products.
* CVC Capital Partners Ltd. through CVC Capital Partners VII LP acquired a 90.01% stake in The Ethniki Hellenic General Insurance Company SA from National Bank of Greece SA. As part of the deal, the bank will transfer its share to a subsidiary of CVC, Ethniki Holdings SARL, and purchase a 9.99% share capital in the buyer.
FUNDRAISING
* AXA Investment Managers Alternatives launched a private equity healthcare strategy with a target of up to $500 million following a $200 million commitment from AXA SA. It will invest in healthcare companies that are in late-clinical and early-commercial stages.
VENTURE CAPITAL
* LC Nueva Investment Partners, a joint venture between Singapore-based Lighthouse Canton Pte. Ltd. and Delhi, India-based Nueva Capital, held a first close for LC Nueva Alternative Investment Fund at $30 million. It will invest in pre-series A and series A deals in India.
* Flat6Labs, a seed and early-stage venture capital firm, partnered with Saudi Venture Capital Co. to establish a $40 million fund, Arab News reported. It will invest in early-stage startups operating in the technology and innovation sectors in Saudi Arabia.
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