bolttech Secures $50M Series B Extension, Diligent Robotics Raises $25M, and Complete Farmer Garners $10M in Pre-Series A Funding
September 25, 2023's biggest news in the private markets.
Mergers, Acquisitions, & Investments
UK’s antitrust regulator said there were grounds to clear Microsoft's $69B acquisition of Activision Blizzard (RT)
Minority owners of the Golden State Warriors are exploring a ~10% stake sale that could value the NBA team at $7B (BBG)
UK telecom Vodafone Group is in talks with acquisition vehicle Zegona Communications about a potential deal for its challenged Spanish unit, which could be valued at over $5.3B (BBG)
Coherent, a major supplier of materials used to make automotive chips, attracted interest from four Japanese conglomerates for an investment in its silicon carbide business at a valuation of up to $5B (RT)
Malaysia’s state oil giant Petroliam Nasional is nearing a deal to acquire a 25% stake in the ammonia unit of India’s AM Green for ~$1.6B (BBG)
Costa Group Holdings agreed to be bought out by a consortium led by US PE firm Paine Schwartz Partners in a deal that values the food produce supplier at $963M (RT)
Struggling Swedish landlord SBB received a $720M cash boost after selling a further stake in a portfolio of school buildings to Brookfield Asset Management (BBG)
Todd Boehly’s holding company Eldridge Industries is leading the acquisition of Australian mining-focused consulting services provider Ausenco in a ~$578M deal (WSJ)
UK automotive retailer Pendragon received a sweetened offer from Hedin Mobility Group and US-based PAG International to buy out the company for $548M (RT)
TotalEnergies is looking to sell its remaining 40% stake in UK North Sea gas fields within the Greater Laggan Area; it sold a 20% stake to energy company Kistos for $125M last year (BBG)
Venture Capital
bolttech, a Singapore-based insurtech startup, raised a $50M Series B extension from LeapFrog Investments (FN)
Robotic automation startup Diligent Robotics raised a $25M round led by Canaan (FN)
Qihan Biotech, a biotech company focused on cell therapies and organ transplants, raised a $16M pre-Series B led by Zhejiang Industrial Fund (BW)
Abu Dhabi-based digital assets startup Fuze raised a $14M seed round led by Further Ventures (FN)
Complete Farmer, a Ghanaian startup bringing together African farmers and international buyers, raised a $10M pre-Series A (equity / debt) led by Alitheia Capital, Goodwell, ARAF, Proparco, and Newton Partners (FN)
Commerce media platform Katalys raised a $5.4M seed round from KEY Investment Partners, WGD Capital, and GreenAxs Capital (FN)
Power amplifier startup Falcomm raised a $4M round from Squadra Ventures (TC)
Mona Lee, a solar installation company, raised a $3.25M seed round led by Ludlow Ventures, Shrug VC, and more (FN)
Bubblemaps, a blockchain data visualization startup, raised a $3.2M seed round led by Ince Capital (FN)
Layup, a provider of a bank offering prize-linked savings accounts for sports fans, raised a $2.3M seed round led by Continental Investment Partners (FN)
Mundial Media, a media platform combining multicultural voices, raised a $2M pre-seed round led by New Day Industries, Barlow Family Investments, Amazon execs, and others (FN)
Vaccine automation and management startup Canid raised a $1.5M seed round led by SeedtoB Capital (FN)
IPO / Direct Listings
AirTrunk is planning an IPO that would give the data center operator an EV of more than $6.4B (BBG)
Cainiao Network Technology, the logistics arm of Alibaba Group, is planning to file for a Hong Kong IPO as soon as next week and plans to raise at least $1B (BBG)
KKR-backed BrightSpring Health Services, which withdrew its IPO last year, confidentially filed for a listing and is seeking to raise $1B (BBG)
Star Entertainment Group is planning a $438M equity raise as part of a broad equity restructuring (BBG)
Vietnam-based internet startup VNG postponed plans for a US IPO until market demand improves (BBG)
Spinneys Dubai, a franchisee of the supermarket chain in UAE and Oman, is planning an IPO in Q2 2024 (RT)
SPAC
Biotech company Abpro will merge with Atlantic Coastal Acquisition Corp. II in a $725M deal (BW)
Debt
Masdar, a major operator of solar power plants in the UAE, is planning to raise as much as $1B through a second green bond offering (BBG)
Bankruptcy / Restructuring
Chinese property developer Evergrande scrapped its $35B debt-restructuring plan after a steepening downturn in China’s real estate market (WSJ)
Rite Aid is negotiating with creditors over the terms of its bankruptcy plan and has proposed to close 400-500 stores (WSJ)
Fundraising
China Reform Holdings, a state asset manager, is planning a $13.7B development fund to invest in strategic emerging industries (BBG)
European PE firm Keensight Capital raised $3B to invest in profitable, high-growth tech and healthcare companies (BBG)
Singapore-based healthcare-focused PE firm Quadria Capital is looking to raise up to $1B for its third and biggest fund (RT)
EJF Capital, a Virginia-based alternative asset management firm, closed its EJF Ventures Fund at ~$104M to invest in early-stage fintech companies (FN)