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☆ Adani’s buy now, pay later fundraise could sting
▼ + stars: | 2023-01-26 | by ( Una Galani | ) www.reuters.com time to read: +4 min

HONG KONG, Jan 26 (Reuters Breakingviews) - Gautam Adani is on a mission to win public acceptance for his eponymous group. The first stage of a $2.4 billion stock sale by his flagship Adani Enterprises (ADEL.NS) entity has won over anchor investors, including the well-regarded Abu Dhabi Investment Authority. They are picking up roughly $734 million of stock in India’s largest follow-on issue of new shares by a private sector company. But those of other Adani group companies including Adani Transmission (ADAI.NS) and some U.S. dollar bonds at Adani Green Energy (ADNA.NS) and Adani Ports (APSE.NS) sold off sharply. For Adani investors, buy now, pay later could take on an awkward new meaning.

☆ India's Adani Group says evaluating action against Hindenburg Research
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Jan 26 (Reuters) - Adani Group said on Thursday it is evaluating "remedial and punitive action" under U.S. and Indian laws against short-seller Hindenburg Research, which in a report accused the conglomerate of improper use of offshore tax havens. In a statement to Indian exchanges, Adani Group head of legal, Jatin Jalundhwala, called the report by the U.S. research group "maliciously mischievous, (and) unresearched". "We are evaluating the relevant provisions under U.S. and Indian laws for remedial and punitive action against Hindenburg Research," the statement said. The report has "adversely affected the Adani Group, our shareholders and investors. It also said key listed Adani companies had "substantial debt" which has put the entire group on a "precarious financial footing".

☆ Gulf investors bid for India's Adani Enterprises' $2.5 bln FPO - Bloomberg News
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

Mubadala Investment Co PJSC and BNP Paribas SA (BNPP.PA) have also bid for shares, the report said, adding that the anchor book was oversubscribed about two times. Adani Enterprises last week set the floor price for India's largest FPO at 3,112 rupees per share with a price cap of 3,276 rupees apiece. While bidding for anchor investors began on Wednesday, bidding for retail investors will commence from Friday, with the offer closing for both sets of investors on Jan. 31. Spokespersons for Adani Enterprises, LIC and SBI Life did not immediately respond to a Reuters request for comment. Adani has said it will use 108.69 billion rupees from the FPO to fund green hydrogen projects, airports facilities and greenfield expressways.

Hindenburg, known for having shorted electric truck maker Nikola Corp (NKLA.O) and Twitter, said it holds short positions in Adani companies through U.S.-traded bonds and non-Indian-traded derivative instruments. Shares in Adani Transmission (ADAI.NS) fell 9%, Adani Ports And Special Economic Zone (APSE.NS) slipped 6.3% and Adani Enterprises ended down 1.5%. Adani Group's total gross debt in the financial year ended March 31, 2022, rose 40% to 2.2 trillion rupees. Refinitiv data shows debt at Adani Group's seven key listed Adani companies exceeds equity, with debt at Adani Green Energy Ltd (ADNA.NS) exceeding equity by more than 2,000%. Hindenburg also said it was concerned that a high proportion of equity held by promoters or key shareholders in Adani Group listed companies has been pledged for loans.

☆ Exclusive: Blackstone in talks with Bain to sell $480 million stake in top Indian REIT
▼ + stars: | 2023-01-24 | by ( M. Sriram | ) www.reuters.com time to read: +4 min

For Blackstone, it would mean a further selldown of its Embassy stake as it adjusts its portfolio. A spokesperson for Blackstone declined to comment while Bain Capital and Embassy did not respond to requests for comment. It owns and operates more than 43.2 million square feet of office parks and office buildings in cities such as Bengaluru and Mumbai and is also the largest office REIT in Asia by area. Blackstone currently owns 24% of the Embassy REIT, which has a market capitalisation of nearly $4 billion. That will be worth $400 million-$480 million based on Monday's closing price of the Embassy REIT on the stock exchange in Mumbai.

☆ U.S. startup Outrider raises $73 mln to scale up autonomous yard trucks
▼ + stars: | 2023-01-19 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

Jan 19 (Reuters) - U.S. self-driving truck firm Outrider said on Thursday it has raised $73 million in funding to scale up its autonomous trucks operating in distribution yards for customers in e-commerce, manufacturing and other industries. It also includes fresh funding from American venture capital fund New Enterprise Associates (NEA) and the venture capital arm of industrial conglomerate Koch Industries. Outrider says its self-driving yard truck "hitches to and unhitches from trailers, robotically connects and disconnects trailer brake lines, backs semi-trailers with precision, interacts safely with loading docks, and keeps track of trailer locations throughout the yard." The company says its customers represent more than 20% of all yard trucks operating in North America, and have invested in joint product testing and pilot operations since 2019. Yard trucks are designed to move trailers and cargo containers in distribution yards.

☆ 6 top M&A bankers lay out their dealmaking playbook for 2023 — from getting around a sagging bond market to dealing with skeptical shareholders
▼ + stars: | 2023-01-09 | by ( Carter Johnson | ) www.businessinsider.com time to read: +10 min

"We're certainly telling clients to plan for longer timelines between signing an announcement and when a transaction closes," RBC's Sperduto said. Bankers noted the figure was on pace with the average amount of deals done in the five years preceding the pandemic. "There is still significant desire from both corporates and financial sponsors to transact," Gary Posternack, co-head of global M&A at Barclays, told Insider. But in 2023, bankers see more transactions receiving greater scrutiny from stakeholders. Vito Sperduto, the co-head of global M&A at RBC Capital Markets.

☆ India's largest winemaker Sula Vineyards drops 5% in market debut
▼ + stars: | 2022-12-22 | by ( Nandan Mandayam | ) www.reuters.com time to read: +2 min

It was last trading down 4.2% at 341.8 rupees in a broader market (.NSEI) that was down 0.58%. "We like Sula, given (its) market leadership in India’s grape wine industry, especially in premium brands," said Motilal Oswal equity strategist Hemang Jani. It raised a total of 9.6 billion rupees in the IPO, including 2.88 billion rupees from anchor investors like Abu Dhabi Investment Authority and Goldman Sachs. Sula, India's largest winemaker, has a portfolio of 56 labels from 13 of its own brands and 20 international ones. Its net revenue rose 8% year-over-year to 4.57 billion rupees in fiscal year 2022.

☆ We could get up to 17% return today on cashflow generating assets, says Kotak Investment Advisors
▼ + stars: | 2022-12-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe could get up to 17% return today on cashflow generating assets, says Kotak Investment AdvisorsSrini Sriniwasan of Kotak Investment Advisors discusses what's next after the company secured an anchor investment of $500 million from a subsidiary of the Abu Dhabi Investment Authority (ADIA).

☆ Abu Dhabi Investment Authority to invest in India's Lenskart - ET
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Dec 12 (Reuters) - Sovereign wealth fund Abu Dhabi Investment Authority (ADIA) is in advanced talks with Indian eyewear retailer Lenskart to invest $350 million to $400 million at a valuation of $4.5 billion, the Economic Times newspaper reported on Monday, citing people aware of the matter. The investment, which could give ADIA an almost 10% stake in Lenskart, is likely to be in the form of a secondary sale of shares, with a small primary round comprising growth equity, the report added. Lenskart and ADIA did not immediately respond to a Reuters request for comment. Started in 2010, Lenskart has an operational manufacturing unit in India's Haryana state, while another fully-automated plant in Rajasthan state has yet to start functioning. Reporting by Nandan Mandayam in Bengaluru; Editing by Savio D'Souza and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Thoma Bravo to buy Coupa Software for $6.15 billion amid tech slump
▼ + stars: | 2022-12-12 | by ( ) www.cnbc.com time to read: +2 min

Coupa Software said on Monday it will sell itself to private-equity major Thoma Bravo for $6.15 billion in cash, calling the deal the "optimal path forward" as broader economic uncertainty hammers technology stocks. "The transaction provides superior risk-adjusted value relative to the company's (Coupa's) standalone prospects," said Roger Siboni, an independent director at the software firm. Coupa Software, which went public in 2016, provides business-spend management software, which helps companies manage the purchase of goods and services. Qatalyst Partners and Freshfields Bruckhaus Deringer advised Coupa, while Goldman Sachs & Co, Piper Sandler, and Kirkland & Ellis were advisors to Thoma Bravo. Separately, Coupa reported a 17% rise in total revenue for the quarter ended Oct. 31 and a net loss of $84.1 million.

☆ Thoma Bravo to buy Coupa Software for $6.15 bln amid tech slump
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +2 min

Dec 12 (Reuters) - Coupa Software Inc (COUP.O) said on Monday it will sell itself to private equity major Thoma Bravo for $6.15 billion in cash, calling the deal the "optimal path forward" as broader economic uncertainty hammers technology stocks. Over the last two years, Thoma Bravo has acquired Ping Identity, Sophos, Proofpoint and Sailpoint Technologies. Coupa Software, which went public in 2016, provides business-spend management software, which helps companies manage the purchase of goods and services. Qatalyst Partners and Freshfields Bruckhaus Deringer advised Coupa, while Goldman Sachs & Co, Piper Sandler, and Kirkland & Ellis were advisors to Thoma Bravo. Separately, Coupa reported a 17% rise in total revenue for the quarter ended Oct. 31 and a net loss of $84.1 million.

☆ Mexico president says two bidders remaining for Citi's local retail bank
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Dec 9 (Reuters) - Mexican President Andres Manuel Lopez Obrador said on Friday there are two remaining parties bidding to buy the Mexican retail arm of U.S. banking giant Citigroup . Lopez Obrador expects the bid for one of Mexico's biggest banks to be resolved in the beginning of 2023, he said during a regular news conference. Sources have told Reuters billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX) is battling Daniel Becker's smaller Banca Mifel to buy the lender. Citigroup Chief Executive Officer Jane Fraser has been looking to simplify the firm by selling off some its international operations. Reporting by Valentine Hilaire; Editing by Sarah MorlandOur Standards: The Thomson Reuters Trust Principles.

☆ Citi Mexico suitor Mifel enlists Apollo, ADIA to fund bid -sources
▼ + stars: | 2022-11-27 | by ( Pablo Mayo Cerqueiro | David French | ) www.reuters.com time to read: +2 min

LONDON/NEW YORK, Nov 27 (Reuters) - Mexico's Banca Mifel has lined up investors including Apollo Global Management and the Abu Dhabi Investment Authority (ADIA) to fund a bid for Citigroup Inc’s (C.N) Mexican retail bank, two sources familiar with the matter told Reuters. The debt financing could attract more investors to join in Mifel's bid to buy Citibanamex, although there is enough funding already in place to fully support Mifel's proposal, one of the sources said. The competition to buy one of Mexico’s biggest banks has narrowed to two bidders, with smaller rival Mifel, led by Daniel Becker, battling billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX). The two remaining bidders are now conducting further due diligence on the business, also known as Banamex, the sources said. Representatives from Mifel and Grupo Mexico did not immediately respond to emails and phone calls requesting comment.

☆ Saudi Credit Suisse deal is fair Buffett imitation
▼ + stars: | 2022-11-02 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

Saudi National Bank (1180.SE) is continuing the tradition, ponying up about $1.4 billion for a 9.9% stake in troubled Credit Suisse (CSGN.S). By contrast, Saudi Arabia’s biggest bank is acquiring $1.2 billion of new Credit Suisse shares in a private placement and then participating in the bank’s imminent rights issue. Credit Suisse is targeting a 6% return on tangible equity in 2025, once Chief Executive Ulrich Körner has cut costs and shrank the investment bank. The Gulf bank has talked up the wider opportunities of partnering with Credit Suisse. That would cost SNB roughly 220 million Swiss francs, taking its total investment spend to around 1.4 billion Swiss francs.

Oct 31 (Reuters) - Emerson Electric Co (EMR.N) will sell a majority stake in its climate technologies unit to Blackstone Inc (BX.N) in a deal that values the business at $14 billion, as the U.S. industrial firm pivots to supplying to a booming automation market. Emerson's shares edged up 1% in a weak broader market as the company also beat fourth-quarter earnings and revenue. The Climate Technologies business, which will be structured as a joint venture, generated net sales of $5 billion in fiscal 2022. Emerson said it plans to use proceeds from the deal to invest in automation-related businesses and spend around $2 billion on share repurchases in 2023. Centerview Partners LLC and Goldman Sachs are financial advisers to Emerson, while Barclays is the lead financial adviser to Blackstone.

☆ Blackstone to buy majority stake in Emerson's climate tech unit in $14 bln deal
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

Oct 31 (Reuters) - Emerson Electric Co (EMR.N) will sell a majority stake in its climate technologies unit to Blackstone Inc (BX.N) in a deal that values it at $14 billion, the latest revamp by the U.S. industrial firm as it focuses on the booming automation market. Emerson's shares rose about 3.8% before the bell as the company also beat fourth-quarter earnings and revenue. Emerson, which will retain about 45% stake in the climate tech unit, said Blackstone and co-investors Abu Dhabi Investment Authority and GIC, would contribute $4.4 billion in equity toward the deal, which would be supplemented by $5.5 billion of debt financing. read moreThe Climate Technologies business, which will be structured as a joint venture, generated net sales of $5 billion in fiscal 2022. The unit includes its Copeland compressor business and products and services across residential and commercial heating and cooling.

☆ UAE sovereign wealth fund ADIA to launch new data lab
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Oct 18 (Reuters) - The Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund in the United Arab Emirates (UAE), plans to open an advanced data research centre, an independent entity within the fund with goals not linked to investment applications. ADIA Lab will formally launch on Dec. 2 and is part of moves across the government to promote digitalisation and advanced technological applications. It will be headed by Simon Horst as director, who was previously at Berkeley Lab and at the U.S. Department of Energy. The UAE is trying to diversify its economy away from hydrocarbons and investing in increasing the contribution of digital innovation and advanced technology to overall economic growth. It is also seeking to attract high skilled professionals globally in these and other data science-led sectors.

☆ Blackstone converts Indian property to safe haven
▼ + stars: | 2022-10-06 | by ( Una Galani | ) www.reuters.com time to read: +3 min

MUMBAI, Oct 6 (Reuters Breakingviews) - A global downturn could boost demand for Indian real estate. The investor-cum-landlord led by Steve Schwarzman has played a big role in developing a local market for real estate investment trusts. Now it’s preparing to float a collection of glitzy shopping malls in what would be only the country’s fourth publicly traded REIT. Indian real estate trusts outperform U.S. peersFollow @ugalani on Twitter(The author is a Reuters Breakingviews columnist. On Sept. 27, Blackstone raised $325 million from selling an 8.1% stake in Embassy Office Parks REIT, per IFR.

It is the largest office REIT in Asia by area. Shares in the Embassy REIT closed at 354.42 Indian rupees on Friday in Mumbai, giving it a market capitalisation of $4.15 billion. Blackstone currently has a 32% stake in the Embassy REIT and at the current market value the proposed sale by Blackstone would represent 7.2% to 9.6% of its stake, according to Reuters calculations. ADIA INTERESTADIA is likely to pick up about $200 million of Blackstone's stake sale, with talks also ongoing with other possible investors, the first source said. For ADIA, the investment would expand its interest in the Indian office market.

☆ Petrodollar rush may disappoint Western financiers
▼ + stars: | 2022-09-20 | by ( Liam Proud | ) www.reuters.com time to read: +6 min

Yet Western financiers hoping to share in the spoils of a 1970s-style petrodollar boom will be disappointed. In previous petrodollar booms, energy producers have recycled their windfalls into the Western financial system. These financial flows, known as petrodollar recycling, mean that the money Westerners spend on fuel eventually makes its way back into their economies through energy producers’ financial investments. Either way, it would mean that Westerners miss out on some of the spoils of the new petrodollar boom. A more muted petrodollar boom might not be such a bad thing after all.

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