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Blackstone Group to Sell Stake in Sonalika Tractors to Yanmar for US$250 Million (Asia)
The Blackstone Group has agreed to sell its 17.75 percent stake in India-based International Tractors, the owner of the Sonalika farm equipment brand, to Japan-based agricultural machinery and industrial engineering group Yanmar for INR17 billion (approximately US$250 million). Blackstone originally invested in the company in 2012 through Blackstone Capital Partners VI. Read More
Koubei Raises US$1.1 Billion from Silver Lake, CDH Investments, Yunfeng Capital and Others (Asia)
Global technology-focused investor Silver Lake and China-focused private equity and venture capital firms CDH Investments, Yunfeng Capital and Primavera Capital Group have led a US$1.1 billion round for Koubei, Alibaba Group Holding’s China-based e-commerce services platform. Sovereign wealth fund China Investment Corporation also invested approximately US$150 million in the round. Koubei provides online-to-offline services including marketing, payments and booking to… Read More
The Abraaj Group to Acquire Majority Stake in Jhimpir Power (Asia)
Global growth markets investor The Abraaj Group has agreed to acquire a majority stake in Pakistan-based Jhimpir Power (JPL) from Asia- and MENA-focused renewable power developer and investor Burj Capital. JPL wholly owns a 50 megawatt wind power project in the Jhimpir wind corridor in southeast Pakistan. The project is expected to commence operations in the first quarter of 2018.… Read More
Joulon Acquires Majority Stake in Sara Sae, Multiples Alternate Asset Management Exits (Asia)
Joulon, an oil and gas asset management services platform established in 2015 by global investment firm KKR and industry veteran Deepak Munganahalli, has acquired a majority stake in India-based drilling equipment manufacturer Sara Sae. As part of the transaction, India-focused private equity firm Multiples Alternate Asset Management, which originally invested in Sara Sae in 2011, has reportedly exited its stake… Read More
STEP Group Raises US$2 Million Series A Round from Wamda Capital, Equitrust and Others (MENA)
U.A.E.-based media platform and events company STEP Group has raised a US$2 million Series A round from MENA-focused venture capital firm Wamda Capital, U.A.E.-based investment company Equitrust, international venture capital firm North Base Media and Dubai Silicon Oasis Authority. STEP Group operates various English- and Arabic-language media outlets, as well as entrepreneurship and music conferences. The company plans to use… Read More
Helios and Vitol to Acquire 20 Percent Stake in Vivo Energy for US$250 Million (Sub-Saharan Africa)
Africa-focused private investment firm Helios Investment Partners and Netherlands-based energy and commodities group Vitol have agreed to acquire a 20 percent stake in Africa-focused downstream petroleum company Vivo Energy from Royal Dutch Shell for US$250 million. Upon completion of the deal, Helios and Vitol will own 100 percent of Vivo Energy. The transaction, which is expected to close in the first… Read More
Foursan Group Exits Jordan Dubai Islamic Bank (MENA)
Middle East-focused private equity firm Foursan Group has sold its stake in Amman Stock Exchange-listed Jordan Dubai Islamic Bank (JDIB) to Jordan-based Bank Al-Etihad, realizing a reported 2.5x gross multiple of invested capital. Foursan originally invested in JDIB in 2012 through Foursan Capital Partners I. Financial details of the transaction were not disclosed. Read More
LeapFrog Investments Partially Exits IFMR Capital to Standard Chartered Private Equity (Asia)
Emerging markets financial services and health care specialist investor LeapFrog Investments has sold a partial stake in India-based non-banking financial company IFMR Capital to Standard Chartered Private Equity, the private equity arm of Standard Chartered Bank. LeapFrog originally invested in IFMR Capital in 2014. Financial details of the transaction were not disclosed. Read More
Saama Capital Reaches Final Close for Third Fund With US$58 Million in Capital Commitments (Asia)
India-focused venture capital firm Saama Capital has reached a final close for its third fund with US$58 million (approximately INR3.9 billion) in capital commitments. The fund will focus on seed and Series A rounds for companies in the fintech, software-as-a-service (SaaS) and non-technology consumer sectors. Read More
PineBridge Investments Makes Partial Exit From Narayana Health (Asia)
Global asset manager PineBridge Investments has partially exited National Stock Exchange- and Bombay Stock Exchange-listed specialty hospital chain Narayana Health (formerly Narayana Hrudayalaya) via the sale of a 1.3 percent stake for a reported INR900 million (approximately US$13.2 million). Narayana has a network of 23 hospitals and seven heart centers across 18 locations in India and held its initial public… Read More
Baring Vostok and Vostok Emerging Finance Agree to Invest in Revo Technologies (CEE and CIS)
Russia and CIS-focused private equity firm Baring Vostok Capital Partners, along with Stockholm Stock Exchange-listed investment company Vostok Emerging Finance (VEF), has agreed to invest up to US$20 million in Russia-based retail payment solutions specialist Revo Technologies and digital marketing services provider Sorsdata. VEF had previously invested in the two companies in 2015 and will contribute up to US$5 million… Read More
KKR Invests US$59 Million in TVS Logistics’ Promoters (Asia)
Global investment firm KKR has invested INR4 billion (approximately US$59 million) in the promoter family of India-based TVS Logistics via a long-term structured credit partnership. The promoters of TVS plan to use the funds to buy the company’s shares from private equity funds. KKR originally invested in TVS Logistics in 2012 and agreed to exit its 21.4 percent equity stake… Read More