M&A NEWSLETTER 07/03/2024
Biggest Thai Bank to buy Home Credit Vietnam for US$860 million
SCB X, Thailand’s biggest bank by market value, agreed to buy consumer lender Home Credit’s business in Vietnam for about US$860 million in a bid to widen its regional footprint.?The purchase by SCB X’s Siam Commercial Bank unit should be completed by the first half of next year, subject to regulatory approvals, the Bangkok-listed financial group said in a statement.
China's CDH in talks to buy a minority stake in $1.7 billion Vietnam grocery chain.
China's CDH Investments is in advanced talks to buy a minority stake in Bach Hoa Xanh (BHX) from Vietnam retailer Mobile World?(MWG)?in a deal that could value the grocery chain at up to $1.7 billion, two sources with direct knowledge said. CDH, one of China's biggest alternative investment firms and also a former Mobile World investor, has emerged as the front-runner to buy a stake of up to 10% after outbidding rivals.
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Construction starts on Vinfast's $500 million EV factory in India
VinFast broke ground on its first integrated electric vehicle (EV) manufacturing facility in the state of Tamil Nadu, India, on February 25.?The landmark project will create employment opportunities for approximately 3,500 locals and exemplifies?VinFast's global commitment to green transportation.?Spanning 400 acres within the State Industries Promotion Corporation of Tamil Nadu Industrial Park, the facility boasts an initial investment of $500 million over five years, with a projected annual capacity of 150,000 vehicles.
FPT takes ownership of Japan's NAC
FPT Corporation announced on March 1 that it has acquired the IT services company Next Advanced Communications NAC Co., Ltd. (NAC), its first merger and acquisition?deal in Japan.?With NAC as FPT’s wholly owned subsidiary, the company aims to double its customer base and service offerings in Japan and deepen its foothold in the market.
Fintech startup 1Long secures $500,000 in funding
Vietnam-based fintech platform 1Long announced on February 26 that it has secured $500,000 in a pre-seed funding round with the capital coming from a consortium of investors, including Iterative, Monk’s Hill Ventures, R2VP, and Orionis Capital.?1Long?will use the fresh funding to expand its team, invest in new technology, and form strategic partnerships with asset managers and financial institutions.