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ABB postpones $750m electric-mobility IPO on market rout.
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JAB Holding, an investor in consumer-focused industries, agreed to acquire Crum & Forster Pet Insurance Group, a provider of pet health insurance, and Pethealth, a provider of animal management software, from Fairfax Financial, a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management, for $1.4bn.
”JAB has had an outstanding track record over the past 10 years and we expect this to continue. While we have sold our pet insurance business to JAB, we will invest $200m?in their JCP V to become their partners. We expect JAB to soon become leaders in pet healthcare and pet insurance globally. We wish them much success,” Prem Watsa, Fairfax Founder, Chairman and CEO.
JAB Holdings is advised by Abernathy MacGregor Group.
Jyske Bank, a Danish bank, agreed to acquire Denmark operations of Handelsbanken, a swedish bank, for $423m.
”The acquisition of Handelsbanken Denmark is an attractive opportunity to strengthen our market position and longterm competitiveness. Handelsbanken Denmark is a well-run bank, delivering a strong suite of solutions to both private and corporate clients across the country. Through the acquisition, we can further develop the combined business, benefitting our clients, create new career opportunities for our skilled employees, and generate value for our shareholders,” Anders Dam, Jyske Bank Managing Director and CEO.
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Jyske Bank is advised by Bank of America and Bech-Bruun.
Aareon, a firm providing business consulting services on a contract or fee basis, agreed to acquire a 93% stake in Momentum Software, a provider of web-based software, for $176m.
"The acquisition of Momentum is another milestone in Aareon's international growth strategy. Momentum has a strong SaaS property management software that complements our digital ecosystem Aareon Smart World. The acquisition also supports our ambition of becoming a SaaS company with a growing share of recurring revenue. Together with Momentum, we will be a strong partner for the property industry in Sweden, Norway and Finland," Harry Thomsen, Aareon CEO.
Aareon is advised by Carnegie Investment Bank, Roschier Attorneys and Fogel & Partners.
Qatar Investment Authority, a sovereign wealth fund, agreed to acquire a 24.5% stake in Avrasya Tüneli, a road tunnel, from SK ecoplant, a Korean engineering and construction company, for $160m.
"Construction companies have the advantage of being able to secure not only short-term construction profits but also long-term investment returns through financing and equity participation in PPP projects. Since its foray into the overseas infrastructure PPP market with Eurasia Tunnel, SK ecoplant has secured further projects in Turkey, the UK, Norway, and Kazakhstan," Jung-Sik Cho, SK ecoplant Head of Eco Solution Business Unit.
QIA is advised by Barclays.
ABB postpones $750m electric-mobility IPO on market rout.
ABB is delaying the $750m initial public offering of its electric-car charging business, saying a listing would depend on improved market conditions.
The market rout has made it challenging to proceed with the offering in the current quarter, ABB said, adding that it remains “fully committed” to listing the business on the Swiss stock exchange, Bloomberg reported.
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