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PE giant TPG expects to close a $6bn Asia buyout fund in the first half of next year. (FS)
SoftBank books $5.2bn quarterly loss as WeWork comes back to bite.
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ADNOC Group , the state-owned oil company of the United Arab Emirates, offered to acquire a 38.3% stake in Braskem , a polyolefins producer in the Americas, from Novonor, a provider of products and services for engineering, infrastructure, construction, petrochemical and sugar-energy sectors, for $2.14bn.
Novonor , formerly known as Odebrecht, is Braskem's main shareholder alongside state-run oil firm Petrobras, but has been long looking to sell its controlling stake as part of a broader restructuring.
TransDigm Group Inc. , a producer, designer and supplier of engineered aerospace components, agreed to acquire the electron device business from TJC -backed Communications & Power Industries (CPI) , a manufacturer of electronic components and subsystems, for $1.39bn.
"We are excited about the acquisition of the Electron Device Business of CPI. This business fits well with our long-standing strategy. The vast majority of the company's revenues come from highly engineered, proprietary products with substantial aftermarket content. The company has established positions across a diverse range of new and existing platforms within the broader aerospace and defense industry. As with all TransDigm acquisitions, we expect this acquisition to create equity value in-line with our long-term private equity-like return objectives," Kevin Stein, TransDigm President and CEO.
泰瑞达 , a supplier of automated test solutions, agreed to acquire a 10% stake in Technoprobe , a company specializing in the design and production of probe cards, for $516m.
"We're excited to work with Technoprobe as the unique advantages of their interface technology help unlock the superior scalability of our testers to deliver greater benefit for our customers. Technoprobe has great products and has made important investments to align with the trends that are driving the market. Our equity investment and joint development projects reflect our confidence in Technoprobe to create value for our shareholders and customers through innovative interface solutions for the growing interface market," Greg Smith, Teradyne CEO.
Teradyne is advised by J.P. 摩根 , Lazard , Chiomenti and Shearman & Sterling LLP (led by Alain Dermarkar ).
PE giant TPG expects to close a $6bn Asia buyout fund in the first half of next year. (FS)
Private equity behemoth TPG is expecting the final close of its $6bn eighth flagship Asia buyout fund in the first half of next year after launching it in January 2022.
TPG Asia VIII had already gathered almost $4.3bn as of the third quarter of 2023, after announcing the first close at $3.4bn in November last year. The firm has so far raised $900m, for the fund in the past 12 months. Should the fund close on target, its Asian buyout platform will be substantially larger than its precursor fund, which raised $4.6bn in 2019, DealStreetAsia reported.
SoftBank books $5.2bn quarterly loss as WeWork comes back to bite.
SoftBank Group Corp. booked a $5.2bn quarterly loss on November 9, its fourth straight quarter in the red, as the Japanese giant took a hit from the bankruptcy of WeWork , once one of its highest-flying investments, Reuters reported.
It was a fresh reminder of the volatility inherent in founder Masayoshi Son's strategy of betting big on often risky start-ups. WeWork, the office-sharing start-up whose aim to disrupt global commercial property once brought it a $47bn valuation, sought US bankruptcy protection on November 6, cementing a remarkable fall from grace.
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