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Truist in talks to sell insurance business for $10bn.?
KKR considers $4.2bn sale of European car park operator Q-Park.?
Australia's $131bn sovereign wealth fund chair will not seek another term. (People)
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Australia's competition watchdog conditionally approved private equity firm Brookfield 's $12bn takeover of the nation's largest energy producer, Origin Energy ,?Bloomberg?reported.
The Australian Competition and Consumer Commission said it would wave through the Canadian investment firm's takeover, in league with EIG Global Energy Partners-backed MidOcean Energy , for the utility. The proposed deal is the third-largest in the country so far this year.
Origin Energy is advised by Barrenjoey , Jarden and Herbert Smith Freehills (led by? Rebecca Maslen-Stannage ). Brookfield is advised by 花旗 , Allens and White & Case LLP (led by Christopher Flynn ). EIG is advised by J.P. 摩根 and FGS Global (led by Brandon Messina ?and Kelly Kimberly ).
A buyer consortium, including Recco Control Technology, Dazheng Group, TFI Asset Management and Great Wall Capital, agreed to acquire HollySys Automation Technologies, an automation control system solutions provider, for $1.55bn.
"Today's announcement that Hollysys is launching a full sale process is a step in the right direction for the shareholders of Hollysys. A transparent and full process is clearly in the best interest of Hollysys shareholders and we look forward to discussing our $25 all-cash offer with the special committee. We remain motivated to move into due diligence and subsequent negotiations with the Special Committee and be in a position to sign a definitive agreement shortly after access to full due diligence," Ke Lei, Recco Control Technology Director.
Buyer consortium is advised by UBS , Conyers Dill & Pearman, DLA Piper and Sullivan & Cromwell LLP. Recco is advised by FTI Consulting and Okapi Partners LLC (led by Bruce Goldfarb).
Truist in talks to sell insurance business for $10bn. (FS)
Truist Financial is in talks to sell its insurance brokerage unit to private equity firm Stone Point Capital for about $10bn, Reuters reported.
In February, Truist sold a 20% stake in its $14.75bn insurance unit to Stone Point. The move followed a year in which the commercial and investment bank's profit dropped.
KKR considers $4.2bn sale of European car park operator Q-Park. (FS)
KKR is considering a sale of Q-Park that may value the European car park operator at about $4.2bn, including debt. The private equity firm has held talks with potential advisers about an exit, Bloomberg reported.
It could start gauging buyer interest in Q-Park early next year. Deliberations are ongoing, and there's no certainty they will lead to a transaction. In 2017, KKR's infrastructure arm acquired Q-Park, based in Maastricht in the Netherlands. The company operates 677k parking spaces in over 3k commercial parking facilities across seven countries, including the UK.?
Australia's $131bn sovereign wealth fund chair will not seek another term. (FS, People)
The head of Australia's AUD206bn ($131bn) sovereign wealth fund had informed the Australian government he will not seek a third term, Treasurer Jim Chalmers said, as a formal recruitment process to find a successor begins.
Peter Costello, Australia's longest-serving treasurer, became the fund's chair in 2014 and was re-appointed in 2019 for another five years. His current term will end in February,?Reuters?reported.
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