Deals

DISMANTLE: Sovereign Wealth Funds Could Buy Parts of GE

Getting early dibs, private equity giant Blackstone Group and San Francisco-based Wells Fargo signed agreements to acquire the majority of assets of GE Capital Real Estate, a unit of General Electric (GE), in a transaction value worth approximately US$ 23 billion. More financial assets are available for sale, as GE yearns to return to its [...]


Oman SWF Invests in Italian Auto Parts Maker Sigit

The Oman Investment Fund (OIF), a sovereign wealth fund, acquired a 40% stake in Italian automobile parts manufacturer Sigit SpA. The strategic investment could lead to increased manufacturing in Oman, where the country has a booming young demographic, which is opposite of Italy’s aging demographic. Founded in 1966, Sigit is a privately-owned firm whose customers [...]


Temasek Allocates $150 Million in Indian Pharma Company

Singapore’s Temasek Holdings is investing 9.4 billion crore (US$ 151.4 million) in Mumbai-based Glenmark Pharmaceuticals Ltd. through its sovereign wealth enterprise Aranda Investments (Mauritius) Pte Ltd. Temasek is subscribing up to 10.8 million shares on a preferential basis for cash in the Indian drug manufacturer. Among sovereign wealth funds, Temasek is known for backing earlier [...]


Institutional Investors Await Comcast-Time Warner Cable DOJ Outcome

Institutional investors are carefully watching for a signal from regulators and antitrust officials regarding the possible merger block of cable giant Comcast Corporation and Timer Warner Cable Inc. The US$ 45 billion merger was announced in February 2014. In February 2014, Comcast Chief Financial Officer Michael Angelaki said “we are optimistic and feel comfortable” that [...]


BIG MONEY: 3 Canadian Pension Cross-Border Real Asset Deals

Canadian pension institutional investors like OMERS and CPPIB continue their global search for long-duration, cash-flowing assets. #1. Mexican Infrastructure On April 13, Caisse de dépôt et placement du Québec (CDPQ) partnered with Mexican infrastructure company Empresas ICA, S.A.B. de C.V. by investing C$ 267.7 million in a joint venture for a 49% interest. Empresas ICA [...]


blackstone

GE Capital Slims: Asset Sales to Blackstone and Wells Fargo

GE is changing. The company is rapidly shrinking the size of its GE Capital unit (once a key revenue driver), while focusing on its industrial businesses which range from expensive medical devices to jet turbines. The U.S. corporate giant is targeting to have 90% of its earnings generated by industrial businesses in 2018, up from [...]


CIC Signs MoU with Hebei Iron and Steel

Hebei Iron and Steel Group Company Limited, created in the June 2008 merger of Tangsteel and Hansteel, signed a Memorandum of Understanding (MoU) with the China Investment Corporation (CIC) on March 24th. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


LA Dodgers Partial Owner Could be a Sovereign Wealth Fund

During the World Economic Forum (WEF) in Davos, a reporter interviewed Korea Investment Corporation’s (KIC) chief Hank Ahn about strategic investing and the words Los Angeles Dodgers, an American baseball team, were uttered. In January, Hank Ahn visited the LA Dodgers stadium, meeting some owners. Media outlet Yonhap is reporting that KIC is considering acquiring [...]


UPDATED: Qatar Sovereign Wealth Fund Eyes World Duty Free

March 29, 2015 – UPDATED: Basel-based Dufry AG is moving forward on acquiring World Duty Free SpA by raising €2.1 billion by issuing new stock and getting up to €1.5 billion of long-term debt. Backing Dufry’s acquisition are sovereign wealth funds: Singapore’s GIC Private Limited, Temasek Holdings and Qatar Investment Authority (QIA). Each of the [...]


Ireland

Malin Attracts Sovereign Wealth Funds, Backs Bill Gates Venture

Dun Laoghaire-based Malin Corporation, an Ireland life sciences investor company, has raised €330 million from key institutional and high net worth investors. Malin is targeted to be one of Europe’s largest biotech initial public offerings. Malin plans to provide long-term capital to life science and medical device companies backed by industry experts. The investment stakes [...]


Russian NWF to Indirectly Fund RZD Locomotive Purchases

Russia’s National Welfare Fund (NWF) is planning to indirectly invest 60.22 billion roubles (US$ 1.3 billion) through the capitalization of VTB Bank, in which the bank will buy infrastructure bonds of Russian national rail carrier RZD. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


NSSF

BOND SALE: Aabar Investments to Refinance UniCredit Stake

Aabar Investments PJS, a sovereign wealth enterprise (SWE) of International Petroleum Investment Company (IPIC), is selling a bond worth around €2 billion that can be exchanged for shares of UniCredit SpA. Aabar is taking advantage of market conditions in the world of equity-linked securities to secure long-term financing. [ Content protected for Sovereign Wealth Fund [...]


Friday SWFI News Roundup, March 20, 2015

Libya Sovereign Wealth Fund Convenes Board Meeting in Malta The Board of Directors of the Libyan Investment Authority (LIA) had its first 2015 meeting in Malta this week. The meeting was held to discuss LIA’s global investments, as well as pending litigation against Goldman Sachs and other banks regarding derivative transactions. The LIA opened up [...]


Lloyds and RBS Sell Before $14.6 Billion Dubai World Restructure

Since 2011 the Dubai economy, home to the world’s tallest man-made structure Burj Khalifa, has been accumulating steam. The economic environment wasn’t always rosy for Dubai. State-owned Dubai World was at the core of the Dubai debt fiasco of 2009. Dubai World has ownership stakes in companies such as DP World Ltd. and shipyard Drydocks [...]


blackstone

Sovereign Wealth Centers on Tourism – Center Parcs

Sovereign wealth funds from Singapore and Abu Dhabi are potential institutional investor bidders looking at UK holiday village manager Center Parcs. Center Parcs UK Group Plc was bought by private equity giant Blackstone Group back in March 2006 for £205.4 million (US$ 357 million). Blackstone bought Center Parcs in a moment of distress as the [...]


Volkswagen-Backed Leasing Business Attracts Sovereign Funds

An investor group of asset owners, institutional investors and private equity are bidding for Netherlands-based LeasePlan Corporation NV, a Volkswagen-backed vehicle leasing business. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


India deals

MODI STORY: Temasek Looks to Invest in ICICI Prudential Life Insurance

Singapore’s Temasek Holdings, an Asian sovereign wealth fund, and Paris-based investment manager Carmignac Gestion are in key discussions of possibly acquiring a stake in an insurance joint venture partly owned by Mumbai-based ICICI Bank Ltd. The other owner of the joint venture is U.K.-based Prudential Plc. The joint venture was formed in December 2000. The [...]


China Investment Corporation Restructured Direct Investment Strategy

For years, the China Investment Corporation (CIC) has accumulated a substantial pool of sovereign wealth capital, but encountered a series of hiccups on getting its direct investment program fully functioning. The Asian sovereign wealth fund placed significant bets in Canadian oil sands, infrastructure, utilities and U.S. financials. At the start of 2015, CIC formed a [...]


Saudi Arabia’s Public Investment Fund Buys Into POSCO Engineering and Construction

South Korean high-level officials including the country’s President and representatives of the Korea Investment Corporation (KIC), the country’s sovereign wealth fund, are on a Gulf trip to ink long-term economic arrangements and shore up deals for Korean enterprises. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


sovereign wealth fund center asia

CVC Partners Looks to Bring HKBN Public

HKBN Ltd., the second biggest broadband service provider based in Hong Kong, plans to go forward with its initial public offering – set for March 4th. The company hopes to raise HK$ 5.8 billion (US$ 750 million) from the sale. The banks leading the deal are JP Morgan, UBS and Goldman Sachs.[ Content protected for [...]