Deals

Aabar Looks to Refinance Stake in UniCredit

Aabar Investments PJSC, owned by International Petroleum Investment Company (IPIC), is hoping to refinance their stake in UniCredit SpA. The position is valued at US$ 2.2 billion. Aabar is the largest shareholder in Italian banking giant UniCredit, clearing over 5%. In 2010, Aabar acquired a 4.99% stake in UniCredit, ownership moved to 6.5% post-2012 rights [...]


FOOTBALL MATES: IPIC and Real Madrid Ink Ties

Abu Dhabi-based International Petroleum Investment Company (IPIC) is the next “big sovereign wealth player” in European football, choosing Real Madrid CDF. Real Madrid boasts 10 European Champions League trophies. On October 28th, both organizations announced a long-term strategic partnership, essentially to “globalize” Real Madrid’s assets. See the institutional investor profile of IPIC [ Content protected [...]


Mubadala GE Capital Seeks Investors for 144A Bond

Mubadala GE Capital PJSC, a 50:50 joint venture between General Electric and Mubadala Development Co, is setting up some roadshows to market its dollar benchmark 144A bond. Barclays and Citigroup are the global co-ordinators and joint lead managers. Other joint leader managers for the offering are HSBC, First Gulf Bank and Natixis. The JV does [...]


Qatar Sovereign Wealth Fund May Be the Next Owner of HSBC Tower

The Qatar Investment Authority (QIA) is still pursuing real estate assets across Europe. The sovereign wealth fund holds interests in many notable UK companies and assets such as Sainsbury’s, Harrods, London Stock Exchange and the Shard. The QIA has made a £1.1 billion offer for the HSBC tower in London’s Canary Wharf at 8 Canada [...]


Kuwait Investment Authority to Shed $5.4 Billion in Domestic Companies

In a move to realign their portfolio, the Kuwait Investment Authority (KIA), is selling its interests in three local businesses that are valued at 1.56 billion KWD (US$ 5.4 billion). These assets are being planned for sale in the first half of 2015. The proceeds from the sales will be reinvested by the KIA. With [...]


India deals

IFC Looks to Invest in Fullerton India Credit Company

The International Finance Corporation (IFC), the private sector investment arm of the World Bank, is looking to allocate US$ 74 million in Fullerton India Credit Company Ltd, a unit of Fullerton Financial Holdings Pte. Ltd. Fullerton Financial is a sovereign wealth enterprise (SWE) of Singapore’s Temasek Holdings. Fullerton Financial has ten operating entities providing banking [...]


Investor Group Runs Toward Reebok

Penning a letter, a group of investors from Hong Kong and Abu Dhabi are making strides to purchase Reebok from Adidas AG. The unsolicited bid is worth about €1.7 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Watch Out Banks: BAML Steps Up Game on Sovereign Wealth Funds

Bank of America Merrill Lynch (BAML) is seeking to expand ties into the Middle East and Asia, while some European banks struggle to get their houses in order. The bank was recently the global coordinator for Jimmy Choo’s initial public offering in which an Asian sovereign wealth fund became the second largest shareholder in the [...]


sovereign wealth fund center asia

Qatar Sovereign Wealth Fund Buys Stake in Lifestyle International

The Qatar Investment Authority (QIA) has agreed to pay HK$ 4.78 billion (US$ 616 million) for a 20% stake in Lifestyle International Holdings Ltd. Lifestyle International Holdings is a Hong Kong department store operator. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Who is the 2nd Largest Shareholder of Jimmy Choo?

Last week, luxury shoemaker Jimmy Choo Ltd. listed on the London Stock Exchange. London-based Jimmy Choo’s initial public offering was priced near the bottom of its 140p to 180p range. The company mentioned that the capital raise from the offering will help the business “pursue growth without compromising the brand.” Would Jimmy Choo make shoes [...]


Sovereign Wealth-Backed Fajr Capital Leads Investor Group for GEMS

Dubai-based Fajr Capital carefully led an institutional investor group to acquire the emerging markets division of GEMS Education, specifically the business segments of the Middle East, North Africa and East Asia. This high growth division attracted other investors, Mumtalakat Holding Company and Blackstone Group’s Tactical Opportunities fund, a special situations investment vehicle. This group investment [...]


FORGING ALLIANCES: Chinese and Italian State-Backed Entities Sign Major Deals

China continues to forge economic bonds with European nations, whether investing in companies, buying sovereign bonds or investing in infrastructure. Recently, 8 business deals between Italian and Chinese entities were signed, valued at around €8 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


OTPP Signs Agreement to Buy Bridon from Melrose Industries

The Ontario Teachers’ Pension Plan (OTPP), through its unit Teachers’ Private Capital, acquired UK–based wire rope manufacturer Bridon Ltd for £365 million. OTPP bought the Doncaster-based company from Melrose Industries PLC. Melrose owned Bridon since 2008. Formed in 1924 by a collection of wire rope makers, Bridon designs, manufactures and sells rope to customers in [...]


Eastern Ties: Russian Funds Partner with Chinese Government on High-Tech Parks

The Russian Direct Investment Fund (RDIF), the Russia-China Investment Fund (RCIF), the Skolkovo Fund and the People’s Government of Shaanxi Province (China) have reached an agreement to co-develop high-technology parks in both Russia and China. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Why Many Investment Bankers are Heading to the Gulf

Increasingly, sovereign wealth funds and other large public institutional investors have boosted their activity in direct investments, participating in acquisitions globally. A portion of those deals and capital raises are occurring in the GCC region, attracting a swath of investment bankers. Despite geopolitical headwinds like the Iraq government and Kurds battling ISIS over Mesopotamia, and [...]


Mubadala Buys out Hewlett-Packard’s Stake in IT Joint Venture

Mubadala Development Company announced today it had bought out the remaining 40% stake in Injazat Data Systems from Palo Alto-based Hewlett-Packard, bringing the United Arab Emirates-based information technology service provider under its full ownership. The size of the deal was not disclosed. According to Mubadala’s press release, the deal demonstrates the UAE sovereign wealth fund’s [...]


CIC, AVIC Acquisition of Avolon Falls Through

Two Chinese state-owned investors, China investment Corporation (CIC) and AVIC Capital Co Ltd, have ceased talks to acquire Avolon Holdings Ltd, according to Reuters. Over the course of the discussions, Avolon, the Dublin-based aircraft leasing company, was simultaneously weighing an initial public offering. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please [...]


CIC Rebalance: Sells 300 Million Shares in Noble Group

In a strategic move to rebalance its large direct holdings, sovereign wealth fund China Investment Corporation (CIC) sold about 1/3 of its holdings in Singapore-listed Noble Group Limited, a global commodity trader company. In 2009, the CIC acquired a 14.3% stake in Noble Group, betting on the natural resource theme. Noble Group is a major [...]


Dubai

Emaar Malls Records $1.6 Billion IPO

Dubai-based Emaar Malls Group raised US$ 1.6 billion in its initial public offering (IPO). This is the biggest IPO in the United Arab Emirates since 2007 – DP World had a US$ 4.96 billion offering. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Singapore SWF Makes Bid for UK Roadside Assistance Firm

UPDATE: September 25, 2014 GIC Private Limited has agreed to become a co-shareholder in RAC Ltd. In addition, RAC will not be pursuing an initial public offering at this moment. Singapore’s GIC Private Limited is in discussions with the Carlyle Group in a possible £2 billion (US$ 3.3 billion) plus takeover of RAC Ltd, the [...]