February 2022 SWF Club Deals to Watch
Posted on 02/17/2022
Here on some fascinating potential SWF deals to watch this month.
South Korea
South Korean battery maker SK On Co. spun off from SK Innovation Co. in October 2021. SK On Co. seeks to raise between 3 trillion and 5 trillion won in a pre-IPO share sale to finance facility expansion. KKR, Carlyle Group, TPG Capital, Blackstone Group, BlackRock, Singapore’s GIC Private Limited, and Saudi Arabia’s Public Investment Fund are part of a list of preliminary bidders for shares worth up to US$ 4.2 billion. GIC is willing to take a large piece of the deal.
In January 2022, GIC made a large investment during the US$ 11 billion IPO process of LG Energy Solution Ltd.
Starbucks Coffee Franchise
Kuwait-based Alshaya Group is reportedly considering a 30% minority stake sale in the Starbucks franchise. Abu Dhabi’s ADQ, Mubadala Investment Company, Brookfield Asset Management, CVC Capital Partners, and Saudi Arabia’s Public Investment Fund are among interested parties. JPMorgan Chase & Co is handling the sale on behalf of Alshaya.
