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Fondo Strategico Italiano Takes Stake in Valvitalia

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The Fondo Strategico Italiano (FSI) closed 2013 by taking a 49.5% stake in Valvitalia, a designer, producer and supplier of equipment and components for water, natural gas and petroleum companies for €151 (US$ 207.4 million).

The deal represents the fourth of the year and is included in €2.6 billion the strategic fund has invested since January 2012. The FSI has €4.4 billion in assets under management.

According to a statement, investment in 2014 “is expected to be intense.” The sovereign fund cites two major developments on the horizon. The first is the creation of the Italian tourism group, a hotel management company that will be open to institutional investors and will focus on hotels in the 3-5 star range.

According to the release, “This project will benefit from Group synergies, thanks to the Cassa Depositi e Prestiti program of acquisitions and re‐qualification of public real estate.”

The second development is €500 million earmarked for use in consolidating utility companies in Southern Italy. The utility sector is highly fragmented and, presumably, inefficient. The sovereign fund expects consolidation should lead to increased customer service.

GIC Buys Large Stake in Nordic Aviation Capital

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Singapore’s GIC Private Limited, a yield-hungry sovereign investor, invested in Denmark-based Nordic Aviation Capital A/S, becoming a significant minority shareholder. Other shareholders in Nordic Aviation Capital include EQT VI Limited fund, KIRKBI Invest (wealth origins tied to Legos), and Martin Møller, the founder of Nordic Aviation Capital. EQT VI will remain the largest shareholder of Nordic Aviation Capital. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Trump Wants Pharma Companies to Disclose Drug Prices in Advertisements

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U.S. President Trump is progressing on plans to mandate pharmaceutical companies to reveal their prices in drug advertisements. “The drug industry remains resistant to providing real transparency around their prices, including the sky-high list prices that many patients pay,” Health and Human Services Secretary Alex Azar said in a statement. “So while the pharmaceutical industry’s action today is a small step in the right direction, we will go further.”

The U.S. Health and Human Services Department would require pharmaceutical companies to include drugs’ sticker prices in their video advertisements. This would be similar to how drug companies disclose the laundry list of side effects.

Increasingly, sovereign funds like Temasek Holdings have backed mid-stage pharmaceutical companies and other therapies, while market investors like Norway’s GPFG have large holdings in listed pharmaceutical companies.

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Kazatomprom Treads Closer to IPO

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Kazatomprom is the world’s biggest uranium producer, accounting for around 20% of production market share. The company is moving forward on floating up to a 25% company stake for its planned initial public offering in London and Astana, Kazakhstan. Kazatomprom’s IPO plans are subject to market conditions. The global market price of uranium generated significant price gains year-to-date through almost three quarters. So far, during 2018, the uranium spot price has moved from US$ 20 per pound to US$ 27 per pound.

Kazatomprom’s sole shareholder is Samruk-Kazyna. Samruk-Kazyna would retain at least a 75% stake in the company.

Advisors

Credit Suisse and JPMorgan are joint global coordinators and joint bookrunners for the share offering. China International Capital Corporation, Halyk Finance, and Mizuho International plc were joint bookrunners.

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