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Friday SWFI News Roundup, August 8, 2014

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Nigeria Sovereign Investment Authority to Manage US$ 350 Million for NBET

On July 24, the Nigeria Sovereign Investment Authority (NSIA) and Nigerian Bulk Electricity Trading Plc (NBET) signed a funds management agreement. US$ 350 million is being allocated to the NBET from the US$ 1 billion Eurobond issued by the Nigerian government in July 2013. NSIA will manage the NBET’s Eurobond facility.

China Life Insurance to Invest $250 million in TPG

Beijing-based insurer China Life Insurance (Overseas) is going to invest US$ 250 million directly in U.S. private equity player TPG. The Chinese insurer joins sovereign wealth funds, GIC Private Limited and Kuwait Investment Authority (both investing in TPG in 2011), as direct investors in the private equity firm. Private equity firms are greasing their hands to gather assets to manage from growing Chinese insurance companies.

CICC Selects Joint Sponsors for Hong Kong IPO

Founded in 1995, Beijing-based China International Capital Corporation (CICC), China’s first investment bank, has selected ABC International Holdings Ltd. and CCB International (Holdings) Ltd. as joint sponsors for an initial public offering in Hong Kong. CICC will be the leading sponsor in the IPO.

In 1995, Morgan Stanley assisted in the creation of CICC with China Construction Bank. Morgan Stanley sold its stake in CICC to investors which include Singapore’s sovereign wealth fund GIC Private Limited, KKR and TPG.

Asian Sovereign Wealth Funds Invest in Prestige Estates’ Placement

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Mergermarket Gets Ready to be Sold

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Private equity firm BC Partners hired Goldman Sachs Group Inc. and JPMorgan Chase & Co. to advise on the sales of Acuris. Acuris is a collection of financial news and data sites, which includes Mergermarket, Dealreporter, and Debtwire. In 2017, BC Partners sold around a 30% stake in GIC Private Limited.

Before the rebranding to Acuris, Mergermarket was part of The Financial Times Group until 2013 when it was sold off to BC Partners.

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Why Japan Post Sees Promise in Aflac

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Aflac Inc. is an American insurance company founded in 1955. The company is the biggest provider of supplemental insurance in the United States. Aflac also has major operations in Japan.

In December 2018, Japan Post Holdings (JPHLF) signaled it was spending US$ 2.64 billion for a 7-8 % stake in Aflac. The goal is that, in four years time, Aflac will become an affiliate of Japan Post. Japan Post hopes to accomplish this by becoming the largest voting shareholder of the company. The world’s 13th largest company, with 400,000 employees, Japan Post needs to expand to chase further growth, mainly because Japan Post expects the postal business to decline. Diversification is seen as the optimal route to long term stability for the holding company. Japan’s economy is worrying. Japan’s aging population means that many insurance companies are facing a shrinking customer base, Japan Post settled on a plan to expand overseas.

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RDIF and Development Agency of Serbia Agree to Explore Joint Investments

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The Russian Direct Investment Fund (RDIF) and the Development Agency of Serbia, also known as Razvojna agencija Srbije, reached an agreement to work together to identify attractive investment projects to strengthen bilateral economic ties and increase investment flows between Russia and Serbia. Russian capital and businesses are keen on investing in Serbia.

In addition, the two countries signed an agreement to cooperate on civil nuclear energy, according to state-owned Russian reactor builder Rosatom (Rosatom State Nuclear Energy Corporation). Rosatom continues to expand it business of nuclear cooperation deals in a wide number of countries.

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