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Possible Scenario: Libyan Investment Authority at Risk of Being Partially Liquidated

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Libya has tremendous oil wealth which is one of the key reasons why it created a sovereign wealth fund. Around 80% of government revenue comes from the Libyan oil industry. Created in 2006, the estimated $70 billion sovereign wealth fund has investment stakes in a variety of European and North African companies.  A few of these firms include: UniCredit, Juventus, Pearson, and Wienerberger.

Having a sovereign wealth fund is a positive for the current Libyan Government, as it gives the current administration options.  Egypt and Tunisia did not have a sovereign wealth fund to tap.  The Libyan Investment Authority (LIA) is at risk of being partially liquidated regardless if Moammar Gadhafi’s regime is toppled. If Gadhafi’s regime retains power and control, he will most likely liquidate a significant portion of assets in the LIA to disburse to the general population. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

HFF Finds a New Home in Jones Lang LaSalle

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Jones Lang LaSalle Incorporated (JLL) inked a deal to acquire Dallas-based HFF, Inc. JLL will acquire all the outstanding shares of HFF in a cash and stock transaction with an equity value of approximately US$ 2 billion. The transaction has been unanimously approved by the boards of directors of both companies. Mark Gibson, CEO of HFF, will join JLL as CEO, Capital Markets, Americas and Co-Chair of its Global Capital Markets Board. The transaction is expected to close in the third quarter of 2019, subject to HFF shareholder approval and customary closing conditions, including regulatory review.

Transaction Details

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IFM, Polish Development Fund, PSA Acquire Gdansk Terminal

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The Polish Development Fund, known locally as Polski Fundusz Rozwoju S.A. (PFR), signed a deal to lead an investor group to acquire the largest container terminal in Gdansk from an infrastructure fund managed by Macquarie. The transaction is worth more than 5 billion zlotys (US$ 1.3 billion). DCT Gdansk is the only terminal in Baltic sea region that can serve Ultra Large Container Vessels, also known as UCLVs.

The Polish Development Fund and IFM Investors will each acquire a 30% stake in the Gdansk terminal, while PSA International Pte Ltd (which is owned by Temasek Holdings), will own 40% of the terminal.

Macquarie was advised by Goldman Sachs.

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Williams and CPPIB Create $3.8 Billion Venture in the Marcellus and Utica Basins

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Tulsa-based Williams Companies Inc. (Williams) disclosed a series of transactions that will establish a new platform for the optimization of its midstream operations in the western Marcellus and Utica basins through a long-term partnership with Canada Pension Plan Investment Board (CPPIB). This deal gives CPPIB more exposure to the North American natural gas market.

CPPIB Investment

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