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Temasek Holdings Buys Stake in Repsol SA



Singapore’s Temasek Holdings increased their stake in Repsol SA. Repsol is Spain’s largest oil company; they recently announced the sale of their liquefied natural gas assets to Royal Dutch Shell Plc for US $4.4 billion cash excluding debt. Temasek Holdings purchased 5.04% of treasury shares (64.7 million shares at € 16.01) from Repsol for 1.68 billion SGD (US$ 1.35 billion). Temasek Holdings now holds a 6.3% stake in Repsol.

Temasek Holdings has been steadily augmenting their portfolio in the energy sector, backing both emerging companies and established players.

Tay Sulian, managing director of investment at Temasek Holdings, said: “The investment in Repsol deepens our exposure to the energy sector through a high quality growth-oriented company.”

He added, “The sector is a good proxy for the needs of transforming economies and growing middle-income populations, both of which are part of Temasek’s investment themes. We are pleased to have the opportunity to invest in Repsol, and will continue to look for good, long-term investments in the energy space.”

In May 2012, the government of Argentina’s nationalization of YPF SA exerted stress on Repsol’s financial health. Repsol’s credit rating was on the verge of junk status, a major risk for a capital intensive industry.

For Repsol, the deal with Temasek Holdings was discounted causing a €148 million cash loss for the company. On the other hand, the deal should have a positive impact on the company’s credit rating, while increasing the stability of their balance sheet.

DP World and NIIF Joint Venture Embarks on First Investment



Hindustan Infralog Private Limited, the US$ 3 billion joint venture formed in January 2018 between DP World and the National Investment and Infrastructure Fund (NIIF) to invest in ports, logistics and warehousing, agreed to acquire 90% of Continental Warehousing Corporation (Nhava Seva) Limited for US$ 400 million. 10% is being retained by the company’s founders – the Reddy family. Adi Keshav Reddy is the founder of Continental Warehousing. This is the first investment of the Hindustan Infralog platform.

The sellers include Warburg Pincus India Pvt Ltd, International Finance Corporation (IFC) and Aureos Capital, a joint venture between the CDC and Norfund that was acquired by Abraaj Capital.

Barclays, Citi and Detusche Bank advised on the transaction.

Continental Warehousing was formed in 1997 and is one of India’s biggest container warehousing firms – operating container freight stations and private freight terminals across India. In April 2011, Warburg Pincus invested in Continental Warehousing, committing US$ 100 million. In December 2015, IFC invested US$ 25 million in equity and lent US$ 35 million in debt to Continental Warehousing.

In India, DP World has been operating container port terminals since 1997.

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SWFI First Read, March 18, 2018



Surbana Jurong and China Vanke Tie up Deal for Industrial Town Projects

Surbana Jurong, a real estate development company focused on urban projects, inked a deal with China Vanke to partner on new industrial towns in China’s midwest regions. Surbana Jurong is majority-owned by Singapore’s Temasek Holdings. The first joint project is Vanke’s Jianzhou Dream Town in Chengdu. Surbana will provide the design for this project.

PIF Eyes Hollywood Talent

Saudi Arabia’s Public Investment Fund (PIF) is looking at investing around a 7% stake in Endeavor, LLC, a talent agency holding entity of WME for a reported US$ 400 million. Ari Emanuel is the CEO of Endeavor. PIF’s financial advisor for this deal is Michael Klein & Co. Endeavor is being advised by Ares Holdings.

Alex Wilmot-Sitwell of BAML Resigns

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Mubadala Invests in No Fly Zone Drone Radar Company



Data Collective led a US$ 15 million Series A round into Salt Lake City-based Fortem Technologies, Inc., a company that works on solutions that can detect, identify and classify drones in real time to maintain airspace safety. Other investors in the round include Boeing, Mubadala Investment Company, Manifest Growth, New Ground Ventures and Signia Venture Partners.

Ibrahim Ajami, Head of Mubadala Ventures said in the press release, ” Mubadala is excited to work with Fortem and its outstanding leadership team to help grow its business to new markets.”

Ajami added, “We strongly believe the TrueView radar is essential to maintain a safe airspace for both the aircraft and the critical infrastructure on the ground.”

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