What Does Baidu Hope to Achieve in Selling Fintech Unit?
This is one of the largest private equity deals in China. Baidu Inc. sold a majority stake in its wholly-owned financial services arm for roughly US$ 1.9 billion to a consortium of investors led by private equity firms TPG Capital Management and Carlyle Group, with participation from Taikang Life Insurance Company Limited and ABC International Holdings Limited (a unit of Agricultural Bank of China), as part of a deal that will leave the Beijing-based search engine with 42% of outstanding shares in business following final closing of the transaction this summer. The unit is being valued at US$ 4 billion. The sale gives Baidu some cash to focus on its core services.
Eagle-Eye
China is in the midst of a shift from an industrial economy to a new consumer economy. Baidu is to Google, as Alibaba is to Amazon, as Tencent is to other U.S. tech giants – the competition in artificial intelligence and productivity gains is heating up.
Deal Specifics
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Brookfield Business Partners L.P. and Caisse de dépôt et placement du Québec (CDPQ), announced that they have reached an agreement whereby Brookfield and CDPQ will acquire 100% of Johnson Controls’ Power Solutions business for in a cash valued transaction valued at approximately US$ 13.2 billion. Brookfield Business Partners is the flagship listed business services and industrials company of Brookfield Asset Management Inc. Closing of the transaction remains subject to customary closing conditions including regulatory approvals. Closing is expected to occur by June 30, 2019. The seller is Johnson Controls International plc. The unit employees roughly 15,000 people.
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From U.S. pension funds to asset-heavy sovereign wealth funds, Singapore is calculating that more institutional investor assets globally are being committed to the Asia region. The Monetary Authority of Singapore (MAS), Singapore’s central bank, signaled and planned to commit US$ 5 billion with locally-based fund managers who will invest in private enterprises and infrastructure projects. The beneficiaries of the mandates will be private equity and infrastructure fund managers. MAS is seeking to lure top global asset managers to Singapore and firms that have a significant footprint in Singapore could be eligible for the funds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
In one of the largest transactions in the French office sector, Ivanhoé Cambridge, real estate subsidiary of Caisse de dépôt et placement du Québec (CDPQ), has acquired a 90,000 square meter office-building campus from Natixis, in the Greater Paris area of Saint-Denis Pleyel. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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