Global alternative asset manager The Carlyle Group has agreed to acquire a 100 percent stake in South Korea-based Tyco Fire & Security Services Korea and its subsidiaries (ADT Caps, Capstec and ADT Security), which form and operate the company’s Korean security business, ADT Korea, from Tyco, a global fire protection and security company, in a cash transaction valued at approximately US$1.93 billion. The transaction will be structured through Carlyle Asia Partners IV and Carlyle Partners VI. The Carlyle Group has secured committed debt financing from Korea Exchange Bank, Kookmin Bank, Industrial Bank of Korea, Korea Investment & Securities and UBS. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2014
China-focused private equity firm Themes Investment Partners has completed the sale of China-based Standard Water, a developer of sewage and wastewater treatment systems with 36 plants around China, to Hong Kong-listed water systems provider Beijing Enterprise Water Group (BEWG) for about US$218 million. Themes, which owned close to a 70 percent stake in the company, received both cash and shares in BEWG as part of the sale.
Venture capital firm Qiming Venture Partners has led a US$15 million Series A funding round for China-based Hangzhou Wacai Science, a mobile app developer for personal finance management. Existing shareholders venture capital firms IDG Venture Partners and CDH Investments also participated in the round. The company intends to use the fresh capital to broaden its customer base. In 2013, Wacai received US$13 million from IDG Capital and CDH Investments.
Russia-based hypermarket chain Lenta, which is backed by global private investment firm TPG, VTB's investment business VTB Capital and development finance institution European Bank for Reconstruction and Development (EBRD), began conditional trading on the London Stock Exchange on 28 February 2014. Lenta shareholders, led by TPG, raised US$952 million in the initial public offering (IPO), valuing the company at US$4.3 billion. Through the offering, which may increase to about US$1.1 billion should banks exercise an over-allotment option, TPG sold an 11.1 percent stake, EBRD sold a 4.8 percent stake and VTB Capital sold a 2.6 percent stake. Lenta expects to begin trading on the Moscow Exchange on 6 March 2014. TPG and VTB Capital originally invested in the company in October 2009.
eBay Leads US$133.8 Million Round in Snapdeal With Participation From Kalaari Capital, Nexus Venture Partners, Bessemer Venture Partners, Intel Capital and Saama Capital (Asia)
India-based Jasper Infotech, which runs the online marketplace Snapdeal.com, has raised a US$133.8 million financing round led by existing investor global commerce and payments company eBay. Venture capital firms Kalaari Capital, Nexus Venture Partners, Bessemer Venture Partners and Saama Capital, as well as Intel Corporation’s venture capital arm Intel Capital, also participated in the round. This transaction brings funds raised for Snapdeal to US$237 million across five rounds. Last year, the company raised US$50 million from eBay, international business conglomerate Recruit Holdings, Intel Capital, Russian venture capital fund ru-Net and Saama Capital, as well as other existing investors.
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