In today’s briefing:
- IdeaForge Pre-IPO Tearsheet
- A Good Old Fashioned Bidding War
- IAG Acquires Air Europa
IdeaForge Pre-IPO Tearsheet
- IdeaForge Technology Limited (1475641D IN) is looking to raise around US$100m in its upcoming India IPO. Some of its notable pre-IPO investors include Qualcomm, Infosys, Celesta Capital (VC).
- IdeaForge develops and manufactures unmanned aerial systems (UAS) and unmanned aerial vehicles (UAV).
- The bookrunners on the deal are JM Financial and IIFL Securities.
A Good Old Fashioned Bidding War
- Triton has raised its offer price to €8.95 in cash, 5.3% above the Alternative Consideration of the Bain’s consortium improved offer (vs. my €9.01/share fair value estimate, comps-based).
- Gross spread is +0.78%. It seems that now it is the turn of the Bain’s consortium to make a move, at least match and probably bid over Triton’s offer.
- Bain has the main shareholders on board. As of 24 February, I estimate the paper profits of Triton to be around €31 million (minus the costs of preparing the offer).
IAG Acquires Air Europa
- IAG Presents better than expected Q4 2022 results and announces that it will acquire the remaining 80% of Air Europa for €400 million in a cash and shares deal.
- The purchase price implies valuing 100% of Air Europa at €500 million, which is in line with expectations and is half of the €1,000 million agreed in November 2019.
- Air Europa and IAG finally reach an agreement and clear an uncertainty. It makes strategic sense to create a larger intercontinental hub between Europe and Latin America in Madrid,
💡 Before it’s here, it’s on Smartkarma
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