Roman Tiraspolsky
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Bain, KKR bids reach $7.6B billion for Seven & i (OTCPK:SVNDY) non-core assets – Reuters. (00:24) Japan Airlines (OTCPK:JAPSY) hit by cyberattack, flights delayed. (01:28) DoubleU Games (DDI) to buy Turkish gaming studio Paxie Games. (02:13)
This is an abridged transcript of the podcast.
Private equity firms Bain Capital and KKR & Co. (KKR) each bid more than $5 billion for the non-core assets of 7-Eleven’s parent company Seven & I Holdings Co. (OTCPK:SVNDY).
KKR offered around 800B yen ($5.1B), while Bain offered around 1.2T yen ($7.6B) in first round bids, according to a Reuters report on Wednesday, which cited people familiar with the matter. Local buyout shop Japan Industrial Partners offered around 750B yen.
All three PE firms were successful in the first round bids, according to the report. Seven & i (OTCPK:SVNDY) wants to choose the winning offer as early as February and the decision would be finalized by the spring.
The auction of the non-core assets comes as Seven & i works (OTCPK:SVNDY) to fend off an increased $47 billion takeover offer from the parent company of Circle K, Canada’s Alimentation Couche-Tard (OTCPK:ANCTF) from October.
The founding family also approached Bain and KKR (KKR) about mezzanine funding for a takeover, according to the Reuters report.
Japan Airlines (OTCPK:JAPSY) faced a significant cyberattack on December 26, 2024, which disrupted operations during the busy year-end holiday travel time.
The airline reported that over 24 domestic flights were delayed by more than 30 minutes and said that the impact could expand later in the day.
“Flight safety has not been affected,” Japan Airlines said in a statement. “We have identified the scope of the impact and are currently checking the status of the system recovery,” adding that the airline has been experiencing “malfunctions in systems communicating with external systems.”
Ticket sales for both domestic and international flights scheduled for departure on Thursday were suspended temporarily.
DoubleU Games (NASDAQ:DDI) to acquire Turkish gaming studio Paxie Games for a 60% stake for $27.0 million at closing.
The remaining 40% will be acquired over a span of three years, resulting in full ownership by the end of the third year.
Paxie Games is the developer of Merge Studio: Fashion Makeover.
The acquisition will be financed through a combination of treasury shares and cash.
The deal is expected to close in Q1 2025.
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Catalyst watch:
Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the red. Crude oil is up 0.4% at $70/barrel. Bitcoin is down 3% at $95,000.
Some global markets will be closed as the Boxing Day holiday is observed in the UK, Canada, Australia, and South Africa. Markets in Hong Kong and New Zealand were closed for a holiday on Thursday.
On today’s economic calendar:
Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.
