SG’s sovereign wealth fund GIC joins Fortress bid for UK supermarket Morrisons

A GIC signage is pictured during their results announcement in Singapore July 2, 2019. REUTERS/Anshuman Daga

Singapore’s sovereign wealth fund has joined the Fortress-led private equity consortium making a recommended offer for the British supermarket group Morrisons, the companies said on Wednesday.

Britain’s fourth largest supermarket has agreed to a takeover led by SoftBank-owned  Fortress Investment Group, valuing it at 6.3 billion pounds ($8.8 billion). Two other private equity groups, CD&R and Apollo, have also shown interest.

However the Fortress-led group may still have more work to do after Morrisons‘ biggest shareholder, Silchester, said on Tuesday it was not inclined to support the deal because there was little in the offer that could not be achieved as a listed company.

Silchester owns a 15.14% stake in Morrisons. The offer agreement includes a scheme of arrangement with a 75% hurdle for shareholder acceptance and squeeze out.

GIC, Singapore’s sovereign wealth fund, holds around 0.21% of the issued share capital of Morrisons.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.