SHANGHAI, Oct 9 (Reuters)Five newly launched Chinese funds targeting Ant Group’s upcoming mega stock listing raised 60 billion yuan ($8.93 billion) cumulatively from more than 10 million retail investors, selling out within days, the funds’ distributor said.

An average of eight investors placed orders each second during the subscription period, highlighting retail frenzy over Ant’s initial public offering (IPO) despite possible U.S. sanctions against the Chinese fintech giant.

The rush also underscores the marketing clout of Ant’s online payment platform Alipay, the sole third-party distributor of the five mutual funds that threatens to disrupt traditional fund sales models.

Ant IPO-ANTG.HK, Alibaba Group’s BABA.N fintech arm, aims to raise about $35 billion in a dual listing in Hong Kong and Shanghai’s STAR Market, expected in October, in what could become the world’s largest IPO.

The five funds launched on September 25 to raise 12 billion yuan each and invest up to 10% of their assets to buy Ant’s IPO shares as strategic investors.

Two of the funds, launched by E Fund Management Co and Penghua Fund Management Co, hit their fundraising target even before the week-long Chinese National Day holiday that began on October 1.

As business resumes on Friday, Alipay announced that the other three funds, managed by China Asset Management Co (ChinaAMC), China Universal Asset Management and Zhong Ou Asset Management Co, were also sold out.

The market has so far brushed aside worries that Ant’s IPO could suffer from any U.S. restrictions, after a Bloomberg News report saying U.S. President Donald Trump is considering curbs on Ant and Tencent 0700.HK over concerns their payment platforms threaten national security.

The successful fund sales could give a boost to Ant’s rapidly growing wealth management business. Revenue from this business segment jumped 56% during the first half of

Adds detail, context

JOHANNESBURG, Oct 8 (Reuters)Struggling state-owned agricultural lender Land Bank has asked South Africa for an extra 10 billion rand ($603 million) of government support over the next few years.

Land Bank, which has already had a 3 billion rand state cash injection in the 2020/21 fiscal year, has been in talks with creditors since it defaulted on its debt in April.

“We have proposed R7 billion in 2021/22, and R1 billion per annum for the following three financial years for development,” Land Bank told Reuters in an emailed response to questions.

Land Bank is also planning an asset reduction programme, it said in a presentation to parliament this week.

State firms have been a long-term drain on the finances of Africa’s most industrialised economy, requiring bailouts at a time of weak economic growth which have helped to tip its sovereign credit rating into “junk” status.

South Africa’s National Treasury said last month that the Post Office, public broadcaster SABC and state-controlled airport operator ACSA were seeking a combined 10 billion rand in bailouts.

Meanwhile, South African Airways is under a form of bankruptcy protection and may be granted further bailouts at a mid-term budget due this month.

($1 = 16.5904 rand)

(Reporting by Alexander Winning Editing by Nqobile Dludla and Alexander Smith)

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Adds details from company statement, changes dateline

Oct 8 (Reuters)U.S. business analytics firm Dun & Bradstreet Holdings Inc DNB.N said on Wednesday it would acquire European data and analytics firm Bisnode from Swedish private equity firm Ratos AB RATOb.ST.

The company said in a statement it will purchase Bisnode through its unit Dun & Bradstreet Holdings BV for 7.2 billion SEK ($811.60 million) in a cash and stock deal.

Upon closing of the transaction, expected in 2021, Dun & Bradstreet will pay 75% of the price in cash to Bisnode and 25% in newly issued shares of common stock of Dun & Bradstreet.

Ratos is selling its 70% shareholding in Bisnode and will receive a dividend of 175 million SEK from Bisnode during fourth quarter 2020, it said in a separate statement.

Ratos Chief Executive Officer Jonas Wiström will join the Dun & Bradstreet International Strategic Advisory Board, the private equity firm said.

Ratos said its ownership in Dun & Bradstreet will be about 1% afer the completion of the transaction, corresponding to about 1 billion SEK.

($1 = 8.8714 Swedish crowns)

(Reporting by Juby Babu in Bengaluru; Editing by Rashmi Aich)

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(RTTNews) – Iron Mountain Inc. (IRM), the storage and information management services company, announced Tuesday the formation of a 300 million+ Euro joint venture with an affiliate of AGC Equity Partners, a London-based global alternative asset manager, to design and develop a 280,000 square foot, or 27 megawatt, hyperscale data center currently under development in Frankfurt, Germany.

Frankfurt Data Center is 100% pre-leased to a U.S.-based Fortune 100 customer subject to a 10-year lease agreement. Full build-out of the 27 megawatt data center is expected in the second quarter of 2022.

Iron Mountain will be responsible for managing the design and development of the data center as well as administering the Lease.

Under the terms of the agreement, AGC will own an 80% equity interest and Iron Mountain will own a 20% equity interest in the Venture. AGC contributed cash to purchase its 80% equity interest in the Venture, while Iron Mountain retained a 20% equity interest in the Venture.

Iron Mountain will earn various fees, including property management and construction and development fees for services provided to the Venture.

Debt financing for the Venture is expected to close in the fourth quarter of 2020, with proceeds expected to fund a portion of the planned development and construction costs.

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(RTTNews) – Comtech Telecommunications Corp. (CMTL) and Gilat Satellite Networks Ltd. (GILT) announced Monday that the companies have agreed to terminate their
merger agreement, and have settled all pending litigation in the Delaware Court of Chancery.

In connection with the termination and settlement agreement, Comtech has agreed to make a payment of $70 million to Gilat.

In pre-market activity on Nasdaq, Gilat shares were gaining 12.3 percent to trade at $5.85.

Both companies Board of directors have approved the merger termination and the settlement agreement. Following the settlement, the trial of the litigation that was scheduled to begin today in Delaware Chancery Court was canceled.

It was in late January this year that Comtech agreed to acquire Gilat in a cash and stock deal with an enterprise value of approximately $532.5 million.

On July 11, an amended complaint was filed by Comtech against Gilat in the Court of Chancery of the State of Delaware, saying that Gilat has suffered a “Material Adverse Effect”, as a result of the Covid-19 pandemic and, as a consequence, Comtech was not required to consummate the merger as certain closing conditions were not met.

Gilat filed a counter claim seeking enforcement of the merger agreement or hundreds of millions of dollars in monetary damages following Comtech’s filing of an amended complaint.

In a joint statement now, Fred Kornberg, Comtech’s Chairman and Chief Executive Officer, and Dov Baharav, Chairman of the Board of Gilat, said, “While we both believed from the outset that the merger of these two great companies was a perfect marriage, the COVID-19 pandemic made the timing of the combination particularly challenging.”

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