AMERICAS
Grifols, a global producer of plasma-derived medicines, agreed to acquire the remaining 55% stake in Alkahest, a Silicon Valley-based biotechnology company, for $146m.
"We are excited to join forces with Grifols, an industry leader in plasma-derived medicines, to realize our shared vision and mission of delivering innovative medicines for age-related diseases on an ambitious scale," Karoly Nikolich, Alkahest CEO.
Alkahest is advised by Cooley. Grifols is advised by Osborne Clarke and Proskauer Rose.
SRAX, a financial technology company that unlocks data and insights for publicly traded companies, agreed to acquire LD Micro, a data and event company serving the small and micro-cap space. Financial terms were not disclosed.
"LD Micro is, without a doubt, one of the most well known and respected brands in micro-cap. Chris Lahiji and his team have done an incredible job of creating a loyal community of investors and issuers. LD Micro is also accretive to our investors from day one. We are confident that together we'll accelerate the adoption of Sequire, while also enhancing LD Micro's digital assets," Christopher Miglino, SRAX Founder and CEO.
LD Micro is advised by Mitchell Silberberg & Knupp. SRAX is advised by Silvestre Law Group.
Siemens considers the acquisition of Bentley Systems.
Siemens is weighing an acquisition of Bentley Systems, in what would mark a fresh push into industrial-software dealmaking by Europe's largest engineering firm,
Bloomberg reported.
Bentley, if purchased, would become part of Siemens's digital industries division. Bentley, based in Exton, Pennsylvania, develops software to help manage engineering projects, particularly in the infrastructure and construction industries. The company has more than 3.5k employees and generates $700m in annual revenue.
Aspirational Consumer Lifestyle files for $225m IPO.
Aspirational Consumer Lifestyle, a blank-check company, filed for an IPO with plans to offer 22.5m units priced at $10 each to raise $225m on the New York Stock Exchange. Each whole warrant can be used to purchase a Class A share for $11.5 each. Proceeds will be used to acquire one or more businesses.
"We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target," Aspirational Consumer Lifestyle.
Credit Suisse is sole book-runner on the deal.
EMEA
The $8.7bn acquisition of secure payment solutions provider Ingenico by Worldline, a financial services company, could face antitrust issues requiring concessions from Worldline side, Reuters reported.
Worldline reportedly has until Wednesday to offer a resolution to antitrust problems. The full-blown investigation will be launched if antitrust issues are found and not resolved by the end of the EU's review.
“We’re pursuing the usual procedure of discussions with the Commission and the process is underway, within the expected timetable,” Worldline.
Worldline is advised by Finelk, Bank Of America Merrill Lynch, BNP Paribas, Latham & Watkins, Kairos Consulting, Morgan Stanley, Cleary Gottlieb Steen & Hamilton and Cardinal Partners. Ingenico is advised by Rothschild & Co, Bredin Prat and Goldman Sachs.
Eric Lombard, head of French public lender CDC, said the $3.5bn acquisition of a 30% stake in Suez, a French waste and water management company, by a resource management company Veolia is possible and would take place in "a good timing".
Previously, Suez dismissed the rival's proposal, claiming it would cause harm and not synergies.
Veolia is advised by Citigroup, Messier Maris & Associes, Perella Weinberg Partners, Cleary Gottlieb Steen & Hamilton, Flichy Grange Avocats, Gide Loyrette Nouel, Hogan Lovells, Patrice Gassenbach, Peltier Juvigny Marpeau & Associes and Xavier Boucobza.
Private equity firm Nordic Capital completed an investment in Siteimprove, a provider of website experience and digital marketing optimization. Financial terms were not disclosed.
"I am very pleased that we have chosen Nordic Capital as our partner for Siteimprove's future journey. They have a long history of developing technology companies and enabling and driving global growth. Nordic Capital's investment is an endorsement of our success to date and a validation of our software, which can help overcome today's most demanding digital challenges regardless of a company's size or industry. I am looking forward to further developing Siteimprove in partnership with Nordic Capital," Morten Ebbesen, Siteimprove Founder and CEO.
Nordic Capital was advised by Plesner.
Private equity firm Abac Capital completed investments in Elasa, Llanera, Maipe, Goiko and Norvet, five Spanish companies operating in the pet care industry. Financial terms were not disclosed.
"We are very excited about the project of creation of a national leader with the simultaneous acquisition of these five leading companies in the
sector," Federico Conchillo, Abac Capital Partner.
Abac Capital was advised by Deva PR.
Private equity firm Warburg Pincus agreed to invest in Infoniqa, a supplier of HR software and service solutions in DACH countries. Financial terms were not disclosed.
"Infoniqa, founded in 1988 in Austria, is a software and services solutions specialist across all areas of administrative and strategic human resources such as personnel management, payroll accounting, time management and outsourcing. The business provides services to over 3.5k corporate customers, managing over 2m pay slips. Infoniqa also offers payroll outsourcing services, software hosting, consulting and training," Warburg Pincus.
Private equity firm Apiary Capital completed an investment in Access Creative College, the UK's largest specialist provider of education in the creative industries to 16-19 year-olds. Financial terms were not disclosed.
"Access has a great reputation in the further education sector, which has only been enhanced by its impressive response to the challenges caused by lockdown. Jason's passion and vision for the business are really exciting and we are delighted to be supporting him and his team with their ambitious growth plans," Mark Salter, Apiary Capital Managing Partner.
capiton, an investment company in Berlin, agreed to acquire CEDES, a sensor technology business, from ASSA ABLOY, a Swedish conglomerate. Financial terms were not disclosed.
"CEDES now has the investment and expertise to grow and expand its core business of elevator sensors, allowing us to focus our resources on our core business of automated doors. CEDES is a well-performing business with high-quality products, and we will continue to partner with the company as a preferred external supplier," Christopher Norbye, ASSA ABLOY Executive Vice President and Head of Entrance Systems Division.
Spain's PM sees benefits in Bankia-Caixabank merger.
Pedro Sanchez, Spain's Prime Minister, said that the merger of Spanish lenders Bankia and Caixabank could bring a positive impact and promoted the combination.
The deal, structured as all-share agreement, has not been finalized yet and financial terms were not disclosed previously. The companies will reportedly agree on a deal in following days, Reuters reported.
Three Hill and Apax ask for time to bid for Serie A. (FS)
Investment firms Three Hill and Apax asked its potential target and a football league Serie A for more time to explore the bid and provide cash, Bloomberg reported.
Serie A's 20 clubs will convene to go through various private equity propositions for struggling soccer league during their meeting on September 9.
Besides Three Hill and Apax Partners, buyout firms CVC Capital Partners and Advent will jointly acquire a stake in the new company designed to hold media rights for Serie A, with Bain Capital striking a similar deal.
First Abu Dhabi Bank considers relaunching talks to buy Bank Audi's Egypt unit.
First Abu Dhabi Bank plans to restart talks to buy the Egyptian business of Lebanon's Bank Audi, Reuters reported.
FAB, the United Arab Emirates' biggest lender, will have an internal meeting this week to decide on the way to resume negotiations and put in a final bid. FAB put talks on hold in May due to challenging market conditions triggered by the Covid-19 pandemic.
Italian court sets hearing into Vivendi stake in Mediaset for December 16.
An Italian administrative court scheduled a hearing on December 16 to look into a request by Vivendi to annul a ruling by Italy's communications watchdog forcing the French group to forfeit most of its stake in Mediaset.
Vivendi, Mediaset's second-biggest shareholder, had asked the administrative court to set a date for the hearing after the European Court of Justice last week said that the Italian law which forced Vivendi to transfer two-thirds of its voting rights in Mediaset to an arm's-length trust, violated EU rules,
Reuters reported.
In 2017, Italy's communications watchdog AGCOM ruled that Vivendi's twin stakes in Mediaset and former phone monopolist Telecom Italia broke the rules designed to prevent a concentration of power in the telecoms and media sectors.
AB InBev starts the process to replace CEO Carlos Brito. (People)
Anheuser-Busch InBev, the maker of Budweiser and Stella Artois, launched a process to replace chief executive Carlos Brito, the Brazilian who led its transformation into the world's largest brewer through a series of takeovers during his 16-year tenure,
FT reported
The brewer is seriously considering outside candidates for the role, in what would be a significant move for a company that prides itself on its homegrown culture. Mr Brito was involved with the AB InBev board in the process and planned to step down at some point next year.
Part of the reason for the external search is that AB InBev is currently considering only one internal candidate, Michel Doukeris, who heads its North America-based Anheuser-Busch business. Other candidates previously tipped as possible candidates such as chief strategy officer David Almeida and chief marketing officer Pedro Earp are not being considered.
APAC
Shareholders of 58com, China's online market place for classifieds, approved the $8.7bn going-private deal with an investor group backed by Warburg Pincus, General Atlantic and Ocean Link Partners.
The merger agreement and the plan of the merger were approved by over 75% of the total votes cast at the extraordinary general meeting.
58com is advised by Houlihan Lokey, Conyers Dill & Pearman, Fenwick & West, Han Kun Law Offices, Skadden Arps Slate Meagher & Flom and Christensen IR. Warburg Pincus is advised by Citigroup, Cleary Gottlieb Steen & Hamilton, Fangda Partners, Kirkland & Ellis, Maples Group, Weil Gotshal and Manges, Wilson Sonsini Goodrich & Rosati. General Atlantic is advised by Paul Weiss Rifkind Wharton & Garrison. Tencent Holdings is advised by Davis Polk & Wardwell.
Reliance Industries, an Indian multinational conglomerate company, is set to spin-off its oil-to-chemicals business into a separate entity. Financial terms were not disclosed.
According to the plan, RIL's oil-to-chemicals assets, including its refining,
petrochemicals, fuel retail (majority interest only) and bulk wholesale marketing businesses, along with its assets and liabilities, will be transferred to a new unit. RIL said it has been exploring options to bring in strategic investors in the O2C business.
Orkla, a Norwegian consumer goods conglomerate, agreed to acquire a 68% stake in Eastern Condiments, which offers a mix of non-vegetarian and vegetarian food products such as blended and single spices, for $269m.
"This announcement marks a significant step for Orkla towards delivering on its strategy to strengthen our footprint in our core geographies. By joining forces, Eastern and MTR will create a solid platform in the fast-growing Indian market, based on strong local brands. MTR has been a great success story for Orkla. Now we look forward to continuing the journey with the Meeran brothers as partners," Jaan Ivar Semlitsch, Orkla President and CEO.
CICC, an investment management company, led a $102m Series D+ round in LinkDoc, the big-data unicorn in the Chinese healthcare industry. The deal saw participation from new investors, Yoshan Fund, Jinnan-Haihe-Kuandai Industry Fund and previous investors.
The bankroll will help LinkDoc further establish the big data-driven AI healthcare business ecosystem with three pillars: doctors, medicines and insurance.
Investcorp, a global provider and manager of alternative investment products, agreed to invest in Terminus Technologies, a global Artificial Intelligence CITY and smart service provider in China. Financial terms were not disclosed.
"We believe that the global adoption of AI and IoT technologies offers significant growth opportunities by accelerating digital transformation across industries and cities. We are excited to partner with Terminus Technologies, one of the leading enterprises in the sector and we look forward to supporting their vision to unlock the full potential of their cutting-edge technologies," Duncan Zheng, Investcorp Managing Director, Private Equity Asia.
Li Ka-shing considers divesting assets worth $7.31bn. (RE)
Hong Kong tycoon Li Ka-shing plans to dispose of two properties in Beijing and Shanghai worth of $7.31bn, a sign the billionaire is further pulling out of the Chinese mainland.
CK Asset Holdings, Li's flagship business, plans to sell a mixed residential and commercial project in northeast Beijing. Mainland property giant Sunac China Holdings in interested in taking over the project.
CK bought the land nearly 20 years ago. It paid $103m for the 66 acres, and phase one of Yicui Garden was completed and sold in 2013. As step two was not started for years, the Ministry of Land and Resources listed it in 2010 as idle land.
AirAsia looking to raise $602m and to evaluate Japan operations.
AirAsia Group, a Malaysian low-cost airline headquartered near Kuala Lumpur, is looking to raise as much as $602m by year-end and is also reviewing its business in Japan as the airline seeks to weather the Covid-19 crisis.
"I think Japan is something we have to really think hard about. If we had tonnes of cash, then it's something we would probably continue. I think we will have decisions on Japan very soon," Tony Fernandes, AirAsia CEO.
CR Capital considers acquiring control of Boya Bio-Pharmaceuticals. (FS)
China Resources Capital Management is considering acquiring a controlling stake in Shenzhen-listed Boya Bio-Pharmaceutical Group, Bloomberg reported.
The alternative investment arm of conglomerate China Resources Holdings held initial talks with Boya Bio's major shareholder Shenzhen Gaotejia Investment Group. Gaotejia, which owns about 30% of Boya Bio, has also discussed with other potential suitors.
The talks come after the maker of blood plasma-driven treatments said in July that Gaotejia was planning a major event that could involve a change in shareholding. A 30% stake in Boya Bio is worth about $818m.
Founders of Oddle consider selling the food ordering app.
Founders of Singapore food ordering app Oddle that offers choices from Michelin-starred restaurants to bubble tea concoctions are working with an adviser to exit the company, Bloomberg reported.
The startup, co-founded by Jonathan Lim, Pua Yong Xiang and Jeremy Lee, reached out to potential suitors to gauge interest. Sale documents show that Oddle raised total funds of $4m over the past three years and is projecting a gross profit of $6m for fiscal year ending March 2021.
Online food ordering from people stuck indoors has taken off since the outbreak of the Covid-19, boosting revenues at companies such as Oddle. Deliberations are at early stage and the founders could decide to keep the business.
Gaja Capital in discussions to lead $100m funding in 1MG. (FS)
Gaja Capital, a private equity firm, is in advanced discussions to lead a $100m funding round in 1MG Technologies. Tata Capital, Europe's Partners Group, and a global private equity major may also participate in the Gurugram-based startup's financing round.
If the deal goes through, it could mark Gaja's first investment from its $400m fourth fund. 1MG Technologies was set up in 2015 by way of a demerger from BLPL, a division within digital health platform HealthkartPlus. The $100m financing will give the company the required firepower to stay in the competition at a time when the e-pharmacy business in India is witnessing a lot of deal traction.
Gaw Capital completes fundraising for IDC platform close to $1.3bn. (FS)
Real estate private equity firm Gaw Capital Partners closed the fundraising for its internet data center platform, which targets to invest in a portfolio of projects in partnership with IDC developers and operators in China, bringing the total equity raised to approximately $1.3bn.
"Gaw Capital Partners is extremely pleased to be teaming up with industry leaders and outstanding operating teams to invest in IDC projects. We have seen good results thanks to our operating partners' strong execution capabilities. Amid the backdrop of pandemic and the rapid adoption of 5G in China, there is a strong demand for data processing services due to the increasing use of data because of the social distancing measures. With most social and economic activities migrating online, data centers in promising locations along the densely populated region of China are emerging as valuable assets that produce stable rental income," Humbert Pang, Gaw Capital Managing Principal and Head of China.
UTI AMC set to launch an IPO next week.
Mutual fund manager UTI Asset Management is planning to launch its $410m IPO in the week of 14 September, as the company's existing shareholders look to tap the recovery in the IPO market.
The mutual fund manager's plan to launch its share sale comes at a time when the IPO market is seeing a revival in activity.
