AMERICAS
A consortium of investors led by Advent International, Permira Advisers, Crosspoint Capital, CPPIB, GIC and ADIA, completed the acquisition of McAfee, a cyber security services provider, in a $14bn deal.
“This transaction is a testament to McAfee’s market-leading online protection solutions, our talented employees, and outstanding customers and partners. We want to thank our employees for their continued hard work and commitment to McAfee. We are thrilled to be partnering with premier firms who truly understand the cybersecurity landscape and have a proven track record of success," Peter Leav, McAfee President and CEO.
McAfee was advised by Goldman Sachs, Morgan Stanley, Moulton Moore Stella, Ropes & Gray. Financial advisors were advised by Sullivan & Cromwell. Canada Pension Plan Investment Board was advised by Weil Gotshal and Manges. Crosspoint Capital Partners was advised by Prosek Partners. Permira Advisers was advised by Sard Verbinnen & Co. Advent International was advised by Bank of America, Barclays, Bryant Stibel, Citigroup, Evercore, JP Morgan, Fried Frank Harris Shriver & Jacobson, Kirkland & Ellis, Weil Gotshal and Manges and Finsbury Glover Hering. Debt financing was provided by Bank of America, Barclays, Citigroup, Credit Suisse, HSBC, JP Morgan, National Association, Neuberger Berman, PSP Investments, RBC Capital Markets and UBS. Debt Providers were advised by Davis Polk & Wardwell and Milbank.
The US Federal Trade Commission is gearing up for a potential antitrust lawsuit challenging Amazon.com $8.5bn takeover of MGM Studios, Reuters reported.
The FTC is exploring actions, including hiring expert witnesses to appear in an eventual trial, adding that FTC will decide whether to bring the case in the next few weeks.
Metro-Goldwyn-Mayer is advised by LionTree Advisors, Morgan Stanley, Cleary Gottlieb Steen & Hamilton, Latham & Watkins, Paul Weiss Rifkind Wharton & Garrison, Sidley Austin and Finsbury Glover Hering. Financial advisors are advised by Paul Hastings. Amazon.com is advised by Bank of America, Bennett Jones, Clifford Chance, Cravath Swaine & Moore and FTI Consulting. Bank of America is advised by White & Case. Anchorage Capital is advised by Cleary Gottlieb Steen & Hamilton.
South State, a financial services company, completed the merger with Atlantic Capital Bancshares, a publicly-traded bank holding company, in a $542m deal.
"This partnership with SouthState enhances our purpose to fuel prosperity for our shareholders, clients, and teammates. SouthState's larger capital base and broader range of capabilities will strengthen our client relationships and expand our new business opportunities. Our companies are tightly aligned culturally; we operate on the same core banking and treasury management platforms, and our credit and risk management philosophies and processes are similar," Douglas L. Williams, Atlantic Capital President and CEO.
Atlantic Capital Bancshares was advised by JP Morgan, Sullivan & Cromwell and Troutman Pepper. South State was advised by Raymond James and Davis Polk & Wardwell. Raymond James was advised by McGuireWoods.
W P Carey, an investment management company that provides long-term sale-leaseback and build-to-suit financing, agreed to merge with Corporate Property Associates 18, a non-traded real estate investment trust, in a $2.7bn deal.
"We are pleased to have structured a transaction that will provide investors in CPA:18 – Global with liquidity as well as the opportunity to continue their investment in a similar company, receiving income in the form of quarterly dividends and participating in the potential upside in a leading publicly traded REIT. It also provides W P Carey – the surviving company – with the opportunity to purchase high quality assets that align well with its own portfolio, generating stable and recurring real estate revenues that will support our focus on growth and income for investors," Jason Fox, W P Carey CEO.
W P Carey is advised by Bank of America, Wells Fargo Securities and DLA Piper. CAP is advised by Morgan Stanley, Clifford Chance and Troutman Pepper.
GTCR, a private equity firm, completed the acquisition of a majority stake in Experity, a developer of healthcare software. Warburg Pincus retained a minority ownership stake in the company. Financial terms were not disclosed.
"This investment represents the culmination of years of relationship-building and activity in the urgent care and healthcare technology sectors. In that time, we came to know the Experity business well and believe the team there has done a phenomenal job in building this market-leading solution. We are thrilled to partner with Dr. Stern and the Company, and look forward to this next chapter with the entire Experity team and our partners at Warburg Pincus," Dean Mihas, GTCR Co-CEO and Managing Director.
GTCR was advised by Jefferies & Company, Latham & Watkins and The Harbinger Group. Experity was advised by Kirkland & Ellis and William Blair & Co.
PharmaCann, the largest privately held, vertically integrated cannabis company in the United States, completed the acquisition of LivWell, a multi-state cannabis cultivation firm. Financial terms were not disclosed.
“The combination of PharmaCann and LivWell is a natural fit given our shared commitment to improving people’s lives through cannabis. Combining our respective companies creates a market-leading platform to further expand our operations in new and existing markets, and immediately expands PharmaCann’s presence to Colorado and Michigan, two of the largest cannabis markets in the country," Brett Novey, PharmaCann CEO.
PharmaCann was advised by Canaccord Genuity and Perkins Coie. LivWell was advised by Gramercy Capital and Husch Blackwell.
Pembina Pipeline and KKR Joint Venture to merge with Energy Transfer Canada, a gas processor providing midstream solutions, in a $11.4bn deal.
"We work well together and share a mutual desire to invest capital and generate attractive returns. The formation of this new joint venture is a natural extension of our relationship, unlocks value for Pembina and creates another growth platform. We are extremely pleased to be creating this exciting new company with KKR to drive real synergies and deliver a wider suite of commercial opportunities," Scott Burrows, Pembina's President and CEO.
KKR & CO is advised by TD Securities and Torys. Pembina Pipeline is advised by RBC Capital Markets and Blake Cassels & Graydon.
Sandton Capital, a private equity firm, led a $200m Series B financing round in Aymium, a producer of renewable biocarbon products, with participation from Steel Dynamics and Rio Tinto.
“With this capital raise, Aymium has brought in a collection of strong global partners who are both leaders in their respective fields as well as leaders in the transition away from fossil fuels. This investment represents an important next step in the growth of Aymium as well as a clear validation of its products, technologies and management team,” Tom Wood, Sandton Capital Co-CIO.
Aymium was advised by Credit Suisse, Latham & Watkins and Gard Communications.
Coral Tree Partners, a private equity firm, agreed to invest in Subject Matter, a provider of advertising services. Financial terms were not disclosed.
"The Coral Tree partnership marks the next chapter in Subject Matter's story. We've proven that the combination of strategic thinking, creative ideas, and coordinated execution is a winning formula. With Coral Tree we have an opportunity to take it to the next level, crafting customized, creative strategies that deliver real time results and align with longer term strategic positioning and objectives," Steve Elmendorf, Subject Matter Managing Partner.
Coral Tree is advised by Goodwin Procter. Subject Matter is advised by BrightTower and WilmerHale.
CAE, a high technology company, completed the acquisition of the AirCentre airline operations of Sabre, a software and technology company that powers the global travel industry, for $392m.
"Sabre's AirCentre business is highly valued by many of the world's leading airlines, nearly all of whom are customers of CAE today. This acquisition will significantly expand CAE's capabilities across a large airline customer base and allows us to deliver on our objective to help our civil aviation customers operate their businesses with the highest levels of efficiency and precision," Marc Parent, CAE President and CEO.
CAE was advised by Norton Rose Fulbright. Sabre was advised by Skadden Arps Slate Meagher & Flom.
Mercer Advisors, a national registered investment adviser, agreed to acquire Benemark, a respected wealth management firm. Financial terms were not disclosed.
"Robert and Gregg have built a great business and strong team and they are highly respected wealth management professionals. We are thrilled to be expanding our presence in Connecticut and look forward to working together to deliver meaningful results for our shared clients," Dave Welling, Mercer Advisors CEO.
Benemark is advised by FP Transitions. Mercer Advisors is advised by Chris Tofalli Public Relations.
Huntington Bancshares, a multi-state bank holding company, agreed to acquire Capstone Partners, an investment banking firm. Financial terms were not disclosed.
"The addition of investment banking and financial advisory services aligns with our Capital Markets strategic plan and better positions Huntington to serve the full range of needs of middle market clients within our footprint, as well as those we serve on an increasingly national basis. The combination of Huntington's brand and capabilities alongside a premier middle market investment banking franchise with unique industry insights creates a differentiating experience for our clients," Scott Kleinman, Huntington Co-President.
Huntington is advised by Wachtell Lipton Rosen & Katz. Capstone Partners is advised by Keefe Bruyette & Woods.
Investment managers Coatue and Energize Ventures led a $200m Series D funding round in Aurora Solar, a software platform for solar sales and design, with participation from Fifth Wall, ICONIQ, Lux Capital and Emerson Collective.
"As a trusted partner to the fastest growing solar companies, we have a unique vantage point from which to deliver customer-centric innovation. We are thrilled about our next chapter and accelerating innovations that enable every member of the solar organization to benefit from data and AI, and ultimately deliver on the promise of solar," Christopher Hopper, Aurora Solar Co-founder and CEO.
Aurora Solar was advised by Bulleit Group.
Cengage Group, a global education technology company, completed the acquisition of Infosec, a cybersecurity education provider, for $191m.
"The cybersecurity industry is at a critical inflection point where the skilled labor shortage could have far-reaching and lasting effects on business and personal safety. At the same time, it provides an opportunity for un- or under-employed workers who can upskill or reskill for career advancement. With our scale and resources, more cybersecurity professionals will have access to an affordable and faster option to develop the skills they need," Michael E. Hansen, Cengage Group CEO.
Infosec was advised by DC Advisory.
John Deere, a provider of wholesale distribution of machinery and equipment, completed the acquisition of the remaining stake in Deere-Hitachi joint venture, a firm that manufactures Deere-branded construction excavators and forestry equipment. Financial terms were not disclosed.
"As we launch this new chapter, our legacy of innovation continues. Going forward, we can leverage technology developed for other product lines and production systems across the Deere enterprise and extend those advanced solutions to Deere-designed excavators, strengthening the entire product portfolio," John Stone, John Deere President.
Hitachi was advised by Jefferies & Company.
Software, a technology company, agreed to acquire StreamSets, a developer of a multi-cloud DataOps platform, for €524m ($586m).
“We’re delighted to be joining the Software AG family and working with Sanjay and team on this next phase of our growth journey. Our products are made for each other, and we see tremendous opportunity in the convergence of application integration and data integration to deliver smart applications. I have been admiring Software AG’s transformation from afar, and together, I believe we will accelerate our growth trajectory by unlocking digital transformation for our customers," Girish Pancha, StreamSets CEO.
SoftBank Vision Fund 2, a fund manager, led a $425m Series E funding round in Weee, an ethnic e-grocer in North America, with participation from Greyhound Capital, a global growth equity investment firm.
"The market for ethnic groceries and food is massively underserved in the US, and we believe that Weee! is in a prime position to meet the demands of customers. Weee!'s strong execution capabilities and reach across multiple ethnic groups, coupled with a unique customer experience model leveraging AI, has enabled it to scale effectively in a rapidly evolving grocery market. We are delighted to partner with Larry Liu and the team to support their next phase of expansion," Lydia Jett, Softbank Managing Partner.
Kennedy Wilson, a real estate investment firm, completed the acquisition of a 50% stake in Central Park Commons, a garden-style apartment community, Paceline, a 221-unit apartment community, and AYA ABQ, a 504-unit garden-style apartment community, for $264m.
“Central Park Commons, Paceline and AYA are ideal additions to our growing collection of properties that cater to residents seeking a suburban, outdoor-oriented lifestyle within close range of the economic vibrancy of downtown Boise, Seattle and Albuquerque. Identifying high-quality communities that provide relative affordability in burgeoning markets is the hallmark of Kennedy Wilson’s West Coast multifamily investment process, and we are excited to build on that strategy while creating additional value and expanding our presence in these key markets with the support of our strategic partners," Kurt Zech, Kennedy Wilson President.
Golden Gate to weigh the stake sale of Ensemble Health. (FS)
Golden Gate Capital, an American private equity firm, explores a potential sale of a controlling stake in Ensemble Health Partners, a revenue cycle management company for hospitals, health systems and physician practices, Bloomberg reported.
Golden Gate is working with an adviser to explore a sale of some or all of its 51% stake in Ensemble that could value the company at more than $5bn.
SPAC issuers churn out new IPOs despite blank-check tumbles.
Banks and sponsors are pumping out new blank-check firms, although the market for old ones is in free-fall, Bloomberg reported.
44 SPACs have priced their IPO this year, despite a 40% drop from its February 2021 peak and a glut of firms looking for targets. If the pace keeps up, this year could see about 264 IPOs, while last year's record was more than 600, but still more than 2020's count of 248.
HIG Capital closes HIG Realty Partners IV Fund. (FS)
HIG Capital, a global alternative asset management firm with, announced the closing of HIG Realty Partners IV, its fourth US Realty Partners fund. The fund closed with aggregate capital commitments of $838m.
"The Fund received tremendous support from our global investor base, allowing us to complete a mostly virtual fundraising process. The Fund is comprised of a diverse group of leading real estate investors including foundations, endowments, public and corporate pensions, consultants, sovereign wealth funds, and family offices in North America, Europe, Asia and the Middle East," Jordan Peer Griffin, HIG Capital Executive Managing Director.
EMEA
Britain's competition regulator cleared Brookfield's proposed acquisition of a minority stake in Scotia Gas Networks without referring the $1.7bn deal to a lengthy investigation, Reuters reported.
Britain's SSE in August agreed to sell its entire 33.3% stake in Scotia Gas Networks to a Canadian consortium formed by Ontario Teachers' Pension Plan Board and Brookfield Super-Core Infrastructure Partners.
Ontario Teachers' Pension Plan Board is advised by Evercore, Linklaters, Weil Gotshal and Manges and Kekst CNC. Abu Dhabi Investment Authority is advised by Nomura and Freshfields Bruckhaus Deringer. SSE is advised by Credit Suisse, Morgan Stanley and CMS.
Telecom Italia, a telecommunication company, is seeking to get KKR to scrap a $37bn takeover bid for the company by involving the US private equity firm in an in-house plan to spin off its landline network, Bloomberg reported.
The company, which has internally valued the bid as too low and lacking enough value-creation, instead wants to involve KKR in a plan to spin the landline network off into a new unit called NetCo. The counter-proposal would still allow KKR to strengthen its grip over Telecom Italia’s landline network once it’s separated.
Telecom Italia is advised by Goldman Sachs, LionTree Advisors, Mediobanca and Vitale & Co. KKR is advised by JP Morgan and Morgan Stanley. Debt financing is advised by Citigroup and JP Morgan.
Otis, a company for elevator and escalator manufacturing, announced it has received approval from the Spanish National Securities Exchange Commission for the voluntary public tender offer to acquire the remaining 49.98% interest in Zardoya Otis, a firm manufacturing and installing elevators, for $1.9bn.
Otis plans to publish the regulatory announcement of the tender in the listing bulletins of the Spanish stock exchanges. The transaction is structured as an all-cash voluntary tender offer. Otis intends to acquire all of the shares it does not currently own of ZOSA through OSH to delist ZOSA from the Madrid, Barcelona, Bilbao and Valencia Stock exchanges.
Otis is advised by Evercore, Morgan Stanley, Uria Menendez and Wachtell Lipton Rosen & Katz. Financial advisors are advised by Clifford Chance. Debt financing is provided by Morgan Stanley. Morgan Stanley is advised by Davis Polk & Wardwell.
Walker & Dunlop, a provider of financing services to owners of commercial real estate, completed the acquisition of GeoPhy, a commercial real estate technology company, for $290m.
"This acquisition is a game-changing investment for Walker & Dunlop, as it dramatically accelerates the growth of our technology capabilities in two areas of the market where we have the ability to disrupt the commercial real estate services industry. As our current JV partner in Apprise, we are well acquainted with the GeoPhy team and their capabilities. Actionable technology — that makes our bankers and brokers more insightful and capable — is what has differentiated Walker & Dunlop, and the acquisition of GeoPhy immediately enhances our capabilities," Willy Walker, Walker & Dunlop Chairman and CEO.
Walker & Dunlop was advised by JP Morgan, Arnold & Porter Kaye Scholer and Stibbe. GeoPhy was advised by Houlihan Lokey, Biesheuvel Jansen Advocaten and Wilson Sonsini Goodrich & Rosati.
AbbVie, a research-based biopharmaceutical company, completed the acquisition of Syndesi Therapeutics, a developer of drug molecules designed to treat cognitive impairment, from Novo Holdings, a life science investor, for $1bn.
"Spin-out ventures from pharmaceutical companies are an integrated part of Novo Seeds' company creation strategy, where we aim to add significant strategic and operational support to the spin-out process. AbbVie's acquisition of Syndesi is a testament to our strategy as well as to the leadership team, the assets they developed and the strategy they executed. We worked closely with the Syndesi team and our co-investors through the Company's early development and we are incredibly proud of the progress made," Morten Graugaard Døssing, Novo Holdings Partner.
AbbVie was advised by Cleary Gottlieb Steen & Hamilton. Syndesi Therapeutics was advised by Lazard, Deloitte and Goodwin Procter.
EagleTree Capital-backed The Channel Company, a provider of mission-critical business and marketing services, completed the acquisition of bChannels, an operator of a global technology marketing agency. Financial terms were not disclosed.
“The acquisition of bChannels is a bold step in our commitment to give our customers every advantage in the marketplace. This creates an unmatched portfolio of solutions that will transform how we enable our clients to win — anywhere in the world,” Blaine Raddon, The Channel Company CEO.
bChannels was advised by Grant Thornton and Capital Law. The Channel Company was advised by Alvarez & Marsal and Jones Day.
Taro Pharmaceutical, a research-based pharmaceutical manufacturer, completed the acquisition of Alchemee, a consumer acne brand, from Galderma, a pharmaceutical company. Financial terms are not disclosed.
"We are excited to add Alchemee to Taro’s broad portfolio of prescription and over-the-counter dermatology products. We look forward to welcoming the Alchemee team into Taro and working together to continue to make a difference to the millions of people living with acne around the world," Uday Baldota, Taro Pharmaceutical CEO.
Galderma was advised by Ropes & Gray. Taro was advised by Cravath Swaine & Moore.
Partners Group, a global private markets investment manager, agreed to acquire Forterro, an operator of a group of companies that deliver enterprise resource planning software, from Battery Ventures, a technology-focused investment firm, for €1bn ($1.12bn).
“Over the past year, we have spent a great deal of time developing strategies for growth and investing in the people and infrastructure we need to achieve a brand new vision—something we’ve been calling ‘Forterro 3.0’. The final piece of the puzzle was partnering with an investor that would share this vision with us, and Partners Group is the right partner for us," Dean Forbes, Forterro CEO.
Forterro is advised by Arma Partners.
Gjensidige Forsikring, a Norwegian insurance company, completed the acquisition of the roadside assistance business from Falck, a provider of ambulance and firefighting services, for $147m.
“Falck’s road assistance services are a natural supplement to our offerings in the mobility space with focus on convenience for our customers. Falck RSA is a highly competent organisation. We see significant potential in developing these services further and look forward to exploring value-enhancing opportunities for both customers in Gjensidige and Falck RSA together with the Falck RSA organisation," Helge Leiro Baastad, Gjensidige CEO.
Gjensidige Forsikring was advised by Sorainen.
IK Partners-backed Renta Group, a provider of construction machinery and equipment rental services, agreed to acquire Utleiesenteret, a machinery and equipment rental company. Financial terms were not disclosed.
“Utleiesenteret has shown solid growth and good profitability over time. It has a very strong market position in Eastern Norway with a formidable reputation, a clear green profile, updated machinery and offers high-quality service greatly appreciated by its customers. The emphasis on securing its local foundation suits us perfectly as this is central to our business strategy," Kari Aulasmaa, Renta Group CEO.
Utleiesenteret is advised by Nordea Bank.
Altice Media, a French multinational telecommunications and mass media company, agreed to acquire 6ter, a tv channel, from M6 Group, a multimedia services provider, and TF1 Group, a France-based company primarily engaged in the television broadcasting and communication services. Financial terms were not disclosed.
The transaction would also drive competitive momentum in the French broadcasting industry by strengthening an established player which already operates in broadcast TV with three national channels on DTT, alongside its radio and online activities.
M6 Group is advised by Rothschild & Co.
Lightspeed Venture Partners, a global venture capital firm, led a $100m financing round in Payhawk, the payment and expense solution company, with participation from Sprints Capital, Endeavor Catalyst, HubSpot Ventures and Jigsaw VC.
“Payhawk is more than just spend management software. It’s a one stop-shop for finance teams to consolidate the previously disparate systems required to spend, track, process, and budget corporate funds. After getting to know the team for over a year, we've been blown away with their pace of product development, building the most comprehensive solution in the market in less than four years,” Arsham Memarzadeh, Lightspeed Venture Partner.
Payhawk was advised by Goldsmith Communications.
Rosneft, a Russian integrated energy company, agreed to acquire 19.75% of its own stake from BP, an oil and petrochemicals company. Financial terms were not disclosed.
“Russia’s attack on Ukraine is an act of aggression which is having tragic consequences across the region. bp has operated in Russia for over 30 years, working with brilliant Russian colleagues. However, this military action represents a fundamental change. It has led the bp board to conclude, after a thorough process, that our involvement with Rosneft, a state-owned enterprise, simply cannot continue. We can no longer support bp representatives holding a role on the Rosneft board. The Rosneft holding is no longer aligned with bp’s business and strategy and it is now the board’s decision to exit bp’s shareholding in Rosneft. The bp board believes these decisions are in the best long-term interests of all our shareholders," Helge Lund, bp Chairman.
AstraZeneca and Swiss firm Neurimmune ink $760m deal for antibody drug.
AstraZeneca has agreed to develop an antibody-based therapy with Swiss biotechnology firm Neurimmune for a rare, underdiagnosed condition that can lead to heart failure in a deal valued up to $760m, Reuters reported.
AstraZeneca's rare diseases unit Alexion and Neurimmune - the firm behind the discovery of Biogen's Alzheimer's drug aducanumab - will work on evaluating a monoclonal antibody for the treatment of transthyretin amyloid cardiomyopathy.
Linde announces up to $10bn share buyback and dividend raise.
Linde, a global multinational chemical company, announced a share buyback program of up to $10bn and a 10%-increase in its quarterly dividend to $1.17 apiece.
"In 2021, Linde again generated record cash flow. Our capital allocation priorities are to maintain a strong balance sheet, invest in high-quality growth opportunities and continue our track record of paying and annually increasing the dividend," Sanjiv Lamba, Linde CEO.
KKR-backed Wella aims for IPO as haircare market recovers. (FS)
KKR and Coty-backed Wella, a German hair care company, plans an IPO as demand from beauty salons for professional haircare products recovers, Bloomberg reported.
Annie Young-Scrivner, Wella CEO, saw a potential listing in four years, probably in New York.
Nord Stream 2 owner considers insolvency after sanctions.
Swiss-based company that built the Nord Stream 2 gas pipeline from Russia to Germany is considering filing for insolvency, Reuters reported. It attempts to settle claims ahead of a US sanction deadline for other entities to stop dealings with it.
The US sanctioned Nord Stream 2 last week after Russia recognized two breakaway regions in eastern Ukraine prior to its invasion of the country.
APAC
51job agreed to accept a lowered takeover offer from a private equity consortium valuing the Chinese online recruitment company at $4.3bn, Bloomberg reported.
An investor group backed by DCP Capital Partners and Ocean Link Partners reached a deal to buy the Nasdaq-traded firm for $61 per American depositary share. The transaction is set to be one of the largest take-private deals for a US-listed Chinese firm this year.
51jobs is advised by Duff & Phelps, Kroll, Davis Polk & Wardwell, JunHe, Maples Group and Simpson Thacher & Bartlett. DCP Capital Partners is advised by Fangda Partners, Haiwen & Partners, Harney Westwood & Riegels, Kirkland & Ellis, Ogier, Paul Weiss Rifkind Wharton & Garrison and Weil Gotshal and Manges. Debt financing is provided by China Merchants Bank and Shanghai Pudong Development Bank. Recruit Holdings is advised by JP Morgan, Conyers Dill & Pearman and Sullivan & Cromwell. JP Morgan is advised by White & Case.
KKR completed the acquisition of Yayoi, a software developer, from ORIX, a financial services group. Financial terms were not disclosed.
“SMEs account for the vast majority of companies in Japan. Considering this, we are pleased to add Yayoi to our global portfolio of software providers, and excited to support this important sector of the Japanese economy as SMEs strive to enhance their operational efficiency by digitally transforming their businesses. We see a terrific opportunity to increase Yayoi’s penetration across Japan and look forward to promoting the Company’s growth by leveraging our expertise in this segment," Hiro Hirano, KKR Japan CEO.
KKR was advised by Bank of America, Simpson Thacher & Bartlett and Finsbury Glover Hering.
Hangzhou Municipal Government agreed to acquire a 10% stake in Bank of Hangzhou, a China-based regional commercial bank, from Commonwealth Bank of Australia, a retail bank, for $1.3bn.
"CBA is pleased to have played a meaningful role in HZB’s development since our original investment in 2005. Our collaboration has seen HZB become a significant player in retail, wealth management and commercial banking across the Yangtze Delta region. The reallocation of part of our shareholding to local partners will support the further expansion of HZB," Matt Comyn, CBA CEO.
CGI, an independent IT and business consulting services firm, completed the acquisition of Unico, a technology consultancy and systems integrator. Financial terms were not disclosed.
"Joining forces with Unico will help our clients further realize new opportunities through the digital transformation of their value chains. Unico's services, solutions and highly skilled employees strengthens our services portfolio and united end-to-end services capabilities in Australia. I warmly welcome the Unico team to the CGI family," Tara McGeehan, CGI President.
Adani Group, a commodity trading business, agreed to acquire a minority stake in Quintillion, a digital business news platform, from Quint Digital Media, a digital media company. Financial terms are not disclosed.
The transaction is the first bet of Gautam Adani, Adani Group Founder and Chairman, in news industry.
Tiger Global Management, an investment firm, and Huaxing Capital, a private equity firm, led a $100m Series C financing round in Dianxiaomi, the parent company of Southeast Asia's e-commerce enabler BigSeller, with participation from GGV Capital, CDH Investments and Gaorong Capital.
"We are optimistic about BigSeller long-term development... in the future, we are also looking forward to keeping accompanying the company on its overseas layout and exploration journey," Bao Fan, Huaxing Capital Co-Founder and CIO.
BGH Capital restocks war chest with $3bn first close for Fund II. (FS)
BGH Capital, a US private equity firm, raised $3bn for a new buyout fund from major Australian and offshore businesses.
BGH Capital has already picked up the $3bn and recorded the first close in recent weeks to restock its coffers ahead of what shapes as a busy year for Australian deals.
Toshiba shaken by sudden resignation of CEO. (People)
Satoshi Tsunakawa, Toshiba CEO, a Japanese multinational conglomerate,, resigned suddenly on March 1, 2022.
The resignation of Satoshi Tsunakawa revived speculation that the Japanese group will consider a take-private deal and hardening the resolve of large investors to oppose the company's plan to split in two and adds another twist to a saga that has become Japan's showcase clash between corporate leadership and shareholder capitalism.
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