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AMERICAS
Private equity firms Apollo Global, JF Lehman and Hill City Capital completed the acquisition of Atlas Air Worldwide, a global provider of outsourced aircraft and aviation operating services, for $5.2bn.
"Today marks the start of an exciting new chapter for Atlas, and we are eager to begin our partnership with Apollo, J.F. Lehman and Hill City. With the support and resources of our investor partners, we are well-positioned to achieve our growth objectives while continuing to serve the increasingly complex global supply chain. I want to thank the entire Atlas team, whose customer focus and dedication made this milestone possible. I look forward to the opportunities this next phase provides for our Company and our employees," John Dietrich, Atlas Air President and CEO.
Atlas Air Worldwide was advised by Morgan Stanley, Cravath Swaine & Moore (led by Robert I. Townsend and Keith Hallam) and Abernathy MacGregor Group (led by Dan Scorpio). Morgan Stanley was advised by Latham & Watkins. JF Lehman was advised by Jones Day (led by Andrew M. Levine). Apollo Global was advised by Barclays, Evercore, Goldman Sachs, Mizuho Securities, Paul Weiss Rifkind Wharton & Garrison (led by Brian Finnegan and Gregory Ezring) and Joele Frank (led by Jonathan Keehner). Debt financing was advised by Apollo Global Management, Barclays, Credit Agricole, Goldman Sachs and Mizuho Securities.
EU regulators have delayed a decision on Microsoft's proposed $69bn acquisition of Activision Blizzard after the company submitted remedies in its efforts gain approval.
The European Commission had previously announced a provisional deadline of April 25 for its decision on the controversial takeover, but that has now shifted to May 22 as its reviews Microsoft's latest submissions.
Details of these remedies have not been made public, as per EU policy, but it's likely these relate to a flurry of recent deals Microsoft has signed in a bid to be seen as willing to bring Call of Duty - a particular sticking point for regulators in the EU, US, and UK - to competing services.
Labcorp, an American healthcare company, agreed to acquire clinical laboratory from Enzo Biochem, a biotechnology company. Financial terms were not disclosed.
“Enzo Clinical Labs is renowned for high-quality testing and expert customer focus, and we look forward to integrating these capabilities through a smooth and seamless transition of services while maintaining a presence on Long Island with testing and service teams. This investment bolsters our commitment to the New York Tristate healthcare communities and we are confident that Enzo Clinical Labs patients and providers will have a combined experience that exceeds their laboratory needs,” Bill Haas, Labcorp Diagnostic’s Northeast Division Senior Vice President.
Labcorp is advised by Evercore and Hogan Lovells. Enzo Biochem is advised by Jefferies & Company, McDermott Will & Emery, Berry & Company Public Relations (led by Lynn Granito) and LifeSci Public Relations (led by Chris Calabrese).
A US bankruptcy judge declined to delay the $1bn sale of crypto lender Voyager Digital to Binance, saying Voyager customers should not be forced to wait out a challenge by the Department of Justice that is unlikely to succeed.
Judge Michael Wiles in Manhattan ruled that the department had mischaracterized the scope of legal protections he had granted to Voyager employees for actions to carry out the sale and rebalance its crypto portfolio, Reuters reported.
Binance is advised by Latham & Watkins (led by Robert Katz and Daniel Mun). Voyager is advised by Berkeley Research Group, Moelis & Co and Kirkland & Ellis.
A consortium of investors including Andreessen Horowitz, Baillie Gifford, Founders Fund, General Catalyst, MSD Partners, and Thrive Capital, led a $6.5bn Series I investment round in Stripe, a financial services and software as a service company, with participation from GIC, Goldman Sachs and Temasek.
"Over the last 12 years, current and former Stripes have helped build foundational economic infrastructure for millions of businesses around the world, and this transaction gives them the opportunity to access the value they've helped create. But the internet economy is still young, and the opportunities of the next 12 years will dwarf those of the recent past. There's so much to discover and to create. For us, it's now back to work," John Collison, Stripe Co-Founder and CEO.
Stripe was advised by Goldman Sachs, JP Morgan and Ropes & Gray.
Diploma, a business supplying specialized technical products and services, completed the acquisition of Tennessee Industrial Electronics, an electronic parts supplier, for £76m ($93m).
"TIE is an excellent business in an exciting end market and has a track record of delivering strong growth at high margins. We welcome our new colleagues into the Group. Alongside our relentless focus on organic growth, we see significant potential to strengthen the Group further with disciplined acquisitions that accelerate future organic growth, while maintaining our strong financial position. We are encouraged by the momentum across the Group, we are excited about our growth potential and we are confident in continuing to deliver on our compounding track record," Johnny Thomson, Diploma CEO.
Diploma was advised by Teneo.
Cosmos Health, a global healthcare group with proprietary lines of nutraceuticals and distributor of pharmaceuticals, branded generics, OTC medications and medical devices, agreed to acquire ZipDoctor, a direct-to-consumer subscription-based telemedicine platform from American International Holdings, a diversified holding company. Financial terms were not disclosed.
"We are extremely pleased to announce that we have completed the next step by signing the SPA. The closing date has been scheduled for April 3, 2023, and we eagerly anticipate welcoming ZipDoctor to the Cosmos Health family of companies. We would like to thank Jacob Cohen for his cooperation and assistance in closing this transaction. The telehealth industry is set for strong growth, and we believe that ZipDoctor, with the proper investment from Cosmos Health, can become a significant player in the space. Furthermore, we intend to expand on ZipDoctor's current primary care and mental health service offerings to include the ability to speak to a doctor to seek additional medical treatments related to and including men's and women's health and wellness issues, weight loss and other similar treatments," Greg Siokas, Cosmos Health CEO.
Cosmos Health is advised by Lytham Partners.
Cor Partners, a family of complementary insurance service company, completed the acquisition of DBI Construction Consultants, a national provider of building and construction consulting services. Financial terms were not disclosed.
"Partnering with Cor creates immediate opportunities to better serve our growing list of clients by leveraging resources that will allow us to enter new markets as well as grow our team and menu of services. Finding a partner that shares our vision, culture, respect for team members, and reverence for our clients is what makes this alliance exceptional. Knowing that the DBI brand will move forward executing our far-reaching goals adds extra excitement for us," Dennis Di Millo, DBI Partner & Managing Principal.
Via, a company in TransitTech, completed the acquisition of Citymapper, a UK-based premier journey planning app and transit technology company. Financial terms were not disclosed.
"We have the utmost respect for the world-class product and user experience that Azmat and his team have built. By bringing our teams together, we see an exciting opportunity to deliver Citymapper's capabilities to cities and transit agencies all over the world, so that they can create the most user-friendly and relevant transit experience for their communities," Daniel Ramot, Via co-founder and CEO.
Via was advised by Skadden Arps Slate Meagher & Flom (led by Blair Thetford).
Greenoaks Capital, a private equity firm, led a $500m Series E funding round in Rippling, a human resource management company that offers an all-in-one platform to help manage HR and IT operations.
The emergency round facilitated by Greenoaks Capital gives Rippling the same valuation it fetched in a fundraising last year, despite a market correction that’s prevented most startups from raising money at favorable terms.
Brooks Industrial Marketplace, a global metals processing and fabrication company, completed the acquisition of TuffStuff Fitness International, an American strength equipment manufacturer and fitness innovator. Financial terms are not disclosed.
“We have now integrated many of our key technical experts from the Brooks teams with the proud and talented team members at TuffStuff. This blend of highly skilled professionals will increase our production efficiencies, reduce order lead times, and vastly improve our overall performance,” Rick Reyes, TuffStuff Executive Vice President.
Karat, a technical interview platform, completed the acquisition of adaptive assessment technology of Triplebyte, a recruiting and technical screening platform for tech companies. Financial terms were not disclosed.
“Karat is the only technical hiring solution that takes candidates seamlessly from job application to job offer. With more high-quality tech talent on the market than ever before, now is the time for companies to invest in hiring software engineers – and it starts by strengthening your interview process and candidate experience,” Mohit Bhende, Karat Co-Founder and CEO.
Ethical Capital, a private equity firm, completed the acquisition of MindGeek, an internet publishing company. Financial terms were not disclosed.
“At ECP, we seek out innovative and ethically-driven companies that operate at the frontier of new, evolving industries. In MindGeek, we have identified a dynamic tech brand that is built upon a foundation of trust, safety and compliance, and with ECP’s resources and broad expertise spanning regulatory, law enforcement, public engagement and finance, we have a unique opportunity to strengthen what already exists,” Fady Mansour, ECP founding partner.
Graham Partners, a private equity firm, completed an investment in Rhythmlink, a medical device manufacturing company. Financial terms were not disclosed.
“We’re excited about this next phase of Rhythmlink. Graham is an excellent partner for us because of their experience in medical technology and healthcare, and we see this as a growth opportunity for us to continue to innovate beyond our current capabilities. I’m extremely proud of how far we’ve come, and this is a chance for Rhythmlink to expand our business without sacrificing what matters to us – improving patient care in our field of neurodiagnostics,” Shawn Regan, Graham CEO and Co-Founder.
Parsonex Enterprises, a financial services conglomerate which owns several subsidiaries focused on investments, financial planning, advice and media, completed the acquisition of E. Magnus Oppenheim, a stock broker. Financial terms were not disclosed.
"This acquisition enhances our offerings and enables us to better serve our clients by incorporating in-house industry-leading investment management services. Our firms' are culturally and philosophically aligned in that we both prioritize long term, goal-based investment solutions, customized asset management and a focus on serving clients with excellence. We look forward to carrying forth the legacy and reputation that Mr. Oppenheim created," Jonathan Miller, Parsonex CEO.
United Real Estate Gallery, a local real estate brokerage services company, completed the merger with URWAY Realty, a real estate agency. Financial terms were not disclosed.
“The URWAY Team is excited to merge with a company that thinks of its agents and customers comprehensively. As a real estate broker in the business for over 30 years, I have watched United Real Estate Gallery continually innovate its property marketing and agent training to address our market’s evolving needs. They bring a forward-thinking edge to a real estate brokerage industry that sometimes grows flat. Their unique technology platform has created excitement and energy in my team that complements URWAY Realty’s values and ethics,” Laura Evans, URWAY Realty Broker.
Michael Jordan in talks to sell majority ownerhsip stake in Charlotte Hornets.
Charlotte Hornets owner Michael Jordan is in "serious talks" to sell his majority stake in the franchise. Jordan is considering selling his stake to a group led by Hornets minority owner Gabe Plotkin as well as Atlanta Hawks minority owner Rick Schnall.
A sale isn't close, however, if Jordan were to sell his majority stake, he would still remain a minority owner of the franchise. Jordan became the majority owner of the then Charlotte Bobcats in 2010, after purchasing the team for $275m from former majority team owner Bob Johnson. Prior to that, Jordan had been a minority investor in the franchise dating back to 2006, CBS reported.
Motive Partners reportedly in discussions to buy ACI Worldwide. (FS)
Private equity firm Motive Partners is in negotiations to purchase American payments software company ACI Worldwide.
The fintech-focused firm has been looking for funding over the last few weeks to broker a deal for ACI Worldwide. However, the companies are yet to come to a conclusion and the talks could collapse in the wake of the current turmoil in the financial space, Bloomberg reported.
TikTok CEO says app sale won't address US security concerns.
TikTok CEO Shou Zi Chew insisted that forcing the app's Chinese parent company, Bytedance, to sell it would not address the the national security concerns of the US and other governments.
Chew's comments to the Wall Street Journal coincided with the UK and New Zealand becoming the latest to announce new TikTok restrictions on government devices due to security concerns. Doubling down on statements the company has issued previously, Chew told the WSJ that such a move would not provide any more protection than the firm's current plan, which involves ensuring that US user data is accessible only by Oracle Cloud and the firm's American data security team.
The Biden Administration has warned TikTok that it faces a ban in the United States if ByteDance doesn't sell its stake in the US version of the app, Axios reported.
First Citizens weighing takeover of Silicon Valley Bank.
First Citizens BancShares, a commercial banking company, is evaluating an offer for Silicon Valley Bank, a state-chartered commercial bank headquartered.
First Citizens is among the handful of potential buyers in the data room for the auction process for the failed bank. No final decision has been made and First Citizens could opt against making a bid.
This would be Federal Deposit Insurance's second attempt at selling SVB after a failed effort a week ago. FDIC had retained investment bank Piper Sandler to run a new auction.
TA Associates pauses fundraising on its Select Opportunities fund. (FS)
TA Associates, a private equity firm, has paused fundraising for one of its newer strategies, the firm's third Select Opportunities Fund, which came to market alongside the firm's 15th flagship pool and was targeting $1.5bn.
“We have decided to pause the fundraise for TA Select Opps III and focus on TA XV and our flagship fund series moving forward. We believe this will reduce organizational complexity and are excited to address these investment opportunities on a selective basis, as we have been, through our flagship fund series,” TA Associates.
EMEA
Chart Industries, a manufacturer of highly engineered equipment servicing multiple applications, completed the acquisition of Howden, a provider of air and gas handling solutions, from KPS Capital, a private equity firm, for $4.4bn.
"We are excited to welcome the Howden team to the Chart family and look forward to the combined business executing on record momentum and well-defined synergies. Since we announced the combination in November 2022, Chart has received numerous inbounds from customers that see the combined benefits we can offer," Jill Evanko, Chart CEO and President.
JATT Acquisition, a publicly traded special purpose acquisition company, announced that its shareholders voted to approve its proposed business combination with Zura Bio, a clinical-stage biotechnology company.
At the extraordinary general meeting of JATT’s shareholders, a total of 4.9m ordinary shares, or 95.5% of JATT’s issued and outstanding ordinary shares as of February 16, 2023, the record date of the extraordinary general meeting, were present either in person or represented by proxy. Holders of 4.9m ordinary shares, or 99.9% of the votes cast at the meeting, voted in favor the business combination.
Zura Bio is advised by McDermott Will & Emery (led by Ari Edelman) and Ogier. JATT Acquisition is advised by Raymond James, Loeb & Loeb, Maples Group, Simmons & Simmons, Stern IR (led by Anne Marie Fields) and Triquartista Consulting (led by Chris Wilson). Raymond James is advised by Paul Hastings.
Bridgepoint Development Capital, a private e completed the acquisition of a minority stake in Monica Vinader, a British jewelry brand, from private equity firms Piper and Winona Capital. Financial terms were not disclosed.
"We look forward to the next chapter of our journey and working with the team at Bridgepoint to continue to grow and develop the brand. We would like to thank the excellent team at Piper and Winona Capital for all their support and expertise, especially during this extended period of unprecedented global challenges. We are grateful for all their hard work and guidance in helping us develop into a truly global brand legend," Monica Vinader, Monica Vinader Founder and CEO.
Monica Vinader was advised by Houlihan Lokey, PricewaterhouseCoopers and Pinsent Masons. Bridgepoint was advised by OC&C Strategy Consultants, Eight Advisory, Highstead, Ropes & Gray (led by Helen Croke) and Palladium Digital.
The competition watchdog has warned that a proposed merger between two healthcare technology specialists would lead to higher costs and “worse outcomes for the NHS and ultimately patients and UK taxpayers”.
The Competition and Markets Authority found the $1.5bn deal for Optum to buy British rival EMIS could reduce competition to develop and supply digital and data analytics products to the health service.
The CMA noted that Optum and its competitors rely on connections to data held by EMIS and links into its electronic patient records. It said the merger could limit these connections and undermine competitors, in turn reducing the options for the NHS, pushing up prices and lowering the quality of products, The Guardian reported.
UBS and Credit Suisse oppose the idea of a forced merger.
UBS Group and Credit Suisse Group are opposed to a forced merger, even as scenario planning for a government-orchestrated tie-up continues.
UBS would prefer to focus on its own wealth-centric standalone strategy and is reluctant to take on risks related to Credit Suisse. Its smaller rival is seeking time to see through its turnaround after winning a liquidity backstop from the central bank.
Both UBS and Credit Suisse see a takeover as a potential measure of last resort given the significant hurdles and overlap from such a transaction. The government and the lenders are running through a whole range of scenarios, and it remains to be seen which additional steps will be taken beyond the liquidity backstop, Bloomberg reported.
BlackRock says not participating in any Credit Suisse takeover plan. (FS)
BlackRock said it had no plans or interest in acquiring embattled Swiss lender Credit Suisse, Reuters reported.
The Financial Times reported BlackRock had been working on a rival bid for Credit Suisse aiming to counter a plan for UBS to acquire the struggling bank. It later updated that story to include BlackRock's denial of any interest or involvement in such a deal.
John Lewis eyes diluting 100% staff ownership.
British retailer John Lewis, which has been 100% owned by its staff, is considering diluting its partnership structure.
The report said that the company would consider selling only a minority stake and its priority would be to maintain majority employee ownership. Chairperson Sharon White is in the early stages of exploring a plan to change the retailer's mutual structure so it can try to raise between $1.22bn to $2.44bn of new investment, Reuters reported.
Zhejiang Geely sells a $1.6bn Daimler Truck stake.
Chinese billionaire Li Shufu’s Zhejiang Geely Holding has divested its 6.3% stake in truck maker Daimler Truck equivalent to roughly $1.6bn at current market prices, Bloomberg reported.
The company, which is also the biggest shareholder in Swedish truckmaker Volvo, said it remains committed to its holding in Mercedes-Benz. Zhejiang Geely owned stakes in the two companies following a split of Daimler’s car- and truckmaking businesses into two separately listed units in 2021.
Bain Capital and Aurelius Group eye a £400m stake in Mitsubishi-backed Princes Foods. (FS)
Bain Capital-backed Valeo Foods Group and Aurelius Group are among the parties looking to swallow Mitsubishi-backed Princes Foods, which produces well-known tinned fish and fruit staples. A number of other private equity firms, including Capvest, Valeo's former owner, have also been identified as possible bidders for Princes.
Houlihan Lokey, the investment bank, has been appointed to handle the sale, which industry sources said could be valued at £400m ($487m) or more, depending upon the competitiveness of the auction, Sky News reported.
Liberty Global and CityFibre discussed UK fiber deals. (FS)
Liberty Global and CityFibre have held exploratory discussions about potential combinations of their UK broadband networks.
The talks have also involved Nexfibre, a network-building joint venture between Virgin Media O2 and InfraVia created last year. The talks are preliminary and may not result in an agreement, Bloomberg reported.
Abu Dhabi-backed Apex in talks about bid for stricken MJ Hudson. (FS)
A financial services giant backed by an Abu Dhabi sovereign fund is in advanced talks about a takeover of MJ Hudson Group, the struggling London-listed asset management services provider.
Apex Group is in detailed negotiations with MJ Hudson's board about a formal offer for the company, weeks after emerging as a suitor to buy a number of its divisions. Apex Group is part-owned by Mubadala, the Abu Dhabi sovereign wealth fund, and the private equity firms Carlyle and TA Associates.
Apex had expressed an interest in acquiring the bulk of MJ Hudson's operations - excluding its legal services arm - but recently switched its attention to an offer for the whole company, Sky News reported.
Presight AI’s $496m IPO gets $26bn in orders.
Presight AI Holding, a data analytics firm owned by Abu Dhabi’s G42, drew orders worth $25.8bn for its $496m IPO, in the latest sign of strong demand for Middle Eastern offerings, Bloomberg reported.
The listing will be Abu Dhabi’s second of the year, and was oversubscribed by 136 times — excluding the commitment from cornerstone investor, International Holding. Presight’s owners are selling 1.36bn shares at 1.34 dirhams a share, and the trading debut is expected on March 27.
Magrabi pauses hospitals IPO plan.
Magrabi Medical Group, an operator of eyewear stores and clinics in the Middle East, has paused plans for an initial public offering of its hospitals business in Saudi Arabia.
The family-owned company put the IPO on ice after deciding the business needs more time to develop before going public. Magrabi last year asked banks to pitch for a role on an IPO on the Saudi stock exchange. Rothschild was advising Magrabi at the time, Bloomberg reported.
APAC
JX Nippon, an oil explorer, agreed to acquire Japan Drilling, an offshore drilling services provider, from Aspirant Group, a private equity firm. Financial terms were not disclosed.
"We have come to this agreement in recognition of the fact that JDC's technology for drilling wells to inject and store CO2 underground is expected to further strengthen the CCS/CCUS value chain provided by the ENEOS Group. We believe that after the transfer, JDC will be able to strengthen its CCS business, currently being worked on, through collaboration with JX, and aim for further growth and development," Aspirant Group.
Aspirant Group is advised by MUFG Bank.
L’Oreal, Permira said among bidders for the $2bn Aesop stake sale. (FS)
L’Oreal and Permira are among suitors competing for a stake in high-end cosmetics brand Aesop.
The French skincare group and private equity firm proceeded to a second round of bidding for the asset. The family behind French cosmetics company Clarins is also bidding through its Famille C Participations investment vehicle.
The stake is being sold by Brazilian cosmetics maker Natura and a deal could value Aesop at about $2bn. Binding offers are due in the coming weeks, Bloomberg reported.
Tata Consumer drops acquisition talks with Bisleri.
India's Tata Consumer Products said it had ceased discussions with packaged water maker Bisleri International about a potential acquisition.
Bisleri chairman Ramesh Chauhan had decided to sell the company to Tata Consumer Products for up to $848m, Reuters reported.
"The company has not entered into any definitive agreement or binding commitment on this matter," Tata Consumer.
Indorama considers $1bn US IPO of its integrated oxides and derivatives unit.
Indorama Ventures, the acquisitive Thai chemicals company, is considering a US initial public offering of its integrated oxides and derivatives business that could raise about $1bn.
The Bangkok-listed firm is working with financial advisers on the potential share sale, which could take place as soon as this year. The proceeds could help Indorama boost growth as well as reduce debt.
Considerations are at an early stage and Indorama could decide against pursuing a deal. Details such as size and timing could still change, Bloomberg reported.
Dajia Insurance Group sets up $728m PE fund to invest in elderly care. (FS)
Dajia Insurance Group has launched its first private equity fund at 5bn yuan ($728m) to invest in the equities of healthcare and elderly care providers looking to serve an ageing population in the world’s second-biggest economy.
The move makes Beijing-based Dajia the latest Chinese insurance firm to deploy capital into PE after regulators in the country relaxed rules to encourage more insurance money to flow into this asset class. In recent years, China Life Insurance, China Pacific Insurance, and Taikang Life Insurance have either built their own PE funds under partnerships or committed to funds managed by existing PE companies, DealStreetAsia reported.
Petronas is planning a $200m VC arm expansion.
Petronas, Malaysia's state-owned oil company, is planning to expand its corporate venture capital arm by up to $200m with the extra funding set to be in place as early as April, Reuters reported.
It will focus on making innovation and technology investments across Asia-Pacific. The extra funding could change as the plan is still being finalised.
Petronas Ventures' main goals include scouting for niche innovative technology to enhance the group's core operations and growth areas that could become its new sources of revenue.
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