AMERICAS
A consortium of investors led by Advent International, Permira Advisers, Crosspoint Capital, CPPIB, GIC and ADIA, agreed to acquire 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 is advised by Goldman Sachs, Morgan Stanley, Moulton Moore Stella and Ropes & Gray. The Investor group is advised by Bank of America, Barclays, Bryant Stibel, Citigroup, JP Morgan, Fried Frank Harris Shriver & Jacobson, Kirkland & Ellis and Finsbury Glover Hering. Debt financing is provided by Bank of America, Barclays, Citigroup, Credit Suisse, HSBC, JP Morgan, National Association, Neuberger Berman, PSP Investments, RBC Capital Markets and UBS. Permira is advised by Sard Verbinnen & Co. Crosspoint Capital is advised by Prosek Partners.
Viasat, a global communications company, agreed to acquire Inmarsat, a mobile satellite communications services provider, for $7.3bn.
“This is a transformative combination that advances our common ambitions to connect the world. The unique fusion of teams, technologies and resources provides the ingredients and scale needed for profitable growth through the creation and delivery of innovative broadband and IoT services in new and existing fast-growing segments and geographies. We look forward to welcoming the Inmarsat team into the Viasat family," Mark Dankberg, Viasat Chairman.
Inmarsat is advised by Barclays, JP Morgan, Trinity Advisors Corporation, Clifford Chance, Kirkland & Ellis, Steptoe & Johnson and Teneo. Viasat is advised by PJT Partners, Latham & Watkins, Linklaters and Brunswick Group.
Highgate, an investment manager, and Cerberus, a private equity firm, agreed to acquire CorePoint Lodging, a pure play select-service hotel owner, for $1.5bn.
“Highgate has tremendous respect for CorePoint and its highly experienced team, having observed the company strengthen, refine and cultivate a leading portfolio of select service hotels. We are thrilled to partner with our friends at Cerberus on another exciting transaction, through which Highgate will continue to enhance its capabilities in the select service space. We look forward to collaborating with the many associates and stakeholders involved towards a successful closing, and to working closely with the Wyndham Hotels team as we embark on the next chapter for this portfolio,” Mahmood Khimji, Highgate Co-Chairman.
CorePoint is advised by Hodges Ward Elliott, JP Morgan, Simpson Thacher & Bartlett and Joele Frank. Highgate and Cerberus are advised by Bank of Montreal, Deutsche Bank, Kirkland & Ellis and Latham & Watkins.
FiscalNote Holding, AI-driven enterprise SaaS company, agreed to go public via a SPAC merger with Duddell Street Acquisition, a special purposes acquisition company, in a $1.3bn deal. Upon closing, the combined company will operate under the FiscalNote name and trade on the Nasdaq under the ticker symbol "NOTE". PIPE investor in the deal include Maso Capital.
"FiscalNote is a category creator led by a visionary and experienced leadership team poised to scale with multiple organic and inorganic growth vectors. We believe this merger is highly compelling and asymmetric, driven by a clear path to profitability with an anticipated 15-20% organic revenue growth rate, 80% gross margins, and 90% recurring revenue model. With a strong track record of value creation through acquisitions and M&A integration, we are confident FiscalNote will be further positioned to disrupt, consolidate, and provide transformative technology applications to the LegalTech sector," Manoj Jain, Duddell Street Acquisition CEO.
FiscalNote is advised by JP Morgan, Paul Hastings and ICR. Duddell Street Acquisition is advised by BTIG, Citigroup, JP Morgan and Davis Polk & Wardwell. Citigroup and JP Morgan is advised by Shearman & Sterling.
Lumentum Holdings, a holding company, agreed to acquire NeoPhotonics, a manufacturer of ultra-pure light lasers and optoelectronic products, for $918m.
"With NeoPhotonics, we're making another important investment in better serving our customers and expanding our photonics capabilities at a time when photonics are at the forefront of favorable long-term market trends. At the center of our strategy is a relentless focus on developing a differentiated portfolio with the most innovative products and technology in our industry so that we can help our customers compete and win in their respective markets. Adding NeoPhotonics' differentiated products and technology and innovative R&D team is consistent with this strategy and together, we will better meet the growing need for next generation optical networking solutions," Alan Lowe, Lumentum President and CEO.
NeoPhotonics is advised by Union Square Advisors, Cooley, LouVan Communications and Sapphire Investor Relations. Lumentum Holding is advised by Goldman Sachs, Wilson Sonsini Goodrich & Rosati and Joele Frank.
Blade Therapeutics, a biopharmaceutical company, agreed to go public via a SPAC merger with Biotech Acquisition, a blank cheque company, in a $352m deal. Investors in PIPE include Deerfield Management, Pfizer Ventures, Bristol Myers Squibb, MPM Capital and Osage University Partners.
"BAC and SPRIM have leveraged deep biopharmaceutical expertise to bring an important biotechnology opportunity to investors. We believe that the proposed merger of Blade and BAC will build near- and long-term value," Michael Shleifer, Biotech Acquisition Chairman and CEO.
Blade Therapeutics is advised by Barclays, Cantor Fitzgerald, Lazard and Latham & Watkins. Biotech Acquisition is advised by Ellenoff Grossman & Schole. Financial advisors are advised by Simpson Thacher & Bartlett.
Curaleaf Holding, a provider of consumer products in cannabis, agreed to acquire Tryke, a vertically integrated, multi-state cannabis operator, for $286m.
"This is a tremendous opportunity for Tryke and, as a combined entity, we will continue to deliver significant value for our consumers and retailers in Arizona, Nevada and Utah. As a part of Curaleaf's growing network of dispensaries, Tryke is excited to bring its full suite of multi-price point products to an expanded base of consumers across the country. We are excited to join forces with the industry leader at such a pivotal moment in the United States' legalization efforts. We share Curaleaf's optimism for the future and are excited to become investors alongside the company's talented leadership team," Adam Ryan, Tryke CEO.
Tryke is advised by Canaccord Genuity, McCarthy Tetrault and WilmerHale. Curaleaf is advised by Honigman Miller Schwartz & Cohn, Stikeman Elliott and Joele Frank.
Brookfield Infrastructure Partners, agreed to acquire a 19.9% stake in FirstEnergy Transmission, an energy transmission business of FirstEnergy, a utility company, for $2.4bn.
"We are pleased to announce these transformative strategic equity financings with two of the premier global infrastructure funds, Blackstone Infrastructure Partners and Brookfield. With these financings and, as importantly, long-term partnerships, FirstEnergy will be even better positioned to capitalize on the growth opportunities ahead and advance our company's key business priorities," Steven E. Strah, FirstEnergy President and CEO.
Brookfield is advised by Latham & Watkins and Skadden Arps Slate Meagher & Flom. FirstEnergy is advised by Citigroup, JP Morgan, Moelis & Co and Jones Day.
OpenText, a Canadian company that develops and sells enterprise information management software, agreed to acquire Zix, a security technology company that provides email encryption services, email data loss prevention and mobile applications, for $860m.
"We are pleased to announce our intent to acquire Zix, and I look forward to welcoming Zix customers, partners and employees to OpenText. We intend to integrate Carbonite, Webroot and Zix products to create a powerhouse SMB platform for data protection, threat management, email security and compliance solutions. Acquisitions of cloud growth assets like Zix highlights our commitment to our Total Growth strategy and approach to cash-based returns," Mark J. Barrenechea, OpenText CEO & CTO.
Zix is advised by Citigroup and Baker Botts.
Warburg Pincus and Kayne Anderson-backed Ensign Natural Resources, a private equity firm, agreed to acquire Eagle Ford Shale Acreage from Reliance Eagleford Upstream, a wholly owned step-down subsidiary of Reliance Industries. Financial terms were not disclosed.
"Through our efforts over the last three years, we have created an asset that generates significant free cash flow and has a deep inventory of highly economic well locations in the core of the Eagle Ford Shale. We are excited to complete the puzzle with the acquisition of Reliance's interest and now operate one of the premier assets in the basin. We look forward to future development of the asset and working closely with our service providers and landowners as we continue to grow the business in a safe and efficient manner," Brett Pennington, Ensign President and CEO.
Ensign is advised by Sidley Austin. Reliance is advised by Citigroup.
One Equity Partners, a private equity firm, completed the acquisition of USNR, a supplier of wood processing, and Wood Fiber, a manufacturer and supplier of sawmill. Financial terms were not disclosed.
"This investment in USNR and Wood Fiber Group is a perfect example of One Equity Partners' ability to identify and execute transformational combinations. Combining these two great companies that are headquartered seven miles apart with a long history of collaboration and complementary customer bases, is a natural next step to drive value for the businesses and their customers," JB Cherry, One Equity Partners Senior Managing Director.
One Equity Partners was advised by Stanton PRM.
Alcon, a company provides eye care, agreed to acquire Ivantis, a minimally invasive glaucoma surgical solutions developer, for $475m.
“Glaucoma is the second-largest cause of blindness after cataracts, impacting more than 75 million people globally, with significant unmet patient need. This transaction will allow us to add a uniquely effective product into our glaucoma portfolio around the world. Our global commercial footprint and development capabilities make us well positioned to build on the success of Ivantis and help even more patients see brilliantly with Hydrus Microstent," David Endicott, Alcon CEO.
Commonwealth Bank of Australia, an Australian multinational bank, led a $100m Series E funding round in H2O.ai, an AI cloud platform. Additional investors include Goldman Sachs Asset Management, Crane Venture Partners, Wells Fargo, New York Life and NVIDIA.
"H2O.ai will also help us to better predict bills and forecast cash flows for both retail and business customers so they can plan ahead. Customers want to be in control, and through the combination of our award winning app, powered by artificial intelligence, we can deliver products and services in the moment to manage unexpected expenses or irregular incomes," Andrew McMullan, CBA Chief Data & Analytics Officer.
TreeHouse Foods to explore sale after pressure from Jana Partners. (FS)
TreeHouse Foods, a multinational food processing company, will explore a possible sale after Jana Partners, an investment manager, pressured the company to consider strategic alternatives, Bloomberg reported.
Also, to focus on the higher-growth snacking and beverage business, the company weighs the divestiture of a majority stake in meal-prep unit.
Harris eyes club takeover through US SPAC deal. (FS)
Keith Harris, the veteran financier of football club takeovers, kicks off searching for another sporting deal with LAMF Global Ventures.
LAMF Global Ventures, which is expected to go public later this week, is plotting a $200m fundraising.
EMEA
Private equity companies Hellman & Friedman and EQT had reached an acceptance rate of around 82% for their joint takeover offer of German online pet supplied retailer Zooplus, Reuters reported.
The companies also announced their intention to launch a public delisting tender offer for all remaining outstanding shares of Zooplus, with an offer price of €480 ($554.59)per share.
Zooplus is advised by Goldman Sachs, Buntscheck Rechtsanwaltsgesellschaft, GLNS Rechtsanwalte Steuerberater and Finsbury Glover Hering. Financial advisors are advised by Sullivan & Cromwell. EQT Partners is advised by Deutsche Bank, Milbank and Kekst CNC. Hellman & Friedman is advised by JP Morgan, goetzpartners and Freshfields Bruckhaus Deringer.
Sirius Real Estate, an owner and operator of branded business and industrial parks, agreed to acquire BizSpace Group, a real estate services provider, from Varde Partners, a private equity firm, for $330m.
"We are very happy to announce the acquisition of a high-quality and well diversified portfolio of assets, in a highly attractive and growing market. The acquisition of BizSpace brings with it an experienced and enthusiastic management team that we believe will be a good fit with the culture of Sirius' current management team and I look forward to building on the existing relationships between our businesses. The transaction provides an opportunity to enter a new geography at scale and extends our successful strategy to target highly strategic locations and assets in order to generate sustainable and growing returns on behalf of investors," Andrew Coombs, Sirius Real Estate CEO.
Sirius Real Estate is advised by Berenberg, HSBC, PSG Capital, Peel Hunt, FTI Consulting and Panmure Gordon & Co. Varde Partners is advised by DTRE, Lazard and Slaughter & May.
Coloplast, a medical devices manufacturer, agreed to acquire Atos Medical, a laryngectomy equipment manufacturer and services provider, from PAI Partners, a private equity firm, for $2.5bn.
“Atos Medical is an undisputed leader in chronic neck stomas care, and we are well-positioned for long-term growth. Our companies have comparable business models, and the acquisition will enable us to leverage Coloplast’s strengths to serve more people living with a neck stoma even better than today. Coloplast is a world leading medical device company with an impressive track record. I believe our companies are a great match, and I am confident that together we can accelerate our journey to the benefit of our customers worldwide,” Britt Meelby Jensen, Atos Medical CEO.
Coloplast is advised by Moelis & Co and Kromann Reumert. Debt financing is provided by Danske Bank. PAI Partners is advised by Linklaters.
Electricite de France-backed Framatome, a French blue-chip engineer, completed the acquisition of the civil nuclear instrumentation & control business of Rolls-Royce, a manufacturer of aero, marine, and industrial gas turbines for civil and military aircraft. Financial terms were not disclosed.
"I&C systems serve as the ‘central nervous system’ of a nuclear power plant enabling operators to control the reactor. This purchase and the expert workforce joining Framatome will further enhance our I&C offering for reliable, low-carbon nuclear energy production. I welcome the talented employees of Rolls Royce Civil Nuclear to Framatome," Bernard Fontana, Framatome CEO.
Framatome was advised by Jones Day. Rolls-Royce was advised by Brunswick Group.
Livingbridge, a private equity firm, completed an investment in Veramed, a clinical data specialist. Financial terms were not disclosed.
“We are excited to be announcing our partnership with Livingbridge, a partner that shares our values and has the capability to help us expand our capacity and reach within the pharma services sector," Matthew Jones, Veramed Co-Founder and CEO.
Livingbridge was advised by Rothschild & Co and Citigate Dewe Rogerson.
Nanox, a medical imaging technology company, completed the merge with Zebra Medical Vision, a deep-learning medical imaging analytics company, in a $110m deal.
“The closing of these acquisitions is another step on our path to democratizing the delivery of healthcare. Integrating AI-powered imaging analysis and a global teleradiology solution with our groundbreaking Nanox.ARC technology takes us one step closer to creating a global, connected medical imaging solution with the potential to meaningfully expand delivery of healthcare. We believe the solution we are building will streamline the medical imaging continuum – from image capture, through analysis to intervention by trained radiologists – and has the power to significantly improve access, reduce costs and enhance efficiency, thereby dramatically increasing the delivery of healthcare,” Ran Poliakine, Nano-X Chairman and CEO.
Gopher is in advanced talks to acquire Playtech. (FS)
Playtech, a gambling software development company, is in talks with Gopher Asset Management, a second-biggest shareholder in the company, over a possible takeover offer, weeks after agreeing to a buyout from Aristocrat Leisure, an Australian gambling machine manufacturer, Reuters reported.
Gopher Investments holds a nearly 5% stake in Playtech through an affiliate TT Bond Partners. The private equity firm made a preliminary approach on October 21, 2021, seeking access to some due diligence information to weigh a possible offer.
Neinor confirms its negotiations to buy Via Celere. (FS)
Spanish residential real estate developer Neinor Homes confirmed reports it is negotiating with Varde, a US-based investment fund to buy rival Via Celere.
“Neinor is participating in a valuation process of a merger related to Via Celere. No agreement was reached on possible terms and conditions of a potential operation and no decision was made about it,” Neinor Homes.
MTN makes takeover approach for Telkom.
MTN Group, a South African multinational mobile telecommunications company, made a takeover approach for Telkom, a South African wireline and wireless telecommunications provider, Bloomberg reported.
With over 40% owned by the state, Telkom controls South Africa's largest landline network and also sells mobile-phone packages and other services. Telkom's other large shareholder is Public Investment Corporation, a state-owned pension fund manager, which holds 14% of the company.
Dubai to encourage IPOs from private firms to revive market.
Dubai plans to boost private and family-owned businesses to list on its stock market. The business hub seeks to catch up with Abu Dhabi and Riyadh.
United Arab Emirates' market regulator signed a pact with the Dubai Airport Free Zone Authority to enable companies operating in Dafza to offer their shares to the public on November 7, 2021, Bloomberg reported.
APAC
India's Future Retail has asked the country's top court to stall a Singapore arbitration panel's decision to freeze a $3.4bn asset sale after e-commerce giant Amazon had sought to block the deal, Reuters reported.
Amazon has argued that its own deal with one of Future Group's businesses contained clauses prohibiting the Indian entity from selling retail assets to anyone on a "restricted persons" list that included Reliance. Future Retail, which runs popular Big Bazaar outlets in India, denies having violated any contractual agreements with Amazon.
Reliance is advised by Deloitte, Ernst & Young, Citigroup, PricewaterhouseCoopers, Cyril Amarchand Mangaldas, Khaitan & Co and Shardul Amarchand Mangaldas & Co.
Sydney Airport Holdings has agreed to accept a $17.4bn takeover bid from an infrastructure investor group, comprised of IFM Investors, QSuper, AustralianSuper and Global Infrastructure Partners, in one of Australia’s biggest buyouts.
The deal is conditional on an independent expert’s report, approval from 75% of the airport operator’s shareholders and a green light from competition regulators and the Foreign Investment Review Board.
Sydney Airport is advised by Barrenjoey Capital Partners, UBS and Allens. IFM Investors is advised by Herbert Smith Freehills.
Proxy advisory firm ISS followed rival Glass Lewis & Co in recommending shareholders of Japan's Shinsei Bank vote for the lender's plan for a poison pill defence against an unsolicited $1.1bn bid from SBI Holdings, Reuters reported.
ISS said the takeover defence was warranted partly because SBI has failed "to present specific plans to be implemented once it controls Shinsei Bank, causing uncertainty for shareholders." And would leave shareholders unable to tender "in a position of minority shareholders of a listed company, whose liquidity will be significantly low."
Shinsei Bank is advised by Morgan Stanley. SBI is advised by Citigroup.
KKR, an investment firm, agreed to acquire Central Tank Terminal, a chemical storage tank operator, from Macquarie Infrastructure and Real Assets, an investment management services provider. Financial terms were not disclosed.
“We are pleased to mark our first infrastructure investment in Japan with a leading business like CTT. We view this as the latest milestone for KKR in the market and believe this underscores our ability to leverage our experience and access to best global business practices to help take Japanese businesses to their next stage of growth across industries and sectors,” Hiro Hirano, KKR Japan CEO.
KKR is advised by Rothschild & Co and Finsbury Glover Hering.
Australian Pharmaceutical Industries, a health and beauty company, agreed to the $565m takeover by business conglomerate Wesfarmers.
API said it had entered into a scheme implementation deed and that its board unanimously recommended shareholders accept Wesfarmers' cash offer of $1.14 per share. API had initially said a proposal by Sigma Healthcare Ltd. looked more favorable even though it would take longer to implement, but Sigma withdrew that proposal on November 5.
The board's recommendation is subject to the absence of a superior proposal and an independent expert concluding that Wesfarmers' scheme is in the best interests of shareholders.
API is advised by Res Publica Group.
Stanmore, a resources company, agreed to acquire 80% of BHP Mitsui coal and 100% of Dampier coal, an operated metallurgical coal joint venture, from BHP Minerals, a holding company of BHP’s interest in BMC, for $1.35bn.
"Under this agreement, BMC will transition to Stanmore Resources, an ASX-listed company that has established relationships with Traditional Owners and strong engagement with their workforce and local communities. Stanmore Resources share our focus on safety performance and culture and support Australia’s commitments under the Paris Agreement," Edgar Basto, BHP President.
Boyu, Temasek and Sequoia led a $200m Series C funding round in Edge Medical Robotics, a developer of robots-based surgery. Other investors include OrbiMed, Octagon Capital, Sage Partners, Greater Bay Area Homeland Invesments, Mirae Asset Financial Group, LYFE Capital, 3H Health and Guoce Capital.
Armed with the new proceeds, the startup plans to spruce up its business development and product line commercialization.
ShawKwei & Partners, a private equity firm, agreed to acquire CR Asia Group, an engineering consulting group, for $101m.
“The CR Asia Group has a reputation for excellence in energy engineering solutions across Asia and is well positioned for the energy transition to a lower carbon economy. The CR Asia Group is supported by loyal employees, long term customer relationships, and an extensive network of technical partners. We are excited to partner with the entire the CR Asia Group team and invest in organizational, operational, and automation technology initiatives to capitalize on the lower carbon shift," Kyle Shaw, ShawKwei Founder and Managing Partner.
SoftBank unveils $8.8bn share buyback following investor pressure. (FS)
SoftBank founder Masayoshi Son has promised a $8.8bn share buyback programme over the next 12 months, yielding to investor pressure after the company’s Vision Fund unit disclosed a record quarterly loss of $7.2bn.
Elliott Management, alongside with some of other largest shareholders in the company, dissatisfied with the fall in Japanese technology conglomerate, have raised market expectations for a new round of share buybacks, FT reported.
Thai Credit Retail Bank weighing bangkok IPO next year.
Thai Credit Retail Bank, a provider of microfinance loans, is exploring an IPO in Bangkok. The company could raise as much as $400m, Bloomberg reported.
The company is interviewing banks on the potential first-time share sale. The planned IPO could take a place in the second half of 2022 year.
Leapmotor picks banks for Hong Kong IPO.
Leapmotor, a Chinese electric-vehicle maker, has picked three banks, China International Capital, Citigroup and JP Morgan, to work on its planned IPO in Hong Kong of more than $1bn, Bloomberg reported.
Zhejiang Dahua Technology and Sequoia Capital-backed company would join other rivals such as Xpeng and Li Auto in listing in the Asian financial hub.
Carlyle ropes in Amit Jain as co-head of private equity in India. (FS, People)
Carlyle, an investment firm, has appointed Amit Jain as Managing Director and Co-Head of India investment advisory team.
Before joining Carlyle, Amit Jain served as a Senior Managing Director for Blackstone in its private equity group in Mumbai.
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