A Nordic Capital-led consortium completed the acquisition of Inovalon for $7.3bn.

Clearlake Capital to acquire Quest Software from Francisco Partners. (FS)

Clearlake Capital, an investment firm, agreed to acquire Quest Software, a global cybersecurity, data intelligence, and IT operations management software provider, from Francisco Partners, a private equity firm. Financial terms were not disclosed.

“We have long admired Quest as a leading identity-centric cybersecurity, data intelligence, and IT operations management software platform and the Company’s software solutions that help secure enterprise IT environments. We are excited to partner with Patrick and Carolyn McCarthy, Quest’s CFO, to utilize Clearlake’s framework to help the Company strengthen its strategic growth plans including best practices to accelerate cloud/SaaS adoption and support its buy-and-build strategy,” Behdad Eghbali, Clearlake Co-Founder and Managing Partner.

Quest is advised by Goldman Sachs, JP Morgan, Paul Hastings, Highwire PR. Clearlake is advised by Bank of America, Barclays, Morgan Stanley, Evercore, Silicon Valley Tech Investment Bank, William Blair & Co, Sidley Austin and Lambert & Co. Francisco is advised by Sloane & Company. Debt financing is provided by Morgan Stanley, Goldman Sachs, Credit Suisse, Citigroup, Barclays, Bank of America and BMO Capital Markets.

A Nordic Capital-led consortium completed the acquisition of Inovalon for $7.3bn. (FS)

Nordic Capital, Insight Partners, 22C Capital and Keith Dunleavy, Inovalon Founder and CEO, completed the acquisition of Inovalon, a provider of cloud-based analytics and platforms for healthcare providers and pharmaceutical firms, for $7.3bn.

Under the terms of the agreement, Inovalon stockholders received $41 per share in cash for each share of Class A common stock or Class B common stock, representing a 25.3% premium.

“The closing of this transaction is a significant milestone for Inovalon, and we are excited to begin our company’s next chapter with our partners at Nordic Capital, Insight Partners, and 22C Capital. I am tremendously proud of what Inovalon and our associates have accomplished over more than two decades empowering data-driven improvements across the healthcare ecosystem. We look forward to working together with our new partners to advance Inovalon’s mission, expand our reach, and further expand the value that we bring to our customers and the patients they serve," Keith Dunleavy, Inovalon Founder and CEO.

Inovalon was advised by Evercore, JP Morgan, Latham & Watkins and Joele Frank. Financial advisors were advised by Cravath Swaine & Moore and Sullivan & Cromwell. Insight Partners are advised by Citigroup, Goldman Sachs, Kirkland & Ellis and Willkie Farr & Gallagher. Nordic Capital was advised by Citigroup, Goldman Sachs, Kirkland & Ellis and Brunswick Group.

Warburg Pincus completed the acquisition of Exeter Finance from The Blackstone Group. (FS)

Private equity firm Warburg Pincus completed the acquisition of Exeter Finance, an indirect auto finance company, from The Blackstone Group. Financial terms were not disclosed.

"We are thrilled to partner with the Warburg Pincus-led investor group as we enter this next phase of growth for Exeter. We have made tremendous progress under Blackstone's ownership establishing Exeter as an industry leader, and I'm proud of the team's solid execution," Jason Grubb, Exeter CEO.

Exeter Finance was advised by Barclays, Citigroup, Deutsche Bank, Wells Fargo Securities, Skadden Arps Slate Meagher & Flom and Joele Frank. Warburg Pincus was advised by JP Morgan, Cleary Gottlieb Steen & Hamilton and Wachtell Lipton Rosen & Katz.

Lincoln Park Capital to invest $100m in Cepton Technologies as a PIPE investor in its $1.5bn SPAC merger. (FS)

Private equity firm, Lincoln Park Capital, agreed to invest $100m in electronic components manufacturer Cepton Technologies as a PIPE investor in its $1.5bn SPAC merger with Growth Capital Acquisition, a publicly traded special purpose acquisition company.

“We are thrilled to announce today’s agreement with LPC, as the committed investment agreement is designed to further strengthen our liquidity position and provide additional flexibility in our ability to address growth opportunities in the Automotive and Smart Infrastructure end-markets,” Jun Pei, Cepton CEO.

Cepton is advised by JP Morgan and O'Melveny & Myers. Growth Capital Acquisition is advised by Craig-Hallum Capital Group, JP Morgan, Maxim Group and Ellenoff Grossman & Schole. Financial advisors are advised by Skadden Arps Slate Meagher & Flom.

Church & Dwight to acquire TheraBreath for $580m.

Church & Dwight, a consumer packaged goods company, agreed to acquire TheraBreath, a provider of oral care products, for $580m.

"The TheraBreath brand is a problem/solution product and one of the fastest growing brands in the mouthwash category. This acquisition gives Church and Dwight a strong position in a growing category with tailwinds as the brand skews towards younger consumers and consistently has a high level of brand loyalty and repeat purchase," Matthew T. Farrell, Church & Dwight CEO.

TheraBreath is advised by Raymond James and Sidley Austin. Church & Dwight is advised by Centerview Partners and Proskauer Rose.

Blueprint Medicines to acquire Lengo Therapeutics for $250m.

Blueprint Medicines, a precision therapy company, agreed to acquire Lengo Therapeutics, a privately held precision oncology company, for $250m.

"Our acquisition of Lengo Therapeutics deepens our commitment to advancing precision oncology therapies and specifically expands our opportunity to transform treatment for patients with EGFR-driven lung cancer. The Lengo team has done tremendous work in designing a highly selective therapeutic candidate tailored to the needs of patients with EGFR exon 20 lung cancer, including features with the potential to enable treatment or prevention of brain metastases. With our integrated precision therapy research, development and commercial capabilities, Blueprint Medicines is perfectly positioned to carry forward this compound into the clinic and deliver on our goal to meaningfully advance care for NSCLC patients with EGFR exon 20 insertion mutations," Jeff Albers, Blueprint Medicines CEO.

Blueprint Medicines is advised by Goldman Sachs and Goodwin Procter. Lengo Therapeutics is advised by Centerview Partners and Cooley.

UK regulator might block Meta-Giphy deal.

The UK competition regulator is expected to block Meta Platforms' acquisition of online GIF platform Giphy in the coming days, Reuters reported.

The Competition and Markets Authority is set to reverse the deal in what would be the first time the watchdog has reversed a Big Tech acquisition.

Giphy was advised by JP Morgan and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian. Meta was advised by Latham & Watkins.

Galderma to acquire Alastin Skincare.

Galderma, a Swiss pharmaceutical company, agreed to acquire Alastin Skincare, a physician-dispensed skincare brand. Financial terms were not disclosed.

"We are thrilled to become part of Galderma for the next stage of ALASTIN’s growth story. We share the same vision of bringing the highest levels of science and innovation to the professional skincare market, and I look forward to working with the team to leverage Galderma’s expertise in this space to drive the ALASTIN Skincare® brand to new heights,” Flemming Ørnskov, Galderma CEO.

Alastin Skincare is advised William Blair & Co and Latham & Watkins. Galderma is advised by Ropes & Gray.

Transportation Insight to acquire SwanLeap.

Transportation Insight, a provider of non-asset, tech-enabled logistics and freight brokerage solutions, agreed to acquire SwanLeap, a transportation management software company. Financial terms were not disclosed.

“This acquisition accelerates our existing technology development pipeline by two-to-three years. SwanLeap has built an incredibly robust TMS architecture that will serve as a powerful foundation for future technology development across all our businesses. Together, we will make it possible for shippers to take control of their supply chains in real-time, using data, analytics and seamless platform integration to react faster to immediate supply chain challenges and interruptions and look ahead to make strategic decisions that will have a massive impact on their bottom lines,” Brian Work, TI Holdco Chief Technology Officer.

Communications & Power Industries completed the acquisition of the ESSCO business of L3Harris Technologies.

Communications & Power Industries, a global manufacturer of electronic components and subsystems, completed the acquisition of the ESSCO business, a manufacturer of metal space frame ground radomes that support a variety of applications, including air defense, weather radar, air traffic control, and satellite telemetry and tracking, from L3Harris Technologies, an American technology company. Financial terms were not disclosed.

"In 2021, we have diversified and deepened the portfolio of RF components and systems that CPI provides to government, military and commercial customers through the acquisitions of the TMD Technologies business in July and the ESSCO business in November. These acquisitions complement CPI's existing businesses and capabilities, and provide CPI with significant opportunities for future growth as we continue to enhance the range of products and services we provide customers," Andy Ivers, CPI President and CEO.

Azul withdrew LATAM's acquisition plan.

Azul confirmed making an offer this month to combine with Chile's LATAM Airlines Group, which is in bankruptcy proceedings, but the Brazilian airline decided to focus on its own operations, Reuters reported.

The Brazilian airline's non-binding proposal submitted on November 11 included around $5bn in equity financing and was backed by some creditors of LATAM. However, Azul said that LATAM's valuation in the bankruptcy proceedings had become higher than it found acceptable.

Ancora urges Berry Global to consider options including sale.

Activist investor Ancora is pushing Berry Global Group, a packaging manufacturer with a roughly $9bn billion market value, to explore a sale.

Ancora, which owns about 1% of Berry Global, is urging it to explore strategic alternatives including a possible sale and make other changes, Reuters reported.

Buffett-backed Nubank tests Bonanza with IPO.

Nubank, a Brazilian digital bank, is planning an initial public offering next month, when it will seek to debut at twice the $25bn valuation it achieved in January.

Venture capitalists are pouring money into Bonanza, a platform built to empower e-commerce entrepreneurs, like never before, minting new regional giants but raising questions about whether soaring valuations can hold as regional economies slow.

EMEA

BACU to acquire the bakery business of HEMA.

BACU, a supplier of bakery products, agreed to acquire the bakery business of HEMA, an operator of retail stores. Financial terms were not disclosed.

“We are looking forward to strengthening the Pastry craftsmanship together with BACU. With this we will continue to surprise and spoil the HEMA customer today and tomorrow with the most delicious pastries in the Netherlands," Saskia Egas Reparaz, HEMA CEO.

BACU is advised by Ernst & Young, Allen & Overy, HVG Law and AKD. Jumbo is advised by Quore Capital and Deloitte. HEMA is advised by Oppenheimer & Co, De Brauw Blackstone Westbroek and Loyens & Loeff.

CVC completed the acquisition of Stock Spirits for $1bn. (FS)

CVC Capital Partners completed the acquisition of Stock Spirits, a London-listed vodka maker, for $1bn.

“The directors of Stock Spirits are confident in the long-term prospects of the Stock Spirits Group and believe that the offer reflects our strong position and represents compelling value for Stock Spirits shareholders. We believe that CVC’s support for our existing strategy and the investment that it intends to make in order to grow our business means that this offer will benefit all of Stock Spirits’ stakeholders. We are therefore unanimously recommending the offer to Stock Spirits shareholders," David Maloney, Stock Spirits Chairman.

Stock Spirits was advised by JP Morgan, Numis Securities, Slaughter & May and Powerscourt. CVC Capital was advised by Citigroup, Clifford Chance, Freshfields Bruckhaus Deringer and Tulchan Communications.

Vermilion Energy to acquire a 36.5% stake of Corrib gas project from Equinor for $434m.

Vermilion Energy, an international oil and gas producer, agreed to acquire a 36.5% stake of Corrib gas project from Equinor, an energy company, for $434m.

“The Corrib field has been an important non-operated project for Equinor for several years. We have taken the decision to sell the asset to focus our portfolio, in line with our strategy, to capture value from the current strong market and to free up capital that we can re-invest elsewhere,” Arne Gürtner, Equinor Senior Vice President.

Vermilion is advised by RBC Capital Markets, Scotiabank, TD Securities, Matheson and Torys.

Victoria to acquire carpet business of Balta Group for $156m.

Victoria, a designer, manufacturer and distributor of innovative flooring, agreed to acquire carpet business of Balta Group, a Belgium-based flooring company, for $156m.

"This selective acquisition of two highly complementary businesses will be significantly value creating for Victoria's shareholders. The rugs division has been hugely successful over many years and there are very material operating synergies between the carpet division and Victoria's existing business. These are both businesses that Victoria already knows extremely well," Philippe Hamers, Victoria Group Chief Executive.

Victoria is advised by Berenberg, Peel Hunt, Singer Capital Markets and Buchanan.

Impala Platinum to acquire the remaining stake in Royal Bafokeng Platinum for $2.7bn.

Impala Platinum, a platinum mining firm, agreed to acquire the remaining stake in Royal Bafokeng Platinum, a platinum exploration firm, for $2.7bn.

“Our ambition is to develop to a control position. We see the shareholder support that we got already as a proxy of potential support that we can expect going forward," Nico Muller, Impala Platinum CEO.

Royal Bafokeng is advised by Bank of America, Questco and Bowman Gilfillan.

Jeito, Ridgeback, SV Health and Fidelity led a $156m Series B funding round in Quell Therapeutics. (FS)

Jeito Capital, Ridgeback Capital, SV Health Investors and Fidelity Management & Research led a $156m Series B funding round in Quell Therapeutics. Additional investors include Syncona, British Patient Capital, Janus Henderson, Monashee Investment Management, Point72 and Tekla Capital.

“Quell is at the forefront of a new wave of cell therapy. We are leading the way with our highly-differentiated, multi-modular approach to Treg therapy engineering and production. We are proud to have the support of this premiere syndicate of investors as we drive forward to our next stage of growth. With this financing, we have the full suite of capabilities – capital, cutting-edge science, and a world-class team – to advance our pipeline and platform to key milestones on our path ultimately to deliver potentially transformative therapies to patients suffering from diseases caused by immune dysregulation,” Iain McGill, Quell Therapeutics CEO.

Quell was advised by MEDiSTRAVA Consulting and Stern IR.

Lira slide help BBVA cuts price on Garanti deal.

The chief executive officer of Spain's BBVA said the weaker Turkish lira has reduced the price of its deal to buy 50.15% of Turkish lender Garanti by more than €400m($452m) at current exchange rates, Reuters reported.

The deal would now cost around €1.8bn($2bn) and capital consumption would be around €1.1bn($1.2bn), down from the €1.4bn($1.6bn) initially estimated, as the deal had been structured in liras.

Reliance denies reports of a takeover bid for BT.

Reliance said on November 29, it does not intend to bid for British telecom company BT Group after a media report that the Indian oil-to-telecoms conglomerate was considering an offer, Reuters reported.

Shares in BT Group shot about 9% higher after The Economic Times first reported that billionaire Mukesh Ambani’s firm Reliance could make a takeover bid.

Seplat is in talks to buy shallow-water oilfields from Exxon.

Seplat Energy, an oil and gas company, along with a partner is in talks to buy ExxonMobil's shallow-water oilfields in the African nation, Reuters reported.

In recent years, Exxon has been exiting investments worth billions of dollars in oil and gas fields in Europe, Asia and Africa as the US energy major focuses on a handful of mega projects at home and abroad. The company has accelerated asset divestments in Africa this year, selling an 80% interest in a Ghanaian offshore block and proposing to offload its stake in the Doba oilfield in Chad.

VTB could consider IPO for grains business.

"VTB, a bank of Russia, will remain the controlling shareholder of grains business Demetra for at least another three years and could then consider floating it in an IPO," Andrey Kostin, VTB CEO.

The state-controlled bank became the largest operator of Russia's grain export infrastructure and a major grains trader after a series of acquisitions in recent years, Reuters reported.

APAC

Amazon hopes India antitrust body to reconsider Future-Reliance deal.

Amazon asked India's antitrust regulator to revoke its approval for Future Retail's $3.4bn sale of retail assets to Reliance, labeled it as "illegally obtained", violating an order suspending the deal, Reuters reported.

The approval for the deal was a "nullity in the eyes of law" as an arbitrator's order was still in force, according to the letter sent by Amazon.com to the Competition Commission of India last week.

Reliance is advised Deloitte, Ernst & Young, Citigroup, PricewaterhouseCoopers, Cyril Amarchand Mangaldas, Khaitan & Co, Shardul Amarchand Mangaldas & Co.

Warburg Pincus-backed Parksons Packaging completed the acquisition of Manohar Packaging. (FS)

Warburg Pincus-backed Parksons Packaging, a packaging solutions provider, completed the acquisition of Manohar Packaging, a folding carton manufacturer. Financial terms were not disclosed.

"Parksons has consistently been at the forefront of delivering high service quality and innovation to our customers. Adding Manohar's depth of services and domain expertise strengthens our offerings in the Food & Beverage segment and increases our footprint in North and West India." Siddharth Kejriwal, Parksons Packaging Managing Director.

Parksons was advised by AZB & Partners.

Tiger Global and Insight Partners led a $220m Series B round in Slice. (FS)

Private equity firms Tiger Global Management and Insight Partners led a $220m Series B round in Slice, a credit-card startup. Additional investors include Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, 8i and Blume Ventures.

The company will use the capital to boost hiring, add new offerings and expand in the digital payments market.

DragonBall Capital led a $102m Series C round in Shanghai Zhenyun Technology. (FS)

DragonBall Capital, a private equity firm, led a $102m Series C round in Shanghai Zhenyun Technology, a digital purchasing platform for enterprises. Additional investors include Ab Initio Capital, Unicorn Capital Partners, C&D, Redpoint China Ventures, Blue Lake Capital and Eastern Bell Capital.

Zhenyun plans to shore up its global expansion plans, and work on pipeline products, among others.

Mubadala is mulling an investment in Princeton Digital.

Mubadala Investment, an Abu Dhabi sovereign fund, is considering investing in Princeton Digital Group as part of the Asia-focused data center operator’s fundraising plans.

Mubadala is likely to become the anchor investor of the round. Others are set to join as part of the financing over the coming weeks, Bloomberg reported.

Reserve Bank of India allows LIC to raise stake in Kotak Mahindra to nearly 10%.

LIC, an insurance and investment corporation, will raise its stake in private sector lender Kotak Mahindra Bank to nearly 10%, after receiving grant of approval from the Reserve Bank of India. Kotak Mahindra Bank said it has received an intimation from LIC regarding the same, Reuters reported.

"Kotak Mahindra Bank has received an intimation from Life Insurance Corporation of India stating that the Reserve Bank of India had granted its approval to LIC, for increasing its holding in the bank up to 10% of the paid-up equity share capital of the bank," Kotak.

Digital Core REIT is set to raise $600m in Singapore IPO.

Digital Core REIT, sponsored by US-listed Digital Realty Trust, is set to raise $600m in an initial public offering in Singapore, the largest listing in the city-state this year, DealStreetAsia reported.

The Real Estate Investment Trust, which owns 10 freehold data centres in the United States and Canada worth around $1.4bn, is issuing 682m units at $0.9 per a piece, excluding a greenshoe option worth $47m. The offering is more than double the total raised so far this year in Singapore at $259m, yet still ranking behind neighbors such as Thailand, Indonesia and the Philippines.

Saverin-backed CoinDCX plans IPO when permitted.

CoinDCX, a cryptocurrency unicorn, plans to pursue an initial public offering as soon as government regulations allow it, Bloomberg reported.

The share sale would be a key vote of confidence for India’s digital asset industry similar to Coinbase Global US listing earlier this year.

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