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AMERICAS
Nippon Paint Holdings, a Japanese paint and paint products manufacturing company, agreed to acquire AOC, a multinational corporation and electronics company, from Lone Star Fund, a private equity firm that invests globally in real estate, equity, credit, and other financial assets, for $4.35bn.
“Joining Nippon Paint will allow AOC, which has excelled in growth and margin expansion under private equity ownership, to pursue additional value creation from a longer-term perspective in both organic and inorganic initiatives," Nippon Paint Holdings.
AOC is advised by Jamieson and Katzke & Morgenbesser. Lone Star is advised by Citigroup, Morgan Stanley and Gibson Dunn & Crutcher.
AbbVie, an American pharmaceutical company headquartered in North Chicago, Illinois, agreed to acquire Aliada Therapeutics, a biotechnology company focused on addressing delivery challenges in CNS drug development, for $1.4bn.
"Neuroscience is one of our key growth areas and we are committed to driving innovation in this field to address critical unmet needs for patients living with seriously debilitating neurological diseases such as Alzheimer's disease. This acquisition immediately positions us to advance ALIA-1758, a potentially best-in-class disease-modifying therapy for Alzheimer's disease. In addition, Aliada's novel BBB-crossing technology strengthens our R&D capabilities to accelerate the development of next-generation therapies for neurological disorders and other diseases where enhanced delivery of therapeutics into the CNS is beneficial," Roopal Thakkar, AbbVie executive vice president, research and development and chief scientific officer.
AbbVie is advised by Covington & Burling. Aliada is advised by Centerview Partners and Fenwick & West (led by David Michaels and Effie Toshav).
Lovell Minnick Partners, a private equity firm focused on investments in financial services, business services and financial technology companies, agreed to invest in Cohen & Company, a nationally recognized assurance, tax and business advisory firm. Financial terms were not disclosed.
This investment will help meet the growing needs of Cohen & Company clients across the firm's many key industries and geographic markets, and provide capital for important investments in technology and expansion of service offerings.
Cohen & Company is advised by Hunton Andrews Kurth. Lovell Minnick is advised by Sidley Austin.
USAA, a provider of insurance, banking, investment and retirement solutions to members of the US military, veterans and their families, and Capital One Ventures, a strategic investor in data, technology and financial services startups, completed the investment in Tidal Cyber, a defense platform designed to optimize cybersecurity defenses, operations, and investments. Financial terms were not disclosed.
“We see these investments from established strategic investors like USAA and Capital One Ventures as a validation of Tidal Cyber’s Threat-Informed Defense approach and the value that we are bringing to some of today’s top companies,” Rick Gordon, Tidal Cyber CEO.
Cyient, a provider of a variety of information technology, IT, and engineering services, completed the acquisition of 27.3% stake in Azimuth AI, a manufacturer of semiconductors intended to offer silicon-based products. Financial terms were not disclosed.
"Driven by the Indian Government's initiatives to boost domestic innovation in semiconductors, India is emerging as a hub for chip development, especially in power and energy-efficient systems. In July this year, we announced the strategic expansion of our Semiconductor business with the establishment of a fully owned subsidiary. Investing in Azimuth AI strengthens our focus on building cutting-edge ASIC chips designed and developed in India — for the world. It further enhances our capabilities in this critical space while reinforcing our commitment to next-gen power and energy solutions. We look forward to this partnership," Krishna Bodanapu, Cyient Executive Vice-Chairman & Managing Director.
General Catalyst, a global investment and transformation company, led a $900m Series A round in Pacific Fusion, a clean energy startup.
"When we first met Pacific Fusion, we were immediately impressed by the caliber of the founding team, led by Eric Lander. Eric’s experience building impact-driven scientific teams to tackle modern society’s most complex challenges, such as his work on the Human Genome Project, made him an ideal leader to recruit the highest caliber, most interdisciplinary experts to Pacific Fusion. Will Regan and Keith LeChien were two such founding team members," General Catalyst.
Arthur J. Gallagher & Co, a global insurance brokerage, risk management and consulting services firm, completed the acquisition of Filos Agency, a retail property/casualty insurance agency serving New York area businesses and individuals. Financial terms were not disclosed.
"Filos Agency's strong reputation for client service in its local communities will be an excellent complement to our existing small business capabilities. I am delighted to welcome Tom and his associates to Gallagher," J. Patrick Gallagher, Chairman and CEO.
O2 Investment-backed Orchestra, an operator of a media and communications company, that offers branding, designing, media relations, and other such services, completed the investment in Small Girls, an operator of a boutique public relations and marketing agency intended to help clients from venture-backed startups to publicly traded companies. Financial terms were not disclosed.
“In a world where we need to constantly earn and re-earn an audience’s attention, Small Girls PR has developed a unique and incredible muscle at consistently coming up with creative ideas that break through and blow away their clients,” Jonathan Rosen, Orchestra CEO.
Presidio, a technology services and solutions provider, completed the acquisition of Kinney Group, an operator of a solutions-oriented professional services consulting firm. Financial terms were not disclosed.
“Splunk is a powerful platform that empowers enterprises to extract valuable insights from vast amounts of machine data, enabling better decision-making and operational performance. By bringing the talented team from Kinney Group into Presidio, we’re strengthening our ability to help clients fully utilize Splunk’s capabilities, ensuring they achieve the best outcomes and highest return on their technology investments," Bob Cagnazzi, Presidio CEO.
Pagaya, a global technology company delivering AI-driven product solutions for the financial ecosystem, completed the acquisition of Theorem, a consumer credit funds manager. Financial terms were not disclosed.
“We are thrilled to welcome Theorem’s incredible team to our company. Our combined capabilities will enable us to better meet unprecedented institutional demand for consumer credit, while also diversifying our funding sources and improving our capital efficiency. Together we are well positioned to drive accelerated profitable growth and deliver on our mission,” Gal Krubiner, Pagaya CEO.
General Catalyst and Alkeon Capital, two global investment firms, led a $200m Series D round in Armis, a cyber exposure management & security company, with participation from Brookfield Technology Partners and Georgian.
“We see Armis as a powerful force in cybersecurity, with tremendous potential to scale rapidly and drive meaningful innovation in the industry. We are excited to support them on their path to becoming a public company,” Mark Crane, General Catalyst Partner.
Boeing launches $19bn share sale to thwart downgrade.
Aerospace giant Boeing launched a nearly $19bn share sale, one of the largest ever by a public company, to address the troubled planemaker’s liquidity needs and stave off a potential credit rating downgrade to junk, Bloomberg reported.
The company offered to sell 90m common shares and about $5bn of depositary shares.
Azul reaches deal with bondholders for up to $500m in fresh financing.
Azul has reached a deal with its bondholders to obtain additional financing of up to $500m, as part of restructuring it expects to ease market concerns about its debt load, Reuters reported.
Azul, which dominates Brazil's airline industry along with LATAM and Gol, has managed to avoid the fate of a number of Latin American carriers who filed for bankruptcy after the COVID-19 pandemic, including its two main rivals.
Adams Street Partners closes 2024 Global Fund Program with $1.1bn in commitments. (FS)
Adams Street Partners, a private markets investment firm with over $60bn in assets under management, has held the final closing of the Adams Street 2024 Global Fund Program with $1.1bn in committed capital.
“The Global Fund Program has thrived through various market cycles, and we are optimistic about the opportunities ahead in private markets. We value the trust and confidence from our clients and will work to exceed their expectations,” Jeffrey Diehl, Adams Street Managing Partner & Head of Investments.
Douglas Elliman board pushed for CEO Howard Lorber’s exit amid culture concerns. (People)
Douglas Elliman CEO Howard Lorber is retiring effective immediately, and the New York-based brokerage has appointed director Michael Liebowitz as his replacement.
Howard Lorber was pushed by directors to resign after an investigation raised concerns on the board about a sexually charged work culture, WSJ reported.
DigitalBridge, a global digital infrastructure investment firm, agreed to acquire Yondr Group, a global developer and operator of hyperscale data centers. Financial terms were not disclosed.
"Yondr’s assets and strong relationships with leading hyperscale clients align with DigitalBridge’s vision to support the future of digital infrastructure. Yondr enhances our existing data center portfolio and strengthens our ability to support hyperscalers. Together, we are well-positioned to capitalize on the increasing demand for hyperscale data centers – fueled by AI, cloud computing, and the ongoing digital transformation across industries," Jon Mauck, DigitalBridge Senior Managing Director.
Yondr Group is advised by Citigroup, White & Case and FTI Consulting. DigitalBridge is advised by Deloitte, Nomura, Linklaters (led by David Martin), Joele Frank (led by Sarah Salky) and Ramboll.
Eurofins, a provider of bioanalytical testing, agreed to acquire Spanish clinical diagnostics operations of Synlab, a provider of laboratory diagnostic services. Financial terms were not disclosed.
"This acquisition confirms Eurofins’ commitment to providing the best clinical diagnostic testing services to the Spanish market. It is our aim to always be the most trusted and technologically advanced partner of choice for our clients, providing high quality and accessible testing services to both the private and public sector, including regional healthcare services, private hospital groups and insurance companies," Gilles Martin, Eurofins CEO.
Synechron, a global digital transformation consulting firm, completed the acquisition of Cloobees, a Salesforce implementation partner. Financial terms were not disclosed.
The transaction brings together two highly complementary businesses, enabling Synechron to scale and strengthen its Salesforce capabilities globally while deepening its industry expertise and expanding its footprint in several key markets.
Cloobees was advised by Technology Holdings.
Insight Partners, a venture capital and private equity firm that invests in growth-stage technology, software, and internet businesses, completed the acquisition of a majority stake in Detectify, a developer of a surface monitoring and application scanning platform designed for external attack surface management. Financial terms were not disclosed.
“We're thrilled to deepen our commitment to Detectify as they embark on their next phase of growth, further strengthening our partnership. Detectify’s innovative approach to Attack Surface Management continues to deliver value to security teams. We’re excited to support Rickard and the team as they continue to scale," Teddie Wardi, Insight Partners Managing Director.
UniCredit Italian shareholder Cariverona confirms support for Commerzbank move.
Fondazione Cariverona, a major Italian shareholder in UniCredit, confirmed its support for the bank's management in regards to Commerzbank, Reuters reported.
UniCredit has upset officials in Germany by becoming the biggest private investor in Commerzbank and preparing the ground to potentially become its single biggest shareholder, leapfrogging the Berlin government which owns 12%.
QatarEnergy takes 50% stake in TotalEnergies solar project in Iraq.
QatarEnergy, one of the world's top suppliers of liquefied natural gas, agreed to take a 50% stake in TotalEnergies' 1.25-gigawatt solar project in Iraq, Reuters reported.
The French energy giant will retain the remaining 50% stake in the project, which is part of Iraq's $27bn Gas Growth Integrated Project, QatarEnergy said in a statement, without disclosing the size of the deal.
Klarna valuation raised by Chrysalis as fintech preps for IPO. (FS)
One of Klarna’s shareholders upped the valuation it assigns to the financial technology company ahead of its potential initial public offering next year, Bloomberg reported.
Shareholder Chrysalis Investments increased the value of its stake to $157m, up from the $130m it assigned the holding in the second quarter. That gives Klarna an implied valuation of around $14.6bn.
United International’s $264m IPO sells out in minutes.
Saudi Arabian financial services firm United International had demand for all shares in its up to $264m initial public offering minutes after subscriptions opened, indicating continued demand for listings in the region, Bloomberg reported.
Books were covered throughout the price range of $32 to $35 per share. Its parent United Electronics — known as Extra — is selling 7.5m shares, or a 30% stake in the firm. Local funds agreed to subscribe to 15.6% of the offer.
Saudi Aramco’s VC arm sets aside $100m for AI investments (FS)
Wa’ed Ventures, the $500m venture capital arm of Saudi Arabia’s Aramco, announced a $100m commitment to early-stage AI startups to support positioning the kingdom as a global AI hub, DealStreetAsia reported.
To ensure strategic investment decisions, Wa’ed Ventures has assembled an elite AI advisory board from diverse backgrounds within the AI industry, including policymaking, research, academia, and entrepreneurship from leading global institutions, including Meta, MIT, Oxford, and Amazon.
APAC
Adani-backed Renew Exim DMCC, an offshore company, offered to acquire a 73% stake in ITD Cementation for $685m.
The bidders agreed with ITD Cementation’s promoter Italian-Thai Development to buy its 46.64% stake. This will be followed by an open offer to buy an additional 26% from minority shareholders.
Italian-Thai Development is advised by Khaitan & Co (led by Abhishek Dadoo).
Korea Zinc said on October 28 it has secured 9.85% of the company's shares in a $1.5bn buyback that it launched to block shareholders from selling their stakes to its top investor Young Poong and private equity firm MBK, Reuters reported.
Bain Capital, which backs Korea Zinc's current leaders, separately secured a 1.41% stake in the company, the world's biggest zinc smelter said in a regulatory filing.
KKR said to be in talks to acquire cancer hospital chain HCG. (FS)
Private equity major KKR has entered into exclusive talks to acquire a controlling stake in CVC Capital-owned cancer hospital chain HealthCare Global Enterprises, DealStreetAsia reported.
CVC Capital acquired a controlling stake in the hospital chain in 2020 for INR10.49bn ($124m).
Waaree Energies surge 56% in Mumbai debut.
Shares of Waaree Energies jumped almost 56% in their trading debut after a $514m initial public offering by India’s largest solar-panel maker, bringing back optimism for the market after the nation’s biggest IPO disappointed investors last week.
The stock listed on Ocotober 28 morning with gains of 75% over its issue price of $17.9, making it one of the biggest listings in India this year. It rose to as high as $31.2 in Mumbai trading before trimming some of those gains, Bloomberg reported.
Swiggy aims to kick off $1.35bn India IPO mid-next week.
Indian food-delivery platform Swiggy is seeking to sell shares for as much as $4.64 each in an initial public offering that may raise $1.35bn, Bloomberg reported.
The IPO will open for bids from November 6, and the shares are expected to start trading from November 13.
Cuckoo said to seek as much as $172m in IPO of unit in Kuala Lumpur.
The Malaysian unit of South Korea’s Cuckoo could raise as much as $172m from a planned initial public offering in Kuala Lumpur next year, Bloomberg reported.
A Malaysia listing could value Cuckoo International at as much as $692m. Details such as size and timing could change.
Arohan Financial Services to delay IPO amid RBI lending crackdown.
Arohan Financial Services is delaying an initial public offering after Indian regulators ordered a group of shadow lenders including microfinance firms to stop sanctioning new loans, Bloomberg reported.
Arohan, which provides loans primarily to financially underserved women, had planned to file a proposal with the regulator last week for an IPO to raise about $200m.
Vingroup sets up $150m fund for startups. (FS)
Vietnamese conglomerate Vingroup is starting a $150m fund to back technology startups across Southeast Asia that focus on areas including artificial intelligence, semiconductors and cloud computing, Bloomberg reported.
Vingroup is financing the fund, VinVentures, with $100m from a previous investment portfolio. Vingroup founder Pham Nhat Vuong, Vietnam’s richest man, will gradually add another $50m to the fund from his personal wealth.
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