|
AMERICAS
JetBlue Airways, a major American low cost airline, plans to launch a hostile takeover attempt for Spirit Airlines, an ultra-low-cost carrier, after Spirit rejected JetBlue's $3.6bn offer in favor of an existing deal with Frontier Airlines.
JetBlue plans to appeal directly to Spirit's shareholders by launching a tender offer for their shares to pressure Spirit's management to re-engage in negotiations. At the same time, JetBlue plans to urge Spirit shareholders to vote against Spirit's planned merger with Frontier on June 10 in a further effort to sway the company's leaders, WSJ reported.
JetBlue is offering $30 a share in cash in its tender offer representing a 60% premium but would be open to paying its initial offer price of $33 a share if Spirit comes to the negotiating table and provides data JetBlue has requested. The tender offer is slated to commence on May 16 and remain open until June 30, though JetBlue could extend that period.
Spirit is advised by Barclays, Morgan Stanley, Debevoise & Plimpton, Paul Weiss Rifkind Wharton & Garrison and Sard Verbinnen & Co. Financial advisors are advised by Skadden Arps Slate Meagher & Flom and Sullivan & Cromwell. JetBlue is advised by Goldman Sachs and Shearman & Sterling. Debt financing for JetBlue is provided by Goldman Sachs and Bank of America. Frontier Airlines is advised by Citigroup, Latham & Watkins and Joele Frank. Citigroup is advised by Fried Frank Harris Shriver & Jacobson.
Dragonfly Energy, an energy storage and producer of deep cycle lithium-ion storage batteries, agreed to go public via a SPAC merger with Chardan NexTech Acquisition 2 in a $500m deal.
"As an innovator in the battery space, Dragonfly can transform distributed energy storage with the growth and commercialization of its All-Solid-State-Battery technology. We are excited to support the team as they become a public company," Jonas Grossman, CNTQ CEO and Director.
Dragonfly Energy is advised by Stifel, O'Melveny & Myers and ICR. CNTQ is advised by Chardan, Stifel, Brownstein Hyatt Farber Schreck and Skadden Arps Slate Meagher & Flom. Debt financing is provided by Energy Impact Partners. Energy Impact Partners is advised by Chapman and Cutler.
Thoma Bravo, a software investment firm, completed the acquisition of Bottomline, a provider of financial technology for business payments, for $2.6bn. The deal implies the privatization of Bottomline.
"Our partnership with Thoma Bravo will provide additional resources and greater flexibility to build on our leadership position, invest in continued innovation and accelerate go-to-market efforts to deliver increased value to customers. Additionally, the transaction will allow Bottomline to benefit from the operating capabilities, capital resources and sector expertise of one of the most experienced and successful software and financial technology investors," Rob Eberle, Bottomline CEO.
Bottomline was advised by Deutsche Bank, Skadden Arps Slate Meagher & Flom, WilmerHale and Joele Frank. Thoma Bravo was advised by Bank of America, Kirkland & Ellis and Finsbury Glover Hering. Bank of America was advised by Debevoise & Plimpton.
Carlyle, an American multinational private equity, agreed to acquire ManTech, a provider of innovative technologies and solutions for mission-critical national security programs, for $4.2bn. ManTech shareholders will receive $96 per share in cash, which represents a 17% premium.
“We have always admired ManTech’s unwavering commitment to support national security customers and their critical missions through differentiated capabilities and technology solutions. ManTech’s talented employees and leadership team have built a remarkable company with strong market positions across the federal government. Through this partnership, we look forward to leveraging our sector expertise and resources to accelerate growth and innovation and to drive greater value for customers and employees," Dayne Baird, Carlyle Managing Director of Aerospace & Government Services Team.
Carlyle is advised by Robert W Baird and Latham & Watkins. ManTech is advised by Goldman Sachs and King & Spalding. Goldman Sachs is advised by Sullivan & Cromwell.
Nucor, a manufactures of steel and steel products, agreed to acquire CHI Overhead Doors, a manufacturer of overhead doors for residential and commercial markets, from KKR, an global investment firm for $3bn.
"Acquiring CHI is another step in our long-term strategy to expand into areas that are a natural extension of our business and leverage our efficient manufacturing model. CHI is a highly profitable organization built with an amazing team and culture. It has consistently proven its strength and competitive advantages due to its broad product suite, very short lead times, robust delivery infrastructure and focused customer service Acquiring CHI allows Nucor to further enhance its already diverse range of businesses that provide end market solutions to the construction and infrastructure markets. As with the acquisitions Nucor made in the past year in insulated metal panels and racking, CHI increases the overall long-run value of the organization with businesses that have strong free cash flow characteristics, robust growth prospects and fit with Nucor's capabilities," Leon Topalian, Nucor President and CEO.
Nucor is advised by Moelis & Co and Moore & Van Allen. KKR is advised by Goldman Sachs, UBS and Kirkland & Ellis.
Grey Rock Investment Partners, a Dallas-based investment firm, agreed to go public via a SPAC merger with Executive Network Partnering in a $1.3bn deal. The business combination results in the formation of publicly traded Granite Ridge Resources.
“We are excited to partner with ENPC to enter the public markets and deliver on our commitment to create healthy, risk-adjusted returns in underserved areas of the oil and gas market, while creating long-term value for Granite Ridge’s stockholders," Matt Miller, Grey Rock Co-Founder.
Grey Rock is advised by Evercore and Holland & Knight. ENPC is advised by Stephens and Kirkland & Ellis.
Diamondback Energy, an independent oil and natural gas company, agreed to acquire the publicly held units of Rattler Midstream, an oil and gas company, for $600m.
“The energy landscape has transformed dramatically since Rattler was taken public in 2019, and we believe this agreement to merge companies is in the best interests of both Diamondback and Rattler stakeholders. This merger will allow both companies to benefit from the simplicity and scale of the combined entity going forward," Travis Stice, Diamondback CEO.
Diamondback is advised by JP Morgan and Akin Gump Strauss Hauer & Feld. Rattler is advised by Evercore and Gibson Dunn & Crutcher.
Community Bank System, a commercial bank, completed the acquisition of Elmira Savings Bank, a full service community bank, for $83m.
"I want to commend both teams for their innovation and hard work and we are excited about this opportunity to expand the reach and depth of our banking services in the Central New York and Southern Tier regions. We hope that our new customers will enjoy the larger branch network and broad variety of financial services Community Bank and its subsidiaries have to offer. Community Bank is committed to our new employees and customers and the communities in which they live and work, and we look forward to this opportunity to welcome them to the Community Bank family," Mark E. Tryniski, Community Bank System President and CEO.
Elmira was advised by Boenning & Scattergood and Vorys Sater Seymour & Pease. Community Bank was advised by Stephens and Squire Patton Boggs.
Chatham Asset, a private investment firm, agreed to acquire Vericast, a marketing company, from MacAndrews & Forbes, a private equity firm, for $2.86bn.
"Accordingly, we are pleased to submit an indication of interest to acquire the Company from MacAndrews & Forbes Incorporated. Based on our existing knowledge of the Company, we anticipate paying a purchase price roughly equivalent to the value of the Company’s outstanding indebtedness, with any additional payments for equity to be determined following the completion of due diligence," Anthony Melchiorre, Chatham Asset Managing Member.
Chatham Asset is advised by Gasthalter & Co.
Patient Square Capital, a health care investment firm, led a $270m Series C funding round in Kriya Therapeutics, a gene therapy company, with participation from Bluebird Ventures, CAM Capital, Dexcel Pharma, Foresite Capital, JDRF, Lightswitch Capital, Narya Capital, QVT, Transhuman Capital.
"Kriya has made tremendous strides over the past few years, attracting world-class talent, expanding its pipeline, and scaling the infrastructure necessary to unlock the full potential of gene therapy. We believe the company has the potential to be the clear leader in the evolving gene therapy field, consistent with Patient Square Capital's focus to build and support category leading companies in health care," Jim Momtazee, Patient Square Capital Managing Partner.
Kriya was advised by Canale Communications.
ScionHealth, an operator of acute and post-acute hospitals, agreed to acquire Cornerstone, an operator of a network of behavioral health, senior living and specialty hospitals. Financial terms were not disclosed.
"Adding Cornerstone to ScionHealth is a significant first milestone and reflects our commitment to deliver high-quality healthcare solutions in the communities we serve. We are excited to welcome Cornerstone's talented group of employees and providers into the ScionHealth family. Cornerstone shares our values, as well as a similar focus on advancing clinical and quality excellence to benefit patients, pursue innovative solutions, and make healthcare more accessible," Rob Jay, ScionHealth CEO.
ScionHealth is advised by Joele Frank.
JERA, a firm focused on development of new energy upstream investments, agreed to acquire the 1.63 GW thermal power plants from Stonepeak, a North America focused private equity firm. Financial terms were not disclosed.
JERA will strive to enhance the value of the projects by utilizing its technological capabilities cultivated to date to further improve operational and maintenance efficiency. JERA believes that utilization of existing large-scale power projects that do not require construction of new power transmission networks is an important part of promoting decarbonization in the northeastern United States, and will pursue commercially viable decarbonization paths including low carbon biofuels in place of traditional fuels, as well as large scale renewable projects, blending hydrogen in gas turbines, and energy storage solutions.
Arthur J. Gallagher, an insurance brokerage and risk management services firm, agreed to acquire Hruska Insurancenter, a retail property and casualty brokerage. Financial terms were not disclosed.
"Hruska Insurancenter is a specialist broker that will further expand our presence, markets and expertise in the habitational and commercial real estate marke. I am very pleased to welcome Chuck and his associates to Gallaghert," J. Patrick Gallagher, Arthur J. Gallagher Chairman, President and CEO.
Infinity Ventures launches inaugural $158m fund dedicated to global fintech investing. (FS)
Infinity Ventures, an early-stage venture firm investing, announced its inaugural $158m fund. The capital will fuel Infinity Venture's model, which applies decades of operating and investing experience to de-risk execution, accelerate scale, and support product development and go-to-market strategies for its portfolio companies.
"Over the last decade the fintech industry has innovated consumer and business applications at a rapid pace, with intuitive design and sleek functionality that have been truly life-changing in terms of access, transparency and convenience. We see a massive opportunity investing in key infrastructure, making fintech apps and services more scalable and secure. Our team has the experience, and isn't afraid to get our hands dirty helping founders build this core, underdeveloped layer, from negotiating contracts, formulating the product roadmap, and delivering on partnership and client opportunities," Jeremy Jonker, Infinity Co-founder and Partner.
EMEA
Apollo, an alternative asset manager, agreed to acquire a minority stake in Sofinnova, a life sciences venture capital firm, for €1bn.
"The life sciences industry continues to grow and innovate, creating significant opportunities to fund and advance new therapeutics and technologies in pursuit of better health outcomes. Today, Apollo and its affiliates manage more than $5bn across the healthcare and life sciences industries, and we view this space as a significant growth area for the firm. Sofinnova is a clear partner of choice, with specialized knowledge and a vast industry network that is accretive to our broader investing platform. Together we can leverage our complementary strengths and cultures to form a long-term, mutually beneficial relationship," Scott Kleinman, Apollo Co-President.
Sofinnova is advised by Guggenheim Partners, Triago and Dechert. Apollo is advised by Gide Loyrette Nouel and Paul Weiss Rifkind Wharton & Garrison. Sofinnova and Apollo are advised by Havas Paris, Optimum Strategic Communications, RooneyPartners and StrategiesImage.
SMBC Aviation Capital, a global aircraft leasing company, agreed to acquire the commercial aircraft leasing platform from Chow Tai Fook and NWS-backed Goshawk, a provider of aircraft leasing services based in Dublin, for $1.6bn.
“The ability to achieve an attractive valuation reflects what Goshawk has accomplished under both the management team and shareholders’ stewardship. The transaction presents an excellent opportunity for NWS to unlock value for our shareholders and mitigate uncertainties and volatilities caused by macro factors such as changes in interest rate and Covid-19 pandemic. This is also in line with NWS’ corporate strategy in optimizing our business portfolio and continuing to invest in opportunities with progressive cash flow and return to achieve long-term sustainable growth," Eric Ma, NWS CEO.
SMBC Aviation is advised by Goldman Sachs, Cravath Swaine & Moore, Milbank and Finsbury Glover Hering. NWS is advised by Citigroup, HSBC and Clifford Chance.
Motorola Solutions, a data communications and telecommunications equipment provider, completed the acquisition of Videotec, a manufacturer of video security camera solutions. Financial terms were not disclosed.
"Protecting the security and operational continuity of critical infrastructure is vital to our cities and businesses. With Videotec's specialized suite of cameras, we're extending the breadth of our portfolio to help secure and support the demanding environments of these complex, essential industries," Greg Brown, Motorola Solutions Chairman and CEO.
Motorola Solutions was advised by Joele Frank.
NAMI, the Russia state research center, agreed to acquire a 67.69% stake in AVTOVAZ, an automobile manufacturing company, from Renault Group, an automobile manufacturer. Financial terms were not disclosed.
"Today, we have taken a difficult but necessary decision; and we are making a responsible choice towards our 45k employees in Russia, while preserving the Group's performance and our ability to return to the country in the future, in a different context. I am confident in the Renault Group's ability to further accelerate its transformation and exceed its mid-term targets," Luca de Meo, Renault Group CEO.
Moscow City entity to acquire Renault Russia from Renault, an automobile manufacture. Financial terms were not disclosed.
"Today, we have taken a difficult but necessary decision; and we are making a responsible choice towards our 45k employees in Russia, while preserving the Group's performance and our ability to return to the country in the future, in a different context. I am confident in the Renault Group's ability to further accelerate its transformation and exceed its mid-term targets," Luca de Meo, Renault CEO.
Baring Private Equity Asia backs out of making offer for RWS. (FS)
Baring Private Equity Asia Fund VIII said it does not plan to make an offer for London-listed RWS Holdings, a British company that provides intellectual property translation, filing and search services, technical and commercial translation and localization, and develops and supports translation productivity and management software, Reuters reported.
Decision comes weeks after the Hong Kong-based group expressed interest in the language services and software firm. BPEA said its decision to not go ahead with an offer for RWS was "not a reflection of its views on the RWS business".
Casino plans to sell renewable energy unit.
Casino, a French retailer, has launched a process to sell GreenYellow, a renewable energy company, with a view to a potential transaction by the end of the year, sending its shares up 3.6%, Reuters reported.
TotalEnergies, a French multinational integrated oil and gas company, and Engie, a French multinational utility company, are eyeing the acquisition of GreenYellow, valued at around $1.56bn.
McDonald's to exit from Russia.
McDonald's announced it will exit the Russian market and has initiated a process to sell its Russian business. This follows McDonald's announcement on March 8, 2022, that it had temporarily closed restaurants in Russia and paused operations in the market.
"We have a long history of establishing deep, local roots wherever the Arches shine. We're exceptionally proud of the 62k employees who work in our restaurants, along with the hundreds of Russian suppliers who support our business, and our local franchisees. Their dedication and loyalty to McDonald's make today's announcement extremely difficult. However, we have a commitment to our global community and must remain steadfast in our values. And our commitment to our values means that we can no longer keep the Arches shining there," Chris Kempczinski, McDonald's President and CEO.
HIG Capital hires Stephan Madsen. (FS, People)
HIG Capital, a global alternative asset investment firm, announced that Stephan Madsen has joined the firm's European Middle Market LBO team in London as a Managing Director focused on the Nordic region.
"We are very pleased to welcome Stephan Madsen to HIG He has a wealth of experience and will complement our team with a primary focus on the Nordic region," Markus Noe-Nordberg, HIG Head of Middle Market fund in Europe.
APAC
KKR-backed The Crosby Group, a lifting and material handling products manufacturer, agreed to acquire KITO, a material handling manufacturer, for $438m.
"This is an extraordinary opportunity to bring together two companies with differentiated, industry-leading capabilities, to create exceptional value for all stakeholders: team members, channel partners, end users, and communities. We have long respected KITO as they exemplify our core values of safety, reliability, and innovation and are thrilled to combine with them to provide best-in-class products, solutions, and services for customers worldwide," Robert Desel, The Crosby Group CEO.
KITO is advised by Nomura and Nishimura & Asahi. Crosby is advised by Mizuho Securities, SMBC Nikko Securities, Kirkland & Ellis and Mori Hamada & Matsumoto. Debt financing is provided by KKR Capital Markets, Sumitomo Mitsui Banking Corp and UBS.
Adani Group, an Indian multinational conglomerate, agreed to acquire the India business of Holcim, a building solutions provider, for $10.5bn.
"Our move into the cement business is yet another validation of our belief in our nation's growth story. Not only is India expected to remain one of the world's largest demand-driven economies for several decades, India also continues to be the world's second largest cement market and yet has less than half of the global average per capita cement consumption. In statistical comparison, China's cement consumption is over 7x that of India's. When these factors are combined with the several adjacencies of our existing businesses that include the Adani Group's ports and logistics business, energy business, and real estate business, we believe that we will be able to build a uniquely integrated and differentiated business model and set ourselves up for significant capacity expansion," Gautam Adani, Adani Group Chairman.
Holcim is advised by JP Morgan.
NWS Holdings, an investment holding company, agreed to acquire six premium logistics properties in Chengdu and Wuhan from Goodman, a property developer, for $350m.
“The croup is proactively integrating into the national development. The development of the logistics industry is underpinned by supportive government policies. It is also benefiting from the thriving e-commerce and the fast-developing multimodal transportation, further bolstering its market demand. The Group is therefore confident about the outlook of the industry in the Mainland and Hong Kong, and we are committed to expanding our business in this field," Eric Ma, NWS CEO.
NWS is advised by HSBC.
Swiggy, an Indian online food ordering and delivery platform, agreed to acquire Dineout, a provider of dining out and restaurant tech solutions platform intended for diners, from Times Internet, a digital products company. Financial terms were not disclosed.
“At Dineout, we always wanted to revolutionize the restaurant industry and this acquisition is an accelerating step towards the same goal. We strongly feel that with Swiggy’s deep understanding of the ecosystem and our shared passion for a superior consumer and restaurant experience, our joint forces will help provide a holistic platform in this industry,” Ankit Mehrotra, Dineout Co-Founder & CEO.
CVC mulls takeover bid for $10bn Brambles. (FS)
CVC Capital Partners, a private equity firm, is considering a bid for Brambles, an Australian pallet-pooling services company, Bloomberg reported.
The firm has had early discussions with the company following an unsolicited offer to acquire all its shares, said Brambles. CVC plans to make a formal indication of interest to Brambles soon.
Reliance to acquire dozens of brands in $6.5bn consumer goods play.
Reliance, an Indian retail company, will acquire dozens of small grocery and non-food brands as it targets building its own $6.5bn consumer goods business to challenge foreign giants like Unilever, a British multinational consumer goods company, Reuters reported.
Reliance plans to build a portfolio of 50 to 60 grocery, household and personal care brands within six months and is hiring distributors to take them to mom-and-pop stores and bigger retail outlets across the nation.
Temasek hikes stake in Amazon and Pinduoduo.
Temasek Holdings, a Singapore-based state investor, increased its stake in e-commerce companies Amazon.com and Pinduoduo, an agriculture-focused technology platform in China, by more than 15%, DealStreetAsia reported.
Temasek, among the biggest investors in the world with major investments in Singapore Airlines, DBS Group and others, first disclosed a stake in Amazon in 2017 and in Pinduduo in 2020. The firm is anchored in Asia, with a large exposure to the region as measured by underlying assets.
Mekong Capital aims 12 investments for latest fund and plans for some exits soon. (FS)
Having made seven investments out of its latest $246m fund, Mekong Capital, a Vietnam-based private equity firm, plans to invest in a total of 12 companies, and also reserve capital for follow-on funding, DealStreetAsia reported.
Mekong Enterprise Fund IV, which was closed in early 2021, has deployed less than half of its corpus, said Chris Freund, Mekong Capital Founder and Partner.
Turk Telekom license extension planned before likely sale.
Turkey is planning to extend the primary license of Turk Telekom, a state-owned Turkey telecommunications company, after Turkey Wealth Fund, a sovereign wealth fund, obtained a controlling stake in the telecom company, paving the way for a possible stake sale, Bloomberg reported.
The sovereign wealth fund is working on the extension with regulators and the ministry of communications. A renewed license beyond 2026 February expiry would boost the company's value and could be followed by a secondary public offering or a direct stake sale.
SeABank plans minority stake sale to foreign investors.
Southeast Asia Commercial Joint Stock Bank, a Vietnam-based financial institution, plans to sell a minority stake to overseas investors three years after its French partner sold its shares, Bloomberg reported.
SeABank could offer about 13.78% of its existing registered capital in a sale, said Le Thu Thuy, SeABank CEO. It hasn't determined a specific timeline for the transaction.
Calb to tap more banks for $1.5bn Hong Kong IPO.
Calb, a Chinese battery supplier for electric vehicle makers, has added more banks to arrange its planned Hong Kong IPO, which could raise as much as $1.5bn, Bloomberg reported.
The company selected Citigroup, Credit Suisse and JP Morgan as joint global coordinators for the first-time share sale. They will join Huatai International, an integrated securities group in China, which is the sole sponsor on the deal.
Silverhorn plans $300m pan-Asia investments, ropes in Bert Kwan. (FS, People)
Silverhorn, a Hong Kong-based multi-asset investment firm, is planning to raise $300m for its pan-Asia venture capital investment programme, DealStreetAsia reported.
Silverhorn is preparing to launch its pan-Asia, tech-based venture capital and early-growth capital investment programme, as the firm has appointed Bert Kwan as head of private equity.
Ondine Capital plans $100m fund. (FS)
Ondine Capital, a venture capital firm, is targeting a corpus of $100m for a new US dollar fund as the firm raises its focus on Southeast Asia amid a rising trend of China investors and capital flowing into the region to capture growth opportunities across emerging markets, DealStreetAsia reported.
Ondine Capital is setting up a new office in Singapore to manage the US dollar fund under a licence granted by the Monetary Authority of Singapore last month.
|
