Adevinta, a Norwegian marketplace specialist, completed the acquisition of the classifieds business of eBay, an American multinational e-commerce corporation, for $13bn. Under the terms of the agreement, eBay received $2.5bn in cash and c. 540m shares of Adevinta, representing a 44% stake in pro forma Adevinta.
"We are pleased to finalize the deal between Adevinta and eBay Classifieds, where the combination of these two companies will create a leading global online classifieds business. By joining Adevinta, the eBay Classifieds' business has an enormous opportunity ahead. We are optimistic that the breadth of talent and collective experience across the combined portfolio will offer additional value for our customers, employees and shareholders," Jamie Iannone, eBay CEO.
Adevinta was advised by Ernst & Young, Barclays, Citigroup, Advokatfirmaet BA-HR, Cleary Gottlieb Steen & Hamilton, Moalem Weitemeyer Bendtsen, Skadden Arps Slate Meagher & Flom, Stibbe and Edelman. Financial advisors are advised by Shearman & Sterling. Debt Financing was provided by Barclays, Citigroup and DNB Bank. eBay was advised by Goldman Sachs, LionTree Advisors, De Brauw Blackstone Westbroek, Quinn Emanuel, Thommessen, Wachtell Lipton Rosen & Katz and Joele Frank. Financial advisors were advised by Sullivan & Cromwell.
II‐VI and Coherent announced that II-VI’s shareholders and Coherent’s stockholders have each voted overwhelmingly to adopt and approve, as applicable, all proposals relating to the previously announced merger agreement for II-VI to acquire Coherent.
Approximately 99% of the votes cast at II-VI’s special meeting voted to approve the proposal to issue shares of II-VI common stock as described in the joint proxy statement/prospectus for the special meeting, and approximately 99% of the shares of Coherent common stock voting at Coherent’s special meeting voted to approve the proposal to adopt the merger agreement.
“The combination of II-VI and Coherent will provide compelling benefits to our customers, create more opportunities for our team members to continue to develop innovative new products and solutions, and deliver significant value for our stockholders. We are excited to hit the ground running upon transaction close and look forward to bringing together our customer-centric, innovative cultures with track records of operational excellence," Andy Mattes, Coherent President and CEO.
Coherent is advised by Bank of America, Credit Suisse, Skadden Arps Slate Meagher & Flom and Brunswick Group. Financial advisors were advised by Cravath Swaine & Moore. Bain Capital is advised by Centerview Partners. II-VI is advised by Allen & Company, JP Morgan, Hengeler Mueller, K&L Gates, O'Melveny & Myers, Slaughter & May, Wachtell Lipton Rosen & Katz and Sard Verbinnen & Co. Financial advisors are advised by Simpson Thacher & Bartlett and White & Case. Debt financing is provided by JP Morgan.
The stockholders of Forest Road Acquisition, a special purposes acquisition company, have approved the $2.9bn SPAC three-way merger with Beachbody, a provider of health and fitness, and Myx Fitness, an at-home connected fitness platform.
“We are thrilled with the overwhelming support from our stockholders. Today’s vote marks an important milestone in Beachbody’s mission to help more people achieve their goals and lead healthy and fulfilling lives. We look forward to supporting Beachbody as it furthers this mission as a public company, introducing many more people to its proven, at-home fitness and nutrition solutions,” Keith Horn, Forest Road CEO.
Myx Fitness is advised by Greenberg Traurig. Beachbody is advised by Bank of America, Cantor Fitzgerald, Credit Suisse, The Raine Group, Cozen O'Connor, Latham & Watkins and ICR. Financial advisors are advised by Paul Weiss Rifkind Wharton & Garrison. Forest Road is advised by Greenhill & Co, Guggenheim Partners, Robert W Baird, Ellenoff Grossman & Schole, Gibson Dunn & Crutcher and Kirkland & Ellis. Financial advisors are advised by Sullivan & Cromwell.
US antitrust regulators ordered 7-Eleven to sell 293 gas-station retail stores acquired earlier this year as part of its $21bn purchase of Marathon Petroleum's Speedway business.
The order disclosed Friday by the US Federal Trade Commission resolves lingering concerns over the transaction. In May, FTC Acting Chairwoman Rebecca Kelly Slaughter and her fellow Democratic commissioner said the agency would continue to investigate the acquisition even as 7-Eleven said the deal had been completed.
Under the terms of the FTC’s proposed order, 7-Eleven will divest 124 stores to Anabi Oil, 106 to CrossAmerica Partners and 63 to Jacksons Food Stores.
7-Eleven was advised by Credit Suisse, Nomura, Sumitomo Mitsui Banking Corp, Akin Gump Strauss Hauer & Feld, Nishimura & Asahi and Brunswick Group. Debt financing was provided by Credit Suisse and Sumitomo Mitsui Banking Corp. Financial advisors were advised by Alston & Bird and White & Case. Debt providers were advised by Davis Polk & Wardwell. Marathon Petroleum was advised by Barclays, Evercore, JP Morgan and Wachtell Lipton Rosen & Katz.
Gamut Capital Management and British Columbia Investment Management, two private equity firms, agreed to invest in PS Logistics, a flatbed transportation and logistics provider. Financial terms were not disclosed.
"The combination of our exceptional team, with the resources we will gain through our relationship with Gamut and BCI, will enable PS Logistics to accelerate our growth while continuing to provide best-in-class services to our customers," Scott Smith, PS Logistics CEO.
PS Logistics is advised by UBS and Kirkland & Ellis. BCI is advised by Weil Gotshal and Manges. Gamut is advised by Credit Suisse, Deutsche Bank, RBC Capital Markets, Paul Weiss Rifkind Wharton & Garrison and Prosek Partners. Debt financing is provided by Wells Fargo Securities, RBC Capital Markets, Deutsche Bank and Credit Suisse.
Perella Weinberg Partners, a global independent advisory firm, went public via a SPAC merger with FinTech Acquisition IV, a special purpose acquisition company, in a $975m deal. Upon closing of the transaction, the combined company operated as Perella Weinberg Partners and was listed on NASDAQ under the new symbol “PWP.”
“Today marks an important milestone in the ongoing growth and development of PWP’s global advisory platform. This latest step has been achieved through the exceptional efforts and dogged dedication of our entire team. We thank all of our clients, the FinTech IV team and all our stakeholders for their persistent belief in our mission. With our best-in-class team and premium global advisory brand, we are energized by the opportunity to deliver the very best strategic financial advice to our clients and drive long-term value for our shareholders," Peter Weinberg PWP CEO.
Perella Weinberg Partners was advised by Perella Weinberg Partners and Skadden Arps Slate Meagher & Flom. FinTech Acquisition was advised by Cantor Fitzgerald, Financial Technology Partners, Goldman Sachs, JMP Securities, JP Morgan, Keefe Bruyette & Woods, Wells Fargo Securities, Davis Polk & Wardwell and Morgan Lewis & Bockius.
MidOcean Partners-backed Empower, a special purposes acquisition company, announced the extraordinary meeting date for the $1.55bn proposed merger with Holley, a performance automotive parts manufacturer, on July 14.
As announced previously, upon the effectiveness of the business combination, Empower will change its name to “Holley” and its common stock and warrants are expected to be traded on the New York Stock Exchange under the new symbol HLLY. At the closing of the business combination, each Empower unit will separate into its components consisting of one share of Empower common stock and one-third of one warrant and, as a result, will no longer trade as a separate security.
Holley is advised by Jefferies & Company, Lazard, William Blair & Co, Willkie Farr & Gallagher and ICR. Empower is advised by JP Morgan, Jefferies & Company, Gibson Dunn & Crutcher and ICR. Financial advisors are advised by Kirkland & Ellis.
Electric Last Mile, an electric vehicle company, went public via a SPAC merger with Forum Merger III, a special purpose acquisition vehicle, in a $1.4bn deal.
“Today is a critical milestone for ELMS as we now believe we have all the pieces in place to execute on our business plan and transform productivity for the last mile. We are excited to take advantage of our anticipated first-mover opportunities in the commercial EV space with the launch of our Urban Delivery later this year and to help make the US the world leader for EV manufacturing," James Taylor, ELMS CEO.
ELMS was advised by Foley & Lardner and Sard Verbinnen & Co. Forum Merger III was advised by BTIG, Benchmark Company, Colliers, Cowen & Company, Jefferies & Company, Wedbush Securities and White & Case.
Innovid, a marketing and advertising company, agreed to go public via a SPAC merger with ION Acquisition 2, a special purposes acquisition company, in a $1.3bn deal. Innovid has also secured approximately $150m of PIPE financing anchored by top-tier institutional investors including Fidelity Management and Research Company, Baron Capital Group and others including funds affiliated with ION and Phoenix Group.
“Innovid is entering an exciting new chapter of growth as a public company, a major milestone that corresponds with rising adoption and demands for streaming television. As a public company, we expect that we will be able to build on our leading market position, accelerate the growth of our business, and remain the independent platform trusted by the world’s largest TV advertisers," Zvika Netter, Innovid Co-Founder and CEO.
Innovid is advised by Evercore, FWMK Law Offices, Latham & Watkins and Crenshaw Communications. ION Acquisition 2 is advised by Ernst & Young, Morgan Stanley, Debevoise & Plimpton, Goldfarb Seligman & Co and White & Case.
Stonepeak-backed Akumin, a provider of freestanding outpatient radiology services, agreed to acquire Alliance Healthcare Services, a provider of radiology and oncology solutions to hospitals, health systems and physician groups, for $820m.
"We have always said Akumin’s vision is to drive patient-centered innovation, service delivery standardization, and exceptional healthcare value, all in an outpatient care setting. The acquisition of Alliance is transformative in a changing healthcare ecosystem that continues to shift toward outpatient, price-transparent, value-based care. There’s no other organization that has the complement of attributes we will offer together as outpatient healthcare services experts, in particular with Alliance’s longstanding hospital and health system relationships and Akumin’s freestanding operational expertise," Riadh Zine, Akumin President and CEO.
Alliance Healthcare is advised by Citigroup, SVB Leerink, Osler Hoskin & Harcourt and Ropes & Gray. Stonepeak is advised by McCarthy Tetrault and Sidley Austin. Akumin is advised by PricewaterhouseCoopers, McDermott Will & Emery and Stikeman Elliott.
Origin Materials, a carbon negative materials company, went public via a SPAC merger with Artius Acquisition in a $1.8bn deal. The transaction includes a PIPE of $200m from Danone, Nestlé, PepsiCo, Mitsubishi Gas, AECI, Sylebra Capital, Senator Investment Group, Electron Capital Partners, BNP Paribas AM Energy Transition Fund and affiliates of Apollo.
“We are excited to complete this transaction, which will further accelerate our growth and mission of enabling the world’s transition to sustainable, carbon negative materials. The materials supply chain accounts for nearly half of all global carbon emissions, creating a significant opportunity to decarbonize materials that are used in products across a wide range of end markets. We believe our breakthrough technology provides countless companies that make physical products with the ability to drastically reduce their emissions in a cost-effective manner," John Bissell, Origin Materials Co-Founder and Co-CEO.
Origin Materials was advised by Bank of America, Cooley and ICR. Bank of America was advised by Sullivan & Cromwell. Artius was advised by Credit Suisse, Goldman Sachs and Cleary Gottlieb Steen & Hamilton.
Apollo Global, a global alternative investment management firm, completed the acquisition of a 51% stake in ABC Technologies, a producer and distributor of automotive systems and components, from Cerberus Capital, a private equity firm, for $277m.
"The closing of the transaction with the Apollo Funds is a great milestone for all of us at ABC as we continue to execute on our plan to build the Company into an even stronger, global player in the automotive technical plastics space. We look forward to beginning our next fiscal year with our newly constituted board and are excited for all of the organic and inorganic growth opportunities ahead," Todd Sheppelman, ABC Technologies President and CEO.
ABC was advised by Evercore, Blake Cassels & Graydon, Creel Garcia-Cuellar Aiza y Enriquez, Lowenstein Sandler and Wildeboer Dellelce. Apollo Global was advsied by Goodmans and Paul Weiss Rifkind Wharton & Garrison.
Clayton, Dubilier & Rice-backed Artera Services, a provider of integrated infrastructure services to natural gas and electric industries, completed the acquisition of Feeney Utility Services Group, a natural gas utility service provider, from CAI Capital Partners, a Vancouver-based private equity firm. Financial terms were not disclosed.
"We welcome the FUSG team to the Artera family and we are excited to expand our core natural gas distribution capabilities into the Northeast market. I look forward to working with this talented team and continuing to provide world-class service to our valued customers, with a continued focus on quality and safety," Brian Palmer, Artera CEO.
Feeney Utility was advised by Lincoln International and Mintz Levin. Artera was advised by BNP Paribas, Bank of America, Harris Williams & Co, UBS and Debevoise & Plimpton.
Alora Pharmaceuticals, a pharmaceuticals company, agreed to acquire the legacy business of Osmotica Pharmaceuticals, a fully integrated biopharmaceutical company, for $170m.
“The legacy business has been an important part of our evolution, and we would like to recognize the excellent performance of our employees as they have remained focused throughout this process. The proceeds generated by the sale will be used to retire a substantial portion of our outstanding indebtedness and position us to accelerate the commercialization efforts of our flagship product, UPNEEQ. Since the introduction of UPNEEQ, our confidence in the brand has continued to grow, and we believe that this is the right time to further focus on this tremendous asset," Brian Markison, Osmotica Pharmaceuticals CEO.
Alora is advised by TAP Advisors and Nelson Mullins Riley & Scarborough. Osmotica is advised by Barclays, Jefferies & Company, Ropes & Gray and In-Site Communications.
Providence Equity Partners-backed Tegria, a healthcare technology and services firm, completed the acquisition of KenSci, a software developer. Financial terms were not disclosed.
"AI and advanced analytics technology are redefining how healthcare organizations leverage data to transform human health and improve care outcomes. Tegria will enable us to accelerate this transformation at a broader scale, delivering immediate value for our customers with AI-driven insights. We are excited to join Tegria, so we can write the next chapter together," Sudarshan Chitre, KenSci CEO.
KenSci was advised by Brentwood Capital Markets and Wilson Sonsini Goodrich & Rosati. Tegria was advised by Cascadia Capital, McDermott Will & Emery and Finsbury Glover Hering.
A special committee of the board of Dye & Durham, a cloud-based software and technology solution provider, has selected JP Morgan and Scotiabank as its financial advisers for a strategic review in response to a takeover offer worth about $2.8bn.
"There can be no assurance that the exploration of strategic alternatives will result in a transaction," Dye & Durham.
Dye & Durham is advised by JP Morgan, Scotiabank, Norton Rose Fulbright, Osler Hoskin & Harcourt and LodeRock Advisors.
Rockwell Automation, a company dedicated to industrial automation and digital transformation, agreed to acquire Plex Systems, a software developer, from Francisco Partners, a private equity firm, for $2.22bn.
“This acquisition will accelerate our strategy to bring the Connected Enterprise to life, driving faster time to value for our customers as they increasingly adopt cloud solutions to improve resilience, agility, and sustainability in their operations. The acquisition will also accelerate our software revenue growth and strengthen our annual recurring revenue streams," Blake Moret, Rockwell Automation Chairman and CEO.
Plex is advised by SHIFT Communications. Francisco Partners is advised by Goldman Sachs, Paul Hastings and Sloane & Company.
Parthenon Capital-backed American Trust, a provider of retirement solutions, agreed to acquire LT Trust, a national retirement plan provider and recordkeeper. Financial terms were not disclosed.
“American Trust is recognized for the commitment it’s made to the retirement space, consistently innovating and growing to better serve its clients throughout the retirement ecosystem. We are excited to join the team and provide additional technology, services and resources to our collective clients," Bob Beriault, LT Trust Chairman and CEO.
LT Trust is advised by Raymond James and Sherman & Howard. American Trust is advised by Kirkland & Ellis and Gregory FCA.
Delicato Family Wines, a wine company, agreed to acquire Francis Ford Coppola Winery, a wine company. Financial terms were not disclosed.
"This is an exciting and significant expansion for Delicato Family Wines as we bring Francis Ford Coppola Winery and their brands under our portfolio. We look forward to leveraging Francis Ford Coppola's creativity and fine wine capabilities that have appealed to consumers, distributors, and retailers globally, further bolstering our portfolio strategy," Chris Indelicato, Delicato CEO.
Delicato is advised by Deutsche Bank and Winston & Strawn. Francis Ford Coppola Winery is advised by JP Morgan and Nixon Peabody.
Hershey, a snacks company, completed the acquisition of Lily's, a confectionery brand, for $425m.
"Lily's is a great addition to Hershey's growing portfolio of better-for-you snacking brands, and we are excited to add this high-growth, leading BFY brand and to get to work with its talented and innovative team. Lily's popular low-sugar products are a great strategic fit with our multi-pronged better-for-you snacking strategy and will perfectly complement our existing iconic Hershey's BFY offerings," Chuck Raup, Hershey President.
Lily's was advised by Winston & Strawn and Houlihan Lokey. Hershey was advised by Gibson Dunn & Crutcher.
Tradeweb, a global operator of electronic marketplaces for rates, credit, equities and money markets, completed the acquisition of Nasdaq’s US fixed income electronic trading platform, for $190m.
Nasdaq intends to use the proceeds from the sale of NFI, available tax benefits and NFI working and clearing capital, as well as other sources of cash, to repurchase shares in order to offset longer-term dilution to non-GAAP earnings per share.
“This is a great opportunity for us to add value to the wholesale US Treasuries market - one of the world’s largest and most liquid cash markets - by providing greater choice among protocols, more connected participants and lower cost," Lee Olesky, Tradeweb CEO.
Tradeweb was advised by Centerview Partners and Fried Frank Harris Shriver & Jacobson. Nasdaq was advised by Skadden Arps Slate Meagher & Flom.
Monarch Alternative Capital, an investment firm, completed the acquisition of ten hospitality properties from Eagle Hospitality Real Estate Investment Trust, a privately owned real estate investment trust, for $360m.
"The overall Eagle Hospitality transaction exemplifies the value of our broad investment capabilities across debt and equity to target compelling opportunities in dislocated sectors. Our ability to provide speed and certainty of execution in complex situations is highly valued by our partners and counterparties," Ian Glastein, Monarch Managing Principal.
PerkinElmer, a biotechnology company, completed the acquisition of Nexcelom Bioscience, a provider of automated cell counting solutions, from Ampersand Capital, a middle-market private equity firm, for $260m.
"Nexcelom was founded with the goal of assisting bench scientists by automating tedious and manual cell counting processes. Over the past eighteen years the company has worked closely with our customers to develop powerful tools to solve their complex challenges in rapidly developing cell-based assay and biomanufacturing markets. Ampersand's support and guidance over the past three years have been an important part of the Nexcelom story, and I feel fortunate to have had the opportunity to partner with them," Peter Li, Nexcelom Bioscience President and CEO.
Boston Scientific, a manufacturer of medical devices, offered to acquire the remaining 73% stake in Farapulse, a medical device company, for $387m.
"We are encouraged by the positive reception to the commercial launch of the Farapulse PFA System in Europe, which we believe underscores the demand for a simpler way to treat AF. The strength and breadth of the Boston Scientific team will position this breakthrough technology for success and accelerate progress towards regulatory approval in the US," Allan Zingeler, Farapulse President and CEO.
Thoma Bravo led a $225m Series F funding round in Illumio, an American business data center and cloud computing security company, with participation from Franklin Templeton and Owl Rock.
“With this funding, we will accelerate our innovation in product and engineering, further invest in customer success, and build upon our global partner strategy,” Andrew Rubin, Illumio CEO and Co-Founder.
Coatue Management, a private equity firm, led a $100m Series E round in Chainalysis, a blockchain data provider. Additional investors include Benchmark, Accel, Addition, Dragoneer, Durable Capital Partners, 9Yards Capital, Altimeter, Blackstone, GIC, Pictet, Sequoia Heritage, and SVB Financial.
"Chainalysis’s data platform is core infrastructure which helps to create a safe and thriving cryptocurrency market. As cryptocurrency adoption grows, we believe that financial institutions, government agencies, and cryptocurrency businesses will increasingly deploy Chainalysis’s platform to make important decisions – from figuring out the best way to dismantle the operations of a threat actor to deciding which new cryptocurrency products are likely to drive the most demand," Kris Fredrickson, Coatue Managing Partner.
Amazon Web Services, a provider of cloud computing platforms, completed the acquisition of Wickr, an American software company. Financial terms were not disclosed.
"With Wickr, customers and partners benefit from advanced security features not available with traditional communications services – across messaging, voice and video calling, file sharing, and collaboration. This gives security conscious enterprises and government agencies the ability to implement important governance and security controls to help them meet their compliance requirements," Amazon Web Services.
Core & Main, a US distributor of water, sewer and fire protection products, agreed to acquire L & M Bag & Supply, a distributor of industrial and oilfield products. Financial terms were not disclosed.
"L & M is an exceptional company with a strong history in geotextiles and geosynthetics, and a well-developed erosion control materials manufacturing operation. This strategic opportunity will allow us to enhance Core & Main's erosion control expertise to further serve our customers nationwide," Steve LeClair, Core & Main CEO.
Mullen Group, a logistics company that owns a network of independently operated businesses, completed the acquisition of APPS Transport Group, a transportation and logistics company. Financial terms were not disclosed.
"Today's announcement is another very important milestone for our organization. We have been very clear with our shareholders as it relates to our strategy of building one of Canada's most comprehensive transportation and logistics networks. I am delighted that we have closed the acquisition of APPS, one of Canada's largest independently owned and operated transport companies. APPS will be an excellent fit in our organization expanding the service offering to shippers and consumers throughout and across Canada," Murray K. Mullen, Mullen Group Chairman and CEO.
Panasonic sells Tesla stake for $3.61bn.
Panasonic, a Japanese multinational electronics company, sold its stake in Tesla, an electric vehicle and clean energy company, for about $3.61bn in the year ended March, Reuters reported.
The sale comes as the company seeks to reduce its dependence on Tesla and raise cash for growth investment. Panasonic's battery business is dominated by Elon Musk's Tesla, but the two firms have had a tense relationship at times.
Warburg considers the sale of Duravant. (FS)
Warburg Pincus is considering options for Duravant, a food processing and packaging equipment company, including a sale that could value the company at more than $4bn, Bloombergreported.
The New York-based private equity firm has held preliminary talks with advisers about running an auction for Duravant later this year. The business is likely to draw interest from other equipment manufacturers and private equity firms.
Blackstone and Capital Group in talks to invest in Carbon Health. (FS)
Carbon Health Technologies, a startup that provides in-person and virtual health-care services, is in talks for new funding at a valuation of roughly $3bn after shelving talks to go public through a blank-check company, Bloombergreported.
The company is considering raising about $300m round from investors including Blackstone Group and Capital Group. The funding, which will be used to acquire additional clinics, emerged as a preferred alternative to a merger with a special purpose acquisition company, which the company explored. Terms of the funding round haven’t been finalized and it’s possible they could change.
Spanx hires Goldman Sachs to explore options including sale.
Spanx, an American underwear maker, has hired Goldman Sachs to explore options, including a sale, Reutersreported.
Spanx has attracted interest from private equity firms, including Carlyle, and any deal could value it at $1bn or more. Spanx's founder Sara Blakely could retain some ownership in the company.
Samarco intends to raise $2bn in restructuring.
Samarco Mineracao, a Brazilian mining company, intends to raise $2bn in fresh capital as part of its plan to exit bankruptcy protection, according to court documents.
The capital increase is vital for the company's continued operations in the coming years. The proceeds will fund its operations between 2022 and 2027.
Xponential files for US IPO.
Xponential Fitness, a franchisor of boutique fitness studios including Club Pilates and CycleBar, filed for a US initial public offering after delaying its listing plans when the coronavirus pandemic hit last year.
Investors have agreed to a $200m private placement convertible preferred stock in conjunction with the IPO, Bloombergreported. Although it didn’t detail the stakes of its shareholders, Xponential said it would qualify as a controlled company after going public.
DraftKings’ Sloan files spinoff SPAC.
The team behind the blank-check company that took a sports betting operator DraftKings public is considering a SPAC that would break new ground by being able to pursue multiple transactions,Bloombergreported.
Spinning Eagle Acquisition filed with the US SEC to raise $2bn. The paperwork, a resubmission of its filing from late last year, was submitted in conjunction with a rule change sought by Nasdaq to allow such vehicles.
Robinhood's IPO plans slowed by SEC review.
The plans of Robinhood Markets, an American financial services company, to go public this month were slowed in recent weeks by a back-and-forth with regulators over its prospectus, Bloombergreported.
While a listing might come this summer, the company's plans could also slip into the fall. Robinhood aims to reveal its financials as soon as possible and to go public once the SEC finishes its review.
Pony.ai considers a US IPO.
Pony.ai, a self-driving tech firm backed by Toyota, is considering a US initial public offering to help finance its goal of commercializing driverless ride-hailing,Reutersreported.
The company, which operates in China and the US, hopes to install its technology in hundreds of vehicles in 2022, with that number increasing to tens of thousands by 2025.
KKR forms a new single-family landlord. (FS, RE)
KKR is forming a new single-family landlord, My Community Homes, that plans to acquire and manage rental houses across the US.
KKR is investing in the platform through its real estate and private credit funds, Bloombergreported. The number of homes and geographies targeted by the venture couldn’t immediately be learned.
Andreessen Horowitz launches a $2.2bn crypto fund. (FS)
Andreessen Horowitz, a venture capital firm, launched a $2.2bn investment fund into crypto's future, despite the fact that bitcoin and the broader crypto market have suffered a dramatic drop in price over the past month. The firm believes the next wave of computing innovation will be driven by crypto. It is "radically optimistic about crypto's potential to restore trust and enable new kinds of governance."
"We've been investing in crypto assets since 2013 and are more excited today about what comes next than ever before. This has been an exciting period for crypto as awareness and adoption of crypto brands and products exploded," Andreessen Horowitz.
Siguler Guff raises more than $450m for its second Small Business Credit Opportunity fund. (FS)
Siglure Guff, a multi-strategy private equity investment firm, raised over $450m for its Small Business Credit Opportunity Fund II. The strategy was launched in 2015 and has been invested for $400m since then. Fund II will provide capital to a diverse set of small and lower middle-market US companies, typically starting from $2m to $15m of annual EBITDA, less than $100m of annual revenues and consistently solid profit edges, through direct investments only.
"We are very excited about the many opportunities ahead for Fund II. Over the years, we have developed a proven formula for small business investing: identifying time-tested, resilient companies that are leaders in an attractive market niche; in conservatively structured transactions; alongside high-quality sponsors. We are proud of the fact that our portfolio reflects the American economy with investments across the nation, in industries ranging from food, to specialty manufacturing, business services, healthcare and other important sectors," Sean Greene, Siguler Guff Managing Director.
Clayton, Dubilier & Rice is considering sweetening its offer for London-listed UDG Healthcare even after the company’s board backed a lower bid, the second time in two days that a buyout group has taken the step in the wake of shareholder resistance.
The US-based private equity firm has indicated it could raise its bid for the UK healthcare company to $15 per share, giving it an enterprise value of $4bn including debt, up from $3.7bn as per the original offer agreed last month.
"The potentially higher bid is an unusual move when the board has already agreed to the lower offer. It comes after discussions with certain UDG shareholders," UDG Healthcare.
UDG Healthcare is advised by Davy Corporate Finance, Liberum Capital, Peel Hunt, Goldman Sachs, Rothschild & Co, A&L Goodbody, Freshfields Bruckhaus Deringer and Powerscourt. Clayton, Dubilier & Rice is advised by Citigroup, Deutsche Bank, JP Morgan, Jefferies & Company, Clifford Chance, Debevoise & Plimpton, William Fry and Teneo. Financial advisors are advised by Norton Rose Fulbright.
EssilorLuxottica, the eyewear giant, is considering suing its takeover target GrandVision after a court ruled that the Dutch eyewear retailer had violated the terms of their proposed acquisition agreement.
EssilorLuxottica announced the bid for GrandVision in July 2019, aiming to control the Dutch eyewear group's more than 7k outlets across the world.
The planned deal has since been at the centre of a legal battle between the two sides, with EssilorLuxottica arguing that decisions made by GrandVision during the Covid-19 pandemic could give grounds for ending its proposed takeover. An arbitration court ruled that GrandVision had breached obligations of the takeover agreement, which meant that EssilorLuxottica was no longer bound to the pact.
GrandVision is advised by ING Bank, Bredin Prat and De Brauw Blackstone Westbroek. EssilorLuxottica is advised by BNP Paribas, Citigroup, Goldman Sachs, Lazard, Mediobanca, BonelliErede, Latham & Watkins, Stibbe, Sullivan & Cromwell, Brunswick Group and Community Group. Debt Financing is provided by Credit Agricole and HSBC. Debt Providers are advised by Hogan Lovells. HAL Holding is advised by NautaDutilh.
Cinven, an international private equity firm, agreed to acquire Arcaplanet, an omnichannel pet care brand, from Permira and Winch Capital Partners, two private equity firms. Financial terms were not disclosed.
"The combination of Arcaplanet and Maxi Zoo Italia creates a fantastic platform from which to drive growth in the pet care market and we look forward to working with management and Fressnapf to accelerate this opportunity. Cinven's Consumer team has a deep understanding of the pet care sector given Cinven's investment in Partner in Pet Food and the megatrends fuelling sector growth such as pet humanization and product premiumization and specialization. In addition, Cinven has considerable experience in omnichannel retailing and accelerating digital strategies, and we look forward to supporting the Arcaplanet Group's expansion in these areas," Maxim Crewe, Cinven Partner and Head of Consumer.
Permira is advised by Ernst & Young, OC&C Strategy Consultants, Bank of America, Mediobanca, Giliberti Triscornia e Associati and Maisto e Associati.
Lone Star Global formally ended its months-long pursuit of Britain's Senior, after the aircraft and car parts supplier this week rejected the private equity firm's fifth and final offer of $1.2bn.
Senior said there was no basis for it to engage with Lone Star at present after the fund a day earlier said its $2.78 per-share proposal could only be increased if a rival offer was made.
Senior has said all five proposals from US-based Lone Star undervalued its business. Shares in the company, which has said trading in the five months to May was ahead of its expectations, are up about 70% this year, Reutersreported.
Italy works to sweeten Paschi offer.
Italy’s government is working on a package of favorable terms that it could offer UniCredit to take over Banca Monte dei Paschi di Siena, as regulatory pressure builds to work out a survival plan for the troubled lender.
Italy is struggling to find a solution for Monte Paschi, which faces a $3bn capital shortfall. The European Central Bank has written to executives asking for details on their plan for plugging the gap, after the bank said it may need to postpone fund-raising plans. Stress test results due in July will likely highlight Monte Paschi as one of the region’s weaker lenders.
Talks between UniCredit and Monte Paschi were interrupted at the beginning of the year amid a government reshuffle and the exit of the Chief Executive Officer Jean Pierre Mustier, Bloombergreported.
Shell in talks to acquire an additional stake in BP’s Shearwater gas hub.
Royal Dutch Shell is in talks to acquire an additional stake in BP’s Shearwater gas hub.
Shell is acquiring BP’s 27.5% working interest in Shearwater, expanding its stake to 55.5%, and a share of the SEAL and SILK pipelines, Bloombergreported.
“Shell has agreed to purchase BP’s interest in the Shearwater gas hub. The move reflects Shell’s strategy of focusing our upstream activities on fewer, existing positions to generate material returns for shareholders and to fund the growth of our new low-carbon portfolio,” Shell Spokesperson.
NN Group in talks to acquire MetLife's Europe Units in a $740m deal.
NN Group, an insurance and asset management company, is in talks to acquire some of Metlife’s European life insurance assets for around $740m, Bloombergreported.
A deal could be reached as soon as next week for the units in Greece and Poland. No final decision has been made, talks could fall through or other bidders could emerge.
Credit Suisse considers new look or even merger.
Credit Suisse's top management is under pressure to develop an overhaul plan for the Swiss bank that could include a potential merger with rival UBS,Reutersreported.
The Swiss bank has had to review its business after losing more than $5bn in the rush to unwind trades by family office Archegos. It faces a barrage of legal action for helping clients invest $10bn in bonds issued by collapsed supply chain finance firm Greensill Capital.
Cobham set sights Ultra Electronics. (FS)
Cobham, a British aerospace manufacturing company, has set its sights on Ultra Electronics, a British company serving the defence, security, critical detection & control markets, paving the way for a potential hostile takeover bid, FTreported.
The defence group, which itself was taken over by US private equity firm Advent International in a £4bn deal last year, said it was considering a bid for Ultra Electronics in an effort to create a “global defence electronics champion”.
Thyssenkrupp considers the merger of its steel business with the rival.
Thyssenkrupp considers merging its German steel business with a rival. The merger aims to rein in costs and to create lean structures.
As the wider Thyssenkrupp group is studying whether to split off the steel section, merge it, or take it private separately, Bernhard Osburg, Thyssenkrupp Steel Europe CEO, noticed many reasons in favour of an alliance and only several against it.
LadBible explores a £400m IPO.
LadBible, a social media and entertainment social publisher, is exploring a £400m ($556m) initial public offering partial sale.
LadBible is working with Zeus Capital, the investment bank, on a review of a full range of strategic options. Sky News reported no decision had been made whether to list and one was unlikely to be taken for several months.
X5 eyeing IPO of its online business.
X5, a Russian food retailer, plans an initial public offering of its online business, which accounted for just 1% of the group's total sales in 2020 but is growing fast, with transaction volumes rocketing 347% last year, Reuters reported.
"The company is considering several promising options for further development, including both attracting investors on the open capital market, investments through strategic partnerships, and independent development within X5," X5.
Lendinvest revives plans for a London IPO.
Lendinvest, a property lending and investing platform, is reviving plans for a London initial public offering two years after shelving a previous attempt to go public.
The company is expected to seek a valuation above £300m, Sky News reported. IPO will come at a sharply lower valuation than a £500m price tag mooted in 2019.
Tishman to acquire London office project.
Tishman Speyer Properties, an American company that invests in real estate, has agreed to acquire an office redevelopment project in London’s Angel district from Derwent London, a British-based property investment and development business.
The company has offered a price above book value for Angel Square, which was recently listed for sale for about $111m. Intense competition for new offices amid a shortage of construction pushed up bidding, Bloombergreported. The deal isn’t yet complete and talks could still collapse.
Leta Capital launches third $100m fund. (FS)
Leta Capital, an international venture capital firm focused on supporting software start-ups and growth-stage companies with ambitious plans to expand internationally, launched its third and largest fund to date. The fund will invest more than $100m in United States, United Kingdom and European-based growth stage software and technology companies over the next three years.
"While we are significantly broadening our geographic focus towards key global hubs, our strategy effectively remains the same: to identify exciting, high-potential technology start-ups and entrepreneurs, and support them realizing their international ambitions," Alexander Chachava, Leta Capital Managing Partner.
Steelmakers HBIS Group and POSCO agreed to invest $600m to set up a joint venture.
The steelmakers will each invest $300m and take a 50% stake in the joint venture, which plans to start construction of a steel plate plant in Tangshan - the heart of China's steel industry.
ReNew Power plans to acquire Morgan Stanley's stake in Continuum.
ReNew Power Ventures has evinced interest in acquiring US investment bank Morgan Stanley's 83% stake in Continuum Green Energy (India), an energysolutions provider, DealStreetAsia reported.
Continuum currently has 807.4 MW of operational wind and solar assets. In addition, it has 1.07 GW capacity under various stages of development.
North Haven Infrastructure Partners, a global infrastructure fund managed by Morgan Stanley Infrastructure Partners, had in 2012 invested $212m in Continuum.
Didi eyeing a $4bn US IPO.
SoftBank-backed Didi Chuxing Technology, a Chinese vehicle for hire company, is seeking to raise as much as $4bn in one of the biggest US initial public offerings of the past decade.
According to Bloomberg, the company would have a market value of about $67bn at the high end. Accounting for restricted stock units, its diluted value would reach about $73bn.
Campfire seeks a $1.8bn IPO.
Campfire, which develops cloud funding platform, is eyeing to list shares this year at a valuation of as much as $1.8bn.
The pandemic increased the need for sites like Campfire as cafes, restaurants and small businesses facing downturns in customers used it as a way to supplement revenue. People who found themselves jobless also tapped it to get new ventures off the ground, Bloombergreported.
Geely Automotive scraps plans to list on STAR Market.
Geely Automobile, a Chinese multinational automotive company, has withdrawn its application for a proposed yuan share issue on Nasdaq-style STAR Market.
The decision not to proceed with the listing won’t have a material adverse impact on the financial position or operation of the group.
Princeton Digital plans to raise a $400m funding round. (FS)
Warburg Pincus-backed Princeton Digital Group, which delivers agile data center services and internet infrastructure, is considering raising funds from investors in a deal that could boost its valuation to about $2bn, Bloombergreported.
Warburg Pincus is in talks with financial advisers as it seeks to raise about $400m in a funding round for Princeton Digital. The fundraising plans would serve as a stepping stone ahead of a potential initial public offering in the coming quarters.
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