AMERICAS
France’s Alstom received EU antitrust approval to acquire Canadian rival Bombardier's rail business in a $6.5bn deal that will elevate it to the world’s second-largest rail maker.
“Today’s decision marks a positive step for the growth opportunities of the European rail sector, which is a world leader thanks to strong domestic competition and commitment to the next generation of green and digital mobility solutions,” Bombardier.
Alstom is advised by Mazars Corporate Finance, Rothschild & Co, Societe Generale, Cleary Gottlieb Steen & Hamilton, and Davies Ward Phillips & Vineberg. CDPQ is advised by HSBC, Freshfields Bruckhaus Deringer, and McCarthy Tetrault. Bombardier is advised by Citigroup, National Bank Financial, Rockefeller Capital Management, UBS, Jones Day, Norton Rose Fulbright, and Joele Frank. Debt financing to Alstom is provided by Credit Agricole, HSBC, and Societe Generale.
Healthcare Merger, a special purpose acquisition company, agreed to merge with Warburg Pincus-backed SOC Telemed, a provider of acute care telemedicine, in a $720m deal. Institutional investors, including funds and accounts managed by BlackRock, Baron Capital Group, and Legg Mason, among others, committed to private investment of $165m in the common stock of the combined company.
"We are pleased to partner with SOC to drive its next phase of growth. SOC operates a scaled and differentiated acute care telemedicine platform. This transaction will enable the company to capitalize on substantial opportunities to expand and grow and benefit from the accelerated adoption of telemedicine as a result of Covid-19," Steve Shulman, Health Merger CEO.
Health Merger is advised by Cantor Fitzgerald, MTS Health Partners, Ellenoff Grossman & Schole, and Weil Gotshal and Manges. SOC Telemed is advised by Credit Suisse, Orrick Herrington & Sutcliffe, and Westwicke.
PropTech Acquisition, a special purpose acquisition company, agreed to merge with Porch, a software and services platform for the home inspection and home service industries, in a $523m deal.
“Porch’s mission is to partner with home service companies and, together, delight the homeowner from move to improve and everything in between. Merging with PropTech and becoming a public company is the right next step in our growth phase and a key milestone for our company. A public listing will enhance our ability to scale more quickly and continue to innovate. We look forward to partnering with PropTech in a transaction that provides an efficient, accelerated and proven path for a successful public listing on NASDAQ,” Matt Ehrlichman, Porch CEO and Founder.
PropTech is advised by Cantor Fitzgerald, Northland Capital Partners, Kirkland & Ellis, and Gateway Investor Relations. Cantor Fitzgerald and Northland Capital Partners are advised by DLA Piper. Porch is advised by Financial Technology Partners and Sidley Austin.
Eros International, an Indian motion picture production and distribution company, completed the merger with STX Entertainment, an American entertainment and media company, in a $1bn all-stock deal.
"The combination of our two companies creates the first truly independent media company that deeply integrates the expertise and creative cultures of Hollywood and Bollywood. Kishore is a legend in the Indian entertainment industry and a pioneer in OTT content development and distribution in India. Together we will have the relationships, management expertise and resources to create new content and grow rapidly in the largest and most attractive global markets," Robert Simonds, STX CEO.
STX was advised by JP Morgan, PJT Partners, Appleby, Khaitan & Co, Kirkland & Ellis and Abernathy MacGregor Group. Eros was advised by Citigroup, S&R Associates, and Gibson Dunn & Crutcher.
BAE Systems, a British multinational defense, security and aerospace company, completed the acquisition of the military Global Positioning System business of Collins Aerospace, a supplier of aerospace and defense products, for $1.9bn.
"This acquisition, which follows the successful purchase of the Airborne Radios business in May, is another example of us delivering on our strategy to invest in technology that positions the Group for future growth. The Military GPS business brings high quality products which complement our Electronic Systems portfolio, strengthening our position as a leading provider of defence electronics," Charles Woodburn, BAE Systems CEO.
Collins was advised by JP Morgan and Wachtell Lipton Rosen & Katz. BAE Systems was advised by Bank of America Merrill Lynch. Bank of America Merrill Lynch was advised by Cleary Gottlieb Steen & Hamilton.
Shares of the blank-check company merging with electric carmaker Fisker fell 20% after it disclosed it would not close a deal by the end of July to use Volkswagen's electric-vehicle platform for its vehicles, Reuters reported.
Fisker said at the time of the deal it was in talks with VW to use the German automaker’s MEB EV platform to speed vehicle development and cut costs, but it disclosed the delay in documents filed with the US Securities and Exchange Commission.
Fisker is advised by Cowen & Company, Credit Suisse, Orrick Herrington & Sutcliffe, and ICR. SPAC is advised by Citigroup, Goldman Sachs, and Vinson & Elkins.
Corsair Capital, a private equity firm, agreed to acquire the Multi Service payment solutions business of World Fuel Services, an energy, commodities, and services company, for $350m.
"Exiting this line of business will provide us with additional capital to build greater momentum in our core business activities. We thank all of our Multi Service colleagues worldwide for their commitment and contribution to World Fuel Services over the years and we wish them continued success in the future," Michael J. Kasbar, World Fuel Services Chairman and CEO.
World Fuel Services is advised by Credit Suisse and Cravath Swaine & Moore. Corsair Capital is advised by Keefe Bruyette & Woods, Chapman and Cutler and Simpson Thacher & Bartlett.
StoneX Group, a financial services company formerly known as INTL FCStone, completed the acquisition of GAIN Capital Holdings, a provider of online trading services, for $236m.
"As a result of this combination, GAIN's customers will benefit from a richer product offering, as well as the expanded resources and greater scale of the combined firm. StoneX, in turn, will add a new digital platform to its global financial network, significantly expanding its offering to retail clients, as well as a complementary futures business. We look forward to a bright future as part of the StoneX Group," Glenn Stevens, GAIN CEO.
GAIN Capital was advised by GCA Advisors and Davis Polk & Wardwell. StoneX Group was advised by Jefferies & Company, DLA Piper and M Group Strategic Communications.
Liberty Latin America, a telecommunications company, agreed to acquire the Costa Rican operations of Telefonica, a Spanish multinational telecommunications company, for $500m
“We have had great success in Costa Rica through our 2018 investment in 80%owned Cabletica, a leading fixed-provider in the country and one of LLA’s fastest-growing businesses, and are excited to increase our investment in the country. Combined with Cabletica, we look forward to creating a leading integrated communications player providing customers in Costa Rica with high-quality value propositions and unparalleled customer service. This transaction comes at an attractive valuation, consistent with our disciplined approach towards M&A,” Balan Nair, Liberty Latin America President and CEO.
Liberty Latin America is advised by JP Morgan, LionTree Advisors, and Scotiabank. Telefonica is advised by Citigroup.
Siemens Healthineers, a medical equipments manufacturer, agreed to acquire Varian Medical Systems, a radiation oncology treatments and software manufacturer, for $16.4bn.
"With this combination of two leading companies we make two leaps in one step: A leap in the fight against cancer and a leap in our overall impact on healthcare. This decisive moment in the history of our companies means more hope and less uncertainty for patients, an even stronger partner for our customers, and for society more effective and efficient medical care. Together with Varian's outstanding and passionate employees, we will shape the future of healthcare more than ever before," Dr. Bernd Montag, Siemens Healthineers CEO.
Varian is advised by Goldman Sachs, Wachtell Lipton Rosen & Katz and Joele Frank.
Brazilian wireless carrier TIM Participacoes can thrive even if its joint bid for Oi’s mobile assets fails, Chief Executive Pietro Labriola said, as the company foresees better results despite the pandemic, Reuters reported.
“This potential transaction is not a do or die situation and we have conditions to thrive regardless of the outcome of this competitive process. We are moving ahead with our strategy to gain efficiency and manage our spectrum gap in a clever way to provide the best coverage experience," Pietro Labriola, TIM Participacoes CEO.
Telefonica Brasil is advised by JP Morgan. Oi is advised by Bank of America Merrill Lynch.
American Holoptics, a provider of optics and sensor technologies, completed the acquisition of EOTech, an American company that designs, manufactures, and markets electro-optic products and systems, from L3Harris Technologies, an American technology company. Financial terms were not disclosed.
"We're proud to sign this agreement to join our team and technology with the EOTech brand. EOTech brings together technologically advanced product lines and production capabilities that will integrate well with our existing business and strategically expand our product portfolio. Together we will deliver an all-new level of service, innovation, and integrity to military, law enforcement and civilian users around the world," Matt Van Haaren, American Holoptics CEO.
L3Harris was advised by Houlihan Lokey.
AUA Private Equity Partners-backed TruFood Manufacturing, a snack food contract manufacturer, agreed to acquire Simply Natural Foods, a co-manufacturer of healthy snacks. Financial terms were not disclosed.
"This transaction represents a significant and exciting milestone for our company. Simply Natural Foods has been a leader in the nutrition bar and confectionery manufacturing industry with a solid reputation for high-quality standards, continuous innovation, excellent management, and great tasting products. We are excited to add the SNF team to our family and look forward to working together on advancing our shared growth plan with a focus on providing customers with a broad range of snack brands and products," Ted Schouten, TruFood President.
TruFood Manufacturing is advised by Paladin.
Synaptics, a provider of human interface solutions, completed the acquisition of DisplayLink, a semiconductor and software technology company, for $305m.
"We are very excited to join forces with the DisplayLink team, the unquestioned leader in universal docking solutions. We expect to combine their innovative video compression technology with our existing video interface products as well as our new wireless solutions to build a roadmap second to none," Michael Hurlston, Synaptics President and CEO.
Hydro One, an electricity transmission and distribution provider, completed the acquisition of business assets of Peterborough Distribution, an electricity utility company, for $105m.
"We are thrilled to become part of Peterborough, Lakefield and Norwood and to continue energizing life in these communities for years to come. At Hydro One, we believe we have a deep responsibility to support families, businesses and the local economy in the communities where we work and live, and we look forward to finding more ways to give back," Mark Poweska, Hydro One President and CEO.
OCM Capital Partners, a subsidiary of CI Financial, agreed to acquire Thousand Oaks Financial, an investment advisor firm. Financial terms were not disclosed. The transaction is expected to close in September 2020.
"This arrangement provides continuity for Professional Planning's clients while giving them, and their advisors access to the additional services and support of a larger firm. There are many advisors in our industry who are nearing retirement but remain highly committed to their clients. As a growth-minded company, One Capital is pleased to partner with these advisors, offering them a gradual transition and long-term stability for their clients. With the support of CI and its resources, we are a highly credible and compelling solution for these firms," Patrick Bowen, OCM President.
ByteDance offers to divest TikTok to clinch US deal.
ByteDance, a Chinese multinational internet technology company, agreed to divest the US operations of TikTok, a video-sharing social networking service, in a bid to save a deal with the White House, after President Donald Trump stated that he decided to ban the popular short-video app, Reuters reported.
US officials said TikTok under its Chinese parent poses a national risk because of the personal data it handles. ByteDance's concession will test whether Trump's threat to ban TikTok is a negotiating tactic, or whether he is intent on cracking down on a social media app that boasts it has 100m users in the United States.
ByteDance was previously seeking to keep a minority stake in the US business of TikTok, which the White House had rejected. Under the new proposed deal, ByteDance would exit completely and Microsoft would take over TikTok in the United States.
Private equity firms considering a $20bn takeover bid for Kansas City Southern. (FS)
A group of buyout investors is considering a takeover bid for Kansas City Southern, a transportation holding company, with a deal value of about $20bn, Reuters reported.
Blackstone Group's infrastructure arm and Global Infrastructure Partners are together exploring a deal and speaking to banks about financing.
GTCR-backed Paya nears $1.3bn deal to go public. (FS)
Paya, a provider of payment solutions, is close to a deal to merge with FinTech Acquisition, a blank-check acquisition company, which could value Paya at around $1.3bn, including debt.
A deal for Paya, which is owned by private equity firm GTCR, could be announced as early as this week.
Senators request US Justice Department to probe TikTok and Zoom.
Senators Richard Blumenthal and Josh Hawley wrote to the US Justice Department to press a probe of Zoom, a video technology company, and TikTok, a Chinese-owned social media company, Reuters reported.
"We believe that it is imperative that the Department of Justice investigate and determine whether Zoom and TikTok's business relationships, data handling practices, and operational connections to China pose a risk to Americans," Senators.
Vasta to price Nasdaq IPO above range at $19 apiece.
Vasta Platform, a unit of Cogna Educacao, a Brazilian for-profit education firm, priced its IPO above the proposed target range, Reuters reported.
The firm sold shares at $19 apiece. The company, which provides educational and digital solutions for K-12 private schools, had set a price range of between $15.5 to $17.5.
The initial amount of about 18.6m shares being offered may be raised by c. 2.8m shares through an additional allotment. If the full amount is sold, the firm will raise about $407m.
SAP hires Morgan Stanley and JP Morgan for Qualtrics IPO.
SAP, a multinational software company, is working with Morgan Stanley and JP Morgan on its plans to list its Qualtrics software unit in the US, Bloomberg reported.
SAP announced last week it would pursue an IPO the unit, signaling a strategic shift under new Chief Executive Officer Christian Klein. SAP will keep a majority stake in the business after the US listing, which in turn will make Qualtrics co-founder Ryan Smith the biggest single shareholder.
Bill Foley seeks to raise $1.2bn in a new blank-check IPO. (FS)
Bill Foley, a veteran investor, is seeking to raise $1.2bn through an IPO of a blank-check company, less than three months after his other special-purpose acquisition company raised $1bn, Bloomberg reported.
Foley's new vehicle will target software and fintech businesses, similar to the one he raised in May. Credit Suisse and Bank of America Merrill Lynch are advising the offering. The size of the deal could change depending on the response from investors.
Wine.com seeks capital at a valuation of more than $1bn.
Wine.com, an online wine retailer, considers a funding round that will value it at more than $1bn.
The company tapped an adviser for the fundraising, which may target so-called crossover investors or firms known for backing fast-growing companies ahead of a potential IPO. Wine.com is seeking to raise around $50m to $75m.
Silver Lake is expecting to raise $18.8bn for its sixth fund. (FS)
Silver Lake Partners is nearing the close of its sixth flagship fund that will raise about $18.8bn, Bloomberg reported.
It would be the largest fund raised by the firm, which was founded in 1999 and is known for technology investing. Discussions are continuing, and the size of the fund could still change.
Kayne Anderson Capital Advisors launches an infrastructure fund. (FS)
Kayne Anderson Capital Advisors, an alternative asset management firm, launched the Kayne Anderson Renewable Infrastructure Fund, a registered, open-end mutual fund offering daily liquidity.
The fund focuses exclusively on investing in companies that develop, build, own and operate the renewable power infrastructure necessary to transition global power generation to a cleaner future, including wind farms, solar parks, energy storage and the infrastructure to bring that energy to market.
CDPQ hires Marc-André Blanchard to operate the overseas unit. (FS, People)
Caisse de depot et placement du Quebec, a long-term institutional investor, named Canada's ambassador to the United Nations, Marc-André Blanchard, to lead a group that will run its international investments, Bloomberg reported.
As head of CDPQ Global, Blanchard will oversee the fund's three main regional hubs outside of Canada: US/Latin America, Europe and Asia Pacific.
JP Morgan poaches Credit Suisse's Andy Lipsky. (People)
JP Morgan poached Andy Lipsky, one of Credit Suisse's most prolific rainmakers, as the bank expands its M&A team in an effort to oust Goldman Sachs from its position as a top deal adviser, FT reported.
Andy Lipsky will become vice-chairman of investment banking at JP Morgan. The decision to hire Lipsky comes after JP Morgan hired Maja Torun from Citigroup to bolster its M&A team in France and Celia Murray from Goldman to lead its UK deals team.
EMEA
Private equity firms Advent, Cinven, ADIA and RAG completed the acquisition of Thyssenkrupp's Elevator Technology business for $18.7bn. Thyssenkrupp aims to use the cash inflow to the extent necessary to cut debt and to lower structural costs. Specifically, the company’s pension obligations are to be partially funded.
"Divesting the elevator business with its more than 50k employees was a tough decision that was not easy for anyone but it was indispensable in the interests of the whole group of companies. The proceeds in the billions will give us tailwind for the transformation of thyssenkrupp. The closing of the transaction is a further milestone in this process of change. We are continuing to focus all our energies on substantially improving the performance of the remaining businesses. We wish our Elevator colleagues continued success and all the best for the future," Martina Merz, Thyssenkrupp CEO.
Thyssenkrupp was advised by Deutsche Bank, Goldman Sachs, JP Morgan, Lazard, Macquarie Group, Nomura, Freshfields Bruckhaus Deringer, Linklaters, Sullivan & Cromwell. Financial advisors of Thyssenkrupp were advised by White & Case. Alfried Krupp von Bohlen und Halbach Foundation was advised by Mutter & Kruchen. Cinven was advised by UBS, Yulchon, FTI Consulting and Kekst CNC. Advent was advised by Ramboll, Bain & Co, Ernst & Young, Rothschild & Co, UBS, goetzpartners, Kirkland & Ellis, NautaDutilh, Finsbury, Tulchan Communications, and Hering Schuppener. RAG-Stiftung was advised by Allen & Overy. Debt financing was provided by Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs, RBC Capital Markets and UBS.
The London Stock Exchange Group has begun exploratory discussions to sell some or all of its Borsa Italiana assets to secure its $27bn purchase of data and trading group Refinitiv. The potential investors in Borsa Italiana include banks, Italy's state lender Cassa Depositi e Prestiti, insurance firms and state-backed funds such as Fondo Strategico Italiano and F2i SGR.
Antitrust authorities in Brussels had raised concerns over the potential overlap between MTS, Borsa Italiana’s bond-trading unit, and Tradeweb, in which Refinitiv holds a 54% economic interest.
In a separate announcement, the US Department of Justice closed its antitrust investigation into the deal saying it would not harm competition or American consumers.
Refinitiv is advised by Canson Capital Partners, Evercore, Jefferies & Company, Corrs Chambers Westgarth, Osler Hoskin & Harcourt, Simpson Thacher & Bartlett, and Eterna Partners. LSEG is advised by RBC Capital Markets, Oliver Wyman, Barclays, Goldman Sachs, Morgan Stanley, Robey Warshaw, Blake Cassels & Graydon, Freshfields Bruckhaus Deringer, and Teneo. Legal advice to financial advisors to LSEG is provided by Herbert Smith Freehills. CPPIB is advised by Weil Gotshal and Manges. Thomson Reuters is advised by Allen & Overy.
Intesa Sanpaolo concluded its tortuous $6bn takeover battle for rival UBI, securing 90.2% of its target’s shares to create Italy’s biggest bank owning a fifth of the loan market. The final take-up exceeded expectations. Intesa had forecast acceptance could reach 85% in a best-case scenario, Reuters reported.
Intesa will now offer to buy the residual UBI shares and investors can choose whether to tender them on the same terms of the bid or receive in cash the value of their UBI shares based on a five-day average calculated as of July 30.
UBI Banca is advised by Goldman Sachs, BonelliErede, and Linklaters. Intesa Sanpaolo is advised by Equita SIM, JP Morgan, Mediobanca, Morgan Stanley, UBS, Gatti Pavesi Bianchi, and Pedersoli Studio Legale.
Fortiana Holdings, an explorer of gold and zinc mining facilities, agreed to acquire a 40% stake in Highland Gold Mining, a gold miner for $573m. Fortiana is acquire the stakes from the following Highland Gold shareholders: Roman Arkadievich Abramovich, Eugene Shvidler, Irina Alexandrovna Panchenko, Andrey Victorovich Gorodilov, Aleksey Leonidovich Polezhaev, New Evolution Trading, Matteson Overseas and Denalot Worldwide, at $4 per share.
"This is a strategic investment for us, in line with our aim to build a broader asset portfolio in the natural resources sector in Russia. We believe that Highland Gold is an attractive asset that has sustainable cost advantages, attractive deposits as well as a strong and experienced management team. Highland Gold is fundamentally well positioned to further develop its asset and project portfolio, and to monetise its substantial resource base for the benefit of its shareholders," Vladislav Sviblov, Fortiana UBO.
Highland Gold is advised by Citigroup, Numis Securities, and Weil Gotshal and Manges. Fortiana is advised by VTB Capital, Skadden Arps Slate Meagher & Flom, and EM Advisory.
KKR agreed to acquire a majority stake in MasterD, a vocational training company. Financial terms were not disclosed.
"We are delighted to welcome KKR as an investor and we know that they fully share our mission of helping learners across Iberia to gain qualifications and skills which will help them as they move through their careers. MasterD’s mission has always been to improve employability and bridging the skills gap to help support economic recovery has never been as vital as it is today. With KKR’s support we are excited to invest in helping even more people find success in the workplace,” Luis Gomez, MasterD Founder and CEO.
KKR is advised by Finsbury and Tinkle.
Davidson Kempner ups stake in Qiagen to 7.3%. (FS)
Hedge fund Davidson Kempner raised its stake in takeover target Qiagen to 7.3% from 5.1% previously, having rejected a sweetened offer for the German group from US laboratory equipment supplier Thermo Fisher, Reuters reported.
The hedge fund said Thermo Fisher was free to relaunch the offer immediately with Qiagen’s approval if it fails to reach the shareholder acceptance threshold on August 10.
Occidental Petroleum considers a $4.5bn asset sale to Pertamina.
Occidental Petroleum, an American company engaged in hydrocarbon exploration, considers a potential divestment of its energy assets in Africa and the Middle East to PT Pertamina, an Indonesian state-owned oil and natural gas corporation. The deal could value the assets at c. $4.5bn.
Occidental has been reviewing options for its Middle Eastern assets as it seeks ways to cut its leverage. The deal would help Occidental in a pursuit of deleveraging that came with the acquisition of Anadarko Petroleum in 2019.
Pertamina also considered the acquisition of Occidental's assets in Algeria and Oman, although it is unclear if they will be included in the deal.
Barclays loses IAG brokership and its $3.3bn share sale.
Barclays, a British multinational investment bank, which has been enjoying one of its best ever runs on UK stock sales, lost a key FTSE 100 client and missed out on one of the biggest deals of the year so far, Bloomberg reported.
IAG, a British Airways owner, has chosen Morgan Stanley to replace Barclays as a joint corporate broker, alongside Deutsche Bank. Barclays had been a broker to IAG for around a decade. IAG also didn't give credit to Barclays on its list of advisers for a $3.3bn rights offering announced Friday.
Sampo explores an offer for Hastings valued at $1.7bn.
Sampo, a Finnish insurance group, considers entering the UK market with a possible bid for Hastings Group, a general insurance company.
Sampo and Hastings' biggest shareholder, Rand Merchant Investment, a financial services investment holding company, approached the London-listed insurer about a possible cash offer. Hastings is in talks with the consortium and has formed an independent board committee to consider any deal.
A takeover of Hastings would be the biggest of a UK-listed company this year. However, Hastings stated that there's no certainty that a firm offer will be made.
Hammerson considers raising $1.1bn from rights issue, stake sale.
Hammerson, a British property development and investment company, intends to raise $1.1bn from a rights issue and the sale of its 50% stake in VIA Outlets, as the mall operator takes on the results of coronavirus lockdowns, Reuters reported.
The rights issue could bring Hammerson about $785m, and JP Morgan and Morgan Stanley are advising the move. At the same time, Lazard is advising Hammerson on measures to strengthen its balance sheet.
Aareal Bank shortlists CVC and EQT for its $1bn tech unit. (FS)
CVC Capital Partners and EQT are among private equity suitors that have been shortlisted in the bidding for a stake in Aareal Bank's software business, Bloomberg reported.
The German real estate lender also invited Advent International to make a final offer for the stake in its Aareon unit. A deal could value the business at as much as $1bn.
Bain Capital and Hg were also among parties that earlier submitted indicative offers for the business. Aareal Bank is asking for final bids to be submitted in August.
Nvidia is in advanced discussions to acquire SoftBank's Arm.
Nvidia, an American multinational technology company, is in advanced talks to acquire SoftBank Group-backed Arm, a chip designing company. The two parties intend to reach a deal in the next few weeks. Nvidia is the only suitor in detailed discussions with SoftBank.
A deal for Arm could be the largest ever in the semiconductor industry, which has been consolidating in recent years as companies seek to diversify and add scale.
Italy struggles to close the deal for single broadband network.
The Italian government needs more time to broker a deal between former phone monopoly Telecom Italia and state-controlled utility Enel over plans to create a single ultrafast broadband network, Reuters reported.
TIM has been in talks for months over a merger of its last-mile fibre assets with those of smaller rival Open Fiber, controlled by Enel and state lender Cassa Depositi e Prestiti.
To end the stalemate, Economy Minister Roberto Gualtieri asked the two companies to sign a Memorandum of Understanding by the end of July.
Total sells some Gabon assets to Perenco.
Total, a French oil group, said its 58%-owned affiliate Total Gabon agreed to divest its stakes in seven oil fields off the coast of Gabon, as well as stakes in the Cap Lopez oil terminal, to rival Perenco, Reuters reported.
Perenco will pay between $290m and $350m for these assets, depending on future Brent prices. It said it remained committed to Gabon.
George Weston contemplates acquiring Aryzta. (FS)
George Weston, a Canadian grocery and baking company, considers acquiring Aryzta, an ailing Swiss baking company.
George Weston is working with an adviser as it pursues a deal for Aryzta. The Swiss baking firm is also attracting interest from potential private equity bidders, including Apollo Global Management and Cerberus Capital Management.
Nordex considers divesting its European wind and photovoltaic development pipeline to RWE for $476m.
Nordex, a European company that designs, sells and manufactures wind turbines, considers divesting its European wind and photovoltaic development pipeline to RWE, a German electric utilities company, for $476m.
The project development pipeline in the context of the transaction comprises approximately 2.6GW of wind capacity, out of which approximately 1.8GW in France, in addition to a 0.1GW solar PV pipeline. Nordex will continue with its wind developments in other markets.
Vitruvian Partners raises $4.7bn for its fourth fund. (FS)
Vitruvian Partners, a private equity firm, closed its Vitruvian Investment Partnership IV fund at $4.7bn. The hard cap was reached in under three months from the formal launch of the fundraising.
Vitruvian Investment Partnership IV is focused on supporting high growth companies in the middle market. With a primary focus in Europe, the fund supports businesses seeking assistance with international expansion.
"Vitruvian will continue to help high growth companies scale their businesses via strategic initiatives and an operational support programme designed specifically to serve entrepreneurs and high growth companies, supported by Vitruvian's dedicated Value-Add team. We believe that this is a unique product which drives value for both our entrepreneurial partners and our investors," David Nahama, Vitruvian Partners Senior Partner.
Vitruvian Partners was advised by Kirkland & Ellis.
Preservation Capital Partners closes its $400m financial services focused fund. (FS)
Preservation Capital Partners, a private equity firm, closed its Preservation Capital Partners Fund I at a hard cap of $400m. The fund will invest in a focused portfolio of three to five platform companies within the asset-light financial services sector across Western and Northern Europe.
"We are delighted to announce our debut fundraise with the backing of an exceptional group of investors for our uniquely focused investment approach. We pride ourselves on being a sector specialist investor and backing entrepreneurial, founder-led businesses that operate in sub-sectors that are positioned to experience significant growth. We are committed to driving outsized returns for the management teams that we back and the investors that support us," Jatender Aujla, Preservation Capital Managing Partner and Founder.
Morgan Stanley hires Bank of America's Sam Losada. (People)
Bank of America's head of equity capital market for EMEA, Sam Losada, will be taking a position of co-head of strategic equity solutions at Morgan Stanley.
Such a move comes after equity capital markets teams of large investment banks see an increase in revenues.
APAC
Advent International, agreed to acquire a majority stake in RA Chem Pharma, a vertically integrated pharmaceutical company, from Micro Labs, a multi-faceted healthcare organization. Financial terms were not disclosed.
“We continue to be excited about India’s pharmaceutical landscape and investing in RA Chem Pharma will further strengthen our presence in the sector. We aim to build one of the leading API platforms in India and will leverage our financial and operational resources globally to scale RA Chem Pharma both organically and inorganically,” Shweta Jalan, Advent Managing Director and Head of India.
Advent is advised by Finsbury, Ketchum Sampark, and Tulchan Communications. Micro Labs is advised by AZB & Partners.
Singapore’s Temasek has not yet decided whether to invoke a material adverse change clause in its $3bn conditional offer for Keppel, Reuters reported.
“At this stage, the offeror has not made a decision whether to invoke the MAC Pre-Condition based on the Q2 2020 results. If the MAC Pre-Condition is invoked by the offeror, the pre-conditional partial offer will be withdrawn. A decision on the matter would be disclosed no later than August 31," Morgan Stanley.
Keppel is advised by Evercore. Temasek is advised by Morgan Stanley.
SoftBank to buy back up to 12% of shares for $9.6bn.
SoftBank Group unveiled a fresh program to buy back almost $10bn of its own stock, adding to repurchase plans that have helped lift shares this year, Bloomberg reported.
SoftBank stated that it would purchase back as much as 12.3% of its stock for $9.6bn under a program that would run through July 2021. The company plans to divest $42bn in assets to fund repurchases and other activities.
Taisho leads the bidding for Takeda $3bn consumer unit.
Taisho Pharmaceutical Holdings, a Japanese pharmaceutical company, emerged as the leading contender to acquire Takeda Pharmaceutical's Japanese consumer health care business, Bloomberg reported.
Taisho is in advanced talks with Takeda, a Japanese multinational pharmaceutical and biopharmaceutical company, on terms of a transaction, and the two parties aim to reach an agreement in the coming days. Taisho is poised to beat out several private equity bidders that were also pursuing the business. The unit could be valued at more than $3bn.
Warburg Pincus divests a $69m stake in AU Small Finance Bank. (FS)
Private equity investor Warburg Pincus sold a 2.26% stake in AU Small Finance Bank, a commercial bank, for $69m, through open market transactions.
Among the buyers of the shares were Westbridge AIF I, Abu Dhabi Investment Authority, Reliance Mutual Fund and Morgan Stanley Asia Singapore, DealStreetAsia reported.
SenseTime considers a STAR market IPO after $1.5bn fundraising.
SenseTime, an artificial intelligence company, is considering an initial public offering on China's tech-focused STAR market after its latest fundraising that will value the company at $10bn, Reuters reported.
The company is expected to raise $1.5bn from the funding round, which is due to be completed soon. The plan for listing on China's year-old STAR market for start-ups is still preliminary with size and timetable undecided.
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