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AMERICAS
GIC, an investment firm, and Oak Street, a real estate investment firm, agreed to acquire STORE Capital, an internally managed net-lease real estate investment trust, for $14bn.
"As one of the largest dedicated US net lease real estate companies in a nearly $4tn market, STORE Capital is a strong addition to GIC's diverse portfolio of US real estate investments. We are confident the company will continue its trajectory of accretive growth by meeting the demand for long-term financing solutions from middle-market US companies. We look forward to working closely with STORE Capital and our partners at Oak Street to grow this platform over the long term," Adam Gallistel, GIC Head of Americas Real Estate.
STORE is advised by Evercore, Goldman Sachs, DLA Piper and Joele Frank (led by Matthew Shearman). GIC and Oak Street are advised by Citigroup and Eastdil Secured. GIC is advised by Skadden Arps Slate Meagher & Flom. Oak Street is advised by Kirkland & Ellis (led by Andrew Van Noord, David Rosenberg and Michael Brueck) and Prosek Partners (led by David Wells).
Merrion Investment Management, an investment advisor that is a long-term owner of Avalara announced its opposition to the $8.4bn purchase of Avalara by Vista Equity Partners.
"AVLR is perfectly capable of remaining independent and has many years of profitable growth ahead. The price agreed appears completely devoid of any control premium appropriate in this situation," Merrion.
Avalara is advised by Goldman Sachs, Perkins Coie and Simpson Thacher & Bartlett (led by Mario Ponce). Goldman Sachs is advised by Cravath Swaine & Moore (led by Gregory J. Ligelis). Vista is advised by Bank of America and Kirkland & Ellis (led by Sarkis Jebejian, Jonathan Davis and Joshua Ayal). Debt financing is provided by Apollo Global Management, Blue Owl and HPS Investment Partners.
Ventoux CCM Acquisition, a publicly traded special purpose acquisition company, announced that Ventoux's stockholders have approved its proposed merger with Presto, a provider of customer experience and labor productivity software.
"We are pleased with the outcome of the vote and are now poised to join forces with Presto and begin life as a publicly traded company. We continue to believe that the combined company has a very desirable profile for investors and look forward to working together with the Presto team to maximize shareholder value and create a sustainable growth runway for the future," Ed Scheetz, Ventoux CEO and Chairman.
Presto is advised by Jefferies & Company, White & Case (led by Emery Choi and Laura Katherine Mann) and ICR (led by Michael Bowen). Ventoux is advised by Chardan, Truist Bank, William Blair & Co, Dentons and Woolery. Financial advisors are advised by Mayer Brown.
The Justice Department sued to block Sweden's Assa Abloy from acquiring the door hardware unit of Spectrum Brands Holdings, Bloomberg reported.
In a complaint filed in Washington federal court, the Justice Department said the deal would combine two of the three leading providers of residential door hardware, which includes locks, latches and knobs, and give the new firm a 65% share of the market.
Assa Abloy is advised by Bank of America, Hogan Lovells and Linklaters (led by Peter Cohen-Millstein). Spectrum Brands is advised by Credit Suisse, RBC Capital Markets, Alston & Bird (led by Stuart Rogers) and Davis Polk & Wardwell (led by Brian Wolfe). Financial advisors are advised by White & Case (led by Denise A. Cerasani).
Amprius Technologies, a provider of lithium-ion batteries, went public via merger with Kensington Capital Acquisition IV, a special purpose acquisition company, in a $939m deal.
"Entering the public markets is an important milestone for Amprius, one we have been diligently working towards since our founding. This transaction provides Amprius with capital to use in scaling production capabilities to meet the significant demand for our transformational silicon nanowire anode technology. We are thankful for the Kensington team's support in reaching this important milestone and look forward to further advancing our mission of enabling the future of electric mobility," Kang Sun, Amprius CEO.
Amprius was advised by SingerLewak, Oppenheimer & Co, Wilson Sonsini Goodrich & Rosati, Gateway Investor Relations (led by Cody Slach) and Philosophy PR+Marketing (led by Renee Maler). Kensington was advised by Marcum and Hughes Hubbard & Reed (led by Charles A. Samuelson).
Apollomics, a late-stage clinical biopharmaceutical company, agreed to go public via a merger with Maxpro Capital Acquisition, a blank check company, in an $899m deal.
"Our goal was to find an exciting company with a growing pipeline of innovative product candidates that could positively affect the lives of millions of people. Our team is excited to combine with Apollomics as it has met and exceeded all our key selection criteria. Together with Apollomics, Maxpro will do everything we can to support the Company's vision of treating patients with difficult-to-treat cancers," Moses Chen, Maxpro CEO.
Apollomics is advised by White & Case and Westwicke (led by Peter Vozzo). Maxpro is advised by ARC Group, EF Hutton, Marshall & Stevens Transaction Advisory Services and Nelson Mullins Riley & Scarborough.
PotlatchDeltic, an American diversified forest products company, completed the merger with CatchMark Timber Trust, a real estate investment trust, in a $919m deal.
"The completion of the CatchMark merger diversifies our timberland ownership into some of the strongest markets in the US South. The work to integrate the two companies and realize our synergy target starts immediately. We are excited about leveraging the financial and strategic benefits of the transaction to continue growing shareholder value over the long term," Eric J. Cremers, PotlatchDeltic President and CEO.
Shamrock Capital, a Los Angeles-based investment firm specializing in media, entertainment, communications and related sectors, completed the investment in Highwire PR, a premier communications partner for technology and healthcare companies. Financial terms were not disclosed.
"A growth mindset defines Highwire and a values-driven culture ensures we maintain our focus on our team as we grow. In Shamrock, we found a like-minded partner with unmatched marketing, media and communications expertise to help us build for a new era," Kathleen Gratehouse, Highwire Principal and Co-Founder.
Highwire PR was advised by Canaccord Genuity (led by Sanjay Chadda) and Davis & Gilbert. Shamrock Capital was advised by BrightTower (led by Amir Akhavan and David Clark) and Willkie Farr & Gallagher.
Bridgepoint, a private equity group, agreed to acquire a majority stake in MiQ, one of the largest global programmatic media partners in the world, from ECI Partners, a growth-focused private equity firm. Financial terms were not disclosed.
"MiQ is a major global player partnering with some of the world's leading brands and agencies to deliver high-performing advertising campaigns and drive true business change through data analytics and insights. It offers leading analytics solutions and platforms to companies everywhere and has achieved significant growth over the last few years. Gurman, Lee and the entire MiQ family have cultivated best-in-class processes around innovation, technology and data partnerships, and we look forward to providing the necessary expertise to help maximize the company's market potential," Charles Welham, Bridgepoint Director.
Adobe, an American multinational computer software company, agreed to acquire Figma, a web-first collaborative design platform, for $20bn.
"Adobe's greatness has been rooted in our ability to create new categories and deliver cutting-edge technologies through organic innovation and inorganic acquisitions. The combination of Adobe and Figma is transformational and will accelerate our vision for collaborative creativity," Shantanu Narayen, Adobe Chairman and CEO.
Evocative, a global provider of Internet infrastructure, agreed to acquire 9 data centers from INAP, a company that sells data center and cloud computing services. Financial terms were not disclosed.
"Foremost, we welcome our new clients and employees to Evocative. We are honored and humbled to be your new partner. We are excited to share the strength of Evocative's digital infrastructure capabilities with our clients. We know the importance of enterprise digital enablement. We built a company that offers a comprehensive suite of solutions from the physical foundation up the stack to enable the delivery of highly secure, hosted data services," Arman Khalili, Evocative Founder and CEO.
Access Biotechnology, an investment arm of Access Industries that focuses on private and public biopharma companies, led a $300m Series C round in ACELYRIN, a late-stage clinical biopharma company focused on accelerating the delivery of transformative medicines in immunology, with participation from Matrix Capital Management, Westlake Village BioPartners, Cowen Healthcare Investments, Decheng Capital, Marshall Wace, OrbiMed, Samsara BioCapital, Surveyor Capital, Tybourne Capital Management, and venBio Partners.
"The team at ACELYRIN are world-leading drug developers, having previously brought to millions of patients several of the most successful and impactful immunology treatments available. We are pleased to lead this round of financing to enable their growth in continuing to explore the potential of izokibep in psoriatic arthritis, axial spondyloarthritis, hidradenitis suppurativa, uveitis, and beyond," Dan Becker, Access Biotechnology Managing Director.
Linse Capital, a US-based growth equity firm, led a $205m Series D round in Verkada, a provider of cloud-managed enterprise building security and management, with participation from MSD Partners, Felicis Ventures, Next47, Sequoia Capital, Meritech Capital and First Round Capital.
"We founded Verkada in 2016 with the vision to modernize the world of physical security - one of the last industries to experience a migration from on-premise solutions to cloud-based software. We started with security cameras and an intuitive cloud-based platform, and in just six years, we've expanded to include five additional product lines that help enterprises to protect and manage their people and assets. This latest commitment of capital is further validation from investors that we are well positioned to capture the opportunity that lies ahead," Filip Kaliszan, Verkada Co-Founder and CEO.
Fidelity Management & Research Company, a privately-owned investment manager, led a $100m Series B round in Galvanize Therapeutics, a commercial-stage biomedical platform company operating at the convergence of engineering, biology and healthcare delivery, with participation from Intuitive Surgical, ATP, and Gilmartin Capital.
"We are energized by this vote of confidence from our investors in our technology platform and team as we seek to bring transformative electrosurgical therapies to patients worldwide," Jonathan Waldstreicher, Galvanize Therapeutics Founder and CEO.
NextEra Energy announces sale of equity units.
NextEra Energy, an American energy company, announced that it has agreed to sell $2bn of equity units to Citigroup, Goldman Sachs and Mizuho. The transaction is expected to close on September 19, 2022.
Each equity unit will be issued in a stated amount of $50. Each equity unit will consist of a contract to purchase NextEra Energy common stock in the future and a 5% undivided beneficial ownership interest in a NextEra Energy debenture due September 1, 2027, to be issued in the principal amount of $1k. The debentures will be guaranteed by NextEra Energy Capital Holdings' parent company, NextEra Energy. Total annual distributions on the equity units will be at the rate of 6.926%, consisting of interest on the debentures and payments under the stock purchase contracts.
AIG unit Corebridge raises $1.68bn in year's largest IPO.
AIG's life insurance and retirement division Corebridge Financial raised $1.68bn on Wednesday in the biggest initial public offering so far this year, braving market volatility and ending a seven-month lull in major listings, Reuters reported.
AIG said it sold 80m Corebridge shares at $21 per share, which was at the lower end of their indicated target range of $21 to $24 per share.
Prime Movers Lab gathers $500m for its inaugural early-growth fund. (FS)
Jackson, Wyoming-based Prime Movers Lab, a venture capital firm focused on scientific startups, has raised $500m for its first early-growth fund. As a result of this fundraising, the firm now has more than $1bn in total assets under management.
Prime Movers Lab's early growth fund is investing in early growth-stage
companies that are "reinventing energy, transportation, infrastructure,
manufacturing, human augmentation, and agriculture." The fund's investments include Boom Supersonic and Upward Farms.
Two Sigma Ventures successfully raises $400m across two funds. (FS)
Two Sigma Ventures, an early-stage venture capital firm, announced the closing of two venture funds aiming to propel the next era of tech innovation forward. Totaling $400m across both funds, Two Sigma Ventures IV will invest in early-stage startups, and Two Sigma Ventures Opportunity Fund II will invest in growth-stage companies.
Approximately 85% of the new capital comes from external investors, primarily institutions such as college endowments, non-profit foundations, pension funds, and hospital systems, with the remainder of the capital coming from Two Sigma's partners and senior employees.
EMEA
Bain Capital, a private equity firm, completed the acquisition of ITP Aero, a Spanish aero engine and gas turbine manufacturer, from Rolls-Royce, a luxury automobile maker, for $2.3bn. SAPA, a provider of aluminium solutions, and JB Capital, a retirement planning firm, also participated in the acquisition.
"ITP Aero has a great track record in an industry which is vital to the global economy, with attractive long-term growth potential. We see significant potential in further accelerating ITP Aero's growth trajectory and investments in new technologies. Together with our partners SAPA and JB Capital we think we bring a unique understanding and ability to support ITP Aero. We look forward to working with ITP Aero's management, employees and other stakeholders including the Spanish and Basque governments to realise the significant growth potential that ITP Aero has as an independent company," Ivano Sessa, Bain Capital Managing Director.
ShaMaran Petroleum, an independent oil development and exploration company, completed the acquisition of an 18% stake in the onshore Sarsang oil field of TotalEnergies, an integrated energy and petroleum company, for $170m.
"This is a momentous day for ShaMaran as with this acquisition, we have transformed ShaMaran from being a single asset company into one owning a portfolio of stakes in three world class producing oil fields (Atrush, Swara Tika and East Swara Tika) in Kurdistan with improved oil qualities and complementary production horizons. Based on the guidance from the operator of Sarsang, net production to ShaMaran will more than double on a pro-forma basis, positioning ShaMaran among the top five International Oil Companies in Kurdistan on a net production basis. We also expect our reserves to also more than double and the company will update the market on this sizeable reserve acquisition in due course." Adel Chaouch, ShaMaran President and CEO.
ShaMaran was advised by KPMG (led by Dale Treloggen), Arkwright, Moelis & Co, Pareto Securities and Vinson & Elkins (led by Chris B. Strong). Total was advised by Jefferies & Company and Latham & Watkins (led by Simon Tysoe).
PostePay, a reloadable prepaid card service provider, completed the acquisition of the Italian proximity payment business from International Game Technology, a firm that designs and manufactures computerized casino gaming systems, for $788m.
"This transaction provides us with an opportunity to monetize IGT's market leadership in the Italian proximity payment business at an attractive value as we continue to execute our long-term strategy. Streamlining our products and solutions portfolio enables us to focus our efforts and resources on our core and strategic assets, as we position IGT for industry leadership and increased shareholder value," Vince Sadusky, IGT CEO.
IDEX, a publicly traded company engaged in the development, design, and manufacture of fluidics systems and specialty engineered products, agreed to acquire Muon Group, a micro-precision technology manufacturing company, from Rivean Capital, a European mid-market private equity firm, for €700m ($708m).
"Together, the Muon Group will expand upon a growing platform of IDEX precision technology businesses, including those already part of IDEX Health & Science, with unique technology and product solutions for similar end-customers. The commercial synergy potential between our health and science businesses and Muon Group companies will yield expanded offerings to new and existing customers," Eric Ashleman, IDEX CEO and President.
Muon Group is advised by William Blair & Co. Rivean Capital is advised by De Brauw Blackstone Westbroek.
Sylvamo, a paper company, agreed to acquire the Nymolla uncoated freesheet paper mill of Stora Enso, a manufacturer of pulp, paper and other forest products, for $150m.
"The Nymolla mill is aligned with our three-pronged strategy of commercial excellence, operational excellence and financial discipline and our commitment to maximizing value creation for Sylvamo shareowners. We expect this acquisition to strengthen our uncoated freesheet product mix, enable us to serve customers across Europe and around the world more effectively and be immediately accretive to our earnings per share and free cash flow," Jean-Michel Ribiéras, Sylvamo Chairman and CEO.
Stora Enso is advised by Bank of America.
AFC Bournemouth owner revives sale of Premier League Club.
The Russian owner of AFC Bournemouth is reviving an attempt to sell the club, now that it has once again reached England’s top football league, Bloomberg reported.
Owner Maxim Demin has appointed California-based advisory firm Montminy to help oversee a sale of the club and is seeking "an acquirer to capitalize on the club’s ongoing success".
Germany considers taking stake in another big Russian gas importer.
The German government is ready to take a stake in a second domestic natural gas supplier to contain a worsening energy crisis that’s already prompted talks on the potential nationalization of energy giant Uniper, Bloomberg reported.
A rescue package for VNG, the troubled gas importing subsidiary of German utility EnBW, could include a capital injection that would give the government a minority stake in the company.
Sale of Lufthansa Technik stake draws interest from financial investors.
Lufthansa's plan to sell a stake in its aircraft maintenance business Lufthansa Technik has drawn more interest from financial investors than rival engineering firms, Reuters reported.
Lufthansa was more likely to opt for a stake sale of around 20-30% than the alternative of launching an initial public offering.
Oman’s OQ picks BofA for $800m gas pipeline IPO.
Oman energy firm OQ has picked Bank of America and Bank Muscat to advise on the initial public offering of its gas pipelines unit, Bloomberg reported.
The IPO of OQ Gas Network could raise as much as $800m. OQ has also discussed the possibility of a dual listing in Muscat and Saudi Arabia.
Lazard set to hire key Aramco IPO banker from Citigroup. (People)
Lazard is set to hire Citigroup's Saudi Arabia chief executive officer to bolster the boutique firm’s financial advisory operations across the oil-rich Persian Gulf, Bloomberg reported.
Wassim Al Khatib is expected to join Lazard as CEO for its Middle East and North African financial advisory business.
APAC
Hailiang Education Group, an education and management services provider in China, announced that its shareholders have approved the $369m merger and privatization agreement.
Completion of the merger is subject to the satisfaction or waiver of the conditions set forth in the merger agreement. The company will work with the other parties to the merger agreement towards satisfying all other conditions precedent to the merger set forth in the merger agreement and completing the merger as quickly as possible.
Hailiang Education Group is advised by Duff & Phelps, Conyers Dill & Pearman, Hunter Taubman Fischer & Li, Orrick Herrington & Sutcliffe and VCL Law.
PAG, an investment firm focused on the Asia-Pacific region, agreed to acquire Patties Foods, an Australian food manufacturing company, and Vesco Foods, a producer of frozen foods. Financial terms were not disclosed.
"This transaction enhances the strength of our business in Australia and New Zealand. We are excited about this unique opportunity to take some of Australia and New Zealand's best-loved brands to the next level. Over the past few years, PAG has had the privilege of working with several leading Australian companies, and we are looking forward to putting that expertise to work in support of Patties and Vesco, and helping them provide the highest quality products to consumers across Australia, New Zealand and beyond," Sid Khotkar, PAG Private Equity Managing Director and Head of in Australia and New Zealand.
BlackRock, an American multinational investment company based in New York City, agreed to acquire solarZero, a solar energy services company, for $60m.
"Kiwis want clean and resilient energy. BlackRock Climate Infrastructure team's investment and backing will enable us to rapidly scale, grow our energy services network, and accelerate the transition to a 100% clean energy future," Andrew Booth, solarZero Founder and CEO.
Everstone Capital, the private equity arm of the Everstone Group, completed the acquisition of a majority stake in Softgel Healthcare, a manufacturer of soft gelatin capsules for Rx OTC and nutraceuticals. Financial terms were not disclosed.
"We are delighted to partner with SHPL, Mr. Sulaiman and the management team led by Dr Vijay Alagappan. The company, with its strong R&D capabilities and ability to manufacture products in advanced dosage forms, is well positioned to be a global leader in the CDMO segment. We believe that Everstone's value creation playbook will help SHPL realize its global goals and propel the company into its next phase of growth," Sameer Sain, Everstone Co-founder and CEO.
Softgel Healthcare was advised by Veda Corporate Advisors.
CVC Capital Partners, a Luxembourg-based investment firm, completed the investment in Phuong Chau Hospital, the operator of the Phuong Chau-branded maternal and infant care hospitals in southern Vietnam. Financial terms were not disclosed.
The investment firm has updated its portfolio with Phuong Chau as the second deal in Vietnam, following an investment in Asia Commercial Bank in 2017.
Billionaire Adani’s unit eyes acquisitions to push food business.
Adani Wilmar, the kitchen essentials firm owned by Gautam Adani, is scouting for local and overseas acquisition targets as Asia’s richest man doubles down on boosting his empire’s food operations weeks after Reliance Industries announced plans to launch a consumer goods business, Bloomberg reported.
“We are looking at acquiring brands in staple foods and distribution companies to boost our consumer goods offering and reach. We are expecting to conclude a couple of acquisitions by March.” Angshu Mallick, Adani Wilmar CEO and Managing Partner.
Samsung to invest over $5b in 8 years to meet net zero emissions by 2050.
Samsung Electronics will invest over $5bn by 2030 as part of sweeping environmental initiatives aimed at making the company carbon neutral by 2050, DealStreetAsia reported.
The tech giant will spend the money on research and development for technology aimed at filtering out greenhouse gases and capturing carbon dioxide generated during chip production, and is seeking to make its devices business carbon neutral earlier, by 2030, said Kim Soo-jin, Samsung‘s head of ESG strategy group. It also plans to boost the recycling of resources such as lithium and plastic.
SoftBank’s Son discusses setting up third Vision Fund. (FS)
SoftBank founder Masayoshi Son has revived discussions of setting up a third Vision Fund, weeks after apologizing for the disappointing performance of his first two funds, Bloomberg reported.
The 65-year-old entrepreneur has raised billions of dollars in cash recently and sees another startup fund as one of several possible priorities for the money.
Australia’s Telstra Ventures raises $350m for third VC fund. (FS)
Telstra Ventures, the venture capital arm of Australian telecom company Telstra, has announced the final close of its third VC fund at $350m to invest in pre-growth and early growth companies, DealStreetAsia reported.
The Fund, Telstra Ventures Fund III, will seek opportunities in various sectors, including cloud, cyber, crypto, carbon and climate, coders, creators, and consumers, as well as other fast-growing software and digital sectors.
US pension commits $150m to funds managed by Gaw Capital, Angelo Gordon. (FS)
The State of Wisconsin Retirement Board has approved an aggregate of $150m in commitments to funds managed by Hong Kong-based private equity investor Gaw Capital and US alternative investment firm Angelo Gordon, DealStreetAsia reported.
During the regular meeting of its board of trustees, SWIB announced that it committed $50m each to Gateway Real Estate Fund VII and Gateway VII Co-Investment Account, both managed by Gaw Capital.
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