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AMERICAS
Osisko Gold Royalties, an intermediate precious metal royalty company to acquire Barkerville Gold Mines, a Canada-based gold mineral explorer for $255m. Each shareholder will receive 0.0357 of a common share of Osisko in exchange for each share of Barkerville.
The deal gives it access to Barkerville’s touted Cariboo gold project in British Columbia, which Osisko sees as a “potentially world-class asset” with significant infrastructure in place.
“The addition of the Cariboo Gold project to our portfolio adds a potentially world-class asset in Canada in an impacted brownfield site with significant infrastructure in place. Osisko and Barkerville will take advantage of their combined mine building, exploration, permitting, development and construction expertise to advance the Cariboo gold project." Sean Roosen, Osisko CEO.
Pl Financial, Maxit Capital, and Fasken Martineau DuMoulin are advising Bakerville. National Bank Financial and Bennett Jones are advising Osisko.
Greenbriar Equity Group, a private equity firm to acquire Arotech, a defense and security company for $81m.
Arotech manufactures and designs products for military and non-military air and ground vehicles, interactive simulation for military, law enforcement and commercial markets, and batteries and charging systems for the military. Arotech operates through two major business divisions: Interactive simulation for military, law enforcement and commercial markets, and batteries and power systems for the military.
The proposed transaction is subject to, among other customary closing conditions, approval by the holders of a majority of the shares of Arotech common stock. There are no financing contingencies contemplated under the terms of the agreement. Following the completion of the transaction, Arotech will become a privately-held company and shares of Arotech’s common stock will no longer be listed on any public market.
B. Riley FBR and Lowenstein Sandler are advising Arotech. Kirkland & Ellis is advising Greenbriar.
Mubadala Investment, the Abu Dhabi-based global investment firm, to invest $500m in Cologix, a network-neutral, interconnection, and hyper-scale edge data center company.
Mubadala’s investment is in partnership with Stonepeak Infrastructure Partners, which will remain the majority shareholder in Cologix. The partnership will see the two investment companies collaborate to support Cologix’s ambitious growth strategy.
“This investment marks an important milestone for Mubadala’s ICT business. Cologix is a high-quality company with robust fundamentals in an industry that is growing rapidly and positively impacting the lives of millions of people every day. In Cologix, we are investing in a company that has a clear strategy to build upon its existing market-leading position, and one that is led by an excellent management team with which to implement that strategy.” Mounir Barakat, Mubadala ICT Executive Director.
Edelman Middle East advised Mubadala.
Facebook, the leading social media platform acquires Servicefriend, a developer of AI chatbot. Financial terms were not disclosed.
Servicefriend will build a network of bots for the customer service layer of Facebook's Calibra digital wallet and Libra cryptocurrency, TechCrunch reported.
Unity Technologies, a leading real-time 3D development platform acquires deltaDNA, a leader in games LiveOps management. Financial terms were not disclosed.
Under the terms of the acquisition, deltaDNA will continue to operate as a separate entity, providing its engine agnostic player lifetime management tools to developers worldwide.
“Today’s acquisition of deltaDNA builds on Unity’s commitment to enabling developer success at all stages of the game life cycle, from creation onwards,” Ingrid Lestiyo, Unity Technologies General Manager.
Measurement Specialties, a subsidiary of TE Connectivity acquires Silicon Microstructures, a manufacturer of relays, and industrial controls, from Elmos Semiconductor, which develops, produces and markets semiconductors and sensors, primarily for use in the automotive industry. Financial terms were not disclosed.
Measurement Specialties, which designs, develops, manufactures, and markets sensors and sensor-based electronic measurement devices for consumer and industrial products. Closing of the transaction is expected to take place this year and is subject to customary closing conditions.
"The IntraSense products have now reached a phase in which a financially strong partner with a broader market presence, such as TE, can implement economic success faster and put it on a strong footing," Anton Mindl, Elmos Semiconductor CEO.
Altria loses $30bn in market valuation after FDA launches investigation.
Altria Group, a leading tobacco company has seen $30bn in market valuation since the FDA announced a new investigation into the link between vaping and seizures. That translates to roughly one-third of Altria's market value wiped out, Markets Insider reported.
Altria is vulnerable to such negative developments in the vaping space after paying $12.8bn in December for a major stake in Juul, a leading vape company responsible for roughly 70% of the e-cigarette market.
A litany of setbacks have weighed on Juul, and brought down Altria's stock in the process. Several states have banned flavored tobacco products like the ones Juul sells. Meanwhile, President Trump said he is pushing for a ban of flavored e-cigarettes across the US.
Palantir targets a valuation of $26bn in recent fundraising.
Palantir Technologies is looking to raise between $1bn to $3bn targeting a valuation of at least $26bn in a private fundraising round, the first for the Peter Thiel-backed data analytics start-up in four years, Reuters reported.
Palantir was valued at roughly $20bn in its last private fundraising round in 2015. If successful, the fundraising would show that venture capital firms are continuing to drive the valuations of Silicon Valley unicorns’ higher, even as stock market investors are pushing back.
Huawei to deny interest in acquiring Oi or any other Brazilian carrier.
Huawei Technologies stated no intent to acquire Oi or any other Brazilian carrier.
"Huawei has no plan or interest in acquiring Oi or any other Brazilian carrier. In Brazil for more than 20 years, the company is working with all major Brazilian carriers supplying the best products and solutions to support digital transformation," Huawei reported.
MGM considers selling Circus Circus to Trump Partner.
MGM Resorts International, the largest casino operator on the Las Vegas Strip, is in talks to sell its Circus Circus property there to real estate mogul Phil Ruffin, Bloomberg reported.
An accord to sell the resort could be announced as part of a more significant transaction involving the company's real estate portfolio, which also includes the Bellagio and the flagship MGM Grand.
EMEA
Private equity firm Advent International is in advanced talks to join Bain Capital in the takeover bid for the light bulbs manufacturer Osram, Reuters reported.
Bain Capital along with Carlyle Group was hoping to overtake the lighting group for $3.8bn, and they had reached a broad agreement with the Osram management and its supervisory board. After that AMS, an Austrian sensor manufacturer placed a counter bid for $4.8bn.
Bain has been pushing Carlyle to increase their offer but Carlyle does not want to spend more money. To strengthen the bidding consortium’s chances and fend off competition from AMS, Bain has been considering bringing in another investor. No final decision has been made on whether Advent will join its bid.
Lazard, Perella Weinberg Partners, Freshfields Bruckhaus Deringer, and Gleiss Lutz are advising Osram. PwC, Bank of America Merrill Lynch, HSBC, UBS, Herbst Kinsky, Linklaters, Schellenberg Wittmer, and Brunswick Group are advising AMS. Credit Suisse, Goldman Sachs, JP Morgan, Macquarie Group, Kirkland & Ellis, Camarco and FTI are advising Bain and Carlyle.
Hong Kong Exchanges & Clearing (HKEX) is working with HSBC and UBS group to find a suitable deal for the London Stock Exchange Group (LSEG) and woo investors based in London and Asia. HSBC and HKEX have a long-standing relationship, recently HSBC helped HKEX organize meetings with City investors.
HSBC and UBS Group are working together with Hong Kong Exchanges & Clearing (HKEX) to find a suitable deal for the failed bid involving London Stock Exchange Group (LSEG) and support shareholders of LSEG based in London and Asia. HSBC and HKEX have a long-standing relationship. Recently HSBC helped HKEX organize meetings with investors.
Barclays, RBC Capital Markets, Goldman Sachs, JP Morgan, Morgan Stanley, Robey Warshaw, and Teneo are advising LSEG. UBS, HSBC, Cravath Swaine & Moore, Slaughter & May Moelis & Co, and Headland Consultancy are advising HKEX.
Hyundai Motor Group and Aptiv to form an Autonomous Driving joint venture. Hyundai Motor Group and Aptiv’s combined contributions total $4bn, with each owning 50% in the joint venture. The transaction is subject to regulatory approval.
The joint venture will advance the design, development, and commercialization of SAE Level 4 and 5 autonomous technologies, furthering the partners’ leadership position in the global autonomous driving ecosystem.
“The new joint venture marks the start of a journey with Aptiv toward our common goal of commercializing autonomous driving. The combined capabilities of Aptiv, a leading global technology company, and our Group, a global OEM, will create invaluable synergy to lead the autonomous driving landscape.” Euisun Chung, Hyundai Motor Group Executive Vice Chairman.
CataCap has agreed to acquire AerFin, a leading global specialist in providing cost-saving aftermarket support solutions to the aviation industry, from CarVal Investors in partnership with management. Long-term CataCap investor Schroder Adveq joins as co-investor in the transaction. Financial terms were not disclosed.
AerFin has managed to gain high growth by extending the life of aircraft parts, enabling cost-effective solutions for airlines combined with preserving environment re-cycling of parts. This category is growing significantly as a focus on cost and impact on the environment growth within the airline sector.
“AerFin is an outstanding company in a sector that has a global reach. We have been following the company for some time, given that it has been announced fastest-growing Aerospace & Defence company in Europe. We are truly impressed with the strength of the business model and the leadership team we are backing.” Peter Ryttergaard, CataCap Partner.
Osborne Clarke, Grant Thornton, Deloitte and Baker McKenzie advised CataCap. Ernst & Young and A&L Goodbody advised CarVal Investors.
Hector Rail Group, the EQT Infrastructure portfolio company, has entered into a definitive agreement to sell GB Railfreight, a leading rail freight operator in the United Kingdom, to Infracapital, the unlisted infrastructure equity arm of M&GPrudential. Financial terms were not disclosed.
During EQT Infrastructure’s ownership, GB Railfreight successfully expanded its contract portfolio by adding additional contracts from both existing and new customers and significantly increased its share of the UK rail freight market. There has been strong focus on driving expansion in the high-growth intermodal segment, with several new routes having been launched.
“Together with EQT, the Company has been able to continue on our strong growth trajectory, adding a range of new freight services across the UK rail network and supporting the growth of the UK economy by transporting goods and materials across the country. We continue to see strong demand for our services and look forward to entering the next phase of growth together with our new owners.” John Smith, GB Railfreight CEO, and founder.
Deutsche Bank AG, EQT partners, Clifford Chance, and Simpson Thacher & Bartlett advised to EQT Infrastructure.
Vivendi has kept its stake in Mediaset after a deadline to sell it expired at the weekend and is preparing to step up its legal action against the Italian broadcaster’s overhaul plan, Reuters reported.
Mediaset this month won shareholder approval to create a pan-European media group to pursue continental alliances with rivals and fend off growing competition from streaming services such as Netflix or Amazon Prime Video.
But Vivendi, which has plans of its own to build a European media powerhouse, opposed the reorganization saying it strengthens the hold on the group of Mediaset’s top shareholder, the family of former Italian Prime Minister Silvio Berlusconi.
Banca IMI, JP Morgan, Citigroup, and Mediobanca are advising Mediaset.
An anonymous investor agrees to invest $250m towards the completion of the acquisition of Chevron's North Sea oil assets, by Delek Group through its wholly-owned sub-subsidiary Ithaca.
Even if the proposed investment in Ithaca is successfully closed, Delek Group and Ithaca must still find $200m more to complete the Chevron deal, Globes reported.
BNP Paribas is advising Chevron North Sea. Ithaca Energy is advised by JP Morgan and FTI Consulting. BNP Paribas and JP Morgan are the debt providers to Ithaca Energy. Latham & Watkins is advising Chevron.
G&W Electric, one of the main American groups active in the production of innovative systems and products for the energy sector, acquires Tozzi Electrical Equipment, which designs, manufactures and sells medium voltage electrical equipment, electrical panels and prefabricated mobile cabins in medium and low voltage with innovative and sustainable technical solutions, from Tozzi Holding. Financial terms were not disclosed.
"We are very satisfied with the agreement reached with G&W Electric, a group we have known and esteemed for many years, because we are sure that under their leadership the activities of Tozzi Electrical Equipment will be able to develop significantly in Europe thanks to the integration of professionalism and unique products into an increasingly competitive sector. I would like to thank all our employees for the commendable commitment and dedication they have shown over the years, without which the company could not have become one of the most innovative companies in its sector." Andrea Tozzi, Tozzi Group CEO.
Deloitte Legal and Pirola Corporate Finance advised Tozzi Holding.
Corsair Capital, a leading private equity firm acquires Axo, a leading distributor of financial services products. Financial terms were not disclosed.
Axo’s approach enhances the consumer experience through market-leading acceptance rates and terms and adds value for its banking partners by lowering customer acquisition costs and broadening their reach. In recent years, Axo has bolstered its digital capabilities and is now a sector leader in digital marketing.
"We look forward to working closely with Carl, Morten and the rest of the Axo team to support their continued expansion to become the leading Nordic distributor of innovative financial services products.” Derrick Estes, Corsair Managing Director.
Arctic Securities is advising Corsair. William Blair is advising Axo.
Vonovia, which provides real estate services, acquires 61% stake in Hembla, a real estate company, for $1.3bn from Blackstone Group. Closing of the transaction is subject to antitrust clearance by the Swedish merger control authorities.
“We are long-term investors in residential housing and offer attractive and high-quality living. Since we acquired Victoria Park last year, we have found that our strategy to deliver high-quality living standards to our tenants has the full support of our Swedish colleagues. Our investment in Hembla is fully complementary to our present footprint. We have a track record of creating benefits for tenants and shareholders alike, and we achieve this through our long-term expertise, our comprehensive services, better procurement, and better funding. With this sustainable and very long-term course, we are living up to our social responsibility.” Rolf Buch, Vonovia CEO.
Urban Advisors advised Blackstone Group.
Goldbeck Services, which is based in Bielefeld and specializes in real estate services in the areas of the property and facility management as well as parking services, acquires Verkehrswacht Parkplatz parking facilities management firm. Financial terms were not disclosed.
The acquisition of VWP added 44 parking properties with more than 30k parking spaces in 17 German cities. From a technological point of view, all the car parks managed by the two companies will be able to access their own 24/7 control center, so that car park customers can contact one of the most modern control centers personally at any time.
Transfer Partners advised Verkehrswacht Parkplatz.
Snam, Europe’s leading gas utility firm, acquires 49% stake in OLT, which has built and manages the offshore regasification terminal (FSRU - Floating Storage and Regasification Unit) located about 22 km off the Tuscan coast between Livorno and Pisa, from Iren Group, one of the largest and most dynamic multi-utility companies on the Italian scene, for $440m.
The closing of the transaction is subject to prior approval by the competent authorities.
“Snam’s entrance into OLT will guarantee industrial expertise in management and in future investments into vital infrastructure for the Italian energy system’s security and flexibility and will consolidate our position in the Mediterranean LNG market. This acquisition is in line with our growth strategy in infrastructure for liquefied natural gas, a sector that is fundamental to enabling energy transition and promoting sustainable mobility, as global demand is destined to double between now and 2035, reaching 600 million of tons per year. Between September 2018 and August 2019 alone, Italian LNG demand grew by 70% and global demand by 15%” Marco Alverà, Snam CEO.
Barabino & Partners advised Iren Group.
ADLER Real Estate, a leading real estate service firm enters a definitive merger with ADO Group and its subsidiary ADO Properties, providers of real estate services in Germany under which ADLER would acquire ADO for $780m.
The closing of the merger, which is expected in December 2019, is subject to a majority approval at ADO Group's shareholder meeting, ADO Group holding not more than 33% in ADO Properties, a condition precedent necessary for ADLER not to be required to launch a mandatory takeover offer for all outstanding shares in ADO Properties upon closing of the merger, clearance by the competent merger control authorities and other customary and statutory closing conditions.
DuPont Safety & Construction has acquired the Ultrafiltration Membrane business from BASF, including inge. Financial terms were not disclosed.
The transaction, including the business' international workforce, its headquarters and production site in Greifenberg, Germany, and associated intellectual property currently owned by BASF, is expected to close by the end of 2019 subject to customary closing conditions and regulatory approvals. The combination of the DuPont and BASF ultrafiltration technologies adds to DuPont's leading portfolio of water purification and separation technologies including ultrafiltration, reverse osmosis and ion exchange resins.
"As a global leader in innovative water solutions, we are continually looking for ways to help our customers solve water challenges around the world. This technology in combination with inge's expert team further broadens our portfolio and enhances our ability to design tailored, integrated solutions for drinking water, industrial and wastewater treatment applications globally." Rose Lee, DuPont Safety & Construction President.
Meraas Holding, a provider of real estate and retail services has entered into a long-term strategic partnership with Brookfield Assets Management, a unit of Brookfield to jointly own and operate a retail-focused real estate platform in the UAE with a mandate to explore growth opportunities in the retail sector. The joint venture valued at approximately AED 5bn ($1.4bn).
The partnership aims to leverage Meraas’ regional brand recognition and experience in curating lifestyle-focused mixed-used developments together with Brookfield’s deep retail experience and extensive global relationships with brand partners and retailers. The platform shall further benefit from Brookfield’s global insights and best-in-class retail operating models to drive efficiencies and synergies.
The joint venture will own and operate a diversified portfolio of Meraas retail assets, including The Beach, City Walk and La Mer and serve as a dedicated platform to explore growth opportunities in the retail sector across the UAE and the broader region.
Hermes Infrastructure, a leading infrastructure investment firm, and CGN Europe Energy, a French electric utility firm acquires a portfolio of onshore windmills from Aquila Capital, an alternative assets manager. Financial terms were not disclosed.
Under the terms of the agreement, HIF will take an initial 20% equity ownership stake and CGNEE has underwritten the remaining 80%. Aquila Capital will retain an ongoing role in relation to the portfolio. The portfolio comprises two operational onshore wind farms with an aggregate capacity of 216MW and three onshore wind projects in late-stage construction with an aggregate capacity of 597MW.
“We are very pleased to announce this transaction for a high-quality portfolio of wind farms in Sweden in conjunction with our strategic partner, CGNEE." Peter Hofbauer, Hermes Head of Infrastructure.
The HRS Group, the leading Global Hotel Solutions end to end technology provider in business travel, agreed to acquire Hotel Beacons (conichi) and will integrate their technology into the HRS payment product platform. Financial terms were not disclosed.
"The acquisition is proof of the strong performance of the entire conichi team over the last few years. I am grateful for every second with this unique team. We are proud that our HRS roots only grow stronger now, and that together – leveraging global resources, superior data integration, and regional expertise – we’ll be on the front lines of global corporate payment automation for years to come.” Maximilian Waldmann, Hotel Beacons Co-Founder.
The Riverside Company to acquire Bike24, one of the German cycling scene’s larger online platforms for cycle components, accessories and clothing, from WiggleCRC. Financial terms were not disclosed.
Bike24 is another example of Riverside’s dedication to partnering with founders and investing in strong digital business models. The investment is based on Riverside’s belief in the underlying megatrend of cycling as a healthy sport and ecologically friendly mode of transportation, particularly in urban environments.
“We are enthusiastic about joining forces with the Bike24 founders and management team once again. During our first partnership, we focused on improving the infrastructure of the business. Now we plan to further strengthen the company’s international presence in Europe. In addition to strong organic growth in the future, we will also actively pursue add-on opportunities.” Dr. Michael Weber, Riverside Partner.
Interpump Group has acquired Reggiana Riduttori. Interpump, in exchange for 100% of Reggiana Riduttori’s share capital, will transfer 3.8m ordinary shares from its own portfolio valued at €28.74 ($31.8) plus a cash balance that will be calculated considering an enterprise value of €125m ($138m).
Reggiana Riduttori is a world leader in the design and manufacturing of power transmission systems: planetary gears, reduction gears, and wheel gears. Main application sectors are heavy industry, agriculture, and forestry, handling of materials, lifting, marine/offshore, mining, wind farms.
“Reggiana Riduttori is yet another pearl of excellence that enriches our group. Not only it will significantly increase and diversify our activity in power transmissions, it operates in industries and markets where we are already present with other products, with extraordinary potential for technical and sales synergies” Fulvio Montipò, Interpump Groups’ Chairman.
Italy's submits bid for Renvico's wind power assets. (FS)
Reuters reported, Italy’s biggest regional utility A2A has submitted a bid for Renvico’s wind power assets, Chief Executive Valerio Camerano said.
Renvico manages wind farms in Italy and France with a total capacity of around 334 megawatts. A Macquarie-run infrastructure fund managing Renvico is selling the company in a deal which could be worth around €400m ($441m).
Shareholder states that Thomas Cook going to be sold as a whole or in parts.
Thomas Cook will be sold as a whole, or in parts after its collapse, the company’s second-largest shareholder said, adding he would see what is offered before deciding whether to buy more assets.
Neset Kockar, who holds an 8% stake in the UK-based travel firm, said Thomas Cook owes “a few hundred million pounds” to Turkish businesses that may not be paid after it is sold. Kockar is also the chairman of Turkey-based Anex Tour, which caters mainly to tourists from countries such as Russia and Ukraine, Reuters reported
Sports Direct explores £4m acquisition of Goals Soccer Centres.
Sports Direct, UK's leading sports retailer, approached Goals Soccer Center (Goals), the scandal-hit pitch operator with a possible heavily discounted bid of £4m ($5m) for the acquisition of the business.
Goals has tangled up with accountancy debacle, corruption scandal and improper behavior amongst others.
Sports Direct already holds a 19% stake in the ailing pitch operator and is aiming for the rest 81% before Goals' inevitable delisting.
Ceconomy considers a deal with Media Markt founder.
Germany's Ceconomy, Europe's biggest consumer electronics group, is in talks to resolve a long-running dispute with a significant shareholder of subsidiary Media Saturn, Reuters reported.
The Kellerhals family, Convergenta, would swap its stake in the jointly held Media Saturn for a 25% stake in Ceconomy and get a cash payment on top.
The two sides were discussing the possibility of merging Ceconomy and the Media-Saturn holding group, in which Kellerhals' investment firm Convergenta holds a 21% stake.
Haim Saban considers selling a controlling stake in Partner Communications. (FS)
A media magnate Haim Saban plans to return his controlling stake in Partner Communications, Israel's second-largest mobile operator, Reuters reported.
Saban had lost $175m on his investment in Partner and would return the shares by the end of the year. It noted that Saban had used his holdings in Partner, whose market value stands at $711m, as collateral for the loan.
APAC
Stripe International, a leading clothing and accessories retailer acquires a 70% stake in Global Fashion Group, a leading Vietnamese fashion clothing retailer and it's subsidiary Vascara. Financial terms were not disclosed.
With the investment and capital increase of Stripe International in Vascara, it will help the brand to grow stronger in the coming time, launching many models of fashionable shoes and bags at reasonable costs for Vietnamese consumers.
"With Stripe International's experience, Vascara will launch more new quality products, increase the number of stores faster and help the goods reach more women across the country.” Le Canh Bich Hanh, Global Fashion CEO.
Australian Education Group, an education consultant and subsidiary of China Education Group Holdings acquires Aspen Higher Education and King's Own Institute, two of the educational service providers from Viss Holdings for $87m.
Navis explores a sale of Modern Star for $542m. (FS)
Navis Capital Partners, a leading private equity firm, has put Modern Star, a retailer of educational equipment, up for sale and is seeking over $542m.
Navis Capital had so far received interest from local and international firms as well as from strategic and educational businesses. The interested parties include other Australia and offshore private equity firms, especially those with an Asian-growth focus, DealStreetAsia reported.
InfraRed leads the second round of financing for Fullsun. (FS)
InfraRed, a Hong Kong-based real estate investment manager has led the second round of mezzanine financing deal for property developer Fullsun International Holdings Group, DealStreetAsia reported.
The latest funding to Fullsun International brings the total capital provided by the InfraRed consortium to $156m. Fullsun will use the capital to acquire multiple projects as part of its strategy to accelerate the company’s growth.
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