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AMERICAS
Advent International, a private equity firm, and Abu Dhabi Investment Authority, an investment company, agreed to invest $3bn in Fisher Investments, an independent money management firm.
"This transaction gives us the independent runway with truly exceptional institutional investors who can bring us their wisdom, value our unique culture and goals, and want us to keep doing what we've always done, bigger and better, while pioneering never yet done solutions to benefit our clients and employees," Damian Ornani, Fisher Investments CEO.
Fisher Investments is advised by JP Morgan, RBC Capital Markets and Paul Hastings. Advent International is advised by Ropes & Gray. Abu Dhabi Investment Authority is advised by Gibson Dunn & Crutcher.
IQVentures, a fintech organization, agreed to acquire The Aaron's Company, a technology-enabled, omnichannel provider of lease-to-own and retail purchase solutions, for $504m.
"We are pleased to announce this transaction with IQVentures, which delivers significant and immediate value to our shareholders. While we have performed well in a challenging operating environment, our Board has consistently evaluated the company's standalone plan against other strategic opportunities, including recently engaging with a range of potential partners. With the assistance of our financial and legal advisors, the Board conducted a thorough review of our strategic options and ultimately determined that a sale to IQVentures represented the best way to maximize shareholder value," John W. Robinson III, The Aaron's Company Chairman of the Board.
The Aaron's Company is advised by JP Morgan, Jones Day (led by Darcy White and Bryan Davis) and FGS Global (led by Jim Barron). IQVentures is advised by Stephens and King & Spalding.
Perceptive Advisors, a health care investment firm, agreed to acquire Vapotherm, a medical device manufacturer, for $150m.
"Vapotherm has done a significant amount of work to date to ensure it is able to deliver its technology to patients in respiratory distress. We believe the Company has a clear vision to expand the use of high-velocity therapy in patients in need and look forward to supporting them in their next stages of growth," Konstantin Poukalov, Perceptive
Managing Director and Discovery Co-Head.
Vapotherm is advised by Scalar and Ropes & Gray. Perceptive is advised by Cooley.
SLR Capital is advised by Latham & Watkins.
Primo Water, a single source provider of multi-gallon purified bottled water, self-service refill water and water dispensers, agreed to merge with BlueTriton, an American beverage company. Financial terms were not disclosed.
"The combination of BlueTriton and Primo Water enables our iconic, trusted brands, many with over 100 years of rich heritage, to further expand distribution and reach a broader base of customers with healthy hydration solutions. With greater presence, we also believe that we will have greater ability to positively impact our communities, invest in water stewardship, and bring circular packaging and refillable options to more people in more places. Thanks to the hard work and dedication of our team, our business has experienced strong momentum leading us to this exciting combination and a bright future with many opportunities for continued growth. I look forward to working together with the Primo Water team to make this Transaction a success for all of our stakeholders," Joey Bergstein, BlueTriton CEO.
Primo Water is advised by BMO Capital Markets, Bank of America, Faegre Drinker Biddle & Reath, Goodmans and Kirkland & Ellis. BlueTriton is advised by Morgan Stanley, Deutsche Bank, Latham & Watkins and Stikeman Elliott.
Hikma Pharmaceuticals, a British multinational pharmaceutical company, agreed to acquire the US finished dosage form business of Xellia Pharmaceuticals, a Copenhagen-based speciality company focusing on providing anti-infective treatments and other critical care therapies, for $185m.
"Hikma has grown to become a top-three US supplier of sterile injectable medicines thanks to our strong record of successfully making value-enhancing acquisitions like this one. This acquisition will add significant scale to our US operations and will enhance our US injectable manufacturing capabilities and portfolio by adding complex technologies. I am confident that this transaction will deliver significant future value to our Injectables business, supporting growth over the medium term," Riad Mishlawi, Hikma CEO.
Gryphon Investors-backed Thermal Technology Distribution Solutions, a platform for the distribution of industrial temperature management and related products, completed the acquisition of Thermal Devices, a value-added distributor of industrial electric heaters, controls, thermocouples, and related products to manufacturers. Financial terms were not disclosed.
"Thermal Devices is an exciting company that expands our footprint into the Mid-Atlantic and augments TTDS' heat trace and engineering capabilities. Thermal Devices provides TTDS with a physical base to better service customers in the East and reinforces TTDS' position as the nation's leading provider of thermal management solutions," Jeff Collier, TTDS CEO.
Everlane Equity Partners, a private equity firm that specializes in strategic investments in small and middle-market companies, completed the investment in Carey & Co, a provider of outsourced financial and operational leadership and services to nonprofit organizations. Financial terms were not disclosed.
"Nonprofits and other players in the impact economy constantly take on the balance of optimizing funding and resourcing, while ensuring the efficacy of program missions and their long-term sustainability. We felt it was critical to partner with an outsourced service provider with a long tenure of specifically supporting the needs of the nonprofit community like Carey & Co has done for over a decade," Evan Horton, Everlane Managing Director.
Ascend Partners, CareAbout Health-backed Medical Specialists of the Palm Beaches, a primary care-focused, multi-specialty physician group practice, completed the acquisition of Family Medical Center, a physician practice. Financial terms were not disclosed.
"We are excited to be part of the MSPB network because it will enable us to continue to provide the highest levels of care for our patients, with a continued emphasis on not only treating patients' existing conditions, but we also working with patients to maximize prevention strategies. In addition, we look forward to leveraging MSPB's experience in growing and managing physician practices like ours with their value-based care capabilities," Amir Fahmy, Family Medical Center President.
Vista says MNC Capital's pressure may have prompted bidder to pull offer for unit. (FS)
Vista Outdoor said that possible pressure from investment firm MNC Capital might have forced one of the bidders for the company's sporting products business to drop its $2bn offer, Reuters reported.
MNC's allegations that the bidder violated certain contractual agreements may have restricted the party's ability to make an offer for the sporting products unit, Kinetic Group, Vista said.
Activist starboard value has stake in Autodesk. (FS)
Starboard Value has a roughly $500m stake in Autodesk and is pushing for changes at the design-software maker, WSJ reported.
Starboard met with Autodesk executives in recent weeks to discuss concerns related to the company’s operations, corporate governance and the handling of a recent accounting probe that tanked the stock. The activist thinks the company should improve its margins and make changes to its board.
Solomon Partners hires banker Whit Knier for health care deals. (People)
Solomon Partners has hired investment banker Whit Knier as a partner in its Healthcare Services group.
Knier will work closely with Karan Garg, the head of Healthcare Services, and will report to Jon Hammack, Solomon’s head of health care, Bloomberg reported.
EMEA
US grains merchant Bunge and Glencore-backed Viterra's plan to create a $34bn agricultural trading giant will be decided by EU antitrust regulators by July 18, a European Commission filing showed on Monday. The companies announced their merger a year ago to rival global giants Archer-Daniels-Midland and Cargill, Reuters reported.
The Commission, which acts as the EU competition enforcer, can either clear the deal with or without remedies after its preliminary review or it can open a four-month investigation if it has serious concerns.
Sampo, a Finnish insurance company, agreed to acquire the remaining 50.5% stake in Topdanmark, one of the largest insurance companies in Denmark, for DKK16.6bn ($2.4bn).
"Our and Topdanmark's strategies have further aligned in recent years as pure P&C insurers. The unanimously recommended offer we are announcing today is the next logical step on this journey. By combining the businesses in a fully integrated Nordic operating platform, we can unlock growth and attractive synergies that will strengthen our position as a leading Danish P&C insurer. I am pleased to be able to present this offer to all of Topdanmark's other shareholders today and invite them to join us on this journey," Torbjörn Magnusson, Sampo Group CEO.
Topdanmark is advised by ABG Sundal Collier, Carnegie Investment Bank, A&O Shearman, Borenius and Kromann Reumert. Sampo is advised by Goldman Sachs, Hannes Snellman, Plesner and Skadden Arps Slate Meagher & Flom.
Swedish legal services provider Karnov Group tumbled 22% in Stockholm after two US investment firms withdrew their bid for the company amid shareholder resistance to the deal, Bloomberg reported.
Shares fell the most since the company was listed in 2019 after Greenoaks Capital Partners and Long Path Partners announced on June 17 that their offer of SEK84 ($8) per share was pulled.
Shawbrook, a provider of savings and lending services, agreed to acquire JBR Auto Holdings, a UK specialist motor finance lender focused on high-end vehicles. Financial terms were not disclosed.
"JBR's extensive knowledge of this specialist segment within the wider motor finance market is exceptional. Aligning the business to Shawbrook's 'best of both' approach, combining technology with deep human expertise, this acquisition will help us to extend the JBR proposition to more customers who value a premium experience, flexibility, and certainty when securing finance for their high-end vehicles," Marcelino Castrillo, Shawbrook CEO.
Shawbrook is advised by Teneo.
Deutsche Bank buys €1.7bn aviation loans from NordLB.
Deutsche Bank agreed to buy about €1.7bn ($1.8bn) in aviation loans from NordLB, which is exiting the sector to focus on areas such as renewable energy financing, Bloomberg reported.
Deutsche Bank will start taking over the assets from the end of this month after prevailing in a bidding process, NordLB said in a statement on Monday that didn't disclose a price for the deal. The seller, whose total aviation portfolio amounts to about €2.8bn ($3bn), will wind down the remaining €1.1bn ($1.2bn) over time.
Melrose founders to list Rosebank.
The founders of Melrose Industries, one of Britain's most prolific and lucrative investment groups, are preparing to list a new vehicle in London next month as they hunt a new wave of takeover targets, Sky News reported.
Simon Peckham is spearheading the launch of Rosebank Industries, with talks under way to raise more than £40m ($50m) from institutional investors. Citigroup and Investec have been appointed to work on the AIM market listing and fundraising.
Party supplies retailer Wonder on brink of administration.
A party supplies retailer and distributor is teetering on the brink of administration after being hit by a downturn in consumer spending, Sky News reported.
Wonder Group, which was previously known as Amscan, was preparing to file a notice of intention to appoint Interpath Advisory to handle an insolvency process.
APAC
Temasek, a global investment company, agreed to invest $198m in Betashares, an Australian financial services company.
“Since founding the business 14 years ago, we have developed a leading position in Australia’s ETF industry. We have worked hard to expand the range of high-quality investment solutions available to investors and their financial advisers, democratised access to wealth creation opportunities for our clients, and improved the range of genuine educational content, emphasising the power of long-term investing,” Alex Vynokur, Betashares Founder and Chief Executive Officer.
Venture capital firms New Enterprise Associates, Khosla Ventures and Lux Capital led a $100m funding round in Sakana AI, a Tokyo-based developer of large language models.
With the new funding, Sakana AI plans to accelerate its research and development efforts, expand its team, and enhance its product offerings. The company aims to solidify its position as a leading player in the AI industry, leveraging its advanced LLM technology to create innovative solutions for various sectors.
Paytm is in talks with Zomato to sell movie ticketing business.
Paytm is in talks to sell its movie and ticketing business to Zomato, as the Indian fintech pioneer seeks to unload non-core assets and revive sales hurt by a regulatory crackdown, Bloomberg reported.
The fintech firm is considering a potential transfer of its entertainment business but has yet to enter into any binding agreements, the company officially known as One97 Communications said in a stock exchange filing. Zomato acknowledged in a separate statement it’s in discussions with Paytm for such a deal, to boost what it called its “going-out” business.
Naver's Webtoon Entertainment aims up to $2.67bn valuation in US IPO.
Online comics platform Webtoon Entertainment said on June 17 it is targeting a valuation of up to $2.67bn in its initial public offering in the United States, Reuters reported.
The company, majority-owned by South Korean tech giant Naver, is aiming to raise as much as $315m by offering 15m shares at a price range of $18 to $21 each.
Blockbuster India IPO plan drives Hyundai shares to record high.
Plans for what may be one of India’s largest-ever initial public offerings boosted Hyundai Motor’s stock to a record high, Bloomberg reported.
The Korean automaker is selling a 17.5% stake in Hyundai Motor India. Shares of Hyundai — which will collect all of the proceeds from the IPO of its local unit — rose 3.9% in Seoul. Related stocks also got a lift.
Canadian government, ADB launch $255m climate fund for Asia Pacific. (FS)
The Government of Canada and the Asian Development Bank have launched a CAD360m ($255m) fund to invest in climate- and nature-based projects, DealStreetAsia reported.
Canada is providing CAD350m ($254m) for the fund, dubbed The Canadian Climate and Nature Fund for Private Sector in Asia, with another CAD10m ($7m) for technical assistance, while ADB will administer CANPA.
The fund aims to lower the risks in bringing viable projects to market that would be unlikely to proceed solely on a commercial basis. It will finance nature-based solutions such as sustainable agriculture and aquaculture to protect, manage, and restore ecosystems.
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