AMERICAS
Advent International completed the acquisition of the global connect business of Nielsen, American information, data and market measurement firm, for $2.7bn. Nielsen will also received warrants in the new company exercisable in certain circumstances. Advent carried out the transaction in partnership with James Peck, former CEO of TransUnion, an American consumer credit reporting agency.
"We have redesigned our products, our business platform, and our operating model, positioning Nielsen to better deliver the solutions our clients need in the rapidly changing global media ecosystem. We are now fully aligned around three essential solutions--Audience Measurement, Audience Outcomes and Gracenote Content Services--that are designed to drive growth by leveraging a single media platform across a global digital-first footprint," David Kenny, Nielsen Chief Executive Officer.
Nielsen was advised Guggenheim Partners, JP Morgan, Baker McKenzie, Clifford Chance, DLA Piper and Wachtell, Lipton, Rosen & Katz and Edelman. Financial advisors were advised by Cravath, Swaine & Moore. Advent was advised by Bank of America Merrill Lynch, Deutsche Bank, RBC Capital Markets, UBS, NautaDutilh, Ropes & Gray, Weil, Gotshal & Manges and Finsbury Glover Hering. Debt financing was provided by Bank of America Merrill Lynch, Deutsche Bank, Barclays, Wells Fargo, UBS, RBC Capital Markets, MUFG and HSBC.
Cipher Mining, a newly formed US-based Bitcoin mining operation, is set to go public via a merger with Good Works Acquisition, a special purpose acquisition company, in a $2bn deal. Current Cipher Mining shareholders will become the majority owners of the combined company at closing with c. 70% ownership in the pro forma company.
"With this transaction, we will be able to combine the formidable skill sets and technologies developed by Bitfury Group over the past 10 years with what we believe will be a leadership position on the global cost curve, and thereby create a true leader in the Bitcoin mining industry. We believe that our US domicile provides us additional advantages of low-cost, reliable power and a transparent, stable and secure regulatory and corporate environment. This combination of factors positions us to become the leading Bitcoin miner and also enables future vertical integration opportunities across the Bitcoin ecosystem," Tyler Page, Cipher Mining's CEO.
Cipher is advised by Wells Fargo Securities, Latham & Watkins, Blueshirt Group and Dukas Linden Public Relations. Good Works is advised by JP Morgan, Shoreline Capital Advisors and Schiff Hardin. JP Morgan and Wells Fargo Securities are advised by Mayer Brown.
BayPine-led consortium, backed by TSG Consumer Partners, agreed to acquire Mavis Tire Express Services, an independent tire and service providers in the United States. The transaction is expected to close in the second quarter of 2021. Financial terms were not disclosed.
The investor group also includes StepStone Group. Additionally, a group of financing partners led by Jefferies and Owl Rock Capital, and including Ares Capital Management and certain affiliates and funds managed by affiliates of Apollo Global Management, is supporting the transaction.
“By leveraging BayPine’s digital transformation and technology expertise, we believe there is a significant opportunity to enhance Mavis’ customer experience, capture operating efficiencies, and bolster the company’s position as the go-to brand for auto care nationwide. We look forward to working closely with management as they continue to execute upon their successful consolidation strategy,” Anjan Mukherjee, BayPine Managing Partner.
Mavis Tire Express is advised by Jefferies, Covington & Burling and Ropes & Gray. Baypine is advised by Gasthalter & Co. TSG Consumer is advised by Kirkland & Ellis and Sard Verbinnen & Co.
Chevron, an American multinational energy firm, agreed to acquire a 37.5% stake in Noble Midstream Partners, an operator and developer of midstream infrastructure assets, for $422m.
"We believe this buy-in transaction is the best solution for all stakeholders, enabling us to simplify the governance structure and capture value in support of our leading positions in the DJ and Permian basins," Colin Parfitt, Chevron Vice President.
Chevron is advised by Citigroup and Latham & Watkins. Noble Midstream is advised by Janney Montgomery Scott and Baker Botts.
Arco Platform, which develops educational software, agreed to acquire COC and Dom Bosco, two K-12 learning systems in Brazil, from Pearson Education do Brasil, an educational services provider, for $162m.
“The acquisition of COC and Dom Bosco learning systems reinforces our strategy to further strengthen our positioning in Core solutions for the private K-12 segment. It brings geographical and price complementarity to our Core portfolio, allowing our platform to better serve the overall market,” Ari de Sá Neto, Arco CEO and Founder.
Arco is advised by Rothschild & Co and Lobo de Rizzo. Pearson is advised by JP Morgan and Madrona Advogados.
KKR agreed to acquire a majority stake in Integrated Specialty Coverages, a multi-line insurance distributor, from private equity firms Sightway Capital and Two Sigma. Financial terms were not disclosed.
“The insurance model is expanding and evolving. Speed, flexibility and technology are rapidly becoming ‘must-have’ capabilities. ISC combines those attributes with the tried-and-true traditional areas of focus such as personal relationships, solid underwriting and loyal dedication to our partners. Our team is glad to be a contributor to the ongoing technology evolution in the insurance industry and is proud of the success our platform and our industry partners have experienced,” Matt Grossberg, ISC Founder.
ISC is advised by Morgan Stanley and Lowenstein Sandler. KKR is advised by Goldman Sachs and Kirkland & Ellis.
CrowdStrike Holdings, a provider of cloud-delivered endpoint and cloud workload protection, completed the acquisition of Humio, a provider of high-performance cloud log management and observability technology, for $392m.
“Humio will enhance CrowdStrike’s ability to solve real-world customer problems with its cloud-native platform by adding index-free data ingestion and analysis capabilities for both first- and third-party data. With the acquisition of Humio, we are accelerating our XDR capabilities to cloud speed, re-defining the industry standard for modern XDR,” George Kurtz, CrowdStrike Co-Founder and CEO.
CrowdStrike was advised by Davis Polk & Wardwell. Humio was advised by Horten and Cooley.
PCX Aerosystems, a provider of flight-critical, life-limited dynamic aircraft components, agreed to acquire Senior Aerospace Connecticut, a build-to-print manufacturer of precision metallic parts for the aerospace industry, from Senior, an international manufacturer of high technology components and systems, principally for the aerospace & defence, land vehicle and power & energy markets, for $74m. The transaction is expected to close in H1 2021, subject to customary closing conditions.
"It is a good business, which is reflected in the transaction value, and I believe that it is best able to fulfil its potential by being part of a larger helicopter structures business. We have a great leadership team in Connecticut with a capable and talented workforce: I would like to thank them for their loyal service to Senior plc and wish them all the best for the future," David Squires, Senior CEO.
Senior is advised by Lazard, Buchanan Ingersoll & Rooney and Finsbury Glover Hering.
Ascensus, an American financial services company, and Empower Retirement, a retirement services provider, completed the acquisition of the Recordkeeping Retirement Business of Truist, an American bank holding company. Financial terms were not disclosed.
"Thanks to the Truist and Ascensus teams' highly collaborative efforts, we were able to successfully migrate all of the heritage BB&T plans to Ascensus over the course of this past weekend," Kevin Cox, Ascensus' Retirement line of business President.
Truist Financial was advised by Truist Bank and Alston & Bird.
Thompson Street Capital Partners, a private equity firm, completed the acquisition of Freddy’s Frozen Custard & Steakburgers, a Kansas-based franchisor of fast-casual restaurants. Financial terms were not disclosed.
“Freddy’s is a highly unique, scaled franchisor platform that has built a premium brand over the past two decades with leading franchisee retention, remarkable growth, and a passionate guest following of ‘FredHeads'," Bob Dunn, TSCP Managing Partner.
TSCP was advised by BackBay Communications. Debt financing was provided by Golub Capital.
Spirent Communications, a provider of test, assurance, and analytics solutions for devices and networks, agreed to acquire octoScope, a US-based provider of automated wireless test solutions, for $55m.
"Having firmly outlined our M&A intentions at our Capital Markets Day in October, I am delighted to welcome octoScope to the Spirent family. The need for reliable and secure Wi-Fi is greater than ever and our teams look forward to working together to address an increasing range of complex Wi-Fi challenges for our customers," Eric Updyke, Spirent Chief Executive Officer.
Spirent was advised by FTI Consulting.
Sun Capital Partners, a private investment firm, completed the acquisition of Exadel, a global provider of digital software engineering solutions and services. Financial terms were not disclosed.
“It was critical for us to work with a firm that has deep expertise in supporting and growing founder-owned businesses through both strategic acquisitions and operational improvements, and Sun Capital emerged as the clear choice. With the resources and operational experience Sun Capital brings to Exadel, we are well-positioned to continue to advance our capabilities and expand to serve a growing global market,” Fima Katz, Exadel Founder, President and CEO.
Sun Capital was advised by Stanton PRM.
Hyland, a content services provider, agreed to acquire Nuxeo, a software company, from Kennet Partners, a private equity investment firm, and Goldman Sachs. Financial terms were not disclosed.
“This agreement reflects Hyland’s ongoing efforts to innovate our platform and expand our global footprint as the leader in cloud-based content services platforms. Adding Nuxeo’s services and capabilities will enable us to compete in new areas and support our customers in new ways,” Bill Priemer, Hyland President and CEO.
Kennet is advised by SEC Newgate.
Amwins, an independent wholesale distributor of specialty insurance products in the United State, agreed to acquire Worldwide Facilities, a national wholesale insurance brokerage, managing general agency and program manager, from private equity firm Genstar Capital. Financial terms were not disclosed.
"With the addition of Worldwide to the Amwins family we are partnering with a very talented group of brokers and underwriters. Worldwide has a very similar culture to Amwins and has a significant employee ownership base. The combined firm will have over 1,025 employee shareholders owning 43% of the business," Scott M. Purviance, Amwins Chief Executive Officer.
Amwins is advised by Waller Helms Advisors.
Medallia, the global firm in customer and employee experience and engagement, agreed to acquire Decibel, a digital experience analytics provider, for c.$160m. The acquisition is expected to close in March 2021, subject to customary closing conditions.
“The addition of Decibel uniquely positions Medallia as the only experience vendor that brings together the physical world, contact center and digital in a single signal platform. Our digital investments mark us out as the feedback system of record that makes all other systems customer aware,” Leslie Stretch, Medallia CEO.
GreenOaks Capital, a global internet investment firm, led a $100m Series C in Papaya Global, a workforce management platform, with participation from existing investors IVP Ventures, Alkeon, Insight Venture Partners, Scale Ventures, Bessemer Ventures, Dynamic Loop, New Era Ventures, Workday Ventures and Access Ventures.
"Papaya Global has built a best in class solution to onboard new employees, automate payroll, and manage a global workforce through a single pane of glass. Both growing and established companies have dramatically changed their working practices in recent years, and Papaya has seen impressive growth as a result. We're excited to continue supporting them as they seek to simplify an increasingly complex challenge for some of the world's biggest companies," Patrick Backhouse, Greenoaks Capital Partner.
Pye-Barker Fire & Safety, a provider of fire and life safety protection services, completed the acquisition of Fire Alarm Services, a full-service fire protection company. Financial terms were not disclosed.
"We are now excited to become part of the Pye-Barker Fire family, who truly understands the importance of the long-term relationships we have built with our customers and employees. Together we look forward to continued success and growth with a new and exciting partnership," Shannon Smith, FAS Co-Founder.
TDR-led investor group weighs $10bn LeasePlan exit. (FS)
LeasePlan’s private equity owners are exploring an exit after receiving approaches from strategic investors, more than two years after abandoning plans to list the European vehicle leasing giant, Bloomberg reported.
A consortium led by TDR Capital is considering options ranging from a partial to full sale of Netherlands-based LeasePlan. A deal could value the business at $10bn or more, though details of the potential divestment could change.
DigiCert’s PE owners to weigh $8bn sale. (FS)
Clearlake Capital and TA Associates, the private equity owners of DigiCert, are exploring options including a sale of the digital security technology company, Bloomberg reported.
Lehi, Utah-based DigiCert may be valued at about $8bn, including debt, in any transaction. Potential suitors include private equity firms as well as so-called strategic buyers.
The company posted earnings before interest, depreciation and amortization of about $345m in 2020, and projects that to rise to about $375m this year.
Shutterfly in talks to go public through SPAC merger. (FS)
The company is discussing a deal with a special-purpose acquisition company called Altimar Acquisition II that would value it at between $4bn and $5bn including debt.
If parties reach an agreement, it would add Shutterfly to the long list of companies taking part in a recent explosion of deals involving SPACs, which raise money in a public offering with plans to later find one or more companies to merge with.
Raytheon considers $1bn sale of services unit.
Raytheon Technologies one of the world’s largest aerospace and defense companies, is considering a $1bn sale of a services unit, Bloomberg reported.
The company is working with an adviser to look at strategic options for the unit, including a sale. The unit, which provides training for the repair and maintenance of equipment, vehicles and machinery, is likely to interest private equity firms. A final decision on pursuing a sale hasn’t been made and Raytheon could elect to keep the business.
Seagen recommends rejection of mini-tender offer from TRC Capital. (FS)
Seagen announced that it has been notified of an unsolicited “mini-tender” offer dated February 22, 2021, made by TRC Capital Investment, an Ontario, Canada corporation, to purchase up to 1m shares of Seagen's common stock. According to TRC, its “mini-tender” offer price of $151 per share was approximately 4.28% below the closing price of Seagen's common stock on February 19, 2021, the last trading day prior to the date of its offer.
Seagen does not endorse TRC Capital’s unsolicited “mini-tender” offer. Seagen recommends that Seagen shareholder reject the offer and not tender their shares in response to this unsolicited offer.
Robinhood to select Nasdaq for its IPO.
Robinhood, the trading app, plans to list its shares on Nasdaq when it goes public this year, Bloomberg reported.
Robinhood plans to confidentially file for an initial public offering with the US Securities and Exchange Commission as soon as this month.
KGHM looking to sell two US copper assets.
Poland’s state-run mining company, KGHM, plans to sell its Robinson and Carlota copper mines in the United States and reinvest the proceeds in its domestic operations, Reuters reported.
Copper, a highly efficient conductor of electricity and heat, is in high demand for use in renewable energy systems to generate power and in electric vehicles. New deposits are rare and increasingly difficult to recover.
Reddit takes step toward an IPO.
Reddit, one of the world’s most popular internet forums, appointed Drew Vollero as its first chief financial officer, taking a step closer toward an initial public offering, Bloomberg reported.
Vollero led Snap’s IPO preparations when he served as CFO at the social media company from 2015 to 2018. He has also lead finances for Mattel and most recently at security and facilities services firm Allied Universal. At Reddit, Vollero will expand the finance team as the company grows and looks toward an IPO.
Hertz lenders push alternate plan for exit from bankruptcy. (FS)
A group of unsecured lenders to Hertz Global are proposing an alternative reorganization of the rental car company that would take it public, a move that counters a plan to sell the company to two investment funds for as much as $4.2bn, Bloomberg reported.
GTCR forms Epselon Global to acquire healthcare businesses. (FS)
Private equity firm GTCR announced that it entered into a Leaders Strategy partnership to form Epselon Global with a focus on acquiring healthcare businesses.
The private equity firm partnered with Michael Mulhern and Phil Macnabb to form the Chicago-based company centered around acquiring companies and assets as part of a strategy to build a market-leading healthcare business.
“As a result of our long-term relationship and previous partnerships with them, we have tremendous respect for their strategic vision, operational abilities and M&A acumen. Their broad industry experience and expertise within healthcare make them ideal partners as GTCR commits to building another platform in the space,” Sean Cunningham, GTCR Managing Director.
Berkshire-Hathaway-backed NetJets ordered 20 Aerion’s jets. (FS)
NetJets has revealed a purchase order for 20 Aerion AS2 business jets. With 760 aircraft, the Berkshire-Hathaway company owns the world’s largest fleet of business jets, Robb Report reported.
Aerion is currently building a new headquarters in Melbourne, Florida. The company plans to start production of the AS2 next year. Aerion said its order backlog is valued at more than $10bn. Each AS2 has a price of $120m.
“At Aerion our vision is to build a future where humanity can travel between any two points on our planet within three hours and this new partnership is a significant step towards realizing that vision,” Tom Vice, Aerion CEO.
Warburg Pincus Capital I-B prices the $500m IPO. (FS)
Warburg Pincus Capital I-B announced the pricing of 50m units at $10 per unit. The units will be listed on the the NYSE under the symbol "WPCB.U". Each unit consists of one Class A ordinary share and one-fifth of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.5 per share.
Once the securities constituting the units begin separate trading, we expect that the units will be listed on the NYSE under the symbols "WPCB" and "WPCB WS," respectively. The initial public offering is expected to close on March 9, 2021, subject to customary closing conditions.
Citigroup, Credit Suisse and Evercore are acting as joint bookrunners of the offering.
Anzu Special Acquisition I closes the $420m IPO.
Anzu Special Acquisition I announced the closing of its initial public offering of 42m units at a price of $10 per unit, generating total gross proceeds of $420m before deducting underwriting discounts and commissions and other offering expenses payable by the company.
The SPAC intends to focus on high-quality businesses with transformative technologies for industrial applications.
Bank of America Merrill Lynch and Barclays are the joint lead book-running managers for the offering.
SPAC Twin Ridge Capital Acquisition prices $200m IPO. (FS)
Twin Ridge Capital Acquisition, a blank check company formed by Twin Ridge Capital targeting the consumer and distribution sectors, raised $200m by offering 20m units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.5. The offering is expected to close on March 8, 2021, subject to customary closing conditions.
The company is led by Chairman Dale Morrison, who is a Founding Partner of Twin Ridge Capital Management and previously served as CEO of McCain Foods, Campbell Soup, and Pepperidge Farm. Twin Ridge Capital Acquisition intends to focus its search broadly within the consumer and distribution related and adjacent industries.
Barclays and Evercore are serving as joint book-running managers for the offering.
Wall Street's SPAC sell-off drags on amid fears of a bubble.
Shares of SPACs, for months the darling of Wall Street as they attracted unprecedented investor interest, slid again this week amid concerns that their valuations have become inflated, Reuters reported.
The Defiance Next Gen SPAC Derived ETF, an exchange-traded fund that tracks SPACs, was down more than 6% in morning trading and is on track for its biggest weekly drop since it launched in October.
EMEA
Private equity firms I Squared Capital and TDR Capital agreed to acquire Aggreko, supplier of temporary power equipment, for £2.3bn.
"The Aggreko Board believes that the offer from I Squared Capital and TDR Capital represents an attractive price in cash that fairly recognises Aggreko's future prospects. We believe that the business, its people and customers will continue to be well supported with I Squared Capital and TDR Capital as shareholders bringing their expertise in energy and rental markets to support our existing strategy," Ken Hanna, Aggreko Chairman.
Aggreko is advised by Centerview Partners, Citigroup, Jefferies & Company, Dickson Minto, Slaughter & May and Headland Consultancy. I Squared Capital and TDR Capital are advised by Bank of America Merrill Lynch, Barclays, Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley, Kirkland & Ellis and Powerscourt. Financial advisors are advised by Ashurst.
LDC, a private equity firm, completed the investment in FPE Capital LLP-backed Sohonet, an international provider of connectivity, collaboration software, media services and network security. Financial terms were not disclosed.
"LDC has a proven track record of backing growing TMT business and supporting ambitious acquisitive growth strategies. We are really excited to work closely with the team at LDC to further enhance our market leading products and services,” Chuck Parker, Sohonet CEO.
LDC was advised by CIL Management Consultants, Prelude, GCA Altium, KPMG, Osborne Clarke and Intechnica. Sohonet and FPE Capital were advised by Ernst & Young, RSM International, Raymond James, Goodwin Procter, Butler Snow and Mishcon de Reya. Debt financing was provided by Apera Asset Management and Clydesdale Bank.
A private equity consortium considers presenting an updated proposal to acquire a stake in the media business of Serie A, an Italian soccer league, as it remained interested in a deal, Reuters reported.
Serie A agreed in October to enter exclusive talks after a consortium including CVC Capital Partners, Advent International and Italian fund FSI offered $2bn for a 10% stake in its newly-created media business division. But the deal has been repeatedly postponed and last month seven soccer clubs said they did not see the sale as a viable option.
CVC Capital is advised by Ernst & Young, Barclays, Credit Suisse and Rothschild & Co. Bain Capital is advised by Mediobanca and Nomura. Advent International is advised by Community Group. Serie A is advised by Lazard.
KPS Capital Partners, an American investment company, agreed to acquire aluminium rolling business from Norsk Hydro, a Norwegian aluminium and renewable energy company, for €1.38bn.
"The size and global scale of the Rolling business, the quality of its assets, coupled with the breadth of its products and technology capabilities, form the foundation of a tremendous investment platform. KPS Partner Kyle Mumford will lead a KPS team who will work closely with the Company's management team to accelerate growth opportunities driven by substantial investment in the Company's assets and operations. Our focus will be on innovation and new product development," Michael Psaros, KPS Co-Founder and Co-Managing Partner.
KPS is advised by Perella Weinberg Partners, Noerr, Wiersholm, Deloitte and Paul Weiss Rifkind Wharton & Garrison. Norsk Hydro is advised by Goldman Sachs, Clifford Chance, O'Melveny & Myers and Wikborg Rein.
Orano, a French energy company, agreed to acquire Daher Nuclear Technologies from Daher, an aircraft manufacturer and an industry and service equipment supplier. The completion of this transaction remains subject to the customary authorizations, in particular with regard to foreign investments and merger control/anti-trust laws. Financial terms were not disclosed.
“As a specialist in nuclear fuel logistics, we are delighted to be joining forces with a global player in the nuclear industry like Orano. The teams at DNT will now be able to leverage the experience and expertise developed in Europe and the US as part of Orano NPS,” Olaf Oldiges, Daher Nuclear Technologies Managing Director.
Orano is advised by Sycomore Corporate Finance, Pusch Wahlig, Womble Bond Dickinson and LPA-CGR. Daher is advised by Hogan Lovells.
Arjun Infrastructure Partners, an independent infrastructure asset management company, agreed to acquire a 49% stake in Monegros, a wind farm portfolio in Spain, from Copenhagen Infrastructure Partners, an investment firm. Financial terms were not disclosed.
“With the projects now entering commercial operation, we are confident that further value will be delivered as the wind farms commence generating material volumes of subsidy-free renewable power that contributes towards the decarbonisation targets in Spain,” Christian Skakkebak, CIP Senior Partner.
Arjun is advised by Evercore and White & Case. CIP is advised by FIH Partners and Watson Farley & Williams.
Alma Media, a digital service business and media company, agreed to acquire Nettix, a marketplace for motor vehicles, from Otava Group, a Finnish publishing company, for €170m.
"The Nettix acquisition represents an important step in our strategy that focuses on digital media and services. It strengthens our position in the automotive and mobility sector, being strategically important for us in Finland. Nettix’s digital and highly scalable business model enables profitable growth and expansion to new business areas. In the future, we will combine journalistic content, marketplaces and digital services with the latest technology, while staying attentive to consumers’ needs at all times. This will be achieved by leveraging the data accumulating from the consumption of content and services, which in turn enables us to develop products efficiently and create marketing solutions with maximum impact," Kai Telanne, Alma Media’s President and CEO.
Alma Media is advised by Avance. Debt financing is provided by OP Yrityspankki.
Only The Brave, an Italian fashion group, completed the acquisition of Jil Sander, a luxury fashion house, from Onward Holding, which manufactures men's ready-made suits, women's, and children's wear. Financial terms were not disclosed.
"It is true that we are evaluating different opportunities and companies currently on the market. We want to increase our critical mass and we want to do it in a modern and sustainable way, firstly supporting and strengthening the pipeline, and in general the Made in Italy [initiative], as we did all throughout this pandemic, consistently with the strategic vision of the group and of our entrepreneur," OTB.
Onward was advised by Nomura.
Cazoo weighs merger with Ajax I SPAC. (FS)
Cazoo founder Alex Chesterman is mulling a merger with a blank-check firm that could value the UK used-car platform at as much as $8.3bn, Sky News reported.
SPAC Ajax I is under consideration as one of the partners for Cazoo, and talks have been underway for several weeks. Ajax I is also looking into alternative targets for a deal.
Last month that the online car dealer, which is backed by investors including BlackRock, was weighing plans for an IPO in London.
Cerved in advanced talks to clinch debt collection arm deal. (FS)
Italian credit group Cerved Group is in advanced talks with US investment firm Centerbridge Partners to clinch the long-awaited sale of its debt collection arm which is valued at about €400m ($476.68m), Reuters reported.
The unit has also drawn interest from Italian real estate and credit management firm Prelios and other private equity funds including Apollo Global Management and Apax.
Centerbridge is the frontrunner in the discussions and could clinch a deal in the coming weeks, possibly paving the way to a full takeover of Milan-listed Cerved which has been on the radar screen of several heavyweight buyout funds in recent years.
Cheplapharm weighs IPO at $10bn value.
Cheplapharm Arzneimittel, the German drugmaker, is weighing plans for an initial public offering in what could be one of Europe’s largest share sales of 2021, Bloomberg reported.
Greifswald-based Cheplapharm is speaking with advisers about a potential listing as soon as this year. A share sale could value the business at about $8.4bn to $9.5bn.
Fix Price raises $2bn in its IPO.
Fix Price, which sells low-priced goods in shops and on line, set the final offer price for its IPO at $9.75 per global depositary receipt, the top of its target range, implying a market capitalisation of $8.3bn, Reuters reported.
Fix Price said it was increasing the size of its offering to approximately $2bn from around $1.5-1.7bn due to strong demand, which would make it the biggest Russian IPO since western sanctions were introduced in 2014.
“We are delighted with the extremely strong interest from the global investor community, which resulted in a strong and diversified order book including a number of blue-chip names and enabled us to upsize the offer,” Dmitry Kirsanov, Fix Price CEO.
Skadden Arps Slate Meagher & Flom advised Fix Price in the listing.
Emitel eyes $1.5bn valuation in IPO.
Emitel, the Polish tower infrastructure operator backed by Alinda Capital Partners, is considering seeking a valuation of around $1.5bn in its planned initial public offering, Bloomberg reported.
The company is working with Goldman Sachs, Citigroup, Credit Suisse and PKO Bank Polski on the share sale. It plans to list in Warsaw as soon as the second quarter of this year.
Alinda Capital plans to keep a majority stake in Emitel after the listing. It hasn’t set detailed terms for the IPO, and the valuation could change depending on investor demand.
Stellantis to distribute its stake in Faurecia to shareholders.
Stellantis announced distribution of the stake it still holds in auto parts maker Faurecia to its shareholders, Reuters reported.
Stellantis shareholders will decide on the distribution of the shares and up to $368.46m raised from a previous equity sale in Faurecia, in a meeting on March 8.
BentallGreenOak raises $1bn for real-estate lending fund. (FS)
BentallGreenOak has raised $1bn for its latest European real estate debt fund as the private equity firm muscles in on property lending amid a retreat by banks.
The fund, which started raising cash before the onset of the pandemic, exceeded its initial target of €800m ($954m). It issues loans secured against offices, warehouses and homes in Germany, the Netherlands, the Nordics and Ireland.
“Post-Covid we have faced a lot less bank competition on the lending side. This is a good market to be a lender in today,” Jim Blakemore, BentallGreenOak Managing Partner and Global Head of debt.
Mercator plans spending spree after pandemic boost.
Polish medical gloves producer and distributor Mercator Medical is planning an acquisition spree, including in foreign markets, after its value ballooned during the Covid-19 pandemic, Reuters reported.
Shares in Mercator Medical currently trade at around $91.16. The firm is expected to enter Warsaw’s blue-chip stock index this month.
Borsa Istanbul CEO set to step down. (People)
Borsa İstanbul Chief Executive Officer Mehmet Hakan Atilla, a former banker convicted in the US of busting sanctions, is set to step down after the stock-exchange operator’s annual general meeting on March 26, Bloomberg reported.
Atilla went on a leave on Friday and isn’t planning to get back to work until shareholders convene later this month. Both Atilla and the stock exchange confirmed he is on leave, but neither would comment further.
APAC
WeCommerce, a Canadian e-commerce technology holding company, agreed to acquire Stamped, an AI-powered e-commerce marketing platform, for $110m.
“WeCommerce’s management team brings over a decade of experience developing similar businesses, which is expected to help us accelerate growth. Amongst many suitors, we chose WeCommerce because of their founder friendly approach, straightforward deal structure, and focus on the long term,” Tommy Ong, Stamped Founder and CEO.
Debt financing is provided by JP Morgan.
Shandong Yulong Gold, which used to make steel pipes before changing its name and business focus, offered to acquire Barto Industry, an Australian gold miner, from Shandong Tianye, an international private-owned enterprise that is involved in real estate, mining, finance and other industries. Financial terms were not disclosed.
The deal still requires a number of approvals, including from Australia's Foreign Investment Review Board.
Qutoutiao, an operator of mobile content platforms in China, led a $110m Series C round in Midu Novels, a free mobile literature app supported by advertising. The names of other investors were not disclosed.
With the latest vehicle, Midu will continue to develop original content in more interactive and entertaining formats.
Blackstone in talks to buy a minority stake in Sify. (FS)
Blackstone is in exclusive talks to acquire a minority stake in India’s Sify Technologies, Bloomberg reported.
The communications infrastructure firm has sought a valuation of around $1bn to $1.2bn in a transaction. It’s unclear what valuation the Blackstone stake purchase will be struck at and talks could still fall apart.
Sify Technologies’ American depositary receipts rose 6.7% in pre-market trading on Friday in the US The company had a market value of about $484m as of Thursday.
Billionaire Rinehart puts Australian beef assets up for sale.
Mining billionaire Gina Rinehart plans to sell a portfolio of seven cattle stations in Australia, looking to cash in on her investment in the properties amid strong global beef demand, Bloomberg reported.
Hancock Agriculture, a unit of Rinehart’s broader Hancock Prospecting empire, and joint venture partner S. Kidman are marketing the portfolio through rural real estate specialist Elders, and expect strong demand from domestic and international investors.
“This represents a rare opportunity to acquire a strategically constructed portfolio of assets at scale during a period of unprecedented growth in demand for quality Australian protein,” Tom Russo, Elders Real Estate General Manager.
TPG considering IPO plan for Pathology Asia. (FS)
Private equity company TPG Capital Asia is considering a plan for an initial public offering of its pathology business in the region, Bloomberg reported.
The buyout firm has asked banks to submit proposals for the potential listing of Pathology Asia Holdings. TPG is still weighing a listing venue for the business, while Singapore is among the options.
DCP Capital in talks for Meihua Hospitals. (FS)
Beijing-based private equity firm DCP Capital Partners is in talks to acquire one of the leading maternity and pediatric care hospital chains in China, Bloomberg reported.
American-Sino OB/GYN/Pediatrics Services, also known as Meihua Hospital, could be valued at about $400m to $500m in a sale.
IHH Healthcare explores sale of an education arm.
IHH Healthcare, an Asia’s biggest hospital group by market value, is exploring a sale of its medical education arm International Medical University, Bloomberg reported.
The Malaysian company is working with Rippledot Capital Advisers on the potential deal. A sale of the education unit could fetch about $300m.
|
