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AMERICAS
Irish aircraft leasing company AerCap is set to secure unconditional EU antitrust approval for its $30bn bid for General Electric's aircraft leasing business.
The European Commission, which has set a July 26 deadline for its preliminary review of the deal. The US Department of Justice wrapped up its review of the deal last month, Reuters reported.
AerCap is advised by Citigroup, KPMG, Morgan Stanley, Cravath Swaine & Moore, Herbert Smith Freehills, McCann FitzGerald and NautaDutilh. Financial advisors are advised by Simpson Thacher & Bartlett and White & Case. General Electric is advised by Evercore, Goldman Sachs, PJT Partners, A&L Goodbody, Allen & Overy, Clifford Chance and Paul Weiss Rifkind Wharton & Garrison.
US life sciences company Illumina's proposed acquisition of cancer test maker Grail could curb innovation and competition, EU antitrust regulators warned as they opened a full-scale investigation.
The EU executive, which acts as the competition enforcer for the 27-country bloc, said its preliminary investigation showed that Illumina could have an economic incentive to block Grail's cancer detection rivals, Reuters reported.
"Re-uniting GRAIL with Illumina will accelerate availability of the GRAIL test by many years in the EEA and globally, saving tens of thousands of lives, and leading to significant health care cost savings," Francis deSouza, Illumina CEO.
Grail is advised by Morgan Stanley, Latham & Watkins, McDonald Hopkins, Proskauer Rose, Ropes & Gray and Sard Verbinnen & Co. Illumina is advised by Goldman Sachs, Cravath Swaine & Moore, Davis Polk & Wardwell and Joele Frank. Debt financing is provided by Goldman Sachs. Financial advisors are advised by Freshfields Bruckhaus Deringer. Johnson & Johnson is advised by Goodwin Procter.
Brookfield Infrastructure Partners said proxy advisory company Glass Lewis has backed Brookfield's $15.2bn offer for Inter Pipeline over a rival bid from Pembina Pipeline.
This follows days after support for Brookfield's bid from proxy advisory firm Institutional Shareholder Services.
Brookfield's revised offer, provides for 100% cash consideration at a value which meaningfully exceeds both the headline value and the prevailing synergized value of the Pembina merger consideration, Glass Lewis said.
Inter Pipeline is advised by Credit Suisse, JP Morgan, TD Securities, Burnet Duckworth & Palmer and Dentons. Brookfield is advised by BMO Capital Markets, Barclays, McCarthy Tetrault and Laurel Hill. Pembina is advised by Scotia Capital and Blake Cassels & Graydon.
EQT Partners completed the acquisition of First Student and First Transit, two bus operators, from FirstGroup, a British multi-national transport group, for $4.6bn.
"We are pleased to announce the completion of the sale of First Student and First Transit and a significant increase in the proposed return of value to shareholders this autumn. This delivers on our strategic objective and creates a focused and stronger business with a bright future. The vital role of public transport in the UK has never been clearer, and with the most supportive policy backdrop in decades coupled with our strong credentials, FirstGroup is in prime position to deliver on its goals with a well-capitalised balance sheet and an operating model that will support attractive dividends," David Martin, FirstGroup Chairman.
EQT was advised by BMO Capital Markets, Barclays, Morgan Stanley and Simpson Thacher & Bartlett. FirstGroup was advised by Goldman Sachs, JP Morgan, Rothschild & Co, Davis Polk & Wardwell and Brunswick Group.
Matterport, a spatial data company, went public via a SPAC merger with Gores Holdings VI, a special purpose acquisition company sponsored by an affiliate of The Gores Group, in a $2.9bn deal. Upon closing of the proposed transaction, the combined company was named "Matterport" and listed on NASDAQ under the ticker symbol "MTTR."
"Becoming a publicly traded company is a strategic transaction for Matterport that strengthens our position as the market leading spatial data company for the built world, and propels the global property market into the future. We're at the dawn of a new era for what's possible when buildings become data. To capitalize on this extraordinary market opportunity, we plan to increase our investment in our customers' success, scale innovation and R&D, and accelerate growth through our spatial data platform for the 20bn spaces around the world," RJ Pittman, Matterport Chief Executive Officer and Chairman.
Matterport was advised by Credit Suisse, Piper Sandler, Latham & Watkins and Orrick Herrington & Sutcliffe. Gores Holdings VI was advised by Deutsche Bank, Moelis & Co, Morgan Stanley, Weil Gotshal and Manges and Sard Verbinnen & Co.
Taboola, a public advertising company, agreed to acquire Connexity, an operator of shopping websites, for $800m.
"Today, our vision of helping brands easily connect with customers and helping publishers grow gets supercharged with Taboola. This is a shared vision for both companies, which makes this deal a natural fit and a huge win for both of our customer sets. I want to thank all of the team members as well as our loyal customers and partners who have helped Connexity pioneer its space and grow over the past 20 years," Bill Glass, Connexity CEO.
Connexity is advised by BrightTower, Robert W Baird and Paul Hastings. Taboola is advised by Credit Suisse, JP Morgan, Davis Polk & Wardwell and Meitar Law Offices. Debt financing is provided by Credit Suisse and JP Morgan.
Proofpoint, a cybersecurity and compliance company, announced that its stockholders voted to approve the acquisition of Proofpoint by Thoma Bravo, a software investment firm.
Under the terms of the merger agreement, Proofpoint shareholders will receive $176 in cash for each share of Proofpoint common stock they own. The transaction remains on track to close in the third quarter of 2021, subject to customary closing conditions, including receipt of regulatory approvals. Upon closing of the transaction, Proofpoint's common stock will no longer be listed on any public market.
"On behalf of the Proofpoint Board of Directors, I would like to thank our stockholders for their support of this transaction. Today's vote represents an important milestone towards becoming a private company, and we look forward to delivering premium cash value to our stockholders once the transaction closes," Gary Steele, Proofpoint Chairman and CEO.
Proofpoint is advised by Morgan Stanley, Skadden Arps Slate Meagher & Flom and Joele Frank. Morgan Stanley is advised by Gibson Dunn & Crutcher. Thoma Bravo is advised by Goldman Sachs, Kirkland & Ellis and Finsbury Glover Hering. Debt financing is advised by Goldman Sachs.
Cvent, a meetings, events, and hospitality technology provider, agreed to go public via a SPAC merger with Dragoneer Growth Opportunities II, a special purposes acquisition company, in a $5.3bn deal. Investors in the PIPE include Fidelity Management & Research Company, Hedosophia, Oaktree Capital Management, and Zoom Video Communications.
"We are excited to lock arms with Cvent and help position the business for its next phase of growth as a publicly listed company. With the optionality, flexibility and reach that Cvent can provide, we expect organizations to increasingly turn to Cvent to expand their audiences and create new, user-friendly ways for both virtual and in-person participants to interact with their events. Cvent is led by an exceptional management team with years of industry experience and a strong track record of profitable growth. We believe the $801M of capital expected to be raised from this transaction will enable management to double down on product development and further cement Cvent's position as a leader in this software category," Marc Stad, Dragoneer Founder and Managing Partner.
Cvent is advised by Morgan Stanley and Kirkland & Ellis. Dragoneer Growth Opportunities II is advised by Citigroup, JP Morgan, Morgan Stanley, Davis Polk & Wardwell, Ropes & Gray and ICR.
Lucid Motors, an American automotive company, went public via a SPAC merger with Churchill Capital IV, a special purpose acquisition company, in a $11.8bn deal. The transaction includes a PIPE investment anchored by PIF, BlackRock, Fidelity Management & Research, Franklin Templeton, Neuberger Berman, Wellington Management and Winslow Capital Management.
"We are thrilled to complete our business combination with Churchill IV and become a public company. Lucid has further increased its momentum as we gear up to make the first customer deliveries of our Lucid Air lineup of electric sedans later this year. We are making significant investments in the long-term growth and innovation of our company, and we will continue to bring to bear world-class technology to positively impact mankind's transition to sustainable mobility. I want to thank Michael and the Churchill team for their partnership and shared vision," Peter Rawlinson, Lucid CEO and CTO.
Lucid Motors was advised by Citigroup, Davis Polk & Wardwell and Brunswick Group. Churchill Capital IV was advised by Bank of America, Guggenheim Partners, Weil Gotshal and Manges and Gladstone Place Partners.
Hellman & Friedman, a private equity firm, completed the acquisition of At Home Group, a home décor superstore, for $2.8bn.
"This transaction will allow us to partner with H&F to help continue our store expansion, grow our offering and strengthen our position as the leading retailer of home décor. I'm thankful to all our team members whose hard work has contributed to At Home's success and made this transaction possible. I am confident H&F will help strengthen our business," Lee Bird, At Home Chairman and CEO.
Hellman & Friedman was advised by Guggenheim Partners, Simpson Thacher & Bartlett and Finsbury Glover Hering. Hellman & Friedman was advised by Goldman Sachs, Fried Frank Harris Shriver & Jacobson and Joele Frank. Financial advisor was advised by Willkie Farr & Gallagher.
Jam City, a mobile entertainment company behind some of the world's highest grossing mobile games, and DPCM Capital, a publicly traded special purpose acquisition company, mutually terminate the $1.2bn SPAC merger deal.
In light of current market conditions, DPCM Capital and Jam City believe that terminating the business combination agreement is the best path forward for the parties and their respective stockholders. DPCM Capital intends to continue to pursue a business combination and is proceeding to evaluate alternative business combinations.
Uber Technologies, an American technology company, agreed to acquire Transplace, a logistics and supply chain company, from TPG Capital for $2.25bn.
"The acquisition will combine the world's premier shipper network platform with one of the industry's most innovative supply platforms, to the benefit of all stakeholders. Our expectation is that shippers will see greater efficiency and transparency and carriers will benefit from the scale to drive improved operating ratios. All in all, we expect to significantly reduce shipper and carrier empty miles to the benefit of highway and road infrastructures and the environment. Finally, we want to thank TPG for their partnership as we have worked together to position Transplace as a leader in supply chain innovation," Frank McGuigan, Transplace CEO.
Transplace is advised by Goldman Sachs, Cleary Gottlieb Steen & Hamilton and Kirkland & Ellis. Uber is advised by Morgan Stanley, Cooley and Sullivan & Cromwell.
Financial information providers CME Group and IHS Markit's proposed joint venture for over-the-counter markets has secured unconditional European Union antitrust approval.
"The proposed transaction is largely complementary, and results in a few technically overlapping areas between the companies' activities relating to trade processing products," European Commission.
IHS Markit is advised by Barclays and Davis Polk & Wardwell. CME Group is advised by Citigroup and Skadden Arps Slate Meagher & Flom. Citigroup is advised by Cleary Gottlieb Steen & Hamilton.
South State, a financial services company, agreed to merge with Atlantic Capital Bancshares, a publicly-traded bank holding company, in a $542m deal.
"This partnership with South State enhances our purpose to fuel prosperity for our shareholders, clients, and teammates. SouthState's larger capital base and broader range of capabilities will strengthen our client relationships and expand our new business opportunities. Our companies are tightly aligned culturally; we operate on the same core banking and treasury management platforms, and our credit and risk management philosophies and processes are similar," Douglas L. Williams, Atlantic Capital President and CEO.
Atlantic Capital is advised by JP Morgan, Sullivan & Cromwell and Troutman Pepper. South State is advised by Raymond James and Davis Polk & Wardwell.
The New Home Company, a real estate services company, agreed to acquire Apollo Global Management, a private equity firm, for $338m.
“As consumer demand for new homes accelerates amid limited supply, we continue to see exciting opportunities to invest in the residential housing market. New Home’s consumer-driven approach and dedicated focus on integrating unique design and architecture has separated the Company as a best-in-class homebuilder. We are excited to work with the management team to execute on the Company’s growth strategy and provide more homes to consumers across the country," Peter Sinensky, Apollo Partner.
The New Home Company is advised by Citigroup and Latham & Watkins. Apollo Global is advised by JP Morgan and Paul Weiss Rifkind Wharton & Garrison.
Conversant Capital, a private equity firm, agreed to acquire a minority stake in Capital Senior Living, an operator of senior living communities, for $153m.
"We are extremely excited to partner with Capital Senior Living and its leadership team. We are impressed with the service-first culture introduced by Kim and the team since they joined two years ago, as well as the thoughtful steps taken over recent quarters to right-size the Company’s asset portfolio. Our capital and ability to support the Company’s strategic and operational initiatives, together with the perspective we’ll provide on the Company’s Board, will give Capital Senior Living the flexibility to further enhance its quality of care and execute its planned growth initiatives," Michael Simanovsky, Conversant Founder and Managing Partner.
Capital Senior Living is advised by Morgan Stanley, Willkie Farr & Gallagher and Prosek Partners. Conversant is advised by Fried Frank Harris Shriver & Jacobson.
Audax Private Equity, a private equity firm, agreed to acquire Flashpoint, a provider of actionable threat intelligence. Financial terms were not disclosed.
“We are thrilled to have the backing of Audax and look forward to benefiting from their deep expertise within the broader software, technology, and business services sectors. This partnership will enable us to continue investing in both Flashpoint Vision and in new tools to expand our capabilities and offerings to our global customer base, and allow us to help even more customers across the private and public sectors rapidly identify threats and mitigate critical security risks. We are confident that Audax’ support will help take us to the next level," Josh Lefkowitz, Flashpoint CEO.
Flashpoint was AGC Partners and Lowenstein Sandler. Audax Private Equity was advised by Ropes & Gray and Sard Verbinnen & Co.
Facebook's $1bn acquisition of US customer service startup Kustomer is set to trigger a full-scale EU antitrust investigation next month. The German antitrust agency said it was looking to see if Facebook should also seek its approval, what the effect of the deal would be in Germany and if Kustomer is active to a significant extent there.
The European Commission will conclude its preliminary review of the deal on August 2, after which it will begin an in-depth 90-day investigation. The EU competition enforcer took over the case, citing a rarely used power known as Article 22 that gives it some discretion, and following an Austrian request even though the deal falls below the EU turnover threshold, Reuters reported.
Facebook has until July 26 to offer concessions to stave off the investigation but is unlikely to do so because of the difficulty of finding the right remedies to address competition concerns.
Kustomer is advised by JP Morgan. Facebook is advised by Latham & Watkins and Brunswick Group.
The UK's Competition and Markets Authority said it wouldn't further probe the proposed $1bn acquisition by German chemicals company Lanxess of Emerald Kalama Chemical.
The CMA now said it won't refer the merger to a Phase 2 investigation, which would be an in-depth study by a panel of experts to assess if a merger substantially lessens competition.
Emerald Kalama Chemical is advised by Weil Gotshal and Manges. Lanxess is advised by JP Morgan. American Securities is advised by Jefferies & Company.
Pendal Group, an independent, global investment management business, completed the acquisition of Thompson, Siegel & Walmsley, a Virginia-based value investment manager, from BrightSphere, a diversified, global asset management company, for $320m.
"We are thrilled to welcome the TSW team and its clients to Pendal Group. Client support has been incredibly strong, with 96% of TSW client consent received in just 11 weeks. It is testament to the compatibility and drive of the two organizations and their teams that we have completed the acquisition well ahead of original expectations," Nick Good, Pendal Group CEO.
Pendal Group was advised by Allen & Overy. BrightSphere was advised by Morgan Stanley and Ropes & Gray.
Long Ridge Equity Partners, a private equity firm, completed the acquisition of a minority stake in AuthenticID, a provider of Identity Proofing solutions for large enterprises, for $100m.
“Our platform is relied upon by a majority of the US wireless carriers and various identity platforms to securely establish identity. Our differentiator is the significant ROI we deliver to customers, from stopping more fraud to converting more sales than our digital identity competitors. Our mission is to improve the security for all of our collective identities," Jeff S. Jani, AuthenticID CEO.
AuthenticID was advised by Union Square Advisors and DLA Piper. Long Ridge was advised by Choate Hall & Stewart.
The Vistria Group and Centerbridge Partners-backed Help at Home, in-home, person-centered care for seniors and people with disabilities, completed the acquisition of Community Care Systems, a provider of high-quality, in-home services. Financial terms were not disclosed.
"I am pleased to add such a reputable and experienced home care partner to our Help at Home family. The addition of CCS, a business serving more than 5,900 clients, enables us to deliver quality care in the home to even more individuals. It supports our strategy of driving local market density as the employer of choice for caregivers and the partner of choice for payors," Chris Hocevar, Help at Home CEO.
Community Care Systems was advised by Hinshaw & Culbertson. Help at Home was advised by Westcove Partners and Ropes & Gray.
BRP Group, an independent insurance distribution firm, agreed to acquire The Capital Group, a provider of employee benefits consulting, retirement consulting, wealth management and commercial lines insurance brokerage services. Financial terms were not disclosed.
“The Capital Group significantly boosts our employee benefits, wealth advisory and retirement plan consulting capabilities, and we believe a tremendous opportunity exists to combine forces with our partners at AHT to provide a holistic suite of risk management solutions to the D.C. Metro market. The Capital Group’s team of professionals, coupled with their relentless focus on clients and results has enabled their strong growth and makes them a clear fit with BRP Group,” John Valentine, BRP Group Chief Partnership Officer.
The Capital Group is advised by MarshBerry.
Dunes Point Capital-backed Specialty Products and Insulation, a value-added distributer and fabricator of mechanical insulation and complementary products, completed the acquisition of Thermaxx, a designer, manufacturer, and installer of removable insulation covers for commercial end markets. Financial terms were not disclosed.
Thermaxx's patented energy savings sensors and mechanical insulation asset management system is being used by hundreds of facilities, throughout the United States, to save energy, reduce operating cost, and make the workplace safer.
Noble Investment Group, a minority-owned real estate investment manager, completed the acquisition of Hampton Inn and Home2Suites by Hilton Tampa Downtown | Channel District, two hotels. Financial terms were not disclosed.
"Tampa's diversified demand and pro-business climate have made the city one of the top-performing lodging markets in the US during the Post-Covid Recovery and the #3 US City for Net Migration in 2020. The Hampton Inn and Home2 Suites Downtown are high-quality assets that are positioned at the epicenter of Downtown Tampa's exciting growth," Ben Brunt, Noble's CIO.
Brazil competition regulator signals 'complex' path for Oi sale approval.
The superintendence of Brazil's competition regulator Cade said it viewed an asset sale by Oi, a fixed telephone operator and the fourth mobile telephone operator in Brazil, as "complex," suggesting that TIM, Telefonica Brasil and Claro may struggle to wrap up a quick sale, Reuters reported.
Supernova Partners Acquisition II is in talks to take Buyers Edge Platform public.
Buyers Edge Platform, a provider of software and analytics to food-service firms, is in discussions to go public through a merger with Spencer Rascoff's Supernova Partners Acquisition II.
Rascoff's special purpose acquisition company has sought to raise equity to support a transaction. Terms haven't been finalized and it's possible the talks could fall apart, Bloomberg reported.
The Supernova SPAC raised $345m in a March initial public offering. Rascoff, the former CEO of Zillow, is co-chairman alongside Alexander Klabin, who co-founded Senator Investment Group. Robert Reid is CEO of the blank-check firm and Michael Clifton is chief financial officer.
Hemisphere Media Group explores future options.
Hemisphere Media Group, a Spanish language media company targeting the Hispanic TV and cable networks business, is exploring options that include a potential sale, Reuters reported.
Hemisphere is working with advisers on the potential sale, which could attract other companies and private equity firms. There is no certainty that any deal will be reached.
Gopuff is close to raise a $1bn funding round. (FS)
Gopuff, a consumer goods and food delivery service provider, is close to raising a $1bn funding round valuing it at $15bn, Bloomberg reported.
Blackstone Group, a new investor in the company, is participating in the funding round. Existing investor Fidelity will also be a part of the round.
Thomas Barrack withdraws SPAC plans.
Falcon Peak Acquisition, a special purpose acquisition company of Thomas Barrack, withdrew its initial public offering registration after he was charged with illegal lobbying the Trump administration on behalf of the United Arab Emirates.
The SPAC, which had filed for a $250m IPO in March, did not give a reason for removing the IPO in a regulatory filing on the move.
Robinhood ditches IPO traditions in a roadshow open to all.
Robinhood Markets is trying to entice them to invest in companies going public - including its own shares. Robinhood took the unusual step of making its roadshow available for anyone to watch, Bloomberg reported.
It's the latest way in which Robinhood is defying conventions as it advances toward a public debut not quite like any other. The company is reserving as much as 35% of its shares for traders from its own app, who would ordinarily have to wait until they start trading on an exchange to buy them - potentially at a higher price than the current target range of $38 to $42. The company is expected to start trading on the Nasdaq Stock Market on July 29.
Robinhood is striving for a valuation as high as $35bn. The company is seeking to raise about $2bn and will trade under the ticker HOOD.
BRK Ambiental hires banks for IPO.
Brookfield Asset Management and FI-FGTS, a Brazilian federal government's infrastructure fund, have hired banks to manage an initial public offering of BRK Ambiental, a provider of water utility services, by December. The share offering may total about $588m, Reuters reported.
Brookfield is the controlling shareholder in BRK, with a 70% stake in the company, while FI-FGTS has the remaining part.
Portage Fintech Acquisition announces pricing of upsized $240m IPO.
Portage Fintech Acquisition announced that it priced its initial public offering of 24m units at a price of $10.00 per unit. The units was listed on the Nasdaq Stock Market and started the trade under the ticker symbol "PFTAU" beginning July 21, 2021.
The company is a newly organized blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities.
Portage was advised by Goldman Sachs, BTIG, Scotia Capital and SoFi Securities.
Carlyle seeks to raise up to $27bn. (FS)
The Carlyle Group is looking to raise up to $27bn in what would represent the industry's the largest-ever buyout fund. Carlyle is in discussions with investors about the size of the fund, Bloomberg reported.
If the buyout group achieves its target amount, the fund would overtake Blackstone Group's record $26bn pool in 2019, and would be 46% larger than Carlyle's last flagship vehicle from 2018.
Five Elms closes $780m Growth Equity Fund V. (FS)
Five Elms Capital, a global growth private equity firm 100% focused on investing in world-class B2B software, announced the closing of Five Elms V with $780m in capital commitments.
"We are incredibly grateful for the longstanding support of our existing limited partners. Our team is particularly excited about the number of founders from Five Elms portfolio companies that personally invested in Five Elms V. The new fund will allow us to continue supporting world class founders in hiring amazing talent, scaling culture, optimizing operations, and pursuing M&A as they continue to build platforms that users love," Fred Coulson, Five Elms Founder and Managing Partner.
Baird Capital closes its second global fund at over $340m. (FS)
Baird Capital has held the final close for its Global Fund II with over $340m in committed capital. The fund makes buyout and growth equity investments of 15m to 40m in technology & services and industrial technology & solutions sectors in the US, UK and Asia.
"I am very proud of our long-tenured investment team and their commitment and focus on driving meaningful investment gains for our investors. We believe our global footprint combined with our significant investment experience and operating focus positions us well to assist lower-middle market companies to navigate challenges and take advantage of globalisation opportunitiesm," Gordon Pan, Baird Capital President.
Star Mountain Capital closes its Strategic Credit Income Fund 3's $225m leverage facility. (FS)
Star Mountain Capital’s lower middle-market Strategic Credit Income Fund 3, which closed in June 2020, closed a $225m asset-based leverage facility, led by ING Capital.
The lending group consists of ING, CIT, TIAA Bank, Axos Bank, East West Bank, Georgia Banking and Customers Bank. This leverage facility for Strategic Credit Income Fund 3 provides additional capital to make value-added debt and equity investments in established US small and medium-size businesses that generally have between $15m and $250m in annual revenues.
Star Mountain was advised by Keefe, Bruyette & Woods and Lowenstein Sandler. ING was advised by Dechert.
EMEA
Cerba HealthCare, a network of medical biology laboratories, agreed to acquire Lifebrain, an operator of routine and specialty laboratory testing business, from Investindustrial, a private equity firm. The closing is expected in Q4 2021 and is subject to customary antitrust approval. Financial terms were not disclosed.
“The management team, led by Michael, together with the dedication and passion of its workforce, have been a key element throughout this growth story. Thanks to its network of laboratories, the excellence of professional skills and the latest generation technologies, today Lifebrain represents the fastest growing group of laboratories in Europe. We are confident that the Company remains well set to continue to build on its growth and successes under Cerba HealthCare’s ownership," Andrea C. Bonomi, Investindustrial President of the Industrial Advisory Board.
Cerba HealthCare is advised by Ernst & Young, ATK Advisors, Bank of America, Latham & Watkins, Orrick Herrington & Sutcliffe, Schoenherr and Accenture. Investindustrial is advised by PricewaterhouseCoopers, Boston Consulting Group, Golder Associates, Goldman Sachs, JP Morgan, Chiomenti, Wolf Theiss, Maitland, Deloitte and Accenture.
EU antitrust regulators have suspended their investigation into the $3.3bn merger of Finnish engineering firm Konecranes and cargo handling machinery maker Cargotec.
The EU executive, which acts as the competition enforcer in the 27-country bloc, earlier this month opened a full-scale investigation on concerns that the deal to create a global leader in the sector would restrict competition and push up prices.
It suspended the previously set deadline of November 10, while waiting for the companies to provide requested information, Reuters reported.
Konecranes is advised by Access Partners, JP Morgan, Nordea Bank, Dittmar & Indrenius, Hannes Snellman, Krogerus, Skadden Arps Slate Meagher & Flom and Kekst CNC. Financial advisors are advised by White & Case. Cargotec is advised by Advium Corporate Finance, Citigroup, Castren & Snellman, Freshfields Bruckhaus Deringer and Kekst CNC. Debt financing is provided by Nordea Bank.
Thoma Bravo-backed Calypso Technology, a provider of cloud-enabled, cross-asset, front-to-back solutions for financial markets, agreed to merge with AxiomSL, a provider of regulatory reporting and risk management solutions for financial institutions. Financial terms were not disclosed.
"We have long admired Calypso and its position as a leader in the global capital markets software space, and we are excited about the opportunity to provide the combined company's customer base with a comprehensive platform to navigate the increasingly complex nexus of capital markets, banking, and regulation with greater transparency and agility. We look forward to partnering with Didier and the management team to apply our operational expertise and continue building on the great momentum both Calypso and AxiomSL have generated," Holden Spaht, Thoma Bravo Managing Partner.
Thoma Bravo is advised by Kirkland & Ellis. Debt financing is provided by Apollo Global Management, Ares Management, Blackstone Capital Markets, Diameter Master, Goldman Sachs Asset Management, Golub Capital, Harvest Partners SCF, KKR Credit, Oak Hill Advisors, Owl Rock Capital, PSP Investments, Stone Point Credit and Thoma Bravo Credit. Calypso Technology is advised by Jefferies & Company.
10X Capital Venture Acquisition, a special purpose acquisition company, completed the merger with REE Automotive, an electric platform firm reinventing e-mobility, in a $3.1bn deal.
"We believe that our REEcorner™ technology and fully-flat and modular EV platforms will be the cornerstone for the booming commercial electric vehicle market, as we partner with prominent EV market players across the globe. We are rethinking design and manufacturing for tomorrow's zero-emission electric and autonomous vehicles, ultimately working to improve quality of life for people around the world by advancing e-Mobility. Our solutions will allow complete EV design freedom, and we plan to enable end customers, such as delivery & logistic companies, OEMs, Mobility-as-a-Service and e-commerce companies to design mission-specific EVs tailored to their needs," Daniel Barel, REE Automotive Co-Founder and CEO.
REE was advised by BTIG, Cantor Fitzgerald, DA Davidson, MKM Partners, Cowen & Company, Morgan Stanley, Goldfarb Seligman & Co, White & Case, Zemah Schneider & Partners and ICR. Financial advisors were advised by Latham & Watkins. 10X was advised by Cohen & Company, JVB Financial, Wells Fargo Securities, Gornitzky & Co and Morgan Lewis & Bockius.
Vonovia's roughly $22bn offer for rival Deutsche Wohnen is collapsing after failing to secure enough shareholder backing, Bloomberg reported.
Germany's largest residential real estate firm said that it was unlikely to reach the minimum 50% acceptance threshold required for its offer to be successful.
"Vonovia will likely not reach the minimum acceptance level of its voluntary public takeover offer to shareholders of Deutsche Wohnen. Vonovia continues to view the combination of the two companies as strategically compelling," Vonovia.
Deutsche Wohnen is advised by Deutsche Bank, Goldman Sachs, JP Morgan, Perella Weinberg Partners, UBS, Hengeler Mueller and Sullivan & Cromwell. Financial advisors are advised by Gleiss Lutz and Skadden Arps Slate Meagher & Flom. Vonovia is advised by Freshfields Bruckhaus Deringer. Debt financing is provided by Bank of America, Morgan Stanley and Societe Generale. Debt providers are advised by Hengeler Mueller.
Shareholders in British supermarket group Morrisons will vote next month on a $8.7bn agreed takeover offer from a consortium led by the SoftBank-owned Fortress Investment Group.
To go through, the offer needs the support of shareholders representing at least 75% in value of voting shareholders at the meeting.
WM Morrison is advised by Jefferies & Company, Rothschild & Co, Shore Capital & Corporate, Ashurst and Citigate Dewe Rogerson. Clayton Dubilier is advised by Goldman Sachs and Teneo. Koch is advised by Jones Day. Fortress is advised by HSBC, RBC Capital Markets, Slaughter & May and TB Cardew.
Magna International, a retailer of auto parts, agreed to acquire Veoneer, an American Swedish provider of automotive technology, for $3.8bn.
"Veoneer'scomplementary technology offerings, customer base, and geographic footprint make it an excellent fit with our ADAS business, and the acquisition strengthens our global engineering and software development talent base. We expect the combined entity to be an industry leader in active safety solutions, to enhance its position in complete ADAS systems, and to be well-positioned for the transition towards higher levels of autonomy. The acquisition is also consistent with our go-forward strategy to accelerate investment in high-growth areas," Swamy Kotagiri, Magna CEO.
Veoneer is advised by Morgan Stanley, Rothschild & Co and Skadden Arps Slate Meagher & Flom. Magna is advised by Citigroup and Sidley Austin.
LVMH-backed Sephora, a beauty products retailer, agreed to acquire Feelunique, an online retailer of prestige beauty products, from Palamon Capital Partners, a private equity firm. Financial terms were not disclosed.
“We are delighted to join forces with Sephora, whose Prestige positioning is the perfect fit for our prestige brand offering. With the support of Palamon and its co-investors we have created a renowned online player in UK beauty at the forefront of a significant market opportunity. With the new strategic backing and resources of a global retail group we are truly excited about the prospects for Feelunique to accelerate its growth," Sarah Miles, Feelunique CEO.
Palamon Capital is advised by PricewaterhouseCoopers, Deloitte, Rothschild & Co, Slaughter & May and Citigate Dewe Rogerson.
Advent International-backed Cobham, a British aerospace manufacturing company, agreed to acquire Ultra Electronics Holdings, a British company serving the defense, security, critical detection & control markets, for £2.58bn ($3.55bn).
"Having considered the Proposal, the Board has indicated to Cobham that it is at a value the Board would be minded to recommend to Ultra shareholders,subject to consideration and satisfactory resolution of other terms and arrangements, including the establishment of safeguards for the interests of Ultra's stakeholder groups. In relation to this, Cobham has indicated to the Board that it is minded to offer the UK government appropriate undertakings in respect of national security," Ultra Electronics.
Ultra Electronics is advised by Numis Securities, JP Morgan and MHP Communications.
Russian retailer Magnit on Thursday said it had finalised its purchase of rival Dixy for $1.2bn, lower than the original price after the competition regulator last week ruled that 142 stores be left out of the deal.
Magnit said the two parties had agreed to include 2.477k stores in the deal, 174 fewer than previously communicated as some stores had closed since the agreement was signed and Russia's Federal Antimonopoly Service had excluded some others.
Magnit is advised by Cleary Gottlieb Steen & Hamilton. Mercury Retail is advised by Skadden Arps Slate Meagher & Flom.
Astorg-backed IQ-EQ, an operator of an investment services firm, agreed to acquire Davy Global Fund Management, a boutique active manager with a distinctive quality-based approach to investing. Financial terms were not disclosed.
“Together IQ-EQ and Davy Global Fund Management represent a compelling combination further enhancing our position as a leading global investor services company with scale in all key jurisdictions making IQ-EQ ideally placed to capture the significant market opportunities available to us by cross selling and up selling to our combined customer base not just in Ireland but globally. This acquisition represents the natural next step for our business in Ireland and the perfect opportunity to firmly establish ourselves as a player of significance in our sector. Welcome DGFM to IQ-EQ," Serge Krancenblum, IQ-EQ Executive Chairman.
IQ-EQ is advised by Aspectus. Davy Group is advised by Rothschild & Co.
Gilde Equity Management, an independent private equity company, completed the acquisition of a majority stake in Bruynzeel Storage Systems, a provider of mobile storage systems. Financial terms were not disclosed.
"We are proud to be able to join forces with Gilde. They will help us to accelerate our growth and seize the enormous international market opportunities for space saving solutions. Gilde has an impressive track record in creating value with medium sized companies with strong market positions. We are very pleased that with this step, Bruynzeel Storage System is now, after more than 30 years, back in Dutch hands. I would like to thank our former shareholder Altor Equity Partners. They played an important role in establishing our position as European market leader in various segments," Alexander Collot d'Escury, Bruynzeel Storage Systems CEO.
Bruynzeel Storage Systems was advised by Houlihan Lokey.
Goldman Sachs and DWS prepare bids for NN Investment Partners.
Goldman Sachs Asset Management and DWS, a German asset management company, are preparing bids for NN Group's investment management arm as the consolidation in the industry fits, FT reported.
The deadline for final binding offers is Monday. GSAM, which has more than $2tn in assets under supervision, and DWS in Frankfurt are still in the sales process and preparing bids. The transaction price is in the region of €1.4bn.
KKR plans to acquire a stake in Rugby World Cup organiser. (FS)
KKR has held initial talks with World Rugby about backing a new commercial entity that would hold the governing body's commercial rights, Sky News reported.
The discussions are at an early stage, and KKR is among a number of prospective investors who have been alerted by World Rugby's decision to explore a range of options to strengthen its finances.
Bridgepoint considers the sale of Burger King UK. (FS)
Bridgepoint Group is considering selling of the UK operations of Burger King, a fast-food chain, next year in a bet on an accelerated recovery of Britain’s pandemic-hit restaurant industry, Bloomberg reported.
The newly listed private equity group has started preliminary talks with investment banks about a sale of the company. The discussions are unlikely to result in a formal sale process for another 12 months, though the process could begin in the early part of 2022 if sales continue to grow at a significant rate.
Pharma-Park Marburg in talks for sale.
Pharma-Park Marburg, a pharmaceutical logistics service provider, has been put up for sale in a potential $531m deal, Reuters reported. Insurer Swiss Life and infrastructure investor Ancala are expected to submit binding bids in coming days.
The company, which counts GSK, Healthineers, BioNTech and CSL Behring as tenants, has been offered for sale by its owner Infrareal, which owns, operates and develops industrial parks.
Lifestyles Healthcare plans a $500m sale.
Lifestyles Healthcare is weighing a sale of the condom and lubricants maker's operations outside of China for about $500m, Bloomberg reported.
Citic Capital, which owns a 40% stake in Lifestyles Healthcare, has asked on behalf of a group of shareholders for pitches for the potential disposal. The owners, which also include private equity firms Hillhouse Capital and Boyu Capital, intend to keep the condom maker's business in China after the divestment.
Prime Minister says Spain welcomes all foreign investors.
Prime Minister Pedro Sanchez said Spain is open to all foreign investors when asked whether he will approve an Australian bid for a stake in Spanish utility Naturgy Energy Group, a Spanish multinational natural gas and electrical energy utilities company.
Cinven and CVC plan IPO of NewDay. (FS)
Cinven and CVC Capital Partners are planning an initial public offering of NewDay, a financial services company specializing in providing credit products to consumers in the United Kingdom, Bloomberg reported.
The private equity firms are working with advisers including Bank of America and UBS on the plans. NewDay could be valued at more than $2.8bn in an IPO and a listing may take place later this year or in early 2022.
PF Chang's is in early talks for IPO. (FS)
TriArtisan Capital Advisors-backed PF Chang's, an American-based, Asian-themed, casual dining restaurant chain, is in early talks with potential advisers about an initial public offering, Bloomberg reported.
The company could be valued at at least $1bn. Any listing could happen as soon as this year.
Eurazeo raises more than a €1.6bn fund. (FS)
Eurazeo has exceeded its initial fundraising target for its growth strategy dedicated to equity investments in European tech companies. Total funding raised is more than €1.6bn, of which €320m from the Eurazeo Group and €200m from retail clients.
“We are delighted by the trust that our investors have shown in us. With their support, we will pursue and step up our strategy of supporting European tech champions. We will bring to these companies the expertise and energy of Eurazeo’s dedicated team and the strength of our international network," Yann du Rusquec, Eurazeo Partner Growth.
Convergence Partners holds the first close of its third Digital Infrastructure fund. (FS)
Convergence Partners, a private equity investor focused on the technology sector across sub-Saharan Africa, has held the first close of its third fund, the Convergence Partners Digital Infrastructure Fund at $120m.
"We are delighted to have achieved this milestone particularly given the headwinds in African PE fundraising generally, and the impact of the Covid pandemic on business activity, over the past 12 months. We are very pleased with the level of support from both repeat and new investors and believe this reflects our solid track record and the opportunity CPDIF presents at this crucial time in both a tech and African context," Says Brandon Doyle, Convergence Partners CEO.
APAC
PropertyGuru, a property technology company, agreed to go public via a SPAC merger with Pacific Century and Thiel Capital-backed Bridgetown 2 Holdings, a special purposes acquisition company, in a $1.35bn deal.
“We have established a market leadership position in the Southeast Asian property ecosystem and a track record of revenue growth. Much of our success is the result of our investment in technology over the years and capturing strategic growth opportunities in recent times. We have a story to be told and found the right partner to help us tell it to public market investors. We are delighted to partner with Bridgetown 2 as we accelerate our mission to be the trusted advisor for property," Hari V. Krishnan, PropertyGuru CEO and Managing Director.
PropertyGuru is advised by Bank of America, Allen & Gledhill, Latham & Watkins and Sard Verbinnen & Co. Bridgetown 2 Holdings is advised by Bank of America, Citigroup, KKR Credit, TPG Capital, Rajah & Tann and Skadden Arps Slate Meagher & Flom.
Star Entertainment Group scrapped a $6.6bn plan to merge with Crown Resorts after allegations of tax evasion and lax money-laundering controls aired at a public inquiry put the future of Crown's flagship Melbourne casino in doubt.
The decision removes a lifeline for Crown which has been trying to convince regulators it can rebuild its culture after an earlier inquiry in February found it allowed money laundering on its premises for years and declared the company unfit to open a just-built casino in Sydney.
"Substantial benefits could be unlocked by a merger, however the uncertainty surrounding Crown is such that Star is unable to continue at the present time with its proposal," Star Entertainment.
Partners Group, a private equity firm, agreed to acquire eleven hotels of Travelodge, from property groups Mirvac and NRMA, for $457m.
"Given our Relative Value approach, we have been monitoring Australia's hospitality sector over the last year for value-add opportunities created by the fall-out from Covid-19. This portfolio represents an excellent opportunity to acquire well-located assets and gain immediate scale in the sector at a discount to pre-pandemic prices. We particularly like this portfolio as it provides initial income with potential for further yield through transformational value creation strategies. It also provides a significant foothold from which we can scale towards a larger portfolio over time," Rahul Ghai, Partners Group Managing Director.
Partners Group is advised by Ernst & Young and Clifford Chance.
PAG, a private equity firm, agreed to acquire a majority stake in Acme Formulation, a pharmaceutical company, for $145m.
“Acme has a great reputation for high-quality manufacturing, as well as a leading presence in attractive markets including sterile injectables. We are excited to partner with Acme’s inspiring founder Viral to further accelerate the company’s growth," Nikhil Srivastava, PAG Partner and Managing Director.
PAG is advised by AZB & Partners and Adfactors PR.
Singapore Exchange, an investment holding company, agreed to acquire MaxxTrader, a foreign exchange trading platform, from FlexTrade Systems, a financial technology firm, for $125m.
"Our next step is to offer clients a full suite of FX futures and OTC solutions, by building a primary FX OTC marketplace anchored in Singapore," Loh Boon Chye, SGX Chief Executive.
Indian government eases FDI rules to aid Bharat Petroleum sale.
Prime Minister Narendra Modi-led Union Cabinet has expanded the scope for foreign direct investment in the privatization of the Bharat Petroleum Corporation Limited by permitting 100% FDI in the public sector refineries.
India so far allows 49% foreign direct investment in state-run oil and gas companies. The government wants to sell its near 53% stake in Bharat Petroleum Corporation Limited, India's second-largest state-run refiner, in this financial year ending in March 2022, as part of plans to raise $23.5bn from stakes in companies.
China's edtech assault hits investors from Tiger to Temasek. (FS)
Global investors from Tiger Global Management to Temasek are reeling after China imposed the harshest curbs yet on its $100bn private tutoring and online education sector.
China regulated companies that offer tutoring on the school curriculum to go non-profit, potentially wiping out a big chunk of the billions that private equity and venture capital funds have staked on a once red-hot sector.
The platforms have lost their ability to go public - depriving their backers of the exits they need to cash out. Foreign capital was banned from the sector, with uncertain ramifications for the likes of Singapore's Temasek and GIC as well as Warburg Pincus and SoftBank's Vision Fund, which have all invested in many of the industry's big players, Bloomberg reported.
Meicai weighs Hong Kong IPO.
Meicai, a mobile e-vendor of agricultural products, is considering shifting its initial public offering to Hong Kong from the US after Beijing's recent crackdown on overseas listings, Bloomberg reported.
The company is starting preparations for a Hong Kong listing. The startup could raise several hundred million dollars in an IPO. Meicai confidentially filed for a US share sale earlier this year.
Ant-backed Mynt aims to double its valuation.
Mynt, a Philippine fintech company, aims to more than double its valuation to $2bn in its future fundraising, a level that would make the company the country's most valuable fintech company.
"Today, we are looking at becoming a double unicorn. We are talking about a $2bn valuation. Clearly, we are very much open to new investors who would be interested to work with us. And we are discussing with a lot of people," Frederic Levy, Mynt Chief Commercial Officer.
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