The US Federal Trade Commission, which assesses mergers to ensure they comply with antitrust law, has put off a vote on Lockheed Martin's purchase of Aerojet Rocketdyne for as much as two weeks, Reuters reported.
The vote had initially been scheduled for midweek. The extension would allow the FTC more time to evaluate terms for the merger. Aerojet shares were up more than 3% in after-market trading as investors viewed the delay as a positive sign that the deal would go through.
Aerojet Rocketdyne is advised by Citigroup, Evercore, Gibson Dunn & Crutcher, Joele Frank, Sullivan & Cromwell, Freshfields Bruckhaus Deringer and Jenner & Block. Lockheed Marting is advised by Joele Frank, Goldman Sachs, Cleary Gottlieb Steen & Hamilton and Hogan Lovells.
Zendesk investor Janus Henderson Investors did not see a strategic advantage to the software firm's proposed acquisition of Momentive Global, joining activist investor Jana Partners in opposing the deal, Reuters reported.
Zendesk agreed in late October to buy Momentive, the parent of online survey portal SurveyMonkey, in an all-stock deal, which at the time was valued at nearly $4bn.
Momentive is advised by Allen & Company, JP Morgan, Wilson Sonsini Goodrich & Rosati, Joele Frank, White & Case and Latham & Watkins. Zendesk is advised by Goldman Sachs, Centerview Partners, Hogan Lovells, Sullivan Cromwell and Sard Verbinnen.
Desert Peak Minerals, an independent Permian Basin pure-play mineral and royalty company, agreed to merge with Falcon Minerals, a C-corporation formed to manage and acquire high growth oil-weighted mineral rights in premier US basins, in a $1.9bn deal.
“We are excited to announce our merger with Falcon, which brings together two premier liquids-weighted and geographically focused asset bases to create a leading public minerals company with a strong growth trajectory. We believe the ownership of Permian minerals and royalties is trending toward larger-scale, more efficient institutional ownership. Our strategy is to be the leading consolidator of these high quality Permian assets. We believe our scale is a clear strategic advantage in the minerals business as we are able to drive down fixed costs per unit of production with each acquisition, enhancing our cash margins. We would like to thank the Board of Directors, management and employees of Falcon for all of their efforts and partnership as we have worked towards this announcement," Chris Conoscenti, Desert Peak CEO.
Desert Peak Minerals is advised by Vinson & Elkins. Falcon Minerals is advised by Barclays, Houlihan Lokey, Latham & Watkins, White & Case and Kekst CNC.
Genstar Capital-backed Marcone, a distributor of home appliance, HVAC, and plumbing repair parts and equipment, completed the acquisition of Munch's Supply, a distributor of HVAC equipment, parts and supplies, from Ridgemont Equity, a middle market buyout and growth equity investor. Financial terms were not disclosed.
"We have built Munch's over the decades into a one-stop-shop that ensures our customers have a consistent and trusted partner to access the industry's most iconic brands, enabling them to perform critical installation, repair and service work with minimal downtime. Our growing eCommerce presence will also provide best-in-class technology capabilities and deliver seamless integration with our suppliers and customers. Munch's local approach to serving the needs of suppliers, customers, and employees is a strong cultural fit with Marcone, and we look forward to becoming part of their family and building Marcone's HVAC service capabilities to broader geographies," Bob Munch, Munch's CEO.
Marcone was advised by BMO Capital Markets, Weil Gotshal and Manges and Chris Tofalli Public Relations. Munch's Supply was advised by Houlihan Lokey, Robert W Baird and Alston & Bird.
Leonard Green & Partners, an American private equity investment firm, completed the acquisition of a majority stake in Pace, a provider of environmental and life sciences testing services. Aurora Capital Partners, a middle-market private equity firm, has reinvested alongside LGP as part of the transaction. Financial terms were not disclosed.
"As a market leader with a highly resilient business model, multiple avenues for growth, and world-class management team, Pace has been an ideal fit for the Aurora program. We are delighted to have the opportunity to continue partnering with Pace and to work with the LGP team to help the Company capitalize on the many organic and inorganic opportunities we see across the business. We also thank Steve Vanderboom, Pace's founder, for selecting us as his partner in 2016, and congratulate him on his retirement," Randy Moser, Aurora Partner.
Leonard Green & Partners was advised by Latham & Watkins. Pace was advised by Houlihan Lokey, Robert W Baird and Gibson Dunn & Crutcher. Aurora Capital was advised by Kirkland & Ellis and ASC Advisors.
Audax, an investment firm, completed the acquisition of a majority stake in Centerline Communications, a provider of turnkey wireless telecommunications infrastructure services, from Wincove Private, an investment holding company, and Stone-Goff Partners, a private equity investment firm. Financial terms were not disclosed.
“We believe this partnership will help us to meet the growing demand within our customers to work with larger, self-performing service organizations that can provide turn-key solutions to critical infrastructure within their national networks. We are excited to have expanded our coverage through our recent acquisitions and to be diversifying our services within the platform to better support our customers," Josh Delman, Centerline Founder and CEO.
Audax was advised by Fredrikson & Byron, Ropes & Gray and Sard Verbinnen & Co. Centerline Communications was advised by KeyBanc Capital Markets and Husch Blackwell.
Mizuho Bank, a banking services provider, agreed to acquire Capstone Partners, a independent, middle-market placement agent focused on fundraising and advisory services to private equity, credit, real assets, and infrastructure investment firms. Financial terms were not disclosed.
“Capstone is an excellent example of a firm that offers sponsor clients with a strategic value-add solution, which aligns well with our integrated and global coverage approach,” Shuji Matsuura, Mizuho Bank Chairman & CEO.
Capstone Partners is advised by Keefe Bruyette & Woods and Vinson & Elkins. Mizuho Bank is advised by Houlihan Lokey, PricewaterhouseCoopers and Debevoise & Plimpton.
Kudu Investment, a private equity firm, completed the acquisition of a minority stake in Radcliffe Capital Management, an investment adviser specializing in defensive credit and opportunistic strategies. Financial terms were not disclosed.
"Our investment in Radcliffe represents a terrific opportunity to diversify our portfolio. We have long admired Radcliffe's management team, distinct defensive investment philosophy, proven track record of performance, and focus on measured growth," Rob Jakacki, Kudu CEO.
Radcliffe was advised by Piper Sandler and Dechert. Kudu was advised by Seward & Kissel.
Flashpoint Venture and lool ventures-backed MarketMan, a developer of cost management software, agreed to merge with Meal Ticket, a developer of a digital marketing and analytics platform, in a $100m deal. PSG backed the transaction.
"Meal Ticket and MarketMan are natural complements to each other’s businesses. Meal Ticket analyzes over $40bn in supply chain transactions from its food distributor customers, while MarketMan has a significant footprint of over 7k paying restaurant locations around the globe buying from thousands of distributors. Together, we have the ability to enhance the restaurant operator's experience, create new software for the foodservice supply chain, and offer ordering and payment solutions that benefit restaurants and distributors," Wink Jones, Meal Ticket CEO.
PSG is advised by Prosek Partners. MarketMan is advised by Oppenheimer & Co.
American Pacific Group, a private equity firm, completed the investment in two businesses engaged in coaching and training for fitness and exercise facilities Gym Launch and Prestige Labs. Financial terms were not disclosed.
“This is an exciting moment in our Company’s history. We are proud to have built a Company that makes such a big impact on gym owners and their communities. We feel like we have just scratched the surface on the value we can provide, and the time is right to bring on a partner who can help us accelerate our growth. American Pacific Group has demonstrated they have the experience and resources to help us foundationally transform the gym industry as a whole and become the company we envision," Alex and Leila Hormozi, Gym Launch and Prestige Labs Founders.
Gym Launch and Prestige Labs were advised by Capstone Partners. APG was advised by Jones Day.
Redfin, a real estate brokerage, agreed to acquire Bay Equity Home Loans, a national, full-service mortgage lender, for $135m.
“With Bay Equity’s geographic presence and full product suite, we’ll be able to offer mortgages to a larger share of Redfin’s home-buying customers right away, including jumbo loans and loans for veterans and folks with lower credit scores. Perhaps most important of all, Bay Equity shares Redfin’s commitment to customer service. Our customers and agents have worked with Bay Equity to finance hundreds of purchases and the customer ratings are top-notch," Adam Wiener, Redfin President of Real Estate Operations.
First American, a global provider of title insurance, settlement services and risk solutions, agreed to acquire Mother Lode Holding Company, a California-based provider of title insurance, underwriting and escrow services for residential and commercial real estate transactions. The closing of the transaction is subject to regulatory approvals and the satisfaction of customary closing conditions. Financial terms were not disclosed.
“Mother Lode Holding Company’s reach, expertise and commitment to superior customer service aligns well with our existing operations and will augment our efforts to expand our coverage in key growth markets. With Mother Lode Holding Company and its subsidiaries, we will expand our ability to serve customers throughout many of the strongest housing markets in the US," Dennis J. Gilmore, First American CEO.
Clearlake Capital-backed TEAM Technologies, a healthcare specialty manufacturer, completed the acquisition of iiMED, a specialty manufacturer of FDA Class I & II consumable medical devices, from ACON Investments, an international private equity investment company. Financial terms were not disclosed.
"We are thrilled to welcome iiMED's customer partners and talented employees to the TEAM family. We have been impressed with iiMED's rapid growth and deep expertise across an array of specialty manufacturing solutions, and we look forward to working with the iiMED team to grow our combined business to better serve our healthcare customers. As our communities continue working through the implications of severe supply chain constraints and disruption, TEAM remains committed to building a North American footprint of scale and manufacturing excellence to aid our customers in their pursuit of enhanced procurement continuity and accelerated time-to-market for their critical healthcare solutions," Marshall White, TEAM President and CEO.
Thoma Bravo, TPG and Goldman Sachs Asset Management led a $420m financing round in project44, a supply chain visibility platform, with participation from Emergence Capital, Insight Partners, Chicago Ventures, Generation Investment Management, Sapphire, Sixth Street and Sozo Ventures.
“Today, project44 is helping companies solve supply chain challenges ranging from inflationary pressure and lockdowns to unpredictable weather and bottlenecks at ports. Our growth over the past year speaks to these macroeconomic tailwinds and the competitive edge we can provide to our customers,” Jett McCandless, project44 Founder and CEO.
Investment companies Greenoaks Capital and Technology Crossover Ventures led a $300m Series D-2 funding round in Brex, a fintech company.
“We are grateful for the ongoing commitment and belief our investors have in Brex, and for the opportunity to continue to invest in how we serve our customers. As we expand our product portfolio, we are incredibly lucky to have Karandeep join the team to lead this important initiative. Karandeep understands our customers and knows how to build and scale business products with consumer-grade ease to meet the needs of fast-growing companies," Henrique Dubugras, Brex Co-CEO.
Kinnevik, a Swedish investment company, and Human Capital, a venture capital firm, led a $200m Series C funding round in Transcarent, a developer of consumer-directed health and care platform. Additional investors include Ally Bridge Group, Northwell Health, Intermountain Healthcare, Rush University Medical Center, General Catalyst, 7wireVentures, Alta Partners, Merck Global Health Innovation Fund, Jove Equity Partners, Threshold Ventures, and GreatPoint Ventures.
“For years, we’ve been anxiously waiting for more wide-ranging reform towards value in the healthcare industry and felt it has never been fully addressed – mostly because no one entity was willing to build a better end-to-end health and care experience from the ground up. We see Transcarent as the first company to address the challenge head on in a new and different way that is focused, first and foremost, on the consumer,” Christian Scherrer, Kinnevik Investment Manager.
Inszone Insurance Services, a provider of insurance brokerage services, agreed to acquire Lamb, Little & Co, an insurance agency. Financial terms were not disclosed.
“We are excited to welcome Lamb, Little & Co, into the Inszone Insurance family. Lamb, Little & Co, is the first acquisition for Inszone in the state of Illinois and it’s a big step for our plan to continue to grow, not only in Illinois but the whole Midwest Region," Norm Hudson, Inszone Insurance CEO.
Exxon Mobil launches sale of US shale gas properties.
Exxon Mobil launched the sale of shale gas properties stretching across 27k acres in the Appalachian basin of Ohio, the company confirmed, part of an ongoing divestiture of US assets, Reuters reported.
The top US oil producer is marketing 61 wells that last year produced around 81m cubic feet per day equivalent of natural gas. The sale includes another 274 wells operated by other companies.
Citi to exit Citibanamex as part of a strategy revamp.
Citigroup announced that it will exit its Citibanamex consumer banking business in Mexico, ending its 20-year retail presence in the country that was the last of its overseas consumer businesses.
Citigroup’s decision to sell or spin off Citibanamex, Mexico’s third biggest bank by assets as of June, is part of chief executive Jane Fraser’s strategy to bring Citigroup’s profitability and share price performance inline with its peers.
Suneva is in talks for Viveon Health SPAC deal.
Suneva Medical, which sells beauty and anti-aging products to doctors’ offices, is in advanced talks to go public through a merger with blank-check company Viveon Health Acquisition, Bloomberg reported.
The deal is expected to value San Diego-based Suneva at about $511m including debt. Viveon Health Acquisition, a special purpose acquisition company, raised $201m in its initial public offering in 2020.
General Motors to launch an online used car marketplace.
General Motors said it will launch an online used vehicle market called CarBravo that will allow the automaker and its dealers to challenge Carvana, CarMax and others profiting from selling secondhand vehicles.
GM's CarBravo site will aggregate vehicles owned by Chevrolet, Buick and GMC dealers, as well as cars and trucks that GM Financial, the automaker's consumer finance arm, controls after taking them back from rental car agencies or vehicle leases. GM officials said the company's dealers have about 400k used vehicles in stock. GM said CarBravo will launch to consumers this spring, Reuters reported.
Kleiner Perkins raised $1.8bn for two new funds. (FS)
Kleiner Perkins, one of Silicon Valley’s legacy venture capital firms, is kicking off 2022 right by celebrating five decades in business and $1.8bn in funds raised for two new funds — KP20 and Select2.
KP20 is an $800m venture fund focused on early-stage investments in enterprise, consumer, hardtech, fintech and healthcare companies, while Select2 is a $1bn fund — the most the firm has raised at once — that extends its core investment strategy to focus on high inflection investments across those same five areas.
Owl Ventures closed over $1bn in new funds. (FS)
Owl Ventures, a venture capital firm specializing in education technology, has just closed over $1bn across multiple funds.
The Silicon Valley-based firm has raised $640m for its fifth fund and $270m for a second opportunities fund, along with more than $100m in special purpose vehicles. The additional firepower comes just 16 months after Owl closed its previous set of funds at a total of $585m.
Clinigen Group plan to sell itself to Triton Investment Management has won support from two prominent shareholder advisory firms, despite concerns among large holders including activist Elliott Investment Management that the terms undervalue the pharmaceutical company, Bloomberg reported.
Institutional Shareholder Services said the transaction warranted its “qualified support” because of its substantial premium with the certainty of cash considerations. Glass Lewis said the deal represents an “attractive opportunity” for shareholders to exit in light of the company’s historical underperformance and the risks it’s facing.
Clinigen Group is advised by Consilium Strategic Communications, RBC Capital Markets, Numis Securities and Ashurst. Triton Partners is advised by JP Morgan, Greenbrook, Barclays, HSBC, White & Case, Alston & Brid and Cleary Gottlieb Steen & Hamilton.
Italy wants to keep control of Telecom Italia's strategic assets in any potential takeover bid, Reutersreported.
TIM has received a non-binding $12.27bn approach from US private equity firm KKR aimed at taking Italy's biggest phone group private.
The former phone monopoly owns Italy's biggest telecoms infrastructure and the government has the power to block any deal involving assets deemed to be of national interest. KKR made its offer conditional on getting backing from TIM's board and the government.
Telecom Italia is advised by Goldman Sachs, Liontree Advisors, Mediobanca and Vitale & Co. KKR & Co is advised by JP Morgan and Citigroup.
GlobalWafers, a silicon wafer manufacturing company, is close to clearing an important regulatory hurdle in its $5.3bn acquisition of Siltronic, a German silicon wafer manufacturer, Bloomberg reported.
China’s State Administration for Market Regulation has indicated it’s largely comfortable with the antitrust remedies proposed by the companies and could make a formal decision shortly. The deal still requires the green light from Germany’s economy ministry, and those discussions are ongoing,.
“We are still waiting for the final approval in China. But all questions have been answered. The German government might be concerned that GlobalWafers is headquartered in Taiwan, rather than in Europe," Doris Hsu, GlobalWafers Chairwoman.
Siltronic is advised by Credit Suisse and Hengeler Mueller. GlobalWafers is advised by Nomura, Linklaters, White & Case and Brunswick Group.
Etex, a provider of lightweight solutions, agreed to acquire URSA, a developer and manufacturer of insulation materials, from Xella, a manufacturer of building materials and insulation products. Financial terms were not disclosed.
“The acquisition of URSA confirms the portfolio shift initiated a few years ago by Etex to become a global leader in lightweight and modular construction. This acquisition is a strategic fit for Etex combining a new growth platform with a strong focus on sustainability. I have been truly impressed by both the quality of the management at URSA and its sound business model. I look forward to welcoming our new teammates to Etex and embarking on a prosperous future together," Bernard Delvaux, Etex CEO.
Etex is advised by JP Morgan and Freshfields Bruckhaus Deringer.
2TM Group, an owner of MercadoBitcoin.com, Latin America’s largest crypto exchange, agreed to acquire CriptoLoja, a first licensed Lisbon-based crypto exchange. Financial terms were not disclosed.
“Crypto is a global business. Our Series A & B funding rounds gave us the momentum we needed to expand our international footprint. In addition to an enhanced financial opportunity, the investment provides us with outstanding technology required to compete globally. Portugal is a strategic market for us because it requires a specific license, is becoming an important hub for crypto in Europe and opens a gateway into the larger European market,” Roberto Dagnoni, 2TM Group CEO.
Intermediate Capital Group, an asset management and private equity firm, completed the investment in Travel Chapter, an operator of an online vacation rental platform. ECI Partners, a private equity group, exited the investment.
“ECI have been highly supportive in helping Travel Chapter deliver on both organic and acquisitive growth. Our shared alignment on the importance of both owners and customers helped us to attract fantastic new properties and continue to deliver our exceptional customer service as we have scaled," Jayne McClure, Travel Chapter CEO.
Waterland Private Equity, a private equity firm, agreed to acquire RUF Group, a manufacturer of furniture products, from NORD Holding, a European private equity asset manager. Financial terms were not disclosed.
“We believe that this new partnership opens up further value creation opportunities, particularly in the D2C area. We are looking forward to working with Waterland to strengthen the BRUNO and RUF brands even further in the years ahead," Felix Baer, BRUNO Managing Director.
Aramco, a Saudi Arabian national petroleum and natural gas company, and MOL, a international, integrated oil and gas company, agreed to acquire Lotos, a vertically integrated oil company, from PKN Orlen, a major Polish oil refiner and petrol retailer, for $1.7bn. Financial terms were not disclosed.
“These acquisitions will support the diversification of Aramco’s product portfolio across the hydrocarbon value chain — including a focus on liquids-to-chemicals pathways. Our expanding global network of refineries and chemical joint ventures allows us to reach new markets with our products, and strategically place crude oil volumes across different geographies. Our business objectives for oil and chemicals are closely aligned with PKN Orlen, and we are exploring additional opportunities in the European petrochemicals market, as well as in R&D,” Mohammed Al Qahtani, Aramco Senior Vice-President.
Investment firms Sequoia Capital and Fidelity Management led a $709m funding round in Bolt, an Estonian mobility company. Additional investors include Whale Rock, Owl Rock, D1, G Squared, Tekne and Ghisallo.
“We’ve developed products that offer better and more affordable alternatives for almost every purpose a private car serves. We’re committed to working with cities to help people make the switch towards shared mobility options like ride-hailing and light vehicles to transform urban areas into sustainable, people-friendly spaces,” Markus Villig, Bolt Founder and CEO.
Tiger Global and TCV led a €486m Series D funding round in Qonto with participation from Alkeon, Eurazeo, KKR, Insight Partners, Exor Seeds, Guillaume Pousaz, Gaingels and Ashley Flucas.
“Qonto has revolutionized business finance for SMEs and freelancers by marrying simplicity with a unique all-in-one service. The company has seen a significant increase in clients across its European markets during the coronavirus pandemic. This also shows that customers’ needs are evolving during these unprecedented times. We have tracked Qonto’s incredible growth for some time and are delighted to partner with the entire Qonto team and support their mission to serve a rapidly growing European market,” John Curtius, Tiger Global Partner.
Volumetric Building Companies, a multifamily volumetric modular and components business, completed the merger with Polcom Group, an international turn-key steel modular building manufacturer. Financial terms were not disclosed.
"This is truly a game changer for our company and our sector. Polcom is an incredible complement to VBC's existing capabilities in design, manufacturing and construction services with a massive advantage in our geographic scope. Polcom is responsible for some of the most exciting and innovative hospitality construction in North America and Europe, including world class hotels in New York City, Seattle, London, Washington DC and Amsterdam. By joining forces, VBC's technology driven platform will now be capable of producing buildings from 3 to 35 stories in height, in both wood and steel, across a broader range of market segments and in multiple countries," Vaughan Buckley, VBC CEO.
Acciona considers selling an 8% stake in clean energy unit.
Acciona, an infrastructure group, is considering selling an 8% stake in its clean energy unit Acciona Energia on the stock market six months after its initial public offering, Reuters reported.
The stake could be worth between $910m and $1.1bn, the newspaper said. Acciona had sold a 15% stake in the energy unit on July 1 in an IPO, the largest such operation carried out in Spain in 2021, and had committed it would not sell more shares over the first six months.
Walgreens starts strategic review for UK-based Boots.
Walgreens Boots, a company that owns the retail pharmacy chains, has begun a strategic review of its UK-based Boots business, Chief Executive Officer Rosalind Brewer said, as the second largest US pharmacy chain tries to renew its focus on US healthcare.
"This review is very much in line with our renewed priorities and strategic direction. In particular, our increased focus on US healthcare. While the process is at an exploratory stage, we do expect to move quickly," Rosalind Brewer, Walgreens Boots CEO.
UniCredit Russia deal would face skepticism, Jefferies says.
Any deal to expand UniCredit's presence in Russia through a takeover of Otkritie Bank would be greeted with caution and skepticism by investors due to the complicated political situation and the size of the potential transaction, analysts at Jefferies International said.
The Milan-based bank is exploring the possibility of acquiring the rescued Otkritie, one of the top 10 lenders in Russia, and will start due diligence as soon as this week, Bloomberg reported.
WeTransfer plans IPO at $1.2bn valuation.
WeTransfer, a file-sharing platform, plans to seek a valuation of about $1.2bn from a proposed initial public offering later this year.
The company is preparing a listing on the Amsterdam stock exchange with advisers. The IPO could happen as early as this month, depending on market conditions, but could shift to the second half of the year, Bloomberg reported.
Amsterdam hits IPO record as Europe’s SPAC capital.
Amsterdam is enjoying a record year of initial public offerings, boosted by a flurry of blank-check listings that are eluding most exchanges in Europe.
The Dutch city, home to the world’s oldest stock exchange, has hosted 20 IPOs so far in 2021 for its highest-ever haul of $11.7bn, Bloomberg reported.
Australian buy now, pay later firm Afterpay said its $29bn buyout by payments firm Block, previously known as Square, has received approval from the Bank of Spain, making the deal fully unconditional, Reuters reported.
With this approval, the companies can now implement the deal, which would be Block's biggest to date and the largest buyout ever of an Australian firm.
Afterpay is advised by Goldman Sachs, Qatalyst Partners, Highbury Partnership, Gilbert + Tobin, Cravath Swaine & Moore, Jones Day and Bell Gully. Square is advised by Morgan Stanley, Wachtell Lipton Rosen & Katz, King & Wood Mallesons, Joele Frank, Gibson Dunn & Crutcher, Sec Newgate and Russell Mcveagh.
Decarbonization Plus Acquisition Corporation II, a SPAC, and Tritium, an engineering and manufacturing company that specializes in sustainable energy applications, have waived the minimum cash condition required to be satisfied at the closing of a $1.2bnhe business combination.
Such minimum cash condition would have required the amount of funds contained in the Trust Account plus the amount of cash proceeds to NewCo resulting from any private placements of ordinary shares in the capital of NewCo consummated in connection with the closing of the merger, to be at least $200m. The closing is expected to occur on January 13, 2022.
Tritium is advised by Ernst & Young, Credit Suisse, Morgan Stanley, Allens, Corrs Chambers Westgarth, King & Wood Mallesons and Latham & Watkins. Decarbonization is advised by Citigroup, JP Morgan, Clifford Chance and Vinson & Elkins.
Lightspeed Systems, a firm that sells SaaS content-control software, mobile device management, and classroom management software, completed the acquisition of CatchOn, a provider of learning analytics for schools. Madison Dearborn Partners also participated in the transaction. Financial terms were not disclosed.
“We are thrilled to welcome CatchOn to the Lightspeed community. Investment in education technology has never been higher or more critical, as administrators strive to better understand the technologies they are implementing, analyze outcomes and maximize the positive impact educators are having on students’ lives. CatchOn’s innovative data analytics tools are highly complementary to Lightspeed’s web-filtering, analytics, and online monitoring solutions. Together, we will have the technologies, capabilities, and team required to accelerate our mission of keeping students safe, and learning equitable and effective," Brian Thomas, Lightspeed Systems President & CEO.
Lightspeed Systems was advised by William Blair & Co, Alston & Bird and KCPR. Madison Dearborn Partners was advised by Abernathy MacGregor Group. CatchOn was advised by Evercore, Bradley Arant Boult Cummings and Kirkland & Ellis.
Goldman Sachs Asset Management, an investment manager, and Sofina, a private equity firm, led a $100m Series C funding round in ZhenGe Biotech, a provider of contract development and manufacturing services for pharmaceutical enterprises. Additional investors include Novo Holdings, Qiming Venture, IDG Capital, LYFE Capital, Junxin Capital and Cowin Capital.
The proceeds from Round C will be used to strengthen ZhenGe Biotech’s global R&D capabilities and expand its good manufacturing practice manufacturing capacity to better meet demand from domestic and international clients.
“We are excited to have global investors like Goldman Sachs Asset Management, Sofina and Novo Holdings lead the current round of financing, and we thank them for their support. Round C proceeds will be used to strengthen our R&D and build multiple 15,000L production lines, which will enable ZhenGe Biotech to deliver cost-effective and high-quality solutions for meeting growing demand from existing and new customers," Jianxin Chen, ZhenGe Biotech Chairman and CEO.
Bukalapak, an Indonesian e-commerce company, and CT-backed PT Trans Retail, a firm that owns and operates retails shops, are set to form a joint venture to run an e-grocery business. PT Trans Retail will own 55% of the new entity, while Bukalapak will own the rest. Financial terms were not disclosed.
“We’re in the process of creating an e-commerce joint venture for fresh products and groceries,” Chairul Tanjung, CT Chairman.
Billionaire Michael Kim’s private equity firm sells stake to Dyal Capital. (FS)
MBK Partners, a North Asia-focused private equity firm founded by billionaire Michael Kim, has agreed to sell a roughly 13% stake to Dyal Capital Partners, Bloombergreported.
The transaction is valued at about $1bn. The move is designed to fuel MBK’s expansion in the region and bolster its global investor base.
Vickers Vantage extends deadline for SPAC merger. (FS)
Vickers Vantage, the blank cheque vehicle backed by Singapore-based deep-tech investor Vickers Venture Partners, has extended its deadline for a SPAC merger by three months to April 11, 2022.
Vickers Vantage signed a merger last month with Scilex, which is engaged in the development and commercialization of non-opioid pain management products for treatment of acute and chronic pain. Scilex was not mentioned in the SPAC’s latest 8-K filing.
India is said to seek $203bn insurer value in IPO.
India is pushing for a valuation of about $203bn for a state-owned insurer that’s soon expected to file for the nation’s biggest initial public offering.
The so-called embedded value of Life Insurance of India is likely to be more than $54bn, and its market value could be about four times that amount. Once the final report is in, the valuation the government is seeking could change, Bloomberg reported.
Qiming Venture Partners eyes $1.2bn fund. (FS)
Shanghai-based Qiming Venture Partners is in talks with US institutional investors regarding a new fund that could bring in more than $1.2bn, DealStreetAsia reported.
Founded in 2006, Qiming has some $6.2bn in assets under management and invests in growth-and early-stage companies in the healthcare and technology, media and telecom sectors. The firm closed its seventh namesake vehicle on $1.2bn in November 2020.
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