AMERICAS
Labcorp, a global life sciences company, completed the acquisition of Personal Genome Diagnostics, a developer of cancer genome testing products, for $575m.
“Labcorp’s leadership and scale in diagnostic testing and drug development, coupled with PGDx’s innovative technology and suite of capabilities, will accelerate access to personalized treatments for cancer patients globally. PGDx’s comprehensive portfolio of next-generation sequencing products will meaningfully add to our breadth of capabilities, in line with our strategic priority to lead in oncology. PGDx’s technology is well positioned in an important segment with strong growth prospects. We look forward to welcoming PGDx’s talented team and working together to bring world-class diagnostics, technology and treatments within reach for all," Adam Schechter, Labcorp Chairman and CEO.
Labcorp was advised by Hogan Lovells and Kilpatrick Townsend. Personal Genome was advised by Cowen & Company and Cooley.
Billups, an out-of-home technology and managed services company, completed the acquisition of Outchart, a software provider for the digital out-of-home marketplace. Financial terms were not disclosed.
"We are excited for our partnership with Outchart to bring us closer to transforming the out-of-home industry into a truly unified experience. Combining the strengths of our companies and relentless commitment to advanced technology and programmatic opportunities allow us to accelerate our business forward — not just domestically but globally," Benjamin Billups, Billups Co-founder.
Outchart was advised by Castlewood Advisors.
Pan-American Life Insurance, a provider of insurance and financial services, agreed to merge with Mutual Trust Life Insurance, a stock company. Financial terms are not disclosed.
“This move further strengthens our position as a premier life, accident and health insurance provider in the Americas. The merging of Mutual Trust into PALIC is a natural and final step in the full integration of our life insurance business and portfolio, a process that began in 2015 when Mutual Trust’s holding company was merged into Pan-American Life Mutual Holding Company. Combining the two life insurance companies will create a larger organization with greater financial strength, a sterling ratings profile and enhanced growth opportunities,”José S. Suquet, Pan-American Life Insurance Chairman and CEO.
Pan-American Life Insurance is advised by FleishmanHillard.
777 nears takeover of Vasco Da Gama Football Club. (FS)
777 Partners, a Miami-based investment firm, is finalizing its acquisition of Vasco da Gama, a Brazilian football team, Bloomberg reported.
The investment firm plans to acquire a 70% stake in Vasco da Gama, valuing the club at about $330m, including debt. A deal could be announced as soon as the coming days.
Blue Owl Capital hires former UBS executive. (FS, People)
Blue Owl Capital, a global alternative asset manager, has hired Pak-Seng Lai, UBS Former Executive, as Managing Director and Head of Private Wealth distribution in APAC. Pak-Seng Lai will be located in Hong Kong office of Blue Owl Capital.
The private wealth business of the company is focused on providing high-net-worth individuals access to the same products it offers institutional clients. Pak-Seng Lai will spearhead the expansion of the business across APAC markets
"Asia has a growing demographic of high-net worth investors looking for access to alternative investments," Derek O'Leary, Blue Owl CEO.
EMEA
Apollo, an asset manager, agreed to acquire the terminals, solutions & services business line of Worldline, a payment and transactional services company, for €2.6bn.
"TSS is the leading hardware player in the payments infrastructure ecosystem with a strong Ingenico brand and leading market shares across all regions of operations. We are excited about partnering with TSS's management team to continue growing TSS in hardware, software, and services areas where there is already strong momentum. We look forward to supporting TSS in its next phase of business transformation and becoming the ecosystem enabler in the new world of payments acceptance globally. Worldline will remain a key customer for TSS and an important partner in this strategic journey," Michele Raba, Apollo Partner.
Worldline is advised by BNP Paribas, UBS, Latham & Watkins and FinElk. Apollo is advised by Barclays, HSBC, Societe Generale, Cleary Gottlieb Steen & Hamilton and Paul Weiss Rifkind Wharton & Garrison.
Atlas Copco, an international industrial group, agreed to acquire Pumpenfabrik Wangen, a designer and manufacturer of high-quality progressive cavity and twin-screw pumps, from Silverfleet Capital, a private equity firm. Completion of the transaction is subject to customary anti-trust approvals and is expected to occur in Q1 or Q2 2022. Financial terms were not disclosed.
“We are very pleased to see Wangen join forces with such a capable partner and wish them well in the next stage of their journey. Not only has the company demonstrated true resilience during the pandemic, but it has also proven its ability to profitably grow – both organically and through strategic M&A," Joachim Braun, Silverfleet Partner.
Silverfleet Capital is advised by goetzpartners, Ebner Stolz, MCF Corporate Finance, McDermott Will & Emery and PricewaterhouseCoopers. Financial advisors are advised by Shearman & Sterling.
John Menzies, an aviation services business providing ground handling, cargo handling, cargo forwarding and into-plane fuelling, said Kuwait's Agility-backed National Aviation Services has sweetened its takeover proposal for the British airport services company to about $762m.
After rejecting three proposals from NAS, the company said it is willing to back the latest potential offer of $8.26 a share. The Kuwaiti firm will not raise its proposal unless a third party tables an offer for the British company, adding it would now allow the Kuwaiti firm to access its management and due diligence information.
John Menzies is advised by Goldman Sachs and FTI Consulting. Agility is advised by Barclays and Finsbury Glover Hering.
GXO Logistics, a provider of contract logistics services, agreed to acquire Clipper Logistics, a firm that offers logistics solutions, for $1.28bn.
The transaction enables enhanced offerings by combining GXO’s complementary capabilities with Clipper’s, including its technology returns and repairs expertise, enabling GXO to strengthen its offering to an expanded universe of clients in the fast-growing e-commerce/e-fulfilment area. The deal adds geographic presence in Germany and Poland as well as vertical presence in life sciences, which are key growth areas. GXO believes the structure of the possible offer will allow GXO to maintain its investment grade credit rating.
GXO is advised by Rothschild & Co. Clipper Logistics is advised by Numis Securities and Buchanan.
Corvinus, a Hungarian state holding, agreed to acquire Hungarian companies from VIG, an international insurance group, for $396m.
The Hungarian VIG companies will be held through the Hungarian VIG holding company and two Dutch holding companies. VIG will retain a controlling majority interest of 55% in these three holding companies. In a next step, it is planned to merge the three holding companies whereby the Hungarian VIG holding company is designated as the remaining central steering unit.
Corvinus is advised by Rothschild & Co.
Wego, an online travel company, agreed to acquire the Middle East business of Cleartrip from Flipkart, an e-commerce company. Financial terms are not disclosed.
"Cleartrip and Flyin are both product-driven companies with best-in-class OTA technology that have established strong brands and strong positions across the Middle East. We are excited to welcome Cleartrip Middle East and Flyin into the Wego group. The Middle East is set to be one of the most exciting growth stories of the next decade with the travel & technology sectors taking center stage and with the Wego group playing a very crucial role. This acquisition will significantly increase our scale and capabilities and will strengthen our ability to partner and collaborate across our region. We are also excited to begin a multi-faceted partnership with Flipkart that will involve us sharing a brand across regions and co-operating on technology," Ross Veitch, Wego CEO and Co-Founder.
Flipkart is advised by Rothschild & Co.
Monument Assurance Luxembourg, a fully licensed Luxembourg Insurance company, completed the acquisition of AME Life Luxembourg, a life insurance company, from Covéa, a French mutual insurance group. Financial terms were not disclosed.
“We are pleased to have reached agreement with Covéa to acquire its subsidiary AMELL. This transaction represents an important step in our consolidation strategy by further strengthening our presence in Luxembourg,” Manfred Maske, Monument Re CEO.
Covéa was advised by Rothschild & Co.
Econergy Renewable, a renewable investment and management company, agreed to form $226m joint ventures to develop solar projects in Romania and Poland with Phoenix Insurance, a provider of savings and retirement business, and RGreen Invest, a provider of asset management services.
Phoenix Insurance will provide Econergy with $170m to support the construction of a number of the company’s solar projects in Romania and Poland that are expected to start construction during 2022. RGreen, a French asset manager, will provide approximately $57m in equity and loan to support the construction of Econergy’s 90MW Romanian solar project in Parau. Additionally, RGreen will make available a development fee to Econergy for the construction work and management services for the project’s connection to the electricity grid for a period of 10 years.
Speira, an aluminum rolling and recycling company, agreed to acquire Real Alloy Europe, a recycler of aluminum and magnesium scrap and related byproducts, from Real Alloy, an aluminum recycler and specification alloy producer. Financial terms are not disclosed.
"The integration of Real Alloy Europe into Speira will accelerate our strategy of creating closed loops from scrap to final product and back. We look forward to investing further in Speira's and Real Alloy Europe's combined capabilities to meet the market's demand for sustainable and circular solutions. Following the acquisition, Speira will continue to focus on delivering third-party recycling services to existing and new customers of Real Alloy Europe. We will be serving the whole European aluminum industry, working closely with customers across the value chain," Einar Glomnes, Speira CEO.
Congo is close to a deal to recover $2bn worth of assets from Israeli investor.
Democratic Republic of Congo is close to a deal with Fleurette Group, a private company involved in natural resource exploration and development, sustainable agriculture and infrastructure improvement in the Democratic Republic of Congo controlled by Dan Gertler, an Israeli investor, that could enable it to recover mining and oil assets worth about $2bn, Reuters reported.
The commission, set up to negotiate with Fleurette Group, concluded terms of a memorandum of understanding which would also enable the government to recover a substantial part of royalties from Kamoto Copper Company, a mining business that responsibly produces copper and cobalt, essential resources, that were given to the group
Top-10 investor of Siemens Energy urges management to buy Siemens Gamesa.
Deka, an asset management firm and the second top-10 shareholder, said Siemens Energy, an energy company, should buy the rest of Siemens Gamesa, a wind turbine maker, to accelerate a turnaround at the firm.
"If Siemens Energy is really serious, there is no way around a full takeover of Siemens Gamesa," Ingo Speich, Deka Investment Head of Sustainability and Corporate Governance.
Chevron seeks to sell Equatorial Guinea oil and gas assets.
Chevron, an American multinational energy corporation, is looking to sell its stakes in three oil and gas fields in Equatorial Guinea, Reuters reported.
The decision to sell the assets comes as Chevron focuses on its US Permian shale basin and Kazakhstan, the most profitable production hubs. Chevron acquired these assets as a part of the acquisition of Noble Energy for $13bn.
Chevron is advised by Jefferies.
Slovenia moves to block hotel deal linked to Orban ally.
Janez Jansa, Prime Minister of Slovenia, moved to block a deal that would hand a majority of the country's biggest tourism group to a buyer with ties to the family of Viktor Orban, Hungarian Prime Minister.
Prime Minister cabinet on February 21, 2022, approved a $47m boost to the capital of the country's Sovereign Holding, allowing it to exercise an option to buy the 43.2% stake in Sava d.d., which controls hotels spanning the Adriatic coast to the shore of picturesque Lake Bled in the Alps.
Mor Weizer could join an investor group for a possible takeover bid.
Mor Weizer and Thomas Hall, CEO and Former Company Director accordingly of Playtech, a British gambling software maker, may participate in a takeover approach for the group led by TTB Partners, an Asia based, SFC regulated, boutique finance company and second-largest shareholder in the company.
Shareholders in Playtech also rejected a $2.8bn takeover offer by Aristocrat, an Aussie gaming company. The Board of Directors will form an independent panel of directors excluding Weizer to consider matters relating to any possible offer from TTB or other parties.
ZF Friedrichshafen may eclipse Continental in reinvention race during EV shift.
ZF Friedrichshafen, a German car parts maker, is poised to overtake Continental, a German multinational automotive parts manufacturing company. The German carmakers BMW and Porsche supplier met its profit-margin target last year amid a double-digit jump in revenue.
"It was an exceptionally challenging year for our company. We could have generated more revenue, but growth was held back by headwinds like the chip shortage, rising raw material costs or much higher freight rates," Wolf-Henning Scheider, ZF CEO.
APAC
AGL Energy, a power producer, rejected an unsolicited $3.59bn takeover overture from Brookfield Renewable and GROK Ventures, sticking to its own spin-off tune. AGL said the $5.38 per share cash proposal representing a 4.7% premium undervalued the business.
The surprise bid comes as AGL seeks to split itself in two - a retail and renewable energy operation and a coal-fired generation business - by June in an attempt to turn around a 75% slump in its market value over the past five years, Reuters reported.
"The proposal does not offer an adequate premium for a change of control and is not in the best interests of AGL Energy shareholders," Peter Botten, AGL Chairman.
SK Ecoplant, a construction arm, agreed to acquire TES Envirocorp, a disposal and recycling company, from Navis Capital, a private equity firm , for $1bn.
"We are taking a leap forward to grow from the No.1 environmental service provider at home to a global environmental service company,” Ecoplant.
Warburg Pincus, a global private equity firm, agreed to invest $210m in Micro Life Sciences, a medical devices company.
“The current investment establishes high degree of credibility to Indian medical devices in the global landscape and will help us in deepening our international presence, attracting global talent, and scaling up our clinical research efforts in order to achieve our vision of improving the quality of human life through advanced healthcare solutions,” said Sanjeev Bhatt, Meril Senior Vice President Corporate Strategy.
Silver Lake, a private equity firm, agreed to invest $134m in All Blacks, a New Zealand-based rugby team.
“I want to acknowledge that the journey to get here hasn’t been easy at times. There was healthy debate and some adjustments by all parties, but always with the good of the game at the heart of this process,” Stewart Mitchell, New Zealand Rugby Chairman.
Advent is in advanced talks to acquire Wagas. (FS)
Bloomberg reported that Advent International, a US-based private equity firm, is in advanced talks to acquire Wagas, a Chinese health-food and bakery chain.
The firm became a likely buyer of the Chinese company after defeating competitors. The investor clarifies the details of an agreement on a deal that could be reached in the coming weeks.
Allied Blenders picks banks for IPO.
Allied Blenders & Distillers, an Indian spirits manufacturer, has chosen banks including ICICI Securities and Axis Capital to manage its IPO, Bloomberg reported.
The company plans to file the preliminary offer documents in April, 2022, intending to raise $300m in the first-time share sale, and is seeking a valuation of at least $2.5bn.
Mekong Capital-backed F88 sees $1bn value at 2024 listing. (FS)
Mekong Capital-backed F88, a secured lending chain, targets a market capitalization of about $1bn at its planned 2024 listing, said Phung Anh Tuan, F88 Chairman and CEO.
F88 is also in talks with potential strategic partners. The company currently also has Granite Oak Advisors as one other investor.
Lotus offers a glimpse of SUVs to drum up support for possible IPO.
Bloomberg reported that Group Lotus, a British sports-car maker, is touting its electrification push to help raise interest in a potential listing of its China-based business.
Lotus Tech, a company developing electric cars for the Lotus brand, is currently weighing a listing in the UK, US or China. Lotus showed off its upcoming Type 132 electric SUV, developed by Lotus Tech.
Hong Kong IPOs plagued by bottom pricing as risk appetite wanes.
Bloomberg reported that most of the companies that held IPO in Hong Kong have had to accept pricing at the low end of their expected range.
Just six companies priced shares in Hong Kong this year. Five of them settled at the bottom of their marketed range.
Luxshare plans share issue to fund new production lines.
Luxshare Precision, a company that researches, manufactures and sells connectors, aims to raise up to $2.1bn to fund six projects, including building a production line for wearable devices.
The company plans to issue up to 2.1bn shares to up to 35 investors at a price that will be disclosed at a later stage. The move came as the company pushed to improve the company's production capacity in downstream applications.
V-Capital seeks to raise $474m for its debut QFLP fund. (FS)
V-Capital, an investment firm, has launched its first Qualified Foreign Limited Partner fund to raise $474m.
The fund seeks to invest across emerging technologies, high-end manufacturing, life sciences, etc. The QFLP scheme allows select overseas investors to convert foreign currencies into Chinese yuan for private equity investments in the country.
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