AMERICAS
Alexion Pharmaceuticals, a science-led biopharmaceutical company that focuses on the discovery, development and commercialisation of prescription medicines, announced that its shareholders have voted to adopt and approve the previously announced agreement to be acquired by AstraZeneca, a global biopharmaceutical company focused on development and commercialisation of life-changing medicines, at a special meeting of shareholders.
"We're very pleased with today's affirmative shareholder vote, which brings us one step closer to completing a transaction that will accelerate the combined company's ability to develop and provide access to life-changing medicines for patients with rare and devastating diseases around the world," Ludwig Hantson, Alexion CEO.
Alexion is advised by Bank of America, Wachtell Lipton Rosen & Katz and Sard Verbinnen & Co. Bank of America is advised by Fried Frank Harris Shriver & Jacobson. AstraZeneca is advised by Goldman Sachs, Morgan Stanley, Centerview Partners, Evercore, JP Morgan, Morgan Stanley, Ondra Partners and Freshfields Bruckhaus Deringer. Financial advisors are advised by Allen & Overy and Simmons & Simmons. Debt financing is provided by Goldman Sachs, JP Morgan and Morgan Stanley.
AerCap, a global provider of aircraft leasing, announced that its shareholders have approved the previously announced $30bn acquisition of GE Capital Aviation Services, an aircraft-leasing business of General Electric. The transaction remains subject to the receipt of necessary regulatory approvals and to the satisfaction of other customary closing conditions.
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, Clifford Chance and Paul Weiss Rifkind Wharton & Garrison.
Just Eat Takeaway.com, a global online food delivery, published the prospectus for its proposed $7.3bn takeover of GrubHub, an online and mobile food-ordering and delivery marketplace.
Takeaway shareholders approved the deal in October 2021, while GrubHub shareholders are due to meet to vote on the offer on June 10, 2021.
Takeaway.com is advised by Bank of America, Goldman Sachs, Cravath Swaine & Moore, De Brauw Blackstone Westbroek, Slaughter & May, and Teneo. GrubHub is advised by Centerview Partners, Evercore, Kirkland & Ellis, NautaDutilh, Wilson Sonsini Goodrich & Rosati, Finsbury Glover Hering and Joele Frank. Financial advisors are advised by Sullivan & Cromwell.
Centroid Investment, a Seoul-based private equity firm, agreed to acquire TaylorMade Golf Company, a provider of sporting and athletic goods, from KPS Capital Partners, an investment company. Financial terms were not disclosed.
“TaylorMade Golf is a transformational investment for Centroid. We were very excited to have the opportunity to invest in a global leader in golf. The industry is currently experiencing high demand, increased participation with strong long-term opportunities around the world. TaylorMade is an iconic brand with continued momentum across the key golf equipment categories and regions, especially the Korean and wider Asian markets," Jinhyeok Jeong, Centroid Investment Founder and CEO.
Centroid is advised by Bain & Co, Caple, KPMG, DLA Piper and Kim & Chang. KPS Capital is asvised by Allen & Company, Morgan Stanley and Paul Weiss Rifkind Wharton & Garrison.
carsales, an online marketplace, which specializes in automotive, motorcycle and marine classifieds business in Australia, agreed to acquire a 49% stake in Trader Interactive, a platform of branded marketplaces in the United States, from Eurazeo and West Street Capital Partners, two private equity firms, for $624m.
"This acquisition is expected to accelerate our international growth strategy by providing us with exposure to a significant market in the United States across attractive non-automotive verticals. We are excited by the opportunity this investment provides carsales and look forward to working closely with Trader Interactive in helping them achieve their objectives and delivering shareholder value,” Cameron McIntyre, carsales Managing Director and CEO.
carsales is advised by Jefferies & Company, Morgan Stanley, Arnold Bloch Leibler and Skadden Arps Slate Meagher & Flom. Trader Interactive is advised by Credit Suisse and Goldman Sachs.
Absolute Software, a provider of security software solutions, agreed to acquire NetMotion, a provider of connectivity and security solutions, for $340m.
“A modern security posture will require organizations to have complete visibility that extends from the endpoint to the edge, capable of delivering intelligence into the state and health of devices, applications, and network connections. And, they need the ability to make every endpoint, app, and connection resilient and capable of autonomously self-healing if they fail or go offline. This is why I am thrilled to welcome NetMotion to the Absolute family. Together, we are poised to accelerate Endpoint Resilience for our customers – both today and as their security approaches continue to evolve," Christy Wyatt, Absolute President and CEO.
Absolute Software is advised by Foros, Blake Cassels & Graydon, and Cooley. Debt financing is provided by Benefit Street Partners. NetMotion is advised by Evercore and Wilson Sonsini Goodrich & Rosati.
Bird Rides, a company engaged in short-range environmentally-friendly electric transportation, agreed to go public via a SPAC merger with Switchback II in a $2.3bn deal. Investors in PIPE include Fidelity Management, Apollo Global and MidCap Financial.
“Bird was founded with the mission to provide environmentally friendly transportation for everyone. Since 2017, we have driven adoption of micromobility which has resulted in rapid growth. During this time, we have advanced our operating model, supported by proprietary technology and hardware, to scale our mission and reach more cities. This foundation has driven our strong unit economics and delivered our successful track record to date. As we look ahead, we intend to build upon our market leadership and grow our business, which currently only scratches the surface of the estimated $800bn annual market opportunity for micromobility," Travis VanderZanden, Bird Founder and CEO.
Bird is advised by Credit Suisse, Latham & Watkins and ICR. Switchback II is advised by Goldman Sachs and Vinson & Elkins.
Chevron, an American multinational energy firm, completed the acquisition of a 37.5% stake in Noble Midstream Partners, an operator and developer of midstream infrastructure assets, for $422m.
"We are pleased to fully integrate Noble Midstream's people, operations, and unitholders into Chevron. By combining our businesses, the acquisition streamlines governance and strengthens our leading positions in the DJ and Permian basins," Colin Parfitt, Chevron Vice President.
Noble Midstream was advised by Janney Montgomery Scott and Baker Botts. Chevron was advised by Citigroup and Latham & Watkins.
Riordan, Lewis & Haden, a private equity firm, and Salesforce Ventures, a venture capital firm, agreed to acquire a majority stake in Astound Commerce, a global digital commerce company. Financial terms were not disclosed.
“As we came to recognise RLH’s people-focused philosophy and its deep commitment to preserving the culture and operations of the businesses it supports, prioritising talent acquisition and retention, the choice was clear. For the past three decades, RLH has invested in technology business services, healthcare, and government services, in particular seeking out superlative leadership teams with a clear plan for exponential growth,” Michael Kahn, Astound Commerce Global CEO.
Astound Commerce is advised by Piper Sandler, Latham & Watkins and Fieldworks Marketing. RLH is advised by Vinson & Elkins.
FirstSun Capital Bancorp, a bank holding company, and Sunflower Bank, a bank operator, agreed to acquire Pioneer Bancshares, a bank operator. Financial terms were not disclosed.
"We are thrilled to welcome Pioneer Bank's customers and associates to the Sunflower family. We believe the additions brought by Pioneer will complement our growing presence in Texas and will be a perfect fit with our existing customer base and relationship-driven philosophy," Mollie Carter, FirstSun Chairman.
FirstSun is advised by Stephens and Nelson Mullins Riley & Scarborough. Pioneer Bancshares is advised by Piper Sandler and Bracewell.
RTC Partners-backed Ardurra Group completed the acquisition of Infrastructure Engineering. (FS)
RTC Partners-backed Ardurra Group, an engineering company, completed the acquisition of Infrastructure Engineering, a multi-disciplined engineering and construction management firm. Financial terms were not disclosed.
“IEC’s founding philosophy was to build a firm based on exceptional client service and employee satisfaction. This is completely in-line with our core mission and values. This addition to the Ardurra family solidifies our California presence and complements our service offerings," Ernesto Aguilar, Ardurra President & CEO.
Ardurra was advised by CohnReznick and Greenberg Traurig. IEC was advised by Blackcastle Partners.
BC Partners and Vista Equity Partners to invest in EAB, an education company. Financial terms were not disclosed.
“EAB’s employees and partner institutions continue to inspire me with their passion and service to students, particularly over the past year. With BC Partners and Vista, we will achieve even stronger results for students, schools, and society,” David Felsenthal, EAB Chief Executive Officer.
Vista Equity Partners and EAB are advised by UBS and Kirkland & Ellis. BC Partners is advised by Simpson Thacher & Bartlett.
Sixth Street led a $830m funding round in Caris Life Sciences. (FS)
Sixth Street Partners, a global investment firm, led a $830m funding round in Caris Life Sciences, an innovator in molecular science and artificial intelligence focused on fulfilling the promise of precision medicine.
Funds and accounts advised by T. Rowe Price Associates, Silver Lake, Fidelity Management & Research, and Coatue were significant participants in the round. Additional investors included Columbia Threadneedle Investments, CPPIB, Millennium Management, Neuberger Berman Funds, Highland Capital Management, Rock Springs Capital, OrbiMed, ClearBridge Investments, Tudor Investment, Eaton Vance Management, Pura Vida Investments and First Light Asset Management. All existing investors from the 2020 financing participated in this deal along with a number of new investors.
"The strong participation of all our existing, as well as new investors, is a testament to the promise of the Caris platform and supports our leading position as the most innovative company in the precision medicine space," Brian J. Brille, Caris Life Sciences Vice Chairman.
Caris Life Sciences was advised by Argot Partners and GCI Health.
Alliant Strategic Investments, an investment firm, and Nuveen Real Estate, a manager of real estate funds and mandates, completed the acquisition of Riverstone Apartments, an affordable housing community, for $94m.
"Alliant Strategic Investments appreciates our partnership with Nuveen on the purchase of the Riverstone Apartments. This investment allows us to extend the life of an important affordable housing asset. We know that our investments are making a difference in the lives of our residents, and want to continue supporting communities like Bolingbrook across the United States. We look forward to working with the mayor and local officials as we seek to enhance the property and contribute to the vibrant community in Bolingbrook," Russell Ginise, ASI President.
Alliant Strategic Investments was advised by Vested. Debt financing was provided by JLL.
TPG Growth, a private equity firm, completed the acquisition of a minority stake in Ideal Image, a medical and personal aesthetics and wellness services provider. Financial terms were not disclosed.
“Personal care and beauty services continue to be thematic focuses for TPG Growth, and we are excited to back the leading aesthetics brand in the space. Ideal Image’s unique tele-consultation experience and broad point of care offering has proven to resonate incredibly well with clients," Heather Smith Thorne, TPG Growth Partner.
Idea Image was advised by North Point Advisors and ICR.
CSX to acquire Quality Carriers.
CSX, an international freight transportation company, agreed to acquire Quality Carriers, a company providing trucking transportation services. Financial terms were not disclosed.
“Quality Carriers is excited to become a new and integral part of CSX, which has unparalleled knowledge, experience and presence in the rail-based bulk chemicals transportation space. Together, we will be exceptionally positioned to provide our customers – many of which have existing relationships with both CSX and Quality Carriers – with a unique and seamless rail-to-highway offering. We look forward to partnering with CSX and to create a new level of efficiency for bulk chemicals transportation," Randy Strutz, Quality Carriers President.
CSX is advised by Goldman Sachs and Davis Polk & Wardwell.
Future, a special interest media company, agreed to acquire Marie Claire US, a textile goods manufacturer. Financial terms were not disclosed.
“With nearly 17.5m visitors a month, this is a flagship women’s lifestyle brand and I’m delighted that we are adding it to our already strong Women’s Lifestyle Vertical. Our continued growth and success is proof of our strategy in action. We’ve had fantastic results expanding the Marie Claire UK brand and we believe that with our expertise in terms of audience, ecom and platform, we can develop the offering to grow the Marie Claire US audience significantly," Zillah Byng-Thorne, Future CEO.
Future is advised by GingerMay and Headland Consultancy.
MGM Growth Properties to acquire MGM Springfield for $400m. (RE)
MGM Growth Properties, a real estate investment trust, agreed to acquire MGM Springfield, a hotel and casino complex, for $400m.
"We are excited to add MGM Springfield to our portfolio of high-quality gaming resort real estate and are encouraged by the property's recent record financial performance. This transaction reflects the continued execution of our growth strategy, will be immediately accretive to AFFO per share upon closing and further strengthens our master lease with MGM," James Stewart, MGM Growth Properties CEO.
MGM Growth Properties is advised by Evercore.
HelpSystems to acquire Beyond Security.
HelpSystems, a provider of information technology management software and services, agreed to acquire Beyond Security, a provider of electronic parts and electronic communications equipment. Financial terms were not disclosed.
"Our global customers trust us to provide them with powerful, reliable security software to protect their data and infrastructure from malicious adversaries. Beyond Security meets strong demand from overburdened IT and security professionals whose hybrid environments grow more complex every day. We're pleased to help customers get control of this and are delighted to welcome the team of vulnerability experts and their well-known solutions to HelpSystems," Kate Bolseth, HelpSystems CEO.
Beyond Security is avised by KPMG.
New State Capital-backed NWN, a company offering information technology services, completed the acquisition of Carousel Industries, a technology solutions consultant. Financial terms were not disclosed.
“Our intent is to build a national powerhouse brand that will transform expectations for today’s work-from-anywhere environment. Business communications are essential to productivity and collaboration. There is a tremendous need for service providers to help deliver better employee and customer experiences across commercial and public sector markets. The combined entity will give us unparalleled reach and resources to meet customer demand," Jim Sullivan, NWN CEO.
NWN was advised by V2 Communications.
GMS, a specialty distributor of interior building products, agreed to acquire Westside Building Material, an independent distributor of interior building products in the US, for $135m.
“The acquisition of Westside reflects the continued execution of our growth strategy and brings together two leading organizations with shared cultures and entrepreneurial values. Westside’s differentiated platform provides a unique opportunity for GMS to expand our reach and capture significant growth opportunities in strategically important West Coast markets. We are pleased to welcome Dick, Bill and the entire Westside team to GMS and believe that through this combination we will create new opportunities to deliver world-class service to our customers and value to our stakeholders for years to come," John C. Turner, GMS President and CEO.
Cisco, a technology conglomerate, agreed to acquire Socio Labs, a provider of on-site social commerce solutions. Financial terms were not disclosed.
"The future of events, like the future of work, will be hybrid. With that comes increased complexity of creating inclusive experiences, and meaningful and measurable interactions for both virtual and in-person attendees. Socio Labs offers Webex powerful technology to provide customers with an unparalleled hybrid event management solution to engage participants whether they join in person or virtually," Jeetu Patel, Cisco Senior VP and General Manager.
BuzzFeed is in talks to acquire Complex Networks.
BuzzFeed, an American Internet media, news and entertainment company, is in talks to acquire digital lifestyle publisher Complex Networks as part of its plan to go public by merging with special purpose acquisition company 890 Fifth Avenue Partners. The Complex acquisition would increase BuzzFeed’s revenue by about 30%, giving it more scale and making it more appealing to public market investors.
BuzzFeed’s SPAC plans have, however, been caught up in a broader slowdown in the SPAC market, as SPAC managers have been finding it harder to raise the additional financing, known as private investment in public equity, that helps finalize SPAC mergers. The Complex Networks acquisition is likely to occur immediately after the SPAC deal, as it would be funded with capital from the SPAC and accompanying PIPE financing.
American National Group explores a sale.
American National Group, an insurance brokerage firm, is exploring strategic options that could include a sale of the company. American National Group is currently valued at $3.8bn.
An investment bank has been hired to run an auction for American National, with prospective buyers recently contacted to gauge their interest in a deal.
CVR to dispose of its 15% stake in Delek US as a special dividend.
Carl Icahn's CVR Energy called off its months-long fight with Delek US Holdings, saying it would distribute its stake in the rival refiner to shareholders as part of a special dividend, Reuters reported.
CVR, the largest shareholder in Delek with an about 15% stake, initially wanted to acquire the Brentwood, Tennessee, refiner and later sought to nominate three directors to Delek's board.
CVR said it no longer wanted to acquire another refiner and agreed to issue a $492m special dividend, payable in cash and its shares in Delek.
Butterfly Equity explores strategic options for Orgain. (FS)
Butterfly Equity, a private equity firm, is exploring options for Orgain, a protein powder maker. Orgain could be valued at $2bn.
The Los Angeles-based private equity firm is working with Goldman Sachs and Bank of America on a potential sale or an initial public offering.
Lupa Systems-backed Seven Islands seeks to raise $300m for Asia Media SPAC. (FS)
James Murdoch’s investment company Lupa Systems-backed Seven Islands and Uday Shankar, a former Walt Disney executive seeks to raise $300m for listing a blank-check company in the US.
The special purpose acquisition company plans to hunt for targets in the media, entertainment, consumer technology, health care and education sectors. While the blank-check company will focus on south and southeast Asia, India will be of a particular focus, Bloomberg reported.
Seven Islands plans to offer 30m units at $10 apiece, with each unit comprised of one share and a fourth of a warrant. It is expected to list on Nasdaq under the symbol “SVNI.”
Goldman Sachs, JP Morgan and PJT Partners are advising the offering.
Deutsche Bank hires Richard Robinson as a managing director and vice-chairman of its global Industrials group. (People)
Deutsche Bank has appointed M&A veteran Richard Robinson as a managing director and vice-chairman of its global Industrials group. The veteran banker will initially focus on bigger clients in the bank's fertilizer, agribusiness and mining segment, Reuters reported.
Robinson spent 21 years at US bank Morgan Stanley, where he most recently served as co-head of basic materials for the Americas. In his new role, Robinson will also oversee clients in the natural resources, industrial and energy sectors, with a focus on their clean and alternative energy efforts.
Quantum Energy aims to raise $4.5bn for its eight fund. (FS)
Quantum Energy Partners, a private equity firm, has begun the push to raise $4.5bn for its eighth energy-focused flagship fund, betting that rising oil prices will help it win over investors after putting the campaign on hold last year.
Quantum Energy began marketing its Quantum Energy Partners VIII vehicle during its annual investor meeting last week. The firm held off fundraising for its eighth flagship energy fund last year after the pandemic sent oil prices crashing.
Orion Energy Partners closes $1.08bn Infrastructure Credit Fund III. (FS)
Orion Energy Partners, a provider of credit and equity capital solutions supporting infrastructure investments in energy transition and environmental innovation, announced today the final close of Orion Energy Credit Opportunities Fund III. Through an oversubscribed offering exceeding the initial target of $900m, Orion received $1.08bn in capital commitments from investors across six continents.
Orion's Fund III will continue to address growing capital dislocation for middle market infrastructure credit with an emphasis on flexible direct lending into private and public companies seeking to scale both traditional and new infrastructure solutions.
Orion is advised by Asante Capital and Latham & Watkins.
Landmark Partners closes first infra secondaries fund on $915m. (FS)
Landmark Partners, a private equity firm, has wrapped up fundraising on its debut infrastructure secondaries fund. The firm has raised $915m for Landmark Infrastructure Partners II.
LIP II is Landmark's first dedicated commingled fund specializing in infrastructure secondaries and continues Landmark's strategy of acquiring interests in existing funds, partnerships, and other structured entities invested in underlying infrastructure globally.
The fund received the backing of public pensions, corporate pensions, insurance companies, asset managers, foundations, and financial institutions.
EMEA
Clayton, Dubilier & Rice, a private equity company, agreed to acquire UDG Healthcare, a provider of commercialisation solutions for health care companies, for $3.7bn.
"UDG has long established itself as a leading provider of high-value services to Pharma and Biotech companies globally, supported by a highly skilled workforce. CD&R has a strong record in partnering with management teams and we look forward to working with the UDG team to build on their success and help accelerate UDG's growth and the development of its services offering to clients," Eric Rouzier, CD&R Partner.
CD&R is advised by Citigroup, Deutsche Bank, JP Morgan, Clifford Chance, Debevoise & Plimpton, William Fry, and Teneo. UDG is advised by Davy Corporate Finance, Liberum Capital, Peel Hunt, Goldman Sachs, Rothschild & Co, A&L Goodbody, Freshfields Bruckhaus Deringer, and Powerscourt.
Broadridge Financial Solutions, a public corporate services company, completed the acquisition of Itiviti, a provider of trading and connectivity technology to the capital markets industry, from private equity firm Nordic Capital for $2.5bn.
"The acquisition of Itiviti enhances Broadridge's position as a global Fintech leader. By extending our capabilities into the front office and deepening our multi-asset class solutions, Itiviti significantly strengthens our Capital Markets franchise and better enables Broadridge to help financial institutions adapt to a rapidly evolving marketplace. Itiviti's well-developed footprint in APAC and EMEA will increase our scale outside North America and strengthen our ability to serve our global clients," Tim Gokey, Broadridge CEO.
Itiviti was advised by White & Case. Broadridge was advised by Houlihan Lokey, JP Morgan, Cahill Gordon & Reindel, Covington & Burling, Roschier Attorneys and Squire Patton Boggs. Nordic Capital was advised by PricewaterhouseCoopers, Oliver Wyman, Credit Suisse, Morgan Stanley and Dechert.
Arqit to go public via a SPAC merger with Centricus Acquisition in a $1bn deal. (FS)
Arqit, a company engaged in quantum encryption technology, agreed to go public via a SPAC merger with Centricus Acquisition in a $1bn deal. Investors in PIPE include Virgin Orbit, Sumitomo and Heritage Group.
"Arqit is a unique company, with disruptive deep technology that will ensure a safer environment for businesses and people. David and his team have built an extraordinary enterprise and we are delighted to support Arqit's development. Garth and the Centricus Acquisition. team have done a remarkable job and we are extraordinarily pleased to be able to announce our partnership. I and my colleague Carlo Calabria have accepted David's invitation to remain on the board and to work tirelessly to bring all of our skills and relationships around the world to bear to help to hyperscale this business," Manfredi Lefebvre d'Ovidio, Centricus Chairman.
Arqit is advised by Deutsche Bank, White & Case and Montfort Communications. Centricus is advised by Deutsche Bank, JP Morgan, Latham & Watkins, and Finsbury Glover Hering. Financial advisors are advised by Sidley Austin.
FSN Capital, a private equity investment firm, agreed to acquire a majority stake in Omegapoint, a provider of information technology services, from Priveq, a private equity company. The management team of Omegapoint will reinvest to retain a 33% stake. Financial terms were not disclosed.
“In a modern, digital world with rapidly increasing complexity and severity of cyberattacks, Omegapoint’s purpose – We Secure Your Future – is a noble cause for us to support on behalf of our ultimate clients. We are deeply impressed with how management has built a culture of continuous learning, allowing Omegapoint to attract, develop and retain top talent. Its superior employee engagement translates into superior customer satisfaction and loyalty. We look forward to partnering with the Omegapoint team to help accelerate organic growth and internationalise through acquisitions," Patrice Jabet, FSN Capital Partner and Investment Advisor.
FSN Capital is advised by Frank Partners, KPMG, Boston Consulting Group, Evli Bank, Marsh, Schjodt and Tech Economy. Omegapoint is advised by Carnegie Investment Bank.
Arthur J. Gallagher, a global insurance brokerage and risk management services firm, agreed to acquire reinsurance, specialty and retail brokerage operations of Willis Towers Watson, a global multinational risk management, insurance brokerage and advisory company, for $3.57bn.
"This acquisition will accelerate our long-term strategy by significantly expanding our global value proposition in reinsurance, broadening our retail brokerage footprint and strengthening key niches and specialty brokerage offerings. The powerful combination of expertise, geographic reach and scale that this acquisition presents will greatly enhance our offerings to clients and prospects, while also providing significant value for our colleagues, carrier partners and shareholders. Most importantly, I look forward to welcoming more than 6k new colleagues to our growing Gallagher family of professionals," J. Patrick Gallagher, Arthur J. Gallagher Chairman, President and CEO.
Arthur J. Gallagher is advised by Bank of America, Morgan Stanley and Sidley Austin.
Two private equity firms Sagard and Eurazeo agreed to acquire a majority stake in I-TRACING, a computer consulting company, from Keensight Capital, a private equity and venture capital firm. Financial terms were not disclosed.
"From now on, with the assistance of Eurazeo and Sagard, we will accelerate our growth both in France and internationally in Europe, Asia and North America, accompanying our major French and European clients in all of their cybersecurity needs. We will ensure to maintain our values and mindset, the quality and expertise of our services, commitment to our clients in a thrilling environment for our staff,” Theodore-Michel Vrangos and Laurent Charveriat, I-TRACING Two Founding Partners.
Sagard is advised by Rothschild & Co. Eurazeo is advised by Maitland.
Johnson Controls, an Irish-domiciled multinational conglomerate, completed the acquisition of Silent-Aire, a global firm in hyperscale data center cooling and modular critical infrastructure solutions, for c.$870m.
"With Silent-Aire, Johnson Controls has a significant opportunity to increase our focus on the data center vertical and accelerate growth in this attractive end market by combining the strengths of our global scale in manufacturing and service, with leading-edge innovation and a broad portfolio of technologies dedicated to serving hyperscale providers," George Oliver, Johnson Controls Chairman and CEO.
Johnson Controls was advised by Cleary Gottlieb Steen & Hamilton.
Jamf, a software company, agreed to acquire Wandera, a provider of cloud security and access for mobile devices solutions, for $400m.
“The combination of Wandera and Jamf will provide our customers a single source platform that handles deployment, Application Lifecycle Management, policies, filtering, and security capabilities across all Apple devices while delivering Zero Trust Network Access for all mobile workers,” Dean Hager, Jamf CEO.
EQT Partners led a €250m Series F round in Vinted, an online marketplace for second-hand clothes, with participation from Accel, Burda Principal Investments, Insight Partners, Lightspeed Venture Partners, and Sprints Capital — all previous backers — also participating.
“Vinted is transforming the second-hand fashion market across Europe through their customer-centric approach and extraordinary execution. Vinted is the perfect example of EQT Growth's strategy of backing fast-growing European tech champions that tap into several macro trends, such as the increasing consumer demand for sustainability and continued penetration of online channels within fashion. We're immensely proud and excited to be supporting Thomas and the Vinted team and we cannot wait to work together to further unlock the market for circular fashion,” Carolina Brochado, EQT Partner and Investment Advisor.
Insight Partners led a $112m Series C funding round in parcelLab, an operations experience management platform, with participation from Endeit Capital, Capnamic Ventures and Coparion.
"In parcelLab, we see true potential to transform how brands and people connect and we are thrilled to be able to support and spearhead parcelLab’s growth and progression as they lead the Operations Experience management category into new markets and industry sectors," Matt Gatto, Insight Partners Managing Director.
Daniel Dines is in talks to acquire a 5% stake in One United Properties.
Daniel Dines, the billionaire founder of automation software maker UiPath, is in talks to acquire a 5% stake in One United Properties, a developer of high-end residential projects. Daniel Dines is mulling to acquire the stake before the real estate developer's planned initial public offering on the Romanian stock exchange.
Dines isn't the only investor who is in talks to buy a stake in One before the developer's IPO. Its owners are also negotiating with another investor for another minority stake sale before the listing, Bloomberg reported.
Orange considers buying back its TDF unit.
Orange, a telecommunication company, is reviewing a possible acquisition of its former unit TDF, a telecoms infrastructure operator. Orange sold TDF almost 20 years ago to reduce its debt.
Orange is mulling combining TDF with it recently launched European masts company TOTEM, as infrastructure valuations recently surged following the interest from investors such as US private equity firm KKR and Spain's Cellnex.
Pepco's Warsaw IPO to raise $1bn.
The market debut of discount retailer Pepco is likely to be priced at least at $10.68 per share. Shareholders may sell stock worth around $1bn in what may be Poland’s biggest IPO of 2021, Reuters reported.
Bookrunners said that the final offer size meant that 18% of the company, or 92m shares would be sold. While the expected pricing is towards the lower end of the $10.14 to $12.28-per-share indicative price range, the fact that South African conglomerate Steinhoff chose Warsaw over London to list Pepco came as a boost to the Polish stock exchange.
Softline considers IPO.
Softline, a Russian technology company, is considering an initial public offering, its chairman said, after the group reported an 8.9% increase in turnover to $1.8bn for the 2020-2021 financial year, Reuters reported.
Mr. Chernovolenko, Softline Global CEO, said the company was keen to strengthen its cybersecurity expertise and create exclusive digital transformation solutions based on the internet of things, artificial intelligence and robotic process automation technologies.
“Today, we see significant potential for further value creation based on Softline’s global presence and are considering various strategic development opportunities, including a potential initial public offering of the company’s shares,” Igor Borovikov, Softline Chairman.
Permira targets over $15bn for its new flagship fund. (FS)
Permira, a private equity firm, is targeting to raise over $15bn for a new private equity fund, less than two years after raising its last flagship investment vehicle.
The buyout firm is in the early stages of speaking with investors about the euro-denominated global fund. Permira could begin gathering commitments in the second half of the year. Preparation for the fund is at an early stage, and the size of the pool could change depending upon investor demand, Bloomberg reported.
APAC
SoftBank Vision Fund, a company providing growth capital and social impact investments, led a $330m Series D+ funding round in Dingdong Maicai, a self-operated freshness platform and a life service app that provides distribution services.
Dingdong Maicai plans to use proceeds from its latest funding round to spruce up its supply chain. The firm has previously considered an IPO in the US as early as this year to bankroll its expansion in the competitive fresh food delivery market.
Dingdong Maicai was advised by Cygnus Equity.
EQT, a private equity firm, completed the investment in Indesso, a natural flavor and fragrance ingredients and food and wellness solutions provider. Financial terms were not disclosed.
“Indesso started on its journey more than 50 years ago, bringing natural ingredients to the world. We are truly humbled by the opportunity to invest in a market leader in this highly thematic space as it prepares for the next phase of its journey to expand further. We have full confidence in the talented team and high quality business that Pak Robby is leading and are excited about the ample opportunities to further invest in innovation, sustainability and digitalization to continue to add value to Indesso’s customers and principals," Brian Chang, EQT Partner, Investment Advisor and Head of Southeast Asia.
EQT was advised by Kekst CNC.
SoftBank Vision Fund 2, Goldman Sachs, Primavera Capital and Fidelity International led a $260m Series F funding round in Beisen, a talent management & assessment solution provider. Additional investors include Matrix Partners China, Sequoia Capital China, Genesis Capital, and Shenzhen Capital Group.
“The future 10 years of HR SaaS offerings will trend towards integration and low-code development. Beisen will continue to focus on this market opportunity, enhancing our product innovations and client service capabilities to empower the digitalisation of China’s HR industry," Ji Weiguo, Beisen Co-Founder and CEO.
XCMG Construction Machinery, a truck manufacturer, led a $205m funding round in Horizon Construction Development, a provider of construction equipment. Additional investors include Hillhouse Capital, CMB International, Zoomlion, Zhejiang Dingli Machinery, Lingong Machinery and Terex.
Upon completing the deal, Horizon plans to advance its technologies and services to improve efficiencies in urban construction. The firm will on providing three major equipment, namely new-generation construction support systems, formworks, and aerial work platforms.
Hillhouse Capital-backed GL Ventures, a venture capital investment company, led a $156m Series C funding round in DAC Biotech, a company focused on focused on developing conjugates of cancer cell-recognizing monoclonal antibodies and small molecular cytotoxic drugs with smart linkers. Additional investors include CITIC Private Equity Funds Management, CDG Capital, CITIC Securities, TigerYeah Capital, and K.Wah Group.
DAC Biotech will continue to engage in the R&D and commercialization of antibody-drug conjugates. DAC Biotech has specialised in developing ADC and small molecular cytotoxic drugs used in the treatment of cancer. It has rolled out 24 pipelines and three of its drug candidates are in clinical trials.
ICM-backed Somers, a listed financial services investment holding company, completed the acquisition of a 15% stake in Aura Group, an alternative investment and wealth management platform. Financial terms were not disclosed.
“The deal is a milestone development for Aura Group as the firm continues to scale its operations in the Asia Pacific region. Both Somers and ICM’s track record for value creation speaks for itself and we look forward to sharing deal flow and insights. The partnership also gives Aura Group a stepping stone into European capital markets. South East Asia is the fastest growing region in the world and is receiving growing interest from international investors,” Calvin Ng, Aura Group Managing Director.
Danone intends to sell its 9.8% stake in Mengniu.
Danone, a multinational food-products corporation, intends to sell the 9.8% stake it holds in China Mengniu Dairy Company, a Chinese manufacturer and distributor of dairy products, which is listed on the Hong Kong Stock Exchange.
China Mengniu Dairy has an equity market capitalisation of around $21.4bn meaning a sale of Danone's stake could reap over $2bn.
Alibaba Health-backed LinkDoc plans a $500m IPO.
Alibaba Health-backed LinkDoc Technology, a Beijing-based medical data company, is planning an initial public offering that could raise about $500m as soon as this year. LinkDoc is still considering potential venues for the IPO including Hong Kong.
The Chinese firm is working with Bank of America, CICC and Morgan Stanley on the proposed share sale, Bloomberg reported.
Tencent-backed Miaoshou weights $500m Hong Kong IPO.
Tencent-backed Beijing Yuanxin Technology, which runs pharmaceutical e-commerce platform Miaoshou Doctor, is weighing a Hong Kong initial public offering that could raise at least $500m.
Miaoshou is working with CLSA and Goldman Sachs on the potential share sale. An offering could happen as soon as this year.
Separately, Miaoshou Doctor is also looking to raise about $200m to $300m in a funding round before the first-time share sale, Bloomberg reported.
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