AMERICAS
Healthcare services firms UpHealth and Cloudbreak went public via a merger with GigCapital2, a special purpose acquisition company, in a $1.35bn deal.
"UpHealth is a global, digital health services and technology pioneer. It combines primary care with integrated care management and overlays pharmacy and behavioral telehealth services to provide a 'one-stop shop' platform to improve health outcomes, quality, costs, and patient experience. The business combination strengthens UpHealth to further penetrate the broad and fast-growing digital health and telehealth market," Chirinjeev Kathuria, UpHealth Co-Founder and Chairman.
UpHealth was advised by Plante Moran, Needham & Co, Husch Blackwell and ICR. Cloudbreak was advised by Sidley Austin. GigCapital2 was advised by Banco BPM, Nomura, DLA Piper and Darrow Associates.
NextNav, the developer of Metropolitan Beacon System, a wide-area location and timing technology, agreed to go public via a merger with Spartacus Acquisition, a special purpose acquisition company, in a $900m deal.
"We started NextNav with a bold vision to build the next generation of GPS. Over the last decade, we implemented that vision and are well on our way to full deployment of this capability in the US. This transaction allows us to build on that success and enables the next generation of location and timing services – more precise, available and resilient and that will power the next generation of applications and services in mobile apps, autonomous vehicles, public safety and critical infrastructure globally," Ganesh Pattabiraman, NextNav CEO and President.
NextNav is advised by PJT Partners, Hogan Lovells and LaunchSquad. Spartacus Acquisition is advised by B. Riley FBR, K&L Gates and Sloane & Company. Financial advisors are advised by Kirkland & Ellis.
Private equtiy firm Hellman & Friedman completed the acquisition of a majority stake in Enverus, a global energy data analytics and SaaS technology company, from Genstar Capital, a private equity firm. Financial terms were not disclosed.
"The investment from H&F and continued partnership with Genstar will enable Enverus to accelerate our development of market-leading software and analytics solutions for companies that serve the energy industry. H&F brings a wealth of experience in the software sector, and they are eager to support our vision of providing customers with the most accurate and actionable intelligence available so they can deliver energy to the world," Jeff Hughes, Enverus CEO.
Enverus was advised by Goldman Sachs, Simpson Thacher & Bartlett and Vinson & Elkins. Hellman & Friedman was advised by Credit Suisse, Kirkland & Ellis, Finsbury Glover Hering. Genstar Capital was advised by Chris Tofalli Public Relations.
Accolade, an innovative healthcare company, completed the acquisition of PlushCare, a provider of virtual primary care and mental health treatment, from GGV Capital, a private equity firm, for $450m.
"Our mission is to reinvent healthcare, and this acquisition represents another important step towards realizing that goal. By expanding our clinical team of physician medical directors, nurses, specialists, and benefits experts to include primary care doctors and mental health experts, we are responding to customers who are asking Accolade to expand our capacity to serve their employees at every step of their care journey. Equally important, we extend our capacity to deliver measurable value for employers seeking coordinated, longitudinal care at scale for their workforce," Rajeev Singh, Accolade CEO.
PlushCare was advised by Jefferies & Company and Fenwick & West. Accolade was advised by Goldman Sachs, Piper Sandler and Cooley.
WiMi Hologram Cloud-backed VIYI Algorithm, a company engaged in development and application of bespoke central processing algorithms, agreed to go public via a SPAC merger with Venus Acquisition in a $400m deal.
In the mid-to-long term, VIYI Algo will continue to adhere to its strategic mindset. By improving upon each iteration of VIYI Algo's one-stop intelligent data management solutions made possible by its proprietary central processing algorithm services, VIYI Algo can help customers to enhance their service efficiency and make model innovations in business, and actively enhance the industry value of the central processing algorithm services in the general field of data intelligent processing industry.
WiMi is advised by DLA Piper. Venus Acquisition is advised by Becker & Poliakoff and Ogier. VIYI is advised by Maples Group and Zhuo Ne.
One Rock Capital Partners, a private equity firm with offices in New York and Los Angeles, agreed to acquire the tire additives business of Eastman Chemical, a global specialty materials company. Financial terms were not disclosed.
"The business serves an impressive group of global blue-chip customers as a result of its unique technical and commercial service expertise. During the next stage of growth, we look forward to working closely with management to enhance the portfolio of product and service offerings," R. Scott Spielvogel, One Rock Managing Partner.
One Rock Capital Partners is advised by RBC Capital Markets, Latham & Watkins and Gasthalter & Co. Eastman is advised by Credit Suisse, JP Morgan and Jones Day.
Apollo Global Management, a global alternative investment manager, agreed to acquire a majority stake in Total Operations and Production Services, a provider of contract gas compression services for the Permian Basin, from private equity firm Black Bay Energy Capital. Financial terms were not disclosed.
"We are pleased to announce this strategic investment from the Apollo Funds. We have experienced rapid growth over the last few years as our customers in the Permian Basin have fully embraced our high-quality equipment and services offering. We view this transaction as a key step in our continued growth and look forward to benefitting from Apollo's deep sector knowledge, industry relationships and financial backing to support the next evolution of the Company. We would like to acknowledge and thank the Black Bay team for their involvement and support in helping us reach this point," L.D. Green, TOPS CEO.
TOPS is advised by JP Morgan and Fishman Haygood. Apollo is advised by Vinson & Elkins. Debt financing is provided by JP Morgan.
H.I.G. Capital, a global alternative investment firm with $44bn of equity capital under management, agreed to invest in Cleo, a software company that provides business-to-business, embedded integration, application-to-application, cloud integration and big data integration solutions. Financial terms were not disclosed.
"We are extremely excited to welcome H.I.G. Capital as an investment partner in Cleo as we continue executing on our mission to redefine B2B integration in the cloud, solidifying Cleo's position as the pioneer and global leader of the ecosystem integration software category," Mahesh Rajasekharan, Cleo President and CEO.
Cleo is advised by UBS and Kirkland & Ellis. H.I.G. Capital is advised by Guggenheim Partners and Harris Williams & Co.
Extreme Reach, the complete asset management solution for TV and video advertising, completed the acquisition of Adstream, a global provider of digital asset management, creative logistics and analytics solutions. Financial terms were not disclosed.
"This acquisition gives us the global scale to transform creative asset management and omni channel campaign activation worldwide, setting a new standard that meets today's challenges. I look forward to working with Adstream's talented leaders and global teams to combine the best technology of both companies, solving marketers' need for a comprehensive solution. By coming together, we establish a new paradigm for success - for our clients and ourselves – now and for the future," Tim Conley, Extreme Reach CEO and Co-founder.
Adstream was advised by JEGI | CLARITY and Ashurst. Extreme Reach was advised by Kirkland & Ellis and Clarity.
Mastercard, an American multinational financial services corporation, completed the acquisition of Ekata, a provider of dynamic identity verification solutions for real-time risk decisioning, for $850m.
"The acceleration of online transactions has thrust global digital identity verification to the forefront as one of the biggest opportunities to build digital trust and combat global fraud. The right identity verification solutions enable inclusive and frictionless experiences while, at the same time, ensuring customer privacy, control and security. Becoming part of the Mastercard Identity family ensures a broader, collective approach to meeting the growing demands of the digital economy," Rob Eleveld, Ekata CEO.
Ekata was advised by Morgan Stanley and DLA Piper. Mastercard was advised by Joele Frank.
TA Associates-backed Wealth Enhancement Group, an independent wealth management firm offering comprehensive and customized financial planning and investment management services, agreed to acquire MACRO Consulting Group, a registered investment adviser. Financial terms were not disclosed.
"MACRO's nearly 30-year history of helping clients address risk and build wealth is a natural cultural fit with our firm, and I look forward to supporting their team as we work together to continue to grow our footprint in the critically important Tri-State area. We and our capital partner, TA Associates, continue to be fully focused on executing our growth strategy by accelerating our pace of acquisitions across the country, as well as by promoting organic growth," Jeff Dekko, Wealth Enhancement Group CEO.
Wealth Enhancement is advised by Haven Tower Group. MACRO Consulting is advised by Lowenstein Sandler.
Deerfield Management and Janus Henderson Investors led a $107m Series B round in Synthekine, an engineered cytokine therapeutics company, with participation from RA Capital Management, Rock Springs Capital, Omega Funds, TCG X, Lilly Asia Ventures, The Column Group, Samsara BioCapital, Canaan Partners, and Emerson Collective.
"Synthekine was founded two years ago to advance cytokine science and create optimized therapeutics in this important space. In that time, we have advanced two highly differentiated programs to IND-enabling development, expanded our pre-clinical pipeline of selective cytokine therapeutics through both internal development and licensing, and built a world-class team," Debanjan Ray, Synthekine CEO.
Synthekine was advised by Canale Communications.
CADE, a Brazilian antitrust body, approved the $1.65bn acquisition of Brazilian oil refinery RLAM from Petrobras, a state-owned Brazilian multinational corporation in the petroleum industry, by Mubadala Investment, an investment company.
RLAM is the first of eight Petrobras refineries on the block to be sold.
Colgate Energy Partners, a privately held, independent oil and natural gas company, agreed to acquire the southern Delaware Basin assets of Occidental, an American company engaged in hydrocarbon exploration, for $508m.
"The acquisition of these assets in the core of the Southern Delaware Basin is a transformational deal for Colgate that checks all of the boxes of our acquisition criteria. It is a great mix of low decline production and high rate of return locations that will immediately compete for capital with our existing portfolio. Given the proximity to our current assets, we are confident that we can leverage our ongoing operations to maximize the value of this acquisition for our investors," Will Hickey, Colgate Co-CEO.
Private equity firm Bain Capital agreed to invest $350m In II-VI, a provider of engineered materials and optoelectronic components.
Bain Capital will use the additional $350m to purchase a total of 140k shares of II-VI Series B-2 Convertible Preferred Stock. All of the shares of Series B Convertible Preferred Stock will be convertible into shares of II-VI common stock at a conversion price of $85 per share
Andresseen Horowitz and Polychain Capital led a $314m funding round in Solana Labs, a technology company working to help advance the Solana ecosystem, with participation from CMS Holdings, Coinfund and ParaFi.
The millions raised by Solana Labs will be used to create a venture investing arm, a trading desk dedicated to the Solana ecosystem, and support the development of new decentralized applications with the goal of drawing more people onto the blockchain and eventually reaching 1bn users.
Sequoia Capital led a $260m Series F funding round in Faire. (FS)
Sequoia Capital, an American venture capital firm, led a $260m Series F funding round in Faire, an online wholesale marketplace. Additional investors include Forerunner Ventures, Founders Fund, Khosla Ventures, Lightspeed Venture Partners, Y Combinator, DST Global, Dragoneer, D1 Capital Partners, Norwest Venture Partners, Baillie Gifford and Wellington Management.
"We are in the midst of a multi-decade digital transformation. The world-class team at Faire is leading the way in digitizing the multi trillion-dollar global wholesale market. We at Sequoia are more excited than ever about the opportunity ahead and we are thrilled to continue our partnership," Ravi Gupta, Sequoia Partner.
SoftBank, a Japanese multinational conglomerate, and Viking Global, an investment management company, completed a $250 investment in Clip, a credit and debit card reader.
“We are planning to grow aggressively and hire about 320 people in the next 18 months, the best talent possible. About 85% of our clients accepted only cash before us, so we can really say we are democratizing digital payments in Mexico," Adolfo Babatz, Clip Founder and CEO.
SoftBank Vision Fund 2, a fund with a goal to invest in AI-based technology, led a $220m Series E funding round in Eightfold AI, a provider of a talent intelligence platform designed to assist companies to find, recruit and retain workers. Additional investors include General Catalyst, Capital One Ventures, Foundation Capital, IVP and Lightspeed Venture Partners.
"Current HR systems were designed to address issues from a previous era, and they have failed to keep pace with the changing nature of work and the workforce. At Eightfold, we have an unprecedented opportunity, using AI to align the career goals of individuals while simultaneously creating better results for employers. Transforming HR and global talent further unlocks trillions of dollars worth of human potential. SoftBank shares our bold vision, and we are excited to welcome them as our partner," Ashutosh Garg, Eightfold Founder & CEO.
Sapphire Ventures, a venture capital firm, led a $157m Series D round in Verbit, the world's largest AI-powered transcription and captioning platform, with participation from Third Point, More Capital, Omer Cygler, Azura, ICON, Stripes, Vertex Ventures and Vertex Growth, HV Capital, Oryzn Capital, Viola Ventures, and ClalTech.
"With their hybrid transcription platform bringing together innovative technology and a network of over 30k transcribers, Verbit has forged a winning combination of AI and human intelligence," Jai Das, Sapphire Ventures President and Partner.
Warburg Pincus, a global growth equity firm, led a $150m Series E round in Aura, a provider of comprehensive digital security for consumers.
"The rise of digitization and with it, digital crime, is fueling a rapidly expanding market opportunity for personal digital security with a total available market of more than $100bn. In the first quarter of 2021 alone, identity theft grew more than 130%, driven by a dramatic increase in government benefits fraud -- up nearly 4k%," Hari Ravichandran, Aura Founder and CEO.
Henry Schein completed the acquisition of a 70% stake in eAssist.
Henry Schein, a provider of healthcare products and services primarily to office-based dental and medical practitioners, completed the acquisition of a 70% stake in eAssist, a developer of virtual dental billing outsourcing service. Financial terms were not disclosed.
“Henry Schein has a long-standing commitment to supporting dental practice growth, efficiency, and profitability through our comprehensive offering of solutions. We are delighted to add eAssist to our leading portfolio of value-added services, which will help our customers improve their critical insurance and billing functions so dental teams can focus on delivering quality patient care. We welcome our new colleagues to Team Schein and look forward to continued success together," Stanley M. Bergman, Henry Schein Chairman of the Board and CEO.
Embraer in $2bn merger talks with Zanite SPAC.
Embraer, a Brazilian aerospace conglomerate, is in talks to merge Eve Urban Air Mobility, its electric vehicle takeoff and landing unit, with Zanite Acquisition.
The SPAC is seeking to raise new equity to support a transaction. The deal is set to value the combined entity at about $2bn.
Terms of the deal could change and as with all transactions that aren’t finalized, talks could fall apart, Bloomberg reported.
United Airlines in talks to buy at least 100 Boeing Max jets.
United Airlines Holdings is in advanced talks for a large narrow-body order that would include at least 100 Boeing 737 Max jets as part of a broader fleet revamp. The Chicago-based carrier is also speaking with Airbus, an international pioneer in the aerospace industry, about purchasing long-haul single-aisle aircraft.
United sees an opportunity to upgrade its fleet and is studying several new, fuel-efficient models when Boeing and Airbus are hungry for deals and demand for leisure travel is surging in the US, Bloomberg reported.
Boeing’s portion of the order could include 150 Max. United ordered 50 of Airbus’s long-distance A321XLR model in 2019.
KKR establishes mental-health firm Geode Health. (FS)
KKR & Co is starting a mental health services company that will offer in-person and virtual care as part of the private equity firm’s strategy of investing in growth-stage, health-care companies, Bloomberg reported.
Geode Health plans to own and operate clinics across the US with a goal of making it easier and cheaper to access mental-health services for conditions including anxiety and depression.
Geode plans to expand nationally by acquiring mental-health practices and hiring psychiatrists, psychologists, therapists and nurse practitioners.
TPG-backed LifeStance raised $590m in US IPO. (FS)
TPG-backed LifeStance Health Group, a US outpatient mental health company, sold shares in its IPO above a targeted range to raise $590m, Reuters reported.
LifeStance sold 32.8m shares at $18 apiece, above an earlier target range of $15 to $17 each, giving it a market capitalization of $6.73bn.
Help at Home explores IPO. (FS)
Help at Home, a health-care firm, explores going public as soon as this year to capitalize on surging demand for home-based care, Bloomberg reported.
The Chicago-based company has selected banks to help it prepare a listing. The company’s plans, including the timing of the IPO, could still change.
Butterfly Equity looking to raise $750m for third fund. (FS)
Private equity firm Butterfly Equity is targeting $750m for its third namesake fund.
Based in Los Angeles, the firm invests across the food and beverage, agriculture and aquaculture sectors, among others. Butterfly's second namesake fund closed on $521m in 2019.
Arden Group raises $500m for third real estate fund. (FS)
Arden Group completed the final close of the firm’s third fully discretionary equity fund, Arden Real Estate Partners III, with $500m in capital commitments.
“Arden remains a high conviction real estate private equity fund manager for us. It is clear that a number of our institutional investors and family offices agree with us, and that is reflected in both the re-ups, as well as a number of first time LPs, in AREP III," Allan Majotra, 5Capital Funds Placement Managing Partner.
Mountaingate Capital closes second fund at $476m. (FS)
Mountaingate Capital, a Denver-based private equity firm focused on partnering with founders and entrepreneurs to execute transformative growth strategies in the lower middle-market, closed its second fund at its hard cap with $476m in capital commitments.
Fund II will continue Mountaingate’s investing strategy alongside founders and entrepreneurs in Mountaingate’s focus sectors of digital, data and tech-driven marketing/business services and value-add specialty manufacturing/distribution.
EMEA
The UK's competition regulator is investigating the proposed $10.8bn acquisition of Western Power Distribution, an electricity distribution network operator, from PPL, a utility holding company, by National Grid, an owner and operator of the electricity transmission network. The CMA has reasonable grounds for suspecting that if the deal went through, it would result in National Grid and WPD "ceasing to be distinct."
"The CMA has issued a hold separate order, meaning that following anticipated completion of the transaction this summer, National Grid will own the WPD asset but not control it until regulatory approval has been received," National Grid Spokesman.
National Grid is advised by Barclays, Goldman Sachs, Robey Warshaw, Cravath Swaine & Moore, Herbert Smith Freehills, Brunswick Group and Teneo. PPL is advised by JP Morgan, Ashurst and Skadden Arps Slate Meagher & Flom.
Fidelity International, an institutional investor in Spire Healthcare, a United Kingdom-based independent hospital group, vowed to oppose the $1.4bn takeover bid, arguing that it undervalues the business.
Fidelity International, which holds a 8.7% stake in Spire, decided to reject the $3.39 per share offer from from Ramsay Health Care, a provider of health care services, which was recommended by the London-listed company's board last month.
Fidelity's position is likely to galvanize other Spire shareholders who believe that the price is inadequate, given an anticipated spike in revenue arising from the coronavirus pandemic.
Spire Healthcare is advised by JP Morgan, Numis Securities, Goldman Sachs, Lazard, Freshfields Bruckhaus Deringer and Instinctif Partners. Ramsay Health Care is advised by Ashurst, Rothschild & Co, Domestique and Sard Verbinnen & Co.
PPG Industries completed the acquisition of Tikkurila for $1.8bn.
PPG Industries, a supplier of paints, coatings and speciality materials, completed the acquisition of Tikkurila, a manufacturer of paints and lacquers, for $1.8bn.
“During the past three years, we have made a clear turnaround and significant progress with our strategy. Joining forces with PPG can help us further accelerate our development with access to new technologies and resources. We look forward to working together with PPG for an even more colourful tomorrow,” Elisa Markula, Tikkurila CEO.
PPG was advised by D.F. King & Co, Danske Bank, PJT Partners, DLA Piper and Wachtell Lipton Rosen & Katz. Tikkurila was advised by SEB Corporate Finance and Hannes Snellman.
BHG Group, a consumer e-commerce company in the Nordics, agreed to acquire a majority stake in HYMA, an online retailer, from Verdane, a specialist growth equity investment firm, for $133m.
"We have been following HYMA for a long time and are impressed by the Group's development. HYMA has a fantastic management team and organisation that has made excellent progress in developing its operations through the addition of products in a number of BHG's main categories. The business is run with a data-driven approach and a focus on high customer satisfaction," Adam Schatz, BHG President and CEO.
BHG Group is advised by PricewaterhouseCoopers, Carnegie Investment Bank and Vinge. Verdane is advised by SEB Corporate Finance.
OMERS Capital Markets, a private equity firm, and Goldman Sachs, an investment bank, led a $2.75bn funding round in Northvolt, a lithium-ion battery maker with participation from four Swedish pension funds and Volkswagen.
“We now have sufficient firepower for some time but over time with our growth ambition or financing need, to be in the public market is going to be required,” Peter Carlsson Northvolt CEO.
Northvolt was advised by Morgan Stanley and Goldman Sachs. OMERS was advised by Latham & Watkins.
10T Holdings, a growth equity investment firm, led a $380m Series C funding round in Ledger, a firm that designs and develops software. Additional investors include Cathay Innovation, Draper Esprit, Draper Associates, Draper Dragon, DCG, Korelya Capital, Wicklow Capital, Tekne Capital, Uphold Ventures, Felix Capital, Inherent, Financière Agache, and iAngels Technologies.
“This Series C announcement marks the transition of Ledger from the leading digital asset security company to becoming the secure gateway to the entire digital asset ecosystem. This industry is fast becoming mainstream and reshaping the entire financial sector and beyond. Our products are designed to give users maximum control over their digital assets and provide unparalleled protection against cyber-attacks. We are well-positioned to become the secure gateway to the digital asset world with the potential to integrate our services into nearly every feature of the digital asset ecosystem," Pascal Gauthier, Ledger CEO.
Ledger was advised by Cardinal Partners, Hogan Lovells and Brunswick Group.
The Carlyle Group, a global investment firm, agreed to invest in 1E, a privately owned IT software and services company based in the United Kingdom. Financial terms were not disclosed.
"We were attracted to 1E's fully integrated digital experience technology, which is differentiated by its advanced remediation and automation capabilities, and are delighted to partner with Sumir as we support the company as it enters its next phase of growth. With strong industry tailwinds, we believe 1E has significant growth opportunities and we look forward to supporting another founder-backed business to scale through investments in product innovation, commercial operations, and international expansion," Fernando Chueca, Carlyle Managing Director.
1E is advised by Rothschild & Co and Barokas.
Investindustrial, an investment company, agreed to acquire Targa Telematics, an Italian technology company that offers solutions in telematics, smart mobility and digital IoT platforms for mobility operators. Financial terms were not disclosed.
"We are very happy to partner with Targa Telematics. Being able to work with the company, its management and other shareholders shows how, thanks to innovation, the growth path of excellent companies can be accelerated. Cutting-edge technologies such as those developed by Targa Telematics are recognized not only in Italy, but also abroad and make this company a leading international player that perfectly matches the quality profile of the companies in which Investindustrial usually invests," Andrea C. Bonomi, Investindustrial Chairman.
Investindustrial is advised by Maitland.
Fosun Fashion, a global luxury fashion group based in China, agreed to acquire Sergio Rossi, an Italian luxury footwear brand, from Investindustrial-backed Absolute Luxury, an independently-managed investment firm. Financial terms were not disclosed.
"We are excited to have Sergio Rossi join FFG family, who we believe is one of the few leading shoemakers in the market. When we dived into the brand, we were captivated by its DNA which is deeply rooted in the creativity and expertise of its eponymous founder. The world of Sergio Rossi is a place where magic and reality come together to create handmade shoes for sophisticated, smart and effortlessly chic women," Joann Cheng, Fosun Fashion Group Chairman.
Investindustrial is advised by Rothschild & Co.
European tech powerhouse team.blue agreed to acquire Hipex, a Dutch e-commerce hosting specialist. Financial terms were not disclosed.
"I am overjoyed that Hipex is joining the team.blue family. With the combined offerings of Hypernode and Hipex, we are even better poised for growth in e-commerce hosting, in the Netherlands and internationally," Jonas Dhaenens, team.blue CEO.
team.blue is advised by DLA Piper.
Klesch Group, a private equity firm, agreed to acquire refining business in Denmark from Equinor, an energy company. Financial terms were not disclosed.
“This transaction supports Equinor’s strategy to focus its portfolio around core areas. Equinor will concentrate its refining position around Mongstad, Norway, where the company can leverage its integrated industrial cluster, expand the portfolio of low carbon energy products provided and contribute to Equinor’s efforts in the energy transition. Over the years, Kalundborg has provided solid results and strong efforts have been made to maintain safe and reliable operations, also with the recent challenges caused by the pandemic," Irene Rummelhoff, Equinor Executive Vice President for Marketing, Midstream and Processing.
Klesch Group is advised by FTI Consulting.
Altice, a cable, telecommunications, and media company, agreed to acquire a 12.1% stake in BT Group, a telecommunication and network provider and a provider of global communications services, for $3.1bn.
"BT has a significant opportunity to upgrade and extend its full-fibre broadband network to bring substantial benefits to millions of households across the UK. We fully support the management's strategy to deliver on this opportunity. We understand that the expansion of the broadband network is one of the UK government's most important policy objectives and a core part of its levelling up agenda," Patrick Drahi, Altice CEO.
SoftBank Vision Fund 2, a fund with a goal to invest in AI-based technology, led a $639m funding round in Klarna, a global payments provider, retail bank, and shopping service. Additional investors include Sequoia Capital, SilverLake, Dragoneer, Permira, Commonwealth Bank of Australia, Bestseller Group, Ant Group, Northzone, GIC, BlackRock and HMI.
“Consumers continue to reject interest-and fee-laden revolving credit and are moving toward debit while simultaneously seeking retail experiences that better meet their needs. Klarna's more transparent and convenient alternatives align with evolving global consumer preferences and drive worldwide growth. I’m very proud of the investors who are supporting Klarna’s ambition to challenge these outdated models to empower consumers with fair, transparent, and convenient products to help them bank, shop and pay each day," Sebastian Siemiatkowski, Klarna Founder and CEO.
Tatneft, a Russian vertically integrated oil and gas company, agreed to acquire EkoPet, Russia's largest polyethylene terephthalate producer, for $89m.
The acquisition of EkoPet will allow the most efficient implementation of the company's plans for the development of the petrochemical business and will contribute to the accomplishment of the Tatneft Group's goals to reduce greenhouse gas emissions along the entire value chain.
Triton Partners, an investment company, agreed to acquire Fairwind, a firm providing wind turbine installation and service. Financial terms were not disclosed.
“FairWind has a very strong financial track record and a history of consistent growth, operating in a market with an attractive outlook both in installation and service, underpinned by ESG relevance. We see tangible opportunities for further growth both through geographical expansion and by entering into adjacent growth niches as well as supporting the company’s organizational and digital development," Henrik Tholander, Triton Investment Advisory Professional.
Vitol, an energy and commodity trading company, and Mercantile & Maritime, a physical trading of oil and gas company, agreed to acquire a 5% stake in Vostok Oil, an oil company, from Rosneft, an integrated energy company. Financial terms were not disclosed.
“Definitely, the project is interesting to the companies focused on feedstock supply, trading and logistics with an extensive client base and distribution channels around the world, those that consider the future need for ‘green’ oil supply,” Igor Sechin Rosneft CEO.
China Southern Power Grid in talks for $4bn stake in Taqa.
China Southern Power Grid is in talks to acquire about a 10% stake in Abu Dhabi National Energy, the oil-rich emirate’s biggest utility. The Chinese state-owned firm is in discussions with banks about financing for the potential purchase.
Shares in the company, known as Taqa, rose as much as 3.7%. A 10% stake could be worth about $4.3bn based on its current share price. If successful, the transaction would be the biggest overseas acquisition by a Chinese company this year, according to Bloomberg.
Maersk narrows bidders for $1bn cold container unit.
China International Marine Containers, a manufacturer of transportation equipment, and Midea Group, a manufacturer and seller of home and commercial electric appliances, are among suitors entering into the next round of bidding for AP Moller-Maersk’s refrigerated container business, which could be valued at as much as $1 bn, Bloomberg reported.
US air conditioning giant Carrier Global and transport temperature-control systems manufacturer Thermo King are also proceeding into the second round. Japan’s Daikin Industries and buyout firm Triton were invited to submit offers as well.
Maersk plans to collect binding bids by late July. Deliberations are ongoing and the companies could decide against making any offer.
CVC targets staycation boom with $353m Away Resorts takeover. (FS)
CVC Capital Partners is closing in on a takeover of one of Britain’s biggest holiday park operators, a bet on booming demand for staycations amid conflicting government guidance over foreign holidays.
Away Resorts owns well-known holiday parks such as Whitecliff Bay on the Isle of Wight and Sandy Balls in the New Forest. Its parks typically host roughly 200k holidaymakers in a ‘normal’ year, with demand having surged for bookings this summer as lockdown measures are eased.
Altice seeks to lure MasMovil. (FS)
Altice Europe, a cable, telecommunications, and media company, sounds out prospective bidders, including MasMovil, for its business in Portugal as it seeks to exit the country after stripping off most of the unit’s infrastructure operations.
The telecoms and cable company led by Franco-Israeli tycoon Patrick Drahi is working with Lazard to prepare the sale of Portugal’s most significant telecoms player as part of an auction process that could kick off as soon as July.
Altice, which pioneered 5G in Portugal, owns MEO, the largest landline operator in the country, Reuters reported.
Monday.com raised $574m in above-target US IPO.
Monday.com, a workplace management software maker, priced its US IPO above a marketed range to raise $574m. The Tel Aviv-based company sold 3.7m shares for $155 each. It had marketed them for $125 to $140, according to Bloomberg.
The IPO gives Monday.com a market value of about $6.8bn based on the outstanding shares listed in its filings with the SEC. Including stock options, the company’s diluted value would be more than $7.8bn.
Salesforce.com venture arm and Zoom Video Communications has each agreed to purchase $75m the company’s shares in a private placement at IPO price.
APAC
Sinch, a provider of cloud communications for mobile customer engagement, agreed to acquire MessageMedia, a provider of mobile messaging solutions for small and medium-sized businesses in the United States and Australia, New Zealand, and Europe, from private equity firm Mercury Capital for $1.3bn.
"Addressing small and medium-sized businesses opens up a new avenue to growth and dramatically expands our addressable market. With MessageMedia as a part of Sinch, we will have the best team in the industry to capitalize on that opportunity," Oscar Werner, Sinch CEO.
MessageMedia is advised by JP Morgan and Herbert Smith Freehills. Sinch is advised by Handelsbanken Capital Markets and K&L Gates.
Hillhouse Capital-backed GL Ventures, a venture capital investment company, led a $100m Series B funding round in EcoFlow, a manufacturer of mobile power products.
The round brings the company’s market valuation to $1bn. Proceeds from the latest funding round will be used to bankroll the research and development of clean energy storage products.
Tata Digital, an IT service management company, agreed to invest in 1MG Technologies, a provider of online drugs distribution services. Financial terms were not disclosed.
"The investment in 1MG strengthens Tata's ability to provide superior customer experience and high-quality healthcare products & services in e-pharmacy and e-diagnostics space through a technology-led platform," Pratik Pal, Tata Digital CEO.
Syngenta taps banks for Shanghai IPO at $60bn valuation.
Syngenta Group, an agriculture company, owned by China National Chemical, picked banks for an IPO on Shanghai’s Nasdaq-style STAR board. China International Capital and Citic Securities are among the advisers for the preparations of the share sale.
Syngenta could be valued at as much as $60bn in a listing, which could take place as soon as this year. Syngenta has accelerated its IPO plans as CEO Erik Fyrwald told German media that the company has kicked off the process and hopes to list before the end of 2021. The company was aiming for mid-2022 last year, Bloomberg reported.
Sundaram Alternates launches a third real estate fund. (FS)
Sundaram Alternates, an investment company, launched the Sundaram Alternative Opportunities Series - High Yield Secured Real Estate Fund III. Sundaram Alternates currently manages two real estate funds, DealStreetAsia reported.
With a gross portfolio IRR of around 19%, SA's High Yield Secured Debt Fund I has repaid approximately 61% of capital in less than three years since the final closing.
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