AMERICAS
Canderel-led consortium Iris Acquisition II, agreed to acquire Cominar Real Estate Investment Trust for $5.7bn. Canderel Consortium also includes FrontFour Capital, Artis Real Estate Investment Trust, Sandpiper Group and Koch Real Estate Investments.
"This transaction will provide significant benefits to key stakeholders, including tenants of Cominar, by leveraging the resources of the Canderel platform and a Québec-led group of investors with a long-term perspective to unlock opportunities for growth and development in the communities where Cominar operates," Brett Miller, Canderel CEO.
Cominar is advised by BMO Capital Markets, Desjardins, National Bank Financial, Davies Ward Phillips & Vineberg, Fasken, Longview Communications and TACT. Koch is advised by Osler Hoskin & Harcourt. Artis is advised by Norton Rose Fulbright. Iris Acquisition II is advised by Moelis & Co, McCarthy Tetrault, Stikeman Elliott and NATIONAL Public Relations.
Altus Midstream, an oil and gas company, agreed to merge with Blackstone and I Squared Capital-backed EagleClaw Midstream, an oil and gas company, in a $9bn deal.
“This transaction is a transformative event for all parties and their respective stakeholders. The combination creates the largest pure-play midstream company in one of the world’s most prolific hydrocarbon basins, providing the scale, operational capabilities, and fully integrated service offerings necessary for long-term success. The pro forma enterprise is well positioned to capitalize on accelerating activity in the Delaware Basin with expanded processing and transportation capabilities for all three streams from the wellhead to end markets,” Jamie Welch, EagleClaw President and CEO.
EagleClaw is advised by Goldman Sachs. Altus Midstream is advised by Credit Suisse and Bracewell. Blacktone and I Squared Capital is advised by Barclays, Citigroup, Greenhill & Co, Intrepid Advisors, Jefferies & Company, Sidley Austin and Vinson & Elkins.
FaZe Clan, an esports and entertainment organization, agreed to go public via a merger with B. Riley Principal 150 Merger, a blank check company, in a $987m deal.
"We are thrilled to announce this important milestone of FaZe Clan's plans to enter the public market. In our short history, we have evolved from a disruptive content generator to one of the world's most decorated and successful esports franchises, and now into one of the younger generations' most recognized and followed brands globally. We believe FaZe Clan is becoming the voice of youth culture, a brand that sits at the nexus of content, gaming, entertainment and lifestyle in the digital-native world. This transaction will provide us capital and access to the public markets, which will help us accelerate the expansion of our multi-platform and monetization strategy. We are so grateful to the millions of loyal fans who have helped us take FaZe Clan to the next level, without whom this would not have been possible. Lastly, we look forward to working with Dan and Bryant, and the B. Riley team and appreciate their support and confidence," Lee Trink, FaZe Clan CEO.
FaZe Clan is advised by Citigroup, Evolution Media Capital, M. Klein & Co., Skadden Arps Slate Meagher & Flom and Ellipsis. BRPM is advised by B. Riley Securities and White & Case. PIPE placement agent is advised by McDermott Will & Emery.
TowerBrook, an investment management firm, completed the acquisition of ECP-PF Holdings, a developer and operator of fitness clubs, from Exaltare, a private equity firm. Financial terms were not disclosed.
"We are excited to partner with a leading franchisee of Planet Fitness. ECP-PF has a strong track record of growth, and the platform's mission to provide inclusive, affordable fitness aligns well with TowerBrook's purpose-driven value creation focus and Responsible Ownership. The business is well-positioned to continue to expand that mandate to meet the growing demand for new high value, low price fitness clubs across North America," Jonathan Bilzin, TowerBrook Co-President and Managing Director.
TowrBrook was advised by Brightwood Capital, Fifth Third Bancorp, Goodwin Procter, Lathrop GPM and Brunswick Group. Exaltare was advised by Sperry Mitchell & Company and DLA Piper.
Billionaire Carl Icahn is calling on Southwest Gas Holdings to first offer shares to existing shareholders, including himself, if it pushes ahead with selling up to $1bn in equity and equity-linked securities to help finance its takeover of pipeline company Questar.
The activist investor also said in a new letter to the company’s board that he intends to file with regulators to push ahead with his own plans to acquire the shares in Southwest that he doesn’t already own for $75 apiece through a tender offer. The purchases would be made through his Icahn Enterprises, Bloomberg reported.
Southwest Gas is advised by Lazard and Morrison & Foerster. Dominion Energy is advised by Barclays and McGuireWoods.
Silver Lake, a private equity firm, led a $1bn Series D funding round in Thrasio Holdings, a digital consumer goods company. Additional investors include Oaktree Capital, PEAK6 Investments and Corner Capital.
"Thrasio created the Amazon aggregator category, and their innovative approach and impressive growth have brought a lot of attention to this space. We believe Carlos Cashman and his team are well-positioned to accelerate their growth and build the preeminent next-generation, technology-driven consumer goods company. We're excited to partner with Carlos, his team and the existing shareholders as the company enters the next phase of growth," Greg Mondre, Silver Lake Co-CEO.
Thrasio was advised by JP Morgan and Cooley.
Dawson Geophysical, a provider of onshore seismic data acquisition services, agreed to merge with Wilks Brothers, an investment management firm, in a $56m deal.
"Given the limited trading liquidity in our stock, this transaction offers our shareholders compelling value for their shares and the ability to most efficiently realize that value. It also provides Dawson with financial flexibility otherwise not available in the challenging environment in which the Company is currently operating. Our ability to withstand the continued volatile markets is enhanced with this partnership. The Wilks' entities have demonstrated a highly successful track-record and we believe they will be a strong, long-term partner for our employees and customers," Stephen C. Jumper, Dawson Geophysical President and CEO.
Dawson Geophysical is advised by Moelis & Co and Baker Botts.
Ashcroft Capital, an investment firm, agreed to acquire Halston Four Corners and Halston World Gateway, two apartment communities. Financial terms were not disclosed.
"We continue to be strong believers in the Orlando market, and we're excited to add these two core-plus communities to our portfolio. Both Halston Four Corners and Halston World Gateway put residents in prime position to take advantage of Orlando's thriving job market and wide range of entertainment options, and we believe our capital improvements will improve the quality of life for our residents and make each community a more desirable place to live. Our property management arm likes to focus on providing an exceptional resident experience, and that's exactly what we'll do here," Frank Roessler, Ashcroft Founder and CEO.
Ashcroft is advised by LinnellTaylor.
Beringer Capital, a private equity firm, completed the acquisition of a majority stake in Benzinga, a financial media and analytics company. Financial terms were not disclosed.
"We're thrilled to partner with Jason and the team at Benzinga, a company at the forefront of trends affecting the next generation of investors. To date, Benzinga has done a remarkable job of differentiating its offerings and building a vibrant, engaged community across its various platforms. We're looking forward to building on this impressive trajectory, collaborating closely with its team on exciting new offerings that empower more investors to take control of their financial futures," Perry Miele, Beringer Capital Chairman and Managing Partner.
Benzinga was advised by Canaccord Genuity.
AlphaSense, an IT solutions provider, completed the acquisition of Stream by Mosaic, a software and artificial solutions provider, from Mosaic Research Management, a software developer. Financial terms were not disclosed.
"We saw Stream as the market's top expert content engine and a tremendous opportunity in combining it with our Al search technology, helping clients to extract business-critical insights to make quicker and more confident decisions. I'm really excited about partnering with Troy and his team to serve this big market," Jack Kokko, AlphaSense Co-Founder and CEO.
AlphaSense was advised by Vivid+Co.
Blue Wolf Capital, a private equity firm, agreed to acquire CIVCO Radiotherapy, a radiotherapy equipment manufacturer, from Roper Technologies, a diversified technology company. Financial terms were not disclosed.
“We are incredibly pleased to partner with CIVCO Radiotherapy’s leadership team to further strengthen the company’s longstanding leading position in mission-critical radiotherapy products. We look forward to many years of continued growth at CIVCO Radiotherapy,” Jeremy Kogler, Blue Wolf Capital Partner.
Blue Wolf Capital is advised by Joele Frank.
Sibanye Stillwater in talks to buy Santa Rita mines.
Sibanye Stillwater, a South African miner, said it was in talks to buy Santa Rita nickel and Serrote copper mines in Brazil. The discussion is held with funds under Appian Capital Advisory umbrella.
WSJ previously reported the deal would be valued at $1bn, including debt. The deal is expected to be announced in the coming days.
Cat Rock urged Just Eat to sell GrubHub. (FS)
Cat Rock, a holder of a 6.5% stake in Just Eat, a food delivery company, proposed selling the US arm GrubHub to the management.
The investor said the sale or the spin off would improve the valuation of Just Eat as its competitors have gone ahead.
"A deeply depressed stock price poses a real risk to business, limiting its financial and strategic flexibility, inviting competitors to invest in its markets, and leaving the company vulnerable to takeover bids well below its long-term intrinsic value," Alex Captain, Cat Rock Founder.
PayPal abandons Pinterest takeover.
PayPal, a payments company, said it is not looking to acquire Pinterest, an image sharing and social media service, at this time. The announcement came after the media reports about deal talks.
PayPal shares gained 6.2% and Pinterest dropped 10% following the news. Reuters reported that PayPal had offered $70 per share, mainly in stock.
Franklin Templeton-backed Allbirds aims for $2bn valuation in IPO. (FS)
Allbirds, an eco-friendly sneaker maker, is looking to hit the $2bn valuation in a US IPO.
Franklin Templeton-backed company offers 19m shares, with a price range of $12 to $14. At the top of the range, the company would raise about $269m.
Allbirds is advised by Morgan Stanley, JP Morgan and Bank of America.
Warburg Pincus closes $3bn real estate fund. (FS, RE)
Warburg Pincus is set to close its first Asia fund focused on real estate at a $3bn hard cap. The initial plan was to raise $1.5bn.
Asian investors make up half of the limited partners, according to the report. The company has secured $1.5bn in the H1 2021 and decided to raise more to accommodate increased demand.
Blackstone eyes $9bn for Asia real estate fund. (FS, RE)
Blackstone is looking to raise $9bn for Asian real estate fund. The company also resumed fundraising for its $14bn infrastructure fund.
Jonathan Gray, Blackstone CFO, said it had raised $4bn for Blackstone Real Estate Partners Asia III. The plan is to double the figure to around $9bn. Its previous fund secured $7.1bn, which is 30% less.
White Star Capital raises $360m for its third fund. (FS)
White Star Capital, a multi-stage global technology investment platform, announced it has secured $360m for its third flagship fund, above its original target of $300m, to invest in exceptional entrepreneurs building ambitious, global businesses.
White Star Capital plans to deploy initial investments between $5m and $15m in 15 to 20 startups across North America, Europe and Asia seeking financing at Series A and beyond.
"Our philosophy has always been to partner with founders who have global ambitions and support them through our deep networks and regional expertise across nine locations in North America, Europe and Asia. With the opening of an office in Singapore, the firm has cemented its position as the partner of choice for founders building truly global businesses. Our funds are top-decile performers and our growing global team looks forward to building upon our proven global platform model," Eric Martineau-Fortin, White Star Capital Founder and Managing Partner.
EMEA
Veolia Environnement hopes European Union regulators to approve its bid for Suez to create a global water and waste giant, Bloomberg reported.
The European Commission gave the companies an initial November 30 deadline which may allow them close the deal this year if they manage to address any antitrust concerns. Regulators usually want to see "clear-cut" divestments to grant quick approval.
Suez Group is advised by Goldman Sachs, JP Morgan, PJT Partners, Rothschild & Co, Societe Generale, Bredin Prat, Darrois Villey Maillot Brochier, Sullivan & Cromwell, Wachtell Lipton Rosen & Katz and Brunswick Group. Ardian is advised by Linklaters and Headland Consultancy. Veolia is advised by Bank of America, Citigroup, Credit Agricole, HSBC, Messier Maris & Associes, Morgan Stanley, Perella Weinberg Partners, Cleary Gottlieb Steen & Hamilton, Flichy Grange Avocats, Gide Loyrette Nouel, Hogan Lovells, Patrice Gassenbach, Peltier Juvigny Marpeau & Associes, Xavier Boucobza and Image Sept. Engie is advised by BNP Paribas, Centerview Partners, Credit Suisse, Lazard, d'Angelin & Co, Weil Gotshal and Manges, Estudio de Comunicacion and Havas Paris.
Hellman & Friedman and EQT Private Equity, the two rival private equity bidders for German online pet supplies retailer Zooplus have teamed up to launch an improved cash offer valuing the target at $4.3bn as they look to tap into a market that has boomed during the pandemic.
Zooplus said that its management and supervisory boards strongly recommended shareholders accept the sweetened offer from Hellman & Friedman and EQT Private Equity, which previously fought a bidding war for the supplier of cat and dog food brands such as Eukanuba, Pedigree and Royal Canin.
“With this offer by H&F in partnership with EQT, our shareholders now have the clarity and ability to take an informed tender decision and realize a remarkable 85 percent premium,” Cornelius Patt Zooplus CEO.
Zooplus is advised by Goldman Sachs, Buntscheck Rechtsanwaltsgesellschaft, GLNS Rechtsanwalte Steuerberater and Finsbury Glover Hering. Goldman Sachs is advised by Sullivan & Cromwell. EQT is advised by Deutsche Bank, Milbank and Kekst CNC. Hellman & Friedman is advised by JP Morgan, goetzpartners and Freshfields Bruckhaus Deringer.
Navitas Semiconductor, a manufacturer of GaN Power ICs, went public via a SPAC merger with Live Oak Acquisition II, a special purposes acquisition company, in a $1.4bn deal.
“Navitas was formed with the vision to revolutionize the world of power electronics while addressing significant sustainability challenges for our planet. Not only has Navitas’ world-class team invented and patented revolutionary new technology, but we have also overcome all the key hurdles associated with successfully bringing it to market. We are proud to enter the public capital markets with strong operating momentum and investor partners who share our enthusiasm for our long-term mission," Gene Sheridan, Navitas Co-Founder and CEO.
Navitas Semiconductor was advised by Deutsche Bank, Jefferies & Company and Grand Bridges. Live Oak Acquisition II was advised by Morrow Sodali Global, Bank of America, Jefferies & Company, Nomura, Arthur Cox, DLA Piper, Vinson & Elkins and Blueshirt Group. Financial advisors to Live Oak are advised by Winston & Strawn. Atlantic Bridge was advised by William Fry.
Platinum Equity-backed Biscuit International, a manufacturer of private label biscuits, agreed to acquire Continental Bakeries, a manufacturer of sweet biscuits, from Goldman Sachs Asset Management. Financial terms were not disclosed.
“The proposed acquisition of Continental Bakeries is a game changer for Biscuit International. Continental Bakeries is a very well-established company in Europe and its addition to our Group will be transformational, leveraging on a strong strategic fit in terms of product and geographic complementarity. The transaction will be a considerable milestone in our pursuit to create the European leader of private label biscuits, for the benefit of our European customers and their consumers. We look forward to unlocking further synergies and market opportunities to reveal the full potential of this combination. I would also like to take this opportunity to thank Platinum Equity for their commitment and financial support throughout this transaction," Giampaolo Schiratti, Biscuit International CEO.
Continental Bakeries is advised by Rothschild & Co. Biscuit International is advised by OC&C Strategy Consultants, Alvarez & Marsal, Houlihan Lokey, Latham & Watkins and Brunswick Group.
Ardian, a private equity firm, agreed to acquire Mila, a telecommunication and fiber optics services provider, from Siminn, a telecommunication company, for $606m.
"To be recognised by a world-leading private investment house is evidence of the strength of our business. "At the same time this is an exciting turning point for Míla. Ardian‘s financial support, experience and knowledge will enable us to develop our network even further and fulfill our mission to connect Iceland to the future," Jón Ríkharð Kristjánsson, Mila CEO.
Ardian is advised by Rothschild & Co and Headland Consultancy. Siminn is advised by AT Kearney, Bank of Iceland, Lazard and Logos.
AFRY, an engineering, consulting and design company, ageed to acquire Vahanen, a construction engineering company. Financial terms were not disclosed.
“AFRY’s aim is to strengthen our position in the Nordics. With Vahanen we can bring width and depth to AFRY’s services to the Finnish real estate market and strengthen our environmental services, allowing us to deliver larger and more complex projects. Vahanen’s strong competence and lifecycle management services will enable us to accelerate sustainable solutions, and drive digital services in real estate – both of which are key cornerstones of our strategy,” Jonas Gustavsson, AFRY President & CEO.
AFRY is advised by Krogerus.
ironSource, a business platform for the App Economy, agreed to acquire Bidalgo, a marketing software company. Financial terms were not disclosed.
“This acquisition is part of a wider strategy, which includes the acquisition of Luna Labs earlier this year, to build a full marketing stack within the ironSource platform. The combination will give app marketers an end-to-end solution for their entire marketing operation in one place, from creating ads through managing campaigns across channels and optimizing them," Omer Kaplan, ironSource CRO and Co-Founder.
ironSource is advised by Finsbury Glover Hering.
Volvo Car cut offering by 20% to $2.3bn.
Volvo Car, a Swedish car manufacturer, has cut its IPO size by 20% to $2.3bn. It also priced the shares at the lowest point of the range at c. $6 per share.
Volvo's ambition is to move to producing solely electric vehicles by 2030 and build a battery plant in Europe. The funds will be used to increase the carmaking capacity to boost sales by 2025.
HSBC boosted profit by 74%, announced $2bn buyback.
British banking group HSBC announced 74% profit, ending concerns with bad loans and property in China. The main driver of the profit growth was mainly driven by the release of cash reserves set aside in anticipation of pandemic-induced defaults, Reuters reported.
"You should also look at the buyback as a measure of the confidence that we have at the moment that we are not unduly concerned about our exposures in China," Ewen Stevenson, HSBC CFO.
FC Porto considers stake sale.
FC Porto, a Portuguese soccer club, is considering the stake sale and has been approached by potential buyers, Bloomberg reported.
The work on the possible deal had reportedly begun, and the company hired a sports advisory firm Certus Capital to verify the investors. FC Porto owners are interested in selling a minority stake.
Epta seeks banks for IPO.
Epta, a multinational group in commercial refrigeration, is seeking an investment bank for its upcoming IPO, Bloomberg reported. The company has reportedly already hired Rothschild as an adviser.
"Epta has been considering an IPO for a few years. The timing will depend on shareholders when market conditions are right," Marco Nocivelli, Epta CEO.
APAC
Carlyle plans to raise $1bn in bonds to finance the acquisition of Hexaware, a provider of information technology, business process outsourcing and consulting services.
The $1bn worth of notes due 2026 will be provided over CA Magnum, a SPAC backed by Carlyle, to close the proposed deal. The bond has already been rated B1.
Baring is advised by Barclays and JP Morgan.
Tiger Global and Vitruvian led a $100m Series E funding round in Porter. (FS)
Tiger Global, an investment company, and Vitruvian, a private equity firm, led a $100m Series E funding round in Porter, a logistics company. Additional investors include Sequoia Capital India and Lightrock India.
"We are excited to welcome the two marquee global funds with a great track record of backing enduring businesses the world over. This funding round, in the current economic scenario, is a testament to the execution of the entire Porter team. The idea behind Porter was to solve the existing market gap between demand and supply by creating a tech-enabled liquid marketplace to drive better vehicle utilisation and service levels for our users," Pranav Goel, Porter CEO.
Porter was advised by IndigoEdge.
Australian Government-backed Telstra, a telecommunications company, agreed to acquire Digicel Pacific, a mobile phone network and home entertainment provider, for $1.6bn.
"On completion of the deal, Digicel Pacific will be run as a separate business within our International division – this will include maintaining separate P&L and IT systems. We will also retain the same Digicel brand that its customers across the Pacific region know and love, and the Digicel Pacific management team will continue the day-to-day running of the business," Andrew Penn, Telstra CEO.
EIG, an institutional investor, agreed to acquire 10% interest in APLNG, a producer of natural gas, from Origin Energy, an energy company, for $1.6bn.
"This is a groundbreaking transaction that reflects our strong confidence in the asset, our partners, and the importance of LNG as a critical enabler of the energy transition. The transaction leverages EIG's extensive experience in global LNG to deliver an attractive, steady stream of cash flows for our investors," R Blair Thomas, EIG Chairman and CEO.
Iconiq Growth, a private equity firm, led a $251m Series E funding round in Groww, a wealth management and investment platform. Additional investors include Sequoia Capital, Ribbit Capital, YC Continuity, Tiger Global, Propel Venture Partners, Alkeon, Lone Pine Capital and Steadfast.
Groww is expected to use the proceeds from the latest round to expand its technology infra and widen its reach to under-penetrated regions. It will also be using the funds to continue making significant investments in creating financial education and awareness about investment products.
“Groww is already among the leading investment platforms in India, showcasing strong unit economics and customer cohorts. We are excited to participate in its vision to be the primary financial platform for Indian consumers," Yoonkee Sull, Iconiq Growth Partner.
Japan falls $1bn short in Japan Post sale.
The Japanese government will get $7.4bn from the sale of post giant Japan Post, which is $1bn below the initial target.
Since Japan announced sale plans on October 6, 2021, the company's shares fell by 9.6%. The sale of shares includes the transfer of interest to both Japanese and international investors, but Japan Post will purchase back 3.5% of the company.
Privatization of Bharat Petroleum hit a financial roadblock. (FS)
Bloomberg reported that India's plan to privatize Bharat Petroleum, an oil and gas company, has hit a financial roadblock as bidders struggle to find partners and spread their financial risks.
Vedanta, Apollo, and I Squared, three buyers, are currently in talks with sovereign and pension funds as well as global energy giants but have not reached a favorable conclusion yet.
ESR Cayman closes Japan Income Fund at $750m mark.
ESR Cayman, a logistics real estate platform, closes Japan Income Fund at $750m in commitments. JIF received commitments from existing investors and a new backer as well as top Asian Sovereign Wealth Fund GIC.
ESR plans to boost the portfolio to above $10bn over the course of five years.
"The secular trends fueling modern logistics real estate growth are still nascent. Logistics facilities are getting larger and larger to meet the increasingly complex needs of tenants and we are now seeing $1bn warehousing values. The Japan Income Fund's scalable structure combines diversification with capacity to meet this increasing capital intensity," Stuart Gibson, ESR Co-Founder and Co-CEO.
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