Tailwind, a special acquisition company, and NUBURU, an innovator in high power and high brightness industrial blue laser technology, announced that at a special meeting of the shareholders, Tailwind’s shareholders voted to approve the previously announced business combination between Tailwind and NUBURU as well as other proposals related to the business combination.
“As electrification and advances in manufacturing drive growth in our target markets, this capital infusion is intended to provide continued momentum for NUBURU,” Mark Zediker, NUBURU CEO, Co-Founder and President.
NUBURU is advised by WithumSmith+Brow, Loop Capital Markets, Wilson Sonsini Goodrich & Rosati, Morrison & Foerster, and Blueshirt Group (led by Mark Roberts and Michael Anderson). Tailwind is advised by Tigress Financial Partners, Willkie Farr & Gallagher (led by Danielle Scalzo and Adam M. Turteltaub), Morrison & Foerster and Moxie Communications Group.
Global Infrastructure Solutions, a provider of ownership transition management services intended to connect industries and individuals across disciplines and organizations, completed the merger with Hill International, an American construction consulting firm, in a $173m deal.
"Hill International is the largest independent project management and construction management for-fee firm serving global infrastructure markets. Growing this segment of GISI's consulting platform has been a strategic priority since our 2016 inception. Hill International's addition to the GISI family of companies enables us to extend our value proposition to more clients, employees, our shareholders, and the communities we serve," Rick Newman, GISI President and CEO.
Hill International was advised by Houlihan Lokey, Duane Morris and The Equity Group. Houlihan Lokey was advised by Sullivan & Cromwell (led by Stephen M. Kotran). GISI was advised by UBS, Cooley (led by John-Paul Motley and Steven Tonsfeldt) and Sharpe Capital Communications.
Flora Growth, a cannabis company, completed the acquisition of Franchise Global Health, a medical cannabis company. Financial terms were not disclosed.
“We view this acquisition as transformational as Flora pursues its strategic growth plan to lead the global market for cannabis and its derivatives. Flora has now secured a crucial footprint in an established international cannabis market, providing a unique opportunity for operational synergies and diversified growth. The acquisition adds to our distribution network, expanding our client base, and increases our ability to distribute wholesale cannabis products at scale into the European Union," Luis Merchan, Flora Chairman and CEO.
Altus Power, an independent developer, owner, and operator of commercial-scale solar facilities, agreed to acquire the 220MW solar assets from True Green Capital, a portfolio of solar projects, for $293m.
"Altus Power's capacity to execute with efficiency and focus on building long-term relationships has made them an extremely valuable partner in both of our transactions. They share our founding belief that commercial-scale distributed solar generation is the most attractive segment of our industry. Our collaboration has facilitated TGC's successful forays into new solar markets," Panos Ninios, TGC Managing Partner and Co-Founder.
Debt financing for Altus Power is provided by Blackstone (led by Robert Camacho).
Chantiers Chibougamau, a forestry company, agreed to acquire La Sarre and Béarn sawmills and Abitibi and Témiscamingue forestry operations from GreenFirst, a forest-first business focused on sustainable forest management and lumber production, for $90m.
"This divestiture represents a unique opportunity to unlock shareholder value and concentrate on our operations in Ontario, where we will continue to focus and invest. We thank all of our dedicated Québec-based employees for their longstanding effort and support. We are committed to ensuring a smooth transition to the family-based Chantiers Chibougamau. This transaction is a win-win for both Chantiers Chibougamau and GreenFirst as it strengthens the alignment of each company's primary focus and growth strategies," Paul Rivett, GreenFirst Chairman.
Torque Capital, a private equity firm, completed the acquisition of Metal Forming & Coining, a manufacturer of advanced, highly engineered flow-formed, and cold-formed components and assemblies, primarily serving transmission and propulsion applications in the automotive and truck markets. Financial terms were not disclosed.
"For nearly seventy years, MFC / Netform has had a reputation as a leading, differentiated supplier to the transportation markets. In an industry focused on price, MFC / Netform has thrived given its ability to consolidate manufacturing processes, eliminate waste and reduce costs for its blue-chip customer base. We are excited to partner with this talented team and support the company in its next phase of growth," Terry Culmone, Torque Capital Partner.
Investment AB Latour-backed Bemsiq, a firm providing building automation services, completed the acquisition of DENT Instruments, a firm engaged in designing, manufacturing, supplying, and selling products and various accessories for the metering industry. Financial terms were not disclosed.
"We want to give our warmest welcome to all DENT's employees. We have been able to get to know the company well and are impressed by them and their high-quality products. The acquisition strengthens our metering business, underlines our growth strategy in North America, and our ambition to expand our global market presence further," Mikael Johnsson Albrektsson, Bemsiq CEO.
Arthur J Gallagher, a global insurance brokerage and risk management services firm, completed the acquisition of ROC Group, an employee communication agency specializing in human resources and enterprise change solutions. Financial terms were not disclosed.
"ROC Group is a leading employee communication firm with an outstanding culture, and their products and services complement our existing benefits and HR offerings. I am delighted to welcome Jan and her associates to Gallagher," J. Patrick Gallagher, Arthur J Gallagher Chairman, President and CEO.
Hilb Group, a property and casualty and employee benefits insurance brokerage and advisory firm, completed the acquisition of OceanPoint Insurance, an insurance agency. Financial terms were not disclosed.
"Joining the Hilb Group presents an exciting opportunity for our business and those we serve. The partnership we have created will deliver greater access to resources for our agency, our employees, and our customers. We approached this process carefully and realized that the Hilb Group's service-driven culture represented the ideal fit for our team and the customers that depend on us," Doug Mayhew, OceanPoint Principal.
ASSA ABLOY, an access solutions provider, completed the acquisition of Janam Technologies, a provider of handheld mobile computers and readers. Financial terms were not disclosed.
"I am very pleased to welcome Janam into the ASSA ABLOY Group. Janam is a strategic technological addition to the ASSA ABLOY Group and reinforces our current RFID offering and provides complementary growth opportunities," Nico Delvaux, ASSA ABLOY President and CEO.
Dealmakers face challenges from the US government to mergers.
Investment bankers and deal lawyers accustomed to regulatory hurdles to their mergers face an unprecedented challenge under US President Joe Biden - antitrust watchdogs who are undaunted when they lose such battles in court, Reuters reported.
The US Justice Department and Federal Trade Commission have attempted to thwart 22 mergers since Biden came into office in January 2021. That outnumbers the antitrust challenges during the first two years of former President Barack Obama's first term in office and is twice as many as in Donald Trump's first two years.
Justin Bieber might sell his $200m worth of music rights to Hipgnosis. (FS)
Justin Bieber is nearing a deal to sell his music rights to Blackstone-backed Hipgnosis Songs Capital. The deal is valued at around $200m and includes his interest in both his publishing and recorded music catalogs.
News of Bieber's reported deal comes seven months after another pop superstar Justin Timberlake sold his song catalog to Hipgnosis in a deal worth $100m.
Wall Street's big banks near $1tn profits in decade.
Analyst estimates show that Wall Street's big banks are quickly closing in on that feat — $1tn in a 10-year period — and that if they don't reach the milestone at the end of this month, they will sometime in the first few weeks of 2023, Bloomberg reported.
In a decade of public anger at the banks, tougher rules, geopolitical havoc, the pandemic and some treacherous market swings, banks "were able to cope with all of that, and not only cope with it but earn $1tn," Betsy Duke, former Federal Reserve governor and former Wells Fargo Chairperson.
Latam M&A transactions expect to rise in 2023.
After a sharp drop in Latin American deals in 2022, bankers expect a slow recovery next year, led by M&A. IPOs may take longer to resume, due to high global interest rates, Reuters reported.
Bankers predict M&A volumes will grow up to 20% in the region next year as Latin America becomes more relevant among emerging markets. Many emerging market investors have already backed out of Russia due to the war in Ukraine, and are now reducing exposure to China, worried over the impact of erratic Covid policies, tension with Washington and opaque finances of Chinese firms.
Jadwa Investment plans $532m deals and possible listing. (FS)
Saudi Arabia's Jadwa Investment plans to invest about $532m in new private equity deals and to list stakes in three of its portfolio companies by 2025 as it looks to capitalize on rapid economic growth in the region, Bloomberg reported.
The private equity firm is in advanced talks to complete two private equity deals in the next 12 months, and is focusing on consumer and healthcare industries.
Mitsubishi UFJ, a Japanese megabank, agreed to invest $200m in Akulaku, a banking and digital finance platform in Southeast Asia.
"Akulaku's emphasis on emerging markets has highlighted a vast, underserved audience in the banking industry. By partnering with MUFG, another innovative financial institution, we will have the knowledge, resources, and services to meet the long-term needs of our growing customer base. Both companies will benefit from shared skills and knowledge, which will enable us to expand both our products and geographical reach," Akulaku.
Akulaku is advised by Morgan Stanley and Kirkland & Ellis.
Promoter group entities to sell 4.6% stake in Ajanta Pharma via block deal.
Entities of Ajanta Pharma, a specialty pharmaceutical company, Ayush Agarwal Trust, and Ravi Agarwal Trust plan to sell a 4.6% stake in the drugmaker through a block deal.
The sale of shares was executed by way of the screen-based trading platform of the BSE and NSE for an aggregate amount of $86m. The minimum price they plan to offer for sale is $14.68, a 5% discount on the current market price. The transaction involved the sale of 58.4m equity shares of Ajanta Pharma, comprising 17.9m equity shares held by Ravi Agrawal Trust and 40m equity shares held by Aayush Agrawal Trust.
Jefferies & Company has been appointed as the broker to conduct the transaction. Jefferies was advised by Cyril Amarchand Mangaldas.
SK denies assets disposal rumor.
South Korean behemoth SK Group denied a report that it was seeking the disposal of several assets in Southeast Asia, DealStreetAsia reported.
The Korea Economic Daily had reported that SK was considering the sale of its stake in six companies in Vietnam and one in Malaysia, including a 6.1% stake in Vietnam's largest conglomerate Vingroup, a 9.5% stake in diversified business Masan Group, a 14.5% stake in pharmacy retail chain Pharmacity, a 54% stake in pharmaceutical company Imexpharm, a 16.3% stake in retailer VinCommerce, a 4.9% stake in The CrownX, and a stake in BigPay — the fintech arm of Malaysia's Capital A.
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