Amazon agreed to acquire Metro-Goldwyn-Mayer, an entertainment company that produces and distributes motion pictures, television programming, home video, interactive media, and music, from a consortium of investors that includes Anchorage Capital Group, Highland Capital Partners, Davidson Kempner Capital Management, Solus Alternative Asset Management and Owl Creek Asset Management, for $8.5bn.
"On behalf of the board, I would like to thank the MGM team who have helped us arrive at this historic day. I am very proud that MGM’s Lion, which has long evoked the Golden Age of Hollywood, will continue its storied history, and the idea born from the creation of United Artists lives on in a way the founders originally intended, driven by the talent and their vision. The opportunity to align MGM’s storied history with Amazon is an inspiring combination," Kevin Ulrich, MGM Chairman of the Board of Directors.
MGM is advised by LionTree, Morgan Stanley, Cleary Gottlieb Steen & Hamilton, Latham & Watkins, Paul, Weiss, Rifkind, Wharton & Garrison. LionTree, Morgan Stanley are advised by Paul Hastings. Amazon is advised by Cravath, Swaine & Moore.
Avangrid, a sustainable energy company, announced today that it has received Nuclear Regulatory Commission approval for its proposed PNM Resources merger. NRC approval represents the sixth governmental approval. The only remaining approval is from the New Mexico Public Regulation Commission.
“This merger brings many benefits to customers and communities in New Mexico and we are encouraged by the continued approvals. We look forward to working with PNM and the people of New Mexico to spur economic growth and accelerate the clean energy transformation," Dennis V. Arriola, Avangrid CEO.
PNM Resources is advised by Evercore and Troutman Pepper. Evercore is advised by Fried Frank Harris Shriver & Jacobson. Avangrid is advised by BNP Paribas, Morgan Stanley, Garrigues, Latham & Watkins and FTI Consulting.
P3 Health Partners, a health population management group, agreed to go public via a SPAC merger with Foresight Acquisition, a blank check company, in a $2.3bn deal. Investors in PIPE include Fidelity Management & Research and Janus Henderson.
“Today marks an important milestone in our mission to transform healthcare for patients, providers, and payors through value-based care. We have the right team and delivery model to help physicians and payors accelerate the move to value-based care within a growing market for Medicare beneficiaries. As a public company, we will continue to provide a differentiated approach to patient care for all key stakeholders while delivering proven care outcomes and enhancing patient and provider satisfaction," Sherif Abdou, P3 CEO.
Foresight Acquisition is advised by Cowen & Company, JP Morgan, William Blair & Co, Mayer Brown, Greenberg Traurig and Gateway Investor Relations. P3 Health is advised by JP Morgan and Latham & Watkins.
Financial services companies Huntington Bancshares and TCF Financial, announced that they had received all the remaining approvals for the completion of the $6.1bn merger.
TCF and Horizon Bank will be providing additional information to customers of the branches slated for divestiture, which is expected to be completed by the end of the 2021 third quarter, subject to regulatory approval and other customary closing conditions, including completion of the merger of Huntington and TCF.
TCF Financial is advised by Keefe Bruyette & Woods, Stifel and Simpson Thacher & Bartlett. Huntington is advised by Goldman Sachs and Wachtell Lipton Rosen & Katz. Goldman Sachs is advised by Fried Frank Harris Shriver & Jacobson.
Charlesbank Capital Partners, a private equity firm, agreed to acquire a majority stake in Lido Advisors, a financial planning company. Financial terms were not disclosed.
“Lido has proven to be an unparalleled home for clients and financial advisors alike, and we are excited to leverage our experience and network to accelerate its organic growth and M&A strategy," Michael Choe, Charlesbank Managing Director & CEO.
Lido Advisors is advised by Piper Sandler, Herrick & Feinstein and Sheppard Mullin Richter & Hampton. Charlesbank is advised by Ardea Partners, Alston & Bird and Ropes & Gray.
Smart Eye, a developer of products for eye tracking, agreed to acquire Affectiva, a developer of application software for marketing research and communications, for $74m.
"Affectiva’s pioneering work in establishing the field of Emotion AI has served as a powerful platform for bringing this technology to market at scale. At the end of the day, this is about saving lives and bridging the gap between humans and machines. In the future, looking back at this moment in time," Martin Krantz, Smart Eye Founder and CEO.
Affectiva is advised by March Communications. Smart Eye is advised by Carnegie Investment Bank, Deloitte, Morse Barnes-Brown & Pendleton and Vinge.
Cerberus Capital-backed Electrical Components International, supplier of wire harnesses, electrical components, and sub-assemblies, completed the acquisition of Omni Connection International, a manufacturer of wire harnesses and connection systems. Financial terms were not disclosed.
“With its leading electrical architecture solutions and strong engineering capabilities, the company has established longstanding relationships with tier one automotive suppliers. By bringing together ECI’s and Omni’s complementary platforms, we will be able to capture significant growth opportunities in this strategic end market," Michael Balsei, ECI CEO.
Electrical Components was advised by Barclays and Debevoise & Plimpton. Cerberus Capital was advised by Sard Verbinnen & Co. Omni Connection was advised by Deloitte and Stradling Yocca Carlson & Rauth.
Two private equity firms Warburg Pincus and Cove Hill Partners agreed to acquire a minority stake in NetDocuments, a cloud-based document and email management service, from Clearlake Capital, a private investment firm. Financial terms were not disclosed.
"The partnership with Warburg Pincus provides tremendous potential to not only strengthen existing customer relationships but tap into new opportunities and markets to become the foundational software for legal professionals. We are excited to work with Warburg Pincus and Cove Hill on the Company's next phase of growth and would like to thank Clearlake for their close partnership with our team and for their strategic insight over the years," Josh Baxter, NetDocuments CEO.
NetDocuments is advised by William Blair & Co and Envision Agency. Clearlake is advised by Lambert & Co. Warburg Pincus is advised by Kirkland & Ellis.
StoneCo, a fintech company, agreed to acquire a 5% stake in Banco Inter, a digital banking institution, for c. $471m.
The investment will be implemented through a Follow-On Public Offering conducted by Banco Inter whereby Stone will act as a cornerstone investor at a fixed price per share of $10.8, already taking into consideration the split of Banco Inter’s shares as approved on May 20, 2021.
StoneCo is advised by JP Morgan, Mattos Filho and Spinelli Advogados.
An investment consortium that includes Barinboim Group, Leumi Partners and Menora Mivtachim Insurance, agreed to acquire Finalto, a specialist in B2C and B2B multi-channel trading software and services, from Playtech, a supplier of online gaming software, for $210m.
"Playtech has a stated strategy to simplify the Group and today’s announcement is the conclusion of a two year process in which Playtech has explored all routes to maximise value and certainty for shareholders from Finalto. The sale also offers a good outcome for all stakeholders in the Finalto Business, providing certainty for colleagues, customers and trading counterparties. The Consortium has a deep understanding of the Finalto Business and the markets in which it operates and we wish our colleagues every future success," Mor Weizer, Playtech CEO.
Playtech is advised by Goodbody, UBS and Headland Consultancy.
Gryphon Investors-backed Physical Rehabilitation Network, a physical therapy provider, agreed to acquire Rocklin Physical Therapy, a California-based physical therapy clinic. Financial terms were not disclosed.
"Rocklin PT founder John Zieour has done an incredible job of establishing the practice as the preferred care hub for high-caliber athletes as well as those injured on the job, so we are eager to build on the team’s successes and to support their leading and affordable injury prevention and management programs," Ajay Gupta, Physical Rehabilitation Network CEO.
PRN is advised by PricewaterhouseCoopers, Bass Berry & Sims and FTI Consulting.
One Rock Capital Partners-backed CentroMotion, a manufacturer of motion, actuation and control solutions, agreed to acquire Carlisle Brake & Friction, a solutions provider of high performance and severe duty brake, from Carlisle Companies, a diversified industrial company, for c. $375m.
"The divestiture of Brake & Friction is consistent with our Vision 2025 strategy to simplify our portfolio, which, we believe, will deliver better returns for our shareholders. As we enter a post-Covid-19 world, this transaction also aligns with Carlisle’s pivot to focusing on expansion of our building products segment," Chris Koch, Carlisle Companies Chairman, President and CEO.
CentroMotion is advised by Gasthalter & Co. Carlisle Companies is advised by Guggenheim Partners.
NexPhase-backed KnowFully Learning Group, an end-to-end professional education platform, agreed to acquire Creative Educational Concepts, an inter-professional continuing education for physicians, pharmacists, nurses and related members of the healthcare team, from The Income Tax School, a national standard for tax preparation training and provides e-learning. Financial terms were not disclosed.
"Creative Educational Concepts has a strong reputation in continuing medical education and provides a new depth and breadth to KnowFully's healthcare education. We're excited for Dr. Fowler, along with rest of the CEC team, to join the KnowFully family and bring their unique approach to a wide spectrum of therapeutic areas, healthcare professionals and formats," Eric Cantor, KnowFully CEO.
NexPhase is advised by Joele Frank.The Income Tax School is advised by Transact Capital Partners.
MSA Safety, a company engaged in the development, manufacture and supply of safety products, agreed to acquire Bacharach, a provider of heating, ventilation, air-conditioning and refrigeration services, from FFL Partners, a private equity firm, for $337m.
"The acquisition of Bacharach accelerates our long-term growth strategy to expand our addressable market in applications that align with MSA's mission and core technologies. With a leading detection portfolio and strong brand, Bacharach provides access to attractive end markets while aligning exceptionally well with MSA's product and manufacturing expertise," Nish Vartanian, MSA Chairman, President and CEO.
Stewart Information Services, a customer-focused, global title insurance and real estate services company, agreed to acquire Cloudvirga, an intelligent digital mortgage platform. Financial terms were not disclosed.
"Combined with our newly acquired capabilities such as RON, a notary network and valuation services, Cloudvirga’s platform will accelerate our digital offerings in all markets, complement our existing capabilities and enhance our ability to provide customers with end-to-end mortgage services and solutions," Fred Eppinger, Stewart CEO.
Morgan Stanley Capital Partners completed the investment in Sila Heating & Air Conditioning, a HVAC solutions provider, from Dubin Clark & Company, a private equity firm. Financial terms were not disclosed.
“We are excited to partner with Sila and its talented management team as they continue to build the company into the leading residential services platform in the Northeast. Sila’s track record of consistent growth and strong, client-centric culture are a testament to what the management team has built over the past 30 years," Adam Shaw, MSCP Managing Director and Head of Business Services.
Softbank Vision Fund 2 led a $775m Series A funding round in Perch, a technology-driven commerce company that acquires and operates top Amazon third-party and other D2C brands at scale. Spark Capital and Victory Park Capital participated in the round.
"This investment is a powerful validation of our amazingly talented team, data-first playbooks, and long-term vision. This isn't a standard roll-up play; we're meaningfully investing in our brands and a unifying technology platform. Our highly analytical and tech-first approach allows us to innovate and automate at scale, driving efficiencies from supply chain logistics to listing optimization. We plan to use these funds to invest in the team and platform, drive additional brand upside through additional channels and geographies, and continue to acquire the best products and brands," Chris Bell, Perch CEO.
Fidelity Management, a multinational financial services corporation, led a $300m Series C funding round in Bowery Farming, a vertical farming company. Additional investors include GV, General Catalyst, GGV Capital, Temasek, Groupe Artémis, Amplo and Gaingels.
"Bowery's approach to indoor farming represents a meaningful disruption to the traditional produce supply chain, and its systems-based approach to engineering and farm design is unparalleled. I look forward to continuing to partner with the Bowery team as they build and scale the largest indoor farming network in the US and bring more sustainable produce to consumers," Andy Wheeler, GV General Partner.
Neuberger Berman, an investment management firm, led a $160m Series D funding round in Akili Interactive, a prescription digital medicine company. The round had participation from investors Polaris Partners, Mirae Assets, Shionogi, New Leaf Venture Partners; Dave Baszucki, QUAD Investment, Ladera Venture Partners, Temasek, Baillie Gifford, JAZZ Venture Partners, Evidity Health Capital, Omidyar Technology Ventures, Fearless Ventures, Amgen Ventures and M Ventures.
"This is the latest milestone in what has been a revolutionary journey for Akili. It will enable us to bring EndeavorRx to as many appropriate patients as possible, advance our core technology, expand our global footprint, and fund research across a wide range of cognitive impairments," Santosh Shanbhag, Akili CFO.
Private equity companies TCV and Dragoneer led a $100m Series E funding round in FarEye, a global delivery management platform. Additional investors include Eight Roads Ventures, Fundamentum and Honeywell.
"The funding is very timely for the delivery and logistics sector as we have seen consumers spending $861bn online with US retailers in 2020, up 44% from $598bn in 2019. The growth and the digital transformation in the logistics sector has created an opportunity for software platforms like FarEye to provide a superior customer experience. Our ambition is to enable thousands of businesses to provide Amazon-Prime-like delivery experience, and we aim to drive innovations that re-imagine how deliveries are being managed globally," Kushal Nahata, FarEye CEO and Co-Founder.
Bluebell Capital Partners, an investment fund, wants Vivendi, a French media group, to sweeten the spin-off of Universal Music Group, a music company, with an extra cash dividend. This will help minority shareholders to take more advantage of the deal.
Vivendi is planning to cash in on its crown jewel, which is valued at $40.43bn. In a transaction involving an Amsterdam listing, Vivendi aims to distribute 60% of Universal's capital in kind to existing shareholders.
Siemens Mobility, a manufacturer of electrical equipment, agreed to acquire RailTerm, a North American corporation which provides rail operation services. Financial terms were not disclosed.
“As a provider of some of the world’s best technologies, Siemens Mobility has learned the benefit that comes from relying on local expertise and knowledge to ensure that the technologies work best for their end-users. We’ve seen local companies benefit from access to more know-how and projects that Siemens Mobility can bring from other markets and, conversely, introducing Canadian companies to its worldwide supply chain," Yves Desjardins-Siciliano, Siemens Mobility CEO.
Henry Schein One, a dental practice management software company, completed the acquisition of an 80% stake in Jarvis Analytics, a business intelligence platform for dental groups and practices. Financial terms were not disclosed.
“This partnership further demonstrates our commitment to offer the latest advances in technology through Henry Schein One, making it possible for dental practices to improve nearly every aspect of their business management. We look forward to a strong partnership with Jarvis that will enable dental teams to use data more effectively to build a better business," Stanley M. Bergman, Henry Schein Chairman of the Board and CEO.
Keysight Technologies, an electronic measurement company, completed the acquisition of Quantum Benchmark, a software solution provider. Financial terms were not disclosed.
"Joining forces with Keysight is a strategic and timely opportunity to accelerate the development and delivery of our industry-leading solutions. Together, we bring the world closer to achieving the break-through applications of quantum computing including the design of energy-efficient materials, the acceleration of drug discovery, the promise of quantum machine learning, and so much more," Joseph Emerson, Quantum Benchmark CEO, Founder and Chief Scientist.
Real estate development firms Terracor Real Estate and Freestone Commercial Real Estate completed the formation of a joint venture, Merit Commercial Real Estate, a real estate development and brokerage firm. Financial terms were not disclosed.
"Our business philosophy and personal values also align in that we believe we are here to serve our team members, which allows them to best serve our clients. All of our team members have the opportunity to participate in the wealth creation process at Merit. It's all about the team," Ryan Harrison, Merit Commercial Real Estate Co-CEO.
BlackRock and New Mexico Pension to back $700m secondary deal. (FS)
A BlackRock unit and the New Mexico Educational Retirement Board are co-leading a roughly $700m deal to give aerospace and power generation investor AE Industrial Partners more time to manage certain prized assets.
BlackRock’s secondary and liquidity solutions team and the New Mexico pension are leading the formation of a new fund to acquire at least two assets from Boca Raton, Florida-based AE Industrial’s debut fund, AE Industrial Partners Fund I. The debut fund closed in 2016 with $680m.
The deal is the latest in a line of such transactions, typically referred to as general partner-led secondary deals, which allow fund managers to secure more time and capital to maximize returns for companies that they have backed through prior funds, often ones that are approaching the end of their investment periods. In many cases, the fund managers will raise a new vehicle, called a continuation fund, to acquire the assets they want to continue holding, WSJ reported.
Paymentus announced the pricing of IPO at $21 per share.
Paymentus Holdings, a provider of cloud-based bill payment technology solutions, announced the pricing of its IPO of 10m shares of its Class A common stock at a price to the public of $21 per share. Paymentus started trading on the New York Stock Exchange under the ticker symbol “PAY”.
Paymentus is advised by Goldman Sachs, JP Morgan, Bank of America, Citigroup, Robert W Baird, Nomura, Raymond James, Wells Fargo Securities, Fifth Third Securities, PNC Capital Markets, AmeriVet Securities, CL King & Associates.
Entrepreneurial Equity Partners raises $423m for its inaugural fund. (FS)
Entrepreneurial Equity Partners, a private equity firm focused on the food and consumer packaged goods industries, has closed its inaugural fund, Entrepreneurial Equity Partners I, with $423m in aggregate capital commitments.
“We are pleased and humbled by the investor support for our inaugural fund. We view Fund I’s successful capital raise as a testament to the team we have built and our demonstrated ability to deploy capital into compelling opportunities," Mark Burgett, Entrepreneurial Equity Partners Managing Partner.
Entrepreneurial Equity Partners was advised by Moelis & Co and Latham & Watkins.
1confirmation raises $125m for its third fund. (FS)
1confirmation, a crypto currencies venture capital firm, has raised $125m for its latest fund 1confirmation Fund III. The fund allows 1confirmation to continue investing in the companies, cryptocurrencies and NFTs empowering people around the world to have more control of their lives.
"We pledge to do our small part in helping cryptocurrency reach 1bn+ users over the next 5 years by continuing to support authentic teams building products at the bleeding edge of crypto," Nick Tomaino, 1confirmation Founder.
The Carlyle Group agreed to acquire Vectura, a company that develops inhaled therapies to treat respiratory diseases, for $1.4bn.
"We have followed the strategic changes underway at Vectura closely and fully support the focus on building a market leading inhalation specialist CDMO. We believe that under Carlyle's ownership Vectura will be able to accelerate its transformation significantly with greater access to capital and the support of our long experience in the sector. We look forward to working with Will Downie and his team," Simon Dingemans, Carlyle Managing Director of European Buyout Advisory.
Carlyle is advised by Morgan Stanley, RBC Capital Markets, Latham & Watkins, Linklaters, Ropes & Gray and Greenbrook. Vectura is advised by JP Morgan, Numis Securities, Rothschild & Co, Clifford Chance and Consilium Strategic Communications.
Valens, a developer and manufacturer of semiconductors, agreed to go public via merger with PTK Acquisition, a SPAC, in a c. $1.2bn deal. The combined company will be called Valens and will trade on the NYSE under the symbol "VLN" following the close of the transaction.
"Valens' upcoming standard-compliant chipsets are poised to revolutionize the global automotive industry with connectivity solutions for infotainment applications, ADAS systems and autonomous driving. In audio-video, our HDBaseT technology is a leading standard for long-range connectivity and is embedded into thousands of products from top-brand manufacturers," Gideon Ben-Zvi, Valens CEO.
Mediatek is advised by Citigroup, Bank of America and Oppenheimer. Valens is advised by Bank of America, Financial Profiles, Davis Polk & Wardwell, Headline Media and Meitar Law Offices. Bank of America is advised by Winston & Strawn. PTK Acquisition is advised by Goldfarb Seligman and Goodwin Procter.
Ramsay Health Care, a provider of health care services, agreed to acquire Spire Healthcare, a United Kingdom-based independent hospital group, for $1.4bn.
"This transaction will enable Ramsay to build on its established reputation for delivering high quality patient care and outcomes in the UK. The proposed combination builds a broader platform to take advantage of the opportunity for sustained growth in the £5.8bn UK private hospital sector, with the aim of delivering best-in-class healthcare to all patients. Ramsay and Spire together would lead the way on patient outcomes through bolstered partnerships with private health insurers, the NHS, consultant partners and associated clinical networks," Craig McNally, Ramsay CEO and Managing Director.
Ramsay is advised by Rothschild & Co, Ashurst, Domestique and Sard Verbinnen & Co. Spire is advised by JP Morgan, Numis Securities, Goldman Sachs, Lazard, Freshfields Bruckhaus Deringer and Instinctif Partners.
Horvik, a Cyprus-registered company indirectly owned by Vladislav Sviblov and is part of his wider business interests in the metals and mining industry, completed the acquisition of a 51.2% stake in Trans-Siberian Gold, a gold producer, developer and explorer in Russia, for $74m.
"We are pleased to announce the acquisition and the offer which represent a further strategic investment for us in the Russian natural resources sector. This is in line with our strategy to build a broader asset portfolio and adds to our investments in Highland Gold and the Ozernaya Mining Company. We believe that TSG has an attractive asset portfolio in the Kamchatka region and we believe that we can support TSG's future development," Vladislav Sviblov, Horvik Ultimate Beneficial Owner.
Horvik was advised by VTB Capital, Herbert Smith Freehills and Skadden Arps Slate Meagher & Flom. TSG was advised by Canaccord Genuity, Akin Gump Strauss Hauer & Feld and Hudson Sandler.
Mondelez International, an American multinational confectionery and food holding company, agreed to acquire Chipita, a Greek food company, for c. $2bn.
“Chipita, for more than 40 years, based on quality and innovation created a new category of snacks loved by consumers internationally. I am certain that the acquisition of Chipita by Mondelēz International, one of the world’s leading snacking companies, will create new prospects for its people and products," Spyros Theodoropoulos, Chipita CEO.
Mondelez International is advised by Centerview Partners. Chipita is advised by Rothschild & Co.
VTB, a bank, and Roman Abramovich led a $250m funding round in Ivi.ru. Additional investors include Alexander Abramov, Invest, Flashpoint Venture Capital, Baring Vostok and Russian Direct Investment Fund.
“Our funding needs are solved. It will give us maximum financial flexibility, while an IPO stays as one of the strategic options that we might consider down the road," Oleg Tumanov, Ivi Founder and CEO.
Ivi.ru was advised by Goldman Sachs and Latham & Watkins.
SoftBank Vision Fund 2, a fund with a goal to invest in AI-based technology, led a $500m Series E funding round in Contentsquare, a provider of digital experience analytics. Additional investors include Eurazeo, Bpifrance, KKR, Canaan, Highland Europe and BlackRock.
“Innovation is in Contentsquare’s DNA and today’s investment is a result of the tremendous hard work of our passionate and ambitious team. Our growth has been accelerated by the world’s shift towards digital, and our technology answers many of the digital transformation challenges brands face today,” Jonathan Cherki, Contentsquare CEO and Founder.
Tiger Global Management, an investment firm, led a $300m Series F funding round in Forter, a company engaged in e-commerce fraud prevention. Additional investors include Third Point Ventures, Adage Capital Management, Bessemer Venture Partners, Sequoia Capital, March Capital, NewView Capital, Salesforce Ventures and Scale Venture Partners.
“This transforms fraud prevention into a growth and revenue enablement engine for the entire consortium of participating merchants, ensuring our customers can attract, convert and retain the best shoppers. The funding will enable us to accelerate our growth trajectory by investing in talent, technology and continued global expansion," Michael Reitblat, Forter CEO and Co-Founder.
Glovo, a designer and developer of application, agreed to acquire operations in the Balkan region from Delivery Hero, a provider of online food ordering services, for $208m.
"Delivery Hero has built a clear leading business in the Balkan region in the last couple of years. However, with a lot of operational priorities on our plate, we believe Glovo would be better positioned to continue building an amazing experience for our customers in this region," Niklas Östberg, Delivery Hero CEO and Co-Founder.
Equinor prepares for a sale of Corrib gas field stake.
Equinor, a petroleum refining company, is preparing to launch the sale of its stake in a natural gas field off the coast of Ireland, hoping to raise around $400m.
Equinor holds a 36.5% stake in the Corrib gas project, located some 83km off Ireland’s northwest Coast and which started operations in 2015, Reuters reported.
Corrib accounts for around 95% of Ireland’s natural gas production, with output delivered to the country’s national grid via pipeline. The Canada Pension Plan Investment Board acquired a 45% stake in Corrib from Shell in 2018 for $1.23bn.
Uniper explores sale of Russian power plants.
Uniper is weighing the sale of its Russian power plants and has held talks with Russia’s InterRAO on the subject, as the German energy group looks for ways to cut emissions.
The talks laid bare differing views about prices. Uniper was hoping for higher valuations following the recent restart of its lignite-fired power plant Berezovskaya 3, Reuters reported.
With utilities and energy companies under pressure by governments and investors to cut emissions, Uniper wants to close most of its German hard coal-fired power plants by 2025 while Fortum targets carbon neutrality on a group level by 2050.
UK could block some London listings on security grounds.
UK Chancellor Rishi Sunak is set to propose powers to block companies from listing on the London Stock Exchange if they pose a national security threat. He is set to launch a consultation on the plans in the coming months.
Decisions over the eligibility of companies to list on the LSE are currently made by an arm of the Financial Conduct Authority, but under Sunak’s plans, some potential listings could be referred to the National Security Council, Bloomberg reported.
“The UK’s reputation for clean, transparent markets makes it an attractive global financial center. We are planning to bolster this by taking a targeted new power to block listings that pose a national security threat," The House of Commons Treasury.
Tritium, an engineering and manufacturing company specializing in sustainable energy applications, agreed to go public via a SPAC merger with Decarbonization Plus Acquisition II in a $1.4bn deal.
"The accelerated electrification of the transport sector globally is now underway and has extraordinary implications beyond the benefits to individual consumers. Our industry is essential to achieving global emission reduction targets both through increased adoption of electric vehicles and the deployment of EVs for mass energy storage technology. As 'batteries on wheels,' EVs will help pave the way for more renewable power to be introduced into national energy mixes. E-mobility also plays a critical role in improving air quality, which is critical for public health in populated regions," Jane Hunter, Tritium CEO.
Tritium is advised by Ernst & Young, Credit Suisse, Corrs Chambers Westgarth and Latham & Watkins. Decarbonization Plus is advised by Citigroup, JP Morgan, Clifford Chance and Vinson & Elkins.
ShawKwei & Partners revives the sale of Beyonics Technology. (FS)
ShawKwei & Partners, a private equity firm, is reviving a sale of precision manufacturer Beyonics Technology. The company was looking to raise as much as $300m to $400m in a disposal of Beyonics
The buyout firm started the sale process last year but put it on hold later. ShawKwei & Partners has recently resumed working with Morgan Stanley and has reached out to private equity firms and others in the technology sector to gauge their interest. Non-binding bids are expected to be submitted this summer.
Tiket weighs a SPAC merger this year.
Tiket, on online travel startup, is considering going public through a merger with a special purposes acquisition company. Tiket is in talks with COVA Acquisition for a deal that would value the combined entity at about $2bn. As part of the deal, Tiket could raise about $200m in a PIPE.
"If Tiket decides to go public, it will definitely be within this year. Traditional IPO, definitely looking at that, but for the full travel recovery, it will take a year or even two. The SPAC option is quicker," George Hendrata, Tiket CEO.
Tiket is advised by Goldman Sachs.
ByteDance launches share buyback after shelving IPO plans.
ByteDance, the Chinese owner of short video platform giant TikTok, launched a share buyback this week for current and former employees. The buyback comes after ByteDance announced in April that it did not have imminent plans for a public listing. The company had planned to list some of its Chinese businesses including TikTok's Chinese version Douyin in Hong Kong.
In an email sent to current and former employees this week, ByteDance said eligible shareholders can apply to sell their holdings by June 20 at $126 per share for current employees and $100.80 per share for former employees, Reuters reported.
VinFast ropes in JPMorgan, Deutsche Bank to advise on US listing.
Automaker VinFast has added JP Morgan and Deutsche Bank to a team advising it on a planned US listing. Reuters reported that the IPO might face delay due to uncertainty over regulations.
VinFast is eying a valuation of about $60bn, and could raise at least $2bn. VinFast’s preferred scenario is to merge with a SPAC.
VinFast is also advised by Credit Suisse.
NetEase’s music streaming arm files for a $1bn Hong Kong IPO.
Chinese gaming giant NetEase’s music streaming arm, has filed for an IPO in Hong Kong as the Tencent Holdings rival ratchets up competition in online content. An IPO of the music unit could raise about $1bn.
The Hangzhou-based firm has submitted a listing application for Cloud Village to the Hong Kong stock exchange. Cloud Village holds NetEase’s music streaming platform in China and also operates streaming and advertising through the platform, Bloomberg reported.
China International Capital, Credit Suisse and Bank of America are the sponsors of the deal.
SigmaStar weighs a $780m IPO in Shanghai.
SigmaStar, a chipmaker, is eeking to raise at least $780m in an iIPO in Shanghai, as China expands its semiconductor industry.
The startup is working with advisers toward a share sale on the Nasdaq-style STAR board as soon as this year. The plan isn’t finalized and is subject to change, Bloomberg reported.
Meicai files for a US IPO.
Meicai, a Chinese startup that connects restaurants with vegetable producers, has confidentially filed for an IPO in the US.
The Beijing-based company is working with banks including Bank of America, China Renaissance Holdings and Morgan Stanley on the IPO and will soon start gauging investors’ appetite. The fundraising target and valuation haven’t been decided yet. Deliberations are at an early stage and there is no guarantee that the company will proceed with its listing plan.
Meicai had previously considered raising about $300m until the sudden departure of former Chief Financial Officer Wang Can slowed down its plans, Bloomberg reported.
Connect the World of Dealmakers
Expand your network of fellow Dealmakers by inviting your colleagues and coworkers.