Telesat Canada, a provider of satellite-delivered communications solutions to broadcast, telecom, corporate, and government customers, agreed to acquire Loral Space & Communications, a satellite communications company, from PSP Investments, one of Canada's largest pension investment managers. Financial terms were not disclosed.
“Following the closing of the transaction, Telesat will have access to the public equity markets, providing increased flexibility and optionality to support our promising investment opportunities, including Telesat LEO, which will bridge the digital divide both at home in Canada and around the world, and give our customers the competitive advantage they need to be successful,” Dan Goldberg, Telesat President and CEO.
Telesat Canada is advised by BMO Capital Markets, Goldman Sachs, Stikeman Elliott, Wachtell Lipton Rosen & Katz and KWT Global. Loral Space & Communications is advised by Credit Suisse, LionTree Advisors, Cleary Gottlieb Steen & Hamilton, Goodmans, McCarthy Tetrault, Willkie Farr & Gallagher and DLA Piper.
Amentum, a global technical and engineering services partner supporting critical programs of national significance across defense, security, intelligence, energy, and environment, completed the acquisition of DynCorp International, a provider of aviation and logistics support services, from Cerberus Capital Management, an American private equity firm. Financial terms were not disclosed.
"The addition of DynCorp International will make us a powerhouse with an enduring mission focus and market-leading positions in several key areas. The enhanced size, scope, and footprint of the combined organization will help ensure sustained delivery excellence to our customers and allow us to pursue transformational opportunities in the market," John Vollmer, Amentum's CEO.
DynCorp was advised by Citigroup, Morgan Stanley and Schulte Roth & Zabel. Amentum was advised by RBC Capital Markets, Covington & Burling and Cravath Swaine & Moore. Cerberus was advised by Sard Verbinnen & Co.
Metromile, the digital insurance platform and pay-per-mile auto insurer, is set to merge with Cohen-backed INSU Acquisition, a publicly-traded special purpose acquisition company, and to become a public company in a $956m deal.
“We founded Metromile to address the vast inequities in auto insurance, and we are proving that our model of real-time, digital auto insurance is both resilient and sustainable. Our data science-driven technology platform creates a significant advantage, and customers are thrilled with their savings and experience. At the same time, we’re generating industry-leading underwriting metrics and unit economics. We’re demonstrating there doesn’t have to be a tradeoff between customer happiness and a healthy, profitable business,” Dan Preston, Metromile Chief Executive Officer.
Metromile is advised by JP Morgan, Cooley and ICR. INSU Acquisition is advised by Cantor Fitzgerald, Northland Capital Partners, Wells Fargo Securities, Ledgewood. Financial advisors are advised by Latham & Watkins.
Cannae Holdings and Senator Investment Group mounted a fresh challenge against CoreLogic's board, just a week after the investment firms won three board seats at the US provider of financial, property, and consumer information, analytics, and business intelligence.
The companies have asked CoreLogic to set a record date that will determine the eligibility of shareholders entitled to vote on a slate of six new board directors. The move is a safeguard against any delays in CoreLogic's efforts to sell itself, Reuters reported.
CoreLogic is advised by Evercore and Sard Verbinnen & Co. Senator Investment Group is advised by Cadwalader Wickersham & Taft. Canne Holdings is advised by Bank of America Merrill Lynch, Trasimene Capital, Weil Gotshal and Manges, and Sloane & Company.
McCormick, a global flavor company, agreed to acquire Cholula Hot Sauce, a premium hot sauce brand, from L Catterton, an American private equity firm, for $800m.
"The acquisition of Cholula accelerates McCormick's growth opportunities within our condiment platform and broadens our portfolio in the hot sauce category with the addition of the Cholula brand. Hot sauce is an attractive, high-growth category and, as an iconic premium brand, Cholula is outpacing category growth. As McCormick continues to capitalize on the growing consumer interest in healthy and flavorful eating, Cholula, a brand known for authentic bold and spicy Mexican flavors, is a strong complement to our portfolio providing consumers and foodservice operators with an even more diverse product offering that we expect will strengthen our growth opportunities," Lawrence E. Kurzius, McCormick Chairman, President and Chief Executive Officer.
McCormick is advised by Goldman Sachs and Cleary Gottlieb Steen & Hamilton. L Catterton is advised by Morgan Stanley and Kirkland & Ellis. Cholula is advised by Houlihan Lokey.
Town Fair Tire Centers, a provider of brand name tires with locations in New England and the Northeast, agreed to merge with Mavis Tire Express Services, a tire and service chain. Financial terms were not disclosed.
"Together, Town Fair and Mavis will realize a combined scale that better positions each of us to meet industry challenges and thrive in an ever-changing and competitive landscape. We are excited to bring together the talented teams of both companies and look forward to continuing to provide best-in-class service to all of our customers," David Sorbaro, Mavis Co-Chief Executive Officer.
Town Fair Tire is advised by Jefferies & Company and Ropes & Gray. Mavis Tire Express is advised by Bullard Law Group and Covington & Burling.
Block Energy, the exploration and production company focused on the state of Georgia, completed the acquisition of Schlumberger Rustaveli, a producer of petroleum, from Schlumberger, an oilfield services company. Financial terms were not disclosed.
"I am delighted to announce the completion of our acquisition of SRCL from Schlumberger. It represents a truly transformational deal for Block, that enhances our current production, increases our acreage 30-fold and adds exciting new development opportunities. I would like to thank all members of our team for contributing to the successful completion of the company's largest transaction," Paul Haywood, Block Energy Chief Executive Officer.
Block Energy was advised by Mirabaud Securities, Spark Advisory Partners and Camarco.
Stanhope Capital Group, a global investment firm, agreed to merge with Wealth Partners Capital-backed FWM Holdings, an investment company. Financial terms were not disclosed.
"This is a unique opportunity to create a truly global investment firm around the three core values which have defined our respective businesses since inception. Firstly, independence, which gives clients the assurance of conflict-free advice provided by true fiduciaries. Second, alignment of interests between clients and talented professionals who invest their personal wealth alongside them, a rare thing in our industry today. Lastly, creative thinking, based on an investment platform designed to give clients the flexibility to combine liquid, well-diversified portfolios with exciting opportunities in private equity, real estate and hedge funds. These key principles have been the pillars of our success to date and they will continue to carry us forward as a group,” Daniel Pinto, Stanhope Capital Chairman and CEO.
FWM is advised by Prosek Partners. Stanhope is advised by Edelman.
CI Financial, a diversified global asset and wealth management company, agreed to acquire a majority stake in RGT Wealth Advisors, a Dallas-based registered investment advisor with approximately $4.7bn in wealth assets. Financial terms were not disclosed.
"RGT is one of the leading RIA firms in the US and we are excited and honored that they will be joining CI Financial. RGT, our largest US acquisition by assets to date, is a growing firm with an exceptional team, strong leadership and well-developed expertise attuned to the needs of their clients," Kurt MacAlpine, CI Chief Executive Officer.
CI Financial is advised by Gregory FCA. RGT is advised by Ardea Partners.
BlackRock agreed to acquire Aperio, a customizing tax-optimized index equity separately managed accounts operator, from Golden Gate Capital, a San Francisco-based private equity investment firm, for $1.05bn.
“The wealth manager’s portfolio of the future will be powered by the twin engines of better after-tax performance and hyper-personalization. BlackRock and Aperio, working together, will bring unmatched capabilities to meet these objectives. The combination will bring institutional quality, personalized portfolios to ultra-high net worth advisors and will create one of the most compelling client opportunities in the investment management industry today,” Martin Small, BlackRock Head of US Wealth Advisory.
Golden Gate Capital is advised by Sard Verbinnen & Co.
Petrosmith, a provider of production equipment and oilfield tubular goods, completed the acquisition of Wellflex Energy Solutions, an engineering, procurement and construction management company. Financial terms were not disclosed.
“Combining the Wellflex process with Petrosmith’s quality fabrication and services will provide our operators and customers an efficient and effective process to reduce facility expenses as the market returns. We are excited to add the Wellflex team to Petrosmith as we steer the company towards long-term success,” Chris Thomas, Petrosmith CEO.
Able Machinery Movers, a heavy machinery-moving and rigging company, agreed to acquire Diamond E Rigging, a family-owned rigging and heavy equipment relocation business. Financial terms were not disclosed.
"Diamond E is a family-owned company and a trusted partner to a substantial customer base – a perfect extension of the Able way of doing business. We look forward to continuing to provide outstanding service to Diamond E's existing customers and to offering our combined capabilities to even more businesses in the Austin and San Antonio area," David Krieger, Able's President.
Aspen Surgical, a provider of medical products and services, agreed to acquire Protek Medical Products, a global manufacturer of single-use ultrasonic probe covers and needle guides used in tissue biopsies, fluid aspiration, and vascular access procedures as well as protective covers for medical instruments and equipment. Financial terms were not disclosed.
“Protek Medical has a long, successful history of providing effective, easy-to-use disposable products that help address cross-contamination issues in the clinical environment. This line is clearly synergistic with our current manufacturing and commercial operations and it supports our mission to provide high quality single-use medical devices that improve safety and efficiency for the healthcare settings that we serve,” Jason Krieser, Aspen Surgical CEO.
Bertelsmann makes the highest bid to buy Simon & Schuster.
Bertelsmann, a media, services and education company, made the highest bid to acquire Simon & Schuster, the publishing unit of ViacomCBS, an American diversified multinational mass media conglomerate, FT reported.
The acquisition will entrench Bertelsmann’s place because the world’s largest and strongest guide writer, with near a 3rd of the US market by revenues, a share that’s greater than double its nearest rival.
Spring Valley Acquisition announces pricing of $200m IPO.
Spring Valley Acquisition, a blank check company sponsored by Pearl Energy Investment, announced the pricing of its IPO of 20m units at a price of $10 per unit.
Each unit consists of one Class A ordinary share of the company and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of the company at a price of $11.5 per share.
Cowen and Wells Fargo Securities acted as joint book-running managers and Drexel Hamilton and Siebert Williams Shank & Co acted as co-managers for the offering.
Andreessen Horowitz closes two funds for $4.5bn in total. (FS)
Andreessen Horowitz, a venture capital firm, announces the closing of two new funds, bringing total assets under management to nearly $16.5bn.
Fund VII raised $1.3bn. This is an early-stage fund to invest in consumer, enterprise, and financial services technologies. Growth II raised $3.2bn. This is a later-stage fund that invests across all of the core a16z vertical domains: consumer, enterprise, financial technology, bio, and crypto.
Sun Capital hires ex-TA Associates and Jump Capital tech investing expert. (FS, People)
Sun Capital Partners, a private investment firm, announced that Elizabeth de Saint-Aignan joined the firm as a Managing Director on the Transactions team. She will lead the firm’s focus on investments in the technology vertical.
Elizabeth de Saint-Aignan worked at Jump Capital, a growth equity group, as a founding partner, also worked at TA Associates, Nautic Partners as a senior investment professional and Bain & Company as a consultant.
“I look forward to working with the Transactions team to build out the Sun Capital technology practice. Sun’s strong operational focus and its ability to elevate company performance have been hallmarks throughout the firm’s history. Bringing these skills to the technology sector is an exciting opportunity," Elizabeth de Saint-Aignan.
Tiga Acquisition announces pricing of $240m IPO.
Tiga Acquisition, a blank check company, announced that it priced its IPO of 24m units at $10 per unit. The offering amount was increased from the previously announced offering amount of $200m.
Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.5 per share. Only whole warrants are exercisable.
Credit Suisse and Goldman Sachs are acting as the book-running managers.
Sun European Partners, a private equity firm, agreed to acquire Adler & Allan, a UK environmental risk reduction specialist, from Lloyds Development Capital, the private equity arm of Lloyds Banking Group. Financial terms were not disclosed.
“Business services continues to be a key area of focus for Sun European, and our investment in Adler & Allan is another example of our commitment to finding value in this sector. Adler & Allan’s strong reputation for high quality service, as well as its leading position in the growing environment risk management market, shows its enormous potential. We look forward to working closely with the management team at Adler & Allan and supporting them in delivering their ambitious plans for growth both organically and through acquisitions,” Paul Daccus, Sun European Partners Managing Director.
Sun European Partners is advised by PricewaterhouseCoopers, Ernst & Young, Rothschild & Co and Kirkland & Ellis. LDC is advised by Houlihan Lokey and Squire Patton Boggs.
Croda International, a British speciality chemicals company, completed the acquisition of Iberchem, a global fragrance manufacturer, for €820m ($973m).
Croda said the acquisition gives it access to businesses beyond its core in the fragrances and flavors market, with significant exposure to emerging markets, particularly in Latin America, Asia-Pacific, the Middle East and Africa.
Croda was advised by HSBC, Lazard, Morgan Stanley, Freshfields Bruckhaus Deringer and Teneo.
Countrywide, a British real estate agent, has appointed Philip Bowcock, William Hill former chief, as its CEO to lead talks on a new rescue deal, as shareholders rejected an offer from private equity firm Alchemy Partners, Reutersreported.
The London-based company said that Peter Long, executive chairman, had stepped down from his role and retired as a director with immediate effect.
The company was considering an amended deal with Alchemy as one possible capital raising option, along with injections of cash from existing shareholders and an offer from real estate management firm Connells.
Connells completed due diligence and confirmed its $3.32 per share offer for Countrywide, arguing that a significantly larger investment was needed than the $120m proposed by Alchemy.
Italy told Enel, an energy company, it must bear in mind in any sale of its stake in broadband group Open Fiber, a network infrastructure services provider, that plans to create a national ultra-fast network are a matter of urgency and cannot be delayed.
Enel, which jointly controls Open Fiber with state lender CDP, received a binding bid from private equity firm Macquarie for all or part of its 50% stake, Reuters reported.
Rome, which is looking to merge phone incumbent Telecom Italia’s landline grid with Open Fiber, has urged the fund to buy less than 50% so CDP can take control. The government is urging Enel to comply with its plans, but wants Starace to guarantee Macquarie’s bid contains no conditions that could run against the grain of the blueprint.
Macquarie is advised by Barclays and Community Group.
GlobalLogic, a digital product engineering company, agreed to acquire ECS Group, a UK digital transformation consultancy. Financial terms were not disclosed.
“ECS’s expertise in complex cloud services, its strong position and presence in the UK, and the company’s heritage in regulated industries such as financial services are all valuable additions to GlobalLogic. We are very excited to have the talented ECS team on board to deliver outstanding digital outcomes for our clients,” Shashank Samant, GlobalLogic President and CEO.
ECS Group is advised by Alantra. GlobalLogic is advised by 211 Communications.
Exclusive Networks, a global provider of cybersecurity & cloud solutions, agreed to acquire Nuaware, a hyper-growth, born-in-the-cloud distributor at the bleeding edge of the cloud, DevSecOps and containerisation. Financial terms were not disclosed.
"DevOps tool chains, containers and the emergence of DevSecOps are specialist areas where Nuaware has carved a truly unique niche in distribution. This acquisition puts us where we want to be in this space, giving our partners a readymade on-ramp into new high-growth opportunities. Large vendors being drawn to these markets are seeking turnkey channel solutions, and their established partner ecosystems have technical skills gaps that demand credible support," Jesper Trolle, Exclusive Networks CEO.
Exclusive Networks is advised by Cohesive.
Entra rejects SBB's $3.3bn offer.
SBB, a Swedish real estate firm, offered to acquire Entra, Norway’s real estate company for $3.3bn, but the approach was met with swift rejection. Entra said an offer might instead emerge from a different bidder, sending the company’s shares soaring, Reuters reported.
“While the board appreciates the interest ... the potential offer will not be recommended. Prior to today’s offer from SBB, (Entra) has received a separate non-binding proposal from another party that may or may not lead to an offer,” Entra.
SBB was advised by Citigroup, Goldman Sachs and Arctic Securities. Entra was advised by ABG Sundal Collier.
American consortium considers the acquisition of West Brom.
West Brom, an English professional football club based in West Bromwich, England, has been in talks with an American consortium over a potential £150m acquisition of the club.
Majority shareholder Guochuan Lai and the current owners have received criticism from some sections of the fanbase over what has been deemed an inadequate investment in the club since completing their £170m acquisition in September 2016.
Ozon to raise $990m in US IPO.
Ozon Holdings, a Russian online retailer, will raise $990m in an IPO in the US, taking advantage of the demand for technology stocks amid the busiest fourth quarter for new listings, Bloomberg reported.
Ozon priced 33m shares at $30 apiece. This exceeded guidance of $22.5 to $27.5 per share, while the offering size is 10% higher than initially planned. The IPO price valued Ozon at $6.2bn, including loans and options convertible into shares.
Goldman Sachs and Morgan Stanley are leading organizers of the IPO. Renaissance Securities, Citigroup, UBS, Sberbank CIB and VTB Capital are also managing the sale. The underwriters have an option to buy as many as 5m shares within 30 days.
HIG Capital closes HIG Europe Capital Partners III at $1.3bn. (FS)
HIG Capital, a global alternative asset management firm with $42bn of equity capital under management, closed its third European Lower Middle Market Fund with aggregate capital commitments of $1.3bn.
The Fund will continue the successful strategy of its two predecessor funds, by making private equity investments in lower middle-market companies, primarily in Western Europe.
“The Fund received tremendous support from our global investor base, allowing us to complete an entirely virtual fundraising process within a short time frame. The Fund is comprised of a diverse group of leading investors including foundations, endowments, public and corporate pensions, consultants, sovereign wealth funds, and family offices in North America, Europe, Asia and the Middle East," Jordan Peer, HIG Capital Managing Director and Global Head.
BNP Paribas Asset Management appoints people within assets investment division. (People)
BNP Paribas Asset Management announces the further strengthening of its Private Debt & Real Assets investment division with four appointments.
Stéphanie Passet has been appointed Investment Director for Infrastructure Debt. Romain Linot has been appointed Investment Director for Real Estate Debt.
Mohamed El Jani has joined the Structured Finance team as an investment manager. Mohamed will help strengthen the team as it grows its capabilities within securitisation and private portfolios. Irene Bárcena has joined the SME Lending team as an analyst. In addition to her credit analysis and portfolio management responsibilities, Irene will help to develop origination capabilities in Spain.
BGH Capital, a private equity firm, has raised the bid for Village Roadshow, an Australian media and entertainment company, from $1.75 per share to $2.26 per share, valuing the transaction at close to $429m.
The offer has the backing of the Village Roadshow's board which is unanimously recommending shareholders vote in favour of the deal.
"The BGH transaction provides the opportunity for all VRL shareholders to realise an attractive cash price for all of their VRL, in a very uncertain operating environment," Village Roadshow.
Village Roadshow is advised by Stratford Advisory Group, UBS and MinterEllison. BGH Capital is advised by Herbert Smith Freehills.
SoftBank Vision Fund, Sequoia, Fidelity International, a global investment and retirement savings firm, and Permira led the $1.7bn investment in Full Truck Alliance, an online road logistics platform in China with the first nationwide freight information network. Other investors included Yunfeng Capital, Hillhouse, GGV, Lightspeed, All-Stars Investment, Tencent Holdings and Baillie Gifford.
The startup aims to use the cash to expand into same-city deliveries, deepening a network now focused on ferrying goods between urban centers.
DST Global, an Internet investment firms, led a $200m Series E round in Cars24, an Indian marketplace for second-hand vehicles, with participation from its existing investors Exor Seeds, Moore Strategic Ventures, and Unbound.
“Traditionally, car selling or buying has been a tiresome process, however, over the last five years, we have strived to transform the customer's journey- 'the CARS24 way' that is hassle-free, safe and transparent,” Vikram Chopra, Cars24 Co-founder and CEO.
Tencent agreed to invest $150m in Waterdrop, a Chinese insurance services provider.
The company will use the funds to expand its online platform and bolster its technology. The funding also provides further ammunition for Waterdrop to compete against Ant Group in the insurance technology sector.
Jadwa hires HSBC to advise on a sale of UEMedical. (FS)
Saudi Arabian investment bank Jadwa Investment’s private equity arm has hired HSBC to advise on the sale of its stake in UEMedical, an Abu Dhabi healthcare group, Reutersreported.
Jadwa, which has a 42% holding, is considering a sale of the stake either through an outright sale or an IPO. The business is worth around $800m.
UEMedical is specialised in women’s, fertility and children’s healthcare and has a network of premium health centres across Abu Dhabi.
Kirin confirms talks with Bega Cheese about the sale of Lion Dairy.
Kirin Holdings, a Japanese beverage maker, confirmed that top Australian cheesemaker Bega Cheese was among the candidates it was talking to for the sale of its Lion Dairy business, Reuters reported.
Bega was conducting due diligence on Kirin’s Lion Dairy & Drinks, which would likely cost around $402m, although there was no guarantee of a deal.
JD’s logistics unit considers IPO at $40bn valuation.
JD.com's logistics unit is considering an IPO that could raise at least $5bn, Bloombergreported.
JD Logistics is targeting a valuation of about $40bn. The company is leaning toward choosing Hong Kong as a venue for the IPO. JD has held early discussions with banks.
JD Digits, its fintech affiliate, filed an IPO prospectus in September with the Shanghai Star Market. However, it is unclear how changes to micro-lending rules will affect the unit’s listing plan.
Ex-L Catterton Asia chief eyes final close of two PE funds. (FS)
Ravi Thakran, L Catterton former managing partner, is looking at a possible final close of his two new private equity funds as early as the second quarter of 2021, DealStreetAsiareported.
Thakran’s two PE funds are GCC Asia Growth Fund and Asia 3.0. GCC Asia Growth Fund is a small-cap $10m to $50m ticket investment vehicle that will focus on the Middle East, India, and Southeast Asia’s emerging markets.
Asia 3.0 is a mid-cap fund with a focus on Japan, Korea, China, Southeast Asia, and Australia. Asia 3.0 has a target size of $1bn to $1.5bn. It will invest in Asian consumer industry startups that are ready to go global.
ANA shares drop on report airline to raise $1.9bn via share sale.
Shares of Japan’s ANA Holdings sank as much as 4.2% after the country’s biggest airline announced plans to raise about $1.9bn by selling new shares to bolster its balance sheet, DealStreetAsiareported.
ANA Holdings will hold its first share sale since 2012. The company said that nothing has been decided on new share sale. The airline has forecast a record operating loss of $4.8bn for the year through March 31 due to the pandemic.
Domestic rival Japan Airlines said earlier this month that it would raise $1.8bn in a share sale to strengthen its finances.
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