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AMERICAS
Amgen, an American multinational biopharmaceutical company, headquartered in Thousand Oaks, California, agreed to acquire the rights to Otezla, a medication for the treatment of certain types of psoriasis and psoriatic arthritis, from Celgene Corporation, an American biotechnology company, for $13.4bn. Celgene divested the asset in connection with its merger agreement with Bristol-Myers Squibb.
"The acquisition of Otezla offers a unique opportunity for Amgen to provide patients an innovative oral therapy for psoriasis and psoriatic arthritis that fits squarely within our portfolio and complements our Enbrel® and AMGEVITA® brands," said Robert A. Bradway, chairman and chief executive officer at Amgen. "We will take advantage of our 20 years of experience in inflammatory disease to realize the full global potential of Otezla as an affordable option for patients with these serious, chronic inflammatory conditions."
Dyal Co, Goldman Sachs and Sullivan & Cromwell are advising Amgen. Morgan Stanley, Kirkland & Ellis and Arnold & Porter Kaye Scholer are advising Bristol-Myers Squibb.
PDC Energy, a domestic independent exploration and production company that acquires, produces, develops, and explores for crude oil, natural gas and NGLs, agreed to acquire SRC Energy, a Denver-based oil and natural gas exploration and production company, for $1.7bn. Under the terms of the agreement, SRC shareholders will receive a fixed exchange ratio of 0.158 PDC shares for each share of SRC common stock they own, which represents a premium of 6.8% to the 30-day average exchange ratio.
Lynn A. Peterson, Chief Executive Officer and Chairman of the Board of SRC Energy, commented, “I am proud of the SRC team and the high-quality acreage and low-cost operations we have built together. We believe that this transaction will establish the combined company as a leader in the Colorado energy industry. The transaction also provides SRC shareholders with the opportunity to participate in the significant upside potential created by a larger-scale DJ Basin producer with complementary assets in the prolific Delaware Basin. We look forward to working closely with PDC to ensure that the full potential of this combination is realized for the benefit of all of our stakeholders."
Citigroup, Goldman Sachs and Akin Gump Strauss Hauer & Feld are advising SRC Energy. JP Morgan and Wachtell Lipton Rosen & Katz are advising PDC Energy.
Syncsort, the global leader in Big Iron to Big Data software backed by Centerbridge Partners and Clearlake Capital Group, agreed to acquire the Software Solutions Business of Pitney Bowes, a global technology company providing commerce solutions, for $700m.
"Our remarkable transformation and rapid growth story continue. We could not be more excited for the next phase of the journey with the Pitney Bowes software products and talented team as part of our world-class organization," said Josh Rogers, CEO, Syncsort. "Together, we will be one of the leading players in the data management software space and positioned to drive even greater value for customers and partners alike, especially in areas like regulatory compliance, security, data science and hybrid cloud. Leading enterprises are facing significant challenges around the quality of their data, and we will offer unparalleled capabilities for customers to easily integrate, enrich, improve and gain insight from their data."
Credit Suisse, Jefferies and Simpson Thacher & Bartlett are advising Syncsort. Goldman Sachs and Cravath Swaine & Moore are advising Pitney Bowes. Antares Capital, Credit Suisse, Golub Capital and Antares Capital are providing debt financing. Sullivan & Cromwell is advising Goldman Sachs.
Verisk, a leading data analytics provider, agreed to acquire Genscape, a leading global provider of real-time data and intelligence for commodity and energy markets, from Daily Mail and General Trust, which manages a portfolio of companies that provide businesses and consumers with compelling information, analysis, insight, events, news and entertainment, for $364m.
"We're very excited about this combination," said Jon Ecker, chief executive officer of Genscape. "Our content, analytics, and services complement each other extremely well, and the combination will bring significant added value to our customers. We're looking forward to working with Verisk and Wood Mackenzie to see what the energy future holds."
Teneo and Centerview Partners are advising Daily Mail and General Trust.
Shareholders of Transat, the third-largest Canadian airline, overwhelmingly voted in favor of Air Canada's $544m bid for the leisure group, in a deal that still requires domestic and European regulatory approval. Despite offers from other rivals, including a Montreal real estate group, Transat Chief Executive Jean-Marc Eustache told shareholders that: "Air Canada's offer was the only viable proposition."
Morgan Stanley is advising Air Canada.
Madison Dearborn Partners-backed RDX, a specialized provider of managed IT services, and Charter Communications, an American telecommunications and mass media company, acquired Navisite, a leading provider of managed cloud services. Financial terms were not disclosed.
Within the Madison Dearborn Partners investment portfolio, RDX will own and operate the assets including client relationships, employees dedicated to supporting the Navisite business, fixed assets, leases and Navisite-operated facilities.
Citigroup is advising Charter Communications.
Addus HomeCare Corporation, a provider of comprehensive home care services, agreed to acquire Hospice Partners of America, a multi-state provider of hospice services, headquartered in Birmingham, Alabama, for $130m.
Dirk Allison, President and Chief Executive Officer of Addus, commented, "We are very pleased to announce our agreement to purchase Hospice Partners of America, an established provider of hospice services in multiple states. This acquisition is consistent with, and supports our strategy of adding hospice services in markets where we already have a personal care presence."
Raymond James is advising Addus.
BV Investment Partners, a middle-market private equity firm, sold Plasco ID, an online lead generation and distribution business serving the identification and access control industry, to Barcodes Group. Financial terms were not disclosed.
Justin Harrison, Managing Partner of BV Investment Partners, said, "Since partnering with Alan Mendelson, the company's CEO, in 2014, we have had the benefit of working with the management team to transform Plasco into a proprietary full solutions provider of identity and access control software, products, and services. During this partnership, we launched new products, expanded internationally, and completed two acquisitions. Our relationship with Alan was a key contributor to this successful outcome. We are excited about the merger of these two great companies."
Nexus Capital Management, a Los Angeles-based private equity firm, acquired FTD, one of the largest and most trusted online florist and gift companies in the world. The deal was valued at $111m.
Damian Giangiacomo, Partner at Nexus, said, "Nexus invests in leading companies and management teams across industries. With FTD, we see strong long-term potential in the company's brand, digital platform, and global network of over 30k florists across more than 125 countries. We have established a new capital structure and strategic plan designed to renew growth and profitability, which will rapidly enable investments in FTD's network of florists and digital platforms to build on the company's heritage."
Private equity firm EW Healthcare Partners invested in Cognate BioServices, a leading contract development and manufacturing organization in the global cellular therapies industry. Financial terms were not disclosed.
"We have known Cognate and followed its progress for a while and have been very impressed with the way in which the management team of Cognate has developed the business. Looking toward the future, the Company's strategic plans are quite compelling and well aligned with our long term vision for the Company. We look forward to supporting the Cognate team as it continues to execute on its vision," commented Evis Hursever, Managing Director of EW Healthcare.
Entelo, a leader in recruiting automation, acquired California-based ConveyIQ, the leading provider of candidate engagement Software-as-a-Service solutions. Financial terms were not disclosed.
Danielle Weinblatt, Entelo's President and Chief Product Officer, said, "Imagine a system that automates all of the arduous and manual tasks hiring teams have to process so recruiters can ultimately become strategic business partners. Entelo's acquisition of ConveyIQ will make this possible. It's time that Talent Acquisition teams have one platform that enables recruiters to be more proactive, efficient and candidate-focused in order to hire better quality talent, faster than ever before."
Myers Industries, an international manufacturer of polymer products, acquired Tuffy Manufacturing Industries, a warehouse distributor of tire repair equipment and supplies. Financial terms were not disclosed.
“The acquisition of Tuffy aligns with our strategy to grow in key niche markets and focus on strategic account customers,” said Dave Banyard, Myers President and Chief Executive Officer. “In line with our transformation plan, this acquisition further positions our Distribution Segment as a leader in the growing Commercial Auto and Truck Fleet market and is expected to immediately have a positive impact on the segment’s EBITDA margin. At a mid-single-digit purchase price multiple, this transaction is a great example of how we intend to deploy our capital for acquisitions and create both near-term and long-term value for our shareholders.”
L Catterton invested $100m in Boll & Branch, the world's leading designer and retailer of sustainable home goods. The investment will fuel Boll & Branch's growth, accelerate the expansion of its retail and wholesale businesses, and support the continued success of its direct-to-consumer business.
"We have grown quickly since our launch in 2014, and are thrilled to welcome L Catterton to the Boll & Branch family. L Catterton brings unmatched experience in direct-to-consumer retail and home goods and is the ultimate value-added partner," said Scott Tannen, Founder and CEO, Boll & Branch. "Every set of Boll & Branch sheets we sell triggers a chain of goodness, which directly impacts tens of thousands of farmers and factory workers worldwide. Our success is proof that a focus on sustainability and positive social impact can go hand-in-hand with a high-growth, profitable business."
Gladstone Investment Corporation sold Alloy Die Casting Corporation, a leading provider of value-added manufacturing and supply-chain solutions, to Perella Weinberg Partners. Financial terms were not disclosed.
“With the sale of ADC and from inception in 2005, Gladstone Investment has exited 19 of its management supported buy-outs, generating significant net realized gains on these investment exits in aggregate,” said David Dullum, President of Gladstone Investment. “Our strategy and capability as a buyout fund with our investment approach of realizing gains on equity, while generating strong current income during the investment period, provides meaningful value to shareholders.”
Leading specialty food producer Stonewall Kitchen agreed to acquire the Vermont Village brand of organic applesauce and apple cider vinegar products. The transaction is anticipated to be complete in September 2019. Financial terms were not disclosed.
"We're very excited to find a permanent home for our brand with Stonewall Kitchen," said Joseph Sheperd, the owner of Village Cannery of Vermont. "Since the start of Vermont Village, our mission has always been to produce healthy, accessible food while spreading the spirit of New England. We can't imagine a better company to partner with to continue growing that mission. We're looking forward to experiencing all that's to come for the Vermont Village brand."
BP and Chevron among approved bidders for Brazil October oil auction.
Reuters reported that BP, Chevron Corp and China’s CNOOC are among 12 companies cleared to bid in an October exploration rights auction in Brazil. Exxon Mobil Corp, Colombia’s Ecopetrol, Norway’s Equinor, Australia’s Karoon, Qatar’s QPI, Spain’s Repsol, Royal Dutch Shell, France’s Total and Brazil’s state-controlled Petroleo Brasileiro also won approval to bid in the auction.
Brookfield and CPPIB lead Industrious’ $80m Series D financing. (FS)
Industrious, a New York-based provider of workplace solutions, raised $80m in a Series D financing. The round, which brings total funding to $222m, was backed by several investors, including Brookfield Properties, an affiliate of Brookfield Asset Management, and Canada Pension Plan Investment Board.
Industrious operates flexible workspaces and related sites through landlord partnerships.
It currently has more than 80 locations in over 45 US cities. The funds raised will be used for growing landlord services, doubling the company’s network size, and expanding globally.
Finch Therapeutics raises $53m in Series C round. (FS)
US-based microbiome therapeutics developer Finch Therapeutics closed a $53m Series C round featuring medical services provider SymBiosis and quantitative trading firm Susquehanna International Group, to push its total funding to near $95m.
The corporates were joined by venture capital funds Trans-Pacific Technology Fund and OCV Partners, investment firms Avenir Growth Capital, Shumway Capital, Morgan Noble and Willett Advisors.
EMEA
KKR became the biggest shareholder of German media group Axel Springer, paying $3.2bn for a 43.54% stake. The stakebuilding by KKR in concert with Friede Springer, the widow of the company’s founder, and CEO Mathias Doepfner is aimed at taking the publisher private by the end of the year or in the first quarter of 2020.
KKR achieved a 42.5% stake with its tender to buy out minority shareholders and bought a further 1.04% on the market, putting it ahead of Friede Springer’s 42.6% and Axel Springer CEO Mathias Doepfner’s 2.8%.
Allen & Company, Goldman Sachs, Lazard and Hengeler Mueller are advising Axel Springer. JP Morgan, Freshfields Bruckhaus Deringer and Simpson Thacher & Bartlett are advising KKR.
Reuters reported that French media conglomerate Vivendi had taken court action to ensure it can vote against a plan by Italian broadcaster Mediaset to create a pan-European media business, saying the proposal infringes its minority-shareholder rights. Vivendi has been a hostile Mediaset shareholder since the tycoons who control them, Vincent Bollore and former Italian prime minister Silvio Berlusconi, fell out in 2016 over an aborted pay-TV deal. They have been in a legal war ever since.
"During the meeting, Vivendi intends to vote against the proposed merger of Mediaset into Media for Europe. This is because the group has assessed the rights, or lack of them, that minority shareholders and particularly Vivendi would have under the proposed MFE bylaws," Vivendi said in a statement.
Banca IMI, Citigroup, and Mediobanca are advising Mediaset. JP Morgan is advising Mediaset Espana.
Hassana Investment Company, the investment arm of Saudi Arabia’s General Organisation for Social Insurance, and GEMS Education, among the world’s oldest and largest K-12 private education providers, completed the acquisition of Ma'arif, Saudi Arabia’s largest private school operator. The deal was announced in May 2019. Financial terms were not disclosed.
Dino Varkey, CEO, GEMS Education said: “We are delighted that we have formalized our joint venture with Hassana, who are the perfect partners to align with the government’s vision to build capacity, enhance educational standards and create jobs in the education sector in Saudi Arabia. The Ma’arif acquisition of 14 schools is an ideal platform from which to grow and we are incredibly excited about further expansion in the country. Saudi is one of the most attractive growth markets for GEMS Education and we are committed to supporting the education sector in the country.”
Swedish private equity firm Priveq invested in Pilot Flight Academy, the leading commercial pilot training school in the Nordics. Financial terms were not disclosed.
“The platform we purposefully built over ten years, in combination with the strong underlying growth we see in demand gives us great opportunities to continue to develop PFA in a positive way for the benefit of our students, the international airlines and our employees. With Priveq coming in as a partner, our opportunities for development are improved and we look forward to accelerating value creation for both the organization and the customers,” says Frode Granlund, founder and CEO of PFA.
TEG, Asia Pacific's leading ticketing, live entertainment and data analytics business, acquired UK-based The MJR Group, the international event promoter and venue operator. The MJR Group promotes and operates more than 2k shows a year and has toured acts including 50 Cent, Sia, Hans Zimmer and Culture Club. Financial terms were not disclosed.
TEG CEO Geoff Jones said the acquisition of The MJR Group provides TEG with a strong presence in the vibrant UK and European markets and demonstrates its commitment to expanding its integrated model internationally.
BKW Engineering, an electric services company, acquired KFP Ingenieure, a company active in the fields of structural engineering, physics, energy consulting and fire protection. Financial terms were not disclosed.
With the acquisition of KFP, BKW Engineering is further strengthening its network and expertise.
JAB Holdings looks to raise up to $8bn. (FS)
European conglomerate JAB Holdings is planning to raise as much as $8bn from investors to further its consumer sector acquisitions, including expansion in pet care and veterinary clinics.
The company controlled by Germany’s Reimann family has begun contacting investors, including sovereign wealth funds, university endowments, and family offices, Financial Times reported.
Third Point builds a stake in Ray-Ban maker EssilorLuxottica. (FS)
Third Point, the US hedge fund that has pushed for changes at companies ranging from Nestle to Campbell Soup, has amassed a stake in Ray-Ban maker EssilorLuxottica, Reuters reported.
Germany's Continental might shut plants as part of a restructuring.
Continental is planning to shut nine of the 32 production sites in its powertrain unit, which could result in the loss of 4k jobs. The company is also reviewing strategic options for its rubber unit.
“We are responding to the declining market by ensuring rigorous cost discipline and enhancing our competitiveness,” Continental CEO Elmar Degenhart.
Maroc Telecom struck a $1bn deal with the Moroccan government.
Reuters reported that Maroc Telecom, Morocco’s largest telecoms operator, had signed a deal worth $1bn with the Moroccan government to develop telecoms infrastructure over the next three years. The deal, covering high-speed mobile broadband in addition to fixed lines, is the sixth of its kind between the company and the government.
VTB asked Vladimir Putin to help create a Russian grain champion.
VTB, a Russian state-controlled bank, asked Vladimir Putin to help create a Russian grain champion to curb the role of foreign traders and give the state greater control over exports, Reuters reported.
Russia has become increasingly concerned about food security and reducing its reliance on imports since Western sanctions were imposed in 2014 following Moscow’s annexation of Crimea so has an interest in having a tighter grip on its grain markets.
Burger & Lobster and Goodman put for sale.
Owners of Burger & Lobster and Goodman, two steakhouse chains, put the companies on the selling block. George Bukhov-Weinstein, who launched Burger & Lobster in 2011, is understood to be offering up to half its London sites to rivals. Goodman’s three restaurants are also said to be on the block.
Palatine Private Equity looking to raise $363m for its fourth fund. (FS)
Palatine Private Equity, a regional private equity firm with offices in Manchester, Birmingham and London, is looking to raise $363m for its fourth fund. The company plans to use its funds to invest in UK-based businesses. Palatine closed its thrid fund at $245m in 2015.
Numbrs raised $40m at $1bn valuation.
Numbrs, a Zurich-based fintech firm, whose investors include Josef Ackermann, raised additional money to value the company at more than $1bn as it prepares to expand outside its primary market of Germany, Bloomberg reported.
Numbrs raised $40m to bring the total capital invested to almost $200m. Numbrs offers an app that enables users to manage their existing bank accounts in one place and to buy financial products.
Flossbach von Storch and Universal-Investment launch fourth private equity fund of funds. (FS)
Flossbach von Storch launched its fourth private equity fund of funds, a regulated, closed-end fund Tectum Private Equity in Luxembourg, together in conjunction with Universal-Investment, which manages the fund as an AIFM.
The Flossbach von Storch Private Equity Team aims to build on the success of its predecessor funds with a target capitalization of €200m ($222m).
“We are convinced that the successful implementation of a small- and mid-cap investment strategy only allows a limited fund volume,” Dennis Kaiser, Managing Director The Flossbach von Storch.
APAC
RRJ Capital-led group nears $4bn deal for HNA's Ingram Micro. (FS)
A consortium led by Asian private equity group RRJ Capital is finalizing a deal with Chinese conglomerate HNA Group to invest $4bn in HNA unit Ingram Micro for a controlling stake in the US electronics distributor, Reuters reported.
Debt-laden airlines-to-finance conglomerate HNA has launched a series of asset sales, including real estate and stakes in hotel groups over more than a year following China’s crackdown on aggressive dealmaking firms.
Lion's dairy and drinks business received no interest.
The dairy and drinks business of Lion, which includes major names such as Big M, Dare iced-coffee, Daily Juice and Pura Milk, remains for sale after fellow beverages giant Coca-Cola Amatil confirmed that it will not be a buyer of the asset.
Lion has had the business on the market since last year and was strongly rumored to have been close to a deal with Japanese giant Asahi. In the end, Asahi abandoned the deal.
SoftBank looking to invest in Indian firms Lenskart and Dailyhunt. (FS)
Japanese multinational conglomerate SoftBank may just close two new investments in India through its Vision Fund over the next few months.
The conglomerate is in advanced talks to invest as much as $400m in Delhi-based eyewear retailer Lenskart and another $150m in Bengaluru-based news aggregator Dailyhunt.
While Softbank is expected to lead the investment in Dailyhunt in a $250m funding round, private equity firm Carlyle is also in talks to invest another $100m in the company.
Megvii Technology files for Hong Kong IPO of at least $500m.
Chinese AI firm Megvii Technology, backed by Alibaba, has filed in Hong Kong to conduct an IPO targeting proceeds of at least $500m, just as the city faces political unrest and its first recession in a decade, Reuters reported.
The filing comes as companies postpone or slow down listing plans in a recession-bound city blighted with nearly three months of anti-government protests, and where the benchmark Hang Seng share price index fell to seven-month lows this month.
Nomura to partner with San-in Godo Bank and Gogin Securities.
A wholly owned subsidiary of Nomura, a Japanese financial holding company, is looking to partner with San-in Godo Bank and Gogin Securities.
Toshio Morita, Representative Director and President of Nomura Securities, said: “Nomura aims to become the most trusted partner for our clients. We provide a wide range of products and services to help clients in local regions throughout Japan build their assets. We have also been working alongside local stakeholders to implement projects to help revitalize local economies. By combining the strengths of Nomura Group with those of San-in Godo Bank Group, we will work to further strengthen regional revitalization and foster regional growth.”
Tyche Capital acquired Sydney's Veriu hotel from Colliers for $55m. (FS)
Investment company Tyche Capital acquired Sydney's 112-room Veriu hotel from Colliers, an Australian commercial real estate investment firm, for $55m. The hotel was sold by the boutique hotel chain under a sale-and-leaseback arrangement with the proceeds of the sale to be funnelled into Veriu's development projects in Sydney and Melbourne.
Accolade Wines ponders buying Pernod Ricard's New Zealand assets. (FS)
Private equity-backed Accolade Wines, a major global wine business with headquarters in South Australia, ponders buying Pernod Ricard's New Zealand assets. The deal could be valued at approximately $1bn.
BharatPe raised $50m in a round led by Ribbit Capital. (FS)
Delhi-based fintech firm BharatPe, which offers a QR-code based payments app for offline merchants, raised as much as $50m in a funding round led by US-based fintech-focused investor Ribbit Capital.
The funding round also saw the participation of new investor, Hong Kong-based hedge fund Steadview Capital, and its existing backers such as Sequoia Capital, Beenext Capital, and Insight Partners. The current round of transaction has pegged the valuation of the startup at $225m.
JP Gan's INCE raises $165m for the first China fund. (FS)
JP Gan, who ranked 5th on the 2019 Forbes Midas List, left Shanghai-based Qiming Ventures last month to start his own business. He had been a managing partner at the venture capital firm for 13 years.
His newly formed company, INCE Capital, has already raised $165m in fresh capital for a new fund that will invest in early-stage consumer-related technology companies in China, Forbes reported.
GGV, KKR lead $85m Series D for Huowa. (FS)
Beijing-based online education platform Huowa raised $85m in a Series D funding round led by GGV and KKR.
Existing investors, including Sequoia Capital and IDG also participated in this round. The capital from the funding round, which is the largest fundraising in the Chinese online education sector this year, will be used for research and development and product up-gradation.
Webuy raises $100m Series C led by Sky9 Capital. (FS)
Hangzhou-based e-commerce startup Webuy raised $100m in a Series C financing round led by Sky9 Capital.
Existing investors, including Tencent, IDG Capital, Qiming Venture Capital, Xianfeng Chang Qing, Yuanxiao Capital, also joined the round. The new fund will be used to expand its reach into smaller cities and to boost the performance of social commerce features such as live streaming and group buying on its platform.
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