Daily Review

Genmab completed the acquisition of ProfoundBio for $1.8bn.

Genmab, a biotechnology company, completed the acquisition of ProfoundBio, a clinical-stage biotechnology company, for $1.8bn.

"With the completion of this strategic transaction, we are excited to welcome our new colleagues and their expertise in developing next-generation antibody-drug conjugates to our exceptionally talented R&D team. We look forward to unlocking new opportunities as we strengthen our oncology portfolio and continue to work towards our goal of transforming the lives of patients with innovative antibody medicines,” Jan van de Winkel, Genmab President and CEO.

Genmab was advised by Goldman Sachs, Kromann Reumert (led by Bart Creve), Shearman & Sterling (led by Clare O’Brien, Derrick Lott, Harald Halbhuber and JB Betker) and Simmons & Simmons (led by Jingyuan Shi). Financials advisors were advised by Sullivan & Cromwell (led by Matthew G. Hurd). ProfoundBio was advised by Bank of America, Morgan Stanley, Cooley (led by Brenden Rowook Park, Rama Padmanabhan, Patrick Loofbourrow and Ruomu Li), Wilson Sonsini Goodrich & Rosati (led by Julia L. Minitti), Jun He Law and Travers Thorp Alberga.

Admiral Acquisition to acquire Acuren from American Securities for $1.85bn. (FS)

Admiral Acquisition, a publicly-listed acquisition vehicle, agreed to acquire Acuren, a North American provider of critical asset integrity services, from American Securities, a private equity firm, for $1.85bn.

"American Securities has been a great partner to Acuren. We're looking forward to working with the Admiral team to support Acuren's next phase of growth as a public company. The Admiral team's successful track record of driving value creation for shareholders while providing great jobs for employees, across diverse businesses, particularly industrial services, is well aligned with our long term growth objectives. Our commitment to providing best-in-class services to our clients remains unwavering," Talman Pizzey, Acuren CEO.

Acuren is advised by Harris Williams & Co, Robert W Baird and Weil Gotshal and Manges. Admiral Acquisition is advised by Jefferies & Company, UBS, Collected Strategies (led by Ed Hammond and Dan Moore) and Greenberg Traurig. Jefferies is advised by Latham & Watkins. American Securities is advised by Weil Gotshal and Manges and Prosek Partners. Debt financing is provided by Jefferies & Company. 

Henderson Park completed the acquisition of Arizona Biltmore resort in Phoenix from Blackstone Real Estate for $705m. (FS, RE)

Henderson Park, a private equity real estate manager, completed the acquisition of Arizona Biltmore Resort in Phoenix from Blackstone Real Estate, an investment company, for $705m.

“This transaction presents a rare and compelling opportunity to acquire a historic but newly refurbished hotel in one of the country’s premier hospitality markets and to both immediately capitalize on accelerated performance and to further enhance the resort’s offering into the future,” Nick Weber, Henderson Park CEO and Founder.

Henderson Park was advised by Jones Day and FTI Consulting (led by Richard Sunderland and Ellie Sweeney). Blackstone Real Estate was advised by Eastdil Secured and Simpson Thacher & Bartlett (led by Nancy L. Mehlman, Danielle Jackson, Andrew Blau and Erik Quarfordt). Debt financing was provided by Deutsche Bank, JP Morgan and Morgan Stanley.

Biogen to acquire Human Immunology Biosciences for $1.8bn.

Biogen, a biotechnology company, agreed to acquire Human Immunology Biosciences, a biotechnology company focused on developing therapies for immune-mediated diseases, for $1.8bn.

“With its deep development and commercialization capabilities, Biogen is in a position to accelerate the development of new medicines, including felzartamab, for patients with severe immune-mediated diseases. We are excited to combine the HI-Bio team’s expertise with Biogen’s global footprint,” Travis Murdoch, HI-Bio CEO.

Human Immunology Biosciences is advised by Bank of America, Goldman Sachs, Goodwin Procter and FGS Global (led by Morgan Warners). Biogen is advised by Covington & Burling.

Amphenol completed the acquisition of Carlisle Interconnect Technologies from Carlisle Companies for $2bn.

Amphenol, a global provider of high-technology interconnect, antenna and sensor solutions, completed the acquisition of Carlisle Interconnect Technologies, the harsh environment interconnect solutions business of Carlisle Companies, an American diversified company, for $2bn.

“The acquisition of CIT enhances Amphenol’s product offerings for highly engineered harsh environment interconnect solutions and will enable us to deliver a more comprehensive technology offering for our customers in the commercial air, defense and industrial markets. We are excited to welcome CIT’s talented employees to the Amphenol family and look forward to working together with them to drive outstanding operating performance,” R. Adam Norwitt, Amphenol President and CEO.

Amphenol was advised by Evercore and Latham & Watkins (led by Robert Katz and Charles Ruck). Carlisle was advised by JP Morgan and Kirkland & Ellis.

Hess facing three lawsuits over disclosures in Chevron deal.

Oil producer Hess on May 21 said it is currently facing three lawsuits alleging inadequate disclosures over its proposed sale to Chevron, Reuters reported.

Chevron last October offered to acquire Hess in a move to gain a foothold in oil-rich Guyana's lucrative offshore fields. However, the deal has been stalled due to a conflict with Exxon Mobil and pending regulatory approval by the Federal Trade Commission.

Hess is advised by Goldman Sachs (led by Brian Haufrect and Suhail Sikhtian), JP Morgan, Wachtell Lipton Rosen & Katz (led by Martin Lipton, Karessa Cain and Zachary Podolsky) and FGS Global (led by Paul Verbinnen).

Mobix Labs completed the acquisition of RaGE Systems for $20m.

Mobix Labs, a manufacturer of semiconductors that are used for 5th generation technology, completed the acquisition of RaGE Systems, a provider wireless solutions for telecommunications, infrastructure, aerospace, defense, and commercial sectors, for $20m.

“We are excited to further our collaboration with the RaGE Systems team on developing breakthrough wireless communications systems and integrated circuits. We believe the acquisition will spur increased innovation, extend our customer base, broaden the markets we serve, and accelerate our ability to extend our industry-leading technology portfolio. This will increase the pace of developing additional next-generation wireless products for our customers,” Fabian Battaglia, Mobix Labs CEO.

Mobix Labs was advised by Blueshirt Group (led by Jeff Fox and Lori Barker).

TransDigm Group completed the acquisition of SEI Industries.

TransDigm Group, an aerospace manufacturing company, completed the acquisition of SEI Industries, an industrial fabric products manufacturer. Financial terms were not disclosed.

"We are excited about the acquisition of SEI Industries. SEI is a leader in products for firefighting helicopters and other liquid transportation solutions. The Company is widely known in the industry for its highly engineered and specialized products, which fit well with our proprietary and aftermarket-focused value generation strategy. SEI's innovative products and excellent customer service at its global repair centers have created a strong portfolio of established, long-term customers," Kevin Stein, TransDigm President and CEO.

Snowflake talks to acquire Reka AI fizzles with no deal.

Snowflake’s talks to acquire startup Reka AI for more than $1bn have broken down, dashing an effort by the software company to bring more generative AI muscle in-house, Bloomberg reported. 

Reka makes large language models — artificial intelligence software trained on massive swaths of the internet that can be used for a range of tasks, such as captioning images or as customer support chatbots. Snowflake, which makes cloud-based data analytics tools, was in discussions to acquire Reka for more than $1bn. 

Yankees holder Ray Chambers weighs selling stake in NY team.

US businessman Ray Chambers is renewing efforts to sell a minority stake in the New York Yankees, potentially adding to a string of deals involving iconic sports teams.

Chambers is seeking a buyer for the holding in Yankee Global Enterprises, the Major League Baseball franchise’s parent company, according to the people. Sportico valued the Yankees at about $7.9bn in March, Bloomberg reported. 

Wearable AI startup Humane explores potential sale.

Artificial intelligence startup Humane has been seeking a buyer for its business, just weeks after the company’s closely watched wearable AI device had a rocky public launch.

The company is working with a financial adviser to assist it, Bloomberg reported. 

Eir Partners Capital closes Eir Partners Investment Program II at $496m. (FS)

Miami-based private equity firm Eir Partners Capital has closed its Eir Partners Investment Program II with $496m in capital commitments, having closed its predecessor, Eir Partners Program I, at $255m in 2021. 

The fund secured commitments from financial institutions, insurance companies, family offices, funds-of-funds, endowments and foundations.

Arklyz completed the acquisition of LLOYD Shoes from Ara.

Arklyz, a fast-growing powerhouse in the arena of sports, athleisure and workwear, completed the acquisition of LLOYD Shoes, a provider of men's shoes, from Ara, one of Germany's largest shoe groups. Financial terms were not disclosed.

"By integrating LLOYD into the Arklyz Group, we gain a brand with an exceptional heritage. And leveraging synergies between LLOYD and Arklyz will enhance our offerings and drive further growth. We are excited to work with the talented team at LLOYD and look forward to bringing new energy into the brand while upholding the high standards of quality and craftsmanship that LLOYD is known for. Our goal is to transform LLOYD into a globally appealing lifestyle brand," Param Singh, Arklyz Owner & CEO.

LLOYD Shoes was advised by Masali. Arklyz was advised by Baker Tilly (led by Frank Stahl and Uwe Roth). Ara was advised by DC Advisory (led by Stephan Von Parpart) and Gleiss Lutz (led by Ralf Morshäuser and Moritz Alexander Riesener)

Index Ventures led a $300m round in DeepL. (FS)

Index Ventures, a European venture capital firm, led a $300m round in DeepL, a deep-learning company, with participation from ICONIQ Growth, Teachers’ Venture Growth, IVP, Atomico, and WiL.

“We’re approaching an inflection point in the AI boom where businesses who are racing to adopt the technology begin to discern between hype versus solutions that are secure and actually solve real problems in their business. This new investment comes during what is on track to be DeepL’s most transformative year yet and is a testament to the crucial role that our Language AI platform has in solving the complex linguistic challenges global companies face today,” Jarek Kutylowski, DeepL Founder and CEO.

DeepL was advised by Taylor Wessing (led by Norman Roechert).

Sila Realty Trust completed the acquisition of a medical outpatient building in Reading for $10m. (FS, RE)

Sila Realty Trust, a net lease real estate investment trust, completed the acquisition of a medical outpatient building in Reading for $10m.

“We are pleased to announce the addition of a newly constructed, on-campus, Class A medical outpatient building to our dynamic portfolio of healthcare assets, featuring tenancy comprised of a leading local healthcare system and the largest operator of behavioral health facilities in the country. The facility exemplifies our commitment to sourcing and acquiring what we believe are accretive opportunities that are critical to the business operations of our tenants and the communities in which they serve,” Michael A. Seton, Sila Realty Trust President and CEO.

ADNOC to acquire a 10% stake in LNG development in Mozambique from Galp.

ADNOC, the state-owned oil company of the United Arab Emirates, agreed to acquire a 10% stake in LNG development in Mozambique from Galp, a multinational energy corporation. Financial terms were not disclosed.

“For over fifty years, ADNOC has been a reliable and responsible global provider of LNG and we are building on this role with this landmark investment in the world-class Rovuma supergiant gas basin in Mozambique as we deliver on our international growth strategy. Natural gas plays an important role to meet growing global demand with lower emissions compared to other fossil fuels and this acquisition supports our efforts to build an integrated global gas business to ensure we continue providing a secure, reliable and responsible supply of natural gas,” Musabbeh Al Kaabi, ADNOC Executive Director for Low Carbon Solutions and International Growth.

Gruppo Statuto to buy luxury London hotel for £180m. (RE)

Gruppo Statuto will buy the Six Senses Hotel at The Whiteley, a former office building that’s being converted into a luxury residential facility, Bloomberg reported.

The 109-room hotel — currently owned by Hong Kong builder C C Land Holdings and investment firm MARK – will officially change hands when it opens next year.

ADNOC to sell about 5.5% additional stake in drilling unit.

Abu Dhabi National Oil Company plans to sell a roughly 5.5% stake in its drilling unit, more than two years after it raised $1.1bn from an initial public offering of part of the business, Reuters reported.

Additional shares in the unit will be offered to eligible institutional investors. ADNOC Drilling's shares closed at AED4.13 ($1.12) on May 22. At that valuation, the 5.5% stake being offered would be worth $989.6m.

Coventry Building Society races to finalise £780m Co-operative Bank deal.

The Coventry Building Society is racing to finalise a £780m ($991m) takeover of the Co-operative Bank that would catapult the mutual into the ranks of Britain's biggest high street lenders, Sky News reported. 

The Coventry is trying to put the finishing touches to a definitive deal within the next few days to avoid it falling under the auspices of the UK Takeover Code.

Gut health supplement maker Symprove plots £250m sale. (FS)

Symprove, a leading manufacturer of probiotic supplements, is being groomed for a sale that is expected to fetch at least £250m ($318m).

Bd-capital, a British-based private equity firm, has appointed investment bankers at Jefferies to prepare an auction that is expected to result in a transaction taking place in 2025 at the earliest, Sky News reported. 

Saudi fintech’s $224m IPO draws orders worth $29bn.

Investors put in about SAR108.6bn ($29bn) of orders for one of the first initial public offerings by a fintech firm in Saudi Arabia, continuing the trend of strong demand for share sales in the kingdom, Bloomberg reported. 

Rasan Information Technology’s IPO was 129.1 times oversubscribed. The offering was priced at SAR37 ($10) a share, the top of a previously announced range, setting it up to raise SAR841m ($224m).

BC Partners-backed Springer Nature adds banks for German IPO. (FS)

Springer Nature, the private equity-backed academic publisher, has added a raft of banks for a renewed listing attempt that could give it a market value of as much as €7bn ($7.6bn), Bloomberg reported. 

The company could launch its Frankfurt initial public offering as soon as September. 

PC maker Raspberry Pi confirms London IPO, eyes June listing.

British personal computer maker Raspberry Pi confirmed its plan for an initial public offering in London, marking a small step for the city that’s fallen behind a broader listings revival in Europe, Bloomberg reported. 

The offering will consist of new shares to raise $40m and existing shares sold by stakeholders. Raspberry Pi, which is controlled by a charitable foundation, expects to list on the main market of the London Stock Exchange in June.

APAC

Namoi Cotton urges shareholders to reject Louis Dreyfus takeover.

Namoi Cotton is urging its shareholders to reject a takeover bid from Louis Dreyfus, saying the agricultural trader’s latest offer for the cotton producer isn’t fair and reasonable, Bloomberg reported.

Louis Dreyfus and rival trader Olam Agri Holdings have been jostling to buy the Australian producer since January. The latest higher offer from Olam, which valued Namoi at around AUD144m ($96m), is being assessed by the Australian competition regulator, which is set to release its review by July 4.

LVMH deepens partnership with Alibaba to expand presence in China.

French luxury group LVMH will deepen its partnership with Alibaba to leverage the, firm's cloud and artificial intelligence capacities and boost its presence in China, DealStreetAsia reported. 

The world's biggest luxury group, and the Chinese e-commerce giant first forged a partnership in 2019. The reinforced ties come as luxury companies redouble efforts to cater to shoppers in China, where demand has been dampened by a property crisis and high youth unemployment.

Philippines’ top fintech GCash eyes 2025 IPO.

Globe Telecom's popular fintech app GCash may go public in the Philippines next year as it keeps the door open for new investors and an overseas listing, Bloomberg reported. 

“We want to do it sooner rather than later. Sometime in 2025 would be the best estimate I can give you,” Ernest Cu, Globe CEO. Cu chairs Globe Fintech Innovations, or Mynt, the holding company of GCash and the entity that will do the initial public offering.

OYO shelves IPO plans again, in talks to raise funds at 75% valuation cut.

Indian budget hotel chain OYO has withdrawn its initial public offering from the Securities and Exchange Board of India for the second time and is reportedly in talks to raise to $90m, down 75% from its peak valuation, DealStreetAsia reported. 

The SoftBank-backed company had initially filed to go public in October 2021 for about $1bn but delayed the share sale due to market conditions. On March 31, 2023, it submitted a confidential "pre-filing" document for a reportedly trimmed-down IPO.