AMERICAS
CareMax and IMCMedical, the two healthcare services providers, went public via a merger with Deerfield Management and Richard Barasch-backed Deerfield Healthcare Technology Acquisitions, a SPAC, in a $692m deal.
“The CareMax team has created a foundational senior-focused healthcare delivery platform that combines high-touch patient care, vertical care coordination and delivery, and a highly scalable technology backbone. We believe this differentiated model facilitates members receiving the right care at the right time in the most efficient setting. CareMax has become the platform of choice for payors, providers, and patients,” Richard Barasch, CareMax Executive Chairman.
IMC Medical was advised by Piper Sandler and McDermott Will & Emery. CareMax was advised by Morgan Stanley and DLA Piper. Deerfield Healthcare Technology Acquisitions was advised by Deutsche Bank, UBS, Polsinelli PC, White & Case and The Equity Group. Deerfield Management was advised by Katten Muchin Rosenman.
Abu Dhabi Investment Authority is joining one of the biggest leveraged buyouts of all time by investing about $1bn alongside a consortium acquiring medical supply company Medline Industries, Bloomberg reported.
The world’s third-biggest wealth fund, known as ADIA, will back the takeover of Medline by Private equity firms Blackstone Group, Carlyle Group, Hellman & Friedman and GIC, at a $34bn valuation.
Medline Industries is advised by BDT & Co, Goldman Sachs and Wachtell Lipton Rosen & Katz. The investor group is advised by Bank of America, Barclays, Centerview Partners, JP Morgan, Morgan Stanley and Simpson Thacher & Bartlett.
Datavant, which provides solutions to help institutions protect, match and share health data, agreed to merge with Ciox Health, a healthcare information management company, in a $7bn deal.
The transaction supported by existing investor group of New Mountain Capital, Roivant Sciences, Transformation Capital, Merck Global Health Innovation Fund, Labcorp, Cigna Ventures, Johnson & Johnson Innovation, Flex Capital, with significant new investment from Sixth Street and Goldman Sachs Asset Management.
“Our goal is to create a ubiquitous, trusted, and neutral data ecosystem where parties across the healthcare system can seamlessly and securely exchange data – unlocking better outcomes, faster research, and healthcare at a lower cost. The combined company is positioned to transform America’s health infrastructure and power the health data economy,” Travis May, Datavant CEO.
Ciox Health and New Mountain Capital are advised by Deutsche Bank, Goldman Sachs, TripleTree and Ropes & Gray. New Mountain Capital is advised by Abernathy MacGregor Group. Datavant is advised by Goodwin Procter. Sixth Street and Goldman Sachs are advised by Sidley Austin.
Huntington Bancshares, a regional bank holding company, completed the merger with TCF Financial, a Michigan-based financial holding company, in a $6.1bn deal.
"We are pleased to announce the completion of this combination with TCF and look forward to welcoming our new colleagues and customers to Huntington. We also look forward to strengthening our community impact through the combined bank. This is a significant step forward for Huntington in our vision to build the leading People-First, Digitally Powered bank in the nation," Stephen D. Steinour, Huntington Chairman, President and CEO.
TCF Financial was advised by Keefe Bruyette & Woods, Stifel and Simpson Thacher & Bartlett. Huntington was advised by Goldman Sachs and Wachtell Lipton Rosen & Katz. Goldman Sachs was advised by Fried Frank Harris Shriver & Jacobson.
Genstar Capital, a private equity firm, completed the acquisition of 2020 Technologies, a global provider of specialized computer-aided design, configure, price, quote and enterprise solutions, from Golden Gate Capital, a private equity firm. Financial terms were not disclosed.
"We strive to provide our customers innovative solutions that connect all phases of the buying journey – from inspiration to design, to manufacturing to installation. I'm extremely proud of our team for their relentless focus on our customers' success and we remain committed to helping them create amazing spaces for life and work. We thank Golden Gate Capital for our successful and collaborative partnership and are excited to join forces with Genstar for the next phase of our continued growth," Mark Stoever, 2020 CEO.
Genstar Capital was advised by Kirkland & Ellis and Chris Tofalli Public Relations. Golden Gate Capital was advised by William Blair & Co, Nob Hill, Paul Weiss Rifkind Wharton & Garrison and Sard Verbinnen & Co.
An investment consortium agreed to invest in Visual Comfort Group, a lighting manufacturing group. The consortium includes Goldman Sachs Asset Management, Leonard Green & Partners and AEA Investors. The transaction is subject to customary closing conditions, including requisite regulatory approvals, and is expected to close during the third quarter of 2021. Financial terms were not disclosed.
"Our company has benefitted greatly during our association with AEA and we are excited to continue our partnership with such trusted advisors. Similarly, we are fortunate to welcome LGP and Goldman Sachs as additional partners and look forward to their support as we build the Visual Comfort & Co. family of brands to new heights across the globe. We are convinced that the best is yet to come as we combine the outstanding experience and expertise of our capital partners to build upon our strong foundation," Andy Singer, Visual Comfort Founder and CEO.
Visual Comfort is advised by Barclays, Harris Williams and Fried Frank Harris Shriver & Jacobson. Leonard Green & Partners is advised by Latham & Watkins. Goldman Sachs Asset Management is advised by Simpson Thacher & Bartlett. AEA Investors is advised by Joele Frank.
Valo Health, a biotechnology company, agreed to go public via a SPAC merger with Khosla Ventures Acquisition, a special purposes acquisition company, in a $2.8bn deal.
"We see this partnership with KVAC as a unique and fantastic opportunity to bring the future forward to transform and accelerate the discovery and development of life-changing therapeutics. Khosla's reputation is second to none for building and investing in transformational technology-enabled businesses, and we believe this partnership helps realize our vision - of accelerating the creation of life changing drugs," David Berry, Valo CEO.
Valo Health is advised by JP Morgan and Goodwin Procter. Khosla Ventures Acquisition is advised by JP Morgan, Cooley and Latham & Watkins.
Alliant, an insurance broker, completed the merger with Abry Partners-backed Confie, a provider of insurance products. Financial terms were not disclosed.
“The finalization of our partnership with Confie positions Alliant as a premier player in the personal lines market, further expanding our national reach and diverse portfolio of products and services. The Confie name has long been synonymous with top-tier service and operational excellence, and their team will bring additional strength to the Alliant family of companies,” Tom Corbett, Alliant Chairman and CEO.
Alliant was advised by Kramer Levin Naftalis & Frankel. Abry Partners was advised by JP Morgan, Foley & Lardner and Kirkland & Ellis.
Lightspeed, a one-stop commerce platform, agreed to acquire Ecwid, a digital commerce company, for $500m.
"By joining forces with Ecwid and NuORDER, Lightspeed becomes the common thread uniting merchants, suppliers and consumers, a transformation we believe will enable innovative retailers to adapt to the new world of commerce. As economies reopen and business creation accelerates, we hope to embolden entrepreneurs with the tools they need to simplify their operations and scale their ambitions," Dax Dasilva, Lightspeed Founder and CEO.
Ecwid is advised by Morgan Stanley. Lightspeed is advised by RBC Capital Markets and Zeno Group.
Investment firms IFM Investors and Ontario Teachers' Pension Plan Board, completed the acquisition of district energy operations of Enwave Energy, a Canadian multinational energy company, for $2.1bn. IFM Investors and Ontario Teachers’ retained the Enwave brand as part of this transaction and each owns 50% of the company.
“Our new owners are investing in Enwave as a platform to meet the growing demand for low-carbon energy solutions across North America. Our work has not only helped our customers meet their low-carbon energy needs, but contributed to a cleaner, more sustainable future. We look forward to continuing to grow the platform in the years to come,” Carlyle Coutinho, Enwave new CEO.
IFM Investors was advised by RBC Capital Markets and Prosek Partners.
GE-Prolec Transformers, a Mexican transformer manufacturer, agreed to acquire SPX Transformer Solutions, a manufacturer of medium and large power transformers, from SPX, a global supplier of infrastructure equipment, for $645m.
"As a key provider of high-quality, sustainable solutions for the delivery of electrical energy, Prolec GE is an excellent fit to lead the next phase of growth and value for SPX Transformer Solutions’ customers and employees alike," Gene Lowe, SPX President & CEO.
SPX is advised by JP Morgan and K&L Gates.
Pershing Square, a Guernsey-based investment holding company, agreed to acquire a 10% stake in Universal Music Group, a global music corporation, from Vivendi, a French media conglomerate, for c. $4bn.
"Led by Sir Lucian Grainge, Universal Music Group has one of the most outstanding management teams that I have ever encountered. Importantly, UMG meets all of our acquisition criteria and investment principles as it is the world’s leading music company, with a royalty on the growing global demand for music. We are delighted to work with Vivendi on this iconic transaction, and look forward to its consummation," Bill Ackman, Pershing Square CEO.
Pershing Square is advised by Camarco.
Lightspeed, a one-stop commerce platform, to acquire NuORDER, a digital commerce company, for c. $213m.
"By joining forces with Ecwid and NuORDER, Lightspeed becomes the common thread uniting merchants, suppliers and consumers, a transformation we believe will enable innovative retailers to adapt to the new world of commerce. As economies reopen and business creation accelerates, we hope to embolden entrepreneurs with the tools they need to simplify their operations and scale their ambitions," Dax Dasilva, Lightspeed Founder and CEO.
NuORDER is advised by Paul Weiss Rifkind Wharton & Garrison.
LLR Partners, a private equity firm, agreed to invest in Archer, a provider of technology and services intended for investment management companies. Financial terms were not disclosed.
“Investment managers are under intense pressure from fee compression to drive operational efficiencies. At the same time, investor appetite for customized investment products is rapidly increasing. Archer’s solutions were built from the ground up to streamline the launch and management of these investment products while delivering the highest quality customer experience," Ryan Goldenberg, LLR Partners Principal.
Archer is advised by Raymond James.
Fidelity Management & Research led a $650m Series E funding round in Relativity Space, an American aerospace manufacturing company. The round had participation from new investors including funds and accounts managed by BlackRock, Centricus, Coatue, and Soroban Capital, in addition to participation from existing investors Baillie Gifford, K5 Global, Tiger Global, Tribe Capital, XN, Brad Buss, Mark Cuban, Jared Leto, and Spencer Rascoff.
“Relativity was founded with the mission to 3D print entire rockets and build humanity’s industrial base on Mars. We were inspired to make this vision a reality, and believe there needs to be dozens to hundreds of companies working to build humanity’s multiplanetary future on Mars. Scalable, autonomous 3D printing is inevitably required to thrive on Mars, and Terran R is the second product step in a long-term journey Relativity is planning ahead,” Tim Ellis, Relativity CEO and Сo-founder.
nVent Electric, a provider of electrical connection and protection solutions, agreed to acquire CIS Global, a provider of mission critical power and server rack-mount slide products for the rapidly growing data center and networking industries, for $200m.
"Combined with our Enclosures solutions, we can help data centers across the world improve operational efficiency and optimize energy utilization with leading technologies in heat and power management, both critical for electrical resiliency. Our priority after closing will be to serve and grow the CIS Global customer base with innovative solutions,” Joe Ruzynski, nVent Enclosures President.
AFG Holdings, a technology and manufacturing specialist, completed its acquisition of Maass Flange, the North American assets of Maass Global Group, a global specialist in open die, closed die and ring rolling products. Financial terms were not disclosed.
"Maass’ market-leading positions in stainless and nickel alloys aligns well with AFG Holdings’ market leadership in carbon flanges, creating combined bundling opportunities through a unified supply chain while reducing costs for our customers," Joe Jenkins, AFG Aero-Industrial Group President.
BlockFi in talks to raise funding at about $5bn valuation. (FS)
BlockFi, a cryptocurrency startup, is in late-stage talks with new and existing investors to raise funding at a valuation of about $5bn, Reuters reported.
Third Point and Hedosophia are leading the investment round. The latest financing is not yet closed and the valuation could grow.
In March, the New Jersey-based company completed a $350m series D funding round that gave it a valuation of $3bn. The round was led by Bain Capital Ventures, partners of DST Global, Pomp Investments and Tiger Global.
Marqeta raises $1.23bn in IPO.
Marqeta, an online card and payment processing company, raised $1.23bn after pricing its initial public offering above a marketed range.
Marqeta sold 45.5m shares for $27 apiece. Marqeta had marketed the shares for $20 to $24 each.
At $27 a share, the company has a market value of $14.3bn based on the outstanding shares listed in its filings with the US Securities and Exchange Commission. Its diluted value, which includes options, restricted stock units and warrants, is at least $15bn, Bloomberg reported.
Goldman Sachs and JP Morgan led the share sale.
BTG Pactual raises $591m in share offering.
BTG Pactual, a Brazilian bank, has raised $591m in the offering, which is its second follow-on this year. BTG Pactual has priced its each share at $24.
The bank plans to use the proceeds to boost growth in retail banking. BTG has announced a series of acquisitions this year, including an additional $734m stake in mid-sized lender Banco Pan.
BTG Pactual, Bradesco, Itau Unibanco, Santander and UBS managed the offering.
Shamrock Capital closes $1bn Growth Fund V. (FS)
Shamrock Capital, a private equity firm, has held the final closing of Shamrock Capital Growth Fund V, a $1bn fund focused on buyout and later-stage growth equity investments within Shamrock’s core industries of media, entertainment, and communications.
Shamrock’s private equity funds target companies seeking $25-200m of equity capital in both control and non-control transactions. SCGF V is managed by the Partners of Shamrock and other investment professionals in Los Angeles, California.
SCGF V’s limited partners include a diverse mix of existing and new investors from leading pension funds, endowments and foundations, family offices, and financial institutions. Shamrock launched its limited marketing process in late 2020 and saw significant demand exceeding its $1bn hard-cap.
Harrison Street announces a $1.6bn investment in medical office and senior housing properties. (FS)
Harrison Street, an investment management firm exclusively focused on alternative real assets, announced it has agreed to purchase 24 senior housing assets and sell 14 medical office properties across eight states, multiples sellers and counterparties for a total transaction value of approximately $1.6bn.
“This highly complex series of transactions, which includes 40 properties, multiple closings, and numerous counterparties each with unique needs, reflects Harrison Street’s sector expertise, deep relationships, and execution ability. We are excited by the opportunities that exist across each of our core sectors and to bring Harrison Street’s substantial resources to bear to support vital sectors of the economy and to drive value for our investors and partners," Christopher Merrill, Harrison Street Co-Founder, Chairman and CEO.
EMEA
Wallbox, a provider of electric vehicle charging solutions, agreed to go public via a merger with Kensington Capital Acquisition II, a SPAC, in a $1.5bn deal. The transaction raises approximately $330m in proceeds through the business combination, including a $100m fully committed PIPE anchored by asset managers Janus Henderson Investors, Luxor Capital, Cathay Innovation and Kensington Capital Partners.
"At Wallbox, we believe that ubiquitous access to affordable, efficient, and optimized EV charging is a critical part of the transition to electric vehicles. This transaction with Kensington will allow us to significantly increase our product development and manufacturing capacity as we expand sales globally to enhance the global transition to EVs," Enric Asunción, Wallbox Co-Founder and CEO.
Wallbox is advised by BDO, KPMG, Barclays, Drake Star Partners, Latham & Watkins and Loyens & Loeff. Kensington is advised by UBS, Cuatrecasas, Houthoff, Hughes Hubbard & Reed, ICR and Robar PR.
NPM Capital, a private equity firm, agreed to acquire Infinitas Learning, a provider of print and digital educational content and services, from Compass Partners, an asset manager. Financial terms were not disclosed.
“Since acquiring Infinitas, we have made significant investments to transform the company into a provider of digital education solutions. The management team has done a fantastic job delivering innovative products and services that meet the needs of students and educators," Alister Wormsley, Compass Partners Partner.
NPM Capital is advised by PricewaterhouseCoopers, Rabobank, Rothschild & Co, NautaDutilh and Willkie Farr & Gallagher. Compass Partners Capital is advised by Deloitte, UBS, Dickson Minto and Loyens & Loeff.
Naxicap Partners, a private equity firm, agreed to acquire Slip Rings and Rotating Systems business of Advent International-backed Cobham, a British aerospace manufacturing company. Financial terms were not disclosed.
"The company’s expertise and quality of its management team make this a unique investment opportunity in the sector. We are convinced that the Group has all of the key assets needed to establish itself as a major consolidation platform for the high-performance slip rings market. We look forward to supporting the management team carry out its ambitious development plan," Angèle Faugier, Naxicap Partners Partner.
Naxicap Partners is advised by Candesic, Capza, Deloitte, Oaklins and Lamartine Conseil. Advent is advised by Rothschild & Co. Cobham is advised by Tulchan Communications.
Lineage Logistics, a provider of temperature-controlled industrial logistics, agreed to acquire Kloosterboer Group, an integrated platform for temperature-controlled storage management. Financial terms were not disclosed.
"Kloosterboer’s strong entrepreneurial culture and management team, combined with their state-of-the-art, strategically located facility network perfectly complement Lineage’s international footprint and innovative spirit, which will deliver incredible value to our combined customers," Mike McClendon, Lineage President of International Operations.
Kloosterboer Group is advised by Nielen Schuman, De Brauw Blackstone Westbroek and CFF Communications. Lineage Logistics is advised by Rabobank, Latham & Watkins and NautaDutilh.
Abu Dhabi state investor Mubadala said it has joined a consortium led by US-based EIG Global Energy Partners that had agreed to buy a 49% equity stake in Aramco Oil Pipelines, Reuters reported.
Aramco in April agreed to sell a minority stake in its pipelines for $12.4bn to a consortium led by EIG, the company's largest deal since its record $29.4bn IPO in late 2019.
Aramco will keep 51% of the newly formed Aramco Oil Pipelines which has the rights to 25 years of tariff payments for oil carried on Aramco's pipelines.
EIG is advised by HSBC, Latham & Watkins and Sard Verbinnen & Co. Aramco is advised by JP Morgan, White & Case and Brunswick Group.
Ardian and A2A, an Italian company that generates, distributes, and markets renewable energy, electricity, gas, integrated water supply, and waste management services, agreed to create a joint venture, the second largest Italian platform focused on the energy transition, in a €4.1bn ($5bn) deal.
“The agreement with Ardian would make it possible for A2A to accelerate by several years reaching the growth objectives in renewable generation foreseen by the Industrial Plan, combining financial resources with industrial assets. The trust shown by Ardian in the sound industrial leadership of A2A gives us reason to be satisfied with our work so far and is further confirmation of the validity of our vision and of our determination to become a major European player in renewable energy and energy transition,” Renato Mazzoncini, A2A CEO.
Ardian is advised by Nomura, Chiomenti and Image Building. A2A is advised by Citigroup and Cleary Gottlieb Steen & Hamilton.
KPS Capital Partners, an American investment company, agreed to acquire Siderforgerossi Group, a vertically integrated manufacturer of rolled and forged products. Financial terms were not disclosed.
"KPS' demonstrated track record of driving manufacturing excellence will position Siderforgerossi to capitalize on meaningful growth opportunities, while maintaining our focus on quality, safety and customer service. Under KPS' ownership, we will develop a range of growth and operational initiatives to build upon our long and successful history," Adriano Zambon, Siderforgerossi Chief Executive Officer.
Siderforgerossi is advised by Mediobanca and NCTM. KPS is advised by Houlihan Lokey, Intesa SanPaolo and Paul Weiss Rifkind Wharton & Garrison.
Management of Cambria Automobiles, a retailer of automobiles, agreed to acquire the company for £80m ($113m).
"In recommending the cash offer to the Cambria Shareholders, the independent committee believe it is in the best interests of all stakeholders, enabling them to realize significant and immediate value, whilst enabling the long term success of the business. Therefore, the Independent Committee is unanimously recommending the cash offer," Philip Swatman, Cambria Chairman.
Cambria Automobiles is advised by Zeus Capital, N+1 Singer, Rothschild & Co and FTI Consulting. The management is advised by finnCap.
Great Hill Partners, a private equity firm, agreed to invest $55m in eloomi, a global cloud-based people development software company. Great Hill Partners joins the group of existing investors in eloomi, including Claus Johansen, Kennet Partners, and VF Ventures.
"Through upskilling and development of their people, our customers achieve substantial benefits with eloomi, such as increased motivation, engagement, and productivity, often resulting in increased employee retention rates. Great Hill has an established and proven track record of partnering with companies like ours, specifically within the HR software space, and we’re pleased to have them as strategic investors to support our continued growth," Claus Johansen, eloomi Founder and CEO.
eloomi is advised by Nielsen Nørager. Great Hill Partners is advised by Kirkland & Ellis, Moalem Weitemeyer Bendtsen and Sard Verbinnen & Co.
Aurica Capital, a private equity firm, agreed to acquire a minority stake in Babel, a digital transformation company. Financial terms were not disclosed.
"Along with organic growth, it will be possible to make acquisitions that provide new capabilities and achieve the objective of being leaders in our geographies," Rafael López, Babel CEO.
Babel is advised by Alemany, Escalona & De Fuentes. Aurica Capital is advised by Ernst & Young, Garrigues and Fide Partners.
Duke Street, a private equity firm, agreed to acquire COMPO Consumer, a European firm in branded products for plants in the house and garden, from Kingenta Ecological Engineering Group, a public fertilizers provider. Financial terms were not disclosed.
“After enjoying the support of Kingenta for a number of years, the business is poised for this exciting next stage of its evolution. Sustainability is of particular importance for Duke Street and that aligns perfectly with our careful stewardship of this business and with the growing priorities of our customers and end-consumers,” Stephan Engster, COMPO CEO.
COMPO is advised by King & Wood Mallesons. Duke Street is advised by Harris Williams & Co and White & Case.
Glass Lewis, an investor advisory firm, has recommended MONETA Money Bank shareholders vote against a plan to acquire PPF’s Czech and Slovak lending assets, questioning the purchase price for the assets, Reuters reported.
MONETA and PPF agreed terms on the deal last month, with MONETA set to buy PPF’s lender Air Bank, Czech and Slovak units of global consumer lender Home Credit and peer-to-peer lender Benxy for $1.24bn.
The deal, if approved, would give PPF majority control in MONETA, the country’s sixth largest bank.
MONETA is advised by JP Morgan and UBS.
Casdin Capital, a private equity firm, led a $150m Series D funding round in LetsGetChecked, a virtual care company. The round had participation from investors CommonFund, Illumina, Optum Ventures, Transformation Capital, HLM Venture, Qiming Venture Partners and Symphony Ventures.
“We are seeing unprecedented demand for at-home diagnostics and care as an alternative to traditional in-person medical visits, and we are expanding our offerings to include telehealth and treatment services to further help people live longer, happier lives," Peter Foley, LetsGetChecked Founder and CEO.
LetsGetChecked was advised by Azione.
Airbus Helicopters, the helicopter manufacturing division of Airbus, agreed to acquire ZF Luftfahrttechnik, a provider of advanced OEM independent solutions for helicopter transmission systems, from ZF Friedrichshafen, a global technology company and supplies systems for passenger cars, commercial vehicles and industrial technology. Financial terms were not disclosed.
“By adding ZF Luftfahrttechnik to our portfolio, we will further broaden our range of MRO capabilities and secure additional competences in the area of dynamic systems for Airbus Helicopters, adding value for our global customer base. With ZF Luftfahrttechnik, we will be able to improve our service offering for our customers including key partners like the German Bundeswehr, thus addressing their MRO needs faster with an increased level of integration. ZF Luftfahrttechnik’s balanced and global business model fits very well into our approach to the worldwide helicopter market,” Bruno Even, Airbus Helicopters CEO.
ZF Friedrichshafen is advised by Rothschild & Co.
Colfax-backed DJO Global, a global provider of medical technologies, agreed to acquire Mathys, a Switzerland-based company that develops and distributes products for artificial joint replacement, synthetic bone graft solutions, and sports medicine. The transaction is expected to close in the third quarter of 2021, subject to receipt of applicable regulatory approvals and the satisfaction of other closing conditions. Financial terms were not disclosed.
“Combining these two leading orthopedic businesses into one global platform creates an exciting opportunity to build on the strengths of both Mathys and DJO in developing and delivering the next generation of orthopedic innovations,” Benjamin Reinmann, Managing Director, Mathys CEO.
Colfax is advised by Homburger.
An investment consortium agreed to acquire Anticimex, a global pest control specialist, from EQT VI fund for $7.2bn. The consortium included EQT, Melker Schörling, GIC, AMF, Interogo and Alecta. The transaction is expected to close in Q4 2021.
"After nine intense years of transformation, with expansion across Europe, North- & South America and APAC, we are thrilled to embark on the next phase of Anticimex' journey. Together with EQT and the significant investment step-up from MSAB as well as the support from other strong partners like GIC, AMF, Interogo Holding Long-Term Equity, and Alecta, we will be in a strong position to capitalize on the great opportunities ahead," Jarl Dahlfors, Anticimex CEO.
Maple Invest, an investment vehicle controlled by an Emirati billionaire Hussain Sajwani, agreed to acquire DAMAC Properties, a property development company, for $255m.
The all-cash offer comes amid a years-long slump in Dubai's once hot property market, a decline exacerbated by the economic hit from the Covid-19 pandemic. Maple Invest intends to increase the holding to at least 90% plus one so it can exercise its right to buy out the remaining minority shareholders.
Tencent led a $180m Series E funding round in Scalable Capital, a fast-growing neo-broker and a digital wealth manager. Existing shareholders participated as well.
“Tencent complements our existing long-term partners who already represent an international investor base. Our recent funding is a major step forward on our way to becoming the leading retail investment platform in Europe. The strong acceleration of our growth further validates our mission to empower investors,” Erik Podzuweit, Scalable Capital Co-CEO and Co-Founder.
VTB, a Russian second-largest lender, agreed to acquire a 15% stake in Delimobil, a car-sharing provider, for $75m.
"VTB Group has supported our business through various financial products for more than two years. This investment is a major step forward in our mutually beneficial cooperation aiming to support our strategic goal to maintain and further develop our position as one of the leaders in the Russian carsharing market. Delimobil demonstrates a powerful combination of tech growth, an operating model in fleet management that pursues the highest global standards and robust financial performance. Delimobil’s brand recognition is a good sign that we meet our customers’ needs and will continue to build on this success,” Vincenzo Trani, Delimobil Founder and President.
Vista Global explores a $10bn SPAC merger talks.
Vista Global Holding, a private aviation provider that competes with Warren Buffett’s NetJets, is in talks to go public through a merger with a special purpose acquisition company.
A transaction could value Vista at more than $10bn including debt. The company has projected 2021 earnings before interest, taxes, depreciation and amortization of about $450m, Bloomberg reported.
CVC in talks to set up $4bn global tennis group. (FS)
CVC Capital Partners is in talks over a $600m deal that would bring together the men’s and women’s pro tennis calendars and allow the private equity firm to buy into the sport, FT reported.
Under the proposals, CVC would take a 15% stake in One Tennis, a new entity set up to manage media and data rights for both tours, valuing it at $4bn.
If agreed, the deal would mark a first foray into tennis for CVC, a Luxembourg-based private equity group that has been making a push for sports deals worldwide, including in football, rugby, volleyball, basketball and motor racing.
Armani denies rumors of tie-up with Ferrari.
Armani said it had no interest in a tie-up with luxury sports car maker Ferrari, as proposed in a plan by investment banks, Reuters reported.
Succession plans at the firm founded by 86-year-old designer Giorgio Armani, known as King Giorgio in the fashion world, have long been the subject of speculation. Italy’s Il Sole 24 Ore newspaper said investments banks, which it did not name, had pitched a plan envisaging a merger of Armani and Ferrari to Exor, the holding company of Italy’s Agnelli family and the main investor in Ferrari.
Under the scheme Armani, by merging his company into Ferrari, would become the second-largest investor in the Formula 1 car maker. The paper said both Armani and Exor had ruled out such a plan.
EY’s deal adviser quits to set up rival boutique. (People)
Yannick de Kerhor’s Paris-based EKEM Partners will team up with EOS Deal Advisory, the London firm run by two former senior partners at KPMG UK who quit over the firm’s response to bullying allegations.
The alliance, which also includes 42-person German adviser AC Christes & Partner, will compete with the Big Four to advise companies and private equity firms on corporate transactions.
The three firms said they would work together on an informal basis at first with a view to forming a more structured relationship in future, FT reported.
NMC to proceed with the sale of non-core assets.
NMC, a hospital operator, mulls proceeding with the sale of its non-core international assets despite the planned transfer of the company’s business to creditors following a restructuring exercise.
The statement came after joint administrators from Alvarez & Marsal said earlier this week it will shortly launch the formal voting process to complete the financial restructuring of the NMC business, ensuring its exit from administration in Abu Dhabi, Reuters reported.
“The sale process of the non-core international assets is proceeding and we hope to be able to make more formal announcements on these soon,” Richard Fleming, the joint administrator.
Taaleri’s SolarWind II fund exceeds its target size with final close commitments of $431m. (FS)
Renewable fund manager and developer Taaleri Energia' SolarWind II fund has exceeded its target size of $365m with a final closing of $431m in total commitments. The fund’s anchor investors include the European Investment Bank, the European Bank for Reconstruction and Development, Varma Mutual Pension Insurance Company and Ilmarinen Mutual Pension Insurance Company.
The fund has already secured its first seven investments, representing a significant proportion of its committed capital, in ready-to-build wind farms in Finland (3), Norway, Texas and Poland and in a ready-to-build solar farm in Spain. The three Finnish projects and the Texan project were all developed in-house.
“The Taaleri SolarWind II fund represents a significant milestone in our development and we appreciate the trust placed in us by our investors. With seven investments across our target markets completed to date, we are also very satisfied with our execution of the fund strategy thus far," Kai Rintala, Taaleri Energia Managing Director.
APAC
Grab Holdings postponed the expected completion of its merger with a US blank-check company as the ride-hailing and food-delivery giant works on a financial audit of the past three years.
The deal, set to be one of the largest-ever mergers with a blank-check company, is now expected to be completed in the fourth quarter of this year, the company said in a statement. When announcing the merger in April, Grab expected completion in the third quarter, Bloomberg reported.
Grab is advised by Evercore, JP Morgan, Morgan Stanley, Hughes Hubbard & Reed, Skadden Arps Slate Meagher & Flom, Blueshirt Group and Sard Verbinnen & Co. Financial advisors to Grab are advised by Sullivan & Cromwell. Dragoneer Investment is advised by Latham & Watkins. Altimeter Growth is advised by Evercore, JP Morgan, Morgan Stanley, UBS, Ropes & Gray and WilmerHale. Financial advisors to Altimeter are advised by Cooley.
Kuala Lumpur Kepong, a Malaysian palm oil giant, offered to acquire IJM Plantations from IJM, a construction, property and infrastructure provider, for $372m.
“The key deviation was strong plantation earnings due to higher crude palm oil prices, higher core EBITDA margin of 22% vs. our forecast of 8.9% and lower tax rates. FY21 revenue contracted 14.9% yoy due to the impact of various Movement Control Orders on construction and property billings and toll revenue” IJM.
NFC Indonesia, a digital platform operator, and Sicepat, a provider of logistics services, joint venture agreed to acquire Volta, a developer of electric motorcycles. Financial terms were not disclosed.
“We expect that as battery technology improves with time, going green in the transportation/logistics industry will become increasingly affordable and economical,” The Kim Hai, SiCepat CEO.
Indian bankruptcy court allows Twin Star to takeover Videocon.
India's bankruptcy court has allowed billionaire Anil Agarwal’s Twin Star to takeover Videocon Industries, an Indian mutinational conglomerate.
Videocon’s shares will be delisted as part of the plan submitted in December, the company told the stock exchange. Twin Star, a part of Agarwal’s Vedanta Group, will pay about $410m to Videocon’s lenders.
Videocon’s debt stood at over $8.7bn in 2019, according to bankruptcy case related disclosures on the company’s website. Out of this, $7.8bn was owed to over three dozen banks and other financial creditors, Bloomberg reported.
Delhivery eyes $4bn valuation for IPO in March.
Delhivery is weighing a valuation of $4bn for its proposed public listing in the March quarter. This would mark an increase of about a third from the $3bn at which the company was valued last week in its latest fundraising round, underscoring the strong fillip to the logistics tech startup’s business during the pandemic.
Delhivery is likely to sell a 10-15% stake for $500-600m through the planned initial public offering. The company could file its draft prospectus with the Securities and Exchange Board of India either in July or August for the share sale.
Delhivery’s valuation could go up by at least 25-30% till the time of the IPO launch since the company’s revenue is steadily rising and the books are flush with cash, DealStreetAsia reported.
Top Glove delays its $1bn Hong Kong IPO.
Top Glove, the largest rubber glove maker, said it would delay its share sale plans by a few months, following news of US ban on Malaysian-made gloves.
The US move is only temporary and the Hong Kong listing is for the long term, Top Glove Chairman Lim Wee Chai said at a briefing. The company is working with its advisor to get the Hong Kong IPO approved by the regulator, said Lim Cheong Guan, its executive director.
Top Glove, which is seeking a listing in Hong Kong to bolster its profile with foreign investors, has been under pressure to improve its labor practices after the US Customs and Border Protection late March ordered personnel at US ports of entry to seize its gloves made in the Southeast Asian nation, Bloomberg reported.
Webull weighs $400m US IPO.
Webull, a Chinese online brokerage, s considering an up to $400m IPO in the USA.
The Changsha, Hunan-based company is working with Goldman Sachs to prepare for the share sale, which could take place as soon as this year. Considerations are at an early stage and details including size and timeline could change.
Sequoia Capital and Tiger Global-backed Dingdong Maicai files for US IPO. (FS)
Sequoia Capital and Tiger Global-backed Dingdong Maicai, a Chinese grocery application filed for a US IPO, as it seeks more funds to compete in a crowded sector. Dingdong plans to list its shares on the New York Stock Exchange under the symbol “DDL”.
The Covid-19 pandemic has fueled online demand for fresh produce in China, with e-commerce companies including Dingdong, Alibaba Group and Pinduoduo competing aggressively to grab a major slice of that vast market, DealStreetAsia reported.
Morgan Stanley, Bank of America, Credit Suisse and Mission Capital are underwriters for the offering.
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