AMERICAS
Analog Devices completed the merger with Maxim Integrated Products in a $21bn deal.
Analog Devices, an American multinational semiconductor company, completed the merger with Maxim Integrated Products, an American, publicly-traded company that designs, manufactures, and sells analogue and mixed-signal integrated circuits, in a $21bn deal.
"Today's exciting announcement with Maxim is the next step in ADI's vision to bridge the physical and digital worlds. ADI and Maxim share a passion for solving our customers' most complex problems, and with the increased breadth and depth of our combined technology and talent, we will be able to develop more complete, cutting-edge solutions. Maxim is a respected signal processing and power management franchise with a proven technology portfolio and impressive history of empowering design innovation. Together, we are well-positioned to deliver the next wave of semiconductor growth, while engineering a healthier, safer and more sustainable future for all," Vincent Roche, ADI President and CEO.
Analog Devices was advised by Bank of America, Morgan Stanley, Wachtell Lipton Rosen & Katz and Teneo. Financial advisors were advised by Gibson Dunn & Crutcher and Sullivan & Cromwell. Maxim Integrated was advised by JP Morgan and Weil Gotshal and Manges. JP Morgan was advised by Latham & Watkins.
Good Works Acquisition and Cipher Mining announce shareholder approval of $2bn merger.
Good Works Acquisition, a SPAC, and Cipher Mining Technologies, a US-based bitcoin mining company, announced that at their special meeting, Good Works' shareholders voted in favour of $2bn business combination between Good Works and Cipher Mining. PIPE investors include Fidelity Management & Research, Counterpoint Global and Bitfury.
The Business Combination is expected to close on August 26, 2021, subject to the satisfaction or waiver of certain other closing conditions. Upon closing, Cipher Mining's common stock and warrants are expected to begin trading on NASDAQ.
Good Works is advised by JP Morgan, Shoreline Capital Advisors and Schiff Hardin. Cipher Mining is advised by Wells Fargo Securities, Latham & Watkins, Blueshirt Group and Dukas Linden Public Relations. Wells Fargo Securities is advised by Mayer Brown.
Advent International, a private equity investor, agreed to acquire bareMinerals, BUXOM, and Laura Mercier from Shiseido, a cosmetic company. Financial terms are not disclosed.
“We have been proud stewards of bareMinerals, BUXOM, and Laura Mercier, and we believe Advent is the right partner to guide these incredible brands into their next chapter,” Ron Gee, Shiseido Americas President and CEO.
Advent International is advised by Jefferies & Company, Weil Gotshal and Manges and Finsbury Glover Hering. Shiseido is advised by Perella Weinberg Partners, Morgan Lewis & Bockius and Sard Verbinnen & Co.
Hildred Capital-backed Crown Laboratories to acquire StriVectin from L Catterton. (FS)
Hildred Capital-backed Crown Laboratories, a developer and provider of skin care products, agreed to acquire StriVectin, a provider of specialty skincare products, from L Catterton, a private equity firm. Financial terms were not disclosed.
"Partnering with StriVectin is an exciting and significant next step in diversifying and scaling our organization. StriVectin has assembled a truly impressive team, a proven business model, and a premier product portfolio that is beloved by its customers. We are particularly excited that Cori will be assuming a senior executive role at Crown, helping to guide the merged businesses, and we think the combined talents of both teams will enable us to accelerate growth across all our product areas. The addition of StriVectin to Crown's portfolio enriches our focus on partnering with our customers throughout their lifetime skin health journey," Jeff Bedard, Crown Laboratories CEO.
Hildred Capital and Crown Laboratories are advised by Lowenstein Sandler. Debt financing is provided by Hayfin Capital Management. L Catterton is advised by Gibson Dunn & Crutcher. StriVectin is advised by Gibson Dunn & Crutcher and Moelis & Co.
ABM to acquire Able Services for $830m.
ABM, a provider of facility solutions, agreed to acquire Able Services, a family-owned provider of janitorial, engineering, and facility solutions, for $830m. The transaction is expected to close by the end of September, subject to approval under the Hart-Scott-Rodino Antitrust Act and other closing conditions.
“This acquisition is fully aligned with the strategic plan we have developed to accelerate our revenue growth and margin expansion in the coming years. Able represents an excellent strategic and cultural fit for us, adding to our scale in engineering and janitorial services, which represent priority growth areas for ABM over the next five years. Additionally, Able’s commitment to delivering outstanding service to its clients while engaging with its team members fits well with ABM’s culture and values. Together, we will build upon our respective strengths and shared values as we provide a broader array of services to an expanded client roster," Scott Salmirs, ABM President and CEO.
ABM is advised by Goldman Sachs and Jones Day. Able is advised by Stifel and Morrison & Foerster.
Andros Capital and Midland-Petro DC Partners formed a $150m joint venture. (FS)
Andros Capital, a private investment firm, and Midland-Petro DC Partners, a private oil and gas company, formed a $150m joint venture engaged in the development drilling program targeting the highly productive Spraberry and Wolfcamp formations.
“MPDC has assembled a world-class position in the core of the Midland Basin, and we’re excited to be a part of its development. This transaction underscores Andros’ commitment to investing in high-quality assets in partnership with talented operators. It also highlights our ability to construct a creative capital solution to enable our partner to advance their strategic objectives," Phillip A. Gayle, Andros Managing Partner.
Andros was advised by Willkie Farr & Gallagher and Ten|10 Group. MPDC was advised by Petrie Partners Securities and Vinson & Elkins.
Onex to invest in TA Associates-backed Wealth Enhancement Group. (FS)
Onex, an investment company, agreed to invest in TA Associates-backed Wealth Enhancement Group, an independent wealth management firm. Financial terms were not disclosed.
"Our new investment from Onex augments our continued relationship with TA, bringing together two of the most accomplished private equity investment firms in the world. Wealth Enhancement Group has created a remarkable level of organic and acquisitions-based growth over the years, with our firm well on its way to becoming the premier wealth management platform across the country. As we embark on the next stage of our growth vision, this is the perfect moment to bring aboard an additional partner with a long history of successful financial services investments," Jeff Dekko, Wealth Enhancement Group CEO.
Onex is advised by Fried Frank Harris Shriver & Jacobson. TA Associates is advised by Goodwin Procter. Wealth Enhancement is advised by Raymond James and Haven Tower Group.
NextEra Energy, a Florida-based renewable energy company, completed the acquisition of a portfolio of four operating wind assets located in California and New Hampshire from Brookfield Renewable, a global owner and operator of renewable power assets, for $733m.
"This transaction demonstrates NextEra Energy Partners' continued ability to execute its long-term growth plan. This acquisition of approximately 400 megawatts of long-term contracted wind projects with high-credit-quality customers further enhances the diversity of the partnership's existing portfolio," Jim Robo, Chairman and CEO.
NextEra was advised by Citigroup and Pillsbury Winthrop Shaw Pittman. Brookfield Renewable was advised by Skadden Arps Slate Meagher & Flom.
Comcast to acquire Masergy.
Comcast, an American telecommunications conglomerate, agreed to acquire Masergy, a provider of managed cloud and network services. Comcast's acquisition of Masergy is subject to regulatory approval and other customary conditions. Financial terms were not disclosed.
“Masergy provides a perfect complement to our portfolio of enterprise services and solutions and will allow us to instantly and dramatically amplify our growth in the global enterprise market. We’re excited to welcome Masergy’s employees and leadership to Comcast Business as we bring continued innovation and superior experience to our customers," Bill Stemper, Comcast President.
Masergy is advised by Jefferies & Company. Comcast is advised by Davis Polk & Wardwell.
Brown & Brown, an insurance brokerage firm, agreed to acquire Berkshire Insurance Group, a provider of insurance coverage, from Berkshire Hills Bancorp, the parent of Berkshire Bank. Financial terms were not disclosed.
"Consistent with Berkshire's Exciting Strategic Transformation program, this transaction allows us to simplify our operating model, repurpose valuable resources and redeploy capital to support core businesses and strategic initiatives that will enhance long term stakeholder value. As a result of this transaction, we will record a net gain on sale of approximately $0.55 per share on a GAAP basis in the third quarter, and anticipate $0.02 lower earnings per share in the second half of 2021," Nitin J. Mhatre, Berkshire CEO.
Berkshire is advised by RBC Capital Markets and Luse Gorman.
Clearlake Capital-backed Wheel Pros, a manufacturer and distributor of vehicle enhancements, agreed to acquire Driven Lighting Group, a designer and online retailer of automotive lighting products from Kian Capital, a private equity firm. Financial terms are not disclosed.
"We are thrilled to welcome DLG, its talented employees and customers to the Wheel Pros family. We're impressed with DLG's rapid growth and strong market position with brands like Morimoto and online properties like The Retrofit Source and Headlight Revolution," Randy White, Wheel Pros Co-Founder and CEO.
Clearlake Capital is advised by Lambert & Co. Wheel Pros is advised by Backbone Media.
onsemi, a supplier of intelligent power, agreed to acquire GT Advanced Technologies, a producer of silicon carbide, for $415m.
“This transaction reflects our confidence and stated commitment to meaningfully invest in silicon carbide solutions to support the creation of intelligent power and sensing technologies to help build a sustainable future,” Hassane El-Khoury, onsemi President and CEO.
onsemi is advised by Finsbury Glover Hering.
Ream Participações, a corporate company owned by the partners of Atem, a firm engaged in the industries like fuel, road and river logistics, and shipbuilding, agreed to acquire REMAN, a refinery with processing capacity of 46k barrels per day and its assets include a storage terminal, from Petrobras, a Brazilian multinational corporation in the petroleum industry, for $190m.
Upon the closing, Petrobras will normally maintain the operation of the refinery and all associated assets. After the closing, Petrobras will continue to support Atem in the REMAN operations in order to preserve safety and operational continuity for a specified period under a transition agreement.
Petrobras is advised by Citigroup.
Honor Ventures, an investment firm, led a $100m Series C funding round in Jane Technologies, an operator of an e-commerce marketplace intended to serve the cannabis industry. Other investors include Third Point Ventures, Gotham Green Partners, L2 Ventures, Delta Emerald Ventures and Artemis Growth Partners.
Jane will use the additional funding to expand its digital footprint and grow its team across multiple areas of operations. The capital will also be used to further enhance existing software solutions and introduce new technologies to help bring large cannabis enterprises and small operators into the future of digital retail.
"This round of funding represents the beginning of the next chapter for Jane as we continue steadfast on our mission of empowering local businesses while providing safe access to a plant that helps so many people around the world," Socrates Rosenfeld, Jane Co-founder and CEO.
Jane was advised by Mattio Communications.
Axel Springer, the publishing group, agreed to acquire POLITICO, the news organization, and Protocol, a digital media company. Financial terms are not disclosed.
“POLITICO’s outstanding team has disrupted digital political journalism and set new standards. A true North Star. It will be a privilege and a special responsibility to help shape the future of this outstanding media company. Objective quality journalism is more important than ever, and we mutually believe in the necessity of editorial independence and nonpartisan reporting. This is crucial for our future success and accelerated growth," Mathias Döpfner, Axel Springer CEO.
Axel Springer is advised by Finsbury Glover Hering.
Point Pickup, an enterprise-grade last-mile provider, completed the acquisition of GrocerKey, an e-commerce platform. Financial terms were not disclosed.
"With almost 68m US households placing online orders this past May, retailers no longer want to give away last mile business to other consumer-facing platforms. We listened to our clients and now with the integration of GrocerKey's technology into our last-mile delivery platform, they can reclaim their brand and revenue while maintaining control of their eCommerce data and customer experience from start to finish," Tom Fiorita, Point Pickup Technologies Founder and CEO.
Point Pickup was advised by Consort Partners.
Greylock and Redpoint Ventures led a $200m Series C funding round in Cribl. (FS)
Two venture capital firms Greylock and Redpoint Ventures led a $200m Series C funding round in Cribl, a developer of a big data software designed to simplify big data and log analytics at scale. Other investors include IVP, Sequoia, CRV, Citi Ventures and CrowdStrike.
"Enterprises today are caught between the mythical ideal of a single pane of glass for all data insights, and the harsh reality that they have to install agents everywhere they want to observe data. Cribl, our customers, and investors recognize there's a better way — to create a unified data pipeline, with the same agents across security and operations, that allows enterprises to maximize the value of their existing investments. This isn't a 'better' or 'faster' version of what's in the market — it's an entirely new, open architecture for observability," Clint Sharp, Cribl Co-Founder and CEO.
Xiaomi, an electronics company, agreed to acquire Deepmotion, a driving technology startup, for $77m.
“We are determined to develop our smart EV business. We are now at the stage of building the business team, and current progress is faster than expected,” Lin Shiwei, Xiaomi Vice President and CFO.
Sandvik, an engineering group, agreed to acquire CNC Software, a provider of CAD/CAM software solutions. Financial terms are not disclosed.
“This is in line with our strategic focus to grow in the digital manufacturing space, with special attention on industrial software close to component manufacturing. The acquisition of CNC Software and the Mastercam portfolio, in combination with our existing offerings and extensive manufacturing capabilities, will make Sandvik a leader in the overall CAM market measured in installed base. CAM plays a vital role in the digital manufacturing process, enabling new and innovative solutions in automated design for manufacturing,” Stefan Widing, Sandvik President and CEO.
Softbank-backed Getaround in talks to go public via the SPAC merger.
SoftBank-backed Getaround, a car-sharing startup, in talks to go public through a merger with Altitude Acquisition, a special purpose acquisition company.
The company sought investors to participate in the deal through a private placement in public equity, or PIPE, valuing the company at $1.7bn.
Buffett-backed Nubank seeks IPO valuation of over $55bn. (FS)
Nubank, a neobank and financial technology bank in Latin America, seeks a valuation in its planned US IPO, pushing the $55.4bn value.
In a recent funding round led by Berkshire Hathaway, an American multinational conglomerate holding company, Nubank was valued at $30bn.
Cascadia Acquisition announces pricing of $150m IPO.
Cascadia Acquisition, a SPAC, priced its IPO of 15m units at a price to the public of $10 per unit, consisting of one share of Class A common stock and one-half of one warrant.
The units will begin trading on August 26, 2021, on the Nasdaq under the ticker symbol "CCAI.U." Each whole warrant entitling the holder to purchase one share of Class A common stock at $11.5 per share.
Cascadia Acquisition is advised by Cantor Fitzgerald & Co.
Gary Gensler warns on delisting Chinese Stocks.
Gary Gensler, Securities and Exchange Commission Chair, warns for hundreds of Chinese companies that have raised billions of dollars in US markets, Bloomberg reported.
He pledged to strictly enforce a three-year deadline that requires Chinese firms to permit inspections of their financial audits. Their shares could be delisted from the New York Stock Exchange and Nasdaq as soon as 2024 in case if they refuse.
Storskogen to pick banks including Goldman for IPO. (FS)
Storskogen Group, an investment company, picked Goldman Sachs, Carnegie Investment Bank and JP Morgan to lead its stock market listing.
"A stock market flotation remains one of the avenues Storskogen is exploring for financing its activities," Daniel Kaplan, Storskogen CEO and Founder.
EMEA
Apex Group to acquire Sanne Group for $2.07bn. (FS)
Apex Group, an asset management platform, agreed to acquire Sanne Group, an asset manager, for $2.07bn.
“Sanne has a bright future ahead of it as a leader in its industry, which is entirely due to the tremendous effort of the management team and employees of the business over the past several years for which the board of Sanne would like to express their gratitude. Sanne has delivered substantial value creation to its shareholders since IPO and today’s acquisition ensures that our investors are compensated for the future potential of the business," Rupert Robson, Sanne Chairman.
Apex is advised by Bank of America, Deutsche Bank, Rothschild & Co, Kirkland & Ellis and Willkie Farr & Gallagher. Sanne is advised by JP Morgan, Jefferies & Company, Addleshaw Goddard, Carey Olsen and Tulchan Communications.
NCA opposes DNB's $1.3bn Sbanken takeover.
DNB, a Norwegian bank, should not be allowed to acquire Sbanken, a Norwegian online bank, as the deal could hurt customers in the mutual fund market, the Norwegian Competition Authority said in a statement, The Wall Street Journal reported.
More than 90% of Sbanken’s shareholders have accepted DNB’s offer of $1.3bn. Norway’s bank regulator and the finance ministry have both given their blessings to the deal, leaving the NCA as the final hurdle.
“The authority is still concerned that DNB’s acquisition of Sbanken may lead to weakened competition and poorer conditions for bank customers who request mutual fund savings. Their combined size, their rate of growth, the fact that they are such close competitors, and Sbanken’s role as a challenger to the established banks, are the four main reasons behind our conclusions so far,” Gjermund Nese, NCA head.
DNB is advised by DNB Bank and Advokatfirmaet BA-HR. Sbanken is advised by Arctic Securities and Thommessen.
Vitruvian Partners, a European private equity firm, agreed to acquire Fotona, a medical equipment manufacturer in Ljubljana, Slovenia, from AGIC Capital, a European-Asian private equity firm. Financial terms were not disclosed.
"We look forward to collaborating with our new equity partner in Vitruvian and believe AGIC will continue to provide constructive support in helping the business grow in Asia and beyond," Matjaz Lukac and Jeff Jones, Fotona Co-CEOs.
Vitruvian is advised by Houlihan Lokey and Kirkland & Ellis. AGIC Capital is advised by RBC Capital Markets and Gibson Dunn & Crutcher.
Prime Movers Lab led a $100m Series C funding round in Energy Vault.
Prime Movers Lab, a venture capital firm, led a $100m Series C funding round in Energy Vault, a creator of gravity-based, grid-scale energy storage solutions. Additional investors include SoftBank Vision Fund, Saudi Aramco Energy Ventures, Helena, Idealab X, Pickering Energy Partners, SailingStone, AT Gekko, Crexa Capital, Green Storage Solutions and Gordon Crawford.
The capital raised will be used to support execution of the Company’s growth plans as it ramps up multi-continent deployments of its innovative EVx platform, including fulfilling a strong pipeline of customer agreements across markets in the US, Middle East, Europe, and Australia.
“The world is at a critical inflection point in the shift towards broader adoption of renewable energy sources. Energy Vault is accelerating this transformation as we now move to global deployments and market adoption of the technology to help energy providers and industrial customers more cost-effectively meet their sustainability and decarbonization goals," Robert Piconi, Energy Vault CEO and Co-Founder.
Energy Vault was advised by Goldman Sachs and Stifel.
SK Capital to acquire a stake in SEQENS from Eurazeo. (FS)
SK Capital, a private investment firm, agreed to acquire a stake in SEQENS, a provider of pharmaceutical ingredients and specialty chemicals, from Eurazeo, an investment company. The deal is expected to close by the end of 2021, subject to the fulfillment of the standard conditions precedent for this type of transaction. Financial terms were not disclosed.
“SEQENS is well regarded for its recognized know-how, capacity for innovation, global industrial footprint and broad portfolio of products and technologies. The potential combination with Wavelength will further extend these strengths to the benefit of both companies’ customers and employees. We are enthusiastic about the continuing commitment to SEQENS of its current shareholders, Mérieux Equity Partners, Ardian and Eximium as well as Nov Santé, which will provide the company with a broad range of perspectives and capital sources to further its growth.” Aaron Davenport, SK Capital Managing Director.
Eurazeo is advised by JP Morgan.
Partner Communications to acquire Marathon 018 Xfone for $58m.
Partner Communications, a provider of global systems for mobile communications, offered to acquire Marathon 018 Xfone, a provider of telecommunication services in Israel, for $58m.
Partner will offer at least 70% of Marathon's employees continued employment, under Marathon's obligations and terms, for a period of at least one year, beginning at the date of the purchase. The offer will expire on September 9, 2021.
Cevian Capital pushes stake in Aviva above 5%. (FS)
Cevian Capital increased its stake in London-listed Aviva to more than 5% in a move that will apply more pressure on the company’s board and CEO Amanda Blanc, Reuters reported.
The company's shareholding reached 5.02% from 4.95% in June. Aviva will return £5bn ($6.9bn) of excess capital to Cevian shareholders.
Western Digital and Kioxia is in talks to create a chipmaker giant.
Western Digital, a data storage solutions provider, in talks to a $20bn stock merger with Kioxia, a Japanese chipmaker and partner. An agreement can be reached as early as mid-September, and Western Digital CEO David Goeckeler would run the combined firm, Reuters reported.
The merger would create a NAND memory giant to rival Samsung Electronics, while the latter dominates with over a third of the NAND market, Kioxia has a nearly 19% share and Western Digital 15%.
JOYY's top shareholders plan a take-private deal for $8bn.
David Li, JOYY Chairman owning 23.2% of the company, and Lei Jun, Xiaomi founder helding 7.8% of JOYY, plan to take the Nasdaq-listed company private in a deal valued at up to $8bn.
The shareholders look to offer $75-$100 per share, a premium of 50-100% to the share's average price over the past month.
CATL and Huayou eye 10% stakes in Jinchuan.
Contemporary Amperex Technology, a Chinese battery manufacturer and technology company, and Zhejiang Huayou Cobalt, a cobalt supplier, talk to buy stakes of around 10% in Jinchuan Group, a diversifying resource company, worth HK$2bn ($257m), Reuters reported.
CATL submitted an offer for Jinchuan's 9.9% stake, representing a premium of about 40% to the Jinchuan's average share price of $0.13, valuing the company at $1.9bn, and would secure at least 3k tons of cobalt per year under the deal.
JD.com in talks to buy controlling stake in CNLP. (FS)
JD.com, a Chinese e-commerce company, in talks to acquire a controlling stake in China Logistics Property Holdings, a storage facilities manager and investment holding company.
Li Shifa, China Logistics Chairman, and RRJ Capital, a private equity firm, seek a valuation of about $2bn on the sale of over 50% of the company.
Toshiba in talks with four investment firms for strategic ideas. (FS)
Toshiba, a pioneering high technology company, in talks with private equity firms, KKR & Co, Blackstone, Bain Capital and Brookfield, to seek ideas for new strategy.
Toshiba pledged to engage with potential strategic and financial investors and launched a full review of its current assets.
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