AMERICAS
Analog Devices, an American multinational semiconductor company, agreed to merge 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.
Maxim Integrated Products is advised by JP Morgan and Weil Gotshal and Manges. Analog Devices is advised by Bank of America Merrill Lynch, Morgan Stanley, Wachtell Lipton Rosen & Katz and Teneo. Bank of America Merrill Lynch is advised by Sullivan & Cromwell.
Eldorado Resorts, a US casino operator, received approval from the Indiana Gaming Commission in connection with its pending acquisition of Caesars Entertainment Corporation, a US diversified casino-entertainment provider, subject to applicable conditions.
Eldorado Resorts is advised by Credit Suisse, JP Morgan, Macquarie Group, Latham & Watkins, Milbank and JCIR. Legal advice to financial advisors is provided by Cravath Swaine & Moore. Debt financing is provided by JP Morgan, Credit Suisse and Macquarie Group. Caesars Entertainment is advised by Deutsche Bank, PJT Partners, Skadden Arps Slate Meagher & Flom and Teneo. Legal advice to financial advisors is provided by Ropes & Gray.
Haymaker Acquisition, a publicly traded special purpose acquisition company, agreed to merge with ARKO, an Israel-based holding company, and GPM Investments, a convenience store owner and operator, in a $1.5bn deal. Currently Arko owns 68% of GPM and the remaining 32% is held by Davidson Kempner Capital Management, funds managed by Ares Management and Harvest Partners.
"The proposed transaction with Arko and GPM meets all of the strategic criteria we developed for Haymaker. This is a sizeable transaction at approximately $1.5bn in enterprise value, with a business that has scale, geographic diversity and significant growth opportunities, led by Arie and a strong management team with public market experience. We intend to continue growing the GPM platform and to pursue strategic initiatives jointly with Arie, a proven consolidator and operator. The structure of the proposed business combination is also appealing – we expect long-term institutional investors and management to roll over significant equity at an attractive valuation relative to US-listed peers," Steven Heyer, Haymaker CEO and Executive Chairman.
ARKO and GPM Investments are advised by Greenberg Traurig and S. Friedman. Haymaker is advised by Cantor Fitzgerald, Citigroup, Raymond James, Stifel, DLA Piper, Ellenoff Grossman & Schole, Gornitzky & Co and ICR.
Churchill Capital III, a NYSE-listed $1.1bn, equity growth investment company and the third vehicle in the Churchill Capital group of companies, agreed to merge with MultiPlan, a technology-enabled provider of end-to-end healthcare cost management solutions, in an $11bn deal. MultiPlan is currently owned by Hellman & Friedman and other investors.
"We are pleased to partner with MultiPlan to drive its next phase of growth. MultiPlan is on the right side of healthcare, significantly reducing costs to insurers, employers and consumers. MultiPlan has an unmatched, long-term track record of customer satisfaction and delivering high returns to investors. This transaction will enable the Company to enhance its capital structure and position it for substantial incremental growth. MultiPlan fits perfectly with Churchill's core mission to provide intellectual and financial capital to power the growth of great, market-leading companies who operate in attractive industries and can succeed more rapidly in the public markets with increased capital and the benefit of Churchill's Operating and Strategic Partners," Michael S. Klein, Churchill Chairman and CEO.
MultiPlan is advised by Bank of America Merrill Lynch, Barclays, Centerview Partners, UBS, Kirkland & Ellis and Simpson Thacher & Bartlett. Churchill is advised by Citigroup, Credit Suisse, Goldman Sachs and Weil Gotshal and Manges.
Apollo-backed Spartan Energy Acquisition, a special purpose acquisition company, agreed to merge with Fisker, an American electric vehicle automaker, in a $2.9bn deal.
"Spartan and Apollo have a strong commitment to sustainability and ESG, and we are excited to work with Fisker to help achieve its vision of attainable electric transportation. Henrik has an unparalleled and world-renowned design track record and is supported by an expert management team with storied careers in the automotive industry. The right team, combined with deep financial resources provided by this transaction, further position the company to succeed in a rapidly growing industry," Geoffrey Strong, Spartan Chairman and CEO.
Fisker is advised by Cowen & Company, Credit Suisse, Orrick Herrington & Sutcliffe and ICR. Spartan Energy is advised by Citigroup, Goldman Sachs and Vinson & Elkins.
Madison Dearborn Partners, a private equity investment firm based in Chicago, agreed to acquire Benefytt Technologies, a health insurance technology company and distributor of Medicare-related health insurance plans, for $410m.
"Benefytt's technology-driven model has positioned it well in the evolving Medicare market and we believe we can help Gavin and his team continue to advance Benefytt's product offering and service model. Our team has built an extensive resource network and brings significant industry experience, which we look forward to leveraging to support Benefytt. We are pleased to be able to help the Benefytt team fulfil the company's mission to connect consumers with health insurance and supplemental products that provide people with added security and peace of mind," Vahe Dombalagian, Madison Dearborn Managing Director.
SiriusXM, an audio entertainment company, agreed to acquire Stitcher, an on-demand Internet radio service that focuses on news and information radio and podcasts, from The E.W. Scripps Company, an American broadcasting company, for $325m.
"The addition of Stitcher is an important next step as we continue to develop and strengthen our offering in the fast-growing podcasting market. With Stitcher, we will expand our digital audio advertising presence and look to generate new ways for creators to find and connect with their audiences. Stitcher has a talented team with deep experience in the podcast space, and we look forward to working with them to better meet the needs of creators, advertisers, and listeners," Jim Meyer, SiriusXM CEO.
SiriusXM is advised by Guggenheim Partners and Weil Gotshal and Manges. The E.W. Scripps Company is advised by LionTree Advisors and BakerHostetler.
Kearny Financial, the holding company for Kearny Bank, completed the merger with MSB Financial, the holding company for Millington Bank, a state-chartered savings bank headquartered in Millington, New Jersey, in a $94m deal.
"I am very pleased to announce our partnership with Millington Bank. We are two strong community banks with well over two combined centuries of rich history serving our clients and the surrounding communities. We welcome the Millington employees and clients and feel that our expanded product suite and focus on digital technologies will offer an opportunity to further grow the combined franchise which makes this a winning combination for all concerned," Craig L. Montanaro, Kearny President and CEO.
MSB Financial was advised by FinPro Capital Advisors and Jones Walker. Kearny was advised by PNC Financial Services and Luse Gorman.
Colliers, a commercial real estate services and investment management firm, completed the acquisition of Maser Consulting, a privately owned, multidiscipline engineering and consulting design firm, headquartered in Monmouth County, NJ. Financial terms were not disclosed.
"Our investment in Maser is another step forward in our strategy of adding more highly valued, essential services to our private and public real estate and infrastructure clients. The transaction establishes us as a major player in the engineering design and consulting sector in the US, providing us with another important engine for growth. We see tremendous potential in this segment of the market and expect to leverage our proven track record, acquisition expertise and global brand and platform to grow this business into new markets, as well as cross-sell services to our combined client base," Jay Hennick, Colliers International Global Chairman and CEO.
Colliers was advised by AEC Advisors and Sidley Austin.
Chatham Asset Management, a hedge fund, agreed to acquire McClatchy, an American publishing company based in Sacramento. Financial terms were not disclosed.
The proposed agreement positions McClatchy to exit Chapter 11 protection in the third quarter of 2020, having achieved a resolution and restructuring of the company's complex legacy debt and pension obligations, while maximizing value for the company's creditors.
McClatchy is advised by FTI Consulting.
GreyLion Capital, a private equity fund, agreed to acquire Metal-Era, a manufacturer of high-performance roofing products focused on metal edge and ventilation solutions. Financial terms were not disclosed.
“We appreciate Antares’ speed, flexibility and ability to speak for the full facility size. They showed an impressive ability to commit and close in the midst of the fallout from Covid-19,” John McKee, GreyLion Capital Partner.
Debt financing is provided by Antares.
Hewlett Packard Enterprise, an American multinational enterprise information technology company, agreed to acquire Silver Peak, a company that develops products for wide area networks, including WAN optimization and SD-WAN, for $925m.
Silver Peak will be combined with HPE’s Aruba business unit, which makes Wi-Fi network gear. The transaction is expected to close in the fourth quarter of HPE’s fiscal year 2020, subject to regulatory approvals and other customary closing conditions.
“HPE was an early mover in identifying the opportunity at the edge and that trend is accelerating in a post-Covid world. With this acquisition we are accelerating our edge-to-cloud strategy to provide a true distributed cloud model and cloud experience for all apps and data wherever they live. Silver Peak’s innovative team and technology bring critical capabilities that will help our customers modernize and transform their networks to securely connect any edge to any cloud,” Antonio Neri, HPE President and CEO.
Alkeon, a privately owned registered investment adviser, led a $225m Series E round in UiPath, a global software company that develops a platform for robotic process automation, at a post-money valuation of $10.2bn. Others participating included Accel, Coatue, Dragoneer, IVP, Madrona Venture Group, Sequoia Capital, Tencent, Tiger Global, Wellington, and funds and accounts advised by T. Rowe Price Associates.
"This funding allows us to accelerate our platform ambitions to meet mounting customer demands and scale the tremendous opportunity to bring automation to one billion citizen developers – resulting in every business finally becoming a software business. We will advance our market-leading platform and will continue to deepen our investments in AI-powered innovation and expanded cloud offerings. Covid-19 has heightened the critical need of automation to address challenges and create value in days and weeks, not months and years. We are committed to working harder to help our customers evolve, transform, and succeed fast in the new normal," Daniel Dines, UiPath Co-Founder and CEO.
Vista Equity Partners-backed Mediaocean, a media software company, agreed to acquire 4C Insights, a marketing technology company specializing in audience data, analytics and ad planning across streaming video and social media, for $150m.
Mediaocean could benefit from the fact that it is already used by agencies globally, making it faster to deploy Mediaocean's new capabilities than if it was a completely new product or company.
ICIS, a provider of Independent Commodity Intelligence Services for the global energy, petrochemical and fertilizer industries, completed the acquisition of Chemical Data, a provider of US petrochemical price benchmarks, market analysis, and predictive analytics. Financial terms were not disclosed.
"We are focused on providing our customers in the global chemical industry with the highest quality data, analytics and insight. This will connect the market and enable smarter decisions that ultimately optimise the use of the world's valuable resources. CDI is widely recognised as a leader in the US petrochemical segment. By joining CDI's expertise with ICIS' leading presence in Europe and Asia, we can provide customers with an extensive, robust and comprehensive view of key global petrochemical markets," Dean Curtis, ICIS CEO & President.
Maroon Group, a distributor of specialty chemicals and ingredients across North America, completed the acquisition of Holland Chemicals, a distributor of specialty chemicals and ingredients to the personal care, household & industrial cleaning, food, and industrial markets. Financial terms were not disclosed.
"This transaction is another example of our commitment to targeted aggressive growth, and we're thrilled to welcome the Holland Chemicals team to Maroon Group. The business further strengthens our presence in several core end-markets and geographies, and adds depth to our technical and formulary teams," Terry Hill, Maroon Group CEO.
Encuentra24, a marketplace and business solution provider, agreed to merge with OLX Group, a global marketplace network, in Central America. Financial terms were not disclosed.
"This merger brings considerable growth potential for the new company and we are excited to be gaining access to two new markets. The Encuentra24 business has gone from strength to strength in recent years, and with OLX we can accelerate this growth in new and innovative ways. Together we are dedicated to giving our users the best experience possible," Boris Metraux, Encuentra24 CEO and Co-Founder.
Voyager Space Holdings, a space-focused holding company, agreed to acquire Pioneer Astronautics, an aerospace research and development company. Financial terms were not disclosed.
"While the space industry has evolved immensely in the 24 years since we first launched Pioneer Astronautics, our goal of inventing and proving new technologies to advance humanity's reach into space has remained the same. Now, with the innovative environment Voyager provides us, we're able to confidently accelerate toward this goal, knowing we have the support of long-term, permanent capital," Robert Zubrin, Pioneer Astronautics Founder and President.
Satori Capital, a Texas-based investment firm, agreed to invest in Mountain Cove Capital Management, a fundamental global long/short equity fund. Financial terms were not disclosed.
"We believe Mountain Cove is well situated to deliver compelling investment returns in a variety of market environments, including the volatile market we are currently facing. We appreciate Aushrif's nimble portfolio management and well-honed trading acumen, as well as the impressive track record he has achieved over the past seven years," James Haddaway, Satori CIO.
NetApp, a cloud data services provider, completed the acquisition of Spot, a provider of computer management and cost optimization on the public clouds. Financial terms were not disclosed.
“Together, we are extending NetApp’s vision for helping customers unlock the best of cloud. With Spot by NetApp, we will enable customers to get more out of their cloud investment to gain competitive advantage and accelerate their business success,” Anthony Lye, NetApp Senior Vice President and General Manager of Public Cloud Services business unit.
AHT Insurance, a brokerage and consulting firm, completed the acquisition of Mason & Mason Insurance, a property and casualty insurance provider. Financial terms were not disclosed.
"The thoughtfulness and innovation Phil and Pam Mason display, along with their amazing team, will complement AHT's core values and add notable expertise to some of our deepest areas of specialization. We are excited about what the future holds with Mason as an integral part of AHT and for the opportunities this presents for our clients, staff and partners," David Schaefer, AHT President and CEO.
Dimed approves share sale. (FS)
Brazilian drug distributor Dimed approved the sale of up to 38m shares, Reuters reported. The company will sell 16m new shares and shareholders such as pension fund Petros, which manages retirement accounts for employees of oil company Petrobras, and private equity fund Kinea will sell another 16m shares.
Depending on demand, the issue size may rise by 6m shares, or 19%. Investment banking units of Banco Bradesco, Itau Unibanco and Banco BTG Pactual will manage the offering.
SEC to cut a number of investment managers that need to report quarterly holdings. (FS)
The Securities and Exchange Commission proposed to raise the size threshold of funds required to report their US stockholdings quarterly, a move that would end such disclosures for nearly 90% of current filers, including many hedge funds and mutual-fund firms, FN reported.
The proposal would mean investment managers with less than $3.5bn in such holdings - including securities bought with leverage - no longer need to report the details of their portfolios.
Apollo eyes $3.5bn infrastructure fund. (FS)
Apollo Global Management, a global alternative investment management firm, is raising its second infrastructure opportunities fund, according to an SEC filing.
The firm is targeting $3.5bn for the vehicle; its predecessor reportedly closed on about $1bn.
EMEA
Alfa Laval, a provider of solutions for heavy industry, offered to acquire Neles, a provider of flow control solutions and services, for $2bn.
"We see this offer as clear evidence of the good, strong work done throughout the years. It means that Alfa Laval believes in and appreciates our strategy, products and most of all, know-how of our people. We continue to be serving our customers and executing our strategy, and are delighted to hear that Alfa Laval would support our endeavours," Olli Isotalo, Neles President and CEO.
Neles is advised by Morgan Stanley and Roschier Attorneys. Alfa Laval is advised by SEB Corporate Finance, Avance, Cleary Gottlieb Steen & Hamilton and Vinge.
Mobileum, a global provider of analytics-based roaming, network security, and risk management solutions, completed the acquisition of SIGOS, a provider of active testing and fraud detection software for telecommunication companies, governmental instances, banks and automobile manufacturers, from Thoma Bravo. Financial terms were not disclosed.
“As a leading company for active end-to-end testing in service and network quality, including active fraud detection and billing verification, we are very excited to launch with Mobileum the essential next step for our journey in 5G. The combination of both companies’ products and competencies will help create a tremendous value for mobile operators and enterprises, at a critical moment for them, as they rollout their 5G infrastructure and expand their portfolio of IoT services. We believe we are uniquely positioned to support that journey, being able to provide active testing and to ensure a superior network quality, while simultaneously safeguarding our customers’ network and protecting their revenue streams,” Adil Kaya, SIGOS CEO.
SIGOS was advised by Lincoln International.
Dutch bank NIBC agreed to a proposed takeover by Blackstone, despite the US private equity firm lowering its bid in light of the Covid-19 pandemic. The bid values NIBC at just over $1.1bn.
Blackstone last month cut its original bid by around 25% after it said the coronavirus pandemic threatened to derail the deal altogether.
Apax-backed Business Integration Partners, an Italian headquartered international consultancy, completed the acquisition of Chaucer, a challenger consultancy specialising in people-led digital transformation in the UK and US, from GCP, a UK SME private equity firm. Financial terms were not disclosed.
“It has been a pleasure working with Chris and the wider team and to have supported Chaucer over the last few years of evolution to become an exciting digital transformation consultancy of scale. In combination with the wider BIP Group, Chaucer will be well placed to take advantage of the strong growth trends across its core markets. This is a fantastic opportunity for the team and we wish them all the very best for the future," Garrett Curran, GCP Managing Partner.
Cellnex considers acquiring a minority stake in CK Hutchison Tower arm.
Cellnex Telecom, an operator of wireless telecommunications and broadcasting infrastructures, is considering the acquisition of a minority stake in CK Hutchison, a European wireless tower business, Bloomberg reported. If discussions lead to a deal, it could value the unit at as much as $11.3bn.
CK Hutchison, backed by Hong Kong tycoon Li Ka-shing, has been working with advisers to carve out its European towers as a separate subsidiary and is considering selling a minority stake in the business.
European Commission approves the $3.85bn bailout package to KLM.
The European Commission approved the $3.85bn bailout package promised by the Dutch government to airline KLM last month, Reuters reported.
The Netherlands will support the Dutch arm of Air France-KLM with $2.7bn in bank loans with guarantees, and a $1.15bn direct loan.
Swiss shoe company On prepares for a $2bn floatation.
Federer-backed On, a Swiss sports shoe company, is getting itself ready for the potential IPO in 2021 that could value the company at $2.1bn, according to Bloomberg.
Brand awareness will be boosted relying on Swiss tennis star and the minority shareholder Roger Federer, who was reportedly engaged in the development of On's products.
Octopus Renewables completed the acquisition of two UK wind farms. (FS)
Octopus Renewables, a renewable energy investor with solar and wind assets valued at over $3.8bn, acquired two UK operational ROC accredited onshore wind farms with a combined capacity of 16.8MW.
“This acquisition adds to our ever-expanding onshore wind portfolio that has seen us become a market leader in the technology. REIP III is also a great example of our ability to unblock further institutional investment in renewables by creating bespoke portfolios of assets for investors. This is important as increased institutional investment in renewables will be vital if the UK is to reach its target of net zero by 2050,” Peter Dias, Octopus Renewables Investment Director.
APAC
Qualcomm Ventures, the investment arm of Qualcomm, agreed to invest $97m for a 0.15% stake in Reliance's Jio Platforms, an Indian digital services company.
"With our shared goal of extending the benefits of digital connectivity to everyone and everything, we anticipate Jio Platforms will deliver a new set of services and experiences to Indian consumers. With unmatched speeds and emerging use cases, 5G is expected to transform every industry in the coming years. Jio Platforms has led the digital revolution in India through its extensive digital and technological capabilities. As an enabler and investor with a longstanding presence in India, we look forward to playing a role in Jio's vision to further revolutionize India's digital economy," Steve Mollenkopf, Qualcomm CEO.
Reliance is advised by Morgan Stanley, AZB & Partners and Davis Polk & Wardwell. PIF is advised by Citigroup and Latham & Watkins. L Catterton is advised by Kirkland & Ellis. TPG Capital is advised by Shardul Amarchand Mangaldas & Co. Mubadala is advised by Skadden Arps Slate Meagher & Flom. Silver Lake is advised by Latham & Watkins, Shardul Amarchand Mangaldas & Co, and Simpson Thacher & Bartlett. KKR is advised by Deloitte, Shardul Amarchand Mangaldas & Co, and Simpson Thacher & Bartlett. General Atlantic is advised by Paul Weiss Rifkind Wharton & Garrison and Shardul Amarchand Mangaldas & Co. Vista Equity is advised by Kirkland & Ellis and Shardul Amarchand Mangaldas & Co. Qualcomm is advised by Trilegal.
Tencent in talks to acquire Leyou Technologies.
Tencent is in advanced talks to privatize Leyou Technologies, a Hong Kong-based global video game holding company focused on free-to-play console and PC gaming, edging out other potential suitors including Sony in a battle for the company.
Leyou’s controlling shareholder Charles Yuk had been in talks with Tencent-backed iDreamSky Technology for a majority stake sale since late last year. In May, Leyou confirmed it received another non-binding offer from Zhejiang Century Huatong Group, a Shenzhen-listed gaming firm that also counts Tencent as a shareholder.
Google plans to invest $10bn in India.
Google launched the $10bn Google for India Digitization Fund to invest money in the country throughout five-seven years making equity investments, creating partnerships and funding infrastructure.
"This is a reflection of our confidence in the future of India and its digital economy. Our goal is to ensure India not only benefits from the next wave of innovation, but leads it," Sundar Pichai, Google CEO.
Jack Ma sells $8.2bn worth shares in Alibaba.
Alibaba Group Co-Founder Jack Ma sold $8.2bn worth shares in the company and cut his stake from 6.2% to 4.8%.
The divestment comes as Ma retired as the Chinese e-commerce company’s executive chairman in September and pulled back from formal business roles to focus on philanthropy.
BeiGene to raise $2.1bn in a share sale.
BeiGene, a global, commercial-stage, research-based biotechnology company focused on molecularly-targeted and immuno-oncology cancer therapeutics, plans to raise $2.1bn in a direct offering of 146m shares to fund drug research and market its treatments in the US and China. The shares will be priced at $14.23 each, equivalent to a price of $185 per American Depository Share - 5.6% lower than its closing price on Friday.
Buyers in the share sale include investment firm Baker Bros Advisors and Amgen, an American multinational biopharmaceutical company, which last year had purchased a 20.5% stake in BeiGene for $2.7bn to jointly develop cancer therapies.
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