AMERICAS
Transtelco, a fibre infrastructure provider of high-capacity, low-latency communication solutions, completed the acquisition of Neutrona Networks, which provides telecommunication software services. Financial terms were not disclosed.
"We are excited to welcome Neutrona onto the Transtelco platform and into our ecosystem of family-owned companies, whose legacy of operating global businesses stretches back over 100 years. Neutrona's co-founders Luciano Salata and Mateo Ward have built a world-class company whose core values align well with our own," Miguel Fernandez, Transtelco CEO.
Neutrona Networks was advised by Bank Street Group. Transtelco was advised by UBS, Morgan Lewis & Bockius and Jaymie Scotto & Associates. Debt financing was provided by Deutsche Bank.
Scopely, a mobile game maker, agreed to acquire PierPlay, a mobile video game development studio. Financial terms were not disclosed.
"Acquiring developers that we work with is a big part of our studio ecosystem strategy. We met them in 2016 as they were rolling out of Playtika and their Bingo Blitz game. We knew we could get the Scrabble license and they thought it would be amazing to work on. We thought it was a good fit and funded them from day one," Tim O'Brien, Scopely Chief Revenue Officer.
Hillhouse-backed Kujiale, a cloud-enabled home decor unicorn, agreed to acquire Modelo, a design assets management and showcasing platform for architectural design teams. Financial terms were not disclosed.
"Modelo has mature products and solutions for architecture and real estate industries, which can be very useful for Kujiale's 3D architectural scenes as large as 20k sq. ft. The combined forces of Modelo and Kujiale will help our clients save expenses and achieve a better user-centric experience," Victor Huang, Kujiale Co-Founder and Chairman.
Mirae Asset sued after deadline miss on $5.8bn Anbang deal. (RE)
Mirae Asset Global Investments, a South Korean asset manager, was sued over a $5.8bn deal to buy 15 US hotels from China’s Anbang Insurance Group after missing a deadline for the deal’s closing.
A consortium led by Mirae agreed last year to buy the hotels in US cities, including in New York, San Francisco and Los Angeles, from Anbang, which had been selling down its overseas assets after the Chinese government took control of the troubled insurer in 2018.
China’s Dajia Insurance Group, which has taken over from Anbang the process of selling the 15-hotel portfolio, asked a Delaware court to compel Mirae to complete the purchase.
Southwest Airlines considers raising new equity and debt.
Southwest Airlines is in talks with lenders about raising billions of dollars in new equity and debt to bolster its balance sheet to weather the impact of the coronavirus pandemic, Bloomberg reported.
The Dallas-based company is in discussions with banks about financing options that would result in billions of dollars of proceeds through the issuance of a mix of common equity, convertible notes and debt.
Social Capital raises $360m in IPO. (FS)
The parent of the blank-check company that helped Virgin Galactic Holdings went public last year increased the size of a new IPO to raise $360m. The IPO by Social Capital Hedosophia Holdings II follows last week’s listing by a company with the same sponsors that raised $720m.
Social Capital initially filed for an IPO in February and offered 30m units at $10 each. The company said in a statement that it had increased the size of the sale to 36m shares.
Constitution Capital raises more than $1bn for Ironsiders V Fund. (FS)
Constitution Capital Partners, an alternative investment manager focused on North American private equity and private credit, closed Ironsides V Fund and related segregated mandates with total commitments of c. $1bn.
The fundraise is CCP’s largest to date, meaningfully exceeding its target of $600m and representing a significant increase from Ironsides IV, which closed at $755m in December 2016.
“This latest fundraise is a testament to our team’s demonstrated track record of investing across market cycles and sectors. We are grateful to our longstanding and new limited partners for their support and look forward to putting their capital to good use in quality partnership and co-investment opportunities across North America,” Daniel Cahill, Constitution Capital Partners Managing Partner.
Consonance Capital raises $856m for its second fund. (FS)
New York-based Consonance Capital Partners announced that its sophomore private equity fund was closed at its hard cap of $856m.
The healthcare private equity firm said that consistent with its predecessor fund, Fund II will focus on investments in US healthcare companies in the lower and middle markets. Its first PE fund closed on $500m in 2014.
Consonance Capital was assisted by Monument Group and Latham & Watkins.
APG, a provider of pension fund management and consultancy services, National Pension Service, a public pension fund in South Korea, and Swiss Life Asset Managers, a European asset and real estate manager, agreed to acquire an 81.1% stake in Brisa, a European toll road platform, from Arcus and José de Mello Group at a €3bn ($3.25bn) valuation. Closing of the transaction is subject to approval by the relevant regulators, which should occur during the third quarter of this year.
"This long-term strategic partnership agreement will enable Brisa's growth and development plans to continue, given the size, experience and management quality of the three members of the purchasing consortium. This partnership is a sign of confidence in Portugal and the Portuguese economy in a context of great adversity. It represents a unique opportunity for the company to strengthen its position and leverage its expertise in mobility," Vasco de Mello, Brisa Chairman and CEO, and José de Mello Group Chairman and CEO.
Arcus is advised by Deloitte, Millennium Investment Banking, Morgan Stanley, CS Associados, Clifford Chance and Spreng Thomson. José de Mello Group is advised by Caixabank, Rothschild & Co, Clifford Chance, Loyens & Loeff and Vieira de Almeida. APG, NPS and Swiss Life are advised by DC Advisory, Deutsche Bank, Freshfields Bruckhaus Deringer, Latham & Watkins and Morais Leitao Galvao Teles Soares da Silva.
SIX Group, a Swiss financial infrastructure group, divested a 6% stake in Worldline, a payments company, for $731m to help fund its planned takeover of BME, a Spanish exchange operator.
"The placement has been driven by an important extraordinary strategic step for SIX: the intended acquisition of BME. At the same time, Worldline continues to be a highly strategic investment for SIX. SIX intends to remain a medium to long-term shareholder in Worldline, fully committed to its continued role on Worldline's board of directors," Daniel Schmucki, SIX Group CFO.
BME is advised by Morgan Stanley, Garrigues and Latham & Watkins. SIX Group is advised by Alantra, Credit Suisse, Linklaters, Brunswick Group and Estudio de Comunicacion. Debt financing is provided by Credit Suisse.
Aurubis, a European copper smelter, is set to win EU antitrust approval for its planned $424m acquisition of Metallo, a Belgian-Spanish metal recycling group.
"We still believe that the merger should be cleared unconditionally. Due to the extension, we expect the final decision early May," Aurubis.
Metallo is advised by Houlihan Lokey. Aurubis is advised by BNP Paribas and Freshfields Bruckhaus Deringer. TowerBrook is advised by Loyens & Loeff, Sidley Austin and Brunswick Group.
Alphatec Holdings, a medical device company, terminated the agreement to acquire EOS imaging, a France-based provider of imaging and image-based solutions for musculoskeletal pathologies and orthopaedic surgical care, for $122m.
"This has been a difficult, disappointing decision. Both companies have worked so hard and so cooperatively, over many months, to bring this transaction together. On behalf of the entire ATEC Family, I want to personally thank EOS for its commitment and hospitality throughout this process. It has been a thrill for me and other members of ATEC leadership to engage directly with so many of the talented EOS team members, and to see firsthand their prowess and passion for their work – attributes both our companies share. While the acquisition is no longer feasible as contemplated, I continue to believe that ATEC's and EOS's interests are best served through a strategic collaboration. I have shared my belief with EOS leadership, and look forward to the opportunity to continue to explore ways that our companies can work together to bring informed operative experiences to spine," Pat Miles, Alphatec Chairman and CEO.
Private equity firm Blackstone said its proposed $1.47bn takeover of NIBC Holding might not win regulatory approval, sending shares in the Dutch bank 12% lower.
"There is substantial uncertainty concerning the business plan, and it continuing to be a realistic basis for obtaining regulatory clearance. The relevant regulators have not yet given any indication of their views in this respect," Blackstone.
Germany prepares to acquire a stake in Lufthansa.
Deutsche Lufthansa, locked in tense negotiations over terms of a multibillion-euro state bailout, is considering court protection as a last resort should the sides fail to reach an agreement, Bloomberg reported.
The so-called Schutzschirm protection would shield Europe’s biggest airline from creditors for three months while it works out a management-led restructuring plan. The spectre of a court-supervised proceeding comes as talks with Germany intensify over terms of a rescue that could exceed €8bn ($8.7bn).
Europe fibre network operators start the asset sale process.
At least three fibre-optic network operators are pushing ahead with divestments in Europe, as demand for infrastructure assets helps such companies shrug off the effects of the coronavirus pandemic.
GTT Communications kicked off a sale process of its infrastructure division, which could fetch as much as $2.5bn, Bloomberg reported. The McLean, Virginia-based company sent out marketing materials to potential buyers of the assets, which include a high-speed network across Europe as well as data centres.
Separately, London-focused internet service provider Community Fibre asked for first-round bids this month. A sale could value the company at about $248m. Glide, another European broadband network operator, is also working with an adviser as it seeks a buyer for the company. The sale could fetch around $200-300m.
Parcom Capital raised €775m for Fund VI. (FS)
Parcom Capital Management, pan-European private equity house, struck the €775m ($840m) hard cap for its sixth flagship fundraise after just six months in the market. The raise is a significant increase compared to the €550m ($596m) collected for Fund V in 2016 – a capital raise which also saw the vehicle reach its hard cap.
Parcom said Fund VI attracted new commitments from both domestic and international pension funds, consultants, family offices, asset managers and banks.
Citigroup's head of French investment banking joins JP Morgan. (People)
Maja Torun, the head of Citigroup's investment banking unit in France, joined JP Morgan as US banks continue to bolster their presence in the country in a bid to win advisory business from dominant domestic lenders, according to a Financial News report. JP Morgan hired Maja Torun as head of its investment banking for France.
"Maja is a first-class adviser who builds trust with clients naturally. We are delighted to have another senior woman of her calibre join our European banking team," Conor Hillery, JP Morgan co-head of investment banking for EMEA.
APAC
DealStreetAsia reported that New Zealand's Metlifecare, an owner and operator of retirement villages, rejected a notice to terminate the $900m buyout offer from Swedish private equity firm EQT and said it plans to go ahead with the deal.
EQT's unit, Asia Pacific Village Group, earlier this month said it intended to terminate its offer for the retirement village operator, citing impact from the coronavirus pandemic on Metlifecare's assets and expected earnings
Tencent Music Entertainment, a company that develops music streaming services for the Chinese market, completed its investment in Radio Music Warehouse, a music company that provides music streaming solutions to business use in China. Financial terms were not disclosed.
"Radio Music has a professional music-for-business service system and comprehensive offline coverage resources. Through this investment, we will jointly explore music-for-business market to add value to our music ecosystem. TME will offer more diversified music content to resolve the challenge of a shortage of content for music solutions to business, and develop brand-new content promotion and distribution models in to provide a stage for artists and high-quality work everywhere. We also look forward to a strong synergy between music-for-business service and our existing online music and social entertainment services, to bring users a more professional, immersive music experience that drives the healthy development of the music-for-business industry and the music industry as a whole," Tony Yip, TME Chief Strategy Officer.
NT Pharma, a pharmaceutical company in China, agreed to acquire a 40% stake in Kangchen, which focuses on the development of special drugs, for $51m.
NT Pharma Group claims that the deal will bring about $4.8m in net profit. Proceeds will be used to pay the debt and embark on the partial redemption of the CPS, which is due on June 30, 2020.
China Merchants Group considers taking a $4bn port unit private.
China Merchants Group is exploring taking China Merchants Port Holdings private after shares of the state-owned conglomerate’s unit slid in Hong Kong this year, Bloomberg reported.
China Merchants Group held initial discussions with advisers to study the feasibility of buying all of the China Merchants Port shares that it does not already own. China Merchants Group owns about 63% of the port unit.
Mongolia delays Erdenes Tavan Tolgoi’s $1bn overseas IPO.
Mongolia shelved near-term IPO plans for state-owned coal miner Erdenes Tavan Tolgoi as the Covid-19 pandemic roils financial markets.
The country’s cabinet partially repealed a resolution that called for immediate action for ETT’s overseas offering, while an international share sale plan remains the goal for the long term. The authority urged ETT to turn its focus to a long-delayed railway project to link its Tavan Tolgoi coal mine with China.
The delay comes as first-time share sales slowed globally on weak market sentiment. Companies raised about $2.3bn in Hong Kong through IPOs so far this year, a 43% drop from the same period in 2019.
SoftBank scouts for fresh deals in India amid coronavirus outbreak. (FS)
DealStreetAsia reported that SoftBank began scouting for fresh deals in India even as it continues to remain wary of the growth of its portfolio companies globally owing to the coronavirus outbreak.
The company has $13bn in unspent capital, which it is looking to deploy in India, and globally. It is currently talking to about 15-20 companies for both secondary and primary deals and may announce a couple of them in the next three months.
IDFC First Bank considers $200m share sale. (FS)
IDFC First Bank is considering a $200m share sale to bolster its capital, as the lockdown in India raises the risk of loan defaults, Bloomberg reported.
The private-sector lender is waiting for the five-week lockdown to end before firming up the route for fundraising. The lender might consider a sale of new shares to institutional investors, among other options. IDFC Bank, which got a banking permit in 2015, is joining peers including Kotak Mahindra Bank, Yes Bank, and IndusInd Bank with plans to tap the capital market.
Sequoia-backed New Industries considers $183m in ChiNext IPO. (FS)
Sequoia-backed Shenzhen New Industries Biomedical Engineering, an in-vitro diagnosis focused biomedicine company, kicked off its IPO subscription exercise targeting to raise CNY1.3bn ($183m) on the ChiNext board of the Shenzhen Stock Exchange, DealStreetAsia reported.
Archipelago Capital targets to raise $250m for the second Southeast Asia fund. (FS)
Archipelago Capital Partners, a Singapore-based private equity firm, is targeting to raise to $250m for its latest fund – Archipelago Asia Focus Fund II – that will invest in small and midsized companies in Southeast Asia, DealStreetAsia reported.
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