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AMERICAS
Advent International, an American global private equity firm, and Leonard Green & Partners, an American private equity investment firm, agreed to invest in Genstar Capital-backed Prometheus Group, an asset management software provider. Financial terms were not disclosed.
“It has been an honor and pleasure to work with Eric Huang and the Prometheus team to build the business together over the last five years. This milestone is a great achievement, and we look forward to continuing to the next chapter of ownership with the Prometheus team, Advent, and LGP,” Eli Weiss, Genstar Capital Managing Partner.
Genstar Capital and Prometheus Group are advised by Aeris Partners, Evercore, Lazard, Simpson Thacher & Bartlett and Chris Tofalli Public Relations (led by Chris Tofalli). Advent International is advised by Centerview Partners and Ropes & Gray. Leonard Green & Partners is advised by Barclays and Latham & Watkins.
Apollo, an American asset management firm, and Intel, an American multinational corporation and technology company, agreed to form a $11bn joint venture.
“Intel’s agreement with Apollo gives us additional flexibility to execute our strategy as we invest to create the world’s most resilient and sustainable semiconductor supply chain. Our investments in leading-edge capacity in the US and Europe will be critical to meet the growing demand for silicon, with the global semiconductor market poised to double over the next five years. This transaction allows us to share our investment with an established financial partner on attractive terms while maintaining our strong investment-grade credit rating,” David Zinsner, Intel CFO.
AstraZeneca, a pharmaceutical company that discovers, develops, manufactures, and markets prescription medicines, completed the acquisition of Fusion Pharmaceuticals, a clinical-stage oncology company, for $2bn.
"This acquisition combines Fusion's expertise and capabilities in radioconjugates, including our industry-leading radiopharmaceutical R&D, pipeline, manufacturing and actinium-225 supply chain, with AstraZeneca's leadership in small molecules and biologics engineering to develop novel radioconjugates. Expanding on our existing collaboration with AstraZeneca where we have advanced FPI-2068, an EGFR-cMET targeted radioconjugate into Phase I clinical trials, gives us a unique opportunity to accelerate the development of next-generation radioconjugates with the aim of transforming patient outcomes," John Valliant, Fusion CEO.
AstraZeneca was advised by Blake Cassels & Graydon and Freshfields Bruckhaus Deringer (led by Sebastian L. Fain). Fusion Pharmaceuticals was advised by Centerview Partners, Goodwin Procter (led by Stuart Cable) and Osler Hoskin & Harcourt (led by Alex Gorka).
Highwire Capital, an investment company, agreed to acquire SPAR Group, a merchandising, marketing and distribution services provider, for $58m.
“The proposed merger with Highwire Capital will maximize value to our stockholders and enable us to continue our growth while offering innovation and more value to our clients. Highwire is expected to retain the SPAR executive team. Our commitment to clients and service is unchanged and our passion for results is unwavering,” Mike Matacunas, SPAR Group CEO and President.
NFI, a supply chain solutions provider, completed the acquisition of the brokerage business unit of Transfix, a shipping services provider. Financial terms were not disclosed.
“We’re excited to welcome the Transfix brokerage team to NFI. Their experienced team provides an exceptional solution that aligns well with our strategy. We look forward to partnering with their customers and enhancing the experience for our current portfolio. As one of the largest and most diversified 3PLs in the marketplace, NFI can leverage its scale and offer its existing service offerings of dedicated transportation, warehousing and distribution, and port services to the Transfix customer base,” Sid Brown, NFI CEO.
NFI was advised by Cozen O'Connor. Transfix was advised by Ubs, McCarter & English and O'Melveny & Myers.
Databricks, the data and AI company, agreed to acquire Tabular, a data management company. Financial terms were not disclosed.
“Databricks pioneered the lakehouse and over the past four years, the world has embraced the lakehouse architecture, combining the best of data warehouses and data lakes to help customers decrease TCO, embrace openness, and deliver on AI projects faster. Unfortunately, the lakehouse paradigm has been split between the two most popular formats: Delta Lake and Iceberg. Databricks and Tabular will work with the open-source community to bring the two formats closer to each other over time, increasing openness, and reducing silos and friction for customers,” said Ali Ghodsi, Co-founder and CEO at Databricks.
CoreWeave offers about $1bn for Core Scientific.
CoreWeave, a closely held cloud computing provider, has offered to acquire Bitcoin miner Core Scientific for about $1bn, Bloomberg reported.
CoreWeave’s all-cash bid of $5.75 per share for Austin, Texas-based Core Scientific was made on June 3, and comes as the company seeks to expand its artificial intelligence data center capacity.
Dollar Tree explores the sale of Family Dollar.
The Chesapeake company plans to explore options, including a potential sale or spinoff of Family Dollar. Dollar Tree is expected to announce its plans publicly later on June 5 when it reports first-quarter results, WSJ reported.
Dollar Tree is working with financial advisers to conduct a strategic review of its Family Dollar business. Discount retailer taps bankers at JPMorgan.
Aluminium producer Novelis hits pause on $945m US IPO.
Aluminium producer Novelis has postponed a plan to raise as much as $945m in an initial public offering that would have been one of the biggest listings in the US this year, Bloomberg reported.
The unit of Indian billionaire Kumar Mangalam Birla's Hindalco Industries will continue to evaluate the timing of the offering. Novelis, based in Atlanta, didn't elaborate on the adverse market conditions that it said had led to the halting of the sale.
Analytics startup AppsFlyer taps banks for IPO. (FS)
AppsFlyer, a marketing analytics provider, is weighing plans for an initial public offering. The San Francisco-based startup is working with Goldman Sachs, JPMorgan Chase and Bank of America as it plans a possible IPO, Bloomberg reported.
AppsFlyer, which is backed by private equity firm General Atlantic, could seek to raise about $300m in a listing in early 2025. A listing could come sooner, depending on market conditions. Deliberations are ongoing, and no final decisions have been made.
Cisco launches $1bn fund for AI startups, makes first investments.
Cisco, on June 4, launched a $1bn fund to invest in artificial intelligence startups, joining a list of big technology companies rushing to take stakes in small AI firms, DealStreetAsia reported.
The company, through its investment arm, is investing in Cohere, Mistral AI and Scale AI, among others, and has already committed nearly $200m of the fund. AI data startup Scale AI is valued at nearly $14bn, while so-called foundation model developers Cohere and Mistral are both reportedly in talks with investors to raise funds at a valuation of $5bn each.
Google parent Alphabet poaches Eli Lilly finance chief Ashkenazi. (People)
Google parent Alphabet has named Anat Ashkenazi as its next finance chief officer, plucking the executive from drugmaker Eli Lilly, WSJ reported.
Alphabet on June 5 said that Ashkenazi will join the Mountain View company as senior vice president and chief financial officer on July 31 to succeed Ruth Porat, who was previously named president and chief investment officer but has remained finance chief while the company looked for a successor.
Solomon Partners hires William Blair banker Solange Velazquez. (Pepole)
Solomon Partners, the boutique investment bank backed by Natixis, has hired Solange Velazquez to be a managing director in Chicago. Velazquez was previously a managing director at William Blair, where she had worked for 12 years, Bloomberg reported.
At Solomon, Velazquez will focus on transportation technology and report to Craig Muir, the firm's head of software, data and analytics. Her role at Solomon will also include more supply chain software, as well as for maritime and rail. "It's software solutions that serve different components of the transportation industry. So think of anything that has wheels and touches that ecosystem," Solange Velazquez.
Deutsche Bank rehires Simon Leopold as a vice chairman. (People)
Deutsche Bank rehired Simon Leopold as a vice chairman in its real estate, gaming, lodging and leisure group. Leopold, who's based in New York, will report to Reza Akhavi and Andrew Bartrop, global co-heads of the group, Bloomberg reported.
Leopold was most recently chief financial officer at Washington Prime Group, a private retail real estate company. "Simon has developed deep, high-quality relationships with both public and private institutional investors, decision makers at corporate clients and board members across the real estate sector. His experience in retail, office and student housing will help the German bank expand its coverage in the sector," Reza Akhavi and Andrew Bartrop, Deutsche Bank Global Co-Heads.
EMEA
Authentic Brands Group, a global brand development, marketing, and entertainment platform, agreed to acquire Champion, a producer of high-quality sports apparel, from HanesBrands, an American multinational clothing company, for $1.2bn.
"We are excited to acquire Champion, a brand that shares our pioneering spirit. Over the last few years, the addition of new brands together with the expansion of live events has grown Authentic into a world leading sports and entertainment licensing company. Bringing Champion into the fold further expands our position in this space,” Jamie Salter, Authentic Chairman and CEO.
HanesBrands is advised by Evercore, Goldman Sachs, Jones Day and Kirkland & Ellis. Authentic Brands Group is advised by Bank of America, JP Morgan and Latham & Watkins.
Spain's BBVA asked the European Central Bank on Tuesday to authorize its more than €12bn ($13bn) hostile bid for Sabadell, Reuters reported.
BBVA's all-share offer was rejected by Sabadell last month, prompting Spain's second-largest bank to go hostile in its latest attempt to buy its smaller rival, which is the country's fourth-largest lender and also owns Britain's TSB.
Sabadell is advised by Goldman Sachs and Morgan Stanley. BBVA is advised by JP Morgan, Mediobanca, Rothschild & Co (led by Antonio Villalon) and UBS.
Ambac Financial, an insurance holding company, agreed to acquire a 60% stake in Beat Capital Partners, a private equity firm, for $282m.
“This is a monumental day for Ambac. The acquisition of Beat, which is one of the largest UK independent underwriting managers, aligns with our vision of being a premier destination for MGAs and materially accelerates our progress towards our three-year target of generating in excess of $100m of annual EBITDA," Claude LeBlanc, Ambac President and CEO.
Beat Capital Partners is advised by Evercore and Reynolds Porter Chamberlain. Ambac Financial is advised by Ubs and Debevoise & Plimpton. Bain Capital is advised by Reynolds Porter Chamberlain.
Platinum Equity, an American private equity investment firm, agreed to acquire Sunrise Medical, an assistive mobility solutions company, from Nordic Capital, a private equity company. Financial terms were not disclosed.
"Sunrise Medical has established an impressive global network serving the mobility needs of people around the world. We will continue investing in organic growth and also pursue acquisitions that can expand or fill in gaps in the company's product line, provide new technological capabilities, or further extend the company's geographic reach," Igor Chacartegui, Platinum Equity Managing Director.
Platinum Equity is advised by JP Morgan, Latham & Watkins and Willkie Farr & Gallagher.
SAP, a provider of enterprise applications and business AI, agreed to acquire WalkMe, a provider of digital adoption platform to let organizations measure, drive, and act to maximize their digital transformation, for $1.5bn.
"Applications, processes, data, and people are the four key elements of a successful business transformation. By acquiring WalkMe, we are doubling down on the support we provide our end users, helping them to quickly adopt new solutions and features to get the maximum value out of their IT investments," Christian Klein, SAP SE CEO and member of the Executive Board.
TotalEnergies, a global integrated energy company, agreed to acquire West Burton Energy, an independent power producer, from EIG, an American investment firm, for £450m ($575m).
“I am delighted to welcome the West Burton B team to TotalEnergies. This acquisition contributes to our integrated strategy in the UK, which combines renewable and flexible generation capacity. It complements our 1.1 GW Seagreen offshore wind farm and allows us to accelerate the development of our Integrated Power activities in power generation, trading and marketing in this market. The deal also contributes directly to our 2028 ROACE target of around 12% in this business sector,” Stéphane Michel, TotalEnergies President.
KKR, a private equity firm, agreed to acquire a 4.5% stake in FiberCop, a developer of digital services through high-performance fiber optic connections, from Fastweb, an Italian telecommunications company, for €439m ($374m).
Fastweb remains fully committed to its mission of driving innovation and connectivity in the country through investments in key telecommunications infrastructures. Fastweb will therefore keep making relevant investments to increase the coverage of its proprietary, end-to-end controlled fiber network and will continue to be a key provider of wholesale services to third parties, ensuring the availability of robust and competitive offerings in the market.
Advent is said to seek bids for Aareal's €3bn software arm. (FS)
Advent International has asked for first-round bids for the software arm of real estate lender Aareal Bank. The buyout firm may seek an equity value of at least €3bn ($3.3bn) for the Aareon unit, Bloomberg reported.
It is expected to attract interest from other buyout firms. Suitors may opt to bid for Advent's 30% direct stake in Aareon or for 100% of the business. Advent bought 30% of Aareon from Aareal in 2020.
TeamSport revs up £150m sale to buyout firm EMK. (FS)
Britain's biggest operator of indoor go-karting tracks is closing in on a sale to the private equity firm which owns Williams Advanced Engineering.
The owner of Williams Advanced Engineering is the leading contender for buying TeamSport, the pan-European operator of go-karting circuits. EMK Capital, a London-based private equity firm, has emerged as the frontrunner in acquiring the business. The price is expected to be in the region of £150m ($191m). Livingbridge and 3i Group were among the other buyout firms which had expressed interest in TeamSport.
Perfume retailer Arabian Oud said to hire banks for Saudi IPO.
Perfume retailer Arabian Oud has hired banks for a planned initial public offering in Saudi Arabia, Bloomberg reported.
The company has picked Emirates NBD Capital and SNB Capital for the potential share sale. Details such as timing and valuation are still under discussion and subject to change.
APAC
VIS, a Taiwanese specialized IC foundry service provider, and NXP, a Dutch semiconductor designer and manufacturer, agreed to form VisionPower Semiconductor Manufacturing Company in a $7.8bn deal, to build a new 300mm semiconductor wafer manufacturing facility in Singapore.
“NXP continues to take proactive actions to ensure it has a manufacturing base which provides competitive cost, supply control, and geographic resilience to support our long-term growth objectives. We believe VIS is well suited and fully understands the complexities involved in building and operating together with NXP a 300mm analog mixed signal fab. The joint venture partnership we intend to create with VIS perfectly aligns within NXP’s hybrid manufacturing strategy,” Kurt Sievers, NXP President and CEO.
Elliott pushes Softbank to buy back shares after taking a stake. (FS)
Elliott Management has built a sizable stake in SoftBank Group and is pushing the Japanese investment firm to launch a $15bn buyback, Bloomberg reported.
The US activist investor has amassed a stake worth more than $2bn and engaged with SoftBank executives in recent months. Elliott is arguing that a share repurchase of that magnitude would help founder Masayoshi Son signal to the market his confidence in SoftBank. Its shares rose 4.6% in Tokyo.
AI drug researcher QuantumPharm eyes $145m HK IPO to fuel global expansion. (FS)
QuantumPharm, a Chinese artificial intelligence drug researcher backed by Tencent and HongShan, is eyeing an initial public offering in Hong Kong to raise up to $145m to fuel its global expansion, DealStreetAsia reported.
Shenzhen-headquartered QuantumPharm, also known as XtalPi, is poised to complete the first IPO under the city's new listing regime for pre-revenue specialist technology companies introduced over a year ago. Chapter 18C, which became effective in March 2023, allows companies worth at least $1.3bn to sell shares publicly even if they have yet to book a single dollar in sales. QuantumPharm is selling close to 187.4m new shares at $0.64-$0.77 apiece, of which about 95% will be set aside for global investors.
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