AMERICAS
Apollo Global Management, an American global alternative investment management firm, agreed to acquire Tenneco, an American automotive components original equipment manufacturer, for $7.1bn.
"We are pleased to have reached this agreement with Apollo, which we believe will deliver immediate and certain cash value to Tenneco shareholders at a substantial premium. The Board's decision follows careful evaluation of the transaction and thoughtful and comprehensive review of value creation opportunities for Tenneco. We believe this transaction is the right path forward and achieves our goal of maximizing value for Tenneco shareholders, and will benefit our team members, customers and business partners around the world," Dennis Letham, Tenneco Chairman of the Board.
Tenneco is advised by Lazard and Latham & Watkins. Apollo is advised by Bank of America, Citigroup, Rothschild & Co, Paul Weiss Rifkind Wharton & Garrison and Wachtell Lipton Rosen & Katz.
EnCap Flatrock Midstream-backed Clearfork Midstream, a growth-oriented midstream company, completed the acquisition of Azure Midstream Energy, a fee-based, growth-oriented midstream company based in Dallas. Financial terms were not disclosed.
"Over the past few years, we have developed strong relationships with key members of the EFM team. The firm's unparalleled reputation is well deserved. They have the financial strength we need and understand midstream better than anyone in the venture capital business. They aligned with us on the acquisition of Azure Midstream and Azure's growth potential. We are very pleased to be part of the EFM family of companies," Kipper Overstreet, Clearfork CEO.
Azure Midstream Energy was advised by Jefferies & Company and Porter Hedges. EnCap Flatrock was advised by Latham & Watkins. Clearfork was advised by Donovan Ventures, Vinson & Elkins and Ten|10 Group.
True Wind Capital, a San Francisco-based private equity firm, agreed to invest in Sterling Capital Brokers, an independent benefit consulting firm. Financial terms were not disclosed.
"We are thrilled to partner with Sterling, which has built a differentiated suite of tech-enabled services that not only enables customized benefit solutions but also lowers costs and simplifies the administrative process for all constituents. We look forward to supporting Stefan, David, John and Sterling's talented team by leveraging our proven capabilities in scaling technology-enabled businesses through both organic initiatives and strategic acquisitions," Aaron Matto, True Wind Partner.
Sterling Capital Brokers is advised by Borden Ladner Gervais. True Wind is advised by Gibson Dunn & Crutcher, McCarthy Tetrault and Gasthalter & Co.
TransUnion, a global information and insights company, agreed to acquire the financial services unit of Verisk, a data analytics provider serving customers in insurance, energy and specialized markets, and financial services, for $515m.
"Verisk Financial is a distinctive business with authoritative, differentiated data — particularly from Argus's consortium of lender-contributed data and analytics. TransUnion's broad range of data, analytics and technology enhances Verisk Financial's existing data set and expands their addressable market while delivering valuable innovation to members of the consortium," Chris Cartwright, TransUnion President and CEO.
TransUnion is advised by PJT Partners. Verisk is advised by Goldman Sachs and Davis Polk & Wardwell.
Wellington Management led a $325m Series E round in Somatus, a provider of kidney care, with participation from RA Capital Management, GIC, Fidelity Management & Research Company, Anthem, Blue Venture Fund, Deerfield Management Company, Flare Capital Partners, Inova Health System, Longitude Capital, and Optum Ventures.
“Since our inception, Somatus has always been committed to bringing superior evidence-based integrated care to patients with kidney disease which delays disease progression, improves quality of life, and lowers total cost of care. This investment puts us in a great position to fund the expansion of our proven care model and continue building a nationwide network of providers and connected patients, who alongside our care teams are working together to improve lives and transform the industry," Ikenna Okezie, Somatus CEO and Co-founder.
Somatus was advised by Bank of America and JP Morgan.
Century Casinos, a gaming company, agreed to acquire Nugget Casino Resort in Nevada from Marnell Gaming, a hospitality company, for $300m.
"We have been looking at entering the Reno market for a long time, and we believe the Nugget is a perfect fit for our portfolio. We look forward to welcoming the great team at the Nugget to Century Casinos. We believe there is a lot of upside to this transaction and that we identified some areas of improvement to continue the Nugget's growth. We expect the Nugget to seamlessly integrate and provide added synergies for Century Casinos' US portfolio," Erwin Haitzmann and Peter Hoetzinger, Century Casinos Co-Chief Executive Officers.
Century Casinos is advised by Goldman Sachs. Debt financing is provided by Goldman Sachs.
Macquarie, an Australian multinational independent investment bank, and Ontario Teachers' Pension Plan, a provider of pension services for teachers, completed the acquisition of a 32% stake in Puget Holdings, a holding company that distributes electricity and natural gas, from Canada Pension Plan Investment Board, an investment management company. Financial terms were not disclosed.
"Puget will play a key role in decarbonizing Washington State's power generation and assisting local industries and consumers to lower their carbon footprints, which is aligned with our own net-zero ambition and focus on helping our portfolio companies transition to and thrive in a low-carbon economy," Dale Burgess, Ontario Teachers Senior Managing Director of Infrastructure & Natural Resources.
CPPIB was advised by JP Morgan and Sullivan & Cromwell.
Investment firms Georgian and CDPQ led a $325m funding round in Warburg Pincus-backed eSentire, a managed detection and response provider.
"We are thrilled to partner with Team eSentire in the next phase of their growth journey. eSentire has a well-documented history of making original threat discoveries and protecting its customers from ransomware battles and zero-day attacks. The team continues to exceed customer expectations by staying ahead of the threat curve through rapid threat detection, deep investigation capability, and complete threat response. We are proud to be part of eSentire's global expansion plans across EMEA and APAC as the company delivers best-in-class security services to enterprises globally," Simon Chong, Georgian Co-Founder.
eSentire was advised by Evercore.
ARKO, one of the largest convenience store operators and petroleum wholesalers in the United States, agreed to acquire the fleet fueling cardlock and fuel distribution business of Quarles Petroleum, a petroleum products and energy solutions. Financial terms were not disclosed.
"We believe that this high-volume, 24/7/365 business in prime locations cannot be replicated today, and will drive strategic growth. The acquisition of these assets complements and expands our core wholesale strategy, adding a mature fleet fueling platform and boosting our supply and distribution capabilities within our 33 states and Washington, D.C. fuel supply footprint," Arie Kotler, ARKO President and CEO.
ARKO is advised by Matter Communications.
CenExel Clinical Research, a clinical research site manager, agreed to acquire CTSdatabase, a cutting-edge and global duplicate subject detection service. Financial terms were not disclosed.
"The addition of CTSdatabase elevates the CenExel network promise of quality results for every study we support, across our therapeutic areas of expertise. This partnership will also provide greater opportunities for CTSdatabase to expand even beyond its impressive current size, growing the registry to include hundreds of thousands more unique subjects within the next few years," Tom Wardle, CenExel CEO.
Tiger Global led a $110m Series C round in Timescale, a relational database for time-series, with participation from Benchmark, New Enterprise Associates, Redpoint Ventures, Icon Ventures and Two Sigma Ventures.
"Timescale's laser focus on driving community and consumption around its time-series database is what stood out to us. As time-series data becomes even more pervasive, Timescale is playing a pivotal role in how companies work with data. They're a team that is committed to, and that we believe will, build the next great database company," John Curtius, Tiger Global Partner.
Evolution Equity Partners led a $100m Series C round in Beyond Identity, a provider of passwordless authentication, with participation from New Enterprise Associates, Potentum Partners, Expanding Capital and HBAM.
"As an industry, we are coming dangerously close to being complicit in cybercrime. Pouring truckloads of VC and PE money into legacy authentication technology will not protect companies. Throwing money at security 'controls' that criminals consistently evade, in an attempt to inexplicably protect and preserve the gaping hole that is passwords, is not only funding failure, it's knowingly failing companies and customers. Password managers, phishable MFA, and outdated VPN technologies are not the answer and will not close the wide-open door that criminals waltz through every day. Today's announcement sends a loud message that failure is no longer an option," TJ Jermoluk, Beyond Identity CEO.
L Catterton, a private equity company, led a $100m Series B round in Wildtype, an agriculture company, with participation from Leonardo DiCaprio, Bezos Expeditions, Temasek, S2G Ventures, FootPrint Coalition, Cargill, Spark Capital and CRV.
“This investment provides us with the capital necessary to dramatically expand our production capabilities to match the rapid growth in awareness and demand for cultivated seafood. Whether you are looking for mercury and microplastic-free seafood options, or trying to eat more sustainably, we want Wildtype seafood to be accessible to as many people as possible. The enthusiastic support from our high-caliber group of investors will help us achieve this," Justin Kolbeck, Wildtype Co-Founder and CEO.
Stratos Wealth Partners, a financial advisor, completed the acquisition of a minority stake in BWM Financial, a financial planning company. Financial terms were not disclosed.
"BWM Financial has been a genuine partner of Stratos from day one, when we began to combine our efforts. Strengthening our alliance with Jeff and his highly talented team allows us to further support their outstanding performance over the past two years," Nancy Andrefsky, Stratos Wealth Partners CFO.
Teck Resources seeks sale of stake in $8bn coal business.
Teck Resources is exploring the sale of a minority stake in its metallurgical coal business as it seeks to take advantage of surging prices for the commodity, Bloomberg reported.
The Canadian miner has approached parties including smaller rival Arch Resources to gauge their interest in buying a stake of 10% or more in the business.
Localiza and Unidas close to divesting assets to get deal approval.
Brazilian rental car companies Localiza and Unidas, formally known as Companhia de Locacao das Americas are close to selling assets to get the approval of antitrust watchdog Cade for their deal, Reuters reported.
The sale is being managed by the investment banking unit of Bank of America and the assets may be sold for around $791m.
Among the companies interested are rental car companies Ouro Verde and Turbi.
Shareholders approve Brazil's Eletrobras privatization.
Shareholders of Brazilian state-run power company Eletrobras approved the terms for the privatization of the company, Reuters reported.
The company's shareholders approved 12 items at a general meeting, including its privatization.
Brazil's government expects the privatization to happen through a share offering by mid-2022. Shares would be sold on Brazil's Bovespa stock market and in the United States as American Depositary Receipts.
Shale oil producer Ovintiv considers options for Utah land.
Shale producer Ovintiv is looking to hire an investment bank to consider options for its acreage in the Uinta basin of Utah, as it looks to cash in on a boom in energy prices to cut debt, Reuters reported.
A full or partial sale would be among the options for Ovintiv, one of the top producers in the Uinta basin, a sale of the assets could fetch around $1bn.
Blackstone swears off oil-patch investing as private equity’s retreat widens. (FS)
After watching big banks curtail lending and asset managers pare bets, fossil fuel producers are now losing access to some of Wall Street’s deepest pockets.
The Blackstone Group, once a major player in shale patches, is telling clients its private equity arm will no longer invest in the exploration and production of oil and gas. The firm’s next energy fund won’t back those upstream investments — a first for the strategy. Blackstone’s credit arm is swearing them off too, Bloomberg reported.
Alpargatas raises $492m in share offering.
Alpargatas, a Brazilian shoemaker, raised $492m in a planned follow-on share offering. Investment firm Itausa took part in the offering.
"The investment reinforces Itausa's and the other controlling shareholders' trust in Alpargatas' strategy and long-term value creation," Itausa.
EMEA
Ardian-backed Hy24, the world's largest clean hydrogen investment platform, agreed to invest in Enagás Renovable, a renewable gases and decarbonization company. Financial terms were not disclosed.
"We are very proud of this strategic partnership with Enagás. We expect this joint venture to accelerate the realisation of large green power-to-hydrogen projects in Spain to help decarbonise both industry and transport sectors. The quality of the Enagás Renovable's team, the pipeline of projects and the unmatched position of Enagás in the energy ecosystem in Spain and other Spanish-speaking territories are strong levers for sustainable value creation at the heart of the global energy transition," Pierre-Etienne Franc, Hy24 CEO.
Enagás is advised by Rothschild & Co and Pinsent Masons. Ardian is advised by Llorente Y Cuenca. Hy24 is advised by PricewaterhouseCoopers, Agreda Asset Manager, WSP Global, strategy&, Credit Agricole, Ashurst, Linklaters, FTI Consulting, Biovic Consulting and Fichtner.
CPI Property Group is on the cusp of taking over Immofinanz and joining the club of Europe’s biggest landlords, Bloomberg reported.
The real estate company owned by Czech billionaire Radovan Vitek has so far reached deals to boost its ownership in its rival to 48.2%.
Immofinanz is advised by Citigroup. CPI Property Group is advised by HSBC and Dentons. Debt financing is provided by Credit Suisse, Erste Group Bank, Goldman Sachs, HSBC, Raiffeisen, Santander, Societe Generale and UniCredit.
Telecom Italia is expected to make a decision on a $37bn takeover proposal from US private equity firm KKR by the middle of next month, Reuters reported.
The US private equity fund made a non-binding approach to take the former phone monopoly private last November. It sought the backing of the company and the government, as well as a four-week due diligence process before it formalised a bid.
Telecom Italia is advised by Goldman Sachs, LionTree Advisors, Mediobanca and Vitale & Co. KKR & Co is advised by Morgan Stanley and JP Morgan. Debt financing is provided by JP Morgan and Citigroup.
Nordstjernan, a Swedish investment company controlled by the Ax:son Johnson family, agreed to acquire Aidian, a global provider of IVD instruments and tests, from Axcel, a Danish private equity investment company. Financial terms were not disclosed.
"During our ownership, Aidian has developed further into a true leader within diagnostic testing for the POC market. Juho Himberg and the management team have done an outstanding job in taking Aidian to the next level, and we at Axcel are proud to have been part of that journey. We believe that Nordstjernan is an ideal new owner and that Aidian will continue to thrive under its new ownership," Thomas Blomqvist, Axcel Partner.
Axcel is advised by KPMG, Rothschild & Co and Roschier Attorneys.
Tokens, a company that invests in Web3 assets, agreed to acquire a 20% stake in Metaverse Architects, a 3D modeling and game development studio. Financial terms are not disclosed.
"We are pleased to combine forces with Metaverse Architects, the leading design and architecture firm in the Metaverse. Our partnership allows Metaverse Group to provide a host of services to our clients including events, NFT design and drops, and architecture design and services. We're excited to enhance the scope of what we offer with such a strong team to become a one-stop shop for all Metaverse needs," Andrew Kiguel, Tokens.com CEO.
Tokens is advised by Talk Shop Media.
HubSpot Ventures, an investment firm, completed the investment in Aircall, a cloud-based call center software. Financial terms were not disclosed.
“At Aircall, we’ve been working to build a customer-obsessed culture. We’re looking forward to continuing a strong relationship with HubSpot, as we both create tools and services that are used and loved every day by thousands of customers. Integrating our products through a strong and open ecosystem paves the way for the future of voice," Olivier Pailhes, Aircall Co-Founder and CEO.
Aircall was advised by Hotwire Global.
Tiger Global led a $150m Series C round in Cheq, a provider of security applications to Go-to-Market teams, with participation from Battery Ventures, Hanaco, Phoenix Insurance and Key1 Capital.
"We're putting cybersecurity in the hands of Go-to-Market leaders, to secure their operations, marketing, sales, data and analytics from fake users, bots, and other malicious actors, who makeup over 40% of the Internet's traffic. We're providing GTM organizations the highest level of protection a CISO could require, without hurting the needs of the CMO, CRO and other GTM leaders," Guy Tytunovich, CHEQ Founder and CEO.
Taro Pharmaceutical, a research-based pharmaceutical manufacturer, agreed to acquire Alchemee, a consumer acne brand, from Galderma, a pharmaceutical company. Financial terms are not disclosed.
"We are excited to add Alchemee to Taro’s broad portfolio of prescription and over-the-counter dermatology products. We look forward to welcoming the Alchemee team into Taro and working together to continue to make a difference to the millions of people living with acne around the world," Uday Baldota, Taro Pharmaceutical CEO.
GlaxoSmithKline said its consumer healthcare venture with Pfizer will be named Haleon, as the British drugmaker confirmed the business will be spun off in mid-2022 as planned after having rejected overtures from Unilever, Reuters reported
Last June, GSK announced plans to divest the business, which includes brands such as Sensodyne toothpaste and Advil painkillers, in its biggest shake-up in two decades to focus on its prescription drugs and vaccines business.
Boots sets deadline for its $11bn sale.
Britain's largest drugstore chain Boots has set a February 24 deadline to receive indicative bids from a series of deep-pocketed investors that could value the 173-year old firm at up to $10.8bn, Reuters reported.
The sale will see US drugstore giant Walgreens, which has backed Boots since 2012, cashing out from one of Britain's best-known retailers operating more than 2.2k stores and employing about 51k people.
UPS loses $2bn claim for EU veto on TNT bid.
The world's largest logistics company, United Parcel Service, lost its court fight for a record $2bn compensation claim from EU antitrust regulators for blocking its 2013 bid for Dutch rival TNT, Reuters reported.
A win for UPS could encourage other companies to take similar action though EU merger vetoes are rare, with only 10 deals blocked by the EU in the past decade.
Vodafone looks to sell stake in Indian cell tower firm.
Britain's Vodafone is looking to offload its 28.1% stake in Indian cell tower firm Indus Towers, Reuters reported.
The company said it had launched a sale of 63.3m of Indus shares, or about a 2.4% stake, and was in talks with various parties regarding the sale of the remaining shares.
Vodafone's stake of 757.8m Indus shares was worth roughly $2.56bn as of Indus's Wednesday closing price on India's National Stock Exchange.
Eskom considers selling assets as bailout prospects fade.
Eskom, South Africa’s indebted power utility, is considering selling distribution assets as prospects of the government taking over about half of its $26bn obligations dim, Bloomberg reported.
State-owned Eskom, which supplies almost all of South Africa’s power, has said that it needs to cut its borrowings to about $13bn to be sustainable, and the idea of the government taking a chunk of the debt has been discussed for several years.
Battery Ventures weighs sale of UK firm SPT Labtech. (FS)
Battery Ventures, a technology-focused investment firm, is considering a sale of UK-based life sciences firm SPT Labtech amid interest from potential buyers, Bloomberg reported.
Battery is working with a financial adviser on the potential sale of SPT Labtech. The business, which makes tools for liquid handling and sample preparation and management for scientists, could be valued at about $680m in a transaction.
Broker FlatexDegiro attracts private equity interest. (FS)
flatexDEGIRO, the online brokerage, is attracting preliminary interest from private equity firms, Bloomberg reported. Buyout firms are studying the feasibility of a take-private of Frankfurt-listed Flatex. Flatex has a market value of $2.3bn.
Flatex is open to considering any formal takeover offers, a spokesperson for the company said. Shares in Flatex jumped as much as 21% on Wednesday.
Saudi Arabian miner Al Masane Al Kobra set to raise up to $333m in IPO.
Saudi Arabia's Al Masane Al Kobra Mining is set to raise up to $333m in its IPO, after the company disclosed it indicative price range, Reuters reported.
The offering's price range was set at $15 to $17 a share. The company is selling 20m shares, representing a 30% stake to investors.
Al Masane Al Kobra, also known as Amak, is a miner which produces copper, zinc, silver, gold and other metals.
APAC
Integral Diagnostics, a radiologist and diagnostic imaging provider, agreed to acquire Peloton Radiology, a scale provider of diagnostic imaging services, for $50m.
"We are delighted to incorporate Peloton Radiology into Integral Diagnostics. The group's radiologists and staff represent a strong strategic and cultural fit with IDX's doctor-led operating model. The Peloton Radiology group adds real value to IDX's market-leading model and it significantly extends our presence in the Queensland market. We extend a warm welcome to the Peloton Radiology doctors and staff and look forward to partnering with them to further grow our combined business," Ian Kadish, Integral Diagnostics MD and CEO.
Integral Diagnostics is advised by Jefferies & Company.
Quadria Capital and Lightrock led a $125m Series C round in MediBuddy, a digital healthcare platform, with participation from Bessemer Venture Partners, India Life Sciences Fund III, Rebright Partners, JAFCO, TEAMFund, FinSight Ventures, InnoVen Capital, Stride Ventures and Alteria Capital.
With the new round of funding, Medibuddy will further invest in customer awareness, hiring, strengthening technology platforms including data science capabilities, clinical research, and product development.
Zhenro Properties plans to sell assets worth up to $644m in first half.
Cash-strapped Chinese developer Zhenro Properties plans to extend maturity of other onshore and offshore debt, and dispose of assets worth up to $644m in the first half, Reuters reported.
Zhenro told investors in a call the debt it will seek extensions include bank loans and asset-backed securities. The Shanghai-based developer is in the process of asking holders of a $200m perpetual bond due March 5 to waive claims against the company if it defaults, and is seeking to extend the maturity of five bonds due 2022, worth around $1bn, to March 2023.
Alibaba halts talks to raise $1bn before Lazada IPO.
Alibaba Group Holding discussed raising at least $1bn for Lazada before calling off negotiations with potential investors when talks bogged down over the Southeast Asian online mall’s valuation, Bloomberg reported.
The Chinese e-commerce giant had aimed to secure financing for Lazada as a precursor to a spinoff of the Singapore-based company and a potential IPO. Alibaba had hoped to snag at least $1bn but backed off after failing to secure its envisioned valuation.
Early-stage firm IvyCap Ventures makes first close of Fund 3 at $214m. (FS)
India's early-stage investor IvyCap Ventures announced the first close of its Fund 3 at $214m as it bets big on sectors such as consumertech, deeptech, healthtech, fintech, SaaS, edtech, among others, DealStreetAsia reported.
The fund is targeting to do the final close at $267m. "However, looking at the demand and the fund strategy, it may increase the size to $334m," the firm said in a statement.
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