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AMERICAS
EU antitrust regulators have extended their decision on US chipmaker Broadcom's proposed $61bn takeover of cloud computing company VMware by two weeks to June 21, the European Commission said.
The EU competition watchdog said the extension was agreed with Broadcom, which is looking to diversify into enterprise software. The Commission is expected to warn Broadcom about potential anti-competitive effects of the proposed deal in the coming weeks, Reuters reported.
VMware is advised by Goldman Sachs (led by Sam Britton and Stephan Feldgoise), JP Morgan (led by Madhu Namburi), Gibson Dunn & Crutcher (led by Barbara Becker and Andrew Kaplan) and FGS Global (led by Paul Kranhold). Financial advisors are advised by Debevoise & Plimpton (led by Michael Diz) and Sullivan & Cromwell (led by Alison S. Ressler and John L. Savva). Broadcom is advised by Bank of America (led by Kevin Brunner and Ron Eliasek), Barclays (led by Laurence Braham, Richard Hardegree and Gary Posternack), Citigroup (led by Tyler Dickson and Daniel Mallegni), Credit Suisse (led by David Wah), Morgan Stanley (led by Anthony Armstrong), Wells Fargo Securities, Cleary Gottlieb Steen & Hamilton, O'Melveny & Myers (led by Adit Khorana), Wachtell Lipton Rosen & Katz (led by David Karp, Ronald Chen and Viktor Sapezhnikov), Brunswick Group (led by Simon Sporborg) and Joele Frank (led by Joele Frank). Financial advisors are advised by Cooley (led by Ben Beerle). Silver Lake is advised by Simpson Thacher & Bartlett (led by Atif Azher).
Apollo Global Management, a high-growth, global alternative asset manager, agreed to acquire Univar Solutions, a global specialty chemical and ingredient distributor, for $8.1bn.
"Univar is a global leader in specialty chemicals and ingredients distribution, fueling a vast array of industries with innovative, safe and sustainable solutions. In recent years, David and his team have made tremendous progress enhancing the customer experience, and we believe Univar can accelerate its long-term strategy as an Apollo Fund portfolio company. We look forward to leveraging our extensive experience in the sector to support management in this exciting next phase," Sam Feinstein, Apollo Partner.
Univar Solutions is advised by Deutsche Bank, Goldman Sachs and Wachtell Lipton Rosen & Katz (led by Andrew R. Brownstein and John L. Robinson). Apollo is advised by BMO Capital Markets, BNP Paribas, Credit Suisse, Guggenheim Partners, HSBC, JP Morgan, Mizuho Securities, RBC Capital Markets, Wells Fargo Securities and Paul Weiss Rifkind Wharton & Garrison (led by Taurie M. Zeitzer and Justin Rosenberg). ADIA is advised by Cleary Gottlieb Steen & Hamilton.
The Blackstone Group, an American alternative investment management company, agreed to acquire Cvent, a meetings, events and hospitality technology provider, from Vista Equity, a private equity firm, for $4.6bn.
"We are excited to share this announcement and look forward to our next chapter alongside the Blackstone team. As one of the world's largest private equity firms, Blackstone brings deep expertise in the event and hospitality industry, and with their backing, we plan to continue to invest in our business and deliver the innovative solutions that meet our customers' needs and power the meetings and events ecosystem," Reggie Aggarwal, Cvent Founder and CEO.
Symphony Technology Group-led consortium, agreed to acquire Momentive, an experience management company that offers cloud-based software in brand insights, for $1.5bn.
"This new chapter will enable Momentive to advance our long-term strategy and mission. STG’s 20 years of investment experience in software, analytics, and data companies will provide us with invaluable expertise as we scale our customer base and product suite. Today’s volatile business climate necessitates that organizations consistently collect feedback from their stakeholders. That’s where we shine,” Zander Lurie, Momentive CEO.
Momentive is advised by Qatalyst Partners and Wilson Sonsini Goodrich & Rosati. Symphony Technology Group is advised by Paul Hastings. Debt financing is provided by Silver Point Capital.
Guild, a growth-oriented mortgage lending company, completed the acquisition of Cherry Creek Mortgage, a privately held Colorado-based lender with physical branches across the country. Financial terms were not disclosed.
“We continue to look for potential new partners with strong local teams, a history of growth and community commitments. Cherry Creek has grown steadily over the years and shown a dedication to giving back that parallels ours, with an executive team and loan officers who are active in every market. Guild has a longstanding admiration for Cherry Creek’s approach to business and its accomplishments, and we feel confident our two companies will be able to take advantage of our synergies in each market and do even more for our customers, together," Mary Ann McGarry, Guild CEO.
Cherry Creek was advised by JMP Securities. Guild was advised by Nuffer Smith Tucker.
Sun Capital Partners, a private investment firm focused on defensible businesses in growing markets with tangible performance improvement opportunities, completed the investment in Anderson Business Advisors, a provider of corporate services. Financial terms were not disclosed.
"The corporate services sector is highly fragmented, creating strong potential for Anderson to grow through strategic acquisitions that will increase market share and diversify its customers. We are excited about the opportunity to work closely with the team at Anderson to build on its competitive advantages, which include a broad base of ~17k customers and a proven ability to navigate through challenging economic conditions," Alexander Wyndham, Sun European Partners Principal.
Sun Capital Partners was advised by Stanton PRM.
Raines, a fully integrated hotel development, management, and investment company, completed the acquisition of HP Hotels, a full-service, third-party hotel management company. Financial terms were not disclosed.
"Assets alone will not get Raines to where it needs to be as a company. In addition to acquiring third-party management contracts, Raines is adding experienced principals, trusted partnerships, and operations, sales and marketing, and human resources teams to its arsenal of experienced hospitality professionals. By selecting, developing, and empowering talent diligently, we are positioning ourselves to better achieve our company goals and deliver to our stakeholders," Grey Raines, Raines Managing Partner.
Raines was advised by CJ Media (led by CJ Arlotta).
Five Hill Capital-backed WB Marketing, a full-service strategic marketing and advertising agency, completed the merger with Meridian Group, an advertising, public relations and digital marketing firm. Financial terms were not disclosed.
"I am excited to build upon the legacy of Meridian Group and bring more services, deeper insights and creative skills to the market. We have the great fortune of working with many of the top businesses in the area and now, we have more talent and depth than anyone else to make a difference for our clients. This is one of the most exciting times in my 30+ year career, and the future has never been brighter," Bill Brunelle, Meridian Group President.
TransDigm, a global designer, producer and supplier of highly engineered aircraft components, agreed to acquire Calspan, a provider of highly engineered testing and technology development services and systems primarily for the aerospace & defense industry. Financial terms were not disclosed.
"We are excited about the acquisition of Calspan. We see opportunity for TransDigm's proven operating model to enhance the Company's established positions across a diverse range of aftermarket-focused aerospace & defense development and testing services. The Company operates within our primary aerospace and defense industry, and its unique service offerings exhibit the earnings stability and growth potential that we have come to expect of our aerospace components-centered businesses. As with all TransDigm acquisitions, we expect the Calspan acquisition to create equity value in-line with our long-term private equity-like return objectives," Kevin Stein, TransDigm President and CEO.
BMS CAT, a disaster recovery and restoration service provider, agreed to acquire Colorado Premier Restoration, a prominent disaster recovery solutions company. Financial terms were not disclosed.
With this acquisition, BMS CAT continues to expand its reach and reinforce its commitment to providing comprehensive and reliable disaster recovery services to businesses and homeowners across the United States.
Access raises $600m for car wash portfolio company. (FS)
Access, a Baltimore-based mid-market investment firm, announced a $600m capital raise to fund the growth of portfolio company Spotless Brands, a US-based express car wash platform. The capital will be used to scale operations in new and existing markets, including via M&A.
Access partnered on the capital raise with Wafra, a global alternative investment firm with significant experience in the car wash industry, having previously grown El Car Wash into a leading express car wash platform in South Florida.
Microsoft inks licensing deal with cloud gaming provider Boosteroid.
Microsoft signed a 10-year licensing deal to bring Activision's Call of Duty franchise to cloud gaming provider Boosteroid's platform, a move partly aimed at allaying competition concerns over its Activision acquisition, Reuters reported.
Ukraine-based Boosteroid's access to Call of Duty is conditional on regulatory approval for the Activision deal. The agreement will also bring Microsoft's Xbox PC games to Boosteroid's cloud gaming platform.
Buttigieg pushes new crackdown on mergers in the transportation industry.
US regulators are engaging in a "real shift" in how they view competition in transportation industries and will make "vigorous" use of their authority to ensure airlines, railroads and others serve consumers, Bloomberg reported.
"I am concerned about this broader pattern of concentration. We see it in airlines, we see it in ocean shipping and we see it in freight railroads. We are watching very carefully to see what's happening and meanwhile, being as vigorous as we can with the tools that we have on the competition side," Pete Buttigieg, Secretary of Transportation.
DCG seeks new banking partners after SVB collapse. (FS)
Crypto conglomerate Digital Currency Group is looking to find new banking partners for portfolio companies following the collapse of Silicon Valley Bank, Signature Bank, and Silvergate, DealStreetAsia reported.
Santander, HSBC and Deutsche Bank are still willing to connect with crypto firms, after recent banking failures in the United States left crypto firms and tech startups stranded and hunting for new banking partners.
Credit Suisse Sees first Boston IPO by 2025.
Credit Suisse Group's top executive said he expects to take the firm's carved-out investment bank public by 2025 as he continues to search for investors in the business that will revive the storied First Boston name, Bloomberg reported.
"We have a very clear plan to put it into market, creating a liquidity event, most likely an IPO, and expect such an event in 2025," Ulrich Koerner, Credit Suisse, CEO.
EMEA
Britain's competition regulator has found that supermarket group Asda's $742m purchase of the Co-op's 132 petrol stations and attached stores could lead to higher prices or less choice in some parts of the country, Reuters reported.
The deal raises concerns in 13 locations across the United Kingdom in each of which the merging businesses currently compete for customers and would not face sufficient competition after the merger.
"There's a risk that customers could face higher prices or worse services in a small number of areas where Asda would face insufficient competition in either groceries or fuel," Colin Raftery, The Competition and Markets Authority Senior Director of Mergers.
Asda is advised by Barclays and Skadden Arps Slate Meagher & Flom (led by George Knighton). Co-op is advised by Rothschild & Co (led by Majid Ishaq) and Addleshaw Goddard (led by Andrew Green).
J Sainsbury, the second largest chain of supermarkets in the United Kingdom, agreed to acquire the remaining 49% stake in a portfolio of its supermarkets from Supermarket Income REIT, a property company, for £431m ($523m).
"We are pleased to have reached a positive outcome to conclude our joint venture and look forward to continuing to work with Supermarket Income REIT in the future," Patrick Dunne, Sainsbury's Director of Group Property, FM & Procurement.
IK Partners, a European private equity firm, agreed to acquire Ipsum Group, a provider of specialist infrastructure services to highly critical assets within the UK power and water markets, from Aliter Capital, a private equity firm in London. Financial terms were not disclosed.
"We strongly feel that a partnership with IK will help us develop further and achieve growth by scaling and refining operations, while continuing to pursue a successful M&A strategy. For the past six years, we have been ably supported by Aliter Capital and we thank them for all their efforts. We look forward to working with the team at IK and are excited to see where this partnership will take us," Richard Thomas, Ipsum CEO.
Splio, a customer relationship management company and developer of the SaaS Individuation marketing platform, completed the acquisition of Tinyclues, a specialist in SaaS predictive marketing based on deep learning AI. Financial terms were not disclosed.
“AI has become the new standard for better understanding customers and personalizing large-scale marketing communications regardless of industry or business size. Individuation marketing based on machine learning was an initial response to these challenges. The Tinyclues platform, based on deep learning, strengthens our leadership, and provides new opportunities for sectoral and geographical growth,” Mireille Messine, Splio CEO.
Splio was advised by Nouvelles Graines.
Volkswagen plans a $193bn investment in EV battery development.
Volkswagen plans to invest $193bn over five years in areas including battery production and raw material sourcing in a bid to cut electric vehicle costs and protect its market share, Reuters reported.
Over two-thirds of the company's five-year investment budget announced is allocated to electrification and digitalisation.
APAC
SRIVARU Holding, a provider of premium electric motorcycles in India, agreed to go public via merger with Mobiv, a blank check company, in a $409m deal.
"We are excited to announce this transformative transaction, which we believe will not only drive significant value for stockholders, but has the potential to transform the Indian and global electric vehicle markets. We believe SRIVARU's state-of-the-art technologies, low-cost manufacturing, expanding distribution channels and attractive price points for consumers are poised to disrupt the motorcycle market in both India and around the world," Peter Bilitsch, Mobiv CEO.
SRIVARU is advised by ACP Capital Markets, Norton Rose Fulbright and SRI Solutions. Mobiv is advised by EF Hutton, J. Sagar Associates, Winston & Strawn (led by Michael J. Blankenship) and Crescendo Communications.
India's competition regulator has cleared Reliance Industries's $344m acquisition of the Indian business of German retailer Metro, Reuters reported.
The deal, announced nearly three months ago, will help Reliance strengthen its wholesale format and cement its position as the biggest player in India's burgeoning retail industry with stores spanning electronics, groceries and fashion.
Metro is advised by JP Morgan and AZB & Partners (led by Zia Mody). JP Morgan is advised by Sullivan & Cromwell (led by Konstantin Technau).
Brookfield weighs a $1bn investment in Avaada. (FS)
Brookfield Asset Management is in talks over a $1bn investment in Avaada Ventures, the parent entity of Avaada Group, an Indian renewable energy company, DealStreetAsia reported.
The investment will be made in multiple tranches, with the first, worth $400-500m, set to be announced in the coming weeks. The new capital will be used to fund Avaada's Group's solar cell/module manufacturing and green ammonia projects, and clean energy generation capacity.
CATL delayed the $5bn Swiss IPO.
Chinese battery giant CATL's plan to raise at least $5bn in Swiss global depository receipts has been delayed as Beijing regulators raise concerns over the large scale of the offering, DealStreetAsia reported.
The world's largest battery maker, formally known as Contemporary Amperex Technology, had expected to receive a green light for the listing in Zurich from the Chinese securities regulator by the end of January. But the process is taking longer than expected.
Harita Nickel will soon kick start a $650m IPO.
Indonesian metal and mining firm PT Trimegah Bangun Persada is set to kick off its initial public offering as soon as March 15, and is looking to raise about $650m, Bloomberg reported.
The company, also known as Harita Nickel, plans to offer shares at $0.065 to $0.067 each. At the top end of the price range, Harita Nickel will be valued at about $5.2bn. It will likely start taking investor orders as soon as Wednesday.
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