AMERICAS
Mill Rock Capital, a growth and operations-oriented private investment firm, completed the acquisition of Impressions Incorporated, a specialty packaging and printing company. Financial terms were not disclosed.
"Joining forces with Impressions is an exciting development for the clients, suppliers and associates of both organizations. The transaction marks our entry into the important Midwest market and will enable us to expand our product and value-added service offerings across the combined footprint," Bob Feeser, Mill Rock Capital Senior Partner.
Impressions Incorporated was advised by FINNEA Group. Mill Rock was advised by Alvarez & Marsal, White & Case and Lambert & Co. Debt financing was provided by BMO Capital Markets and PGIM Private Capital.
GIC, a sovereign wealth fund to manage Singapore's foreign reserves, led a $135m funding round in Powin, a provider of energy storage solutions, with participation from Trilantic and Energy Impact Partners.
"We are grateful for this investment from GIC, Trilantic North America, and EIP. We appreciate the vote of confidence and believe that it demonstrates both the market leadership position of our business and our customers' trust in us to change the way they generate, transmit, and distribute electricity," Geoff Brown, Powin CEO.
Powin was advised by Evercore and Kirkland & Ellis. GIC was advised by Sidley Austin.
Meta’s purchase of GIF search engine Giphy will be sent back to the UK antitrust regulator for a further review after a court found concerns in the agency’s investigation approach, Bloomberg reported.
A judge quashed the Competition and Markets Authority’s order that Meta must sell Giphy, according to a ruling made public Monday. The case will now be referred back to the CMA for the watchdog to reconsider whether the deal would reduce competition in the market for display advertising and social media services.
Giphy was advised by JP Morgan and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian. Meta was advised by Latham & Watkins.
Becton, Dickinson and Company, an American multinational medical technology company, completed the acquisition of Parata Systems, a medical technology manufacturer, from Frazier Healthcare Partners, a private equity firm focused exclusively on the healthcare sector, for $1.5bn.
"Parata expands BD's solutions to a new area of the high-growth pharmacy automation space and is a prime example of BD executing our disciplined M&A strategy. Parata has a highly attractive financial profile and compelling value proposition that meets all of our rigorous investment criteria on growth, profitability and returns. With the addition of Parata, BD further advances our 2025 growth strategy around smart, connected care and enabling new care settings. We look forward to welcoming the talented Parata team to BD," Tom Polen, BD Chairman, President and CEO.
Parata Systems was advised by Goodwin Procter. BD was advised by Ropes & Gray.
Aeromexico, the flag carrier airline of Mexico, completed the acquisition of the remaining 49% stake in the PLM loyalty program from Aimia, an investment holding company with a focus on long-term investments in public and private companies, for $405m.
"We want to thank our joint venture partner, Aeromexico, for their collaboration in achieving the best outcome for all stakeholders. Aeromexico has been a valued and trusted partner since 2010, and we applaud them, and the PLM leadership team for continuing to successfully navigate an unprecedented period in the travel industry. We wish Aeromexico continued success as they emerge from the bankruptcy process as a significantly strengthened airline, supported by its loyalty program," Phil Mittleman, Aimia CEO.
Aimia was advised by Jefferies & Company. Aeromexico was advised by Evercore.
WPP, a British multinational communications, advertising, public relations, technology, and commerce holding company, agreed to acquire Corebiz, a Latin American e-commerce agency specializing in VTEX implementation. Financial terms were not disclosed.
"Companies both in Latin America and around the world are looking to grow their e-commerce capabilities, having seen over the last two and half years the impact that strong digital commerce strategies can have on business growth. Corebiz's market-leading knowledge of enterprise commerce platforms such as VTEX will further strengthen our commerce expertise. I look forward to welcoming the Corebiz team as we expand our offer to clients here in Brazil and beyond," Stefano Zunino, WPP Brazil Country Manager.
BAI Capital, GIC and GGV Capital led a $150m funding round in Stori, a credit card provider, with participation from Lightspeed Venture Partners, General Catalyst, Vision Plus Capital, Goodwater Capital, Tresalia Capital and Davidson Kempner Capital Management.
"The Stori team is a rare combination of industry background, hustle and change-the-world attitude. The market demand for inclusive financial products tuned for local markets is clear, and the results are not surprising. We continue to be excited about partnering with the Stori team as they grow across Latin America," Hans Tung, GGV Capital Managing Partner.
Casago, an international vacation rental management company, completed the acquisition of Mountain Valley Realty, a real estate and vacation rental agency. Financial terms were not disclosed.
"We look forward to honoring Debbie's legacy in Snowshoe and meeting all our new friends and clients. The acquisition of Mountain Valley Realty builds on our capacity to offer high-quality vacation rentals to Snowshoe visitors that help them feel at home while they're away from home," Steve Schwab, Casago CEO.
Siemens Digital Industries Software, an American computer software company, agreed to acquire ZONA Technology, an aerospace company. Financial terms were not disclosed.
"We are excited to join Siemens Digital Industries Software and bring our expertise and technology for aeroelastic simulation to improve the digital thread for aircraft structures and airframe design," P.C. Chen, ZONA Technology CEO.
Insight Partners launches software advisory group. (FS)
Global software investor Insight Partners announced the establishment of its Enterprise Technology Exchange, a council of preeminent technology leaders in Europe and North America, who will drive enterprise innovation and leadership alongside Insight's portfolio of startup and ScaleUp software companies.
The Enterprise Technology Exchange will identify and discuss technology trends, advise and innovate with the firm's companies and leverage global networks to bring valuable insights to the software sector and enterprise ecosystem.
Suncor settles with Elliott, to review downstream business. (FS)
Suncor Energy said on Monday it had reached a deal with activist investor Elliott Investment Management to initiate a strategic review of its downstream business and consider alternatives, including a sale of the unit, Reuters reported.
Canada's third-largest oil producer has also appointed three new independent directors, two of whom will serve on the company's search committee for a permanent chief executive officer.
Suncor has been under pressure from Elliott for its operational and safety record. The investment firm has been urging the company to bring new directors and undergo management and strategic review.
Bank of America puts aside $200m for probe into bankers' use of personal devices.
Bank of America has set aside around $200m for a regulatory matter connected to the unauthorized use of personal phones, its chief financial officer Alastair Borthwick said on Monday.
During its second-quarter earnings on Monday, Bank of America recorded $425m in expenses to address regulatory matters, $225m of which related to federal regulatory fines issued last week over the bank's handling of pandemic jobless benefits, Borthwick said.
The remainder, roughly $200m, is earmarked for other probes into how the bank kept track of employee communications on their personal devices, like cell phones, Reuters reported.
Goldman profit halves but beats estimates as fixed-income trading shines.
Goldman Sachs Group on Monday reported a smaller-than-expected 48% slump in second-quarter profit, buffered by the strength in its fixed-income trading as investors realigned their bets amid heavy market fluctuations.
Revenue at the global markets unit, which houses Goldman's trading desks, jumped 32% to $6.47bn, with fixed income, commodities, and trading revenue surging 55% and equities revenue adding 11%, Reuters reported.
This helped the bank offset a hit to the investment banking business due to a plunge in underwriting activity and deals as a risk-averse sentiment gripped global markets.
US equity funds' net assets shrank by $2tn in the second quarter. (FS)
US equity funds witnessed a record erosion in their net assets in the second quarter of this year, as stocks slumped due to soaring inflation and rising expectations of aggressive rate hikes by major central banks.
US equity funds' net assets shrank by $2.1tn to $9.2tn in the quarter ended June, the biggest quarterly drop ever, Reuters reported. The expectations of aggressive rate hikes have given rise to fears of a global recession as corporates are hit by higher borrowing costs and lower profit margins.
EMEA
Private equity firms Astorg and Epiris agreed to acquire Euromoney Institutional Investor, one of Europe's largest business and financial information companies which has interests in business and financial publishing and event organization, for £1.66bn ($2bn).
"The Board believes the offer represents value for shareholders and reflects the attractions of Euromoney's business model and performance. I would like to recognise the exceptional contribution of our people. Their Insight, talent and innovation has driven our successful transition to a fast-growing, high margin, 3.0, information-services business," Leslie Van de Walle, Euromoney Chair.
Euromoney Institutional Investor is advised by Numis Securities, Goldman Sachs, UBS, Freshfields Bruckhaus Deringer and FTI Consulting. Astorg and Epiris are advised by Bank of America, Raymond James, Latham & Watkins and Greenbrook.
British drugmaker GSK spun off its consumer health business on Monday in the biggest listing in Europe for more than a decade, but the unit's market value of $36bn fell well short of the price rival Unilever offered to pay earlier this year, Reuters reported. The new company, Haleon, emerges as the world's biggest standalone consumer health business, home to brands including Sensodyne toothpaste and Advil painkillers.
Haleon's debut price was largely in line with market expectations, according to two bankers involved in the deal. However, its current valuation is lower than expected.
Haleon was advised by Sullivan & Cromwell. Pfizer was advised by Guggenheim Partners, Clifford Chance, Skadden Arps Slate Meagher & Flom and Wachtell Lipton Rosen & Katz. GSK was advised by Citigroup, Morgan Stanley and Slaughter & May.
A US judge has authorized a minority investor in AC Milan to obtain documents in a legal effort to block the hedge fund Elliott Investment Management from completing a $1.3bn sale of the Italian soccer club, Reuters reported. Blue Skye Financial Partners, which said it owns 4.3% of AC Milan, accused Elliott of violating its rights by engaging in several months of “behind closed doors” talks to clinch a sale of the seven-time European Cup winners to US investment firm RedBird Capital Partners.
In an order dated July 5, US District Judge Katherine Polk Failla in Manhattan said Blue Skye had met the legal standard to obtain its requested “limited” number of documents to use in Luxembourg court actions to block the sale or obtain damages.
AC Milan is advised by JP Morgan. RedBird Capital Partners is advised by Bank of America, Gibson Dunn & Crutcher, Gagnier Communications, Milltown Partners, and Verini & Associati. Elliott Management is advised by Davis Polk & Wardwell.
Berkshire Partners, a US private investment firm, completed the investment in MedOne, a provider of colocation data center infrastructure. Financial terms were not disclosed.
"As a company that has been leading the Israeli data center market for the past 22 years, this is a significant milestone, which will enable us to expand our services to even more Israeli and multinational companies as well as to accelerate our in-process expansion facility development. We will also continue to provide high quality services to our customers and to invest in our best-in-class talent, technology, and data center architecture," Ronnie Sadeh, MedOne CEO.
MedOne was advised by EBN and Moelis & Co. Berkshire Partners was advised by Jefferies & Company, Herzog Fox & Neeman and Weil Gotshal and Manges.
PKN Orlen, a Polish oil refiner and petrol retailer, predicts there’s a “big chance” it will garner enough support from shareholders this week to close the acquisition of its smaller local refining rival Lotos as Poland’s largest oil company continues its spending spree amid a push into green transition, Bloomberg reported.
The merger between Orlen and Grupa Lotos, both state-controlled, is in the final stage as owners of both companies are set to vote on Wednesday and Thursday to rubber stamp the tie-up. The transaction is the first of two that Orlen plans to complete this year as it seeks to buy the country’s biggest gas distributor PGNiG.
Lotos is advised by Rothschild & Co and Rymarz Zdort. Orlen is advised by Citigroup.
CVC Capital Partners, a Luxembourg-based private equity and investment advisory firm, agreed to invest in Spectrum Medical Group, a perfusion systems and EMR systems provider. Financial terms were not disclosed.
“It’s a privilege to welcome CVC as our latest investor and represents a major endorsement of the corporate we have now constructed during the last 15 years. We selected CVC as our companion given their in depth expertise in healthcare and their international presence, which we consider will assist additional speed up our development. We’re very a lot wanting ahead to working with CVC to rework the cardiac area,” Steve Turner, Spectrum Medical Founder.
CVC was advised by PricewaterhouseCoopers and Freshfields Bruckhaus Deringer. Spectrum Medical were advised by PricewaterhouseCoopers and Rothschild & Co.
Limerston Capital-backed Trinity Homecare, a home health care service in Worcester Park, completed the acquisition of Premier Homecare, which delivers high quality domiciliary and live-in care services to customers in Bristol, South Gloucestershire and neighbouring regions. Financial terms were not disclosed.
"I am delighted to announce the acquisition of Premier Homecare, which marks another milestone in our growth plan to become the leading private care provider in the UK. With Premier Homecare, Trinity has a leading presence in the Southwest, strengthening our position in the UK private pay homecare market. We look forward to working with the Premier team and continuing to provide best in class care services, with the support of Limerston Capital," John Cahill, Trinity Homecare Group CEO.
Trinity Homecare was advised by Harrison Clark Rickerbys and Hazelwoods. Limerston Capital was advised by Kepler Communications.
CapVest, a European investment firm, agreed to acquire Natra, a Spain-based chocolate maker, from InvestIndustrial, a European group of independently managed investment, holding and advisory companies. Financial terms were not disclosed.
"With its strong heritage, international market presence, high-quality leadership team and reputation for great products, Natra is a very exciting platform for us, with ambitious plans to grow its presence in the growing and resilient chocolate category," Kristian Nikinmaa, CapVest Principal Investor.
CapVest is advised by KPMG. InvestIndustrial is advised by Uria Menendez.
Asterion Industrial Partners, an independent investment management firm focused on European infrastructure in the mid-market, agreed to acquire a 78.4% stake in Irideos, an Italian digital infrastructure operator, from F2i, Italy's largest independent infrastructure fund. Financial terms were not disclosed.
"The add-on acquisition of a majority stake in Irideos paves the way for the next growth phase of our Italian platform of fibre and data centre assets. We are particularly excited about the opportunity to combine Retelit and Irideos, creating a leading independent platform of significant scale," Jesús Olmos, Asterion Industrial Partners Founding Partner and CEO.
Asterion is advised by JP Morgan.
E.ON, an energy company, and Igneo Infrastructure Partners, an asset manager, agreed to form a joint venture for the rollout of high speed broadband infrastructure in Germany. Financial terms were not disclosed.
"Strong partnerships are particularly important for the digitization of our country. That's why we are delighted to have joined forces with Igneo, a renowned and long-term investor, to accelerate the rollout of broadband in Germany," Thomas König, E.ON Board of Management Member.
Igneo is advised by Shearman & Sterling.
Greencoat Renewables announces first solar transaction in Ireland. (FS)
Greencoat Renewables, the renewable infrastructure company invested in euro-denominated assets, is pleased to announce the agreement to acquire the South Meath Solar Farm from Statkraft, a renewable energy developer in the Republic of Ireland.
Greencoat Renewables will acquire a 50% stake in the asset with the remaining 50% being acquired in partnership with a pension fund, investing through a fund also managed by Greencoat Capital.
Uniper draws down $2.03bn KfW credit facility.
Embattled German gas importer Uniper, the subject of consultations between the German and Finnish governments, has drawn down its $2.03bn credit facility from Germany's state-owned KfW bank, it said on Monday.
Uniper said it took the step due to disruptions in the supply of Russian gas and the corresponding effects on the energy markets and exchanges, Reuters reported.
The company said how long the credit facility would last would depend on market developments, adding that it was in close contact with its banks and the German government, aiming to ensure the company's financial stabilization.
Nordea to launch third share buy-back programme of up to $1.51bn.
Nordea’s Board of Directors has approved a share buy-back programme of up to $1.51bn. The share buy-backs will be carried out in accordance with the authorization granted to the Board by the 2022 Annual General Meeting.
The purpose of the buy-backs is to pursue an efficient capital structure and improve shareholder returns by reducing Nordea’s capital.
Nordea has engaged a third-party broker to execute the buy-back programme. Based on irrevocable instructions, the broker will decide on the repurchases, including their timing, in full independence. All repurchases will be made in compliance with applicable price and volume limits and applicable terms.
H&M Group takes steps to exit Russia.
As communicated on March 2, 2022, H&M Group paused all sales in Russia. Given current operational challenges and an unpredictable future, the company announced that it has decided to initiate a process of winding down the business in the country.
H&M Group has run operations in Russia since 2009. The company said it regrets that the business cannot continue under the current circumstances and that many colleagues are affected as a consequence. The focus now is to ensure a responsible wind down of operations and support all colleagues concerned in the best possible way over the coming months.
“After careful consideration, we see it as impossible given the current situation to continue our business in Russia. We are deeply saddened about the impact this will have on our colleagues and very grateful for all their hard work and dedication. Furthermore, we wish to thank our customers for their support throughout the years," Helena Helmersson, CEO H&M Group.
UAE establishes an $817m fund to support space sector.
The United Arab Emirates on Sunday launched an $817m fund to support its space programme and a new initiative to develop radar satellites, the Gulf country's president Sheikh Mohammed bin Zayed al-Nahyan said on Twitter.
Dubai ruler Sheikh Mohammed bin Rashed, meanwhile, said the fund aims to supporting the establishment of national companies in the space sector and boost national strategic and research projects.
APAC
Investment companies Northleaf Capital Partners and InfraRed Capital Partners to acquire an 80% stake in the passive mobile tower assets of Brookfield and Infratil-backed Vodafone New Zealand, a New Zealand telecommunications company, for $1.1bn.
"We are delighted with this outcome, which highlights again why Vodafone is an excellent Infratil investment. We have unlocked a significant portion of the value of our original equity invested in Vodafone, whilst retaining that investment and a 20% stake in TowerCo. InfraRed Capital Partners and Northleaf Capital are high-caliber investors who share our vision for what the new TowerCo can deliver across New Zealand. The transaction is a win-win for Infratil shareholders," Jason Boyes, Infratil CEO.
Vodafone New Zealand is advised by UBS. InfraRed Capital Partners is advised by Aztec Financial Services, Investec, RBC Capital Markets and Teneo.
ANZ, an Australian banking and financial services company, agreed to acquire Suncorp Bank, a financial services provider, from Suncorp Group, an Australian finance, insurance, and banking corporation, for $3.3bn.
“The acquisition of Suncorp Bank will be a cornerstone investment for ANZ and a vote of confidence in the future of Queensland. With much of the work to simplify and strengthen the bank completed, and our digital transformation well-progressed, we are now in a position to invest in and reshape our Australian business. This will result in a stronger more balanced bank for customers and shareholders,” Shayne Elliott, ANZ CEO.
BFS Capital, a real estate development company, and HOPU Investment, a private equity investment firm, led a $148m Series C+ funding round in Iluvatar CoreX, a high-performance computing solutions provider, with participation from Shanghai Guosheng Group, Vista Investment, Ding Xiang Capital, Greater Bay Investment Group, and Shanghai Free Trade Zone Equity Fund.
“With strong technology know-how and successful commercialisation experience in the area, Iluvatar Corex is expected to empower the industry development across different sectors by offering its computing solutions,” Lin Sihan HOPU Investment Managing Director.
Swire Pacific, a Hong Kong based conglomerate, agreed to acquire the Vietnam and Cambodia bottlers of The Coca-Cola Company, an American multinational beverage corporation, for $1.02bn.
"This acquisition marks a major milestone for Swire Coca-Cola, significantly expanding our operating footprint and population served to a new region. We have been investing in building a world-class bottling system over the past 57 years. This expansion of territories is part of a broader strategy to expand the global scale, volume and revenues of our bottling business," Patrick Healy, Swire Coca-Cola Chairman.
Stellantis announced the “orderly termination” of its loss-making joint venture with Chinese carmaker GAC, which has been producing Jeep vehicles, only four months after saying it would raise its stake in the business, Reuters reported.
“We came to the conclusion that it was better to close the joint venture,” said a Stellantis spokesperson, adding that the venture had been loss-making and that the carmaker could still operate in China through its dealer network.
7-Eleven Malaysia weighs selling drugstore chain Caring.
Convenience store operator 7-Eleven Malaysia is weighing exiting its pharmacy chain. The Kuala Lumpur-listed company is working with an adviser on the potential divestment of Caring Pharmacy Group, which is attracting interest from some Japanese parties. The company could seek a valuation for the retailer of about $400m in a deal, Bloomberg reported.
7-Eleven Malaysia is the biggest 24-hour convenience store operator in the Southeast Asian nation. Its largest shareholder is Berjaya founder Vincent Tan, who controls about 44.7% of the stock, according to the chain’s 2021 annual report.
Petronas says taking steps to protect global assets after the seizure of Luxembourg units.
Malaysia’s state energy firm Petronas said it was taking steps to protect the legal position of all its global assets after two Luxembourg-based subsidiaries were served with a seizure notice last week over a dispute with the heirs of a late sultan.
The last sultan of Sulu’s heirs are seeking to seize Malaysian government assets around the world in a bid to enforce an arbitration award handed to them by a French court in February. The subsidiaries were served with a seizure notice by Luxembourg court bailiffs.
“Petronas contests the validity of these enforcement actions against its two aforementioned subsidiaries and is taking all necessary measures to defend its legal position,” the company said in a statement on Monday. The steps include engaging legal counsel, the company said.
India's Yes Bank to raise $1bn this year, CEO says.
India's Yes Bank is seeking to raise about $1bn this financial year, its chief executive officer said on Monday, as the private lender exits a reconstruction scheme after two years.
Yes Bank CEO Prashant Kumar's comments come days after the lender said it had selected an asset reconstruction company belonging to private equity firm JC Flowers as the base bidder for the sale of bad loans worth $6bn, Reuters reported.
Australia's Investible plans $200m growth fund, hits the first close of climate tech vehicle. (FS)
Australian early-stage investor Investible is planning to launch a $200m, growth-stage fund later this year to back winners in its portfolio and to capture opportunities in the Series A-C stages.
"We are in the process of developing our next fund, which will be a Global Opportunities Fund. The fund will be based in Singapore and seek to raise a minimum of $200m to invest in Series A–C stages. The majority of capital will be deployed into the best-performing companies within Investible’s portfolio,” Rod Bristow, Investible CEO.
Investible is an Australian early-stage venture capital firm that delivers first access to innovation on a global scale. With offices in Sydney and Singapore, it provides the capital, expertise, and networks for founders to reach their full potential.
|
