AMERICAS
GigCapital3, a blank-check company, agreed to merge with Lightning eMotors, a company that electrifies commercial-vehicle fleets, in an $823m. Upon closing of the transaction, the combined operating company will be named Lightning eMotors and will be listed on the New York Stock Exchange under the ticker symbol ZEV.
“GigCapital3 is thrilled to partner with Lightning eMotors, using our Private-to-Public Equity platform, where GigCapital3 brings its management’s well-recognized and decades-long technology public-market operational and entrepreneurial expertise to enable the successful transition of a high-growth EV company like Lightning eMotors to a publicly traded entity,” Raluca Dinu, GigCapital3 Founding Managing Partner.
Lightning eMotors is advised by Bank of America Merrill Lynch, King & Spalding, ICR, and Make Ideas Reality. GigCapital3 is advised by Nomura, Oppenheimer, DLA Piper, Mayer Brown, and Darrow Associates. Debt Financing is provided by Bank of America Merrill Lynch, Nomura, and Oppenheimer.
AstraZeneca, a science-led biopharmaceutical company that focuses on the discovery, development and commercialisation of prescription medicines, agreed to acquire Alexion, a global biopharmaceutical company focused on development and commercialisation of life-changing medicines, for $39bn.
Alexion shareholders will receive $60 in cash and 2.1243 AstraZeneca ADSs. Based on AstraZeneca's reference average ADR price of $54.14, this implies total consideration to Alexion shareholders of $39bn or $175 per share.
"Alexion has established itself as a leader in complement biology, bringing life-changing benefits to patients with rare diseases. This acquisition allows us to enhance our presence in immunology. We look forward to welcoming our new colleagues at Alexion so that we can together build on our combined expertise in immunology and precision medicines to drive innovation that delivers life-changing medicines for more patients," Pascal Soriot, AstraZeneca Chief Executive Officer.
Alexion is advised by Bank of America Merrill Lynch and Wachtell Lipton Rosen & Katz. AstraZeneca is advised by Goldman Sachs, Morgan Stanley, Centerview Partners, Evercore, JP Morgan, Ondra Partners, and Freshfields Bruckhaus Deringer. Debt financing is provided by Goldman Sachs, JP Morgan, and Morgan Stanley.
Dye & Durham, a cloud-based software solutions provider, completed the acquisition of DoProcess, a legal software developer, from OMERS, a private equity firm, for $415m.
"DoProcess is an extremely strategic acquisition for Dye & Durham, given its deeply embedded technology, market position and advanced cloud-based software platform. We have known DoProcess and its management team for many years and the acquisition provides us with a unique and very compelling opportunity to significantly scale our Canadian business in the near term. This is a highly sought-after asset for us, and we have strong conviction around the prospects and opportunities that can be created by combining Dye & Durham and DoProcess under a single platform," Matt Proud, Dye & Durham CEO.
Dye & Durham was advised by Canaccord Genuity, Scotiabank, Bennett Jones, DLA Piper, Goodmans, McCarthy Tetrault, and LodeRock Advisors. Scotiabank was advised by Borden Ladner Gervais. Debt finance was provided by Scotiabank.
Evercel, a holding company, agreed to acquire ZAGG, a consumer electronics manufacturer, for $133m.
“We are pleased with the value this transaction delivers to our stockholders and believe this is a positive development for all of our stakeholders. We look forward to continuing to serve our customers through exceptional products and continued industry-leading innovation. We are optimistic about our continued growth and the support that will be provided by Evercel,” Chris Ahern, ZAGG CEO.
ZAGG is advised by Bank of America Merrill Lynch, Latham & Watkins, and ICR. Evercel is advised by Grant Thornton, Lincoln International, Oppenheimer & Co, and Morgan Lewis & Bockius.
Zurich Insurance-backed insurance services providers Farmers Group and Farmers Exchanges, agreed to acquire MetLife Auto & Home, the property and casualty business of MetLife, for $3.94m. Zurich will contribute $2.43bn through FGI, and the Farmers Exchanges $1.51bn.
“The acquisition significantly increases the potential for growth at the Farmers Exchanges and will further boost the share of Zurich’s profits linked to stable fee-based earnings. Together with the continued increase in rates in commercial insurance, this transaction will strengthen our ability to achieve our 2022 targets,” Mario Greco, Zurich Insurance CEO.
MetLife is advised by Rothschild & Co and Debevoise & Plimpton. Farmers Exchanges is advised by Citigroup.
Forum Merger III, a special purpose acquisition vehicle, agreed to merge with Electric Last Mile, an electric vehicle company, in a $1.4bn deal.
“The demand for cost effective solutions to support the e-commerce ecosystem is overwhelming. This industry promises rewards to first movers who can deliver value-driven solutions. ELMS is solely focused on the commercial vehicle market. Our products are designed to provide the most cost-effective, reliable and customized solutions for the last mile delivery of goods and services. ELMS is jumping the curve with proven technology and a production advantage, and this merger with Forum further accelerates our go-to-market plan and our expected market leadership position,” James Taylor, ELMS CEO.
ELMS is advised by Foley & Lardner. Forum Merger III is advised by Jefferies & Company and White & Case.
The Riverside Company, a private equity firm, completed the acquisition of a majority stake in Clinical Education Alliance, a medical education services provider, from Renovus Capital, a private equity firm. Financial terms were not disclosed.
"Renovus has been valuable to CEA, assisting in our acquisition strategy and helping to recruit strong talent. They are a great partner for the journey of building a business, and I look forward to continuing our relationship through their ongoing investment in the company," Dan Cox, CEA CEO.
Riverside was advised by Jones Day. Renovus was advised by Cain Brothers and DLA Piper.
TreeHouse Foods, a multinational food processing company, completed the acquisition of the US branded pasta portfolio of Ebro Foods, a company in the Spanish food processing sector, for $242m.
"I want to welcome our newest members of the pasta team to TreeHouse. This acquisition represents a wonderful opportunity to not only strengthen our portfolio, but to bring together strong industry talent which will enable us to better serve our customers and to deliver greater value to our shareholders," Steve Oakland, TreeHouse Foods CEO and President.
TreeHouse Foods was advised by Evercore and Winston & Strawn. Ebro was advised by RBC Capital Markets.
Mudrick Capital, a private equity firm, agreed to invest $100m in AMC Entertainment Holdings, movie exhibition company. Mudrick Capital, which is an existing holder of second lien notes issued by AMC, will convert $100m of existing AMC debt into AMC common stock. As part of these transactions, AMC will issue in aggregate 21.9m of its shares in common stock.
AMC believes this is an important step in strengthening the company’s near term liquidity position as it deals with the consequences of the global coronavirus pandemic.
AMC Entertainment is advised by Moelis & Co and Weil Gotshal and Manges. Mudrich Capital is advised by Wachtell Lipton Rosen & Katz.
Hub Group, a transportation management company, completed the acquisition of NonstopDelivery, a last mile logistics provider. Financial terms were not disclosed.
“This acquisition delivers on our strategy to expand our offerings to provide an end-to-end solution for our customers’ supply chains. We expect there will be significant opportunities to offer NSD’s high service last mile delivery solutions to Hub’s customer base. We are excited to welcome NSD’s employees, customers and agents into the Hub Group family," Dave Yeager, Hub Group Chairman and CEO.
NonstopDelivery was advised by Stifel and Scudder Law Firm. Hub Group was advised by Winston & Strawn.
Hyundai Motor Group, an automobile manufacturer, agreed to acquire an 80% stake in Boston Dynamics, a manufacturer of robots, from SoftBank Group, for $921m.
The deal came as Hyundai Motor Group envisions the transformation of human life by combining world-leading robotics technologies with its mobility expertise.
"Boston Dynamics' commercial business has grown rapidly as we've brought to market the first robot that can automate repetitive and dangerous tasks in workplaces designed for human-level mobility. We and Hyundai share a view of the transformational power of mobility and look forward to working together to accelerate our plans to enable the world with cutting edge automation, and to continue to solve the world's hardest robotics challenges for our customers," Robert Playter, Boston Dynamics CEO.
Boston Dynamics is advised by Skadden Arps Slate Meagher & Flom. Hyundai Motor is advised by Latham & Watkins.
Insight Partners, a venture capital and private equity firm investing in high-growth technology and software ScaleUp companies, led the $130m Series D round in LeanTaaS, a software solutions provider, with participation from Goldman Sachs, an investment banking, securities and investment management firm.
“LeanTaaS is uniquely positioned to help hospitals and health systems across the country face the mounting operational and financial pressures exacerbated by the coronavirus. This funding will allow us to continue to grow and expand our impact while helping healthcare organizations deliver better care at a lower cost,” Mohan Giridharadas, LeanTaaS Founder and CEO.
LeanTaaS was advised by PAN Communications.
Cinven-backed Bioclinica, a clinical imaging services provider, agreed to merge with ERT, a clinical data solutions provider. Financial terms were not disclosed.
This combination will create a leading partner to global pharmaceutical and biotechnology companies, providing best-in-class technology, scientific and therapeutic expertise, digital innovation and an unrelenting focus on customer service.
"This merger will significantly enhance our commercial offerings and technology capabilities. The combination will make us a more relevant partner to an even broader group of clients operating in today’s complex and fast-moving clinical trials environment. We look forward to leveraging our new footprint together in the chapters ahead," Euan Menzies, Bioclinica CEO.
Cinven and Bioclinica are advised by Kirkland & Ellis.
Ingram Micro, a company that distributes information technology products, agreed to acquire Canal Digital, a digital services provider. Financial terms were not disclosed.
“Our vision to be the best in specialized technology consultative sales, supporting partners in generating economic growth, while promoting the well-being of our workers and a sustainable environment is as true now, as it was when we launched the company. We are proud to join Ingram Micro and further our mission of providing high value technology distribution services to more partners across the country and in Latin America. I’m thrilled to be able to provide our associates with more opportunities to grow and develop their career in IT distribution," Andrés Martinez, Canal Digital Commercial Leader.
Ingram Micro is advised by WhiteFox Marketing.
Sparks, a brand experience agency, completed the acquisition of the trade show and events business of Group Delphi, a marketing and advertising company. Financial terms were not disclosed.
"Sparks has long respected the work of Group Delphi and its ability to create dynamic experiences for an impressive roster of clients. Adding Group Delphi's team, capabilities, and Midwest/international facilities to the Sparks portfolio represents our first effort to 'play offense' during a difficult time for our industry. We are confident that it will not be our last," Scott Tarte, Sparks CEO.
Abracon, a passive components manufacturer, completed the acquisition of Fox Electronics, an electrical components manufacturer. Financial terms were not disclosed.
"The Fox Team looks forward to combining our history of product development with the Abracon market position and extensive sales resources. We are proud of Fox Electronics' 41-year history. Since the early 1990"s Fox has focused on US innovation for the Frequency Control Market - being first with the series of quick turn crystal oscillators, continuing to provide performance enhancements with careful design iterations, followed by our recent development of Vibration Resistant Crystals focused toward telecom, automotive and military markets," Gene Trefethen, Fox Electronics President.
Tenet to acquire 45 surgery centers from SurgCenter Development for $1.1bn.
Tenet Healthcare, healthcare services company, agreed to acquire 45 surgery centers from SurgCenter Development, a health care center operator, for $1.1bn.
“This is a transformative transaction within our stated strategy to expand our ambulatory platform. It will enhance our overall business mix and further diversify our earnings profile by accelerating our shift toward lower cost of care, consumer-friendly, faster-growing assets for Tenet, USPI and our physician and health system partners. The transaction is a testament to the caliber and quality of the SCD facilities, physicians and staff, USPI’s incredible performance, and both organizations’ quick recovery relative to the pandemic," Ron Rittenmeyer, Tenet Executive Chairman and CEO.
Tenet is advised by Goldman Sachs and Willkie Farr & Gallagher.
Private equity firms Apollo and Blackstone in talks to buy student loan portfolio from Wells Fargo. (FS)
Private equity firms Apollo Global Management and Blackstone Group are negotiating to acquire Wells Fargo’s student loan portfolio.
The loans, whose borrowers have an average FICO score of 768, rank as high quality and would be serviced by Nelnet, the student loan servicing firm, Bloomberg reported.
It isn’t clear how much the portfolio will worth in a sale. It includes about $10bn in student loans. A final decision hasn’t been made, and discussions could still fall through.
State Street to explore alternatives for asset management arm. (FS)
State Street, a US custodian bank, is considering options for its asset management business, including a merger with a competitor, as it seeks to gain scale.
The Boston-based bank has been informally working with an adviser to evaluate strategic alternatives for its State Street Global Advisors unit. It has considered potential acquisitions with the rival's asset management operations, including Invesco and UBS Group.
While the discussions didn’t lead to an agreement, State Street continues to examine potential deals, Bloomberg reported.
Futurity Brands acquires Paul Frank's worldwide rights.
Futurity Brands Switzerland completed the acquisition by its subsidiary, Paul Frank, of all intellectual property rights worldwide to the acclaimed PAUL FRANK pop culture and character lifestyle brand.
The global purchase from US company Paul Frank Industries includes an extensive design portfolio with more than 150 characters, headlined by the iconic Julius the Monkey.
Futurity Brands will be responsible for the management and growth of the brand's international licensing, distribution and direct to consumer business.
Cheniere Energy Partners to sell 30 LNG cargoes in 2021.
Cheniere Energy Partners announced a deal for its unit to sell up to 30 cargoes of Liquefied Natural Gas to a Cheniere Energy unit.
Sabine Pass Liquefaction, a Cheniere Energy Partners's unit, will transfer the cargoes to Cheniere Energy unit Cheniere Marketing International in 2021, as part of the deal, Reuters reported.
The cargoes would be priced at a rate equal to 115% of Henry Hub natural gas futures plus a premium of $0.728 per 1m British thermal units.
Certara raises $670m in IPO.
Certara, a US drug development consultancy, sold shares in its initial public offering at $23 apiece, above its target range, to raise around $670m.
The IPO valued Certara, which is owned by Stockholm-based private equity firm EQT, at $3.5bn, Reuters reported. Certara offered 29.1m shares after it had aimed to sell 24.4m shares at a target price range of $19-$22 each.
Jefferies, Morgan Stanley, Bank of America Merrill Lynch and Credit Suisse are among the lead underwriters for the IPO.
Roblox to pause IPO until next year.
Roblox, a US gaming platform, has put off its planned initial public offering until next year as it works with advisers to improve the process to benefit employees and investors, Reuters reported.
“We’ve seen companies take innovative approaches to creating a more market-based relationship between investors and companies. We’ve decided to take this opportunity to work with our advisors to see how we can make such improvements,” David Baszucki, Roblox Chief Executive.
Baszucki expects the company to list early next year. Earlier this year, Roblox was planning a direct listing, but in the end chose the IPO.
ZipRecruiter hires banks for IPO.
ZipRecruiter, a US online job marketplace, has hired Goldman Sachs and JP Morgan to lead preparations for its initial public offering.
This confirms how ZipRecruiter is keen to enter hot IPO market for technology startups, even as the economic fallout from the Covid-19 pandemic damaged its business.
ZipRecruiter is looking for a valuation of $3-$5bn in the IPO, which could come in the first half of 2021, the valuation and timing are still subject to market conditions.
Affirm delays its IPO.
Affirm Holdings is delaying its initial public offering, the second company to give up the hot IPO market.
The point-of-sale lender, which had been planning to begin selling its shares to investors this coming week ahead of a December listing, now won’t go public until January at the earliest.
The move comes just a day after The Wall Street Journal reported that videogame company Roblox, which was on a similar IPO timetable, put its listing on pause until early next year.
Ultrapa to invest $376m in 2021.
Ultrapar Participações, a Brazilian conglomerate, has approved an investment plan of $376.5m for the upcoming year.
According to the group securities filling, $154m will be allocated to the Ipiranga gas station chain, its main asset, while Ultracargo, its liquid bulk storage unit, will receive investments of $70m, Reuters reported.
Ultragaz, its residential home gas distribution network, will receive $68m and $57m will be spent on chemical unit Oxiteno.
KKR acquires large portfolio of industrial properties for $835m. (FS, RE)
KKR, a global investment firm, proclaimed the acquisition of a portfolio of 9.7m square feet of industrial real estate located in seven major markets across the US from High Street Logistics Properties for a purchase price of about $835m.
The acquisition grows KKR’s portfolio of industrial properties across its funds to nearly 30m square feet in strategic locations across major metropolitan areas in the US.
The newly acquired portfolio consists of primarily industrial assets in attractive infill submarkets and is complementary to KKR’s existing footprint in the major markets of Atlanta, Baltimore, Chicago, Central Florida and Dallas. The acquisition also expands KKR’s industrial real estate portfolio to new markets in Central Pennsylvania and South Florida.
EMEA
The London Stock Exchange Group said it expects the green light from outstanding regulatory scrutiny of its $27bn deal to buy data and analytics company Refinitiv, Reuters reported.
“The Group has received 16 merger control clearances to date and good progress has been made in relation to outstanding jurisdictions. All remaining merger control and regulatory approvals are expected to enable completion of the transaction and admission in Q1 2021,” LSEG.
Refinitiv is advised by Canson Capital Partners, Evercore, Jefferies & Company, Corrs Chambers Westgarth, Osler Hoskin & Harcourt, Simpson Thacher & Bartlett and Eterna Partners. LSE is advised by RBC Capital Markets, Oliver Wyman, Barclays, Goldman Sachs, Morgan Stanley, Robey Warshaw, Blake Cassels & Graydon, Freshfields Bruckhaus Deringer and Teneo. Financial advisors are advised by Herbert Smith Freehills. CPPIB is advised by Weil Gotshal and Manges. Thomson Reuters is advised by Allen & Overy.
Collective Growth, a blank check company, agreed to merge with Innoviz Technologies, an Israeli lidar startup, in a $1.4bn deal. Upon completion of the transaction, the combined company will retain the Innoviz Technologies name and is expected to be listed on NASDAQ under the ticker symbol "INVZ". The transaction is sponsored by Antara Capital, Perception Capital Partners and Magna International.
"Innoviz continues to push the boundaries of LiDAR performance and price. Our engineers, along with our partner Magna International, have been working tirelessly to bring a solution that automakers can adopt at scale and trust to perform safely and reliably for the entire lifecycle of their vehicles. This milestone is pivotal for our continued growth and the advancement of the autonomous vehicle industry as a whole. It requires significant investment of time and resources and we've made great strides due to the support of our investors and partners. The public listing is a major step on our path to becoming one of the dominant players in the global autonomous driving industry," Omer Keilaf, Innoviz CEO.
Innoviz is advised by Goldman Sachs, Latham & Watkins, and Meitar Law Offices. Antara Capital and Perception Capital are advised by Akin Gump Strauss Hauer & Feld and Faegre Drinker Biddle & Reath. Collective Growth is advised by Cantor Fitzgerald, Goldfarb Seligman & Co, and Graubard Miller.
Britain said it had referred the merger between broadband company Virgin Media and Telefonica’s UK mobile network O2 to an in-depth competition investigation, given the potential impact of the $38bn deal on consumers.
The Competition and Markets Authority said O2 and Liberty Global-owned Virgin had requested the merger should be fast-tracked to an in-depth investigation.
“The CMA is concerned that, following the merger, Virgin and O2 may have an incentive to raise prices or reduce the quality of these wholesale services, ultimately leading to a worse deal for UK consumers,” CMA.
Telefonica is advised by Deloitte, Citigroup, Clifford Chance, and Herbert Smith Freehills. Liberty Global is advised by JP Morgan, LionTree Advisors, Allen & Overy, Ropes & Gray, and Shearman & Sterling.
A consortium of private equity firms including BlackRock, Goldman Sachs (Merchant Banking Division) and Mubadala, agreed to acquire Calisen, a smart meter company, for $1.9bn.
"The all-cash offer represents an attractive opportunity for all shareholders to crystallise their investment in Calisen in the near term and also provides a meaningful premium to the prevailing share price. We welcome the consortium's support for Calisen's long-standing customer relationships, current high standards for meter operations and customer service through its end-to-end metering offering. We believe that the consortium has considerable experience investing in and supporting similar infrastructure businesses and we are pleased that they intend to support Calisen's strategy and growth ambitions as it continues to deliver on its purpose of accelerating the development of a cleaner, more efficient and sustainable energy segment," Phil Nolan, Calisen Chairman.
Calisen is advised by Citigroup, HSBC, Allen & Overy, and Finsbury Glover Hering. Investor consortium is advised by Goldman Sachs and Clifford Chance. Mubadala is advised by Freshfields Bruckhaus Deringer. BlackRock is advised by Sullivan & Cromwell.
TPG Pace Beneficial Finance, a special purposes acquisition vehicle, agreed to merge with EV Charged, an electric-vehicle charging technology services provider, from Engie, an energy company, in a $1.4bn deal.
"With our new partners at TPG, support from ENGIE and a prestigious group of new investors, we anticipate being well positioned to help meet these goals by accelerating product development and providing end-to-end solutions to our expanding customer base, particularly in North America," Kristof Vereenooghe, EV Charged President and CEO.
TPG Pace is advised by Barclays, Deutsche Bank, JP Morgan, TPG Capital, and Vinson & Elkins. Engie is advised by Nomura and Linklaters.
Alantra Private Equity, a private equity firm, completed the acquisition of a minority stake in Surexport, a fruits and vegetable retailer. Financial terms were not disclosed.
Alantra Private Equity‘s strategic and financial support will speed-up Surexport’s organic growth plan and will help to explore inorganic growth opportunities in a highly fragmented market with the aim to consolidate a global leader in the industry.
“We are really impressed by the company’s track-record, market positioning, level of innovation and high-degree of professionalization. Following recent strong investment efforts, Surexport is indeed the best platform to build the European champion in the berry industry," Bruno Delgado, Alantra Partner.
Surexport was advised by Leal y Martin. Alantra was advised by Bain & Co, ERM Group, Houlihan Lokey, KPMG, and Hogan Lovells.
RD Capital Partners, a private equity firm, completed the acquisition of Buxton Water, a hydro-demolition firm. Financial terms were not disclosed.
"We are delighted to welcome Buxton Water to our group. Buxton Water operates in a niche sector and we have been impressed with their strong trading results and resilience during this year’s challenging economic environment," Sameer Rizvi, RD Capital CEO and Founder.
RD Capital Partners was advised by TML Finance & Advisory and Hempsons.
Assemblin, a technical systems provider, agreed to acquire Fidelix, an automation services provider, from Procuritas Capital, a private equity firm. Financial terms were not disclosed.
"The entire construction sector is changing, and we intend to actively participate in the transformation now underway. Fidelix’s cutting edge competence strengthens and complements Assemblin’s offering and accelerates our development journey. I am therefore thrilled to welcome Fidelix’s employees, customers and suppliers to the Assemblin Group," Mats Johansson, Assemblin President and CEO.
Procuritas is advised by Avance.
MSP Sports Capital, an operationally focused private investment manager, led the $678m investment in McLaren Racing, a British motor racing company, with participation from The Najafi Companies, an entrepreneurially-driven private investment firm, and UBS O'Connor, a single-manager hedge fund platform.
"We are delighted to invest in McLaren Racing and are excited by the prospects for the business. It is an honor to be a part of this storied franchise. We see significant growth potential in all of our investments and believe that McLaren's history, management and cutting-edge technology capability make it an ideal partnership for our organization," Steven Wasserman, MSP Principal.
Equinor, an energy company, completed the acquisition of a 49% stake in KrasGeoNaC, a Siberian oil and gas exploration company, from Rosneft, a petroleum refining company, for $550m.
As part of this agreement, Equinor has redirected its remaining exploration commitments offshore in the Sea of Okhotsk and as such has no outstanding obligations in that area. Pursuant to the 2018 agreement between Equinor and Rosneft to cooperate on health, safety and sustainability, Equinor will collaborate with Rosneft in these areas across the KGN assets.
Lonza narrows bidders shortlist for its $4bn deal.
Lonza Group has narrowed the list of bidders for its specialty ingredients unit, one of the European chemical industry’s most hotly-contested sale processes.
The Swiss company invited suitors including Carlyle Group and Bain Capital’s consortium with Cinven to make second-round offers. Lone Star Funds and Partners Group Holding have also advanced to the next round of bidding for the Lonza business.
Blackstone Group, CVC Capital Partners and Clayton Dubilier & Rice are no longer in the shortlist. The unit, which also attracted interest from Advent International and German chemicals group Lanxess, could get around $3.9bn, Bloomberg reported.
Groupe Macif in advanced talks to acquire Aviva's French arm.
Mutual insurer Groupe Macif has moved forward on acquiring Aviva’s French arm in a $3.6bn deal after an Allianz-led consortium bowed out among stiff opposition from French unions and local partners.
Groupe Macif has hired Credit Suisse and Lazard to work on the deal and is looking to submit a proposal before a mid-January deadline for non-binding offers, Reuters reported.
The auction has also drawn interest from French giant AXA, Europe’s second biggest insurer, and state-owned Banque Postale. Italy’s Generali is the only non-French bidder in the auction after negotiations with Germany’s Allianz and life insurer Athora fell through.
Blackstone, Cinven and CVC Capital Partners have also held separate talks with both Macif and Generali to offer support for a possible joint bid.
Carlyle considers a $3bn deal for Nouryon unit. (FS)
The Carlyle Group is exploring alternatives for the industrial unit of its specialty chemicals firm Nouryon, valuing at about $3bn.
The US private equity firm is negotiating with potential advisers about separating the industrial business, which produces chemicals used in everything from vehicles to swimming pools, from the wider group. Carlyle could later opt for a sale or initial public offering of the asset, Bloomberg reported.
Any disposal of the industrial unit could be a precursor to an eventual exit from Nouryon by Carlyle. Deliberations are in the early stages, and no final decisions have been taken.
Repsol to sell 25% stake in client business for $3bn.
Repsol, a Spanish energy company, intends to sell a 25% stake in its client business unit for $3bn.
Citigroup manages the sale and has already received non-binding offers from pension and infrastructure funds.
Blackstone considers a sale of Lombard after bid approaches. (FS)
Blackstone, a private equity giant, has started investigating a sale of Lombard International, one of the biggest UK-based wealth managers.
Blackstone is working with advisers at Bank of America Merrill Lynch on a potential sale of Lombard following a series of undesirable expressions of interest.
The company's likely value was unclear, although an analyst suggested it was likely to be in excess of $848m.
Germany to acquire a 25% stake in Hensoldt from KKR for $562m. (FS)
The German government is in advanced talks to acquire a 25% stake in Hensoldt, a German defence supplier, from KKR for $562m.
The purchase is intended to ward off a foreign buyer from taking control of Hensoldt, whose high-tech cameras are used in Tornado fighter jets, and which listed its shares in an initial public offering in September.
Sainsbury invites suitors for its banking unit.
British grocer J Sainsbury has invited suitors to submit first-round offers for its banking unit next week, Bloomberg reported.
The London-listed firm is working with UBS to manage a formal bidding process for Sainsbury’s Bank after getting proposals. No final decisions have been made, and Sainsbury could decide against a sale.
Aramco hires Moelis for asset sales.
Saudi Arabia is seeking to follow neighbouring Abu Dhabi by using its state energy firm to raise billions of dollars from investors, as the kingdom seeks cash to counter a harsh recession, Bloomberg reported.
Saudi Aramco, a world’s biggest oil company, has hired Moelis to devise a strategy for selling stakes in some subsidiaries. The plan includes raising around $10bn from a stake sale in Aramco’s pipelines.
Airbus and Safran to approach Aubert & Duval.
Airbus, Safran and aerospace-focused fund Ace Aero Partenaires have proposed a non-binding offer for Eramet's Aubert & Duval, the superalloys supplier.
Eramet had launched a strategic review of its specialist A&D subsidiary in June, after a third of its activity was suppressed by the coronavirus crisis, and would consider all alternatives for the 113-year-old business.
The non-binding offer indicates an initial statement of interest and allows access to detailed company data. Eramet reiterated it was analyzing all options for A&D, including a sale.
Banca Intermobiliare plans to buy Banca Consulia. (FS)
Italian Banca Intermobiliare said it was given an exclusive period to arrange a potential acquisition of Banca Consulia, a financial consulting bank.
BIM, which is controlled by UK-based investment fund Attestor, said the exclusive period will run until January 15, with the aim to present a binding offer, Reuters reported.
A potential proposal for Banca Consulia could be made in cash and shares to be issued through a reserved capital increase.
Phoenix Tower nears EI Towers deal.
Phoenix Tower International is close to closing a deal to buy the telecoms mast unit of Italy’s EI Towers, valued at $606m by the end of the year.
The US-based wireless infrastructure group started exclusive talks for the unit last summer and has completed a due diligence process.
A deal would expand Phoenix Tower’s portfolio in Europe, where it owns telecoms tower sites in France and Ireland, according to Reuters.
United Group in talks to acquire Nova Broadcasting Group. (FS)
United Group, a Balkan telecoms and media company owned by private equity firm BC Partners, was in talks with Advance Media Group to acquire Nova Broadcasting Group, a Bulgaria’s largest multi-platform media company. The deal could be valued at $303-$363m.
United Group did not disclose Nova's price, which controls ten TV channels, including national NOVA TV, four radio stations, and its largest online platform Net Info.
Rolls-Royce to sell ITP Aero in the first half of 2021.
Rolls-Royce awaits to start the formal sale process for its Spain-based unit ITP Aero, supposed to be the largest asset sold as part of a $2.6bn disposal plan, in the first-half of next year.
The company is also ready for the end of Britain’s transition period with the European Union on December 31, whether the UK leaves with a sales deal or not.
Deltic owner files for administration.
The owner of Deltic nightclub has filed a notification of administrators' appointment, as is tending to secure a buyer for its business hit by the pandemic.
The group behind 52 bars and clubs continues negotiations about an emergency sale after serious financial pressure from nightclubs' enforced closing.
Greybull Capital, a private equity firm, is reportedly in discussions with Deltic. Scandinavian nightlife group Rekom has emerged as the frontrunner to buy the company in a rescue deal.
EdtechX to list second SPAC.
EdtechX Holdings, an investment platform focused on the future of education and work, is listing a second SPAC IPO, EdtechX Holdings II.
The SPAC plans to invest in companies in the private education, training and education technology sectors, with targets varying from $400m to $2bn in enterprise value. Targets will be settled predominantly in the US, and also in Europe and Asia (except for China).
Waterland closes fund at $3bn. (FS)
Waterland Private Equity Investments has closed its eighth fund, Waterland Private Equity Fund VIII at $3bn. The fund closed at its hard cap three months after its initial launch.
WPEF VIII was considerably oversubscribed with interest significantly surpassing the fundraising target, with strong support from existing investors and significant interest from new investors.
The fundraise attracted commitments from world class institutional investors with over half headquartered in Europe, over a third in the United States, and several investors from the Middle East and Asia Pacific.
Rolls-Royce looks for a new chairman. (People)
Rolls-Royce, an engineering giant, is starting a hunt for its next chairman, potentially opening the way for the company's first foreign head since it was privatised by the government.
Rolls-Royce's board has begun the process of identifying a replacer to Sir Ian Davis, the McKinsey veteran who took over as the British industrial group's chairman in May 2013.
The search is in an early stage, and an appointment is unlikely to be announced until next year.
APAC
CVC Capital, a private equity firm, agreed to acquire Irrawaddy Green Towers, a telecommunication tower infrastructure provider, for $700m.
"We are proud of the work achieved together with the people of Myanmar, and under the leadership of CEO David Venn and his team. IGT is an industry pioneer that enables mobile services throughout the whole country. We look forward to continued progress and success, underlining the attractive fundamentals and strong growth of Myanmar's mobile communication sector," Jamal Ramadan, M1 Towers Director.
Irrawaddy Green Towers is advised by Standard Chartered Bank, UBS, Freshfields Bruckhaus Deringer, and SCM Legal.
Private equity firm Lilly Asia Ventures and Arch Venture Partners led a $100m Series A round in SciNeuro Pharmaceuticals, a pharmaceutical company. The round saw participation from Boyu Capital, General Atlantic, Sequoia Capital China, TF Capital and Zoo Capital.
“The impact of CNS diseases extends beyond patients – to their families and society as well. I am humbled by the shared commitment from our investors. With their support, we are committed to addressing this substantial need by establishing a strong and innovative CNS product portfolio, and providing new and improved treatment options to patients in China and around the world,” Min Li, SciNeuro Founder and CEO.
SciNeuro Pharmaceuticals was advised by MacDougall.
Synechron, a digital transformation consulting firm, completed the acquisition of Attra, a technology services and solutions provider. Financial terms were not disclosed.
"The payments industry is experiencing a full-fledged digital transformation that is being fueled by exciting new technology advancements and regulatory and competitive changes. We are very excited to join with the passionate team at Synechron as we continue our mission to be strategic partners with organizations in the financial services industry and empower them with a full suite of digitally-led technology services and solutions in payments," Chris van Buuren, Attra CEO.
Attra was advised by Avendus.
Sequoia and KKR in advanced talks to lead a $2bn ByteDance funding round. (FS)
US private equity firms Sequoia Capital and KKR are set to lead ByteDance‘s latest funding round that will value the Chinese tech giant and TikTok owner at $180bn.
The funding round with the target to raise $2bn would make it the world’s most valuable financing round in the private market. The round is drawing to a close after kicking off nearly month ago.
Blackstone plans to exit $2.2bn Australian logistics portfolio. (FS)
Blackstone has resumed preparations to make a multi-billion-dollar exit from the Australian logistics market.
It is assumed that the private equity giant has appointed JP Morgan and Morgan Stanley to investigate either selling or listing the assets in the $2.2bn porfolio.
With strong demand from global and domestic investors for Australian assets, industry observers told IPE Real Assets that Blackstone's timing was opportune to make its exit now.
Arcelik considers purchase of Hitachi Home Appliance unit.
Turkey’s Arcelik is in advanced talks to take over Japanese industrial conglomerate Hitachi’s overseas home appliance business.
An agreement may be reached as soon as the next few weeks. The deal could be valued at around $500m.
The potential deal would add to the $83bn of divestments announced by Japanese companies this year, up 38% from a year earlier. Hitachi has separately invited proposals for its listed metals unit as it seeks to streamline its business, Bloomberg reported.
Tang Shing-bor faces difficulties to sell billions in real estate.
Hong Kong property tycoon Tang Shing-bor is trying to offload billions of dollars of real estate after an expansion at the top of the market.
Known as the “Shop King” for his vast holdings of retail property, Tang is among those hit as Hong Kong undergoes a deep recession caused by civil unrest and the coronavirus pandemic.
With rental income evaporating, he’s put a quarter of his family’s real estate portfolio, valuing at about $9.7bn, up for sale this year.
Flipkart and PhonePe have space for other investors.
Walmart’s Indian e-commerce firm Flipkart and digital payments business PhonePe have space for other investors and could raise money in several ways including stock market listings, according to the US retail giant’s CEO.
Walmart, the world’s biggest retailer by sales, bought about 77% of home-grown Flipkart for roughly $16bn in 2018, the biggest deal in India’s e-commerce sector where it competes with US rival Amazon.com Inc’s local business.
“As we invested we did mention that our plan is to IPO, and that hasn’t changed. Flipkart and PhonePe both need funding, they’re both growing so quickly. There’s lots of room to invest and we’re excited about being a majority investor, but there is room for other people,” Doug McMillon, Walmart Chief Executive.
Indian government to sell up to 20% stake in IRCTC.
The Indian government has proposed selling up to $0.03 shares in IRCTC, a PSU of the Ministry of Railway, representing 15% of the company's paid up equity share capital via an offer of sale.
The government has also proposed an additional share sale of $0.01 shares, representing 5% of the paid up equity share capital, under in the event of oversubscription. Combinedly, the base offer size and oversubscription option represent 20% of outstanding equity shares of the company or $0.04 shares, DealStreetAsia reported.
Singapore’s Sea raises $2.6bn in stock offering.
Singapore’s Sea, a tech startup that’s become Southeast Asia’s most valuable company, increased the size and set the final price of a secondary stock offering to raise at least $2.57bn, Bloomberg reported.
Sea priced the sale of 13.2bn ADSs at $195 each, increasing the size from 11n because of high interest. The underwriters, led by Goldman Sachs Group and JPMorgan, have the option for another 1.98m ADS, generating $386m at the same price.
It intends to spend the proceeds from the new offering on business expansion, including potential strategic investments and acquisitions.
Pop Mart's shares jump 79% on the first IPO day.
A Chinese maker of toys in “mystery boxes” is the latest company to join the global initial public offering.
Shares in Pop Mart International Group, whose offerings include rabbit figurines with monster teeth, jumped as much as 112% on their debut on Friday before closing up 79%, the third-best this year for IPOs over $500m in Hong Kong, Bloomberg reported.
Jiahua Energy co-launches $458m fund.
Zhejing Jiahua Energy Chemical Industry, a Shanghai-listed chemical products provider, has co-launched a $458 semiconductor industry fund.
The debut size is set to reach $23m. The largest limited partner Yantai Longhe Investment will seed $306m in the fund holding a 66.6% stake, followed by Jiahua Energy and Wuhan Jusheng Investment Fund who will contribute $76m each and will each have a 16.7% equity, DealStreetAsia reported.
Upon completing the transaction, the fund will direct mergers and acquisitions activities in the integrated circuit design industry.
Ascendas Reit to acquire Sydney office property for $213m. (RE)
Ascendas Reit, Singapore’s largest listed business space and industrial real estate investment trust, is acquiring a suburban office property in Sydney, Australia for $213m, DealStreetAsia reported.
According to Ascendas Funds Management, the Reit’s manager, the offered acquisition will expand Ascendas Reit’s footprint in Sydney’s Macquarie Park.
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