Apax Partners agreed to sell their stake in Exact Software, a leading provider of business and accounting software in the Benelux region, to KKR. The terms of the transaction were not disclosed. The transaction is subject to customary closing conditions.
Jean-Pierre Saad, Managing Director at KKR, said: "We have known Phill and the Company for many years, and have been impressed with the growth they have achieved generally and in particular with Exact Online, one of Europe's leading multitenant cloud software products. We are hence very excited to work with them for the next stage of Exact's development and growth."
Rothschild & Co, Kekst and Greenbrook advised Apax Partners. KKR Capital Markets arranged and underwritten acquisition financing. Finsbury and Meines Holla advised KKR & Co.
Adelis Equity Partners agreed to acquire majority ownership in Ropo Capital, Finland's leading invoicing lifecycle service provider, from funds managed by Sentica, Osuuskunta KPY and other current shareholders. Ropo Capital's management remains as minority shareholders and continues in their current positions. Financial terms were not disclosed.
The investment from Adelis will promote opportunities to further support Ropo Capital's growth in Finland and its international expansion, both organically and potentially through acquisitions.
Rasmus Molander, Adelis Equity Partners, Partner: "Ropo Capital has transformed the invoicing and receivables market in Finland through its automated and integrated lifecycle concept covering invoice delivery, receivables management, ledger and financing. Today, the company already delivers one of six invoices in Finland. We very much look forward to supporting the company and its management team as it continues its growth in Finland and the Nordics."
Danske Bank and Hannes Snellman Attorneys advised Ropo Capital and the sellers.
Ambienta and its portfolio company Safim completed the acquisition of OMNI Hydraulik Ritter, an independent distributor of valves, brake pumps and other critical components for hydraulic circuits. Financial terms were not disclosed.
Pietro Santoro, CEO of Safim, commented: "The acquisition of OMNI is another piece of Safim's strategic plan that falls into place. Through this transaction we secured direct access to the key German market, unlocking significant commercial opportunities for the future."
AEB, a worldwide leader in biotechnological ingredients and related services for wine, beer and food, announces the acquisition of a majority stake in DANMIL, a leading manufacturer of filtration products in Europe.
With this acquisition, AEB increases its core value proposition, helping wineries and breweries to produce the best wine and beer possible from harvest to bottling; reinforces its portfolio with highly qualitative microfiltration products further improving its one-stop-shop positioning for wineries and breweries; increases its presence in the Nordics.
Mario Tomasoni, CEO of AEB, said "I am happy to welcome Michael and his team in the AEB Group. Together we will become a leading supplier in the filtration market for wine, beer and beverage, leveraging the outstanding products of our new Danish affiliate with our extended and very knowledgeable sales network".
Walmart has acquired Aspectiva, an Israeli-based start-up, for an undisclosed sum. As part of the acquisition, Aspectiva will be joining Walmart's Store N° 8, the incubation arm launched by the retailer in 2017 to uncover the ideas that will transform the future of commerce.
Aspectiva's Natural Language Processing capabilities will help Walmart further enhance the end-to-end shopping experience. The Aspectiva team joined Store N° 8 on Feb. 25, 2019, and will continue to operate from Aspectiva's offices in Tel Aviv.
"Our team is extremely excited to be joining Store N° 8 and be part of Walmart's most recent investment in Israel. Store N° 8's record of innovation and of developing capabilities that will transform retail as we know it makes for the perfect environment to leverage Aspectiva's technology throughout the shopping funnel" said Ezra Daya, CEO of Aspectiva.
LBO France acquired a stake in Moustache Bikes, a company that specialises in designing, assembling and distributing electric bikes. The private equity firm Initiative & Finance is selling its 55% stake held since 2015, and the company's founding managers, Emmanuel Antonot and Grégory Sand, who hitherto owned 45% of the capital, are reinvesting significantly.
Vincent Briançon, Mid Cap Partner at LBO France, says: "We are delighted to have the opportunity to work alongside the two founders and the team of Moustache Bikes to support the company in its new growth phase, both in France and internationally. While electric bikes currently account for 11% of the bikes sold in France, they are gaining ground as a new means of urban transportation and new, dynamic leisure activity."
EY and Mayer Brown advised LBO France.
The UK's two leading conveyancing groups – My Home Move and Palamon Capital Partners' portfolio company The Simplify Group – are combining to create a conveyancing powerhouse which will be the standout market leader. The combined organisation, to be known as Simplify, will benefit from the complementary strengths of the two groups to build on the services they currently provide to their customers and partners.
David Grossman, CEO designate Simplify, said: "I am incredibly excited about the future of Simplify. By combining the best in service, technology and relationships from the two existing groups, we will create a business that will shape the conveyancing market and make life easier for customers, introducers and partners. Together we can simplify conveyancing for hundreds of thousands of people each year.
Europcar Mobility Group, a major player in mobility services, acquired Europcar Finland and Europcar Norway. The companies are acquired from Matti and Jussi Holopainen, who will remain with the business. Financial terms were not disclosed.
For Olivier Baldassari, Chief Countries and Operations Officer of Europcar Mobility Group: "We are delighted to welcome Europcar Finland and Europcar Norway with Jussi and Matti Holopainen into the Group. These two new corporate countries are profiled to support the growth of Europcar Mobility Group in Northern Europe. These acquisitions will fit nicely into our Leverage and Scale Up strategic framework, expanding our services into new countries, while leveraging on our core assets and achieving synergies".
PwC advised the owners of Europcar franchises in Finland and Norway.
Marks & Spencer in talks with Ocado on grocery JV.
British high street chain Marks & Spencer is in talks with Ocado to form a joint venture that would give M&S a full online food delivery service for the first time.
Britain's store group and the online supermarket pioneer released short statements saying there was no guarantee a deal would emerge after London's Evening Standard said M&S was set to pay up to £900m ($1.2bn) for a 50% stake in a combined retail business.
Illycaffe open to new investors.
Premium coffee maker Illycaffe may bring new investors on board in the medium term, but the founding family wants to keep control of the business, said CEO Massimiliano Pogliani.
The Italian company, which was founded 86 years by Francesco Illy, has rebuffed overtures from bigger rivals looking to buy the brand, said its Chairman Andrea Illy last year.
In October Illycaffe signed a licensing deal with conglomerate JAB Holding to produce and sell Illy-branded coffee pods that work in rival Nestle's Nespresso machines. However, the Illys stopped short of giving JAB a stake in the group.
Elliott pressured Hammerson to $1.2bn of assets sale. (FS)
According to
Bloomberg, Hammerson is in discussions to sell about £900m ($1.2bn) of its properties as it comes under pressure from activist shareholder Elliott Advisors.
The landlord committed to selling at least £500m ($667m) of property this year as the value of its portfolio dropped 5.9%, the company said in a statement. It also announced plans to form a new committee to oversee the disposals program.
Everbright Bank in talks to back $20bn Saudi fund. (FS)
Everbright Bank, the Beijing-based lender, is among parties in negotiations to contribute capital to a joint investment fund being set up by China and Saudi Arabia that's targeting as much as $20bn, according to
Bloomberg.
China's state-owned Silk Road Fund is separately discussing participating in the investment vehicle. The Gulf kingdom's Saudi Industrial Development Fund is also said to be backing the pool of capital.
Summa Equity closes $697m fund. (FS)
Summa Equity closed the Summa Equity Fund II at its hard cap with investor commitments of SEK6.5bn ($697m). With Fund I and II, Summa Equity now manages aggregated capital commitments of SEK11bn ($1.2bn).
The announcement of Fund II comes three years after the inception of the firm. Fund II will continue to focus on investments that can outperform and are driven by a tailwind from megatrends such as ageing demographics, movement of people, resource scarcity, population growth, climate change and technology disruption.
Summa Equity was advised by Rede Partners, an independent funding advisor. Mannheimer Swartling was lead legal counsel, with Ropes & Gray advising on US legal matters and PwC on financial matters.
A US appeals court upheld on Tuesday a lower court ruling that AT&T's deal to buy content maker Time Warner for $85.4bn was legal under antitrust law.
The Justice Department had asked the court to declare the deal illegal, arguing that AT&T, which owns DirecTV, would use ownership of Time Warner's content, such as CNN and HBO's "Game of Thrones," to make pay-TV rivals pay more, thus raising prices for consumers.
AT&T completed its acquisition of Time Warner in June last year, bringing together global media and entertainment leaders Warner Bros., HBO and Turner with AT&T's leadership in technology and its video, mobile and broadband customer relationships.
Allen & Company, Citigroup, Morgan Stanley, Cravath Swaine & Moore and Herbert Smith Freehills advised Time Warner. BofA Merrill Lynch, JP Morgan, Perella Weinberg, Arnold & Porter, Sullivan & Cromwell, Brunswick and Morrow Sodali advised AT&T. BofA Merrill Lynch and JP Morgan provided financing. Simpson Thacher & Bartlett and Weil Gotshal & Manges advised debt providers.
Shareholders of Brazilian planemaker Embraer approved a deal to sell 80% of the company's commercial jet division to Boeing, a move that could reshape the global market for aircraft of up to 150 seats.
Boeing made its bid following a similar deal between Airbus and Canada's Bombardier, which saw the European planemaker take a majority stake in the C Series jets, which compete directly with Embraer.
Pinheiro Neto advised Embraer Commercial Aviation. Simpson Thacher & Bartlett advised Boeing. Citigroup, Cleary Gottlieb Steen & Hamilton, Barbosa Mussnich & Aragao, and Skadden Arps Slate Meagher & Flom advised Embraer.
Lineage Logistics, a provider of temperature-controlled logistics solutions, agreed to acquire Preferred Freezer Services, a global network of temperature-controlled warehouses. This transaction marks a significant milestone for the temperature-controlled logistics industry. Customers will now be able to benefit from the complementary capabilities of two of the industry's most innovative companies. Financial terms of the transaction were not disclosed, but it is rumoured to be over $1bn.
"We are thrilled to welcome Preferred into the Lineage family of companies," said Greg Lehmkuhl, President and Chief Executive Officer of Lineage. "Bringing their first-class management team, deep industry experience and a network of strategically located facilities into our organization will enable us to provide best-in-class service offerings for customers worldwide. Lineage is now better positioned than ever to meet the needs – and exceed the expectations – of food customers on a truly global scale."
As part of the transaction, significant new equity was committed by existing investors, Stonepeak Partners and D1 Capital Partners.
Morgan Stanley advised Lineage. Latham & Watkins advised Bay Grove and Lineage. UBS and Ropes & Gray advised Preferred Freezer Services.
Five Point Energy, an energy sector private equity firm, will form of a new strategic joint venture, San Mateo Midstream II, in partnership with a wholly-owned subsidiary of Matador Resources Company.
San Mateo II is the second midstream partnership between Five Point and Matador and, similar to San Mateo Midstream I, will provide natural gas gathering and processing, crude oil gathering, and produced water gathering and disposal solutions to E&Ps throughout the Northern Delaware Basin. At closing, Five Point and Matador owned 49% and 51% of the JV, respectively, and the existing San Mateo midstream team will operate the Midstream Assets.
David Capobianco, Chief Executive Officer and Managing Partner of Five Point Energy, said, "The ongoing success of our JV with Matador exemplifies Five Point's strategy of proactively identifying industry-leading management teams to partner with and build out world-class midstream infrastructure companies. Delaware remains one of the most promising producing basins in North America, yet it lacks sufficient permanent 'in-basin' midstream infrastructure. Five Point's portfolio companies, including San Mateo Midstream, WaterBridge, EVX and Twin Eagle, are providing critical midstream infrastructure solutions for third party producers, with unparalleled offerings and innovation."
The US Justice Department formally asked a judge to approve its deal to allow CVS Health Corp to merge with insurer Aetna. Judge Richard Leon of the District Court for the District of Columbia scolded the government and parties late last year for closing the $69bn merger before the court approved the consent order. In response, CVS offered to halt some integration of the two companies.
The Justice Department approved the merger of CVS, a US pharmacy chain and benefits manager, and Aetna in October on condition that Aetna will sell its Medicare prescription drug plan business to WellCare Health Plans. Both deals have closed.
Aetna was advised by Davis Polk & Wardwell, Simpson Thacher & Bartlett, Sloane & Company, Allen & Company, Evercore and Lazard. CVS Health was advised by Bank of America Merrill Lynch, Barclays, Centerview Partners, Dechert, McDermott Will & Energy, Shearman & Sterling, Weild Gotshal & Manges, Kekst and Sullivan & Cromwell.
Goldman Sachs, Barclays and BofA Merrill Lynch provided financing.
Brazil's Caixa close to selling $2.4bn Petrobras stake.
According to
Reuters, Brazilian state-owned bank Caixa Economica Federal is close to selling a BRL9bn ($2.4bn) stake it owns in oil company Petroleo Brasileiro.
The share offering of the 2.3% stake owned by Caixa in Petrobras, as the oil company is known, depends on the publication of a new presidential decree authorizing the sale.
President Jair Bolsonaro has already signed a first decree authorizing Caixa to sell its Petrobras stake, but the decree had technical mistakes and needed to be republished. Once the new decree is signed, Caixa will hire investment banks to help manage the secondary share offering.
MPM Capital closed 7th oncology fund. (FS)
MPM Capital, a life sciences venture capital firm investing in early-stage therapeutics companies closed its seventh venture fund, BioVentures 2018. MPM is currently investing out of BV2018 and its two oncology-only funds with a total of more than $1bn in capital.
With BV2018, MPM will continue to create and invest in innovative companies developing breakthrough therapies to treat severe unmet medical needs. The fund will focus on disruptive scientific developments across multiple therapeutic areas, including oncology, immunology, and neuroscience as well as emerging modalities of a cell, gene, and nucleic acid therapies.
Morgan Lewis advised MPM Capital.
APAC
Olam International acquired 85% stake in the parent of Indonesia's largest cocoa processor. The Singapore-based global food and agri-business will pay $90m for the stake in YTS Holdings which is the owner of BT Cocoa. The remaining 15% will be held by the founding members of BT Cocoa, Piter Jasman and his family.
CEO of Olam Cocoa, Gerard A. Manley said: "We are excited to have the opportunity to rapidly expand our footprint in Asia and to develop this business with the founder and family of BT Cocoa. Our longstanding relationship will enable us to deliver world-class cocoa ingredients and services to our expanded customer base and look to strengthen these relationships in the future in one of the fastest growing regions in the world."
Thailand's TMB and Thanachart bank sign $4.5bn merger.
Thailand's TMB Bank said it signed a non-binding agreement to merge with Thanachart Bank in a deal worth up to THB140bn ($4.5bn), which would make the new entity the sixth largest bank in the country. The planned merger follows government approval last year of tax incentives for bank mergers to help them better compete with larger regional rivals.
TMB will finance the deal through debt and equity. It will issue new shares worth 70% of the total deal. Some THB50-55bn ($1.6-1.8bn) of newly issued shares would be offered to Thanachart Capital and Canada's Bank of Nova Scotia while THB40-45bn ($1.3-1.4bn) would be provided to existing TMB shareholders and may include a public offering.
Nova Scotia Bank currently holds 49% of Thanachart bank with Thanachart Capital holding 51%. The combined bank would have assets of THB1.9tr ($60.6bn) with 10m retail customers, TMB said. The Thai government currently has a 25.92% stake in TMB with Dutch banking group ING, holding 25%.
ING, Thanachart Capital and the Thai finance ministry will be significant shareholders in the new entity with ING and Thanachart Capital holding at least a 20% stake. Bank of Nova Scotia is expected to hold a significantly smaller stake.
ING exits India's Kotak Mahindra Bank, sells shares worth $1bn.
Dutch lender ING Group exited its investment in Kotak Mahindra Bank by selling its remaining 3% stake in the Indian banking major. According to stock market data, ING sold 58.45m Kotak shares via two bulk deals amounting to a total of 3.06% stake for INR72bn ($1bn) on Friday. The names of the buyers were not disclosed.
Nutrien in deal talks with Australia's Ruralco.
Nutrien is in talks for a potential deal involving Australian rural services firm Ruralco, which had a market value of AUD322m ($231m), the Canadian fertilizer maker said, following a media report about a possible takeover of Ruralco.
No agreement has been reached yet and there is no assurance that there will be one.
Newcrest is 'happy to do M&A' if it's the right value for shareholders.
Newcrest Mining Chief Executive Sandeep Biswas said that his company would pursue a potential acquisition only if it were the right value for investors, adding that he would prefer to buy assets rather than whole companies.
"We are happy to do M&A if it's the right value for shareholders. The entire focus is not on the size of ounces (in a potential deal). It's on rate of return for our shareholders," Biswas said.
Barrick Gold Corp launched an $18bn hostile bid to buy rival miner Newmont Mining Corp, and some media reports indicated that Newcrest, as part of the deal, would be interested in buying Newmont's Australian assets.
Temasek leads $85m Series B round for China-based Gracell Biotech. (FS)
Suzhou-based biomedical company Gracell Biotechnologies raised $85m in a Series B funding round led by Singapore's state investment firm Temasek.
Gracell focuses on resolving them cellular gene therapy industry's major challenges such as high production costs, lengthy manufacturing process, lack of off-the-shelf products, and short duration of therapeutic effects. This new funding will enable Gracell to enter clinical trials with several of its next-generation immune cell gene therapy drug candidates.
Other participating investors include Lilly Asia Ventures, Kington Capital, King Star Capital and Chengdu Miaoji.
Chinese VC funds outperform the US and Europe. (FS)
A detailed analysis of venture capital funds globally shows that Chinese funds of vintage years 1997 to 2018 have delivered returns of 1.79x (total value to paid-in), comparing favourably with US funds on 1.70x and Western European vehicles on 1.75x.
Besides, Chinese funds take longer to reach maturity and have demonstrated longer hold periods for investments. In terms of time to liquidity, Chinese funds average close to 5.5 years, while the US and Western European funds have time to liquidity of under five years. The same is true for the global average
Thai AirAsia owner considers buying a stake in rival Nok Airlines.
Thailand's Asia Aviation, the owner of low-cost carrier Thai AirAsia, said it was considering to buy a stake in rival Nok Airlines. The announcement comes as the national carrier, Thai Airways waived its rights to subscribe new shares in Nok Air and dropped holdings to 15.9% from 21.8%. Nok has a market capitalisation of THB9.3bn ($297m).
"The company is currently considering whether such investment is appropriate," Chief Financial Officer, Santhat Sanguandikul, said in a statement, referring to acquiring shares from the billionaire Jurangkool family, sending Nok Air's share prices up 13%.
