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AMERICAS
BitGo is suing Mike Novogratz’s Galaxy Digital for more than $100m in damages after Galaxy abandoned its planned $1.2bn acquisition of the crypto custodian.
The lawsuit, filed Monday in Delaware Chancery Court, cited Galaxy’s “wrongful repudiation and willful and intentional breach” of the merger agreement. The complaint was filed under seal and will be made public on Thursday in case Galaxy wishes to redact some of the allegations, Bloomberg reported.
Galaxy, which offers crypto financial services, posted a net comprehensive loss of $555m in the second quarter.
Australian toll roads operator Atlas Arteria said it planned to raise $2.1bn as it seeks to buy a majority stake in the Chicago Skyway toll road, Bloomberg reported.
“We have maintained OMERS stake in SCC for over five years, during which time the company has proved to be a strong and resilient asset that plays a key role in keeping Chicago connected and mobile. We would like to thank all the stakeholders we have worked with and wish Skyway’s staff, management, and new investors well as the company enters its next phase,” Gisele Everett, OMERS Infrastructure Senior Managing Director and Head of Americas.
Atlas Arteria is advised by RBC Capital Markets, UBS and Nightingale Communications (led by Lisa Keenan).
Koch Industries, an American privately held multinational conglomerate corporation based in Wichita, Kansas, agreed to invest $252m in Compass Minerals, a global provider of essential minerals.
"We are pleased to welcome KM&T as our investment partner and look forward to leveraging their deep expertise and proven track record of building value. Securing funding to aggressively pursue phase one of our lithium growth opportunity has been an important focus for our management team. This strategic investment will help drive our lithium project forward, strengthen our balance sheet and enhance execution capabilities across our entire platform," Kevin S. Crutchfield, Compass Minerals President and CEO.
Compass Minerals is advised by Perella Weinberg Partners and Cleary Gottlieb Steen & Hamilton. Koch is advised by Jones Day.
Trimble, a software, hardware, and services technology company, completed the acquisition of B2W Software, a software company. Financial terms were not disclosed.
"B2W has helped thousands of heavy civil contractors increase their bid accuracy and operational efficiency, and now with Trimble, we can realize the next chapter of our story. By linking the planned with the executed, we will provide civil contractors with a truly connected construction experience, unlocking valuable new insights for our customers across their entire operation," Paul McKeon, B2W founder and CEO.
B2W Software was advised by Piper Sandler and Foley Hoag. Trimble was advised by Perkins Coie.
Atlas Merchant Capital, an investment firm, completed the investment in Cascadia Capital, a middle market investment bank. Financial terms were not disclosed.
"We have achieved record growth in recent years and are thrilled to have found the right partners in Atlas to continue on this exciting trajectory. Atlas brings the value-added resources we desired in a capital partner, allowing us to continue in lockstep with the middle-market founders, family owners, and executives we serve while accelerating our private equity coverage and product offering expansion," Michael Butler, Cascadia Capital Chairman and CEO.
Cascadia Capital was advised by Houlihan Lokey, Perkins Coie and MiddleM Creative (led by Tricia Forbes).
Thoma Bravo-backed Bottomline, a provider of financial technology, agreed to acquire Nexus Systems, a provider of accounts payable and payments automation software for the real estate and property management industries, from Mainsail Partners, a growth equity firm. Financial terms were not disclosed.
"We are on a mission to drive better business payments for businesses and financial institutions around the world. We continue to proactively invest in a world-class platform of businesses paying and getting paid digitally as the industry-leading expertise and capabilities in commercial real estate of Nexus are combined with the expertise, scale and distribution power of the Paymode-X network. It is also an honor to welcome the Nexus team to Bottomline—and to our shared cause of winning for customers," Craig Saks, Bottomline CEO.
Nexus Systems is advised by Raymond James (led by Jon Steele).
A group of investors, including Bain Capital, SV Health Investors, Access Biotechnology, Atlas Venture, BVF Partners, Bill Gates, Lightstone Ventures, Pfizer Ventures, RA Capital Management and SR One, led a $125m funding round in Nimbus Therapeutics, a clinical-stage company that designs and develops breakthrough medicines through its powerful computational drug discovery engine.
"The strong support from investors in this financing validates the promise and differentiation of Nimbus' current portfolio of clinical and preclinical programs, and the success of our productive drug discovery engine. I'm pleased to welcome SV Health Investors and Bain Capital Life Sciences to Nimbus' investor syndicate at this very exciting time in our history, and look forward to generating and sharing critical data for our medicines in development in the near term," Jeb Keiper, Nimbus CEO.
Nimbus Therapeutics was advised by Ten Bridge Communications (led by Chris Railey).
Allied Industrial Partners-backed CES Power, a global provider of mobile power generation, distribution and temperature control equipment, completed the acquisition of Brickworks, a smart mapping software provider. Financial terms were not disclosed.
"The addition of Brickworks will enhance our ability to offer tech-enabled services to our customers while assisting them with tracking and monitoring emissions in order to reduce their carbon footprint and achieve their sustainability goals," Greg Landa, CES Power CEO.
Allied Industrial Partners was advised by Lambert & Co (led by Jennifer Hurson).
Blattner Technologies, a software company, completed the acquisition of LoadSpring Solutions, a project management solutions company. Financial terms were not disclosed.
"We are excited as this investment will enable LoadSpring to rapidly expand upon its vision of driving project industries digital transformation as well as enable geographic expansion. Predictive analytics is the future and our partnership with Blattner Technologies will expedite our ability to deliver these solutions," Eric Leighton, LoadSpring President and CEO.
BMO, a Canadian multinational investment bank and financial services company, and Ares Management, an American global alternative investment manager, led a $310m Series E round in Gotham Greens, a New York-based indoor farming pioneer, with participation from Commonfund, RockCreek, Kimco Realty, Manna Tree Partners and The Silverman Group.
"Gotham Greens was founded with a vision to advance indoor farming and sustainably grow high-quality leafy greens in cities across America every day of the year. Today, our ambitions and footprint are outgrowing our roots in the best way, and we're humbled to receive this funding from new and existing investors to continue our national expansion in order to reach our goal of delivering Gotham Greens fresh produce within a day's drive from our greenhouses to 90% of consumers across the US," Viraj Puri, Gotham Greens Co-Founder and CEO.
FatBrain, a provider of AI-automation software for dynamic risk intelligence to help fight global financial crimes and similar millennial data geometry problems, completed the acquisition of Intellagents, an innovative insuretech platform. Financial terms were not disclosed.
"We are excited to welcome Intellagents into the FatBrain family. Intellagents SaaS offers powerful, easy-to-use automation to accelerate Peer Intelligence growth for all participants connecting the insurance supply chain. Adding one connection per week to the insurance knowledge market, Intellagents SaaS accelerates the pace of innovation and improvement. Each such connection means actionable insights for tens of millions of businesses, hundreds of thousands of agents, many thousands of insurers and insuretechs," Peter B. Ritz, FatBrain AI Co-Founder and CEO.
HarbourView acquires Big Loud Mountain Music's publisher share of songs from Florida Georgia Line's catalogue. (FS)
HarbourView Equity Partners, a global alternative asset management company founded by Sherrese Clarke Soares, has acquired Big Loud Mountain Music's publisher share of select songs from country music duo Florida Georgia Line's catalogue.
Big Loud Mountain Music, an independent publishing, management, and production company located in Nashville is credited as a key player in helping to successfully launch Florida Georgia Line's career.
American Battery Solutions acquires the entire IP portfolio developed by Tiveni.
American Battery Solutions, a developer and manufacturer of advanced battery systems for electrified mobility, announced that it has signed a definitive agreement to acquire the complete IP portfolio of Tiveni, a battery systems innovator founded and led by original Tesla Founder and CEO Martin Eberhard. Financial terms were not disclosed.
The addition of Tiveni-developed technologies will accelerate ABS' deployment of low-cost, energy-dense, highly-crash-tolerant EV batteries. The acquisition includes a supporting patent portfolio protecting the cost/density/safety advantages included in Tiveni's designs.
Baxter weighs the sale of two kidney-care businesses. (FS)
Baxter International is considering divesting two units within its flagship renal-care business as it looks to refocus following its largest-ever acquisition last year.
The Deerfield, Illinois-based medical-device company is working with advisers on potential sales of its renal-care services and hemodialysis businesses, Bloomberg reported.
The units are expected to be valued at well under $1bn in total and could attract interest from private equity firms.
DOJ antitrust chief says merger efficiency defense is under review.
US antitrust enforcers are rethinking how much weight to give the cost-savings claims by companies seeking to merge as they rewrite federal guidelines, the Justice Department’s top antitrust official said Tuesday.
Assistant Attorney General for Antitrust Jonathan Kanter said the DOJ and Federal Trade Commission’s forthcoming guidelines would reconsider so-called efficiency arguments for mergers, calling it an area where antitrust policy has diverged from the law, Bloomberg reported.
Kanter said the agencies are eying a single set of rules on mergers, instead of one focused on mergers between direct competitors and a second for deals involving companies that operate in the same supply chain but don’t compete directly.
Citigroup expects sale or IPO of Mexico consumer business next year.
Citigroup expects to divest its Mexican consumer business via a sale or initial public offering that could happen next year, its chief financial officer said on Tuesday.
"We're going to make sure we get the best value for it through a sale or through an alternative exit, an IPO or whatever it takes," Mark Mason, Citigroup CFO.
In January, Citi announced it would exit Mexico as part of a plan to bring the group's profitability and share price performance in line with its peers, Reuters reported.
Apollo co-founder launches new firm with $5bn. (FS)
26North Partners, an alternative asset manager that invests across asset classes, has been launched by Josh Harris, co-founder of private equity giant Apollo. With an initial $5bn to invest, 26North Partners will focus on private equity, credit and insurance solutions.
The new firm's team includes Mark Weinberg, who led US private equity at Brookfield Asset Management, and will join 26North next year to lead the private equity platform. Brendan McGovern, the former head of Goldman Sachs Asset Management’s will lead 26North’s direct platform.
Other team members include former Centerbridge and Goldman Sachs partner Lance West, former Apollo Global Management Managing Director Evan Zemsky, former Blackstone Managing Director Tina Raja, and former Security Benefit Life executive Cole Charnas.
Madrona raises a record $690m for two new VC funds.(FS)
Madrona has raised $690m across two oversubscribed venture capital funds for technology startups based in the Pacific Northwest and beyond, $430m for the Madrona Fund 9, and $260m for the Acceleration Fund 3.
These funds represent an almost 40% increase from the $500m Madrona raised in 2020, and the firm will continue to initially invest in technology startups at pre-seed through Series C stages.
Madrona Fund 9 will focus on its enduring strategy of supporting Pacific Northwest-based pre-seed, seed, and Series A founders to help them build and scale throughout their company journey. Historically, over 80% of Madrona’s core fund portfolio companies are based in the Pacific Northwest. This reflects the firm’s strong belief that, even in a hybrid world, early-stage companies benefit from easy access to experiential learning and trusted networks, such as those Madrona has built over many years.
North Island Ventures closes second VC fund. (FS)
North Island Ventures, a crypto-focused investment firm, announced the closing of NIV Fund II with $125m in commitments. With this new fund, NIV will aim to make 30 to 40 early-stage investments in emerging crypto and Web3 companies and protocols, with initial investments ranging from $250k to $3m.
NIV Fund II is North Island Ventures’ second new investment vehicle within the past year, bringing the firm’s total assets under management to approximately $300m.
These funds will support investments in Web3 infrastructure and applications spanning multiple layers, verticals, and use cases across DeFi, NFTs, digital identity, blockchain cybersecurity, cross-chain interoperability, DeSci, and more.
Declan Flanagan launches global renewable energy platform Bluestar Energy Capital with $100m in initial capital. (FS)
Declan Flanagan, former CEO of Orsted's onshore business, announced the launch of Bluestar Energy Capital, a new global renewable energy investment platform with an initial $100m in capital for greenfield renewable energy development. Bluestar, founded by Flanagan, is also announcing several key management hires.
"A huge amount of capital is seeking a role in the energy transition, but a scarcity remains of the right kind of capital for new development platforms and new projects. Our vision is to be one of the largest global investors of early-stage development capital. We have structured Bluestar as a portfolio of distinct regional platforms based on the conviction that successful project development is a very local business. Success is about empowering regional leadership while bringing global scale and an owner's attention to detail in managing project and market risk," Declan Flanagan, Bluestar CEO.
Credit Suisse loses two bankers to Morgan Stanley and BMO. (People)
Credit Suisse Group has lost a pair of senior bankers to rivals.
Daniel Cavalli, based in New York, is joining Morgan Stanley as a managing director. Cavalli led the bank’s financial institutions coverage and mergers and acquisitions groups in Latin America. He joined Credit Suisse in 2000 after two years at Lehman Brothers, Bloomberg reported.
Amit Melwani, a managing director covering consumer and retail mergers and acquisitions, is joining the Bank of Montreal. Melwani did two stints at the Swiss bank in 2011 and was briefly a director of M&A for Restaurant Brands International Burger King.
EMEA
Blackstone-backed Sphera, a global provider of Environmental, Social and Governance performance and risk management software, data and consulting services, agreed to acquire riskmethods, a Munich, Germany-based, award-winning software company specializing in supply chain risk management. Financial terms were not disclosed.
"riskmethods' cloud-based software identifies, analyzes and helps mitigate all types of supply chain risk, including monitoring sustainability practices and ESG compliance in the supply chain. Their innovative approach to SCRM bolsters Sphera's capabilities in offering a Scope 3 emissions monitoring and reporting solution and further our mission of creating a safer, more sustainable and productive world. And their presence in Europe and the US reinforces our ability to serve our expanding global customer base," Paul Marushka, Sphera President and CEO.
riskmethods is advised by Stifel and DLA Piper. Sphera is advised by Evercore, Reed Smith and Simpson Thacher & Bartlett (led by William Allen).
Aptiv, an Irish-American automotive technology supplier, agreed to acquire an 85% stake in Intercable Automotive Solutions, an automotive parts distributor, for $593m.
“Intercable Automotive Solutions is an excellent strategic fit with Aptiv’s Signal & Power Solutions segment,” Kevin Clark, Aptiv CEO.
Aptiv is advised by Goldman Sachs and Clifford Chance. Intercable Automotive Solutions is advised by BNP Paribas and Advant NCTM.
Energy Infrastructure Partners, a provider of renewable, sustainable energy infrastructure investment solutions, agreed to acquire a 49% stake in the Wikinger offshore wind farm from Iberdrola, a Spanish power company, for $700m.
"Opportunities to join global leaders like Iberdrola as investment partners in a wind farm of this caliber – and with access to one of the most attractive regulatory schemes in the world – do not come around that often. It's an especially proud day for our investors and another important moment in our growth story," Roland Dörig, EIP's Co-Founder and Managing Partner.
Germany sells full stake in Lufthansa at $760m profit.
Germany raised $760m from the sale of the state's full stake in Deutsche Lufthansa, unwinding all of the holding it took to keep the flagship carrier afloat during Covid-19 lockdowns, Bloomberg reported.
The country's Economic Stabilization Fund, or WSF, disposed of its remaining 9.92% of Europe's largest airline via a placement with international investors, according to a statement. The government had earlier Tuesday announced the sale of a 6.2% holding.
Canal+ doubles its stake in MultiChoice in a year.
Vivendi unit Canal+, a French premium television channel, has nearly doubled its stake in South African pay-TV company MultiChoice Group over the past year following a collaboration between the two companies on local productions, Bloomberg reported.
The French firm has gradually raised its stake in MultiChoice to 26% from 15% a year ago, according to stock market filings, with the latest reported on Wednesday.
Mindful Capital leans towards IPO for Italcer over the sale. (FS)
Mindful Capital Partners is leaning towards an IPO over a sale of portfolio company Italcer as it progresses through a dual-track process. Mandates to guide on the potential IPO of the Italian ceramics group set to be awarded soon. Banks invited to pitch include BNP Paribas, Barclays, Credit Suisse.
Mindful Capital a fully independent firm operating as a unique cross border private equity house for mid-market companies located in Italy and in the DACH region that can benefit from enhanced growth strategies in international markets.
Porsche IPO draws commitment from the Norwegian wealth fund. (FS)
Volkswagen has lined up commitments from anchor investors, including the Norwegian sovereign wealth fund, as it pushes ahead with a listing of its Porsche unit.
Norges Bank Investment Management has agreed to buy stock in what’s set to be one of Europe’s largest initial public offerings. VW is discussing seeking a valuation of around $70bn to 85bn, Bloomberg reported.
At the top end of that range, Porsche would be valued at almost as much as VW. Preference shares in Europe’s biggest carmaker have fallen by roughly 23% over the last 12 months, giving it a market value of $90bn.
VC Energy Impact Partners launches $393m European fund. (FS)
Energy Impact Partners, a global venture capital firm, has launched its European Fund, which has $393m to deploy in European investments to accelerate the growth of innovative technologies which have the potential to drive the transition toward net zero.
The fund will seek growth and venture investments across the continent, targeting mission-driven companies with established products, markets, and customers across the full spectrum of the energy transition. This includes high-impact European tech companies that contribute to safer, more flexible, and cleaner energy sources.
Mirroring the successful strategy of its North American funds, the new fund is structured to enable EIP to partner with European entrepreneurs, supporting their growth and success with a combination of capital and commercial support through EIP’s powerful coalition of industrial firms. EIP’s established presence in North America also offers European companies support to expand in the market and gives founders access to opportunities to exit in North America.
Citigroup hires skilled JP Morgan banker Weir for UK operations. (People)
Citigroup has hired veteran JP Morgan Chase dealmaker Barry Weir as it seeks to beef up its senior ranks in London. Weir, recognized for his work on pure useful resource offers, will be part of Citigroup as a managing director in its UK funding banking group at the finish of September, Bloomberg reported.
He has more than 22 years of investment banking experience at JP Morgan, working with a variety of British large-cap companies. Weir has advised clients in sectors including industrials, energy, metals and mining, and real estate. He was also head of UK mergers and acquisitions at JP Morgan for a number of years.
APAC
Advanced MedTech, an integrated urology company, completed the acquisition of a majority stake in WIKKON, the Chinese provider of urology and shock wave therapy devices. Financial terms were not disclosed.
"We are now uniquely placed to aggressively grow in China's sizeable market, which is best served by domestically produced devices. Advanced MedTech's integrated urology platform is accelerated by WIKKON's significant R&D, manufacturing, supply chain, and installed base of units. Our newly combined portfolio will allow us to serve urology customers seeking value oriented solutions right through to premium oriented customers globally," Abel Ang, Advanced MedTech CEO.
Advanced MedTech was advised by Spurwing Communications (led by Emma Thompson).
Ascendas REIT, Singapore's first and largest listed business space and industrial Real Estate Investment Trust, agreed to acquire a cold storage logistics facility located at 1 Buroh Lane, Singapore for $137m.
"This is our first cold storage facility investment in Singapore. This modern Grade-A 5-storey ramp-up logistics facility is one of the best cold storage facilities in Singapore. Featuring a good combination of chiller, freezer and ambient storage spaces, it caters to a diverse food and beverage storage requirements. We are confident to achieve good rental growth due to the limited supply and strong demand for this type of facilities," William Tay, Ascendas Executive Director and CEO.
Rio Tinto, China Baowu to develop iron ore project in Australia for $2bn.
Rio Tinto said on Wednesday it would team up with its biggest customer China Baowu Steel to develop an iron ore project in Western Australia for $2bn as it looks to prop up its production from the Pilbara region.
The deal comes amid fraught ties between Australia and China – the world’s top exporter and buyer of iron ore, respectively – with a recent push by Beijing to centralize purchases of iron ore stoking worries of a hit to mining giants such as Rio, BHP Group and Fortescue Metals.
China‘s outbound direct investment in Australia has seen a steady drop since 2016, with a meager $585m investment in 2021 versus $11.54bn in 2016, according to a report by accounting firm KPMG and the University of Sydney.
Hong Kong weighs a lower revenue threshold for hard-tech IPOs.
Hong Kong Exchanges & Clearing is discussing a system that will slash the revenue requirements for hard-tech companies to go public in the city.
The bourse is planning a new chapter 18C scheme to accommodate companies in sectors ranging from artificial intelligence and chips to autonomous vehicles and smart manufacturing. The HKEX could seek public consultation as soon as this month and aims to finalize the plan by the year’s end, Bloomberg reported.
Granting easier access to public markets for hard-tech firms fits with China’s push to beef up its artificial intelligence and semiconductor industry. For the HKEX, the move may boost its appeal as a listing hub and broaden its revenue stream after a bruising year hit by Covid and regulatory setbacks that have dented its listing business.
Tencent Music plans a Hong Kong debut as soon as next week.
Tencent Music Entertainment is pressing ahead with its Hong Kong listing plans with a goal to start trading in the Asian financial hub as soon as next week.
The Shenzhen-based company, whose shares already trade in New York, is working with advisers on the preparations for its second listing. Marketing activities could start as early as in the coming days, Bloomberg reported.
Philippines' biggest toll road operator plans IPO to raise $500m.
Metro Pacific Tollways, the largest toll road developer and operator in the Philippines, could raise $500m from a planned initial public offering on the local bourse.
Metro Pacific Tollways’ President and Chief Executive Rodrigo Franco declined to comment on the financial details of the IPO but said the aim was to list the company in late 2023 or 2024. The listing of Metro Pacific Tollways, in which Hong Kong’s First Pacific has a 43.9% interest, could value the company at more than $2bn, Reuters reported.
Proceeds from the planned IPO will be used for expansion at home and in other markets in Southeast Asia, Franco said, adding the company has yet to appoint financial advisers for the deal.
Indonesia's AC Ventures hits first close of $250m, fifth early-stage fund. (FS)
Indonesia-focused venture capital firm AC Ventures has secured the first close of its $250m, fifth earlystage fund. Roughly two-thirds of the target has been raised from institutional investors across markets including Europe, the US, China, South Korea, and Southeast Asia. The fund has already deployed into five seed deals, including in Indonesian credit scoring startup SkorLife, mortgage platform IDEAL, and social job platform Atma.
The latest close brings ACV’s assets under management to over $500m across five funds. Since 2012, the Indonesian venture firm has invested in more than 100 Southeast Asian tech startups, including prominent names like Xendit, Carsome, Stockbit, Ula, Shipper, and Aruna.
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