AMERICAS
Silver Lake Partners, an American global private equity firm, agreed to invest $500m in Shadowbox Studios, a premium operator of purpose-built soundstage facilities.
"The combination of Shadowbox's premier facilities in tier one production hubs and deep relationships across the production landscape allows the company to support the world's top content producers as they grow their businesses. Consumer demand for premium film and TV content, coupled with the growing number of producers, has driven outsized demand for soundstage capacity. There is a long runway for the growth of the overall industry, and we are thrilled to partner with Shadowbox to expand the company's service offerings and deliver premium soundstage facilities in the top global production markets," Lee Wittlinger, Silver Lake Managing Director.
Shadowbox Studios is advised by Ernst & Young, Deutsche Bank, Farrer & Co, King & Spalding, Sidley Austin and FGS Global. Silver Lake is advised by Latham & Watkins and Edelman.
springbig, a provider of marketing solutions, consumer mobile app experiences, and omnichannel loyalty programs in the cannabis industry, went public via merger with Tuatara Capital Acquisition, a publicly-traded special purpose acquisition company, in a $500m deal. The merger included a $13m fully committed Class A common stock PIPE anchored by Tuatara Capital and existing investors, including TVC Capital, Key Investment Partners, and springbig's Founder and CEO Jeffrey Harris.
"We are thrilled to close this Business Combination and further springbig's evolution – not only as a public company, but as a trusted and distinguished technology and software leader serving the growing North American cannabis ecosystem. Looking ahead, we will strategically position and adapt our industry-leading offering alongside the maturation of the cannabis sector, including expanding our engagement with major brands. Additionally, we will continue exploring avenues for growth, both organically and through M&A," Jeffrey Harris, springbig CEO.
springbig was advised by Jefferies & Company and Benesch Friedlander Coplan & Aronoff. Tuatara was advised by Cantor Fitzgerald, Davis Polk & Wardwell, Dentons and Mattio Communications.
Blink Charging, an owner, operator, and provider of electric vehicle charging equipment and services, agreed to acquire SemaConnect, a provider of EV charging infrastructure solutions in North America, for $200m.
"This is a transformative acquisition for the EV charging industry and for Blink. SemaConnect is an established and well-known EV charging company with a proven track record of success, strong relationships with its site host partners in both the public and private sectors, and best-in-class technical capabilities," Michael D. Farkas, Blink Charging Founder and CEO.
Blink Charging is advised by Barclays. Barclays is advised by Sullivan & Cromwell.
JMI Equity, a growth equity firm, completed a $75m investment in Performio, an enterprise-grade sales commission software solution provider.
"We are thrilled to partner with JMI to support and accelerate Performio's continued growth. The JMI team has an impressive track record of helping build and scale b2b software companies at a similar point in their growth trajectory to Performio today," Grayson Morris, Performio CEO.
Performio was advised by Canaccord Genuity. JMI Equity was advised by Abernathy MacGregor Group.
Genstar Capital, a private equity firm focused on investments in targeted segments of the financial services, healthcare, industrials and software industries, completed the investment in AmeriLife Group, a specialist in developing, marketing, and distributing life and health insurance, annuities, and retirement planning solutions. Financial terms were not disclosed.
"Over the last two years, AmeriLife has rapidly grown its affiliate base and invested heavily in best-in-class shared resources and support to fuel our tremendous organic growth," Scott R. Perry, AmeriLife Chairman and CEO.
AmeriLife was advised by Evercore. Genstar Capital was advised by Chris Tofalli Public Relations.
Yieldstreet, a digital alternative investment platform, led a $350m Series B round in Wonder Group, a provider of at-home dining and food delivery, with participation from Accel, Bain Capital Ventures, Forerunner Ventures, General Catalyst, Google Ventures, and New Enterprise Associates.
"Wonder is creating an entirely new approach to the at-home dining experience, combining the convenience of delivery with the quality of the best dine-in restaurants. Wonder gives people access to top quality meals from some of the most highly acclaimed chefs and restaurants in the country, prepared fresh and served hot from our Mobile Restaurants right in front of customers' homes. We are excited to partner with an innovator like Yieldstreet to make sure our startup funding journey was opened up to everyday investors — not just large institutions," Marc Lore, Wonder Group Founder, Chairman and CEO.
Yieldstreet was advised by Vested.
The Riverside Company, a capital market company, completed the investment in CORE Higher Education Group, a provider of learning management software. Financial terms were not disclosed.
"Riverside has been an active investor in the higher ed software industry over the last decade, and we're excited to further that commitment with an investment in CORE. The CORE team has built a world-class software platform, team and customer base that is well positioned for continued expansion," Loren Schlachet, Riverside Managing Partner.
The Riverside Company was advised by Jones Day.
Paceline Equity Partners, a private equity company, completed the acquisition of Delta Hotel Virginia Beach Bayfront Suites, a full-service, all-suite hotel located on the northern coast of Virginia Beach. Financial terms were not disclosed.
“The Delta Hotel Virginia Beach Bayfront Suites represents our first full-service hospitality investment in a dominant drive-to-leisure market and eighth hotel in our expanding real estate portfolio. The hotel quickly experienced strong bookings upon completion of the recent renovation and conversion, demonstrating how well-positioned the property is to capitalize on continued consumer demand for leisure travel in the mid-Atlantic,” Sam Loughlin, Paceline Chief Executive Officer.
Paceline Equity Partners was advised by Gasthalter & Co.
Goldman Sachs Asset Management, a global investment company, led a $115m funding round in DataStax, a real-time data company, with participation from RCM, EDB Investments, Crosslink Capital, Meritech Capital Partners and OnePrime Capital.
"We see the transformative power of real-time applications across industries on a daily basis and among customers such as The Home Depot, Verizon, and Capital One. What's clear is that we're only in the early stages of what's possible with new data-driven experiences that will serve a wide range of human needs, create virtuous cycles between companies and their customers, and move markets. We appreciate that our investors believe in our vision even in this economy, we were able to raise significant capital at a substantial premium over the round we completed just a year ago," Chet Kapoor, DataStax Chairman and CEO.
DataStax was advised by Team Lewis.
Goldman Sachs Asset Management and Viking Global Investors led a $225m Series D round in AlphaSense, a market intelligence platform.
"AlphaSense is a scaled business growing at an accelerating pace, which we attribute to the strength of the product and the team, as well as the size of the market opportunity. Irrespective of the reset in the broader tech market, we are excited to support high quality companies with strong fundamental unit economics, such as AlphaSense. AlphaSense is building a search and intelligence platform for a broad range of users, not just financial services firms. We believe that having access to curated business information will remain a focus for enterprises through the cycle. AlphaSense is well positioned to capture this opportunity," Holger Staude, Goldman Sachs Managing Director.
AlphaSense was advised by Vivid+Co.
Cenovus Energy, an integrated oil company, agreed to acquire a 50% stake in the Sunrise oil sands project from bp, an oil and petrochemicals company, for $469m.
“Acquiring the remaining working interest in Sunrise enables us to fully benefit from the significant optimization opportunities available. By applying Cenovus’s advanced operating techniques, we expect to increase production at Sunrise while driving down sustaining capital, operating costs and emissions intensity," Alex Pourbaix, Cenovus President & CEO.
Hanwha Group, a large business conglomerate in South Korea, completed a $145m investment in Overair, an electric vertical takeoff and landing vehicle company.
"This is a tremendous milestone for our growing team, and we're extremely well positioned to deliver sustainable aerial ridesharing to the world through the development of Butterfly. We're exactly where we want to be, building a superior aircraft company with class leading mobility technology around an unrivaled aircraft while rapidly approaching the first flight of a purpose-built prototype next year. We've proven Butterfly's propulsion system, so we'll now begin validating Butterfly's ability to operate safely in real-world weather conditions, carry significant payloads, and fly incredibly quietly," Ben Tigner, Overair CEO.
Serent Capital, a growth-focused firm that invests in technology companies, completed the investment in BW Events, a managed services and technology consulting solution for the events industry. Financial terms were not disclosed.
"After a tremendous period of growth, we're thrilled to be accelerating our momentum with Serent and their team. The events industry continues to transform and evolve. We couldn't pick a better partner to help us capitalize on the immense opportunity ahead for the events industry and BW Events," Brandon Wernli, BW Events Founder and CEO.
United Air exits stake in parent of former ExpressJet Airlines.
United Airlines Holdings, a publicly traded airline holding company headquartered in the Willis Tower in Chicago, has quietly divested its stake in the parent company of former regional carrier ExpressJet Airlines, Bloomberg reported.
United had maintained a 49.9% position in ManaAir after shuttering ExpressJet's regional feed operations almost two years ago after the onset of the Covid-19 pandemic. ExpressJet, which still has an operating certificate and is led by Chief Executive Officer Subodh Karnik, last year started Aha! Airlines, a low-cost carrier that flies from Reno, Nevada.
Petrobras and Raizen to join forces on biomethane.
Petrobras has signed an agreement with energy company Raizen to evaluate a potential partnership involving the production, purchase and sale of biomethane, Reuters reported.
The agreement also foresees studies to develop logistics solutions for the delivery of biomethane, which Raizen produces, enabling its use in Petrobras' refining operations.
Meta fails to overturn Giphy sale order by UK competition regulator.
Meta has largely failed in an appeal against the UK competition regulator’s ruling that it must sell online image platform Giphy, in a blow to the social media giant’s hopes to add services that would benefit its billions of users, FT reported.
The Competition Appeal Tribunal on Tuesday unanimously dismissed all but one of Meta’s grounds of appeal, concluding that the Competition and Markets Authority had acted rationally when it last year came to the decision that it should sell Giphy — the biggest provider of animated images known as gifs to social networks.
Pension Insurance signs a $730m deal for House of Fraser.
Pension Insurance has completed a $730m insurance buyout with Britain's House of Fraser Beatties & Jenners pension scheme.
The pension scheme's main employer, House of Fraser went into administration in August 2018 and the scheme was being assessed for inclusion in the Pension Protection Fund, a lifeboat fund which typically leads to lower benefits for policyholders.
Caterpillar to move global headquarters to Texas.
Caterpillar is decamping to Texas from its longtime Illinois base, joining other major US companies weighing hiring and costs as they work to move past the continuing Covid-19 pandemic.
The maker of construction and mining equipment said that its existing office in Irving, Texas, a suburb of Dallas, would serve as its new global headquarters. The move from its current base in suburban Chicago would help it grow and that the company wasn’t getting any economic or tax incentives related to the headquarters move.
Third Rock Ventures raises $1.1bn Fund VI. (FS)
Third Rock Ventures announced the closing of Third Rock Ventures Fund VI, raising $1.1bn. Fund VI will continue Third Rock’s core strategy to discover, launch and build new groundbreaking companies focused on improving the lives of patients.
“An important differentiator for Third Rock is the strength and maturity of our ideation ecosystem. Our discovery pipeline is as robust as it has ever been, and with our established and proven model for integrating deep scientific and medical expertise with operational and business acumen, we are uniquely positioned to advance these innovations to patients," Reid Huber, Third Rock Partner.
Amplify Partners raises $700m for its new funds. (FS)
Early-stage investor Amplify Partners announced that it raised $700m, including $400m for its fifth early-stage fund and $300m for a fund to support existing portfolio companies.
"We've come a long way from our inaugural fund when we first put into practice our vision for a firm dedicated to technical founders. Our newest funds serve this exact same vision: helping technical founders at the earliest stage of their journey by putting a support system around them to take their ideas, turn those into category-defining products, and turn those into rapidly scaling businesses," Amplify Partners.
EMEA
American Industrial Partners, an operationally oriented private equity firm, completed the acquisition of Aluminium Duffel, an aluminium rolling mill located in Duffel, Belgium. Financial terms were not disclosed.
"Today marks a major milestone in our company's history. We look forward to proceeding under the new ownership of AIP, who is committed to a sustainable future for our company. We are positive about the steps AIP has taken to further invest in the company, which demonstrates their engagement to reach the full potential of our plant," Geert Vannuffelen, Aluminium Duffel General Manager.
American Industrial Partners was advised by Messier & Associes, Baker Botts, Jones Day and CorpCom.
ResMed, a medical device company, agreed to acquire MEDIFOX DAN, a software provider, from Hg, a private equity company, for $1bn.
“With the acquisition of MEDIFOX DAN, a fast-growing and innovative German healthcare software leader, we will expand ResMed’s SaaS business portfolio outside our current base in the US market and strengthen our position as the global leader in healthcare software solutions for lower-cost and lower-acuity care,” Mick Farrell, ResMed CEO.
ResMed is advised by Evercore and DLA Piper. Hg is advised by Brunswick Group.
3i, a British multinational private equity and venture capital company, agreed to acquire an additional 48% stake in TCR, a ground support equipment supplier company, from DWS, a German asset management company, for £334m ($407m).
"TCR's business model proved to be highly resilient during the Covid-19 pandemic. We look forward to continuing to support management to deliver on the company's global growth potential and are delighted to be acquiring our co-investor's share of the business," Richard Laing, 3i Infrastructure Chair.
DWS is advised by Morgan Stanley.
United Talent Agency, a global talent agency, agreed to acquire Curtis Brown Group, a literary and talent agency. Financial terms were not disclosed.
"This move is about the vanishing borders of the global entertainment business and our united determination to ensure artists and creators remain at the heart of the opportunities ahead. UTA and Curtis Brown Group have known each other and worked together for years, and we couldn't be more excited to be taking this step together at a time when the UK's creative industries are thriving. For UTA, this was driven by the profound respect we have for the Curtis Brown leadership, their deep roots in the UK, the team they've assembled, and their company culture. We're coming together in a way that is designed to ensure Curtis Brown's business and team – and their way of doing business in the markets they know best – continues to flourish and grow," David Kramer, UTA Co-President.
United Talent Agency is advised by Skadden Arps Slate Meagher & Flom.
Spotify, a proprietary Swedish audio streaming and media services provider, agreed to acquire Sonantic, an AI voice platform. Financial terms were not disclosed.
"We're really excited about the potential to bring Sonantic's AI voice technology onto the Spotify platform and create new experiences for our users. This integration will enable us to engage users in a new and even more personalized way," Ziad Sultan, Spotify Vice President of Personalization.
Spotify is advised by Skadden Arps Slate Meagher & Flom.
AnaCap Financial Partners, a mid-market private equity investor, agreed to acquire EDIGard, a pan-Nordic digital invoice distribution platform, from Nets, part of Nexi Group. Financial terms were not disclosed.
The decision to sell EDIGard resulted from a strategic review of the Nexi Group's perimeter following the completion of the mergers with Nets and SIA.
KBR, a technology and engineering solutions provider, agreed to acquire Vima Group, a provider of digital transformation solutions, for £75m ($90m).
"This acquisition builds on our growing platform of high end, technically differentiated advisory, consulting, and transformation solutions in international markets. VIMA Group's capabilities and trusted relationships in increasingly important areas accelerates our strategy to invest in the skills of the future that will deliver growth and value creation for years to come. We are delighted to welcome VIMA Group into the KBR family," Stuart Bradie, KBR President and Chief Executive Officer.
Certares, a global travel, tourism and hospitality investment firm, and Knighthead, a credit investment management firm, completed the $225m investment in Global Blue, a tourism shopping tax refund company.
Global Blue intends to use the funds to continue pursuing strategic add-on acquisitions in Payment and omnichannel Retail Technology and to fund working capital requirements associated with the significant recovery underway in its core Tax-Free Shopping business, after two years of reduced activity due to the Covid-19 pandemic.
L3Harris in talks to buy Israeli spyware firm NSO.
US defence contractor L3Harris is in talks to buy Israeli spyware firm NSO Group, US and Israeli media reported, citing sources with knowledge of the deal.
The deal is yet to be finalised and needs to be approved by Israel, the US and L3Harris’ board of directors, according to the joint report by Haaretz, The Washington Post and The Guardian.
Russian bank VTB doesn't see merger with rival happening before autumn.
Russia's second-largest lender VTB does not think a proposed merger with fellow state-run bank Otkritie will take place before autumn, Reuters reported.
The process to merge VTB with Otkritie was rather time-consuming, Andrei Kostin, VTB's president and board chairman said.
Aldar mulls acquiring a stake in Medinet Nasr. (FS)
Aldar Properties is considering the acquisition of a majority stake in Egyptian developer Medinet Nasr Housing, a deal that would strengthen the Abu Dhabi firm's presence in the Arab world's most populous country. The Egyptian company's shares climbed, Bloomberg reported.
Aldar, which primarily operates in Abu Dhabi, has been looking to expand abroad as it faces limited growth prospects in its home market, the United Arab Emirates. The developer is seeking to deploy AED5.6bn ($1.5bn) on acquisitions this year, looking to grow its holdings of revenue-generating properties. A deal would give Aldar access to a vast land bank in eastern Cairo for development in an under-served market.
SoftBank plans additional London listing for Arm IPO.
SoftBank Group is considering listing some of its stake in chip designer Arm on the London Stock Exchange, switching from an earlier plan to only use the US market.
Coca-Cola to delay IPO of Africa bottler on market turmoil.
Coca-Cola delayed the planned initial public offering of part of its stake in an African bottler of its products, saying a rescheduled listing would depend on improved market conditions, Bloomberg reported.
The Atlanta-based soft-drink giant is the latest company to pull back on a sizeable listing as market sentiment worsens. The company set the IPO plan for Coca-Cola Beverages Africa in April 2021, part of its effort to focus resources on brand building and innovation. However, it is now eyeing an IPO in 2023, according to a Tuesday's statement.
APAC
Australia's Federal Court approved the $6.3bn acquisition of the country's largest casino operator Crown Resorts by US private equity giant Blackstone.
The approval follows nods from state regulators in Western Australia, New South Wales and Victoria last week, and gives billionaire James Packer an exit route from the Australian casino firm, beset by scandals and regulatory setbacks, in which he owns a 37% stake, Reuters reported.
Crown Resorts is advised by UBS, Allens and Herbert Smith Freehills.
Star Entertainment is advised by Credit Suisse, Flagstaff Partners and King & Wood Mallesons. Debt financing is provided by Credit Suisse. Blackstone is advised by Citigroup, Morgan Stanley, Clayton Utz and Simpson Thacher & Bartlett. Consolidated Press is advised by Moelis & Co.
Lenovo, a multinational technology company, agreed to acquire digital units of PCCW, a global telecommunications provider, for $614m.
"The transaction allows the company to expand its IT services capabilities, its suite of service offerings as well as the geographic and vertical coverage of customers and partners," Lenovo.
Lenovo is advised by HSBC and Cleary Gottlieb Steen & Hamilton. PCCW Global is advised by JP Morgan and Slaughter & May.
Goldman Sachs, a global investment bank, GGV Capital, a private equity firm, and Asia Investment Capital, an investment company, led a $300m Series C round in MegaRobo, a robotics startup, with participation from Sinovation Ventures, Pavilion Capital and Starr Capital.
AI and robotics have emerged as a key area of competition between the US and China, which are racing to develop technologies of the future. Firms like MegaRobo are expected to benefit from government support as Beijing seeks to move beyond low-end manufacturing and up the technology ladder by dominating key fields like automation and machine learning.
Boston Scientific, a manufacturer of medical devices agreed to acquire a majority stake in M.I.Tech, a publicly traded Korean manufacturer and distributor of medical devices, from Synergy Innovation, a microbial technology developer, for $230m.
"M.I.Tech is an innovator in non-vascular stent development, with product offerings that complement our existing stent portfolio, including the differentiated AXIOS™ Stent and Electrocautery Enhanced Delivery System and the flexible and conformable Agile™ Esophageal Stent System. We are committed to investing in technologies that advance care for patients around the world and are eager to work more closely with M.I.Tech to expand their international footprint," Art Butcher, Boston Scientific Executive Vice President and Group President, MedSurg and Asia Pacific.
Baidu aims to sell iQiyi stake at $7bn Value.
Baidu is in discussions to sell its majority stake in iQiyi in a deal that could value the Netflix-style streaming service at $7bn, Reuters reported.
Baidu intends to offload its 53% stake in a unit it’s decided is no longer core to its business. The iQiyi shares have drawn early interest from several financial sponsors and state-owned companies. A deal could value iQiyi as a whole at roughly $7bn.
BP to lead giant green hydrogen project in western Australia.
BP acquired a stake in one of the world's largest clean energy projects, which aims to supply green hydrogen from Australia to key markets, including South Korea and Japan, Bloomberg reported. BP declined to disclose details of the cost of the acquisition, citing commercial confidentiality. The energy giant is set to take 40.5% stake in key global development.
"It also reflects our belief that Australia has the potential to be a powerhouse in the global energy transition," Isabel Dotzenrath, BP executive vice president.
ABC Life holders seighing stake sale at $4bn value.
The minority investors in ABC Life Insurance, the insurer controlled by Chinese state-owned Agricultural Bank of China, are considering a sale of their stake, Bloomberg reported.
The investors, who own about 49% of closely-held ABC Life, are working with a financial adviser on the possible sale. A transaction could value the whole life insurance business at about $3bn to $4bn.
CATL kicks off a $6.7bn placement.
Bloomberg reported that Contemporary Amperex Technology, a maker of batteries for electric cars, has kicked off an A-share private placement that could raise about $6.7bn.
The Ningde, Fujian-based company has set a floor price of $2.5 for the placement. The placement includes a greenshoe option that could take the deal size to about $6.87bn.
DFC approves $255m investments in SE Asia in Q2.
The US International Development Finance Corporation Board of Directors approved $255m worth of investments that use debt financing and equity investments to support US national security and foreign policy priorities.
“The diverse set of transactions announced today will make real impact across a range of sectors and development challenges. These transactions showcase how DFC strategically catalyzes private capital where it matters most. I want to thank the Board for their work and support for these deals," Scott Nathan, DFC CEO.
Sequoia Capital announces a $2.85bn fund for India, Southeast Asia. (FS)
Global venture capital and growth investor Sequoia Capital raised $2.85bn across a set of funds to continue financing entrepreneurs to invest in Southeast Asia and India.
Introducing a first dedicated Southeast Asian fund worth $850m, Sequoia will invest the remaining substantial portion towards the Indian venture and growth funds at $2bn.
Credit Suisse’s Dhupelia joins JP Morgan. (People)
Credit Suisse Group’s Sunil Dhupelia is joining JP Morgan as co-head of Asia ex-Japan equity capital markets.
Dhupelia, who was previously co-head of APAC ECM and head of equity syndicate at the Swiss bank, will start in mid-September. He will work alongside co-head Peihao Huang and will be based in Hong Kong, Bloomberg reported.
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