AMERICAS
Antitrust regulators will possibly extend their investigation into Lockheed Martin's proposed acquisition of Aerojet Rocketdyne Holdings, an American rocket and missile propulsion manufacturer, since the deal would give the No. 1 defense contractor ownership of a vital piece of the US missile industry.
The $4.4bn dollar deal raised eyebrows because Lockheed would take over a company that produces 70% of the solid-fuel rocket motors and other propulsion products used in everything from antiballistic missiles to air-to-air missiles. Lockheed anticipates that the deal could take until the second half of the year to close.
Aerojet is advised by Citigroup, Evercore, Gibson Dunn & Crutcher, Jenner & Block and Joele Frank. Financial advisors of Aerojet are advised by Sullivan & Cromwell. Lockheed is advised by Goldman Sachs, Hogan Lovells and Joele Frank. Financial advisors of Lockheed are advised by Cleary Gottlieb Steen & Hamilton.
Osprey Technology Acquisition, a special purpose acquisition company, agreed to merge with BlackSky, a provider of real-time geospatial intelligence and global monitoring services, in a $1.5bn deal. The transaction is expected to close in July 2021. After the completion, BlackSky will be listed on the NYSE with the ticker symbol "BKSY".
"This transaction fully funds our growth plans and accelerates our vision of providing our customers with a 'first-to-know' advantage. This is an important inflection point for our industry as commercial and government users demand access to real time information about the changes that matter most to them. With our high revisit rate constellation and our sophisticated analytics platform, BlackSky can address the market's significant demand for real-time geospatial intelligence. We're excited to partner with Osprey to accelerate our mission to support our customers' critical needs," Brian O'Toole, BlackSky CEO.
BlackSky is advised by Credit Suisse, Moelis & Co, PJT Partners, Wilson Sonsini Goodrich & Rosati, Communique PR and ICR. Financial advisors of BlackSky are advised by Paul Weiss Rifkind Wharton & Garrison. Osprey Technology is advised by Moelis & Co, Union Square Advisors and Skadden Arps Slate Meagher & Flom.
Total Produce, a fresh produce company, agreed to merge with Dole Food Company, an American agricultural multinational corporation headquartered in Westlake Village, California, in a $455m deal.
"I am delighted with this transaction, which combines two highly complementary premium businesses to create the global leader in fresh produce. I am confident the combined business will open new avenues of value creation for shareholders and pursue innovation in healthy nutrition for our customers worldwide," Carl McCann, Total Produce Chairman.
Dole Food Company is advised by Deutsche Bank. Total Produce is advised by Davy Corporate Finance, Goldman Sachs, Arthur Cox, Skadden Arps Slate Meagher & Flom, Brunswick Group and Wilson Hartnell. Debt financing is provided by Bank of America Merrill Lynch, Goldman Sachs and Rabobank.
Canaccord Genuity Growth II, a special purpose acquisition company, agreed to merge with Taiga Motors, a manufacturer of electric off-road vehicles, in a $422m deal. Completion of the transaction is expected in April 2021, subject to stock exchange approval and other customary closing conditions.
"We are excited to present this qualifying acquisition to our shareholders and we believe that Taiga Motors provides a compelling opportunity to participate in a new segment of the electric vehicle market. We are confident that the Taiga team is positioned to take early leadership in this segment and has demonstrated a clear path for growth. We look forward to supporting the Taiga team as they begin their journey as a public company," Michael Shuh, Canaccord Genuity Growth II Chairman and Chief Executive Officer.
Taiga Motors is advised by National Bank Financial and Fasken. Canaccord Genuity is advised by Canaccord Genuity, National Bank Financial, Goodmans, Stikeman Elliott and Gateway Investor Relations.
HighCape Capital Acquisition, a healthcare-focused SPAC sponsored by leading healthcare growth equity investment firm HighCape Capital, agreed to merge with Quantum-Si, an end-to-end proteomics solutions provider, in a $1.5bn.
"Quantum-Si's business strategy aligns well with our investment philosophy. We have confidence that this highly passionate and experienced management team is well-positioned to deliver on its bold vision of revolutionizing the proteomics market. We look forward to supporting Quantum-Si and building a sustainable business that will be a disruptive force in the proteomics industry in the years to come," Kevin Rakin, HighCape Capital CEO.
Quantum-Si is advised by Mintz Levin. HighCape Capital is advised by Cantor Fitzgerald, JP Morgan, White & Case and Westwicke. Financial advisors are advised by Mayer Brown.
Charles River Laboratories, an American corporation specializing in a variety of preclinical and clinical laboratory services for the pharmaceutical, medical device and biotechnology industries, agreed to acquire Cognate BioServices, a biologics CDMO, for $875m.
The acquisition of Cognate will expand Charles River's scientific capabilities into the emerging, high-growth cell and gene therapy CDMO sector, establishing a comprehensive solution from discovery and non-clinical development through CGMP manufacturing in advanced drug modalities.
Cognate BioServices is advised by Morgan Stanley and Kirkland & Ellis. Charles River Laboratories is advised by Dark Horse Consulting Group, Dyal Co, Davis Polk & Wardwell and Weil Gotshal and Manges.
V99, a Delaware corporation led by Telenav CEO HP Jin, completed the acquisition of Telenav, a wireless location-based services corporation, for $241m. The per-share purchase price represented a premium of approximately 33.3% over Telenav's closing stock price on October 1, 2020.
"Today's announcement represents an exciting new chapter for Telenav. As a private company, we will have the resources and flexibility to continue our growth and execute on our OEM-centric, connected-car strategy as the market for connected-car capabilities continues to expand. I would like to thank the Special Committee for taking the time to thoroughly evaluate and review V99's offer and Telenav's employees for their continued focus throughout this process. I am honored to continue leading Telenav through its next phase of growth and success, and I am confident Telenav will thrive as a privately held company," HP Jin, Telenav Co-Founder, President and CEO.
Telenav was advised by B. Riley FBR, Wilson Sonsini Goodrich & Rosati, Bishop IR and Joele Frank. V99 was advised by Norton Rose Fulbright.
Crescent Point Energy, an oil and gas company, agreed to acquire Kaybob Duvernay assets from Royal Dutch Shell, a multinational oil and gas company, for $707m, comprising of $551m in cash and 50m common shares of Crescent.
"The acquisition is aligned with our core principles to focus on strategic initiatives that enhance our balance sheet strength and sustainability. It is expected to enhance our free cash flow generation, leverage ratios and ESG profile. The depth of high-return drilling inventory also provides optionality within our capital allocation framework. We view the Kaybob assets as low-risk given that they have been delineated over the past decade and key infrastructure and market access are already in place," Craig Bryksa, Crescent Point President and CEO.
Crescent Point is advised by BMO Capital Markets and Scotiabank.
Birch Hill Equity Partners, a private equity firm, agreed to acquire the Specialty Chemicals business of Superior Plus, which distributes propane, supplies chemicals and technology, and produces potassium products, for $725m.
"We are excited to enter into this transaction with Birch Hill. The sale of Specialty Chemicals is an important component of our strategic plan and provides us with additional capital to further accelerate our accretive growth strategy in the US propane market," Luc Desjardins, Superior President and CEO.
Superior Plus is advised by Barclays and Orrick Herrington & Sutcliffe.
MRI Software, a real estate software provider, agreed to acquire Manhattan Real Estate and Workplace Solutions, the real estate and workplace solutions division of Trimble, a hardware, software and services technology company. Financial terms were not disclosed.
"The world of work has changed fundamentally over the past year, and companies require innovative solutions that enable flexibility for their workplaces and leases. The acquisition of Manhattan will bring a well-respected industry leader with a strong heritage into the MRI fold, and our combined workplace management capabilities uniquely position us to serve the needs of owners, operators and tenants across the real estate spectrum," Patrick Ghilani, MRI Software CEO.
MRI Software is advised by Platform Communications and Saygency.
ICV Partners, an investment firm focused on lower middle-market companies, agreed to invest in Total Access Urgent Care, a provider of urgent care and many emergency department services in the Midwest. Financial terms were not disclosed.
"We partnered with TAUC to help expand the excellent care they provide to a more robust and expanded geography and population. We share their commitment to providing outstanding patient care and are anxious to work with Dr. Bruckel and his excellent team as we make investments that will expand patient access. This is an exciting time to join with this superb group to continue organic growth in existing locations and also open new locations in current and new geographic markets. Dr. Bruckel's excellent track record of improving service levels and enhancing patient outcomes will be critical as we grow this esteemed medical practice," Ira Moreland, ICV Managing Director.
ICV is advised by Chris Tofalli.
SoftBank Vision Fund 2 led a $150m Series C round in Standard Cognition, an autonomous checkout solutions provider, with participation from CRV, EQT Ventures, TI Platform Management and SK Networks.
"The physical retail industry must accelerate its pace of digital transformation to better compete with online players. We believe Standard is emerging as a clear leader for autonomous checkout, driven by advanced AI-powered technologies. We are excited to partner with the Standard leadership team as they aim to accelerate deployment of checkout-free technology with retailers seeking to improve their customers' shopping experience," Serena Dayal, SoftBank Investment Director.
Standard Cognition was advised by Covington & Burling.
Tiger Global, an investment firm focused on public and private companies in the global Internet, software, consumer, and financial technology industries, led a $105m Series C round in TigerGraph, a provider of the leading graph analytics platform.
The company will use the funding for product innovation and development to better support its customers, including TigerGraph Cloud on Google Cloud Platform, plus further multi-region support on AWS and Azure.
TigerGraph was advised by Offleash.
Federal Signal, an American manufacturer of street sweeper vehicles, emergency vehicle equipment and emergency vehicle lighting, completed the acquisition of OSW Equipment & Repair, a manufacturer of dump truck bodies and custom upfitter of truck equipment and trailers, for $52.5m.
"The acquisition of OSW represents a highly strategic transaction, adding three premier brands that serve attractive infrastructure, construction and other industrial end-markets on the West Coast, in Arizona and in parts of Canada," Jennifer L. Sherman, Federal Signal President and CEO.
Bonne Santé Group, a health and wellness company, agreed to acquire Nexus Offers, a network platform in the digital affiliate marketing industry. Financial terms were not disclosed.
"Adding a digital affiliate marketing network to our growing portfolio of companies represents yet another growth vertical for Bonne Santé Group. With sales of nutraceutical products, including vitamins and supplements, increasingly being purchased online directly from consumers, these digital marketing platforms represent a significant revenue stream for the company and its various brands going forward," Ryan Zackon, Bonne Santé Group CEO.
Tiger Global Management and BOND led a $150m Series E round in Locus Robotics, a warehouse robotics company, with participation from Scale Venture Partners and Prologis Ventures.
"This new round of funding marks an important inflection point for Locus Robotics. Warehouses facing ongoing labor shortages and exploding volumes, are looking for flexible, intelligent automation to improve productivity and grow their operations. Locus is uniquely positioned to drive digital transformation in this enormous global market," Rick Faulk, Locus Robotics CEO.
Moore Strategic Ventures and Rovida led a $120m Series B round in Blockchaincom, a cryptocurrency wallet provider, with participation from Kyle Bass, Access Industries, Lightspeed Venture Partners, GV, Lakestar and Eldridge.
"What excites me most about this moment is the immense optimism about cryptocurrency from serious, institutional investors. In fact, the current bull run is dominated by stories of Fortune 500 companies, investment funds, and institutions driving net inflows into crypto. The fact that the best macro investors in the world participated in our latest fundraise is further proof that institutions are taking a serious look at their crypto strategy," Peter Smith, Blockchaincom CEO.
Boeing-backed Aerion is in talks to go public via Altitude SPAC merger.
Boeing-backed Aerion, a designer of supersonic planes, is in talks to go public through a merger with Altitude Acquisition, a special purposes acquisition company. The companies are discussing a deal that would value the combined firm at up to $3bn. A deal could be announced as soon as this month.
Altitude Acquisition raised $300m in an initial public offering in December to pursue acquisitions in travel-related businesses, its prospectus shows. Its sponsors have since filed for two more SPAC listings seeking to raise a combined $550m.
Cadence explores a potential sale.
Cadence Bancorp, a Texas-based regional bank, is exploring a sale. A deal could value the bank at $2.4bn. Cadence comes to market as regional banks increasingly seek to do deals to grow amid low interest rates and tepid loan demand.
The Houston-based lender is working with financial advisers to solicit interest from potential buyers. A final decision hasn’t been made and Cadence could opt to remain independent.
Warburg Pincus files two SPACs seeking $750m. (FS)
Private equity firm Warburg Pincus filed to raise $750m in initial public offerings by two new special purpose acquisition companies. Warburg Pincus Capital I-A is seeking to raise $250m while Warburg Pincus Capital I-B is targeting $500m.
Both blank-check companies can acquire targets in any sector or region. This is Warburg Pincus’ first entry into the heated SPAC market. The firm plans to list the two SPACs on the New York Stock Exchange under the symbols WPCA and WPCB.
Warburg Pincus is advised by Citigroup, Credit Suisse and Evercore.
Three InterPrivate-backed SPACs aim to raise $650m in IPO. (FS)
Three blank-check firms, backed by private equity firm InterPrivate, are looking to raise as much as $650m in their initial public offerings. InterPrivate II Acquisition, InterPrivate III Financial Partners and InterPrivate IV InfraTech Partners aim to raise $200m, $200m and $250m, respectively, by selling units on the New York Stock Exchange and Nasdaq.
The special purpose acquisition companies said they would seek to take public companies with an enterprise value of $1bn or more in the tech and financial services sectors.
The SPACs are advised by Morgan Stanley, EarlyBirdCapital, and Wells Fargo Securities.
Leonard Green-backed Joann files for an IPO. (FS)
Leonard Green & Partners-backed Joann, a fabric and craft store, filed for a $100m US IPO. Joann plans to trade on the Nasdaq Global Market under the symbol "JOAN".
The retailer, dating back to a Cleveland storefront in 1943, has prospered through the coronavirus pandemic, adding 8m new customers to its marketing database in the past year. The company paid down more than $433m in debt in 2020, reducing its total debt to about $930m as of October 31.
Joann is advised by Bank of America Merrill Lynch and Credit Suisse.
FinServ Acquisition II announced the pricing of its upsized $265m IPO.
FinServ Acquisition II, a special purposes acquisition company, priced the upsized initial public offering of its 26.5m units at $10 per unit. The units will be listed on the Nasdaq Capital Market and will begin trading under the ticker symbol “FSRXU”.
Each unit consists of one of the company’s shares of Class A common stock and one-quarter of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock for $11.50 per share.
FinServ Acquisition is advised by Citigroup and Barclays.
Angermayer to launch biotech SPAC in the US. (FS)
German investor Christian Angermayer is planning to list a blank-cheque company in New York, embracing a trend that has seen a swathe of entrepreneurs tapping into investor interest in new offerings.
His Frontier Acquisition, a special purpose acquisition company, is planning to sell shares worth $200m and will have a biotech focus. The SPAC is being sponsored by Angermayer’s family fund Apeiron Investment Group as well as by venture capital firm Falcon Edge.
Novacap raises $1.87bn for TMT VI. (FS)
Canadian private equity firm Novacap closed the Novacap TMT VI at $1.87bn, making it the largest fund raised by the firm to date. The total includes significant commitments from Novacap's partners and employees as well as from the Novacap Executive Fund.
Virtually all investors in the firm's TMT V vehicle committed to TMT VI, which was significantly oversubscribed, exceeding its target of $1bn. The investor base for TMT VI includes sovereign wealth funds, public and corporate pension plans, insurance companies, endowments and foundations, family offices and advisory firms.
Novacap is advised by Credit Suisse and Davies Ward Phillips & Vineberg.
Reach Capital closes a $165m fund for edtech startups. (FS)
Reach Capital, a venture capital firm, raised $165m for its latest fund to invest in early-stage edtech companies. Reach Capital III is the San Francisco-based firm’s largest fund to date.
“There are still barriers that keep kids – especially Black, Latinx, those from under resourced communities and those with disabilities – away from intriguing, exciting, joyful educational experiences,” Jennifer Carolan, Reach Capital Partner.
EMEA
Australia's competition regulator raised concerns over Aon's $30bn bid for Willis Towers Watson, a global multinational risk management, insurance brokerage and advisory company, to create the world's largest insurance broker, close on the heels of a similar move by EU antitrust regulators.
Australian Competition and Consumer Commission stated that the merger could significantly hurt competition in commercial risk, reinsurance and employee benefits broking and advisory services in Australia.
Willis Towers is advised by Bank of America Merrill Lynch, Goldman Sachs, Herbert Smith Freehills, Matheson, Skadden Arps Slate Meagher & Flom and Weil Gotshal and Manges. Financial advisors of Willis Towers are advised by Cleary Gottlieb Steen & Hamilton. Aon is advised by Credit Suisse, Morgan Stanley, Arthur Cox, Freshfields Bruckhaus Deringer, Latham & Watkins, FTI Consulting and Joele Frank. Financial advisors of Aon are advised by Cravath Swaine & Moore.
Electronic Arts, a digital interactive entertainment company, completed the acquisition of Codemasters Group Holdings, a British video game developer, for $1.2bn.
Both of the companies believe that the combination of Electronic Arts and Codemasters would bring together the world-class interactive entertainment portfolios and create amazing and innovative new racing games for fans. It can also bring benefits to Codemasters performance and will allow to grow companies' existing franchises and deliver more industry-defining racing experiences to a global fan base.
Codemasters was advised by Jefferies & Company, Liberum Capital, Gowling WLG, Reed Smith and Alma PR. Electronic Arts was advised by UBS and Skadden Arps Slate Meagher & Flom.
Marlin Equity-backed Unifaun, a cloud transport administration systems platform, completed the merger with Francisco Partners-backed Consignor, a cloud TAS platform. Financial terms were not disclosed.
"The unification of our talented, passionate teams, as well as our local and global resources, will drive significant value to our customers and employees. Together we will deliver exactly what our customers have been seeking – an integrated, full-suite of TAS solution that will help our customers reduce shipping costs while improving the overall delivery experience for constituents across the logistics value chain," Peter Tang Thomsen, Consignor Founder and CEO.
Consignor was advised by Raymond James, Aabo-Evensen & Co and Paul Hastings. Unifaun was advised by Arma Partners, Ernst & Young and Plesner. Francisco Partners was advised by Sloane & Company.
Investment companies IK Investment Partners and Luxempart agreed to acquire a stake in iM Global Partner, a worldwide asset management network, from Eurazeo, a private equity firm. Financial terms were not disclosed.
"We are pleased to welcome IK Investment Partners and Luxempart alongside Eurazeo and Amundi, which have been accompanying and supporting us since the beginning of this great adventure. Together, we will continue to develop our unique asset management model and further accelerate the growth of our activities worldwide," Philippe Couvrecelle, iM Global Partner CEO.
iM Global Partner is advised by KL Communications. Eurazeo and IK Investment Partners are advised by Maitland.
Constellation Software-backed Volaris Group, an investment company, completed the acquisition of SSP, a global supplier of technology systems and software for the insurance industry, helping insurers, and brokers to operate more efficient businesses. Financial terms were not disclosed.
"Founded in 1984, SSP has grown to be a leading global supplier of technology systems and software for the property and casualty insurance industry. SSP's solutions are designed to help insurers and brokers operate their businesses more efficiently," Constellation Software.
SSP was advised by Squire Patton Boggs. Volaris was advised by Fox Williams.
Blue Water Energy-backed 3t Energy Group, a connected platform of cloud-based training and competency software and technology, agreed to acquire the UK training centres of Petrofac, a British provider of oilfield services. Financial terms were not disclosed.
"Buying Petrofac's UK in-person training presence was an excellent opportunity that we had to explore. It allows us to extend our customer offering and demonstrates our commitment to providing the very best training to the energy industry. With Petrofac's strong training pedigree and world-class staff, the acquisition both broadens and strengthens our market-leading offer," Kevin Franklin, 3t Energy Group CEO.
3t Energy is advised by PricewaterhouseCoopers and Muckle.
GFG Alliance-backed Liberty Steel, a steel manufacturing company, terminated the acquisition of Thyssenkrupp Steel Europe, a steel manufacturing unit of industrial giant Thyssenkrupp. Financial terms were not disclosed.
Thyssenkrupp has broken off talks saying the parties were "far apart" in their plans for the beleaguered business.
"We opened the door for negotiations, but in the end our ideas about the corporate value and the structure of the transaction were far apart. We regret this step because we perceived Liberty Steel as a serious partner in the process," Klaus Keysberg, Thyssenkrupp CFO.
Private equity firm Triton Partners agreed to acquire SCHOCK, a kitchen sinks manufacturer, from IK Investment Partners. Financial terms were not disclosed.
"We want to support the management and employees of SCHOCK by investing in and supporting the continued growth and development of the company. We look forward to working together with the management team to strengthen the company's core business and to support its international growth," Peder Prahl, Triton General Partner.
IK Investment Partners is advised by Maitland.
Corsearch, a provider of global anti-piracy and anti-counterfeiting solutions, agreed to acquire Entura, a content protection specialist. Financial terms were not disclosed.
"This timely acquisition is important for content companies as it means Corsearch will provide a full-service approach to reducing piracy on both the consumer and distributor sides. The anti-piracy market is currently highly fragmented, but by combining our existing solutions and data with Corsearch's global scale, we will create an even greater impact," Tobias Hartmann, Corsearch CEO.
Epiris joins bidding for KPMG restructuring arm. (FS)
Epiris, one of Britain's biggest mid-market buyout firms, is preparing to lodge a final bid for the UK restructuring services division of KPMG, the big four auditor.
Epiris, which also owns The Big Table, the owner of restaurant chains Café Rouge and Las Iguanas, is one of four parties in contention to buy the arm of KPMG which oversees corporate insolvencies and rescue refinancings.
HeidelbergCement explores a sale of its Spanish assets.
HeidelbergCement, a building material company, is exploring the sale of Spanish assets as Chief Executive Officer Dominik von Achten carries out plans to divest peripheral businesses. HeidelbergCement’s entire Spanish operation could be worth about $362m, Bloomberg reported.
The German company is reviewing its Spanish portfolio, which includes three cement plants and related businesses. While HeidelbergCement is likely to sell a plant in Malaga, it could eventually expand that to include sites around San Sebastian and Bilbao too.
Volkswagen weighs listing of Porsche sports-car division.
Volkswagen is considering a separate listing of its Porsche sports-car unit in a deal that could boost its valuation and bring in a significant amount of cash. A Porsche listing could take place next year. Volkswagen plans to keep a majority stake if it pursues an IPO of the business.
The world’s second-largest carmaker is speaking with advisers to study the merits of a potential initial public offering or spinoff of Porsche. Volkswagen could use any proceeds from a listing for acquisitions or technology investments.
TDR Capital-backed Keepmoat Homes seeks a $971m IPO. (FS)
TDR Capital-backed Keepmoat Homes, a housebuilding company, is seeking to raise as much as $971m in IPO.
Keepmoat Homes hired Barclays and Moelis to explore a so-called 'dual-track' process for the company.
Ivan Tavrin raises $450m for European tech SPACs.
Former MegaFon head Ivan Tavrin raised $450m for two new blank-check companies targeting acquisitions in the European technology industry, Bloomberg reported.
The Russian businessman’s Kismet Acquisition Two completed a $200m US initial public offering, while Kismet Acquisition Three priced a $250m sale. Both special-purpose acquisition companies are expected to start trading on the Nasdaq Capital Market.
“Kismet’s strategy is to become the leading SPAC franchise in EMEA with the capital, publicly listed vehicles and experienced team in place to identify great private companies and bring them to the public markets. We are currently the only local player in Europe with three live SPACs," Ivan Tavrin, Kismet Acquisition Founder.
Kismet Acquisition is advised by Citigroup, Bank of America Merrill Lynch and Credit Suisse.
Advent Life Sciences closes two new funds with $215m in combined commitments. (FS)
Advent Life Sciences, a private equity firm, closed two new funds with commitments totaling $215m. Advent Life Sciences Fund III is the firm’s third dedicated life sciences venture capital fund raised from new limited partners, including British Patient Capital, as well as existing LPs.
The funds will primarily support companies to develop new therapeutics but will also continue Advent’s successful strategy of backing high-potential medical technology companies.
KKR sells five UK student accommodation assets to Greystar Real Estate Partners for $404m. (FS, RE)
KKR, a global investment firm, announced the sale of five major student housing developments across the UK to Greystar Real Estate Partners, an investor and developer of high-quality rental housing, for $404m.
The five Purpose Build Student Accommodation developments comprise a total of 2.1k units situated in London, Glasgow, Coventry and Bristol, four cities renowned for their higher education institutions.
"These assets have helped to address the growing demand for high-quality accommodation across university hubs in the UK that provide a focus on wellbeing and community for students. We continue to see the UK as a strategically significant market for PBSA, with strong projected demand, and will continue to assess future opportunities to acquire and develop quality assets," Seb D’Avanzo, KKR Managing Director.
Charlie Jacobs joins JP Morgan. (People)
JP Morgan appointed Charlie Jacobs, a senior partner at Linklaters, as its new co-head of investment banking in the UK, making the veteran M&A lawyer the latest to swap the law for finance, FT reported.
Charlie Jacobs will succeed Ed Byers, who will become JP Morgan’s vice-chair of UK investment banking. At JP Morgan, Jacobs will advise blue-chip UK companies on challenges thrown up by a post-Brexit market and recovery from the fallout of the Covid-19 pandemic.
APAC
Carlyle agreed to invest $200m in Kakao Mobility, a mobility-as-a-service platform, valuing the company at $3bn.
"Our partnership with Carlyle will enable us to expedite our growth strategy for our smart mobility platform, which aims to create a more comfortable and convenient mobility experience for users. As a leading mobility player, we will work with various companies in the mobility industry to build an ecosystem through our Kakao T platform by focusing on the customers and improving service quality," Ryu Gung-seon, Kakao Mobility CEO.
Carlyle is advised by Signature.
Bharti Airtel, an Indian multinational telecommunications services company, agreed to acquire a 20% stake in its direct-to-home television business from private equity firm Warburg Pincus for $429m.
"Airtel was one of the earliest and most profitable investments for Warburg Pincus in India. We are delighted to be back as partners in Bharti Airtel through this transaction. We look forward to capitalizing on the broad-based growth that the company is witnessing across its entire portfolio of businesses, including the digital build-outs," Vishal Mahadevia, Warburg Pincus Managing Director.
Weibo plans Hong Kong second listing.
Weibo, China’s largest micro-blogging service, is planning a second listing in Hong Kong as soon as this year, joining a growing cohort of US-traded Chinese firms in seeking a trading foothold in the financial hub.
A wave of Hong Kong share sales by US-listed Chinese firms, kicked off by Alibaba Group’s second listing in late 2019. Deliberations are at an early stage and details of the share sale including size and timing could still change.
Sequoia-backed Dingdong Maicai mulls a US IPO. (FS)
Sequoia Capital-backed Dingdong Maicai, a Chinese grocery application, is considering a US IPO as soon as this year to bankroll its expansion in the competitive fresh food delivery market. Dingdong Maicai could raise at least $300m.
Its backers include General Atlantic, Bertelsmann Asia Investments, Qiming Venture Partners and Gaorong Capital.
KKR Asia-Pacific managing director Terence Lee quits. (FS, People)
Terence Lee, KKR's managing director for Asia Pacific, resigned from the buyout firm after 10 years, Bloomberg reported. Lee, who is based in Singapore, led the firm’s technology, media, and telecommunications private equity and growth equity investments in Southeast Asia. Following his departure, he has also stepped down from the boards of companies where he represented KKR.
Prior to his resignation, Lee sat on the boards of companies including Voyager Innovations in the Philippines, PropertyGuru in Singapore, Gojek in Indonesia, and Weststar Aviation Services in Malaysia.
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