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AMERICAS
General Atlantic, an American growth equity firm, and Stone Point Capital, an investment firm, agreed to acquire HireRight, a global background screening services and workforce solutions provider, for $1.65bn.
"We are pleased to have reached this agreement with General Atlantic and Stone Point, which delivers a significant and immediate cash premium to HireRight's unaffiliated stockholders," Guy Abramo, HireRight President and CEO.
HireRight is advised by Centerview Partners, Davis Polk & Wardwell and Collected Strategies (led by Jim Golden). General Atlantic and Stone Point are advised by Goldman Sachs and RBC Capital Markets. General Atlantic is advised by Paul Weiss Rifkind Wharton & Garrison (led by Cullen Sinclair and Matthew Abbott). Stone Point is advised by Simpson Thacher & Bartlett.
Guess?, an American clothing company, and WHP Global, a brand management firm, agreed to acquire rag & bone, an American fashion label. Financial terms were not disclosed.
"We are excited to add an iconic brand such as rag & bone to Guess?, further diversifying our portfolio with complementary customer bases and price points. We look forward to partnering with WHP Global to build on rag & bone's heritage. Guess? has an incredible platform with a strong global distribution network and outstanding licensee partners that will enable us to power the growth and expansion of the rag & bone business. We expect the transaction to deliver earnings per share accretion in the first year and strong value creation for our shareholders for years to come," Carlos Alberini, Guess? CEO.
BAE Systems, a company that develops, delivers, and supports advanced defense and aerospace systems, completed the acquisition of the aerospace business of Ball, a company that operates in containers and packaging sector, for $5.55bn.
"This marquee acquisition would advance our company's position in some of the fastest growing segments of the defense market and further increase our alignment with enduring customer priorities in both the US National Defense Strategy and US Intelligence Strategy. Ball Aerospace's world-class products, capabilities and deep customer relationships would enhance our existing portfolio in areas including space, C4ISR and missile systems. We believe BAE Systems and Ball Aerospace share a culture of mission-driven innovation and operational excellence. We look forward to sustaining the historic legacy of Ball Aerospace and investing in its future," Tom Arseneault, BAE Systems President and CEO.
XOMA, a biotechnology royalty aggregator, agreed to acquire Kinnate Biopharma, a clinical-stage precision oncology company, for $122m.
Kinnate officers, directors and shareholders holding approximately 46% of Kinnate common stock have signed support agreements under which such parties have agreed to tender their shares in the Offer and support the merger transaction. The merger transaction is expected to close in the first half of 2024.
Kinnate Biopharma is advised by Lazard, Leerink Partners and Wilson Sonsini Goodrich & Rosati. XOMA is advised by Gibson Dunn & Crutcher and KV Consulting & Management (led by Kathy Vincent).
The Blackstone Group, an American alternative investment management company based in New York City, completed the investment in 7 Brew, the next generation drive-thru beverage business. Financial terms were not disclosed.
"We are on a strong growth trajectory thanks to our outstanding team, the Brew Crew, and are so excited to have found in Blackstone a true partner who understands our culture and whose global reach and incredible resources will enable us to reach this next stage of growth. Blackstone brings everything we are looking for to help serve our customers and support our franchisees – industry and market knowledge, franchisee relationships, data science, operations and real estate expertise," John Davidson, 7 Brew CEO.
DraftKings, an American daily fantasy sports contest and sports betting company, agreed to acquire Jackpocket, a lottery app in the United States, for $750m.
"We are very excited to enter the rapidly growing US digital lottery vertical with our acquisition of Jackpocket. This transaction will create significant value for DraftKings not only by giving our customers another differentiated product to enjoy but also by improving our overall marketing efficiency similar to how our daily fantasy sports database created an advantage for DraftKings in OSB and iGaming," Jason Robins, DraftKings CEO.
Shamrock Capital, a Los Angeles-based investment firm specializing in media, entertainment, communications, sports, marketing, and education sectors, completed the investment in Carnegie Dartlet, a full-service marketing and enrollment strategy provider for non-profit higher education institutions. Financial terms were not disclosed.
"Education institutions are increasingly looking to outside agencies to help them navigate an increasingly competitive enrollment environment that has resulted from decreasing conversion rates, flexible standardized test requirements, and the shift from traditional to digital marketing channels," Michael Wilkins, Shamrock Capital Partner.
Carnegie Dartlet was advised by Robert W Baird, Choate Hall & Stewart and Reinhart Boerner Van Deuren. Shamrock Capital was advised by Willkie Farr & Gallagher (led by Ray LaSoya, Joseph Kaczorowski and Caleb Vesey).
Pathstone, a partner-owned advisory firm, agreed to acquire Crestone Capital, a provider of wealth management and investment advisory services. Financial terms were not disclosed.
"The rationale for this agreement is simple: we are a better firm, together. Pathstone's laser focus on ultra-high net worth clients meshes nicely with our entrepreneurial and largely self-made clients. The advantages of scale are becoming increasingly important in our industry, and Pathstone also offers a number of complementary services that are valued by our clients. We are excited about the future for our clients, shareholders and employees," Eric Kramer, Crestone CEO and Managing Partner.
Crestone Capital is advised by Republic Capital Group and Brownstein Hyatt Farber Schreck. Pathstone is advised by Alston & Bird and M Group Strategic Communications.
Hometown Financial Group, a $4.7bn mutual multi-bank holding company, agreed to acquire North Shore Bancorp, the holding company for North Shore Bank. Financial terms were not disclosed.
"We're thrilled to welcome North Shore Bank's customers, employees, and communities to the Hometown Financial Group family of banks. This merger will more than double our presence in eastern Massachusetts in terms of locations and assets, so we're eager to share the significant power and resources of Hometown Financial Group with the employees and customers of North Shore Bank," Matthew S. Sosik, Hometown Financial Group Chairman and CEO.
North Shore Bancorp is advised by Keefe Bruyette & Woods and Nutter McClennen & Fish. Hometown Financial is advised by Piper Sandler and Luse Gorman.
Madison Industries, a company that company invests and manages companies across sectors including Heating, Ventilation, and Air Conditioning, completed the acquisition of CAE Healthcare, a company that provides solutions for simulation-based medical education, from CAE, a Canadian manufacturer of simulation technologies, modelling technologies and training services to airlines, aircraft manufacturers, healthcare specialists, and defence customers, for $230m.
"We are proud of the significant contribution to patient safety that CAE Healthcare has made. The business is growing under a strong leadership team and has reached a point where the opportunity exists to take it to the next level. We believe Madison Industries is well positioned to support the future growth of the Healthcare business, which will continue to focus on evolving simulation to drive patient safety and quality outcomes," Marc Parent, CAE President and CEO.
Clearlake Capital completed the acquisition of an additional 50% stake in Constant Contact, a cloud-based marketing software platform, from Siris Capital, a private equity firm. Financial terms were not disclosed.
"We invested in Constant Contact in 2021 to reinvigorate a long-standing digital marketing leader following its carve-out from Endurance International Group. CEO Frank Vella and the entire Constant Contact team have made significant progress towards this objective, and we look forward to Constant Contact achieving continued success moving forward," Tyler Sipprelle, Siris Partner.
Siris Capital was advised by Bank of America and Sidley Austin.
The US Securities and Exchange Commission allowed Trump Media & Technology, Donald Trump's media and technology company, to merge with a blank-check acquisition company Digital World.
The SPAC said that the SEC had signed off on its registration statement and that it would announce a shareholder meeting within two days to vote on the merger's adoption.
Digital World is advised by EF Hutton.
Yuga Labs, a web3 lifestyle and media company, completed the acquisition of PROOF, a digital art platform and art collector community. Financial terms were not disclosed.
The acquisition of PROOF's assets, including its team, intellectual property, and artistic portfolio, aligns with Yuga's vision to become the front door of web3. Yuga will start by bringing Moonbirds into Otherside, the place where content creators, communities, and brands will come together to participate in the social fabric of web3.
JP Morgan beats private credit in $2.5bn debt deal for SoftBank-backed Cohesity. (FS)
A group led by Oak Hill Advisors and Apollo Global Management had offered a competing financing proposal to the data-management software company.
Uniti is in talks to merge with telecom provider Windstream.
Digital Infrastructure provider Uniti Group is in talks to merge with telecommunications provider Windstream, Bloomberg reported.
The parties are discussing a stock-based transaction in which Uniti would remain publicly traded. Shares of Uniti had fallen 12% to $5.10 each this year through the close of regular trading, giving the company a market value of about $1.2bn. The shares gained as much as 7% in late trading.
Pipeline owner DT Midstream is evaluating M&A opportunities.
The oil and gas industry is in “consolidation mode,” and pipeline company DT Midstream is positioning itself to take advantage of potential mergers and acquisitions, Bloomberg reported.
“We’re very aware of all those bolt-on opportunities around us,” David Slater, DT Midstream CEO.
JetBlue and Icahn reach deal to give activist two board seats. (FS)
JetBlue Airways agreed to give two board seats to Carl Icahn, heading off a potential proxy fight after the activist investor revealed a nearly 10% stake in the carrier, Bloomberg reported.
Jesse Lynn, general counsel of Icahn Enterprises, and Steven Miller, portfolio manager with Icahn Capital, will join the carrier’s board. The duo will serve initially as non-voting observers before gaining full voting rights after JetBlue’s annual shareholder meeting this spring. Their addition will expand the airline’s board to 13 members.
Reddit signs AI content licensing deal ahead of IPO.
Reddit has signed a contract allowing a company to train its artificial intelligence models on the social media platform’s content as it nears the potential launch of its long-awaited initial public offering, Bloomberg reported.
The San Francisco-based forum social network company told prospective investors in its IPO that it had signed the deal, worth about $60m on an annualized basis, earlier this year. Reddit’s agreement with an unnamed large AI company could be a model for future contracts of a similar nature.
Web cartoons platform eyes $4bn value in US summer IPO.
Naver has enlisted Goldman Sachs and Morgan Stanley to work on a US initial public offering for its online comics operator over the summer, accelerating the much-anticipated market debut of one of its fastest-growing businesses, Bloomberg reported.
The company could seek to raise as much as $500m at a valuation of $3bn to $4bn. It’s targeting a timeframe of as early as June and could invite more underwriters apart from the two investment banks. The timing however may ultimately hinge on market conditions and there’s no guarantee Naver will go ahead.
KKR-backed InCred Alternative Investments launches PE fund. (FS)
InCred Alternative Investments, part of InCred Group, announced the launch of its maiden Category II alternative investment fund in the private equity space, called InCred Growth Partners Fund-I.
The objective of IGPF-I is to invest up to $60m in privately-owned companies across the consumer, financial services, technology and enterprise services sectors at Series B and C stages.
EMEA
One Rock Capital-backed Constantia Flexibles, a producer of flexible packaging, agreed to acquire Aluflexpack, a packaging producer, from Montana Tech Components, an industrial group, and Xoris, an investment holding company, for $362m.
"I am delighted to welcome Aluflexpack to Constantia – this acquisition fits perfectly in our Vision 2030 strategy as a strong packaging player in Europe and globally. We believe the combination of our businesses represents a great strategic and cultural fit that will allow us to better serve our customers through an enhanced sustainable product range supported by a fully integrated technology portfolio whilst extending our geographical reach," Pim Vervaat, Constantia CEO.
One Rock is advised by Prosek Partners. Constantia is advised by Jefferies & Company, Bar & Karrer and Latham & Watkins. Montana Tech Components is advised by MP Corporate Finance, Freshfields Bruckhaus Deringer and Walder Wyss (led by Urs Gnos).
Redbird IMI, an operator of an investment vehicle focused on acquiring and investing in large-scale media, entertainment and sports content properties, agreed to acquire All3Media, a British worldwide independent television, film, and digital production and distribution company, from Warner Bros. Discovery, global media and entertainment company, and Liberty Global, a multinational telecommunications company, for £1.15bn ($1.44bn).
"All3Media is one of the world's great content companies, and this gives us an incredible platform to continue to grow our expanding portfolio. The demand for new shows and ongoing existing series, both scripted and unscripted, makes All3 a perfect fit for us. And we would not be doing this if not for the tremendous confidence we have in the outstanding All3Media management team, led by Jane and Sara," Jeff Zucker, RedBird IMI CEO.
Redbird IMI is advised by RedBird Advisors, Gibson Dunn & Crutcher, Gagnier Communications (led by Dan Gagnier) and Risa Heller Communications (led by Risa Heller). Warner Bros. Discovery and Liberty Global is advised by JP Morgan and DLA Piper.
Avista Capital, a private equity firm, completed the acquisition of Terrats Medical, a manufacture of dental implants and prostheses, from Miura Partners, a private equity firm. Financial terms were not disclosed.
"Terrats has earned its leading reputation in the marketplace by producing high quality products that are broadly compatible and accessible. The company is well-positioned to accelerate growth as favourable sector trends continue, particularly growing demand in the dental prosthetics market. We look forward to working with Roger and his team to execute on the numerous growth opportunities ahead," Sriram Venkataraman, Avista Partner.
Avista was advised by Deloitte and Ropes & Gray (led by Helen Croke), Uria Menendez and Kekst CNC (led by Daniel Yunger). Miura was advised by KPMG, Moelis & Co and Clifford Chance.
Durable Capital, an investment adviser, led a $155m funding round in Bending Spoons, an app developer, with participation from Baillie Gifford, Cox Enterprises, NB Renaissance, NUO Capital, and Tamburi Investment Partners.
Bending Spoons said it will use the new cash infusion to acquire more brands.
Bending Spoons was advised by Allen & Company and Clifford Chance.
Main Capital Partners-backed TimePlan Group, a web-based Workforce Management platform, completed the acquisition of TimeMap, a Danish software company. Financial terms were not disclosed.
"I am happy to announce that TimeMap is joining forces with TimePlan, and excited about the opportunities that this partnership represents for our employees and customers going forward. Together, we are well equipped to support our customers in complying with the recent ruling from the European Court on the New Time Registration Act," Thomas Dunk, TimeMap Founder and CEO.
EnTrust Global, an alternative asset management firm, agreed to acquire Offshore Merchant Partners, an alternative investment fund manager in the maritime and energy industries. Financial terms were not disclosed.
"Following the successful acquisition of Maas Capital in 2021, the pending OMP acquisition is another outcome of the Blue Ocean team's ability to execute sizeable and complex transactions. These acquisitions and strong organic growth have resulted in the deployment of around $4bn since the inception of EnTrust Global's Blue Ocean Strategy," Svein Engh, EnTrust Global Senior Managing Director and Portfolio Manager of the Blue Ocean Funds.
EnTrust Global is advised by Hiltzik Strategies.
Gabon Oil Company, the national oil and gas company of the African nation of Gabon, agreed to acquire Assala Energy, an energy company acquiring mature oil and gas assets in Africa, from The Carlyle Group, a private equity firm, for $1.3bn.
Assala Energy holds seven onshore production licenses in Gabon – of which it operates six – along with a pipeline network and the Gamba export terminal. Representing the country's second-largest producer, the company has concentrated on brownfield assets in Gabon and implemented high-quality maintenance, risk management, workovers and well interventions to maximize production from mature fields.
Motorola Solutions, a video equipment, telecommunications equipment, software, systems and services provider, completed the acquisition of Silent Sentinel, a provider of specialized, long-range cameras. Financial terms were not disclosed.
"Long-range cameras enable advanced insights that can protect individuals and infrastructure. With Silent Sentinel, we're broadening our video security portfolio to help secure and support essential operations and industries around the world," Mahesh Saptharishi, Motorola Solutions Executive Vice President and Chief Technology Officer.
Bilkul Football WBA, a company ultimately owned by Florida-based entrepreneur Shilen Patel and his father Dr Kiran C. Patel, agreed to acquire an 87.8% stake in West Bromwich Albion Football Club, a professional association football club based in West Bromwich, West Midlands. Financial terms were not disclosed.
"I am thrilled and grateful to have reached an agreement to become the custodian of West Bromwich Albion Football Club. The club's exceptional history, support, and potential set it apart even here in the cradle of football," Shilen Patel.
Story Capital, an investment firm that seeks to create enduring technology enterprises, completed the investment in SpendLab, an AI-enabled accounts payable auditing and recovery platform. Financial terms were not disclosed.
"SpendLab represents the epitome of innovation and leadership in the accounts payable category. We are thrilled to support SpendLab's trailblazing path towards a global technology powerhouse, and delivering unparalleled value to customers worldwide," Shuo Zheng, Story Capital General Partner.
Ares leads $3.3bn private loan for UK insurance broker Ardonagh at low rate. (FS)
Ares Management is leading a $3.3bn private credit loan for UK insurance broker Ardonagh Group, with the debt’s pricing among the lowest seen in direct lending, Bloomberg reported.
Ardonagh’s loan is set to price at 475 basis points over a US reference rate. That would make it among the cheapest private credit deals on record. Goldman Sachs Group's asset management division is also a significant lender.
Achmea in talks with NN Group and Athora to sell life insurance business. (FS)
Dutch insurer Achmea has held early stage discussions about a potential sale of its life insurance operations, including with rivals NN Group and Apollo Global Management-backed Athora, Reuters reported.
Achmea, an insurance cooperative backed by Rabobank, said it was "exploring internal and external options" for its pension & life insurance arm. The business could be worth more than €2bn ($2.15bn) in a transaction.
Brookfield and CVC weigh bids for Barclays merchant payments unit. (FS)
Barclays has fielded interest from private equity firms including Brookfield Asset Management and CVC Capital Partners for a majority stake in its payments business, Bloomberg reported.
Blackstone has also held preliminary discussions about making a bid. The division could fetch a valuation of around £1bn ($1.3bn), lower than previously reported.
CVC’s potential Bundesliga deal faces new rebellion from FC Koln. (FS)
CVC Capital Partners’s effort to invest as much as €1bn ($1.1bn) into media rights for Germany’s top professional football leagues ran into fresh opposition, with one club calling for the process to be canceled, Bloomberg reported.
The narrow vote by clubs in December in favor of a deal with a private equity firm was based on a “very fragile foundation,” FC Koln said in a letter to DFL Deutsche Fussball Liga, the governing body for the Bundesliga.
The Independent in talks to take control of BuzzFeed UK.
British media group The Independent is in talks to take control of BuzzFeed and Huffington Post's operations in the UK and Ireland in a multi-year deal, Reuters reported.
The Independent will take control of both the editorial and commercial operations of BuzzFeed and its various brands, including HuffPost, Tasty and Seasoned, in Britain under a licensing deal.
Israel shipyards unit eyes Croatia’s shipbuilder Uljanik.
A unit of Israel Shipyards Industries is among the potential bidders for Croatian shipbuilder Uljanik Brodogradnja 1856, Bloomberg reported.
An auction for Uljanik is expected on March 4, following previous, failed attempts to divest the debt-laden company.
UK's Currys rejects takeover bid from Elliott Advisors. (FS)
British electricals retailer Currys confirmed that it had rejected a proposal from investment management firm Elliott Advisors to acquire the company, Reuters reported.
"The Board of Currys considered the Proposal, together with its financial advisers, and concluded that it significantly undervalued the Company and its future prospects," Currys board.
Ireland’s Residential Properties avoids investor takeover. (FS)
Irish Residential Properties has averted a takeover after an activist investor pushed for more control over the Dublin-listed company in an attempt to effectively force privatization or a sale, Bloomberg reported.
Ireland’s biggest private residential landlord defeated a vote at an extraordinary general meeting in Dublin to remove members of its board, including chairman Declan Moylan and CEO Margaret Sweeney. The motion to oust Moylan received 41% of the vote, less than the majority needed to pass.
Petrus Advisers said Temenos should oust CEO at once. (FS)
Activist investor Petrus Advisers called on Temenos to replace its interim chief executive officer immediately and address allegations made by short seller Hindenburg Research, Bloomberg reported.
“We very much agree with Hindenburg that Andreas Andreades has to finally leave Temenos,” Klaus Umek and Till Hufnagel, Petrus Advisers Managing Partner and Partner.
Anaxago contributes in Vidia Climate Fund I. (FS)
Paris-based alternative investment firm Anaxago Capital’s first fund dedicated to the decarbonisation of European assets, AxClimat I, made its first investment in Vidia Equity’s oversubscribed Vidia Climate Fund I, which closed last month at its €415m ($447m) hard cap.
The fund invests across the industrial, transport, energy, construction and agri-food sectors, aiming for the decarbonisation of industry, the energy transition and the circular economy.
APAC
Mitsubishi UFJ Financial Group, a global financial services group and one of the largest banking institutions in Japan, agreed to acquire a 15.5% stake in WealthNavi, a platform for asset managers which uses risk management algorithm for asset management advice, for $104m.
This capital and business alliance aims to leverage MUFG Bank's extensive customer network and WealthNavi's expertise in automated investment advice to enhance the financial offerings available to consumers.
MUFG is advised by Mitsubishi UFJ Morgan Stanley Securities.
SoftBank's Son seeks about $100bn for AI chip venture. (FS)
SoftBank Group Chief Executive Officer Masayoshi Son is looking to raise up to $100bn for a chip venture that will rival Nvidia, DealStreetAsia reported.
The project, code-named Izanagi, will supply semiconductors essential for artificial intelligence. The company would inject $30bn into the project, with an additional $70bn potentially coming from Middle Eastern institutions.
Ajay Singh submits bid for bankrupt Go First.
Indian budget carrier SpiceJet said its managing director, Ajay Singh, and Busy Bee Airways had submitted a joint bid for Go First airlines and that it would be the operating partner for its bankrupt rival.
SpiceJet, which is cutting costs and raising funds to tide over its own financial troubles, did not disclose any financial details for Singh's bid that the airline's largest shareholder made in his personal capacity, Reuters reported.
Carlyle Group sells a 1.4% stake in YES Bank via open market. (FS)
Global private equity firm The Carlyle Group sold a 1.4% stake in YES Bank, an Indian bank headquartered in Mumbai, for approximately $133m.
YES Bank shares were recently in news amid reports that SBI was looking to sell stake in the bank. The lender however denied the report.
Australia set to join global clean energy subsidy race with new green fund. (FS)
Australia plans to unveil a range of financial incentives to drive investment in the local clean energy sector and keep money and talent from being pulled overseas by subsidies in the US and Europe, DealStreetAsia reported.
Like countries across the developed world, Australia is responding to the massive raft of clean energy incentives.
Senator Rubio urges SEC to block Shein IPO unless China operating risk disclosed.
Republican Senator Marco Rubio asked the US Securities and Exchange Commission to block Shein’s bid to list publicly in New York unless the e-tailer makes additional disclosures about its business operations and “the serious risks of doing business” in China, DealStreetAsia reported.
In a letter sent to SEC Chair Gary Gensler, seen exclusively by Reuters, Rubio wrote that Shein’s recent decision to request approval from Beijing for a prospective US IPO “raises serious doubts” about the accuracy of the company’s filings. New rules passed by China’s securities watchdog in 2023 allow the China Securities Regulatory Commission to vet offshore listings and block offerings that could threaten the country’s national interests.
CPP Investments commits $175m to sixth vehicle of MBK Partners. (FS)
Canada Pension Plan Investment Board said it has committed $175m to South Korean buyout firm MBK Partners’s latest fund, DealStreetAsia reported.
MBK Partners Fund VI is focused on control investments in South Korea, Japan, and Greater China. The firm launched its sixth vehicle in the US market through a filing with the US Securities and Exchange Commission in November 2023. It was reportedly seeking $7bn for the fund.
Malaysia's COPE Private Equity said to be seeking $150m for fifth fund. (FS)
Malaysia-based COPE Private Equity has set the target for its fifth investment fund at $150m, DealStreetAsia reported.
As part of the fundraising process, the mid-market private equity firm has marketed the fund to limited partners, including development finance institutions focused on Asia.
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