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AMERICAS
Chris Griffith, the chief executive of South African miner Gold Fields, has defended the timing of its $6.7bn bid for Yamana Gold, arguing the "opportunity" to create the sector's fourth biggest producer might have disappeared if it had waited. He said Gold Fields was aware that Yamana had talked to other companies as it prepared its all-stock offer.
Griffith said the offer price for Yamana was determined after a seven month due diligence process, and that it had to offer a large premium because the Canadian company was trading at a discount to net asset value and investors would have baulked at a lower price. Yamana is currently trading at a 12% discount to the terms of the offer, a signal that some investors do not believe the deal will happen, FT reported.
Yamana Gold is advised by Canaccord Genuity, Scotiabank, Stifel, Cassels Brock & Blackwell, Paul Weiss Rifkind Wharton & Garrison and FTI Consulting. Gold Fields is advised by Bank of America, Fasken, Linklaters, Webber Wentzel and Brunswick Group.
Ventoux and Presto announced revised merger deal terms resulting in a $60m equity investment alongside approximately $40m expected from other sources, including $13m held in Ventoux’s trust account, assuming no redemptions, into their previously announced business combination, which will result in Presto becoming a publicly traded company.
“We believe the additional capital provides a powerful vote of confidence in the business combination and will give Presto all the tools needed for an excellent start in its public life. We look forward to continuing to work with the Presto team and our investors in consummating this deal and maximizing value for all stakeholders,” Ed Scheetz, Ventoux CEO & Chairman.
Presto is advised by Jefferies & Company, White & Case and ICR. Ventoux CCM is advised by Chardan, Truist Bank, William Blair & Co, Dentons, Woolery and Mayer Brown.
Tremor International, a publicly traded advertising-technology company, agreed to acquire Amobee, a global advertising platform that optimizes outcomes for advertisers and media companies, from Singtel, a Singaporean telecommunications conglomerate, for $239m.
"The acquisition of Amobee is expected to build upon Tremor International's growth strategy and proven track record of successfully integrating companies that enhance and expand the capabilities and scale of its data-driven end-to-end technology and business platform, focused on CTV and video," Ofer Druker, Tremor International CEO.
Tremor International is advised by RBC Capital Markets, Stifel, finnCap, Naschitz Brandes Amir, Pillsbury Winthrop Shaw Pittman, KCSA Strategic Communications and Vigo Communications.
Veritas Capital, a technology and government investment firm, completed the investment in Epiq Solutions, a provider of software-defined radio and turnkey radio frequency solutions. Financial terms were not disclosed.
"We're thrilled to partner with Veritas, a premier technology investor with decades of experience, to accelerate our growth. Veritas' deep network, expertise investing at the intersection of technology and government, and collaborative approach will support our continued investment in product advancement and our rapid expansion into new markets. We look forward to delivering enhanced, best-in-class technology and powerful, mission-critical solutions to an expanded set of customers in the years to come," John Orlando, Epiq Solutions CEO.
Epiq Solutions was advised by Raymond James and Miles & Stockbridge. Veritas Capital was advised by Latham & Watkins and FGS Global.
Cadence Design Systems, an American multinational computational software company, agreed to acquire OpenEye Scientific, a provider of computational molecular modeling and simulation software being widely and increasingly used by pharmaceutical and biotechnology companies for drug discovery, for $500m.
"Drug discovery is an increasingly complex process that requires significant investment in research and development. The pending acquisition of OpenEye, with its scientifically tested methodologies and expertise, accelerates Cadence's Intelligent System Design strategy with our entry into a new system domain of life sciences. Cadence's deep computational software expertise drives further innovation in algorithms that enhance the reliability, efficiency and speed of molecular simulations. We look forward to welcoming such an accomplished team and are delighted to accelerate innovation and improve research and development productivity in the pharmaceutical and biotechnology industry," Anirudh Devgan, Cadence President and CEO.
Cadence Design Systems is advised by Skadden Arps Slate Meagher & Flom.
RLDatix, a company in governance, risk, and compliance solutions for healthcare, completed the acquisition of Galen Healthcare Solutions, a healthcare IT technical & professional services and solutions company. Financial terms were not disclosed.
“We are thrilled to welcome Galen into the RLDatix family. When coupled with RLDatix’s leading GRC and workforce management capabilities, Galen’s award-winning products and services, commitment to overdelivering on client expectations and unmatched expertise across data management will transform how we think about healthcare operations. We are excited for the future and how together, we will help to make healthcare safer,” Jeff Surges, RLDatix CEO.
Shell USA and Shell Midstream Partners reached a merger agreement.
Shell USA and Shell Midstream Partners announced they have executed a definitive agreement and plan of merger pursuant to which Shell USA will acquire all of the common units representing limited partner interests in SHLX held by the public at $15.85 per Public Common Unit in cash for a total value of approximately $1.96bn. A subsidiary of Shell USA currently owns 269m SHLX common units, or approximately 68.5% of SHLX common units.
The transaction is expected to close in the fourth quarter of 2022, subject to customary closing conditions.
Shell USA is advised by Barclays, Evercore, Baker Botts and Richards Layton & Finger. Shell Midstream Partners is advised by Intrepid Partners and Gibson Dunn & Crutcher.
SK Group will invest $22bn in the US to create secure supply chains.
New investments by South Korean conglomerate SK Group in the United States announced on Tuesday reflect successful efforts by the Biden administration to create more resilient and secure supply chains, Reuters reported.
South Korea's second-largest conglomerate was expected to announce $22bn in new investments in US manufacturing.
Citrix bankers weigh new $15bn debt plan to stem losses.
Bankers backing the buyout of Citrix Systems are discussing new ways to sell chunks of the $15bn financing to soften potential losses, including splitting a huge $7bn loan between themselves, private-credit funds and other investors.
Wall Street lenders, led by Bank of America, Credit Suisse and Goldman Sachs, have pushed back the timing of leveraged loan and high-yield bond offerings to September on the basis that a post-Labor Day market would be more receptive, Bloomberg reported.
Energy Department to lend GM joint venture $2.5bn for battery-cell plants.
The US Energy Department will loan to a General Motors joint venture $2.5bn to fund the construction of three battery-cell factories, part of the Biden administration's plans to jump-start the market for electric cars, WSJ reported.
The department said Monday it would make the conditional loan to Ultium Cells, a joint venture between GM and South Korean battery company LG Energy Solution. The money would go to help fund three battery-cell plants that the venture is developing in Ohio, Tennessee and Michigan, the department said.
Meta weighs buying eye-tracking glasses startup AdHawk.
Meta Platforms is considering whether to acquire AdHawk Microsystems, a Canadian developer of eye-tracking technology for augmented and virtual reality headsets, Bloomberg reported.
AdHawk has been working with investment bank Moelis & Co as it fields interest from Meta and other suitors. Meta, the owner of Facebook, Instagram and WhatsApp, is considering making a formal offer in the next few weeks.
Amytrx Therapeutics partners with AmbioPharm to expand the potential of its breakthrough leukocyte-targeting anti-inflammatory human peptides.
Amytrx Therapeutics, a mission-driven biopharmaceutical company dedicated to commercializing transformative and cutting-edge human anti-inflammatory peptides, has expanded their bioactive peptide platform beyond the original lead therapeutic molecule to include a multi-purpose drug delivery vehicle and imaging agent.
Amytrx targets additional studies in adolescent mild to moderate AD, psoriasis, lupus, rosacea, acne, shingles, herpes, and re-epithelialization/healing after chemical peels. Further, with its recent pre-clinical and clinical progress, Amytrx has identified new opportunities for other inflammatory and metabolic diseases with attractive out-licensing and collaborative opportunities using its proprietary AMTX-100 human peptide platform.
GM signs agreements with suppliers, on course to reach 1m EV capacity by 2025.
General Motors said it had signed multi-year agreements with LG Chem and Livent to secure key raw materials used in manufacturing batteries for electric vehicles, Reuters reported.
With the latest deals, GM said it had lined up supplies for all battery raw materials, including lithium, nickel, cobalt and cathode active material, and was on course to reach its goal of producing 1m EVs annually in North America by the end of 2025.
BC Partners, an international investment firm, agreed to acquire a 50% stake in Fedrigoni, a global producer of self-adhesive labels and fibre-based packaging products, from Bain Capital, a global private investment firm, for $1.6bn.
This new partnership will support Fedrigoni's management team as they look to build on their successful track-record of M&A. BC Partners' owner-manager mindset has helped its portfolio companies execute over 400 add-on transactions over the last decade, and as such is the natural partner for Fedrigoni and Bain Capital to help drive value-creation opportunities.
BC Partners is advised by PricewaterhouseCoopers, Bain & Co, Afry, Canson Capital Partners, JP Morgan, Nomura, Facchini Rossi Michelutti and White & Case. Fedrigoni and Bain Capital are advised by Bain & Co, New Deal Advisors, Goldman Sachs, Morgan Stanley, Rothschild & Co, Kirkland & Ellis, Latham & Watkins, Pirola Pennuto Zei & Associati, Camarco and Studio d'I comunicazione.
Trilantic, a pan-European private equity investor, agreed to acquire a majority stake in Passione Unghie, a European nailcare e-commerce company, from Orienta Capital Partners, a private equity firm. Financial terms were not disclosed.
"As we continue to diversify and grow Trilantic Europe's portfolio, we are always looking out for attractive opportunities to acquire high-quality assets with compelling long-term growth prospects. We are delighted to become the new majority shareholder of Passione Unghie, and we look forward to backing its management team to grow what is already a great platform," Giacinto d'Onofrio, Trilantic Partner.
Passione Unghie is advised by Ernst & Young, Roland Berger, Jefferies & Company and Shearman & Sterling. Trilantic is advised by Ernst & Young, Boston Consulting Group, ERM Group, Lincoln International and La Torre Morgese Cesaro Rio.
Eutelsat, a satellite operator, agreed to merge with OneWeb, a broadband connectivity provider, in a $3.4bn deal.
“I am delighted to announce this new and significant step in the collaboration between Eutelsat and OneWeb. Bringing together our two businesses will deliver a global first, combining LEO constellations and GEO assets to seize the significant growth opportunity in Connectivity, and deliver to our customers solutions to their needs across an even wider range of applications. This combination will accelerate the commercialisation of OneWeb’s fleet, while enhancing the attractiveness of Eutelsat’s growth profile. In addition, the combination carries significant value creation potential, anchored on a balanced mix of revenue, cost and capex synergies. The strong support of strategic shareholders of both parties is a testament to the huge opportunity that this combination offers and the value that will be created for all its stakeholders. This is truly a game changer for our industry,” Dominique D’Hinnin, Eutelsat Chairman.
OneWeb is advised by Barclays, Herbert Smith Freehills and FGS Global. Eutelsat is advised by Perella Weinberg Partners, Rothschild & Co, d'Angelin & Co, Weil Gotshal and Manges and FGS Global.
Silver Lake-backed Cegid, a provider of cloud-based management solutions, agreed to merge with Oakley Capital-backed Grupo Primavera, a business software provider in Iberia, in a €6.8bn ($6.95bn) deal.
"Joining forces with Grupo Primavera is an immense opportunity for both companies and our respective clients. Like Cegid, Grupo Primavera offers useful and innovative solutions to partners and customers in the cloud, and has achieved impressive growth specifically across Spain, Portugal, and Africa. We share an inspiring vision for the future driven by continuous product and technology innovation, and Cegid is fully committed to investing in the combined company's continued growth. We look forward to working closely with Santiago and the talented team at Grupo Primavera to bring value to a more global customer base," Pascal Houillon, Cegid CEO.
Cegid is advised by Agence Proches. Oakley Capital is advised by Liberum Capital and Greenbrook.
Ørsted, a Danish multinational power company based in Fredericia, agreed to acquire Ostwind, a German developer, owner, and operator of onshore wind and solar PV projects in Germany and France, for €689m ($699m).
"The acquisition of Ostwind is an important step for the strategic expansion of our Onshore business in Europe. The company has an impressive proven track record of developing high-quality projects as well as a strong cultural alignment with Ørsted, a talented team, and a local community presence – a rare combination that constitutes a strong platform from which we can create value. I'm truly excited about Ostwind becoming part of Ørsted and for our entrance into two important markets, one of which is already key for our offshore business. I expect significant synergies between our onshore and offshore businesses in Germany, both regarding offtake solutions for our customers and combined renewable power capacity for future renewable hydrogen production, and we truly look forward to welcoming the Ostwind team to Ørsted," Neil O'Donovan, Ørsted Onshore CEO.
Ørsted is advised by Hengeler Mueller and Jeantet.
JBF Finance, an investment management firm, agreed to acquire the remaining shares in Bobst Group, a Swiss company that supplies machinery and services to the packaging industry, for $633m.
This offer will give the company the appropriate conditions to deploy a long-term strategy, to execute its digital transformation, and to maintain its strong Swiss industrial activities.
Bobst Group is advised by Homburger.
Abu Dhabi National Oil Company, the state-owned oil company of the United Arab Emirates, agreed to acquire Zakher Marine International, an Abu Dhabi-based owner and operator of offshore support vessels. Financial terms were not disclosed.
With the acquisition of ZMI, ADNOC will broaden its services to include critical support assets for offshore operations, including ZMI's maiden offshore renewables project in China, and extend its regional footprint, creating new opportunities for expansion with an industry-recognized partner. Meanwhile, ZMI will benefit from access to new opportunities provided as a result of ADNOC's ambitious growth strategy, allowing it to grow and expand its existing business footprint.
ZMI is advised by Brunswick Group.
One Equity Partners, a middle market private equity firm, agreed to acquire Clayens, a value-added outsourced contract manufacturer of high-performance polymers, from Siparex, a French private equity firm. Financial terms were not disclosed.
"Clayens' specialized expertise in producing highly engineered products that meet the most rigorous specifications is highly valued by multinationals operating in various end markets. This capability has produced a loyal customer base that gives the Company a significant advantage in a competitive market. OEP has a strong track record of building leading global companies from local champions through cross-Atlantic business combinations, and we believe that in partnership with Siparex and other current shareholders OEP can apply this experience to help Clayens transition from a leading French business to a major global player," Konstantin Ryzhkov, One Equity Partners Managing Director.
Siparex is advised by Credit Agricole.
Canada Pension Plan Investment Board, an investment management company, completed a $550m investment in Octopus Energy Group, a global clean energy tech pioneer.
"Octopus will continue to do all we can to help customers through the energy crisis, whilst investing in better solutions to make sure it never happens again. We are in grasping distance of a clean, cheap, secure energy system – but it needs continued boldness from innovators like Octopus, and the backing of visionary investors like CPP Investments, Generation, Origin and Tokyo Gas," Greg Jackson, Octopus Energy Group CEO and Founder.
British e-commerce firm THG ends its agreement with SoftBank.
British e-commerce group THG had terminated its collaboration with a unit of Japan’s SoftBank Group due to challenging global market conditions, DealStreetAsia reported.
THG has completed the internal separation of its key divisions but call option with SoftBank to inject a further $1.6bn into its technology arm THG Ingenuity will also not go ahead.
Asian investors bet on Haifa as Israel draws closer to Arab Gulf.
The city of Haifa is set to become an increasingly significant east Mediterranean shipping hub, with Chinese and Indian firms buying into its ports as Israel normalizes ties with its Gulf Arab neighbours under a US diplomatic push, Reuters reported.
Saudi Prince plans $80bn fund, IPO for Neom project. (FS)
Saudi Arabia will set aside $80bn for an investment fund tied to the crown prince’s flagship megaproject, Neom, and plans an initial public offering of the project on the kingdom’s stock market as soon as 2024, Bloomberg reported.
The Neom Investment Fund could potentially expand to $106bn, Crown Prince Mohammed bin Salman told reporters in Jeddah. It will invest in companies that agree to operate at Neom, a new region planned in Saudi Arabia’s northwestern corner.
APAC
PAG, an alternative investment firm, agreed to acquire a 51% stake in Handsome Chemical Group, a chemicals company, from Yip’s Chemical Holdings, a Hong Kong-based investment holding company principally engaged in chemical businesses, for $340m.
PAG will work with Yip’s Chemical and other existing shareholders to further build up the business, vertically integrating Handsome Chemical’s production of feedstock chemicals, and supporting the group’s environmentally friendly strategy through reduced greenhouse gas emissions.
Yip’s Chemical Holdings is advised by Cornerstone Communications. PAG is advised by FTI Consulting.
Coller Capital, a cement maker, and Hahn & Company, a private equity investment firm, completed the $1.5bn investment in Ssangyong C&E, a cement maker.
The transaction’s total size is approximately $1.5bn. Coller Capital and its co-investors were the most significant investor group and co-led the transaction alongside another leading global secondary player, while Hahn & Co, deploying funds into the company for the third time, is committing a significant amount of capital. The mix of investors in the continuation vehicle formed for this GP-led transaction is intended to help ensure strong alignment among all of the transaction’s counterparties.
ClearVue Partners, a private equity firm, and NoLimit Holdings, a technology company, formed CVP NoLimit Holdings, an investor in digital assets. Financial terms were not disclosed.
The partnership has prioritised strategic investors from the sectors of consumer electronics, retail, fast-moving consumer goods, social media, gaming, and real estate who are actively seeking to adopt blockchain technology. It also covers value-add investors from the crypto sector, including liquidity provider Mathrix and former Binance chief growth officer Ted Lin who will provide zero-to-one mentorship to portfolio projects.
Shenzhen Capital Group, a limited venture capital company, led a $148m Series B funding round in Origin Quantum, a full-stack quantum computing company, with participation from CITIC Securities and China International Capital, as well as Bank of China Group Investment.
As a new technology, quantum computing is expected to ultimately speed up the computational power that drives many industries and could affect everything from drug discovery to how data is secured.
Taiwan logistics firm Morrison Express weighs a $1bn sale.
Morrison Express, a Taiwanese logistics company, is considering a sale of the business amid interest from potential buyers, Bloomberg reported.
The closely held company is working with a financial adviser on a strategic review that may lead to the sale of a majority stake in the business. A transaction could value the Taipei-based firm at about $1bn.
Alibaba is set to invest over $100m in Sinar Mas Group's Smartfren Telecom.
Chinese technology giant Alibaba is set to invest in Indonesia-listed telecom operator PT Smartfren Telecom, part of the Sinar Mas Group, in a deal that could be worth over $100m, Deal Street Asia reported.
With the potential investment, the Chinese tech major is seen to be deepening its exposure in the Indonesian market by tapping one of the country's biggest conglomerates and its vast ecosystem spanning communications and technology, paper, agribusiness, financial services and infrastructure.
3i Infotech and CoreStack announce global partnership to accelerate digital transformation in multi-cloud environments.
3i Infotech, a global Information Technology company, announced a strategic partnership with CoreStack, a global multi-cloud governance provider that empowers enterprises to unleash the power of the cloud.
The long-term partnership will enable 3i Infotech’s NuRe Cloud platform to boost cost optimization, security, and operational efficiencies for enterprises by leveraging CoreStack’s NextGen Cloud Governance offerings - FinOps, SecOps, and CloudOps.
China battery maker Gotion raises $685m in Swiss listing.
Chinese battery maker Gotion High Tech raised $685m in a public share sale on the SIX Swiss Exchange, joining other Chinese firms rushing to tap an expanded stock connect program, Deal Street Asia reported.
Gotion makes lithium-ion power batteries used in electric vehicles and counts Volkswagen AG as a strategic partner. The deal is the biggest recently for Chinese companies turning to the Swiss exchange to carry out listings and raise capital.
JD, and Baidu among firms that may follow Alibaba’s listing move.
JD.com and Baidu are Chinese firms that may follow Alibaba Group in applying for a Hong Kong primary listing, as they seek to attract mainland investors and hedge against the risk of being kicked off US exchanges, Bloomberg reported.
Over the past year, Chinese companies from Li Auto to XPeng have increasingly opted for a dual-primary listing in both the US and Hong Kong. While this is more costly, the elevated status allows their stocks to be included into the city’s trading links with Shenzhen and Shanghai bourses, giving direct access to a legion of mainland investors.
Alibaba seeks primary Hong Kong listing as US expulsion looms.
Alibaba Group will seek a primary listing in Hong Kong, entrenching the financial hub’s status as an alternative to US markets ahead of a potential exodus of Chinese companies from New York, Bloomberg reported.
The switch could provide a template for the roughly 200 US-traded Chinese companies from JD.com to Baidu that face delisting should Washington and Beijing fail to agree on allowing US regulators to review their financial audits. It also paves the way for investors in China to directly buy shares of the country’s most prominent e-commerce company for the first time.
KKR looking to raise $1.5bn for new Asia-focused fund. (FS)
Global private equity powerhouse KKR is raising up to $1.5bn for its debut technology growth fund that will focus on Asia, Deal Street Asia reported.
The fund, KKR Asia Next Generation Technology Growth Fund, will likely follow KKR's Next Generation Technology strategy where it invests in majority or minority stakes in private companies as well as minority stakes in public companies.
Japanese ANRI raises $103m for its fifth fund, targets $288m corpus. (FS)
Tokyo-based independent venture capital firm ANRI secured a first close of $103m for its fifth flagship fund, which has a target corpus of $288m.
Limited partners in the first close of the vehicle — ANRI Fund V — include Japan Investment Corporation, Mizuho Bank and GREE, among other major domestic institutional investors, Deal Street Asia reported.
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