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AMERICAS
BC Partners has acquired Presidio, a leading North American IT solutions provider delivering Digital Infrastructure, Cloud and Security solutions to create agile, secure infrastructure platforms for commercial and public sector customers in an all-cash transaction valued at approximately $2.1bn, including Presidio’s net debt.
“Presidio fits squarely with our key investment priorities. Its markets benefit from secular growth, as IT systems and networks have become increasingly complex. It is well-positioned as a leader in a fragmented industry, offering scope for further expansion. We’re excited to partner with Bob and his team to support the future growth of the business,” Raymond Svider, BC Partners Partner and Chairman.
Presidio is advised by LionTree Advisors and Wachtell, Lipton, Rosen & Katz. BC Partners is advised by Citi, JP Morgan, and RBC Capital Markets, and Kirkland & Ellis.
Third Point cut its investment in United Technologies by selling 480k shares, representing 7% of its stake, becoming the second activist hedge fund to sell shares after the company announced a merger with Raytheon that the funds said they would not support. The deal value is $55.15m.
United Technologies is in the process of streamlining its operations, actions both hedge funds endorsed, by selling off its Otis elevator and Carrier buildings systems units.
Citigroup, RBC Capital Markets, and Shearman & Sterling are advising Raytheon. Evercore, Goldman Sachs, Morgan Stanley, and Sullivan & Cromwell are advising United Technologies.
MarketAxess Holdings, the operator of a leading electronic trading platform for fixed-income securities, and provider of market data acquires LiquidityEdge, a leading provider of an electronic US Treasuries marketplace for $150m.
The acquisition includes $100m in cash and $50m in stocks, subject to customary purchase price adjustments. The transaction is expected to close in the fourth quarter of 2019, subject to the satisfaction of customary closing conditions, including the receipt of required regulatory approvals.
“Through the acquisition of LiquidityEdge, we are bringing rates trading capabilities to MarketAxess to complement our leading position of electronic trading in the global credit markets. This will not only enhance the trading experience for our dealer and institutional investor clients, but also offer a truly innovative solution for dealers to stream U.S. Treasury quotes to a tailored audience.” Chris Concannon, MarketAxess President, and COO.
Nineteen Group has acquired Broden Media, the organizer of The Emergency Services Show and publisher of Emergency Services Times magazine. Financial terms were not disclosed.
This is the latest acquisition by Nineteen Group, in line with the team’s plan to build a leading independent trade exhibitions organizer through organic growth and strategic acquisitions.
“As Nineteen Group continues to grow, I couldn’t think of a better event than The Emergency Services Show. It fits perfectly with our current series of Security, Health and Safety, Fire, Facilities and Disaster Response events, both at the NEC in Birmingham in April and at Olympia in London in December. The strengths that David Holden, David Brown and their team bring from this sector will bring new strength to the Nineteen Group and help us continue to run and develop a great stable of complementary events, providing the best experience for all of our visitors and exhibitors alike.” Peter Jones, Nineteen Group CEO.
Castle Harlan and Branford Castle Partners, leading private equity firms acquires Sunless, a leading manufacturer and marketer of spray tanning equipment, spray tanning solution and related accessories from Riverside Company. Financial terms were not disclosed.
"Sunless is an excellent opportunity to acquire the leader in a growing and recurring consumer market," said Eric Schwartz, Managing Director of Castle Harlan. "Demand for spray tanning is strong. It is amazing how quickly consumers who try spray tanning become regular adopters, and we expect this trend to continue in the coming years."
Stella Environmental Holdings, a provider of transfer station management and municipal waste logistics services acquires Jack Herod Trucking, a leading provider of transfer station management and ancillary waste logistics services. Financial terms were not disclosed.
“This acquisition strengthens our position in the transfer station management industry by expanding our reach and deepening our capabilities. Jack Herod is an ideal fit with Stella given its long-tenured customer relationships and service-oriented culture,” Heath Eddleblute, Stella CEO.
WeWork files for a $3bn+ IPO, as loses widen.
The We Company, a parent of the shared-office provider WeWork, valued at $47bn, has publicly released the prospectus for its initial public offering, providing a wealth of previously unseen information on its astonishing growth, the risks the business faces, and the strategy.Tax structure pursued by We Work would allow it to separate our WeWork space-as-a-service offering from the rest of our existing businesses, and will also allow to hold separately any future business areas pursued by the company.
WeWork is advised by Skadden.
Joseph Tsai nears acquiring 51% of Brooklyn Nets for $2.35bn.
Joseph Tsai, the billionaire co-founder of e-commerce giant Alibaba, is close to signing a deal to buy the 51% of the Brooklyn Nets he does not already own from Russian billionaire Mikhail Prokhorov, sources told The Post.
The $2.35bn transaction would mark the highest price ever paid for a sports franchise — beating hedge fund owner David Tepper’s $2.2bn acquisition last year of the NFL’s Carolina Panthers and Tilman Fertitta’s $2.2bn purchase of the NBA’s Houston Rockets in 2017.
Roark Capital to dispose of Driven Brands for $2bn.
Buyout firm Roark Capital is considering a sale of automotive services franchiser Driven Brands for as much as $2bn, Bloomberg reported.
The Atlanta-based private equity firm is speaking to advisers about running an auction of Driven Brands in the fourth quarter. The company is expected to attract interest from other private equity firms. A final decision on pursuing a sale hasn’t been made and Roark may decide to keep the company.
EMEA
Delek Group confirmed that it would go ahead with the $2bn Chevron North Sea deal regardless of the status of parter Ithaca Energy's status on the deal.
"We feel that the market is in a state of uncertainty concerning the Chevron deal, and we therefore want to make things clear the way we see them. The company is preparing to close the deal with or without partners," Yitzhak Tshuva, Delek Controlling shareholder.
Chevron North Sea is advised by BNP Paribas. Ithaca Energy is advised by JP Morgan and FTI Consulting. BNP Paribas and JP Morgan are the debt providers to Ithaca Energy. Chevron is advised by Latham & Watkins.
Equistone Partners has agreed to acquire a majority stake in Omnicare, a pharmaceutical wholesaler operating throughout Germany, that primarily distributes finished medicinal products to compounding pharmacies for the patient-specific production of cancer drugs. Financial terms were not disclosed.
“Omnicare is a market leader with an experienced management team and excellent employees. These are strong foundations to help secure the company’s further development. As a new shareholder, Equistone will support Omnicare in strengthening and sustainably consolidating its market position.” Alexis Milkovic, Equistone Partner.
Equistone was advised by P+P, Alvarez & Marsal, Deloitte, Houlihan Lokey, Dechert, Shearman & Sterling, and ETS. Omnicare was advised by Hengeler Müller, BCG, KPMG, EY, Lincoln International, and Honert & Partner.
Henderson Park Capital Partners, a leading real estate firm based in UK acquires Green REIT, a commercial real estate firm for $1.49bn. The deal, which is subject to regulatory approval, comes as the Irish commercial real estate market shows signs of slowing after years of growth.
Green Reit's stated strategy is to create a property portfolio consisting primarily of commercial assets in Ireland to deliver income and capital growth through opportunistic investments, active property management and prudent use of debt finance.
“The acquisition of Green REIT offers a rare opportunity to invest in a large institutional quality office portfolio and a strategic logistics park through a single transaction,” Nick Weber, Henderson Park CEO.
Davy Corporate Finance, Drury Porter Novelli, CBRE and JP Morgan are advising Green REIT. Eastdil Secured, FTI Consulting, and Wells Fargo Securities are advising Henderson Park.
Bravida acquires AB Venair, a stockholm based HVAC manufacturer.
“The acquisition of AB Venair is in line with Bravida's strategy to be the largest or second-largest player in every local market where we are present. With AB Venair, we will strengthen our HVAC offering in the Stockholm area. In addition, through the acquisition, we will gain solid expertise in project management, with well-developed work processes. I am convinced that this will fit well into our operations”, Lars Täuber, Bravida Head of Division Stockholm.
Shell Ventures to invest in Corvus Energy. The investment is a step towards Shell’s ambition to decrease the carbon footprint of the energy products they sell by around 20% by 2035 and by about 50% by 2050, in step with society. Financial terms were not disclosed.
Corvus Energy is a leading developer and supplier of advanced energy storage systems (ESS) for maritime, offshore, subsea and port applications. Their range of lithium-ion battery ESSs is integral to the propulsion and power management systems of more than half of the battery-hybrid and zero-emission vessels worldwide.
“To have Shell on board as an investor means that we can reach out to a much larger market and apply our technology to more rigs and platforms as well as continue the hybridization of offshore vessels. We look forward to working with Shell to power a clean future and support. Shell’s determination to make its operations more sustainable.” Geir Bjørkeli, Corvus Energy CEO.
Nordic Choice Hospitality Group, a leading operator of hotel chains across Finland, acquires Kamp Collection Hotels, a prestigious chain of hotels from CapMan Buyout, a leading asset management firm. Financial terms were not disclosed.
The deal includes Kamp and St. George, among the most expensive hotels in Helsinki. Employees of Kämp Collection Hotels will continue in their current positions. The deal is awaiting approval from the competition authorities.
"With the new owner, we are all looking forward to providing our current and future guests with even more enjoyable experience in all of our hotels,” Laura Tarkka, Kamp Collection CEO.
AddLife, a leader in life science equipment manufacturing acquires Lab-Vent Controls and Koldt & Ryø El, two of the major manufacturers of electrical equipment. Financial terms were not disclosed.
"The acquisitions means that we more clearly establish AddLife as a complete supplier of advanced solutions in cleanroom technology in the Danish market," Peter Simonsbacka, AddLife Business Area Manager.
Fairvest Property Holdings and Safari Investments are pushing ahead with a "friendly merger" in a deal they say will save costs and result in a more efficient property portfolio.
The real estate investment trusts first proposed the merger in March.
Safari will acquire Fairvest through a scheme of the arrangement, with shareholders receiving 0.45 Safari shares for each Fairvest share. A plan requires the approval of shareholders representing 75% of a company's stock.
Steinhoff's overseas business restructure debt after accounting scandal.
Scandal-hit Steinhoff said it had refinanced some €9bn ($10bn) of debt in its overseas operations which include brands such as Poundland in Britain and France's Conforama, after pushing the deadline date back repeatedly.
"Implementation of the restructuring is a major milestone on our recovery journey, bringing with it the stability that will allow us to turn the page and concentrate fully on maximizing value from our operating companies," Group Chief Executive Louis du Preez.
Peter Kellner considers the acquisition of Mother Marque. (FS)
Media experts mark the long-awaited change of Markiza's mother, sale of the year. It was supposed to be up to date at the end of 2017, but the topic started to be intensified only in the spring of this year. In March, Central European Media Enterprises said in its announcement that it had begun a "review of strategic options, including a possible sale of the company." CME is known in Slovakia as the mother of Markiza, in the Czech Republic owns TV Nova.
Hidroelectrica close to acquire the CEZ Romanian business.
Energy giant CEZ has the first potential candidate for its business in Romania. It should be the local energy company Hidroelectrica, Economica net reported,
has already taken the first steps in the acquisition process.
“Currently, the internal preparation of the divestment process, which we plan to start in the autumn, is still underway. The first step in our sales process will be to test investor interest,” Alice Horakova CEZ spokeswoman Alice Horakova, saying that real negotiations with investors are not yet underway.
BASF set to sell pigment business to Sun Chemical.
BASF, a leading producer and marketer of chemical products is considering a sale of its pigment business to Sun Chemicals, a subsidiary of Japanese chemical manufacturer DIC.
Brookfield Property Group, a leading property management group acquires for Aveo Group, a leading owner and operator of retirement and aged care communities across Australia $959m.
Merrill Lynch and Herbert Smith Freehills are advising Aveo Group.
Kejora Ventures, a leading private equity firm acquires a minority stake in Distribusi Voucher Nusantara (DIVA), a leading software developer form M Cash. Financial terms were not disclosed.
This transaction is led through InterVest Star SEA Growth Fund I, a fund co-managed by Kejora and InterVest. The fund is backed by a prominent group of partners which includes Korea Development Bank, Korea Venture Investment, NH Investment & Securities, Industrial Bank of Korea, and Barito Pacific Group. Following the transaction, a representative of the fund will be appointed to sit in the board of DIVA at the upcoming DIVA EGM to create and drive value creation.
“With such a strong partner and backer, DIVA can create a comprehensive offering to our partners, especially small and medium Indonesian enterprises." Dian Kurniadi, Diva Director.
Blackstone seeks to buy Anbang's Japan properties. (FS)
China's troubled Anbang Insurance Group has put its $2.4bn property portfolio in Japan up for sale, and the previous owner Blackstone Group is bidding, Reuters reported.
The insurer is offering its entire portfolio of mainly residential buildings in Tokyo and other big cities after it failed to sell some of the assets last year.
KKR set to acquire a 90% stake in EuroKids for $200m. (FS)
KKR, a leading private equity firm to acquire 90% stake in education company EuroKids Group, from Gaja Capital for Rs. 1,4k Crore ($200m).
General Atlantic was also engaged in a possible transaction involving EuroKids. The deal is believed to be concluded by the end of the month.
Telekomunikasi Indonesia to acquire local e-commorce companies.
PT Telekomunikasi Indonesia, a state-owned information and communications technology enterprise to acquire local small scale e-commerce firms.
Telekomunikasi Indonesia has previously acquired PT Persada Sokka Tama, a major player in the telecommunications tower sector and is in advanced talks to acquire 51% of Bhinneka.com shares.
Japanese pharmacy giant Matsukiyo set to merge with rival Cocokara.
Japanese drugstore giant MatsumotoKiyoshi Holdings said it was starting talks to merge with rival Cocokara Fine, possibly creating the country's biggest chain of discount pharmacies with nearly $10bn in annual sales.
Known as "Matsukiyo," MatsumotoKiyoshi started as a mom-and-pop pharmacy in the 1930s and has overgrown through aggressive store openings and acquisitions. It was a pioneer in drugstores' sales of discount cosmetics, allowing consumers to more casually sample products.
D&D Pharmatech Raises $137m in Series B.
D&D Pharmatech, a clinical-stage biotechnology company focused on development and commercialization of revolutionary medicines, and parent company of US-based Neuraly, Precision Molecular and Theraly Fibrosis, had completed a $137m Series B round of financing from the US and Korean investors.
“With this funding, we will continue executing on our strategy to develop truly novel approaches to treat challenging diseases with significant unmet need. The Johns Hopkins-based scientific leadership across our family of companies has been instrumental in elucidating the underlying mechanisms at the core of neurodegenerative and fibrotic diseases. Leveraging these insights, our teams have identified potentially game-changing therapeutics based on the central hypotheses for these conditions. The combination of deep, disease-specific expertise, our world-class drug development capabilities, and additional funding will enable ongoing advancement of our clinical and preclinical programs. We remain grateful for the confidence and enthusiasm of our investors.” Dr. Sung Mook Lim, D&D Pharmatech Chief Executive Officer.
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