EMEA
Italian transport group Atlantia could join a rescue of loss-making flag carrier Alitalia to try to win favor with the government and secure the future of its own domestic business following a deadly bridge collapse last year, Reuters reported.
Atlantia, controlled by the Benetton family, faces the loss of its entire national motorway concession in a bitter dispute with the government, which erupted after last year’s disaster on its toll network killed 43 people. The government blamed Atlantia for the tragedy, saying it had failed to adequately maintain the aging bridge, and vowed to revoke the concession, worth 58% of group revenue.
“Atlantia’s door is not closed ... it is now up to the government to take the lead in the talks,”. Alitalia expected Atlantia to sign up to rescue as early as this month.
Ferrovio is advised by Cleary Gottlieb Steen & Hamilton and Mediobanca.
Spencer Stuart, a leading executive search and leadership advisory firm, acquired talent‑related businesses from Aon, a British global professional services company. Financial terms were not disclosed.
“We are pleased to add these capabilities in engagement, leadership development, and related advisory services to our noted expertise in leadership and organizational culture. More and more leaders now understand that to win on the outside, you first have to win on the inside." Patrick Hynes, who leads Spencer Stuart’s Leadership Advisory Services.
Spencer Stuart is advised by Skadden Arps Slate Meagher & Flom.
Activa Capital, an independent private equity company, owned by its partners, characterized by a proactive strategy of supporting growth, along with Turenne Sante, acquired Medisys, a leading software publisher in the home-care field. Financial terms were not disclosed.
Activa Capital and Turenne Santé will enable Medisys to strengthen its positions through strategic acquisitions to complete its offer.
"This is a new momentum for Medisys, which has the solid fundamentals to pursue and expand its rapid development and satisfy our most demanding clients in the medico-social sector” Bernard Chevalier, Medisys Founder.
The Ethypharm Group has acquired the Pharmy II Laboratory. Financial terms were not disclosed.
Pharmy II is a pharmaceutical operating company founded in France in 1982. Well established in France, the Pharmy II laboratory is specialized in the treatment of pain and more particularly mechanical musculo-articular pain. It provides health professionals - rheumatologist, mesotherapist, sports doctor - and their patients, on the French market, a range of solutions intended to be injected locally, by the technique of mesotherapy.
Through this acquisition, Ethypharm is expanding its portfolio of six drugs and completing its range of proprietary medicinal products in both injectable and liquid form.
"By becoming part of a new "specialized" market, Ethypharm is strengthening its commitment in the field of pain and its support to health players". Bertrand Deluard, Ethypharm Group CEO.
Sparring Capital and SOCADIF acquired Cesacap, a major player in electrical engineering in Ile de France, from Capzanine, SG Capital Partenaires and the founders of the group. Financial terms were not disclosed.
Cesacap Group has expertise in both strong and weak currents, with the ability to support its customers on all project sizes, both in renovation and new.
"Sparring's entry accompanies the departure of the group's founders and the rise to the capital of its management team, which reinvests significantly with us." Johann Le Duigou, Sparring Capital Partner.
Deutsche Bank to prepare plan B if the merger with Commerzbank fails.
Deutsche Bank is working on an alternative strategy to present to investors should takeover talks with rival Commerzbank collapse, Bloomberg reported.
Some top shareholders want the bank to prepare options as obstacles to a combination pile up. Chief Executive Officer Christian Sewing is considering two basic scenarios: a small update that would mainly consist of more and accelerated cost cuts including at the investment bank, and a bigger strategy shift that would create upfront costs.
Tereos failed to secure bidders for its $281m loan. (FS)
An attempt by French sugar group Tereos to spread risk on a €250m ($281m) loan secured earlier this year has failed to attract bidders, leaving three main creditor banks with exposure, Reuters reported.
Tereos, the world’s second-biggest sugar producer, has struggled to cope with poor market conditions since the European Union’s output quota regime ended in 2017, warning that it would post a loss for the second year in a row this season.
The debt-laden cooperative group had subscribed a €250m ($281m) loan with BNP Paribas, Natixis, and Rabobank, to reimburse half of its 2020 bond one year in advance. Tereos then launched a syndication round with about 10 banks, including other members of its banking pool and new ones, in a bid to spread the risk.
UniCredit aims at Austrian Banks Group with an audit request.
UniCredit’s Austrian unit is requesting special audits of at least one of the lenders comprising the 3 Banks Group, saying it broke corporate law and governance rules for years.
UniCredit Bank Austria is demanding the audit of six share issues at BKS Bank, one of the three banks, according to a motion for the May 8 general meeting published on BKS’s website. The motion said BKS effectively injected funds into itself over the past 25 years rather than increased its share capital.
AMERICAS
Gebr. Knauf acquired USG Corporation for $43.5 in cash, without interest and subject to tax withholding as applicable. Gebr. Knauf required regulatory approvals and clearances needed to close the previously announced acquisition of USG by Knauf have been received. The merger will close on April 24, 2019, pending customary closing requirements.
USG Corporation is an industry-leading manufacturer of building products and innovative solutions. Its wall, ceiling, flooring, sheathing and roofing products provide the solutions that enable customers to build the outstanding spaces where people live, work and play.
USG is advised by Goldman Sachs, JP Morgan, FTI Consulting, Sard Verbinnen & Co, and Jones Day. Knauf is advised by Morgan Stanley, Baker McKenzie, Freshfields, Shearman & Sterling, Joele Frank, and EY.
American Media sold its National Enquirer tabloid to James Cohen, whose family owns a magazine distributor and used to own the Hudson chain of airport newsstands for $100m.
The National Enquirer had admitted to paying hush money to help US President Donald Trump get elected and been accused of attempting to blackmail Amazon founder Jeff Bezos. The weekly tabloid, along with two of its sister publications, will be purchased by Cohen.
“The sale of these brands shows their vitality in today’s newsstand marketplace where they continue to generate nearly $30m in profit annually. James and his team at Hudson have a proven history in publishing and have the market-based knowledge and long-term vision needed to ensure the growth of these brands.” David Pecker, American Media CEO.
Sumeru Equity Partners is a technology-focused private equity firm that invests in middle market companies across software, technology-enabled services and hardware, invested in 3Gtms, the fastest growing Tier 1 transportation management system, provider. Financial terms were not disclosed.
“We’re thrilled to have the backing of SEP and the ability to more rapidly scale our products and expand our resources.", Mitch Weseley, 3Gtms CEO.
3Gtms is advised by PJ Solomon.
Middle market private equity investor Ridgemont Equity Partners has formed a strategic partnership with The Speech Pathology Group, a school and center-based provider of behavioral health and therapeutic services to children with autism and other special needs in Northern California. Ridgemont and SPG have formed Autism Intervention Services, a management services organization, to support SPG’s growth. Financial terms were not disclosed.
Ridgemont is excited to partner with SPG, whose clinical excellence, quality outcomes and strong reputation amongst therapists, schools, and families provide a strong foundation for growth. We are looking forward to working closely with the team to help expand SPG’s therapy offering in multiple care settings in order to meet the growing demand within its communities.” Scott Poole, Ridgemont Partner.
SPG is advised by Capstone Headwaters. Crescent Direct Lending and BMO Sponsor Finance acted as debt providers. Ridgemont and SPG were advised by Donahue Fitzgerald and McGuireWoods. Ridgemont was advised by KeyBanc Capital Markets.
Colony Capital has closed its acquisition of Abraaj Group’s private equity platform in Latin America. Financial terms were not disclosed.
The Company has been renamed Colony Latam Partners and will continue to be headed by the Company’s senior management team, led by Miguel Olea, Hector Martinez, Gerardo Mendoza, and Eduardo Cortina. The Company currently manages over $700m and has made 22 investments across Latin America since its establishment in 2006.
“Colony is thrilled to complete this acquisition and to partner with the premier private equity investment team in Latin America. The growth opportunity in these markets is significant and we look forward to growing and expanding our platform in the years ahead,” Justin Chang, Colony Capital Managing Director and Global Head of Private Equity.
E-Technologies Group, an Ohio-based control system integration firm founded in 1993 has acquired Superior Controls, a leading Life Sciences control system integrator of custom industrial automation and IT solutions with 135 engineers and professionals on both the east and west coasts, today announced the company. Financial terms were not disclosed.
With the addition of Superior Controls, ETech becomes one of the nation’s leading providers of automation software and systems integration and engineering design services with approximately 400 employees, including 350 engineers.
“The addition of Superior Controls significantly expands the breadth and depth of ETech’s engineering talent and capabilities as well as our ability to serve customers regardless of where they are located and whenever their needs arise. We are thrilled to welcome Rick and Superior Controls to the ETech team.” Ralph Carter, ETech CEO.
Twitter has acquired the staff at Highly, a developer of web-based tools used to highlight, summarize and share information. Financial terms were not disclosed.
Highly is the web-browser tool to update highlight the web to share the important parts. Founded in 2014, the company had raised $1.75m in prior seed funding from Bascom Ventures, Resolute Ventures, and other backers.
Qatar Investment Authority and private realty firm Crown Acquisitions said they were the unnamed investors in a deal with Vornado Realty Trust valued at $5.56bn that involves a portfolio of prime New York retail properties.
Vornado sold a non-controlling stake in its portfolio of properties along Fifth Avenue and Broadway in Times Square in a transaction that provided the firm cash proceeds of about $1.2bn.
Neither QIA, Qatar’s sovereign wealth fund, or Crown Acquisitions were named as the investors who contributed $1.31bn in cash in a newly created joint venture with Vornado.
QIA and Crown Acquisitions, which acted as an advisor to the deal, said they acquired a 24% stake each in a portfolio of five ground-level stores along a swath of Fifth Avenue just north of St. Patrick’s Cathedral and two sites in Times Square.
California American Water to acquire the assets of the East Pasadena Water Company.
California American Water, a subsidiary of American Water, has entered into an agreement to acquire the assets of the East Pasadena Water Company. Following the completion of the sale, California American Water will become the new water provider to approximately 10k residents in Temple City, Arcadia, and the East Pasadena area. Financial terms were not disclosed.
East Pasadena Water Company is a privately owned class B utility located in Los Angeles County with a long history of serving the community. California American Water currently supplies water to more than 48k homes and businesses in Los Angeles and Ventura County.
"We are pleased to have entered into a contract and look forward to serving customers in the East Pasadena Water Company service area. Our San Marino and Rosemead water systems are near East Pasadena so we know the area well. East Pasadena customers will be able to take advantage of our excellent conservation, rate assistance, and customer service programs once the integration is complete.” Rich Svindland, California American Water's President.
Sears Estate sues Eddie Lampert, saying he stripped assets.
The bankrupt estate of Sears Holdings sued Eddie Lampert and his hedge fund ESL Investments, claiming they wrongly transferred $2bn of company assets beyond the reach of creditors in the years leading up to the retailer’s bankruptcy.
“Had defendants not taken these improper and illegal actions, Sears would have had billions of dollars more to pay its third-party creditors today and would not have endured the amount of disruption, expense, and job losses resulting from its recent bankruptcy,” lawyers for the estate said in a court filing.
Thomas Cook approached by potential bidders. (FS)
Thomas Cook has been tentatively approached about a takeover of its tour operating unit, or the entire company, by several parties as its lenders prepare for crunch talks over the state of its finances, Sky News reported.
The company, which has put its airline business up for sale, last month announced a review of its money division to help focus on its core holiday business after a rough 2018.
Private equity firm KKR and Swedish buyout group EQT Partners were potential bidders for the group, while China's Fosun International was understood to be among those to have lodged a preliminary interest in the tour business.
Vornado sells stake in New York retail venture for $1.2bn. (RE)
Vornado Realty Trust sold a stake in a portfolio of prime New York retail properties along Fifth Avenue and Broadway in Times Square for about $1.2bn in cash in a deal in which it retains majority control of the assets.
The transaction created a joint venture with unnamed institutional investors that valued the portfolio of seven retail sites and other assets at $5.56bn, said Vornado, a real estate investment trust, said in a statement.
The retail assets are among the scarcest and most valuable in the world, Vornado Chairman Steven Roth said in the statement.
Engie considers a takeover of Emcor, a US Services Firm.
French energy company Engie is weighing a takeover of construction and facilities services firm Emcor Group as it seeks to expand in the US, Bloomberg reported.
Engie is working with advisers as it considers pursuing a deal for Emcor, said the people, who asked to not be identified because the matter isn’t public. No final decision has been made and the French company could decide against an offer, they said.
Blackstone considers selling of Vegas Hotel. (FS, RE)
Blackstone has reportedly hired Deutsche Bank and PJT Partners to explore a sale of The Cosmopolitan in a deal that could value the Las Vegas hotel and casino at more than $4bn.
Blackstone purchased The Cosmopolitan in 2014 for about $1.7bn from Deutsche Bank and subsequently invested $500m into renovating the property. Deutsche Bank took over The Cosmopolitan in 2008 after the casino's prior owner defaulted on a loan.
APAC
Warburg Pincus-backed Stellar Value Chain Solutions has acquired Patel Roadways, a company operating in the express logistics segment. Financial terms were not disclosed.
Stellar caters to the logistics needs of customers across e-commerce, consumer retail, FMCG, auto, pharma, telecom, industrial, chemicals, and electronics sectors. Stellar said in a statement on Thursday that its unit Innovative Logistics Services will buy the Patel Roadways division of Patel Integrated Logistics including express, less-than-truckload (LTL) and full-truck-load (FTL) segments by way of a slump sale in an all-cash deal.
“With the Patel Roadways acquisition, we intend to make deeper inroads in the Express and LTL distribution space across the country. Patel Roadways is an extremely reputed brand and we have known it well for decades,” Anshuman Singh, Stellar chairman, and managing director.
Leap Green Energy and EIG Partners to raise $200m.
The Indian renewable energy sector has become intensely competitive with falling tariffs, making access to low-cost capital a significant advantage. Tamil Nadu-based renewable energy company Leap Green Energy is in talks with foreign investor EIG Partners to raise around $200m through structured debt, said two people aware of the development.
Several long-term and patient capital investors, with low-cost capital, have set up platforms to tap the renewables opportunity in the country. Mahindra Susten has started talks to sell around 160 MW of solar assets, while in January Mint reported that Morgan Stanley is seeking an exit from its wind energy platform Continuum Wind Energy.
Malaysia to revive $34bn transport hub project initiated by 1MDB in 2011.
Malaysia is reviving a property and transport hub worth 140bn ringgit ($34bn) started by troubled state fund 1MDB, adding to the list of projects the government is resuming. The cabinet agreed to reinstate the Bandar Malaysia project in an April 17 meeting, Prime Minister Mahathir Mohamad said.
The project will be developed with its original partners, Iskandar Waterfront Holdings and China Railway Engineering, which own a 60% stake in the joint venture with the rest owned by the government. The country has brought back large state projects after embarking on budget-reduction measures last year. Earlier this month, Malaysia struck a deal with China to resume the East Coast Rail Link at a lower cost, with the government seeking to further reduce the price tag, Mahathir said.
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