DISH Network, a US television provider, completed the acquisition of the prepaid businesses and MHz spectrum assets of Sprint, an American telecommunications company, for $5bn. The transactions with DISH are contingent on the successful closing of T-Mobile's merger with Sprint among other closing conditions.
"We just checked an important milestone. In closing our deal with DISH to divest Sprint's prepaid brand, T-Mobile followed through on fulfilling one of the most significant commitments we made as part of this merger process. We are excited to keep making big steps forward and, as promised, continue to work toward delivering the transformative nationwide 5G network that is only possible with the New T-Mobile's combined capacity AND breadth to consumers across the US," Mike Sievert, T-Mobile CEO.
DISH Network was advised by Sullivan & Cromwell. T-Mobile was advised by Goldman Sachs, PJT Partners, Cleary Gottlieb Steen & Hamilton, DLA Piper, Latham & Watkins and Wachtell Lipton Rosen & Katz. Sprint was advised by JP Morgan and Morrison & Foerster.
Cineworld, the world's second-largest cinema chain, plans to present a counter-claim against Canada's largest cinema operator Cineplex over damages following the termination of a $2.1bn deal.
With its claim, Cineplex seeks $1.6bn it would have gotten had the deal been intact. Cineworld asserts that there were no contract violations and even if the suit is successful, Cineworld would only have to pay costs and expenses incurred as part of the deal.
Gordon Pointe, a publicly traded special purpose acquisition company, completed the acquisition of HOF Village, a multi-use sports, entertainment and media destination centered around the Pro Football Hall of Fame's campus in Canton, Ohio, for $390m.
"The Hall of Fame Resort & Entertainment Company represents an unprecedented opportunity to create an experiential destination resort and entertainment enterprise that is the equivalent of the 'Disneyland' of professional football. We are leveraging a multi-dimensional approach to engage consumers by providing authentic storytelling through our media arm while bringing those stories to life in an immersive 3D environment unlike any other," Mike Crawford, HOFV Chief Executive Officer.
Gordon Pointe was advised by B. Riley FBR, Maxim Group, Fox Rothschild, Pillsbury Winthrop Shaw Pittman and ICR. HOF Village was advised by Ladenburg Thalmann
and Hunton Andrews Kurth.
Uber Technologies agreed to acquire Postmates, a food delivery service, from GPI Capital for $2.7bn in an all-stock transaction. Uber will issue c. 84m shares of common stock for 100% fully diluted equity of Postmates.
"Uber and Postmates have been strong allies working together to advocate and create the best practices across our industry, especially for our couriers. Together we can ensure that as our industry continues to grow, it will do so for the benefit of everyone in the communities we serve," Bastian Lehmann, Postmates Co-Founder and CEO.
Postmates is advised by JP Morgan and Latham & Watkins. Uber is advised by Wachtell Lipton Rosen & Katz. GPI Capital is advised by Kirkland & Ellis.
Bridge Bancorp, the parent company of BNB Bank, agreed to merge with Dime Community Bancshares, the parent company of Dime Community Bank, in a $489m deal.
"This highly compelling combination will allow us to build on our complementary strengths and provide significant value for shareholders. Dime has earned its strong reputation in the greater New York metropolitan market, and I'm thrilled to partner with them. Our enhanced branch footprint and increased capital base will allow us to better serve the needs of our customers. In addition, both companies have strong balance sheets and demonstrated histories of low loan losses through prior cycles, which give me confidence that we will be well-positioned to succeed in any environment. I look forward to working closely with Ken and the entire Dime team as we collectively become New York's premier community bank," Kevin O'Connor, Bridge Bancorp President and CEO.
Dime Community Bancshares is advised by Raymond James and Holland & Knight. Bridge Bancorp is advised by Piper Sandler and Luse Gorman.
i3 Energy, an independent oil and gas company with assets and operations in the UK, agreed to acquire petroleum and infrastructure assets of Gain Energy, a private Canadian company with operations in the Western Canadian Sedimentary Basin, for $59m.
Completion of the transaction remains subject to financing to raise the cash consideration and working capital, industry-standard conditions precedent, and i3 shareholder approval. i3 is in discussions with its investors and brokers and is seeking funding for the consideration and general corporate purposes.
i3 Energy is advised by Canaccord Genuity, Mirabaud Securities, WH Ireland and Camarco.
Berkshire Hathaway Energy, a holding company which comprises regulated energy businesses that generate, transmit, store, distribute, and supply electricity and natural gas, agreed to acquire Gas Transmission & Storage assets of Dominion Energy, an American power and energy company, for $9.7bn.
"This narrowing of focus will also allow us to increase our long-term earnings growth rate guidance by around 30%. Our rebased dividend policy better reflects our revised operating and financial strengths, aligns with our best-in-class industry peers and allows us to grow our dividend much more rapidly than before," Thomas F. Farrell, II, Dominion Energy Chairman, President, and CEO.
Dominion Energy is advised by McGuireWoods, Barclays and Morgan Stanley.
Croda, a British speciality chemicals company, agreed to acquire Avanti Polar Lipids, which manufactures and supplies lipid products, for $260m.
"We have long admired the Avanti team for their deep scientific know-how and are already working together on high-potential commercial opportunities. With their exciting drug delivery technologies, Avanti is a market leader in a high growth niche of the health care market, serving over 3k customers globally. Bringing Avanti's best-in-class expertise into Croda also significantly enhances our presence across the pharma product lifecycle, including early-stage R&D, clinical trials, analysis and formulation. I am confident that Avanti will prove transformative to the capabilities and performance of our Life Sciences sector," Steve Foots, Croda CEO.
Avanti Polar Lipids is advised by BlackArch Partners. Croda is advised by Teneo.
MetroNet, a provider of fiber-optic internet, TV and phone service, completed the acquisition of Jaguar Communications, a fiber optic internet company serving Owatonna, Mankato, Rochester, and several other Minnesota communities. Financial terms were not disclosed.
"As we grow our fiber optic network in Minnesota, Jaguar Communications is a perfect fit. We look forward to fully integrating as a company, and we welcome them into the MetroNet family," John Cinelli, MetroNet President.
MetroNet is advised by RunSwitch PR.
Oaktree-backed Watco to acquire Dow's rail infrastructure assets. (FS)
Oaktree-backed Watco, a transportation service company, agreed to acquire the rail infrastructure assets and related equipment at six major North American sites from Dow, a materials science company. Financial terms were not disclosed.
“Today’s announcement is part of an on-going review of our ownership of non-product producing assets and is driven by our commitment to apply a best-owner mindset to everything we do. It aligns to Dow’s strategy to continue to grow our core businesses in a capital-efficient manner. The transaction will liberate cash from our balance sheet that we will use to pay down debt and invest in our core value-generating businesses,” Jim Fitterling, Dow Chairman and CEO.
Dow is advised by Goldman Sachs and Mayer Brown.
Vale to take $400m charge from nickel asset sale.
Reuters reported that Brazilian miner Vale expects to record a $400m impairment charge for the period ending on June 30 related to the planned sale of its long-troubled nickel and cobalt operations on the Pacific island of New Caledonia. Vale said in May that it was in talks to sell the mine, which has faced technical setbacks, a chemical spill and protests, to Australia’s New Century Resources.
At the same time, Vale said it continues to evaluate the impact of the coronavirus pandemic on its business as the number of Covid-19 cases and deaths has increased significantly in Brazil, where most of its operations are concentrated.
Hub International completed the acquisition of the assets of GBC Benefits.
Hub International, a global insurance brokerage, completed the acquisition of the assets of GBC Benefits, a provider of retirement plan services, employee benefits, property & casualty and personal lines insurance. Financial terms were not disclosed.
"We're excited to welcome the Gus Bates I&I team to Hub. With their joining, we will enhance our services to clients by providing them added guidance and resources to help them navigate both the insurance and retirement worlds," Martin Yung, Hub Texas President.
Thrive Causemetics working with Goldman on sale or IPO.
Vegan beauty startup Thrive Causemetics is working with an adviser to explore options including a sale or public listing, Bloomberg reported, as cosmetic companies attract investment from major brands.
The Los Angeles-based company is working with Goldman Sachs and could be valued at several hundred millions of dollars in a potential transaction
Apollo launches a new credit unit. (FS)
Reuters reported that Apollo Global Management is creating a new credit unit, Apollo Strategic Origination Partners, to provide companies with loans of about $1bn. A credit unit is expected to provide $12bn in loans over the next three years through direct lending.
Abu Dhabi state fund Mubadala Investment is the lead backer of the venture and Apollo intends to pull in additional capital from other investors.
Dominus Capital raises $350m for new fund. (FS)
Dominus Capital, an operationally-focused private equity firm investing in middle-market companies, raised around $350m toward a $525m target for its third flagship fund. Based in New York, Dominus invests in middle-market companies in the business services, consumer products and industrial sectors.
The firm closed its previous flagship fund on $400m in 2016.
EMEA
A consortium of private equity firms including CPPIB and Montagu, alongside existing shareholders Tethys Invest and Bpifrance, completed the acquisition of Galileo Global Education, a provider of education services, from private equity firm Providence Equity Partners. Financial terms were not disclosed.
"We look forward to supporting Galileo as it evolves its unique global platform in the higher education sector, to continue to deliver high-quality, innovative and flexible courses to students around the world, adapting to challenges and leveraging the use of technology. CPP Investments is confident that Galileo – through its management and teaching staff – will build long-term value in the business for the benefit of CPP contributors and beneficiaries," Alain Carrier, CPP Investments Senior Managing Director & Head of International.
Montagu was advised by Linklaters and Greenbrook. Tethys was advised by Weil Gotshal and Manges. CPPIB was advised by Kirkland & Ellis. Providence was advised by Weil Gotshal and Manges and Sard Verbinnen & Co.
A.P. Moller - Maersk, a Danish integrated shipping company, agreed to acquire KGH Customs Services, a European provider of customs and trade solutions, from private equity fund Bridgepoint Development Capital for $279m.
"With Maersk, we will have a long-term home with a company that share our values. By joining forces, we will be able to continue to build on the great success our teams have achieved, and at the same time play a key role in a combined entity providing a range of different services within the transportation and logistics industry. Customs services is an essential part of our customers' end-to-end needs which we in unison with Maersk will be able to provide with seamlessness and global reach," Lars Börjesson, KGH Customs Services CEO.
BDC is advised by Carnegie, PricewaterhouseCoopers and Cederquist.
Candriam, a pan-European asset management firm, agreed to acquire the hedge fund business of Rothschild & Co. Financial terms were not disclosed.
"The deal will help Candriam enter a new development phase in the alternative investment space, which should prove particularly appealing to investors in the current environment," Fabrice Cuchet, Candriam Deputy Chief Investment Officer.
Morningstar, a provider of independent investment research, completed the acquisition of Sustainalytics, a company that rates the sustainability of listed companies based on their environmental, social and corporate governance performance, for €170m ($185m).
"This new ownership structure will amplify our ability to bring meaningful ESG insights, products, and services to the global investment community and to companies around the world. Importantly, I am thrilled that my colleagues and I are joining a firm with a belief in our mission and intent to help us further expand our reach," Michael Jantzi, Sustainalytics CEO.
The Carlyle Group completed the investment in Memsource, a language translation software provider. Financial terms were not disclosed.
"We are excited to partner with Carlyle. At Memsource, we have always been committed to helping our clients optimize their localization. With Carlyle's support, we will significantly accelerate the pace at which we bring innovative solutions to our customers. By building on our patented AI technology, we will strive to lead the transformation of enterprise localization together with Carlyle," David Canek, Memsource Founder and CEO.
Intriva Capital, an independent alternative investment manager focused on credit businesses, agreed to invest in Lending Works, a UK consumer credit and peer-to-peer lending business. Financial terms were not disclosed.
"The Intriva team has extensive operational experience managing and growing consumer lending businesses in the UK and across Europe. We will work in close partnership with Nick and his team, helping to expand the successful existing operations, while venturing into new areas and products where we collectively believe there are opportunities," Simon Finn, Intriva Capital Managing Partner.
AbleDocs, a PDF accessibility service provider, agreed to acquire axes4, a developer of PDF/UA compliant software. Financial terms were not disclosed.
"axes4, the leading PDF accessibility software company in Europe, and AbleDocs as the globally leading PDF accessibility remediation company, this is a perfect match," Samuel Hofer, axes4 Co-Founder and Head of Development.
CymbiQ, a cybersecurity service provider, completed the acquisition of Aspectra, an IT security and data company. Financial terms were not disclosed.
"Aspectra is the ideal complement for the CymbiQ Group. This hosting expert is not only complementary in its service portfolio and focus on customers with a high level of sensitivity in terms of security, but also in terms of corporate values and corporate culture. Aspectra's experiences in supporting customers in Germany is a great value for our planned geographical expansion in the DACH area," Marco Marchesi, CymbiQ CEO.
Elliott Advisers considers the acquisition of Casual Dining Group. (FS)
Elliott Advisers, an American hedge fund, considers the acquisition of Casual Dining Group, which operates restaurants primarily under the Bella Italia, Café Rouge and Las Iguanas names. Elliott is among a number of investors interested in the business but has yet to table a formal bid, FT reported.
"After reviewing all our options with advisers, it became clear that we needed to take this action in order to protect the business and secure the best possible future for Casual Dining Group as we look to conclude a potential sale," James Spragg, CDG Chief Executive.
Rolls-Royce considers fundraising options. (FS)
Rolls-Royce, a British multinational engineering company, is investigating options to raise funds that would help fortify the company against a downturn in the aerospace industry, Bloomberg reported.
Rolls-Royce is considering selling shares and divesting assets. Its ITP Aero unit is one potential disposal being studied. The company could seek about $1.9bn to $2.5bn if it decides to proceed with an equity offering.
Nahdi Medical in talks for IPO.
Nahdi Medica, Saudi Arabia’s pharmacy retail chain, is considering an IPO, which could happen next year, and has begun early talks with potential advisors, Reuters reported.
Nahdi's value is more than $2.7bn in equity. The company has a network of more than 1.1k pharmacies and is 50% owned by Jeddah-based Islamic investment firm Sedco Holding.
Golding raises almost $225m with private debt fund for medium-sized companies. (FS)
Golding Capital Partners, an asset manager for private equity, private debt, and infrastructure in Europe, held a successful first closing of its fund Golding Private Debt 2020 at a volume of nearly $225m.
"The Covid-19 crisis has shown that companies need a quick, straightforward response to their liquidity needs. It is the only way for them to keep their businesses going and save jobs. Increasing regulations and capital adequacy requirements mean that banks are often not the right financial partner for them. Private debt funds, on the other hand, can offer direct, alternative financing solutions and provide companies with capital, often on a long-term basis, with a much better risk-return profile," Jeremy Golding, Golding Capital Founder and Managing Partner.
Citi targets more growth in Saudi Arabia. (People)
Reuters reported that Citigroup is planning to hire more bankers in Saudi Arabia for its direct custody business after adding more than 20 for onshore capital markets in the last two years.
The bank, which following a 13-year hiatus returned to Saudi Arabia in 2018 after being granted a capital markets licence, said last year it would also expand its direct custody and clearing services to the oil-rich kingdom.
APAC
Bondholders of Virgin Australia, an Australian airline
, applied to the Takeovers Panel for approval to allow them to make an alternative proposal to creditors for sale to Bain Capital, Reuters reported.
The bondholders said certain circumstances regarding the administrator’s sales process are unacceptable and have the effect of precluding them from presenting an alternative proposal at the meeting.
Virgin Australia is advised by Houlihan Lokey, Morgan Stanley, Clayton Utz and Deloitte. Bain Capital is advised by Herbert Smith Freehills.
EQT Partners offered to acquire Metlifecare, New Zealand's retirement village provider, for $837m. The proposal comes soon after the termination of the previous c. $1bn offer.
"We have always indicated that the Board of Metlifecare is open to engaging on any reasonable alternative proposal. We welcome receipt of APVG's NBIO and intend to canvass shareholders on whether they prefer this alternative. While there remain a number of issues to resolve and there is no guarantee we will be able to reach an agreement, we look forward to productive discussions with APVG," Kim Ellis, Metlifecare Chair.
Metlifecare is advised by Jarden, Simmons Corporate Finance, Chapman Tripp and Cato & Clive.
Orisun Acquisition, a special purpose acquisition company, agreed to merge with Ucommune, an agile office space manager and provider in China, in a $769m deal.
"This transaction directly aligns with our strategic objectives and will unleash the exciting potential of our new growth initiatives, including the expansion of our asset-light model. As a publicly listed company, we look forward to strengthening our market-leading position and to expanding our footprint in China. With smart technology and efficient business operations, we will continue to empower more members in communities across China, unleashing their potential and creating maximum value for society," Daqing Mao, Ucommune Founder.
Ucommune is advised by Davis Polk & Wardwell. Orisun Acquisition is advised by Chardan and Loeb & Loeb.
Mitsubishi changes its M&A strategy.
Mitsubishi, Japan's largest trading company, will impose a one-in, one-out policy toward acquisitions as coronavirus prompts a historic strategic shift, FT reported. Every new asset Mitsubishi acquires — across a wide range of sectors — it will aim to match it with the sale of another.
"We need to make it clear to our stakeholders that any merger and acquisition under consideration will in no way undermine our financial position. Going forward, our basic approach is to couple good investments with divestments from businesses that are no longer competitive," Takehiko Kakiuchi, Mitsubishi Chief Executive.
Nalanda Capital eyes $800m for the latest fund. (FS)
Private equity firm Nalanda Capital eyes to raise as much as $800m for its latest fund. The company has already mopped up $728m, according to its filing in US SEC.
Nalanda follows the private investment in public enterprises, or PIPE, route to focus on investing in the large universe of small- and mid-cap companies listed on the bourses, which are typically off the radar of big global investors and equity research firms.
Smoore International raises $918m in Hong Kong IPO.
Smoore International, a Chinese e-cigarette and vape manufacturer, raised $918m after pricing its shares at $1.6 each in its Hong Kong IPO, Reuters reported. The largest of investors were Huaneng Trust, a financial services provider, which acquired $80m worth of stock and Prime Capital, an asset manager and financial services provider, which bought $50m.
The deal is the largest IPO in Hong Kong during 2020, but will be exceeded later this week by China Bohai Bank which is currently raising up to $2bn.
