AMERICAS
BlackSky, a provider of real-time geospatial intelligence and global monitoring services, went public via a SPAC merger with Osprey Technology Acquisition, a special purpose acquisition company, in a $1.5bn deal.
“Our team is excited that we have reached this major milestone on our first-to-know mission to lead a new era of real-time global intelligence. We are looking forward to this next chapter as a public company and the many opportunities that lie ahead in the new space economy,” Brian O’Toole, BlackSky CEO.
BlackSky was advised by Credit Suisse, Moelis & Co, PJT Partners, Wilson Sonsini Goodrich & Rosati, Communique PR and ICR. Credit Suisse was advised by Paul Weiss Rifkind Wharton & Garrison. Osprey was advised by Moelis & Co, Union Square Advisors and Skadden Arps Slate Meagher & Flom.
Clarus Therapeutics, a pharmaceutical company, went public via a SPAC merger with Blue Water Acquisition, a special purposes acquisition company, in a $379m deal.
“At Clarus, our goal is to develop and commercialize androgen and metabolic therapies for unmet medical conditions in men and women. My sincere thanks to our investors, employees, board of directors, and advisors for supporting our vision and making this transaction a success," Robert Dudley, Clarus President and CEO.
Clarus was advised by Needham & Co, Truist Bank and Goodwin Procter. Blue Water was advised by Cantor Fitzgerald, Maxim Group, Oppenheimer & Co, Ellenoff Grossman & Schole and Russo Partners. Financial advisors were advised by Mayer Brown.
Rice Acquisition, a special purposes acquisition company, announced that its stockholders have approved the $1.15bn business combination with energy companies Aria Energy and Archaea Energy.
The business combination is expected to close on or about September 15, 2021. Upon the closing of the business combination, the combined company will be named Archaea Energy. The parties expect that the combined company’s Class A common stock and warrants will be listed on the New York Stock Exchange under the ticker symbol “LFG” and “LFG WS,” respectively.
Archaea Energy is advised by Citigroup, Jefferies & Company, ROTH Capital Partners and Pillsbury Winthrop Shaw Pittman. Aria Energy is advised by Barclays and Orrick Herrington & Sutcliffe. Rice Acquisition is advised by Moelis & Co, Kirkland & Ellis, Richards Layton and Finger and Montieth.
Genstar Capital-backed Alera Group, an independent insurance and wealth management firms, agreed to merge with Flexpoint-backed Propel Insurance, an innovative insurance solutions and risk consulting provider. Financial terms are not disclosed.
"This merger will join two key players in the insurance industry and will not only enhance both companies, but also build a solid foundation for future growth and success. With Propel and Alera Group joining forces, we expect to continue to expand nationally, building an inclusive and diverse team while we enhance the client experience," Kurt Carlson, Propel Insurance President and CEO.
Alera Group is advised by Evercore, Harrington & McCarthy, K&L Gates and Greenough Brand Storytellers. Flexpoint Ford is advised by Barclays, Kirkland & Ellis and Levenfeld Pearlstein. Genstar Capital is advised by Ropes & Gray and Chris Tofalli Public Relations.
Francisco Partners, a private equity firm, agreed to acquire a minority stake in RugsUSA, a retailer of rugs, from Comvest Partners, a private equity firm. Financial terms were not disclosed.
“RugsUSA is dislocating the traditional retail experience, and we are excited to be partnering with the company to accelerate growth in core markets and expand into new categories and geographies,” Christine Wang, Francisco Partners Principal.
RugsUSA is advised by Evercore, Financo, Raymond James and McDermott Will & Emery. Francisco Partners is advised by Barclays, Paul Hastings and Sloane & Company. Debt financing is provided by Barclays, Deutsche Bank, Jefferies & Company and Stifel.
Clearlake Capital and Siris-backed Constant Contact, a marketing company, completed the acquisition of SharpSpring, a provider of cloud-based marketing solutions, for c.$240m.
"Constant Contact and SharpSpring share a mission to help small businesses succeed, and this acquisition represents a powerful opportunity to combine our best-in-class email and eCommerce offerings with SharpSpring's strong suite of revenue growth and marketing automation tools. Today's Constant Contact retains the customer-first culture that defined our heritage, and I am excited to expand upon that with a commitment to innovation that will accelerate our growth and build upon the passion and agility that has made our brand a leader in digital marketing for so many years," Frank Vella, Constant Contact CEO.
SharpSpring was advised by JMP Securities, Godfrey & Kahn and Gateway Investor Relations. Constant Contact was advised by Lazard and Sidley Austin. Clearlake Capital was advised by Lambert & Co. Siris was advised by Abernathy MacGregor Group.
Monte Nido, an established and premier eating disorder treatment provider, completed the acquisition of Walden Behavioral Care, a provider of multilevel treatment services, from Seacoast Capital, a private investment firm. Financial terms were not disclosed.
"A recent survey in International Journal of Eating Disorders found 62% of people in the US with anorexia nervosa experienced a worsening of symptoms as the pandemic hit. This speaks to the incredible, immediate need for treatment. For decades, Monte Nido & Affiliates has offered outcome-backed, eating disorder programming and we are excited to add Walden Behavioral Care to our family of trusted programs," Candy Henderson, Monte Nido & Affiliates Chief Executive Officer.
Walden Behavioral was advised by Covington Associates and Slowey McManus. Monte Nido was advised by Honigman Miller Schwartz & Cohn, Polsinelli PC and Makovsky. Seacoast capital was advised by Covington Associates.
The Jordan Company, a private equity firm, agreed to acquire Echo Global Logistics, a provider of technology-enabled transportation, for $1.3bn.
"I'm thrilled to partner with TJC as they bring significant expertise and industry experience to enable Echo to further accelerate our success in the market. In addition, having an experienced financial partner, with resources to fund continued growth, will result in a more rapid expansion of Echo's supply chain capabilities, including all of the automation planned to enable both our people and our digital freight marketplace," Doug Waggoner, Echo CEO.
Echo is advised by Morgan Stanley and Winston & Strawn. The Jordan Company is advised by Citigroup and Kirkland & Ellis. Debt financing is provided by Citigroup and Credit Suisse.
True, a communications conglomerate, completed the acquisition of a majority stake in D2C Zero Sugar business of Sneak Energy, a manufacturer of energy drinks. Financial terms were not disclosed.
“Will and I are delighted to have found an investment partner that slots in so naturally to our company. The team at True seemed to get us and the Sneak brand straight away. They place people and culture at the top of the priority list, which was highly important to us and overall, they seem very different, and more human, to how we’d imagined private equity investors to be. We’re really excited to have True alongside us for this next phase of our journey," Jonny Teeling, Sneak Co-founder.
True was advised by PricewaterhouseCoopers, Stephens and Jones Day. Sneak was advised by KPMG, Spayne Lindsay & Co and Addleshaw Goddard.
Vertex Aerospace, an aerospace defense company, agreed to acquire defense training and mission critical solutions business from Raytheon Technologies, an aerospace and defense conglomerate. Financial terms are not disclosed.
"I look forward to welcoming over two thousand talented, dedicated and highly skilled employees to our team. I am certain that our combined competencies will create the most capable and accomplished team in the industry. This important acquisition significantly enhances our capabilities for new and existing customers and accelerates our strategy to deliver a more comprehensive suite of solutions to our customers globally," Ed Boyington, Vertex President and CEO.
Vertex is advised by Baker Botts, Morgan Stanley, RBC Capital Markets and Jones Day. Raytheon Technologies is advised by Evercore and Wachtell Lipton Rosen & Katz.
Omnicell, a provider of medication management solutions, completed the acquisition of FDS Amplicare, a pharmacy software solutions provider, for $177m.
“The digitization of virtually every aspect of healthcare and the COVID-19 pandemic have accelerated fundamental shifts in how, where, and when care is delivered, with retail pharmacies at the forefront of these historic changes,” Randall Lipps, Omnicell Chairman, President and CEO.
Omnicell was advised by Evercore and Sidley Austin. FDS Amplicare was advised by Baird and Willkie Farr & Gallagher.
Insight Partners, a private equity firm, completed the acquisition of a minority stake in NMI, a commerce enablement technology company, from Great Hill Partners, a private equity firm, and Francisco Partners, an investment firm.
“Throughout our partnership with Francisco Partners and Great Hill, NMI has successfully accelerated revenue growth, delivered product innovation, and strengthened our customer relationships,” Vijay Sondhi, NMI CEO.
NMI was advised by Barclays and Kirkland & Ellis. Insight Partners was advised by Berenson & Co and Willkie Farr & Gallagher.
Blackstone agreed to invest in Dynamo Software, a provider of comprehensive cloud software. Financial terms are not disclosed.
“This investment from Blackstone – the largest alternative asset manager in the world – validates Dynamo’s position as a leading provider of cloud software to the alternatives sector. We believe with this partnership we can accelerate our product roadmap and further extend and enhance Dynamo’s leading offering across incremental asset classes and significantly expand our customer base," Hank Boughner, Dynamo CEO.
Dynamo is advised by Raymond James and Kirkland & Ellis. Blackstone is advised by Bank of America and Weil Gotshal and Manges.
Vista Outdoor, a sporting-goods company, agreed to acquire Foresight Sports, a golf-simulator maker, for $474m.
"The addition of Foresight Sports immediately positions Vista Outdoor as one of the top technology players in the golf industry. Foresight Sports is the industry leader in golf technology and launch monitor adoption, and I am pleased to welcome their team of over 150 dedicated employees to Vista Outdoor. Together under the same roof, Bushnell Golf and Foresight Sports will elevate their brands' strengths, engage and expand into new segments of the industry and drive growth and brand awareness at unprecedented scale," Chris Metz, Vista Outdoor CEO.
Foresight Sports is advised by PricewaterhouseCoopers and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian. Vista Outdoor is advised by Reed Smith.
Lone Pine Capital, a private equity firm, led a $510m Series E funding round in Varo, a fintech company. Additional investors include Warburg Pincus, The Rise Fund, Marshall Wace, Holland George Capital Management, HarbourVest Partners, Gallatin Point Capital, Eldridge, Declaration Partners and BlackRock.
Varo is weighing options for eventually going public as well as overseas expansion. Armed with its charter and more than $500m to plow into customer acquisition and product development.
Varo was advised by Wachtell Lipton Rosen & Katz and Consort Partners.
Quad-C Management, a middle market private equity firm, completed an investment in Titan Security Group, one of the largest security companies in North America. Financial terms were not disclosed.
"Quad-C has evaluated a number of security services companies, and we came away very impressed with Titan's exceptional track record of more than 10 years of consecutive double digit revenue growth and industry leading employee retention. The security services market is highly fragmented, and we believe Titan will be a differentiated platform in the space as we look to expand," Tim Billings, Quad-C Partner.
Titan Security was advised by Security ProAdvisors. Quad-C was advised by Gibson Dunn & Crutcher.
Mastercard, a financial services corporation, agreed to acquire CipherTrace, a cryptocurrency intelligence company. Financial terms are not disclosed.
"Digital assets have the potential to reimagine commerce, from everyday acts like paying and getting paid to transforming economies, making them more inclusive and efficient. With the rapid growth of the digital asset ecosystem comes the need to ensure it is trusted and safe. Our aim is to build upon the complementary capabilities of Mastercard and CipherTrace to do just this," Ajay Bhalla, Mastercard President.
Mastercard is advised by Joele Frank.
Nuvei, a payment technology partner of brands, agreed to acquire Paymentez, a payment solution provider. Financial terms are not disclosed.
“Paymentez further increases our total addressable market by significantly expanding and strengthening our presence in Latin America, along with enhancing our regional processing capabilities, enabling us to support even more local payment methods. Online commerce in Latin America is growing at an unprecedented rate, representing one of the fastest growing markets in the world," Philip Fayer, Nuvei Chairman and CEO.
Paymentez is advised by Jones Day.
Five Point Energy-backed WaterBridge, a water solutions provider, agreed to acquire produced water assets of Colgate Energy, an exploration and production company. Financial terms are not disclosed.
"Colgate's decision to expand their relationship with WaterBridge further validates our position as the water solutions provider of choice in the Delaware Basin. This transaction further enhances our ability to manage and distribute over two million barrels per day of produced and recycled water across our Permian platform," Jason Long, WaterBridge Co-CEO and COO.
Five Point Energy is advised by Winston & Strawn.
USA DeBusk, an environmental services provider, completed the acquisition of Farr Front Chemical Services, a chemical cleaning, pipeline pigging and emissions control business. Financial terms were not disclosed.
"Farr Front is excited to partner with USA Debusk and continue to provide quality services to the market. Our shared vision and values will bring a unique solution to the industry and we will continue to build our experienced team to provide the service quality and performance our clients expect," Blake Farr, Farr Front Founder and Senior Vice President.
First Reserve was advised by Joele Frank.
Kpler, a data and analytics firm, completed the acquisition of ClipperData, a market research company. Financial terms were not disclosed.
“We are proud of what ClipperData has achieved since its creation and feel confident in leaving its legacy in Kpler’s hands. Most importantly, I believe that our customers will benefit tremendously from the unmatched services that the combined companies will be able to offer.” Sterling Lapinski, ClipperData Co-Founder.
ClipperData was advised by Houlihan Lokey.
CSN, a steel producer, agreed to acquire a business in Brazil from Holcim, a company specializing in building solutions, for $1bn.
“This divestment is another step in our transformation to become the global leader in innovative and sustainable building solutions giving us the flexibility to continue investing in attractive growth opportunities. We are pleased to have found a responsible buyer with CSN that will develop the Brazilian business over the long term," Jan Jenisch, Holcim CEO.
“We’ve had a momentous year at Mammoth, which includes the maturation of our wholly-owned CRISPR platform for breakthrough therapeutic applications and partnerships with industry leaders that have accelerated the validation of our diagnostic technology in the real world,” Trevor Martin, Mammoth Biosciences Co-Founder and CEO.
D1 Capital Partners and Eventide Asset Management led a $100m Series B funding round in LEXEO Therapeutics. (FS)
D1 Capital Partners, an investment firm, and Eventide Asset Management, an investment adviser, led a $100m Series B funding round in LEXEO Therapeutics, a clinical-stage gene therapy company. Additional investors included CAM Capital, Verition Fund Management, Laurion Capital Management, Gray’s Creek Capital Partners. Existing investors Longitude Capital, Omega Funds, Lundbeckfonden Ventures, PBM Capital, Janus Henderson Investors, Woodline Partners, Invus Capital, and Alexandria Venture Investments also joined the round.
“As we embark on our next phase of growth, we are highly encouraged by the support of this diverse range of long-term focused investors participating in our Series B financing,” Nolan Townsend, LEXEO Therapeutics CEO.
JP Morgan Chase agreed to acquire The Infatuation, a restaurant discovery platform designed to provide honest recommendations for where to eat. Financial terms were not disclosed.
“We’ve long admired The Infatuation’s fresh approach to reaching people with relatable content that inspires new ways to experience life through food and drink, whether it’s down the street or across the globe. We look forward to building on our complementary missions of connecting people to experiences around a shared passion for dining," Marianne Lake, JP Morgan Chase co-CEO.
Tyler Technologies, a provider of software, completed the acquisition of Arx, a cloud-based software platform. Financial terms were not disclosed.
“The acquisition of Arx allows Tyler to offer a full suite of public safety solutions designed to maximize efficiency and safety for law enforcement officers while increasing transparency and trust-building with the communities they serve,” Bryan Proctor, Tyler Technologie President of Public Safety Division.
UPS, a shipping & receiving and supply chain management company, agreed to acquire Roadie, a technology platform that enables local same-day delivery. Financial terms are not disclosed.
Roadie’s leading technology, combined with UPS’s portfolio, will open doors for new growth opportunities. Roadie’s technology platform also will provide opportunities to improve existing, and potentially add additional, UPS small package capabilities. The Roadie technology platform is purpose-built to connect merchants and consumers with contract drivers to enable efficient and scalable same-day local delivery services nationwide.
Nexans, a company in the cable and optical fiber industry, agreed to acquire Centelsa, a cable maker, from Xignux, a company dedicated to the energy and food industries, in a $225m deal.
“Centelsa acquisition is fully aligned with the Group’s strategic ambition to become a Pure Electrification Player and it enhances Nexans commitment to electrify the world. This world class, iconic South American operation further contributes to Nexans ability to serve renewable projects in the Andean Region and enhances the group capacity in our Building and Energy Distribution activity. This combination will be the stepstone to grow our ‘best-in-class’ solutions and unique premium brand," Christopher Guérin, Nexans CEO..
Westlake, a manufacturer and supplier of materials and innovative products, completed the acquisition of Dimex, a processor of recycled plastic materials, from Grey Mountain Partners, a private equity firm. Financial terms were not disclosed.
"The acquisition of Dimex underscores our longstanding commitment to stewardship of the environment and recycling, and to taking actions that contribute to a sustainable, circular economy,” Robert Buesinger, Westlake Chemical Executive Vice President.
Strategic Capital Fund Management announced the formation of $1.5+bn data center investment platform. (FS)
Strategic Capital Fund Management, an investment management organization focused on digital economy investments, has announced the formation of a data center investment platform, Strategic Datasphere, in partnership with a seasoned management team led by Bryan Marsh, a senior industry executive formerly with Digital Realty Trust, and Head of Data Centers at Strategic Capital, and certain funds and accounts managed by a large, global institutional fixed income manager.
Datasphere will be focused on the acquisition, development and management of fully and partially stabilized data center facilities, including through sale-leaseback transactions with leading technology, communications, cloud, enterprise and public sector tenants. Datasphere will seek to deploy capital strategically across North America and Europe to develop a diversified portfolio of high quality assets and tenants.
“We are ecstatic to embark on our mission at Datasphere to serve as long-term stewards for the data center assets we acquire and develop, for the tenant customer relationships that reside within the facilities, for the employees that build and manage these assets, and for the environment through sustainable and renewable practices,” Bryan Marsh, Datasphere CEO.
Strategic Capital is advised by Barclays, PJ Solomon, Morrison & Foerster and Barnett Bolt Kirkwood Long Koche & Foster.
EQT is exploring a sale of a 90% stake in Fenix Marine Services. (FS)
EQT, a private equity firm, is exploring a sale of a 90% stake in Fenix Marine Services, an operator of container terminal in the Port of Los Angeles.
EQT is working with advisory firm Rothschild & Co to solicit interest in the San Pedro, California-based terminal from potential suitors including infrastructure funds, pension funds and strategic buyers.
A transaction may value the terminal at $2bn or more if it fetches a multiple of at least 14 on earnings before interest, taxes, depreciation and amortization, one of the people said. Fenix is projected to post $644m revenue and $141m of Ebitda this year, Bloomberg reported.
Cedar Realty Trust is exploring strategic alternatives including a sale.
Cedar Realty Trust, a retail-focused real estate investment trust, is exploring strategic alternatives including a full sale.
The New York-based company is also considering selling its portfolio of grocery-anchored shopping centers and its mixed-use redevelopment projects, as it looks for ways to maximize shareholder value. That portfolio may be able to obtain financing at a purchase price of $965m, Bloomberg reported.
Scotiabank looks at acquisitions in US wealth-management business.
Bank of Nova Scotia Chief Executive Officer Brian Porter said the lender is looking at making acquisitions to expand its wealth-management business in the US.
"Options including buying teams of advisers or an existing company, and Scotiabank is evaluating both possibilities and discussing them with its board. The acquisition is unlikely be sizable in terms of its price tag," Brian Porter.
State Street intends to list 21.7m shares at $1.9bn.
State Street announced the pricing of an underwritten public offering of 21.7m shares of its common stock at a public offering price of $87.60 per share. The offering is being conducted as a public offering registered under the Securities Act of 1933.
The offering is expected to close on September 14, 2021, subject to customary closing conditions. State Street intends to use the net proceeds from this offering to fund a portion of the cash consideration payable for, and certain costs associated with, the acquisition of Brown Brothers Harriman Investor Services. Completion of this offering is not contingent upon the completion of the acquisition of BBH Investor Services. If the acquisition of BBH Investor Services is not completed, State Street will use the net proceeds for general corporate purposes.
State Street is advised by Goldman Sachs and Bank of America.
P10 Holdings plans a New York listing at $1bn value.
P10 Holdings, a multi-asset class private markets solutions provider, is planning a listing in New York.
P10 shares already trade on an over-the-counter trading platform of OTC Markets Group, assigning it a market value of about $740m. P10 wants to list on the New York Stock Exchange to boost its profile and allow major funds to invest in it.
P10 could announce the listing plans later this month. It is seeking to raise capital in the listing, which is expected to take place in October. It will aim for a valuation of more than $1bn, Reuters reported.
Blackstone Mortgage Trust announces pricing of public offering of 10m shares.
Blackstone Mortgage Trust, a real estate investment trust company, announced the pricing of an underwritten public offering of 10m shares of its class A common stock. The underwriters have been granted a 30-day option by the Company to purchase up to an additional 1.5m shares. The offering is expected to close on September 14, 2021 and is subject to customary closing conditions. Total estimated gross proceeds of the offering are approximately $315m or approximately $362m if the underwriters exercise their option to purchase additional shares in full.
The company intends to use the net proceeds from the offering for working capital and other general corporate purposes, including supporting the origination of additional commercial mortgage loans and other target assets and investments.
Morgan Stanley, Barclays, Bank of America, Citigroup, JP Morgan and Wells Fargo Securities are acting as joint book-running managers for the offering.
Crayhill Capital Management closes second principal strategies fund at $820m. (FS)
Crayhill Capital Management, a private equity firm, announced the final close of Crayhill Principal Strategies Fund II with approximately $820m of capital commitments.
Principal Strategies II closed at its hard cap with support from a diversified base of existing and new institutional investors, including public and corporate pension plans, insurance companies, foundations, and endowments. In total, Crayhill's discretionary assets under management now exceed $1.6bn.
"We are thankful for the strong support from our existing limited partners and are thrilled to welcome in Principal Strategies II a diverse group of new high-caliber institutional investors and their consultants. We are grateful that our partners share our excitement for the opportunities we are pursuing and recognize our expertise in creating bespoke financing solutions to serve this growing segment of the private credit marketplace," Joshua Eaton, Crayhill Capital Founder.
10T Holdings raises over $750m. (FS)
10T Holdings, a mid-to-late-stage private equity firm focused on companies operating in the digital asset ecosystem, announced the successful close of its inaugural growth equity funds, 10T Fund and 10T DAE Expansion Fund, with nearly $389m in capital commitments. Together with co-investment and sub-advised vehicles, 10T raised approximately $750m for the strategy, much of which has already been deployed.
The funds’ investors comprise a diverse set of asset allocators, including public pension plans, endowments, foundations, and family offices, in addition to high net worth individuals.
Tecum Capital launches its third SBIC fund at $240m. (FS)
Tecum Capital Management, an investment firm, announced it received a license from the US Small Business Administration to operate its third SBIC fund and concurrently held its first closing for the new fund. This third fund is nearly fully subscribed at $240m.
Tecum's new SBIC fund, Tecum Capital Partners III, will continue the strategies of its prior SBIC funds by making mezzanine loans and minority equity investments across many industries. The average investment size for the new fund will be $5m to $20m per transaction.
"This third SBIC license is a significant achievement for Tecum Capital as it will help drive our long-term growth plans. This new fund aligns with our primary investment strategy to provide strategic, long-term debt and equity capital solutions for lower middle market companies," Stephen J. Gurgovits, Tecum Capital Managing Partner.
Promus Ventures raises $140m space fund. (FS)
Promus Ventures, a venture capital firm, announced that it has raised $140m or its new fund called Orbital Ventures, which will invest in early-stage space and geospatial companies around the world.
Orbital Ventures is Promus' fifth venture capital fund, and its first sector-specific fund. Promus has so far made seven new investments from the Orbital Ventures fund.
"When we started investing in space we were routinely told that our space investments would never work, these teams would require too much capital and their models were too difficult to execute," Mike Collett, Promus Founder and Managing Partner.
EMEA
Fintech group ION has succeeded in its bid to gain control of Italian credit management and data group Cerved, Reuters reported.
Cerved’s investors tendered shares equivalent to 78.9% of the bid’s target, exceeding the minimum threshold of two-thirds of the company’s shares set by Dublin-based ION, led by Italian businessman Andrea Pignataro. Investors who tendered their shares will receive $12 per share, a price that gives Cerved a valuation of almost $2.36bn.
Since ION did not reach the 90% threshold in its takeover bid, Cerved will not be automatically delisted. Still, a delisting could still happen through a merger between Cerved and one of ION’s subsidiaries. ION has said owning more than two-thirds of Cerved would allow it to call an extraordinary meeting of Cerved’s shareholders at which it could seek approval for a merger between Cerved and one of its units.
Cerved is advised by Mediobanca. Castor is advised by Chiomenti. ION is advised by Community Group. GIC is advised by Banca IMI, Credit Suisse, Goldman Sachs, Sociedad De Valores and Cleary Gottlieb Steen & Hamilton. Debt financing is advised by FSI. FSI is advised by Gianni Origoni Grippo Cappelli & Partners.
The Papua New Guinea government said Santos’s takeover of PNG-listed Oil Search could harm the national interest, as the deal would give a foreign company too much control over its oil and gas resources and could sap capital from the country.
“If the merger will result in the weakening of any Papua New Guinean shareholders or shareholder interests, reduction in market liquidity, potential for job losses, potential delisting from PNGX, and loss of local ownership of the company assets to a foreign interest, it is not in PNG’s national interest,” Samuel Basil, Deputy Prime Minister.
Oil Search is advised by Goldman Sachs, Macquarie Group, Rothschild & Co and Allens. Santos is advised by Citigroup, J.B. North & Co, Dentons and Herbert Smith Freehills.
A consortium of investors including private equity firms Aeternum Capital, Folketrygdfondet, Vind, and GIC, agreed to invest in Visma. Financial terms are not disclosed.
“It is thanks to Visma’s dedicated and talented employees, with their entrepreneurial mindset and local expertise, that we have achieved our position in Europe today. Visma has also long benefited from a supportive and knowledgeable investor base, which has been incredibly valuable to the growth of the business," Merete Hverven, Visma CEO.
Visma is advised by ABG Sundal Collier, Goldman Sachs, Ropes & Gray, Skadden Arps Slate Meagher & Flom and Wiersholm.
Insight Partners, a private equity and venture capital firm, and Index Ventures, an international venture capital firm, led a $100m Series B funding in BEAUTY PIE, a luxury beauty buyers' club. Additional investors included Balderton Capital, General Catalyst and Latitude VC.
"Marcia has spent decades building businesses that genuinely treat customers the way she would want to be treated, and BEAUTY PIE is the epitome of that ethos. With its transformative value chain and membership model, BEAUTY PIE lets members have their pie and eat it too: the best products at the best prices. We look forward to our partnership with BEAUTY PIE as they continue to empower beauty and wellness consumers across the UK, the US, and beyond," Rebecca Liu, Insight Partners Principal.
Insight Partners was advised by Willkie Farr & Gallagher.
Aramco considers opening $110bn gas project to investors.
Saudi Aramco is considering a bold move to open up one of the world’s largest unconventional gas fields to foreign investors, as it looks to fund a $110bn project to help it diversify from oil sales.
The state-controlled producer is working with an adviser as it explores raising new equity or debt for its vast Jafurah site. It has started preliminary talks with potential investors including large commodity traders. Any deal involving Jafurah would mark a rare example of Aramco allowing external investors the chance to hold stakes in its upstream oil and gas assets.
Deliberations are in the early stages and Aramco could decide to pursue other ways of gathering money to fund the Jafurah development, Bloomberg reported.
Hg-backed Visma valued at $19bn ahead of potential 2023 IPO. (FS)
Hg-backed Visma, a Norway-based enterprise software maker is now worth $19bn after a secondary share sale, ahead of its 2023 IPO.
A future stock market debut could potentially further boost Visma’s already steep valuation, as well as provide it access to additional capital for fueling growth initiatives. The company makes extensive use of acquisitions as part of its growth strategy: Visma has bought more than 35 firms since 2016 alone. The funds from a potential initial public offering would give the company more resources for future strategic acquisitions.
“We are considering an IPO during 2023, of course given that market conditions are favorable. The Oslo Stock Exchange could be a good option," Visma spokesperson.
TDR Capital and Issa brothers consider selling EG Group in a $15bn deal. (FS)
Private equity firms TDR Capital and billionaires Issa brothers, are exploring the disposal of British retailer EG Group, in a $15bn deal.
The group is in early stage talks with advisers about the plans, and EG might explore a stock market listing. Companies interested in buying EG Group could include the Japanese firm behind 7-Eleven, as well as Alimentation Couche-Tarde, the owner of the Circle K convenience shops.
The UK company is working with advisers including Rothschild & Co, Goldman Sachs, Morgan Stanley and Barclays as it weighs strategic alternatives.
Willis Towers Watson has around $5bn for possible M&A.
Willis Towers Watson, a British multinational risk management, insurance brokerage and advisory company, has around $5bn of capital which could used for acquisitions, its president and incoming chief executive said, as the insurance broker prepares for a future as a standalone company.
“People were looking for a direction and we’ve been able to provide not just a direction but an inspiring direction. After buybacks and dividend payments, we’ve got $5+bn to either repurchase shares or invest in the business. Investment could be inorganic or organic - we’re not going to be doing M&A for M&A’s sake. We get interest from investors all the time wanting to talk with us, either to kick the tyres before they are doing an investment or if they’ve started to invest, trying to understand a little bit more about the business," Carl Hess, Willis Towers Watson Incoming CEO.
Icade Sante eyes $3.5bn investment by the end of 2025 post IPO.
Icade Sante, a healthcare property investment unit of France’s Icade, said it plans to invest $3.5bn by 2025 helped by proceeds from its initial public offering set for the end of 2021.
“With the IPO, Icade Sante will finance its investment plan of 3 billion euros by the end of 2025, with a strong balance sheet, and will accelerate its pan-European expansion,” Icade Sante.
Carlyle revives a $1.2bn sale of Hunkemoller. (FS)
Carlyle Group, a private equity firm, is reviving the plans to sell Hunkemoller, a lingerie chain. The pandemic delayed previous plans of disposal. A deal could value the group at $1.2bn.
Sales and EBITDA are expected to rebound strongly this financial year, as the chain has increasingly moved to a hybrid model, with online sales now making up more than a quarter of the total.
JP Morgan is expected to launch the sales process this month, month, with non-binding bids due in October, Reuters reported.
Elliott Management pushes Clinigen to explore options including a radical break-up.
Elliott Management, activist investor, pushes Clinigen, a specialist pharmaceutical services and products platform, to explore options including a radical break-up.
Elliott made a public disclosure that it owned more than 5% of Clinigen, sending the company's shares soaring on the prospect of a takeover bid from the investor, Sky News reported.
Cary Group plans IPO in Stockholm at $1.1bn.
Cary Group Holding, a vehicle glass repair and replacement provider, plans to launch an initial public offering on Nasdaq Stockholm during the second half of the year.
The listing will help the Swedish company to strengthen its balance sheet, which will support further M&A consolidation. The IPO is expected to value Cary at $1.1bn and will provide the company with gross proceeds of about $145m, some of which will be used to pay repay an oustanding shareholder loan.
Carnegie Investment Bank, Danske Bank and Jefferies have been appointed as joint global coordinators on the offering, Bloomberg reported.
Chronext aims to raise $272m in IPO.
Chronext, an online luxury-watch retailer, plans to issue new shares worth around $272m and also place existing shares from investors in an initial public offering at Swiss stock exchange SIX.
Chronext wants to use half of the proceeds for acquisitions and invest the rest in the existing business, Chief Executive Philipp Man said.
Proceeds from the initial public offering will be used for technological investments, to grow the product offering and to expand into new markets, such as the US and Asia, via potential M&A deals.
L Catterton-backed Intercos aims to go public this year.
L Catterton-backed Intercos, a make-up supplier, is seeking to list on the Milan stock exchange as soon as October or November.
Intercos is working with banks on the new planned IPO. It could list a stake of up to 50%, as it had intended to do in 2020.
Warburg Pincus-backed McMakler considers an IPO after deciding against a SPAC merger.
Warburg Pincus-backed McMakler, a German real estate broker, is considering financing options including a potential stock market float after deciding against a merger with a blank check company, Reuters reported.
"An IPO is an option for the future. Having considered and dismissed a potential deal with a special purpose acquisition company, adding that a listing in the United States made no sense for Germany-focused McMakler. We take a close look at all financing options," Felix Jahn, McMakler CEO.
Imagination Technologies considers a London IPO.
Imagination Technologies, a British semiconductor designer, is exploring options including a potential initial public offering in London.
The Hertfordshire, England-based company is working with Lazard to study strategic alternatives. It will add more advisers later if it decides to proceed with a share sale. Imagination Technologies could also consider a sale, there’s no certainty they will lead to a transaction, Bloomberg reported.
Amundi launches private debt impact fund with investment commitments of $769m. (FS)
European asset manager Amundi, has launched the fourth vintage of its core private debt strategy, Amundi Senior Impact Debt IV. This fund is dedicated to financing mid-caps in France and Europe with proven pre-Covid-19 performance and resilience and has already raised $769m in commitments from longstanding investors.
Building on the success of its predecessor, Amundi Senior Debt III, which raised $1bn, this new fund follows the same strategy by offering investors diversified exposure to the private senior corporate debt market. Classified as article 8 under SFDR, the strategy will focus on impact financing with an incentive for companies to reach their ESG objectives as defined when investing.
"We launched the fourth edition of Amundi Senior Impact Debt IV with the same investment philosophy as its predecessors, which proved their merits during the recent health crisis. The fund will focus on pure senior debt, with a risk framework consistent with the profile of each company, the systematic presence of financial covenants and a particular focus on ESG factors, with namely the integration of impact covenants for most financings as well as supporting companies with their ESG challenges. We are confident in our ability, demonstrated in each of the previous editions of the funds, to rapidly roll out and build diversified and resilient portfolios for our investors," Thierry Vallière, Amundi Head of Private Debt.
Revaia closes first growth fund at $296m. (FS)
Revaia, formerly known as Gaia Capital Partners, a Paris, France- and Berlin, Germany-based venture capital equity firm, closed its first growth fund, at $296m.
LPs include Tier 1 insurance companies such as Generali, Allianz, and Maif, pension funds, other institutional investors such as Bpifrance – and over 50 renowned family offices and high-profile individuals.
Revaia targets investments in around fifteen companies for its first fund. The fund is Europe’s largest female-founded VC fund and one of the largest globally.
APAC
Blackstone terminates the $3.05bn acquisition of a 91% stake in SOHO China, a Chinese building developer.
The US private equity group had made its offer conditional on approval by the country’s competition authorities and in a joint statement, Blackstone and Soho China said they would not be able to receive antitrust approval in the agreed-upon timeframe.
A consortium of investors including Tencent, Moore, Exor Seeds, DST Global, BloombergSen Investment Partners, and Alpha Wave led a $259m Series F funding round in Cars24, an e-commerce platform.
The company aims to revolutionize the way used cars are sold by creating an efficient and reliable way for car owners to sell their used cars at a reasonable price. It utilizes an AI-enabled pricing algorithm that displays the accurate market price as well as the appraisal price of a vehicle. The platform also books appointments for vehicle inspection. The services provided by the company helps customers sell their vehicle in a secure and efficient manner.
With this funding, BYJU’S has raised over $1.5bn this year and has acquired more than 15 startups since its inception. In 2021 alone, the company has spent over $2bn in mergers and acquisitions.
Chinese firms with offshore structure to need approval for Hong Kong IPO.
China's securities regulator is looking to expand its scrutiny of overseas listings by offshore incorporated companies to include initial public offerings in Hong Kong.
The China Securities Regulatory Commission has already been setting up a team to focus on companies seeking to list offshore using the so-called variable interest entity corporate structure which Beijing says has led to abuse.
The move would not augur well for the Asian financial hub as it may make it more challenging for Chinese firms looking for a venue closer to home amid tighter checks in the United States - another top destination for offshore floats, Reuters reported.
Hong Kong plans to limit retail investor access to SPACs.
Hong Kong plans to curb access for retail investors to buy and trade blank check companies as regulators in the city prepare to roll out a framework this month.
The city will propose to only allow what it deems as professional investors with assets of more than $1m to participate in both the primary and secondary market of SPACs.
Hong Kong is planning to issue its SPAC framework for public consultation this month, meeting a time line announced by the city’s financial secretary. While a wider investor base was preferred, most of the market participants who met with the authorities agreed to the limit because it could mitigate risks in the initial phase and ensure a smooth start to allow for an expansion later, Bloomberg reported.
Tencent-backed Ximalaya to file for Hong Kong IPO after shelving plans for US listing.
Tencent-backed Ximalaya, China’s biggest podcasting platform, plans to file for an initial public offering in Hong Kong after scrapping plans for a US listing, becoming the latest technology firm to step back from plans to go public overseas amid Beijing’s crackdown on the sector.
Ximalaya filed for an IPO in the US in April, but found itself caught in a shifting regulatory landscape in China that has seen regulators implement a number of new rules targeting technology firms, including reviews of overseas listings by companies that hold the personal data of 1m or more Chinese people.
Ximalaya is among dozens of firms that are re-evaluating going public in the US since Beijing increased its scrutiny of the sector in early July, following the $4.4bn IPO of Chinese ride-hailing giant Didi Chuxing in New York.
Intudo Ventures closes $115m fund for early-stage startups. (FS)
Intudo Ventures, an Indonesian venture capital firm, closes $115m fund to increase its bets on early-stage startups in South-east Asia's biggest digital economy.
"The firm's third fund, Intudo Ventures Fund III, will invest in about a dozen Indonesian startups that are set to grow rapidly, driven by rising private consumption and digitisation," Eddy Chan and Patrick Yip, Intudo Ventures Founding Partners.
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