Blackstone and CVC-backed Paysafe Group to merge with Foley Trasimene Acquisition at a $9bn valuation. (FS)
Blackstone and CVC-backed Paysafe Group, an integrated payments platform, agreed to merge with Foley Trasimene Acquisition, a special purpose acquisition company, at a $9bn valuation.
Completion of the transaction is subject to approval by Foley Trasimene stockholders, the effectiveness of a registration statement to be filed with the Securities and Exchange Commission, and other customary closing conditions. The transaction is expected to close in the first half of 2021.
“Today’s announcement begins an exciting new chapter in our company’s history and we’re excited about the partnership with Foley Trasimene, Blackstone and CVC. Today, more than ever, businesses and consumers need to connect and seamlessly transact via digital commerce. This is what Paysafe does best through our industry-leading payment processing, digital wallet, and online cash solutions. This transaction will allow us to accelerate our growth opportunities across the business, particularly in fast growth sectors such as iGaming where we are the payments partner of choice," Philip McHugh, Paysafe CEO.
Paysafe Group is advised by Bank of America Merrill Lynch, Credit Suisse,
JP Morgan, Morgan Stanley, Proton Partners, Simpson Thacher & Bartlett and ICR. Foley Trasimene Acquisition is advised by Bank of America Merrill Lynch, JP Morgan, RBC Capital Markets, Weil Gotshal and Manges and Solebury Trout.
Altice Europe $2.5bn deal faces challenge.
Patrick Drahi’s effort to take his European telecoms empire private faces obstacles after Winterbrook Capital, a London hedge fund, launched legal filings in the US to force the company’s advisers and an executive to issue documents about the deal ahead of formal litigation.
French billionaire Drahi, who already owns almost 78% of the Altice’s stock, offered $4.8 a share to buy out minority investors which was pitched as a 24% premium to the Altice stock price, FT reported.
The board recommended the offer, but the take private has attracted the anger of hedge funds holding Altice shares, including Lucerne and now Winterbrook, which are intending to launch court action in Amsterdam.
The funds argue that Drahi has tried to exploit a decline in the value of European telecoms stocks on the back of the Covid-19 pandemic at the expense of minority shareholders with an offer that undervalues the real value of its assets.
Altice Europe is advised by Lazard, LionTree Advisors, Allen & Overy and De Brauw Blackstone Westbroek. Next Private is advised by BNP Paribas, Luther, Mayer Brown, NautaDutilh and Ropes & Gray. Lucerne Capital is advised by ASC Advisors.
Moncler to acquire Stone Island for $1.39bn from Temasek and Carlo Rivetti. (FS)
Moncler, an Italian luxury fashion brand, agreed to acquire Stone Island, a maker of high-end sportswear, for $1.39bn. The deal is expected to close by the first half of 2021.
Moncler will acquire 50% from owner and Chief Executive Carlo Rivetti and a further 19.9% from other members of his family. Carlo Rivetti and his family will subscribe for an amount equal to 50% of the consideration, or 10.7m new Moncler shares, at a set price of $44 per share. Moncler then will acquire the further 30% from Temasek, a Singapore’s state investor.
Stone Island is advised by Rothschild & Co and Pedersoli Studio Legale. Moncler is advised by Ludovici Piccone & Partners, Gatti Pavesi Bianchi, Carnelutti Studio Legale Associato, Cornelli Gabelli e Associati, Brunswick Group, Citigroup and KPMG.
Apollo Global-backed Gamenet Group, a gaming company, agreed to acquire Lottomatica Videolot Rete, a provider of gaming services, and Lottomatica Scommesse, which offers lottery, gaming solutions, and commercial services, from International Game Technology, a multinational gaming company, for €950m ($1.15bn).
"The transaction enables IGT to monetize its leadership positions in the Italian B2C gaming machine, sports betting, and digital spaces at an attractive multiple to comparable Italian transactions, providing us with enhanced financial flexibility. Aligning with our recent reorganization, the favorable rebalancing of our business and geographic mix reframes and simplifies our priorities while improving the Company's future profit margin, cash flow generation, and debt profile," Marco Sala, IGT CEO.
Apollo Global and Gamenet Group are advised by Mediobanca, Cleary Gottlieb Steen & Hamilton, Latham & Watkins and Paul Weiss Rifkind Wharton & Garrison.
Elementis, a UK specialty chemicals company, has rejected a third approach from US rival Mineral Technologies, saying the latest offer of £1.3 ($1.74) per share "falls significantly short of value that would merit engagement,"
Bloomberg reported.
The board unanimously rejected the proposal, which would value the company at £755m ($1.01bn), as it fails to recognize Elementis' assets and its future prospects. Elementis called the offer "highly opportunistic" because it comes "at a low point of earnings and value."
Elementis rejected Mineral’s first offer at £1.07 ($1.44) per share, as well as the second proposal at £1.17 ($1.57) pence per share in November.
Connells, a real estate agent, has upped its offer for rival Countrywide, intensifying a battle for control of one of the UK’s property chains. Countrywide, which appointed former William Hill boss Philip Bowcock as interim chief executive in November, is considering rescue options.
In October, UK private equity firm Alchemy Partners, an existing shareholder, launched a takeover bid at £1.35 ($1.81) a share. It also proposed a £90m ($121m) cash injection. After Connells disclosed an interest in early November, Alchemy Partners increased its offer to £2.5 ($3.35) a share.
The new offer from Connells of £3.25 ($4.36) a share, a 27% premium to Monday’s opening price, values the company at roughly £112m ($150m).
Connells Group is advised by Evercore, Clifford Chance and MHP Communications.
PAI Partners to acquire Apleona from EQT VII for $1.88bn. (FS)
PAI Partners, a private equity firm, to acquire Apleona, a European facility management services provider, from EQT's fund EQT VII for $1.88bn. The transaction is subject to customary conditions and approvals and is expected to close early Q2 2021.
"Today, Apleona is the market leader in the technical and integrated facilities management space. It has a strong platform to continue to drive market consolidation and further key account wins as the partner of choice for its blue-chip clients. We would like to thank Apleona's CEO, Jochen Keysberg, the broader management team, the supervisory board and the advisory committee, as well as all employees for supporting EQT and Apleona along our joint journey," Andreas Aschenbrenner, EQT Partners Partner.
EQT is advised by Deutsche Bank. PAI Partners is advised by Hengeler Mueller and Greenbrook Communications.
Cisco to acquire IMImobile for $730m.
Cisco, a multinational technology conglomerate, agreed to acquire IMImobile, a provider of cloud communications software and services, for $730m. Cisco will pay $0.77 per share in exchange for each share of IMImobile. The acquisition of IMImobile is expected to close in the first quarter of calendar year 2021.
"We are excited to join Cisco and become part of one of the world's leading technology companies as they seek to enable great customer experiences. We believe there will be a world of dynamic, always-on connections between global businesses and their customers and the combination of our respective technologies will enable to us make every interaction matter more for our clients," Jay Patel, IMImobile CEO.
IMImobile is advised by Alma PR. Cisco is advised by Barclays.
Permira, a global investment firm, agreed to invest €150m ($181m) in Catawiki, a provider of online catalogue of collectables. Existing shareholder Accel also participated in the round. The transaction is subject to customary conditions and is expected to close in the next months.
“Our mission is to become the most popular destination for special objects across the globe, starting with Europe. This investment is the latest confirmation that we are delivering on this mission. It’s also a strong recognition of the hard work of our team,” Ravi Vora, Catawiki CEO.
Catawiki is advised by Arma Partners. Permira is advised by JP Morgan.
NortonLifeLock to acquire Avira from Investcorp for $360m.
NortonLifeLock, an American software company, agreed to acquire Avira, a Germany-headquartered, global cybersecurity software solutions firm, from Investcorp, a global investment manager, for $360m.
"I am delighted to welcome Avira to the Norton family. We strive to bring Cyber Safety to everyone, and acquiring Avira adds a growing business to our portfolio, accelerates our international growth and expands our go-to-market model with a leading freemium solution. Culturally, we are a great match. We share a relentless focus on delivering innovative products to customers and we always think customer-first. We cannot wait to get started with Avira," Vincent Pilette, NortonLifeLock CEO.
Investcorp is advised by Prosek Partners.
Duff & Phelps, a provider of governance, risk and transparency solutions, agreed to acquire Blackrock Expert Services Group, a London-headquartered disputes and expert advisory specialist firm. Financial terms were not disclosed.
“Organizations are facing growing complexity and regulation that requires global expert advisory services. We will also help the Duff & Phelps team strengthen their disputes capabilities in Europe, Middle East and Africa. We see many areas of opportunity for collaboration, leveraging Kroll’s cyber risk, investigations and compliance expertise, and Duff & Phelps’ M&A, debt advisory and valuation services, to bring new capabilities to our clients. Duff & Phelps shares our core values of professionalism, quality, independence and integrity to provide best-in-class solutions to clients facing complex challenges, risk and uncertainty in their businesses, and we are excited to be part of the team,” Giles Derry, Blackrock Expert Services CEO.
PAI Partners-backed M Group Services, a provider of services to essential infrastructure markets in the UK, agreed to acquire infrastructure services business of Skanska for £50m ($67m). The divestment is anticipated to be completed, and the transaction expected to be recognized, by the end of the first quarter 2021.
“Strategic acquisitions are a core part of our strategy as we continue to enhance the scope of capability across our sector focused divisions. Skanska’s infrastructure services business has earned a strong reputation within the transport sector due to its consistent, quality delivery and innovative solutions which has led to strong and longstanding relationships being established with many local authority clients including Hampshire County Council, Oxfordshire County Council, Devon County Council and Cambridgeshire County Council in addition to the likes of Transport for London,” Jim Arnold, M Group Services Chief Executive.
Societe Generale and Crédit du Nord, France’s third-biggest listed lender, agreed to merge their retail banking operations. Financial terms are not disclosed.
The Boards of Directors of Societe Generale and Crédit du Nord have approved the merger of the Societe Generale and Crédit du Nord brands in order to combine the strength of human expertise and of digital technology to bolster customer satisfaction, operational efficiency, and commercial ambition.
The transaction will help to achieve a net cost base reduction of more than €350m ($424m) in 2024 and about €450m ($546m) in 2025 compared with 2019, with project costs estimated at between €700-800m ($849-970m) (of which approximately 70% in 2021).
Highland Europe raises €700m for fourth fund. (FS)
Venture capital group Highland Europe said it had raised €700m ($851m) for its fourth fund, its largest to date, and reinforced its team investing in European software and internet startups,
Reuters reported.
The new fund brings the total raised by Highland Europe to €1.8bn ($2.2bn) since it was carved out from US-based Highland Capital Partners in 2012 as a standalone investor with offices in London and Geneva.
“During 2020 we have seen 10-year trends in tech adoption compressed into one year across both consumer and business segments,” Fergal Mullen, Highland Europe Co-founder and Partner.
Highland Europe was advised by Kirkland & Ellis.
Italy wants the court to postpone a decision on Vivendi's Mediaset stake.
Italy has asked an administrative court to postpone a decision over whether to unfreeze French media group Vivendi's stake in Italy's top commercial broadcaster Mediaset.
The move follows the approval of a bill which forces the communications watchdog AGCOM to start a new probe into Vivendi's interests in the Italian media and telecoms sector. Vivendi, which is also the top investor in Telecom Italia with a 24% stake, had requested the court the remove restrictions on its 29% Mediaset holding.
A postponement of the court’s decision might help Mediaset, controlled by the family of former Italian Prime Minister Silvio Berlusconi, in a long-running legal battle against its second-largest shareholder Vivendi.
