AMERICAS
Blackstone-backed Alight Solutions, a cloud-based provider of integrated digital human capital and business solutions, went public via a SPAC merger with Foley Trasimene Acquisition in a $7.3bn deal. The cash component of the consideration will be funded by Foley Trasimene’s cash in trust, $300m in proceeds from the forward purchase agreements with Cannae Holdings and Thomas H. Lee, as well as a $1.55bn private placement from Cannae Holdings ($250m) and a $150m investment from Fidelity National Title Insurance, Chicago Title Insurance and Commonwealth Land Title Insurance. Other institutional investors include Hedosophia, Suvretta Capital and Third Point. Existing Alight investors, including Blackstone, ADIA, GIC, New Mountain Capital and management, will remain the largest investors in the company.
“Stephan and the leadership team have already positioned Alight as the market leader in employee benefit and business solutions and we believe there is significant opportunity to further transform the business and create value for shareholders. Through our partnership, we will leverage our proven playbook and Alight’s unique position between employees and employers to increase revenue growth and margin expansion. Alight is poised to be the preeminent employee engagement partner, and we look forward to assisting Stephan and the team in achieving this goal,” William P. Foley, II, Foley Trasimene Founder and Chairman.
Alight Solutions was advised by Barclays, Credit Suisse, JP Morgan, Morgan Stanley, Kirkland & Ellis, ICR and Joele Frank. Foley Trasimene Acquisition was advised by Bank of America, Weil Gotshal and Manges and Solebury Trout. GIC was advised by Dechert.
Platinum Equity, a private equity firm, completed the acquisition of Ingram Micro, a company that distributes information technology products, from HNA Technology, a company offering marine shipping services, for $7.2bn.
"Teaming with Platinum provides an opportunity to further strengthen our competitive advantage in the cloud, speed our digital transformation and accelerate the expansion of our solutions and services portfolio, particularly for high value markets. We will also be able to broaden our geographic reach even faster, while penetrating new industries and verticals. We will maintain a strong balance sheet and will gain additional flexibility and resources to execute on our long-term strategic objectives. HNA has been a good partner for Ingram Micro, enabling us to continue to innovate and expand our global businesses. We look forward to the opportunity to accelerate this trajectory with Platinum," Alain Monié, Ingram Micro CEO.
Platinum Equity was advised by Goldman Sachs, Morgan Stanley, AZB & Partners,
Morgan Lewis & Bockius and Joele Frank. Financial advisors are advised by Willkie Farr & Gallagher. Debt financing was provided by Bank of America, JP Morgan and Morgan Stanley. Ingram Micro was advised by JP Morgan and Davis Polk & Wardwell.
Welbilt, a US-based food-service equipment maker, said that $3.4bn akeover bid of Ali Group, a provider of foodservice equipment, was superior to its existing tie-up agreement with Middleby, a commercial and residential cooking and industrial process equipment company, and that it plans to move ahead with the offer, Reuters reported.
Google-backed Planet, a developer of a satellite imaging platform, agreed to go public via a SPAC merger with dMY IV in a $2.8bn deal. Investors in PIPE include BlackRock, Koch Strategic Platforms, TIME Ventures and existing investor Google.
“We believe Planet is a new kind of data company, delivering mission-critical insights and solutions to some of the world’s most influential companies and governmental organizations. The Company’s daily, global dataset is impressive and we believe serves as the foundation of a rapidly growing and scalable data-as-a-service subscription business, which we believe is poised for significant growth as data increasingly becomes the fuel that powers the global economy," Niccolo de Masi, dMY IV CEO.
Planet is advised by Goldman Sachs, Latham & Watkins and Sard Verbinnen & Co. dMY IV is advised by Goldman Sachs, Morgan Stanley, Needham & Co, White & Case and ICR.
Heliogen, an operator of a clean energy platform intended to eliminate the need for fossil fuels, agreed to go public via a SPAC merger with Athena Technology Acquisition in a $2bn deal. Investors in PIPE include Counterpoint Global - Morgan Stanley, Salient Partners, Saba Capital, and ArcelorMittal.
“I have been building companies nearly my entire life, and the opportunity that Heliogen’s technology represents, to decarbonize power generation, replace other carbon-intensive sources of industrial heat, and contribute to the cost efficient production of alternative fuels such as green hydrogen, is at the head of the pack in terms of its potential to make a positive impact on society. As economies and industries worldwide continue to decarbonize, I believe Heliogen’s AI-enabled technology will play an important role in supporting and making those goals reality," Bill Gross, Heliogen Founder and CEO.
Heliogen is advised by Barclays, Cooley and ICR. Athena Technology is advised by Cohen & Company, DLA Piper and Berns Communications Group.
Huntington Ingalls Industries, a military shipbuilding company, agreed to acquire Alion Science and Technology, a provider of engineering science and technology solutions, for $1.65bn.
“We established the Technical Solutions division in 2016 with a vision and strategy focused on partnering with our customers to solve their most pressing challenges. Today’s announcement, coupled with our previous investments in leading edge technologies, such as cybersecurity and autonomous systems, reflects our commitment to stay on the cutting edge of critical, high-growth national security solutions and generate significant long-term value for our shareholders," Mike Petters, Huntington Ingalls Industries President and CEO.
Huntington Ingalls is advised by Arena Strategic Advisors, Renaissance Strategic Advisors, Credit Suisse and Jones Day. Alion Science and Technology is advised by Macquarie Capital and Milbank.
Genstar Capital, a private equity firm, agreed to acquire a majority stake in Foreside Financial Group, a financial advisory firm, from Lovell Minnick Partners, a private equity firm. Financial terms were not disclosed.
"Genstar has extensive experience in the investment management space, and we're excited to be starting this new chapter with them. We share a strategic vision to broaden our current scope of products and services, underscored by the belief that there remains a significant need for outsourced fund and GRC services in the market. We want to be perfectly clear – maintaining first-class service for our clients is our top priority. With this support, we feel like we can grow and expand our client base while maintaining and upholding this standard," Richard Berthy, Foreside Financial CEO.
Foreside Financial is advised by Raymond James, Morgan Lewis & Bockius and BackBay Communications. Genstar is advised by Willkie Farr & Gallagher and Chris Tofalli Public Relations. Lovell Minnick is advised by Prosek Partners.
Blackstone agreed to acquire Sphera, a provider of software services with a focus on environmental health and safety, operational risk and product stewardship, from Genstar Capital, a private equity firm, for $1.4bn.
“With this significant investment of new capital, Sphera will expand the Environmental, Social and Governance digital solutions on its SaaS platform with unique data sets and differentiated consultative services throughout the world. On behalf of the Sphera team, I would like to thank Genstar Capital for their valuable contributions and strategic partnership over the years," Paul Marushka, Sphera President and CEO.
Blackstone is advised by Simpson Thacher & Bartlett. Sphera and Genstar Capital are advised by Evercore, Vedder Price, Willkie Farr & Gallagher and Chris Tofalli Public Relations.
General Mills, a global food company, completed the acquisition of the pet treats business of Tyson Foods, a protein-focused food company, for $1.2bn.
“This acquisition advances our Accelerate strategy and further reshapes our portfolio for growth by adding an attractive business to our fast-growing Pet platform. Today’s announcement reinforces our commitment to using all capital allocation levers – including investment in the business, dividend growth, strategic acquisitions, and share repurchases - to drive top-tier shareholder returns over the long term," Jeff Harmening, General Mills Chairman and CEO.
General Mills was advised by Barclays and Faegre Drinker Biddle & Reath. Tyson Foods was advised by Bank of America, Siebert Williams Shank and Hogan Lovells.
RENK, a German industrial company headquartered in Augsburg, completed the acquisition of Combat Propulsion Systems business of L3Harris, an American technology company, defense contractor and information technology services provider, for $400m.
"With today’s announcement, we have now completed or announced divestitures of businesses with a combined $1.4bn of revenue for $2.5bn in expected proceeds, and our portfolio shaping process is ongoing. These agreements place our Military Training and Combat Propulsion Systems and related businesses with well-suited buyers, while positioning L3Harris to further focus on its core technologies and execute its strategic priorities," William M. Brown, L3Harris Chairman and CEO.
RENK was advised by Alston & Bird, ARQIS Rechtsanwalte and DYS Media. L3Harris was advised by Moelis & Co and Simpson Thacher & Bartlett.
Starboard sought to get in on KKR investment in Box. (FS)
Box, a provider of enterprise content management platform, said Starboard Value, a hedge fund, asked to invest in the company alongside KKR & Co, despite calling it a bad deal that spurred it to launch a board challenge against the company, Reuters reported.
“We do not agree with Box’s characterization of certain events and discussions, it is clear Box executed a financing to raise capital the Company did not need in order to buy votes and buy friendly board representation ahead of a potential election contest. We do not believe this financing and related self-tender served any valid business purpose, and common stockholders are now left with significant dilution," Starboard.
Box was advised by Morgan Stanley, Sidley Austin, Wilson Sonsini Goodrich & Rosati and Joele Frank. KKR was advised by Simpson Thacher & Bartlett.
StepStone Group, a global private markets investment firm, agreed to acquire Greenspring Associates, a venture capital and growth equity platform. The transaction is expected to close by the end of the year, subject to customary closing conditions, including regulatory approvals and receipt of requisite fund investor consents.
“Joining forces with Greenspring allows StepStone to scale our venture capital and growth equity capabilities, further broadening the menu of private equity solutions as we seek to build the highest quality portfolios for our clients. We are pleased to welcome Greenspring Founder and Managing General Partner Ashton Newhall, Managing General Partner Jim Lim, and the entire Greenspring team as the newest members of the StepStone team. We believe that the Greenspring team has built the best venture capital and growth equity platform within private markets. Just as important, they promote a culture of trust and integrity that directly aligns with our values,” Scott Hart, StepStone Co-CEO.
StepStone Group is advised by JP Morgan and Gibson Dunn & Crutcher. Greenspring is advised by Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, Proskauer Rose and Morgan Stanley.
Parsons, an American technology-focused defense, intelligence, security, and infrastructure engineering firm, completed the acquisition of BlackHorse Solutions, a developer of cyber, electromagnetic warfare, and information operations, for $203m.
"Adding BlackHorse increases our scale in the areas of cyber, electronic warfare, and information dominance, enhancing Parsons’ position to pursue and win upcoming large joint all-domain contract opportunities, which is a key component of our national defense strategy," Chuck Harrington, Parsons Chairman and CEO.
BlackHorse Solutions was advised by Raymond James and Cooley. Parsons was advised by Robert W Baird and Latham & Watkins.
Flexpoint Ford and Vestar Capital Partners, two private equity firms, agreed to acquire Lereta, a national provider of real estate tax and flood services for mortgage servicers. Financial terms were not disclosed.
"Flexpoint Ford and Vestar Capital Partners represent an ideal partnership for LERETA. The combination of these two well-regarded firms provides deep experience in financial services and a wealth of knowledge around scaling and enhancing technology. LERETA has distinguished itself by providing a high level of customer service in our markets. As a result, we've been successful in adding new customers and building market share. This transaction will enable us to accelerate our already strong growth, step up our investments in technology and scale our operations to address the changing needs of the mortgage servicing industry," John Walsh, Lereta CEO.
Vestar Capital Partners and Flexpoint Ford are advised by Kirkland & Ellis, Raymond James and Wachtell Lipton Rosen & Katz.
Arcline Investment Management completed the acquisition of a majority stake in Air Comm. (FS)
Arcline Investment Management, a private equity firm, completed its acquisition of a majority stake in Air Comm, a manufacturer of aviation parts. Financial terms were not disclosed.
"We at Air Comm are excited to partner with Arcline in the next chapter of ACC's growth. We see tremendous opportunity to expand our core capabilities in MRO, deliver faster turnaround times and create innovative ECS solutions for our customers. We believe Arcline's aerospace and defense domain knowledge and experience will enable ACC to accelerate these initiatives," Dave Harrison, Air Comm Chairman.
Air Comm was advised by ANV Partners and Houlihan Lokey. Arcline Investment Management was advised by Lazard and Joele Frank.
Knight-Swift, a provider of transportation and logistics services, completed the acquisition of AAA Cooper, a provider of multi-regional transportation solutions. Financial terms were not disclosed.
"Joining the Knight-Swift team is an exciting combination for the AAA Cooper team members and customers. It will allow us to pursue new opportunities and accelerate our growth. We will continue to operate as an independent company, headquartered in Dothan, Alabama, and will do so with the support and partnership of the strongest provider in the full truckload space," Reid Dove, AAA Cooper CEO.
AAA Cooper was advised by Maynard Cooper & Gale. Knight-Swift was advised by Scudder Law Firm and SJ Consulting Group.
Science Applications International, a government services and information technology support company, completed the acquisition of Halfaker and Associates, a federal health technology solutions provider, for $250m.
"The addition of Halfaker's proven team and capabilities reinforces SAIC's commitment to supporting the government healthcare mission, including our strong support for the health and wellbeing of Veterans. This acquisition enhances our ability to support our customers' digital transformation needs and continue to be the innovative technology solutions provider our customers expect," Nazzic Keene, SAIC CEO.
Halfaker and Associates was advised by Robert W Baird and Crowell & Moring. SAIC was advised by King & Spalding.
Santander Holdings USA, a subsidiary of Madrid-based Banco Santander, agreed to acquire Santander Consumer USA Holdings, a provider of automotive loans, for $2.34bn.
Banco Santander believes that the offer reflects attractive value for Consumer USA shareholders. In addition, given the high weight in the shareholders, the entity has explained that it will vote against any sale, merger or alternative transaction to the proposal.
Santander Holdings USA is advised by JP Morgan and Wachtell Lipton Rosen & Katz.
TD Bank Group completed the acquisition of Headlands Tech Global Markets.
TD Bank Group, the fifth largest bank in North America by assets, completed the acquisition of Headlands Tech Global Markets, a Chicago-based quantitative fixed income trading company. Financial terms were not disclosed.
"This acquisition further strengthens our electronic bond trading infrastructure and underscores our commitment to delivering data-driven innovation and growing our global platform. Headlands Tech Global Markets' platform and people will expand our US capabilities in the municipal and corporate bond markets. We look forward to welcoming the team and working together to deliver an enhanced trading experience for our clients," Bob Dorrance, TD Securities Chairman, CEO and President.
Headlands Tech Global Markets was advised by Evercore. TD Bank Group was advised by TD Securities.
Connect America completed the acquisition of the aging and caregiving business of Philips.
Connect America, a provider of connected health solutions, completed the acquisition of the aging and caregiving business of Philips, a Dutch multinational conglomerate corporation. Financial terms were not disclosed.
"Connect America and Philips ACG's shared commitment to supporting the aging journey for our subscribers and caregivers, as well as our highly complementary offerings make this acquisition a very exciting opportunity to expand our impact and better serve our subscribers," Janet Dillione, Connect America CEO.
Connect America was advised by William Blair & Co and Amendola Communications.
Sun Capital Partners, a private investment firm, agreed to acquire LoanLogics, a digital mortgage solutions provider. Financial terms were not disclosed.
“Sun Capital is thrilled that LoanLogics is our second technology platform investment after formalizing our technology vertical. Inefficiencies in data and workflow are driving rising mortgage market costs, and LoanLogics helps solve this industry challenge. We look forward to applying our operating experience to accelerate LoanLogics’ growth,” Marc Leder, Sun Capital Co-CEO.
Sun Capital is advised by Stanton PRM.
Blue Owl-backed Dyal HomeCourt Partners to acquire a minority stake in Phoenix Suns. (FS)
Dyal HomeCourt Partners, a subsidinary of Blue Owl, agreed to acquire a minority stake in Phoenix Suns, a basketball team. Financial terms were not disclosed.
"The Suns have made incredible strides both on and off the court in recent years and we believe that, under Robert's leadership, the best is yet to come," Michael Rees, Blue Owl Co-President.
Blue Owl is advised by Prosek Partners.
GLIL Infrastructure, a real estate company, completed the £150m ($207m) investment in Flexion Energy, the modern utility company and energy storage infrastructure specialist.
“The requirement for energy storage in the UK is significant and growing as we transition to a lower carbon economy. Energy storage will play a central role in the energy transition, which is driven by the UK’s legally binding commitment for net-zero carbon emissions by 2050 and accelerated by the UK government’s recent Ten Point Plan, in addition to the rapidly evolving demand for electricity,“ Dan Taylor and Hassen Bali, Flexion Energy Co-Founders.
Mater Dei, a Brazilian hospital chain, agreed to acquire a 70% stake in Porto Dias, a Brazilian private hospital, for c.$155m.
The agreement provides for purchase and sale rights of the remaining 30% in five years at a discount of 20% of the multiple that Mater Dei is negotiating at the time. The Porto Dias family will continue to lead the hospital's management and will gain a seat on the board of Mater Dei.
Arlington Capital Partners-backed BlueHalo to acquire DDES. (FS)
Arlington Capital Partners-backed BlueHalo, a provider of engineering services, agreed to acquire Design & Development Engineering Services, a designer and manufacturer of space-qualified electronic systems. Financial terms were not disclosed.
“DDES’ strong customer relationships and deep technical expertise make the company an excellent addition to the BlueHalo platform. With access to BlueHalo’s infrastructure and resources, DDES will have additional scale to better meet the accelerating demand for its high reliability space systems," Henry Albers, Arlington Capital Partners Vice President.
Walter Capital Partners to invest in Clareo. (FS)
Walter Capital Partners, a private equity firm, agreed to invest in Clareo, a network of dental clinics. Financial terms were not disclosed.
"Walter Capital has extensive experience in the health and wellness sector that will be made available to Clareo in order to give it the means to achieve its ambitions. We will work with the Clareo team to form a network of more than 50 general and specialized dental clinics within 5 years, thus providing the opportunity for dentists in Quebec to join our leading network," Éric Phaneuf, Walter Capital President and CEO.
Kraton explores the sale of the company.
Kraton, a US-based manufacturer of polymers used in adhesives, coatings and personal care products, explores the option of a potential sale of the company.
Kraton's first-quarter adjusted earnings before interest, taxes, amortization and deprecation of $68m in April, down from $78m a year earlier, Reuters reported.
At the time, Kevin Fogarty, CEO at Kraton, expected profit margins to recover over the second and third quarters.
Kraton is advised by JP Morgan.
Hello Sunshine is exploring a sale.
Reese Witherspoon's Hello Sunshine, a media company, explores a sale after receiving interest from multiple suitors, including Apple, with a possible valuation at $1bn.
The company's management team, AT&T and Emerson Collective, have a stake in Hello Sunshine, owned by Ms. Witherspoon and her partners, Seth Rodsky and Jim Toth.
EMEA
Sagard, a French investment fund, agreed to acquire Ginger, a mental health company, from EMZ Partners, a private equity firm, Siparex, a private equity investment group, and BNP Paribas, a French international banking group. Financial terms are not disclosed.
The acquisition of Ginger by Sagard would allow the management team, which would remain a significant shareholder of the group, to benefit from financial and human support in order to pursue its development in France and internationally, both through organic and external growth.
Sagard is advised by AT Kearney, Alvarez & Marsal, Canaccord Genuity, Latham & Watkins and Reinhart Marville Torre. Debt financing is provided by CIC Conseil. EMZ is advised by Ernst & Young, Rothschild & Co, De Pardieu Brocas Maffei and KPMG.
IPI Partners, a global investment firm, agreed to acquire DigiPlex, a provider of safe, secure and fully serviced information technology housing. Financial terms were not disclosed.
"With DigiPlex's existing scaled presence and deep development expertise, we will significantly expand our hyperscale-focused data center portfolio in Europe, a key region of focus for IPI. We are excited to partner with the DigiPlex team to further realize on the company's tremendous growth potential. Utilizing our network and existing businesses, we believe we can together build a platform that meets the rapidly evolving needs of the digital economy in the Nordics and beyond," Matt A'Hearn, IPI Partner.
IPI is advised by Deutsche Bank, Gibson Dunn & Crutcher, Lundgrens, Schjodt and Sard Verbinnen & Co. DigiPlex is advised by RBC Capital Markets, Latham & Watkins and Wikborg Rein.
A consortium led by Barinboim, an Israel-based private equity firm, urged shareholders of Playtech, a gambling software development company, to vote in favor of $210m deal to acquire Finalto, a specialist in B2C and B2B multi-channel trading software and services, responding to a rival bid from one of Playtech’s investors.
The consortium added that Playtech will need to pay them $9m in case shareholders do not approve the deal, and if a sale were to be agreed with a third party within a year of the termination.
Barinboim is advised by Greenberg Traurig. Playtech is advised by Goodbody, UBS and Headland Consultancy.
BGF completed the investment in Speedy Freight. (FS)
BGF, an investment company, completed the investment in Speedy Freight, an express freight service provider. Financial terms were not disclosed.
“We’ve worked incredibly hard as a brand over the last decade to sustain our year-on-year growth, however now it’s time for something even more bold. Our core offering of agile, reliable, and trustworthy courier services will remain unchanged, but the new funding will allow us to invest in both driver training and the expansion of our fleet, allowing us take on even larger clients in new and exciting industries," Mike Smith, Speedy Freight Managing Director.
Speedy Freight was advised by DLA Piper. BGF was advised by WayPoint Change, Knights and HURST Accountants.
Charterhouse Capital Partners to acquire a majority stake in Labelium. (FS)
Charterhouse Capital Partners, a private equity firm, agreed to acquire a majority stake in Labelium, a provider of online marketing services. Financial terms were not disclosed.
“Labelium is an excellent business that operates in a market that is only getting more attractive, as an ever-increasing number of businesses worldwide realize the value of using digital channels and data-driven strategies to reach their customers. We look forward to partnering with the Labelium team to help them build on their already impressive growth trajectory and further internationalize their business," Cédric Barthélemy, Charterhouse Partner.
Charterhouse Capital Partners is advised by Freshfields Bruckhaus Deringer and DC Advisory.
Cyrus Group to acquire Amplegest.
Cyrus Group, a wealth management firm, agreed to acquire Amplegest, an investment management firm. Financial terms were not disclosed.
"This operation is above all a meeting between Meyer and myself. We share the same values with the directors of Cyrus and everything is gathered to continue a great story with Invest AM, for our customers and our employees, in a spirit of shop," Arnaud de Langautier, Amplegest Chairman.
Amplegest is advised by Fargo Communication Solutions.
Dragoneer Investment, a long-only, growth-oriented public and private investor, led a $355m Series F funding round in ManoMano, a marketplace specialising in online DIY, home improvement and gardening. Additional investors include Temasek, General Atlantic, Eurazeo, Bpifrance, Aglaé Ventures, Kismet Holdings, and Armat Group.
"With this new round of funding, we wish to confirm our position as the undisputed European leader in our online vertical. Our goal is to become the first destination for all DIY, gardening and home improvement projects by offering a first-class experience and advice to our European customers,” Philippe de Chanville and Christian Raisson, ManoMano Co-Founders and Co-CEOs.
ManoMano was advised by Finn Partners.
Brookfield-backed International Campus completed the acquisition of properties in Germany from Capital Bay for €230m. (FS, RE)
Brookfield-backed International Campus, an integrated real estate development and operation platform, completed the acquisition of properties in Germany from Capital Bay, an investment company, for €230m ($273m).
“Our team leads the acquisition, development, letting and management of student projects in Europe. This reflects the strength of the IC platform in finding, developing and bringing to full occupancy excellent student and professional living properties that are not otherwise readily accessible," Gawain Smart, International Campus CEO.
Dovista, a developer and manufacturer of windows and doors, agreed to acquire WERU Group, a German manufacturer of windows and external doors of residential buildings, from HIG Capital, a private equity firm. Financial terms were not disclosed.
“Our two companies make a great fit. With the acquisition of WERU, we accelerate our plans to expand further and truly make all of Europe our home market. We add a notable German vertical windows and exterior doors brand to our existing brand portfolio and gain further traction in Germany which is a significant market for building a strong presence in Central Europe," Allan Lindhard Jørgensen, Dovista CEO & President.
SoftBank Vision Fund 2, a fund with a goal to invest in AI-based technology, and Eldridge, a holding company, completed a $235 investment in AnyVision, a developer of a facial recognition technology.
“AnyVision’s innovations in recognition AI helped transform passive cameras into proactive security systems and empowered organizations take a more holistic view to advanced security threats. The access point AI platform is designed to protect people, places, and privacy while simultaneously reducing costs, power, bandwidth, and operational complexity," Avi Golan, AnyVision CEO.
Telefonica plans to sell a minority stake in tech unit. (FS)
Telefonica, a Spanish telecoms operator, plans to raise $591m to sell a minority stake in its technology unit. Telefonica hired KPMG, investment bank Morgan Stanley, as advisors, and potential buyers, including Apax Partners, a private equity fund, Reuters reported.
The company is ready to sell up to 49% of the unit consist of cybersecurity, internet of things and cloud computing operations, valuing at $1.18bn.
Autogrill dismisses the Dufry tie-up report.
Autogrill, an Italian travel catering group, didn't examine any "extraordinary operation" after a newspaper report of a possible tie-up with Dufry, a Swiss global travel retailer.
"Though Autogrill is always open to assessing any opportunity the market might offer to pursue its strategic objectives, no extraordinary operation is being examined by the board of the company," Autogrill.
Atlantia considers Hochtief's stake non-strategic and may sell it. (FS)
Atlantia, a strategic investment holding company, considers a 16% stake in builder Hochtief, a German-based engineering-led global infrastructure group, non-strategic and may sell it in the future as it gears up to sell its Italian motorway unit.
Atlantia, the company that acquired a minority stake of about 23.9% in Hochtief in 2018 to take over Abertis, a Spanish toll road operator and ACS as a part of the deal, currently owns a 15.9% stake, valuing at $887m.
Orsted launches sale of Hornsea Two wind park.
Orsted, an offshore wind power farms developer, launches the sale of Hornsea Two, valued at $3.54bn, including debt. Potential buyers have been sent the information packages and first-round bids are expected later this month, Reuters reported.
Orsted works with Credit Agricole on the partial divestiture, which aligns with the developer's strategy of selling off large stakes in operational wind parks to invest the capital in new projects.
Chobani confidentially files for US IPO at $10bn valuation.
Chobani, a Greek yogurt maker with factories in New York, Idaho and Australia, may be valued at $10bn in IPO since the company confidentially filed regulatory paperwork for its stock market listing. The company did neither determine the number of shares planned to sell nor the price range for the proposed offering, Reuters reported.
A bid for a majority stake from PepsiCo in 2016 Chobani declined, arguing that it wanted to remain independent. The company now discovers the US capital market, which has hit records regarding capital raised through IPOs.
European Medical Centre sets IPO pricing, valued up to $1.26bn.
The indicative price range for the July IPO of European Medical Centre, a Russian private health clinic operator in Moscow, has been set at $13-$14 per global depositary receipt, giving it an equity value of up to $1.26bn, Reuters reported.
"The offering, which amounts to up to 40m global depositary receipts and would give EMC a free float of about 44%, is expected to be announced on or around July 15," EMC.
APAC
Tikehau Capital, a private equity and venture capital firm, agreed to acquire a majority stake in Foundation PE, a provider of bespoke secondary solutions. Financial terms were not disclosed.
“We are delighted to be collaborating with Tikehau Capital, whom we view as an important strategic partner for the development of our firm going forward. We believe that there are many areas of synergy between our firms and that Tikehau Capital’s global reach will help us to expand our presence and capabilities in Asia and beyond," Jason Sambanju and Jeremy Foo, Foundation PE Co-Founders.
Tikehau Capital is advised by Prosek Partners.
Alibaba, a provider of online and mobile commerce businesses, agreed to invest $1.4bn in Suning, a non-government retailer. Other investors include Haier Group, Midea Group, TCL Technology and Xiaomi.
Under the deal, Zhang Jindong's stake would fall to 17.62% while his Suning Appliance company would retain a 2.73% interest.
"The diversified investor portfolio helps push Suning to further improve the governance, operations and business transformation. The consortium will actively support Suning to grow healthily and stably," Suning.
AirAsia, a Malaysian multinational airline, agreed to acquire the Thailand business of Gojek, an on-demand multi-service platform, for $50m.
Under the deal, Gojek would take a stake in AirAsia’s digital arm, while the low-cost carrier would acquire Gojek’s business in Thailand.
Owners of $5bn Tower Bersama weigh stake sale. (FS)
Two shareholders of PT Tower Bersama Infrastructure, an independent telecommunication infrastructure provider, explored the potential sale of the Jakarta-listed telecommunications company. Tower Bersama valued at $5.3bn, Bloomberg reported.
Provident Capital Indonesia, a private equity firm, and a subsidiary PT Saratoga Investama Sedaya asked banks for proposals on a possible transaction for their stakes. PT Wahana Anugerah Sejahtera, a subsidiary of Saratoga, and Provident Capital own 34% and 22% of Tower Bersama's shares, respectively, valuing at $3bn.
Temasek-backed UpGrad earmarks $250m for deals. (FS)
UpGrad, a Temasek-backed online education provider, allocates $250m for acquisitions3 to speed up the expansion, India-born ed-tech startups, setting their sights on international markets, Bloomberg reported.
UpGrad is nearing $4bn in valuation, which would be a jump of approximately seven times since April when it raised $160m from Singapore-based Temasek Holdings and IFC funds.
"Target customers are the world's more than 1bn knowledge workers and 250m higher education enrollees," UpGrad.
Emperador mulls second listing in Singapore.
Emperador, the Philippines-based liquor company, explores the second listing in Singapore to raise $742m. The company works with advisers on the potential offering, Bloomberg reported.
Emperador shares raised about 20% this year, giving the brandy maker a market value of around $3.8bn.
China considers closing loopholes used by tech giants for US IPOs.
Regulators in Beijing plan rule changes to block a Chinese company from listing overseas. China intensified its crackdown on technology firms with the cyberspace regulator announcing a probe into Didi and pulling its app from stores, followed by plunged shares in Didi by 20% in US trading just days after a $4.4bn IPO.
"The "political compromise" that allowed the VIE structure as a way around foreign ownership restrictions is "under serious threat. Now China can control its promising firms from listing abroad, which could boost its ambitions to develop financial markets on the mainland," Martin Chorzempa, Peterson Institute for International Economics Senior Fellow.
GLP raises $1.8b more for logistics real estate strategies in Japan. (FS)
GLP, a logistics real estate investor, raised over $1.8bn for its private logistics real estate income strategies in Japan among strong interest investors, resulting in GLP Japan Income Fund's total capital commitments to approximately $2.7bn. The fund aims to a loan-to-value ratio of 50% - gross asset value hit $5bn in January and $5.4bn of June 2021.
"We will continue to raise capital for both our development pipeline as well as core portfolio of income-producing assets. The market continues to show strong dynamics offering investors an attractive investment opportunity," Ralf Wessel, GLP Fund Management and Managing Director.
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