Twitter anticipates a shareholder vote on its $44bn sale to Elon Musk could come by early August, as it continues to work constructively to complete the deal with the world's richest person,
Reuters reported.
Musk's lawyers warned Twitter on Monday that he might walk away from the acquisition if the company fails to provide the data he seeks on spam and fake accounts.
Twitter is advised by Allen & Company, Goldman Sachs, JP Morgan, Simpson Thacher & Bartlett, Wilson Sonsini Goodrich & Rosati and Joele Frank. Financial advisors are advised by Sullivan & Cromwell. Elon Musk is advised by Bank of America, Barclays, Morgan Stanley, McDermott Will & Emry, Skadden Arps Slate Meagher & Flom and Sard Verbinnen & Co. Debt financing is provided by BNP Paribas, Bank of America, Barclays, Mitsubishi UFJ Financial Group, Mizuho Securities, Morgan Stanley and Societe Generale. Debt providers are advised by Davis Polk & Wardwell.
Senti Biosciences, a company developing cancer therapies using a new programmable biology platform, went public via merger with Dynamics Special Purpose, a special purpose acquisition company, in a $601m deal. The deal involved a $66m financing from institutional investors including 8VC, Amgen Ventures, funds and accounts managed by Counterpoint Global (Morgan Stanley Investment Management), Invus, LifeForce Capital, NEA, Parker Institute for Cancer Immunotherapy, and T. Rowe Price.
"Humans have always sought medicines that can treat illnesses with more precision, efficacy, and safety. However, existing drugs are still unable to match the complexity of many diseases, such as cancer and beyond. With recent advances in synthetic biology, computation, and massive biological data generation, I believe that we have a unique opportunity to engineer intelligent cell and gene therapies that directly tackle the heterogeneity and dynamic nature of disease, which have the potential to fundamentally transform our therapeutic arsenal," Tim Lu, Senti Bio CEO.
Senti Biosciences was advised by Bank of America and Goodwin Procter. Dynamics Special Purpose was advised by Bank of America, JP Morgan, Morgan Stanley and Davis Polk & Wardwell. Financial advisors were advised by Latham & Watkins.
Vista Equity Partners, an American investment firm, agreed to invest in BetterCloud, an independent software vendor based in New York. Financial terms were not disclosed.
"From day one, we've been laser focused on enabling companies to adopt best-in-breed SaaS applications in a secure and scalable way. This investment is a major milestone in that journey, and one that will allow us to continue to define and lead the SaaS Management category now and in the future. Vista is the perfect partner for BetterCloud given their tremendous experience and track record of investing in the best SaaS companies in the world, and their keen understanding of the value behind SaaS management. Together, we will continue to deliver on the promise of 'zero touch' SaaS management and elevate the role of IT in enterprises around the world," David Politis, BetterCloud CEO.
BetterCloud is advised by JP Morgan and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian. Vista Equity Partners is advised by Kirkland & Ellis.
Devon, an independent energy company, agreed to acquire Williston basin assets of Warburg Pincus-backed RimRock Oil and Gas, an independent oil and gas company, for $865m.
"Over the course of our partnership, RimRock built a strategic acreage position with a sizable inventory of core drilling locations, developing a clearly differentiated asset in the Basin. We would like to thank Jim and the RimRock team for their hard work and dedication to create a strong business of scale and value," John Rowan, Warburg Pincus Managing Director.
RimRock Oil and Gas is advised by Wells Fargo Securities and Kirkland & Ellis.
ICF, a global consulting and digital services provider, agreed to acquire SemanticBits, a company specializing in the design and development of digital health services, for $220m.
"This latest acquisition is in keeping with our strategy to complement organic growth with acquisitions that strengthen ICF's position in key growth markets and provide meaningful revenue synergies over time. SemanticBits' advanced health IT and data science solutions accelerate and improve mission impact and health outcomes. As one of the industry's leading digital service and platform providers using open-source, SemanticBits scales our rapidly growing set of digital modernization capabilities and, together with our deep federal health expertise, will enable ICF to support larger, more complex projects across federal civilian agencies," John Wasson, ICF Chair and CEO.
ICF is advised by Advisiry Partners.
Barings, one of the world's largest diversified real estate investment managers, agreed to acquire One Patriots Park, a nearly 144k square foot Class A life science asset in the Boston suburb of Bedford, for $132m.
"This investment is a fantastic addition to our platform and illustrates Barings' commitment to sourcing diversified opportunities in specialized asset classes. This acquisition represents our core real estate investment strategy and we're excited about future opportunities to generate value through additional conversion to lab and mark-to-market leasing opportunities," Kevin Miller, Barings Head of Real Estate Acquisitions, Eastern US.
Barings is advised by Newmark Group.
IBM, an American multinational technology corporation, agreed to acquire Randori, an attack surface management and offensive cybersecurity provider based in the Boston area. Financial terms were not disclosed.
"Our clients today are faced with managing a complex technology landscape of accelerating cyberattacks targeted at applications running across a variety of hybrid cloud environments – from public clouds, private clouds and on-premises. In this environment, it is essential for organizations to arm themselves with attacker's perspective in order to help find their most critical blind spots and focus their efforts on areas that will minimize business disruption and damages to revenue and reputation," Mary O'Brien, IBM Security General Manager.
IBM is advised by Cravath Swaine & Moore.
Weatherford Capital, a family-owned growth equity firm, led a $147m Series C round in Branch, a full-stack insurance company, with participation from Acrew, AmFam Ventures, Anthemis, Gaingels, Greycroft, HSCM Ventures, Narya, SignalFire, and Tower IV.
"Consumers are frustrated by escalating insurance costs resulting from antiquated business models and complex processes. We believe that by reintroducing the power of community through data and technology, we can lower the cost of insurance while restoring it to its original intent: a force for communal good," Steve Lekas, Branch CEO.
Branch was advised by Codeword.
JP Morgan led a $100m Series C round in Codat, the universal API for small business data, with participation from Canapi Ventures, Shopify, Index Ventures and PayPal Ventures.
"We believe Codat has the potential to fundamentally change the way data is shared across the small business economy. JPMorgan Chase has an extensive small business customer base so we understand the power of connecting and standardizing data – whether it is used for onboarding new customers or offering insights on business performance. This unique global perspective and Codat's impressive management team deepened our conviction," Patrick McGoldrick, JP Morgan Partner.
Codat was advised by CMAND Public Relations.
Oak HC/FT, a venture and growth equity investment firm, led a $140m funding round in CareBridge, a value-based care solution for patients receiving home and community-based services.
"CareBridge is revolutionizing care for individuals on Medicaid receiving home and community-based services. By helping coordinate care and provide 24/7 access to a clinician, CareBridge is helping individuals live healthier, more independent lives while remaining at home," Brad Smith, CareBridge Executive Chairman.
Slim, Larrea join Santander, Banorte in bids for Citi’s Banamex. (FS)
A top mining magnate and a little known bank backed by major global investors are among initial bidders for Citigroup’s Mexican unit,
Bloomberg reported.
Mexican bank Grupo Financiero Banorte, Spain’s Banco Santander and billionaire Carlos Slim’s Grupo Financiero Inbursa all put in bids for Banamex after expressing interest earlier this year. German Larrea, the owner of copper miner Grupo Mexico, as well as Banca Mifel, a small Mexican firm run by the current head of the country’s banking lobby, also made offers.
Brazil's Eletrobras privatization lures new investors including Singapore, Canada funds. (FS)
Brazilian state power company Eletrobras is expected to raise around $6bn through a share offering with infrastructure funds from Canada and Singapore among the bidders,
Reuters reported.
Canada Pension Plan Investment Board and Singapore's GIC, seldom seen in follow-on offerings, are poised to become relevant shareholders in Centrais Eletricas Brasileiras, as Eletrobras is formally known, after the offer.
US private equity firm Clayton, Dubilier & Rice's $8.8bn takeover of British supermarket group Morrisons cleared its last regulatory hurdle on Thursday, more than eight months after shareholders backed the deal, Reuters reported.
Britain's competition regulator formally accepted CD&R's offer to sell 87 petrol stations to address concerns over higher fuel prices.
WM Morrisons Supermarkets is advised by Jefferies & Company, Rothschild & Co, Shore Capital & Corporate, Ashurst and Citigate Dewe Rogerson. Clayton Dubilier & Rice is advised BNP Paribas, Bank of America, Goldman Sachs, JP Morgan, Mizuho Securities, Clifford Chance, Debevoise & Plimpton and Teneo. Financial advisors are advised by Norton Rose Fulbright. Fortress Investment Group is advised by HSBC, RBC Capital Markets, Slaughter & May and TB Cardew. Financial adviosrs are advised by Herbert Smith Freehills. Debt financing is provided by HSBC and RBC Capital Markets. Debt providers are advised by Linklaters. Koch Real Estate Investment is advised by Jones Day. GIC is advised by Dechert.
A2A, a firm that generates, distributes, and markets renewable energy, completed the acquisition of the wind and photovoltaic portfolios from Ardian, a private equity firm, for $505m.
"With these plants A2A consolidates its position as the second largest operator in renewables and its presence in Italy, increasing its activities in Sardinia, Puglia, Lazio and Campania. The operation enables the Group to record significant growth in wind power and boost photovoltaics. Today's agreement and the transactions concluded in the last 12 months allow us to anticipate by two years the objectives of increasing the generation of green energy as set out in our Business Plan. In order to achieve independence from foreign markets in the supply of gas we need to accelerate the development of renewables, a key factor in the ecological transition. Our objective is to continue to invest in this sector and contribute to the sustainable development of the country," Renato Mazzoncini, A2A CEO.
A2A was advised by KPMG, Barclays, Citigroup, Cleary Gottlieb Steen & Hamilton and Studio Rinnovabili. Ardian was advised by L&B Partners, L&B Avvocati Associati, Image Building and EOS Consulting.
UK's Next Fifteen said its $389m offer for advertising firm M&C Saatchi was final, days after rival suitor AdvancedAdvT questioned the target firm's evaluation of the two competing offers, Reuters reported.
"We reached agreement with the board and executive team of M&C Saatchi after extensive negotiation and believe our offer is full and fair," Tim Dyson, Next Fifteen CEO.
M&C Saatchi is advised by Liberum Capital, Numis Securities, CMS and Brunswick Group. Next Fifteen Communications is advised by Berenberg, Smith Square Partners, Ashurst and MHP Communications.
Mediclinic, a London-listed private hospitals group, has rejected a $4.2bn cash offer from a consortium of its biggest shareholder, Remgro, and a shipping group, MSC, saying the proposal undervalued the company.
“The board of Mediclinic (excluding the Remgro representative) considered the proposal, together with its advisers, and concluded that it significantly undervalued Mediclinic and its future prospects,” the group said in a statement.
Mediclinic International is advised by Morgan Stanley and FTI Consulting. MSC is advised by Credit Suisse. Remgro is advised by Centerview Partners and Nomura.
FirstGroup, a UK bus and train operator, rejected a $1.5bn takeover bid from I Squared Capital, an US private equity firm, saying that the offer “significantly undervalued FirstGroup’s continuing operations and its future prospects”.
Aberdeen-based FirstGroup last month said it was evaluating a bid from I Squared that values its shares at up to $1.5bn.
The FTSE 250 group revealed that it had previously turned down a number of earlier “unsolicited and conditional takeover proposals” from I Squared.
FirstGroup is advised by Goldman Sachs, JP Morgan, Rothschild & Co and Brunswick Group.
Hedin Mobility Group, one of the largest privately-owned automotive retailers in Europe, agreed to acquire Orio, the exclusive global supplier of Saab Original spare parts, for $51m.
"With Hedin Mobility Group, Orio gains a strong owner who understands the business and values Orio's competence and know-how in both spare parts and logistics operations. The deal means that the supply of spare parts to Saab owners worldwide can be secured for the foreseeable future. At the same time, the logistics operations can continue to develop," Gustaf Ljunggren, Orio CEO.
Orio is advised by KPMG and Baker McKenzie.
Watlow, a designer and manufacturer of complete industrial thermal systems, agreed to acquire Eurotherm, a supplier of control and measurement instruments, from Schneider Electric, a French multinational company that specialises in digital automation and energy management. Financial terms were not disclosed.
"Watlow is excited to invest in this innovative product portfolio and professional team. Combining Eurotherm's complementary controls technologies with Watlow's focus on thermal systems, our shared engineer-to-engineer sales models and our focus on common markets will allow Watlow and Eurotherm to better serve all of our respective customers. We are impressed with Eurotherm's heritage in the controls industry and strong reputation for innovation and quality, so we are looking forward to welcoming the Eurotherm team to Watlow," Rob Gilmore, Watlow CEO.
Schneider Electric is advised by Rothschild & Co.
Goldman Sachs Asset Management, a private equity arm, completed a $100m investment in Recover Textile Systems, a materials science company.
“Recover is a leading disruptor in the apparel and textiles space with much-needed sustainable solutions grounded in materials science. We’re excited to invest in Recover’s growth to accelerate scaled production and the continued development of its technologies,” Letitia Webster, Goldman Sachs Asset Management Division Managing Director.
Recover Textile Systems was advised by Berns Communications Group.
Carlyle Group to sell stake in mideast’s Dominos pizza operator. (FS)
Carlyle Group is seeking to sell its stake in the owner of the Domino’s pizza franchise in the Middle East in an initial public offering on the Saudi stock exchange, Bloomberg reported.
The US buyout firm, which has $325bn in assets under management, is selling a 42% stake in Alamar Foods, or 10.6m shares to retail and institutional investors. Carlyle acquired its stake from Saudi-based firm AlJammaz Group in 2011 for an undisclosed amount.
Mukesh Ambani’s Reliance inches close to acquiring Walgreens’ Boots. (FS)
Asia’s wealthiest person Mukesh Ambani’s Reliance Industries and US buyout firm Apollo Global Management have inched closer to acquiring drug retailer Walgreens Boots Alliance’s UK-based Boots business,
ETNow reported.
The RIL-Apollo Global consortium has made a binding offer for Walgreens Boots Alliance’s international drugstore arm.
Nexi closes in on Intesa's Croatian retailer payment business.
Italian payments group Nexi is close to agreeing the purchase of the retailer payment business of Intesa Sanpaolo's Croatian arm for around $193m, Reuters reported.
A long-term partnership, with Nexi to become the sole partner of Intesa Sanpaolo in the acquiring activities and the latter to distribute the acquiring services provided by Nexi while maintaining the existing relationship with its customers.
Terna Energy studies options amid takeover interest.
Greek renewables developer Terna Energy is evaluating options including a potential sale after attracting takeover interest, Bloomberg reported.
The Athens-based company is working with a financial adviser to study strategic alternatives. Terna, which has a market value of about €2.2bn ($2.3bn), has received a takeover approach from at least one large infrastructure fund.
Deloitte explores splitting auditing, consulting arms, following Ernst & Young.
Deloitte is exploring a plan to split its global audit and consulting practices, following an effort by fellow Big Four accounting firm Ernst & Young to potentially spin off its consulting arm,
WSJ reported.
The moves would mark the biggest shake-up in the accounting industry in decades, handing windfalls to tens of thousands of the firms’ partners and creating two new consulting giants and two stripped-down auditing firms.
Atos, OVHcloud partner up in quantum computing.
French IT consulting firm Atos quantum computing emulator will be made available through cloud services provider OVHcloud's offer, the companies said in a joint statement, Reuters reported.
Atos' quantum emulator, which simulates a quantum environment, will be offered "as a service" through OVHcloud, making the technology more accessible to research labs, universities, start-ups and companies, the firms said.
Ex-Credit Suisse boss Thiam loses Pimco backing for fintech SPAC. (FS)
Tidjane Thiam, the former chief executive officer of Credit Suisse Group, has lost the backing of fund management giant Pimco for his fintech SPAC.
Pimco, which was one of the financial backers behind the creation of Thiam’s Freedom Acquisition I, has agreed to sell its entire stake in the sponsor vehicle for the blank-check firm to an affiliate of China Bridge Capital, Bloomberg reported.
Credit Suisse CEO dismisses "stupid" question on deal rumors.
Credit Suisse Chief Executive Officer Thomas Gottstein batted away questions on whether the bank is a takeover target and said he’s still holding out hope for a profitable second quarter, Bloomberg reported.
Swiss blog Inside Paradeplatz caused a firestorm after it reported that State Street could make a bid for Credit Suisse at $9.2 a share, citing a single person. Shares of the US firm dropped 5.4% to close at $69 on the day, while the Swiss bank declined as much as 4.9%.
Dubai road-toll operator set to hold pre-IPO investor meetings.
Dubai’s road-toll collection system is planning to kick off first meetings with select top investors as soon as this month, ahead of a potential 2022 listing.
The Salik toll system, part of Dubai’s Roads and Transport Authority, is planning group and one-on-one investor meetings in mid-June. Investors from around the world will participate in the calls,
Bloomberg reported.
Barclays has hired Lazard banker Jim Rossman for shareholder advisory. (People)
Barclays hired Lazard banker Jim Rossman as its new global head of shareholder advisory, in a big move in the world of activist defense.
Rossman will report to Barclay’s co-head of global M&A, Gary Posternack and Ihsan Essaid. He is expected to start the role at the end of 2022, Bloomberg reported.
