AMERICAS
The Goodyear Tire & Rubber Company, an American multinational tire manufacturing company, completed the acquisition of Cooper Tire & Rubber Company, an American company that specializes in the design, manufacture, marketing and sales of replacement automobile and truck tires, for $2.5bn.
"This is an exciting and transformational day for our companies. The addition of Cooper's complimentary tire product portfolio and highly capable manufacturing assets, coupled with Goodyear's technology and industry leading distribution, provides the combined company with opportunities for improved cost efficiency and a broader offering for both companies' retailer networks. We are confident this combination will enable us to provide enhanced service for our customers and consumers while delivering value for shareholders," Richard J. Kramer, Goodyear Chairman, CEO and President.
Cooper Tires was advised by Goldman Sachs, Jones Day and Brunswick Group. Goldman Sachs was advised by Sullivan & Cromwell. Goodyear was advised by JP Morgan, Lazard, Covington & Burling, Paul Weiss Rifkind Wharton & Garrison and Sard Verbinnen & Co. Financial advisors were advised by Gibson Dunn & Crutcher. Debt financing was provided by JP Morgan.
The Blackstone Group agreed to acquire QTS Realty Trust, a provider of data center solutions across a diverse footprint, for $10bn.
"We are focused on investing in assets that are benefitting from strong, secular tailwinds, such as the rapid digitalization of data. QTS is a leading provider of data center solutions with a portfolio of high-quality assets in desirable markets, positioning it well to capitalize on these powerful trends in the data center space. We believe the vast expertise across our business will enable the QTS platform to succeed over the long-term," Tyler Henritze, Blackstone Real Estate Head of Acquisitions Americas.
QTS Realty Trust is advised by Jefferies & Company, Morgan Stanley, Hogan Lovells, Paul Weiss Rifkind Wharton & Garrison and Joele Frank. Blackstone is advised by Barclays, Citigroup, Deutsche Bank, Goldman Sachs, JP Morgan and Simpson Thacher & Bartlett.
"We are actively building one of the most durable and profitable producers in the DJ Basin. Our combination with Crestone is just one early marker of what we hope to achieve as Civitas, as we establish ourselves as the preferred consolidation partner in the DJ Basin and work toward becoming one of the top energy producers in the nation," Eric Greager, Bonanza Creek President and CEO.
Crestone Peak Resources is advised by Jefferies & Company, TD Securities and Gibson Dunn & Crutcher. Bonanza Creek is advised by JP Morgan, Vinson & Elkins and Kekst & CNC. Extraction Oil & Gas is advised by Petrie Partners Securities and Kirkland & Ellis.
Vulcan Materials Company, a producer of construction aggregates, agreed to acquire US Concrete, a supplier of aggregates and ready-mixed concrete, for $1.3bn.
"US Concrete is an important Vulcan customer in a number of key areas, and this transaction is a logical and exciting step in our growth strategy as we further bolster our geographic footprint. Ronnie Pruitt and his team have done an excellent job growing and operating its business, and we look forward to welcoming the US Concrete employees to the Vulcan family. This is a merger of two corporate cultures that value people, technology, operating disciplines, customer service and the entrepreneurial spirit, and it positions Vulcan to further drive sustainable, long-term shareholder value," Tom Hill, Vulcan Materials Company Chairman and CEO.
US Concrete is advised by BNP Paribas, Evercore, Akin Gump Strauss Hauer & Feld, Gibson Dunn & Crutcher and Joele Frank. Vulcan Materials is advised by The Greystone Group, Bradley Arant Boult Cummings and Wachtell Lipton Rosen & Katz. Debt financing is provided by Truist Bank.
Hormel Foods, a global food company, completed the acquisition of the Planters nut business from Kraft Heinz Company, an American food company, for $3.35bn.
"The acquisition of the Planters® business adds another $1bn brand to our portfolio and significantly expands our presence in the growing snacking space. The Planters® brand enhances our portfolio built for individual and social snacking occasions, and perfectly complements our snacking brands such as Hormel Gatherings®, Columbus®, Justin's®, SKIPPY®, Herdez® and Wholly®. This acquisition also meaningfully broadens our scope for future acquisitions in the snacking space," Jim Snee, Hormel Foods Chairman, President and CEO.
Hormel Foods was advised by Citigroup, Credit Suisse and Faegre Drinker Biddle & Reath. Financial advisors were advised by Alston & Bird. Kraft Heinz was advised by Perella Weinberg Partners and Gibson Dunn & Crutcher.
WELL Health, a company focused on consolidating and modernizing clinical and digital assets within the healthcare sector, agreed to acquire MyHealth, a specialty care, telehealth services and accredited diagnostic health services provider, for $220m.
"The planned acquisition of MyHealth cements WELL's position as a foundational leader in the Canadian healthcare marketplace. Once completed, WELL will be the largest and most capable non-governmental owner-operator of outpatient medical clinics in Canada," Hamed Shahbazi, WELL Chairman and CEO.
MyHealth is advised by Deloitte and Gowling WLG. WELL Health is advised by Eight Capital, Stifel, Blake Cassels & Graydon, Clark Wilson, Dentons and Torys.
Dave, a banking app on a mission to create financial opportunity that advances America's collective potential, agreed to go public via a merger with VPC Impact Acquisition Holdings III, a special purpose acquisition company sponsored by Victory Park Capital, in a $4bn deal.
The deal includes a $210m PIPE investment led by Tiger Global Management, with participation from Wellington Management and Corbin Capital Partners.
"At Dave, we're committed to improving the financial health of our members. We believe the legacy financial system has failed to deliver and today, more than 150m people need our help to build financial stability. Dave is upending the banking industry with our suite of breakthrough financial products and making a meaningful impact on our customers' lives. This transaction and continued support from our longstanding investors signify confidence in our strategy, vision and the significant growth opportunities ahead," Jason Wilk, Dave CEO.
Dave is advised by Centerview Partners and Orrick Herrington & Sutcliffe. VPC Impact is advised by Citigroup, Jefferies & Company, White & Case and Edelman.
Nucor, a provider of steel and steel products, with operating facilities in the United States, Canada and Mexico, agreed to acquire the insulated metal panels business of Cornerstone Building Brands, the largest manufacturer of exterior building products in North America, for $1bn.
"I look forward to enthusiastically welcoming our new teammates from Cornerstone Building Brands to the Nucor family. Adding this business to Nucor Buildings Group will allow us to build upon our recent success with TrueCore," Jeff Carmean, Nucor President.
Cornerstone Building Brands is advised by Rothschild & Co and Debevoise & Plimpton. Nucor is advised by Moelis & Co, Moore & Van Allen and Joele Frank.
Solera, a provider of risk management and asset protection software and services, completed the acquisition of Omnitracs, a complete fleet management platform, and DealerSocket, a SaaS provider to the automotive industry. Financial terms were not disclosed.
"The combination of DealerSocket with Solera allows us to offer dealerships a fully unified platform to simplify workflows and enables us to become the digital backbone across all areas of a connected dealership, simplifying and improving the retail experience. We are thrilled to join the Solera team," Sejal Pietrzak, DealerSocket CEO.
DealerSocket was advised by Ropes & Gray. Omnitracs was advised by Greenberg Traurig. Solera was advised by Kirkland & Ellis and Joele Frank.
KKR agreed to acquire Atlantic Aviation, a provider of critical services to the private aviation sector, from Macquarie Infrastructure for $4.5bn.
"We are proud of the robust growth Atlantic Aviation has achieved under our ownership which resulted in strong interest from prospective buyers during the sale process. We are pleased with the outcome of the sale process and the unlocking of additional value for MIC shareholders. In addition to the timely closing of a sale of Atlantic Aviation our focus remains on successfully concluding the sale process for our MIC Hawaii business," Christopher Frost, MIC CEO.
KKR is advised by Jefferies & Company and Kirkland & Ellis. MIC is advised by Evercore, Lazard and White & Case.
York Capital-backed Cennox, a provider of integrated services and solutions to the financial, retail, and transportation industries, agreed to acquire Bancsource, a national independent service provider for cash automation equipment, from CapitalWorks, a Cleveland private equity firm. Financial terms were not disclosed.
"Bancsource has built a solid foundation upon which to leverage its service capabilities to grow its national footprint. They offer Cennox a very complementary network of field technicians and service offerings," Dick Hollington, CapitalWorks Managing Director and CEO.
CapitalWorks is advised by Lincoln International and Calfee Halter & Griswold.
QED Investors led a $125m Series A round in Capchase, a fintech company that helps SaaS companies finance the growth of their operations, with participation from Bling Capital, ScifiVC and Caffeinated Capital.
"We built Capchase to help tech companies access the capital they need to grow faster, without selling their company bit by bit. With our Series A funding, we will be able to continue improving our core products and compliment them with the new features that our customers expect from us," Miguel Fernandez, Capchase CEO.
Capchase was advised by R.J. Walker & Co.
Generate Life Sciences, a life sciences company, completed the acquisition of Cell Care, a tissue bank and cord blood company, from CPE Capital, a private capital manager. Financial terms were not disclosed.
"As part of Generate, we will collaborate with Generate's scientific team to support the exciting therapeutic applications for newborn stem cells and deliver great value to the thousands of families who have banked their children's stem cells," Brent Dennison, Cell Care Chief Executive Officer.
Generate was advised by HDMZ.
Freeman Spogli-backed Kamps, one of the nation's largest pallet recyclers, agreed to acquire Buckeye Diamond Logistics, which offers pallet recycling, national pallet sales, and on-site pallet management services. Financial terms were not disclosed.
"This acquisition will combine two successful and capable companies. The combination with BDL will bolster Kamps' ability to provide today's local, regional, and national retailers, manufacturers and distribution customers with the most diverse product line of solutions in the marketplace," Mitchell Kamps, Kamps President.
BDL is advised by Ernst & Young.
Arcline Investment Management, a growth-oriented private equity firm, completed the investment in Resolution Medical, an end-to-end contract development and manufacturing organization focused on complex, rapidly growing medical technology segments, including structural heart, neuromodulation, heart failure, electrophysiology, oncology, and ENT. Financial terms were not disclosed.
"We are excited to partner with Steve, Shawn, Luke, and the broader Resolution Medical team to continue building a leading CDMO platform serving the most complex and highest-growth therapeutic and diagnostic technologies. Steve and Shawn have built a world-class organization and a customer-centric culture that is consistent with the qualities that Arcline looks for in our investments," Arcline.
Arcline was advised by Joele Frank.
SoundPoint Capital Management, an alternative asset manager, agreed to acquire the US direct lending arm of CVC Capital Partners for $1.5bn.
The deal would boost SoundPoint's asset under management to $26bn. A couple of years before striking the deal, SoundPoint was interested in expanding the direct lending segment.
Power Solutions, an engineering services provider, agreed to merge with Magna IV Engineering, a power and automation solutions provider. Financial terms were not disclosed.
"Copley is excited to merge two leading NETA accredited firms to strengthen the platform's technical capabilities. Combining Magna IV and Power Solutions' expertise and broad geographic presence will create a one-stop power solutions provider for our customers. We look forward to supporting and accelerating Magna IV and Power Solutions' growth plan both organically and through acquisitions," Andy Miller, Copley Equity Partners Managing Director.
MPK Equity Partners, a Dallas, Texas-based private investment firm, agreed to invest in Zoom Drain, an operator and franchisor of drain and sewer services. Financial terms were not disclosed.
"Our entire management team and I view this partnership with MPK as an important milestone in the evolution and growth of our company, and we are very excited to welcome them to the Zoom Drain family. With the additional resources MPK provides, we are even better positioned to support our franchisees and deliver quality results for our customers," Jim Criniti, Zoom Drain CEO.
Adhera Therapeutics to acquire rights to Armesocarb from Melior Pharmaceuticals.
Adhera Therapeutics, a clinical-stage biopharmaceutical company, agreed to acquire the rights to Armesocarb, a Parkinson's disease drug, from Melior Pharmaceuticals, a pharmaceutical firm. Financial terms were not disclosed.
"We are thrilled to be working with the Adhera team and are pleased that they share our vision for the product potential of armesocarb and the streamlined clinical development path, based upon the product's history, that we have developed," Andrew Reaume, Melior CEO.
Apollo Global-backed SPAC files for $400m US IPO. (FS)
Apollo Global-backed Acropolis Infrastructure Acquisition, a blank-check company, is looking to raise $400m via a US IPO,
Reuters reported.
The SPAC plans to sell 40m units, composed of shares and warrants, priced at $10 per unit. Acropolis intends to list its shares and warrants on the New York Stock Exchange under the ticker symbol “ACRO” and “ACRO WS”.
Acropolis Infrastructure is advised by Credit Suisse, Apollo Global Securities, Citigroup, Barclays and Evercore.
EMEA
Private equity firm Platinum Equity agreed to acquire Urbaser, one of the world's largest providers of environmental services, from China Tianying, a China-based company principally engaged in the municipal solid waste incineration, for $4.2bn.
"Urbaser is a complex company that is both vital service provider and important caretaker of the environment. It is a leader in a sector that requires both operational excellence and ESG best practices. It is tailor-made for Platinum's hands-on approach, and we're excited about the opportunity," Tom Gores, Platinum Equity Founder and CEO.
Platinum Equity is advised by Citigroup, Santander, Cuatrecasas Goncalves Pereira and Latham & Watkins.
Anglo American, a British multinational mining company, completed the demerger of Thungela Resources, a producer and exporter of thermal coal.
"We are confident that Thungela will be a responsible steward of our thermal coal assets in South Africa, benefiting from an experienced and diverse management team and board. While representing just a small proportion of Anglo American today, we are laying the foundation for South Africa's leading coal business, setting it up for success to deliver value for all its stakeholders. Looking forward, we believe the prospects for long-term value delivery are greatest as two standalone businesses, each with their own strategy and access to capital," Mark Cutifani, Anglo American CEO.
Anglo American was advised by KPMG, PricewaterhouseCoopers, Morgan Stanley, Rand Merchant Bank, Linklaters and Webber Wentzel.
Samhällsbyggnadsbolaget i Norden, a residential property managers company, agreed to acqure a 21% stake in JM, a property developer, from OBOS BBL, a real estate service provider, for $550m.
"SBB's focus on residentials and elderly care homes as well as new construction of residentials, as the society builder that we are, becomes even stronger through this deal. We are still only at the beginning of SBB's value creation to its shareholders," Ilija Batljan, SBB Founder and CEO.
OBOS BBL is advised by SEB Corporate Finance.
Nium to acquire Ixaris.
Nium, a global B2B payments platform, agreed to acquire Ixaris, a travel payments optimization company. Financial terms were not disclosed.
"The travel industry has long been dependent on slow-moving, monolithic payment platforms. Our acquisition will serve to replace these incumbents with a modern solution that combines Ixaris' leading virtual card capability with Nium's advanced pay-in, pay-out and embedded foreign exchange capabilities. We welcome the Ixaris team to the Nium family and together we look forward to helping the travel sector bounce back across the globe," Prajit Nanu, Nium Co-Founder and CEO.
Nium is advised by Financial Technology Partners.
Rusal, the world's second-largest aluminium company by primary production output, is set to complete the demerger of its higher-carbon assets into a separate company in the first quarter of 2022, its head of strategy Oleg Mukhamedshin said.
Reuters reported that Hong-Kong listed Rusal plans to change its name to AL+ as part of the process, which it hopes will help it to achieve carbon neutrality by 2050 - subject to shareholder approvals.
Enel looks to expand in Russia with a green hydrogen project.
Enel, a utility company, is looking to develop a green hydrogen project in Russia as part of plans to expand its renewable energy business in the country,
Reuters reported.
Enel was looking into producing hydrogen in connection with a wind plant in the Murmansk region in northern Russia and Russian state technology corporation Rosnano.
"We believe that there is huge opportunity for green production in Russia and then there is opportunity for green hydrogen production in Russia," Simone Mori Enel Head of Europe.
Lenta looking for more M&A deals.
Russian food retailer Lenta sees scope for more deals after its
purchase of Billa, Chief Executive Vladimir Sorokin told
Reuters, as the domestic market is still too fragmented, offering good opportunities for it to strengthen further.
The Billa acquisition, yet to be approved by the regulator, would boost Lenta's presence in Moscow and allow it to deliver online orders within an hour. Sorokin eyes more deals, mostly in the Russian regions and, potentially, in Moscow, too.
Acciona starts IPO of its energy unit.
Reuters reported that Spanish energy and infrastructure group Acciona formally kicked off the listing of its energy unit, having hired banks including Credit Suisse, Bank of America and Banco Santander as bookrunners.
Though the energy group has still not disclosed details of its valuation range nor how much Acciona Energy plans to raise, it submitted a document with its official intention to float, without providing a calendar.
APAC
Autodesk, an American multinational software corporation, offered to acquire Altium, an Australian-listed software maker, for $3.9bn. Altium rejected the offer, claiming it undervalued the firm.
"The proposed combination would advance Autodesk's strategy to converge design and make through a unified design, engineering and manufacturing cloud platform that enables greater productivity and sustainability for its customers. Autodesk believes Altium's solutions would be complementary to its portfolio, creating unique opportunities for customers while delivering significant, certain and immediate value to Altium's shareholders," Autodesk.
Altium is advised by Goldman Sachs and King & Wood Mallesons.
