AMERICAS
South Africa's precious metals miner Sibanye Stillwater terminated a $1bn deal to buy the Santa Rita nickel mine and Serrote copper-gold mine in Brazil, following a "geotechnical event" at Santa Rita.
Sibanye Stillwater aimed to bolster its battery metals business with the deal, said the geotechnical event would have had a material and adverse impact on mining operations at Santa Rita.
Blackstone Real Estate Income Trust, a real estate investment platform, agreed to acquire Resource REIT, a publicly registered non-traded real estate investment trust, for $3.7bn.
"This transaction represents a continuation of our high-conviction investing in top-quality multifamily communities in growth markets across the U.S. Blackstone intends to capitalize on our expertise, scale, and best-in-class management practices to ensure these properties are well maintained and provide an exceptional experience for residents," Asim Hamid, Blackstone Real Estate Senior Managing Director.
Resource REIT is advised by Lazard and DLA Piper. Blackstone Real Estate Income Trust is advised by BMO Capital Markets, Bank of America, Eastdil Secured, RBC Capital Markets and Simpson Thacher & Bartlett.
Private equity firms Casdin Capital and Viking Global, agreed to invest $200m in Fluidigm, a biotechnology company.
“This investment is the culmination of our Board’s comprehensive review of a wide range of options to maximize stockholder value. Casdin and Viking are leading investors with proven records of partnering with life sciences and biotechnology-focused companies to drive growth, scale, financial performance and value creation. This significant capital infusion and strategic initiative will not only strengthen our balance sheet but accelerate growth and innovation to create significant value for all stakeholders," Carlos V. Paya, Fluidigm Chairman.
Fluidigm is advised by Jefferies & Company and Wilson Sonsini Goodrich & Rosati. Viking Global is advised by Kirkland & Ellis. Casdin Capital is advised by Centerview Partners and Paul Weiss Rifkind Wharton & Garrison.
FNB, a diversified financial services company operating in seven states and the District of Columbia, completed the merger with Howard Bancorp, a Maryland-chartered trust company operating as a commercial bank, in a $418m deal.
"The acquisition of Howard provides scale, financially and strategically, in the dynamic Mid-Atlantic market. We look forward to welcoming our new customers to an innovative experience, highlighted by comprehensive digital capabilities and a deep commitment to the clients, employees and communities we serve," Vincent J. Delie Jr., FNB Chairman, President and CEO.
Howard was advised by Keefe Bruyette & Woods and Nelson Mullins Riley & Scarborough. FNB was advised by Morgan Stanley and Reed Smith.
Berkshire Partners-backed 3Phase Elevator, an independent elevator and escalator services provider, agreed to acquire Specialized Elevator Services Holdings, an elevator service company, from CIVC Partners, a private equity firm. Financial terms were not disclosed.
“We set out three years ago to become the premier elevator service provider for customers, and to be the employer of choice for union mechanics in the major California markets. Merging with 3Phase provides us with a transformational opportunity to take our commitment to customers and employees at a national level as the only independent IUEC service provider with true national scale," Donovan McKeever, Specialized Elevator Services President.
Specialized Elevator Services is advised by William Blair & Co and Ropes & Gray. Berkshire Partners is advised by Jefferies & Company. 3Phase Elevator is advised by Ropes & Gray.
US Venture-backed US AutoForce, an auto parts and lubricants distributor, agreed to acquire Max Finkelstein, a tire distributor. Financial terms were not disclosed.
“This is an extremely exciting chapter in the history of our company. We welcome the opportunity to provide many additional products and programs to our valued customers, while continuing to deliver an exceptional customer experience," Ira Silver, Max Finkelstein President and CEO.
Max Finkelstein is advised by Solomon Partners and Ropes & Gray. US Venture is advised by Wells Fargo Securities and Foley & Lardner.
Boeing, an aerospace company, completed an $450m investment in Wisk Aero, an air mobility company.
"With this investment, we are reconfirming our belief in Wisk's business and the importance of their work in pioneering all-electric, AI-driven, autonomous capability for the aerospace industry. Autonomy is the key to unlocking scale across all AAM applications, from passenger to cargo and beyond. That's why straight-to-autonomy is a core first principle. Boeing and Wisk have been at the forefront of AAM innovation for more than a decade, and will continue to lead in the years ahead," Marc Allen, Boeing Chief Strategy Officer.
IHS Towers, an owner, operator and developer of shared telecommunications infrastructure, agreed to acquire SP5, a telecommunication towers operator, from Grupo Torresur, a provider of telecommunications infrastructure, for $315m.
"The acquisition of GTS' SP5 portfolio will be our fifth transaction since we entered the region two years ago and is a testament to our continued commitment to serving the connectivity demands of Latin America. In the SP5 portfolio there are 2,115 sites strategically located across Brazil, increasing the attractiveness of IHS' portfolio to our customers whether in Brazil or across our Latam operations," Sam Darwish, IHS Towers Chairman and CEO.
Cendyn, a provider of cloud-based software and eCommerce services for the hospitality industry, completed the merger with Pegasus, a provider of revenue and distribution solutions for the hospitality industry. Financial terms were not disclosed.
"The completion of this merger is an exciting moment for Cendyn, and we believe, for the industry. As the hospitality industry recovers from the effects of the pandemic, the combination of Cendyn and Pegasus will help hoteliers achieve their critical digital transformation and automation objectives to keep up with ever-evolving consumer expectations and contain costs," Tim Sullivan, Cendyn CEO and President.
Sycamore shows interest in Kohl's after Acacia proposes a deal.
US department store Kohl's may soon receive a second takeover offer as private equity firm Sycamore Partners prepares to make a bid only days after a consortium backed by activist investment firm Starboard Value proposed buying the company, Reuters reported.
Sycamore Partners has reached out to Kohl's about a potential offer that would value the company around $9bn. The firm is willing to pay at least $65 a share in cash for the company.
Blackwells pushes Peloton to fire CEO and seek sale. (FS)
Peloton Interactive, an American exercise equipment and media company, received a letter from Blackwells Capital, an alternative investment manager and owner of 5% stake in the company, that it fires its CEO and pursue a sale. Blackwells Capital called for the departure of John Foley, CEO and Co-Founder, and wants Peloton to explore a sale of the business.
"With the stock now trading below the IPO price, and down more than 80% from its high, it is clear that the company, the executives and the Board have squandered this opportunity," Jason Aintabi, Blackwells CIO
EMEA
KKR and Teslin, an investment fund, agreed to acquire Accell Group, a bicycle company, for 1.8bn.
"Accell Group's transport and mobility solutions have been a thematic investment focus for KKR for some time, and we believe that the bicycle sector and e-bikes in particular will play an increasingly important role in dealing with some of the major challenges the world is facing today, whether it concerns climate change, urban mobility and connected transport or personal health. The operating environment for biking is increasingly demanding and complex from a consumer experience, supply chain and digital capability perspective. As a global investor, we will deploy our resources to support Accell Group in realizing its full potential as a global industry leader and sustainable innovator," Tim Franks, KKR Partner.
Accell Group is advised by AXECO Corporate Finance, NautaDutilh, Rabobank, Wakkie & Perrick and CFF Communications. KKR is advised by Goldman Sachs, Clifford Chance and Meines Holla. Teslin is advised by Allen & Overy.
Platinum Equity, private equity firm, agreed to acquire Leaders Romans Group, a property services provider, from Bowmark Capital, a private equity firm. Financial terms were not disclosed.
"LRG is well positioned to capitalize on the exciting opportunities that lie ahead – both from organic growth and the continuation of our successful acquisition strategy. I look forward to working with Platinum, a firm with global resources and a strong local presence in the UK, in the next stage of LRG's development," Peter Kavanagh, Leaders Romans Group CEO.
Platinum Equity is advised by Eversheds Sutherland and Latham & Watkins.
H.I.G. Capital, a private equity firm, agreed to acquire EYSA Group, a mobility solutions provider. Financial terms were not disclosed.
“The investment by H.I.G. is great news for EYSA and its stakeholders. I am very excited about the prospects of working alongside H.I.G. to capitalise on the enormous potential we have both in Spain and abroad. I am convinced that H.I.G. is the ideal partner to support EYSA in its ambitious growth plans for the coming years," Javier Delgado, EYSA CEO.
H.I.G. Capital is advised by Mediobanca.
SABIC Agri-Nutrients, a petrochemical firm, agreed to acquire a 49% stake of ETG Inputs Holdco, a fertilizer producer, for $320m.
The deal will be based on "cash free, debt free and changes in the working capital adjustment that will be determined at transaction completion. The financial impact of the transaction, subject to regulatory approvals, will appear during the second half of 2022.
Sowind Group Management agreed to acquire Sowind Group, a Swiss haute horlogerie company, from Kering, a luxury group. Financial terms are not disclosed.
"The extensive work carried out by the Group in recent years at Girard-Perregaux and Ulysse Nardin has laid the foundations for sustainable growth. Kering has demonstrated its ability to secure the conditions for the long-term development of entities leaving the Group, in the interest of their employees, partners, customers and local communities," Jean-François Palus, Kering Managing Director.
Fortescue Metals, an iron ore company, agreed to acquire Williams Advanced Engineering, a technology and engineering services business. Financial terms are not disclosed.
"This is an historic moment in the future of our company as we welcome the WAE family into the Fortescue family to work together to de carbonise heavy industry and hard to abate sectors for the good of our planet, and the benefit of our shareholders. This announcement is the key to unlocking the formula for removing fossil fuel powered machinery and replacing it with zero carbon emission technology, powered by FFI green electricity, green hydrogen and green ammonia," Andrew Forrest, Fortescue Founder and Chairman.
Temasek in talks to acquire Element Materials Technology from Bridgepoint for $7bn. (FS)
Temasek, a Singaporean state holding company, in talks to buy Element Materials Technology, an independent provider of destructive and non-destructive testing services for metals and non-metals, for $7bn from Bridgepoint, a British private investment company, to boost growth at the testing and inspection services provider, Reuters reported.
Element is a global provider of testing, inspection and certification services for a diverse range of products and technologies. It caters to clients in aerospace, industrial, energy, technology and other sectors.
Bain Capital and Carlyle to vie for Friso. (FS)
The private equity firms Bain Capital and Carlyle Group are among the suitors for Friso, an infant nutrition brand, from Royal FrieslandCampina, a Dutch multinational dairy cooperative, Bloomberg reported
Baring Private Equity Asia and Shijiazhuang Junlebao Dairy may also consider bidding for the asset. Friso could be valued from $1bn to $2bn. Royal FrieslandCampina is working with JPMorgan Chase for a potential disposal and the first round of bidding is due in the coming weeks.
Gorillas in talks to acquire Frichti.
Gorillas Technologies, a German on-demand grocery delivery company, is in talks to buy Frichti, a French delivery firm, Bloomberg reported.
"A key attraction of Frichti was its experience developing private-label lines and ready-to-eat meals," Kagan Sumer, Gorillas CEO.
UAE regulator approves Gulf's first SPAC framework.
Securities and Commodities Authority approved a regulatory framework for SPACs, the first in the Gulf. The regulation also allows overseas sponsors to apply for approval to list their SPACs on the ADX.
"Benchmarked and assessed against best-in-class U.S. and international SPAC regulations, the robust framework will provide international investors with access to unique growth opportunities," ADX.
AdvancedAdvT makes fresh offer with cash alternative.
AdvancedAdvT, a SPAC, made a fresh takeover offer for M&C Saatchi, an international communications network, which includes a partial cash alternative for investors in the company, Reuters reported.
AdvancedAdvT submitted a bettered bid to the board of M&C Saatchi last week, which included roughly $0.54per share in cash.
UniCredit shares rise as prospects of Russian deal fade.
Shares in UniCredit, an international banking group, rose in early trade on January 24, 2022, as chances of a deal involving Otkritie Bank, a full-service commercial bank, are dimming, Reuters reported.
UniCredit lost interest in Otkritie. After trimming earlier gains, shares in UniCredit rose 0.14%, compared with a slightly negative banking index.
Var Energi plans IPO.
Var Energi, an independent exploration and production company and Norwegian joint venture of an Italian multinational oil and gas company Eni, will apply for an IPO in Oslo, Bloomberg reported.
The company considers seeking a valuation at about $10bn in the listing. It comes after several proposed European oil and gas IPOs were paused in the past two years as the pandemic roiled markets, while growing environmental concerns also weakened investor interest.
APAC
Invesco led a $700m Series K funding round in Swiggy, with participation from Baron Capital Group, Sumeru Venture, IIFL, Kotak, Axis Bank, Sixteenth Street Capital, Ghisallo, Smile Group, Segantii Capital, Alpha Wave Global and Qatar Investment Authority.
"As long-term investors, the Invesco Developing Markets fund seeks investment opportunities in the best companies in the world, led by world-class management teams, and that have the potential for long-term structural growth. Our investment in Swiggy represents such an investment," Justin Leverenz, Invesco Developing Markets Fund Chief Investment Officer.
A consortium of investors including Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss, led a $200m investment round in Ola Electric, an electric vehicle manufacturer.
"Ola Electric is creating India's EV revolution and is driving cutting edge manufacturing from India for the entire world. With Ola S1, the best scooter ever made, we've changed the entire scooter industry and are now looking forward to bringing our innovative products to more two-wheeler categories including bikes as well as cars. I thank the investors for their support and look forward to partnering with them to take the EV revolution from India to the world," Bhavish Aggarwal, Ola Founder & CEO.
Keppel-backed Keppel Land, a real estate asset management company, agreed to acquire a 49% stake in three land plots in Hanoi City from Phu Long Real Estate, a real estate developer, for $119m.
“We are excited to deepen our presence in Vietnam by re-entering the fast-growing capital city of Hanoi, together with our strategic partner, Phu Long, an established local developer. With Keppel Land’s strong track record and execution excellence in Vietnam, we aim to continue delivering innovative and multi-faceted urban space solutions. We believe that there is strong demand for thoughtfully designed and high-quality homes amongst discerning homebuyers in Hanoi," Joseph Low, Keppel Land President.
Advent International, a private equity firm, agreed to acquire a controlling stake in Avra Laboratories, an active pharmaceutical ingredients manufacturer. Financial terms are not disclosed.
"This acquisition is an important milestone towards our goal of creating a top five merchant API Platform in India and allows Advent to be present across the spectrum of generic and patented molecules, while adding marquee innovator pharma customers," Pankaj Patwari, Advent International India Managing Director.
Raya Airways denies acquisition talks with AirAsia .
Raya Airways, a cargo airline, denied being in talks with AirAsia Group, a Malaysian multinational low-cost airline, for an acquisition, DealStreetAsia reported.
"After consulting with Raya‘s shareholders and Board of Directors, we would like to clarify that Raya and its subsidiaries/affiliate companies are not in any talks with AirAsia Group Berhad or any other parties for the acquisition of the Company or any part of its businesses," Raya Airways.
Evergrande’s offshore debt and assets may be separated in restructuring.
The provincial government leading restructuring of Evergrande Group, a property developer in China, wants to separate the company’s offshore assets and sell them to pay off foreign debt, DealStreetAsia reported.
The provincial government is aimed to release a framework debt restructuring plan by March, 2022, that could also wipe out the 60% stake of the group’s chairman.
Hozon mulls fundraising at $7.1bn valuations.
Hozon New Energy Automobile, a Chinese electric vehicle startup, seeks to raise about $500m before a potential IPO in Hong Kong, Bloomberg reported.
Hozon is working with advisers on the fundraising. The current round would value the company at $7.1bn.
HDFC Capital raises $1.22bn in first close of its affordable housing fund. (FS)
HDFC Capital announced that its third fund — HDFC Capital Affordable Real Estate Fund-3 - received a commitment of $1.22bn from sponsor Housing Development Finance Corporation and Abu Dhabi Investment Authority.
Thus, combined with potential reinvestments, the total corpus increases to an estimated $1.88bn in funds focused on the affordable housing segment. Meanwhile, HDFC Capital is in talks with four-five prospective investors to infuse more into the corpus. It is expected to complete the fund-raising process within the first half of calendar year 2022.
The primary focus of the fund is on providing long-term, flexible debt across the life cycle of real estate projects (including land, approval and last-mile funding) for affordable and mid-income housing across India.
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